Singapore Institute of Power and Gas Electrical Safety for Distribution Works Course Code: ENO50 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Understand the fundamentals of electrical engineering to comply with relevant Singapore Standards & codes of practice • Understand the effects of shock current on a human body • Observe electrical safety while working safely in and around “live” equipment • Conduct toolbox meetings prior to work commencement • Understand the importance of electrical lockout and tagout procedures in accordance with the company’s Rule • Observe safety when working in the vicinity of overhead and underground cables • Prepare accident report MAIN CONTENTS • Related Statutory Regulation & Electricity Act and their interpretations • Earthing and bonding • Safety precaution to be taken when accessing electrical installations/distribution substations • Safety precaution to be taken when working in the vicinity of “live” apparatus as well as overhead/ underground cables • Accident Reporting • Case Studies and demonstrations METHODOLOGY Lecture and practical session TARGET AUDIENCE Operational staff who are required to carry out distribution related work COURSE DETAILS Duration : 14 hours Mode of Delivery : Face-to-face or Synchronous E-learning Certification : SIPG Certificate of Completion PDU by PE Board : 12 Additional Requirement/s : Not applicable COURSE FEES Full Course Fee : S$1,600 (before GST) For Singapore Citizens/PR/LTVP+* : Not applicable For Singapore Citizens (40 years old and above) : Not applicable Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 Singapore Institute of Power and Gas ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Enhanced subsidy of up to 90% is applicable for Singapore Citizens aged 40 years and above, subject to funding agency’s approval. Note that GST payable will be computed from fee after 70% funding. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323

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

[●insert name of contractor●] Date: [●] [●insert address of contractor●] Co. Registration No.: [●] Your Ref: [●] Our Ref: [●] Dear Sir REQUIREMENTS FOR EARTHWORKS AT [●insert location●] (Site Meeting Date: [●]) 1. We refer to your Notice for Commencement of Earthworks (“NCE”) at the above-mentioned location ("Worksite") dated [●] and note that you will commence earthworks (as defined in Section 2 of the Gas Act (Cap. 116A) (the “Act”)) ("Earthworks") from [●]to [●]. 2. Pursuant to Section 32(3)(a) of the Act, you are required to comply with the following requirements when carrying out the Earthworks: 2.1. Trial Holes 2.1.1. As the gas plan obtained from SP PowerGrid Limited (“SPPG”) (which shows the necessary information on the location of the gas plant (as defined in Section 2 of the Act) ("Gas Plant") and gas pipes (conveying gas in a gas pipeline network as defined in Section 2 of the Act) ("Gas Pipes")) ("SPPG Gas Plans") only indicate the approximate location of Gas Pipes, you shall dig an adequate number of appropriate trial holes by manual means to determine the exact location of medium pressure (“MP”) Gas Pipes and low pressure (“LP”) Gas Pipes prior to the carrying out of any Earthworks. 2.1.2. When working in the vicinity of a MP Gas Pipe or a LP Gas Pipe you shall only use powered mechanical equipment for the initial breaking of the surface layer of hardcore/premix. You shall not use powered mechanical equipment below the surface layer of hard-core/premix and shall only use manual excavation with hand tools. 2.1.3. You shall contact Distribution Pipelines Operations and Maintenance section, SPPG (“DPOM”) if you are unable to locate the MP Gas Pipe and/or the LP Gas Pipe by digging the trial holes. 2.1.4. You shall not dig any trial holes in the vicinity of gas transmission pipeline (as defined in Section 2 of the Act) (“GTP”) without the written consent from Transmission Pipelines Operations and Maintenance section, SPPG (“TPOM”). You shall comply with any additional requirements that may be imposed by SPPG. Page 1 of 10 2.1.5. After the trial holes have been dug, you shall ensure that photographs of the trial holes are taken showing the dimensions of trial holes and their location. You shall make these photographs available to SPPG upon request. 2.2. Marking of Gas Pipes, Engagement of Surveyor and Purchase of Surveyed Drawings 2.2.1. Prior to the carrying out of any Earthworks when working in the vicinity of a GTP, you are required to schedule a meeting with TPOM officers to present the details of the Earthworks to be carried out and to purchase the as-surveyed drawing from the Mapping & Earthworks Administration section, SPPG (“MEA”). 