SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Focus SUSTAINABILITY Sustainability is central to our mission to deliver reliable and efficient power supply, and helping our customers enjoy a high quality way of life. We incorporate sustainability in our operations and business offerings. SP Group is aligned to the United Nation’s Sustainable Development Goal 7 – to ensure access to reliable, sustainable and modern energy for all. To guide us on this path, we have set ourselves a “30-30-30” target. We want to help customers achieve at least 30 per cent added value, and reduce our carbon footprint by another 30 per cent, by 2030. This target is driven by innovative and sustainable solutions developed in-house. As we continue to power the nation, we want to contribute to a greener, cleaner tomorrow for future generations. — 11 July 2018 TAGS SUSTAINABILITYSDG730-30-30 YOU MIGHT BE INTERESTED TO READ SP Group secures district cooling and heating energy management project at Chengdu Future Medical City SP inks MOU with Wuhou government to develop an integrated energy management project in the Wisdom Valley SP Group and Singapore Land Group strengthen sustainability partnership with more electric vehicle charging facilities

Media Release SP Group’s Integrated Energy Solutions to Power Rangsit University’s Green Energy Transformation Deployment of solar PV and energy storage system will enable the university to green up to 21 per cent of its total energy consumption by 2024. Further deployment of GETTM Control, a micro-climate building intelligence system, after the successful pilot at one building at the university campus achieved 40 per cent energy savings while improving occupant comfort by 14 per cent Singapore and Thailand, 15 November 2023 — Rangsit University (RSU) is set for green transformation at its main campus in Mueang Pathum Thani District, Greater Bangkok. SP Group (SP), a utilities group and sustainable energy solutions provider in Singapore and the Asia Pacific, is partnering RSU, a leading private university in Thailand, to transform this space into a smart, low-carbon campus. SP will deploy a comprehensive suite of integrated and sustainable energy solutions across the campus. These include solar photovoltaic (PV) deployment with a centralised energy management and storage system, and harnessing SP’s GETTM (Green Energy Tech) – a smart building intelligence system that maximises building energy efficiency and enhances occupant comfort. When completed in 2024, these solutions will enable the university to green up to 21 per cent of its total energy consumption and lower its carbon emissions by 1,400 tonnes annually. To further this green partnership, SP and RSU will conduct a feasibility study to implement more integrated sustainable energy solutions across the campus. These include a district cooling system to provide energy-efficient air-conditioning, increasing the scale of solar PV and energy storage systems deployment, and further expanding the integration of the GETTM suite of digital energy management tools that leverage smart insights to optimise energy efficiency, enhance occupant experience, and advance sustainability efforts. As part of the partnership, SP will install a 2-Megawatt Peak (MWp) of rooftop solar photovoltaic (PV) across nine buildings on the campus, and a floating solar PV system on one of the university’s ponds. To maximise the accessibility of solar energy across the campus, SP will also be installing an Energy Storage System (ESS) that enables on-demand supply of solar energy. The combined solar PV system is expected to generate 2,749 Megawatt-hour annually. When the system is completed, RSU’s Facility and Environmental Management Office (Building 13) will be 100 per cent powered by solar energy and will be the first building in a Thailand university campus to aim for net-zero status. SP will also expand its deployment of GETTM Control, a micro-climate building intelligence system that maximises energy-efficiency of the building’s air-conditioning, to two additional buildings – Building 12/1 and Building 11 – following a successful pilot deployment. Over a two-month period, the pilot helped to achieve 40 per cent energy savings for two levels on building 12/1 and Building 11 and improved occupant comfort by 14 per cent. The solution utilises Artificial Intelligence and Internet of Things to optimise and regulate air-conditioning, by taking into consideration factors like occupancy and ambient weather conditions to optimise air-flow to evenly cool areas. “Buildings like offices, factories, hospitals and university campuses have unique operational and energy demands. Our expertise in delivering customised, end-to-end integrated energy services will enable buildings to maximise the benefits of diverse energy resources, optimise efficiency and achieve significant environmental benefits including reduction of carbon emissions. We are very pleased to partner Rangsit University on its ambitious sustainability journey, and look forward to joining hands with more developments to drive the decarbonisation of Thailand’s urban built environment,” said Mr. Brandon Chia, Managing Director (Southeast Asia & Australia), Sustainable Energy Solutions, SP Group. “Climate change affects everyone, including educational institutions like us. There is an urgent need to enhance our buildings’ energy efficiency and develop sustainability goals to support Thailand’s targets of reducing the amount of greenhouse gas emissions,” said Associate Professor Dr. Thammasak Rujirayanyong, Assistant to the President for Building and Environment, Rangsit University. “We selected SP Group based on the efficacy of their track record, and they have impressed with their commitment and thoroughness. I hope that RSU’s successful implementation of SP’s integrated energy solutions will serve as an example for other education institutions to follow suit.” Rangsit University has set a target to become a smart, low carbon campus as part of its commitment to environmental stewardship and social responsibility, including carbon neutrality, sustainable infrastructure, and sustainable transportation. SP Group has been supporting the green energy transition of customers in Thailand since 2022. It has over 40MWp of solar projects in operation and under construction; and secured a pipeline of over 100MWp of other solar projects across Thailand. Key partners include Malee Group, Asia Composite Material, Compact International and SAICO, who have leveraged SP’s strong engineering expertise, regional experience, and operational excellence to embark on their green energy transition. SP recently announced its first district cooling project in Thailand, at Government Complex Centre Zone C, as part of its joint venture with Banpu NEXT. When completed in 2024, the district cooling system will operate a total cooling capacity of up to 14,000 Refrigeration Tons (RT) and enable the facility to save approximately 40 million baht (USD $1.12 million) per year on electricity costs, achieve 20 per cent in energy savings and reduce carbon emissions by up to 3,000 tonnes annually. ### About SP Group SP Group is a leading utilities group in the Asia Pacific, empowering the future of energy with low-carbon, smart energy solutions for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, as well as sustainable energy solutions in Singapore, China, Thailand, and Vietnam. As Singapore’s national grid operator, about 1.6 million industrial, commercial, and residential customers benefit from its world-class transmission, distribution, and market support services. These networks are amongst the most reliable and cost-effective worldwide. Beyond traditional utilities services, SP Group provides a suite of sustainable and renewable energy solutions such as microgrids, cooling and heating systems for business districts and residential townships, solar energy solutions, electric vehicle fast-charging stations and digital energy solutions for customers in Singapore and the region. For more information, please visit www.spgroup.com.sg or follow us on Facebook at spgrp.sg/Facebook, LinkedIn at spgrp.sg/LinkedIn and Instagram at spgrp.sg/Instagram.

Media Release Tampines Town First in Singapore to Get Eco Boards with Real-time Updates on Utilities Consumption Tampines Town Council and SP Group boost efforts to transform Tampines into an Eco-Town Singapore, 12 December 2020 – About 633 households in Tampines will be the first in Singapore to have digital Eco Boards installed at their blocks and receive real-time updates on their blocks’ electricity and water consumption and carbon emissions. Tampines Town Council (TTC) and SP Group (SP), with support from Temasek and the Ministry of Sustainability and the Environment, today unveiled the Eco Boards which have been installed at five HDB blocks. Minister for Social and Family Development, Second Minister for Health and Minister-incharge of Muslim Affairs, Mr. Masagos Zulkifli witnessed the launch held at Block 878A, Tampines Avenue 8. He was accompanied by his fellow Members of Parliament for Tampines GRC - Ms. Cheng Li Hui, Chairman of Tampines Town Council; Mr. Desmond Choo, Mayor of North East District and Vice-Chairman of Tampines Town Council, and Mr. Baey Yam Keng, Senior Parliamentary Secretary, Ministry of Transport. Building a Sustainable Future for Tampines The introduction of the Eco Boards is a pilot programme to build sustainability awareness among residents and encourage them to adopt eco-friendly habits. The pilot is part of a larger national effort to bring sustainability to the community and transform HDB towns into EcoTowns. A total of 10 Eco Boards will be rolled out in Tampines over the next two months. Designed and developed in-house by SP’s team of energy tech experts, the Eco Boards provide residents with real-time updates on the block’s aggregated water and electricity consumption, and the resulting carbon emissions. They will be installed at the lift lobby of each block, giving residents easy access to green tips on lowering their utilities consumption. Residents can also participate in energy-saving challenges such as block-level competitions. A sample screen grab of the Eco Board can be found in Annex A. The Town Council can use insights from the Eco Boards to plan and achieve more efficient estate management. There are also plans to enhance the Town Council’s operations with an artificial intelligence-enabled anomaly detection component that will alert the Town Council to any resource wastage or inefficient consumption patterns. The Chairman of Tampines Town Council, Ms. Cheng Li Hui commented: "Our efforts to transform Tampines into a model Eco-Town continue to be a priority. We will always engage with our residents and gather inputs from different stakeholders." "With the support from our residents, grassroots organisations and SP Group, I am confident that the Eco Boards will be a success," Ms. Cheng added. Empowering Residents to Make Sustainable Choices Mr. Stanley Huang, Group Chief Executive Officer, SP Group said: “At SP Group, we enable everyone to play a part in building a low-carbon future for Singapore. Through the Eco Boards, we provide useful data and solutions for residents and estate managers to make eco-friendly choices and reduce their carbon footprint.” The Eco Boards complement the SP Utilities App to further encourage individuals to adopt a greener lifestyle. With the App, residents can track their household’s utilities consumption and use the My Carbon Footprint calculator to be more aware of their own impact on the environment. Residents will also be rewarded for their eco-friendly choicesthrough the App’s GreenUP programme, which empower and incentivise consumers to go green through sustainability challenges and earn rewards when bringing their own mugs or food containers to selected partner merchants. The App can be downloaded at https://utilities.spdigital.sg/. Screen grabs of the App can be found in Annex B. -Ends- Annex A: Sample of Eco Board Annex B: My Carbon Footprint calculator and GreenUP challenge via SP's Utilities App About Tampines Town Council Tampines Town Council was set up in 1990 to manage and maintain common property of HDB housing estates in Tampines which consists five divisions, namely, Central, East, West, North and Changkat. Tampines is fast becoming Singapore's model Eco Town. The town will see enhancements making it more green and environmentally sustainable. Some green initiatives include projects like Sustainability@Tampines Park. It is Singapore's first community-based circular ecosystem. Tampines has also implemented community- based projects to encourage on-the-ground sustainability initiatives. There are Reverse Vending Machines in selected parts of Tampines where residents are incentivised with FairPrice discount coupons to practise recycling. The Town Council is also working with relevant agencies to recruit Resident Gardeners to maintain and enhance our community gardens. About SP Group SP Group is a leading utilities group in the Asia Pacific, enabling a low-carbon, smart energy future for its customers. It owns and operates electricity and gas transmission and distribution businesses in Singapore and Australia, and sustainable energy solutions in Singapore and China. As Singapore's national grid operator, about 1.6 million industrial, commercial and residential customers benefit from its world-class transmission, distribution and market support services. These networks are amongst the most reliable and cost-effective world-wide. Beyond traditional utilities services, SP Group provides a suite of sustainable energy solutions such as cooling and heating systems for business districts and residential townships, electric vehicle fast charging and green digital energy management tools for customers in Singapore and the region. For more information, please visit spgroup.com.sg or for follow us on Facebook at fb.com/SPGroupSG, on Linkedln at spgrp.sg/linkedin and on Twitter @SPGroupSG.

