SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR OCT - DEC 2024 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (5) Course Outline Upcoming Schedule 1 ECL05 High Voltage Cable Jointing Techniques 21 Face-to-Face $2,950 N.A. 21 Download 26 - 28 Nov 2 EFD02 Essential Test Instruments for Low Voltage 7 Face-to-Face $700 N.A. 4 Download 11 Nov 3 ENO39 Electrical Testing and Inspection for Non-Licensed Electrical Installation 7 Face-to-Face $700 N.A. 7 Download 9 Dec 4 EPG01 Overview of Power Generation Plants 7 Face-to-Face $700 $210 5 Download 28 Oct 5 EPG03 Process Control and Monitoring of Power and Process Plants 14 Face-to-Face $1,400 $420 12 Download 17 - 18 Oct 6 EPG06 Power Plant Efficiency 14 Face-to-Face $1,400 $420 13 Download 13 - 14 Nov 7 EPG11 Power Plant Operations and Process Controls + 35 Face-to-Face $3,500 $1,050 29 Download 8 ERG01 SS638 Code of Practice for Electrical Installations 14 Face-to-Face $700 $210 13 Download Run 1: 7 - 9, 14 - 15 Oct Run 2: 18 - 22 Nov Run 1: 11 - 12 Nov Run 2: 20 - 21 Nov 9 ERG05 Lightning and Lightning Protection 14 Face-to-Face $700 $210 13 Download 9 - 10 Oct 10 ERG06 Electrical Earthing Principles and Practices 7 Face-to-Face $350 $105 6 Download 28 Nov 11 ESG04 Operation and Maintenance of High Voltage Switchgear 14 Face-to-Face $1,400 N.A. 14 Download 17 - 18 Oct 12 NGD03 Introduction to Microgrid Systems 7 Face-to-Face $700 $210 4 Download 5 Dec 13 PDC202 Masterclass - Cable Operation & Maintenance (Distribution) (NEW COURSE) 14 Face-to-Face $2,600 N.A. Pending Download 14 - 15 Oct 14 PDC204 Masterclass - Switchgear Operation & Maintenance (Distribution) (NEW COURSE) 14 Face-to-Face $2,600 N.A. Pending Download 7 - 8 Nov + Courses conducted using the latest Centralised Power Plant Simulator Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (6) Minimim class size is required to be met to start the class. Updated: 2 Sep 2024 SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR JAN - MAR 2025 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (5) Course Outline Upcoming Schedule UPCOMING COURSES 1 EFD08 Singapore Electricity Network and Market 14 Face-to-Face $720 $216 10 Download 24 - 25 Feb 2 EPG11 Power Plant Operations and Process Controls + 35 Face-to-Face $3,500 $1,050 29 Download 17 - 21 Mar 3 EPG12 Power Plant Operations and Performance + 35 Face-to-Face $3,500 $1,050 NIL Download 10 - 14 Feb 4 EPG13 Managing Multiple Malfunctions in Power Plants +# 14 Face-to-Face $1,400 $420 NIL Download 19 - 20 Feb EPG14 Best Practices for Power Plant Optimisation +# 14 Face-to-Face $1,400 $420 NIL Download 26 - 27 Feb 5 PDC208 Hydrogen Industry Masterclass 14 Face-to-Face $2,200 $660 Pending Download Run 1: 10 - 11 Feb Run 2: 13 - 14 Feb 6 PDC215 Masterclass - Carbon Capture, Utilisation and Storage (NEW COURSE) 14 Face-to-Face $2,200 $660 Pending Download Jan * + Courses conducted using the latest Centralised Power Plant Simulator # Courses EPG13 and EPG14 are part of the Advanced Certificate in Power Plant Operations and Performance and both courses must be taken together, following the training dates stated in this training calendar *To be confirmed, please contact SIPG. Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. Updated: 2 Sep 2024 EMA, WSG and SSG 104 58 9 *Figures accurate as of Dec 2023

Consumption_Water Average consumption of Water (CuM) Premises Types Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 HDB 1-Room 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 7.8 7.8 7.2 HDB 2-Room 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 9.0 9.1 8.4 HDB 3-Room 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 11.9 12.0 11.2 HDB 4-Room 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 14.9 15.2 14.3 HDB 5-Room 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 16.1 16.7 15.8 HDB Executive 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 17.9 18.7 17.8 Apartment 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 12.8 13.0 12.7 Terrace 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 24.7 25.7 24.7 Semi-Detached 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 30.4 30.6 29.8 Bungalow 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2 49.8 49.4 48.6

提 醒 国 人 未 雨 绸 缪 全 国 120 万 户 将 获 基 本 应 急 包 1 2 0 0 名 新 邮 政 信 差 和 5 0 名 新 能 源 员 工 志 愿 者 , 将 在 接 下 来 一 个 星 期 把 这 些 应 急 包 派 送 到 所 有 新 邮 政 登 记 在 册 的 住 家 地 址 。 陈 婧 报 道 jingchen@sph.com.sg 从 今 天 起 , 全 国 120 万 户 家 庭 将 陆 续 收 到 一 个 基 本 应 急 包 , 里 头 有 三 片 N95 口 罩 、 图 文 并 茂 的 口 罩 佩 戴 指 南 和 紧 急 联 络 号 码 。 在 淡 马 锡 关 怀 基 金 会 、 新 加 坡 能 源 公 司 和 新 加 坡 邮 政 共 同 推 出 的 “ 未 雨 绸 缪 基 本 应 急 包 计 划 ”(‘Stay Prepared’Starter Kits Programme) 下 ,1200 名 新 邮 政 信 差 和 50 名 新 能 源 员 工 志 愿 者 , 将 在 接 下 来 一 个 星 期 ( 即 日 起 至 12 日 ) 把 这 些 应 急 包 派 送 到 所 有 新 邮 政 登 记 在 册 的 住 家 地 址 。 “ 基 本 应 急 包 计 划 ” 是 “ 未 雨 绸 缪 行 动 ” 旗 下 的 项 目 之 一 , 和 上 个 月 推 出 的 儿 童 心 理 援 助 计 划 一 样 , 这 个 项 目 也 将 动 用 由 淡 马 锡 控 股 的 紧 急 预 备 基 金 (Emergency Preparedness Fund)。 淡 马 锡 控 股 3 月 份 宣 布 拨 款 4000 万 元 成 立 这 个 特 别 基 金 , 通 过 资 助 不 同 项 目 , 协 助 社 会 各 阶 层 加 强 应 对 紧 急 状 况 的 能 力 。 淡 马 锡 关 怀 基 金 会 主 席 马 格 纳 斯 (Richard Magnus) 表 示 , 紧 急 预 备 基 金 将 拨 出 400 万 元 资 助 基 本 应 急 包 计 划 , 希 望 借 此 让 公 众 了 解 为 紧 急 状 况 做 好 准 备 的 必 要 性 。 马 格 纳 斯 说 :“ 新 加 坡 是 一 个 很 安 全 的 城 市 , 但 是 不 可 预 见 的 事 件 仍 会 不 时 影 响 社 群 。 因 此 , 从 个 人 、 家 庭 , 再 到 公 司 , 所 有 人 都 要 为 此 做 好 准 备 。” 他 认 为 去 年 6 月 的 烟 霾 就 是 这 类 突 发 事 件 的 代 表 , 许 多 人 至 今 仍 对 当 时 烟 尘 漫 天 、 口 罩 难 求 的 景 象 印 象 深 刻 。 选 择 以 口 罩 作 为 应 急 包 的 基 本 配 件 , 更 能 唤 醒 新 加 坡 人 的 危 机 意 识 , 提 醒 他 们 为 可 能 再 次 来 袭 的 烟 霾 做 好 准 备 。 问 及 为 何 每 户 家 庭 只 分 得 三 片 口 罩 时 , 马 格 纳 斯 说 , 正 是 希 望 以 “ 去 哪 里 添 置 更 多 口 罩 ” 为 第 一 步 , 促 使 公 众 思 考 如 何 逐 步 充 实 应 急 包 , 养 成 未 雨 绸 缪 的 思 维 习 惯 。 他 举 例 说 , 自 己 家 中 的 应 急 包 里 除 ▲ 新 能 源 主 席 莫 理 恳 ( 后 排 左 起 )、 淡 马 锡 关 怀 基 金 会 主 席 马 格 纳 斯 、 新 邮 政 邮 政 总 管 胡 敬 亮 和 3M 新 加 坡 安 全 与 标 识 事 业 部 总 经 理 符 敦 露 为 应 急 包 派 送 大 军 加 油 打 气 。( 程 友 明 摄 ) � 基 本 应 急 包 内 装 有 三 片 N95 口 罩 , 并 附 有 图 文 并 茂 的 口 罩 佩 戴 指 南 和 紧 急 联 络 号 码 。 了 口 罩 , 还 将 备 有 饮 用 水 、 雨 衣 和 装 有 特 定 药 品 的 药 盒 。 除 了 普 通 住 户 外 ,144 家 福 利 机 构 也 将 收 到 共 计 1 万 7000 个 基 本 应 急 包 , 淡 马 锡 关 怀 基 金 会 还 储 备 了 30 万 个 基 本 应 急 包 , 以 便 在 严 重 烟 霾 、 流 感 爆 发 等 紧 急 情 况 下 分 发 给 有 需 要 的 家 庭 。 新 邮 政 的 邮 政 总 管 胡 敬 亮 表 示 , 邮 差 会 在 派 信 时 把 应 急 包 投 进 住 家 信 箱 , 每 天 能 派 送 给 约 20 万 至 30 万 户 家 庭 。 他 说 :“ 这 是 我 们 第 一 次 和 淡 马 锡 关 怀 基 金 合 作 , 当 得 知 可 以 利 用 新 邮 政 的 派 送 优 势 为 社 区 做 出 贡 献 , 我 们 立 即 答 应 参 与 这 个 项 目 。” 新 能 源 主 席 莫 理 恳 ( M o h d Hassan Marican) 指 出 , 公 司 除 了 动 员 50 名 技 术 人 员 和 抄 表 员 为 有 地 住 宅 和 福 利 机 构 派 送 应 急 包 外 , 还 有 250 名 员 工 志 愿 参 与 分 装 应 急 包 和 接 听 答 疑 热 线 的 工 作 。“ 我 们 希 望 能 令 这 项 活 动 能 触 及 社 会 的 方 方 面 面 ”。 新 能 源 技 术 员 何 锦 源 (52 岁 ) 透 露 , 派 送 员 为 此 还 接 受 了 相 关 培 训 , 以 能 为 公 众 讲 解 派 送 应 急 包 的 意 义 。 他 说 :“ 去 年 空 气 污 染 指 数 飙 升 时 , 我 听 到 许 多 朋 友 抱 怨 ‘ 有 钱 都 买 不 到 口 罩 ’, 现 在 家 家 户 户 都 能 免 费 拿 到 口 罩 , 是 一 个 好 的 开 始 。 这 也 提 醒 我 们 , 提 前 做 好 预 防 措 施 , 对 每 个 人 都 有 帮 助 。” 公 众 从 即 日 起 可 拨 打 热 线 电 话 1800 7382000( 每 天 上 午 8 时 至 晚 上 8 时 ) 查 询 应 急 包 的 派 送 情 况 , 这 条 热 线 将 开 放 到 24 日 ( 星 期 六 )。

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 HDB 1-Room 152 147 145 143 146 144 135 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 128 136 HDB 2-Room 202 190 190 189 190 188 176 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 169 181 HDB 3-Room 288 271 272 269 274 269 247 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 250 265 HDB 4-Room 391 371 371 367 374 370 342 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 341 363 HDB 5-Room 456 437 434 427 437 436 401 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 399 425 HDB Executive 561 531 536 528 541 530 478 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 495 522 Apartment 585 546 514 515 537 541 483 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 476 516 Terrace 902 868 866 859 890 881 804 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 775 823 Semi-Detached 1,233 1,159 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 1,031 1,080 Bungalow 2,482 2,320 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154

Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 JULY TO 30 SEPTEMBER 2018 Singapore, 29 June 2018 – For the period from 1 July to 30 September 2018, electricity tariffs will increase by an average of 6.9% or 1.50 cents per kWh compared to the previous quarter. The increase is mainly due to the higher cost of natural gas for electricity generation compared to the previous quarter. For households, the electricity tariff will increase from 22.15 to 23.65 cents per kWh for 1 July to 30 September 2018. The average monthly electricity bill for families living in four-room HDB flats will increase by $5.61 (see Appendix 3 for the average monthly electricity bill for different household types). 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 Quarterly Household Electricity Tariff 23.65 22.15 21.39 21.56 20.72 20.20 20.30 19.13 Oct - Dec '16 Jan - Mar '17 Apr - Jun '17 Jul - Sep '17 Oct - Dec '17 Jan - Mar '18 Apr - Jun '18 Jul - Sep '18 SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 JULY 2018 Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh 22.15 23.65 25.31 22.15 23.65 25.31 8.58 8.58 9.18 12.87 12.87 13.77 19.56 21.27 22.76 11.77 12.65 13.54 0.59 0.59 0.63 8.58 8.58 9.18 12.87 12.87 13.77 19.34 21.05 22.52 11.76 12.64 13.52 0.59 0.59 0.63 7.68 7.68 8.22 11.52 11.52 12.33 18.44 20.12 21.53 11.66 12.54 13.42 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q3 2018 TARIFF Market Admin & PSO Fee (No Change) 0.05¢/kWh (<1%) MSS Fee (No Change) 0.40¢/kWh (1.7%) Network Costs (No Change) 5.31¢/kWh (22.5%) Energy Costs (Increase by 1.50¢/kWh) 17.89¢/kWh (75.6%) Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JULY 2018) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill kWh $(a) $(b) $(b-a) % HDB 1 Room 136.44 30.22 32.27 2.05 6.8 HDB 2 Room 184.98 40.97 43.75 2.78 6.8 HDB 3 Room 276.60 61.27 65.42 4.15 6.8 HDB 4 Room 373.88 82.81 88.42 5.61 6.8 HDB 5 Room 432.44 95.79 102.27 6.48 6.8 HDB Executive 529.80 117.35 125.30 7.95 6.8 Apartment 555.91 123.13 131.47 8.34 6.8 Terrace 919.17 203.60 217.38 13.78 6.8 Semi-Detached 1,217.99 269.78 288.05 18.27 6.8 Bungalow 2,523.36 558.92 596.77 37.85 6.8 Average 448.12 99.26 105.98 6.72 6.8

2024 年 5 月 1 日 星 期 三 新 能 源 今 起 接 管 新 达 城 制 冷 系 统 邓 玮 婷 报 道 tengwt@sph.com.sg 新 加 坡 能 源 集 团 将 从 今 天 起 (5 月 1 日 ) 接 管 新 达 城 制 冷 系 统 , 并 在 2027 年 将 它 纳 入 滨 海 湾 区 域 供 冷 网 。 这 将 有 助 新 达 城 在 未 来 30 年 , 减 少 至 少 1 万 零 400 公 吨 的 碳 排 放 , 相 当 于 每 年 超 过 315 辆 车 辆 的 碳 排 放 量 。 新 能 源 和 新 达 城 星 期 一 (4 月 29 日 ) 发 文 告 宣 布 签 署 合 作 协 定 。 在 计 划 下 , 新 能 源 将 负 责 维 修 和 更 换 新 达 城 的 制 冷 设 备 , 包 括 更 换 老 旧 的 电 力 系 统 , 以 及 逐 步 转 用 更 节 能 环 保 的 制 冷 机 。 新 达 城 的 制 冷 系 统 由 一 个 中 央 冷 水 机 组 组 成 , 容 量 约 2 万 冷 冻 吨 , 可 为 旗 下 办 公 楼 、 商 场 和 会 展 中 心 提 供 空 调 服 务 , 净 可 出 租 面 积 总 计 340 万 平 方 英 尺 。 新 达 城 系 统 将 并 入 滨 海 湾 区 域 供 冷 网 文 告 说 , 新 达 城 的 冷 水 机 组 纳 入 滨 海 湾 区 域 供 冷 网 后 , 将 创 造 机 会 , 为 区 域 包 括 滨 海 中 心 和 武 吉 士 的 发 展 项 目 , 提 供 节 能 的 制 冷 服 务 , 进 而 为 更 多 顾 客 提 供 可 持 续 的 制 冷 方 案 。 新 能 源 接 管 新 达 城 的 制 冷 系 统 后 , 其 区 域 供 冷 网 的 制 冷 能 力 将 增 至 20 万 3000 冷 冻 吨 , 是 我 国 最 大 的 区 域 供 冷 方 案 供 应 商 。 根 据 文 告 , 新 达 城 通 过 新 能 源 的 区 域 供 冷 技 术 , 可 在 接 下 来 30 年 , 减 少 至 少 1 万 零 400 公 吨 的 碳 排 放 , 相 当 于 每 年 超 过 315 辆 车 辆 的 碳 排 放 量 。 新 达 城 管 理 代 理 APM 产 业 管 理 私 人 有 限 公 司 总 裁 许 鸣 财 说 , 公 司 向 来 的 首 要 考 量 是 让 建 筑 取 得 最 佳 的 能 源 效 率 。 这 次 和 新 能 源 的 合 作 是 公 司 在 可 持 续 能 源 方 案 迈 出 的 重 大 一 步 , 也 将 推 进 公 司 的 减 碳 旅 程 , 为 新 加 坡 打 造 更 环 保 的 建 筑 环 境 。 新 能 源 可 持 续 能 源 方 案 董 事 总 经 理 哈 沙 说 , 新 加 坡 朝 净 零 排 放 目 标 前 进 之 际 , 可 持 续 的 能 源 创 新 方 案 , 如 区 域 供 冷 网 将 扮 演 重 要 角 色 , 让 我 国 通 过 可 持 续 的 方 式 , 支 持 城 市 和 经 济 增 长 的 需 求 。 所 谓 区 域 供 冷 , 是 把 区 域 内 的 办 公 室 、 购 物 商 场 及 公 寓 等 建 筑 的 冷 却 系 统 连 接 在 一 起 , 形 成 闭 路 循 环 , 例 如 滨 海 湾 底 下 便 设 有 区 域 供 冷 系 统 网 络 , 它 利 用 大 型 制 冷 机 冷 却 水 后 , 输 送 给 这 个 区 域 内 的 大 楼 以 降 低 室 内 温 度 , 自 2006 年 运 转 以 来 已 达 到 40% 的 节 能 效 率 。

Consumption_Gas Average consumption of Gas (kWh) Premises Types Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 HDB 1-Room 35 35 34 35 34 34 39 36 39 35 36 31 HDB 2-Room 36 36 34 35 35 35 37 35 38 37 36 33 HDB 3-Room 51 51 49 50 49 49 51 49 52 50 50 47 HDB 4-Room 62 63 61 62 60 60 63 62 65 62 62 58 HDB 5-Room 69 70 68 69 66 65 70 70 72 68 68 64 HDB Executive 72 74 72 73 69 68 75 74 77 73 72 69 Apartment 82 86 88 88 85 84 92 93 95 87 84 76 Terrace 98 105 107 108 108 99 108 107 107 103 105 96 Semi-Detached 115 120 117 120 117 115 124 121 123 117 120 116 Bungalow 185 198 206 202 179 195 192 202 205 195 186 188

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 HDB 1-Room 145 143 146 144 135 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 128 136 150 143 HDB 2-Room 190 189 190 188 176 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 169 181 195 190 HDB 3-Room 272 269 274 269 247 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 250 265 284 273 HDB 4-Room 371 367 374 370 342 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 341 363 390 381 HDB 5-Room 434 427 437 436 401 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 399 425 457 450 HDB Executive 536 528 541 530 478 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 495 522 562 554 Apartment 514 515 537 541 483 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 476 516 548 536 Terrace 866 859 890 881 804 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 775 823 881 848 Semi-Detached 1,134 1,150 1,187 1,174 1,065 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 1,031 1,080 1,173 1,123 Bungalow 2,219 2,298 2,308 2,358 2,075 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154 2,244 2,175

SingaporePower Limitedandits subsidiaries AnnualReport Yearended31March2023 RegistrationNumber:200302108D Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents Table of Contents Directors’ statement 1 Independent Auditor’s Report 7 Balance sheets 10 Income statements 11 Statements of comprehensive income 12 Statements of changes in equity 13 Consolidated statement of cash flows 16 Notes to the financial statements 18 1 Domicile and activities 18 2 Basis of preparation 18 2.1 Statement of compliance 18 2.2 Basis of measurement 18 2.3 Functional and presentation currency 18 2.4 Use of estimates and judgements 19 2.5 Changes in accounting policies 20 3 Significant accounting policies 21 3.1 Basis of consolidation 21 3.2 Foreign currencies 23 3.3 Property, plant and equipment 24 3.4 Intangible assets 25 3.5 Investment property under development 26 3.6 Financial instruments 27 3.7 Impairment 31 3.8 Inventories 32 3.9 Accrued revenue 32 3.10 Contract balances 32 3.11 Employee benefits 33 3.12 Provisions 33 3.13 Government grant 34 3.14 Deferred construction cost compensation 34 3.15 Deferred income 34 3.16 Regulatory deferral account (“RDA”) debit or credit balances 34 3.17 Price regulation and licence 34 3.18 Revenue recognition 35 3.19 Leases 36 3.20 Finance income and costs 37 3.21 Tax expense 38 3.22 Segment reporting 39 3.23 New standards and interpretations not yet adopted 39 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2023 Table of Contents 4 Property, plant and equipment 40 5 Right-of-use assets/ Lease liabilities 42 6 Intangible assets 44 7 Investment property under development 46 8 Subsidiaries 46 9 Associates and joint ventures 48 10 Other non-current assets 51 11 Deferred taxation 53 12 Derivative assets and liabilities 55 13 Investments in debt and equity securities 60 14 Inventories 60 15 Trade and other receivables 61 15a Trade receivables 61 15b Other receivables, deposits and prepayments 64 15c Balances with subsidiaries, associate and joint venture (non-trade) 64 16 Cash and cash equivalents 64 17 Regulatory deferral accounts 65 18 Share capital 67 19 Reserves 67 20 Debt obligations 69 21 Other non-current liabilities 71 21a Deferred income 71 21b Deferred construction cost compensation 71 21c Provisions 72 22 Trade and other payables 72 22a Other payables and accruals 73 23 Revenue 73 24 Other income 74 25 Finance income 74 26 Finance costs 75 27 Tax expense 76 28 Profit for the year 77 29 Acquisition of subsidiaries 78 30 Related parties 79 31 Operating segments 80 32 Financial risk management 83 33 Fair