Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 77.04 73.76 80.08 82.78 87.43 83.34 86.23 82.42 81.64 83.97 78.63 77.93 HDB 2-Room 89.30 85.50 92.72 97.00 100.66 97.91 99.45 95.00 93.57 97.93 90.47 90.07 HDB 3-Room 112.98 109.85 119.73 124.51 129.34 124.22 126.71 122.50 121.04 124.31 116.58 115.44 HDB 4-Room 135.07 130.30 142.95 148.52 154.60 149.22 151.99 147.59 145.21 150.28 139.53 138.26 HDB 5-Room 144.01 139.05 152.34 157.84 164.50 159.46 162.46 157.97 155.35 160.85 149.14 146.83 HDB Executive 159.60 154.76 169.93 174.70 182.36 177.32 179.80 175.34 171.18 178.17 164.07 162.41 Apartment 158.33 158.04 175.68 183.56 189.46 182.17 184.14 182.73 180.50 187.96 176.05 165.34 Terrace 267.59 261.56 279.64 288.94 301.97 291.01 298.11 292.67 293.17 295.21 285.78 275.95 Semi-Detached 332.11 329.24 351.85 364.56 382.10 371.24 376.26 370.72 362.56 376.52 353.09 342.58 Bungalow 621.11 635.40 675.97 699.68 725.88 709.75 708.95 728.77 693.44 732.73 682.55 680.55 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff. Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 HDB 1-Room 67.47 64.90 70.52 74.13 78.40 75.61 77.97 73.97 73.36 75.72 70.53 69.56 HDB 2-Room 80.06 76.74 83.39 87.87 91.84 89.70 91.17 86.56 85.41 89.23 82.47 81.75 HDB 3-Room 100.23 97.68 106.96 112.09 116.92 112.61 114.89 110.33 109.14 112.40 105.15 103.85 HDB 4-Room 119.36 114.92 126.86 133.11 139.31 134.99 137.35 132.51 130.31 135.32 125.42 124.11 HDB 5-Room 126.62 121.76 134.46 140.89 147.54 143.70 146.23 141.18 138.68 144.16 133.40 131.27 HDB Executive 140.97 136.47 150.92 156.71 164.42 160.31 162.51 157.57 153.76 160.51 147.39 145.83 Apartment 135.55 134.92 152.04 161.94 168.66 163.45 164.54 161.05 158.14 166.34 155.85 144.88 Terrace 240.95 235.09 253.19 263.33 276.05 267.47 273.88 266.42 265.98 269.32 259.90 252.25 Semi-Detached 301.32 299.32 321.27 335.61 352.45 342.67 347.15 340.35 333.46 344.79 323.43 314.80 Bungalow 573.47 585.41 625.30 651.42 679.81 663.52 665.92 680.97 644.28 684.59 638.58 634.59 Note: The figures exclude electricity charges for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

Media Release UPGRADING TO SERVE CUSTOMERS BETTER Singapore, 24 April 2017 – SP Group is carrying out a scheduled system upgrade as part of continuous efforts to improve our service to customers. Our Customer Service Centres at PWC Building at Cross Street, HDB Hub at Toa Payoh and Woodlands Civic Centre will be closed on Saturday 29 April 2017. From 28 April, 3.00 pm, to 1 May 2017, transactions and e-services, such as bill payment and submission of meter readings, will not be available on the following platforms: • SP Utilities portal (http://bit.ly/2na4TLh) • My Power portal [https://www.mypower.com.sg] • SP Utilities mobile app Customers can continue to pay their utilities bills by GIRO, and at SingPost Self-Service Automated Machines (SAMs), AXS Stations, AXS e-Station, AXS m-Station, NETS Self-Service Stations and DBS/POSB/OCBC ATMs. Customers can also make payment at all post offices and 7-11 convenience stores with their hardcopy bills. Customers who wish to submit their meter readings can do so via WhatsApp at 8482 8636. Full services will resume on Tuesday, 2 May, after the public holiday. We thank customers for their understanding and support and apologise for any inconvenience caused. For enquiries, customers can contact SP Group at 1800 222 2333 during office hours or email customersupport@spgroup.com.sg.

ANNUAL REPORT TABLE OF CONTENTS Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents Directors’ statement 1 Independent Auditor’s Report Balance sheets 7 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 32 3.8 Inventories 34 3.9 Accrued revenue 34 3.10 Contract balances 34 3.11 Employee benefits 34 3.12 Provisions 35 3.13 Government grant 35 3.14 Deferred construction cost compensation 35 3.15 Deferred income 36 3.16 Regulatory deferral account (“RDA”) debit or credit balances 36 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 3.17 Price regulation and licence 36 3.18 Revenue recognition 37 3.19 Leases 38 3.20 Finance income and costs 40 3.21 Tax expense 40 3.22 Segment reporting 41 3.23 New standards and interpretations not yet adopted 41 4 Property, plant and equipment 42 5 Right-of-use assets / Lease liabilities 44 6 Intangible assets 46 7 Investment property under development 48 8 Subsidiaries 48 9 Associates and joint ventures 50 10 Other non-current assets 54 11 Deferred taxation 56 12 Derivative assets and liabilities 58 13 Investments in debt and equity securities 64 14 Inventories 64 15 Trade and other receivables 65 15a Trade receivables 65 15b Other receivables, deposits and prepayments 67 15c Balances with subsidiaries, associate and joint venture (non-trade) 68 16 Cash and cash equivalents 68 17 Regulatory deferral accounts 69 18 Share capital 71 19 Reserves 71 20 Debt obligations 73 21 Other non-current liabilities 75 21a Deferred income 75 21b Deferred construction cost compensation 76 21c Provisions 76 22 Trade and other payables 77 22a Other payables and accruals 77 23 Revenue 78 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2022 Table of Contents 24 Other income 25 Finance income 26 Finance costs 27 Tax expense 28 Profit for the year 29 Related parties 30 Operating segments 31 Financial risk management 32 Fair values 33 Commitments 34 Dividends 79 79 80 81 82 83 84 87 97 100 101 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 1 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 2022. Opinion of the Directors In our opinion, (a) (b) 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 2022 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 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: Tan Sri Mohd Hassan Marican Ms Leong Wai Leng Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Ms Goh Swee Chen Mr Lee Kim Shin Prof Yaacob Bin Ibrahim (appointed on 1 September 2021) 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: Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 2 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Tan Sri Mohd Hassan Marican Singapore Airlines Limited - 3.13% Notes due 2026 CapitaLand Treasury Limited - 4.076% Notes due 20 September 2022 Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units S$250,000 USD200,000 – – – S$250,000 USD200,000 9,694,126 1 41,976 62,653 Ms Leong Wai Leng CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Mapletree Commercial Trust – units Mapletree Commercial Trust - 3.11% Notes due 24 August 2026 Mapletree Industrial Trust – units Mapletree Real Estate Advisors Pte. Ltd. – units - Great Cities Logistics (US) Trust - Great Cities Logistics (Europe) Trust - Mapletree Global Student Accommodation Pte Trust - USD – Class A units - GBP – Class B units 40,000 – 689,700 39,057 S$250,000 –* 40,000* 695,886* 39,057 S$250,000 450 500 371 371 371 371 1,685 1,685 1,685 1,685 Mapletree Treasury Services Limited - 3.58% Bonds due 2029 - 3.15% Notes due 3 September 2031 S$250,000 S$250,000 S$250,000 S$250,000 1 The shares are held in the name of Credit Suisse AG Singapore Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 3 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Singapore Airlines Limited 9,800 9,800 Singapore Airlines Limited - Mandatory Convertible Bonds SIA MCBZ300608 - SIA MCBZ 2021 Singapore Airlines Limited - 3.145% Notes due 8 April 2021 - 3.16% Notes due 2023 Singapore Technologies Engineering Ltd Singapore Technologies Telemedia Pte Ltd - 4.05% Notes due 2 December 2025 - STT GDC 3.13% Bonds due 28 July 2028 Singapore Telecommunications Limited StarHub Limited 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 Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in Vertex Master Fund II Ascendas Real Estate Investment Trust - 2.47% Notes due 10 August 2023 2 Astrea IV Pte. Ltd. - 4.35% Class-A1 Secured Bonds due 14 June 2028 - 6.75% Class-B Secured Bonds due 14 June 2028 Astrea V Pte. Ltd. - 3.85% Class-A1 Secured Bonds due 20 June 2029 - 4.50% Class-A2 Secured Bonds due 20 June 2029 17,000 – S$250,000 S$250,000 41,000 S$250,000 S$500,000 22,027 36,000 36,000 Commitment amount of USD500,000 – Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 17,000 20,482 – S$250,000 – S$250,000 S$500,000 22,027 Commitment amount of USD500,000 Commitment amount of USD1,000,000 Commitment amount of USD500,000 S$250,000 S$336,000 USD200,000 S$214,000 USD200,000 2 Held jointly with spouse. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 4 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Astrea VI Pte. Ltd. - 3.00% Class-A1 Secured Bonds due 18 March 2031 - 3.25% Class-A2 Secured Bonds due 18 March 2031 - 4.35% Class-B Secured Bonds due 18 March 2031 S$105,000 USD200,000 USD400,000 S$105,000 USD200,000 USD400,000 Fullerton Fund Management Company Ltd - Fullerton Optimised Alpha Fund Class A USD – units - Fullerton USD Income Fund Class A (SGD hedged) – – 5,000 S$500,000 Temasek Financial (IV) (Private) Limited - 1.8% 5-years T2026 S$ Temasek Bond – S$30,000 Mr Ong Yew Huat Sembcorp Marine Ltd # – 500,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited Vertex Master Fund II (GP) Pte. Ltd. - Interest as limited partner in VMII Affiliates Fund LP Vertex Venture Holdings Ltd Commitment amount of USD250,000 2,070 2,070 Commitment amount of USD250,000 - 3.30% Notes due 2028 – S$250,000 Mr Ng Kwan Meng Singapore Telecommunications Limited Singapore Technologies Engineering Ltd Starhub Limited Mapletree North Asia Commercial Trust – units Sembcorp Marine Ltd # CapitaLand Integrated Commercial Trust – units CapitaLand Limited CapitaLand Investment Limited 85,350 25,000 6,000 22,000 – 153,184 61,000 – 85,350 5,000 6,000 – 1,720,000 162,618* –* 61,000* Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 5 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Ms Goh Swee Chen CapitaLand Limited CapitaLand Investment Limited CapitaLand Integrated Commercial Trust – units Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - Mandatory Convertible Bond SIA MCBZ300608 34,592 – – 5,000 18,550 3,835 –* 46,709* 7,224* 5,000 18,550 42,604 Mr Lee Kim Shin Singapore Telecommunications Limited Singapore Airlines Limited Singapore Airlines Limited - SIA MCBZ 2021 Ascott Residence Trust – units 190 19,800 – 4,644 190 26,000 41,382 4,644 Prof Yaacob Bin Ibrahim Ascendas India Trust – units Ascott Residence Trust – units Singapore Airlines Limited 100,000 26,208 5,000 100,000 26,208 5,000 # Related corporation with effect from 11 November 2021 * Scheme of arrangement by CapitaLand Limited (“CapitaLand”), pursuant to which every 1 CapitaLand Limited share was exchanged for 1 share in CapitaLand Investment Limited, 0.154672686 unit in CapitaLand Integrated Commercial Trust, and S$0.951 in cash. Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2022 6 Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. Share Options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company 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 TAN SRI MOHD HASSAN MARICAN Chairman MR STANLEY HUANG TIAN GUAN Director / Group Chief Executive Officer 2 June 2022 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 7 Independent Auditor’s Report to the Member of Singapore Power Limited Opinion Independent Auditor’s Report For the financial year ended 31 March 2022 Report on the Audit of the Financial Statements 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 2022, 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 2022 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. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 8 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. Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2022 9 • 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. • 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 2 June 2022 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 10 Balance sheets As at 31 March 2022 Group Company Non-current assets Property, plant and equipment Intangible assets Investment property under development Subsidiaries Associates and joint ventures Other non-current assets Deferred tax assets Derivative assets Investments in debt and equity securities Current assets Inventories Trade and other receivables Derivative assets Cash and cash equivalents Investments in debt and equity securities Total assets Regulatory deferral accounts (“RDA”) debit balances and related deferred tax assets Total assets and RDA debit balances Note 4 6 7 8 9 10 11 12 13 14 15 12 16 13 17 2022 $ million 13,828.7 111.3 765.0 – 1,622.3 343.7 21.7 133.6 56.0 16,882.3 47.4 795.7 113.6 4,207.8 413.9 5,578.4 22,460.7 499.5 22,960.2 2021 $ million 13,693.2 150.9 728.2 – 2,907.2 337.9 100.5 256.2 29.7 18,203.8 46.7 462.2 3.5 1,187.2 – 1,699.6 19,903.4 454.7 20,358.1 2022 $ million 23.4 14.9 – 5,043.7 45.4 – – – # – 5,127.4 – 4,095.2 5.0 1.3 – 4,101.5 9,228.9 – 9,228.9 2021 $ million 16.3 16.2 – 5,524.6 45.4 – – – # – 5,602.5 – 3,070.4 – # 0.8 – 3,071.2 8,673.7 – 8,673.7 Equity Share capital Reserves Accumulated profits Total equity, attributable to owner of the Company 18 19 2,911.9 (97.2) 11,143.9 2,911.9 (424.3) 9,491.4 2,911.9 – # 6,246.6 2,911.9 – 5,712.8 13,958.6 11,979.0 9,158.5 8,624.7 Non-current liabilities Debt obligations Derivative liabilities Deferred tax liabilities Other non-current liabilities Lease liabilities Current liabilities Debt obligations Derivative liabilities Current tax payable Trade and other payables Lease liabilities Total liabilities Total equity and liabilities RDA credit balances and related deferred tax liabilities Total equity, liabilities and RDA credit balances 20 12 11 21 5 20 12 22 5 17 3,377.9 160.5 1,699.7 479.7 32.2 5,750.0 908.2 143.0 645.6 1,484.6 5.8 3,187.2 8,937.2 22,895.8 64.4 22,960.2 4,369.7 101.3 1,748.4 498.8 34.9 6,753.1 173.6 7.6 67.0 1,314.4 5.9 1,568.5 8,321.6 20,300.6 57.5 20,358.1 – – # 1.4 – – 1.4 – 5.1 0.4 57.6 5.9 70.4 9,228.9 – 9,228.9 – – 1.4 – – 1.4 – – 0.6 47.0 – 69.0 47.6 49.0 8,673.7 – 8,673.7 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 11 Income statements As at 31 March 2022 Group Company Note 2022 $ million 2021 $ million 2022 $ million 2021 $ million Revenue Other income Expenses - Purchased power - Depreciation of property, plant and equipment - Amortisation of intangible assets - Maintenance - Staff costs - Property taxes - Other operating expenses Operating profit Finance income Finance costs Share of profits of associates, net of tax Share of losses of joint ventures, net of tax Profit before taxation Tax (expense) / credit Profit for the year attributable to owner of the Company Net movement in RDA balances related to profit or loss and the related deferred tax movement Profit for the year and net movements in RDA balances, attributable to owner of the Company 23 24 5,213.5 1,683.7 (2,806.7) 3,574.1 188.9 (1,473.1) 1,040.1 11.0 – 754.8 9.5 – 4 (790.3) (757.4) (9.9) (8.3) 6 (55.7) (56.1) (5.6) (3.5) (141.1) (126.4) (10.5) (9.0) (324.7) (319.9) (73.9) (72.7) (93.9) (99.2) (0.3) (0.3) (191.4) (145.3) (37.2) (61.0) 2,493.4 785.6 903.7 609.5 25 26 58.6 (85.0) 164.0 45.3 (79.7) 180.0 19.4 (0.1) – 33.9 (0.1) – (5.7) (6.0) – – 2,625.3 925.2 923.0 643.3 27 28 17 (660.3) 1,965.0 37.9 (197.8) 727.4 249.3 0.8 923.8 – 5.3 648.6 – 2,002.9 976.7 923.8 648.6 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 12 Statements of comprehensive income Year ended 31 March 2022 Group Company 2022 $ million 2021 $ million 2022 $ million 2021 $ million Profit for the year and net movements in RDA balances 2,002.9 976.7 923.8 648.6 Other comprehensive income Items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 10.1 10.1 9.3 – – 9.3 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (86.7) 446.7 – – Effective portion of changes in fair value of cash flow hedges, net of tax 41.0 31.7 – # (0.2) Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (5.3) 10.2 – – - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 0.6 2.1 – # (0.1) Share of hedging reserves of associates Disposal of interest in an associate Other comprehensive income for 211.1 148.9 – – 195.9 – – – 356.6 639.6 – # (0.3) the year, net of tax 366.7 648.9 – # (0.3) Total comprehensive income for the year, attributable to owner of the Company 2,369.6 1,625.6 923.8 648.3 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 13 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2020 Total comprehensive income for the year Profit for the year and net movement in RDA balances Other comprehensive income Translation differences relating to financial statements of foreign operations Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax Share of other comprehensive income of associates Total other comprehensive income Total comprehensive income for the year 2,911.9 (810.1) (282.7) 19.6 8,920.7 10,759.4 – – – – 976.7 976.7 – 446.7 – – – 446.7 – – 31.7 – – 31.7 – – 10.2 – – 10.2 – – 2.1 – – 2.1 – – 148.9 9.3 – 158.2 – 446.7 192.9 9.3 – 648.9 – 446.7 192.9 9.3 976.7 1,625.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner At 31 March 2021 – – – – (406.0) (406.0) – – – – (406.0) (406.0) 2,911.9 (363.4) (89.9) 28.9 9,491.4 11,979.0 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 14 Statements of changes in equity Year ended 31 March 2022 Group Share capital $ million Currency translation reserve $ million Hedging reserve $ million Other reserves $ million Accumulated profits $ million Total equity, attributable to owner of the Company $ million At 1 April 2021 2,911.9 (363.4) (89.8) 28.9 9,491.4 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 Other comprehensive income Translation differences relating to financial statements of foreign operations – (86.7) – – – (86.7) Effective portion of changes in fair value of cash flow hedges, net of tax Net change in fair value of: – – 41.0 – – 41.0 - Cash flow hedges reclassified to profit or loss, net of tax – – (5.3) – – (5.3) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax – – 0.6 – – 0.6 Share of other comprehensive income of associates – – 211.1 10.1 – 221.2 Disposal of interest in an associate – 231.9 (36.0) (39.6) 39.6 195.9 Total other comprehensive income – 145.2 211.4 (29.5) 39.6 366.7 Total comprehensive income for the year – 145.2 211.4 (29.5) 2,042.5 2,369.6 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 34) Total transactions with owner – – – – (390.0) (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 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 15 Statements of changes in equity Year ended 31 March 2022 Share capital $ million Hedging reserve $ million Accumulated profits $ million Total $ million Company At 1 April 2020 2,911.9 0.3 5,470.2 8,382.4 Total comprehensive income for the year Profit for the year – – 648.6 648.6 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.2) – (0.2) 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 – (0.3) – (0.3) Total other comprehensive income for the year – (0.3) 648.6 648.3 Transactions with owner, recognised directly in equity Dividends declared (Note 34) – – (406.0) (406.0) Total transactions with owner – – (406.0) (406.0) At 31 March 2021 2,911.9 – 5,712.8 8,624.7 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 34) – – (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 # Amount is less than $0.1 million The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 16 Consolidated statement of cash flows Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from operating activities Profit for the year and net movements in RDA balances 2,002.9 976.7 Adjustments for: Deferred income (20.0) (23.9) RDA debit or credit balances and related deferred tax assets or liabilities (37.9) (249.3) Depreciation and amortisation 846.0 813.5 Finance costs 26 90.3 83.5 Finance income 25 (58.6) (45.3) Exchange loss / (gain), net 28 0.9 (14.7) Loss on disposal of property, plant and equipment and intangible assets 11.7 1.2 Impairment loss on intangible assets and property, plant and equipment 2.4 5.0 Gain on disposal of interest in an associate 24 (1,532.0) – Share of profit of associates and joint ventures, net of tax (158.3) (174.0) Tax expense 27 660.3 197.8 Write-down of inventory 14 8.4 5.3 Allowance for expected credit loss on trade receivables, net 15a 14.7 13.9 Net fair value gain on equity investments at FVTPL 26 (5.3) (3.8) Others 5.0 3.4 1,830.5 1,589.3 Changes in working capital: Inventories (9.1) (2.6) Trade and other receivables and contract assets (304.5) 4.3 Balances with related parties (trade) 6.1 10.6 Trade and other payables 214.9 (10.4) Cash generated from operations 1,737.9 1,591.2 Interest received 34.3 64.7 Net tax paid (30.0) (63.4) Net cash generated from operating activities 1,742.2 1,592.5 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 17 Consolidated statement of cash flows (continued) Year ended 31 March 2022 Note 2022 $ million 2021 $ million Cash flows from investing activities Purchase of property, plant and equipment (1,006.2) (986.4) Purchase of intangible assets (18.1) (40.7) Proceeds from disposal of property, plant and equipment and intangible assets 6.3 5.5 Proceeds from disposal of interest in an associate 3,154.1 – Dividends received from associates and joint venture 153.8 146.9 Proceeds from redemption of other investment – 5.0 Acquisition of interest in associates and joint venture (24.4) (42.7) Loans to a joint venture (46.4) – Payments for investments in debt securities (413.4) – Acquisition of other investments (21.3) (14.4) Additions to investment property (36.9) (6.6) Net cash generated from / (used in) investing activities 1,747.5 (933.4) Cash flows from financing activities Proceeds from loans 83.2 156.0 Proceeds from termination of derivatives 19.5 – Repayment of debt obligations (176.5) (797.1) Dividends paid to owner of the Company (390.0) (406.0) Interest paid (81.8) (108.9) Commitment fees paid – (1.5) Upfront fees paid for credit facilities (2.6) – Payment of principal portion of lease liabilities (6.2) (5.9) Net cash used in financing activities (554.4) (1,163.4) Net increase / (decrease) in cash and cash equivalents 2,935.3 (504.3) Cash and cash equivalents at beginning of the year 1,187.2 1,673.4 Effect of exchange rate changes on balances held in foreign currencies 85.3 18.1 Cash and cash equivalents at end of the year 16 4,207.8 1,187.2 The accompanying notes form an integral part of these financial statements. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 18 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 2 June 2022. 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 2.3 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. Functional and presentation currency 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 19 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 The Group is subject to taxes mainly in Singapore and Australia. 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 31 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 20 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. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The Group has applied the Amendments to SFRS(I) 9, SFRS(I) 1-39, SFRS(I) 7, SFRS(I) 4, SFRS(I) 16: Interest Rate Benchmark Reform – Phase 2 which is effective for annual financial periods beginning on or after 1 April 2021. The Phase 2 amendments provide practical relief from certain requirements in SFRS(I) Standards. The amendment most relevant to the Group is where it provides for a series of temporary exceptions from certain hedge accounting requirements when a change required by the interest rate benchmark reform occurs to a hedge item and / or hedging instrument that permit the hedge relationship to be continued without interruption. The Group applies the following reliefs as and when uncertainty arising the from interest rate benchmark reform is no longer present with respect to the timing and the amount of the interest rate benchmark-based cash flows of the hedged item or hedging instrument: • the Group amends the designation of a hedging relationship to reflect changes that are required by the reform without discontinuing the hedging relationship; and • when a hedged item in a cash flow hedge is amended to reflect the changes that are required by the reform, the amount accumulated in the hedging reserve is deemed to be based on the alternative benchmark rate on which the hedged future cash flows are determined. The details of the accounting policies and related disclosures on financial risk management are disclosed in Note 3.6 and 31. There was no significant financial impact to the Group as a result of these amendments. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 21 3 Significant accounting policy 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, which addresses changes in accounting policies due to the adoption of new and revised standards. 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 22 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 equity-accounted 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 equity-accounted 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 23 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 non-controlling 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. Non-monetary 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 24 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-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling 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 de-recognised. The costs of the day-to-day servicing of property, plant and equipment are recognised in profit or loss as incurred. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 25 Depreciation Depreciation is based on the cost of an asset less its residual value. Significant components of individual assets are assessed and if a component has a useful life that is different from the remainder of that asset, that component is depreciated separately. Depreciation is recognised in profit or loss on a straight-line basis over the estimated useful lives of each component of an item of property, plant and equipment. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Buildings, office and tunnels Plant and machinery - Mains (Electricity) - Mains (Gas) - Transformers and switchgear Other plant and equipment (principally gas storage plant, remote control and meters) Motor vehicles and office equipment Over the term of the lease, ranging from 3 – 99 years 2 – 40 years or the lease term, if shorter 10 – 30 years 5 – 50 years or the lease term, if shorter 20 – 30 years 2 – 40 years 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 26 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 19 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. 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. 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 cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 27 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) (ii) (iii) 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. 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 28 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 29 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 30 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. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 1 amendments: Prior to interest rate benchmark reform – when there is uncertainty arising from interest rate benchmark reform For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark reform. For a cash flow hedge of a forecast transaction, the Group assumes that the benchmark interest rate will not be altered as a result of interest rate benchmark reform for the purpose of assessing whether the forecast transaction is highly probable and presents an exposure to variations in cash flows that could ultimately affect profit or loss. In determining whether a previously designated forecast transaction in a discontinued cash flow hedge is still expected to occur, the Group assumes that the interest rate benchmark cash flows designated as a hedge will not be altered as a result of interest rate benchmark reform. The Group will cease to apply the specific policy for assessing the economic relationship between the hedged item and the hedging instrument (i) to a hedged item or hedging instrument when the uncertainty arising from interest rate benchmark reform is no longer present with respect to the timing and the amount of the contractual cash flow of the respective item or instrument or (ii) when the hedging relationship is discontinued. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 31 For its highly probable assessment of the hedged item, the Group will no longer apply the specific policy when the uncertainty arising from interest rate benchmark reform about the timing and the amount of the interest rate benchmark-based future cash flows of the hedged item is no longer present, or when the hedging relationship is discontinued. Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 32 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 33 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 34 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 35 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 36 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 37 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. 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 38 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 right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 39 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. 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 in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the 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. Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2022 40 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. 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 reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: • temporary differences on the initial recognition of assets or liabilities in a transaction that is

08 2022 年 4 月 21 日 星 期 四 新 加 坡 涵 盖 多 五 个 建 筑 项 目 滨 海 湾 供 冷 网 扩 大 每 年 可 减 排 近 2 万 吨 新 列 入 滨 海 湾 区 域 供 冷 网 络 的 项 目 是 卫 国 广 场 、 滨 海 湾 金 沙 扩 建 项 目 、 珊 顿 大 道 8 号 、 安 顺 路 80 号 的 商 业 部 分 及 马 来 西 亚 IOI 产 业 集 团 位 于 中 央 林 荫 道 的 办 公 楼 。 尹 云 芳 报 道 wunyf@sph.com.sg 全 球 最 大 的 滨 海 湾 区 域 供 冷 网 将 进 一 步 扩 大 , 涵 盖 多 五 个 发 展 项 目 , 包 括 由 滨 海 湾 浮 动 舞 台 改 建 的 卫 国 广 场 和 滨 海 湾 金 沙 扩 建 项 目 。 目 前 服 务 23 栋 建 筑 的 供 冷 网 完 成 扩 建 后 , 每 年 可 为 滨 海 湾 区 域 减 少 1 万 9439 吨 的 碳 排 放 量 , 相 当 于 公 路 上 减 少 1 万 7672 辆 汽 车 。 除 了 卫 国 广 场 (NS Square) 和 滨 海 湾 金 沙 扩 建 项 目 , 珊 顿 大 道 8 号 、 安 顺 路 80 号 的 商 业 部 分 , 以 及 马 来 西 亚 IOI 产 业 集 团 位 于 中 央 林 荫 道 的 办 公 楼 也 即 将 加 入 供 冷 网 络 。 珊 顿 大 道 8 号 是 原 安 盛 保 险 大 厦 (AXA Tower) 的 所 在 地 , 安 顺 路 80 号 则 是 富 士 施 乐 大 厦 (Fuji Xerox Tower) 的 原 址 , 这 两 处 目 前 都 在 重 新 发 展 中 。 建 筑 无 需 制 冷 机 总 成 本 可 省 15% 由 于 无 需 自 行 投 资 设 置 制 冷 机 , 新 发 展 项 目 可 省 下 多 达 15% 的 总 成 本 , 涵 盖 设 备 、 运 营 和 维 修 方 面 的 费 用 。 国 家 发 展 部 长 李 智 陞 昨 天 参 与 滨 海 湾 区 域 制 冷 网 络 扩 展 暨 客 户 答 谢 仪 式 时 说 , 滨 海 湾 的 供 冷 网 是 我 国 区 域 供 冷 服 务 的 开 拓 者 , 尽 管 起 初 财 务 回 报 充 满 不 确 定 性 , 但 潜 在 的 效 益 还 是 让 他 们 决 定 冒 险 投 资 。 滨 海 湾 区 域 供 冷 网 的 第 二 个 制 冷 装 置 位 于 滨 海 湾 金 沙 地 下 , 这 里 的 储 热 箱 长 期 储 存 冰 块 , 可 在 电 费 高 涨 或 冷 却 设 施 出 问 题 时 释 放 冷 却 水 到 供 冷 网 , 提 高 系 统 的 韧 性 。( 梁 麒 麟 摄 ) 他 提 到 , 供 冷 网 如 今 可 为 使 用 者 减 少 超 过 40% 的 能 源 消 耗 , 并 释 放 约 1 万 6000 平 方 米 的 空 间 , 让 开 发 商 能 设 计 出 更 好 的 建 筑 , 改 善 城 市 景 观 。 滨 海 湾 金 沙 标 志 性 的 无 边 泳 池 和 空 中 花 园 观 景 台 , 正 是 因 为 大 楼 无 需 独 立 的 楼 顶 冷 却 装 置 才 得 以 建 成 。 新 加 坡 能 源 集 团 可 持 续 能 源 方 案 董 事 总 经 理 哈 沙 (S Harsha) 说 , 制 冷 可 占 建 筑 多 达 60% 的 用 滨 海 湾 区 域 供 冷 网 如 今 可 减 少 超 过 40% 能 源 消 耗 , 释 放 约 1 万 6000 平 方 米 空 间 , 让 开 发 商 能 设 计 更 好 的 建 筑 , 改 善 城 市 景 观 。 电 , 在 节 省 成 本 、 可 靠 性 和 能 源 效 率 等 方 面 , 区 域 供 冷 系 统 对 区 域 和 辖 区 来 说 似 乎 都 是 更 合 理 的 方 案 之 一 。 他 说 , 相 比 每 栋 建 筑 拥 有 各 自 的 冷 却 装 置 , 区 域 供 冷 系 统 主 要 通 过 集 中 制 冷 基 础 设 施 , 再 将 —— 国 家 发 展 部 长 李 智 陞 冷 却 水 分 布 到 每 栋 建 筑 来 传 输 冷 能 , 实 现 规 模 经 济 效 益 。 滨 海 湾 区 域 供 冷 网 自 2006 年 投 入 运 作 以 来 从 未 发 生 故 障 , 首 个 地 下 制 冷 装 置 位 于 莱 佛 士 码 头 1 号 , 随 着 越 来 越 多 建 筑 加 入 、 需 求 提 高 , 滨 海 湾 区 域 供 冷 网 增 加 了 滨 海 湾 金 沙 的 地 下 制 冷 装 置 , 并 联 通 滨 海 林 荫 道 1 号 大 楼 的 制 冷 装 置 作 为 卫 星 点 。 为 扩 展 供 冷 网 , 莱 佛 士 码 头 1 号 将 提 高 制 冷 容 量 , 新 加 坡 能 源 集 团 会 再 建 两 公 里 长 的 地 下 水 管 , 从 新 加 坡 华 族 文 化 中 心 连 接 到 珊 顿 大 道 和 安 顺 路 , 预 计 2024 年 底 完 成 。 新 加 坡 能 源 集 团 正 研 究 将 滨 海 湾 区 域 供 冷 网 扩 大 至 涵 盖 M Hotel, 作 为 首 个 采 用 区 域 供 冷 的 棕 地 ( 即 已 开 发 地 段 ) 酒 店 。 裕 廊 湖 区 也 将 实 行 区 域 制 冷 发 展 中 的 裕 廊 湖 区 将 采 用 区 域 供 冷 网 , 为 住 宅 、 商 业 及 工 业 建 筑 供 冷 , 政 府 也 有 意 在 更 多 地 点 实 行 区 域 制 冷 。 国 家 发 展 部 长 李 智 陞 昨 天 在 滨 海 湾 区 域 制 冷 网 络 扩 展 暨 客 户 答 谢 仪 式 上 说 , 裕 廊 湖 区 将 成 为 市 中 心 以 外 最 大 的 混 合 用 途 商 业 区 , 政 府 计 划 把 这 个 区 域 建 立 为 可 持 续 发 展 的 未 来 城 市 典 范 , 早 在 2016 年 宣 布 会 考 虑 在 此 采 用 区 域 供 冷 网 。 今 年 征 求 发 展 方 案 计 划 书 李 智 陞 透 露 , 政 府 完 成 研 究 后 决 定 在 裕 廊 湖 区 使 用 区 域 供 冷 网 , 并 会 在 今 年 较 迟 时 向 系 统 运 营 商 征 求 发 展 方 案 计 划 书 (Request for Proposal)。 李 智 陞 提 出 , 区 域 供 冷 对 混 合 用 途 区 更 有 益 , 因 为 这 类 区 域 一 天 内 的 制 冷 需 求 比 较 分 散 , 集 中 供 冷 可 降 低 需 求 峰 值 并 提 升 整 体 能 源 效 率 。 例 如 , 商 业 和 工 业 建 筑 在 工 作 时 段 对 制 冷 需 求 可 能 更 高 , 住 宅 区 的 建 筑 则 可 能 到 傍 晚 才 更 依 赖 制 冷 系 统 。 李 智 陞 说 , 本 地 建 筑 的 碳 排 放 量 占 我 国 总 排 放 量 的 超 过 两 成 , 因 此 当 局 希 望 建 筑 和 市 镇 能 提 高 能 源 效 率 , 减 少 碳 足 迹 , 协 助 我 国 尽 快 达 到 净 零 排 放 的 目 标 。“ 我 们 正 因 此 努 力 争 取 更 广 泛 地 实 行 区 域 制 冷 。” 他 也 承 诺 , 将 继 续 推 进 区 域 冷 却 和 其 他 技 术 的 前 沿 , 找 到 更 好 的 方 法 来 应 付 制 冷 需 求 。 淡 滨 尼 市 中 心 和 登 加 新 镇 早 前 也 宣 布 将 采 用 区 域 供 冷 系 统 。