User Guide (Government Agencies) V1.7.1 Last Updated 22 Sep 2022 Contents User Account Dashboard FAQs i. Requirements.................................................................................................................................................. 4 ii. User Registration........................................................................................................................................... 5 iii. Retrieval of Password.................................................................................................................................. 12 iv. Re-activation of Locked Account........................................................................................................... 16 i. Dashboard Features.................................................................................................................................... 21 ii. Requesting for General Consultation (Gas and Electricity)……………...................................... 22 iii. Applying for Gas Diversion Works...................................................................................................... 29 iv. Applying for Elect Diversion and Substation Redevelopment Works................................. 37 v. Activities You Can Perform on the Dashboard.............................................................................. 45 i. Topic – User Account............................................................................................................................... 61 ii. Topic – Dashboard.................................................................................................................................... 62 2 User Account 3 Requirements 1. A computer with the following web browser: � � GoogleChrome MicrosoftEdge 2. Your customer number (send an email to ebizenquiry@spgroup.com.sg if you do not have your customer number) 3. A valid email address 4. A scanner for subsequent submission of supporting documents in softcopy format 4 User Registration Step 1 -2 of 11 Step 1: Visit https://ebiz.spgroup.com.sg Step 2:Click on Create new account link. 2 5 User Registration Step 3 -5 of 11 Step 3: For “Type of User”, choose “Government Agencies” from the dropdown list. Step 4: Enter your Customer Number. Note: Send an email to ebizenquiry@spgroup.com.sg if you do not have your 10-digit customer number customer number. Step 5: Click on “Next”. 3 4 5 6 User Registration Step 6 - 7 of 11 Step 6: Enter your Preferred User ID. It will be used for subsequent log-on. Step 7: Enter all the remaining fields, indicate your consentby checking the declaration box and click on “Submit”. 6 7 7 7 User Registration Step 8 of 11 Step 8: An acknowledgement message will be shown on your screen upon successful submission. 8 User Registration Step 9 of 11 Step 9: An email will be sent to you from ias@notifications.sap.com to confirm that your account application has been submitted successfully. Click the link in the email to activate your account. If you do not receive the email in your inbox, please check your "spam" or "junk" folder. 9 User Registration Step 10 of 11 Step 10: Enter your preferred password and click Save. 10 User Registration Step 11 of 11 Step 11: The user registration is now completed. You can now close the browser window/tab. The button Continue can be ignored. Optional 11 Retrieval of Password Step 1 of 6 Step 1: If you have forgotten your password, click on the Account login issues link 1 12 Retrieval of Password Step 2 - 4 of 6 Step 2: Enter your registered email address. Step 3: Please select an option that is applicable. Step 4: Click on “Submit”. 2 3 4 13 Retrieval of Password Step 5 of 6 Step 5: An acknowledgement message will be shown on your screen. 14 Retrieval of Password Step 6 of 6 Step 6:You will receive an email with the link for you to reset your password. 15 Re-activation User Registration of Locked Account Step 1 of 6 Step 1: If you have not logged on for 180 days, your account will be locked. If your account is locked, click on the link “Account login issue” to re-activate your account. 1 16 Re-activation User Registration of Locked Account Step 2 - 4 of 6 Step 2: Enter your registered email address. Step 3: Please select an option that is applicable. Step 4: Click on “Submit”. 2 3 4 17 Re-activation User Registration of Locked Account Step 5 of 6 Step 5: An acknowledgement message will be shown on your screen. 18 Re-activation User Registration of Locked Account Step 6 of 6 Step 6:You will receive an email containing the link to reset your password. 19 Dashboard 20 Dashboard Features Log On to Access Dashboard User Particulars New Requests View Details & Perform Activities for the Applications Searched 21 Requesting for General Consultation (Gas and Electricity) Step 1 of 10 Step 1: From the dashboard, click on “Gas/Elect/SP Telecom General Consultation”. 1 22 Requesting for General Consultation (Gas and Electricity) Step 2 of 10 Step 2: All the fields under the section “Agency/Requester Details” are auto-populated. 2 23 Requesting for General Consultation (Gas and Electricity) Step 3 -4 of 10 Step 3: Scroll down the page and enter all required fields under the section “Consultation Details”. Step 4: Click on “Next”. 3 4 24 Requesting for General Consultation (Gas and Electricity) Step 5 of 10 Step 5: A preview of the completed form will be shown. Double-check all the fields and click on “Submit” once details have been verified. 5 25 Requesting for General Consultation (Gas and Electricity) Step 6 - 7 of 10 Step 6: A pop-up window will display message that application was successfully submitted and indicate the “Application/Consultation No.”. Step 7: Click on “Upload” to go to the documents upload page. 6 7 26 Requesting for General Consultation (Gas and Electricity) Step 8 - 9 of 10 Step 8: Click on the dropdown for “File Description” and select option accordingly. Browse for all the required document(s) to upload. Uploaded document(s) will be shown in the table below. Step 9: Click on “Submit”. 8 9 27 Requesting for General Consultation (Gas and Electricity) Step 10 of 10 Step 10: A pop-up window will display message that documents was successfully uploaded for the “Application/Consultation No.”. Click on “OK” and the page will navigate you back to the dashboard. 10 28 Applying for Gas Diversion Works Step 1 of 12 Step 1: From the dashboard, click on “Application for Gas/SP Tel Diversion Works”. 1 29 Applying for Gas Diversion Works Step 2 - 3 of 12 Step 2: The fields under the section “Details of Applicant” are auto-populated. Step 3: Select whether the Paymaster is the same as Applicant. 2 3 30 Applying for Gas Diversion Works Step 4 of 12 Step 4: If Paymaster is notthe same as Applicant, enter all required fields under the section “Details of Paymaster” 31 Applying for Gas Diversion Works Step 5 -6 of 12 Step 5: Scroll down the page and enter all required fields under the section “Details of Project”. Step 6: Click on “Next”. 5 Select the services for diversion 6 32 Applying for Gas Diversion Works Step 7 of 12 Step 7: A preview of the completed form will be shown. Double-check all the fields and click on “Submit” once details have been verified. 7 33 Applying for Gas Diversion Works Step 8 - 9 of 12 Step 8: A pop-up window will display message that application was successfully submitted and indicate the “Application/Consultation No.”. Step 9: Click on “Upload” to go to the documents upload page. 8 9 34 Applying for Gas Diversion Works Step 10 - 11 of 12 Step 10: Click on the dropdown for “File Description” and select option accordingly. Browse for all the required document(s) to upload. Uploaded document(s) will be shown in the table below. Step 11: Click on “Submit”. 10 11 35 Applying for Gas Diversion Works Step 12 of 12 Step 12: A pop-up window will display message that documents was successfully uploaded for the “Application/Consultation No.”. Click on “OK” and the page will navigate you back to the dashboard. 12 36 Applying for Elect Diversion and Substation Redevelopment Works Step 1 of 12 Step 1: From the dashboard, click on “Application for Elect Diversion and Substation Redevelopment Works”. 1 37 Applying for Elect Diversion and Substation Redevelopment Works Step 2 - 3 of 12 Step 2: The fields under the section “Details of Applicant” are auto-populated. Step 3: Select whether the Paymaster is the same as the Applicant. 2 3 38 Applying for Elect Diversion and Substation Redevelopment Works Step 4 of 12 Step 4: If the Paymaster is notthe same as the Applicant, enter all required fields under the section “Details of Paymaster” 39 Applying for Elect Diversion and Substation Redevelopment Works Step 5 -6 of 12 Step 5: Scroll down the page and enter all required fields under the section “Details of Project”. Step 6: Click on “Next”. 5 6 40 Applying for Elect Diversion and Substation Redevelopment Works Step 7 of 12 Step 7: A preview of the completed form will be shown. Double-check all the fields and click on “Submit” once details have been verified. 7 41 Applying for Elect Diversion and Substation Redevelopment Works Step 8 - 9 of 12 Step 8: A pop-up window will display message that application was successfully submitted and indicate the “Application/Consultation No.”. Step 9: Click on “Upload” to go to the documents upload page. 8 9 42 Applying for Elect Diversion and Substation Redevelopment Works Step 10 - 11 of 12 Step 10: Click on the dropdown for “File Description” and select option accordingly. Browse for all the required document(s) to upload. Uploaded document(s) will be shown in the table below. Step 11: Click on “Submit”. 10 11 43 Applying for Elect Diversion and Substation Redevelopment Works Step 12 of 12 Step 12: A pop-up window will display message that documents was successfully uploaded for the “Application/Consultation No.”. Click on “OK” and the page will navigate you back to the dashboard. 12 44 Activities You Can Perform on the Dashboard Dashboard Search Existing Requests View Form Edit Form View Progress Download Forms as PDF Upload Documents Request for Cancellation 45 Activities You Can Perform on the Dashboard Search Existing Applications: Step 1 -2 of 2 Step 1: Enter the Application Number in “Consultation/Application No” and click on “Search”. Step 2: Click on the application to view the different activities you can perform at the bottom. 1 2 46 Activities You Can Perform on the Dashboard Advanced Search Function: Step 1 of 2 Step 1:Click on “Advanced Search” if you need to filter and search with more detailed information. 1 47 Activities You Can Perform on the Dashboard Advanced Search Function: Step 2 of 2 Step 2: Enter search criteria. Click on “Search” to display the request(s) that match(es) the criteria. Use asterisk (*) in place of the unknown numbers (e.g., 23* will show Application Numbers starting with 23 while *45 will show Application Numbers ending with 45). 2 48 Activities You Can Perform on the Dashboard View Form: Step 1 of 2 Step 1: To view a previously submitted requests, click on “View Form”. 1 49 Activities You Can Perform on the Dashboard View Form: Step 2 of 2 Step 2: The page will navigate to the preview of the application, as shown in the example below. 50 Activities You Can Perform on the Dashboard Edit Form: Step 1 of 3 Step 1: To edit an application form, click on “Edit Form”. 1 51 Activities You Can Perform on the Dashboard Edit Form: Step 2 - 3 of 3 Step 2: Click on “Next” after editing the application. Step 3: A preview of the completed form will be shown. Double-check all the fields and click on “Submit” once details have been verified. 2 3 52 Activities You Can Perform on the Dashboard View Progress: Step 1 -2 of 2 Step 1: To view progress of a request/application, click on “View Progress”. Step 2: A pop-up window will appear and display the progress of the application. 1 53 Activities You Can Perform on the Dashboard Download Form: Step 1 of 1 Step 1: You can click on “Download as PDF” to download the form in PDF format. 1 54 Activities You Can Perform on the Dashboard Upload Documents: Step 1 of 4 Step 1: To upload documents onto the portal, click on “Upload Documents”. 1 55 Activities You Can Perform on the Dashboard Upload Documents: Step 2 -3 of 4 Step 2: Click on the dropdown for “File Description” and select option accordingly. Browse for all the required document(s) to upload. Uploaded document(s) will be shown in the table below. Step 3: Click on “Submit” after uploading all the required document(s). 2 56 3 Activities You Can Perform on the Dashboard Upload Documents: Step 4 of 4 Step 4: A pop-up window will display message that documents was successfully uploaded for the respective “Application/Consultation No.”. Click on “OK” and the page will navigate you back to the dashboard. 57 Activities You Can Perform on the Dashboard Request For Cancellation: Step 1 -2 of 3 Step 1: To request for cancellation, click on “Request For Cancel”. Step 2: A pop-up window will appear. Click on “Yes”. 2 1 58 Activities You Can Perform on the Dashboard Request For Cancellation: Step 3 of 3 Step 3: Click on “OK” to exit the pop-up window. 3 59 FAQs 60 FAQs Topic – User Account 1. How will I know that my user registration is successful? You will receive a confirmation email containing a link to activate your account. If you do not see any email from us in your inbox, please check your "spam" or "junk" folder. If your email address is entered wrongly during registration, you should submit a new registration. 2. Which information should I take note for my user registration? You should take note of your preferred user ID, customer number, password and most importantly the email address that you have used for registration. 3. What should I do if I forget my username and password? You should visit the eBusinessPortal login page and click on “Account login issues” button. Follow the on-screen instructions and you will receive an email containing a link for you to reset your password. 4. Why is my account locked? Your account will be locked if you enter your password wrongly for five times or if you do not log in for more than 90 days. For locked account, you can reactivate it by visiting the eBusiness Portal login page and click on “Account login issues” button Follow the on-screen instructions and you will receive an email containing a link to re-activate your account. 61 FAQs Topic – Dashboard 1. What are the functionalities of the dashboard? Submitting new requests, viewing progress, uploading documents, viewing/editing form and downloading as PDF. 2. How do I track my application/consultation status after submission? You may search for the Application/Consultation Number on the dashboard. 3. Can I submit more than one type of services for general consultation at the same time? Yes, you can select Elect, Gas and SP Tel when submitting a single general consultation request. 4. Can I upload additional documents after submission? Yes, you can search for the request and use the “Upload Document” function on the dashboard to upload documents after submission. 5. Who can I contact if I need assistance with the portal? Please email us at ebizenquiry@spgroup.com.sg. 6. What can I do if the webpage does not render properly? Please turn off the “Compatibility mode” for the web browser 62

新 能 源 展 开 电 动 车 入 网 测 试 推 动 电 动 车 在 本 地 普 及 化 来 自 / 联 合 早 报 发 布 / 2021 年 7 月 9 日 5:00 AM 新 能 源 电 网 总 裁 邱 秀 金 为 具 有 V2G 功 能 的 日 产 Leaf 纯 电 动 车 充 电 。( 新 能 源 集 团 提 供 ) 新 能 源 集 团 展 开 电 动 车 入 网 (Vehicle-to-grid, 简 称 V2G) 技 术 测 试 , 探 讨 利 用 储 存 在 电 动 车 电 池 内 的 电 源 来 加 强 电 网 的 可 靠 性 , 推 动 电 动 车 在 本 地 的 发 展 与 普 及 化 。 通 过 V2G 技 术 , 电 源 能 够 从 电 网 和 电 动 车 的 锂 离 子 电 池 双 向 流 动 。 电 动 车 除 了 能 使 用 电 网 充 电 , 当 太 阳 能 等 可 再 生 能 源 因 天 气 状 况 而 出 现 波 动 时 , 储 存 在 电 动 车 电 池 内 的 电 源 也 能 输 出 至 电 网 , 用 来 平 衡 电 网 的 电 量 。 新 能 源 集 团 (SP Group) 在 文 告 中 说 , 集 团 将 提 供 四 个 充 电 设 施 , 以 进 行 V2G 技 术 的 测 试 。 这 项 测 试 将 探 讨 V2G 的 功 能 与 应 用 如 频 率 调 节 、 从 电 动 车 输 出 电 源 以 减 少 传 统 电 源 的 需 求 、 减 轻 配 电 系 统 中 电 压 过 高 或 过 低 的 问 题 , 以 及 在 尖 峰 和 非 尖 峰 时 段 的 电 动 车 充 电 能 力 。 测 试 工 作 预 计 将 在 明 年 6 月 完 成 。 新 能 源 集 团 指 出 , 若 V2G 技 术 可 行 , 这 将 是 个 具 有 成 本 效 益 的 方 案 , 能 解 决 电 源 间 歇 性 的 问 题 。 同 时 , 在 必 要 时 使 用 储 存 在 电 动 车 电 池 内 的 电 源 , 车 主 或 也 能 获 得 一 笔 费 用 。 新 能 源 集 团 总 裁 黄 天 源 说 :“ 作 为 全 国 电 网 的 经 营 者 , 我 们 必 须 建 造 可 靠 、 智 能 的 电 网 , 以 确 保 我 们 的 电 源 系 统 能 应 付 日 后 因 使 用 电 动 车 , 所 带 来 的 负 荷 增 加 。 为 推 动 可 持 续 性 的 能 源 , 我 们 也 积 极 投 资 并 使 用 智 能 能 源 方 案 , 加 强 电 网 使 用 可 再 生 能 源 的 能 力 。”