2.2.2. After purchasing the as-surveyed drawing, you shall engage a registered land surveyor to peg out the Gas Pipe positions for GTP and provide adequate and prominent markings to show the Gas Pipe positions. You shall ensure that all Gas Pipe markings are durable and prominent and are not disturbed, removed or tampered with. You shall also ensure that the Gas Pipe markings are reapplied from time to time to ensure that they remain conspicuous. 2.3. Risk Management (For MP & GTP) 2.3.1. You shall assess the impact of carrying out the intended Earthworks on any Gas Plant or Gas Pipe and prepare a report detailing such assessment. 2.3.2. If there are changes to the schedule for the carrying out of the Earthworks or changes in Earthworks work methods, you shall study the implications, review the earlier assessment that had been carried out and promptly notify SPPG in writing if there are any changes to the earlier assessment. 2.3.3. The report of such assessment shall be made available to SPPG on request. Such report shall also be made known to all personnel of all working levels in the team handling the project in which the Earthworks are or are to be carried out ("Project"), including sub-contractors and any third party who are involved in any way with any part of the intended Earthworks. 2.4. Worksite Management 2.4.1. You shall provide a full-time Registered Earthworks Supervisor (“RES”) to monitor the site operations for the entire duration of any Earthworks. You shall ensure that the RES is familiar with these requirements. 2.4.2. You shall ensure that daily site briefings with site workers are conducted (in languages that are understood by all workers) to remind them about the location of the Gas Pipes and the measures to be taken to prevent damage to the Gas Pipes. You Page 2 of 10 shall keep records of such daily briefings (which shall include but are not limited to date and time, venue and person conducting the briefings, contents of briefings and the list of site workers who have attended such briefings). You shall also disallow any site worker who has not attended such briefings from being involved with any part of the intended Earthworks. New staff must be briefed before they start work. 2.4.3. You shall inform Earthworks Surveillance & Patrolling section, SPPG (“ESP”) officers of the identity of the site management / Registered Excavator Operator (“REO”), the proposed methods of carrying out of the Earthworks and/or location of the proposed Earthworks. You shall also inform the ESP officers if there are any changes to the above. 2.4.4. You shall ensure that information on the presence of Gas Pipes in the vicinity of the Worksite and all mitigating measures that can be taken to prevent damage to such Gas Pipes, have been communicated and adhered to by all personnel of all working levels in the Project team, including sub-contractors and any third party who are in any way involved with any part of the intended Earthworks. 2.4.5. SPPG may, from time to time and at its sole discretion, deploy its officers to the Worksite to inspect and monitor the status of your works. Notwithstanding the deployment of SPPG’s officers at the worksite, you shall continue to be responsible for discharging your obligations under this Letter of Requirements (“LRe”) and for the performance of your works. SPPG shall not assume any liability for any noncompliance by you of any such obligation or non-performance of your works. 2.5. Seek Consultation with SPPG: Gas Operations (DPOM and TPOM sections) 2.5.1. You shall contact and consult TPOM and/or DPOM section(s) when the proposed Earthworks are within 5 metres of any GTP and/or 3 metres of any MP Gas Pipes respectively. You shall only carry out any Earthworks within the vicinity of Gas Pipes after seeking advice and obtaining approval from SPPG. 2.5.2. You shall contact DPOM or our 24-hour Customer Service Centre if you find any live or abandoned Gas Pipes in the course of carrying out any Earthworks at the Worksite which have not been shown in the SPPG Gas Plan. 2.5.3. You shall also contact and consult with SPPG in the following circumstances: 2.5.3.1. If it is reasonable to expect that the Earthworks could cause ground vibrations or ground movements; and/or Page 3 of 10 2.5.3.2. If there is a need for Earthworks to be carried out below Gas Pipe slabs. 