Consumption_Elect Average consumption of Electricity (kWh) Premises Types 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 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 HDB 1-Room 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 128 136 HDB 2-Room 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 169 181 HDB 3-Room 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 250 265 HDB 4-Room 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 341 363 HDB 5-Room 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 399 425 HDB Executive 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 495 522 Apartment 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 476 516 Terrace 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 775 823 Semi-Detached 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 1,137 1,141 1,056 1,000 974 960 1,031 1,080 Bungalow 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 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154

新 能 源 拨 135 万 元 设 助 学 金 450 工 教 院 生 将 受 惠 孙 靖 斐 报 道 jfseng@sph.com.sg 不 确 定 能 否 应 付 , 却 又 想 踏 出 舒 适 圈 ,17 岁 的 吴 辛 恩 深 思 熟 虑 后 , 决 定 选 修 电 子 机 械 与 机 器 人 科 技 课 程 。 始 料 未 及 的 是 , 她 获 得 新 能 源 工 程 系 助 学 金 , 当 初 的 决 定 得 到 了 意 想 不 到 的 支 持 。 吴 辛 恩 还 在 襁 褓 时 , 双 亲 离 异 , 她 和 哥 哥 由 母 亲 独 自 抚 养 成 人 , 一 家 三 口 目 前 住 在 二 房 式 组 屋 。 对 她 来 说 , 助 学 金 不 但 可 减 轻 家 中 的 经 济 负 担 , 更 象 征 了 莫 大 的 鼓 励 和 肯 定 。 为 了 支 持 低 收 入 家 庭 的 工 教 院 生 完 成 学 业 , 新 能 源 集 团 拨 出 135 万 元 设 立 为 期 三 年 的 工 程 系 助 学 金 。 接 下 来 三 年 , 预 计 将 有 450 名 工 教 院 工 程 系 学 生 从 中 受 惠 , 每 人 可 获 得 3000 元 。 这 项 助 学 金 将 以 每 个 月 250 元 的 形 式 发 放 , 可 用 于 分 担 学 生 一 年 的 日 常 开 销 。 其 中 , 修 读 国 家 工 教 局 证 书 (Nitec) 的 学 生 可 从 7 月 起 领 取 助 学 金 ; 高 级 国 家 工 教 局 证 书 (Higher Nitec) 的 学 生 则 从 10 月 起 领 取 。 吴 辛 恩 受 访 时 说 :“ 我 曾 经 认 为 工 程 科 目 枯 燥 乏 味 , 但 被 工 教 院 录 取 后 觉 得 , 与 其 待 在 舒 适 圈 , 何 不 学 习 一 些 新 技 能 ?” 于 是 , 她 带 着 好 奇 开 放 的 心 态 入 学 , 并 逐 渐 发 现 编 写 程 序 和 气 动 技 术 的 乐 趣 , 也 享 受 从 无 到 有 的 创 造 过 程 。 吴 辛 恩 说 :“ 放 学 回 家 后 , 我 会 和 妈 妈 分 享 当 天 学 到 的 有 趣 知 识 。 她 本 来 不 确 定 我 能 掌 握 这 门 专 业 , 但 看 到 我 的 转 变 , 她 很 高 兴 , 特 别 在 得 知 我 拿 到 助 学 金 之 后 , 更 支 持 我 的 选 择 。” 吴 妈 妈 曾 因 疫 情 失 业 , 后 来 通 过 提 升 技 能 找 到 新 工 作 。 面 对 生 活 , 母 女 俩 始 终 抱 持 正 面 坚 毅 的 心 态 。 新 能 源 16% 雇 员 工 教 院 毕 业 为 了 培 养 下 一 代 的 工 程 师 和 技 术 人 员 , 新 能 源 集 团 向 来 为 工 教 院 的 工 程 系 学 生 提 供 助 学 金 和 就 业 机 会 , 集 团 内 也 有 超 过 16% 的 雇 员 来 自 工 教 院 , 当 中 近 六 成 进 一 步 升 学 , 攻 读 文 凭 或 学 位 。 昨 天 , 获 工 程 系 助 学 金 的 10 名 学 生 受 邀 到 新 能 源 集 团 的 亚 逸 拉 惹 分 部 参 观 , 了 解 集 团 的 基 本 运 作 结 构 。 接 下 来 , 集 团 也 会 和 工 教 院 合 作 , 让 学 生 通 过 实 习 了 解 电 网 、 可 持 续 能 源 和 新 科 技 等 知 识 技 能 , 也 有 机 会 向 在 职 资 深 工 程 师 学 习 。 新 能 源 集 团 总 裁 黄 天 源 说 , 集 团 致 力 协 助 来 自 不 同 背 景 的 青 � 吴 辛 恩 ( 中 ) 是 新 能 源 集 团 工 程 系 助 学 金 的 受 益 学 生 之 一 , 她 昨 日 参 观 了 集 团 的 亚 逸 拉 惹 分 部 , 并 尝 试 拉 动 移 动 发 电 车 的 电 缆 。( 曾 坤 顺 摄 ) 年 追 求 职 业 理 想 。 他 说 :“ 工 教 院 为 我 们 的 技 术 人 员 奠 定 了 坚 实 的 工 程 学 基 础 , 确 保 我 国 的 电 力 和 天 然 气 维 持 国 际 化 水 平 。”

SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR JUL - SEP 2023 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (6) Click to download outline Upcoming Schedule 1 ECL06 Low Voltage Distribution Cables, Joints & Terminations 21 Face-to-Face $1,400 $420 19 Download 11 - 13 Jul 2 EFD08 Singapore Electricity Network and Market 14 Face-to-Face $720 N.A. Pending Download 19 - 20 Sep 3 ENO39 Electrical Testing and Inspection for Non-Licensed Electrical Installation 7 Face-to-Face $700 N.A. 7 Download 24 Aug 4 ENO51 Distribution Switchboard Maintenance for Commercial and Industrial Low Voltage Installation 7 Face-to-Face $800 N.A. 7 Download 28 Sep 5 ENO63 Condition Monitoring Techniques for Distribution Switchgear & Transformer 14 Face-to-Face $1,400 $420 Pending Download 13 - 14 Sep 6 EPG01 Overview of Power Generation Plants 7 Face-to-Face $700 $210 6 Download 3 Aug 7 EPG04 Power Plant Maintenance Principles & Strategies 14 Face-to-Face $1,400 $420 Pending Download 5 - 6 Sep 8 EPG07 Requirements for Installation & Commissioning of Grid-Tied Photovoltaic System 21 Face-to-Face $1,925 N.A. 13 Download 17 - 18, 21 Jul 9 EPG09 Control and Protection of Generator and Turbines (NEW COURSE) 14 Face-to-Face $1,400 $420 Pending Download 27 - 28 Sep 10 EPG10 Mid-Life Plant Management for Plant Optimisation (NEW COURSE) 14 Face-to-Face $1,400 N.A. Pending Pending Sep * 11 ERG01 SS638 Code of Practice for Electrical Installations 14 Face-to-Face $700 $210 13 Download 19 - 20 Jul 12 ERG05 Lightning and Lightning Protection 14 Face-to-Face $700 $210 13 Download 11 - 12 Jul 13 ESG06 Design, Installation & Testing of Electrical Switchboard & Supply Turn-On 14 Face-to-Face $1,600 N.A. 12 Download 16 - 17 Aug 14 ESG08 Installation & Commissioning of Distribution Switchgear 10.5 Face-to-Face $1,050 $315 9 Download 22 - 23 Aug 15 ETF02 Operation & Maintenance of Distribution Transformer 14 Face-to-Face $1,400 $420 14 Download 7 - 8 Aug 16 ETF12 Installation & Commissioning of Distribution Transformer 10.5 Face-to-Face $1,200 N.A. Pending Download 14 - 15 Sep 17 GRG02 Gas Market Structure & Gas Network Code 7 Face-to-Face $800 N.A. 6 Download 30 Aug *To be confirmed, please contact SIPG. Enterprise Transformation Project (NEW) SIPG offers implementation-led training and consultancy programme on Lean Methodologies that help enterprises strengthen business capabilities under the SkillsFuture Singapore Enterprise Transformation Project (ETP) initiative. Participating enterprises will enjoy programme fee funding of 90% for Small Medium Enterprises (SMEs) and 70% for Non-SMEs. Please contact SIPG at training-institute@spgroup.com.sg if you are interested to learn more. Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) Blended classes include online and face-to-face classes for practical hands-on training. (6) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (7) Minimim class size is required to be met to start the class. Updated: 04 Aug 2023 SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR OCT - DEC 2023 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (6) Click to download outline Upcoming Schedule UPCOMING COURSES 1 ERG01 SS638 Code of Practice for Electrical Installations 14 Face-to-Face $700 $210 13 Download 17 - 18 Oct 2 ERG04 An Overview of Transmission Code 7 Face-to-Face $800 N.A. 7 Download 17 Oct 3 ERG06 Electrical Earthing Principles and Practices 7 Face-to-Face $350 N.A. 6 Download 8 Nov 4 ESG04 Operation & Maintenance of High Voltage Switchgear 14 Face-to-Face $1,400 N.A. 13 Download 15 - 16 Nov 5 NEV03 Requirements and Implementation of Electric Vehicle Charging System 7 Face-to-Face $700 N.A. Pending Download 14 Nov 6 NGD03 Introduction to Microgrid Systems 7 Face-to-Face $700 $210 4 Download 16 Nov 7 NGD04 Introduction to Energy Storage Systems 7 Face-to-Face $700 N.A. 6 Download 15 Nov 8 PDC208 Hydrogen Industry Masterclass 14 Face-to-Face $2,200 $660 13 Download Nov * *To be confirmed, please contact SIPG. Enterprise Transformation Project (NEW) SIPG offers implementation-led training and consultancy programme on Lean Methodologies that help enterprises strengthen business capabilities under the SkillsFuture Singapore Enterprise Transformation Project (ETP) initiative. Participating enterprises will enjoy programme fee funding of 90% for Small Medium Enterprises (SMEs) and 70% for Non-SMEs. Please contact SIPG at training-institute@spgroup.com.sg if you are interested to learn more. Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) Blended classes include online and face-to-face classes for practical hands-on training. (6) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (7) Minimim class size is required to be met to start the class. Updated: 04 Aug 2023

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2023 RegistrationNumber:200302108D Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents Table of Contents Directors’ statement 1 Independent Auditor’s Report 7 Balance sheets 10 Income statements 11 Statements of comprehensive income 12 Statements of changes in equity 13 Consolidated statement of cash flows 16 Notes to the financial statements 18 1 Domicile and activities 18 2 Basis of preparation 18 2.1 Statement of compliance 18 2.2 Basis of measurement 18 2.3 Functional and presentation currency 18 2.4 Use of estimates and judgements 19 2.5 Changes in accounting policies 20 3 Significant accounting policies 21 3.1 Basis of consolidation 21 3.2 Foreign currencies 23 3.3 Property, plant and equipment 24 3.4 Intangible assets 25 3.5 Investment property under development 26 3.6 Financial instruments 27 3.7 Impairment 31 3.8 Inventories 32 3.9 Accrued revenue 32 3.10 Contract balances 32 3.11 Employee benefits 33 3.12 Provisions 33 3.13 Government grant 34 3.14 Deferred construction cost compensation 34 3.15 Deferred income 34 3.16 Regulatory deferral account (“RDA”) debit or credit balances 34 3.17 Price regulation and licence 34 3.18 Revenue recognition 35 3.19 Leases 36 3.20 Finance income and costs 37 3.21 Tax expense 38 3.22 Segment reporting 39 3.23 New standards and interpretations not yet adopted 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents 4 Property, plant and equipment 40 5 Right-of-use assets/ Lease liabilities 42 6 Intangible assets 44 7 Investment property under development 46 8 Subsidiaries 46 9 Associates and joint ventures 48 10 Other non-current assets 51 11 Deferred taxation 53 12 Derivative assets and liabilities 55 13 Investments in debt and equity securities 60 14 Inventories 60 15 Trade and other receivables 61 15a Trade receivables 61 15b Other receivables, deposits and prepayments 64 15c Balances with subsidiaries, associate and joint venture (non-trade) 64 16 Cash and cash equivalents 64 17 Regulatory deferral accounts 65 18 Share capital 67 19 Reserves 67 20 Debt obligations 69 21 Other non-current liabilities 71 21a Deferred income 71 21b Deferred construction cost compensation 71 21c Provisions 72 22 Trade and other payables 72 22a Other payables and accruals 73 23 Revenue 73 24 Other income 74 25 Finance income 74 26 Finance costs 75 27 Tax expense 76 28 Profit for the year 77 29 Acquisition of subsidiaries 78 30 Related parties 79 31 Operating segments 80 32 Financial risk management 83 33 Fair values 92 34 Commitments 96 35 Dividends 97 36 Subsequent events 97 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2023. Opinion of the Directors In our opinion, (a) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2023 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity 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: Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim Mr Antonio Volpin (appointed 1 April 2023) Mr Ching Wei Hong (appointed 1 June 2023) Mr Stanley Huang Tian Guan 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: 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Ms Leong Wai Leng Holdings at beginning of the year Holdings at end of the year CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 695,886 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) – units 39,057 52,000 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 500 500 Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust 371 371 - Great Cities Logistics (Europe) Trust 371 371 - Mapletree Global Student Accommodation Pte Trust - USD – Class A units 1,685 1,685 - GBP – Class B units 1,685 1,685 Mapletree Treasury Services Limited - 3.4% Notes due 3 September 2026 – S$250,000 - 3.58% Bonds due 13 March 2029 S$250,000 S$250,000 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 17,000 – - SIA MCBZ 2021 20,482 20,482 Singapore Airlines Limited - 3.16% Notes due 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 S$250,000 S$250,000 - STT GDC 3.13% Bonds due 28 July 2028 S$500,000 S$500,000 Singapore Telecommunications Limited 22,027 22,027 StarHub Limited 36,000 36,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Holdings at beginning of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Holdings at end of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Commitment amount of USD500,000 Commitment amount of USD500,000 CapitaLand Ascendas Real Estate Investment Trust (formerly known as Ascendas Real Estate Investment Trust) - 2.47% Notes due 10 August 2023 1 S$250,000 S$250,000 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 S$336,000 S$336,000 - 6.75% Class-B Secured Bonds due 14 June 2028 USD200,000 USD200,000 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 S$214,000 - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 USD200,000 Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$105,000 S$105,000 - 3.25% Class-A2 Secured Bonds due 18 March 2031 USD200,000 USD200,000 - 4.35% Class-B Secured Bonds due 18 March 2031 USD400,000 USD400,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 – S$525,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 – S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 – USD500,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units 5,000 5,000 - Fullerton USD Income Fund Class A (SGD hedged) S$500,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond S$30,000 S$30,000 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Ong Yew Huat Holdings at beginning of the year Holdings at end of the year Sembcorp Marine Ltd # 500,000 – Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Commitment amount of USD250,000 Commitment amount of USD250,000 Vertex Venture Holdings Ltd - 3.30% Notes due 28 July 2028 S$250,000 S$250,000 Ms Goh Swee Chen CapitaLand Investment Limited 46,709 46,709 CapitaLand Integrated Commercial Trust – units 7,224 7,224 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 18,550 18,550 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 42,604 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited 190 194 Singapore Airlines Limited 26,000 32,000 Singapore Airlines Limited - SIA MCBZ 2021 41,382 41,382 CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 4,644 4,644 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Prof Yaacob Bin Ibrahim Holdings at beginning of the year Holdings at end of the year CapitaLand India Trust (formerly known as Ascendas India Trust) – units CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 100,000 100,000 26,208 26,208 Singapore Airlines Limited 5,000 5,000 Mr Stanley Huang Tian Guan Paragon REIT (formerly known as SPH REIT) ^ - units – 323,000 CapitaLand China Trust – units – 100,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) – 40,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 ^ Related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected # Ceased to be a related corporation with effect from 28 February 2023 and therefore holdings at end of the year, if any, is not reflected 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 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) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and (ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 15 June 2023 6 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Independent Auditor’s Report For the financial year ended 31 March 2023 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2023, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity 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 Group and of the Company as at 31 March 2023 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group 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 Group 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. 