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Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 meters beneath ground level to pave the way for laying of gas pipes. A key motivator for me is knowing that what I do impacts the daily lives of people in Singapore.   What’s one memorable work experience you’ve had? B: During the Covid-19 pandemic I was touched to witness the selflessness of our colleagues. They continued to carry out their work and endure long hours in hot protective gear to ensure critical services continue to be made available. I developed a newfound respect for our colleagues working on power grid services! Muhammad Ariff Bin Ramli (in yellow outfit), with contractors working on commissioning works during the pandemic. A: When most people could work from home during the pandemic to keep safe, our team and the contractors continued to expedite urgent gas renewal works. This was a particularly challenging as the daily rise in infection cases affected the number of workers available for work. Looking back, I am so proud we managed to push through during that period. What would you say to people considering a career at SP? Benjamin Festin (third from left) with the ReCharge committee at the SP Fun Walk 2023. B: It’s an exciting time to join us as we are expanding our presence in Singapore and the region. If you’re looking for a role that allows you to play a part in securing Singapore’s energy future, consider SP! We also play an active role in social and community service, with outreach programmes growing from strength to strength catering to seniors, kids and youth, that YOU can be part of. Ariff: We are always encouraged to upgrade ourselves with easy access to a variety of courses to prepare us for future challenges and demands. The team spirit is also high. It’s like working in a big family where we always have each other’s back! Find out more about our career opportunities here: spgrp.sg/3sbjyJ6 TAGS PEOPLE OF SPSUSTAINABILITYRELIABILITY YOU MIGHT BE INTERESTED TO READ Underground wonders Hasinah leads in the coordination between LTA and SP Group on island-wide projects such the Thomson-East Coast Line and the integrated North South Corridor. Guardians of the Grid Executive Engineer Mohamad Elmi Sha Bin Mohamad Nasir and his colleagues at SP Group's Distribution Control Centre are part of the unit that oversees Singapore’s electricity grid round the clock. Mentor gives out tough assignments to sharpen skills of next generation With nearly four decades of experience under his belt, Chua Khim Mong believes tough assignments can help his mentees stretch their capabilities and grow in their careers. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 meters beneath ground level to pave the way for laying of gas pipes. A key motivator for me is knowing that what I do impacts the daily lives of people in Singapore.   What’s one memorable work experience you’ve had? B: During the Covid-19 pandemic I was touched to witness the selflessness of our colleagues. They continued to carry out their work and endure long hours in hot protective gear to ensure critical services continue to be made available. I developed a newfound respect for our colleagues working on power grid services! Muhammad Ariff Bin Ramli (in yellow outfit), with contractors working on commissioning works during the pandemic. A: When most people could work from home during the pandemic to keep safe, our team and the contractors continued to expedite urgent gas renewal works. This was a particularly challenging as the daily rise in infection cases affected the number of workers available for work. Looking back, I am so proud we managed to push through during that period. What would you say to people considering a career at SP? Benjamin Festin (third from left) with the ReCharge committee at the SP Fun Walk 2023. B: It’s an exciting time to join us as we are expanding our presence in Singapore and the region. If you’re looking for a role that allows you to play a part in securing Singapore’s energy future, consider SP! We also play an active role in social and community service, with outreach programmes growing from strength to strength catering to seniors, kids and youth, that YOU can be part of. Ariff: We are always encouraged to upgrade ourselves with easy access to a variety of courses to prepare us for future challenges and demands. The team spirit is also high. It’s like working in a big family where we always have each other’s back! Find out more about our career opportunities here: spgrp.sg/3sbjyJ6 TAGS PEOPLE OF SPSUSTAINABILITYRELIABILITY YOU MIGHT BE INTERESTED TO READ Underground wonders Hasinah leads in the coordination between LTA and SP Group on island-wide projects such the Thomson-East Coast Line and the integrated North South Corridor. Guardians of the Grid Executive Engineer Mohamad Elmi Sha Bin Mohamad Nasir and his colleagues at SP Group's Distribution Control Centre are part of the unit that oversees Singapore’s electricity grid round the clock. Mentor gives out tough assignments to sharpen skills of next generation With nearly four decades of experience under his belt, Chua Khim Mong believes tough assignments can help his mentees stretch their capabilities and grow in their careers. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 meters beneath ground level to pave the way for laying of gas pipes. A key motivator for me is knowing that what I do impacts the daily lives of people in Singapore.   What’s one memorable work experience you’ve had? B: During the Covid-19 pandemic I was touched to witness the selflessness of our colleagues. They continued to carry out their work and endure long hours in hot protective gear to ensure critical services continue to be made available. I developed a newfound respect for our colleagues working on power grid services! Muhammad Ariff Bin Ramli (in yellow outfit), with contractors working on commissioning works during the pandemic. A: When most people could work from home during the pandemic to keep safe, our team and the contractors continued to expedite urgent gas renewal works. This was a particularly challenging as the daily rise in infection cases affected the number of workers available for work. Looking back, I am so proud we managed to push through during that period. What would you say to people considering a career at SP? Benjamin Festin (third from left) with the ReCharge committee at the SP Fun Walk 2023. B: It’s an exciting time to join us as we are expanding our presence in Singapore and the region. If you’re looking for a role that allows you to play a part in securing Singapore’s energy future, consider SP! We also play an active role in social and community service, with outreach programmes growing from strength to strength catering to seniors, kids and youth, that YOU can be part of. Ariff: We are always encouraged to upgrade ourselves with easy access to a variety of courses to prepare us for future challenges and demands. The team spirit is also high. It’s like working in a big family where we always have each other’s back! Find out more about our career opportunities here: spgrp.sg/3sbjyJ6 TAGS PEOPLE OF SPSUSTAINABILITYRELIABILITY YOU MIGHT BE INTERESTED TO READ Underground wonders Hasinah leads in the coordination between LTA and SP Group on island-wide projects such the Thomson-East Coast Line and the integrated North South Corridor. Guardians of the Grid Executive Engineer Mohamad Elmi Sha Bin Mohamad Nasir and his colleagues at SP Group's Distribution Control Centre are part of the unit that oversees Singapore’s electricity grid round the clock. Mentor gives out tough assignments to sharpen skills of next generation With nearly four decades of experience under his belt, Chua Khim Mong believes tough assignments can help his mentees stretch their capabilities and grow in their careers. Category: Reliability Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=people-of-sp Search Reliabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/reliability/Empowering-talent SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Empowering talent RELIABILITY With a staff strength of more than 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Benjamin Festin, Vice President of Human Resource and Muhammad Ariff Bin Ramli, Technical Officer from Gas Operations at SP Group (SP). Benjamin describes how SP is constantly designing programmes for employees to grow and upskill, while Ariff shares how he feels empowered to assume greater responsibilities in his job role. What are your responsibilities at SP Group? Benjamin (B): I lead the talent development unit in the Human Resource department at SP. We are constantly on the lookout for people with diverse and unique skills who can contribute to the organisation’s rapid expansion locally and in the region. To build a strong and committed team, we ensure our workforce is equipped with current and future-ready capabilities, stay relevant and help groom our next generation of leaders. We invest in our staff’s professional growth, through training and development programmes. I also enjoy the role I double-hat in, as Chairman of the ReCharge Committee. Our team organises a range of activities to enhance and enrich staff well-being, such as sports, recreation, wellness and even our company’s Family Day! Ariff (A): I am part of the Gas Operations team that renews gas pipes for residential and commercial projects to ensure reliable gas supply for customers’ daily needs. We work closely with authorities and contractors, often completing projects within a tight timeline. An example would be a tunnelling project where we had to use a special digging machine at 30 meters beneath ground level to pave the way for laying of gas pipes. A key motivator for me is knowing that what I do impacts the daily lives of people in Singapore.   What’s one memorable work experience you’ve had? B: During the Covid-19 pandemic I was touched to witness the selflessness of our colleagues. They continued to carry out their work and endure long hours in hot protective gear to ensure critical services continue to be made available. I developed a newfound respect for our colleagues working on power grid services! Muhammad Ariff Bin Ramli (in yellow outfit), with contractors working on commissioning works during the pandemic. A: When most people could work from home during the pandemic to keep safe, our team and the contractors continued to expedite urgent gas renewal works. This was a particularly challenging as the daily rise in infection cases affected the number of workers available for work. Looking back, I am so proud we managed to push through during that period. What would you say to people considering a career at SP? Benjamin Festin (third from left) with the ReCharge committee at the SP Fun Walk 2023. B: It’s an exciting time to join us as we are expanding our presence in Singapore and the region. If you’re looking for a role that allows you to play a part in securing Singapore’s energy future, consider SP! We also play an active role in social and community service, with outreach programmes growing from strength to strength catering to seniors, kids and youth, that YOU can be part of. Ariff: We are always encouraged to upgrade ourselves with easy access to a variety of courses to prepare us for future challenges and demands. The team spirit is also high. It’s like working in a big family where we always have each other’s back! Find out more about our career opportunities here: spgrp.sg/3sbjyJ6 TAGS PEOPLE OF SPSUSTAINABILITYRELIABILITY YOU MIGHT BE INTERESTED TO READ Underground wonders Hasinah leads in the coordination between LTA and SP Group on island-wide projects such the Thomson-East Coast Line and the integrated North South Corridor. Guardians of the Grid Executive Engineer Mohamad Elmi Sha Bin Mohamad Nasir and his colleagues at SP Group's Distribution Control Centre are part of the unit that oversees Singapore’s electricity grid round the clock. Mentor gives out tough assignments to sharpen skills of next generation With nearly four decades of experience under his belt, Chua Khim Mong believes tough assignments can help his mentees stretch their capabilities and grow in their careers. Category: Reliability Careershttps://www.spgroup.com.sg/about-us/careers OverviewScholarship & InternshipsMeet Our PeopleContact Us Careers Empowering Talent Fuel your passion in engineering. Join us and take pride in upholding Singapore's world-class network and drive sustainable energy solutions. We are looking for talent with the passion and agility to strive for high quality performance and develop cutting-edge innovative solutions for our customers in Singapore and the region. View Job Opportunities For a dynamic career in the energy industry click the appropriate hyperlink to view the available job opportunities. Administrative Positions Assistant Engineer/Technical Positions Corporate Function Positions Digital/Info Technology Positions Engineer Positions Scholarship Watch Our People at Work Watch how our people lead transformation and make their mark in their careers and fulfil their ambitions. Play Video Our Scholarship & Internship Programmes​ Harness the power of the SP scholarship Fulfil your ambition, lead transformation and make your mark in national-level initiatives and the global arena. As a scholar with SP Group, you are headed for a strong start in your engineering career. ​ Our engineers will go through a customised structured development programme varying from classroom, online and on-the-job training to accelerate the learning process. At the end of the structured training, they will be posted to key areas within SP Group, such as SP PowerGrid, Sustainable Energy Solutions or SP Services.​ We are looking for students pursuing a Diploma / Degree related to Electrical or Mechanical Engineering, with strong academic and co-curricular activities record. ​ Contact us at scholarship@spgroup.com.sg to find out more!​ Apply Online Energise your internship experience SP Internships offer a holistic experience for students with the desire to join the energy industry. Interns will be exposed to different aspects of our organisation, acquire practical skills through on-the-job training and build technical expertise by learning from dedicated mentors. We offer multidisciplinary internship roles in:​ Engineering (Electrical, Mechanical, etc.)​ Computing and Infocomm Technology (Data Analytics, Artificial Intelligence, Software Development, Information Security, etc.)​ Business (Human Resources, Finance, Marketing & Communications, etc.)​ Students from Universities, Polytechnics and Institute of Technical Education (ITE) are welcome to join our internship programme.​ Send your CV to internship@spgroup.com.sg to apply today! Meet our People Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ SP partners Pyxis to launch direct-current fast charging point for electric harbour crafts Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. Category: Innovation Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/empowering-green-capabilities Empowering Green Capabilities SUSTAINABILITY With a staff strength of over 3,700, how do the People of SP stay connected and build a collaborative culture to achieve synergistic outcomes? We speak to Satinderpal Singh, Head of Sales of SP Digital – the digital arm of SP Group – and Fong Yi Kit, Deputy Director of Sustainable Energy Solutions. They deal with the polarising “hot” and “cold” elements, but share one thing in common: empowering organisations with tools to create a low carbon, smart energy Singapore. Tell us about your role at SP Group and what a regular workday is like. Satinderpal (ST): My team deploys green energy tech solutions for commercial and industrial buildings, to enhance energy efficiency, lower cooling costs, and reduce carbon emissions. Yi Kit (YK): In my role, I help companies achieve their sustainability goals by leveraging renewable energy technologies such as solar photovoltaic (PV) solutions and Energy Storage Systems. ST: I am constantly on the go, engaging prospects and customers to understand their green goals and offer them Green Energy Tech solutions to overcome their challenges. I also keep abreast of the latest industry trends and developments and coach my team on strategic selling and customer management skills. Yi Kit: You can often find me on rooftops, not to chill and have a drink, but to design and develop the best solar PV solutions. On other days, I meet customers over coffee to discuss how best we can provide sustainable energy solutions that add value to their businesses. Beyond that, I always make time to catch up with colleagues over lunch or a game of basketball! Head of Sales of SP Digital, Satinderpal Singh (right), discussing the implementation of Green Energy Tech solutions with his colleagues. What is your most significant project to date? ST: One of the most significant projects is the upcoming Labrador Tower mixed-use development that will be launched next year. Fully equipped with our suite of in-house sustainable energy solutions, the project attained the Super Low Energy Building certification awarded by the Building and Construction Authority – the highest sustainability rating for buildings. Yi Kit: We recently installed rooftop solar PV systems at six of the properties under AIMS APAC REIT, a major industrial real estate investment trust. The project involved installing about 20,000 solar panels that will help reduce the company’s carbon emissions by 5,900 tonnes and generate 14,500 Megawatt-hours (MWh) of energy each year, enough to power more than 4,000 three-room HDB flats yearly. Deputy Director of Sustainable Energy Solutions, Fong Yi Kit, pursued his Masters in Renewable Energy in the UK, sponsored by SP Group. Describe in one sentence your deepest impression about SP your company. ST: A vibrant and energetic team with a can-do mindset and a thirst for knowledge.  