Media Release Singapore Power Staff Use Wearable Technology On The Job Cutting-edge technology widens the reach of specialists and improves productivity SINGAPORE, 26 February 2015 - Singapore Power (SP) staff will be the first in Singapore to use wearable technology, in a pilot beginning later this month. With this technology, SP expects to boost productivity, save costs, and accelerate knowledge transfer. 2. Field staff can engage with specialists and experts in real time and obtain on-demand guidance. Their supervisors in the control room can see what the field staff see and offer real-time guidance. In this way, expert knowledge and experience can be shared widely with real-time visuals. This improves responsiveness to situations, including response to outages, translating into enhanced reliability of power supply to customers. 3. Adopting the new technology also opens a wide range of possibilities to augment skilled resources, to alleviate the shortage of engineering talent. 4. SP's Chief Information Officer Mr Wong Chit Sieng said, “We seek out technology solutions that will improve productivity and effectiveness. Wearable technology has the potential to be a game changer, to the way our 2,000 field crew conduct their work. We are excited to be the first in Singapore to adopt wearable technology to improve operational responsiveness and accelerate knowledge transfer. This will ultimately enhance our ability to maintain reliable power supply, minimising disruptions that would be costly to customers and the Singapore economy.” 5. Please refer to Annex A for key features of the device. –END– Issued by: Singapore Power Limited 10 PasirPanjang Road #03-01 Mapletree Business City Singapore 117438 Co. RegNo : 199406577N www.singaporepower.com.sg About Singapore Power Singapore Power Group (SP) is a leading energy utility group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. More than 1.4 million industrial, commercial and residential customers in Singapore benefit from SP’s world-class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost-effective worldwide. Annex A Key features of the Wearable Technology a. View tasks hands-free They can view their assignments on-the-go and perform their tasks hands-free via an interface activated by hand gestures, touch and voice command. No other manuals or gadgets are required. b. Real-time coaching and back-up Engineers can initiate a video conference and seek real-time input from their supervisors. This could avert costly down-time especially for commercial and industrial customers. c. Library of reference tools Engineers can call up multimedia reference materials such as videos and manuals on the go.

Advisory for Consumers Switching to Buy Electricity from the Wholesale Electricity Market Through SP Group 1. Switching is not compulsory. There is no deadline for switching, so take your time to understand your options before making a decision. 2. Switching to a retailer will not affect your electricity supply. SP Group will continue to operate the national power grid and deliver electricity to you. 3. If you switch to buy electricity from the Wholesale Electricity Market through SP Group, the electricity rate you pay is uncertain, as it will vary every half hour depending on the prevailing demand and supply situation in the wholesale electricity market. 4. Before you sign up with SP Group to buy electricity at the wholesale electricity price: • Read the Fact Sheet which summarises the key contractual terms. • Ask SP Group to explain the terms and conditions of the contract if you do not understand them. 5. For any dispute with SP Group, you can approach the Consumers Association of Singapore (CASE) for assistance. • Website: www.case.org.sg • Hotline: 6100 0315 (Operating hours: Mon to Fri, 9am to 5pm) Visit www.openelectricitymarket.sg or call 1800-233-8000 for more information Fact Sheet for Non-Standard Price Plan Note: 1) The Energy Market Authority (EMA) requires SP Group to provide you with this Fact Sheet before you enter into an Electricity Supply Contract with SP Group to buy electricity from the Wholesale Electricity Market at the wholesale electricity price. This Fact Sheet provides you with key information about the contract. 2) SP Group must answer any questions you have about this Fact Sheet. 3) Unless otherwise stated, all fees and charges stated in this Fact Sheet are inclusive of the Goods and Services Tax (GST). If there is any change to the GST rate during the contract duration, SP Group reserves the right to update the applicable fees and charges to be inclusive of the prevailing GST rate. A. General Information Name of Electricity Service Provider: SP Group Fact Sheet Version Date: 1 Jan 2023 B. Electricity Price Plan Information Name of Price Plan: Wholesale Electricity Price Type of Price Plan (see footnote 1): This is a Non-Standard Price Plan. The electricity rate to be paid by you is: Non-Standard The electricity rate will be determined based on the Uniform Singapore Energy Price (USEP) and other ancillary charges published by the Energy Market Company (www.emcsg.com) in accordance to the Market Support Services Code. The USEP is the half-hourly energy price in the Singapore Wholesale Electricity Market (SWEM). SP Group must clearly state any incentives (including the terms and conditions) that you will receive if you contract for the electricity price plan (see footnote 2): Not applicable Contract Duration: Automatic Renewal of Contract (see footnote 3): Not applicable The contract has no expiry date. To terminate the contract, simply contact SP Group directly. There will be no charge to terminate the contract. Advanced Meter Required (see footnote 4): No Direct Billing of Electricity Charges by SP Group (see footnote 5): Yes C. Additional Fees or Charges For Electricity Services One-Time Registration Fee: Nil Late Payment Charge: 1% of overdue amount Early Termination Charge (see footnote 6): Nil Any Other Fees and Charges (see footnote 8): 1 Security Deposit (see footnote 7): SP Group will require you to provide a security deposit, and this will be billed to your first bill. The below indicative charges are regulated and approved by the EMA, and will be included in your monthly electricity bill: List of Other Applicable Charges Rate (excl. GST) Rate (incl. 8% GST)* Vesting Contract Debit/Credit Vesting Contract Debit/Credit Variable Variable Transmission Charges for Low Tension Off Peak Period Charge $0.0462 per kWh $0.0499 per kWh Peak Period Charge $0.0594 per kWh $0.0642 per kWh Recurring Market Support Service Charges Meter Reading and Data Management $2.1800 per meter $2.3500 per meter Market Development and Systems Charge $0.0098 per kWh $0.0106 per kWh Retail Settlement Uplift $0.0015 per kWh $0.0016 per kWh *The figures may not reflect the full GST effect due to rounding Refer to www.openelectricitymarket.sg for the list of applicable charges. A one-time installation fee of $43.20 (incl. 8% GST) may be charged if you opt for a smart meter. D. Bundled Product or Services (see footnote 9) There are other products or services bundled with the electricity price plan: No If yes, SP Group should specify below what are the bundled products or services. You should discuss the details with SP Group such as the applicable fees and charges as well as the terms and conditions for accepting the bundled products or services: Not applicable E. Footnotes 1) Please note the differences between a Standard Price Plan and Non-Standard Price Plan. Standard Price Plan Electricity Rates • Inclusive of all applicable charges that vary according to the level of consumption. • Will not change throughout the contract duration. Other Fees and Charges • No recurring charges or fees throughout the contract duration. Non-Standard Price Plan • May not be inclusive of all applicable charges that vary according to the level of consumption. • May change in accordance with the terms and conditions of the contract. • May include recurring charges or fees throughout the contract duration. Contract Duration • 6, 12 or 24 months. • Not limited to 6, 12 or 24 months. Pricing Structure • Fixed Price. Pay a fixed rate (e.g. 20 cents/kWh) for electricity throughout the contract duration. • The electricity retailer may set its own pricing structure, while SP Group can only sell electricity at the USEP. OR • Discount Off the Regulated Tariff. Enjoy a discount off the prevailing regulated tariff (e.g. 5% off) throughout the contract duration. More Information • Visit the Price Comparison Tool at compare.openelectricitymarket.sg to compare the Standard Price Plans offered by different electricity retailers • Visit the electricity retailer’s or SP Group’s website to enquire on Non- Standard Price Plans. 2) SP Group is not allowed to offer any incentive. 3) This contract offered by SP Group has no contract expiry date. 2 4) An advanced meter is a digital meter capable of measuring your electricity consumption every half-hour. It is optional to install an advanced meter to measure your half-hourly electricity consumption unless the price plan you sign up for requires one. The Standard Price Plans do not require an advanced meter. 5) With direct billing, SP Group will bill you directly for electricity supply, and send you a separate bill for the other utilities (such as water and gas supply). 6) SP Group is not allowed to charge you a fee if you terminate the contract. 7) SP Group will require you to provide a security deposit, and this will be billed to your first bill. 8) SP Group will require you to pay other fees and charges, including the prevailing market-related charges. You may refer to www.openelectricitymarket.sg for more information on the market-related charges. 9) SP Group is not allowed to bundle the supply of electricity with other products and/or services. 3

Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 HDB 1-Room 77.52 81.09 78.98 79.00 78.86 80.17 80.39 77.86 77.18 78.99 81.28 87.54 HDB 2-Room 92.13 96.52 91.92 92.92 92.62 94.12 94.79 90.73 89.63 91.78 94.78 103.49 HDB 3-Room 115.06 119.49 114.80 116.91 116.30 118.85 118.49 112.22 112.11 115.94 120.33 132.29 HDB 4-Room 135.09 139.94 134.96 137.64 137.70 140.19 140.04 133.47 131.31 137.04 142.66 156.01 HDB 5-Room 142.59 147.54 142.78 145.35 145.56 148.64 148.87 141.61 136.79 144.16 151.97 165.19 HDB Executive 158.62 164.05 158.23 162.29 161.77 166.18 164.43 154.00 153.21 160.98 168.72 184.59 Apartment 168.05 175.53 167.39 164.61 167.46 175.43 177.46 164.16 156.19 163.04 179.66 198.71 Terrace 258.91 267.44 262.12 265.22 265.40 276.88 276.46 260.00 252.25 270.34 290.38 311.38 Semi-Detached 331.22 340.32 333.05 332.47 336.34 351.53 349.78 325.65 324.20 335.52 370.67 392.95 Bungalow 648.84 666.12 646.66 633.47 662.99 688.41 699.45 627.26 650.18 619.13 718.02 776.44 Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 HDB 1-Room 69.62 72.46 71.03 70.38 70.28 71.48 71.86 69.16 67.69 69.30 71.92 78.05 HDB 2-Room 82.96 87.55 83.48 84.15 83.90 85.46 85.94 81.99 80.46 82.23 85.21 93.42 HDB 3-Room 102.92 107.51 103.13 104.73 104.06 106.59 106.15 100.27 99.66 102.84 107.06 118.11 HDB 4-Room 120.14 125.27 120.86 122.70 122.47 125.06 124.99 118.78 116.20 120.97 126.03 138.53 HDB 5-Room 126.31 131.50 127.51 129.05 128.83 131.93 132.27 125.43 120.56 126.60 133.43 145.81 HDB Executive 141.39 147.11 141.81 144.94 144.02 148.42 146.81 137.03 135.88 142.35 149.14 163.91 Apartment 148.34 157.00 149.45 145.14 146.83 154.44 156.79 144.07 135.03 140.09 155.96 175.31 Terrace 235.82 244.04 239.52 241.71 240.94 251.32 251.12 235.05 227.31 243.21 259.98 282.50 Semi-Detached 303.14 313.22 305.01 304.96 308.47 323.21 319.99 297.18 295.56 305.12 337.24 359.90 Bungalow 596.94 621.34 599.37 589.03 615.12 636.98 650.72 578.80 597.47 570.77 662.48 717.39

B6 HOME FRIDAY, NOVEMBER 22, 2013 FRIDAY, NOVEMBER 22, 2013 HOME B7 Like arteries and veins that keep the body alive with a constant flow of blood, close to 26,000km of cables, more than 3,240km of gas pipelines and a 3,000-strong team of people work around the clock to keep Singapore’s lights on and air cool. Arti Mulchand speaks to the unsung heroes. POWER TRIP Lighting up Marina Bay Getting power to the people IN 2004, when Mr Peter Leong oversaw the engineering division at Premas International, which provides property management services, Singapore was hit by one of its worst blackouts in history. Piped gas supply from Indonesia to Singapore’s power stations was disrupted by a technical fault and most turbines were unable to switch to the backup source of fuel. It caused a two-hour outage affecting more than 300,000 homes. In one home in Jurong, a man had a heart attack and needed to get to a hospital. The lifts did not work. At the time, Premas managed the Jurong Town Council, to which Mr Leong provided engineering support. “I had to send our contractor up to carry him down. I saw how the residents were affected. Failure can be very serious and I know how important continuity is. I remember that even now,” recalled the 57-year-old, who joined Singapore Power (SP) PowerGrid as general manager about five years ago. That image remains with him, and has served as a constant reminder in his current role as managing director of SP PowerGrid – he has to ensure “the lights are always on” for the company’s 1.4 million customers. “Singapore is like a copper mine. There is 26,000km of copper underground because everything needs power. Just like blood needs to flow to every part of the body, electricity needs to flow to every corner of Singapore. And like the human heart, we cannot afford to fail, so we do everything we can and put every effort into ensuring nothing goes wrong.” The three main areas Singapore Power covers are: planning and strategy, that is, planning ahead for energy needs; network development, that is, building the transmission and distribution network; and network management, that is, operating and maintaining network equipment. “The team works 24/7 to ensure the health of the system. We A SERIES BROUGHT TO YOU BY Building a more resilient grid THE power grid of the future could include a large number of distributed renewable generation sources such as solar photovoltaics, energy storage facilities and energy management systems. It is also expected to be flexible and scalable, such that fluctuations in energy demand or supply will not affect the grid’s stability and reliability. A team from the National University of Singapore, headed by Associate Professor Dipti Srinivasan, is working with SP PowerGrid to look into “dynamic optimisation and energy management for smart grids”. It hopes to develop a set of computational tools that will, among other things, automatically diagnose faults so outages can be handled quickly. respond immediately to any system distress,” Mr Leong said. Temperatures of transformers are taken, insulating oil is checked, and other parameters are continuously measured – whether online or off – to ensure that Mr Peter Leong, 57, managing director of SP PowerGrid, says that energy demand in Singapore has increased dramatically between the pre-war period and now. PHOTO: LIM YAOHUI FOR THE STRAITS TIMES the power paramedics can be sent in for swift and often pre-emptive responses. Exercises are conducted for everything from network management to billing, so that if anything goes wrong, everyone knows what to do. In the last 20 years, Singapore has achieved one of the most reliable grids in the world – the average amount of outage time has gone from 27.44 minutes per person a year two decades ago, to less than half a minute now. But just like Singapore has evolved, so must the power superhighways. Mr Leong says that energy demand has increased dramatically between the pre-war period and now. Power is pumped through some 26,000km of cables to more than 10,000 transmission and distribution substations that convert electricity into the necessary voltages for various uses. “As power demand grows, it becomes more efficient to push through power with higher-voltage cables. It is not unlike Singapore’s highways. Where two lanes used to do the job, we now have the Marina Coastal Expressway, which is 10 lanes wide. As energy intensity grows, we need a bigger highway,” said Mr Leong. The North-South and East-West Electricity Cable Tunnel Project is part of that expansion. Its two 60m-deep tunnels will span 35km way below the MRT and even the sewerage system and, when completed in 2018, will reinforce Singapore’s power grid as one of the most reliable in the world, said Mr Leong. The company has been looking into how new technologies and energy sources, such as solar photovoltaic power, could impact the grid. As Mr Leong listed some of the major infrastructural projects in store for the nation – Changi Airport’s Terminal 5, Project Jewel at Changi Airport, the redevelopment of the southern waterfront and new container ports at Tuas – his eyes lighted up. “We have to plan now for tomorrow,” he said with a smile. Mr Leong, who studied electrical engineering at RMIT University in Australia and did his master’s at the National University of Singapore, began his career at the then-Singapore Institute of Standards and Industrial Research, which eventually merged with the National Productivity Board to become Spring Singapore. There, he spent 18 years with safety on his mind, operating the nation’s test lab for equipment and accessories that connected to the electricity network, then regulated by PUB, the national water agency. He did product testing and also participated in investigations into electrical deaths. When he moved on to Premas, he oversaw the maintenance and operation of equipment such as chillers, lifts and switchboards in commercial buildings and techno parks, and several town councils. But it is at Singapore Power that he has found a “better sense of purpose”, he said. “I love being able to look at how to do things differently, and I can never say that my job is done. This is a journey without a finish line.” Mr Thiam Chiong Seng helped build the Marina South substation, which powers Marina Bay Sands and Gardens by the Bay. ST PHOTO: NEO XIAOBIN Senior engineer Chu Xiao En (left) at SP PowerGrid’s Emergency Operations Centre. PHOTO: LIM YAOHUI FOR THE STRAITS TIMES MORE THAN DRAWING LINES ASK senior engineer Chu Xiao En what the biggest misconception about her job is and she will tell you it is this: “People think that planners only draw lines.” The 27-year-old works in Singapore Power’s planning and strategy division, which plans for Singapore’s electrical infrastructural needs five, 10 and even 20 years down the road. They include the need for new substations, and the renewal or decommissioning of old ones. “While the end result of a plan and review might be a line connecting two substations, a lot of analysis goes into exploring every possible option and anticipating all kinds of contingencies,” she said. The 15-strong team she belongs to gathers input from customers along Singapore Power’s transmission and distribution grid, and looks at the growth and development plans for the country, said Ms Chu, who oversees network planning for Singapore’s western region. She covers areas WHEN Mr Thiam Chiong Seng drives along the East Coast Parkway and past the Marina Bay area, it is rarely without a smile on his face. The 47-year-old engineer is the director of network development at Singapore Power (SP), where he has worked for 16 years doing high-voltage equipment installations, including at the Marina South substation. That means keeping the lights on in iconic buildings that include Marina Bay Sands, the Marina Bay Financial Centre and Gardens by the Bay. “With Marina Bay, I know that we are literally powering it. You can see and feel the impact,” he said. “That’s why it’s very exciting being in the energy business. You’re not dealing with tiny electronics. What we build is so huge so you feel a real sense of satisfaction when you see a job completed.” SP’s network development engineers develop and build the infrastructure that ensures continuous and reliable power supply to households, as well as industrial and commercial buildings. This