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. 7 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 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. In preparing the financial statements, management is responsible for assessing the Group’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 Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’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 Group’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 Group’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 Group 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. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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. 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 and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 15 June 2023 9 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Balance sheets As at 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 14,092.8 13,828.7 26.2 23.4 Intangible assets 6 147.9 111.3 10.3 14.9 Investment property under development 7 865.0 765.0 – – Subsidiaries 8 – – 5,159.6 5,043.7 Associates and joint ventures 9 1,509.8 1,622.3 45.4 45.4 Other non-current assets 10 326.1 343.7 – – Deferred tax assets 11 19.6 21.7 – – Derivative assets 12 159.2 133.6 – # – # Investments in debt and equity securities 13 95.5 56.0 – – 17,215.9 16,882.3 5,241.5 5,127.4 Current assets Inventories 14 60.4 47.4 – – Trade and other receivables 15 955.4 795.7 3,922.1 4,095.2 Derivative assets 12 8.7 113.6 0.1 5.0 Cash and cash equivalents 16 1,373.9 4,207.8 39.4 1.3 Investments in debt and equity securities 13 614.2 413.9 – – 3,012.6 5,578.4 3,961.6 4,101.5 Total assets 20,228.5 22,460.7 9,203.1 9,228.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 290.8 499.5 – – Total assets and RDA debit balances 20,519.3 22,960.2 9,203.1 9,228.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (301.3) (97.2) (0.2) – # Accumulated profits 9,706.2 11,143.9 6,230.2 6,246.6 Equity attributable to owner of the Company 12,316.8 13,958.6 9,141.9 9,158.5 Non-controlling interests 9.0 – – – Total equity 12,325.8 13,958.6 9,141.9 9,158.5 Non-current liabilities Debt obligations 20 3,066.1 3,377.9 – – Derivative liabilities 12 366.1 160.5 – # – # Deferred tax liabilities 11 1,739.0 1,699.7 1.6 1.4 Other non-current liabilities 21 466.3 479.7 – – Lease liabilities 5 45.5 32.2 6.4 – 5,683.0 5,750.0 8.0 1.4 Current liabilities Debt obligations 20 0.8 908.2 – – Derivative liabilities 12 10.1 143.0 0.3 5.1 Current tax payable 423.3 645.6 7.8 0.4 Trade and other payables 22 1,872.3 1,484.6 39.3 57.6 Lease liabilities 5 6.9 5.8 5.8 5.9 2,313.4 3,187.2 53.2 69.0 Total liabilities 7,996.4 8,937.2 61.2 70.4 Total equity and liabilities 20,322.2 22,895.8 9,203.1 9,228.9 RDA credit balances and related deferred tax liabilities 17 197.1 64.4 – – Total equity, liabilities and RDA credit balances 20,519.3 22,960.2 9,203.1 9,228.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Income statements Year ended 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Revenue 23 7,250.9 5,213.5 2,526.1 1,040.1 Other income 24 224.6 1,683.7 0.7 1.0 Expenses - Purchased power (4,528.5) (2,806.7) – – - Depreciation of property, plant and equipment 4 (823.5) (790.3) (10.4) (9.9) - Amortisation of intangible assets 6 (52.9) (55.7) (6.0) (5.6) Maintenance (148.6) (141.1) (10.5) (10.5) Staff costs (330.4) (324.7) (77.3) (73.9) Property taxes (84.9) (93.9) (0.3) (0.3) Other operating expenses (192.4) (191.4) (23.8) (37.2) Operating profit 1,314.3 2,493.4 2,398.5 903.7 Finance income 25 77.6 58.6 63.6 19.4 Finance costs 26 (62.9) (85.0) – # (0.1) Share of profits of associates, net of tax 111.6 164.0 – – Share of losses of joint ventures, net of tax (2.3) (5.7) – – Profit before taxation 1,438.3 2,625.3 2,462.1 923.0 Tax (expense)/credit 27 (205.8) (660.3) (8.5) 0.8 Profit for the year 28 1,232.5 1,965.0 2,453.6 923.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (199.9) 37.9 – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Profit and net movements in RDA balances attributable to: Owner of the Company 1,032.6 2,002.9 2,453.6 923.8 Non-controlling interests – # – – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 11 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of comprehensive income Year ended 31 March 2023 Group Company 2023 2022 2023 2022 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.5) 10.1 – – (0.5) 10.1 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (242.2) (86.7) – – Effective portion of changes in fair value of cash flow hedges, net of tax 63.7 41.0 (0.1) – # Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.8) (5.3) – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.5 0.6 (0.1) – # Share of hedging reserves of associates 16.9 211.1 – – Disposal of interest in an associate – 195.9 – – (203.9) 356.6 (0.2) – # Other comprehensive income for the year, net of tax (204.4) 366.7 (0.2) – # Total comprehensive income for the year, attributable to: Owner of the Company 828.2 2,369.6 2,453.4 923.8 Non-controlling interests – # – – – Total comprehensive income for the year 828.2 2,369.6 2,453.4 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 --------------------Attributable to owner of the Company---------------- Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 – 11,979.0 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 2,002.9 2,002.9 – 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax – – 41.0 – – 41.0 – 41.0 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 – 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 – 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 – 2,369.6 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (390.0) (390.0) – (390.0) Total transactions with owner – – – – (390.0) (390.0) – (390.0) At 31 March 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 ----------------Attributable to owner of the Company------------------ Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,032.6 1,032.6 – # 1,032.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (242.2) – – – (242.2) – (242.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – 63.7 – – 63.7 – 63.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (43.8) – – (43.8) – (43.8) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.5 – – 1.5 – 1.5 - Transfer of reserve – – – 0.3 (0.3) – – – Share of other comprehensive income of associates – – 16.9 (0.5) – 16.4 – 16.4 Total other comprehensive income – (242.2) 38.3 (0.2) (0.3) (204.4) – (204.4) Total comprehensive income for the year – (242.2) 38.3 (0.2) 1,032.3 828.2 – # 828.2 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (2,470.0) (2,470.0) – (2,470.0) Acquisition of shares in subsidiaries (Note 29) – – – – – – 9.0 9.0 Total transactions with owner – – – – (2,470.0) (2,470.0) 9.0 (2,461.0) At 31 March 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 Company Share capital Hedging reserve Accumulated profits Total $ million $ million $ million $ million At 1 April 2021 2,911.9 – 5,712.8 8,624.7 Total comprehensive income for the year Profit for the year – – 923.8 923.8 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – – # – – # Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – # – – # Total other comprehensive income – – # – – # Total other comprehensive income for the year – – # 923.8 923.8 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (390.0) (390.0) Total transactions with owner – – (390.0) (390.0) At 31 March 2022 2,911.9 – # 6,246.6 9,158.5 At 1 April 2022 2,911.9 – # 6,246.6 9,158.5 Total comprehensive income for the year Profit for the year – – 2,453.6 2,453.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.1) – (0.1) Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.1) – (0.1) Total other comprehensive income – (0.2) 2,453.6 2,453.4 Total other comprehensive income for the year – (0.2) 2,453.6 2,453.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (2,470.0) (2,470.0) Total transactions with owner – – (2,470.0) (2,470.0) At 31 March 2023 2,911.9 (0.2) 6,230.2 9,141.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,032.6 2,002.9 Adjustments for: Finance income 25 (77.6) (58.6) Finance costs 26 62.9 85.0 Share of profits of associates and joint ventures, net of tax (109.3) (158.3) Deferred income (20.2) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 199.9 (37.9) Depreciation and amortisation 876.4 846.0 Write-down of inventory 14 6.7 8.4 (Reversal of)/allowance for expected credit loss on trade receivables, net 15a (6.5) 14.7 Impairment loss on intangible assets and property, plant and equipment 1.0 2.4 Loss on disposal of property, plant and equipment and intangible assets 1.4 11.7 Change in fair value of investment property under development 24 (52.6) – Gain on disposal of interest in an associate 24 – (1,532.0) Exchange (gain)/loss, unrealised (19.3) 0.9 Tax expense 27 205.8 660.3 Others 4.4 5.0 2,105.6 1,830.5 Changes in working capital: Inventories (19.5) (9.1) Trade and other receivables and contract assets (176.7) (304.5) Balances with related parties (trade) 0.3 6.1 Trade and other payables 373.9 214.9 Funding for regulatory deferral accounts 17 144.2 – Cash generated from operations 2,427.8 1,737.9 Interest received 57.2 34.3 Net tax paid (363.4) (30.0) Net cash generated from operating activities 2,121.6 1,742.2 The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows (continued) Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (991.1) (1,006.2) Purchase of intangible assets (12.1) (18.1) Additions to investment property (47.4) (36.9) Proceeds from disposal of property, plant and equipment and intangible assets 7.5 6.3 Dividends received from associates and joint venture 45.6 153.8 Proceeds from disposal of interest in an associate – 3,154.1 Loans to a joint venture (53.5) (46.4) Repayment of loan by joint venture 77.8 – Proceeds from redemption of debt securities 640.0 – Payments for investments in debt securities (830.3) (413.4) Acquisition of other investments (24.3) (21.3) Acquisition of interest in associates and joint venture (12.7) (24.4) Acquisition of subsidiaries, net of cash acquired 29 (160.6) – Net cash (used in)/generated from investing activities (1,361.1) 1,747.5 Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiaries 9.0 – Repayment of debt obligations (973.9) (176.5) Proceeds from loans – 83.2 Proceeds from termination of derivatives – 19.5 Upfront fees paid for credit facilities – (2.6) Payment of principal portion of lease liabilities (6.5) (6.2) Dividends paid to owner of the Company (2,470.0) (390.0) Interest paid (70.9) (81.8) Net cash used in financing activities (3,512.3) (554.4) Net (decrease)/increase in cash and cash equivalents (2,751.8) 2,935.3 Cash and cash equivalents at beginning of the year 4,207.8 1,187.2 Effect of exchange rate changes on balances held in foreign currencies (82.1) 85.3 Cash and cash equivalents at end of the year 16 1,373.9 4,207.8 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 15 June 2023. 1 Domicile and activities Singapore Power 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 immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 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 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 2.4 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: Taxation Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 11 and Note 27. Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. 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. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 33 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 3.18) 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, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. Valuation of investment property under development The Group carries its investment property under development at fair value with changes in fair value being recognised in the profit or loss, determined annually by an independent professional valuer on the highest and best use basis. In determining the fair value, the valuer has used valuation techniques which involves certain estimates. The key assumptions to determine the fair value of investment property under development include the gross development value, estimated construction costs to complete and market-corroborated capitalisation rate. In relying on the valuation reports, management has exercised judgment to ensure that the valuation methods and estimates are reflective of current market conditions. The carrying amount of investment property under development and the key assumptions used to determine the fair value of the investment property are disclosed in Notes 7 and 33. 2.5 Changes in accounting policies Accounting and measurement for investment property under development On 1 April 2022, the Group changed its accounting policy with respect to the subsequent measurement of investment property under development from cost model to the fair value model, with changes in fair value recognised in profit and loss. The Group believes that subsequent measurement using the fair value model provides more relevant information about the financial performance of the asset and is consistent with the industry practice in relation to investment property. The change in accounting policy was applied retrospectively. The Group assessed that the effects of changing its accounting policy has no material impact to the Group’s prior years consolidated balance sheets, profit or loss and comprehensive income. Accordingly, the comparative figures were not restated. Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3 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 Group entities, except as explained in Note 2.5, which addresses changes in accounting policies. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Loss of control Upon the loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equityaccounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equityaccounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to noncontrolling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars, Australian dollars and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies 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. Nonmonetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on 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 a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-whollyowned subsidiary, then the relevant proportionate share of the translation difference is allocated to the noncontrolling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 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, and 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. 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 Group, 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. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 Over the term of the lease, ranging from 3 – 99 years Buildings, office and tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 10 – 30 years - Mains (Gas) 5 – 50 years or the lease term, if shorter - Transformers and switchgear 20 – 30 years - Solar plants and related equipment 10 – 20 years Other plant and equipment 2 – 40 years (principally gas storage plant, remote control and meters) Motor vehicles and office equipment 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. 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 2 to 5 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, 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 Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Feed-in tariff contracts represent the fair value of power purchase agreements acquired from business acquisitions and are carried at cost less accumulated amortisation and accumulated impairment losses. Feed-in tariff contacts are amortised on a straight-line basis over the remaining period of the contract, which ranges from 16 to 17 years. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit and loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at fair value. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.6 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 Group 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 Group 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 Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: (i) Amortised cost 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 de-recognised or impaired, and through the amortisation process. (ii) Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. (iii) Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Investments in equity instruments On initial recognition of an investment in equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. Dividends from such investments are to be recognised in profit or loss when the Group’s right to receive payments is established. For investments in equity instruments which the Group has not elected to present subsequent changes in fair value in OCI, changes in fair value are recognised in profit or loss. De-recognition The Group de-recognises 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 Group 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 Group becomes a party to the contractual provisions of the financial instrument. The Group 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 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 de-recognised, 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. De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On de-recognition, 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 sheets when, and only when, the Group 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. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 Group 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 Group designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group 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 Group 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. 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. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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 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 Group 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. 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 Group 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 Group 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 Group 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 Group 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 Group deems that the hedging reserve recognised in OCI for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments issued by the Group that require the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees issued are initially measured at fair value and the initial fair value is amortised over the life of the guarantees. Subsequent to initial measurement, the financial guarantees are measured at the higher of the amortised amount and the amount of loss allowance. Expected credit losses are a probability-weighted estimate of credit losses. Expected credit losses are measured for financial guarantees issued as the expected payments to reimburse the holder less any amounts that the Group expects to recover. 3.7 Impairment Non-derivative financial assets The Group 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 Group 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). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group 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. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. 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 Group’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 amounts are 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 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. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. 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. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. 3.8 Inventories Spare parts, accessories and other consumables 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. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Contract balances Progress billings to customers are based on a payment schedule in the contract and are typically triggered upon achievement of specified contractual milestones. A contract asset is recognised when the Group has performed under the contract but has not yet billed the customer. Conversely, a contract liability is recognised when the Group has not yet performed under the contract but has received advanced payments from the customer. Contract assets are transferred to receivables when the rights to consideration become unconditional. Contract liabilities are recognised as revenue as the Group performs under the contract. Contract assets are subject to impairment assessment. Note 3.7 sets out the accounting policy on impairment of financial assets. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.11 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.12 Provisions A provision is recognised if, as a result of a past event, the Group 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. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.13 Government grant Capital grant 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 government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 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 3.13 sets out the government grant accounting policy. 3.15 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009 and (iii) compensation received to defray operating expenses. 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 government grants and customers’ contribution. 3.16 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges, transportation of gas, district cooling services and Market Support Services fees 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. 3.17 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or 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 Group becomes entitled to the recovery or liable for the refund. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 The Group’s capital expenditure may vary 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, transportation of gas charges and allowed revenue to be recovered from Market Support Services fees are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.18 Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or 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. Sale of electricity Revenue from the sale of electricity is recognised over time when electricity is delivered to consumers, or upon transmission to the power grid. Use of system charges and transportation of gas Revenue from use of system charges and transportation of gas is recognised over time based on tariff billings to customers when the volume of electricity and gas is delivered. Revenue from take-or-pay arrangements relating to the transportation of gas is recognised when it is probable that such revenue is receivable. District cooling service income Income from services is recognised over time when the services are rendered. Agency fees and Market Support Services fees Agency fees from acting as billing agent and fees for services provided as the Market Support Services Licensee are recognised over time when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Meters supply and installation fees The Group entered into a contract with customer to provide meters and installation services. Management has considered that the meters have no alternative use for the Group due to contractual restrictions, and the Group has enforceable rights to payment for performance completed to date, arising from the contractual terms. Accordingly, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation. The measure of progress is determined based on the proportion of costs incurred to date to the estimated total contract costs (“input method”). Costs incurred that are not related to the contract or that do not contribute towards satisfying the performance obligation are excluded from the measure of progress and instead are expensed as incurred. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the profit or loss in the period in which the circumstances that give rise to the revision become known by management. 3.19 Leases The Group 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 Group 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. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group 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 rightof-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 Group 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 3.7 for the accounting policy. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Lease liabilities At the commencement date of the lease, the Group 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 insubstance 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 Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. 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 Group 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. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (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). It also applies the lease of low-value assets recognition exemption to leases of equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Covid-19-related rent concessions The Group has applied Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions. The Group applies the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease modification. 3.20 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. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.21 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 a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss 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. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial repor

Consumption_Gas Average consumption of Gas (kWh) Premises Types Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 HDB 1-Room 34 34 39 36 39 35 36 31 34 35 34 34 HDB 2-Room 35 35 37 35 38 37 36 33 34 35 34 36 HDB 3-Room 49 49 51 49 52 50 50 47 49 50 49 49 HDB 4-Room 60 60 63 62 65 62 62 58 60 62 61 61 HDB 5-Room 66 65 70 70 72 68 68 64 67 69 69 68 HDB Executive 69 68 75 74 77 73 72 69 71 73 72 72 Apartment 85 84 92 93 95 87 84 76 81 89 92 89 Terrace 108 99 108 107 107 103 105 96 100 108 112 106 Semi-Detached 117 115 124 121 123 117 120 116 120 125 120 130 Bungalow 179 195 192 202 205 195 186 188 177 197 202 198

Natural Gas Connection Policy and Procedures Updated 1 April 24 Table of Contents 1. General Information ..................................................................................................................... 1 1.1 Purpose of this Document .......................................................................................... 1 1.2 Singapore Gas Transportation System ...................................................................... 1 1.3 Definitions ..................................................................................................................... 2 1.4 Codes of Practices and Regulatory Requirements .................................................. 3 1.5 Submission of Application .......................................................................................... 3 2. Procedures for Gas Connection and Gas Admittance ............................................................. 4 2.1 Apply for Gas Connection .......................................................................................... 4 2.2 Make Payment .............................................................................................................. 5 2.3 Engage DR for Consumer’s Gas Installation .............................................................. 6 2.4 Apply for Gas Admittance .......................................................................................... 7 2.5 Apply for Supply and Gas Turn On ............................................................................ 8 3. Guidelines for Other Applications .............................................................................................. 9 3.1 Apply for Replacement, Addition & Alteration Works ............................................. 9 3.2 Apply for Disconnection ............................................................................................. 9 3.3 Apply for Re-connection ............................................................................................. 9 3.4 Other Applications ....................................................................................................... 9 4. Charges ........................................................................................................................................ 10 4.1 Connection Policy ...................................................................................................... 10 4.2 Connection Charge ................................................................................................... 10 5. Unauthorised Connection and Supply of Gas ......................................................................... 11 6. Appendices ................................................................................................................................. 12 Appendix 1 – Demarcation of responsibility ................................................................................ 12 Appendix 2 – Transmission Connection Flow Chart................................................................... 13 Appendix 3 – Transmission Connection Application Forms ...................................................... 15 Appendix 4 – Distribution Connection Flow Chart ..................................................................... 