Yi Kit: Strong focus on engineering excellence with safety as our highest priority, and camaraderie as second nature among our people. What would you say to fresh graduates or mid-career switchers looking to join the energy industry? Satinderpal: This is an extremely exciting phase for the energy industry as it plays an eminent role in the energy transition towards cleaner and greener sources.  I encourage our younger generation to sign up and join what we do! Yi Kit: A sustainable energy future is no longer an ambition. It is a future we need to make a reality. Take the leap and you will reap what you sow. Find out more about our career opportunities here: spgrp.sg/3StEp4R TAGS PEOPLE OF SP YOU MIGHT BE INTERESTED TO READ SP to design, build and operate a district cooling and heating system for the new international sports park city in Chengdu, China SP partners Capitaland to deploy distributed district cooling network at the new Geneo life sciences and innovation cluster at Singapore Science Park SP invests and builds 90-megawatt aquavoltaic farm in Shandong China Category: Sustainability Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain 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Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. SP Group awarded BCA grant to power next-gen green buildings SP Group (SP) was awarded a grant by the Building and Construction Authority (BCA) to develop and implement technologies and digital solutions to push the limits of buildings’ energy efficiency standards. Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. SP Group awarded BCA grant to power next-gen green buildings SP Group (SP) was awarded a grant by the Building and Construction Authority (BCA) to develop and implement technologies and digital solutions to push the limits of buildings’ energy efficiency standards. Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. SP Group awarded BCA grant to power next-gen green buildings SP Group (SP) was awarded a grant by the Building and Construction Authority (BCA) to develop and implement technologies and digital solutions to push the limits of buildings’ energy efficiency standards. Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital core of sustainable energy solutions From coding to designing systems, Ibrahim develops and manages all the central platforms and systems that power the SP Utilities app, commercial solutions, and internal projects for SP. SP Group awarded BCA grant to power next-gen green buildings SP Group (SP) was awarded a grant by the Building and Construction Authority (BCA) to develop and implement technologies and digital solutions to push the limits of buildings’ energy efficiency standards. Category: Innovation Searchhttps://www.spgroup.com.sg/search?tag=energy-brain Search Innovationhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/innovation/data-science-and-ai-deliver-efficient-energy-solutions-to-customers SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Data Science and AI Deliver Efficient Energy Solutions to Customers INNOVATION Dr Hu Yiqun, Director, SP Digital, solves energy challenges using innovative solutions. Imagine this: An Energy Brain, brimming with intelligence amassed from large volume of energy consumption data from residential households and businesses. Together with complementary data, the Energy Brain analysed the data to offer our customers with data-driven solutions. This scenario, described by Dr Hu Yiqun, Director, SP Digital, showcases a future where data science, coupled with Artificial Intelligence (AI) can improve energy services and business intelligence to customers. “Data is the new currency in our economy. Increasingly, data provides insights and information to solve real-world problems. AI is the way for machines to extract these insights and information automatically. Through the Energy Brain, we successfully helped a shipyard reduce their electricity bills by predicting its electricity load with historical data, and optimising the Energy Storage System (ESS) to deploy energy. This helps to reduce the cost of drawing energy from the grid during peak demand,” explained Dr Hu. “With machine learning, the Energy Brain can make use of data to automate the release of electricity from the batteries, charge it back up when storage runs low,” he added. Another of Dr Hu’s project involves using data science and AI to improve the operational efficiency of SP’s metering and billing processes. By applying machine learning on the retrieval of smart meter data, we can automatically analyse and predict whether a meter reading is reasonable based on customer’s profile and usage patterns. This helps to achieve productivity gains and eliminate unnecessary on-site meter investigations. Over the last 12 months, SP saved close to S$500,000 in productivity costs, and reduced S$15,000 in man-hours. These savings enabled staff to focus on more value-added tasks to better serve our customers. “Another critical function of data and AI is fault diagnosis of our grid. AI-based fault diagnosis enables greater accuracy and shorter response time in locating fault-occurring sections, components or properties. This allows us to safeguard the health of our grid network and enhances our reliability,” shared Dr Hu. The energy sector is evolving and facing digitisation at a very fast pace.  Dr Hu believes that the energy sector can play an important role to combat climate change by adjusting the way energy is being consumed. Prior to joining SP, Dr Hu’s experience spans across academia research and development, banking, payments and e-Commerce. He describes his role at SP as one that can transform a traditional business to a digital enterprise powered by data. People always matter Dr Hu maintains that despite the digital evolution being the way forward, human interpretation of insights is the conduit between data sets and achieving business outcomes. “People matter the most. My goal is to use insights to understand our customers’ needs better, pre-empt issues and fix them before they arise. This, in turn, provides greater value and better service to our customers.” — 28 April 2020 TAGS PEOPLE OF SPSP DIGITALENERGY BRAININNOVATION YOU MIGHT BE INTERESTED TO READ Using GET™ to help Mercatus digitally manage their tenant utilities SP Group is partnering Mercatus Co-operative Limited to deploy SP Digital’s Green Energy Tech (GET™) solutions to Mercatus’ properties. Developing the digital

08 July 2016 For Immediate Release MEDIA RELEASE ADVISORY ON SCAM CALLS 1. SP Services has been alerted by some of its customers that they have received phone calls, claiming that the customers’ utilities accounts are in arrears or that their electricity meters require change. They have been asked to make payments to a designated bank account. 2. These calls are not from SP Services. Recipients should ignore these requests. 3. SP Services has made a police report on this scam. 4. For enquiries, please contact SP Services at 1800 222 2333 or email spservices@singaporepower.com.sg _______________________________________________________________________________________________________ Issued by: SP Services Limited 10 Pasir Panjang Road #03-01 Mapletree Business City Singapore 117438 Co. Reg No : 199504470N www.spservices.com.sg

OverviewOur Smart Energy ServicesContact Us Electricity & Gas Operations Electricity Operations SP Group owns and operates Singapore's electricity network, which ranks one of the most reliable among major cities in the world. Based on a benchmarking report in 2020, customers in Singapore experienced an average of 0.15 minute of electricity interruption. We remain committed to keeping the nation’s grid strong for our 1.6 million customers. Our Electricity Operations team carries out rigorous preventive maintenance on our assets island-wide, and monitors and operates the network round-the-clock to provide reliable supply to households, businesses and industries. Gas Operations As much as 95 per cent of the gas that is imported into Singapore daily is transported to power plants. Ensuring the reliability of gas supply is a key priority. This critical round-the-clock operation is entrusted to our dedicated Gas Operations team to keep gas demand and supply in check, from the onshore gas receiving facilities for piped natural gas and the distribution gas pipes serving industries and town gas for household and business customers. Meet our People He connects the nation to Singapore's electricity grid Electricity is crucial to sustaining life, quite literally, as SP PowerGrid (SPPG) Principal Technical Officer Adbul Latiff Muhamed Abdullah would tell you. Read more Asset Management and Cable Tunnels As part of SP Group’s long-term plan to secure reliable and efficient electricity supply for Singapore, we built cross-island underground transmission cable tunnels. Completed in 2019 and spanning 40km around Singapore at a depth of 60 metres below ground (equivalent to a 20-storey building), the tunnels are built to last 120 years. Besides enabling us to better plan for future network requirements, we can install, repair and replace aging assets efficiently, without digging up the roads, which may inconvenience the public. This ensures that Singapore continues to be equipped with optimal electricity supply infrastructure and maintains its position as having one of the best performing electricity networks in the world.​ Asset Sensing and Analytics​ Our Asset Sensing and Analytics specialists keep a close eye on the 12,000 substations and over 28,000km of cables in the grid. They conduct regular health screening of all electrical assets on the network and recommend deeper investigations or treatment when necessary. Condition monitoring provides an additional layer of insurance over scheduled maintenance, making the grid even more reliable.​ Smart Grid Index The Smart Grid Index (SGI) is a simple and quantifiable framework that measures smartness of power grids globally, in seven key dimensions. The framework assesses proxies of each dimension using publicly available information. The index guides utilities to build smarter grids and deliver better value to customers. From the benchmarking results, best practices can be identified, and shared among peer utilities to drive smart grid advancement. Find out more Latest News

Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review Searchhttps://www.spgroup.com.sg/search?tag=sustainability Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual Searchhttps://www.spgroup.com.sg/search?tag=SDG7 ://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=SDG7 Search Searchhttps://www.spgroup.com.sg/search?tag=sustainability-review Search Searchhttps Sustainability Report | SP Grouphttps://www.spgroup.com.sg/about-us/our-sustainability-commitment/overview About SP GroupBoard of DirectorsExecutive Leadership TeamAwards & AffiliationsAnnual ReportsSustainability Reports Our Sustainability Commitment Our Sustainability Commitment Sustainability is central to our commitment to deliver low carbon, smart energy solutions for everyone. We anchor our SP-Group-Sustainability-Review-FY2021-2022.pdfhttps://www.spgroup.com.sg/dam/spgroupvn/About-Us/SP-Group-Sustainability-Review-FY2021-2022.pdf Sustainability Review FY2021/2022 Table of Contents About this report 3 Materiality 4 About SP Group 5 Our sustainable energy ecosystem 6 Our impact 7 Sustainability strategy 8 Alignment with the global goals 9 Financing sustainable energy solutions 9 Sustainability governance 10 Board’s role 10 Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Coolinghttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/Sustainable-Cooling-At-Tampines---Singapore-s-First-Town-Centre-To-Be-Retrofitted-With-District-Cooling News Release Sustainable Cooling at Tampines – Singapore’s First Town Centre to Be Retrofitted With District Cooling SP Group, supported by Temasek, Tampines Group Representation Constituency (GRC) and the Ministry of Sustainability and the Environment (MSE), will install and operate distributed Searchhttps://www.spgroup.com.sg/search?tag=growing-greener Search Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/growing-greener-and-cooler-outdoors SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Growing Greener and Cooler Outdoors SUSTAINABILITY Photo: NDP 2018 Exco Powering Singapore’s birthday Searchhttps://www.spgroup.com.sg/search?tag=integrated-energy-solutions Pathum Thani District, Greater Bangkok. SP Group (SP), a utilities group and sustainable energy solutions provider in Singapore and the Asia Pacific, is partnering RSU, a leading private university in Thailand, to transform this space into a smart, low-carbon campus. SP will deploy a comprehensive suite Searchhttps://www.spgroup.com.sg/search?tag=outdoor-cooling ://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/sp-cools-outdoor-food-fiesta SP Energy HubAnnual ReportReliabilitySustainabilityInnovation SP Cools Outdoor Food Fiesta SUSTAINABILITY With temperatures at a high of 33 degree Celsius, Nathasha Azman was relieved to spot SP Group’s Sustainabilityhttps://www.spgroup.com.sg/about-us/media-resources/energy-hub/sustainability/our-sustainability-review SP Energy HubAnnual ReportReliabilitySustainabilityInnovation Our Sustainability Review SUSTAINABILITY Sustainability is central to SP Group’s mission of providing reliable and efficient energy supply to customers. We anchor our sustainability strategy on the United Nation’s Sustainable Development Category: Sustainability SP Group launches complete suite of carbon solutions capabilities, leveraging new partnership with Turnkeyhttps://www.spgroup.com.sg/about-us/media-resources/news-and-media-releases/SP-Group-launches-complete-suite-of-carbon-solutions-capabilities--leveraging-new-partnership-with-Turnkey and sustainable energy solutions provider and Turnkey, a global ESG data solutions company, announced a partnership to offer ESG analytics, carbon accounting and climate advisory services to key countries in the region including Singapore, China, Vietnam and Thailand. These services will augment SP’s 1 2 3 4 5 ..... 44

01 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE In this year’s review, we present a sustainability report as a key pillar. It is an account of progress towards the United Nations Sustainability Development Goal 7 to ensure access of reliable, sustainable and modern energy for all. It also reflects our 30-30- 30 target to achieve at least 30 per cent added value for our customers, and reduce our carbon footprint by another 30 per cent by the year 2030. SECURING OUR FUTURE At the core of our mission to be reliable and efficient, and improve the quality of life, we are building a strong foundation to provide a sustainable future for our customers. A STRONG FINANCIAL STANDING Our sustainability efforts are anchored on a robust and stable financial infrastructure. For the year closing 31 March 2018, we achieved a net profit of S$1.022 billion. This includes the contribution of S$177.4 million from our Australian associates. In September 2017, SP PowerAssets (SPPA) successfully priced the tightest spread for a Singapore corporate bond in a decade with our new 10-year 144A/Reg S US$600 million bond. The bond generated an order book of US$1.9 billion, a testament to investors’ confidence in SPPA’s credit. The funds will be utilised to finance the renewal and upgrading of our infrastructure projects, allowing Singapore’s power grid to remain one of the most reliable and efficient in the world. 02 SP GROUP ANNUAL REPORT 2018 FINANCIAL HIGHLIGHTS Net Profit After Tax (S$ million) Revenue (S$ million) 924 949 1,022 3,964 3,722 4,068 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 Total Assets (S$ million) Shareholder’s Equity (S$ million) 16,716 17,806 19,162 9,088 9,793 10,224 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 Economic Value Added (EVA) (S$ million) Return on Equity (%) 300 256 293 10.5 10.1 10.2 FY2015/16 FY2016/17 FY2017/18 FY2015/16 FY2016/17 FY2017/18 03 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) At the Sembcorp Marine Tuas Boulevard Yard, we are deploying a digital energysaving system that will reduce its consumption by up to 30 % REDUCING OUR CARBON FOOTPRINT At the Sembcorp Marine Tuas Boulevard Yard, we are deploying a digital energy-saving system that will reduce its consumption by up to 30 per cent. The system combines 4.5 MegaWattpeak (MWp) solar panels – the largest single solar rooftop in a Southeast Asian shipyard. The solar rooftop will deliver up to 5.38GWh of energy annually – enough to power almost 1,120 four-room flats and reduce 2,500 tonnes of carbon emissions per year, equivalent to removing 530 vehicles off local roads. SP and Singapore Institute of Technology (SIT) are building a multi-energy urban micro-grid at SIT’s campus at the upcoming Punggol Digital District, with a target to reach zero emission. Integrating gas, electricity and thermal energy into a unified smart energy network, the system can help SIT save energy and eliminate carbon emissions, equivalent to removing close to 2,000 vehicles off the roads. SP and SIT are also working on research in areas such as district energy models, converting waste to renewable energy and raising energy efficiency arounds the campus. 