includes forging the fit between network demand and supply, conducting simulations and doing tests and checks on equipment before it is used. “We don’t want a situation in such as Choa Chu Kang, Jurong, Woodlands and Ayer Rajah. Part of the job includes carrying out simulation studies, planning cable routes and substation sites, and figuring out how to get the best possible network at the lowest cost. Each year, her department submits an updated 10-year plan to the Energy Market Authority (EMA), which takes into account developments and changes. “The EMA works top down and we work bottom up to forecast the national energy demand,” she explained, adding that based on the latest estimates, energy demand in Singapore could grow between 2.2 per cent and 3.7 per cent each year between this year and 2023. It is that kind of work that appeals to the self-confessed applied mathematics and physics fan. “I have always been a rational and logical person so that’s what attracted me to engineering. I like that one plus one will always be which we turn the equipment on and you suddenly see ‘fireworks’. We have our biggest fireworks display on National Day and we’d like to keep it that way,” Mr Thiam said with a laugh. What makes the Marina South substation unique is that it is Singapore’s first substation that can receive bulk energy transmissions at 230 kilovolts (kV) from the power generation companies and then convert it to 22kV, which is the voltage at which some consumers can use it. Usually, power has to be converted to 66kV before being reconverted to 22kV or lower voltages, but new equipment allows it to bypass that intermediate stage. That means saving on space and equipment cost. The current capacity of the substation is 300 megavolt amperes (MVA) – meaning it can power up an area up to twice the size of Ang Mo Kio Town. “But we have also future-proofed it so it can deal with the area’s expansion,” he explained, adding that the substation is capable of servicing the area’s needs for at least the next decade. The substation also has three sets of 230kV cables to create a situation of “double redundancy”, so even if one set is knocked out, the other two function as two,” said the Singapore Power scholar who did her degree in electrical engineering at Imperial College and her master’s at Stanford University. She joined Singapore Power in 2009. The job has multiple challenges. For instance, her department is looking into the renewal of a lot of electrical infrastructure that was created in the 1980s, but there are limitations on what can be done. “Most of the renewals are done in mature estates, so you’re working with a live network. You need to have a step-by-step contingency plan for anything that might go wrong,” she explained. The four years that Ms Chu has been at Singapore Power have included a three-month stint at the company’s Melbourne-based subsidiary Jemena, and eight months in Network Management, a department tasked with ensuring that power supply to customers does not get disrupted. She worked on, for instance, the diversion of power cables that Planning for the next generation back-up, keeping the lights on. Mr Thiam got involved in the Marina South project in 2000, when his team helped outline the technical requirements for transmitting power through South-east Asia’s first Common Services Tunnel, which was being built by the Urban Redevelopment Authority at the time. Those tunnels, which sit between 2.5m and 20m underground, deliver everything from electricity to chilled water and telecommunication cables. “The Government realised the CBD (Central Business District) had to be expanded, and we were able to support them in the development,” said Mr Thiam, who oversees a department of 18, including six engineers. Mr Thiam, who studied electrical and electronic engineering at Nanyang Technological University, started out in an industrial air-conditioning company before moving to an SP subcontractor doing maintenance work on 230kV transformers. He was so impressed with Singapore Power that he ended up applying for a job. He has not looked back since. What he is especially proud of is that other countries look to Singapore for the types and technical specifications of equipment used and even quality control processes. But communicating this information can be harder than one can imagine. “In China, it would be rude to speak English, but try finding the Chinese word for cross-linked polyethylene (XLPE) or polypropylene laminated paper (PPLP). Chinese is not our native language for technical terms,” he exclaimed with a laugh, referring to the types of insulation materials used in cables. His overseas exposure has also been eye-opening, not least because of the much higher tolerance level other countries have for disruptive electrical and road works. “In China and India, they understand that electrical cabling is for the good of the country. Here? We have to work at night or traffic would be obstructed, and we can work only a limited number of hours at night because residents complain about the noise,” he said, shaking his head. During the Marina South substation project, for instance, one 900m stretch of road between Anson Road and Cecil Street took almost two years to complete because work could be done only between 8pm and 4am and the noisier work had to be finished by 10pm. “In other countries, they would just block off the road and finish it up in just months.” had been laid under Upper Bukit Timah Road to make way for the construction of Downtown Line 2, which is due to be completed in 2016. “I never realised how much went into the planning of an MRT line. There is a lot of preparatory work that has to be done alongside other utility providers. I am now a lot more tolerant of road works,” said Ms Chu, whose husband is also an electrical engineer in the power sector. The time spent in Network Management made her an unlikely sympathiser when a fire broke out at SingTel’s Bukit Panjang facility in October, disrupting a range of services across the island, including her pay TV services at home. She was part of a team that, following a fault that tripped a circuit in Woodlands in 2009, had to walk along roads that had cables under them, armed with cable fault detectors and special headphones to identity the problem segment. It was about a day and a half before the segment was isolated, and only then could contractors proceed to dig up the road, find the fault and fix it. She said: “While the public was asking why there were no back-ups during the SingTel incident, I felt appreciative of what they were trying to do to restore the network. When these things happen, you are really trying your best to get things back up. I understand how challenging that can be.” And while being a planner also means gratification is much delayed, since most of the projects she has had a hand in planning have yet to become a reality, it makes the job no less fulfilling. “We get to be involved first-hand in nation-building. And I appreciate that the good performance of our network today is the result of the work of some of my mentors and the planners that have come before me. “Now, we’re planning for the next generation.” ENSURING SMOOTH OPERATIONS All fired up about keeping businesses cool SINGAPORE District Cooling’s (SDC) senior engineering officer for safety Ariff Shah Mohd proudly declares that in his seven years with the plant, there has not been a single serious accident. The plant, which spans 19,000 sq m, supplies the chilled water that keeps many buildings in the Marina Bay financial district cool. Among his responsibilities: to ensure compliance with safety measures and equipment, and make sure that all the permits for machinery are in order. “I have to cultivate a culture of safety among the staff as well as our contractors, and ensure that the plant has reliability and efficiency and operates safely. It can be tricky, and you have to be alert,” said the 39-year-old, who holds a position more often held by someone who is trained in engineering. Mr Ariff, an Institute of Technical Education graduate who studied mechanical and electrical drafting and design, toyed with the idea of becoming a policeman before ending up in IT support. Eventually, he learnt the ropes as an operations technician at a petrochemical plant on Jurong Island. That led him to a similar position at the SDC plant, which began operations in 2006. SDC is a joint venture between Singapore Power and Dalkia. After four years, he was given the opportunity to pursue a oneyear specialist diploma in workplace safety and health at Singapore Polytechnic in 2009, after which he was promoted to engineering officer for safety and projects. This year, he became senior engineering officer for safety. Today, he oversees all of the plant’s safety matters, including safety precautions that are in place, risk assessment, safety compliance and training. He is also the secretary of the plant’s 10-man safety committee, which meets once a month. This father of two is so passionate about safety that, this week, his team held its first SDC Safety Day. Some 70 spouses and children of SDC’s staff had a first-hand look at how the plant works and a lesson on why safety matters. Safety Day will now be an annual affair. Similarly, Mr Wong Toon Soon, the operations manager of Keppel District Heating and Cooling Systems (DHCS), started out in construction, doing electrical installations. Mr Wong, who is now 51 and also a father of two, became an electrical foreman after completing a full-time Industrial Technician Certificate course at Singapore Technical Institute. Mr Wong, who received his diploma in electrical engineering from Singapore Polytechnic in Neither Keppel DHCS operations manager Wong Toon Soon (above) nor Singapore District Cooling senior engineering officer for safety Ariff Shah Mohd (right) started their careers in the district cooling field, but both men now power vital aspects of their plants which provide cooling services in various parts of Singapore. ST PHOTOS: CAROLINE CHIA, NEO XIAOBIN 1991, was