16 Appendix 5 – Distribution Connection Application Forms ........................................................ 18 Appendix 6 – Reference Rates for Transmission Project ........................................................... 19 Appendix 7 – Reference Rates for Distribution Project .............................................................. 20 Appendix 8 – Deductible Component for Natural Gas Distribution Connection .................... 21 Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 1 1. General Information 1.1 Purpose of this Document PowerGas is licensed by the Energy Market Authority (“Authority”) to be the Gas Transporter (“Transporter”) which owns, operates, and maintains the piped gas network in Singapore. SP PowerGrid (“SPPG”) is licensed by the Authority to be the Gas Transporter Agent to operate and maintain the piped gas network in Singapore on behalf of PowerGas. SPPG’s gas business is to plan, design, operate and maintain gas network assets in a manner that supports the delivery of safe, reliable, efficient, and quality services to customers. Under the Gas Transporter Licence, the Gas Transporter has to develop separate fees and charges for separate gas transportation services such as connection services and transportation services. This document sets out the connection policy and procedure for Natural Gas supply. 1.2 Singapore Gas Transportation System PowerGas owns an extensive gas transmission and distribution network throughout Singapore. The network is generally buried underground and transports natural gas to the western and northern parts of Singapore, and town gas to the whole of Singapore. The gas assets comprise the transmission network (operating at higher pressures), which forms the main reticulation backbone and the distribution network (operating at lower pressures). • Town gas is manufactured in Senoko Gasworks and delivered to approximately 900,000 customers in Singapore. The customers are made up of industrial, commercial, and residential gas users. Residential customers consist mainly of gas users from HDB, condominiums and landed premises. The town gas transmission network operates at 3 barg whereas the distribution network operates at pressure regimes ranging from 1 kPa to 50 kPa. Natural gas is supplied to about 200 customers and is imported from four sources (two submarine pipelines from Indonesia, one submarine pipeline from Malaysia and internationally through the Liquefied Natural Gas Terminal). Under the Gas Network Code, Gas Shippers/Retailers represent the customers that are connected to the natural gas networks. These natural gas customers are typically commercial or industrial and include all power stations. The natural gas transmission network operates mainly at two pressure regimes, 28 barg and 40 barg, and the distribution network operates at pressure regimes ranging from 3 barg to 6 barg. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 2 1.3 Definitions The following terms shall have the following meanings when used in this document. “Authority” means the Energy Market Authority of Singapore established under the Energy Market Authority of Singapore Act (Cap.92B); “Gas Transporter” or “Transporter” means a representative holding a gas transporter’s licence; “Gas Retailer” or “Retailer” means a person who supplies gas to Retail Customers and who holds a Retailer’s Licence; “Gas Shipper” or “Shipper” means a person holding a gas shipper’s licence; “Gas Network Code” refers to the Gas Network Code issued by the Authority, setting out common terms and conditions between the Gas Transporter and Shippers who engage the Gas Transporter to transport natural gas though the gas pipeline network; “DR” known as designated representative means a professional engineer or a licensed gas service worker appointed by the developer or a responsible person for the premises; “PE” known as professional engineer means any person who is registered as a professional engineer in the mechanical engineering discipline under the Professional Engineers Act (Cap. 253); “LGSW” known as licensed gas service worker” means a person who is licensed under section 12 (3) of the Gas Act (Chapter 116A); “gas service work” means any work carried out on any gas installation or gas appliance, in whole or in part, including any design, construction, installation, commissioning, erection, testing, repair, addition, alteration or maintenance work; “gas service isolation valve (“GSIV”)” means a valve, located at or near the boundary line of any property or the apron of any building, used by a gas transporter to isolate the supply of gas to that property or building; “gas service pipe” means a pipe or any part thereof, other than a gas main, used for the purpose of conveying gas from a gas main to a gas service isolation valve, and includes any pipe owned by, or under the management or control of, a gas transporter which is used for the purpose of conveying gas from the gas service isolation valve to the meter at a consumer’s premises as defined in the Gas Act (Chapter 116A); “gas fitting” includes any pipe, valve, meter, regulator or other device for the control, measurement and use of gas as defined in the Gas Act (Chapter 116A); Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 3 “gas installation” means a discrete grouping of gas fittings linking a gas service pipe to a gas appliance as defined in the Gas Act (Chapter 116A); “Gas Meter Control Valve” means a valve at the inlet of any meter used for the purpose of turning on or off a supply of gas through such meter to any gas installation as defined in the Gas (Supply) Regulation; “Meter Installation” means any meter and its associated equipment and installation including associated pipework, filter, valve, pressure regulating equipment, seal, housing, mounting, telemetry equipment, gas chromatograph and flow computer 1.4 Codes of Practices and Regulatory Requirements This connection procedure shall be read in conjunction with the provisions in the Gas Act, Gas (Supply) Regulations, Gas (Metering) Regulations, Gas Supply Code, Gas Metering Code, Gas Network Code, Singapore Standard, SS608 (where applicable) – Code of Practice for Gas Installation and relevant Retailer’s Handbook of Gas Supply, where applicable. The demarcation of responsibility from the gas service pipe to the gas installation is provided in Appendix 1 for reference purpose. 1.5 Submission of Application Please submit all connection enquiries, applications for gas connection and admittance request via the Gas Shipper/Retailer on SP Group’s eBusiness Portal (“Portal”): https://ebiz.spgroup.com.sg/index.html For all other matters, please submit your request to: gasenquiry@spgroup.com.sg Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 4 2. Procedures for Gas Connection and Gas Admittance Gas users, applicants for gas supply, are advised to apply through the Shipper/Retailers for connection to the gas main network. The Shipper/Retailer will liaise with the Transporter on behalf of the applicant for gas connection and admittance. The key steps for gas connection and gas admittance are outlined below. The detailed process flow chart and Natural Gas connections application forms can be found in Appendices 2 to 5. Apply for Gas Connection Make Payment Engage DR Apply for Gas Admittance Apply for Gas Supply and Turn On 2.1 Apply for Gas Connection Transmission Connection Consumer’s pressure requirement of at least 18 barg shall be eligible for connection to a transmission pipeline, subject to Gas Transporter’s assessment. The actual delivery pressure would vary depending on the location of the offtake point. Consumers requiring higher or lower pressure than the transmission network operating pressure shall at its own cost install the necessary equipment to achieve the required pressure. To apply for a natural gas transmission connection, the Shipper shall submit the following documents and information through the Portal: • Endorsed Form GT1 - “Application for Gas Transmission Connection”; and • A plan showing the connection point endorsed by the responsible person or applicant; and • Consumer Project Data Information. The Transporter shall seek the Authority’s approval for the proposed transmission connection and notify the Shipper on the outcome of the application within 21 days, after obtaining a reply from the Authority. If the application is successful, the connection charge and project lead time will also be made known to the Shipper. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 5 As the Transporter will need to determine the feasibility of the new connection and establish relevant procedures for the operational phase of the connection, Shippers are advised to request for a consultation through the Portal for the Transporter to arrange a site discussion with the Shipper and Applicant prior to sending in the application. Distribution Connection To apply for a natural gas distribution connection, the Retailer shall submit the following documents and information through the Portal: • Endorsed Form GD1 - “Application for Gas Distribution Connection”; and • Location / site plan showing the project site and proposed connection point(s) endorsed by the responsible person or applicant; and • Location of Meter Installation The Transporter shall notify the Retailer on the outcome of the application within 14 days from the date of receipt of the application. If the application is successful, the connection charge will also be made known to the Retailer. 2.2 Make Payment The Shipper/Retailer shall confirm the project by making payment for the connection charge. Transmission Connection The Shipper shall confirm the project by making payment for the connection charge and book firm capacity in accordance with the requirements set forth in the Gas Network Code (“GNC”). Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the gas service isolation valve (“GSIV”). Distribution Connection The Retailer shall confirm the project by making payment for the connection charge. The Retailer’s appointed Shipper shall subsequently, where necessary, book firm capacity in accordance with the requirements set forth in the GNC. Upon project confirmation, the Transporter shall commence permit application, procurement and construction works to extend gas pipeline up to and including the GSIV. Natural Gas Connection Policy and Procedure 2.3 Engage DR for Consumer’s Gas Installation Updated 1 Apr 24 Page 6 The applicant shall engage a PE or a LGSW, as the case may require, as the DR for the project. Transmission Connection The Shipper and the DR shall liaise with the Transporter on the connection point at the property boundary, and where applicable, the location of the Meter Installation within the premises, the work schedule and other related matters throughout the entire project until final commissioning. The DR is responsible for the design, procurement, and construction of the Gas Fittings from the GSIV to the appliance/equipment including the Meter Installation, where applicable, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Distribution Connection The Retailer and the DR shall liaise with the Transporter on the connection point at the property boundary, the work schedule, the location of the Meter Installation within the consumer’s premises and other related matters throughout the entire project until commissioning. The DR is responsible for the design, procurement, and construction of the Gas Installation from the GSIV to the appliance/equipment, excluding the Meter Installation, in accordance with the Gas Act and its subsidiary legislations and applicable Code(s). Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 7 2.4 Apply for Gas Admittance Transmission Connection The DR shall certify completion and successful testing of the Gas Fittings and the Meter Installation, where applicable. When the Gas Fittings, the Meter Installation and the site are ready to receive gas, the DR/applicant shall apply, through the Shipper, to the Transporter to connect and admit gas into the Gas Fittings up to the Meter Installation, where applicable, by submitting the following form: • Form GT2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and complete Form GT3 “Certificate of Proof Test” prior to the Transporter interim admittance of gas into the Gas Fitting up to the Meter Installation. The Transporter shall carry out gas admittance from the GSIV up to the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Fittings up to the Meter Installation, where applicable. The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Fittings up to the Meter Installation. The owner of Meter Installation shall liaise with the Applicant/DR and the Shipper to purge the Meter Installation. Distribution Connection The DR shall certify completion and successful testing of the Gas Installation. When the Gas Installation is ready to receive gas, the DR/applicant shall apply, through the Retailer, to the Transporter to connect and admit gas into the Gas Installation up to, but excluding, the Meter Installation by submitting the following form: • Form GD2 - “Application for Admittance of Gas” The DR shall conduct the necessary proof test and submit the completed Form GD3 “Certificate of Proof Test” and request for interim admittance of gas immediately prior to the Transporter connecting the Gas Installation to the gas pipeline network and admitting gas into the Gas Installation up to, but excluding, the Meter Installation. Upon successful interim admittance of gas, the Transporter shall issue the “Statement of Interim Admittance of Gas”. Thereafter, the DR shall proceed to purge and commission the Gas Installation up to, but excluding, the Meter Installation. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 8 The Transporter shall issue the “Statement of Admittance of Gas” upon certification by the DR of successful purging and commissioning of the Gas Installation up to the Meter Installation. 2.5 Apply for Supply and Gas Turn On The applicant shall liaise with the Shipper/Retailer to carry out gas turn-on when the installation/equipment and the site are ready to receive gas. Transmission Connection Where the Meter Installation is owned by the Transporter, the Applicant/DR shall submit Form GT4 “Authorisation to Turn on Gas Meter Control Valve” to instruct the Transporter to open the Gas Meter Control Valve for gas turn-on from the Meter Installation to the appliances/equipment. For purging of the Meter Installation and gas turn on, the Shipper shall nominate for gas flow in accordance to Gas Network Code. Distribution Connection The Retailer shall carry out gas turn-on from the Meter Installation up to the appliances/equipment. The applicant is advised to refer to the Retailer’s Handbook on Gas Supply for the latest procedures. A summary of the procedures is shown below. • The DR shall: • certify completion and successful testing of the Consumer’s Internal Pipe; and • apply to the Retailer for connection and gas turn-on up to the appliances/equipment when the Consumer’s Internal Pipe is ready to receive gas. • The Retailer shall: • ensure appropriate tests, before and after the installation of the meter, are performed on the gas installation from and including the meter to the gas appliance before the as supply is turned on at the relevant Gas Meter Control Valve; • arrange for the connection of the Consumer’s Internal Pipe to the outlet of the Meter Installation thereafter; and • issue the “Statement of Turn-on of gas” to the applicant. Natural Gas Connection Policy and Procedure 3. Guidelines for Other Applications 3.1 Apply for Replacement, Addition & Alteration Works Updated 1 Apr 24 Page 9 Any application for replacement of, or addition or alteration to, the gas installation or gas fitting located from the GSIV to (and including) the Meter Installation, where applicable, shall be made by the applicant through the Shipper/Retailer to the Transporter’s email address in Section 1.5. 