asese k of em, hat the ainh is inilop s in m- ate gal les. this ort lts. ort and feancy ing lso ed ang in- GP Ka rs, of colrts ese the erga- the orrs. ith rmtahat yce to ur- TC) 5. system and has made a difference to a future generation of lawyers. 4 | TOPSTORIES The Singapore Power joins In the pipeline global utilities in plan to enlist startups CJ urges legal sector to embrace march of technology Sundaresh Menon endorses tech blueprint for Singapore courts over next five years By Claire Huang huangjy@sph.com.sg @ClaireHuangBT Singapore DEVELOPMENTS in technology have forced lawyers to rethink practice areas and legal eagles in Singapore must stride towards these advances “with receptive openness”. This, as technology is expected to improve the quality of services and lead to cost savings for law firms, and ultimately, for society, said Chief Justice Sundaresh Menon at the opening of the legal year at the Supreme Court on Monday. Already, online dispute resolution platforms that allow users to find resolution without having to litigate have been implemented in the Netherlands, CJ Menon said, adding that it is “likely just a matter of time” before for the courts over the next five years. A unified One Judiciary IT Steering committee would also be set up to review, revise and update the blueprint initiatives. In tandem, the Singapore Academy of Law (SAL) presented its Legal Technology Vision outlining the aims of adopting legal tech and incubating a legal tech scene here. One of the aims, specifically targeting small- and medium-sized law firms, is to encourage adoption of baseline technologies, including office productivity suites, billing and practice management systems. Another is to look into the possibility of collaborative and shared virtual platforms and workspaces, as well as web- and cloud-based tools that can be accessed remotely. This could create a virtual marketplace that matches demand for and supply of Supreme Court ■ Amendments to Criminal Procedure Code to establish Rules Committee expected later this year He also touched on the appointment of three Senior Counsels – judicial commissioner Edmund Leow who is returning to the private sector, the Attorney-General’s Chambers’ (AGC) solicitor-general Kwek Mean Luck, and deputy chief prosecutor of the these avenues that “blend negotiation, mediation and arbitration” legal services, provide information could By be applied Andrea in fields such as motor accident workplace injury yers clients. AGC, Francis Ng. Soh and rating tools for the benefit of law- claims, as well as insurance claims or A further goal is to create fresh sandrea@sph.com.sg disputes. legal technologies by finding ways to To harness technology to enhance link the legal sector up with innovative professionals from other discip- the @AndreaSohBT administration of justice, he has endorsed the technology blueprint lines, said Mr Menon. Singapore SINGAPORE Power has joined the By Claire start-up Huang bandwagon. The pilot programme, The launched grid operator owned by Temasek Holdings on huangjy@sph.com.sg by Chief Justice Sundaresh Menon at @ClaireHuangBT the opening of the legal year 2017, is Singapore expected to be expanded later to include shipping law and arbitration. said Mr Menon. TO help the public identify lawyers The move is meant to improve the who Monday have expertise in certain launched practice accelerator programme with eral, without seven disadvantaging other those interna- quality of Singapore’s legal services areas, the Singapore Academy of Law and the standard of the Bar in gen- (SAL) has rolled out a voluntary accreditation scheme so practitioners who choose to remain non-accredited, he said. can apply to have their skills recognisedtional utilities “Participation in to the scheme help will energy For a start, lawyers specialising be entirely voluntary and will not be building and construction law can apply under the Specialist Accreditation lawyers will continue to be able to exclusionary. Thus, non-accredited start-ups gain exposure to various Scheme. The first batch of accredited practise in their field, in the same way specialists markets in this field will around be announced in January 2018. Senior Counsel are nonetheless able senior lawyers are exempted. that those who are not world. appointed The Free Electrons accelerator programme Toyota aims come to on recruit board energy to Scania, test-bed start-ups truck to co-create platooning the system next generation Hwee Hwee of ideas year, and in their respective solutions research address- By Tan hweetan@sph.com.sg centres in Sweden and Japan. One of @HweetanBT the two companies will be selected ing future Singapore trends based on the outcomes in clean of the phase 1 energy and trials to proceed into phase 2 projected from 2018, during which trials and trucking industry.” IF the truck platooning trials starting from energy early 2017 go according efficiency, to plan, among other areas, and development of the technology multiple truckloads of cargo at Singapore’s port can be transported will take place in Singapore. between SP terminals said. by just one driver The trials in Singapore will initially in the near future. involve transporting containers from This autonomous freight technology calls for one human-driven truck Pasir Panjang Terminal to Brani Terminal the Singapore port. A 10-kilo- The firm initiated the programme to lead a convoy of one or more driverless with trucks. Coast Highway has been designated metre long test route along West movement. Dubai Electricity and Water Authority, Scania and Toyota to Electricity test-bed The Ministry of Transport and PSA for the phase 2 trials. The inter-terminal haulage may eventually be penned the agreements on Monday with scaled up to include Supply haulage within Board in Ireland, the truck platooning system for use the port area and between Pasir Panjang Terminals and the Tuas Port. on Singapore’s public roads. These agreements followed Energias a memorandum Taking de on truck Portugal, platooning will Innogy in of understanding inked by the Ministry of Transport and PSA in October well as allow for more freight move- help alleviate manpower shortage as Germany, Tokyo Electric Power Company truck platooning (Tepco), trials will Permanent and Secretary Origin for Trans- Energy and 2015 to collaborate and co-fund truck ment at night to ease traffic congestion. drivers needed. platooning projects. The take place in two phases over a port and Chairman of the Committee three-year period from January 2017 on Autonomous Road Transport in to December Ausnet 2019. Scania and Services Toyota Singapore, Pang Kin Keong Australia. said: Together the eight utilities have 73 mil- will undertake first phase of the “Trucking as we know it today is a and managers. truck platooning trials lasting about a highly labour-intensive industry. We lion end customers across more than 40 countries, and a combined net income of US$148 pany plans to billion. collaborate with A*Star By Amit Roy Choudhury Under the MOU, the British com- amit@sph.com.sg @AmitRoyCBT to establish technology centres here Singapore to exploit growing capabilities in Internet of Things (IoT) will and advanced be managed haul) applications. BRITISH The aero-engine programme maker Rolls-Royce and A*Star signed a manufacturing technology in the industrial, healthcare, transport and memorandum of understanding (MOU) by on Jan two 9 to advance accelerator its digital other sectors. The partners proposed centres in Silicon capabilities and, at the same time, facilitate the growth of the supporting sensor technology design laboratory dustries can benefit from”. are likely to include a collaborative Valley: New Energy Nexus and swissnex in Singapore San since 1950, Francisco. conics. It may also include digital ecosystem in Singapore. on developing IoT sensors using Rolls-Royce, which has been nanotechnology and microelectron- present They a collaborative have extensive systems networks business. At its Se- create in solutions the to innovation connect sensors ecosyssiders the country a key regional hub computational science development for its civil, defence, marine and laboratory, among other purposes, to power letar campus it assembles and tests with the digital value chain, including aero engines that power the Airbus analytics software, applications 380 tem and the Boeing and 787 Dreamliner. have design experience and cybersecurity. and expertise patented in hollow, connecting titanium turing capabilities innovators, including digital said SP. Singapore is also the only place outside of the UK where it manufactures tegic development of future manufac- The MOU also proposes the stra- its wide-chord fan blade. manufacturing and advanced manu- As part of the six-month programme, 12 start-ups will gain exposure to various markets around the world by collaborating with major utility firms in three separate week-long modules in Silicon Valley, Lisbon and Dublin, and Singapore. The Singapore leg, as the final module, will focus on contracting pilot projects between the start-ups and utilities, according to the Free Electrons website. It will also include an overview of Singapore’s startup ecosystem and market, a final pitch event and an awards ceremony. In between modules, there will be ongoing conversations in the form of technical and business mentoring, and discussions on pilot opportunities. Being part of Free Electrons allows SP to foster international collaboration with some of the world’s largest international utilities, as well as partner some of the world’s most promising startups to develop solutions