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

SP Group, ASB link up on electric vehicle charging network Toh Ting Wei Energy provider SP Group has partnered with Ascendas-Singbridge Group (ASB) to install electric vehicle charging points in the latter’s buildings, the two companies announced yesterday. As part of the partnership, 24 high-speed chargers have been installed in six of ASB’s buildings – Hyflux Innovation Centre, Corporation Place, Techlink, Techplace I, The Capricorn and The Kendall. Half of the charging points are 43kW alternate current (AC) chargers and the other half comprises 50kW direct current (DC) chargers. These can power up a mid-sized electric car within an hour, compared with six to eight hours via household chargers. At an event announcing the partnership at Hyflux Innovation Centre, SP Group chief executive Wong Kim Yin said: “(The partnership) provides more convenient locations for our charging services, and will accelerate the adoption of green mobility in Singapore. “We look forward to working with ASB to roll out more highspeed charging points in their properties in the months ahead.” ASB said it has plans to install electric vehicle charging points in more of its buildings, such as at Infinite Studios in Mediapolis and 5 Science Park Drive, by the end of the year. The chargers on ASB’s properties are part of the SP’s first batch of 38 charging points, which was announced earlier in January. The other 14 charging points are located at Singapore Polytechnic and Alexandra Technopark. They are the first of 1,000 charging points SP aims to launch by 2020. Users can locate and access available charging points via the SP app, which can be downloaded from the iTunes App Store and Google Play. Currently, rates are 41.4 cents and 47.3 cents per kWh for its AC and DC chargers, respectively. At these rates, SP has said electric car drivers will see “at least 50 per cent cost savings” compared to those who drive comparable petrol-powered models. More partnerships are likely to be in the works. SP Group head of strategic development Goh Chee Kiong said: “We are talking to a big number of premise owners. We are hopeful that more will be signing up soon.” SP’s Mr Wong said the partnership could be a step forward in Singapore becoming the first city in the world with predominantly electr ic vehicles. He said: “We can be very quick in deploying infrastructure that will serve everybody, compared to any other country or city.” He also told The Straits Times: “If there are opportunities to do the same (implement electric vehicle charging solutions) overseas, we would of course take the opportunity.” twtoh@sph.com.sg Mr Wong Kim Yin, SP Group chief executive officer, and Mr Manohar Khiatani, deputy group CEO of Ascendas-Singbridge Group, launching a high-speed electric vehicle charging station yesterday that will enable users to charge their electric vehicles at the Hyflux Innovation Centre in Bendemeer Road. ST PHOTO: ALPHONSUS CHERN Source: The Straits Times © Singapore Press Holdings Limited. Permission required for reproduction”.

SP Group bina substesen bawah tanah berskala besar pertama di Asia Tenggara KEMUDAHAN BAWAH TANAH: Apabila siap nanti, substesen bawah tanah yang terletak di Labrador itu akan memenuhi keperluan elektrik kawasan berdekatan seperti Alexandra, Clementi, Keppel, Pasir Panjang dan kawasan Science Park. – Foto SP GROUP SYARIKAT elektrik dan gas SP Group sedang membina substesen bawah tanah berskala besar pertama di Asia Tenggara yang terletak di Labrador. Dengan membina kemudahan itu di bawah tanah, langkah ini akan menjimatkan ruang di atas tanah yang seluas tiga hektar, kata kumpulan itu dalam satu kenyataan semalam. Tiga hektar ialah seluas empat padang bola sepak. Di atas substesen bawah tanah itu, satu pembangunan setinggi 34 tingkat akan dibina. Apabila siap nanti, substesen 230 kilovolt yang terletak di Labrador itu akan memenuhi keperluan elektrik kawasan berdekatan seperti Alexandra, Clementi, Keppel, Pasir Panjang dan kawasan Science Park. Kumpulan itu juga mengumumkan semalam ia telah memberikan kontrak pembinaan substesen itu kepada kontraktor utama Hyundai Engineering & Construction Co. Ketua Pegawai Eksekutif SP Group, Encik Stanley Huang, berkata: “Dalam perniagaan kami yang membolehkan masa depan rendah karbon serta bijak dari segi tenaga, kami sedang membina infrastruktur yang lestari dan berdaya tahan. “Ini sejajar dengan rancangan pembaharuan bandar Singapura dan SDG (Matlamat Pembangunan Mampan Pertubuhan Bangsa-Bangsa Bersatu) kami sendiri bagi memastikan akses kepada tenaga yang boleh dipercayai, mampan serta moden bagi semua dan memanfaatkan inovasi untuk membina prasarana yang lestari.” Syarikat itu juga menarik perhatian kerja membina substesen bawah tanah itu akan memerlukan lebih banyak sumber serta keupayaan kejuruteraan yang lebih pakar, berbanding membinanya di atas tanah. Ini disebabkan keperluan menggunakan bahan dan peralatan yang sesuai bagi sekitaran di bawah tanah. Sebagai contoh, kajian kejuruteraan yang terperinci dan kaedah pembinaan yang sesuai perlu dilaksana untuk mengawal kesannya kepada bangunan di sekeliling. Namun, faedah jangka panjang membina substesen bawah tanah mengatasi kosnya, kata SP Group. Selain memanfaatkan sumber tanah bagi tujuan lain, substesen bawah tanah mempunyai risiko lebih rendah didedahkan kepada bahaya dan kerosakan. “Ini akan meningkatkan keselamatan aset dan rangkaian,” kata SP Group. Kumpulan itu berkata ia akan memanfaatkan pengalamannya dalam membina terowong kabel elektrik bawah tanah di serata Singapura sebelum ini dalam membina substesen bawah tanah itu. “Dengan pelajaran dan pengalaman yang diraih daripada projek ini, kami boleh meneroka kemungkinan membina lebih banyak substesen di bawah tanah,” kata Encik Huang. Substesen bawah tanah itu merupakan sebahagian daripada Pelan Induk 2019 bawah tanah Penguasa Pembangunan Semula Bandar (URA). Substesen dan bangunan komersial yang akan dibina itu dijadual siap pada 2024.