2.6. Protection of Gas Pipe and Gas Pipe Diversion 2.6.1. You shall take all steps to ascertain the presence of any Gas Pipe within the boundary and/or the vicinity of the Worksite prior to the carrying out of any Earthworks. You shall take all necessary measures and due care to prevent damage to the Gas Pipes. 2.6.2. You shall relocate your intended Earthworks away from any gas pipeline or submit an official request to SPPG to divert out of the Worksite any Gas Pipe that will be affected by the intended Earthworks and bear any and all costs incurred from such diversion. 2.6.3. If the proposed Earthworks involve overcrossing, undercrossing, exposing of, or diversion of Gas Pipes, you shall, prior to the carrying out of any Earthworks: 2.6.3.1. Contact and consult SPPG; 2.6.3.2. Provide SPPG with a detailed work method statement and proposed measures to protect the Gas Pipes; 2.6.3.3. Assess the risk of damage to the Gas Pipes and submit the report of such assessment to SPPG; and 2.6.3.4. Comply with any further and additional requirements that may be imposed by SPPG. 2.6.4. You shall not construct any structure (temporary, permanent, or otherwise) over any Gas Pipe. 2.6.5. You shall not place any heavy equipment or stock pile above any Gas Pipe. 2.6.6. You shall not allow any heavy machinery or vehicular movement above any Gas Pipe. 2.6.7. You shall backfill with quarry dust during reinstatement and do not dump any debris / concrete trash / sharp objects or place any heavy object on top of the Gas Pipe corridor. 2.6.8. You shall ensure proper and adequate shoring and shuttering to prevent soil movement and/or soil subsidence which may affect any Gas Pipe. 2.6.9. You shall carefully select positions for the sinking and driving of earth rod, sheet piling, bore piling, diaphragm walling, installing of reinforced concrete/steel piles by Page 4 of 10 percussion or jack-in method, bore piling casing, installing of ground anchors, pressure grouting, installing of tubes, installing of poles, hand augering, pipe jacking, shoring, soil investigating, bore drilling and horizontal directional drilling, in order to avoid damage to any Gas Pipes. You shall do this by, amongst other things: 2.6.9.1. Referring to the SPPG Gas Plan and digging appropriate trial holes by manual means, to confirm the presence or absence of any Gas Pipe prior to the carrying out of any Earthworks. For trial hole to be dug in the vicinity of GTP, you shall obtain written consent from TPOM. 2.6.9.2. For pipe jacking and horizontal directional drilling, you shall consider additional factors such as loading from the construction plants, ground conditions, bore diameter, possible deviation of the drilling. You shall ensure that there is a minimum clearance of 2m between the path of drilling/boring device and any Gas Pipe that is in the vicinity of the Earthworks. 2.6.10. You shall provide adequate protection to unexposed or reinstated Gas Pipes that are within the work area when carrying out of any Earthworks. 2.6.11. You shall ensure that all surface boxes are accessible at all times and are not covered by tarmac, earth, landscape, equipment, stock pile or any other material. 2.6.12. You shall ensure that no static loads (i.e. loads that do not change in magnitude or position with time) are placed above the surface boxes. 2.6.13. You shall exercise due care and diligence when removing any rock, boulder, wood, metal rod, sharp object or other obstacles which are in the vicinity of Gas Pipes. 2.6.14. You shall ensure that gas free tests are carried out by a competent person along the Gas Pipe route at regular intervals throughout the duration of the Project. You shall not carry out any processes that may be a source of ignition in the vicinity of any Gas Pipes. You shall also take all other necessary mitigating measures to prevent ignition of escaped gas, if any. 2.6.15. You shall ensure that a clearance of at least 5 metres is maintained between the external wall of LP Gas Pipe and any piles and/or diaphragm wall and a clearance of at least 0.3 metres is maintained between the external wall of LP Gas Pipe and other services when working in the vicinity of LP Gas Pipe. You shall also ensure that no services are laid directly on top and parallel to any existing Gas Pipes. 2.6.16. You shall not expose, suspend and/or otherwise interfere with any Gas Pipes, without the written consent of SPPG. Page 5 of 10 2.6.17. You shall stop all Earthworks and call SPPG for advice whenever in doubt. 