Consumption_Water Average consumption of Water (CuM) Premises Types Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 HDB 1-Room 8.0 8.3 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 HDB 2-Room 9.3 9.7 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 HDB 3-Room 12.2 12.8 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 HDB 4-Room 15.5 16.2 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 HDB 5-Room 16.7 17.8 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 HDB Executive 18.8 19.9 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 Apartment 13.1 14.4 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 Terrace 25.8 28.0 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 Semi-Detached 30.7 34.9 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 Bungalow 46.3 59.5 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8

FORM - P PERMISSION FOR BREAKING OF METER TERMINAL SEALS FOR BULK SHIFTING/ REPLACEMENT OF METERBOARD IN MULTI-TENANTED BUILDING. To: HOS, Elect Installation From [Name of LEW]: Company: SP Services Ltd Company: Email: installation@spgroup.com.sg Email: Date: A/C No.: Office Telephone No.: Handphone No.: Project Description: I, the appointed LEW for the above work, wish to seek the permission of SP Services Ltd to break the meter terminal seal to carry out the * Shifting / Replacement of meterboards at the following premises: ______________________________________________________________________________________________. (site address) The Managing Agent for the above premises and the date to break the meter terminal seals are as follow: Address & Company Stamp of Managing Agent of Building / Town Council Date To Break Meter Terminal Seals Official Stamp of Managing Agent of Building * Notice of Shut-down of Electricity Supply served to the block is attached. I will compile and submit the following documents to Elect Installation of SP Service Ltd within 14 days from the date of breaking the meter terminal seal, for an inspection by SP Services Ltd. (i) Form CS/5 (Application For Inspection of Electrical Installation) (ii) Form F (Certificate of Bulk Shifting / Replacement Of Meterboards in Multi-Tenanted Buildings) (iii) SP PowerGrid’s approval letter of meterboard layout plan (iv) Single-Line Drawings Name & Signature of LEW Licence No. …………………………………………………………………………………………………………………………………………… FOR OFFICIAL USE To : ____________________ ( LEW In-Charge) We acknowledge the receipt of your application on ___________ (date). Your date of breaking the meter terminal seals has been noted. Please note that LEW must be physically present during the course of the work. For clarification, please contact us at installation@spgroup.com.sg for HOS (Elect Installation) SP Services Ltd. cc HOS (Electrical Meters) Email: emtrfax@spgroup.com.sg 1 Mar 22

LICENSED ELECTRICIAN PREPARATORY PROGRAMME (Programme Code: ENO32) LEARNING OUTCOMES The Licensed Electrician Preparatory Programme will equip participants with the necessary theoretical foundation and practical application skills to carry out the work of a Licensed Electrician. PRE-REQUISITES Applicants are required to have at least: o 5 years of relevant local hands-on experience in electrical works; and o GCE “N” Level with pass in English and Mathematics or Workplace Literacy and Numeracy (WPLN) Level 5 --- The programme is optional for applicants with: o NITEC in Electrical Engineering and at least 2 years of relevant local hands-on experience in electrical works (after NITEC); or o At least 10 years of relevant local hands-on experience in electrical works PROGRAMME CONTENTS Theoretical Foundation Conducted by Singapore Polytechnic/Ngee Ann Polytechnic No. Description Hours Total Module 1: Electrical Principles 1.1 Basic Principles of Electricity 5 1.2 AC Circuits 15 1.3 Basics of Three Phase AC Circuits 15 1.4 Written Assessment 1 2 2 Module 2: Electrical Installation Design 2.1 Statutory Act and Regulations 5 2.2 Protective Devices and Cables 13 2.3 Protection Against Electric Shock 15 2.4 Electrical System Design 7 2.5 Temporary Electrical Installation 9 2.6 Written Assessment 2 2 2 Module 3: Testing and Maintenance of Electrical Systems 3.1 Testing of Switchboards 9 3.2 Maintenance of Switchboards 6 3.3 Standby Generators 6 3.4 Photovoltaic System 7 3.5 Written Assessment 3 2 2 1 35 49 28 Total 118 V13_042024 Practical Application Conducted by Singapore Institute of Power and Gas No. Description Hours Total Module 4: Safety and Connection Process 4.1 Safety & Licensing Requirements 3.5 4.2 The Supply Connection Process 3.5 4.3 Assessment 1.0 Module 5: Electrical Installation Less than 45kVA 5.1 Practical Design of Small Electrical Installation 10.5 5.2 Generator Supply for Small Electrical Installation 3.5 5.3 Assessment 1.0 Module 6: Inspection and Testing 6.1 Safety Requirements and Tools for Inspection and Testing 7.0 6.2 Practical Inspection and Testing of Small Installation 7.0 6.3 Assessment 1.0 8 15 15 Total 38 ASSESSMENT For modules conducted by SP/NP, a written assessment will be conducted upon completion of each module. For modules conducted by SIPG, a practical assessment will be conducted upon completion of each module. PROGRAMME TIMING The programme will be conducted during weekday evenings (6.30pm – 10.00pm) and Saturdays (8.30am – 6.00pm). CERTIFICATE Participants who have successfully pass all theoretical and practical modules will be awarded a Certificate of Achievement jointly issued by SIPG and SP/NP. EMA LICENSING COMPETENCY ASSESSMENT The “Certificate of Achievement” is required by EMA for participants without the relevant educational qualification. Participants are required to ensure that they satisfy the relevant work experience and pass the “EMA Licensing Competency Assessment” to qualify for an Electrician’s License. Please refer to EMA website for more information on application for Electrician License: EMA Website Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 2 V13_042024 PROGRAMME FEE Full Programme Fee Singapore Citizens and Permanent Residents <40 years old Nett Fee after SSG Funding* Singapore Citizens ≥ 40 years old only Enhanced Training Support for SMEs # Without GST $8,380.00 $2,514.00 $838.00 $838.00 With 9% GST + $9,134.20 $2740.26 $1064.26 $1064.26 * Subjected to SSG’s approval and changes. + 9% GST applicable for intakes starting from 1 Jan 2024 # For more information on the Enhanced Training Support for Small & Medium Enterprises (SMEs) scheme, please click here. Self-sponsored applicants may use their relevant SkillsFuture Credit (SFC) to offset the programme fee. PROGRAMME SCHEDULE Next intake: May 2024 (Closed) / Feb 2025 Registration closing date: 4 weeks before programme commencement Application will be considered upon submission of completed application form and all necessary supporting documents. SIPG will contact the applicant after confirmation that all admission criteria are met. SIPG reserves the rights to amend any details relating to the programme without prior notice. For enquiries, contact SIPG at training-institute@spgroup.com.sg or 6916 7930. 3 V13_042024 This page is intentionally left blank 4 V13_042024 Registration Form Licensed Electrician Preparatory Programme PART A: PERSONAL PARTICULARS � Self-Sponsored Applicant ** Full Name (As in NRIC/FIN) ** NRIC/FIN ** Nationality ID Expiry Date (dd/mm/yy) ** Monthly Salary 1 � Company-Sponsored Applicant Gender M / F Date of Birth (dd/mm/yy) Race: Chinese / Malay / Indian / Others: ___________________ ** Contact Number Email Address Address (Residential address for selfsponsored applicants) FOR COMPANY-SPONSORED APPLICANTS ONLY Eligibility for Enhanced Training Support for SMEs: Determination will be based on SSG system. Applicant must have continued to receive full salary under the billing company (as below) and CPF entitlements during the entire duration of the funded course. Company Name UEN Company Address Contact Person Designation Contact Number Email Address PART B: PRE-REQUISITES 1. Please indicate your relevant local hands-on electrical work experience: Employer Name Position Held Year of Joining Year of Leaving 2. Please indicate your educational qualifications: Qualification Title Name of Institute Year Completed Please attach relevant supporting documents. (Refer to Annex A for the list of supporting documents required.) 1 Salary range: a) Unemployed b) Below $1,000 c) $1,000 - $1,499 d) $1,500 - $1,999 e) $2,000 - $2,499 f) $2,500 - $2,999 g) $3,000 - $3,499 h) $3,500 and above ** Mandatory field 5 V13_042024 PART C: PAYMENT Payment is only required after the programme has been scheduled for the applicant and applicant has confirmed his/her availability. An invoice with the final amount (after funding, if any) and the available mode of payment will be sent to the applicant. PART D: DECLARATION By submitting this registration form: - I hereby declare that all information given is true and accurate; - I acknowledge that SIPG shall not be responsible should EMA rejects my application for licensing; and - I agree to the terms and conditions stated below. (i) For Self-Sponsored Application (ii) For Company-Sponsored Application Name: ______________________ Name of Authorised Personnel: _____________________ Signature: Signature: ______________________ _____________________ Date: ______________________ Date: _____________________ Company Stamp PART E: PERSONAL DATA PROTECTION ACT I/We acknowledge and agree that SIPG may collect, use and disclose to any third party any and all particulars relating to my/our personal information for the purposes of (i) providing the requested services in respect of the programme(s), (ii) billing and account management (including debt collection or recovery); (iii) conducting surveys or obtaining feedback; (iv) informing me/us of services and offers by SIPG, its related entities and business affiliates (unless I/we duly inform you otherwise); and (v) complying with all applicable laws and regulations, and business requirements. Name: Signature: Date: TERMS AND CONDITIONS: 1) The company and individual applicant have read and understood the terms of the programme information and registration form. 2) The information collected on this form is used for programme registration, account servicing of programme-related activities and/or for application of programmerelated funding to appropriate funding agencies. 3) This registration form must be submitted to SIPG at least 4 weeks before programme commencement. 4) Payment must be made to SIPG before programme commencement. 5) SIPG reserves the right to amend any details relating to the programme without any prior notice. 6) Request for withdrawal must be made in writing and are subject to approval by SIPG. >5 working days before programme commencement : 100% refund. Less than 5 working days before programme commencement : no refund. 7) Request for transfer/replacement must be made in writing at least 5 working days before programme commencement and is subject to approval by SIPG. SIPG reserves the right to impose an administration fee for such requests. 8) Trainee shall be bound by the terms and conditions of any applicable funding scheme as approved by SIPG. 9) In the event that the trainee fails to meet any of the requirements set under the funding scheme or has been granted funding for the same programme before, thereby resulting that his/her funding application is rejected, the trainee is liable to pay the balance of the full programme fee to SIPG. 10) Photographs of trainees may be taken at the event for SIPG’s marketing materials and other publications. Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 6 V13_042024 ANNEX A: LIST OF SUPPORTING DOCUMENTS REQUIRED Please submit all relevant supporting documents along with the application form via email. Note: SIPG reserves the right to reject any application due to incomplete submission of supporting documents. 1 Company Testimonial Letter (To clearly state the years and job scope of relevant local hands-on electrical works experience) 2 Educational Certificates i) Highest Qualification (Minimum of GCE ‘N’ Level with pass in English and Mathematics or Workplace Literacy and Numeracy (WPLN) Level 5) OR ii) NITEC in Electrical Engineering 7 V13_042024