also keenly interested in energy efficiency, which was a buzzword in the late 1990s. He was introduced to the brand-new sector of district cooling when his company became involved in the construction of the Keppel DHCS plant in Changi Business Park, Singapore’s first district cooling system, in 1998. When completed, it would provide cooling services to businesses in the area, including commercial, banking, biomedical and wafer fabrication customers. Fascinated, he applied for a position as senior control engineer in 2003. He said: “During the construction phase, I realised they were using the latest energy-efficient technologies and I was excited at the prospect of learning more. This was my opportunity.” Just three years later, he was promoted to operations manager of all three of Keppel’s DHCS facilities. Keppel is the only other provider of district cooling services here, and services 18 customers in Changi Business Park and 18 at Biopolis. It also provides district cooling at Woodlands Wafer Fab Park. Mr Wong, who also has specialist diplomas in energy efficiency management and security networking, ensures that the plants run smoothly, and works closely with Keppel’s customers to help them maximise their efficiency gains. He was involved in setting up a DHCS plant in the Sino-Singapore Tianjin Eco-City in 2010, where he oversaw everything from its construction all the way to the time the chilled water started pumping. It has been up and running since August. At the moment, Mr Wong is planning to refresh the 13-year-old DHCS plant in Changi – Keppel’s oldest DHCS facility – with new and more efficient chiller equipment planned for next year. Keppel, which is looking into new sites for DHCS facilities, most recently secured the contract to provide district cooling to Mediapolis from the second quarter of 2015. Mr Wong is most encouraged by the growing footprint of district cooling, especially since building owners and tenants have much to benefit from this, both in terms of lower investment costs and energy savings. In the longer term, it also means having a smaller carbon footprint. “It is better for business, and better for the planet as well,” he concluded. CHILLING UNDERGROUND The world’s largest district cooling plant ALL the action at what is arguably the world’s largest district cooling plant by capacity is well hidden from public view. The plant is located five floors – about 25m – underground. The only evidence of the plant’s existence is a cleverly concealed cooling tower, which pops up above the ground facing Marina Bay Sands’ hotel building. A curtain of metal plates that allow exhaust heat to escape the tower shimmers in the sunlight, and a strategically placed water feature masks the sound of the water that flows from it. Even access to the plant, which produces 600 tonnes of chilled water per hour, is like a scene out of Alice in Wonderland – there is no signage, only a small door located at the end of the Double Helix Bridge. Stairs and a lift transport the plant’s 52 employees deeper underground. Chilled water is one of several utilities continuously pumped through a network of common services tunnels to 14 customers in the area, including Marina Bay Sands, the Marina Bay Financial Centre and One Raffles Quay. District cooling is an energy-efficient and cost-effective method to provide buildings in the area with an optimal indoor climate. In the case of Singapore District Cooling, chilled water is produced by production plants and distributed by water pipes contained within the common services tunnels. Specially designed units within each building draw on the cooling properties of the water to, for instance, lower the temperature of the air passing through the air-conditioning system. There are three interconnected plants in Marina Bay spanning a total of about 19,000 sq m – the other two plants are at One Raffles Quay and One Marina Boulevard – and there are plans to grow this to five plants, so more than eight million sq m can ultimately be serviced. The success of a cooling plant lies in being able to maintain the temperature of continuous water flow at under 6 deg C. At Singapore District Cooling, that standard is met 99.9999 per cent of the time. Using a district cooling facility – as opposed to having to build and install their own plant rooms and cooling towers – helps make businesses in the area about 30 per cent more energy-efficient. In temperate countries, similar networks can be used to supply heating, as is the case with Keppel’s District Heating and Cooling Systems plant at the Sino-Singapore Tianjin Eco-City in China. Keppel also has three district cooling plants. They are located in Changi Business Park, Biopolis and Woodlands. While it is more common in the United States and the Middle East, district cooling is catching on in Asia, said Singapore District Cooling managing director Jimmy Khoo, adding that the Marina South substation is a “true success story for Singapore”.

Advisory for Consumers Switching to Buy Electricity from the Wholesale Electricity Market Through SP Group 1. Switching is not compulsory. There is no deadline for switching, so take your time to understand your options before making a decision. 2. Switching to a retailer will not affect your electricity supply. SP Group will continue to operate the national power grid and deliver electricity to you. 3. If you switch to buy electricity from the Wholesale Electricity Market through SP Group, the electricity rate you pay is uncertain, as it will vary every half hour depending on the prevailing demand and supply situation in the wholesale electricity market. 4. Before you sign up with SP Group to buy electricity at the wholesale electricity price: • Read the Fact Sheet which summarises the key contractual terms. • Ask SP Group to explain the terms and conditions of the contract if you do not understand them. 5. For any dispute with SP Group, you can approach the Consumers Association of Singapore (CASE) for assistance. • Website: www.case.org.sg • Hotline: 6100 0315 (Operating hours: Mon to Fri, 9am to 5pm) Visit www.openelectricitymarket.sg or call 1800-233-8000 for more information Fact Sheet for Non-Standard Price Plan Note: 1) The Energy Market Authority (EMA) requires SP Group to provide you with this Fact Sheet before you enter into an Electricity Supply Contract with SP Group to buy electricity from the Wholesale Electricity Market at the wholesale electricity price. This Fact Sheet provides you with key information about the contract. 2) SP Group must answer any questions you have about this Fact Sheet. 3) Unless otherwise stated, all fees and charges stated in this Fact Sheet are inclusive of the Goods and Services Tax (GST). If there is any change to the GST rate during the contract duration, SP Group reserves the right to update the applicable fees and charges to be inclusive of the prevailing GST rate. A. General Information Name of Electricity Service Provider: SP Group Fact Sheet Version Date: 1 Jan 2023 B. Electricity Price Plan Information Name of Price Plan: Wholesale Electricity Price Type of Price Plan (see footnote 1): This is a Non-Standard Price Plan. The electricity rate to be paid by you is: Non-Standard The electricity rate will be determined based on the Uniform Singapore Energy Price (USEP) and other ancillary charges published by the Energy Market Company (www.emcsg.com) in accordance to the Market Support Services Code. The USEP is the half-hourly energy price in the Singapore Wholesale Electricity Market (SWEM). SP Group must clearly state any incentives (including the terms and conditions) that you will receive if you contract for the electricity price plan (see footnote 2): Not applicable Contract Duration: Automatic Renewal of Contract (see footnote 3): Not applicable The contract has no expiry date. To terminate the contract, simply contact SP Group directly. There will be no charge to terminate the contract. Advanced Meter Required (see footnote 4): No Direct Billing of Electricity Charges by SP Group (see footnote 5): Yes C. Additional Fees or Charges For Electricity Services One-Time Registration Fee: Nil Late Payment Charge: 1% of overdue amount Early Termination Charge (see footnote 6): Nil Any Other Fees and Charges (see footnote 8): 1 Security Deposit (see footnote 7): SP Group will require you to provide a security deposit, and this will be billed to your first bill. The below indicative charges are regulated and approved by the EMA, and will be included in your monthly electricity bill: List of Other Applicable Charges Rate (excl. GST) Rate (incl. 8% GST)* Vesting Contract Debit/Credit Vesting Contract Debit/Credit Variable Variable Transmission Charges for Low Tension Off Peak Period Charge $0.0462 per kWh $0.0499 per kWh Peak Period Charge $0.0594 per kWh $0.0642 per kWh Recurring Market Support Service Charges Meter Reading and Data Management $2.1800 per meter $2.3500 per meter Market Development and Systems Charge $0.0098 per kWh $0.0106 per kWh Retail Settlement Uplift $0.0015 per kWh $0.0016 per kWh *The figures may not reflect the full GST effect due to rounding Refer to www.openelectricitymarket.sg for the list of applicable charges. A one-time installation fee of $43.20 (incl. 8% GST) may be charged if you opt for a smart meter. D. Bundled Product or Services (see footnote 9) There are other products or services bundled with the electricity price plan: No If yes, SP Group should specify below what are the bundled products or services. You should discuss the details with SP Group such as the applicable fees and charges as well as the terms and conditions for accepting the bundled products or services: Not applicable E. Footnotes 1) Please note the differences between a Standard Price Plan and Non-Standard Price Plan. Standard Price Plan Electricity Rates • Inclusive of all applicable charges that vary according to the level of consumption. • Will not change throughout the contract duration. Other Fees and Charges • No recurring charges or fees throughout the contract duration. Non-Standard Price Plan • May not be inclusive of all applicable charges that vary according to the level of consumption. • May change in accordance with the terms and conditions of the contract. • May include recurring charges or fees throughout the contract duration. Contract Duration • 6, 12 or 24 months. • Not limited to 6, 12 or 24 months. Pricing Structure • Fixed Price. Pay a fixed rate (e.g. 20 cents/kWh) for electricity throughout the contract duration. • The electricity retailer may set its own pricing structure, while SP Group can only sell electricity at the USEP. OR • Discount Off the Regulated Tariff. Enjoy a discount off the prevailing regulated tariff (e.g. 5% off) throughout the contract duration. More Information • Visit the Price Comparison Tool at compare.openelectricitymarket.sg to compare the Standard Price Plans offered by different electricity retailers • Visit the electricity retailer’s or SP Group’s website to enquire on Non- Standard Price Plans. 