GAS TRANSPORTATION TARIFFS (for Shippers with customers off-taking natural gas at high pressure) (W.E.F. 1 Apr 25) 1 Introduction 1.1 Under the Gas Network Code, PowerGas is the Gas Transporter and is responsible for maintaining the reliability and safety of the gas transportation network in Singapore. PowerGas’ transportation business is regulated by the Energy Market Authority (EMA). The transportation tariffs levied by PowerGas are approved by the EMA. 1.2 PowerGas charges transportation tariffs for the transport of gas through its network. PowerGas’ transportation tariffs are levied on Shippers and not the end-users. End-users’ transportation charges imposed by Shippers are commercial arrangements between both parties. 2 Natural Gas Transmission Tariffs 2.1 There are two gas transmission networks, namely Transmission Network 1 and Transmission Network 2. Transmission Network 1 refers to the natural gas transmission network conveying both piped natural gas and regasified LNG from West Natuna (Indonesia) and the LNG Terminal. Transmission Network 2 is the natural gas transmission network conveying both piped natural gas and regasified LNG from South Sumatra (Indonesia), Attap Valley (Malaysia) and the LNG Terminal. 2.2 Transmission tariffs consist of capacity and usage charges (refer to Section 3 below for details). These charges are applicable to Shippers off-taking gas at high pressure. The same charging structure also applies to Shippers with Small Transmission Customers (i.e. with load less than or equal to 5 bbtud). 3 Transmission Charging Structure 3.1 Shippers book capacity with PowerGas to transport gas from designated injection points to off-take points. Shippers pay entry and exit charges based on their respective booked capacity. In addition, a usage charge is levied on the volume of gas transported. 3.2 Arising from EMA’s notification to the industry dated 21 March 2024, a GSC of 22 cents/mmBtu for PNG Injection Points or GSC of 3 cents/mmBtu for LNG Injection Points is imposed on PNG and LNG gas users respectively with effect from 1 Apr 25 to recover the cost associated with Strategic Capacity (as defined in EMA's Policy Paper issued to the industry dated 30 Sep 2019). The Transporter will collect the GSC from all Shippers as an agent for and on behalf of SLNG. The GSC will be reviewed from time to time as directed by EMA and will be included as an uplift in the usage charge. Details of the transmission charges are shown in Table 1 of the Appendix. 3.3 These transmission charges do not include specific cost items which need to be determined on a case-by-case basis for inclusion into the final transmission charges. 3.4 For Shippers with Small Transmission Customers (i.e. requiring gas at high pressure, but with load of less than or equal to 5 bbtud), the transportation charges as shown in Table 2 of the appendix shall apply. 3.5 Shippers will have to pay Overrun Charges in the event they off-take gas above their booked capacity. These Overrun Charges are necessary to encourage the efficient use of the gas network. There are two types of Overrun Charges: • Authorised Capacity Overrun Charge: If a Shipper applies for additional capacity above the booked capacity (i.e. capacity overrun), the Authorised Capacity Overrun Charge, equivalent to 1.25 times the Transmission Capacity Charge rate, shall be applied on that additional capacity. 2 • Unauthorised Capacity Overrun Charge: If a Shipper does not apply for Authorised Capacity Overrun for utilisation of additional capacity above the booked capacity, it will pay 2 times the Transmission Capacity Charge rate for that additional capacity utilised. 4 Appendix – Table of Charges Transmission Network 1 (locational) Transmission Network 2 (locational) Table 1: Transmission Charges (Exclusive of GST) Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr/km) Transmission Usage Charge ($/MMBtu) 891.91 57.94 0.0087 1,503.65 (Attap Valley Injection Point) 1,093.61 (Sakra Injection Point) 43.07 0.0132 New Pipeline – utilised 276.51 276.51* 0.0034 New Pipeline – excess 232.31 232.31* 0.0041 GSC for PNG Injection Point N.A. N.A. 0.2200 GSC for LNG Injection Point N.A. N.A. 0.0300 * in $/MMBtu/hr per annum Transmission Network 1 (locational) Table 1a: Transmission Charges (Inclusive of 9% GST) + Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr/km) Transmission Usage Charge ($/MMBtu) 972.18 63.15 0.0095 Transmission Network 2 (locational) 1,638.98 1,192.03 46.95 0.0144 New Pipeline – utilised 301.40 301.40* 0.0037 New Pipeline – excess 253.22 253.22* 0.0045 GSC for PNG Injection Point N.A. N.A. 0.2398 GSC for LNG Injection Point N.A. N.A. 0.0327 * in $/MMBtu/hr per annum 3 Table 2: Transmission Charges for Shippers with Small Transmission Customers (Exclusive of GST) Transmission Network 1 (West Natuna) Transmission Network 1 (SLNG) Transmission Network 2 (Attap Valley) Transmission Network 2 (Sakra) Transmission Network 2 (SLNG) Entry Capacity Charge per annum ($/MMBtu/hr) Exit Capacity Charge per annum ($/MMBtu/hr) Transmission Usage Charge (comprising non- GSC and GSC) ($/MMBtu) 1,124.22 5,705.00 0.0171 ($/MMBtu) + 0.2200 1,337.32 6,044.92 0.0205 + 0.0300 1,735.95 5,093.27 0.0171 + 0.2200 1,325.92 5,503.30 0.0171 + 0.2200 1,272.14 6,110.10 0.0205 + 0.0300 Table 2a: Transmission Charges for Shippers with Small Transmission Customers (Inclusive of 9% GST) + Transmission Network 1 (West Natuna) Transmission Network 1 (SLNG) Transmission Network 2 (Attap Valley) Transmission Network 2 (Sakra) Transmission Network 2 (SLNG) Entry Capacity Charge per annum ($/MMBtu/hr) + Note: Figures may not reflect the full GST effect due to rounding. Exit Capacity Charge per annum ($/MMBtu/hr) Transmission Usage Charge (comprising non- GSC and GSC) ($/MMBtu) 1,225.40 6,218.45 0.0186 ($/MMBtu) + 0.2398 1,457.68 6,588.96 0.0223 + 0.0327 1,892.19 5,551.66 0.0186 + 0.2398 1,445.25 5,998.60 0.0186 + 0.2398 1,386.63 6,660.01 0.0223 + 0.0327 4

Consumption_Water Average consumption of Water (CuM) Premises Types Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 HDB 1-Room 7.8 8.0 8.3 8.4 8.1 7.7 7.5 8.1 8.3 7.9 8.1 7.8 HDB 2-Room 9.3 9.3 9.7 10.0 9.5 8.7 8.7 9.4 9.5 9.2 9.3 9.0 HDB 3-Room 12.0 12.2 12.8 12.9 12.0 11.5 11.6 12.4 12.5 12.2 12.2 12.0 HDB 4-Room 15.0 15.5 16.2 16.3 15.3 14.7 14.6 15.6 15.7 15.3 15.5 15.1 HDB 5-Room 16.1 16.7 17.8 17.7 16.7 16.0 15.6 16.9 17.1 16.7 17.0 16.4 HDB Executive 18.1 18.8 19.9 19.7 18.6 17.7 17.7 18.8 19.1 18.5 18.8 18.1 Apartment 12.8 13.1 14.4 14.3 13.2 12.7 12.5 13.1 13.8 13.8 13.8 13.3 Terrace 24.3 25.8 28.0 28.4 24.2 24.1 24.7 25.7 26.7 25.9 26.2 25.6 Semi-Detached 30.0 30.7 34.9 34.6 30.2 28.3 30.0 31.5 33.4 31.4 32.2 30.9 Bungalow 49.4 46.3 59.5 58.1 50.4 42.1 49.6 48.1 54.7 52.4 52.4 50.2

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Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 OCTOBER TO 31 DECEMBER 2018 Singapore, 29 September 2018 – For the period from 1 October to 31 December 2018, electricity tariffs will increase by an average of 2.1% or 0.48 cent per kWh compared to the previous quarter. This is mainly due to the higher cost of natural gas for electricity generation compared to the previous quarter. For households, the electricity tariff will increase from 23.65 to 24.13 cents per kWh for 1 October to 31 December 2018. The average monthly electricity bill for families living in four-room HDB flats will increase by $1.76 (see Appendix 3 for the average monthly electricity bill for different household types). 25.00 24.00 23.00 22.00 21.00 20.00 19.00 18.00 17.00 16.00 Quarterly Household Electricity Tariff 23.65 22.15 21.39 21.56 20.72 20.20 20.30 Jan - Mar '17 Apr - Jun '17 Jul - Sep '17 Oct - Dec '17 Jan - Mar '18 Apr - Jun '18 Jul - Sep '18 Oct - Dec '18 24.13 SP Group reviews the electricity tariffs quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs given in Appendix 1 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 ELECTRICITY TARIFFS FROM 1 OCTOBER 2018 LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh Existing Tariff (without GST) New Tariff (without GST) New Tariff (with 7% GST) 23.65 24.13 25.82 23.65 24.13 25.82 8.58 8.58 9.18 12.87 12.87 13.77 21.27 21.71 23.23 12.65 13.27 14.20 0.59 0.59 0.63 8.58 8.58 9.18 12.87 12.87 13.77 21.05 21.49 22.99 12.64 13.26 14.19 0.59 0.59 0.63 7.68 7.68 8.22 11.52 11.52 12.33 20.12 20.57 22.01 12.54 13.15 14.07 0.48 0.48 0.51 Appendix 2 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of power generation. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. d) Market Administration and Power System Operation Fee (paid to Energy Market Company and Power System Operator): This fee is reviewed annually to recover the costs of operating the electricity wholesale market and power system. Q4 2018 TARIFF Market Admin & PSO Fee (No Change) 0.05¢/kWh (<1%) MSS Fee (No Change) 0.40¢/kWh (1.7%) Network Costs (No Change) 5.31¢/kWh (22.0%) Energy Costs (Increase by 0.44¢/kWh) 18.37¢/kWh (76.1%) Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 OCTOBER 2018) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill HDB 1 Room HDB 2 Room HDB 3 Room HDB 4 Room HDB 5 Room HDB Executive Apartment Terrace Semi-Detached Bungalow Average kWh $(a) $(b) $(b-a) % 134.50 31.81 32.45 0.64 2.0 182.64 43.20 44.07 0.87 2.0 271.09 64.11 65.41 1.30 2.0 366.75 86.74 88.50 1.76 2.0 425.06 100.53 102.57 2.04 2.0 520.36 123.07 125.56 2.49 2.0 516.80 122.22 124.70 2.48 2.0 886.96 209.77 214.02 4.25 2.0 1,168.55 276.36 281.97 5.61 2.0 2,346.08 554.85 566.11 11.26 2.0 433.54 102.53 104.61 2.08 2.0