2.6.18. You shall stop work immediately and report to the 24-hour Customer Service Centre upon any damage or suspected damage to any Gas Pipe (including surface damage without gas escaping) or the discovery of any gas leak. You and/or your workers shall not attempt to repair or modify damaged Gas Pipes. 2.6.19. Damaging a Gas Plant or a Gas Pipe(s) may cause a delay in the completion of the Project as SPPG will need time to investigate and carry out repair work as necessary. Any repair costs may have to be borne by you. 2.6.20. SPPG shall be entitled to ask you to stop work with immediate effect in the event of non-compliance to this LRe. SPPG shall not be liable to you in any way for any losses, claims or damages arising from or in connection with such stop work requests. 2.6.21. You shall comply with any requirements as reasonably prescribed by SPPG in SPPG’s review and endorsement of the relevant method statement and any other documents submitted by you in relation thereto for the Earthworks. 2.7. NCE Submission by Sub-Contractor(s), NCE Extension and Site Meeting 2.7.1. You and/or your representatives shall attend meetings with SPPG officers as and when required. 2.7.2. When working in the vicinity of a GTP or MP Gas Pipe, you shall carry out a site visit jointly with SPPG officers before carrying out any Earthworks specified under the submitted NCE. 2.7.3. In the event that you engage a sub-contractor to carry out any Earthworks within the vicinity of any Gas Pipes, you shall ensure that such sub-contractor submits the appropriate NCE prior to the carrying out of any Earthworks in the vicinity of any Gas Pipes. 2.7.4. If, at any stage of your Project, there is a likelihood that the Earthworks may continue beyond the anticipated completion date and/or beyond the work boundary as declared in the NCE which you have submitted to SPPG, you shall notify SPPG in writing of the new date of completion and/or the new work boundary (as applicable) by submitting a new NCE. 2.7.5. You shall obtain a new SPPG Gas Plan from SPPG prior to submitting the new NCE. Prior to carrying out any Earthworks, you shall consult SPPG to ascertain if there are Page 6 of 10 changes to the gas plans that you possess. In the event there are changes to the gas plans, you shall purchase fresh gas plans from SPPG. 2.8. Powered Mechanical Excavation 2.8.1. You shall engage only a REO to operate a powered mechanical excavator. 2.8.2. You shall ensure that powered mechanical excavation is only used, under the close standing supervision of a full time RES, for the surface layer of hard-core/premix when working near or above any Gas Pipe. 2.8.3. You shall not use a powered mechanical excavator, whether for mechanical excavation or otherwise (irrespective of soil condition), below the surface layer of hard-core/premix when working near or above any Gas Pipe. You shall only use manual excavation with hand tools below the surface layer of hard-core/premix. 2.8.4. You shall not excavate deeper than the PVC warning tape or the top of any Gas Pipe if there is no PVC warning tape. You shall immediately cease all further Earthworks and consult the DPOM for advice on working with the Gas Pipes when exposed Gas Pipes are encountered in the course of carrying out any Earthworks. 2.9. Pressure Grouting Works 2.9.1. You shall ascertain the alignment of Gas Pipes within the grouting influence zone prior to the carrying out of any Earthworks. 2.9.2. You shall use the necessary ground instrumentations to monitor the effect of the grouting works and ensure that adequate protective measures are provided to protect any Gas Pipes within the grouting influence zone. 2.10. Permit-to-Work (“PTW”) and Records 2.10.1. You shall implement a PTW system to monitor and ensure that all Earthworks are properly tracked and controlled if such Earthworks are to be carried out in the vicinity of GTP and MP Gas Pipes. Under the PTW system, such Earthworks shall be approved by the manager of the Project or his authorised deputy. You shall periodically audit the PTW system for its effectiveness. 2.10.2. You shall display prominently and make available the most up to date NCE, SPPG Gas Plans and these requirements at the Worksite where the proposed Earthworks are to be carried out. Page 7 of 10 2.10.3. You shall keep progressive records (Photographs / Movement Chart) of the Earthworks that have been carried out including, but not limited to, work schedules and location of trial holes. 3. Notes: 3.1. These requirements are applicable to all persons who carry out any Earthworks and strict compliance is required, unless otherwise permitted in writing by SPPG. Please consult the relevant SPPG section, if necessary. 