2) SP Group is not allowed to offer any incentive. 3) This contract offered by SP Group has no contract expiry date. 2 4) An advanced meter is a digital meter capable of measuring your electricity consumption every half-hour. It is optional to install an advanced meter to measure your half-hourly electricity consumption unless the price plan you sign up for requires one. The Standard Price Plans do not require an advanced meter. 5) With direct billing, SP Group will bill you directly for electricity supply, and send you a separate bill for the other utilities (such as water and gas supply). 6) SP Group is not allowed to charge you a fee if you terminate the contract. 7) SP Group will require you to provide a security deposit, and this will be billed to your first bill. 8) SP Group will require you to pay other fees and charges, including the prevailing market-related charges. You may refer to www.openelectricitymarket.sg for more information on the market-related charges. 9) SP Group is not allowed to bundle the supply of electricity with other products and/or services. 3

CPMS Annual Assessment FY22/23 (1 st April 2022– 31 st March 2023) For FY22/23, the top 5 contractors who obtained the highest overall Annual Score are as listed below in alphabetical order and not in any ranking sequence - Top 5 Contractors HIAP ENGINEERING & CONSTRUCTION PTE LTD HYUNDAI ENGINEERING & CONSTRUCTION CO., LTD LIH MING CONSTRUCTION PTE LTD MO GUAN CONSTRUCTION ENGINEERING PTE LTD YEW ANN CONSTRUCTION PTE LTD As per our CPMS Policy, the top 5 contractors for the assessment year will be given an incentive of 2% of the total annual value of their respective contracts capped at S$100,000.00 per year per contractor. The bottom 2 contractors (listed in alphabetical order) for the annual assessment are as shown below: Last 2 Contractors HI POWER PTE LTD TAIHAN CABLE & SOLUTION CO., LTD. With immediate effect, as per CPMS Policy 6.0, the 2 contractors with the lowest annual scores will be subjected to a penalty deduction to their PQS scores in all subsequent SP Group tenders published during the next Assessment Year. In addition, they would also have to comply with performance improvement requirements specified by SP Group to address areas of deficiency. SP Group 2 Kallang Sector, Singapore 349277, www.spgroup.com.sg

Powering up CNY efforts with SP Group By Navin Sregantan navinsre@sph.com.sg @NavinSreBT Singapore “I am happy that the volunteers visited me. It’s nice to have my home decorated to welcome the New Year. This will be a lucky year,” said resident Lee Khee Hoon, with SP Group volunteers lending a helping hand. PHOTO: SP GROUP IN THE lead up to Chinese New Year (CNY), households spend much time committing to spring-cleaning and the hanging up of festive decorations to usher in the New Year. SP Group’s staff volunteers – SP Heart Workers – paid a visit on Jan 31 to more than 300 households at two rental blocks in the Limbang area of Marsiling-Yew Tee GRC to lend a hand in decorating the homes for the festive period. Residents were offered a variety of CNY wall and door decorations, which featured Chinese well-wishes, together with decorative Chinese knots to hang around their houses. The gesture by SP Group staff was well received by the residents. Said Limbang resident Lee Khee Hoon: “I am happy that the volunteers visited me. It’s nice to have my home decorated to welcome the New Year. This will be a lucky year.” This visit was one in a series of CNY-themed community outreach initiatives by SP Group in January and early February, which concluded with a CNY dinner for 900 needy residents living in the Marsiling-Yew Tee GRC on Feb 3. Minister for National Development and Anchor Minister for Marsiling-Yew Tee GRC Lawrence Wong and advisers to the GRC’s grassroots organisations joined the residents at the dinner. Mr Wong said: “We appreciate and welcome the efforts by SP Group to give back to the community. “The initiatives by SP Group complement existing government schemes and the efforts of our grassroots volunteers to help our residents in need, and our community strengthen bonds,” he added. The grid operator’s other initiatives include its work with the Ang Mo Kio Family Service Centre (AMKFSC). On Feb 1, SP Heart Workers spent an afternoon doing up CNY decorations and enjoying festive treats with children who receive support from the AMKFSC. In January, SP Group volunteers and AMKFSC incorporated their monthly initiative of distributing fruit and vegetables to about 25 needy families in the Ang Mo Kio area into its festive giving efforts. The programme started in October 2017 and will see the Heart Workers distribute such essentials to the families for February today. In keeping with the theme of long-tailed engagement with AMKFSC, SP Group is currently making plans with Marsiling-Yee Tee GRC to offer this initiative to needy families in the GRC. Throughout 2018, 300 SP Heart Workers will be involved in a series of community assistance programmes planned with volunteers from Marsiling-Yew Tee GRC grassroots organisations. The group’s next engagement with the GRC will see SP Heart Workers pack and distribute close to 2500 goodie bags – called Power Packs – consisting of Halal-certified food essentials to residents in March. Wong Kim Yin, group chief executive officer, SP Group, said: “While we strive to enhance the quality of life of Singaporeans through providing reliable power supply, we hope to provide additional support for the needy through our giving and volunteer work.”

SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2022. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd 11,180 10,000 11,180 10,000 Ms Amelia Champion Singapore Telecommunications Limited CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units 1,430 5,000 – – 1,430 –* 5,000* 773* Ms Loong Hui Chee Ascendas Real Estate Investment Trust – units Ascott Residence Trust – units CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree North Asia Commercial Trust – units Mapletree Treasury Services Limited - 3.95% Perpetual Bond Singapore Airlines Limited Singapore Technologies Engineering Ltd Singapore Telecommunications Limited Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 14,615 159,248 21,531 – 57,344 59,471 S$250,000 20,669 1,495 117,108 S$13,000 14,615 159,248 –* 21,531* 71,680* 60,321 S$250,000 20,669 1,495 117,108 S$13,000 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. SP PowerAssets Limited Directors’ statements Year ended 31 March 2022 3 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors MR STANLEY HUANG TIAN GUAN Chairman MS LOONG HUI CHEE Director 1 June 2022 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 4 Independent Auditor’s Report For The Financial Year Ended 31 March 2022 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2022, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 5 address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the impact of Covid-19 pandemic on market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 6 In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 7 We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 June 2022 SP PowerAssets Limited Financial statements Year ended 31 March 2022 8 Balance sheet As at 31 March 2022 Non-current assets Property, plant and equipment Intangible assets Derivative assets Current assets Inventories Trade and other receivables Current tax receivable Derivative assets Cash and cash equivalents Total assets Regulatory deferral accounts (“RDA”) debit balances Total assets and RDA debit balances Note 4 6 7 8 9 7 10 11 2022 $ million 10,647.7 2,169.3 124.6 12,941.6 34.8 340.0 − 55.6 0.2 430.6 13,372.2 223.2 13,595.4 2021 $ million 10,473.5 2,171.1 176.1 12,820.7 35.0 281.2 13.7 1.1 1.8 332.8 13,153.5 222.3 13,375.8 Equity Share capital Hedging reserve Accumulated profits Total equity 12 13 2,512.4 81.6 2,595.4 5,189.4 2,512.4 52.4 2,511.5 5,076.3 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Deferred income Deferred construction cost compensation Lease liabilities 14 7 15 16 17 5 2,416.7 160.4 1,442.3 133.8 256.2 0.4 4,409.8 3,320.1 63.9 1,386.5 142.3 256.2 − 5,169.0 Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities Regulatory deferral accounts (“RDA”) related deferred tax liabilities Total equity, liabilities and RDA related deferred tax liabilities 14 7 18 5 11 777.8 5.2 50.6 3,121.3 3.4 3,958.3 8,368.1 13,557.5 37.9 13,595.4 − 4.4 − 3,088.3 − 3,092.7 8,261.7 13,338.0 37.8 13,375.8 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 9 Income statement Year ended 31 March 2022 Note 2022 $ million 2021 $ million Revenue Other income Expenses - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Management fees - Property taxes - Agency fee - Support services - Other operating expenses Operating profit Finance income Finance costs Profit before taxation Tax expense Profit for the year Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movement in RDA balances 19 20 4 6 21 22 23 24 11 1,660.4 73.3 (622.2) (2.8) (101.8) (153.9) (60.2) (27.6) (36.1) (54.3) 674.8 0.1 (135.8) 539.1 (100.7) 438.4 0.8 439.2 1,438.1 81.4 (591.7) (9.0) (96.2) (153.2) (60.4) (26.2) (33.4) (47.2) 502.2 # (132.3) 369.9 (68.7) 301.2 170.2 471.4 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 10 Statement of comprehensive income Year ended 31 March 2022 2022 $ million 2021 $ million Profit for the year and net movement in RDA balances 439.2 471.