[●insert name of contractor●] Date: [●] [●insert address of contractor●] Co. Registration No.: [●] Your Ref: [●] Our Ref: [●] Dear Sir REQUIREMENTS FOR EARTHWORKS [●insert location●] (Site Meeting Date: [●]) 1. We refer to your Notice for Commencement of Earthworks (“NCE”) at the above-mentioned location ("Worksite") dated [●] and note that you will commence earthworks (as defined in Section 2 of the Electricity Act (Cap. 89A) (the "Act")) ("Earthworks") from [●] to [●]. 2. Pursuant to Section 80(4)(a) of the Act, you are required to comply with the following requirements when carrying out the Earthworks: 2.1. Establishing Electricity Cable Positions and Electricity Cable Routes 2.1.1. You shall engage a Licensed Cable Detection Worker (“LCDW”) to create an electricity cable (as defined in Section2 of the Act) ("Electricity Cable") corridor using adequate and prominent barricades and signposts. You shall strictly monitor and control, by using a Permit-to-Work (“PTW”) system, the Earthworks carried out inside the barricaded Electricity Cable corridor. 2.1.2. You shall ensure that the pegging and marking of Electricity Cable positions / routes are durable and prominent. You shall also ensure that such pegging and marking are not disturbed, removed or tampered with and are reapplied from time to time to ensure that they remain conspicuous for the entire project in which the Earthworks are or are to be carried out (“Project”). You shall not drive steel pins, spikes, long pegs or other similar objects into the ground as these can damage underground Electricity Cables. 2.1.3. You shall re-engage the LCDW to reconfirm the Electricity Cable positions before reapplying missing or faded pegs and surface markers on the ground or inside trenches. 2.1.4. You shall re-engage the LCDW to carry out Electricity Cable detection work and to update Electricity Cable detection drawing and peggings / markings at the Worksite after the carrying out of any Electricity Cable diversion, decommissioning of substation, new commissioning of substation and/or Electricity Cable termination work within the Worksite. You shall brief all Worksite personnel of the new positions of the Electricity Cable positions. Page 1 of 11 2.1.5. You shall ensure that the Electricity Cable peggings / markings are each installed at intervals no further than 3 metres apart. You shall indicate the voltage levels and the approximate depth of the Electricity Cable at such peggings / markings. 2.2. Risk Management 2.2.1. You shall assess the impact of carrying out the intended Earthworks on the Electricity Cables and Electricity Cable joints and prepare a report detailing such assessment. 2.2.2. If there are changes to the schedule for the carrying out of the Earthworks or changes in Earthworks work methods, you shall study the implications, review the earlier risk assessment that had been carried out and promptly notify SP PowerGrid Limited (an electricity licensee as defined in Section 2 of the Act) ("SPPG") in writing if there are any changes to such earlier assessment. 2.2.3. The report of such assessment shall be made available to SPPG on request. Such report shall also be made known to all personnel of all working levels in the Project team, including sub-contractors and any third party who are involved in any way with any part of the intended Earthworks. 2.3. Worksite Management 2.3.1. When working in the vicinity of an Electricity Cable, you shall carry out a site visit jointly with an Earthworks Surveillance & Patrolling section, SPPG (“ESP”) officer before carrying out any Earthworks specified under the submitted NCE. 2.3.2. You shall provide a full-time Registered Earthworks Supervisor (“RES”) to monitor the Worksite operations for the entire duration of any Earthworks. You shall ensure that the RES is familiar with these requirements. 2.3.3. You shall ensure that daily site briefings with all Worksite workers are conducted (in languages that are understood by all workers) to remind them about the location of Electricity Cables and the measures to be taken to prevent damage to the Electricity Cable(s). You shall keep records of such daily briefings (which shall include but are not limited to date and time, venue and person conducting the briefings, contents of briefings and the list of Worksite workers who have attended such briefings). You shall also disallow any Worksite worker who has not attended such briefings from being involved with any part of the intended Earthworks. New staff must be briefed before they start work. 2.3.4. You shall inform ESP officers of the identity of the Worksite management / LCDW / Registered Excavator Operator (“REO”), the proposed methods of carrying out of the Page 2 of 11 Earthworks and/or location of the proposed Earthworks. You shall also inform the ESP officers if there are any changes to the above. 2.3.5. You shall ensure that information on the presence of Electricity Cables in the vicinity of the Worksite and all mitigating measures to be taken to prevent damage to such Electricity Cables have been communicated and adhered to by all personnel of all working levels in the Project team, including sub-contractors and any third party who are in any way involved with any part of the intended Earthworks. 2.3.6. SPPG may, from time to time and at its sole discretion, deploy its officers to the worksite to inspect and monitor the status of your works. Notwithstanding the deployment of SPPG’s officers at the worksite, you shall continue to be responsible for discharging your obligations under this Letter of Requirements and for the performance of your works. SPPG shall not assume any liability for any noncompliance by you of any such obligation or non-performance of your works. 2.4. Trial Holes 2.4.1. You shall dig an adequate number of appropriate trial holes by manual means to determine the exact location of Electricity Cables prior to the carrying out of intended Earthworks. Each trial hole shall be of minimum size of 1.0 metre by 1.0 metre and of minimum depth of 1.0 metre or until the Electricity Cable slabs are exposed. 2.4.2. You shall seek advice from the LCDW on the minimum number of trial holes to be dug so as to ascertain the orientation of each Electricity Cable and its depth. 2.4.3. In the event that you are not able to locate the Electricity Cable indicated in the Electricity Cable plan obtained from SPPG pursuant to Section 80(1)(b) of the Act (which shows the necessary information on the location of Electricity Cables) ("SPPG Cable Plan") and the LCDW is unable to detect the Electricity Cable by way of digging trial holes, you shall engage a LCDW to carry out re-detection and progressive scanning inside the excavated trial holes. 2.4.4. You shall contact ESP and give at least 3 days’ advance notice in writing of the date and time of the intended commencement of digging of the trial holes where the trial holes to be dug are within 3 metres of 66kV / 230kV / 400kV Electricity Cables. 2.4.5. You shall not use any hand augering tools to dig trial holes. 2.4.6. You shall only use powered mechanical equipment for the initial breaking of the surface layer of hard-core/premix when working in the vicinity of Electricity Cables. Page 3 of 11 You shall not use powered mechanical equipment below the surface layer of hardcore premix and shall only use manual excavation with hand tools. 2.4.7. In the event that you intend to carry out vertical drilling works, you shall dig a trial hole at the actual position of each vertical drilling point prior to commencement of drilling work to ascertain that there are no underground Electricity Cables at or near the drilling point. 2.4.8. After the trial holes have been dug, you shall ensure that photographs of the trial holes are taken showing the dimensions of trial holes, their location and the measured depth of the exposed Electricity Cable slabs in the trial hole. You shall make these photographs available to SPPG upon request. 2.5. Seek Consultation with SPPG: ESP, Distribution Network (“DN”), Regional Network ("RN") and Extra High Voltage Network ("EHVN") sections 2.5.1. You shall contact and consult SPPG for approval to carry out any Earthworks when such Earthworks are within 3 metres of any Electricity Cable and / or when there is a need to work beyond the Electricity Cable slab. 2.5.2. In the event that the intended Earthworks are within 3 metres of 66kV / 230kV / 400kV Electricity Cables, you shall also contact and consult the respective RN and / or EHVN section of SPPG for approval to carry out such Earthworks and provide a detailed method of statement and intended measures for the protection of such Electricity Cables. 2.5.3. You shall contact and consult the respective RN and / or EHVN section of SPPG for approval to carry out any Earthworks when such Earthworks involve: 2.5.3.1. Under-crossing or over-crossing of 66kV / 230kV / 400kV Electricity Cables; 2.5.3.2. Deep excavations which may result in ground movement / settlement; and / or 2.5.3.3. Construction of any structure on top of 66kV / 230kV / 400kV Electricity Cables. 2.5.4. You shall also ensure that a SPPG officer is present at the carrying out of any Earthworks which involve under-crossing or over-crossing of any 66kV / 230kV / 400kV Electricity Cables. Page 4 of 11 2.5.5. You shall contact and consult ESP for advice before carrying out any Earthworks within 3 metres of any 22kV / 6.6kV electricity cables. 2.5.6. You shall contact and consult the respective DN / RN and / or EHVN sections of SPPG for approval to carry out any Earthworks which may involve shifting, denting or breaking any SP Power Assets' uPVC pipes and/or the shifting of any Electricity Cable and Electricity Cable joint. 2.6. Protection of Electricity Cables and Electricity Cable Diversion 2.6.1. You shall not carry out any excavation beyond the Electricity Cable slab level. You shall only remove any Electricity Cable slabs, expose any Electricity Cables and its auxiliary, in the presence of a SPPG officer. 2.6.2. You shall provide protective steel plates above Electricity Cables where powered mechanical excavator / heavy vehicle / equipment are likely to traverse and / or damage such Electricity Cables. You shall not allow heavy machinery and/or vehicles to be parked (whether temporary or otherwise) on top of Electricity Cables. 2.6.3. You shall ensure that proper and adequate shoring and shuttering are installed to prevent soil movement which may damage the Electricity Cables which are in the vicinity of such intended Earthworks. You shall obtain and provide a method of statement with a Professional Engineer's endorsement of the relevant shoring and shuttering design to SPPG upon request. 2.6.4. In the event that any hot works (i.e. any process that can be a source of ignition when flammable material is present or can be a fire hazard regardless of the presence of flammable material) are to be carried out in the vicinity of exposed Electricity Cables, you shall take all necessary safety precautions to avoid damaging the protective coatings and sheaths of such Electricity Cables. 2.6.5. You shall provide adequate protection to known and unexposed or reinstated Electricity Cables that are within the Worksite when carrying out any Earthworks. 2.6.6. You shall relocate your intended earthworks away from any Electricity Cable or submit an official request to the respective DN / RN / EHVN sections of SPPG to divert out of the Worksite any Electricity Cable that will be affected by the intended Earthworks and bear any and all costs incurred from such diversion. 2.6.7. In the event that the intended Earthworks causes the ground surface level to be reduced, in order to maintain a consistent depth from the ground surface level, you shall submit an official request to the respective DN / RN / EHVN sections of SPPG to relocate any affected Electricity Cable such that its depth from the reduced ground Page 5 of 11 surface is returned to its initial depth from the original ground surface level and bear any and all costs incurred arising from or in connection with such relocation. 2.6.8. You shall seek approval from the respective DN / RN / EHVN sections of SPPG before suspending any Electricity Cables. You shall ensure that any exposed Electricity Cable is securely supported and such Electricity Cable suspension support system is effective in protecting the exposed Electricity Cable from damage. In the event that the Electricity Cable suspension support system is longer than 6 metres in length, you shall ensure that such Electricity Cable suspension support system is endorsed by a Professional Engineer. You shall also ensure that exposed Electricity Cables are well protected with gunny sacks and / or half gutter uPVC pipes at all times. 