04 SP GROUP ANNUAL REPORT 2018 To promote greater integration of renewable energy sources onto the electricity grid, we have developed one of the world’s first global renewable energy trading platform, powered by blockchain technology. This platform enables buyers and producers of renewable energy to trade Renewable Energy Certificates (REC) in a simple, secure and costeffective manner. We are advancing towards 100 per cent electrification of our vehicle fleet by 2030. This is projected to reduce carbon emission by more than 30 per cent. To encourage greater adoption of electric vehicles in Singapore, we are collaborating with corporate partners to install charging infrastructure at their facilities for public use. DEVELOPING INNOVATIVE SOLUTIONS TOGETHER We continue to invest in partnerships and seek innovative solutions to deliver greater value to our customers. The finale of the first global utilities accelerator programme, Free Electrons, saw us sign Memoranda of Understanding with two start-ups in the areas of digital solutions and renewables. To nurture future engineering talent, we have partnered Singapore Polytechnic to launch ideaBox, an idea translation lab that will turn promising ideas into real-world green applications. Students will be exposed to industry challenges, test new ideas and build cost-saving solutions for customers. 05 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) SAVING ENERGY AND COST We are expanding our collaboration with CapitaLand in its Raffles City Chongqing project. Besides designing, building, owning and operating an advanced energy-efficient cooling system, we are integrating the water and ventilation systems for optimal heating system performance. This entire system is expected to deliver at least 50 per cent savings in energy consumption for the development. To help the community make energy-saving a way of life, we partnered the National Environment Agency in the nation-wide Energy-Saving Challenge in 2017. The three-month campaign drew close to 7,000 participants who saved 330,000 kWh of electricity – enough to power 1,000 three-room flats for more than a month. Participants could use the SP Utilities mobile app to track their consumption. This builds on our experience with South West Community Development Council (CDC) in the Power Savers for Charity @ South West campaign for the past two years. Last year, 25,000 residents in the district pledges to save energy and other resources. SP and South West CDC matched the pledges with a S$100,000 donation to underprivileged residents in the district. 06 SP GROUP ANNUAL REPORT 2018 HELPING CUSTOMERS CHANGE AND SAVE With the soft launch of the Open Electricity Market in Jurong in April 2018, we are helping customers change seamlessly to a retailer of their choice and enjoy savings. Those who choose to remain with SP can buy from the Wholesale Electricity Market (WEM) or at regulated tariff. Buying from WEM gives customers access to the prevailing electricity market prices which reflects the current demand and supply at half-hourly intervals. For the last two years, WEM prices have been approximately 30 per cent lower than the regulated tariff. Besides cost savings, we continue to tap on digital solutions to provide customers with greater convenience. We have been adding new features to the SP Utilities mobile app. With this, customers can make a more informed choice of a retailer that best suits their needs. This is supported by the installation of smart meters nationwide. As of March 2018, we have installed 140,000 smart meters. NETWORK RELIABILITY Regardless of customers’ choice of retailer, we will continue to operate the national power grid so they can enjoy the same reliable and efficient electricity supply. Last year, customers experienced 0.19 minute of electricity interruption and 0.48 minute of gas interruption. This places Singapore among the most reliable power networks in the world. To maintain this performance, we will utilise digital technology to remotely control all 6.6kV distribution network substations by 2020. We can monitor and attend to network incidents quickly, and efficiently. We are implementing the Smart Gas Network Deployment system over the next three years, which will result in better realtime awareness of network performance and improve response to impending incidents. Data analytics, including pre-emptive detection of gas leaks, will improve network safety and reliability. After six years, we are completing the construction of our cross-island Transmission Cable Tunnel project in 2018. This will enable the timely renewal of ageing assets more efficiently, with minimal disruption to the public. 07 SP GROUP ANNUAL REPORT 2018 CHAIRMAN’S MESSAGE (CONTINUED) SERVICE WITH DEDICATION AND DISTINCTION Our efforts to transform our service culture and processes to keep pace with customer expectations were validated when SP Services won the prestigious Singapore Quality Award 2017. Our training arm, Singapore Institute of Power and Gas, earned a May Day 2018 award for digital transformation in being a first mover in facilitating training for power sector communities online. Our people also gave back to the community through more than 7,000 hours of volunteer service. Close to 30 per cent of our employees volunteered at least once in the past year. IN APPRECIATION We have set bold but necessary targets in the face of transformation around us. Everyone has a role to play in our journey towards a sustainable future. I am proud of the SP Group family for being adaptable and continuously learning and sharpening their skills. My deepest thanks to the Management and staff for their leadership and resolve in embracing our vision to secure our future together. I am grateful to our shareholder, business partners, union and regulator for their support. Finally, thank you to my fellow Board members for their guidance and counsel. Mohd Hassan Marican Chairman July 2018 Securing Our Future SP GROUP FINANCIAL SUMMARY 2017/18 Registration Number : 199406577N | SP Power Limited and its subsidiaries 1 Annual Report Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2018 Table of Contents Table of Contents Directors’ statement .......................................................................................................................................... 1 Independent Auditor’s Report .................................................................................................................... 5 Balance sheets ................................................................................................................................................... 8 Income statements .......................................................................................................................................... 9 Statements of comprehensive income .................................................................................................. 10 Statements of changes in equity ................................................................................................................ 11 Consolidated statement of cash flows ................................................................................................... 14 Notes to the financial statements 1 Domicile and activities .......................................................................................................................... 16 2 Basis of preparation ............................................................................................................................... 16 3 Significant accounting policies ......................................................................................................... 18 4 Property, plant and equipment ........................................................................................................ 38 5 Intangible assets ..................................................................................................................................... 41 6 Investment property ............................................................................................................................ 43 7 Subsidiaries .............................................................................................................................................. 43 8 Associates and joint ventures ........................................................................................................... 44 9 Other non-current assets .................................................................................................................... 48 10 Deferred taxation ................................................................................................................................... 50 11 Derivative assets and liabilities ......................................................................................................... 52 12 Available-for-sale financial assets ................................................................................................... 54 13 Inventories ................................................................................................................................................ 54 14 Trade and other receivables ............................................................................................................. 54 15 Cash and cash equivalents ................................................................................................................ 57 16 Disposal group held-for-sale ............................................................................................................ 58 17 Share capital ............................................................................................................................................ 59 18 Reserves .................................................................................................................................................... 59 19 Debt obligations ..................................................................................................................................... 60 20 Other non-current liabilities ................................................................................................................ 61 21 Trade and other payables .................................................................................................................. 63 22 Revenue .................................................................................................................................................... 64 23 Other income .......................................................................................................................................... 65 24 Finance income ...................................................................................................................................... 65 25 Finance costs ........................................................................................................................................... 66 26 Tax expense ............................................................................................................................................ 66 Singapore Power Limited and its subsidiaries Annual Report Year ended 31 March 2018 Table of Contents 27 Profit for the year ................................................................................................................................... 68 28 Related parties ........................................................................................................................................ 68 29 Operating segments ............................................................................................................................ 69 30 Financial risk management ................................................................................................................ 72 31 Fair values ................................................................................................................................................. 82 32 Commitments ......................................................................................................................................... 86 33 Dividends ................................................................................................................................................. 86 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 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 2018. Opinion of the Directors In our opinion, (a) the financial statements set out on pages 8 to 86 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 2018 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 Singapore Companies Act, Chapter 50 (the “Act”) and Singapore Financial Reporting Standards; 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: Tan Sri Mohd Hassan Marican Mr Tan Chee Meng Mr Choi Shing Kwok Mrs Oon Kum Loon Mr Tan Puay Chiang Mr Ong Yew Huat Mr Timothy Chia Chee Ming Mr Ng Kwan Meng Mr Tan Kang Uei, Anthony (Appointed on 1 October 2017) Mr Wong Kim Yin 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: Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Mr Choi Shing Kwok Holdings at beginning of the year / date of appointment Holdings at end of the year Singapore Telecommunications Limited 2,720 62,720 Olam International Limited – 6% notes due 2018 S$500,000 S$500,000 1 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mrs Oon Kum Loon Singapore Telecommunications Limited 2,720 2,720 Mapletree Industrial Trust - units 8,894 8,894 Mr Tan Puay Chiang Singapore Airlines Limited 10,000 10,000 Singapore Technologies Engineering Limited 150,000 150,000 Singapore Telecommunications Limited 133,570 133,570 Mapletree Industrial Trust - units 12,000 12,000 Mapletree Treasury Services Limited - 3.88% notes due on 4 October 2018 S$250,000 S$250,000 - 5.125% Perpetual securities S$250,000 – Mapletree Commercial Trust Treasury Company Pte. Ltd. - 2.795% fixed rate notes due on 15 November 2023 S$250,000 S$250,000 Singapore Technologies Telemedia Pte Ltd - 4.05% notes due on 2 December 2025 S$250,000 S$250,000 Mr Ong Yew Huat Singapore Telecommunications Limited 50,000 50,000 Mr Timothy Chia Chee Ming Singapore Telecommunications Limited 2,070 2,070 2 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year / date of appointment Holdings at end of the year Mr Ng Kwan Meng Singapore Telecommunications Limited 5,350 25,350 Singapore Technologies Engineering Ltd 25,000 25,000 Starhub Ltd 6,000 6,000 Mapletree Commercial Trust - units 10,000 10,000 Mapletree Greater China Commercial Trust - units 22,000 22,000 Mapletree Industrial Trust - units 10,000 10,000 Ascendas Real Estate Investment Trust - units 10,000 10,000 Mr Tan Kang Uei, Anthony SIA Engineering Co Ltd 1,000 1,000 Singapore Airlines Limited 1,000 1,000 Singapore Telecommunications Limited 892 892 Mr Wong Kim Yin Singapore Telecommunications Limited 190 190 Mapletree Industrial Trust - units 30,506 30,506 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, at the date of appointment 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. 3 Singapore Power Limited and its subsidiaries Directors’ statement Year ended 31 March 2018 Share options During the financial year, there were: (i) (ii) no options granted by the Company or its subsidiaries to any person to take up unissued shares in the Company; and no shares issued by virtue of any exercise of option to take up unissued shares of the Company or its subsidiaries. As at the end of the financial year, there were no unissued shares of the Company or its subsidiaries under option. On behalf of the Board of Directors ──────────────────────── TAN SRI MOHD HASSAN MARICAN Chairman ──────────────────────── MR WONG KIM YIN Director / Group Chief Executive Officer 21 May 2018 4 Singapore Power Limited and its subsidiaries Independent auditor’s report Year ended 31 March 2018 Independent Auditor’s Report For the financial year ended 31 March 2018 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”) set out on pages 8 to 86, which comprise the consolidated balance sheet of the Group and the balance sheet of the Company as at 31 March 2018, the consolidated income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows of the Group and the income statement, statement of comprehensive income and statement of changes in equity of the Company 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, Chapter 50 (“the Act”) and Financial Reporting Standards in Singapore (“FRSs”) so as to give a true and fair view of the consolidated financial position of the Group and the financial position of the Company as at 31 March 2018 and of the consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and financial performance and changes in equity of the Company for the year ended on that date. Basis for Opinion We conducted our audit in accordance with Singapore Standards on Auditing (“SSAs”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report. We are independent of the 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. 5 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and FRSs, 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. 