Search Facebook and WhatsApp Service Disruptionhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Facebook-and-WhatsApp-Service-Disruption Media Advisory Facebook and WhatsApp Service Disruption Singapore, 14 March 2019 – There are reports that Facebook, WhatsApp and Instagram users around the world were not able to access these apps from Wednesday, 13 March. (See news report: Channel News Asia) For customers who submitted their meter WhatsApp and Facebook Service Disruptionhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/WhatsApp-and-Facebook-Service-Disruption Media Advisory WhatsApp and Facebook Service Disruption Singapore, 4 July 2019 – There are reports that WhatsApp and Instagram users around the world were not able to access these apps from Wednesday, 3 July (See news report: Channel News Asia. For customers who submitted their meter readings via [Form] Application for Appointment for Energisation of Service Connectionhttps://www.spgroup.com.sg/dam/jcr:b79a3530-a175-4022-8e8c-bfcf3d298839/Application%20for%20Appointment%20for%20Energisation%20of%20Service%20Connection.pdf APPLICATION FOR APPOINTMENT FOR ENERGISATION OF SERVICE CONNECTION To: HOS, Elect Installation From [Name of Design LEW]: Company: SP Services Ltd Company: Email Address: largeinstall@spgroup.com.sg Contact No.: Date: Application No.: MSS A/C No.: Email Address (Design LEW): Email Address [Info] Supply Conditions for District Cooling Servicehttps://www.spgroup.com.sg/dam/jcr:e11e2c07-2c40-44b8-8306-7f59798fb50e/Supply%20Conditions%20for%20District%20Cooling%20Service.pdf SUPPLY CONDITIONS FOR DISTRICT COOLING SERVICE TABLE OF CONTENTS 1. General and Administrative Provisions 1.1 Purpose of the Conditions 1.2 Definitions 1.3 Hierarchy of Documents 2. General Obligations 2.1 General Obligations of the Service Provider 2.2 General Obligations of the Consumer 3 20190704 - Media Advisory - Facebook and WhatsApp Service Disruptionhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/733dc35f-c0fb-4766-ab95-b3b6a32868ca/20190704+-+Media+Advisory+-+Facebook+and+WhatsApp+Service+Disruption.pdf?MOD=AJPERES&CVID= Media Advisory WhatsApp n F ce k Service Disruption Singapore, 4 l 2019 – There are reports that WhatsApp and Instagram users around the world were not able to access these apps from , . (See news report: Channel News Asia. For customers who submitted their meter readings via WhatsApp since 5pm 20190314 - Media Advisory - Facebook and WhatsApp Service Disruptionhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/6ae887a0-e021-4cb3-b1c8-3439a0e4442e/20190314+-+Media+Advisory+-+Facebook+and+WhatsApp+Service+Disruption.pdf?MOD=AJPERES&CVID= Media Advisory Facebook and WhatsApp Service Disruption Singapore, 14 March 2019 – There are reports that Facebook, WhatsApp and Instagram users around the world were not able to access these apps from Wednesday, 13 March. (See news report: Channel News Asia) For customers who submitted their meter SP Services' Customer Service Centre Relocates To PWC Buildinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Services-Customer-Service-Centre-Relocates-To-PWC-Building Media Release SP Services' Customer Service Centre Relocates To PWC Building 18 March 2015 1. SP Services’ Customer Service Centre at TripleOne Somerset will be relocated to PWC Building at 8 Cross Street from Monday 23 March 2015. 2. The new Customer Service Centre is conveniently located next Schneider Electric Partners SP to Fully Electrify Service Vehicleshttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Schneider-Electric-Partners-SP-To-Fully-Electrify-Service-Vehicles Media Release Schneider Electric Partners SP to Fully Electrify Service Vehicles Schneider Electric is the first corporate partner outside of the public transport sector to use SP Group’s nationwide EV charging network Singapore, 2 January 2020 – Schneider Electric (SE) and SP Group (SP) today [20160927] The Straits Times - Singapore Power Plugs For Electric Service Fleethttps://www.spgroup.com.sg/dam/jcr:9c93f33a-97a8-42be-8401-0876ee353fd7 | TUESDAY, SEPTEMBER 27, 2016 | THE STRAITS TIMES | B1 MENTAL ILLNESS GROUP SEEKS TO END HIRING PRACTICE B2 GALAXY NOTE7 EXCHANGE UNITS ALSO FAULTY B4 MOK KIM WHANG JAIL, FINE FOR ST MARINE EXEC IN GRAFT SCANDAL B3 Singapore Power plugs for electric service fleet It plans to switch its fleet of 400 Strides and SP Group to Launch Electrification-As-A-Service (EaaS) for EV Customershttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Strides-and-SP-Group-to-Launch-Electrification-As-A-Service--EaaS--for-EV-Customers News Release Strides and SP Group to Launch Electrification-As-A-Service (EaaS) for EV Customers Singapore, 28 May 2021 – SP Group (SP) and Strides Transportation (Strides) have signed an agreement to launch Electrification-as-a-Service (EaaS) as a new offering to Strides’ drivers and fleet Media Release - SP Services' Customer Service Centre Relocates To PWC Buildinghttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/0d6c1c4d-c024-4e26-b49a-9d3a0eca3b78/%5B20150318%5D+Media+Release+-+SP+Services'+Customer+Service+Centre+Relocates+To+PWC+Building.pdf?MOD=AJPERES&CVID= 18 Mar 2015 For Immediate Release MEDIA RELEASE SP Services’ Customer Service Centre Relocates To PWC Building 1. SP Services’ Customer Service Centre at TripleOne Somerset will be relocated to PWC Building at 8 Cross Street from Monday 23 March 2015. 2. The new Customer Service Centre SP+Group+partners+SPC+to+install+EV+chargers+at+SPC+service+stations.pdfhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/40e38d4c-ed73-49db-8525-89aebbe212b4/SP+Group+partners+SPC+to+install+EV+chargers+at+SPC+service+stations.pdf?MOD=AJPERES&CVID= News Release SPC PARTNERS SP GROUP TO INSTALL ELECTRIC VEHICLE CHARGING POINTS AT SPC SERVICE STATIONS Roll out will begin with first five of SPC’s stations next year Singapore, 17 November 2022 – SP Group (SP) and Singapore Petroleum Company Ltd (SPC) announced today a partnership to install fast 1 2 3 4 5 ..... 65

06 2024 年 4 月 10 日 星 期 三 新 加 坡 星 狮 地 产 七 建 筑 将 安 装 太 阳 能 板 苏 秉 苓 报 道 sohpl@sph.com.sg 太 阳 能 是 热 带 国 家 丰 富 的 绿 色 能 源 , 随 着 越 来 越 多 建 筑 业 者 投 入 可 持 续 发 展 行 列 , 星 狮 地 产 集 团 不 落 人 后 , 今 年 底 将 在 旗 下 七 个 产 业 安 装 太 阳 能 系 统 , 预 计 每 年 能 节 省 约 22 万 元 的 能 源 开 销 。 星 狮 地 产 星 期 二 (4 月 9 日 ) 与 新 加 坡 能 源 集 团 (SP Group) 签 署 合 作 协 议 。 新 能 源 将 负 责 安 装 太 阳 能 系 统 , 总 面 积 约 4500 平 方 米 , 这 将 是 我 国 至 今 规 模 最 大 的 零 售 商 场 太 阳 能 项 目 。 当 这 些 太 阳 能 板 启 用 后 , 预 计 一 年 可 生 产 9 2 万 千 瓦 时 (kilowatt-hour, 缩 写 kWh) 电 力 , 相 当 于 为 约 450 个 四 房 式 组 屋 家 庭 供 电 。 这 些 太 阳 能 电 力 , 可 满 足 星 狮 七 个 产 业 平 均 2% 的 能 源 需 求 。 预 计 一 年 下 来 , 所 节 省 的 能 源 费 用 约 22 万 元 , 碳 排 放 量 也 会 减 少 至 少 370 公 吨 , 相 当 于 路 上 少 了 约 80 辆 汽 车 行 驶 。 星 狮 地 产 新 加 坡 首 席 执 行 官 孙 素 玲 说 , 太 阳 能 项 目 彰 显 了 集 团 对 2050 年 实 现 净 零 碳 排 放 的 承 诺 , 同 时 配 合 我 国 计 划 在 2030 年 生 产 至 少 2 千 兆 峰 瓦 (megawattpeak, 缩 写 MWp) 太 阳 能 的 目 标 。 随 着 这 个 项 目 的 推 出 , 星 狮 地 产 集 团 在 新 加 坡 拥 有 或 管 理 的 10 个 零 售 和 商 业 产 业 , 铺 设 的 太 阳 能 板 面 积 总 共 有 1 万 4250 平 方 米 。 七 个 将 安 装 太 阳 能 板 的 建 筑 物 分 别 是 : 亚 历 山 大 科 技 园 (Alexandra Technopark)、 长 堤 坊 、 世 纪 广 场 、 后 港 坊 、 纳 福 城 ( 北 翼 )、 淡 滨 尼 一 号 (Tampines 1) 和 白 沙 购 物 中 心 。 世 纪 广 场 和 淡 滨 尼 一 号 , 也 参 与 新 能 源 在 棕 地 推 出 的 分 布 式 区 域 供 冷 系 统 。 这 两 座 建 筑 生 产 的 冷 却 水 不 仅 能 自 足 , 也 能 满 足 周 边 建 筑 的 冷 却 需 求 , 预 计 每 年 可 为 这 一 区 域 节 省 280 万 千 瓦 时 的 能 耗 , 相 当 于 为 660 多 间 四 房 式 组 屋 家 庭 供 电 一 年 。 这 个 项 目 计 划 在 2025 年 上 半 年 竣 工 并 投 入 运 作 。

KENALI telah me sistem p universit 6 Berita Berita Harian, Local 06, 4 Mar 2016 SISTEM RANGKAIAN PENDINGINAN DAERAH BAWAH TANAH Beberapa bangunan di Marina Bay dapat jimat tenaga lebih 40% SISTEM PENDINGINAN BAWAH TANAH: Encik Wong (dua dari kiri) meninjau sistem rangkaian pendinginan daerah bawah tanah Singapore District Cooling (SDC) yang berupaya membantu bangunan di kawasan kewangan Marina Bay menjimatkan tenaga. – Foto SINGAPORE POWER BEBERAPA bangunan utama di kawasan kewangan Marina Bay kini dapat menjimatkan tenaga sebanyak lebih 40 peratus dengan sistem rangkaian pendinginan daerah bawah tanah. Menteri Pembangunan Negara, Encik Lawrence Wong, merasmikan operasi loji sistem Singapore District Cooling (SDC) – sebuah anak syarikat di bawah Singapore Power (SP) – yang baru selesai projek pengembangannya semalam. Pendinginan daerah melibatkan proses penghasilan air sejuk yang disalurkan kepada bangunan di daerah itu, yang antara lain bagi sistem hawa dingin di bangunan-bangunan di situ. Selain berupaya menjimatkan tenaga, sistem bawah tanah dengan rangkaian paip sepanjang lima kilometer itu juga boleh membantu bangunan di kawasan tersebut mengatasi cabaran ruang mereka dan menjimatkan kos kerana kini mereka tidak perlu memasang alat pendingin atau menara pendingin di bumbung bangunan sendiri. Ketua Pegawai Eksekutif (CEO) Penguasa Pembangunan Semula Bandar (URA), Encik Ng Lang, menyifatkan usaha membangunkan rangkaian pendinginan daerah bagi kawasan Marina Bay itu sebagai idea berani yang memakan masa bertahun-tahun untuk menjadi kenyataan. Sebagai contoh, projek itu melibatkan kawasan lantai kasar (GFA) kira-kira 1.25 juta meter persegi di Marina Bay yang ditetapkan sebagai zon rintis bagi projek Sistem Pendinginan Daerah itu. Pemaju di One Raffles Quay dan Marina Bay Sands membina ruang bagi loji pendinginan daerah itu sebagai sebahagian syarat tender tanah pemerintah. Hasilnya, dua loji – satu di besmen One Raffles Quay dan satu lagi di besmen Bayfront Avenue di Marina Bay Sands – disepadukan sementara loji yang ketiga terletak di One Marina Boulevard. “Hari ini kita meraih manfaatnya hasil perancangan awal dan reka bentuk yang difikirkan dengan teliti, serta usaha mencipta lebih ruang dan menjimat kos bagi mengurangkan pengeluaran karbon,” kata Encik Ng. Dalam pada itu, SDC turut mengumumkan semalam bahawa Marina One di Marina South telah menandatangani perjanjian dengan pihaknya. Ini bermakna SDC kini menawarkan khidmat kepada 12 pelanggan secara keseluruhan. KEP versiti masa se Pelb pelajar univers Lant versiti mengam 2016 b hupun jar dari Men 2016, E but jug sampin layu/Isl jian di Jom si iaitu NUS show y didikan hal pen univers Aca Politek NUS. NUS NUS! 2 hingga Fakulti (NUS). Source: Berita Harian © Singapore Press Holdings Limited. Permission required for reproduction.

Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps://www.spgroup.com.sg/search?tag=ami Search Searchhttps Application for Net Export Rebate.pdfhttps://www.spgroup.com.sg/dam/jcr:5df14b5b-32af-447b-982d-212a8096bf95/Application%20for%20Net%20Export%20Rebate.pdf and sign on page 4 a) Please note that the meters must be of the AMI (Advanced Metering Infrastructure) type. b) The metering charges described in Table 2 will apply if you wish to engage SP PowerGrid to install the generation meter(s), and generation check meter(s) if applicable. Please refer to Figure Application for Net Export Rebate Version Dec 2023_SPS v1.8.pdfhttps://www.spgroup.com.sg/dam/jcr:59f095d5-6cfb-4b88-9fff-b466157dff9f/Application%20for%20Net%20Export%20Rebate%20Version%20Dec%202023_SPS%20v1.8.pdf on page 4 Skip point 8 & 9 and sign on page 4 a) Please note that the meters must be of the AMI (Advanced Metering Infrastructure) type. b) The metering charges described in Table 2 will apply if you wish to engage SP PowerGrid to install the generation meter(s), and generation check meter(s PowerGrid: Smart Grid Indexhttps://www.spgroup.com.sg/our-services/network/overview/smart-grid-index the growing global emphasis on energy storage solutions. Average Score for AMI Deployment The chart highlights steady improvements in average scores for AMI (Advanced Metering Infrastructure) deployment globally and in the Asia Pacific from 2021 to 2024. The Asia Pacific region consistently Searchhttps://www.spgroup.com.sg/search?tag=SDG7 =ami Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/sp-group-to-roll-out-singapore-s-first-large-scale-smart-water-metering-system meters from early 2022, SP will operate and maintain the metering system for 15 years. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI) to transmit meter information. SP can also leverage its existing AMI network to scale up future deployment Category: Innovation Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/using-get--to-help-mercatus-digitally-manage-their-tenant-utilities Metering Infrastructure (AMI), SP has deployed an AMI consisting of more than 700 smart electricity meters at the three Mercatus properties. With the smart meters’ capability of real time and advanced monitoring, along with the cloud-based tenant utilities management software, Mercatus can Category: Innovation SP Group To Roll Out Singapore’s First Large-scale Smart Water Metering Systemhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-To-Roll-Out-Singapore-s-First-Large-scale-Smart-Water-Metering-System and is on track to complete installation for all 1.4 million households by 2024. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI) to transmit meter information. SP can also leverage its existing AMI network to scale up future deployment of the smart water [20210415] Media Release - SP Group to roll out Singapore's first large-scale smart water metering systemhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/d22974fb-9bc6-47f9-89ec-3539c8869945/%5B20210415%5D+Media+Release+-+SP+Group+to+roll+out+Singapore's+first+large-scale+smart+water+metering+system.pdf?MOD=AJPERES&CVID= benefitting from this feature. To date, SP has installed more than 500,000 2 smart electricity meters across Singapore and is on track to complete installation for all 1.4 million households by 2024. The smart water meters will connect wirelessly to SP’s existing Advanced Metering Infrastructure (AMI Transmission Service Rate Schedule (effective from 1 Apr 2023).pdfhttps://www.spgroup.com.sg/dam/jcr:6b2a4adc-112f-4e45-af14-6aa7dc90e9f9/Transmission%20Service%20Rate%20Schedule%20(effective%20from%201%20Apr%202023).pdf 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 [Info] TransmissionServiceRateSchedule (Applicable with effect from 1 Jan 2024).pdfhttps://www.spgroup.com.sg/dam/jcr:6b2a4adc-112f-4e45-af14-6aa7dc90e9f9/%5BInfo%5D%20TransmissionServiceRateSchedule%20(Applicable%20with%20effect%20from%201%20Jan%202024).pdf 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 1 2 3 4

GAS TRANSPORTATION TARIFFS (for Shippers with customers off-taking natural gas at high pressure) (W.E.F. 1 Apr 26) 1 Introduction 1.1 Under the Gas Network Code, PowerGas is the Gas Transporter and is responsible for maintaining the reliability and safety of the gas transportation network in Singapore. PowerGas’ transportation business is regulated by the Energy Market Authority (EMA). The transportation tariffs levied by PowerGas are approved by the EMA. 1.2 PowerGas charges transportation tariffs for the transport of gas through its network. PowerGas’ transportation tariffs are levied on Shippers and not the end-users. End-users’ transportation charges imposed by Shippers are commercial arrangements between both parties. 2 Natural Gas Transmission Tariffs 2.1 There are two gas transmission networks, namely Transmission Network 1 and Transmission Network 2. Transmission Network 1 refers to the natural gas transmission network conveying both piped natural gas and regasified LNG from West Natuna (Indonesia) and the LNG Terminal. Transmission Network 2 is the natural gas transmission network conveying both piped natural gas and regasified LNG from South Sumatra (Indonesia), Attap Valley (Malaysia) and the LNG Terminal. 2.2 Transmission tariffs consist of capacity and usage charges (refer to Section 3 below for details). These charges are applicable to Shippers off-taking gas at high pressure. The same charging structure also applies to Shippers with Small Transmission Customers (i.e. with load less than or equal to 5 bbtud). 3 Transmission Charging Structure 3.1 Shippers book capacity with PowerGas to transport gas from designated injection points to off-take points. Shippers pay entry and exit charges based on their respective booked capacity. In addition, a usage charge is levied on the volume of gas transported. 3.2 Arising from EMA’s notification to the industry dated 21 March 2024, a GSC of 23 cents/mmBtu for PNG Injection Points or GSC of 4 cents/mmBtu for LNG Injection Points is imposed on PNG and LNG gas users respectively with effect from 1 Apr 26 to recover the cost associated with Strategic Capacity (as defined in EMA's Policy Paper issued to the industry dated 30 Sep 2019). The Transporter will collect the GSC from all Shippers as an agent for and on behalf of SLNG. The GSC will be reviewed from time to time as directed by EMA and will be included as an uplift in the usage charge. Details of the transmission charges are shown in Table 1 of the Appendix. 3.3 These transmission charges do not include specific cost items which need to be determined on a case-by-case basis for inclusion into the final transmission charges. 3.4 For Shippers with Small Transmission Customers (i.e. requiring gas at high pressure, but with load of less than or equal to 5 bbtud), the transportation charges as shown in Table 2 of the appendix shall apply. 3.5 Shippers will have to pay Overrun Charges in the event they off-take gas above their booked capacity. These Overrun Charges are necessary to encourage the efficient use of the gas network. There are two types of Overrun Charges: • Authorised Capacity Overrun Charge: If a Shipper applies for additional capacity above the booked capacity (i.e. capacity overrun), the Authorised Capacity Overrun Charge, equivalent to 1.25 times the Transmission Capacity Charge rate, shall be applied on that additional capacity. 2 • Unauthorised Capacity Overrun Charge: If a Shipper does not apply for Authorised Capacity Overrun for utilisation of additional capacity above the booked capacity, it will pay 2 times the Transmission Capacity Charge rate for that additional capacity utilised. 4 Appendix – Table of Charges Transmission Network 1 (locational) Transmission Network 2 (locational) Table 1: Transmission Charges (Exclusive of GST) Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr/km) Transmission Usage Charge ($/MMBtu) 290.84 18.89 0.0028 1,912.47 (Attap Valley Injection Point) 1,390.95 (Sakra Injection Point) 54.78 0.0168 New Pipeline – utilised 253.37 253.37* 0.0031 New Pipeline – excess 246.36 246.36* 0.0042 GSC for PNG Injection Point N.A. N.A. 0.2300 GSC for LNG Injection Point N.A. N.A. 0.0400 * in $/MMBtu/hr per annum Transmission Network 1 (locational) Table 1a: Transmission Charges (Inclusive of 9% GST) + Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr/km) Transmission Usage Charge ($/MMBtu) 317.01 20.59 0.0031 Transmission Network 2 (locational) 2,084.59 1,516.14 59.71 0.0183 New Pipeline – utilised 276.18 276.18* 0.0034 New Pipeline – excess 268.53 268.53* 0.0046 GSC for PNG Injection Point N.A. N.A. 0.2507 GSC for LNG Injection Point N.A. N.A. 0.0436 * in $/MMBtu/hr per annum 3 Table 2: Transmission Charges for Shippers with Small Transmission Customers (Exclusive of GST) Transmission Network 1 (West Natuna) Transmission Network 2 (Attap Valley) Transmission Network 2 (Sakra) Transmission Network 1 (SLNG) Transmission Network 2 (SLNG) Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr) Transmission Usage Charge (comprising non- GSC and GSC) ($/MMBtu) 537.20 3,862.02 0.0122 ($/MMBtu) + 0.2300 2,158.83 2,240.39 0.0122 + 0.2300 1,637.32 2,761.90 0.0122 + 0.2300 769.89 4,136.07 0.0153 + 0.0400 1,470.60 3,435.36 0.0153 + 0.0400 Table 2a: Transmission Charges for Shippers with Small Transmission Customers (Inclusive of 9% GST) + Transmission Network 1 (West Natuna) Transmission Network 2 (Attap Valley) Transmission Network 2 (Sakra) Transmission Network 1 (SLNG) Transmission Network 2 (SLNG) Entry Capacity Charge per annum ($/MMBtu/hr) + Note: Figures may not reflect the full GST effect due to rounding. Exit Capacity Charge per annum ($/MMBtu/hr) Transmission Usage Charge (comprising non- GSC and GSC) ($/MMBtu) 585.55 4,209.60 0.0133 ($/MMBtu) + 0.2507 2,353.12 2,442.03 0.0133 + 0.2507 1,784.68 3,010.47 0.0133 + 0.2507 839.18 4,508.32 0.0167 + 0.0436 1,602.95 3,744.54 0.0167 + 0.0436 4