2.6.9. You shall not suspend any Electricity Cable joint. 2.6.10. You shall exercise due care and diligence when removing any rock, boulder, wood, metal rod, sharp object or other obstacles which are in the vicinity of Electricity Cables to avoid damaging any Electricity Cable and/or Electricity Cable Joint. 2.6.11. You shall not construct any structure (temporary, permanent or otherwise) over any Electricity Cable. The Electricity Cables and accessories shall be made accessible to SPPG at all times for maintenance purposes. 2.6.12. You shall not place any material, debris, sharp object, concrete trash and / or heavy object on top of any Electricity Cable and / or Electricity Cable corridor within the Worksite. 2.6.13. You shall provide adequate lighting if the Earthworks are to be carried out at night. 2.6.14. You shall stop work immediately and report to SPPG’s Electricity Service Centre upon any damage or suspected damage to any Electricity Cable. You shall ensure that all Worksite personnel are kept away from the location of the damaged Electricity Cable for safety. 2.6.15. You and/or your workers shall not attempt to repair or modify any damaged Electricity Cable. 2.6.16. You shall stop all Earthworks and call SPPG for advice whenever in doubt. 2.6.17. Damaging an Electricity Cable may cause a delay in the completion of the Project as SPPG will need time to investigate and carry out repair work as necessary. Any repair costs may have to be borne by you. Page 6 of 11 2.6.18. SPPG shall be entitled to ask you to stop work with immediate effect in the event of any actual or suspected damage to any Electricity Cable, to prevent or avoid any damage or further damage to any Electricity Cable. SPPG shall not be liable to you in any way for any losses, claims or damages arising from or in connection with such stop work requests. 2.6.19. You shall comply with any requirements as reasonably prescribed by SPPG in SPPG’s review and endorsement of the relevant method of statement and any other documents submitted by you in relation thereto for the Earthworks. 2.7. NCE Submission by Sub-Contractor(s) and NCE Extension 2.7.1. You and/or your representatives shall attend meetings with ESP as and when required. 2.7.2. In the event that you engage a sub-contractor to carry out any Earthworks within the vicinity of any high voltage Electricity Cable, you shall ensure that such sub-contractor submits the appropriate NCE prior to the carrying out of any Earthworks in the vicinity of any high voltage Electricity Cable. 2.7.3. If, at any stage of your Project, there is a likelihood that the Earthworks may continue beyond the anticipated completion date and / or beyond the work boundary as declared in the NCE which you have submitted to SPPG, you shall notify SPPG in writing of the new date of completion and/or the new work boundary (as applicable) by submitting a new NCE. 2.7.4. You shall obtain a new SPPG Cable Plan from SPPG prior to submitting the NCE. 2.7.5. Prior to carrying out any Earthworks, you shall consult SPPG to ascertain if there are changes to the cable plans that you possess. In the event there are changes to the cable plans, you shall purchase fresh cable plans from SPPG. 2.8. Powered Mechanical Excavation Works 2.8.1. You shall engage only a REO to operate a powered mechanical excavator. 2.8.2. You shall ensure that powered mechanical excavation is only used, under the close standing supervision of a full time RES, for the surface layer of hard-core/premix when working near or above any Electricity Cable. Page 7 of 11 2.8.3. You shall not use a powered mechanical excavator, whether for mechanical excavation or otherwise (irrespective of soil condition), below the surface layer of hard-core/premix near or above any Electricity Cable. You shall only use manual excavation with hand tools below the surface layer of hard-core/premix. 2.9. Vertical and Horizontal Drilling/Penetration Works 2.9.1. You shall carefully select positions for the sinking and driving of earth rod, sheet piling, bore piling, diaphragm walling, installing of reinforced concrete/steel piles by percussion or jack-in method, bore piling casing, installation of ground anchors, pressure grouting, installing of tubes, installing of poles, hand augering, pipe jacking, shoring works, soil investigations, bore drilling and horizontal directional drilling in order to avoid damage to any Electricity Cables. You shall do this by, amongst other things: 2.9.1.1. Consulting with a LCDW, referring to the SPPG Cable Plan and the LCDW cable detection drawings and digging appropriate trial holes by manual means to confirm the presence or absence of any Electricity Cable prior to the carrying out of any Earthworks. 2.9.1.2. For pipe jacking and horizontal directional drilling, you shall consider the additional factors such as loading from the construction plants, ground conditions, bore diameter, possible deviation of the drilling. You shall ensure that there is a minimum clearance of 2 metres between the path of drilling / boring device and any Electricity Cables in the vicinity of the Earthworks. 2.9.2. Sinking of Earth Rods. Trial holes shall be required to locate the closest edge of a cable slab. A minimum clearance distance of 2 metres shall be kept between the earth rod and the closest edge of the cable slab, as determined by the LCDW in the presence of an ESP officer. 2.9.3. Sinking and Extraction of Sheet Piling Works. Trial holes shall be required to locate the closest edge of a cable slab. A minimum clearance distance of 2 metres shall be kept between the sheet piles and the closest edge of cable slab. For sheet piles that are required to be installed parallel to the Electricity Cables, the stretch of the closest edge of cable slabs is required to be exposed. 2.10. Pressure Grouting Works 2.10.1. You shall ascertain the alignment of Electricity Cable within the grouting influence zone prior to the carrying out of any Earthworks. Page 8 of 11 2.10.2. You shall use the necessary ground instrumentations to monitor the effect of the grouting works and ensure that adequate protective measures are provided to protect the Electricity Cables within the grouting influence zone. 2.11. PTW and Records 2.11.1. You shall implement a PTW system to monitor and ensure that all Earthworks are properly tracked and controlled if such Earthworks are to be carried out in the vicinity of Electricity Cables. Under the PTW system, such Earthworks shall be approved by the manager of the Project or his authorised deputy. You shall periodically audit the PTW system for its effectiveness. 2.11.2. You shall display prominently and make available the most up to date NCE, SPPG Cable Plans, LCDW cable detection drawings and these requirements at the Worksite where the proposed Earthworks are to be carried out. 2.11.3. You shall keep progressive records (Photographs / Movement Chart) of the Earthworks that have been carried out including, not limited to, work schedules and locations of trial holes. 3. Notes: 3.1. These requirements are applicable to all persons who carry out any Earthworks and strict compliance is required, unless otherwise permitted in writing by SPPG. Please consult the relevant SPPG section, if necessary. 3.2. The requirements stated above are not exhaustive. Additional requirements may be issued from time to time by SPPG. These additional requirements, together with the requirements in this letter, shall form the full list of requirements that must be complied with at all times. You are advised to carry out all necessary assessments and take all necessary precautions to prevent damage to any existing Electricity Cables. 3.3. Pursuant to Section 80(4)(a) of the Act, it shall be the duty of the person who carries out any Earthworks to comply with all reasonable requirements of SPPG for the prevention of damage to a high voltage Electricity Cables. Pursuant to Section 80(7) of the Act, any person who contravenes Sections 80(4)(a) of the Act shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 5 years or both. Further, Section 85(1) of the Act provides that any person who, removes, destroys or damages any Electricity Cable which is part of a transmission system that belongs to or that is under the management or control of SPPG, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million or to imprisonment for a term not exceeding 5 years or to both. Page 9 of 11 3.4. Damaging an Electricity Cable may also cause fatalities or severe injuries to personnel as well as damage to property. 3.5. Should you require any further clarification, please contact the undersigned ESP officer at [●] and/or the respective sections of SPPG as listed in the table below: Subject Matter SPPG Section Telephone Enquiry on 400kV and 230kV Electricity Cables Enquiry on 66kV Electricity Cables Enquiry on 22kV and below Electricity Cables Enquiry Earthworks Requirements on Enquiry on as-built drawing, cable plan Reporting Electricity Damage Cable Extra High Voltage Network (EHVN) Section Regional Network East/West (RNE/RNW) Sections Distribution Network North (DNN) Section Distribution Network South (DNS) Section Distribution Network East (DNE) Section Distribution Network West (DNW) Section Distribution Network Central (DNC) Section Earthworks Surveillance & Patrolling Section Mapping & Earthworks Administration Section 6916 5485/ 6916 5487 6916 5227/ 6471 3683 6314 6172 / 6314 6147 6916 5398/ 6916 5399/6916 5408 6916 5619/ 6916 5618 6916 5015/ 6916 5703 6916 5047/ 6916 5048/6916 9892 69165119 6916 5022 Electricity Service Centre 1800 - 778 8888 Page 10 of 11 Yours faithfully, [●] for HEAD OF SECTION EARTHWORKS SURVEILLANCE & PATROLLING SECTION As agent for and on behalf of SP POWERASSETS LTD. Acknowledgement by Earthworks Contractor: I hereby acknowledge that I am aware of the requirements stated in this letter dated __________________ with NCE no.: _____________________ and I will comply and ensure compliance with the requirements. Name : __________________________________ NRIC/PP No. : _________________________ Company : __________________________________________________________________________ Signature : __________________________________ Date: ________________________________ Page 11 of 11