3.2. The approximate locations of the Gas Pipes are shown in the SPPG Gas Plan. The respective operating pressure regime of the Gas Pipes is indicated against the Gas Pipelines as shown in the SPPG Gas Plan. The default pressure regime (when there is no indication of pressure regime) is low pressure. Other LP Gas Pipes are indicated as “LPA” and “LPB” in the SPPG Gas Plan. 3.3. In the low pressure distribution network, there are valves, syphons and standpipes which are indicated as “V”, “SY” and “SP” respectively. 3.4. You shall take note of the presence of standpipes and/or valve stems that are encased in a PVC pipe and accessible from surface boxes installed at ground level and not damage such fittings or cover. 3.5. The requirements stated above are not exhaustive. Additional requirements may be issued from time to time by SPPG. These additional requirements, together with the requirements in this letter, shall form the full list of requirements that must be complied with at all times. You are advised to carry out all necessary assessments and take all necessary precautions to prevent damage to any existing Gas Plant and/or Gas Pipe. 3.6. Pursuant to Section 32(3)(a) of the Act, it shall be the duty of the person who commences or carries out, or causes or permits the commencement or carrying out of, any Earthworks to comply with the reasonable requirements of SPPG for the prevention of damage to a Gas Plant or Gas Pipe. Pursuant to Section 32(7) of the Act, any person who contravenes Section 32(3)(a) shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $100,000 or to imprisonment for a term not exceeding 5 years or both. Further, Section 32A(1) of the Act provides that any person who, removes, destroys or damages any Gas Plant or Gas Pipe which is part of a Gas Pipeline Network owned by, or under the management or control of, SPPG, shall be guilty of an offence and shall be liable on conviction to a fine not exceeding $1 million or to imprisonment for a term not exceeding 5 years or to both. 3.7. Damaging a Gas Plant or a Gas Pipe may also cause fatalities or severe injuries to personnel as well as damage to property. Page 8 of 10 3.8. Should you require any further clarification, please contact Follow up officer at [●] and/or the respective sections of SPPG as listed in the table below: SPPG Section Telephone Email TPOM 6916 6136/ 6916 6124 gasenquiry@spgroup.com.sg DPOM 6916 5947/ 6916 5908 gasenquiry@spgroup.com.sg ESP 6916 5119 espsection@spgroup.com.sg MEA 6916 5021/ 6916 5022 mea@spgroup.com.sg 24-hour Customer Service Centre 1800 752 1800 - Yours faithfully, [●] for HEAD OF SECTION EARTHWORKS SURVEILLANCE & PATROLLING SECTION As agent for and on behalf of POWERGAS LTD. To be acknowledged by the contractor who is commencing or carrying out or causing or permitting the commencing or carrying out of any Earthworks Page 9 of 10 Acknowledgement by Contractor: I hereby acknowledge that I am aware of the requirements stated in this letter dated __________________ with NCE no.: _____________________ and I will comply and ensure compliance with the requirements. Name : __________________________________ NRIC/PP No. : _________________________ Company : _____________________________________ ____________________________________ Designation : __________________________________________________________________________ Signature : __________________________________ Date: ________________________________ Page 10 of 10

SPPowerAssets Limited AnnualReport Yearended31March2024 RegistrationNumber:200302108D Directors’ statement SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 We are pleased to submit this annual report to the member of SP PowerAssets Limited (the “Company”) together with the audited financial statements for the financial year ended 31 March 2024. Opinion of the Directors In our opinion, (a) the financial statements set out are drawn up so as to give a true and fair view of the financial position of the Company as at 31 March 2024 and the financial performance, changes in equity and cash flows of the Company for the year ended on that date in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”); and (b) at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due. Directors The directors in office at the date of this statement are as follows: Mr Stanley Huang Tian Guan Mrs Jeanne Cheng Mr Ong Teng Koon Ms Amelia Champion Ms Loong Hui Chee Mr Kenneth Soh