Search Electricity Tariff Revision For The Period 1 July to 30 September 2021https://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Electricity-Tariff-Revision-For-The-Period-1-July-to-30-September-2021 Media Release Electricity Tariff Revision For The Period 1 July to 30 September 2021 Singapore, 30 June 2021 – For the period from 1 July to 30 September 2021, electricity tariff (before 7% GST) will increase by an average of 3.8% or 0.84 cent per kWh compared with the previous quarter. This is due to higher cost of fuel for producing electricity by the power generation companies. For details on the four components of the electricity tariff, please refer to Appendix 1: Breakdown of Electricity Tariff. For households, the electricity tariff (before 7% GST) will increase from 22.55 to 23.38 cents per kWh for 1 July to 30 September 2021. The average monthly electricity bill for families living in HDB four- room flats will increase by $3.04 (before 7% GST) (Appendix 3: Average monthly electricity bills of domestic consumers). *before 7% GST SP Group reviews the electricity tariffs every quarter based on guidelines set by the electricity industry regulator, Energy Market Authority (EMA). The tariffs shown in Appendix 2 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg 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 for 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. Appendix 2 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS TARIFF WEF 1 JULY 2021 (before 7% GST) Singapore Electricity Network and Market (with Energy Market Company).pdfhttps://www.spgroup.com.sg/dam/jcr:7670e190-4645-4271-b2a5-7da838c2c754/Singapore%20Electricity%20Network%20and%20Market%20(with%20Energy%20Market%20Company).pdf Singapore Institute of Power and Gas Singapore Electricity Network and Market (Conducted with Energy Market Company) Course Code: EFD08 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Understand the structure of generation, transmission and distribution of electricity in Singapore • Describe the various types of transmission and distribution network configuration • Describe the switchgear configuration for transmission substation • Understand the types of equipment implemented in the electricity transmission and distribution • network • Understand the technical and performance standards • Describe the deregulation process leading to the National Electricity Markets of Singapore (NEMS). • Identify the market structure and the roles of key stakeholders in the NEMS. • Describe the basics of the market clearing and settlement process. • Explain the rationale for some key design features for NEMS. • State the key regulatory tools employed and governance structure of NEMS. • Describe the benefits and costs of the 3 possible fuel-mix scenarios in 2050 • Describe the benefits and costs of the 4 Switches that Singapore used to reach net-zero for the power sector in 2050 MAIN CONTENTS • Overview of Singapore Electricity Network o Structure of generation, transmission and distribution of electricity o Transmission and distribution network configurations o Transmission and distribution network assets o Technical and performance standards o Regulatory requirements and codes of practice • Electricity Transmission and Distribution Network Configuration and Network Equipment o Transmission • Electricity transmission network configuration • Equipment inside transmission substations • Types of transmission switchgear, transformers, shunt reactors and cables o Distribution • Electricity distribution network configuration • Equipment inside distribution substations • Types of distribution switchgear, transformers, low voltage boards and overground box, and cables • Market Reform Milestones and Demand Characteristics o Singapore’s Market Reform Milestones (1963 – present) o Singapore’s Electricity Demand Characteristics • Market Structure o Role of key stakeholders in NEMS o Retail market overview • Market Operations o Trading in the wholesale market o Market clearing and design features o Wholesale market settlement • Regulatory Tools and Governance Structure o Market Power mitigation o Rules and governance structure • Energy 2050 Committee Report – Charting the Energy Transition to 2050 o 3 Possible fuel-mix scenarios in 2050 Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0823 Singapore Institute of Power and Gas o Recommendations on energy transition strategies • Singapore 4’s Switches Strategies o The Switches – Solar, Natural Gas, Electricity Imports, Low Carbon Alternatives o Singapore Energy Policy at a Glance METHODOLOGY Lecture TARGET AUDIENCE • Engineering & technical staff in the electrical power industry • Non-technical staff who are required or interested to know about NEMS COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-Face Certification : SIPG Certificate of Completion PDU by PE Board : Pending Additional Requirement/s : NIL COURSE FEES Full Course Fee : S$720 (before GST) For Singapore Citizens/PR/LTVP+* : Not applicable For Singapore Citizens (40 years old and above) : Not applicable 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_0823 Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/NDP2019 SP Energy HubAnnual ReportReliabilitySustainabilityInnovation NDP 2019: Stand By for Singapore RELIABILITY On Duty:(from left) Deputy Director Electrical Operations, Chong Hoi Fye, Technical Officer Mohammad Hussaini Bin Rahmat, Technical Officer Hirman Bin Ali, Senior Engineer Lee Yong Ta, Principal Engineer Lau Zhi Wei, Senior Engineer Aidir Bin Jamil, and Director Electrical Operations, Cedric Lee. As F16s roar past their Hougang flat in tight formation during Saturday’s National Day Parade preview, two-and-a-half-year-old Brandon points and squeals. The countdown to Singapore’s party of the year has begun. This year’s celebration is especially significant due to Singapore’s bicentennial – and the toddler knows that daddy Lee Yong Ta will be brightening part of the celebrations. Yong Ta, Senior Engineer of Electricity Operations, heads SP Group’s National Day Parade (NDP) standby crew. His team of 28 has been on Parade duty in groups of four at all rehearsals. “When Brandon sees me donning my red T-shirt, he knows I am going to work near the planes,” says the 37-year-old, who has been with SP’s Distribution Network South (DNS) for four years. This year, the Parade, themed “Our Singapore”, returns to the Padang for the first time since SG50 in 2015. It will involve some 15,000 participants, volunteers and personnel. For Team SP, work has been underway since end of last year to keep the electricity network and supply in top form during the celebration.  Much of the on-field action is supported by mobile generators. The spectator stands along National Gallery Singapore (NGS) are supported by the nearby substation. Other substations keep supply to the vicinity steady.  Yong Ta was the number two-man in SP’s team at last year’s Parade. This is not unfamiliar terrain as he has overseen support for events like the Formula 1 Singapore Grand Prix.  “I love National Day. I’ve watched NDPs with my parents since I was young, and now my wife and son join us. As an engineer and member of SP, I am glad to play a part in Singapore’s success story,” says Yong Ta. The job requires close coordination with the NDP committee, NGS personnel and  various SP teams. This could include corresponding on matters related to security, electricity network stability and equipment health, along with numerous pre-event checks. There’s never too much planning for a national event. The team’s experience in power equipment and the network helps them consider various scenarios and contingencies. “We’ve done checks on electrical cables and earthworks in the area. We’ve also inspected all substations and tested the remote switching of all circuit breakers,” he says, working through his mental checklist. The day before the main event, his team will also do security sweeps of the substations in the area, together with the police. And on August 9th itself, Yong Ta and seven others will be based at the NGS until the last spectator leaves, with additional men on standby in the vicinity as well. And while Yong Ta will not be next to Brandon as the planes zoom by, he and his little boy will both be flying Singapore’s flag with pride. Months of preparation and many hands on deck ensure the party of the year stays bright. — 1 August 2019 TAGS PEOPLE OF SPRELIABILITY YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing Category: Reliability Energy Saving Tipshttps://www.spgroup.com.sg/dam/jcr:45a88db1-f6ed-441b-96e4-cadcb85f4b9c/Energy%20Saving%20Tips.pdf Energy Saving Tips for Consumers BEDROOM Air Conditioner • Use fans instead of air-conditioners to keep cool. • If using fans alone is not enough to keep cool, run the air-conditioner for about an hour before switching to the fan. • Service your air-conditioners regularly. Besides the filters, the condition of other components such as the refrigerant, pipe and motor also affects energy efficiency. • Clean the filters regularly. Dirty filters impede airflow and cause energy wastage • Set the air-conditioner temperature to 25℃ or higher. The lower the temperature, the more electricity used. • Choose an inverter air-conditioner. • Shut the doors and windows when using air-conditioners. Computer • Switch off your computer completely when not in use for long periods. • Enable the power management features of your computer, such as switching to lower power sleep mode or hibernation mode after idling for a certain amount of time (e.g., more than 5 minutes). • Choose a laptop over a desktop as laptops consume less electricity. Iron • Start with clothes that require lower temperatures (e.g., silk and wool) before ironing those that require higher temperatures (e.g., cotton). This will prevent unnecessary heating, cooling, reheating. • Select the temperatures for the various fabrics. Overheating the iron will not only waste electricity, but also damage your clothes. BATHROOM Water Heater • If you have an instantaneous water heater, switch it on before you shower and switch it off immediately after use. • Cut down on long showers. Taking shorter showers save both electricity and water. Did you know? Unlike instantaneous water heaters, storage water heaters continue to use energy to heat water when they are left switched on. KITCHEN Refrigerator • Cover liquids and food stored in the refrigerator. Uncovered items release moisture, forcing the compressor to work harder to keep the temperature low. • Allow food to cool before putting them into the refrigerator. Hot food causes the compressor to work harder to keep the temperature low. • Do not overload the refrigerator to ensure that cold air can circulate freely. • Do not place the refrigerator near heat sources such as stoves, ovens or direct sunlight. The higher the ambient temperature, the more energy the refrigerator consumes. Instead, place the refrigerator in a cool place with good circulation. • Allow some space around the refrigerator to enable heat to escape from the compressor and condensing coil. • Do not open the refrigerator door unnecessarily. • Do not leave the refrigerator door open longer than necessary. Decide what you need from the refrigerator beforehand. • Set the refrigerator to the recommended temperature. • Thaw frozen food in the refrigerator instead of using the microwave oven. • Ensure that your refrigerator door seals are airtight. Electric Airport • Boil water only when needed. • Use a thermal flask to store hot water. KITCHEN Cooking Habits • Cover the pot while cooking. Food cooks faster in covered pots. • Match the size of the pot with the size of the burner. Energy is lost when small pots are used on larger burners. • Use a microwave oven to cook or warm leftovers instead of a conventional oven. • Use an over timer instead of opening the oven door to check your food. • Clean your cooking appliances regularly so that heat can be transferred more efficiently. • Check the seal on your oven door for cracks or tears to retain heat more effectively. • Plan your cooking procedures and prepare your ingredients ahead to reduce unnecessary energy usage. Washing Machine and Dryer • Wash with an optimal laundry load to maximise energy savings. • Use the right amount of detergent to avoid washing or rinsing the load unnecessarily. • Pre-soak or use a soak cycle for heavily soiled garments to avoid two washing cycles. • Use the economy mode to save energy. • Select a clothes dryer with energy-saving features, such as the ability to strop drying once it senses that the clothes are sufficiently dry. • Dry with an optimal laundry load whenever possible. Save even more energy by air-drying lightweight items and using the clothes dryer only for heavier items. • Choose a clothes dryer of suitable capacity that meets your family needs. LIVING ROOM Lighting • Choose energy-saving lighting such as compact fluorescent lamps and LED bulbs. Avoid incandescent lamps. • Use dimmers, timers or sensors to control the level and duration of lighting needed. • Clean lamps and light fixtures regularly. Dust on lamps and reflectors reduces light transmission. • Whenever possible, use natural light for your lighting needs. Television • Dim the light while watching television. This saves electricity while cutting glare from the screen. • Always switch off your TV set-top box at the power socket as it consumes the highest standby power. • Lower the brightness and contrast settings of your TV. Standby Mode • Switch off your home appliances at the power socket when they are not in use. Standby power can account for up to 10% of your home energy use. National-Average-Household-Consumption----_Mar-24-to-Feb-25.