Search [Info] Letter of Requirements for Gas (Low Pressure)https://www.spgroup.com.sg/dam/jcr:88c44424-1f7b-4f2b-84fd-6daefbd5cf8e/%20Letter%20of%20Requirements%20for%20Gas%20(Low%20Pressure).pdf [●insert name of contractor●] Date: [●] [●insert address of contractor●] Co. Registration No.: [●] Your Ref: [●] Our Ref: [●] Dear Sir REQUIREMENTS FOR EARTHWORKS AT [●insert location●] 1. We refer to your Notice for Commencement of Earthworks (“NCE”) at the above-mentioned location ("Worksite") dated [●] and note that you will commence earthworks (as defined in Section 2 of the Gas Act (Cap. 116A) (the “Act”)) ("Earthworks") from [●]to [●]. 2. Pursuant to Section 32(3)(a) of the Act, you are required to comply with the following requirements when carrying out the Earthworks: 2.1. Trial Holes 2.1.1. As the gas plan obtained from SP PowerGrid Limited (“SPPG”) (which shows the necessary information on the location of the gas plant (as defined in Section 2 of the Act) ("Gas Plant") and gas pipes (conveying gas in a gas pipeline network as defined in Section 2 of the Act) ("Gas Pipes")) ("SPPG Gas Plans") only indicate the approximate location of Gas Pipes, you shall dig an adequate number of appropriate trial holes by manual means to determine the exact location of medium pressure (“MP”) Gas Pipes and low pressure (“LP”) Gas Pipes prior to the carrying out of any Earthworks. 2.1.2. When working in the vicinity of a MP Gas Pipe or a LP Gas Pipe you shall only use powered mechanical equipment for the initial breaking of the surface layer of hardcore/premix. You shall not use powered mechanical equipment below the surface layer of hard-core/premix and shall only use manual excavation with hand tools. 2.1.3. You shall contact Distribution Pipelines Operations and Maintenance section, SPPG (“DPOM”) if you are unable to locate the MP Gas Pipe and/or the LP Gas Pipe by digging the trial holes. 2.1.4. You shall not dig any trial holes in the vicinity of gas transmission pipeline (as defined in Section 2 of the Act) (“GTP”) without the written consent from Transmission Pipelines Operations and Maintenance section, SPPG (“TPOM”). You shall comply with any additional requirements that may be imposed by SPPG. Page 1 of 9 2.1.5. After the trial holes have been dug, you shall ensure that photographs of the trial holes are taken showing the dimensions of trial holes and their location. You shall make these photographs available to SPPG upon request. 2.2. Marking of Gas Pipes, Engagement of Surveyor and Purchase of Surveyed Drawings 2.2.1. Prior to the carrying out of any Earthworks when working in the vicinity of a GTP, you are required to schedule a meeting with TPOM officers to present the details of the Earthworks to be carried out and to purchase the as-surveyed drawing from the Mapping & Earthworks Administration section, SPPG (“MEA”). 2.2.2. After purchasing the as-surveyed drawing, you shall engage a registered land surveyor to peg out the Gas Pipe positions for GTP and provide adequate and prominent markings to show the Gas Pipe positions. You shall ensure that all Gas Pipe markings are durable and prominent and are not disturbed, removed or tampered with. You shall also ensure that the Gas Pipe markings are reapplied from time to time to ensure that they remain conspicuous. 2.3. Risk Management (For MP & GTP) 2.3.1. You shall assess the impact of carrying out the intended Earthworks on any Gas Plant or Gas Pipe and prepare a report detailing such assessment. 2.3.2. If there are changes to the schedule for the carrying out of the Earthworks or changes in Earthworks work methods, you shall study the implications, review the earlier assessment that had been carried out and promptly notify SPPG in writing if there are any changes to the earlier assessment. 2.3.3. The report of such assessment shall be made available to SPPG on request. Such report shall also be made known to all personnel of all working levels in the team handling the project in which the Earthworks are or are to be carried out ("Project"), including sub-contractors and any third party who are involved in any way with any part of the intended Earthworks. 2.4. Worksite Management 2.4.1. You shall provide a full-time site supervisor to monitor the site operations for the entire duration of any Earthworks. You shall ensure that the site supervisor is familiar with these requirements. 2.4.2. You shall ensure that daily site briefings with site workers are conducted (in languages that are understood by all workers) to remind them about the location of the Gas Pipes and the measures to be taken to prevent damage to the Gas Pipes. You Page 2 of 9 shall keep records of such daily briefings (which shall include but are not limited to date and time, venue and person conducting the briefings, contents of briefings and the list of site workers who have attended such briefings). You shall also disallow any site worker who has not attended such briefings from being involved with any part of the intended Earthworks. New staff must be briefed before they start work. 2.4.3. You shall inform Earthworks Surveillance & Patrolling section, SPPG (“ESP”) officers of the identity of the site management / Registered Excavator Operator (“REO”), the proposed methods of carrying out of the Earthworks and/or location of the proposed Earthworks. You shall also inform the ESP officers if there are any changes to the above. 2.4.4. You shall ensure that information on the presence of Gas Pipes in the vicinity of the Worksite and all mitigating measures that can be taken to prevent damage to such Gas Pipes, have been communicated and adhered to by all personnel of all working levels in the Project team, including sub-contractors and any third party who are in any way involved with any part of the intended Earthworks. 2.4.5. SPPG may, from time to time and at its sole discretion, deploy its officers to the Worksite to inspect and monitor the status of your works. Notwithstanding the deployment of SPPG’s officers at the worksite, you shall continue to be responsible for discharging your obligations under this Letter of Requirements (“LRe”) and for the performance of your works. SPPG shall not assume any liability for any noncompliance by you of any such obligation or non-performance of your works. 2.5. Seek Consultation with SPPG: Gas Operations (DPOM and TPOM sections) 2.5.1. You shall contact and consult TPOM and/or DPOM section(s) when the proposed Earthworks are within 5 metres of any GTP and/or 3 metres of any MP Gas Pipes respectively. You shall only carry out any Earthworks within the vicinity of Gas Pipes after seeking advice and obtaining approval from SPPG. 2.5.2. You shall contact DPOM or our 24-hour Customer Service Centre if you find any live or abandoned Gas Pipes in the course of carrying out any Earthworks at the Worksite which have not been shown in the SPPG Gas Plan. 2.5.3. You shall also contact and consult with SPPG in the following circumstances: 2.5.3.1. If it is reasonable to expect that the Earthworks could cause ground vibrations or ground movements; and/or Page 3 of 9 2.5.3.2. If there is a need for Earthworks to be carried out below Gas Pipe slabs. 2.6. Protection of Gas Pipe and Gas Pipe Diversion 2.6.1. You shall take all steps to ascertain the presence of any Gas Pipe within the boundary and/or the vicinity of the Worksite prior to the carrying out of any Earthworks. You shall take all necessary measures and due care to prevent damage to the Gas Pipes. 2.6.2. You shall relocate your intended Earthworks away from any gas pipeline or submit an official request to SPPG to divert out of the Worksite any Gas Pipe that will be affected by the intended Earthworks and bear any and all costs incurred from such diversion. 2.6.3. If the proposed Earthworks involve overcrossing, undercrossing, exposing of, or diversion of Gas Pipes, you shall, prior to the carrying out of any Earthworks: 2.6.3.1. Contact and consult SPPG; 2.6.3.2. Provide SPPG with a detailed work method statement and proposed measures to protect the Gas Pipes; 2.6.3.3. Assess the risk of damage to the Gas Pipes and submit the report of such assessment to SPPG; and 2.6.3.4. Comply with any further and additional requirements that may be imposed by SPPG. 2.6.4. You shall not construct any structure (temporary, permanent, or otherwise) over any Gas Pipe. 2.6.5. You shall not place any heavy equipment or stock pile above any Gas Pipe. 2.6.6. You shall not allow any heavy machinery or vehicular movement above any Gas Pipe. 2.6.7. You shall backfill with quarry dust during reinstatement and do not dump any debris / concrete trash / sharp objects or place any heavy object on top of the Gas Pipe corridor. 2.6.8. You shall ensure proper and adequate shoring and shuttering to prevent soil movement and/or soil subsidence which may affect any Gas Pipe. 2.6.9. You shall carefully select positions for the sinking and driving of earth rod, sheet piling, bore piling, diaphragm walling, installing of reinforced concrete/steel piles by Page 4 of 9 percussion or jack-in method, bore piling casing, installing of ground anchors, pressure grouting, installing of tubes, installing of poles, hand augering, pipe jacking, shoring, soil investigating, bore drilling and horizontal directional drilling, in order to avoid damage to any Gas Pipes. You shall do this by, amongst other things: 2.6.9.1. Referring to the SPPG Gas Plan and digging appropriate trial holes by manual means, to confirm the presence or absence of any Gas Pipe prior to the carrying out of any Earthworks. For trial hole to be dug in the vicinity of GTP, you shall obtain written consent from TPOM. 2.6.9.2. For pipe jacking and horizontal directional drilling, you shall consider additional factors such as loading from the construction plants, ground conditions, bore diameter, possible deviation of the drilling. You shall ensure that there is a minimum clearance of 2m between the path of drilling/boring device and any Gas Pipe that is in the vicinity of the Earthworks. 2.6.10. You shall provide adequate protection to unexposed or reinstated Gas Pipes that are within the work area when carrying out of any Earthworks. 2.6.11. You shall ensure that all surface boxes are accessible at all times and are not covered by tarmac, earth, landscape, equipment, stock pile or any other material. 2.6.12. You shall ensure that no static loads (i.e. loads that do not change in magnitude or position with time) are placed above the surface boxes. 2.6.13. You shall exercise due care and diligence when removing any rock, boulder, wood, metal rod, sharp object or other obstacles which are in the vicinity of Gas Pipes. 2.6.14. You shall ensure that gas free tests are carried out by a competent person along the Gas Pipe route at regular intervals throughout the duration of the Project. You shall not carry out any processes that may be a source of ignition in the vicinity of any Gas Pipes. You shall also take all other necessary mitigating measures to prevent ignition of escaped gas, if any. 2.6.15. You shall ensure that a clearance of at least 5 metres is maintained between the external wall of LP Gas Pipe and any piles and/or diaphragm wall and a clearance of at least 0.3 metres is maintained between the external wall of LP Gas Pipe and other services when working in the vicinity of LP Gas Pipe. You shall also ensure that no services are laid directly on top and parallel to any existing Gas Pipes. 2.6.16. You shall not expose, suspend and/or otherwise interfere with any Gas Pipes, without the written consent of SPPG. Page 5 of 9 2.6.17. You shall stop all Earthworks and call SPPG for advice whenever in doubt. 