Understanding Your Utilities Bill Key Features Front Page 1 6 75 1 Payment Details This is the total amount payable for the current month and the payment due date. 2 2 Account Summary The billing period, date of the bill, account type and amount of deposit are provided here. 3 3 Consumption Graphs These bar graphs reflect your electricity, gas and water consumption. They allow you to monitor your usage pattern of each service and compare with your neighbours and the national average. The neighbour average is derived based on the average usage of similiar housing types within a block or street for landed premises. City Energy Pte. Ltd (as Trustee 4 5 Useful Tips You will find tips and advice on how to be more energy and water efficient. Total Charges for the Month Total charges for the current month, before accounting for any outstanding balance. 4 5 13.09 6 75 6 Bill Stub For payment by cheque, please fill in the details and mail this portion with the cheque. For payment at Customer Service Centres, this portion will be retained by SP Services for record. 6 6 75 7 Key Features Back Page 8 6 75 6 75 7 Summary of Charges This section shows any balance brought forward from the previous month and the total amount payable for the month. 9 Energy Trust Energy of City 8 Summary of U-Save This section shows GST Vouchers received, U-Save used and the remaining balance . 10 11 12 13.09 13.09 6 75 9 Breakdown of Charges This reflects the number of units of water, electricity and gas you have used in the billing period. The Waterborne Fee (WBF) goes towards meeting the cost of treating used water and maintaining the used water network. It is charged based on the volume of water usage. A water conservation tax is charged for the use of water. It is levied by the Government to reinforce the importance of conserving water. Charges for refuse removal vary depending on the type of premises and the geographical location. Energy of City Energy Trust 10 Meter Reading Your utilities meters are read once every 2 months. In the months when your meters are not read, you may follow the instructions here to submit your meter reading. 13 . Debit/Credit cards . 11 Notices Important announcements and messages will be reflected here. . PayNow QR (Generate a QR code unique to your account) 12 Contact Information For any queries or emergencies, you can find the necessary numbers for all your utilities here. We may, from time to time, contact you to obtain feedback or inform you about the services and offers of SP Services and its trusted partners. Please visit www.spgroup.com.sg to read our T&Cs. 13 Payment Options You can find all the payment options available and choose one that is most convenient for you. Key Features Front Page 1 Security Deposit TL Cash Deposit Security deposit held by SP PowerAssets who is the Transmission Licensee. Understanding Your Utilities Bill Buying from Wholesale Electricity Market 664-000001-00001-0001 1 : : DOM-SRLP : : This is your tax invoice for 2 KALLANG SECTOR #01-01 SINGAPORE 349277 : XX MSSL Cash Deposit Security deposit held by SP Services who is the Market Support Services Licensee. 2 XX XX 2 Summary of Charges This section shows any balance brought forward from the previous month and the total amount payable for the month. 3 XX XX kWh 4 8 4 3 Electricity Supply Charges This reflects the cost of electricity supplied based on the amount of electricity consumed during the billing period. It reflects the gross electricity usage and electricity rate based on the Uniform Singapore Energy Price (USEP) and other ancillary charges. Please refer to https://www.emcsg.com/marketdata/priceinformation for more information. 4 5 6 7 kWh kWh kWh Unit kWh kWh Unit Unit 4 Vesting Contract Debit / Credit This reflects the allocated portion of vesting contract charges based on your electricity consumption. The amount of Vesting Contract Debit/Credit varies based on each users’ consumption pattern. For more information on vesting contracts, please visit Energy Market Authority’s website www.ema.gov.sg. 8 ( ) 8 4 5 6 Transmission Charges This refers to network costs charged for the use of SP PowerAssets transmission system, which is used to transmit electricity to consumer premises. For accounts with low-tension supplies, only the Off Peak and Peak Period charges are charged. Recurring Market Support Service Charges This reflects the cost of market support services such as meter reading and data management provided by SP Services, the Market Support Services Licensee. For more details on Recurring Market Support Service Charges, please refer here. 7 8 9 3 0 8 0 X X X X X 0 0 0 0 0 0 0 2 1 7 6 0 Non-Recurring Transmission Charges and Market Support Service Charges The Non-Recurring Transmission Charges and Market Support Service Charges are only applicable for ad-hoc or special requests. For more details on Non-Recurring Charges, please refer here. Bill Stub For payment by cheque, please fill in the details and mail this portion with the cheque. For payment at Customer Service Centres, this portion will be retained by SP Services for record. : : DOM-SRLP : : : XX Key Features Back Page 664-000002-00002-0001 This is your tax invoice for 2 KALLANG SECTOR #01-01 SINGAPORE 349277 9 Non-Recurring Financial Charges This refers to one-time charge, where applicable, for security deposits, late payment charges and pink notice fees. 9 10 Cumulative Metered Electricity Usage (kWh) This refers to the total electricity usage within your billing period. 10 11 12 XX XX 11 Losses and Unaccounted for Electricity (kWh) This refers to electricity losses in the transmission system and is computed by multiplying the Cumulative Metered Electricity Usage by the Transmission Loss Factor, as approved by the Energy Market Authority. 13 14 To avoid an estimated bill next month, please submit your meter readings 3 days before 5pm on 03 Apr 20XX via the SP app. 12 13 14 Gross Electricity Usage (kWh) This is the sum of ‘Cumulative Metered Electricity Usage’ and ‘Losses and Unaccounted for Electricity’. Peak Interval Electricity Usage (kW) This is the maximum electricity usage per half-hourly interval recorded in the billing period. Bar Graph for Past Consumption These bar graphs reflect your monthly electricity consumption. The graphs help you to monitor your usage patterns and compare your consumption versus that of your neighbours and the national average. The average consumption of your neighbour is computed based on the average usage of similar housing types within a block or street for landed premises.