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/National-Average-Household-Consumption----_Mar-24-to-Feb-25.xlsx Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 HDB 1-Room 81.28 87.54 87.29 84.83 81.86 87.86 87.69 83.11 84.19 79.07 78.29 77.04 HDB 2-Room 94.78 103.49 102.84 98.53 96.07 102.96 101.39 96.90 97.62 92.27 91.27 89.30 HDB 3-Room 120.33 132.29 128.10 124.29 121.74 129.94 128.83 123.83 123.57 117.18 114.72 112.98 HDB 4-Room 142.66 156.01 153.34 147.42 143.11 152.92 152.86 146.17 146.88 140.21 135.59 135.07 HDB 5-Room 151.97 165.19 162.85 156.27 149.96 161.67 162.41 156.08 156.45 149.31 142.48 144.01 HDB Executive 168.72 184.59 180.19 172.48 168.80 178.86 180.50 172.04 172.61 163.45 157.40 159.60 Apartment 179.66 198.71 191.52 184.01 175.50 181.94 191.11 186.36 183.84 175.37 163.41 158.33 Terrace 290.38 311.38 286.03 283.33 283.80 289.68 301.49 291.00 290.49 277.89 263.67 267.59 Semi-Detached 370.67 392.95 372.29 354.71 361.00 367.73 385.46 366.17 370.19 349.08 335.83 332.11 Bungalow 718.02 776.44 731.30 675.72 711.32 685.95 762.28 719.32 712.26 661.91 659.36 621.11 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 HDB 1-Room 71.92 78.05 78.52 76.28 73.55 78.77 78.62 74.36 75.37 70.55 69.80 67.47 HDB 2-Room 85.21 93.42 93.59 89.84 87.41 93.80 92.26 88.22 88.72 83.62 82.58 80.06 HDB 3-Room 107.06 118.11 115.38 112.09 109.70 116.95 115.78 111.35 111.05 105.02 102.49 100.23 HDB 4-Room 126.03 138.53 137.64 132.74 128.46 137.02 136.76 130.76 131.35 125.25 120.76 119.36 HDB 5-Room 133.43 145.81 145.63 140.07 134.00 144.16 144.59 138.87 139.24 132.77 126.41 126.62 HDB Executive 149.14 163.91 161.79 155.45 151.54 160.36 161.59 153.95 154.44 146.15 140.37 140.97 Apartment 155.96 175.31 171.33 164.80 156.02 161.06 169.18 164.23 161.75 154.01 142.43 135.55 Terrace 259.98 282.50 262.69 259.01 258.83 264.59 274.69 263.93 263.37 250.88 239.06 240.95 Semi-Detached 337.24 359.90 342.81 328.12 331.78 338.46 354.82 336.52 340.26 319.77 307.20 301.32 Bungalow 662.48 717.39 678.65 633.29 661.40 638.62 711.71 667.03 661.57 617.06 610.72 573.47 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. sp-powerassets-financial-statements-fy2122.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/energy-hub/annual-report/sp-powerassets-financial-statements-fy2122.pdf SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 1 Directors’ statement We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2022. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: SP PowerAssets Limited Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd 11,180 10,000 11,180 10,000 Ms Amelia Champion Singapore Telecommunications Limited CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units 1,430 5,000 – – 1,430 –* 5,000* 773* Ms Loong Hui Chee Ascendas Real Estate Investment Trust – units Ascott Residence Trust – units CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree North Asia Commercial Trust – units Mapletree Treasury Services Limited - 3.95% Perpetual Bond Singapore Airlines Limited Singapore Technologies Engineering Ltd Singapore Telecommunications Limited Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 14,615 159,248 21,531 – 57,344 59,471 S$250,000 20,669 1,495 117,108 S$13,000 14,615 159,248 –* 21,531* 71,680* 60,321 S$250,000 20,669 1,495 117,108 S$13,000 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. SP PowerAssets Limited Directors’ statements Year ended 31 March 2022 3 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors MR STANLEY HUANG TIAN GUAN Chairman MS LOONG HUI CHEE Director 1 June 2022 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 4 Independent Auditor’s Report For The Financial Year Ended 31 March 2022 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2022, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2022 and of the financial performance, changes in equity and cash flows of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Company in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 5 address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the impact of Covid-19 pandemic on market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 6 In preparing the financial statements, management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2022 7 We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 1 June 2022 SP PowerAssets Limited Financial statements Year ended 31 March 2022 8 Balance sheet As at 31 March 2022 Non-current assets Property, plant and equipment Intangible assets Derivative assets Current assets Inventories Trade and other receivables Current tax receivable Derivative assets Cash and cash equivalents Total assets Regulatory deferral accounts (“RDA”) debit balances Total assets and RDA debit balances Note 4 6 7 8 9 7 10 11 2022 $ million 10,647.7 2,169.3 124.6 12,941.6 34.8 340.0 − 55.6 0.2 430.6 13,372.2 223.2 13,595.4 2021 $ million 10,473.5 2,171.1 176.1 12,820.7 35.0 281.2 13.7 1.1 1.8 332.8 13,153.5 222.3 13,375.8 Equity Share capital Hedging reserve Accumulated profits Total equity 12 13 2,512.4 81.6 2,595.4 5,189.4 2,512.4 52.4 2,511.5 5,076.3 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Deferred income Deferred construction cost compensation Lease liabilities 14 7 15 16 17 5 2,416.7 160.4 1,442.3 133.8 256.2 0.4 4,409.8 3,320.1 63.9 1,386.5 142.3 256.2 − 5,169.0 Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities Regulatory deferral accounts (“RDA”) related deferred tax liabilities Total equity, liabilities and RDA related deferred tax liabilities 14 7 18 5 11 777.8 5.2 50.6 3,121.3 3.4 3,958.3 8,368.1 13,557.5 37.9 13,595.4 − 4.4 − 3,088.3 − 3,092.7 8,261.7 13,338.0 37.8 13,375.8 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 9 Income statement Year ended 31 March 2022 Note 2022 $ million 2021 $ million Revenue Other income Expenses - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Management fees - Property taxes - Agency fee - Support services - Other operating expenses Operating profit Finance income Finance costs Profit before taxation Tax expense Profit for the year Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movement in RDA balances 19 20 4 6 21 22 23 24 11 1,660.4 73.3 (622.2) (2.8) (101.8) (153.9) (60.2) (27.6) (36.1) (54.3) 674.8 0.1 (135.8) 539.1 (100.7) 438.4 0.8 439.2 1,438.1 81.4 (591.7) (9.0) (96.2) (153.2) (60.4) (26.2) (33.4) (47.2) 502.2 # (132.3) 369.9 (68.7) 301.2 170.2 471.4 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 10 Statement of comprehensive income Year ended 31 March 2022 2022 $ million 2021 $ million Profit for the year and net movement in RDA balances 439.2 471.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 31.7 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (2.6) 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.1 (1.2) Other comprehensive income for the year, net of tax 29.2 24.0 Total comprehensive income for the year 468.4 495.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 11 Statement of changes in equity Year ended 31 March 2022 Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2020 2,512.4 28.4 2,384.8 4,925.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 471.4 471.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 24.2 − 24.2 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − 1.0 − 1.0 - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − (1.2) − (1.2) Total other comprehensive income Total comprehensive income for the year − 24.0 471.4 495.4 − 24.0 − 24.0 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (344.7) (344.7) At 31 March 2021 2,512.4 52.4 2,511.5 5,076.3 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 12 Statement of changes in equity Year ended 31 March 2022 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2021 2,512.4 52.4 2,511.5 5,076.3 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 439.2 439.2 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 31.7 − 31.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (2.6) − (2.6) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 0.1 − 0.1 Total other comprehensive income − 29.2 − 29.2 Total comprehensive income for the year − 29.2 439.2 468.4 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared At 31 March 2022 29 − − (355.3) (355.3) 2,512.4 81.6 2,595.4 5,189.4 The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 13 Statement of cash flows Year ended 31 March 2022 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 439.2 471.4 Adjustments for: Tax expense 23 100.7 68.7 Depreciation and amortisation 625.0 600.7 Loss on disposal of property, plant and equipment and intangible assets 24 4.0 0.6 Deferred income 16 (8.8) (8.7) Inventories written down, net 8 4.3 5.3 (Write-back of allowance) / allowance for expected credit loss on trade receivables, net 9 (2.3) 7.5 Finance income 21 (0.1) # Finance costs 22 135.8 132.3 Exchange gain, net 24 (0.3) (0.2) Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 (0.8) (170.2) 1,107.4 Changes in working capital: Inventories (4.1) (0.7) Trade and other receivables (56.8) (37.0) Trade and other payables 76.0 (6.2) Cash generated from operations 1,311.8 1,063.5 Interest received 0.1 # Income tax refunded / (paid) 13.4 (10.0) Net cash generated from operating activities 1,325.3 1,053.5 Cash flows from investing activities Purchase of property, plant and equipment (860.6) (832.0) Purchase of intangible assets (1.0) (0.9) Proceeds from disposal of property, plant and equipment and intangible assets 6.2 5.5 Net cash used in investing activities (855.4) (827.4) Note 1,296.7 Cash flows from financing activities Interest paid (56.6) (85.9) Commitment fees paid (0.1) (1.5) Repayment of related company loans (411.5) (129.9) Payment of principal portion of lease liabilities 5 (3.3) (7.0) Net cash used in financing activities (471.5) (224.3) Net (decrease) / increase in cash and cash equivalents Cash and cash equivalents at beginning of the year (1.6) 1.8 1.8 – Cash and cash equivalents at end of the year 10 0.2 1.8 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2021 of $355.3 million (2021: $344.7 million) were settled via loans from a related company. In 2021, the Company repaid two of its bonds amounting to $780.0 million. The amounts were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 14 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 1 June 2022. 