that could shape Singapore’s, and the world’s, energy future, he added. The initiative by the eight utilities comes at a time of tremendous industry transformation worldwide due to the growing popularity of renewable energy, the decentralisation of the energy system, regulatory uncertainties and disruptive new technologies. In Singapore, the electricity market is also set to be fully liberalised from mid-2018 onwards. Already, numerous independent electricity retailers banking on technology for a competitive edge have entered the market in the past two years, BT recently reported. The Free Electrons programme is open for applications from Jan 9 to Feb 28 this year. The selected start-ups will be announced in April. ■ Civil Justice Commission to wrap up review of processes by year-end ■ Review of medical litigation procedures to be finalised this year ■ Refinement of the Singapore International Commercial Court's rules under way State Courts ■ Employment Claims Tribunal − set up to help employees resolve salary-related disputes in a fast and affordable way − is expected to operate in April ■ New State Courts Tower to be operational by 2020 Family Justice Courts ■ Tweaks to the family justice system are in progress, including devising norms for child maintenance to be based on actuarial data and setting clear professional standards for practitioners In closing his speech, the Chief Justice paid a tribute to outgoing Attorney-General (AG) VK Rajah, who steps down on Jan 13. Congratulating Mr Rajah for his “many remarkable to practise as advocates. But accreditation will function as a mark of recognition that a particular lawyer in fact has particular skills and expertise,” The scheme will have two tiers: a lower tier (accredited specialist) for younger legal practitioners and an upper tier (senior accredited specialist) for more experienced legal practitioners. Candidates will be selected by a panel comprising judges, legal practitioners and industry professionals. The assessment is based on the candidate’s involvement in the practice area and panel interview, among other things. Younger lawyers will have to sit an examination while face a shortage of truck drivers. In this regard, truck platooning technology presents us with an opportunity to boost productivity in both the port PSA International’s regional CEO for South-east Asia, Ong Kim Pong said the progress made in truck platooning “underlines our joint commitment to being future-ready, while also helping us to continue to serve our customers better through fast and efficient inter-terminal container The Business Times understands under 2 million teus (20 foot equivalent units) of cargo annually are being transported between terminals using trucks. One industry observer estimated using truck platoons with one lead and two autonomous trucks in each platoon, PSA may save S$10 million annually or S$7 per teu moved over land by reducing the number of Mr Pang said that by taking on truck platooning, truck drivers will be offered opportunities to take on higher-skilled roles as fleet operators This falls in line with a drive in the facturing technologies and processes for manufacturing, assembly and MRO (maintenance, repair and over- Ian Davis, Rolls-Royce chairman, said that by “sharing our world leading expertise in digital technology”, Rolls-Royce and A*Star can together build a digital ecosystem “that all in- Mr Davis said that with its Smart Nation initiative, Singapore has demonstrated that it is “continually transforming, able and inventive”. That is why Singapore is a compelling partner to work with on “some of our digital strategy streams”, he added. He said that the MOU would expand and deepen the company’s capabilities in Singapore. He added that 90 per cent of the company’s sales comes from outside its UK home market. He added: “Today 50 per cent of Source: Singapore Supreme Court The specialist accreditation will have to be renewed every two years. SAL said the scheme is expected to benefit more than 900 legal practitioners who practise building and construction law. Former Law Society president and senior counsel Lok Vi Ming, who now runs his own dispute resolution practice, welcomed the accreditation scheme as it will “encourage practitioners to keep up with latest developments in a particular industry or practice area” and will ramp up different expertise. “The public is always looking for product differentiation – people who can deliver better in a particular area larger maritime industry to align job profiles with the aspirations of younger, more technologically savvy Singaporeans. Mr Ong opined that it is timely to move on to the next steps in developing autonomous truck platooning technology as PSA prepares for its future terminals in Tuas. PSA is building the next-generation port (NGP) from our aircraft (engine) sales come from Asia, in 20 years 70 per cent of of our sales will come from this region.” Singapore’s importance lies in the fact that it is a major engine repair and maintenance centre of the company. A*Star chairman, Lim Chuan Poh, noted that Singapore is the largest aviation hub in Asia. The total output from the aerospace industry in Singapore is worth S$8.3 billion out of which 90 per cent comes from MRO activities and the rest from manufacturing. The sector employs 20,000 highly-skilled talent with the vast majority being locals, Mr Lim said. Singapore hosts more than 100 aerospace companies. These include multinationals such as Airbus, Boeing, Bombardier and Rolls-Royce, and local enterprises such as ST Aerospace, SIA Engineering Com- achievements over the course of more than three decades in the law”, Mr Menon said: “You have devoted yourself tirelessly to advancing the interests of justice throughout your career. There can be no higher calling for a lawyer; and you have discharged it with great distinction.” Veteran lawyer Lucien Wong has been appointed the new AG and will serve a three-year term. Prime Minister Lee Hsien Loong also thanked Mr Rajah for his outstanding contributions to Singapore in a valedictory letter dated Jan 4. “Of particular note were your decisions that concerned criminal law. You delivered landmark rulings that clarified the law on criminal liability for common intention, as well as aspects of the law on sentencing. These Voluntary scheme started to accredit specialist lawyers One driver, multiple trucks Driver in first container truck leading 3* driverless trucks Lead vehicle linked to the platoon via wireless communications of expertise and if you have a mark of excellence that is presented to them, they will gravitate towards that mark,” added Mr Lok. The SAL is also developing the Legal Industry Framework for Training and Education (Lifted), which is part of the nationwide SkillsFuture initiative and will help lawyers develop core and specialist competencies in their areas of practice. For a start, Lifted will identify competencies and courses for corporate and commercial law, family law, legal technologies and legal support roles. It will be implemented in phases this year, starting with legal support roles. scratch at Tuas. Smarter, greener and automated, the NGP at Tuas will feature technology-boosting efficiency and productivity as well as improving safety and security. PSA is also test-bedding automated guided vehicles (AGVs) at the Pasir Panjang Terminal. The AGV technology is intended to be implemented at the NGP at Tuas. Rolls-Royce signs MOU with A*Star to deepen collaboration CJ Menon also paid tribute to outgoing Attorney-General VK Rajah (inset), who steps down on Jan 13. PHOTO: THE STRAITS TIMES, FILE PHOTO Coupling and de-coupling to allow other road users to cross between platoon vehicles Incorporates vehicle detection, anti-collision and lateral control technologies for safety *Number of trucks in each platoon may vary according to trial results. Source: PSA and Ministry of Transport pany, Wah Son Engineering, and Ka Shin Technologies. Mr Lim noted that over the years, Rolls-Royce has proven to be one of A*Star’s most valuable partners in collaborative research that “kick-starts innovation” for the industry. “These initiatives not only contribute to the local aerospace sector, but to the overall manufacturing landscape in Singapore,” he added. In 2007, Rolls-Royce joined the A*Star Aerospace Programme consortium as one of its founding members. In 2011, it established a Joint Lab with A*Star’s Institute of High Performance Computing (IHPC) in computational engineering. Mr Lim added that Singapore worked with Rolls-Royce and a few other industry partners to set up the Advanced Remanufacturing and Technology Centre (ARTC) which was officially opened in 2015. Business Times | Tuesday, January 10, 2017 judgements reflected your commitment to a fair criminal justice system that tempers justice with compassion,” Mr Lee wrote. He added that Mr Rajah has done much to improve Singapore’s legal system and has made a difference to a future generation of lawyers. Singapore Power joins global utilities in plan to enlist startups By Andrea Soh sandrea@sph.com.sg @AndreaSohBT Singapore SINGAPORE Power has joined the start-up bandwagon. The grid operator owned by Temasek Holdings on Monday launched an accelerator programme with seven other international utilities to help energy start-ups gain exposure to various markets around the world. The Free Electrons accelerator programme aims to recruit energy start-ups to co-create the next generation of ideas and solutions addressing future trends in clean energy and energy efficiency, among other areas, SP said. The firm initiated the programme with Dubai Electricity and Water Authority, Electricity Supply Board in Ireland, Energias de Portugal, Innogy in Germany, Tokyo Electric Power Company (Tepco), and Origin Energy and Ausnet Services in Australia. Together the eight utilities have 73 million end customers across more than 40 countries, and a combined net income of US$148 billion. The programme will be managed by two accelerator partners in Silicon Valley: New Energy Nexus and swissnex San Francisco. They have extensive networks in the innovation ecosystem and have experience and expertise in connecting innovators, said SP. As part of the six-month programme, 12 start-ups will gain exposure to various markets around the world by collaborating with major utility firms in three separate week-long modules in Silicon Valley, Lisbon and Dublin, and Singapore. The Singapore leg, as the final module, will focus on contracting pilot projects between the start-ups and utilities, according to the Free Electrons website. It will also include an overview of Singapore’s startup ecosystem and market, a final pitch event and an awards ceremony. In between modules, there will be ongoing conversations in the form of technical and business mentoring, and discussions on pilot opportunities. Being part of Free Electrons allows SP to foster international collaboration with some of the world’s largest international utilities, as well as partner some of the world’s most promising startups to develop solutions that could shape Singapore’s, and the world’s, energy future, he added. The initiative by the eight utilities comes at a time of tremendous industry transformation worldwide due to the growing popularity of renewable energy, the decentralisation of the energy system, regulatory uncertainties and disruptive new technologies. In Singapore, the electricity market is also set to be fully liberalised from mid-2018 onwards. Already, numerous independent electricity retailers banking on technology for a competitive edge have entered the market in the past two years, BT recently reported. The Free Electrons programme is open for applications from Jan 9 to Feb 28 this year. The selected start-ups will be announced in April. Source: The Business times © Singapore Press Holdings Limited. Permission required for reproduction.