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 31.7 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (2.6) 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.1 (1.2) Other comprehensive income for the year, net of tax 29.2 24.0 Total comprehensive income for the year 468.4 495.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 11 Statement of changes in equity Year ended 31 March 2022 Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2020 2,512.4 28.4 2,384.8 4,925.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 471.4 471.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 24.2 − 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − 1.0 − 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − (1.2) − (1.2) Total other comprehensive income Total comprehensive income for the year − 24.0 471.4 495.4 − 24.0 − 24.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (344.7) (344.7) At 31 March 2021 2,512.4 52.4 2,511.5 5,076.3 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 12 Statement of changes in equity Year ended 31 March 2022 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2021 2,512.4 52.4 2,511.5 5,076.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 439.2 439.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 31.7 − 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (2.6) − (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 0.1 − 0.1 Total other comprehensive income − 29.2 − 29.2 Total comprehensive income for the year − 29.2 439.2 468.4 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared At 31 March 2022 29 − − (355.3) (355.3) 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 13 Statement of cash flows Year ended 31 March 2022 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 439.2 471.4 Adjustments for: Tax expense 23 100.7 68.7 Depreciation and amortisation 625.0 600.7 Loss on disposal of property, plant and equipment and intangible assets 24 4.0 0.6 Deferred income 16 (8.8) (8.7) Inventories written down, net 8 4.3 5.3 (Write-back of allowance) / allowance for expected credit loss on trade receivables, net 9 (2.3) 7.5 Finance income 21 (0.1) # Finance costs 22 135.8 132.3 Exchange gain, net 24 (0.3) (0.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (0.8) (170.2) 1,107.4 Changes in working capital: Inventories (4.1) (0.7) Trade and other receivables (56.8) (37.0) Trade and other payables 76.0 (6.2) Cash generated from operations 1,311.8 1,063.5 Interest received 0.1 # Income tax refunded / (paid) 13.4 (10.0) Net cash generated from operating activities 1,325.3 1,053.5 Cash flows from investing activities Purchase of property, plant and equipment (860.6) (832.0) Purchase of intangible assets (1.0) (0.9) Proceeds from disposal of property, plant and equipment and intangible assets 6.2 5.5 Net cash used in investing activities (855.4) (827.4) Note 1,296.7 Cash flows from financing activities Interest paid (56.6) (85.9) Commitment fees paid (0.1) (1.5) Repayment of related company loans (411.5) (129.9) Payment of principal portion of lease liabilities 5 (3.3) (7.0) Net cash used in financing activities (471.5) (224.3) Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year (1.6) 1.8 1.8 – Cash and cash equivalents at end of the year 10 0.2 1.8 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2021 of $355.3 million (2021: $344.7 million) were settled via loans from a related company. In 2021, the Company repaid two of its bonds amounting to $780.0 million. The amounts were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 14 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 1 June 2022. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 2.3 2.4 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: SP PowerAssets Limited Financial statements Year ended 31 March 2022 15 Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.14) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.12 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Company has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Company is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and /or hedging instrument that permit the hedge relationship to be continued without interruption. The Company applies the following reliefs as and when uncertainty arising from the interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Company amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Notes 3.4 and 26. There was no significant financial impact to the Company as a result of these amendments. SP PowerAssets Limited Financial statements Year ended 31 March 2022 16 3 3.1 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 17 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Transformers and switchgear Other plant and machinery - Works and other equipment - Standby electricity generator and other machinery Mains Other fixed assets (principally meters and motor vehicles) Over the term of the lease ranging from 30 to 99 years 30 to 40 years or the lease term, if shorter 30 years 3 to 10 years 15 to 25 years 30 years 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. SP PowerAssets Limited Financial statements Year ended 31 March 2022 18 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. SP PowerAssets Limited Financial statements Year ended 31 March 2022 19 Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. SP PowerAssets Limited Financial statements Year ended 31 March 2022 20 Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. SP PowerAssets Limited Financial statements Year ended 31 March 2022 21 When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Company assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Company assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Company assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Company will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Company will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. SP PowerAssets Limited Financial statements Year ended 31 March 2022 22 For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). SP PowerAssets Limited Financial statements Year ended 31 March 2022 23 For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 24 3.6 Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.7 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.8 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.9 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.10 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.9 sets out the government grant accounting policy. 3.11 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the customers’ contributions and government grant. SP PowerAssets Limited Financial statements Year ended 31 March 2022 25 3.12 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.13 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.14 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. SP PowerAssets Limited Financial statements Year ended 31 March 2022 26 3.15 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. SP PowerAssets Limited Financial statements Year ended 31 March 2022 27 Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.16 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.17 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. SP PowerAssets Limited Financial statements Year ended 31 March 2022 28 Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and • taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.18 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 29 3.19 New standards and interpretations not yet adopted A number of new amendments to standards that are effective for annual periods beginning after 1 April 2021 have not been applied in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-37: Onerous Contracts—Cost of Fulfilling a Contract • Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies • Amendments to SFRS(I) 1-8: Definition of Accounting Estimates • Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction SP PowerAssets Limited Financial statements Year ended 31 March 2022 30 4 Property, plant and equipment Cost At 1 April 2020 Additions Disposals Transfers from intangible assets Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 Accumulated depreciation At 1 April 2020 Depreciation Disposals At 31 March 2021 Depreciation Disposals At 31 March 2022 Carrying amounts At 31 March 2021 At 31 March 2022 Freehold land $ million Leasehold land $ million Buildings and tunnels $ million Switchgear $ million Transformers $ million Other plant and machinery $ million Mains $ million Other fixed assets $ million Constructionin-progress $ million Total $ million 0.3 500.8 1,652.6 3,262.1 1,725.5 453.3 6,123.4 219.7 2,234.6 16,172.3 − − − 1.0 − 2.2 − 16.0 808.9 828.1 − − − (39.9) (10.9) (14.1) (0.5) (6.0) − (71.4) − − − − − − − − 0.7 0.7 − 3.6 39.8 127.8 125.7 38.4 1,130.4 26.0 (1,491.7) − 0.3 504.4 1,692.4 3,351.0 1,840.3 479.8 7,253.3 255.7 1,552.5 16,929.7 − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 − 162.8 626.1 1,615.0 626.3 265.1 2,530.3 105.1 − 5,930.7 − 9.9 56.1 144.4 65.7 40.7 248.8 26.1 − 591.7 − − − (37.3) (8.6) (14.1) (0.5) (5.7) − (66.2) − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 0.3 331.7 1,010.2 1,628.9 1,156.9 188.1 4,474.7 130.2 1,552.5 10,473.5 0.3 321.2 1,110.3 1,601.2 1,173.6 175.3 4,527.0 123.9 1,614.9 10,647.