Media Release SP Group Offers EV Full Charging In 30 Minutes Singapore, 9 January 2019 – Electric vehicle (EV) users can now fully charge their vehicles in 30 minutes at SP Group’s (SP) island-wide charging network, with the largest number of fast direct current (DC) chargers. SP is building Singapore’s largest public EV charging network with 1,000 points, including 250 DC charging points, by 2020. SP’s first wave of 38 charging points are located at commercial buildings, industrial sites and educational institutions. (See Annex for the list of charging locations) The locations are close to amenities such as food centres, offering drivers greater convenience while waiting for their vehicles to be charged. There are 19 high-powered 50kW direct current (DC) charging points and the other 19 are 43kW alternating current (AC) charging points. These are among the fastest EV charging points in Singapore. The 50kW DC chargers can fully charge a car in 30 minutes. Over the next few years, SP will introduce more high-powered DC charging points of up to 350kW. Other than SP’s, there are six other DC chargers in Singapore. SP’s new additions will be a game-changer in improving the charging turnaround time for EV drivers in Singapore. EV drivers can also enjoy at least 50 per cent cost savings compared to typical Internal Combustion Engine (ICE) vehicles for every kilometre travelled. The cost of using SP charging points will be regularly adjusted, mainly influenced by the prevailing electricity costs in Singapore. “Our nation-wide public charging network offers EV drivers fast charging, with greater convenience and a seamless experience through our digital solution, at cost-competitive rates. This will encourage wider adoption of green mobility in Singapore, and enable drivers to save cost,” said Mr Wong Kim Yin, Group Chief Executive Officer of SP Group. EV drivers can use SP Group’s charging service through the SP Utilities mobile application where they can search for the nearest available charging points, receive updates on their charging sessions and make payment. This first wave of locations includes Singapore Polytechnic. The SP charging points there will also serve as an education and research platform, as part of Singapore Polytechnic’s engineering curriculum to train students and adult learners. Thought this collaboration, SP Group and Singapore Polytechnic aim to develop new skills related to EVs and related charging technologies for Singapore. SP Group is also showcasing its charging points at the Singapore Motorshow 2019 at Suntec City from 10 to 13 January 2019. They will be located at the BMW and Hyundai booths. 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. ANNEX: List of charging locations