30 Dec 2014 For Immediate Release MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 JANUARY TO 31 MARCH 2015 1. For the period from 1 Jan to 31 Mar 2015, electricity tariffs will decrease by an average of 8.0% or 1.99 cents per kWh compared to the previous quarter. 2. The tariff reduction is due to lower cost of fuel (i.e. natural gas) for electricity generation, which fell by 16.4% compared to the previous quarter. As fuel cost makes up about 50% of the tariff, this translates to a proportional reduction of 8.0% in the Q1 2015 electricity tariff. 3. The electricity tariff for households will decrease from 25.28 to 23.29 cents per kWh for 1 Jan to 31 Mar 2015. The average monthly electricity bill for families living in four-room HDB flats will decrease by $7.93 (see Appendix 3 for the average decrease for different household types). 4. SP Services 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 EMA. _______________________________________________________________________________________________________ Issued by: SP Services Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No : 199504470N www.spservices.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 JAN 2015 Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh 25.28 23.29 24.92 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 25.28 23.29 24.92 7.49 7.49 8.01 11.24 11.24 12.03 23.22 21.05 22.52 14.19 12.71 13.60 0.59 0.59 0.63 7.49 7.49 8.01 11.24 11.24 12.03 23.00 20.83 22.29 14.18 12.70 13.59 0.59 0.59 0.63 6.90 6.90 7.38 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 10.35 10.35 11.07 22.06 19.91 21.30 14.08 12.60 13.48 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy cost (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network cost (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. Q1 2015 TARIFF Energy Costs 18.02¢/kWh Decreased by 1.99 ¢/kWh Generation Companies Network Costs 5.05¢/kWh MSS Fee 0.17¢/kWh Market Admin & PSO Fee 0.05¢/kWh No Change No Change No Change SP PowerAssets SP Services Power System Operator & Energy Market Company AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 JANUARY 2015) Appendix 3

Media Advisory WhatsApp and Facebook Service Disruption Singapore, 4 July 2019 – There are reports that WhatsApp and Instagram users around the world were not able to access these apps from Wednesday, 3 July (See news report: Channel News Asia. For customers who submitted their meter readings via WhatsApp since 5pm on Wednesday 3 July 2019 (Singapore time) and did not receive an official WhatsApp acknowledgement message from SP Group, please re-send your readings through our other channels: SP Utilities mobile app Online on the Utilities Portal Automated Phone System 1800 2222 333. Customers can key in their consumption without the need to speak to a call agent. Email customerreading@spgroup.com.sg We apologise for any inconvenience and thank you for your understanding.

SINGAPORE DISTRICT COOLING PTE LTD TARIFF FOR DISTRICT COOLING SERVICES WITH EFFECT FROM 1 MAY 2026 Capacity Charge : $24.40/kWr per month Usage Charge : $0.0602/kWrh

FAQs FOR CUSTOMERS WHO WISH TO SIGN UP FOR A RECURRING PAYMENT ARRANGEMENT ON THE SP APP WHICH IS AVAILABLE WEF 1 ST OCT 2020 CESSATION OF DBS / POSB RECURRING PAYMENT ARRANGEMENT 1. Why has SP ceased my existing Recurring Payment arrangement which I set up with DBS using my DBS / POSB credit card? We are streamlining the set-up for our Recurring Payment options so that all Recurring Payment credit card arrangements will be registered on our SP Utilities app. By enabling customers to set up their Recurring Payment arrangements on the App, we intend to give customers more control and flexibility in managing their Recurring Payment arrangements with SP. 2. Why is it not possible for SP to maintain my existing Recurring Payment arrangement with DBS until Jan 2021 and make the switch a seamless process? Your existing arrangement will be maintained until 31 Dec 2020. If your bill is due on or after 1 Jan 2021, you will have to pay by alternate means until you are able to set up a Recurring Payment arrangement on the App with your DBS card with effect from 1st Jan 2021. We have tried to make the transition period as short as possible and have provided various other payment options for you. 3. What other payment options do I have now that my Recurring Payment arrangement has been cancelled? We have several other payment options as listed below: • One-time payment on the SP Utilities App with any Visa, MasterCard ® or American Express ® card of your choice; • Recurring Payment on the SP Utilities App (DBS/POSB credit cards will be available from 1 Jan 2021); • GIRO – please find enclosed a GIRO form for your use; • Internet Banking at your bank’s website; • SingPost Self-Service Automated Machines (SAM), AXS stations or DBS/POSB/OCBC ATMs; • Post Offices and 7-Eleven stores. 4. Besides the App, are there any other channels for me to set up a Recurring Payment arrangement with my credit card? No. All Recurring Payment credit card arrangements must be set up on the App. By enabling customers to set up their Recurring Payment arrangement on the App, we intend to give customers more control and flexibility in managing their Recurring Payment arrangements with SP. 5. Currently I am not required to sign up for an online account with SP to set up a Recurring Payment arrangement with my credit card. How can I set up a Recurring Payment arrangement without an online SP account? We are sorry that this is not possible. All users must register for an account on the App before they can set up a Recurring Payment arrangement on the App. The account on the App replaces the form which users would have been required to fill up previously when setting up a Recurring Payment arrangement. 6. Can I use my DBS / POSB credit card to set up a new Recurring Payment arrangement? Yes, you can use your DBS / POSB card to set up a Recurring Payment arrangement on the App from 1 Jan 2021. 7. Can I pay with other credit cards? Can you tell me which ones are accepted? Are there any benefits? Yes. Other cards are also accepted on the App. As the benefits are governed by the terms & conditions which you have with your bank, please refer to your bank for more information. 8. What benefits can I enjoy if I set up a new Recurring Payment arrangement on the SP App for my SP utilities bills? You will have more control and flexibility in managing your Recurring Payment arrangements with SP. You can set up a Recurring Payment arrangement at any time and terminate it any time without the hassle of calling us or your bank. We provide a single point for you to set up a Recurring Payment arrangement with any Master, Visa or Amex card of your choice. You may also enjoy special rebates or promotions from your bank when you set up a Recurring Payment arrangement on the SP App. Setting up a Recurring Payment arrangement will save you the hassle of remembering to make payment every month. You will receive immediate notification on the SP App each time your payment is successfully charged to your card. You will also receive notification on the SP App for any unsuccessful charging. 9. If I use my POSB Everyday credit card to make an ad-hoc payment on the SP App or set up a Recurring Payment arrangement, will I enjoy rebates from DBS? The rebates are governed by the terms & conditions which you have with DBS. DBS has confirmed that their current terms and conditions enable you to continue enjoying the rebates for Recurring Payment arrangements. However, as DBS’ terms and conditions are subject to change, you may wish to check with DBS for the latest information. WHAT IS RECURRING PAYMENT? 10. What is a Recurring Payment arrangement? This is a new payment method introduced to bring you greater convenience by allowing seamless utilities bill payment every month without the hassle of having to remember to make payment. Once your utilities bill is ready, the SP Utilities App automatically charges the amount to your saved debit/credit card seven (7) days before the payment due date. 11. Who can use the Recurring Payment function? All users registered on the App will be able to set up and use the Recurring Payment function for their utilities bills on the App. 12. Which cards are accepted under this arrangement? Currently, all major debit and credit cards issued by UOB (American Express � , MasterCard and Visa) are accepted for payment. Visa, Master & AMEX cards issued by other banks will be accepted wef 1 Jan 2021. 13. How does Recurring Payment work? If you are on a Recurring Payment arrangement, the App will deduct the amount from your saved debit/credit card seven (7) days before the payment due date. You will receive an email confirmation once payment has been successfully processed. 14. Why does the deduction happen seven (7) days before the payment due date? This mechanism ensures that you will not miss your payment due date in the event that your Recurring Payment arrangement was unsuccessful. It gives you time to use alternative payment methods to pay your bill before the due date to avoid any late charges. 15. Can I make partial payment under this arrangement? No, you must make full payment of your utilities bill for all Recurring Payment arrangements. 16. Is there a limit to the amount I can pay under this arrangement? There is no limit to the amount. However, the payment will be subject to your card limit. 