3.2 Apply for Disconnection An application to disconnect a gas installation or gas fitting from a gas pipeline network shall be made by the responsible person to the Transporter in the following instances: • When the gas supply to the premises has been discontinued; or • When the supply of gas is no longer required; or • When the premised are undergoing renovation or demolition and gas supply has to be disconnected for safety reasons. Any application for the disconnection of the gas installation or gas fitting shall be made to the Transporter’s email address in Section 1.5. 3.3 Apply for Re-connection Any application for the re-connection of the gas installation or gas fitting shall be made to the gas transporter only when the applicant has rectified the defects on the gas installation/fitting. The application should be made through the Shipper/Retailer via the Transporter’s Portal. The Transporter shall respond to the Shipper/Retailer on the outcome of the application within 14 days from the date of receipt of the application. 3.4 Other Applications The applicant is advised to consult with the Transporter if it has a request for gas connection that has not been covered in the procedures above. The applicant shall send its request to the Transporter’s email address in Section 1.5. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 10 4. Charges 4.1 Connection Policy The cost to connect a customer’s gas installation or gas fitting to the Transporter’s gas pipeline network varies from case-to-case, due to the proximity of the customer’s location and the cost of the materials and services required for the gas connection. Where possible, the Transporter will envisage to propose the most cost-effective connection to the applicant. 4.2 Connection Charge The connection charge payable for all gas connection applications is the sum of the project cost less the deductible cost, subject to a minimum connection charge of zero. The description of each of the cost components are shown below. (1) Project cost All costs related to the provision of gas connection from the Transporter’s gas pipeline network to the GSIV, including the Meter Installation (where applicable). (2) Deductible cost The Transporter’s investment value based on the committed gas demand from the applicant for the new gas connection. For distribution connections, the investment value is derived based on the net present value of the 5-Year revenue of the average consumption for each consumption category (see Appendix 8). For transmission connections, the connection charges are calculated individually on a case-bycase basis. In addition, a Last Mile Connection Charge (“LMCC”) will be levied to recover the cost of the “last mile” connection of the gas installation to the GSIV from the applicant. The natural gas transmission/distribution connection deductible cost, LMCC and unit rates used in the determination of the transmission/distribution pipeline estimated capital investment shall be reviewed and adjusted when deemed necessary by the Transporter. The Transporter reserves the right to review the connection charge paid for any new connection and seek reimbursement for the first 5 years under-recovered revenue from the Shipper/Retailer if the actual gas consumption after 5 years of operation is more than 10% below the projected gas demand declared during application. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 11 5. Unauthorised Connection and Supply of Gas In accordance with the Gas Act, any person who: • lays or causes to be laid gas pipe or fitting to connect to the gas network belonging to or managed by the Transporter without consent of the Transporter; • fraudulently abstracts, uses or consumes the supply of gas; • tempers any gas meter shall be guilty of an offence and shall be liable on conviction to a fine or imprisonment, or both. The Transporter may disconnect the premises of, or the gas retailer may discontinue supply of gas to the premises of, the person. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 12 6. Appendices Appendix 1 – Demarcation of responsibility Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart Updated 1 Apr 24 Page 13 Start Responsible person applies for connection through Shipper via e-Business portal • Form GT1 • Connection Point Plan • Customer Project Data Information Is there sufficient existing pipeline capacity? No Shipper may request for issuance of Open Season Invitation Yes Upon approval by EMA, Transporter issue quotation within 21 days, with the following information: • Connection charge • Project lead time Has Shipper paid connection charge? No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Yes Project confirmed • Transporter commences permit application, procurement and construction • Consumer engages PE and commence design, procurement and construction • Shipper liaises with consumer and Transporter on the project • Shipper applies for transmission network offtake in accordance with GNC. a Yes Is Transporter building the Meter Installation? No b Natural Gas Connection Policy and Procedure Appendix 2 – Transmission Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 14 a b Transporter designs and constructs Meter Installation PE designs and constructs Gas Fitting and Meter Installation Gas Fitting and Meter Installation and site ready to receive gas Gas Fitting and Meter Installation and site ready to receive gas PE applies for gas admittance • Form GT2 PE applies for gas admittance • Form GT2 PE conducts proof test immediately prior to gas admittance • Form GT3 PE conducts proof test immediately prior to gas admittance • Form GT3 Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Interim Admittance of Gas” and PE proceed to purge and commission up to, but excluding, the Meter Installation Transporter purges and commissions Meter Installation Transporter issues “Statement of Admittance of Gas” Transporter issues “Statement of Admittance of Gas” Consumer instruct Transporter to open Gas Meter Control Valve for gas turn on • Form GT4 Consumer proceed to perform gas turn on End Natural Gas Connection Policy and Procedure Appendix 3 – Transmission Connection Application Forms Updated 1 Apr 24 Page 15 S/No. Form No. Description 1 GT1 Application for Gas Transmission Connection 2 GT2 Application for Admittance of Gas 3 GT3 Certificate of Proof Test 4 GT4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart Updated 1 Apr 24 Page 16 Start Responsible person applies for connection through a Retailer • Form GD1 • Connection Point Plan Transporter notifies Retailer within 14 days, applicable connection charge, lead time and other relevant information Has Retailer paid connection charge? Yes No Works shall not commence. If connection quotation expires, Responsible person to apply for connection again. Project confirmed • Transporter commences permit application, procurement and construction • Retailer liaises with consumer/DR and Transporter on the project • Retailer’s appointed Shipper applies for distribution network offtake in accordance with GNC. • DR designs and constructs gas installation from GSIV to Meter Installation a Natural Gas Connection Policy and Procedure Appendix 4 – Distribution Connection Flow Chart (Cont’d) Updated 1 Apr 24 Page 17 a Gas Installation up to the Metering Installation and the site ready to receive gas DR/ Consumer applies for gas admittance • Form GD2 DR conducts proof test immediately prior to gas admittance • Form GD3 Transporter issues “Statement of Interim Admittance of Gas” and DR proceed to purge and commission up to, but excluding, the Meter Installation Transporter issues “Statement of Admittance of Gas” End During Gas Turn-on, where applicable, the Retailer may authorise the Transporter to operate the Meter Control Valve via Form GD4 Natural Gas Connection Policy and Procedure Appendix 5 – Distribution Connection Application Forms Updated 1 Apr 24 Page 18 S/No. Form No. Description 1 GD1 Application for Gas Distribution Connection 2 GD2 Application for Admittance of Gas 3 GD3 Certificate of Proof Test 4 GD4 Authorisation to Turn On Gas Meter Control Valve Natural Gas Connection Policy and Procedure Appendix 6 – Reference Rates for Transmission Project Updated 1 Apr 24 Page 19 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new transmission pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/No. Description Size 1 2 3 Laying of underground steel pipeline ($/m) Boring and installation of concrete pipe sleeve Pipe jacking and pipeline ($/m) Construction of jacking and receiving pit ($/pair) Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 300mm 6,200 6,758 - 8,500 9,265 - 1,013,000 1,104,170 4 Installation of underground valve ($/set) 300mm 315,000 343,350 5 6 Electrical and Instrumentation Hot tapping works Installation of surveillance system, SCADA RTU and Security RTU ($/set) Tee-off from existing 700mm dia pipeline ($/job) - 787,000 857,830 300mm 177,000 192,930 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Appendix 7 – Reference Rates for Distribution Project Updated 1 Apr 24 Page 20 This sets out a non-exhaustive list of the main cost drivers and the corresponding unit rates used in the estimation of the capital investment for a new distribution pipeline. For the avoidance of doubt, the information set out here is provided solely for reference only and is subject to changes in actual contract rates. S/N o. Description Size Unit Rate ($) excl. GST Unit Rate ($) incl. 9% GST 1 Supply and Laying of PE pipes and fittings ($/m) 315mm 860 938 2 Connection to existing pipes ($/job) 315mm 12,900 14,601 3 Installation of Valve ($/job) 300mm 7,800 8,502 4 Reinstatement of rigid pavement / concrete panel ($/m 2 ) 480 524 5 Milling and Patching of road (min 250m 2 ) ($/m 2 ) 31 34 Note: • The amount of LTA road opening charges may vary due to the scope of the transmission project. For better clarity, please refer to LTA’s website for the charging methodology for LTA road opening charges. • Figures may not reflect the full GST effect due to rounding. Natural Gas Connection Policy and Procedure Updated 1 Apr 24 Page 21 Appendix 8 – Deductible Component for Natural Gas Distribution Connection (wef 1 Apr 24) c = Consumption per Annum (MMBtu) Distribution connection within JIT ($) Distribution connection outside JIT ($) c ≤ 5,000 nil nil 5,000 < c ≤ 15,000 80,000 185,000 15,000 < c ≤ 25,000 160,000 365,000 25,000 < c ≤ 35,000 235,000 550,000 35,000 < c ≤ 45,000 315,000 735,000 45,000 < c ≤ 55,000 395,000 915,000 55,000 < c ≤ 65,000 475,000 1,100,000 65,000 < c ≤ 75,000 550,000 1,285,000 75,000 < c ≤ 85,000 630,000 1,465,000 85,000 < c ≤ 95,000 710,000 1,650,000 95,000 < c ≤ 105,000 790,000 1,835,000 105,000 < c ≤ 115,000 865,000 2,015,000 115,000 < c ≤ 125,000 945,000 2,200,000 125,000 < c ≤ 135,000 1,025,000 2,385,000 135,000 < c ≤ 145,000 1,105,000 2,565,000 145,000 < c ≤ 155,000 1,180,000 2,750,000 155,000 < c ≤ 165,000 1,260,000 2,935,000 Beyond 165,000 1,295,000 2,970,000

Singapore Institute of Power and Gas Introduction to Code of Practice for Gas Installation (SS608:2015) and its Applications Course Code: GRG03 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Know the essential requirements for the safe and good practices in gas service work • Understand the design, materials, installation, testing, commissioning and maintenance of the gas installations and appliances MAIN CONTENTS • Introduction to SS608:2015 (Scope & applications) • Definitions • Design • Pipework • Materials • Installation • Testing & Commissioning • Inspection & Maintenance METHODOLOGY Lecture TARGET AUDIENCE Technical staff who wish to acquire knowledge and perform gas service work COURSE DETAILS Duration : 7 hours Mode of Delivery : Face-to-face or Synchronous E-learning Certification : SIPG Certificate of Completion PDU by PE Board : Pending Additional Requirement/s : Not applicable COURSE FEES Full Course Fee : S$800 (before GST) For Singapore Citizens/PR/LTVP+* : Not applicable For Singapore Citizens (40 years old and above) : Not applicable Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323

新 能 源 设 东 南 亚 首 个 绿 色 氢 气 发 电 零 排 放 建 筑 新 能 源 集 团 设 立 东 南 亚 首 个 采 用 绿 色 氢 气 发 电 的 零 排 放 建 筑 , 并 以 新 科 技 提 高 储 存 氢 气 的 安 全 性 , 实 现 零 排 放 目 标 。 这 座 零 排 放 建 筑 位 于 兀 里 园 (Woodleigh Park) 的 新 能 源 集 团 培 训 中 心 , 采 用 创 新 的 氢 能 源 系 统 供 电 , 使 用 的 是 100% 可 再 生 能 源 , 并 没 有 连 接 到 全 国 电 网 。 这 套 系 统 使 用 太 阳 能 板 提 供 的 电 力 进 行 电 解 (electrolysis), 把 水 分 解 为 氢 气 (hydrogen) 和 氧 气 , 再 把 氢 气 与 特 别 的 金 属 合 金 结 合 成 金 属 氢 化 物 (metal hydride) 储 存 起 来 。 需 要 电 力 时 , 储 存 槽 里 的 氢 气 会 经 过 调 节 慢 慢 释 放 出 来 , 通 过 燃 料 电 池 转 化 为 电 力 。 新 能 源 卓 越 中 心 总 监 谢 胜 文 说 :“ 全 球 与 能 源 相 关 的 碳 排 放 量 , 有 四 成 来 自 建 筑 。 这 套 氢 能 源 系 统 能 帮 助 新 加 坡 实 现 签 署 《 巴 黎 协 定 》 时 的 承 诺 , 也 就 是 在 2030 年 之 前 把 碳 排 放 强 度 从 2005 年 的 水 平 削 减 36%。” 在 高 度 城 市 化 的 新 加 坡 , 面 对 土 地 局 限 和 太 阳 能 不 稳 定 等 问 题 , 要 使 用 100% 可 再 生 能 源 来 实 现 零 排 放 目 标 是 一 大 挑 战 。 电 力 供 应 间 歇 性 不 稳 定 , 也 是 可 再 生 能 源 的 常 见 问 题 之 一 , 但 氢 能 源 系 统 可 以 缓 解 这 个 问 题 。 多 余 的 可 再 生 能 源 , 能 通 过 分 解 出 的 氢 气 储 存 起 来 , 当 可 再 生 能 源 出 现 短 缺 时 , 就 能 把 氢 气 转 化 为 电 力 。 这 将 确 保 在 引 入 更 多 可 再 生 能 源 的 情 况 下 , 全 国 电 网 依 然 能 保 持 稳 定 。 虽 然 全 球 有 许 多 系 统 以 氢 气 作 为 燃 料 , 但 要 找 到 安 全 的 氢 气 Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. 东 南 亚 首 个 采 用 绿 色 氢 气 发 电 的 建 筑 , 位 于 兀 里 园 的 新 能 源 集 团 培 训 中 心 , 这 套 氢 能 源 系 统 能 提 高 储 存 氢 气 的 安 全 性 。 ( 严 宣 融 摄 ) 储 存 方 式 并 不 容 易 。 这 套 氢 能 源 系 统 使 用 特 殊 的 金 属 合 金 作 为 储 存 媒 介 , 能 在 低 压 情 况 下 储 存 大 量 氢 气 , 即 使 长 时 间 也 不 会 变 质 , 比 一 般 的 压 缩 氢 气 储 存 系 统 更 安 全 。 暂 不 将 系 统 扩 大 到 其 他 设 施 新 能 源 集 团 正 与 日 本 丸 红 株 式 会 社 (Marubeni Corporation) 和 日 本 东 北 大 学 (Tohoku University) 合 作 , 制 定 一 套 适 用 于 新 加 坡 的 氢 能 源 系 统 。 新 能 源 集 团 受 询 时 透 露 , 暂 不 计 划 将 这 套 系 统 扩 大 到 其 他 设 施 。“ 我 们 目 前 仍 在 测 试 系 统 的 可 行 性 , 安 全 是 首 要 考 量 , 我 们 会 跟 相 关 单 位 合 作 , 确 保 系 统 在 高 度 城 市 化 的 地 方 也 能 安 全 使 用 。”