1 Domicile and activities SP PowerAssets Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 2.3 2.4 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency The financial statements are presented in Singapore dollars, which is the Company’s functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: SP PowerAssets Limited Financial statements Year ended 31 March 2022 15 Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.14) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.12 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Company has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Company is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and /or hedging instrument that permit the hedge relationship to be continued without interruption. The Company applies the following reliefs as and when uncertainty arising from the interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Company amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Notes 3.4 and 26. There was no significant financial impact to the Company as a result of these amendments. SP PowerAssets Limited Financial statements Year ended 31 March 2022 16 3 3.1 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Company, which addresses changes in accounting policies due to the adoption of new and revised standards. Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 17 Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Company, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Transformers and switchgear Other plant and machinery - Works and other equipment - Standby electricity generator and other machinery Mains Other fixed assets (principally meters and motor vehicles) Over the term of the lease ranging from 30 to 99 years 30 to 40 years or the lease term, if shorter 30 years 3 to 10 years 15 to 25 years 30 years 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. SP PowerAssets Limited Financial statements Year ended 31 March 2022 18 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Computer software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 5 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. SP PowerAssets Limited Financial statements Year ended 31 March 2022 19 Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. SP PowerAssets Limited Financial statements Year ended 31 March 2022 20 Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. SP PowerAssets Limited Financial statements Year ended 31 March 2022 21 When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Company assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Company assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Company assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Company will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. For its highly probable assessment of the hedged item, the Company will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. SP PowerAssets Limited Financial statements Year ended 31 March 2022 22 For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). SP PowerAssets Limited Financial statements Year ended 31 March 2022 23 For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amount is estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. SP PowerAssets Limited Financial statements Year ended 31 March 2022 24 3.6 Inventories Inventories are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.7 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.8 Provisions A provision is recognised if, as a result of past event, the Company has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. 3.9 Government grants Capital grants are recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.10 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.9 sets out the government grant accounting policy. 3.11 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the customers’ contributions and government grant. SP PowerAssets Limited Financial statements Year ended 31 March 2022 25 3.12 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.13 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.14 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. SP PowerAssets Limited Financial statements Year ended 31 March 2022 26 3.15 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Company does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. SP PowerAssets Limited Financial statements Year ended 31 March 2022 27 Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.16 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.17 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. SP PowerAssets Limited Financial statements Year ended 31 March 2022 28 Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting nor taxable profit or loss; and • taxable temporary differences arising on the initial recognition of goodwill. Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.18 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. SP PowerAssets Limited Financial statements Year ended 31 March 2022 29 3.19 New standards and interpretations not yet adopted A number of new amendments to standards that are effective for annual periods beginning after 1 April 2021 have not been applied in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-37: Onerous Contracts—Cost of Fulfilling a Contract • Amendments to SFRS(I) 1-1 and SFRS(I) Practice Statement 2: Disclosure of Accounting Policies • Amendments to SFRS(I) 1-8: Definition of Accounting Estimates • Amendments to SFRS(I) 1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction SP PowerAssets Limited Financial statements Year ended 31 March 2022 30 4 Property, plant and equipment Cost At 1 April 2020 Additions Disposals Transfers from intangible assets Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 Accumulated depreciation At 1 April 2020 Depreciation Disposals At 31 March 2021 Depreciation Disposals At 31 March 2022 Carrying amounts At 31 March 2021 At 31 March 2022 Freehold land $ million Leasehold land $ million Buildings and tunnels $ million Switchgear $ million Transformers $ million Other plant and machinery $ million Mains $ million Other fixed assets $ million Constructionin-progress $ million Total $ million 0.3 500.8 1,652.6 3,262.1 1,725.5 453.3 6,123.4 219.7 2,234.6 16,172.3 − − − 1.0 − 2.2 − 16.0 808.9 828.1 − − − (39.9) (10.9) (14.1) (0.5) (6.0) − (71.4) − − − − − − − − 0.7 0.7 − 3.6 39.8 127.8 125.7 38.4 1,130.4 26.0 (1,491.7) − 0.3 504.4 1,692.4 3,351.0 1,840.3 479.8 7,253.3 255.7 1,552.5 16,929.7 − − 7.2 1.2 − 3.2 − 19.6 775.4 806.6 − − (0.1) (30.1) (30.4) (7.0) (106.7) (9.3) (3.2) (186.8) − (0.4) 154.8 123.8 86.9 27.7 308.0 9.0 (709.8) − 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 − 162.8 626.1 1,615.0 626.3 265.1 2,530.3 105.1 − 5,930.7 − 9.9 56.1 144.4 65.7 40.7 248.8 26.1 − 591.7 − − − (37.3) (8.6) (14.1) (0.5) (5.7) − (66.2) − 172.7 682.2 1,722.1 683.4 291.7 2,778.6 125.5 − 6,456.2 − 10.1 61.9 148.8 67.7 43.6 255.7 34.4 − 622.2 − − (0.1) (26.2) (27.9) (6.9) (106.7) (8.8) − (176.6) − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 0.3 331.7 1,010.2 1,628.9 1,156.9 188.1 4,474.7 130.2 1,552.5 10,473.5 0.3 321.2 1,110.3 1,601.2 1,173.6 175.3 4,527.0 123.9 1,614.9 10,647.7 SP PowerAssets Limited Financial statements Year ended 31 March 2022 31 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: Management fees (staff cost) 2022 $ million 78.8 2021 $ million 76.1 As at 31 March 2022, property, plant and equipment includes right-of-use assets of $325.0 million (2021: $331.7 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets / Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2020 Additions Depreciation At 31 March 2021 Additions Reclassification Depreciation At 31 March 2022 338.0 3.6 (9.9) 331.7 − (0.4) (10.1) 321.2 3.5 − (3.5) − 7.2 − (3.4) 3.8 341.5 3.6 (13.4) 331.7 7.2 (0.4) (13.5) 325.0 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: At 1 April Additions Accretion of interest Payments At 31 March Current Non-current # Less than $0.1 million 2022 $ million − 7.1 0.1 (3.4) 3.8 3.4 0.4 2021 $ million 7.1 − # (7.1) − − − The maturity analysis of lease liabilities is disclosed in Note 26. SP PowerAssets Limited Financial statements Year ended 31 March 2022 32 The following are the amounts recognised in profit or loss: Depreciation expense of right-of-use assets Interest expense on lease liabilities Expenses relating to short-term leases (included in other operating expenses) 2022 $ million 13.5 0.1 1.7 15.3 2021 $ million 13.4 − 2.2 15.6 The Company had total cash outflow for leases of $5.1 million (2021: $9.3 million) for the financial year ended 31 March 2022. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2020 Additions Disposals Transfers to property, plant and equipment Reclassification At 31 March 2021 Additions Disposals Reclassification At 31 March 2022 2,166.8 109.4 46.4 1.9 2,324.5 − 0.8 − 0.1 0.9 − − (7.6) − (7.6) − − − (0.7) (0.7) − − 0.3 (0.3) − 2,166.8 110.2 39.1 1.0 2,317.1 − 1.0 − − 1.0 − (0.3) − − (0.3) − − 0.9 (0.9) − 2,166.8 110.9 40.0 0.1 2,317.8 Accumulated amortisation At 1 April 2020 Amortisation Disposals At 31 March 2021 Amortisation Disposals At 31 March 2022 − 102.9 40.8 − 143.7 − 4.6 4.4 − 9.0 − − (6.7) − (6.7) − 107.5 38.5 − 146.0 − 2.4 0.4 − 2.8 − (0.3) − − (0.3) − 109.6 38.9 − 148.5 Carrying amounts At 31 March 2021 At 31 March 2022 2,166.8 2.7 0.6 1.0 2,171.1 2,166.8 1.3 1.1 0.1 2,169.3 SP PowerAssets Limited Financial statements Year ended 31 March 2022 33 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 6.28% (2021: 5.23%) per annumthat reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2021: 1.2 times) of the carrying amounts of property, plant and equipment. SP PowerAssets Limited Financial statements Year ended 31 March 2022 34 7 Derivative assets and liabilities Current: Cross-currency interest rate swaps Interest rate swaps Foreign exchange forwards Outstanding notional amounts $ million 623.8 200.0 224.0 2022 2021 Assets $ million Liabilities $ million Outstanding notional amounts $ million Assets $ million Liabilities $ million 53.6 − − − − 1.1 − 1,285.6 − (1.1) 0.9 (5.2) 215.4 1.1 (3.3) 55.6 (5.2) 1.1 (4.4) Non-current: Cross-currency interest rate swaps 2,149.1 − (160.4) 2,772.9 116.0 (62.5) Interest rate swaps 2,599.1 124.6 − 2,799.1 59.6 − Foreign exchange forwards 1.2 − # 58.8 0.5 (1.4) 124.6 (160.4) 176.1 (63.9) # Less than $0.1 million SP PowerAssets Limited Financial statements Year ended 31 March 2022 35 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets 2022 Derivative assets 2021 Derivative assets Gross amounts of recognised financial assets $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million 180.2 (108.9) 71.3 177.2 (20.8) 156.4 Types of financial liabilities 2022 Gross amounts of recognised financial liabilities $ million Related amounts not offset in the balance sheet – financial instruments $ million Net amounts $ million Derivative assets 2021 Derivative assets 165.6 (108.9) 56.7 68.3 (20.8) 47.