17. How long will it take for the billing organisation to receive the bill payment? Once your payment has been successfully processed, it will be reflected on the App. You will also receive an email confirmation of the payment. SETTING UP 18. How do I activate a Recurring Payment arrangement on the App? If you have an existing debit/credit card saved with us, you will be prompted to enable a Recurring Payment arrangement after you have made a utilities bill payment. Otherwise, you can also activate the Recurring Payment arrangement via My Profile > Payment Methods > Add Credit/Debit Card. 19. How do I know if my Recurring Payment set up is successful? You will receive an email confirmation at your registered email address. In the App under My Profile > Payment Methods, you will also be able to see a “Recurring” label against your debit/credit card details. 20. How many cards can I use to set up a Recurring Payment arrangement for my account? For each utilities account, you will only be able to set up a Recurring Payment arrangement using one (1) debit/credit card. An account cannot have more than one Recurring Payment arrangement using multiple debit/credit cards. 21. I have more than one utilities account. Can I use the same debit/credit card to set up Recurring Payment arrangements for different accounts? Yes, you can set up the Recurring Payment arrangement using the same debit/credit card for multiple utilities accounts. 22. Can I set a future date or scheduled instruction for my recurring bill payment? Currently, we do not have this function. 23. When will deduction take place after I have set up a Recurring Payment arrangement? Deduction will take place seven (7) days before the payment due date of your latest bill. If you have set up a Recurring Payment arrangement less than seven (7) days before the payment due date of your latest bill, please pay using other payment methods. 24. I am currently on a GIRO or DBS/POSB recurring arrangement. What happens when I subscribe to the Recurring Payment arrangement on the App? Since the App will deduct the amount seven (7) days before the payment due date, it will take precedence over your GIRO or DBS/POSB recurring arrangement. If the deduction on the App is unsuccessful, your GIRO or DBS/POSB recurring arrangement will deduct the amount on the payment due date. 25. Am I able to set up a Recurring Payment on other channels for my utilities bill? Currently, the Recurring Payment arrangement is only available on the App. 26. Is the Recurring Payment function only for SP utilities bills? Can I pay other utilities bills that are currently payable via the App? Currently, the Recurring Payment function on the App is only available for SP utilities bills. CHECKING PAYMENT TRANSACTIONS 27. How can I monitor my payment history and status? You can check all past transactions and monitor the status of newly made payments via the tab in the app. You should also receive an email confirmation each time a payment is made. ‘Pay’ UNSUCCESSFUL PAYMENTS 28. What happens if my payment is unsuccessful? In the event that your payment is unsuccessful (e.g. your debit/credit card has expired, or has insufficient credit balance/limit), you will receive an email notification to inform you of the unsuccessful transaction. You will then need to make payment using alternative methods before the payment due date as your Recurring Payment arrangement would have lapsed and would no longer be in place for your future bills. If you would like to reactivate your Recurring Payment arrangement, you can set it up again via My Profile > Payment Methods > Add Card. 29. Why has my payment failed? This may be due to a number of reasons. Kindly contact your issuing bank for clarification and assistance. DEACTIVATING RECURRING PAYMENTS / CHANGING PAYMENT METHODS 30. Can I deactivate the Recurring Payment arrangement at any point in time? Yes, you can deactivate your Recurring Payment arrangement at any time by visiting My Profile > Payment Methods > Select Card. However, kindly ensure you pay your bill on time using alternative payment methods since you are no longer on a Recurring Payment arrangement. 31. If I disable my Recurring Payment arrangement, does it take effect immediately? Yes, if you disable your Recurring Payment arrangement, it will take immediate effect. However, there will be no refund made if your Recurring Payment arrangement is disabled after payment has been successfully deducted. 32. What should I do if I dispute the charges in my bill? You should disable your Recurring Payment arrangement so that the bill will not be debited from your debit/credit card. 33. I have lost my debit/credit card that I used to set up my Recurring Payment arrangement on the App. What should I do? Please contact your issuing bank for assistance to cancel the card, and re-enter another valid debit/credit card for your Recurring Payment arrangement via My Profile > Payment Methods > Add Card. 34. I’ve recently been issued a new debit/credit card number as a replacement card from the one I saved in the app for Recurring Payments. What should I do? You may change your debit/credit card saved with us and input the new debit/credit card details by going through the same Recurring Payment set-up via My Profile > Payment Methods > Add Card. 35. What if I want to use other payment methods after I have set up the Recurring Payment arrangement on the App? If you are on a Recurring Payment arrangement but would like to sign up for GIRO instead, please cancel your Recurring Payment arrangement on the App. You can go to My Profile > Payment Methods > Select Card. 36. Can I make an ad-hoc payment on the App if I am on the Recurring Payment arrangement? If you would like to make payment via another card that is not set up for Recurring Payment, you may cancel your Recurring Payment arrangement, before making your one-time payment. OTHERS 37. I have set up a Recurring Payment arrangement for my account but my family member has paid the bill for me. Will the bill still be charged to my debit/credit card? The amount paid by your family member will be nett off from your outstanding bill and any remaining outstanding amount will be debited from your debit/credit card. 38. Can I use UNI$ to pay for my utilities bill if I am on Recurring Payment? No, you cannot use UNI$ to pay for your utilities bill once you are on the Recurring Payment arrangement. ----------------------------------------------------------------

News Release Temasek Cares extends its ‘Stay Prepared’ initiative to help build community resilience in Singapore � � ‘Stay Prepared’ is a community initiative focused on encouraging individuals and families in Singapore to be prepared for emergencies Temasek Cares partners Singapore Power and Singapore Post for the nationwide distribution of ‘Stay Prepared’ Starter Kits to all 1.2 million households in Singapore � The Starter Kit programme aims to prompt every household to take steps to be better prepared for emergencies � Each Starter Kit contains three 3M TM N95 face masks and useful emergency contact information, and may be added to household or personal emergency grab bags � Everyone – families, communities, companies – has a part to play to help themselves and the larger community to mitigate the impact of emergencies and unforeseen events Singapore, Monday 5 May 2014 Temasek Cares is partnering Singapore Power and Singapore Post to extend its „Stay Prepared‟ initiative by encouraging individuals and families to be prepared for emergencies. Conceived by Temasek Cares with Singapore Power to prompt individuals and families to be prepared well ahead of any emergencies, a total of 1.2 million „Stay Prepared‟ Starter Kits will be distributed by Singapore Power and Singapore Post to all households in Singapore from 6 to 12 May 2014. Each „Stay Prepared‟ Starter Kit contains three 3M™ N95 face masks, instructions on how to wear the masks and emergency contact numbers. About 17,000 Starter Kits will also be delivered to charity homes, and another 300,000 Kits have been prepared on standby for needy families in case of severe haze or flu pandemic emergencies. Mr Richard Magnus, Chairman of Temasek Cares, said, “Singapore is a safe city. However, unforeseen events may adversely impact us and our community from time to time. All of us – individuals, families, companies – have to be prepared. For this reason, Temasek Cares wants to help build the resilience of our community, through its „Stay Prepared‟ initiative. “Temasek Cares is very pleased to partner Singapore Power and Singapore Post for this initiative to provide „Stay Prepared‟ Starter Kits to every household in Singapore. The Starter Kit includes three N95 masks so that each household can have an initial stock in case of a flu pandemic or severe haze from the forest fires in the region. We hope the Starter Kits will prompt individuals and families to develop their own emergency plans. The Starter Kit with the emergency contact numbers and the N95 masks can be useful additions to their family or personal emergency grab bags.” Mr Magnus added, “The Starter Kits programme is a significant step to fulfill Temasek Cares‟ vision of a resilient Singapore community – one that is ready for the unexpected, responds effectively to crises and recovers quickly from adversity. We will continue to come alongside people and partners in Singapore to create greater awareness of additional ways to be prepared. We believe such community initiatives are a useful way to complement national and individual efforts to keep Singapore safe.” Tan Sri Mohd Hassan Marican, Chairman of Singapore Power, said, “At Singapore Power, it is mission critical to respond to emergencies swiftly, safely and effectively. This readiness enables us to power every household and business in Singapore with world-class reliability, round the clock. We would like to encourage emergency preparedness among the community, so that it becomes second nature to everyone.” Tan Sri Hassan added, “We have mobilised our meter readers and technicians to distribute the „Stay Prepared‟ Starter Kits. We are running a call centre to address public queries on this effort. In addition, our staff volunteers will be distributing 17,000 starter kits to more than 140 charity homes for the elderly, disabled and other residential facilities . We would like to touch all facets of society in this outreach.” Mr Lim Ho Kee, Chairman of Singapore Post said: “We are happy to be part of this nationwide community effort to help Singapore households stay prepared. Over the next few days, some 1,200 postmen and postwomen will distribute the „Stay Prepared‟ Starter Kits to every HDB and high-rise household. As a responsible and trusted national postal service provider, SingPost remains committed to deploy our last mile delivery capability