2.6.18. You shall stop work immediately and report to the 24-hour Customer Service Centre upon any damage or suspected damage to any Gas Pipe (including surface damage without gas escaping) or the discovery of any gas leak. You and/or your workers shall not attempt to repair or modify damaged Gas Pipes. 2.6.19. Damaging a Gas Plant or a Gas Pipe(s) may cause a delay in the completion of the Project as SPPG will need time to investigate and carry out repair work as necessary. Any repair costs may have to be borne by you. 2.6.20. SPPG shall be entitled to ask you to stop work with immediate effect in the event of non-compliance to this LRe. SPPG shall not be liable to you in any way for any losses, claims or damages arising from or in connection with such stop work requests. 2.6.21. You shall comply with any requirements as reasonably prescribed by SPPG in SPPG’s review and endorsement of the relevant method statement and any other documents submitted by you in relation thereto for the Earthworks. 2.7. NCE Submission by Sub-Contractor(s), NCE Extension and Site Meeting 2.7.1. You and/or your representatives shall attend meetings with SPPG officers as and when required. 2.7.2. When working in the vicinity of a GTP or MP Gas Pipe, you shall carry out a site visit jointly with SPPG officers before carrying out any Earthworks specified under the submitted NCE. 2.7.3. In the event that you engage a sub-contractor to carry out any Earthworks within the vicinity of any Gas Pipes, you shall ensure that such sub-contractor submits the appropriate NCE prior to the carrying out of any Earthworks in the vicinity of any Gas Pipes. 2.7.4. If, at any stage of your Project, there is a likelihood that the Earthworks may continue beyond the anticipated completion date and/or beyond the work boundary as declared in the NCE which you have submitted to SPPG, you shall notify SPPG in writing of the new date of completion and/or the new work boundary (as applicable) by submitting a new NCE. 2.7.5. You shall obtain a new SPPG Gas Plan from SPPG prior to submitting the new NCE. Prior to carrying out any Earthworks, you shall consult SPPG to ascertain if there are Page 6 of 9 changes to the gas plans that you possess. In the event there are changes to the gas plans, you shall purchase fresh gas plans from SPPG. 2.8. Powered Mechanical Excavation 2.8.1. You shall engage only a REO to operate a powered mechanical excavator. 2.8.2. You shall ensure that powered mechanical excavation is only used, under the close standing supervision of a full time site supervisor, for the surface layer of hardcore/premix when working near or above any Gas Pipe. 2.8.3. You shall not use a powered mechanical excavator, whether for mechanical excavation or otherwise (irrespective of soil condition), below the surface layer of hard-core/premix when working near or above any Gas Pipe. You shall only use manual excavation with hand tools below the surface layer of hard-core/premix. 2.8.4. You shall not excavate deeper than the PVC warning tape or the top of any Gas Pipe if there is no PVC warning tape. You shall immediately cease all further Earthworks and consult the DPOM for advice on working with the Gas Pipes when exposed Gas Pipes are encountered in the course of carrying out any Earthworks. 2.9. Pressure Grouting Works 2.9.1. You shall ascertain the alignment of Gas Pipes within the grouting influence zone prior to the carrying out of any Earthworks. 2.9.2. You shall use the necessary ground instrumentations to monitor the effect of the grouting works and ensure that adequate protective measures are provided to protect any Gas Pipes within the grouting influence zone. 2.10. Permit-to-Work (“PTW”) and Records 2.10.1. You shall implement a PTW system to monitor and ensure that all Earthworks are properly tracked and controlled if such Earthworks are to be carried out in the vicinity of GTP and MP Gas Pipes. Under the PTW system, such Earthworks shall be approved by the manager of the Project or his authorised deputy. You shall periodically audit the PTW system for its effectiveness. 2.10.2. You shall display prominently and make available the most up to date NCE, SPPG Gas Plans and these requirements at the Worksite where the proposed Earthworks are to be carried out. Page 7 of 9 2.10.3. You shall keep progressive records (Photographs / Movement Chart) of the Earthworks that have been carried out including, but not limited to, work schedules and location of trial holes. 3. Notes: 3.1. These requirements are applicable to all persons who carry out any Earthworks and strict compliance is required, unless otherwise permitted in writing by SPPG. Please consult the relevant SPPG section, if necessary. 3.2. The approximate locations of the Gas Pipes are shown in the SPPG Gas Plan. The respective operating pressure regime of the Gas Pipes is indicated against the Gas Pipelines as shown in the SPPG Gas Plan. The default pressure regime (when there is no indication of pressure regime) is low pressure. Other LP Gas Pipes are indicated as “LPA” and “LPB” in the SPPG Gas Plan. 3.3. In the low pressure distribution network, there are valves, syphons and standpipes which are indicated as “V”, “SY” and “SP” respectively. 3.4. You shall take note of the presence of standpipes and/or valve stems that are encased in a PVC pipe and accessible from surface boxes installed at ground level and not damage such fittings or cover. 3.5. The requirements stated above are not exhaustive. Additional requirements may be issued from time to time by SPPG. These additional requirements, together with the requirements in this letter, shall form the full list of requirements that must be complied with at all times. You are advised to carry out all necessary assessments and take all necessary precautions to prevent damage to any existing Gas Plant and/or Gas Pipe. 3.6. Pursuant to Section 32(3)(a) of the Act, it shall be the duty of the person who commences or carries out, or causes or permits the commencement or carrying out of, any Earthworks to comply with the reasonable requirements of SPPG for the prevention of damage to a Gas Plant or Gas Pipe. Pursuant to Section 32(7) of the Act, any person who contravenes Section 32(3)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 5 years or both. Further, Section 32A(1) of the Act provides that any person who, removes, destroys or damages any Gas Plant or Gas Pipe which is part of a Gas Pipeline Network owned by, or under the management or control of, SPPG, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million or to imprisonment for a term not exceeding 5 years or to both. 3.7. Damaging a Gas Plant or a Gas Pipe may also cause fatalities or severe injuries to personnel as well as damage to property. Page 8 of 9 3.8. Should you require any further clarification, please contact Follow up officer at [●] and/or the respective sections of SPPG as listed in the table below: SPPG Section Telephone Email TPOM 6916 6136/ 6916 6124 gasenquiry@spgroup.com.sg DPOM 6916 5947/ 6916 5908 gasenquiry@spgroup.com.sg ESP 6916 5119 espsection@spgroup.com.sg MEA 6916 5021/ 6916 5022 mea@spgroup.com.sg 24-hour Customer Service Centre 1800 752 1800 - Yours faithfully, [●] for HEAD OF SECTION EARTHWORKS SURVEILLANCE & PATROLLING SECTION As agent for and on behalf of POWERGAS LTD. Page 9 of 9 3.-Lianhe-Zaobao---SP-Group--Frasers-Property-to-jointly-develop-smart-energy-solutions-in-Vietnam-industrial-park.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/media-coverage/2023/3.-Lianhe-Zaobao---SP-Group--Frasers-Property-to-jointly-develop-smart-energy-solutions-in-Vietnam-industrial-park.pdf 即 时 新 加 坡 新 能 源 集 团 联 手 星 狮 地 产 为 越 南 工 业 提 供 清 洁 能 源 服 务 岳 开 新 发 布 /2023 年 8 月 24 日 03:10 PM 平 阳 (Binh Duong) 工 业 园 利 用 智 能 建 筑 能 源 管 理 系 统 , 为 园 区 节 省 高 达 30% 的 制 冷 能 源 , 并 减 少 近 18% 的 碳 排 放 量 。 字 体 大 小 : 小 中 大 新 加 坡 能 源 集 团 (SP Group) 和 星 狮 地 产 越 南 (Frasers Property Vietnam, 简 称 FPV) 联 手 , 为 平 阳 (Binh Duong) 工 业 园 提 供 综 合 智 能 清 洁 能 源 服 务 。 新 能 源 集 团 星 期 四 (8 月 24 日 ) 发 布 文 告 宣 布 , 集 团 与 星 狮 地 产 越 南 签 署 谅 解 备 忘 录 , 将 为 星 狮 地 产 越 南 的 平 阳 工 业 园 区 提 供 综 合 智 能 绿 色 能 源 解 决 方 案 , 以 实 现 园 区 的 节 能 和 减 排 目 标 。 集 团 初 期 将 负 责 园 区 工 业 服 务 中 心 的 设 计 、 安 装 、 运 营 和 维 护 , 其 中 包 括 安 装 太 阳 能 光 伏 板 、 电 动 车 充 电 以 及 智 能 能 源 优 化 管 理 系 统 等 。 随 后 , 集 团 还 将 与 FPV 探 讨 园 区 内 实 施 绿 色 微 电 网 的 可 行 性 , 来 加 速 园 区 清 洁 能 源 转 型 , 并 为 租 户 提 供 可 靠 的 电 力 供 应 。 文 告 指 出 , 集 团 提 供 的 智 能 建 筑 能 源 管 理 系 统 , 可 根 据 入 住 率 和 天 气 变 化 情 况 , 通 过 人 工 智 能 和 物 联 网 (IoT) 来 自 动 调 节 空 调 。 系 统 可 帮 助 园 区 节 省 高 达 30% 的 制 冷 能 源 , 并 减 少 近 18% 的 碳 排 放 量 。 [20140319] Berita Harian - SP Scholarships For ITE, Polytechnic Studentshttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/c2ebd864-a30b-4041-abde-bc519772b67f/%5B20140319%5D+Berita+Harian+-+SP+Scholarships+For+ITE,+Polytechnic+Students.pdf?MOD=AJPERES&CVID= Dulu ‘kaki ponteng’, kini pelajar cemerlang Pelajar ITE antara tujuh anak Melayu yang terima biasiswa Singapore Power Nithiah Nandan �ERVINA MOHD JAMIL ervinamj@sph.com.sg DAHULU, Encik Mohamed Farhan Mohamed Rafi sering ponteng sekolah sehingga pernah meraih kurang daripada satu mata Gred Purata Mata (GPA). Mata penuh GPA ialah empat. Akhirnya, beliau berhenti sekolah. Namun kini, anak kedua daripada keluarga tiga beradik itu bukan sahaja bakal tamat pengajian di Institut Pendidikan Teknikal (ITE), bahkan berjaya meraih biasiswa. Encik Mohamed Farhan, 24 tahun, adalah antara tujuh pelajar Melayu daripada 21 pelajar ITE dan politeknik yang menerima Biasiswa ITE dan Politeknik Singapore Power (SP) Nithiah Nandan, yang diberikan buat julung-julung kalinya. “Selepas saya berhenti sekolah, saya masuk Perkhidmatan Negara (NS), tetapi enam bulan selepas tamat NS pada 2012, saya terfikir, nak pergi mana selepas ini? “Saya pergi ke pameran pekerjaan dan ceramah kerjaya tapi saya sedar, tak banyak kerja yang boleh BERJAYA WALAU HADAPI CABARAN: Cik Nurfadilah dan Encik Mohamed Farhan antara penerima Biasiswa ITE dan Politeknik Singapore Power (SP) Nithiah Nandan, yang diberikan buat kali pertama. – Foto TUKIMAN WARJI saya lakukan kerana saya hanya ada sijil peperiksaan GCE Peringkat ‘N’,” kata pelajar ITE Kolej Timur dalam jurusan kejuruteraan elektrikal itu. Menteri di Pejabat Perdana Menteri, Encik Lim Swee Say, menghadiri upacara penyampaian biasiswa di Institut Devan Nair di Jurong East itu semalam selaku tetamu terhormat. Penerima biasiswa dipilih berdasarkan keputusan akademik, kebolehan dan minat mereka terhadap bidang kejuruteraan tenaga. Pelajar politeknik menerima $24,000 sementara pelajar ITE menerima $11,000 seorang, yang antara lain membiayai pengajian mereka. Mereka juga perlu berkhidmat di SP selama dua tahun selepas tamat pengajian. Seorang lagi penerima biasiswa, Cik Nurfadilah Mustaffa, 19 tahun, pula terpaksa bersiap ke sekolah di ITE Kolej Timur di Simei sedang kebanyakan teman sekolahnya sedang nyenyak dibuai mimpi. Anak bongsu daripada keluarga tiga beradik itu tinggal di Johor Bahru bersama keluarganya dan bangun pada 4.30 pagi setiap hari untuk tiba di kampus pada 8.30 pagi. Namun, ia sedikit pun tidak menghambatnya daripada terus bekerja keras demi mencapai keputusan cemerlang di sekolah. “Biasiswa ini dapat meringankan beban ibu bapa saya. Saya juga ingin buktikan bahawa wanita pun boleh berjaya dalam bidang kejuruteraan yang biasanya diceburi lelaki,” katanya yang merancang melanjutkan pengajian ke peringkat diploma. 