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 36 Hedge Accounting As at 31 March 2022 and 2021, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2022 Cash flow hedge Interest rate risk – Finance cost 5,197.0 158.0 − − − 52.4 (52.4) − 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 225.2 (4.3) − − − 3.6 (3.6) − CHF/SGD: 1.397 - 1.501 CNY/SGD: 0.187 - 0.196 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.031 USD/SGD: 1.334 - 1.382 Up to 2022 Up to 2023 Up to 2024 Up to 2023 Up to 2022 Up to 2022 Fair value hedge Interest rate risk 375.0 6.0 (281.7) Debt obligations (7.1) (13.8) 14.0 0.2 6 month SOR/SORA Up to 2029 Foreign exchange risk 2,149.1 (145.1) (1,986.5) Debt obligations 156.5 (113.1) 108.6 (4.5) Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 37 Hedge instrument Hedged item Changes in fair value used for calculating hedge ineffectiveness Outstanding notional amounts $ million Assets / (liabilities) $ million Carrying amount of Assets / (liabilities) $ million Financial statement line that includes the hedged item Accumulated amount of fair value adjustments $ million Hedging instrument $ million Hedged item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2021 Cash flow hedge Interest rate risk – Finance cost 6,482.6 114.5 − − − 37.0 (38.6) (1.6) 0.2780% - 2.3450% Up to 2027 Foreign exchange risk - Refer to Note 26 under Foreign currency risk 274.2 (3.1) − − − (6.9) 6.9 − CHF/SGD: 1.397 CNY/SGD: 0.187 - 0.199 EUR/SGD: 1.537 - 1.656 JPY/SGD: 0.011 - 0.013 MYR/SGD: 3.028 - 3.040 USD/SGD: 1.334 - 1.425 Up to 2021 Up to 2023 Up to 2024 Up to 2023 Up to 2021 Up to 2022 Fair value hedge Interest rate risk 375.0 19.8 (295.6) Debt obligations (21.1) (6.4) 7.0 0.6 6 month SOR Up to 2029 Foreign exchange risk 2,149.1 (22.3) (2,103.6) Debt obligations 38.2 (92.5) 98.5 6.0 Refer to footnotes of Note 14 Up to 2027 SP PowerAssets Limited Financial statements Year ended 31 March 2022 38 8 Inventories 2022 $ million 2021 $ million Cables Transformers Switchgear Spare parts and accessories 24.6 1.6 7.4 1.2 34.8 24.8 3.2 4.7 2.3 35.0 In the financial year ended 31 March 2022, inventories recognised as an expense in the income statement amounted to $4.2 million (2021: $4.5 million). The write-down of inventories to net realisable value amounted to $4.3 million (2021: $5.3 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $3.1 million (2021: $2.1 million). 9 Trade and other receivables 2022 $ million 2021 $ million Trade receivables: - Third parties - Related companies - Immediate holding company Impairment loss Accrued revenue Deposits Prepayments 123.9 63.5 0.1 187.5 (6.5) 181.0 117.6 0.4 299.0 41.0 119.3 38.9 0.3 158.5 (8.8) 149.7 101.7 0.3 251.7 29.5 340.0 281.2 Trade receivables The average credit term is between 8 to 30 calendar days (2021: between 7 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. SP PowerAssets Limited Financial statements Year ended 31 March 2022 39 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: Contestable transmission / distribution customers Non-contestable transmission / distribution customers Project-based customers Others 2022 $ million 133.0 22.9 22.3 2.8 181.0 2021 $ million 103.2 6.2 36.7 3.6 149.7 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: Not past due Past due 0 - 30 days Past due 31 - 90 days Past due 91 - 180 days Past due more than 180 days 2022 $ million 167.7 5.3 2.9 0.6 11.0 187.5 2021 $ million 134.3 1.4 5.2 2.2 15.4 158.5 SP PowerAssets Limited Financial statements Year ended 31 March 2022 40 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: At 1 April Impairment loss recognised Impairment loss written back At 31 March 2022 $ million 8.8 − (2.3) 6.5 2021 $ million 1.3 9.0 (1.5) 8.8 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2022 $ million 2021 $ million Cash at bank and in hand 0.2 1.8 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. 11 Regulatory deferral accounts Net movement in RDA balances related to profit or loss RDA related deferred tax movement Net movement in RDA balances related to profit or loss and the related deferred tax movement 2022 $ million 0.9 (0.1) 0.8 2021 $ million 205.1 (34.9) 170.2 SP PowerAssets Limited Financial statements Year ended 31 March 2022 41 RDA debit balances At 1 April 2021 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2022 $ million Deferral of revenue based on service rendered 256.9 106.4 (49.3) 314.0 Under recovery of volume variance (34.6) (78.6) 22.4 (90.8) 222.3 27.8 (26.9) 223.2 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.8) (4.7) 4.6 (37.9) RDA debit balances Deferral of revenue based on service rendered Under recovery of volume variance RDA related deferred tax liabilities RDA related deferred tax liabilities At 1 April 2020 $ million Balances arising in the period $ million (Recovery) / reversal $ million At 31 March 2021 $ million (38.6) 266.7 28.8 256.9 55.8 1.5 (91.9) (34.6) 17.2 268.2 (63.1) 222.3 (2.9) (45.6) 10.7 (37.8) The recovery / reversal period of RDA debit and credit balances are directed by EMA. The Company is curre

2 | TOP STORIES The Business Times | Monday, August 12, 2019 Charging power still a chicken-and-egg gripe for electric fleets Private players moving into charging market amid relative paucity of charging points By Annabeth Leow leowhma@sph.com.sg @AnnabethLeowBT and Navin Sregantan navinsre@sph.com.sg @NavinSreBT Singapore DESPITE plans to drive pollutive petrol and diesel cars into history, electric vehicles (EVs) have still struggled to lose their training wheels. The relative paucity of charging points has been held up as a “critical gap” in Singapore’s electric road map. But, even as policymakers look at fleetwide electrification for larger transport companies, private players are moving into the charging market, with the state-owned SP Group leading in its target for charging stations. In a surprise Budget 2019 move, Singapore’s excise duty on diesel was doubled to S$0.20 a litre in February. But more charging points would spur investment in EVs, industry players said – the carrot to the tax hike’s stick. Bain had estimated in a recent report that South-east Asia’s annual investment in charging infrastructure would be US$500 million by 2030. SP Group, which is owned by state investment firm Temasek Holdings, now manages 50 of the country’s roughly 200 public charging points. It is gunning for 1,000 points by next year, including 250 fast-charging DC stations, which can charge a battery in half an hour. SP Group is not the sole provider of public charging points in the city state. Greenlots, owned by Shell since January, first began operations in Singapore in 2010. It runs 34 charging points across 23 spaces, with most in the central business district. Since May, Red Dot Power’s electric charging operations have been funnelled through sister company REVO Charge. It operates seven charging points, with plans to hit 50 points in public and private areas. And, as BlueSG marked its first anniversary in Singapore, the availability of public charging stations was given a boost with the electric car-sharing platform opening up 99 charging points across 25 locations. Meanwhile, Swiss industrial vendor ABB, which already provides the equipment used by SP Group, will supply charging infrastructure for the operators behind two-thirds of “One of the challenges in Singapore is the size of the market – which will limit the logic of having too many different networks competing with one another.” Bain partner Dale Hardcastle Singapore’s 60 electric buses in 2020. Jagwinder Singh, Singapore general manager of overland and distribution for Kuehne + Nagel, called islandwide charging availability “a key consideration” in the logistics multinational’s decision to roll out two light-duty Renault electric vans last year. But Goh Chee Kiong, head of strategic development at SP Group, noted that charging infrastructure – which the Bain report called a chicken-and-egg issue – now makes for “a critical gap, often expressed by prospective EV buyers in their considerations”. “One of the challenges in Singapore is the size of the market – which will limit the logic of having too many different networks competing with one another,” Bain partner Dale Hardcastle later told The Business Times. “It may be more logically and faster to have few networks set up by single parties of consortium to accelerate the pace of development.” Johan de Villiers, managing director for Singapore and South-east Asia at ABB, told BT that, as the sector evolves, “the need for collaboration is greater than ever”, as businesses like his will have to work with manufacturers and operators on issues such as technology standards. But Vijay Sirse, chief executive of REVO Charge, said operators are still trying to build up their own bases. “There are also technical challenges for roaming that must be addressed – for example, the harmonisation of different communication and data transfer technologies,” said Mr Sirse. “Another challenge is the safe and secure exchange of consumer usage data.” Tan Kong Hwee, executive director for mobility at the Economic Development Board (EDB), told BT that charging infrastructure providers must figure out the business case for their own solutions and services. “Thereafter, they could become the first movers in Singapore’s transition to EVs,” he said. “(The) EDB will continue to engage various fleet players – including logistics companies – to understand how fleet electrification could benefit their businesses.” Christopher Leck, deputy group director of technology and industry development at the Land Transport Authority (LTA), had told the Credit Suisse Global Supertrends Conference in April that “it makes sense” to The total cost of ownership for EVs may also yield more favourable economics for commercial fleet owners that have higher-intensity operations with light vehicles or lorries ..., the Bain report says. BT FILE PHOTO focus on electrifying large fleets of buses, lorries and taxis, rather than private, individually owned vehicles. ComfortDelGro Corp, which has some 12,000 cabs on Singapore’s roads, tied up with Greenlots in 2018 to run a fast-charging station through an engineering unit. It plans to open a second such station later this year. These charging stations support ComfortDelGro’s four fully electric Hyundai Ioniq and Kona taxis, which are part of an ongoing trial. Those drivers can also use other Greenlots charging services, and a charging station at Komoco Motors in Alexandra. Bain has suggested that commercial fleets will help to flip the switch in the region, as fleet owners “may develop their own charging infrastructure and only would need to make outside investments (or tap third parties) for top-up charging” elsewhere. The total cost of ownership for EVs may also yield more favourable economics for commercial fleet owners that have higher-intensity operations with light vehicles or lorries – especially in markets such as Singapore with higher fuel costs, the report added. Bloomberg New Energy Finance has previously reported that “long-haul, heavy-duty trucks will be harder to electricify” and may have to tap natural gas and hydrogen cells. Yet EDB executive director Lee Eng Keat, whose portfolio includes Singapore’s logistics industry cluster, noted at the Invest Asia 2019 conference in May that, “as fleet replacements come, the cost of a diesel or a carbon engine versus an electric vehicle is coming to close up”. Bain pointed to ride-hailing firm Grab, which has deals with SP Group and car maker Hyundai to