6 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 • 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. • 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 21 May 2018 7 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Balance sheets As at 31 March 2018 Group Company Note 2018 2017 2018 2017 $ million $ million $ million $ million Non-current assets Property, plant and equipment 4 12,485.6 11,713.6 12.6 13.3 Intangible assets 5 173.8 141.6 12.8 8.1 Investment property 6 712.9 – – – Subsidiaries 7 – – 6,765.0 6,764.9 Associates and joint ventures 8 2,843.8 2,994.7 45.4 1.3 Other non-current assets 9 498.2 428.1 166.5 78.6 Deferred tax assets 10 21.2 29.2 – – Derivative assets 11 48.8 106.4 2.5 0.2 Available-for-sale financial assets 12 155.6 165.8 146.7 160.3 16,939.9 15,579.4 7,151.5 7,026.7 Current assets Available-for-sale financial assets 12 – 29.6 – 29.6 Inventories 13 44.2 49.0 – – Trade and other receivables 14 526.4 431.0 4,183.5 3,951.4 Derivative assets 11 17.0 2.4 9.7 0.2 Cash and cash equivalents 15 1,634.6 1,677.1 593.5 878.0 Assets held-for-sale 16 – 37.6 – 90.0 2,222.2 2,226.7 4,786.7 4,949.2 Total assets 19,162.1 17,806.1 11,938.2 11,975.9 Equity Share capital 17 2,911.9 2,911.9 2,911.9 2,911.9 Reserves 18 (398.6) (187.4) (0.6) 3.2 Accumulated profits 7,710.6 7,068.3 5,252.8 5,152.1 Total equity, attributable to owner of the Company 10,223.9 9,792.8 8,164.1 8,067.2 Non-current liabilities Debt obligations 19 4,239.1 4,147.5 – – Derivative liabilities 11 230.7 92.9 2.0 8.1 Deferred tax liabilities 10 1,334.7 1,284.2 1.2 0.2 Other non-current liabilities 20 937.5 704.2 – – 6,742.0 6,228.8 3.2 8.3 Current liabilities Debt obligations 19 532.3 139.7 – – Derivative liabilities 11 2.8 15.3 0.1 6.7 Current tax payable 172.5 161.4 12.3 14.7 Trade and other payables 21 1,488.6 1,451.3 3,758.5 3,879.0 Liabilities held-for-sale 16 – 16.8 – – 2,196.2 1,784.5 3,770.9 3,900.4 Total liabilities 8,938.2 8,013.3 3,774.1 3,908.7 Total equity and liabilities 19,162.1 17,806.1 11,938.2 11,975.9 The accompanying notes form an integral part of these financial statements. 8 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Income statements Year ended 31 March 2018 Group Company Note 2018 2017 2018 2017 $ million $ million $ million $ million Revenue 22 4,067.7 3,722.0 532.8 533.7 Other income 23 185.6 189.0 8.9 1.2 Expenses - Purchased power (1,972.9) (1,803.6) – – - Depreciation of property, plant and equipment (579.2) (548.5) (3.0) (4.8) - Amortisation of intangible assets (32.1) (34.4) (2.7) (2.7) - Maintenance (99.2) (99.0) (3.3) (4.8) - Staff costs (292.0) (297.6) (74.5) (74.8) - Property taxes (54.5) (55.3) (0.3) (0.3) - Other operating expenses (120.7) (122.1) (20.2) (22.3) Operating profit 1,102.7 950.5 437.7 425.2 Finance income 24 68.5 65.6 65.8 65.5 Finance costs 25 (123.5) (102.2) (11.9) (12.7) Share of profit of associates, net of tax 177.4 216.4 – – Share of (loss)/profit of joint ventures, net of tax (5.8) 1.7 – – Profit before taxation 1,219.3 1,132.0 491.6 478.0 Tax expense 26 (197.0) (183.2) (10.9) (13.5) Profit for the year, attributable to owner of the Company 27 1,022.3 948.8 480.7 464.5 The accompanying notes form an integral part of these financial statements. 9 Statements of comprehensive income Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Group Company 2018 2017 2018 2017 $ million $ million $ million $ million Profit for the year 1,022.3 948.8 480.7 464.5 Other comprehensive income items that will not be reclassified to profit or loss: Share of defined benefit plan remeasurements of associates 8.6 11.2 – – 8.6 11.2 – – Items that are or may be reclassified subsequently to profit or loss: Translation differences relating to financial statements of foreign operations (184.8) 101.4 – – Effective portion of changes in fair value of cash flow hedges, net of tax (4.1) (13.2) (0.6) 3.3 Net change in fair value of: – Cash flow hedges reclassified to profit or loss, net of tax 8.9 (3.8) 0.3 0.3 – Cash flow hedges on recognition of the hedged items on balance sheet, net of tax (1.8) (1.8) (0.8) (0.2) – Available-for-sale financial assets (1.0) 0.2 (2.7) (0.1) Share of hedging reserves of associates (37.0) 32.4 – – (219.8) 115.2 (3.8) 3.3 Other comprehensive income for the year, net of tax (211.2) 126.4 (3.8) 3.3 Total comprehensive income for the year, attributable to owner of the Company 811.1 1,075.2 476.9 467.8 The accompanying notes form an integral part of these financial statements. 10 Statements of changes in equity Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Total equity, Share capital Currency translation reserve Hedging reserve Other reserves Accumulated profits attributable to owner of the Company Group $ million $ million $ million $ million $ million $ million At 1 April 2016 2,911.9 (326.9) 5.2 7.9 6,489.5 9,087.6 Total comprehensive income for the year Profit for the year – – – – 948.8 948.8 Other comprehensive income Translation differences relating to financial statements of foreign operations – 101.4 – – – 101.4 Effective portion of changes in fair value of cash flow hedges, net of tax – – (13.2) – – (13.2) Net change in fair value of cash flow hedges: - reclassified to profit or loss, net of tax – – (3.8) – – (3.8) - on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) Net change in fair value of available-for-sale financial assets – – – 0.2 – 0.2 Share of other comprehensive income of associates – – 32.4 11.2 – 43.6 Total other comprehensive income – 101.4 13.6 11.4 – 126.4 Total comprehensive income for the year – 101.4 13.6 11.4 948.8 1,075.2 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 33) – – – – (370.0) (370.0) Total transactions with owner – – – – (370.0) (370.0) At 31 March 2017 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 The accompanying notes form an integral part of these financial statements. 11 Statements of changes in equity Year ended 31 March 2018 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Total equity, Share capital Currency translation reserve Hedging reserve Other reserves Accumulated profits attributable to owner of the Company Group $ million $ million $ million $ million $ million $ million At 1 April 2017 2,911.9 (225.5) 18.8 19.3 7,068.3 9,792.8 Total comprehensive income for the year Profit for the year – – – – 1,022.3 1,022.3 Other comprehensive income Translation differences relating to financial statements of foreign operations – (184.8) – – – (184.8) Effective portion of changes in fair value of cash flow hedges, net of tax – – (4.1) – – (4.1) Net change in fair value of cash flow hedges: - reclassified to profit or loss, net of tax – – 8.9 – – 8.9 - on recognition of the hedged items on balance sheet, net of tax – – (1.8) – – (1.8) Net change in fair value of available-for-sale financial assets – – – (1.0) – (1.0) Share of other comprehensive income of associates – – (37.0) 8.6 – (28.4) Total other comprehensive income – (184.8) (34.0) 7.6 – (211.2) Total comprehensive income for the year – (184.8) (34.0) 7.6 1,022.3 811.1 Transactions with owner, recognised directly in equity Distribution to owner Dividends declared (Note 33) – – – – (380.0) (380.0) Total transactions with owner – – – – (380.0) (380.0) At 31 March 2018 2,911.9 (410.3) (15.2) 26.9 7,710.6 10,223.9 The accompanying notes form an integral part of these financial statements. 12 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Statements of changes in equity Year ended 31 March 2018 Company Share Hedging Other Accumulated capital reserve reserves profits Total $ million $ million $ million $ million $ million At 1 April 2016 2,911.9 (2.0) 1.9 5,057.6 7,969.4 Total comprehensive income for the year Profit for the year – – – 464.5 464.5 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – 3.3 – – 3.3 Net change in fair value of: - cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.2) – – (0.2) - available-for-sale financial assets – – (0.1) – (0.1) Total other comprehensive income – 3.4 (0.1) – 3.3 Total other comprehensive income for the year – 3.4 (0.1) 464.5 467.8 Transactions with owner, recognised directly in equity Dividends declared (Note 33) – – – (370.0) (370.0) Total transactions with owner – – – (370.0) (370.0) At 31 March 2017 2,911.9 1.4 1.8 5,152.1 8,067.2 At 1 April 2017 2,911.9 1.4 1.8 5,152.1 8,067.2 Total comprehensive income for the year Profit for the year – – – 480.7 480.7 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax – (0.6) – – (0.6) Net change in fair value of: - cash flow hedges reclassified to profit or loss, net of tax – 0.3 – – 0.3 - cash flow hedges on recognition of the hedged items on balance sheet, net of tax – (0.8) – – (0.8) - available-for-sale financial assets – – (2.7) – (2.7) Total other comprehensive income – (1.1) (2.7) – (3.8) Total other comprehensive income for the year – (1.1) (2.7) 480.7 476.9 Transactions with owner, recognised directly in equity Dividends declared (Note 33) – – – (380.0) (380.0) Total transactions with owner – – – (380.0) (380.0) At 31 March 2018 2,911.9 0.3 (0.9) 5,252.8 8,164.1 The accompanying notes form an integral part of these financial statements. 13 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Consolidated statement of cash flows Year ended 31 March 2018 Note 2018 2017 $ million $ million Cash flows from operating activities Profit for the year 1,022.3 948.8 Adjustments for: Deferred income (140.0) 93.6 Depreciation and amortisation 611.3 582.9 Finance costs 25 123.5 102.2 Finance income 24 (68.5) (65.6) Exchange loss/(gain) 27 9.4 (8.2) Loss on disposal of property, plant and equipment and intangible assets 3.2 6.5 Impairment loss on property, plant and equipment 1.6 – Share of profit of associates and joint ventures, net of tax (171.6) (218.1) Gain on disposal of subsidiary 8 (5.5) – Tax expense 26 197.0 183.2 Others 5.3 0.9 1,588.0 1,626.2 Changes in working capital: Inventories 2.2 2.0 Trade and other receivables (121.5) (35.6) Balances with related parties (trade) (10.1) 14.6 Trade and other payables (10.4) 0.5 Cash generated from operations 1,448.2 1,607.7 Interest received 65.7 60.4 Net tax paid (111.0) (100.5) Net cash generated from operating activities 1,402.9 1,567.6 Cash flows from investing activities Purchase of property, plant and equipment (1,232.4) (1,236.5) Purchase of intangible assets (53.7) (45.0) Proceeds from disposal of property, plant and equipment and intangible assets 8.3 10.2 Dividends received from associates and joint venture 163.4 128.3 Proceeds from disposal of other investments – 13.8 Proceeds from redemption of other investment 32.0 – Additions to investment property (488.2) – Acquisition of other investments (1.6) (5.1) Net cash outflow on disposal of subsidiary 8 (27.8) – Net cash used in investing activities (1,600.0) (1,134.3) The accompanying notes form an integral part of these financial statements. 14 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Consolidated statement of cash flows (continued) Year ended 31 March 2018 Note 2018 2017 $ million $ million Cash flows from financing activities Proceeds from loans and debt obligations 842.1 79.9 Repayment of debt obligations (139.4) – Dividends paid to owner of the Company (380.0) (370.0) Interest paid (123.3) (116.1) Commitment fees paid (2.8) (3.0) Net cash generated from/(used in) financing activities 196.6 (409.2) Net (decrease)/increase in cash and cash equivalents (0.5) 24.1 Cash and cash equivalents at beginning of the year 1,677.1 1,630.2 Effect of exchange rate changes on balances held in foreign currencies (42.0) 22.8 Cash and cash equivalents at end of the year 15 1,634.6 1,677.1 The accompanying notes form an integral part of these financial statements. 15 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 21 May 2018. 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 (“FRS”). 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. All financial information presented in Singapore dollars has been rounded to the nearest 0.1 million, unless otherwise stated. 2.4 Use of estimates and judgements The preparation of financial statements in conformity with FRSs 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. 16 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about critical judgements in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is discussed below: Taxation The Group is subject to taxes mainly in Singapore and Australia. Significant judgement is required in determining provision for taxes. There are many transactions and calculations during the ordinary course of business for which the ultimate tax determination is uncertain. The Group recognises liabilities for anticipated tax audit issues based on estimates of whether additional taxes will be due. Where the final tax outcome of these matters is different from the amounts that were initially recorded, such differences will impact the income tax and deferred tax provisions in the period in which such determination is made. Details are set out in Note 10 and Note 26. Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year are discussed below: 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. Useful lives of property, plant and equipment Assumptions made regarding the useful lives are based on the regulatory environment and technological developments. These assumptions are subject to risk and there is the possibility that changes in circumstances will alter expectations. Estimating fair values of financial assets and financial liabilities The fair value of financial assets and financial liabilities must be estimated for recognition, measurement and disclosure purposes. Note 31 sets out the basis of valuation of financial assets and liabilities. Accrued revenue Revenue accrual estimates are made to account for the unbilled period between the end-user’s last billing date and the end of the accounting period. The accrual relies on detailed analysis of customers’ historical consumption patterns, which takes into account base usage and sensitivity to consumption growth. The results of this analysis are applied for the number of days over the unbilled period. 17 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Revenue recognition Revenue recognised, from use of system charges and transportation of gas, is estimated based on revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity, gas or services delivered to consumers. Note 3.18 sets out the revenue recognition policy. 2.5 Convergence with International Financial Reporting Standards The Group will adopt Singapore Financial Reporting Standards (International) (“SFRS(I)s”), Singapore’s equivalent of the International Financial Reporting Standards (“IFRSs”) on 1 April 2018. The Group has performed an initial assessment of the impact of adopting the new financial reporting framework, and expects no material impact arising from the adoption. The Group expects that the impact of adopting the new standards under the new framework that are effective on 1 April 2018 will be similar to that as disclosed in Note 3.23 under the current framework. 2.6 Changes in accounting policies Adoption of new and revised FRSs and Interpretation to FRS 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 2017, including the Amendments to FRS 7 Disclosure Initiative. The adoption of these new standards did not have any effect on the financial performance or position of the Group and the Company. 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, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Basis of consolidation Business combinations Business combinations are accounted for using the acquisition method as at the acquisition date, which is the date on which control is transferred to the Group. Control is the power to govern the financial and operating policies of an entity so as to obtain benefits from its activities. In assessing control, the Group takes into consideration potential voting rights that are currently exercisable. The consideration transferred does not include amounts related to the settlement of pre-existing relationships. Such amounts are generally recognised in profit or loss. Costs related to the acquisition, other than those associated with the issue of debt or equity securities, that the Group incurs in connection with a business combination are expensed as incurred. 18 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Any contingent consideration payable is recognised at fair value at the acquisition date and included in the consideration transferred. If the contingent consideration is classified as equity, it is not remeasured and settlement is accounted for within equity. Otherwise, subsequent changes to the fair value of the contingent consideration are recognised in profit or loss. For non-controlling interests that are present ownership interests and entitle their holders to a proportionate share of the acquiree’s net assets in the event of liquidation, the Group elects on a transaction-by-transaction basis whether to measure them at fair value, or at the non-controlling interests’ proportionate share of the recognised amounts of the acquiree’s identifiable net assets, at the acquisition date. All other non-controlling interests are measured at acquisition-date fair value, or, when applicable, on the basis specified in another standard. Any excess or deficiency of the purchase consideration over the fair value of the identifiable assets acquired and liabilities and contingent liabilities assumed is accounted for as goodwill or bargain purchase gain (see Note 3.4). Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an investee when it is exposed, or has rights, to variable returns from its involvement with the investee and has the ability to affect those returns through its power over the investee. The financial statements of subsidiaries are included in the consolidated financial statements from the date that control commences until the date that control ceases. In the Company’s separate financial statements, investments in subsidiaries are accounted for at cost less impairment losses. The accounting policies of subsidiaries have been changed when necessary to align them with the policies adopted by the Group. Losses applicable to the non-controlling interests in a subsidiary are allocated to the non-controlling interests even if doing so causes the non-controlling interests to have a deficit balance. Loss of control Upon the loss of control, the Group derecognises the assets and liabilities of the subsidiary, any noncontrolling interests and the other components of equity related to the subsidiary. Any surplus or deficit arising on the loss of control is recognised in profit or loss. If the Group retains any interest in the previous subsidiary, then such interest is measured at fair value at the date that control is lost. Subsequently, it is accounted for as an equity-accounted investee or as an available-for-sale financial asset 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. 19 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 (equityaccounted investees) and are recognised initially at cost. The Group’s investments in equityaccounted investees include goodwill identified on acquisition, net of any accumulated impairment losses. The consolidated financial statements include the Group’s share of the profit or loss and other comprehensive income of the equity-accounted investees, after adjustments to align the accounting policies of the equity-accounted investees with those of the Group, from the date that significant influence or joint control commences until the date that significant influence or joint control ceases. When the Group’s share of losses exceeds its interest in an equity-accounted investee, the carrying amount of the investment, together with any long-term interests that form part thereof, is reduced to zero and the recognition of further losses is discontinued except to the extent that the Group has an obligation to fund the investee’s operations or has made payments on behalf of the investee. Acquisition of non-controlling interests Acquisitions of non-controlling interests are accounted for as transactions with owners in their capacity as owners and therefore no goodwill is recognised as a result of such transactions. The adjustments to non-controlling interests arising from transactions that do not involve the loss of control are based on a proportionate amount of the net assets of the subsidiary. Any difference between the adjustment to non-controlling interests and the fair value of consideration paid is recognised directly in equity and presented as part of equity attributable to owners of the Company. Transactions eliminated on consolidation Intra-group balances and transactions, and any unrealised income or expenses arising from intragroup 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. 20 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 and Australian dollars. Monetary assets and liabilities denominated in foreign currencies at the reporting date are retranslated to the functional currencies at the exchange rate at the reporting date. The foreign currency gain or loss on monetary items is the difference between amortised cost in the functional currency at the beginning of the year, adjusted for effective interest and payments during the year, and the amortised cost in foreign currency translated at the exchange rate at the end of the year. Non-monetary assets and liabilities denominated in foreign currencies that are measured at fair value are retranslated to the functional currency at the exchange rate prevailing on the date on which the fair value was determined. Nonmonetary 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, available-for-sale equity instruments (see Note 3.6), 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. Goodwill and fair value adjustments arising on the acquisition of foreign operations on or after 1 January 2005 are treated as assets and liabilities of the foreign operations and translated at the closing rate. For acquisitions prior to 1 January 2005, the exchange rates at the date of acquisition were used. Foreign currency differences are recognised in other comprehensive income, and presented in the foreign currency translation reserve (“translation reserve”) in equity. However, if the foreign operation is a non-wholly-owned subsidiary, then the relevant proportionate share of the translation difference is allocated to the non-controlling interests. When a foreign operation is disposed of, such that control, significant influence or joint control is lost, the cumulative amount in the translation reserve related to that foreign operation is reclassified to profit or loss as part of the gain or loss on disposal. When the Group disposes of only part of its interest in a subsidiary that includes a foreign operation while retaining control, the relevant proportion of the cumulative amount is reattributed to noncontrolling 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. 21 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 selfconstructed 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, which is defined by the commencement of revenue earning. 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. 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. Leased assets are depreciated over the shorter of the lease term and their useful lives unless it is reasonably certain that the Group will obtain ownership by the end of the lease term. Freehold land and construction-in-progress are not depreciated. 22 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease, ranging from 13 – 99 years Leasehold buildings 3 – 40 years or the lease term, if shorter Plant and machinery - Mains (Electricity) 20 – 30 years - Mains (Gas) 20 – 50 years - Transformers and switchgear 20 – 30 years Other plant and equipment (principally gas storage plant, remote control and meters) Motor vehicles and office equipment 2 – 40 years 2 – 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end, and adjusted if appropriate. 3.4 Intangible assets Goodwill Goodwill that arises upon the acquisition of subsidiaries is included in intangible assets and represents the excess of: - the fair value of the consideration transferred; plus - the recognised amount of any non-controlling interests in the acquiree; plus - if the business combination is achieved in stages, the fair value of the pre-existing equity interest in the acquiree, over the net recognised amount (generally fair value) of the identifiable assets acquired and liabilities assumed. When the excess is negative, a bargain purchase gain is recognised immediately in profit or loss. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses. In respect of equity-accounted investees, the carrying amount of goodwill is included in the carrying amount of the investment, and an impairment loss on such an investment is not allocated to any asset, including goodwill, that forms part of the carrying amount of the equity-accounted investee. 23 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 5 to 10 years. Deferred expenditure relates mainly to contributions paid by the Group in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies and onshore receiving facility operator, and is stated at cost less accumulated amortisation and accumulated impairment losses. Deferred expenditure is amortised on a straight-line basis over the period in which the Group derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 19 years. Research costs are expensed as incurred. Capitalised development costs arising from development expenditures on an individual project are recognised as an intangible asset when the Group can demonstrate the technical feasibility of completing the intangible asset so that it will be available for use or sale, its intention to complete and its ability to use or sell the asset, how the asset will generate future economic benefits, the availability of resources to complete and the ability to measure reliably the expenditures during the development. Following initial recognition of the capitalised development costs as an intangible asset, it is carried at cost less accumulated amortisation and any accumulated impairment losses. Amortisation of the intangible asset begins when development is complete and the asset is available for use. Capitalised development costs have a finite useful life and are amortised over the period of 5 years on a straight line basis. Intangible assets under construction are stated at cost. No amortisation is provided until the intangible assets are ready for use. 3.5 Investment property Investment property 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 is measured at cost on initial recognition. Cost includes expenditure that is directly attributable to the acquisition of the investment property. The cost of self-constructed investment property includes the cost of materials and direct labour, any other costs directly attributable to bringing the investment property to a working condition for their intended use and capitalised borrowing costs. Any gain or loss on disposal of an investment property (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. 24 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Property that is being constructed for future use as investment property is accounted for at cost less accumulated depreciation and accumulated impairment losses. Investment property under development is not depreciated. 3.6 Financial instruments Non-derivative financial assets The Group initially recognises loans and receivables and deposits on the date they are originated. All other financial assets (including assets designated at fair value through profit or loss) are recognised initially on the trade date at which the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial asset when the contractual rights to the cash flows from the asset expire or it transfers the rights to receive the contractual cash flows on the financial asset in a transaction in which substantially all the risks and rewards of ownership of the financial asset are transferred. Any interest in transferred financial assets that is created or retained by the Group is recognised as a separate asset or liability. Financial assets and liabilities are offset and the net amount presented in the balance sheet 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. The Group classifies non-derivative financial assets into the following categories: financial assets at fair value through profit or loss, held-to-maturity financial assets, loans and receivables and availablefor-sale financial assets. Financial assets at fair value through profit or loss A financial asset is classified at fair value through profit or loss if it is classified as held for trading or is designated as such upon initial recognition. Financial assets are designated at fair value through profit or loss if the Group manages such investments and makes purchase and sale decisions based on their fair value in accordance with the Group’s documented risk management or investment strategy. Attributable transaction costs are recognised in profit or loss as incurred. Financial assets at fair value through profit or loss are measured at fair value, and changes therein are recognised in profit or loss. Held-to-maturity financial assets If the Group has the positive intent and ability to hold debt securities to maturity, then such financial assets are classified as held-to-maturity. Held-to-maturity financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, held-tomaturity financial assets are measured at amortised cost using the effective interest method, less any impairment losses. Any sale or reclassification of a more than insignificant amount of held-to-maturity investments not close to their maturity would result in the reclassification of all held-to-maturity investments as available-for-sale. It would also prevent the Group from classifying investment securities as held-to-maturity for the current and the following two financial years. 25 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Loans and receivables Loans and receivables are financial assets with fixed or determinable payments that are not quoted in an active market. Such assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, loans and receivables are measured at amortised cost using the effective interest method, less any impairment losses. Cash and cash equivalents Cash and cash equivalents comprise cash balances, bank deposits and restricted cash. Available-for-sale financial assets Available-for-sale financial assets are non-derivative financial assets that are designated as availablefor-sale and that are not classified in any of the above categories of financial assets. Available-for-sale financial assets are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, they are measured at fair value and changes therein, other than impairment losses (see Note 3.8) and foreign currency differences on available-for-sale monetary items (see Note 3.2), are recognised in other comprehensive income and presented in the fair value reserve in equity. When an investment is derecognised, the cumulative gain or loss in other comprehensive income is reclassified to profit or loss. Non-derivative financial liabilities The Group initially recognises debt securities issued and bank borrowings on the date that they are originated. All other financial liabilities (including liabilities designated at fair value through profit or loss) are recognised initially on the trade date, which is the date that the Group becomes a party to the contractual provisions of the instrument. The Group derecognises a financial liability when its contractual obligations are discharged, cancelled or expired. Financial assets and liabilities are offset and the net amount presented in the balance sheet 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 Group classifies non-derivative financial liabilities into the other financial liabilities category. Such financial liabilities are recognised initially at fair value plus any directly attributable transaction costs. Subsequent to initial recognition, these financial liabilities are measured at amortised cost using the effective interest method. Bank overdrafts that are repayable on demand and form an integral part of the Group’s cash management are included as a component of cash and cash equivalents for the purpose of the statement of cash flows. 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. 26 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Derivative financial instruments, including 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 economic characteristics and risks of the host contract and the embedded derivative are not closely related. A separate instrument with the same terms as the embedded derivative would meet the definition of a derivative. On initial designation of the derivative as the hedging instrument, the Group formally documents the relationship between the hedging instrument and hedged item, including the risk management objectives and strategy in undertaking the hedge transaction and the hedged risk, together with the methods that will be used to assess the effectiveness of the hedging relationship. The Group makes an assessment, both at the inception of the hedge relationship as well as on an ongoing basis, of whether the hedging instruments are expected to be “highly effective” in offsetting the changes in fair value or cash flows of the respective hedged items attributable to the hedged risk and whether the actual results of each hedge are within a range of 80%-125%. For a cash flow hedge of a forecast transaction, the transaction should be highly probable to occur and should present an exposure to variations in cash flows that could ultimately affect reported profit or loss. Derivatives are recognised initially at fair value; 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 accounted for as described below. 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. If the forecast transaction is no longer expected to occur, then the balance in equity is reclassified to profit or loss. 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. 