values 92 34 Commitments 96 35 Dividends 97 36 Subsequent events 97 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Directors’ statement We are pleased to submit this annual report to the member of Singapore Power Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2023. Opinion of the Directors In our opinion, (a) the financial statements are drawn up so as to give a true and fair view of the financial position of the Company and its subsidiaries (the “Group”) as at 31 March 2023 and the financial performance, changes in equity and cash flows of the Group and of the financial performance and changes in equity of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim Mr Antonio Volpin (appointed 1 April 2023) Mr Ching Wei Hong (appointed 1 June 2023) Mr Stanley Huang Tian Guan Directors’ interests According to the register kept by the Company for the purposes of Section 164 of the Act, particulars of interests of directors who held office at the end of the financial year (including those held by their spouses and infant children) in shares, debentures, warrants and share options in the Company and in related corporations are as follows: 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Ms Leong Wai Leng Holdings at beginning of the year Holdings at end of the year CapitaLand Investment Limited 40,000 40,000 CapitaLand Integrated Commercial Trust – units 695,886 695,886 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) – units 39,057 52,000 Mapletree Pan Asia Commercial Trust (formerly known as Mapletree Commercial Trust) - 3.11% Notes due 24 August 2026 S$250,000 S$250,000 Mapletree Industrial Trust – units 500 500 Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust 371 371 - Great Cities Logistics (Europe) Trust 371 371 - Mapletree Global Student Accommodation Pte Trust - USD – Class A units 1,685 1,685 - GBP – Class B units 1,685 1,685 Mapletree Treasury Services Limited - 3.4% Notes due 3 September 2026 – S$250,000 - 3.58% Bonds due 13 March 2029 S$250,000 S$250,000 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 17,000 – - SIA MCBZ 2021 20,482 20,482 Singapore Airlines Limited - 3.16% Notes due 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 S$250,000 S$250,000 - STT GDC 3.13% Bonds due 28 July 2028 S$500,000 S$500,000 Singapore Telecommunications Limited 22,027 22,027 StarHub Limited 36,000 36,000 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Altrium Private Equity Fund I GP Limited - Interest as limited partner in the Altrium PE Fund I F&F L.P. Fund Altrium Private Equity Fund II GP Limited - Interest as limited partner in the Altrium PE Fund II F&F L.P. Fund Holdings at beginning of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Holdings at end of the year Commitment amount of USD500,000 Commitment amount of USD1,000,000 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Commitment amount of USD500,000 Commitment amount of USD500,000 CapitaLand Ascendas Real Estate Investment Trust (formerly known as Ascendas Real Estate Investment Trust) - 2.47% Notes due 10 August 2023 1 S$250,000 S$250,000 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 S$336,000 S$336,000 - 6.75% Class-B Secured Bonds due 14 June 2028 USD200,000 USD200,000 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 S$214,000 S$214,000 - 4.50% Class-A2 Secured Bonds due 20 June 2029 USD200,000 USD200,000 Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 S$105,000 S$105,000 - 3.25% Class-A2 Secured Bonds due 18 March 2031 USD200,000 USD200,000 - 4.35% Class-B Secured Bonds due 18 March 2031 USD400,000 USD400,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 – S$525,000 - 4.125% Class-A1 Secured Bonds due 27 May 2032 1 – S$250,000 - 6% Class-B Secured Bonds due 27 May 2032 – USD500,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units 5,000 5,000 - Fullerton USD Income Fund Class A (SGD hedged) S$500,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond S$30,000 S$30,000 1 Held jointly with spouse. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Ong Yew Huat Holdings at beginning of the year Holdings at end of the year Sembcorp Marine Ltd # 500,000 – Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Commitment amount of USD250,000 Commitment amount of USD250,000 Vertex Venture Holdings Ltd - 3.30% Notes due 28 July 2028 S$250,000 S$250,000 Ms Goh Swee Chen CapitaLand Investment Limited 46,709 46,709 CapitaLand Integrated Commercial Trust – units 7,224 7,224 Singapore Telecommunications Limited 5,000 5,000 Singapore Airlines Limited 18,550 18,550 Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 42,604 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited 190 194 Singapore Airlines Limited 26,000 32,000 Singapore Airlines Limited - SIA MCBZ 2021 41,382 41,382 CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 4,644 4,644 4 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Prof Yaacob Bin Ibrahim Holdings at beginning of the year Holdings at end of the year CapitaLand India Trust (formerly known as Ascendas India Trust) – units CapitaLand Ascott Trust (formerly known as Ascott Residence Trust) – units 100,000 100,000 26,208 26,208 Singapore Airlines Limited 5,000 5,000 Mr Stanley Huang Tian Guan Paragon REIT (formerly known as SPH REIT) ^ - units – 323,000 CapitaLand China Trust – units – 100,000 Astrea 7 Pte. Ltd. - 4.125% Class-A1 Secured Bonds due 27 May 2032 (units) – 40,000 Singapore Airlines Limited – 10,000 SIA Engineering Company Limited – 10,000 ^ Related corporation with effect from 29 April 2022 and therefore holdings at beginning of the year, if any, is not reflected # Ceased to be a related corporation with effect from 28 February 2023 and therefore holdings at end of the year, if any, is not reflected 5 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2023 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share options During the financial year, there were: (i) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and (ii) no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors ──────────────────────── MS LEONG WAI LENG Chairman ──────────────────────── MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 15 June 2023 6 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Independent Auditor’s Report For the financial year ended 31 March 2023 Independent Auditor’s Report to the Member of Singapore Power Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of Singapore Power Limited (the “Company”) and its subsidiaries (the “Group”), which comprise the balance sheets of the Group and the Company as at 31 March 2023, the income statements, statements of comprehensive income, statements of changes in equity of the Group and the Company and statement of cash flows of the Group for the financial year then ended, and notes to the financial statements, including a summary of significant accounting policies. In our opinion, the accompanying consolidated financial statements of the Group, the balance sheet, income statement, statement of comprehensive income and statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Group and of the Company as at 31 March 2023 and of the financial performance, changes in equity of the Group and the Company and consolidated cash flows of the Group for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority (“ACRA”) Code of Professional Conduct and Ethics for Public Accountants and Accounting Entities (“ACRA Code”) together with the ethical requirements that are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. 7 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Group’s financial reporting process. Auditor’s Responsibilities for the Audit of the Financial Statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. • Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. 8 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2023 • Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Report on Other Legal and Regulatory Requirements In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiaries incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions of the Act. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 15 June 2023 9 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Balance sheets As at 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 14,092.8 13,828.7 26.2 23.4 Intangible assets 6 147.9 111.3 10.3 14.9 Investment property under development 7 865.0 765.0 – – Subsidiaries 8 – – 5,159.6 5,043.7 Associates and joint ventures 9 1,509.8 1,622.3 45.4 45.4 Other non-current assets 10 326.1 343.7 – – Deferred tax assets 11 19.6 21.7 – – Derivative assets 12 159.2 133.6 – # – # Investments in debt and equity securities 13 95.5 56.0 – – 17,215.9 16,882.3 5,241.5 5,127.4 Current assets Inventories 14 60.4 47.4 – – Trade and other receivables 15 955.4 795.7 3,922.1 4,095.2 Derivative assets 12 8.7 113.6 0.1 5.0 Cash and cash equivalents 16 1,373.9 4,207.8 39.4 1.3 Investments in debt and equity securities 13 614.2 413.9 – – 3,012.6 5,578.4 3,961.6 4,101.5 Total assets 20,228.5 22,460.7 9,203.1 9,228.9 Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets 17 290.8 499.5 – – Total assets and RDA debit balances 20,519.3 22,960.2 9,203.1 9,228.9 Equity Share capital 18 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 19 (301.3) (97.2) (0.2) – # Accumulated profits 9,706.2 11,143.9 6,230.2 6,246.6 Equity attributable to owner of the Company 12,316.8 13,958.6 9,141.9 9,158.5 Non-controlling interests 9.0 – – – Total equity 12,325.8 13,958.6 9,141.9 9,158.5 Non-current liabilities Debt obligations 20 3,066.1 3,377.9 – – Derivative liabilities 12 366.1 160.5 – # – # Deferred tax liabilities 11 1,739.0 1,699.7 1.6 1.4 Other non-current liabilities 21 466.3 479.7 – – Lease liabilities 5 45.5 32.2 6.4 – 5,683.0 5,750.0 8.0 1.4 Current liabilities Debt obligations 20 0.8 908.2 – – Derivative liabilities 12 10.1 143.0 0.3 5.1 Current tax payable 423.3 645.6 7.8 0.4 Trade and other payables 22 1,872.3 1,484.6 39.3 57.6 Lease liabilities 5 6.9 5.8 5.8 5.9 2,313.4 3,187.2 53.2 69.0 Total liabilities 7,996.4 8,937.2 61.2 70.4 Total equity and liabilities 20,322.2 22,895.8 9,203.1 9,228.9 RDA credit balances and related deferred tax liabilities 17 197.1 64.4 – – Total equity, liabilities and RDA credit balances 20,519.3 22,960.2 9,203.1 9,228.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 10 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Income statements Year ended 31 March 2023 Group Company Note 2023 2022 2023 2022 $ million $ million $ million $ million Revenue 23 7,250.9 5,213.5 2,526.1 1,040.1 Other income 24 224.6 1,683.7 0.7 1.0 Expenses - Purchased power (4,528.5) (2,806.7) – – - Depreciation of property, plant and equipment 4 (823.5) (790.3) (10.4) (9.9) - Amortisation of intangible assets 6 (52.9) (55.7) (6.0) (5.6) Maintenance (148.6) (141.1) (10.5) (10.5) Staff costs (330.4) (324.7) (77.3) (73.9) Property taxes (84.9) (93.9) (0.3) (0.3) Other operating expenses (192.4) (191.4) (23.8) (37.2) Operating profit 1,314.3 2,493.4 2,398.5 903.7 Finance income 25 77.6 58.6 63.6 19.4 Finance costs 26 (62.9) (85.0) – # (0.1) Share of profits of associates, net of tax 111.6 164.0 – – Share of losses of joint ventures, net of tax (2.3) (5.7) – – Profit before taxation 1,438.3 2,625.3 2,462.1 923.0 Tax (expense)/credit 27 (205.8) (660.3) (8.5) 0.8 Profit for the year 28 1,232.5 1,965.0 2,453.6 923.8 Net movement in RDA balances related to profit or loss and the related deferred tax movement 17 (199.9) 37.9 – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Profit and net movements in RDA balances attributable to: Owner of the Company 1,032.6 2,002.9 2,453.6 923.8 Non-controlling interests – # – – – Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 11 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of comprehensive income Year ended 31 March 2023 Group Company 2023 2022 2023 2022 $ million $ million $ million $ million Profit for the year and net movements in RDA balances 1,032.6 2,002.9 2,453.6 923.8 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates (0.5) 10.1 – – (0.5) 10.1 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (242.2) (86.7) – – Effective portion of changes in fair value of cash flow hedges, net of tax 63.7 41.0 (0.1) – # Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (43.8) (5.3) – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.5 0.6 (0.1) – # Share of hedging reserves of associates 16.9 211.1 – – Disposal of interest in an associate – 195.9 – – (203.9) 356.6 (0.2) – # Other comprehensive income for the year, net of tax (204.4) 366.7 (0.2) – # Total comprehensive income for the year, attributable to: Owner of the Company 828.2 2,369.6 2,453.4 923.8 Non-controlling interests – # – – – Total comprehensive income for the year 828.2 2,369.6 2,453.4 923.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 --------------------Attributable to owner of the Company---------------- Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 11,979.0 – 11,979.0 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 2,002.9 2,002.9 – 2,002.9 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax – – 41.0 – – 41.0 – 41.0 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 – 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 – 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 – 2,369.6 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (390.0) (390.0) – (390.0) Total transactions with owner – – – – (390.0) (390.0) – (390.0) At 31 March 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 ----------------Attributable to owner of the Company------------------ Currency Noncontrolling Total Share translation Hedging Other Accumulated capital reserve reserve reserves profits Total interests equity Group $ million $ million $ million $ million $ million $ million $ million $ million At 1 April 2022 2,911.9 (218.2) 121.6 (0.6) 11,143.9 13,958.6 – 13,958.6 Total comprehensive income for the year Profit for the year and net movement in RDA balances – – – – 1,032.6 1,032.6 – # 1,032.6 Other comprehensive income Translation differences relating to financial statements of foreign operations – (242.2) – – – (242.2) – (242.2) Effective portion of changes in fair value of cash flow hedges, net of tax – – 63.7 – – 63.7 – 63.7 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax – – (43.8) – – (43.8) – (43.8) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 1.5 – – 1.5 – 1.5 - Transfer of reserve – – – 0.3 (0.3) – – – Share of other comprehensive income of associates – – 16.9 (0.5) – 16.4 – 16.4 Total other comprehensive income – (242.2) 38.3 (0.2) (0.3) (204.4) – (204.4) Total comprehensive income for the year – (242.2) 38.3 (0.2) 1,032.3 828.2 – # 828.2 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – – – (2,470.0) (2,470.0) – (2,470.0) Acquisition of shares in subsidiaries (Note 29) – – – – – – 9.0 9.0 Total transactions with owner – – – – (2,470.0) (2,470.0) 9.0 (2,461.0) At 31 March 2023 2,911.9 (460.4) 159.9 (0.8) 9,706.2 12,316.8 9.0 12,325.8 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Statements of changes in equity Year ended 31 March 2023 Company Share capital Hedging reserve Accumulated profits Total $ million $ million $ million $ million At 1 April 2021 2,911.9 – 5,712.8 8,624.7 Total comprehensive income for the year Profit for the year – – 923.8 923.8 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – – # – – # Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – # – – # Total other comprehensive income – – # – – # Total other comprehensive income for the year – – # 923.8 923.8 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (390.0) (390.0) Total transactions with owner – – (390.0) (390.0) At 31 March 2022 2,911.9 – # 6,246.6 9,158.5 At 1 April 2022 2,911.9 – # 6,246.6 9,158.5 Total comprehensive income for the year Profit for the year – – 2,453.6 2,453.