OverviewUtilities Quick Guide ResidentialUtilities Quick Guide CommercialGo green, go paperlessTariff informationOpen Electricity MarketFAQsForm & ResourcesChat with Us Open Electricity Market The Open Electricity Market is an initiative by the Energy Market Authority (EMA) that allows you to enjoy more choices and flexibility when buying electricity. You can benefit from competitive pricing and innovative offers from retailers. With the Open Electricity Market, you have the choice of buying electricity from: SP Group at the regulated tariff (no action is required if you choose this option); or An electricity retailer at a price plan that best meets your needs; or The wholesale electricity market at half-hourly wholesale electricity prices through SP Group. Regardless of who you buy your electricity from, your electricity supply will stay the same. This is because SP Group will continue to operate the national power grid and deliver electricity to everyone. Working with Retailers Our goal is to make processes convenient and efficient for all customers. SP will facilitate customer transfers between retailers and offer retailers one-stop utilities billing and call centre services. As the Market Support Services Licensee, SP continues to provide services such as: Opening of utilities account Meter reading Meter data management Billing services If your Retailer Exits the Market You will be transferred to buy electricity from SP Group as a last resort.  Households and small businesses with an average monthly consumption of less than 4MWh will buy electricity at the regulated tariff rate. Larger businesses with an average monthly consumption of at least 4MWh will buy electricity at the wholesale electricity price. There will be no disruption to your electricity supply. You will continue to receive your electricity supply through the national power grid that is operated by SP Group. Making the Switch to a Retailer Residential Consumers Business Consumers For more information on Open Electricity Market Visit www.openelectricitymarket.com.sg Have a business enquiry? Interested to find out more how our integrated services can serve your business needs? Drop us an online enquiry, and our qualified professionals will reach out to you. Contact Us Form

Gas Transmission Connection Forms Updated 13 Sep 24 Gas Transmission Connection Forms S/No. Form No. Description 1 GT1 Application for Gas Transmission Connection 2 GT2 Application for Admittance of Gas 3 GT3 Certificate of Proof Test 4 GT4 Authorisation to Turn on Gas Meter Control Valve FORM GT1 - APPLICATION FOR GAS TRANSMISSION CONNECTION To: PowerGas Ltd c/o HOS (Gas Transmission Planning) SP PowerGrid Ltd Through Shipper _________________________________ _____________________________ Signature, Name & Designation Name of Shipper of Shipper Representative GAS CONNECTION TO: __________________________________________________________________ (Project Name) __________________________________________________________________ (Address of Gas Fitting) I would like to apply for connection to the PowerGas’ gas transmission pipeline network / modification to gas installation* for the above project. I hereby submit the following documents and certify that the information provided is correct: • Consumer Project Data information (Appendix 1) • Location / site plan showing the project site and the proposed connection point • Location of Meter Installation where applicable. Name of Applicant : ______________________ Designation : ___________________________ Company : _____________________________ Signature/ Date: ________________________ *Delete where applicable GT1 (0924) FORM GT1 - APPLICATION FOR GAS TRANSMISSION CONNECTION CONSUMER PROJECT DATA SHEET Appendix 1 Project name Address Type of Application Customer Type Brief description of project / proposal (please attach location plan of the project with proposed connection point if new connection if required) Consumer Information � � � � New connection Modification to existing gas installation Power Station Industrial User Application of gas Gas consumption duration per day Expected gas admittance date (DD/MM/YY) Gas usage Design pressure of user’s gas facility Gas Consumption Information Genco / Co-Gen / Tri-Gen / Boiler / Cooking / Water Heating / Others* If Others, please specify : _______ 8 / 12 / 24* hours or specify : _______ Issued with Generator Licence? Yes / No* If gas supply is meant for interim use (less than 5 yrs), please specify duration of gas usage in years: __________ Barg New / additional* Pipeline capacity required Injection point (location) Offtake point (location) Gas Supply and Demand Information MMBtu / hr New / additional* Load profile required (please indicate NIL if no additional gas is required) Maximum Daily Quantity (please indicate NIL if no additional gas is required) MROP at GSIV (22.76 barg or lower) Year 1 Year 2 Year 3 Year 4 Year 5 Yes / No* BBtu / year BBtu / year BBtu / year BBtu / year BBtu / year BBtu / day Barg Meter Installation by Transporter? If Yes, please indicate meter sizing parameters : Max flowrate : ____________________ BBtu / hr Min flowrate : ____________________ BBtu / hr *Delete where applicable GT1 (0924) FORM GT1 - APPLICATION FOR GAS TRANSMISSION CONNECTION Appendix 1 Technical Parameters (for Genco/Co-Gen Only) Trip Pressure of Offtake Point Barg Fuel Changeover (FCO) Profile To attach the profile Ramp up rate on Primary Fuel Ramp up rate on Secondary Fuel (e.g. Diesel) Rated Capacity on Diesel Deload Rate on Primary Fuel MW/min MW/min MW MW/min Submitted by Applicant Confirmation by Shipper Name of Company : Name of Shipper : Name of Officer : Name of Officer : Designation : Designation : Date : Date : I agree with the above information provided by the applicant. Signature : Signature: Note : The above is for information purposes only. PowerGas may not be able to nor is obliged to fulfil any of the above requirements. *Delete where applicable GT1 (0924) PowerGas Ltd c/o HOS (Gas Transmission Projects) SP PowerGrid Ltd Through Shipper _____________________________ Signature, Name & Designation of Shipper Representative FORM GT2 - APPLICATION FOR ADMITTANCE OF GAS ___________________________________________ (Name of Project) ___________________________________________ (Address of Gas Fitting) _____________________________ Name of Shipper (A) I, the Designated Representative (DR) of the above project, certify that the Gas Fitting from, but excluding, the GSIV up to, [and including / but excluding]*, the Meter Installation, has been, I. Designed and constructed in accordance with the requirements of the relevant Legislations, Regulations, Codes and Practices. A copy of the “Certificate of Completion” (Appendix 1) is attached; II. III. Successfully tested and passed the final pressure test and that it is leak free. A copy of the “Certificate of Final Pressure Test” (Appendix 2) is attached; Capped / blanked / plugged off at all end points I certify that the Consumer’s Internal Pipe is not connected to and is physically separated from the outlet of the Meter Installation. I further certify that the Gas Fitting from, but excluding, the GSIV up to, [and including / but excluding]* the Meter Installation is ready to receive gas. I undertake to conduct the necessary proof test on the Gas Fitting from, but excluding, the GSIV up to, [and including / but excluding]*, the Meter Installation and submit the “Certificate of Proof Test” (Form GT3) immediately prior to the connection and gas admittance. _____________________________________ Name: _________________________ Signature and Stamp of PE / Date PE No. : ________________________ __________________________________________________________________________ (B) I hereby request for admittance of gas to the Gas Installation / Gas Fittings up to, [and including / but excluding]* the Meter Installation on ________________. ___________________________________ This is to confirm gas admittance shall be Signature of Applicant / Date carried out on _______________. Please Name: _____________________________ notify all relevant personnel to be present on site. Designation: _____________________ To the Shipper: _____________________ SPPG Officer-in-charge *Delete where applicable GT2 (0924) FORM GT2 - APPLICATION FOR ADMITTANCE OF GAS Appendix 1 PowerGas Ltd c/o HOS (Gas Transmission Projects) SP PowerGrid Ltd Through Shipper _____________________________ Signature, Name & Designation of Shipper Representative CERTIFICATE OF COMPLETION ___________________________________________ (Name of Project) ___________________________________________ (Address of Gas Fitting) _____________________________ Name of Shipper I, the Designated Representative (DR) of the above project, hereby certify that the Gas Fitting for the above project from, but excluding, the GSIV up to [and including / but excluding]* the Meter Installation have been designed and all gas service works has been carried out in compliance with the requirements of the latest revision of the following: • Gas Act (Cap 116A); • Gas (Supply) Regulations; • Gas (Metering) Regulations; • Gas Supply Code; • Gas Metering Code; • Singapore Standard, SS 608 – Code of Practice for Gas Installation; • Other applicable code / standard : ______________________ • All relevant acts, regulations and rules which are applicable to the gas installation; • All statutory and relevant codes which are applicable to the gas installation; • All statutory requirements in government laws and relevant regulations of government departments. 2 I further certify that the design pressure of the above Gas Fitting is ______ Barg. _____________________________________ Signature and Stamp of PE / Date Name: _________________________ PE No. : _______________________ *Delete where applicable GT2 (0924) FORM GT2 - APPLICATION FOR ADMITTANCE OF GAS Appendix 2 PowerGas Ltd c/o HOS (Gas Transmission Projects) SP PowerGrid Ltd Through Shipper CERTIFICATE OF FINAL PRESSURE TEST _____________________________ Signature, Name & Designation of Shipper Representative ___________________________________________ (Name of Project) ___________________________________________ (Address of Gas Fitting) _______________________________ Name of Shipper I, Designated Representative (DR) of the above project, hereby certify that the Gas Fitting from, but excluding, the GSIV up to, [and including / but excluding]*, the Meter Installation, has been successfully tested at _____________ (Barg) for ________ (hrs) and passed the final pressure test on ____________ (date) in accordance to the requirements of: Note: Please tick where applicable □ Singapore Standard, SS 608 – Code of Practice for Gas Installation; or □ Other applicable code / standard : ______________________ 2 I hereby declare that the Maximum Allowable Operating Pressure (MAOP) is ________________ (Barg). _____________________________________ Signature and Stamp of PE / Date Name: _________________________ PE No. : ________________________ *Delete where applicable GT2 (0924) FORM GT3 - CERTIFICATE OF PROOF TEST PowerGas Ltd c/o HOS (Gas Transmission Projects) SP PowerGrid Ltd Through Shipper _____________________________ Signature, Name & Designation of Shipper Representative ______________________________ Name of Shipper ___________________________________________ (Name of Project) ___________________________________________ (Address of Gas Fitting) I, Designated Representative (DR) of the above project, hereby certify that the Gas Fitting for the above project from, but excluding, the GSIV up to, [and including / but excluding]*, the Meter Installation have been successfully proof tested and passed the proof test 1 on _____________ (date). 2 I further certify that the test pressure has been released and the said Gas Fitting is currently at atmospheric pressure. Accordingly, I hereby request to proceed with the connection and gas admittance. 3 I shall undertake and proceed to purge and commission the Gas Fitting from, but excluding, the GSIV up to [and including / but excluding]* the Meter Installation after the gas admittance. _____________________________________ Signature and Stamp of PE / Date Name: _________________________ PE No. : _________________________ 1 Proof test shall be conducted in accordance to the requirements of SS 608 or CP 51 where applicable for installation designed to operate up to 50 kPa and 20 kPa respectively. Otherwise, proof test shall be carried out at 100 kPa or the operating pressure, whichever is lower, for a period of 30 mins. REQUEST FOR INTERIM ADMITTANCE OF GAS I, Designated Representative (DR) of the above project, hereby certify that the Gas Installation for the above project from, but excluding, the GSIV up to [and including / but excluding]* the Meter Installation have been prepared and is ready for purging and commissioning. Please proceed to admit gas for the purpose of purging and commissioning. _____________________________________ Signature and Stamp of PE / Date Name: _________________________ PE No. : _________________________ *Delete where applicable GT3 (0924) FORM GT4 - AUTHORISATION TO TURN ON GAS METER CONTROL VALVE Date : ________________ PowerGas Ltd c/o HOS (Gas Transmission Projects) SP PowerGrid Ltd ________________________________________ (Project Name) ________________________________________ (Address of Gas Installation) I, Consumer / PE *, of the above project hereby authorise PowerGas to open the Gas Meter Control Valve on my behalf now on ____________ (date) at ______________ (time) for the purpose of gas turn on. __________________________________ Signature of Consumer / PE Name : ___________________________ Designation : _______________________ *Delete where applicable GT4 (0924)