27 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Derivatives that do not qualify for hedge accounting When a derivative financial instrument is not designated in a hedge relationship that qualifies for hedge accounting, all changes in its fair value are recognised immediately in profit or loss. Intra-group financial guarantees in the separate financial statements Financial guarantees are financial instruments which are issued by the Company that requires 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 contractual agreement. Financial guarantees are recognised initially at fair value and are classified as financial liabilities. Subsequent to initial measurement, the financial guarantees are stated at the higher of the initial fair value less cumulative amortisation and the amount that would be recognised if they were accounted for as contingent liabilities. When financial guarantees are terminated before their original expiry date, the carrying amount of the financial guarantees is transferred to profit or loss. 3.7 Leased assets Leases in terms of which the Group assumes substantially all the risks and rewards of ownership are classified as finance leases. Upon initial recognition, the leased asset is measured at an amount equal to the lower of its fair value and the present value of the minimum lease payments. Subsequent to initial recognition, the asset is accounted for in accordance with the accounting policy applicable to that asset. Other leases are operating leases and are not recognised in the Group’s balance sheet. Determining whether an arrangement contains a lease At inception of an arrangement, the Group determines whether such an arrangement is or contains a lease. A specific asset is the subject of a lease if fulfilment of the arrangement is dependent on the use of that specified asset. An arrangement conveys the right to use the asset if the arrangement conveys to the Group the right to control the use of the underlying asset. At inception or upon reassessment of the arrangement, the Group separates payments and other consideration required by such an arrangement into those for the lease and those for other elements on the basis of their relative fair values. If the Group concludes for a finance lease that it is impracticable to separate the payments reliably, then an asset and a liability are recognised at an amount equal to the fair value of the underlying asset. Subsequently, the liability is reduced as payments are made and an imputed finance charge on the liability is recognised using the Group’s incremental borrowing rate. 28 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.8 Impairment Non-derivative financial assets A financial asset not carried at fair value through profit or loss, including an interest in an associate and joint venture, is assessed at each reporting date to determine whether there is any objective evidence that it is impaired. A financial asset is impaired if objective evidence indicates that a loss event had occurred after the initial recognition of the asset, and that the loss event had a negative effect on the estimated future cash flows of that asset that can be estimated reliably. Loans and receivables and held-to-maturity investments The Group considers evidence of impairment for loans and receivables and held-to-maturity investments at both a specific asset and collective level. All individually significant loans and receivables and held-to-maturity investments are assessed for specific impairment. All individually significant receivables and held-to-maturity investments found not to be specifically impaired are then collectively assessed for any impairment that has been incurred but not yet identified. Loans and receivables and held-to-maturity investments that are not individually significant are collectively assessed for impairment by grouping together loans and receivables and held-to-maturity investments with similar risk characteristics. In assessing collective impairment, the Group uses historical trends of the probability of default, the timing of recoveries and the amount of loss incurred, adjusted for management’s judgement as to whether current economic and credit conditions are such that the actual losses are likely to be greater or less than suggested by historical trends. An impairment loss in respect of a financial asset measured at amortised cost is calculated as the difference between its carrying amount and the present value of the estimated future cash flows discounted at the asset’s original effective interest rate. Losses are recognised in profit or loss and reflected in an allowance account against loans and receivables or held-to-maturity investments. Interest on the impaired asset continues to be recognised. When a subsequent event (e.g. repayment by a debtor) causes the amount of impairment loss to decrease, the decrease in impairment loss is reversed through profit or loss. Available-for-sale financial assets Impairment losses on available-for-sale financial assets are recognised by reclassifying the losses accumulated in the fair value reserve in equity to profit or loss. The cumulative loss that is reclassified from equity to profit or loss is the difference between the acquisition cost, net of any principal repayment and amortisation, and current fair value, less any impairment loss recognised previously in profit or loss. Changes in impairment provisions attributable to application of effective interest method are reflected as a component of interest income. If, in a subsequent period, the fair value of an impaired available-for-sale debt security increases and the increase can be related objectively to an event occurring after the impairment loss was recognised in profit or loss, then the impairment loss is reversed. The amount of the reversal is recognised in profit or loss. However, any subsequent recovery in the fair value of an impaired available-for-sale equity security is recognised in other comprehensive income. 29 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Non-financial assets The carrying amounts of the Group’s non-financial assets, other than inventories and deferred tax assets, are reviewed at each reporting date to determine whether there is any indication of impairment. If any such indication exists, the asset’s recoverable amounts are estimated. For goodwill and intangible assets that have indefinite useful lives or that are not yet available for use, recoverable amount is estimated each year at the same time. An impairment loss is recognised if the carrying amount of an asset or its related cash-generating unit (“CGU”) exceeds its estimated recoverable amount. The recoverable amount of an asset or CGU is the greater of its value in use and its fair value less costs to sell. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset or CGU. For the purpose of impairment testing, assets that cannot be tested individually are grouped together into the smallest group of assets that generates cash inflows from continuing use that are largely independent of the cash inflows of other assets or CGU. Subject to an operating segment ceiling test, for the purposes of goodwill impairment testing, CGUs to which goodwill has been allocated are aggregated so that the level at which impairment testing is performed reflects the lowest level at which goodwill is monitored for internal reporting purposes. Goodwill acquired in a business combination is allocated to groups of CGUs that are expected to benefit from the synergies of the combination. The Group’s corporate assets do not generate separate cash inflows and are utilised by more than one CGU. Corporate assets are allocated to CGUs on a reasonable and consistent basis and tested for impairment as part of the testing of the CGU to which the corporate asset is allocated. Impairment losses are recognised in profit or loss. Impairment losses recognised in respect of CGUs are allocated first to reduce the carrying amount of any goodwill allocated to the CGU (group of CGUs), and then to reduce the carrying amounts of the other assets in the CGU (group of CGUs) on a pro rata basis. An impairment loss in respect of goodwill is not reversed. In respect of other assets, impairment losses recognised in prior periods are assessed at each reporting date for any indications that the loss has decreased or no longer exists. An impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortisation, if no impairment loss had been recognised. Such reversal of impairment is recognised in profit or loss. Goodwill that forms part of the carrying amount of an investment in an associate or a joint venture is not recognised separately, and therefore is not tested for impairment separately. Instead, the entire amount of the investment in an associate or a joint venture is tested for impairment as a single asset when there is objective evidence that the investment in an associate or a joint venture may be impaired. 30 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.9 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. 3.10 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 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 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. 31 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 Environmental Environmental provision is made for the rehabilitation of sites based on the estimated costs of the rehabilitation. The liability includes the costs of reclamation, plant closure and dismantling, and waste site closure. The liability is determined based on the present value of the obligation. Annual adjustments to the liability are recognised in profit or loss over the estimated life of the sites. The costs are estimated based on assumptions of current legal requirements and technologies. Any changes in estimates are dealt with on a prospective basis. Onerous contracts A provision for onerous contracts is recognised when the expected benefits to be derived by the Group from a contract are lower than the unavoidable cost of meeting its obligations under the contract. The provision is measured at the present value of the lower of the expected cost of terminating the contract and the expected net cost of continuing with the contract. Before a provision is established, the Group recognises any impairment loss on the assets associated with that contract. 3.13 Government grant Capital grant is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants. Operating grant is taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.14 Deferred construction cost compensation Deferred construction cost compensation received to defray costs relating to the construction of an asset are accounted for as a government grant. Note 3.13 sets out the government grant accounting policy. 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, (iii) use of system charges, transportation of gas, sale of electricity and Market Support Services Licence fees and (iv) 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’ contributions. Use of system charges, transportation of gas, sale of electricity and Market Support Services Licence fees Deferred income arises when billings vary from revenue recognised. Deferred income is recognised in profit or loss over the periods necessary to adjust allowed revenue (in accordance with the price regulation framework or regulatory formulae), to revenue earned based on services rendered. At the end of each regulatory period, after adjusting for amounts to be refunded, any outstanding balance is taken to profit or loss as revenue. 32 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 3.16 Price regulation and licence The Group’s operations in Singapore are regulated under the Electricity Licence, Gas Licence and the Market Support Services Licence issued by the Energy Market Authority (“EMA”) of Singapore. 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 licence, relevant acts and codes. Actual revenue billed may vary from that allowed due to volume variances. This may result in adjustments that may increase or decrease tariffs in succeeding periods. Amounts to be recovered or refunded are brought to account as adjustments to revenue in the period in which the Group becomes entitled to the recovery or liable for the refund. The Group’s capital expenditure may vary from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. 3.17 Disposal group held-for-sale Non-current assets and disposal groups classified as held-for-sale are measured at the lower of their carrying amount and fair value less costs to sell. Non-current assets and disposal groups are classified as held-for-sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. Property, plant and equipment and intangible assets once classified as held for sale are not depreciated or amortised. 3.18 Revenue recognition Provided it is probable that the economic benefits will flow to the Group and the Company and the revenue and costs, if applicable, can be measured reliably, revenue is recognised in profit or loss as follows: Sale of electricity Revenue from the sale of electricity is recognised when electricity is delivered to consumers. Use of system charges and transportation of gas The use of system charges and revenue from the transportation of gas are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. Revenue is recognised when services are rendered and the volume of electricity and gas is delivered to consumers. 33 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 District cooling service income Income from services is recognised when the services are rendered. The revenue 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. The variance between tariff billing and the revenue entitled is reported as changes to the economic regulation equalisation account, an asset recorded in trade and other receivables for an under-recovery, and a liability recorded in trade and other payables for an over-recovery. Transfers of assets from customers Revenue arising from assets transferred from customers is recognised in profit or loss when the performance obligations associated with receiving those customer contributions are met. In determining the amount of revenue to be recognised, the fair value of the assets is required to be estimated and the circumstances and nature of the transferred assets, which includes market value and relevant rate-regulated framework governing those assets, are taken into account. Agency fees and Market Support Services Licence fees Agency fees from acting as billing agent and fees for services provided under the Market Support Services Licence are recognised 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. Capital and maintenance works income Revenue from rendering of capital and maintenance service is recognised in proportion to the stage of completion of the contract when the stage of contract completion can be reliably measured. The stage of completion is assessed by reference to surveys of work performed. Where the outcome of capital and maintenance contract cannot be reliably estimated, contract costs are expensed as incurred. Revenue is only recognised to the extent of costs incurred where it is probable that the costs will be recovered. An expected loss is recognised immediately as an expense. 3.19 Leases 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. 34 Singapore Power Limited and its subsidiaries Financial statements Year ended 31 March 2018 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 Where the Group has the use of assets under operating leases, payments made under the leases are recognised in profit or loss on a straight-line basis over the term of the lease. Lease incentives received are recognised in profit or loss as an integral part of the total lease payments made. 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 and amortisation of transaction costs capitalised. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.21 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are reco

SP Group secures district cooling and heating energy management project at Chengdu Future Medical City SUSTAINABILITY Aerial view of the Advanced Medical Achievement Transformation Centre. It occupies about 120,000 sqm (gross floor area) and is at the heart of the Chengdu Future Medical City. Photo from Chengdu Future Medical City Investment Co. Ltd. SP has secured the bid to operate and maintain a district cooling and heating system that will serve the Advanced Medical Achievement Transformation Centre (AMATC) at Chengdu Future Medical City. The Medical City is set to be a world-class healthcare hub in Sichuan, China. The 10-year energy service contract is worth RMB 90 million (approximately S$16.7 million). The system has an installed cooling capacity of 4,800 RT. It will supply chilled and hot water for cooling and heating respectively, as well as steam for sterilisation and humidity control. When operational by end-December 2024, this system will deliver significant energy savings per annum for the AMATC, reducing electricity consumption by 17.5 per cent and natural gas usage by 40 per cent. This translates to an abatement of 880 tonnes of carbon emissions per year. Read more here. - 12 Dec 2024 TAGS DISTRICT COOLING YOU MIGHT BE INTERESTED TO READ SP inks MOU with Wuhou government to develop an integrated energy management project in the Wisdom Valley SP Group and Singapore Land Group strengthen sustainability partnership with more electric vehicle charging facilities SP Group Accelerates Betagro's Clean Energy Transition with Large-Scale Rooftop Solar Deployment