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

Media Coverage Catch the latest news on SP All Years 23 Aug 2023 Lianhe Zaobao - SP Group, Frasers Property to jointly develop smart energy solutions in Vietnam industrial park Source: Lianhe Zaobao © Singapore Press Holdings Limited. Permission required for reproduction. 23 Aug 2023 The Business Times Online - SP Group, Frasers Property team up for green project in Vietnam Industrial Park Source: The Business Times Online © Singapore Press Holdings Limited. Permission required for reproduction. 31 May 2023 The Straits Times - Van turned mobile outreach station provides youth guidance twice a week in Jurong Source: The Straits Times © SPH Media Limited. Permission required for reproduction. 31 May 2023 Lianhe Zaobao - New social van-ture reaches out to at-risk youth at their haunts Source: Lianhe Zaobao © SPH Media Limited. Permission required for reproduction. 26 May 2023 Lianhe Zaobao - SP Group expands Marina Bay district cooling network to reduce 25,000 tonnes of carbon emissions annually Source: Lianhe Zaobao © SPH Media Limited. Permission required for reproduction. 26 May 2023 The Business Times - SP Group to provide cooling services to more areas in Marina Bay Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 16 May 2023 The Business Times - ThaiBev unit, SP Group to install rooftop solar panels in nine Vietnam breweries Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 02 May 2023 The Straits Times - How this real-life Captain Planet is combating climate change Source: The Straits Times © SPH Media Limited. Permission required for reproduction. 10 Apr 2023 The Business Times - SP Group acquires rooftop solar assets in CHINA Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 09 Apr 2023 The Business Times - SP Group acquires rooftop solar assets in China Source: The Business Times © Singapore Press Holdings Limited. Permission required for reproduction. 1 ... 12 13 14 ... 49

Consumption_Elect Average consumption of Electricity (kWh) Premises Types May-25 Jun-25 Jul-25 Aug-25 Sep-25 Oct-25 Nov-25 Dec-25 Jan-26 Feb-26 Mar-26 Apr-26 HDB 1-Room 136 150 143 150 136 136 144 127 124 119 118 135 HDB 2-Room 181 195 190 195 177 177 188 164 165 158 158 181 HDB 3-Room 265 284 273 280 257 259 271 242 239 231 234 264 HDB 4-Room 363 390 381 388 358 355 377 334 330 322 325 365 HDB 5-Room 425 457 450 459 423 417 444 392 386 378 383 430 HDB Executive 522 562 554 562 520 513 546 478 472 462 474 525 Apartment 516 548 536 541 513 501 538 500 451 429 450 509 Terrace 823 881 848 866 817 818 836 785 734 735 722 788 Semi-Detached 1,080 1,173 1,123 1,121 1,072 1,056 1,107 1,016 951 940 939 1,007 Bungalow 2,154 2,244 2,175 2,168 2,190 2,074 2,202 2,040 1,950 1,863 1,918 2,054 Note: The figures exclude electricity consumption for PAYU customers and customers who are not purchasing electricity at the regulated tariff.

SINGAPORE DISTRICT COOLING PTE LTD TARIFF FOR DISTRICT COOLING SERVICES WITH EFFECT FROM 1 NOV 2022 Capacity Charge : $21.28/kWr per month Usage Charge : $0.1549/kWrh

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

Media Advisory WhatsApp n F ce k Service Disruption Singapore, 4 l 2019 – There are reports that WhatsApp and Instagram users around the world were not able to access these apps from , . (See news report: Channel News Asia. For customers who submitted their meter readings via WhatsApp since 5pm on Wednesday 3 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.

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