20190314 - Media Advisory - Facebook and WhatsApp Service Disruptionhttps://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/6ae887a0-e021-4cb3-b1c8-3439a0e4442e/20190314+-+Media+Advisory+-+Facebook+and+WhatsApp+Service+Disruption.pdf?MOD=AJPERES&CVID= Media Advisory Facebook and WhatsApp Service Disruption Singapore, 14 March 2019 – There are reports that Facebook, WhatsApp and Instagram users around the world were not able to access these apps from Wednesday, 13 March. (See news report: Channel News Asia) For customers who submitted their meter readings via WhatsApp since 5pm on Wednesday 13 March 2019 (Singapore time) and did not receive an official WhatsApp acknowledgement message from SP Group, please re-send your readings through our other channels: 1. SP Utilities mobile app 2. Online on the Utilities Portal 3. Automated Phone System 1800 2222 333. Customers can key in their consumption without the need to speak to a call agent. 4. Email customerreading@spgroup.com.sg We apologise for any inconvenience and thank you for your understanding. National-Average-Household-Consumption-------Mar23-to-Feb24.xlsxhttps://www.spgroup.com.sg/dam/spgroup/docs/our-services/utilities/tariff-information/National-Average-Household-Consumption-------Mar23-to-Feb24.xlsx Utility Bill Avg_With Gas Utility Bill Average ($) for households with gas Premises Types Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 HDB 1-Room 69.41 75.78 77.52 81.09 78.98 79.00 78.86 80.17 80.39 77.86 77.18 78.99 HDB 2-Room 82.76 87.98 92.13 96.52 91.92 92.92 92.62 94.12 94.79 90.73 89.63 91.78 HDB 3-Room 103.38 110.82 115.06 119.49 114.80 116.91 116.30 118.85 118.49 112.22 112.11 115.94 HDB 4-Room 122.32 130.09 135.09 139.94 134.96 137.64 137.70 140.19 140.04 133.47 131.31 137.04 HDB 5-Room 129.76 138.14 142.59 147.54 142.78 145.35 145.56 148.64 148.87 141.61 136.79 144.16 HDB Executive 143.69 153.42 158.62 164.05 158.23 162.29 161.77 166.18 164.43 154.00 153.21 160.98 Apartment 149.92 159.67 168.05 175.53 167.39 164.61 167.46 175.43 177.46 164.16 156.19 163.04 Terrace 240.69 247.23 258.91 267.44 262.12 265.22 265.40 276.88 276.46 260.00 252.25 270.34 Semi-Detached 302.15 312.42 331.22 340.32 333.05 332.47 336.34 351.53 349.78 325.65 324.20 335.52 Bungalow 585.38 598.72 648.84 666.12 646.66 633.47 662.99 688.41 699.45 627.26 650.18 619.13 Utility Bill Avg_WO Gas Utility Bill Average ($) for households without gas Premises Types Mar-23 Apr-23 May-23 Jun-23 Jul-23 Aug-23 Sep-23 Oct-23 Nov-23 Dec-23 Jan-24 Feb-24 HDB 1-Room 61.00 66.41 69.62 72.46 71.03 70.38 70.28 71.48 71.86 69.16 67.69 69.30 HDB 2-Room 73.69 78.51 82.96 87.55 83.48 84.15 83.90 85.46 85.94 81.99 80.46 82.23 HDB 3-Room 91.02 98.00 102.92 107.51 103.13 104.73 104.06 106.59 106.15 100.27 99.66 102.84 HDB 4-Room 106.81 114.19 120.14 125.27 120.86 122.70 122.47 125.06 124.99 118.78 116.20 120.97 HDB 5-Room 112.61 120.67 126.31 131.50 127.51 129.05 128.83 131.93 132.27 125.43 120.56 126.60 HDB Executive 125.79 135.24 141.39 147.11 141.81 144.94 144.02 148.42 146.81 137.03 135.88 142.35 Apartment 127.04 136.90 148.34 157.00 149.45 145.14 146.83 154.44 156.79 144.07 135.03 140.09 Terrace 213.47 221.92 235.82 244.04 239.52 241.71 240.94 251.32 251.12 235.05 227.31 243.21 Semi-Detached 273.12 283.78 303.14 313.22 305.01 304.96 308.47 323.21 319.99 297.18 295.56 305.12 Bungalow 536.08 549.93 596.94 621.34 599.37 589.03 615.12 636.98 650.72 578.80 597.47 570.77 Resourceshttps://www.spgroup.com.sg/resources?category=Solar%20Power Resources Can't find what you are looking for? Click on the drop-down box to find the resource that is most relevant to your needs. Resources Solar Power FORM Application for Decommissioning of PV System FORM Application for Net Export Rebate FORM Certificate of Compliance FORM Commissioning Declaration FORM Document Checklist and Declaration of Compliance to SPPG's Technical Requirements FORM Letter of Consent GUIDE Solar Power – Generators GUIDE Solar Power – Non-Residential Consumers INFO Solar Power – Non-Residential Consumers (Master-Sub Write Up) GUIDE Solar Power - Overview Process 1 2 ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 OCTOBER TO 31 DECEMBER 2020https://www.spgroup.com.sg/dam/spgroup/wcm/connect/spgrp/64f33efe-b81d-48ee-904f-f38061d51b03/Q4+2020+Tariff+Media+Release+(30+Sep+20)-web.pdf?MOD=AJPERES&CVID= Cents/kWh MEDIA RELEASE ELECTRICITY TARIFF REVISION FOR THE PERIOD 1 OCTOBER TO 31 DECEMBER 2020 Singapore, 30 September 2020 – For the period from 1 October to 31 December 2020, electricity tariff (before 7% GST) will increase by an average of 1.83 cents per kWh compared with the previous quarter. The revised tariff and that of the preceding quarter are the lowest in the last three years. The increase this quarter is due to higher energy costs, which forms a major component of the electricity tariff and is paid to power generation companies. The remaining components of the tariff, consisting of network costs and market support services fees to SP Group and Market Administration and Power System Operation Fee to Energy Market Company and Power System Operator, remain unchanged (Appendix 1: Breakdown of Electricity Tariff). For households, the electricity tariff (before 7% GST) will increase from 19.60 to 21.43 cents per kWh for 1 October to 31 December 2020. The average monthly electricity bill for families living in fourroom HDB flats will increase by $7.01 (before 7% GST) (Appendix 3: Average monthly electricity bills of domestic customers). 30.00 Quarterly Household Electricity Tariff* 25.00 20.00 23.85 22.79 24.22 23.43 24.24 23.02 19.60 21.43 15.00 10.00 5.00 0.00 Jan - Mar 19 Apr - Jun 19 Jul - Sep 19 Oct - Dec 19 Jan - Mar 20 Apr - Jun 20 Jul - Sep 20 Oct - Dec 20 *before 7% GST The electricity tariffs are reviewed quarterly based on guidelines set by the Energy Market Authority (EMA), the electricity industry regulator. The tariffs shown in Appendix 2 have been approved by the EMA. Issued by: SP Group 2 Kallang Sector Singapore 349277 www.spgroup.com.sg Appendix 1 BREAKDOWN OF ELECTRICITY TARIFF 1. The electricity tariff consists of the following four components: a) Energy costs (paid to the generation companies): This component is adjusted quarterly to reflect changes in the cost of fuel and power generation. The fuel cost is the cost of imported natural gas, which is tied to oil prices by commercial contracts. The cost of power generation covers mainly the costs of operating the power stations, such as the manpower and maintenance costs, as well as the capital cost of the stations. b) Network costs (paid to SP PowerAssets): This fee is reviewed annually. This is to recover the cost of transporting electricity through the power grid. c) Market Support Services Fee (paid to SP Services): This fee is reviewed annually. This is to recover the costs of billing and meter reading, data management, retail market systems as well as for market development initiatives. 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. Q4 2020 TARIFF (before 7% GST) Market Admin & PSO Fee (No Change) 0.06¢/kWh (<1%) MSS Fee (No Change) 0.40¢/kWh (1.9%) %) Network Costs (No Change) 5.44¢/kWh (25.4%) Energy Costs (Increase by 1.83¢/kWh) 15.53¢/kWh (72.5%) ELECTRICITY TARIFFS FROM 1 OCTOBER 2020 LOW TENSION SUPPLIES, DOMESTIC All units, ¢/kWh LOW TENSION SUPPLIES, NON-DOMESTIC All units, ¢/kWh HIGH TENSION SMALL (HTS) SUPPLIES Contracted Capacity Charge $/kW/month Existing Tariff (without GST) New Tariff (without 7% GST) Appendix 2 New Tariff (with 7% GST) 19.60 21.43 22.93 19.60 21.43 22.93 8.90 8.90 9.52 Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh HIGH TENSION LARGE (HTL) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh EXTRA HIGH TENSION (EHT) SUPPLIES Contracted Capacity Charge $/kW/month Uncontracted Capacity Charge $/chargeable kW/month kWh charge, ¢/kWh Peak period (7.00am to 11.00pm) Off-peak period (11.00pm to 7.00am) Reactive power Charge ¢/chargeable kVARh 13.35 13.35 14.28 16.52 18.63 19.93 10.55 11.67 12.49 0.59 0.59 0.63 8.90 8.90 9.52 13.35 13.35 14.28 16.30 18.41 19.70 10.54 11.66 12.48 0.59 0.59 0.63 7.87 7.87 8.42 11.81 11.81 12.64 15.47 17.54 18.77 10.46 11.57 12.38 0.48 0.48 0.51 Appendix 3 AVERAGE MONTHLY ELECTRICITY BILLS OF DOMESTIC CUSTOMERS (TARIFF WEF 1 OCTOBER 2020) (before 7% GST) Types of Premises Average monthly consumption per Customer Average Monthly Bill New Average Monthly Bill Average Change in Monthly Bill kWh $(a) $(b) $(b-a) % HDB 1 Room 143.85 28.20 30.83 2.63 9.3 HDB 2 Room 192.35 37.70 41.22 3.52 9.3 HDB 3 Room 283.52 55.57 60.76 5.19 9.3 HDB 4 Room 382.78 75.02 82.03 7.01 9.3 HDB 5 Room 447.48 87.71 95.89 8.18 9.3 HDB Executive 543.00 106.43 116.36 9.93 9.3 Apartment 568.20 111.37 121.77 10.40 9.3 Terrace 876.03 171.70 187.73 16.03 9.3 Semi-Detached 1,189.32 233.11 254.87 21.76 9.3 Bungalow 2,229.81 437.04 477.85 40.81 9.3 Average 433.91 85.05 92.99 7.94 9.3 SIPG Training Calendar 2023 (Jul-Sep)_v3.pdfhttps://www.spgroup.com.sg/dam/jcr:1db628eb-3db0-4b1b-8b3e-2c76814b2514/SIPG%20Training%20Calendar%202023%20(Jul-Sep)_v3.pdf SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR JUL - SEP 2023 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (6) Click to download outline Upcoming Schedule 1 ECL06 Low Voltage Distribution Cables, Joints & Terminations 21 Face-to-Face $1,400 $420 19 Download 11 - 13 Jul 2 EFD08 Singapore Electricity Network and Market 14 Face-to-Face $720 N.A. Pending Download 19 - 20 Sep 3 ENO39 Electrical Testing and Inspection for Non-Licensed Electrical Installation 7 Face-to-Face $700 N.A. 7 Download 24 Aug 4 ENO51 Distribution Switchboard Maintenance for Commercial and Industrial Low Voltage Installation 7 Face-to-Face $800 N.A. 7 Download 28 Sep 5 ENO63 Condition Monitoring Techniques for Distribution Switchgear & Transformer 14 Face-to-Face $1,400 $420 Pending Download 13 - 14 Sep 6 EPG01 Overview of Power Generation Plants 7 Face-to-Face $700 $210 6 Download 3 Aug 7 EPG04 Power Plant Maintenance Principles & Strategies 14 Face-to-Face $1,400 $420 Pending Download 5 - 6 Sep 8 EPG07 Requirements for Installation & Commissioning of Grid-Tied Photovoltaic System 21 Face-to-Face $1,925 N.A. 13 Download 17 - 18, 21 Jul 9 EPG09 Control and Protection of Generator and Turbines (NEW COURSE) 14 Face-to-Face $1,400 $420 Pending Download 27 - 28 Sep 10 EPG10 Mid-Life Plant Management for Plant Optimisation (NEW COURSE) 14 Face-to-Face $1,400 N.A. Pending Pending Sep * 11 ERG01 SS638 Code of Practice for Electrical Installations 14 Face-to-Face $700 $210 13 Download 19 - 20 Jul 12 ERG05 Lightning and Lightning Protection 14 Face-to-Face $700 $210 13 Download 11 - 12 Jul 13 ESG06 Design, Installation & Testing of Electrical Switchboard & Supply Turn-On 14 Face-to-Face $1,600 N.A. 12 Download 16 - 17 Aug 14 ESG08 Installation & Commissioning of Distribution Switchgear 10.5 Face-to-Face $1,050 $315 9 Download 22 - 23 Aug 15 ETF02 Operation & Maintenance of Distribution Transformer 14 Face-to-Face $1,400 $420 14 Download 7 - 8 Aug 16 ETF12 Installation & Commissioning of Distribution Transformer 10.5 Face-to-Face $1,200 N.A. Pending Download 14 - 15 Sep 17 GRG02 Gas Market Structure & Gas Network Code 7 Face-to-Face $800 N.A. 6 Download 30 Aug *To be confirmed, please contact SIPG. Enterprise Transformation Project (NEW) SIPG offers implementation-led training and consultancy programme on Lean Methodologies that help enterprises strengthen business capabilities under the SkillsFuture Singapore Enterprise Transformation Project (ETP) initiative. Participating enterprises will enjoy programme fee funding of 90% for Small Medium Enterprises (SMEs) and 70% for Non-SMEs. Please contact SIPG at training-institute@spgroup.com.sg if you are interested to learn more. Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) Blended classes include online and face-to-face classes for practical hands-on training. (6) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (7) Minimim class size is required to be met to start the class. Updated: 04 Aug 2023 SINGAPORE INSTITUTE OF POWER AND GAS TRAINING CALENDAR OCT - DEC 2023 No. Course Code Course Title Duration (hr) Mode of Delivery Course Fee (1) Course Fee (after Funding) (2) (3) PDU (6) Click to download outline Upcoming Schedule UPCOMING COURSES 1 ERG01 SS638 Code of Practice for Electrical Installations 14 Face-to-Face $700 $210 13 Download 17 - 18 Oct 2 ERG04 An Overview of Transmission Code 7 Face-to-Face $800 N.A. 7 Download 17 Oct 3 ERG06 Electrical Earthing Principles and Practices 7 Face-to-Face $350 N.A. 6 Download 8 Nov 4 ESG04 Operation & Maintenance of High Voltage Switchgear 14 Face-to-Face $1,400 N.A. 13 Download 15 - 16 Nov 5 NEV03 Requirements and Implementation of Electric Vehicle Charging System 7 Face-to-Face $700 N.A. Pending Download 14 Nov 6 NGD03 Introduction to Microgrid Systems 7 Face-to-Face $700 $210 4 Download 16 Nov 7 NGD04 Introduction to Energy Storage Systems 7 Face-to-Face $700 N.A. 6 Download 15 Nov 8 PDC208 Hydrogen Industry Masterclass 14 Face-to-Face $2,200 $660 13 Download Nov * *To be confirmed, please contact SIPG. Enterprise Transformation Project (NEW) SIPG offers implementation-led training and consultancy programme on Lean Methodologies that help enterprises strengthen business capabilities under the SkillsFuture Singapore Enterprise Transformation Project (ETP) initiative. Participating enterprises will enjoy programme fee funding of 90% for Small Medium Enterprises (SMEs) and 70% for Non-SMEs. Please contact SIPG at training-institute@spgroup.com.sg if you are interested to learn more. Important Notes: (1) Course fees are subject to prevailing GST. (2) Only Singapore Citizens, Permanent Residents & Long-Term Visit Pass Plus (LTVP+) Holders are eligible for Course Fee Funding (if any). (3) Funding grant is subject to funding agency's approval. (4) SkillsFuture Mid-Career Enhanced Subsidy only applicable for Singapore Citizens 40 years old and above. (5) Blended classes include online and face-to-face classes for practical hands-on training. (6) PDU: Professional Development Unit awarded by Professional Engineers Board; PEB reserves the right to reject or adjust the PDUs awarded for each run. (7) Minimim class size is required to be met to start the class. Updated: 04 Aug 2023 -20240523--BT-Online-SP-Group-partners-Chinese-environmental-company-to-build-90MW-aquavoltaic-farm.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/media-coverage/2024/-20240523--BT-Online-SP-Group-partners-Chinese-environmental-company-to-build-90MW-aquavoltaic-farm.pdf spgroup-financial-statements-fy2122.pdfhttps://www.spgroup.com.sg/dam/spgroup/pdf/energy-hub/annual-report/spgroup-financial-statements-fy2122.pdf 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 impairme

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

News Release SP DEVELOPS FUTURE ENERGY LEADERS THROUGH FIRST ENERGY MANAGERS PROGRAMME AND INDUSTRY SCHOLARSHIPS Singapore, 2 November 2018 – Singapore Institute of Power and Gas (SIPG), as the centralised training institute for the power and gas sectors, announced today the successful completion of its first Energy Managers Programme (EMP). The pioneer cohort of 19 energy sector professionals was recognised in a ceremony during Singapore International Energy Week 2018, witnessed by Dr Tan Wu Meng, Senior Parliamentary Secretary, Ministry of Trade and Industry and Ministry of Foreign Affairs. The programme, which is under the SkillsFuture Leadership Development Initiative, is designed to build a pipeline of strong leaders for the energy sector as they address issues and opportunities in today’s transforming and disruptive landscape. Building on its inaugural run, SIPG is opening its programme to participants from ASEAN utilities and other international companies in the energy value chain, curating a broader range of experiences, perspectives and real-world applications. Mr Peter Leong, Principal of SIPG, said, “We customised this programme to help energy industry managers hone their well-rounded leadership skills through blended learning in the classroom and field trips to companies in Singapore and overseas. They have personally benefitted from networking with peers from across the value chain. They have also gleaned insights on driving advancement and innovation amidst the rapid industry disruption, in order to serve all consumers better.” Spanning five months from February this year, the programme’s first participants were emerging leaders from generation companies and SP Group. Through workshops, dialogues with senior leaders from the energy sector and government, as well as a learning trip to China, the participants were exposed to pertinent challenges the industry faces, in Singapore and around the region. They also gained valuable insights from individual coaching sessions and working on action projects. Mr Neo Bing Hui, Senior Operations Engineer, YTL PowerSeraya Ltd, said, “The Energy Managers Programme (EMP) has helped broaden my views of the industry in general, providing a different perspective of how challenges can be viewed in the energy sector. After going through EMP, I have gleaned more insights on my leadership style and how I can effectively improve communication with my team mates. I am excited to start applying what I've learnt from this programme.” The pressing need to inspire the energy sector to groom the next generation of energy leaders is why the Energy Market Authority is supporting the programme. Its Chief Executive, Mr Ngiam Shih Chun, said: “For the energy sector to embrace new opportunities and challenges, there is a need to engage and develop tomorrow's energy leaders. They will need to be agile and adopt a growth mindset to lead their organisations forward. EMA supports SIPG in playing a crucial role in providing a programme to grow our future energy leaders.” Nurturing engineering talent In developing future engineering talent, SP Group also awarded two Energy-Industry Scholarships to students from institutions of higher learning – Ms Choo Wei Ming, 19, from Ngee Ann Polytechnic and Mr Muhammad Syahiran bin Jamal, 20, from Singapore Polytechnic. SP Group’s Chief Human Resource Officer, Mr Ng Seng Huwi, presented the scholarships to Wei Ming and Muhammad Syahiran, at a ceremony during the Youth@SIEW event earlier today. The scholarship serves to nurture talent for the energy sector and support students with a passion for engineering in achieving academic and career aspirations. They will join SP Group when they complete their studies. About SP Group SP Group is a leading energy utilities group in the Asia Pacific. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and district cooling businesses in Singapore and China. SP Group is committed to providing customers with reliable and efficient energy utilities services. About 1.5 million industrial, commercial and residential customers in Singapore benefit from SP Group’s world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. SP Group also drives digital solutions to empower customers to manage their utilities, reduce consumption and save cost. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG and on Twitter @SPGroupSG.

阳 光 未 来 获 新 能 源 100 万 元 捐 款 助 200 户 低 收 入 家 庭 改 善 生 活 胡 洁 梅 报 道 ohkm@sph.com.sg 未 来 三 年 , 约 200 户 低 收 入 家 庭 将 在 慈 善 机 构 “ 阳 光 未 来 ” 的 协 助 下 , 改 善 生 活 质 量 。 他 们 可 得 到 居 家 环 境 改 造 、 营 养 饮 食 支 援 或 工 作 配 对 方 面 的 援 助 。 新 加 坡 能 源 集 团 捐 赠 100 万 元 给 阳 光 未 来 (Suncare SG), 这 笔 捐 款 将 投 入 这 个 机 构 设 立 的 KIDS 基 金 , 帮 助 这 些 低 收 入 家 庭 。 也 是 榜 鹅 集 选 区 议 员 的 副 总 理 兼 贸 工 部 长 颜 金 勇 , 以 及 交 通 部 兼 国 家 发 展 部 高 级 政 务 部 长 孙 雪 玲 , 星 期 六 (10 月 4 日 ) 在 榜 鹅 的 阳 光 小 屋 (The Lighthouse) 活 动 中 心 出 席 儿 童 节 活 动 , 并 见 证 捐 款 仪 式 。 阳 光 小 屋 由 阳 光 未 来 设 立 , 以 集 装 箱 搭 建 而 成 , 旨 在 为 儿 童 和 青 年 提 供 一 个 安 全 的 活 动 空 间 , 举 办 课 业 辅 导 、 心 理 辅 导 等 活 动 。 新 能 源 的 捐 助 , 将 为 约 200 名 儿 童 和 青 年 的 家 庭 , 提 供 更 有 针 对 性 的 支 援 。 这 包 括 : 改 造 住 家 环 境 , 为 孩 子 打 造 更 安 全 、 舒 适 的 生 活 空 间 ; 提 供 奶 粉 、 健 康 食 品 , 并 举 办 健 康 饮 食 工 作 坊 ; 以 及 通 过 工 作 配 对 与 技 能 提 升 , 帮 助 家 中 看 护 者 提 升 就 业 和 经 济 能 力 。 受 惠 家 庭 的 孩 子 也 可 参 加 阳 光 小 屋 举 办 的 督 导 与 课 业 指 导 项 目 , 以 及 社 区 合 唱 团 “You Sparkle” 等 节 目 来 培 养 信 心 。 多 数 受 惠 者 居 住 在 榜 鹅 。 颜 金 勇 感 谢 新 能 源 的 捐 助 时 说 , 孩 子 是 国 家 的 未 来 , 政 府 希 望 给 予 他 们 更 完 善 的 支 持 , 尤 其 是 来 自 低 收 入 家 庭 的 儿 童 , 让 他 们 在 人 生 起 点 上 更 有 准 备 。 这 也 需 要 社 会 各 界 , 包 括 捐 赠 者 和 义 工 的 支 持 。 孙 雪 玲 指 出 , 阳 光 小 屋 为 孩 子 举 办 有 意 义 的 活 动 , 让 他 们 能 交 友 、 玩 乐 、 学 习 表 达 和 情 绪 管 理 等 , 健 康 快 乐 地 成 长 。 新 能 源 的 捐 助 将 让 阳 光 未 来 延 续 项 目 , 支 持 更 多 孩 子 。 受 惠 女 童 自 信 学 业 双 提 升 就 读 小 学 三 年 级 的 司 文 玲 (9 岁 ) 是 其 中 一 名 受 惠 儿 童 。 她 去 年 开 始 到 阳 光 小 屋 参 加 课 后 增 益 活 动 , 包 括 合 唱 团 的 每 周 练 习 。 她 的 母 亲 何 莹 玲 (34 岁 , 家 庭 主 妇 ) 受 访 时 说 , 女 儿 之 前 比 较 文 静 , 也 不 喜 欢 上 学 , 但 参 加 合 唱 团 后 渐 渐 培 养 自 信 。 她 在 义 工 的 指 导 下 , 学 习 方 面 也 进 步 不 少 。 何 莹 玲 说 :“ 女 儿 期 待 每 天 放 学 后 到 阳 光 小 屋 , 她 在 那 里 可 以 与 其 他 孩 子 交 流 。 我 发 现 她 现 在 比 较 开 朗 。 我 们 一 家 人 也 很 高 兴 , 阳 光 未 来 帮 我 们 粉 刷 屋 子 , 还 赠 送 电 视 和 床 褥 , 孩 子 们 现 在 有 更 舒 适 的 居 住 环 境 。” 司 文 玲 是 家 中 长 女 , 有 三 名 年 龄 介 于 1 岁 至 7 岁 的 弟 弟 , 与 父 母 居 住 在 榜 鹅 租 赁 组 屋 。 她 的 父 亲 司 德 念 (34 岁 , 送 餐 员 ) 通 过 机 构 转 介 , 得 到 东 北 社 区 发 展 理 事 会 的 就 业 辅 助 , 目 前 接 受 餐 饮 管 理 方 面 的 培 训 。 他 说 :“ 我 希 望 提 升 技 能 , 接 下 来 可 以 找 到 一 份 更 好 、 收 入 更 高 的 工 作 , 有 更 强 的 能 力 养 家 。” 过 去 一 年 , 新 能 源 已 投 入 超 过 580 万 元 , 帮 助 弱 势 群 体 , 包 括 来 自 弱 势 背 景 的 儿 童 和 青 年 。 新 能 源 集 团 总 裁 黄 天 源 说 , 给 予 家 庭 全 面 支 持 , 是 协 助 他 们 构 建 更 美 好 未 来 的 关 键 , 集 团 乐 于 同 阳 光 未 来 合 作 , 提 供 持 续 且 多 元 的 援 助 , 帮 助 有 需 要 的 家 庭 。