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 31 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: Management fees (staff cost) 2022 $ million 78.8 2021 $ million 76.1 As at 31 March 2022, property, plant and equipment includes right-of-use assets of $325.0 million (2021: $331.7 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets / Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2020 Additions Depreciation At 31 March 2021 Additions Reclassification Depreciation At 31 March 2022 338.0 3.6 (9.9) 331.7 − (0.4) (10.1) 321.2 3.5 − (3.5) − 7.2 − (3.4) 3.8 341.5 3.6 (13.4) 331.7 7.2 (0.4) (13.5) 325.0 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: At 1 April Additions Accretion of interest Payments At 31 March Current Non-current # Less than $0.1 million 2022 $ million − 7.1 0.1 (3.4) 3.8 3.4 0.4 2021 $ million 7.1 − # (7.1) − − − The maturity analysis of lease liabilities is disclosed in Note 26. SP PowerAssets Limited Financial statements Year ended 31 March 2022 32 The following are the amounts recognised in profit or loss: Depreciation expense of right-of-use assets Interest expense on lease liabilities Expenses relating to short-term leases (included in other operating expenses) 2022 $ million 13.5 0.1 1.7 15.3 2021 $ million 13.4 − 2.2 15.6 The Company had total cash outflow for leases of $5.1 million (2021: $9.3 million) for the financial year ended 31 March 2022. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2020 Additions Disposals Transfers to property, plant and equipment Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 2,166.8 109.4 46.4 1.9 2,324.5 − 0.8 − 0.1 0.9 − − (7.6) − (7.6) − − − (0.7) (0.7) − − 0.3 (0.3) − 2,166.8 110.2 39.1 1.0 2,317.1 − 1.0 − − 1.0 − (0.3) − − (0.3) − − 0.9 (0.9) − 2,166.8 110.9 40.0 0.1 2,317.8 Accumulated amortisation At 1 April 2020 Amortisation Disposals At 31 March 2021 Amortisation Disposals At 31 March 2022 − 102.9 40.8 − 143.7 − 4.6 4.4 − 9.0 − − (6.7) − (6.7) − 107.5 38.5 − 146.0 − 2.4 0.4 − 2.8 − (0.3) − − (0.3) − 109.6 38.9 − 148.5 Carrying amounts At 31 March 2021 At 31 March 2022 2,166.8 2.7 0.6 1.0 2,171.1 2,166.8 1.3 1.1 0.1 2,169.3 SP PowerAssets Limited Financial statements Year ended 31 March 2022 33 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 6.28% (2021: 5.23%) per annumthat reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2021: 1.2 times) of the carrying amounts of property, plant and equipment. SP PowerAssets Limited Financial statements Year ended 31 March 2022 34 7 Derivative assets and liabilities Current: Cross-currency interest rate swaps Interest rate swaps Foreign exchange forwards Outstanding notional amounts $ million 623.8 200.0 224.0 2022 2021 Assets $ million Liabilities $ million Outstanding notional amounts $ million Assets $ million Liabilities $ million 53.6 − − − − 1.1 − 1,285.6 − (1.1) 0.9 (5.2) 215.4 1.1 (3.3) 55.6 (5.2) 1.1 (4.4) Non-current: Cross-currency interest rate swaps 2,149.1 − (160.4) 2,772.9 116.0 (62.5) Interest rate swaps 2,599.1 124.6 − 2,799.1 59.6 − Foreign exchange forwards 1.2 − # 58.8 0.5 (1.4) 124.6 (160.4) 176.1 (63.9) # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 35 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets 2022 Derivative assets 2021 Derivative assets Gross amounts of recognised financial assets $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million 180.2 (108.9) 71.3 177.2 (20.8) 156.4 Types of financial liabilities 2022 Gross amounts of recognised financial liabilities $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million Derivative assets 2021 Derivative assets 165.6 (108.9) 56.7 68.3 (20.8) 47.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 36 Hedge Accounting As at 31 March 2022 and 2021, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 225.2 (4.3) − − − 3.6 (3.6) − CHF/SGD: 1.397 - 1.501 CNY/SGD: 0.187 - 0.196 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.334 - 1.382 Up to 2022 Up to 2023 Up to 2024 Up to 2023 Up to 2022 Up to 2022 Fair value hedge Interest rate risk 375.0 6.0 (281.7) Debt obligations (7.1) (13.8) 14.0 0.2 6 month SOR/SORA Up to 2029 Foreign exchange risk 2,149.1 (145.1) (1,986.5) Debt obligations 156.5 (113.1) 108.6 (4.5) Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 37 Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2021 Cash flow hedge Interest rate risk – Finance cost 6,482.6 114.5 − − − 37.0 (38.6) (1.6) 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 274.2 (3.1) − − − (6.9) 6.9 − CHF/SGD: 1.397 CNY/SGD: 0.187 - 0.199 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.028 - 3.040 USD/SGD: 1.334 - 1.425 Up to 2021 Up to 2023 Up to 2024 Up to 2023 Up to 2021 Up to 2022 Fair value hedge Interest rate risk 375.0 19.8 (295.6) Debt obligations (21.1) (6.4) 7.0 0.6 6 month SOR Up to 2029 Foreign exchange risk 2,149.1 (22.3) (2,103.6) Debt obligations 38.2 (92.5) 98.5 6.0 Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 38 8 Inventories 2022 $ million 2021 $ million Cables Transformers Switchgear Spare parts and accessories 24.6 1.6 7.4 1.2 34.8 24.8 3.2 4.7 2.3 35.0 In the financial year ended 31 March 2022, inventories recognised as an expense in the income statement amounted to $4.2 million (2021: $4.5 million). The write-down of inventories to net realisable value amounted to $4.3 million (2021: $5.3 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $3.1 million (2021: $2.1 million). 9 Trade and other receivables 2022 $ million 2021 $ million Trade receivables: - Third parties - Related companies - Immediate holding company Impairment loss Accrued revenue Deposits Prepayments 123.9 63.5 0.1 187.5 (6.5) 181.0 117.6 0.4 299.0 41.0 119.3 38.9 0.3 158.5 (8.8) 149.7 101.7 0.3 251.7 29.5 340.0 281.2 Trade receivables The average credit term is between 8 to 30 calendar days (2021: between 7 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. SP PowerAssets Limited Financial statements Year ended 31 March 2022 39 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: Contestable transmission / distribution customers Non-contestable transmission / distribution customers Project-based customers Others 2022 $ million 133.0 22.9 22.3 2.8 181.0 2021 $ million 103.2 6.2 36.7 3.6 149.7 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: Not past due Past due 0 - 30 days Past due 31 - 90 days Past due 91 - 180 days Past due more than 180 days 2022 $ million 167.7 5.3 2.9 0.6 11.0 187.5 2021 $ million 134.3 1.4 5.2 2.2 15.4 158.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 40 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: At 1 April Impairment loss recognised Impairment loss written back At 31 March 2022 $ million 8.8 − (2.3) 6.5 2021 $ million 1.3 9.0 (1.5) 8.8 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2022 $ million 2021 $ million Cash at bank and in hand 0.2 1.8 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. 11 Regulatory deferral accounts Net movement in RDA balances related to profit or loss RDA related deferred tax movement Net movement in RDA balances related to profit or loss and the related deferred tax movement 2022 $ million 0.9 (0.1) 0.8 2021 $ million 205.1 (34.9) 170.2 SP PowerAssets Limited Financial statements Year ended 31 March 2022 41 RDA debit balances At 1 April 2021 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2022 $ million Deferral of revenue based on service rendered 256.9 106.4 (49.3) 314.0 Under recovery of volume variance (34.6) (78.6) 22.4 (90.8) 222.3 27.8 (26.9) 223.2 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.8) (4.7) 4.6 (37.9) RDA debit balances Deferral of revenue based on service rendered Under recovery of volume variance RDA related deferred tax liabilities RDA related deferred tax liabilities At 1 April 2020 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2021 $ million (38.6) 266.7 28.8 256.9 55.8 1.5 (91.9) (34.6) 17.2 268.2 (63.1) 222.3 (2.9) (45.6) 10.7 (37.8) The recovery / reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. SP PowerAssets Limited Financial statements Year ended 31 March 2022 42 12 Share capital 2022 No. of shares $ million 2021 No. of shares $ million Ordinary shares Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net changein the fair value of cash flow hedging instruments related to highly probable forecast transactions. Hedging reserves At beginning of year Effective portion of changes in fair value of cash flow hedges: - Interest rate risks - Foreign exchange risks Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 2022 $ million 52.4 34.8 (3.1) (2.6) 0.1 2021 $ million 28.4 28.7 (4.5) 1.0 (1.2) At end of year 81.6 52.4 SP PowerAssets Limited Financial statements Year ended 31 March 2022 43 14 Debt obligations Principal amount Date of maturity 2022 $ million 2021 $ million Fixed rate notes SGD 100 million USD 500 million (1) JPY 15 billion (2) SGD 75 million USD 700 million [3] JPY 7 billion (4) USD 600 million (5) SGD 100 million SGD 250 million August 2022 September 2022 April 2024 May 2024 November 2025 October 2026 September 2027 May 2029 September 2032 100.7 677.1 162.7 77.3 937.7 78.2 807.8 103.7 249.3 103.5 671.7 182.4 81.0 987.7 87.3 846.2 111.1 249.2 3,194.5 3,320.1 (1) USD 500 million swapped to SGD 623.8 million (2) JPY 15 billion swapped to SGD 230.0 million (3) USD 700 million swapped to SGD 996.0 million (4) JPY 7 billion swapped to SGD 114.7 million (5) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.14% to 5.07% (2021: 3.14% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2021: 1.95% to 3.25%) per annum. SP PowerAssets Limited Financial statements Year ended 31 March 2022 44 A reconciliation of liabilities arising from financing activities is as follows: 2021 Cash flows Non-cash changes 2022 $ million Repayment $ million Interest paid $ million Additions / (reduction) $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million Debt obligations Current Non-current Interest payable − 3,320.1 11.1 − − − − − (55.6) − − − − (4.9) − − (120.7) − − − 54.0* 777.8 (777.8) − 777.8 2,416.7 9.5 Loans from a related company Current 2,471.8 (411.5) (0.9) 355.3 − − 75.3 − 2,490.0 Lease liabilities Current Non-current − − 5,803.0 − (3.3) (414.8) − (0.1) (56.6) − 7.1 362.4 − − (4.9) − − (120.7) − 0.1 129.4 3.4 (3.4) − 3.4 0.4 5,697.8 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. SP PowerAssets Limited Financial statements Year ended 31 March 2022 45 2020 Cash flows Non-cash changes 2021 $ million Repayment $ million Interest paid $ million Additions / (reduction) $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million $ million Debt obligations Current Non-current Interest payable 780.6 3,588.3 28.1 − − − − − (85.6) (780.0) − − − (162.6) − (0.6) (105.6) − − − 68.6* − 3,320.1 11.1 Loans from a related company Current 1,411.4 (129.9) (0.2) 1,124.7 − − 65.8 2,471.8 Lease liabilities Current 7.1 (7.0) (0.1) − − − − − 5,815.5 (136.9) (85.9) 344.7 (162.6) (106.2) 134.4 5,803.0 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. SP PowerAssets Limited Financial statements Year ended 31 March 2022 46 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: At 31 March 2020 $ million Recognised in profit or loss (Note 23) $ million Recognised in other comprehensive income (Note 23) $ million At 31 March 2021 $ million Recognised in profit or loss (Note 23) $ million Recognised in other comprehensive income (Note 23) $ million At 31 March 2022 $ million Deferred tax liabilities Property, plant and equipment Intangible assets Set off of tax Net deferred tax liabilities Deferred tax assets Deferred income Derivative liabilities Unutilised capital allowances Others Set off of tax Net deferred tax assets (1,316.4) (159.6) – (1,476.0) 28.1 – (1,447.9) (2.4) 1.7 – (0.7) 0.3 – (0.4) (1,318.8) (157.9) – (1,476.7) 28.4 – (1,448.3) 22.5 90.2 6.0 (1,296.3) (1,386.5) (1,442.3) 28.3 (4.0) – 24.3 (1.5) – 22.8 (5.9) – (4.9) (10.8) – (6.0) (16.8) – 76.6 – 76.6 (76.6) – – 0.1 – – 0.1 (0.1) – – 22.5 72.6 (4.9) 90.2 (78.2) (6.0) 6.0 (22.5) (90.2) (6.0) – – – 16 Deferred income 2022 $ million 2021 $ million Customers’ contributions Government grant for depreciable assets Accumulated accretion 265.9 0.3 (132.4) 133.8 265.9 − (123.6) 142.3 Movements in accumulated accretion are as follows: At 1 April Accretion for the year At 31 March 123.6 8.8 132.4 114.9 8.7 123.6 17 Deferred construction cost compensation 2022 $ million 2021 $ million Deferred construction cost compensation 256.2 256.2 SP PowerAssets Limited Financial statements Year ended 31 March 2022 47 18 Trade and other payables 2022 $ million 2021 $ million Trade payables: - Third parties - Related companies - Immediate holding company Interest payable Commitment fees payable Deposits received Advance receipts Accrued operating expenditure Accrued capital expenditure Loans from a related company - Loan balances - Interest payable 80.9 32.0 1.8 9.5 − 54.4 175.4 95.6 181.7 2,422.7 67.3 3,121.3 43.4 21.1 13.0 11.1 0.2 24.4 144.8 91.2 267.3 2,408.5 63.3 3,088.3 Payables denominated in currencies other than the Company’s functional currency comprise $9.5 million (2021: $0.1 million) of payables and accruals denominated in United States dollar (“USD”), $0.7 million (2021: $0.3 million) in Chinese Yuan (“CNY”), $1.7 million (2021: $0.5 million) in Japanese yen (“JPY”), $0.3 million (2021: nil) in Euro (“EUR”) and nil (2021: $1.2 million) in Malaysian Ringgit (“MYR”). As at 31 March 2022, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 1.59% to 3.93% (2021: 0.83% to 3.93%) per annum. 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. SP PowerAssets Limited Financial statements Year ended 31 March 2022 48 20 Other income 2022 $ million 2021 $ million Rental income Leasing income Disbursement recoverable jobs Sale of scrap Accretion of deferred income Grant income Others 3.2 5.3 21.9 26.4 8.8 0.6 7.1 73.3 3.6 6.0 27.5 10.1 8.7 13.9 11.6 81.4 21 Finance income 2022 $ million 2021 $ million Interest income receivable / received from banks 0.1 # # Less than $0.1 million 22 Finance costs 2022 $ million 2021 $ million Interest expense on loans from a related company Interest expense on debt obligations Net change in fair value of cash flow hedges reclassified from equity Amortisation of fair value adjustments on cash flow hedges reclassified from equity Loss / (gain) arising from financial assets / liabilities in a fair value hedge: - hedged items - hedging instruments Net change in fair value of financial assets / liabilities at fair value through profit or loss Amortisation of capitalised transaction costs Ineffective portion of changes in fair value of cash flow hedges Amortisation of fair value adjustments on fair value hedges Commitment fees Interest expense on lease liabilities 75.3 57.2 (3.2) − (122.6) 126.9 − 2.0 − − 65.8 69.1 (0.5) 0.1 (105.5) 98.9 1.7 2.3 1.6 (2.7) 0.1 1.5 0.1 # 135.8 132.3 # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 49 23 Tax expense Tax recognised in profit or loss 2022 $ million 2021 $ million Current tax expense Current year Under / (over) provision in respect of prior years Deferred tax expense Origination and reversal of temporary differences Under provision in respect of prior years Total tax expense 50.6 0.3 50.9 49.3 0.5 49.8 100.7 − (16.6) (16.6) 68.7 16.6 85.3 68.7 Tax recognised in other comprehensive income Before tax $ million 2022 Tax (expense) / credit $ million Net of tax $ million Before tax $ million 2021 Tax (expense) / credit $ million Net of tax $ million Effective portion of changes in fair value of cash flow hedges Net change in fair value of: - Cash flow hedges reclassified to profit or loss - Cash flow hedges on recognition of the hedged items on balance sheet 38.2 (6.5) 31.7 29.1 (4.9) 24.2 (3.1) 0.5 (2.6) 1.2 (0.2) 1.0 0.1 # 0.1 (1.4) 0.2 (1.2) 35.2 (6.0) 29.2 28.9 (4.9) 24.0 # Less than $0.1 million Reconciliation of effective tax rate 2022 $ million 2021 $ million Profit before taxation 539.1 369.9 Tax calculated using Singapore tax rate of 17% (2021: 17%) Non-deductible expenses Non-taxable income Under / (over) provision in respect of prior years - current tax - deferred tax 91.6 8.9 (0.6) 0.3 0.5 100.7 62.9 7.5 (1.7) (16.6) 16.6 68.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 50 24 Profit for the year The following items have been included in arriving at profit for the year: 2022 $ million 2021 $ million Exchange gain, net Loss on disposal of property, plant and equipment and intangible assets 0.3 (4.0) 0.3 (0.6) 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: Related companies - management fee expenses - maintenance expenses - agency fee expenses - support service expenses - service expenses, including leases - leasing income - service income - trustee fee income Immediate holding company - maintenance expenses - support service expenses 2022 $ million (232.7) (3.7) (27.6) (1.6) (4.3) 5.3 1.1 0.4 (17.1) (34.5) 2021 $ million (229.4) (3.1) (26.2) (1.6) (3.7) 6.0 1.7 0.4 (15.0) (31.8) SP PowerAssets Limited Financial statements Year ended 31 March 2022 51 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under cross-currency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2022, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $225.2 million (2021: $274.2 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2022 is $4.3 million net liabilities (2021: $3.1 million net liabilities) comprising assets of $0.9 million (2021: $1.6 million) and liabilities of $5.2 million (2021: $4.7 million). These amounts were recognised as derivative assets and liabilities respectively. SP PowerAssets Limited Financial statements Year ended 31 March 2022 52 Sensitivity analysis for foreign currency risk As at 31 March 2022 and 2021, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Judgements of reasonably possible movements – increase / (decrease) 2022 USD Increase of the SGD by 5 per cent against US Dollar Decrease of the SGD by 5 per cent against US Dollar EUR Increase of the SGD by 7 per cent against EUR Dollar Decrease of the SGD by 7 per cent against EUR Dollar JPY Increase of the SGD by 9 per cent against Japanese Yen Decrease of the SGD by 9 per cent against Japanese Yen 2021 USD Increase of the SGD by 5 per cent against US Dollar Decrease of the SGD by 5 per cent against US Dollar EUR Increase of the SGD by 7 per cent against EUR Dollar Decrease of the SGD by 7 per cent against EUR Dollar JPY Increase of the SGD by 10 per cent against Japanese Yen Decrease of the SGD by 10 per cent against Japanese Yen Equity (hedging reserve) $ million (6.7) 6.7 (1.9) 1.9 (2.7) 2.7 (6.5) 6.5 (2.8) 2.8 (4.5) 4.5 The judgements of reasonably possible movements were determined using statistical analysis of the 90th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate non-functional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. SP PowerAssets Limited Financial statements Year ended 31 March 2022 53 Managing interbank offered rates reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, to replace interbank offered rates (IBORs) with alternative nearly risk-free rates (referred to as “IBOR reform”). The Company holds interest rate swaps and cross-currency interest rate swaps indexed to the Singapore Swap Offer Rate (“SOR”) for risk management purposes which are designated in hedging relationships. SOR will cease publication after 30 June 2023, and it will be replaced by t

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Consumption_Elect Average consumption of Electricity (kWh) Premises Types Oct-22 Nov-22 Dec-22 Jan-23 Feb-23 Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 HDB 1-Room 132 130 127 125 121 111 127 142 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 148 HDB 2-Room 172 171 165 166 158 148 166 185 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 192 HDB 3-Room 245 245 235 233 226 212 242 270 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 277 HDB 4-Room 333 334 320 318 309 289 326 367 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 381 HDB 5-Room 388 389 373 369 363 338 381 428 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 446 HDB Executive 472 476 448 453 443 414 473 528 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 548 Apartment 498 496 469 450 425 414 465 543 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 539 Terrace 781 785 752 748 727 686 756 867 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 885 Semi-Detached 1,030 1,054 995 997 962 930 1,024 1,182 1,233 1,159 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 Bungalow 2,004 2,182 1,986 2,073 1,938 1,901 2,016 2,303 2,482 2,320 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347