TRANSMISSION SERVICE RATE SCHEDULE A SERVICE CONNECTION A1 Service Connection This includes cables, associated equipment and facilities to effect the connection of consumers’/generation companies’ equipment to SP PowerAssets Limited’s (“SPPA”) substation/network. Connection Level Low Tension (LT) High Tension (HT) Extra High Tension (EHT) Ultra High Tension (UHT) Supply Level 230V or 400V 6.6kV or 22 kV 66 kV 230kV A2 Engineering Fees Engineering fees are applicable to all cost items associated with service connection from SPPA’s substation/network to consumers’/generation companies’ premises as well as all cost items associated with required network augmentation. Table 1 – Engineering Fees (Exclusive of GST) # Category Connection Cost Rate Engineering Fee ($) 1 Up to $100,000 20% 20,000 2 3 4 5 6 7 First $100,000 Next $900,000 First $1m Next $4m First $5m Next $5m First $10m Next $10m First $20m Next $10m First $30m Above $30m - 7.5% - 6.5% - 6.0% - 5.5% - 5.0% - 4.5% # Please refer to Table 1A in Appendix 1 for charges inclusive of GST. 20,000 - 87,500 - 347,500 - 647,500 - 1,197,500 - 1,697,500 - B SERVICE CONNECTION CHARGES B1 Service Connection Charges for LT Supply All LT consumers are required to pay a one-time upfront service connection charge. This charge varies for different load requirements and is categorised as follows: [a) Development Without Substation The service connection charge comprises the cost based on requirement in kVA of tapping supply from both the High Tension [HT) and LT networks, which includes the cost of service cables. For individual consumers without substations, the cost of LT service cable for the same capacity may vary widely depending on their locations with respect to the nearest LT mains. These consumers are not the sole beneficiaries of the extension of the LT network. To achieve a greater degree of equity in terms of cost for these general consumers, a standard cost approach is adopted by grouping consumers with similar supply requirements. The average global cost per kVA is determined based on past statistics. For example, this category of consumers which comprises mainly landed residential owners applying for the same applied load, will pay the same standard connection charge regardless of the location of their premises from the existing LT network. [b) Development With Substation The service connection charge comprises the cost based on requirement in kVA of tapping supply from the HT network and the cost of service cable. The cost of tapping supply from the HT network refers to the cost of cables and consumables used in setting up a new distribution substation. It excludes the cost of shared network assets such as switchgear, transformer and HT network cables. The cost is spread to all new consumers proportionally on a per kVA basis. For consumers with substations, their supply intake point is usually adjacent to the substation, which requires a service cable of approximately 15m in most instances. Therefore, the standard cost of service cable is computed based on a length of 15m. Consumers shall pay the additional cost for service cable exceeding 15m. In addition, consumers shall also pay for those dedicated assets, such as switchgear and transformers, which are serving them and do not benefit others. Table 2 – Low Tension Standard Connection Charge (Exclusive of GST) # Capacity Requirement in kVA Up to 15 (existing premises) Up to 15 (new premises) Capacity of Final Service Cable Type of Final LT Service Cable Underground Connection Development without Substation Standard Connection Charge ($) 23 35mm 2 2C 1,600 ) 23 35mm 2 2C 1,900 ) 16 - 23 23 35mm 2 2C 2,800 ) 16 - 45 45 35mm 2 4C 5,300 ) Development with Substation* Standard Connection Charge ($) 46 - 75 75 35mm 2 4C 8,800 6,700 76 - 140 140 120mm 2 4C Al 16,700 ) 141 - 180 180 185mm 2 4C Al 22,000 ) 181 - 230 230 300mm 2 4C Al 28,700 ) 231 - 280 280 300mm 2 4C Cu 34,400 8,500 281 - 460 460 2x300mm 2 4C Al NA 12,600 461 - 560 560 2x300mm 2 4C Cu NA 17,700 561 - 1000 1,000 7x500mm 2 1C NA 26,000 # Please refer to Table 2A in Appendix 2 for charges inclusive of GST. * For service cable not exceeding 15m. For longer lengths, additional charges shall apply. Standard charges are only applicable to consumers who are connected to the shared network. Standard charges are not applicable to consumers where the network extension is unlikely to be shared by others. Some of these include supply to HDB premises, premises involving installation of bigger capacity cable in order to overcome the excessive voltage drop, temporary work sites, public installations and offshore island premises. These consumers will be required to pay for the full connection network cost, based on user-pay principle, as they are the main beneficiaries. B2 Service Connection Charges for HT, EHT and UHT Supply Consumers taking HT, EHT and UHT supply shall pay the cost of the service connections to their intake equipment including cables, associated equipment and facilities to effect the connection of consumers’ equipment to SPPA’s substation/network. The service connection shall cater for single contingency. Consumers requesting for additional level of contingency that exceeds the single contingency standard are required to pay for the full cost of such provision. B3 Dedicated Network/Substation The developer or consumer shall pay the full cost of all associated equipment and facilities under a dedicated network/substation scheme for which the network capacity is intended to serve the developer’s development or consumer’s premise(s) exclusively. A substation comprises land, building, electrical equipment and associated cables. A substation which serves a development or premise has to be provided and paid for by the developer or consumer. As the capacity of electrical equipment is lumpy, the substation may have excess capacity. The developer or consumer will carry the cost of this excess capacity which cannot be avoided. As this substation is required to serve mainly the development’s or consumer’s load, it is considered a dedicated substation. To reduce cost, a developer or consumer can choose to let SPPA bear the cost of the electrical equipment and associated cables, thus making the network/substation a nondedicated one. In return, SPPA must be allowed to allocate the excess capacity to other consumers. Even after the excess capacity is allocated, SPPA shall return the capacity to the developer or consumer if his demand grows later provided existing allocated capacity to other consumers can be diverted. The latter provision shall also apply to the decommissioning of the substation. At present, most substations provided by developers or consumers are non-dedicated substations. C GENERATION CONNECTION CHARGES Table 3: Generation Connection Charges (Exclusive of GST) # Connection Level UHT (230kV or 400kV) EHT (66kV) HT (6.6kV or 22kV) LT (230V or 400V) Charge $50,000 per MW of Installed Generation Capacity* Based on cost of service connections to generation companies’ equipment, including cables, associated equipment and facilities, to effect the connection to SPPA’s substation/network. # Please refer to Table 3A in Appendix 2 for charges inclusive of GST. * Rate is only applicable for cable installation by conventional direct burial method. D ATTENDANCE CHARGE FOR POWER FAILURE CAUSED BY FAULT WITHIN CONSUMER’S INSTALLATION Table 4: Attendance Charge (Exclusive of GST) # Consumer Type Charge per Attendance LT Domestic $5 LT Non-Domestic $30 HT $120 # Please refer to Table 4A in Appendix 3 for charges inclusive of GST. E CHARGE FOR RECONNECTION DUE TO INVOLUNTARY DISCONNECTION Table 5: Reconnection Charge (Exclusive of GST) # Charge per Connection Connection Level Weekday Weekend/ Office Hours After Office Public Holiday (8.00 am to 5.30pm) Hours LT $15 $100 $100 HT $120 $200 $200 EHT $180 $300 $300 # Please refer to Table 5A in Appendix 3 for charges inclusive of GST. F CHARGE FOR VOLUNTARY TEMPORARY DISCONNECTION & RECONNECTION Table 6: Voluntary Temporary Disconnection & Reconnection Charge (Exclusive of GST) # Charge per Feeder/Connection Connection Level Weekday Weekend/ Office Hours After Office Public Holiday (8.00 am to 5.30pm) Hours LT NA $100 $100 HT NA $200 $200 EHT NA $300 $300 # Please refer to Table 6A in Appendix 3 for charges inclusive of GST. G RE-APPOINTMENT CHARGE FOR ENERGISATION OF SERVICE CONNECTION $45 per connection (Exclusive of GST) # # Please refer to Appendix 3 for charges inclusive of GST H METER SERVICE CHARGES Table 7: Meter Service Charges (Exclusive of GST) # 1 Site testing of Single Phase Meter : $ 30 per meter per trip 2 Site testing of Three Phase Whole-Current Meter : $ 30 per meter per trip 3 Site testing of CT-operated Meter : All meter under customer account @ $80 per meter per trip 4 Additional charges for site testing : Weekday after office hours : $150 per trip Weekend/Public Holiday : $300 per trip 5 Auditing of Meter Data : $ 100 per man-day or part thereof 6 Express service for meter installation : Weekday : $150 per man-day per site Weekend/Public Holiday : $300 per man-day per site 7 Meter Installation/ Replacement of metering transformers : Weekday after office hours : $150 per man-day per site Weekend/Public Holiday : $300 per man-day per site Note : Office hours are from 8.00 am to 5.30 pm on weekdays from Monday to Friday. # Please refer to Table 7A in Appendix 4 for charges inclusive of GST. I ADVANCED METERING INFRASTRUCTURE (AMI) METER CHARGE Table 8: AMI Meter Charge (Exclusive of GST) # Applicable for any: (i) (ii) newly contestable business consumer, and household consumer who opt to use AMI meters (instead of load profiling) in OEM Installation Fee of $40.00 per AMI meter This will apply to Customer Transfer Request or Metering Option Change Request effected on 20 Mar 2018 onwards. # Please refer to Table 8A in Appendix 4 for charges inclusive of GST. J USE OF SYSTEM (UOS) CHARGES EFFECTIVE FROM 1 APRIL 2024 Table 9 : UOS Charges (Exclusive of GST) # From 1 April 2024 to 31 March 2025 Contracted Capacity Charge ($/kW/mont h) Peak Period Charge (¢/kWh) Off-Peak Period Charge (¢/kWh) Reactive Power Charge (¢/kVArh) Uncontracted Capacity Charge 7 ($/kW/month) Uncontracted Standby Capacity Charge 10 ($/kW/month) CCS 8 ECCS 9 Tier 1 Tier 2 Ultra High Tension 1 9.31 0.06 0.02 0.44 13.97 46.55 46.55 111.72 Extra High Tension 2 12.90 0.08 0.03 0.48 19.35 64.50 64.50 154.80 High Tension - Large 3 16.37 0.74 0.08 0.59 24.56 81.85 81.85 196.44 High Tension - Small 4 16.37 0.96 0.09 0.59 24.56 81.85 81.85 196.44 Low Tension - Large 5 - 6.46 5.14 - - - - - Low Tension - Small 6 - 6.46 - - - - - # Please refer to Table 9A in Appendix 5 for charges inclusive of GST. 1 Ultra High Tension - for consumers taking supplies at 230kV, 50Hz, 3-phase, 3-wire for connection with minimum Contracted Capacity of 85,000kW* 2 Extra High Tension - for consumers taking supplies at 66kV, 50Hz, 3-phase, 3-wire for a Contracted Capacity: (a) between 25,501kW and 84,999kW for service connection from the nearest feasible 66kV substation* (b) between 85,000kW and 170,000kW for connection from the nearest feasible 66kV source station* The above shall apply to new and existing customers. 3 High Tension-Large - for consumers taking supplies at 22kV or 6.6kV, 50Hz, 3-phase, 3-wire for a Contracted Capacity: (a) between 1,700kW and 12,750kW for 1 or 2 HT 22kV services* (b) between 12,751kW and 25,500kW for 3 or 4 HT 22kV services* 4 High Tension-Small - for consumers taking supplies at 22kV or 6.6kV, 50Hz, 3-phase, 3-wire for connection with Contracted Capacity of less than 1,700kW. 5 Low Tension-Large - for contestable consumers taking supplies at 400V/230V. 6 Low Tension-Small - for non-contestable consumers taking supplies at 400V/230V. These are consumers who choose to buy electricity from SP Group at the regulated tariff. 7 The Uncontracted Capacity Charge (UCC) applies in the event that the maximum demand in kW (measured by the half-hour integration meter) exceeds the Contracted Capacity. UCC applies to: (a) Normal customers without embedded generation; (b) Customers with embedded generation who require top-up supplies and opt to summate their kW output from embedded generation and kW demand from the network (i.e Summation Scheme) for determining maximum demand; and (c) Customers with embedded generation who require top-up supplies and opt to cap their power demand in kW drawn from the network (i.e Capped Capacity Scheme or Extended Capped Capacity Scheme). The UCC applies in the event that the maximum demand in kW (measured by the half-hour integration meter) exceeds the contracted capacity and shall be limited to 20% of the Contracted Capacity. 8 For Capped Capacity Scheme (CCS), the Uncontracted Standby Capacity Charge (USCC), at 5 times of Contracted Capacity Charge, applies in the event that the demand in kW (measured by the power meter) drawn from the network exceeds 120% of the contracted capacity for a duration of more than 10 seconds continuously. 9 For Extended Capped Capacity Scheme (ECCS), the 2-tier Uncontracted Standby Capacity Charge (USCC) applies as follows: • Tier 1: 5 times of Contracted Capacity Charge is applicable if the demand in kW drawn from the network exceeds 120% and up to 200% of the contracted capacity for a duration of more than 100 seconds continuously. • Tier 2: 12 times of Contracted Capacity Charge is applicable if the demand in kW drawn from the network exceeds 200% of the contracted capacity for a duration of more than 10 seconds continuously. 10 For both CCS and ECCS, the consumer shall at its own expense, install and maintain Load Limiting Device, in accordance with requirements that the Transmission Licensee may stipulate from time to time. * Based on power factor of 0.85 Notes On Use-of-System Charges Effective from 1 April 2018 1 Supply Categories The Use-of-System [UOS) Charges shall be paid for electricity transmission services at each metered intake supply point in accordance with the voltage at which a consumer receives the electricity supply. The UOS Charges are applicable for the following categories of supplies : • Low Tension [LT) Supplies at 400V/230V Supply to Low Tension-Small Consumer Supply to Low Tension-Large Consumer • High Tension [HT) Supplies at 22kV and 6.6kV Supply to High Tension-Small Consumer, whose Contracted Capacity is less than 1,700 kW per month at each metered intake supply point. Supply to High Tension-Large Consumer, whose Contracted Capacity is at least 1,700 kW per month at each metered intake supply point. • Extra-High Tension [EHT) Supplies at 66kV Supply to Extra-High Tension Consumer • Ultra-High Tension [UHT) Supplies at 230kV Supply to Ultra-High Tension Consumer • Temporary Supplies Temporary Supplies apply only to LT and HT supplies for temporary civil engineering and building construction sites. 2 Low Tension Supplies 2.1 Low Tension Small Consumer LT supplies [in kWh) to all non-contestable LT consumers are metered on a monthly basis. A flat per kWh UOS rate is levied at each metered intake supply point. These are consumers who choose to buy electricity from SP Group at the regulated tariff. 2.2 Low Tension Large Consumer LT Supplies to these contestable consumers are metered on energy (kWh) on a halfhourly time-of-day basis. The respective per kWh charges shall be levied at a “Peak” and an “Off-peak” period for the energy supplied at each metered intake supply point. 2.2.1 Peak Period Charge The Peak Period Charge payable shall be the monthly charge based on the energy (in kWh) supplied to an installation during the peak period, 7.00 am to 11.00 pm, in that month. 2.2.2 Off-Peak Period Charge The Off-Peak Period Charge payable shall be the monthly charge based on the energy (in kWh) supplied to an installation during the off-peak period, 11.00 pm to 7.00 am, in that month. 3 High Tension, Extra-High Tension and Ultra-High Tension Supplies For HT (i.e. HT Small and HT Large), EHT and UHT Supplies, UOS Charges shall be levied at each metered intake supply point as follows : a. Contracted Capacity Charge; b. Peak Period Charge; c. Off-peak Period Charge; d. Reactive Power Charge; e. Uncontracted Capacity Charge, and f. Uncontracted Standby Capacity Charge (applicable to consumers with embedded generation who opt to cap their power demand drawn from the network). 3.1 Contracted Capacity Charge 3.1.1 The Contracted Capacity Charge is a monthly charge payable in any month for the Contracted Capacity at each intake supply point of a consumer. The Contracted Capacity shall be the supply capacity (in kW), which is requested by the consumer for that intake supply point. For the avoidance of doubt, and without prejudice to paragraph 3.1.3 herein, the consumer shall not be allowed to reduce the declared Contracted Capacity upon the signing of the Consumer Connection Agreement / Supply Agreement, notwithstanding the fact that the energisation of the new supply has still not taken place. 