BEST PRACTICES BY DIMENSIONS Customer Empowerment and Satisfaction • UKPN • WPD • e-distribuzione • SP Energy Networks • Northern Powergrid • TaiPower • Westnetz • DEWA • Enedis • ENWL • SSEN • SP Group • Tata power-DDL • Ausnet • KEPCO • Jemena • TNB • Kansai • Light • UKPN • PG&E • WPD • CitiPower • SDGE • SCE • e-distribuzione • ComEd • Enedis • ENWL • FPL • APS • CLP • PEPCO • Tata power-DDL • BC Hydro • Chubu • Fluvius • Duke Energy • Radius Monitoring & Control • Helen • Meralco • ESB • Light • Edenor • SP Energy Networks • Tata power-DDL • Shenzhen Power • State Grid Sichuan • CenterPoint Energy Security • UKPN • PG&E • WPD • ConEd • CitiPower • SDGE • SCE • e-distribuzione • SP Energy Networks • Northern Powergrid • TaiPower • ComEd • Westnetz • FPL • LADWP Green Energy • UKPN • PG&E • WPD • ConEd • SDGE • SCE • Enedis • LADWP • CLP • Hydro Ottawa • i-DE • EDP • APS • SSEN • CenterPoint Energy • Hydro Ottawa • PEPCO • Tata power-DDL • BGE • Toronto Hydro • BC Hydro • Eversource • PSE • Dominion Energy • EVN Hanoi • NIEN • Tata power Ltd • Eversource • Western Power • Vector • ACEA • PG&E • CitiPower • SDGE • SCE • e-distribuzione • ComEd • CitiPower • DEWA • CLP • SP Group • KEPCO • UKPN • PG&E • WPD • ConEd • SDGE Data Analytics • FPL • State Grid Beijing • Jemena • BC Hydro • Vattenfall • Duke Energy Supply Reliability • Helen • HK Electric • CEM • Rosseti DER Integration • SCE • SP Energy Networks • Ausnet • Eversource Is your Grid Smarter? Benchmarking Results 2020 SMART GRID PROGRESS (2019-2020) Global Asia-Pacific & SATISFACTION CUSTOMER EMPOWERMENT MONITORING & CONTROL DATA ANALYTICS & SATISFACTION CUSTOMER EMPOWERMENT MONITORING & CONTROL DATA ANALYTICS SECURITY SUPPLY RELIABILITY SECURITY SUPPLY RELIABILITY GREEN ENERGY DER INTEGRATION GREEN ENERGY DER INTEGRATION North America Europe & SATISFACTION CUSTOMER EMPOWERMENT MONITORING & CONTROL DATA ANALYTICS & SATISFACTION CUSTOMER EMPOWERMENT MONITORING & CONTROL DATA ANALYTICS SECURITY SUPPLY RELIABILITY SECURITY SUPPLY RELIABILITY Average score 2020 Average score 2019 GREEN ENERGY DER INTEGRATION GREEN ENERGY DER INTEGRATION Website : www.spgroup.com.sg/what-we-do/smart-grid-index Email : sgi@spgroup.com.sg Scan this QR Code to learn more about us KEY FINDINGS BENCHMARKING RESULTS 2020 Utility Country/Market Score Best Practices +/- Utility Country/Market Score +/- Best Practices UKPN GBR 94.6 5.4% Fluvius BEL 67.9 1.8% PG&E USA 92.9 0.0% PSE USA 67.9 7.1% NORTH AMERICA continues to lead due to early adoption of smart grid development EUROPE improved the most relative to the rest of the world ASIA-PACIFIC made significant improvements in Data Analytics WPD ConEd CitiPower SDGE GBR USA AUS USA 91.1 89.3 87.5 87.5 23.2% 8.9% 7.1% 1.8% Liander Vattenfall Duke Energy State Grid Chongqing NLD SWE USA CHN 66.1 66.1 64.3 64.3 12.5% 19.6% 5.4% 1.8% SCE USA 85.7 -1.8% Dominion Energy USA 62.5 3.6% e-distribuzione ITA 83.9 0.0% Radius DNK 62.5 10.7% SP Energy Networks GBR 83.9 21.4% State Grid Nanjing CHN 62.5 5.4% Northern Powergrid GBR 82.1 10.7% State Grid Sichuan CHN 62.5 10.7% SMART GRID INDEX INCREASED COVERAGE IN 2020 TaiPower ComEd TWN USA 82.1 80.4 17.9% 1.8% State Grid Tianjin TNB CHN MYS 62.5 62.5 10.7% 10.7% Stedin NLD 80.4 12.5% Western Power AUS 62.5 5.4% The Smart Grid Index (SGI) measures the smartness of electricity grids globally, in seven key dimensions. The benchmarking also identifies best practices to build smarter grids that deliver better value to customers. 85 37 Global Utilities Countries/Markets Westnetz DEWA Enedis ENWL DEU ARE FRA GBR 80.4 78.6 78.6 78.6 3.6% 1.8% 3.6% 8.9% Helen HK Electric State Grid Hubei Kansai FIN HKG CHN JPN 60.7 60.7 60.7 58.9 3.6% 3.6% 3.6% 1.8% FPL USA 78.6 1.8% Meralco PHL 58.9 5.4% AVERAGE SCORE BY REGION 7 DIMENSIONS OF A SMART GRID LADWP APS SSEN USA USA GBR 78.6 76.8 76.8 1.8% 5.4% 10.7% ESB Vector EVN Hanoi IRL NZL VNM 57.1 57.1 55.4 10.7% 10.7% 26.8% North America 72.02% 76.28% MONITORING & CONTROL • SCADA • DMS/ADMS CenterPoint Energy CLP Hydro Ottawa i-DE USA HKG CAN ESP 75.0 75.0 75.0 75.0 3.6% 5.4% 5.4% 3.6% NIEN MEA PEA ACEA GBR THA THA ITA 55.4 53.6 53.6 51.8 10.7% 0.0 % 8.9% 8.9% Europe 62.11% 70.18% DATA ANALYTICS • Smart Meter Coverage • Data Analytics Application PEPCO SP Group Tata power-DDL USA SGP IND 75.0 75.0 75.0 1.8% 8.9% 3.6% CEM EVN HCMC Kahramaa MAC VNM QAT 51.8 51.8 51.8 0.0 % 17.9% 0.0 % Asia 63.85% Pacific 58.34% SUPPLY RELIABILITY • SAIDI • SAIFI TEPCO Ausnet BGE JPN AUS USA 75.0 73.2 73.2 1.8% 5.4% 8.9% Stromnetz Berlin Wiener Netze Eskom DEU AUT ZAF 51.8 51.8 50.0 -5.4% -1.8% 8.9% KEPCO KOR 73.2 0.0% Light BRA 48.2 1.8% Average score 2020 Average score 2019 DER INTEGRATION • Management of DER Integration • Grid Scale Energy Storage Shenzhen Power State Grid Beijing State Grid Shanghai CHN CHN CHN 73.2 73.2 73.2 8.9% -5.4% 0.0% Rosseti State Grid Changsha Tata Power Ltd RUS CHN IND 48.2 48.2 48.2 10.7% 1.8% 1.8% MAJOR PROGRESS GREEN ENERGY • Renewable Energy Penetration • EV Facilitation Jemena Toronto Hydro Ausgrid AUS CAN AUS 71.4 71.4 69.6 3.6% 7.1% 0.0% PLN Edenor Enel Dist Sao Paulo IDN ARG BRA 44.6 37.5 37.5 0.0 % 3.6% 3.6% BC Hydro CAN 69.6 5.4% Sarawak Energy MYS 37.5 5.4% Global : Asia-Pacific : Europe : North America : SECURITY • IT Cyber Security • OT Cyber Security CUSTOMER EMPOWERMENT & SATISFACTION • Real-Time Data to Customers • Customer Satisfaction Feedback EDP Eversource Guangzhou Power Chubu PRT USA CHN JPN 69.6 69.6 69.6 67.9 0.0% 8.9% 12.5% 0.0% Enel Dist Chile Disclaimer: We have arrived at the findings, opinions and conclusion set out in this paper based on application of our methodology to materials and information we believe to be accurate and reliable, and which are made available in the public domain at the time we carried out the relevant research and study. Despite our best efforts, the materials and information may include inaccuracies and errors. The findings, opinions and conclusion will be construed solely as statements of opinion on the matters addressed in this paper including the degree of grid smartness ratings and shall not in any way represent authoritative assessment or judgment on any such matters. You assume the sole risk of making use of and/or relying on the findings, opinions and conclusion made available in this paper. To the extent permitted by law, we disclaim liability to any person or entity for all and any liability, direct and indirect, special, consequential, incidental losses and damages whatsoever arising from or in connection with your access to or use of the findings, opinions and conclusions in this paper. Edesur City Power CHL ARG ZAF 35.7 30.4 21.4 12.5 % 8.9% 1.8%

Consumption_Elect Average consumption of Electricity (kWh) Premises Types Jan-24 Feb-24 Mar-24 Apr-24 May-24 Jun-24 Jul-24 Aug-24 Sep-24 Oct-24 Nov-24 Dec-24 Jan-25 Feb-25 Mar-25 Apr-25 May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 HDB 1-Room 126 126 132 150 152 149 140 151 148 139 142 128 127 121 119 128 136 150 143 150 136 136 144 127 HDB 2-Room 164 167 173 199 199 195 183 198 192 183 186 166 168 161 156 169 181 195 190 195 177 177 188 164 HDB 3-Room 236 241 250 292 285 277 264 283 277 266 266 243 238 231 231 250 265 284 273 280 257 259 271 242 HDB 4-Room 321 330 342 398 396 383 360 385 381 363 365 338 327 320 309 341 363 390 381 388 358 355 377 334 HDB 5-Room 367 381 399 463 466 448 416 447 446 427 429 397 379 374 359 399 425 457 450 459 423 417 444 392 HDB Executive 456 474 489 575 568 544 515 546 548 520 523 481 462 458 445 495 522 562 554 562 520 513 546 478 Apartment 430 435 486 578 573 543 500 513 539 523 519 486 446 419 417 476 516 548 536 541 513 501 538 500 Terrace 740 794 821 957 900 872 838 847 885 851 851 785 747 744 714 775 823 881 848 866 817 818 836 785 Semi-Detached 1,019 1,038 1,109 1,254 1,224 1,170 1,128 1,126 1,168 1,137 1,141 1,056 1,000 974 960 1,031 1,080 1,173 1,123 1,121 1,072 1,056 1,107 1,016 Bungalow 2,106 1,951 2,146 2,432 2,360 2,266 2,220 2,121 2,347 2,192 2,190 2,012 2,004 1,872 1,904 2,016 2,154 2,244 2,175 2,168 2,190 2,074 2,202 2,040

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Pushing boundaries to impact future generations RELIABILITY Managing high voltage equipment is all in a day’s work for our senior engineer Tan Jie Yi. She works in the Transmission Operation and Maintenance team, part of the 24/7 operations that contribute to Singapore’s world-class network reliability. No detail is too small when conducting maintenance work for switchgears – key components in the smooth distribution of electricity to customers in industries, businesses and households. With 13 years of engineering experience under her belt, Jie Yi is unfazed by the technical and hands-on nature of her job. Join us as we discover how Jie Yi’s career has come “full circle” for her and has fuelled her passion in engineering. Tan Jie Yi, Senior Engineer in Transmission Operation and Maintenance team, finds joy and fulfilment in keeping the nation’s world-class electricity grid running. Finding her path into the engineering industry more than a decade ago, Jie Yi’s passion for scaling new heights led her to where she is today in SP Group. Formerly in the switchgear manufacturing industry, Jie Yi literally switched gears when she joined SP, as she deepened her technical expertise by learning to manage the full cycle of switchgears – from installation to maintenance. “Now that I’m on the client side, I can better appreciate the priorities and challenges faced during maintenance and understand how we can address them during the project installation phase. Like most engineers, I enjoy problem-solving. The adrenaline rush keeps me going!”   Here, we see Jie Yi assisting to perform switching work in a transmission substation. Electrical networks have to be shut down safely before maintenance work can be carried out. The team performs equipment maintenance and renewal according to a rigorous schedule. When asked about what it takes to prove her mettle in a field that has been conventionally male-dominated, Jie Yi’s advice is to strengthen one’s competency. “You need to put in effort to have sound knowledge of the operations and protocols. Gender doesn’t get in the way when you can stand up to the quality of your work.” Jie Yi is currently undergoing training to attain her switching certificate. This will allow her to operate high-voltage equipment independently. Jie Yi’s advice to those interested in engineering is to start from ground up to build a strong knowledge foundation, and always be hungry to know and learn more. “When you start from the bottom, there is nowhere to go but up,” she shares. This philosophy is mirrored in her own career, where she started as an engineering assistant and worked her way up to become a project manager. To Jie Yi and her team, they believe that the work they are doing today, is an investment for generations to come. This also holds true as she embarked on a new journey as a first-time mum to twins!  TAGS PEOPLE OF SPRELIABILITY YOU MIGHT BE INTERESTED TO READ How this 'grid doctor' maintains the health of Singapore's electricity network so everything stays on Ground feedback, digital tools: How she helps 8,000 workers end their day safely Faster repairs, fewer disruptions: Meet the innovative teams using smart tech to keep your piped gas supply flowing