and resources to help with such meaningful initiatives.” Singapore Power has set up a hotline where members of the public can get information about the delivery of the „Stay Prepared‟ Starter Kits. The delivery hotline (Tel: 1800-738-2000) will be in operation from Monday 5 May 2014, to Saturday 24 May 2014, from 8.00 am to 8.00pm daily. If the „Stay Prepared‟ Starter Kit cannot be delivered to a postal address, residents will receive a delivery advice with information on where they can collect their Starter Kits. The „Stay Prepared‟ Starter Kits programme and the umbrella „Stay Prepared‟ initiative are backed by the Temasek Emergency Preparedness Fund, which was established by Temasek Holdings with an endowment of S$40m in March 2014, as part of its 40 th anniversary community initiative. More information on the „Stay Prepared‟ initiative is available at www.stayprepared.sg. Useful tips on how individuals and families can prepare their own emergency grab bags can be found at www.e101.gov.sg. Health advisory on haze or other health hazards may be found at: � � www.moh.gov.sg www.moh.gov.sg/haze Weather, air and other climatic or pollution developments may be tracked on www.nea.gov.sg Released on May 5, 2014 -END- Additional Information About the ‘Stay Prepared’ initiative and the Temasek Emergency Preparedness Fund (TEPrep Fund) „Stay Prepared‟ is a Temasek Cares initiative to help people in Singapore be prepared for emergencies and crises, and build a more resilient community. Programmes under this initiative are supported by the Temasek Emergency Preparedness Fund launched in March 2014, as a Temasek community endowment to mark its 40th anniversary. „Stay Prepared‟ supports programmes that: � � � � Help people in Singapore be ready for a range of emergencies Build longer term capability and capacity of the community in emergency preparedness Provide assistance in emergencies Complement national efforts and foster collaboration with private sector partners, voluntary welfare organisations (VWOs) and community groups to achieve emergency preparedness. The first program under the „Stay Prepared‟ initiative was with KK Women‟s & Children‟s Hospital to help train staff and volunteers from interested VWOs to support children who have suffered trauma. For more information, please visit www.stayprepared.sg. About Temasek Cares Temasek Cares CLG Ltd is a Temasek funded non-profit philanthropic organisation (NPPO) that aims to help improve the lives of underprivileged individuals, families and communities in Singapore; and to build the capability and capacity of all people in Singapore to be prepared for emergencies. Set up in 2009 as an Institution of a Public Character, it works in partnership with various voluntary welfare organisations, non-profit organisations, government agencies, Ministries and other institutions to support programmes that contribute to the well-being, dignity, livelihood, and emergency preparedness of its beneficiaries. For more information, please visit www.temasekcares.org.sg. About Singapore Power Singapore Power Limited is a leading energy and utility company in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia. The Singapore Power Group is wholly owned by Temasek Holdings (Private) Limited. In Singapore, more than 1.4 million industrial, commercial and residential customers benefit from Singapore Power‟s world class transmission, distribution and market support services. The networks in Singapore are amongst the most reliable and cost effective worldwide. In powering economies and improving quality of life, Singapore Power is committed to initiatives that help communities in need live independently and with dignity. These efforts include the Singapore Power Heartware Fund that reaches out to the needy elderly through a range of social service programmes. For more information, please visit www.singaporepower.com.sg About Singapore Post Limited Singapore Post Limited (SingPost) is the national postal service provider in Singapore offering trusted communications through domestic and international postal services as well as end-toend integrated mail solutions covering secure data printing, letter-shopping, delivery and mailroom management, among others. As the trusted communications service provider for more than 150 years, SingPost today goes beyond physical postal communications to offer secure digital communications solutions as part of integrated solutions to its customers. With its competencies in mail, logistics and e-commerce, SingPost is able to offer integrated e- commerce logistics solutions tailored to customers‟ needs. Having one of the largest multichannel distribution networks in Singapore, regional operations in 12 countries and access to a global postal network of more than 220 countries/territories, SingPost is also well-positioned to provide end-to-end e-commerce logistics solutions such as warehousing, pick and pack, delivery and returns management for B2B, B2C and B2B4C customers in Singapore and the region. SingPost won the UPU-approved World Mail Award for People Management in June 2013 and was ranked the top postal agency in an Accenture report in March 2013. SingPost also gained international acclaim when it was bestowed the Service Provider of the Year 2012 award by Postal Technology International. SingPost is the only company to win to the Universal Postal Union‟s EMS Cooperative award for its Speedpost courier service every year since 2001. SingPost was listed on the Main Board of the Singapore Exchange in 2003. To learn more about SingPost, please visit www.singpost.com. About 3M 3M captures the spark of new ideas and transforms them into thousands of ingenious products. Our culture of creative collaboration inspires a never-ending stream of powerful technologies that make life better. 3M is the innovation company that never stops inventing. With $31 billion in sales, 3M employs 89,000 people worldwide and has operations in more than 70 countries. 3M Singapore is a wholly owned subsidiary of 3M Company. The company serves a wide range of consumer and industrial markets, which include electronics, health care, transport engineering, chemicals, building and construction, and consumer retail. 3M‟s presence in Singapore includes two manufacturing plants at Woodlands and Tuas, an R&D Center at Woodlands, and a Customer Technical Centre, laboratory and other supply chain and business operations based at Yishun. For more information on 3M, please visit www.3M.com.sg. About Temasek Holdings Temasek celebrates its 40 th anniversary this year, with a community initiative endowment of S$40 million for the Temasek Emergency Preparedness Fund (“TEPrep Fund”). This endowment is to be managed by Temasek Cares, a non-profit philanthropic organisation, to support community initiatives for emergency preparedness. Temasek is a Singapore based investor with a portfolio of S$215 billion as at 31 March 2013. Iconic Singapore companies such as Singapore Power, Singapore Airlines, Singapore Telecommunications, PSA and DBS are among the Temasek Portfolio Companies (TPCs). Please visit www.temasek.com.sg to learn more about Temasek.

2025 OCTOBER Su Mo Tu We Th Fr Sa Course Dates Course Code Course Title Duration Course Fee Course Details and (hr) Course Fee (1) (after Funding) PDU (5) Registration 1 2 3 4 13 - 17 Oct EPG12 Power Plant Operations and Performance + 35 $3,500 $1,050 29 Click here 5 6 7 8 9 10 11 21 - 22 Oct PDC217 Masterclass - Ammonia and Hydrogen Power Generation (NEW COURSE) 14 $2,200 $660 Pending Click here 12 13 14 15 16 17 18 23 - 24 Oct ERG01 SS638 Code of Practice for Electrical Installations 14 $700 $210 13 Click here 19 20 21 22 23 24 25 27 - 29 Oct ECL05 High Voltage Cable Jointing Techniques 21 $3,250 N.A. 19 Click here 26 27 28 29 30 31 28 - 29 Oct EPG04 Power Plant Maintenance Principles and Strategies 14 $1,400 $420 13 Click here NOVEMBER 3 - 5 Nov ECL06 Low Voltage Distribution Cables, Joints and Terminations 21 $1,400 $420 19 Click here Su Mo Tu We Th Fr Sa 5 - 6 Nov ERG05 Lightning and Lightning Protection 14 $700 $210 13 Click here 1 10 Nov NGD03 Introduction to Microgrid Systems 7 $700 $210 4 Click here 2 3 4 5 6 7 8 12 - 13 Nov EPG05 Power Plant Reliability 14 $1,400 $420 Pending Click here 9 10 11 12 13 14 15 17 Nov ERG06 Electrical Earthing Principles and Practices 7 $350 $105 6 Click here 16 17 18 19 20 21 22 17 - 21 Nov EPG11 Power Plant Operations and Process Controls + 35 $3,500 $1,050 29 Click here 23 24 25 26 27 28 29 17 - 19 Nov EPG07 Requirements for Installation & Commissioning of Grid-Tied Photovoltaic System 21 $1,925 $578 20 Click here 30 17 - 18 Nov Assmt: 19 - 21 Nov ENO66 High Voltage Switching on Distribution Network 12.5 $1,650 N.A. Pending Click here 28 Nov NEV03 Requirements and Implementation of Electric Vehicle Charging System 7 $700 $210 6 Click here DECEMBER 28 Nov EPG17 Power Generation 101 (NEW COURSE) 7 $400 N.A Pending Click here Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 1 Dec ENO39 Electrical Testing and Inspection for Non-licensed Electrical Installation 7 $800 N.A. 7 Click here 7 8 9 10 11 12 13 2 - 3 Dec EPG09 Control and Protection of Generator and Turbines 14 $1,400 $420 11 Click here 14 15 16 17 18 19 20 4 - 5 Dec ESG06 Design, Installation and Testing of Electrical Switchboard and Supply Turn-On 14 $1,600 N.A. 13 Click here 21 22 23 24 25 26 27 28 29 30 31 All of our courses are conducted face-to-face *To be confirmed, please register your interest on our training portal + Courses conducted using the 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 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: 1 Oct 2025 2026 JANUARY Su Mo Tu We Th Fr Sa 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 Course Dates Course Code Course Title Duration Course Fee Course Details and (hr) Course Fee (1) (after Funding) PDU (5) Registration 1 2 3 19 - 23 Jan EPG12 Power Plant Operations and Performance + 35 $3,500 $1,050 29 Click here FEBRUARY Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 3 - 4 Feb EPG13 Managing Multiple Malfunctions in Power Plants +# 14 $1,400 $420 12 Click here 8 9 10 11 12 13 14 5 - 6 Feb EPG14 Best Practices for Power Plant Optimisation +# 14 $1,400 $420 13 Click here 15 16 17 18 19 20 21 22 23 24 25 26 27 28 MARCH Su Mo Tu We Th Fr Sa 1 2 3 4 5 6 7 9 - 13 Mar EPG11 Power Plant Operations and Process Controls + 35 $3,500 $1,050 29 Click here 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 All of our courses are conducted face-to-face *To be confirmed, please register your interest on our training portal + Courses conducted using the 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 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: 1 Oct 2025