lease and manage 200 electric vehicles here until year-end. It suggested that food delivery fleets could follow Grab’s lead – although, when asked what other sectors might go electric, Mr Hardcastle said that logistics providers will need to wait for more EV options to hit the market, while public buses rely on larger and costlier batteries, making a switch a matter of “a few more years”. But “BlueSG and other car sharing services would be able to capture similar benefits to fleets like Grab or Go-Jek, depending upon their business and leading model”, he added. “When looking at charging capacity for buses and trucks, the industry is currently limited to a maximum charge of 600kW,” noted ABB’s Mr de Villiers. “However, there is also significant potential for evolution in this sector, with 1MW charging possible in the not-too-distant future.” Grab’s fleet electrification was part of a joint government trial – which, a spokesman for the LTA told BT, has found out that shared-car fleets could reap economies of scale “with higher daily mileage and potentially lower running costs” than private vehicles. Mr Leck said that the LTA has worked with infrastructure vendors and hopes to “proliferate these sorts of charging infrastructure” publicly. “But, for most of these companies... the primary purpose, as in the case of BlueSG, is really to provision infrastructure for their own shared vehicles first,” he acknowledged. Meanwhile, Kuehne + Nagel’s Mr Singh said that the group will increase its number of EVs here “as the range of EVs improve, the size of the vehicle increases and there are more charging points along our transportation routes in commercial areas”. With the two electric vans now charged at the group’s logistics hub in Pioneer Crescent, “an increase in the number of charging points across the island would have a positive impact on our plans to increase our EV investment in Singapore”, he said, adding that government funding “would help to defray costs and accelerate the transformation” as well. BT Infographics Are we there yet? The central question regarding the growth of electric vehicle (EV) use in Singapore is whether infrastructure needs to be developed first before interest in EVs pick ups among individuals and business owners. The answer is somewhere in between. In the last couple of years, cheaper running costs and more affordable variants of electric vehicles have sprouted up, together with more public and private charging facilties being built.There were 560 electric cars in Singapore last year compared with 12 in 2016. Electric goods and services vehicles have more than doubled in that time. Here is a breakdown of vehicle charging stations available for public use. BY NAVIN SREGANTAN KRANJI EXPRESSWAY AYERRAJAH EXPRESSWAY PAN-ISLA N D EXPRESSWAY SELETAR E XPRE SSWAY E SS CENTRAL EXPRESS WAY L E TAMPINES EXPRESSWAY XPRE W Y AY WA KALLANG-P AYA LEBAR E XPRESSWAY MACALISTER ROAD EAST COAST PARKWAY COLLEGE ROAD Singapore General Hospital K A MPONG BAHRU ROAD Police Cantonment Complex Cantonment Primary School CANTONMENT LINK NEIL ROAD CANTONMENT ROAD CLEMENCEAU AVE Tanjong Pagar Plaza HOE CHIANG ROAD RIVER VALLEY RD Clarke Quay station ANSON ROAD CHJIMES BOON TAT ST SHENTON SHENTON WAY WAY Singapore River Raffles Place station City Hall station Tanjong Pagar station Padang Esplanade station Marina Reservoir Bugis station MARINA BOULEVARD Downtown station One Fullerton Suntec City Mall Bayfront station Promenade station Gardens by the Bay MARINA GARDENS DRIVE AYER RAJAH EXPRESSWAY KEPPEL ROAD Shenton Way Bus Terminal BlueSG, a subsidiary of French conglomerate Bollore Group, commenced operations in Dec 2017 as Singapore's first, electric-only car sharing service. In celebration of its first year here, BlueSG opened up a select group of charging stations for public use. Since late April, drivers of electric vehicles were able to charge their rides at HDB, URA & JTC carparks at 99 charging points across 25 locations in Singapore. While drivers are slowly shifting to electric vehicles, Jenny Lim, BlueSG's commercial and network director notes that currently, BlueSG has 30,000 rentals a month across its 465 BlueCar fleet from 6,000 a year ago. SP Group started operating public charging stations in January and currently has opened 54 electric vehicle charging points across 12 locations with plans to operate 1,000 charging points in Singapore by 2020. The points comprise 50kW direct current (DC) chargers, which are able to fully power up a vehicle in 30 minutes, and 43kW alternating current (AC) chargers. The grid operator's head of strategic development Goh Chee Kiong said that in the past two years, the company started replacing its fleet of vehicles with electric ones and through that, realised that there was a need to address a critical gap in electric vehicle charging infrastructure. An early mover into the electric vehicle charging space, Greenlots commenced operations in 2010 to address the lack of dedicated infrastructure for EV charging. In January, it was acquired by oil major Royal Dutch Shell where it is now a wholly-owned subsidiary of Shell New Energies. It continues to grow its footprint with 34 public charging points across 23 locations, with half of them concentrated in the central business district. It is in discussions with other parties to expand reach and accessibility of electric vehicle charging points in Singapore. It operates many charging points in condominiums and office buildings. Red Dot Power has had its eye on the EV charging business as part of the firm’s strategic plan to offer a one-stop energy solution for buildings. Since May, its electric charging operations are funnelled through sister company REVO Charge, a wholly owned entity of homegrown energy services company vTrium Energy. REVO Charge currently has seven public chargers in operations with the rest of its chargers being private chargers or pending commissioning. Six of those public chargers are at Bukit Timah Shopping Centre and one is at Holland Road Shopping Centre. Two more are under installation at Gardens By The Bay. REVO Charge is on track to hit its target of 50 EV chargers (both private and public) by the end of 2019. Compiled by BT Sources: BlueSG, Greenlots, REVO Charge and SPGroup (charging stations as at August 8, 2019) BT Graphics: Hyrie Rahmat Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction.

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Mobile Generators: Powering Continuity RELIABILITY Mohamed Nasir bin Mohamed Ismail, Technical Officer, Electricity Operations (center) together with Ismet Imran bin Chuma'ing, Senior Technician, Electricity Operations (left) and Mohammad Najib bin Jalil, Technical Officer, Electricity Operations (right) from SP Group's Mobile Generator Unit. When an electrical glitch hit Kian Teck Avenue in Jurong last month, a team from SP Group’s Mobile Generator Unit was charged and ready to roll. In minutes, a mobile generator mounted on a 30-ft trailer left a facility in Pasir Panjang for the site of the incident. The generator carried some 2,000 litres of diesel, enough to power up a housing estate for around eight hours, and up to 40 metres of cable to hook up to a low-voltage (LV) board, which distributes electricity. “We need to always be prepared to provide temporary power,” says Mr Mohamed Nasir bin Mohamed Ismail, 42, a technical officer who is part of the unit. Readiness is key for the Mobile Generator Unit. This begins at 7.30am with a daily “warm up”, conducted by the 10 men on the morning shift. During the one-hour ritual, all the operational mobile generators – the larger ones mounted on fourteen 30-ft trailers, and the smaller ones on seven 20-ft lorries – are started and tested to ensure they are ready to be deployed. The team members also conduct cable insulation tests and checks on their toolboxes and personal protection gear. This enables them to act swiftly and safely, in the event of an electricity disruption. The men, who work on three shifts round the clock, are deployed by SP Group’s Electricity Service Centre in teams of three – a leader, an assistant, and a driver. Mr Nasir, the leader of his team, has been with SP for 21 years, joining right after he completed his National Service in 1998. He studied mechanical engineering at the ITE and plays the role of synchroniser, ensuring that the voltage and frequency of the mobile generator matches that of the grid network. Mr Nasir, who has both a Class 4 and Class 5 driving license, doubles up as a driver, and says navigating these massive vehicles is an exercise that requires both practice and courage. The trailer-mounted mobile generators cannot travel through tunnels, including those on expressways like the MCE, CTE or KPE. The 60km/h speed limit also keeps them in the slowest lanes most of the time. The trailer-mounted generators are part of a fleet of 22 vehicles of different sizes and capacities used for power restoration. “You need to know the quickest alternative route around traffic or restrictions. Outage in Ang Mo Kio and leaving from Pasir Panjang? Alexandra, Farrer, Adam, Braddell, then join the CTE after the tunnel,” Mr Nasir rattles off. The narrow roads in some estates and parked vehicles can also pose problems for the 13 metres by 2.6 metres by 4.3 metres trailers, and it is up to the two men with the driver to recce for a spot to hunker down – which must also be close enough to an electrical room to hook up. While Singapore enjoys one of the lowest occurrences of outages in the world, it is gratifying to be a part of a team that helps “get the lights back on" if supply is disrupted, Mr Nasir says. “We are usually greeted by frustrated faces when we arrive, so seeing them happy again makes us very happy,” he quipped. — 1 May 2019 TAGS PEOPLE OF SPRELIABILITY YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing

08 2024 年 5 月 28 日 星 期 二 新 加 坡 新 能 源 和 凯 德 集 团 说 , 新 能 源 将 负 责 两 部 冷 却 机 组 的 运 作 , 为 Geneo 集 群 的 建 筑 供 应 冷 却 水 。( 凯 德 集 团 提 供 ) Geneo 科 学 园 采 区 域 冷 却 系 统 30 年 可 减 2 万 公 吨 碳 排 新 加 坡 能 源 集 团 与 凯 德 集 团 合 作 , 在 新 加 坡 科 学 园 的 生 命 科 学 和 创 新 集 群 Geneo 采 用 区 域 冷 却 系 统 , 节 能 效 率 比 一 般 制 冷 系 统 高 14%。 新 能 源 和 凯 德 集 团 星 期 一 (5 月 27 日 ) 发 文 告 说 , 新 能 源 将 负 责 两 部 冷 却 机 组 的 运 作 , 为 Geneo 集 群 的 建 筑 供 应 冷 却 水 。 根 据 文 告 ,30 年 下 来 , 这 个 集 群 可 减 至 少 2 万 公 吨 的 碳 排 放 , 相 当 于 每 年 从 路 上 减 去 600 多 辆 车 子 。 凯 德 集 团 去 年 宣 布 注 资 约 13 亿 7000 万 元 , 发 展 一 个 新 的 生 命 科 学 和 创 新 集 群 , 作 为 新 加 坡 科 学 园 振 兴 工 作 的 一 部 分 。 称 为 Geneo 的 新 集 群 , 由 三 组 地 段 和 五 栋 建 筑 组 成 , 分 别 位 于 科 学 园 通 道 (Science Park Drive)1 号 、5 号 和 7 号 。 建 造 工 程 预 计 2025 年 完 工 , 新 能 源 届 时 在 科 学 园 运 作 的 制 冷 能 力 , 可 达 1 万 零 400 冷 冻 吨 (refrigeration ton)。 文 告 指 出 , 除 了 区 域 冷 却 系 统 ,Geneo 的 外 观 设 计 也 能 阻 挡 阳 光 , 并 利 用 光 伏 太 阳 能 板 制 造 可 再 生 能 源 , 以 及 在 区 内 种 植 物 来 减 少 城 市 热 岛 效 应 。Geneo 的 建 筑 凭 这 些 节 能 特 点 , 获 颁 绿 色 建 筑 标 志 白 金 超 低 能 耗 (Green Mark Platinum Super Low Energy) 和 绿 色 建 筑 标 志 白 金 认 证 。 新 能 源 可 持 续 能 源 方 案 董 事 总 经 理 哈 沙 (S Harsha) 指 出 , 区 域 冷 却 是 新 加 坡 实 现 可 持 续 未 来 的 重 要 解 决 方 案 。 从 商 业 区 到 工 业 项 目 , 集 团 如 今 也 协 助 商 业 园 和 集 群 , 通 过 区 域 冷 却 来 达 到 可 持 续 发 展 目 标 。 园 内 设 34 个 电 动 车 充 电 桩 此 外 , 新 能 源 与 凯 德 集 团 合 作 在 科 学 园 设 置 34 个 电 动 车 充 电 桩 。 凯 德 地 产 ( 新 加 坡 ) 首 席 执 行 官 陈 有 进 说 , 在 Geneo 采 用 区 域 冷 却 系 统 , 是 维 持 科 学 园 绿 色 运 作 的 其 中 一 个 策 略 , 符 合 集 团 实 现 资 源 高 效 和 具 气 候 韧 性 的 投 资 目 标 。