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.1) – (0.1) Net change in fair value of: - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.1) – (0.1) Total other comprehensive income – (0.2) 2,453.6 2,453.4 Total other comprehensive income for the year – (0.2) 2,453.6 2,453.4 Transactions with owner, recognised directly in equity Dividends declared (Note 35) – – (2,470.0) (2,470.0) Total transactions with owner – – (2,470.0) (2,470.0) At 31 March 2023 2,911.9 (0.2) 6,230.2 9,141.9 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 1,032.6 2,002.9 Adjustments for: Finance income 25 (77.6) (58.6) Finance costs 26 62.9 85.0 Share of profits of associates and joint ventures, net of tax (109.3) (158.3) Deferred income (20.2) (20.0) RDA debit or credit balances and related deferred tax assets or liabilities 17 199.9 (37.9) Depreciation and amortisation 876.4 846.0 Write-down of inventory 14 6.7 8.4 (Reversal of)/allowance for expected credit loss on trade receivables, net 15a (6.5) 14.7 Impairment loss on intangible assets and property, plant and equipment 1.0 2.4 Loss on disposal of property, plant and equipment and intangible assets 1.4 11.7 Change in fair value of investment property under development 24 (52.6) – Gain on disposal of interest in an associate 24 – (1,532.0) Exchange (gain)/loss, unrealised (19.3) 0.9 Tax expense 27 205.8 660.3 Others 4.4 5.0 2,105.6 1,830.5 Changes in working capital: Inventories (19.5) (9.1) Trade and other receivables and contract assets (176.7) (304.5) Balances with related parties (trade) 0.3 6.1 Trade and other payables 373.9 214.9 Funding for regulatory deferral accounts 17 144.2 – Cash generated from operations 2,427.8 1,737.9 Interest received 57.2 34.3 Net tax paid (363.4) (30.0) Net cash generated from operating activities 2,121.6 1,742.2 The accompanying notes form an integral part of these financial statements. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Consolidated statement of cash flows (continued) Year ended 31 March 2023 Note 2023 2022 $ million $ million Cash flows from investing activities Purchase of property, plant and equipment (991.1) (1,006.2) Purchase of intangible assets (12.1) (18.1) Additions to investment property (47.4) (36.9) Proceeds from disposal of property, plant and equipment and intangible assets 7.5 6.3 Dividends received from associates and joint venture 45.6 153.8 Proceeds from disposal of interest in an associate – 3,154.1 Loans to a joint venture (53.5) (46.4) Repayment of loan by joint venture 77.8 – Proceeds from redemption of debt securities 640.0 – Payments for investments in debt securities (830.3) (413.4) Acquisition of other investments (24.3) (21.3) Acquisition of interest in associates and joint venture (12.7) (24.4) Acquisition of subsidiaries, net of cash acquired 29 (160.6) – Net cash (used in)/generated from investing activities (1,361.1) 1,747.5 Cash flows from financing activities Proceeds from shares issued to non-controlling interest of subsidiaries 9.0 – Repayment of debt obligations (973.9) (176.5) Proceeds from loans – 83.2 Proceeds from termination of derivatives – 19.5 Upfront fees paid for credit facilities – (2.6) Payment of principal portion of lease liabilities (6.5) (6.2) Dividends paid to owner of the Company (2,470.0) (390.0) Interest paid (70.9) (81.8) Net cash used in financing activities (3,512.3) (554.4) Net (decrease)/increase in cash and cash equivalents (2,751.8) 2,935.3 Cash and cash equivalents at beginning of the year 4,207.8 1,187.2 Effect of exchange rate changes on balances held in foreign currencies (82.1) 85.3 Cash and cash equivalents at end of the year 16 1,373.9 4,207.8 The accompanying notes form an integral part of these financial statements. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Notes to the financial statements These notes form an integral part of the financial statements. The financial statements were authorised for issue by the Board of Directors on 15 June 2023. 1 Domicile and activities Singapore Power Limited (the “Company”) is incorporated in the Republic of Singapore and has its registered office at 2 Kallang Sector, SP Group Building, Singapore 349277. The immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company incorporated in the Republic of Singapore. The principal activities of the Company are that of investment holding and provision of management support services. Its subsidiaries are engaged principally in the transmission and distribution of electricity and gas, provision of related consultancy services and investments in related projects. The consolidated financial statements relate to the Company and its subsidiaries (together referred to as the “Group”) and the Group’s interests in associates and joint ventures (collectively referred to as “Group entities”). 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency These financial statements are presented in Singapore dollars, which is the Company’s functional currency. Each entity in the Group determines its own functional currency and items included in the financial statements of each entity are measured using that functional currency. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 2.4 Use of estimates and judgements The preparation of financial statements in conformity with SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 11 and Note 27. Impairment of associates Impairment reviews in respect of associates are performed at least annually or when there is any indication that the investment in associates may be impaired. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Group uses the present value of future cash flows to determine the recoverable amounts of the underlying cash generating units in the associates. In calculating the recoverable amounts, significant management judgement is required in forecasting cash flows of the cash generating units, in estimating the terminal growth values and in selecting an appropriate discount rate. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 33 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.18) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered, sale and volume of electricity and gas delivered to consumers. Note 3.16 sets out the accounting policy for regulatory deferral accounts. Valuation of investment property under development The Group carries its investment property under development at fair value with changes in fair value being recognised in the profit or loss, determined annually by an independent professional valuer on the highest and best use basis. In determining the fair value, the valuer has used valuation techniques which involves certain estimates. The key assumptions to determine the fair value of investment property under development include the gross development value, estimated construction costs to complete and market-corroborated capitalisation rate. In relying on the valuation reports, management has exercised judgment to ensure that the valuation methods and estimates are reflective of current market conditions. The carrying amount of investment property under development and the key assumptions used to determine the fair value of the investment property are disclosed in Notes 7 and 33. 2.5 Changes in accounting policies Accounting and measurement for investment property under development On 1 April 2022, the Group changed its accounting policy with respect to the subsequent measurement of investment property under development from cost model to the fair value model, with changes in fair value recognised in profit and loss. The Group believes that subsequent measurement using the fair value model provides more relevant information about the financial performance of the asset and is consistent with the industry practice in relation to investment property. The change in accounting policy was applied retrospectively. The Group assessed that the effects of changing its accounting policy has no material impact to the Group’s prior years consolidated balance sheets, profit or loss and comprehensive income. Accordingly, the comparative figures were not restated. Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Group has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2022. The adoption of these standards did not have any material effect on the financial performance or position of the Group. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3 Significant accounting policies The accounting policies set out below have been applied consistently for all periods presented in these financial statements, and have been consistently applied by the Group entities, except as explained in Note 2.5, which addresses changes in accounting policies. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Loss of control Upon the loss of control, the Group de-recognises the assets and liabilities of the subsidiary, any non-controlling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equityaccounted investee or as an equity investment at fair value through other comprehensive income depending on the level of influence retained. Joint arrangements A joint arrangement is a contractual arrangement whereby two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. To the extent the joint arrangement provides the Group with rights to the assets and obligations for the liabilities relating to the arrangement, the arrangement is a joint operation. To the extent the joint arrangement provides the Group with rights to the net assets of the arrangement, the arrangement is a joint venture. The Group recognises its interest in a joint venture as an investment and accounts for the investment using the equity method. The accounting policy for investment in joint venture is set out below. Investments in associates and joint ventures (equity-accounted investees) An associate is an entity over which the Group has the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control of those policies. Investments in associates and joint ventures are accounted for using the equity method (equity-accounted investees) and are recognised initially at cost. The Group’s investments in equity-accounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equityaccounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to noncontrolling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intra-group transactions, are eliminated in preparing the consolidated financial statements. Unrealised gains arising from transactions with equity-accounted investees are eliminated against the investment to the extent of the Group’s interest in the investee. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no evidence of impairment. Accounting for subsidiaries and joint ventures by the Company Investments in subsidiaries and joint ventures are stated in the Company’s balance sheet at cost less accumulated impairment losses. 3.2 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the respective functional currencies of Group entities at the exchange rates at the dates of the transactions. The functional currencies of the Group entities are mainly Singapore dollars, Australian dollars and Chinese Yuan Renminbi. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Nonmonetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of a financial liability designated as a hedge of the net investment in a foreign operation that is effective, an equity investment at fair value through other comprehensive income, or qualifying cash flow hedges which are recognised in other comprehensive income. Foreign operations The assets and liabilities of foreign operations, excluding goodwill and fair value adjustments arising on acquisition, are translated to Singapore dollars for presentation in these financial statements at exchange rates at the reporting date. The income and expenses of foreign operations are translated to Singapore dollars at exchange rates at the dates of the transactions. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-whollyowned subsidiary, then the relevant proportionate share of the translation difference is allocated to the noncontrolling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to non-controlling interests. When the Group disposes of only part of its investment in an associate or joint venture that includes a foreign operation while retaining significant influence or joint control, the relevant proportion of the cumulative amount is reclassified to profit or loss. When the settlement of a monetary item receivable from or payable to a foreign operation is neither planned nor likely in the foreseeable future, foreign exchange gains and losses arising from such a monetary item are considered to form part of a net investment in a foreign operation. These are recognised in other comprehensive income, and are presented in the translation reserve in equity. 3.3 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, and the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. Subsequent costs The cost of replacing a component of an item of property, plant and equipment is recognised in the carrying amount of the item if it is probable that the future economic benefits embodied within the component will flow to the Group, and its cost can be measured reliably. The carrying amount of the replaced component is derecognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease, ranging from 3 – 99 years Buildings, office and tunnels 2 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 10 – 30 years - Mains (Gas) 5 – 50 years or the lease term, if shorter - Transformers and switchgear 20 – 30 years - Solar plants and related equipment 10 – 20 years Other plant and equipment 2 – 40 years (principally gas storage plant, remote control and meters) Motor vehicles and office equipment 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Other intangible assets Other intangible assets with finite useful lives are measured at cost less accumulated amortisation and accumulated impairment losses. Expenditure on internally generated goodwill is recognised in profit or loss as an expense when incurred. Intangible assets that have indefinite lives or that are not available for use are stated at cost less accumulated impairment losses. Software is stated at cost less accumulated amortisation and accumulated impairment losses. Amortisation is recognised in profit or loss on a straight-line basis over the estimated useful life of 2 to 5 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Feed-in tariff contracts represent the fair value of power purchase agreements acquired from business acquisitions and are carried at cost less accumulated amortisation and accumulated impairment losses. Feed-in tariff contacts are amortised on a straight-line basis over the remaining period of the contract, which ranges from 16 to 17 years. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property under development Investment property under development is property held either to earn rental income or for capital appreciation or for both, but not for sale in the ordinary course of business, use in the production or supply of goods or services or for administrative purposes. Investment property under development is measured at cost on initial recognition and subsequently at fair value with any change therein recognised in profit and loss. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property under development to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property under development (calculated as the difference between the net proceeds from disposal and the carrying amount of the item) is recognised in profit or loss. When the use of a property changes such that it is reclassified as property, plant and equipment, its fair value at the date of reclassification becomes its cost for subsequent accounting. Property that is being constructed for future use as investment property under development is accounted for at fair value. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.6 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Group measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Group’s business model for managing the asset and the contractual cash flow characteristics of the asset. The measurement categories for classification of debt instruments are: (i) Amortised cost Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are de-recognised or impaired, and through the amortisation process. (ii) Fair value through other comprehensive income (“FVOCI”) Financial assets that are held for collection of contractual cash flows and for selling the financial assets, where the assets’ cash flows represent solely payments of principal and interest, are measured at FVOCI. Financial assets measured at FVOCI are subsequently measured at fair value. Any gains or losses from changes in fair value of the financial assets are recognised in other comprehensive income, except for impairment losses, foreign exchange gains and losses and interest calculated using the effective interest method are recognised in profit or loss. The cumulative gain or loss previously recognised in other comprehensive income is reclassified from equity to profit or loss as a reclassification adjustment when the financial asset is de-recognised. (iii) Fair value through profit or loss Assets that do not meet the criteria for amortised cost or FVOCI are measured at fair value through profit or loss. A gain or loss on a debt instrument that is subsequently measured at fair value through profit or loss and is not part of a hedging relationship is recognised in profit or loss in the period in which it arises. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Investments in equity instruments On initial recognition of an investment in equity instrument that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI. Dividends from such investments are to be recognised in profit or loss when the Group’s right to receive payments is established. For investments in equity instruments which the Group has not elected to present subsequent changes in fair value in OCI, changes in fair value are recognised in profit or loss. De-recognition The Group de-recognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Group becomes a party to the contractual provisions of the financial instrument. The Group determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are de-recognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. De-recognition A financial liability is de-recognised when the obligation under the liability is discharged or cancelled or expires. On de-recognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheets when, and only when, the Group has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Group holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. The Group designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Group documents the risk management objective and strategy for undertaking the hedge. The Group also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Group applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment. Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Group amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Group amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Group amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Group first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Group amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Group deems that the hedging reserve recognised in OCI for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments issued by the Group that require the issuer to make specified payments to reimburse the holder for the loss it incurs because a specified debtor fails to meet payment when due in accordance with the original or modified terms of a debt instrument. Financial guarantees issued are initially measured at fair value and the initial fair value is amortised over the life of the guarantees. Subsequent to initial measurement, the financial guarantees are measured at the higher of the amortised amount and the amount of loss allowance. Expected credit losses are a probability-weighted estimate of credit losses. Expected credit losses are measured for financial guarantees issued as the expected payments to reimburse the holder less any amounts that the Group expects to recover. 3.7 Impairment Non-derivative financial assets The Group recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Group expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Group applies a simplified approach in calculating ECLs. Therefore, the group does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Group has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. For debt instruments at fair value through OCI, the Group applies the low credit risk simplification. At every reporting date, the Group evaluates whether the debt instrument is considered to have low credit risk using all reasonable and supportable information that is available without undue cost or effort. The Group considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Group may also consider a financial asset to be in default when internal or external information indicates that the Group is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Group. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. 3.8 Inventories Spare parts, accessories and other consumables are measured at the lower of cost and net realisable value. Cost is determined based on the weighted average method, and includes expenditure in acquiring the inventories and other costs incurred in bringing them to their existing location and condition. Cost may also include transfers from other comprehensive income of any gain or loss on qualifying cash flow hedges of foreign currency purchases of inventories. Allowance for obsolete, deteriorated or damaged stocks is made when considered appropriate. 3.9 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.10 Contract balances Progress billings to customers are based on a payment schedule in the contract and are typically triggered upon achievement of specified contractual milestones. A contract asset is recognised when the Group has performed under the contract but has not yet billed the customer. Conversely, a contract liability is recognised when the Group has not yet performed under the contract but has received advanced payments from the customer. Contract assets are transferred to receivables when the rights to consideration become unconditional. Contract liabilities are recognised as revenue as the Group performs under the contract. Contract assets are subject to impairment assessment. Note 3.7 sets out the accounting policy on impairment of financial assets. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.11 Employee benefits Provision is made for the accrued liability for employee entitlements arising from services rendered by employees up to the reporting date. The provision represents the Group’s total estimated liability at the reporting date for employee entitlements. Long service leave The liability for long service leave is recognised in the provision for employee benefits and is measured as the present value of expected future payments to be made in respect of services provided by employees up to the reporting date, including on-costs. Consideration is given to expected future salary levels, experience of employee departures and periods of service. Expected future payments are discounted using interest rates on government guaranteed bonds with terms to maturity and currencies that match, as closely as possible, the estimated future cash outflows. Defined contribution plans A defined contribution plan is a post-employment benefit plan under which an entity pays fixed contributions into a separate entity and will have no legal or constructive obligation to pay further amounts. Obligations for contributions to defined contribution plans are recognised as an employee benefit expense in profit or loss in the periods during which services are rendered by employees. Short-term employee benefits Short-term employee benefit obligations are measured on an undiscounted basis and are expensed as the related service is provided. A liability is recognised for the amount expected to be paid under short-term cash bonus or profit-sharing plans if the Group has a present legal or constructive obligation to pay this amount as a result of past service provided by the employee, and the obligation can be estimated reliably. 