3.1.2 For a new connection, consumers are subject to a binding period of 5 years from the target date or the commissioning date for SPPA’s plant and equipment, except for the service cable, whichever is later. During the 5-year binding period, no reduction to the Contracted Capacity is allowed. For new HT, EHT and UHT connections, the minimum Contracted Capacity for each intake supply point is as follows : HT with 1 or 2 feeders HT with 3 or 4 feeders EHT UHT 1,700 kW, 12,751 kW, 25,501 kW, 85,000 kW. During the first year of the 5-year binding period, requests for intermediate incremental steps of Contracted Capacity may be made before the full Contracted Capacity is implemented. The first step shall be at least one quarter ( 1 /4) of the consumer’s requested full Contracted Capacity at each intake supply point. 3.1.3 After the initial 5-year binding period, the consumer may, by giving at least 10 business days’ notice in writing, reduce his Contracted Capacity at each intake supply point subject to the following minimum values: HT with 1 or 2 feeders HT with 3 or 4 feeders EHT UHT 850 kW, 6,375 kW, 12,750 kW, 42,500 kW. Any such reduction in Contracted Capacity shall be subject to a 1-year binding period from the effective date of the revised Contracted Capacity, i.e. the consumer shall not be entitled to make any further reduction in the Contracted Capacity within one year following any such reduction. The Market Support Services Licensee will inform the consumer of the date of their billing cycle. The consumer will be billed based on the revised Contracted Capacity for the entire billing cycle that encompasses the effective date of the revised Contracted Capacity. 3.1.4 The consumer, may, by giving at least 15 business days’ notice in writing, may be allowed to increase his Contracted Capacity, during the 5-year or 1-year binding period. The revised Contracted Capacity shall apply for the remainder of the initial 5-year binding period or for a minimum period of 1 year, whichever is later, provided SPPA is not required to install new or additional equipment. The consumer will be billed based on the revised Contracted Capacity for the entire billing cycle that encompasses the effective date of the revised Contracted Capacity. Reduction of Contracted Capacity during binding periods will not be allowed. 3.1.5 A consumer whose revised Contracted Capacity requires SPPA to install new or additional equipment shall be considered as receiving a new supply with a new 5-year binding period. 3.1.6 Subject to Clause 3.1.4 and 3.1.5, the UCC incurred by a consumer in a particular month (“UCC Month”) can be converted into Contracted Capacity Charge provided: (i) (ii) (iii) (iv) The consumer submits the request for an increase in Contracted Capacity no later than 2 weeks after the date of the bill for the UCC Month; The revised Contracted Capacity is not less than the maximum demand recorded in the UCC Month; The revised Contracted Capacity does not require the Transmission Licensee to install new or additional equipment; and Upon approval by the Transmission Licensee, the revised Contracted Capacity shall take effect on the first day of the UCC Month and thereafter shall not be reduced within one year, or the remaining of the 5-year binding period, whichever is later. 3.1.7 For a new development with landlord and tenants, the Contracted Capacity required by the landlord himself and his tenants (HT and above) must in aggregate meet the minimum values set out in paragraphs 3.1.2 to 3.1.3 above in order for the landlord to qualify for HT, EHT or UHT supplies. If landlord or its tenants (HT and above) request to revise their Contracted Capacity, the aggregate Contracted Capacity after revision must meet the minimum Contracted Capacity values and subject to the same terms and conditions for revision of Contracted Capacity set out in paragraphs 3.1.3 and 3.1.4. 3.1.8 Existing HT, EHT or UHT consumers may have Contracted Capacity below the minimum Contracted Capacity as specified in paragraphs 3.1.2 and 3.1.3. For such consumers, they may request to increase (but not decrease) their Contracted Capacity in the manner as described above. 3.2 Peak Period Charge The Peak Period Charge payable shall be the monthly charge based on the energy (in kWh) supplied to an installation during the peak period, 7.00 am to 11.00 pm, in that month. 3.3 Off-Peak Period Charge The Off-Peak Period Charge payable shall be the monthly charge based on the energy (in kWh) supplied to an installation during the off-peak period, 11.00 pm to 7.00 am, in that month. 3.4 Reactive Power Charge The Reactive Power Charge is a monthly charge payable in any month for the installation's excess kVArh consumption. The excess kVArh shall be the difference by which the installation's kVArh consumption drawn from the network in that month is greater than 62% of its kWh consumption drawn from the network in the same month. 3.5 Uncontracted Capacity Charge 3.5.1 The Uncontracted Capacity Charge is a monthly charge payable in any month for the Uncontracted Capacity utilised. The Uncontracted Capacity is the capacity in kW by which the maximum demand in kW (measured by the half-hour integration meter) exceeds the Contracted Capacity at that metered intake supply point. 3.5.2 The Uncontracted Capacity Charge shall apply to the following HT, EHT and UHT consumers : a. Normal consumers without embedded generation; b. Consumers with embedded generation whose monthly maximum demand in kW is the maximum summated demand in kW in the month, determined by summating the kW demand drawn from the network and the kW output from embedded generation (i.e. Summation Scheme); and c. Consumers with embedded generation who opt to cap their power demand in kW drawn from the network in the event that the maximum demand in kW (measured by the half-hour integration meter) exceeds the Contracted Capacity at that metered intake supply point (i.e. Capped Capacity Scheme or Extended Capped Capacity Scheme). The Uncontracted Capacity for these consumers shall be limited to 20% of the Contracted Capacity. 3.6 Uncontracted Standby Capacity Charge 3.6.1 The Uncontracted Standby Capacity Charge is a monthly charge payable in any month for the Uncontracted Standby Capacity utilised. The Uncontracted Standby Capacity Charge shall apply to those HT, EHT and UHT consumers with embedded generation who opt for the Capped Capacity Scheme or Extended Capped Capacity Scheme. 3.6.2 For Capped Capacity Scheme, the Uncontracted Standby Capacity Charge applies in the event the demand in kW drawn from the network (measured by the power meter) exceeds 120% of the Contracted Capacity at that metered intake supply point for a duration of more than 10 seconds continuously. 3.6.3 For Extended Capped Capacity Scheme, the Uncontracted Standby Capacity Charge applies in the event : • the demand in kW drawn from the network exceeds 120% and up to 200% of the Contracted Capacity at that metered intake supply point for a duration of more than 100 seconds continuously; or • the demand in kW drawn from the network exceeds 200% of the Contracted Capacity at that metered intake supply point for a duration of more than 10 seconds continuously. 3.6.4 For the avoidance of doubt, in the event Uncontracted Standby Capacity Charge applies in accordance with Clauses 3.6.2 and 3.6.3 above, Uncontracted Capacity Charge shall also be applicable for the Contracted Capacity portion which is 20% above the customer’s declared Contracted Capacity. 4 Temporary Supplies Temporary Supplies apply only to LT and HT supplies for temporary civil engineering and building construction sites. The UOS charges applicable for the LT and HT temporary supplies shall be the same as those used for LT and HT supplies respectively. For temporary supplies at HT, the Contracted Capacity shall apply for a binding period of 2 years. Upward revision of the Contracted Capacity may be allowed during the validity of the binding period of the Contracted Capacity. The revised Contracted Capacity shall in such cases apply for a minimum period of 1 year, provided SPPA is not required to install new or additional equipment. Downward revision during such binding period will not be allowed. A consumer whose revised Contracted Capacity requires SPPA to install new or additional equipment, shall be considered as receiving a new temporary supply. The term granted for temporary connection is 2 years. Appendix 1 A2 ENGINEERING FEES Table 1A – Engineering Fees (Inclusive of 9% GST) Category Connection Cost ($) Rate* Engineering Fee Payable ($) 1 Up to $100,000 20% 21,800 First $100,000 - 2 Next $900,000 7.5% First $1m - 3 Next $4m 6.5% First $5m - 4 Next $5m 6.0% First $10m - 5 Next $10m 5.5% First $20m - 6 Next $10m 5.0% First $30m - 7 Above $30m 4.5% * Prevailing GST rate will be also applied to the balance. 21,800 - 95,375 - 378,775 - 705,775 - 1,305,275 - 1,850,275 - Appendix 2 B SERVICE CONNECTION CHARGES Table 2A – Low Tension Standard Connection Charge (Inclusive of 9% GST) Capacity Requirement in kVA Capacity of Final service Cable Type of Final LT Service Cable Development without Substation Standard Connection Charge ($) Development with Substation* Standard Connection Charge ($) Underground Connection Up to 15 (existing premises) 23 35mm 2 2C 1,744 ) Up to 15 (new premises) 23 35mm 2 2C 2,071 ) 16 - 23 23 35mm 2 2C 3,052 ) 16 - 45 45 35mm 2 4C 5,777 ) 46 - 75 75 35mm 2 4C 9,592 7,303 76 - 140 140 120mm 2 4C Al 18,203 ) 141 - 180 180 185mm 2 4C Al 23,980 ) 181 - 230 230 300mm 2 4C Al 31,283 ) 231 - 280 280 300mm 2 4C Cu 37,496 9,265 281 - 460 460 2x300mm 2 4C Al NA 13,734 461 - 560 560 2x300mm 2 4C Cu NA 19,293 561 - 1000 1,000 7x500mm 2 1C NA 28,340 * For service cable not exceeding 15m. For longer lengths, additional charges shall apply. C GENERATION CONNECTION CHARGES Table 3A: Generation Connection Charges (Inclusive of 9% GST) Connection Level UHT (230kV or 400kV) EHT (66kV) HT (6.6kV or 22kV) LT (230V or 400V) Charge $54,500 per MW of Installed Generation Capacity* Based on cost of service connections to generation companies’ equipment, including cables, associated equipment and facilities, to effect the connection to SPPA’s substation/network plus applicable GST. * Rate is only applicable for cable installation by conventional direct burial method. Appendix 3 D ATTENDANCE CHARGE FOR POWER FAILURE CAUSED BY FAULT WITHIN CONSUMER’S INSTALLATION Table 4A: Attendance Charge (Inclusive of 9% GST) Consumer Type Charge per Attendance LT Domestic $5.45 LT Non-Domestic $32.70 HT $130.80 E CHARGE FOR RECONNECTION DUE TO INVOLUNTARY DISCONNECTION Table 5A: Reconnection Charge (Inclusive of 9% GST) Charge per Connection Connection Weekday Weekend/ Level Office Hours After Office Public Holiday (8.00 am to 5.30pm) Hours LT $16.35 $109 $109 HT $130.80 $218 $218 EHT 196.20 $327 $327 F CHARGE FOR VOLUNTARY TEMPORARY DISCONNECTION & RECONNECTION Table 6A: Voluntary Temporary Disconnection & Reconnection Charge (Inclusive of 9% GST) Charge per Feeder/Connection Connection Weekday Weekend/ Level Office Hours After Office Public Holiday (8.00 am to 5.30pm) Hours LT NA $109 $109 HT NA $218 $218 EHT NA $327 $327 G RE-APPOINTMENT CHARGE FOR ENERGISATION OF SERVICE CONNECTION $49.05 per connection (Inclusive of 9% GST) Appendix 4 H METER SERVICE CHARGES Table 7A: Meter Service Charges (Inclusive of 9% GST) 1 Site testing of Single Phase Meter : $32.70 per meter per trip 2 Site testing of Three Phase Whole-Current Meter : $32.70 per meter per trip 3 Site testing of CT-operated Meter : All meter under customer account @ $87.20 per meter per trip 4 Additional charges for site testing : Weekday after office hours : $163.50 per trip Weekend/Public Holiday : $327 per trip 5 Auditing of Meter Data : $109 per man-day or part thereof 6 Express service for meter installation : Weekday : $163.50 per man-day per site Weekend/Public Holiday : $327 per man-day per site 7 Meter Installation/ Replacement of metering transformers : Weekday after office hours : $163.50 per man-day per site Weekend/Public Holiday : $327 per man-day per site Note: Office hours are from 8.00 am to 5.30 pm on weekdays from Monday to Friday. I ADVANCED METERING INFRASTRUCTURE (AMI) METER CHARGE Table 8A: AMI Meter Charge (Inclusive of 9% GST) Applicable for any: (i) (ii) newly contestable business consumer, and household consumer who opt to use AMI meters (instead of load profiling) in OEM Installation Fee of $43.60 per AMI meter This will apply to Customer Transfer Request or Metering Option Change Request effected on 20 Mar 2018 onwards. Appendix 5 J USE OF SYSTEM CHARGES (GST INCLUSIVE FEE APPLICABLE WITH EFFECT FROM 1 APRIL 2024) Table 9A : UOS Charges (Inclusive of 9% GST) From 1 April 2024 to 31 March 2025 Contracted Capacity Charge ($/kW/month) Peak Period Charge (¢/kWh) Off-Peak Period Charge (¢/kWh) Reactive Power Charge (¢/kVArh) Uncontracted Capacity Charge ($/kW/month) Uncontracted Standby Capacity Charge ($/kW/month) CCS ECCS Tier 1 Tier 2 Ultra High Tension 10.15 0.07 0.02 0.48 15.23 50.74 50.74 121.77 Extra High Tension 14.06 0.09 0.03 0.52 21.09 70.31 70.31 168.73 High Tension - Large 17.84 0.81 0.09 0.64 26.77 89.22 89.22 214.12 High Tension - Small 17.84 1.05 0.10 0.64 26.77 89.22 89.22 214.12 Low Tension - Large - 7.04 5.60 - - - - - Low Tension - Small - 7.04 - - - - Note : Figures above may not reflect the full GST effect due to rounding.

Media Release Electricity Tariff Revision for the Period 1 July to 30 Sep 2024 Singapore, 28 June 2024 – For the period from 1 July to 30 September 2024, the electricity tariff (before GST) will increase by 0.3% or 0.09 cent per kWh on average compared with the previous quarter due to higher energy costs. The average monthly electricity bill for families living in HDB four-room flats will increase by $0.35 (before GST). *before GST SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA). Please refer to Appendix 1 for the components of the electricity tariff, Appendix 2 for the electricity tariffs approved by EMA, and Appendix 3 for the average monthly electricity bill for households. Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF The electricity tariff consists of the following four components: Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. Network costs (paid to SP Group): This is to recover the cost of transporting electricity through the power grid. Market Support Services Fee (paid to SP Group): This is to recover the costs of billing and meter reading, data management, retail market systems as well as market development initiatives. Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system.   Q3 2024 TARIFF FOR HOUSEHOLDS (before 9% GST) Appendix 2 ELECTRICITY TARIFFS FROM 1 JULY 2024 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS FOR HOUSEHOLDS TARIFF WEF 1 JULY 2024 (before GST)