3.12 Provisions A provision is recognised if, as a result of a past event, the Group has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are determined by discounting the expected cash flows at a pre-tax rate that reflects current market assessments of the time value of money and the risks specific to the liability. The unwinding of the discount is recognised as finance cost. Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.13 Government grant Capital grant is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.13 sets out the government grant accounting policy. 3.15 Deferred income Deferred income comprises (i) government grants for the purchase of depreciable assets, (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009 and (iii) compensation received to defray operating expenses. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 3.16 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges, transportation of gas, district cooling services and Market Support Services fees Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.17 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee, Electricity Licence for Market Support Services Licensee, Gas Licence, and the District Cooling Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. Allowed revenue to be earned from the supply and transmission of electricity, transportation of gas and the provision of market support services is regulated based on certain formulae and parameters set out in those licences, relevant acts and codes. Allowed revenue for district cooling corresponds to the quantum which the Group is entitled to under Condition 13 (Economic Regulation) of its District Cooling Services Licence issued by the Energy Market Authority of Singapore. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes due to revenue or volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Group becomes entitled to the recovery or liable for the refund. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges, transportation of gas charges and allowed revenue to be recovered from Market Support Services fees are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.18 Revenue recognition Revenue is measured based on the consideration to which the Group expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Group satisfies a performance obligation by transferring a promised good or service to the customer, which is when the customer obtains control of the good or service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Sale of electricity Revenue from the sale of electricity is recognised over time when electricity is delivered to consumers, or upon transmission to the power grid. Use of system charges and transportation of gas Revenue from use of system charges and transportation of gas is recognised over time based on tariff billings to customers when the volume of electricity and gas is delivered. Revenue from take-or-pay arrangements relating to the transportation of gas is recognised when it is probable that such revenue is receivable. District cooling service income Income from services is recognised over time when the services are rendered. Agency fees and Market Support Services fees Agency fees from acting as billing agent and fees for services provided as the Market Support Services Licensee are recognised over time when the services are rendered. Dividend income Dividend income is recognised on the date that the Group’s right to receive payment is established. Rental income Rental income is recognised in profit or loss on a straight-line basis over the term of the lease. Support service income and management fees Support service income and management fees are recognised when the services are rendered. 35 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Meters supply and installation fees The Group entered into a contract with customer to provide meters and installation services. Management has considered that the meters have no alternative use for the Group due to contractual restrictions, and the Group has enforceable rights to payment for performance completed to date, arising from the contractual terms. Accordingly, revenue is recognised over the period of the contract by reference to the progress towards complete satisfaction of the performance obligation. The measure of progress is determined based on the proportion of costs incurred to date to the estimated total contract costs (“input method”). Costs incurred that are not related to the contract or that do not contribute towards satisfying the performance obligation are excluded from the measure of progress and instead are expensed as incurred. Estimates of revenues, costs or extent of progress toward completion are revised if circumstances change. Any resulting increases or decreases in estimated revenues or costs are reflected in the profit or loss in the period in which the circumstances that give rise to the revision become known by management. 3.19 Leases The Group assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Group does not transfer substantially all the risks and rewards of ownership of the asset are classified as operating leases. Initial direct costs incurred in negotiating an operating lease are added to the carrying amount of the leased asset and recognised over the lease term. Rental income under operating leases are recognised in profit or loss over the term of the lease. Where assets are leased under a finance lease, the present value of the lease payments is recognised as a receivable. The difference between the gross receivable and the present value of the receivable is recognised as unearned finance income. Lease income is recognised over the lease term using the net investment method, which reflects a constant periodic rate of return. Contingent rental income is recognised in profit or loss in the accounting period in which they are incurred. As lessee The Group applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Group recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. Right-of-use assets The Group recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of rightof-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Group at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.7 for the accounting policy. 36 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 Lease liabilities At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including insubstance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. Short-term leases and leases of low-value assets The Group applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognised as expense on a straight-line basis over the lease term. Covid-19-related rent concessions The Group has applied Amendment to SFRS(I) 16 Covid-19-Related Rent Concessions. The Group applies the practical expedient allowing it not to assess whether eligible rent concessions that are a direct consequence of the Covid-19 pandemic are lease modifications. The Group applies the practical expedient consistently to contracts with similar characteristics and in similar circumstances. For rent concessions in leases to which the Group chooses not to apply the practical expedient, or that do not qualify for the practical expedient, the Group assesses whether there is a lease modification. 3.20 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 37 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2023 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to a business combination, or items recognised directly in equity or in other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial repor