Yew Chin Mr Steve Lee Hee Kwang 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 Holdings at beginning of the year Holdings at end of the year Mr Stanley Huang Tian Guan Paragon REIT – units 323,000 323,000 Singapore Airlines Limited 10,000 10,000 SIA Engineering Company Limited 10,000 10,000 Astrea 7 Pte Ltd - 4.125% Class A-1 Secured Bonds due 27 May 2032 (units) 40,000 40,000 CapitaLand China Trust – units 100,000 100,000 1 SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 Name of director and related corporations in which interests (fully paid ordinary shares unless otherwise stated) are held Holdings at beginning of the year Holdings at end of the year Mrs Jeanne Cheng Singapore Telecommunications Limited 11,180 11,180 Singapore Technologies Engineering Ltd 10,000 10,000 Ms Amelia Champion Singapore Telecommunications Limited 1,430 1,430 CapitaLand Investment Limited 5,000 5,000 CapitaLand Integrated Commercial Trust – units 773 773 Paragon REIT – units 3,128 3,128 Mapletree Treasury Services Limited - MAPLSP 3.7% Perpetual Bond call date 12 Aug 2024 − S$250,000 Singapore Airlines Limited - 5.25% Bonds due 21 March 2034 − US$200,000 Ms Loong Hui Chee CapitaLand Ascendas Real Estate Investment Trust – units 14,615 14,615 CapitaLand Ascott Trust – units 159,248 160,388 CapitaLand Investment Limited 21,531 21,531 CapitaLand Integrated Commercial Trust – units 69,043 69,043 Mapletree Treasury Services Limited - 3.95% Perpetual Bond S$250,000 S$250,000 Singapore Airlines Limited 20,669 20,669 Singapore Technologies Engineering Ltd 1,495 1,495 Singapore Telecommunications Limited 117,108 117,108 Temasek Financial (IV) Private Limited - 2.70% T2023 Temasek S$ Bond due 25 October 2023 S$13,000 − Except as disclosed in this statement, no director who held office at the end of the financial year had interests in shares, debentures, warrants or share options of the Company, or of related corporations, either at the beginning of the financial year, or at the end of the financial year. Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose objects are, or one of whose objects is, to enable the directors of the Company to acquire benefits by means of the acquisition of shares or debentures of the Company or any other body corporate. 2 SP PowerAssets Limited Directors’ statement Year ended 31 March 2024 Share options During the financial year, there were: (i) (ii) no options granted by the Company 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. As at the end of the financial year, there were no unissued shares of the Company under option. On behalf of the Board of Directors ──────────────────────── MR STANLEY HUANG TIAN GUAN Chairman ──────────────────────── MS LOONG HUI CHEE Director 28 May 2024 3 Independent Auditor’s Report For the financial year ended 31 March 2024 Independent Auditor’s Report to the Member of SP PowerAssets Limited Report on the Audit of the Financial Statements Opinion We have audited the accompanying financial statements of SP PowerAssets Limited (the “Company”) which comprise the balance sheet as at 31 March 2024, the income statement, statement of comprehensive income, statement of changes in equity and statement of cash flows for the financial year then ended, and notes to the financial statements, including a summary of material accounting policy information. In our opinion, the accompanying financial statements of the Company are properly drawn up in accordance with the provisions of the Companies Act 1967 (the “Act”) and Singapore Financial Reporting Standards (International) (“SFRS(I)”) so as to give a true and fair view of the financial position of the Company as at 31 March 2024 and of the financial performance, changes in equity and cash flows 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 Company 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. Key Audit Matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial statements of the current period. These matters were addressed in the context of our audit of the financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters. For the matter below, our description of how our audit addressed the matter is provided in that context. 4 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 We have fulfilled our responsibilities described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report, including in relation to the matter. Accordingly, our audit included the performance of procedures designed to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matter below, provide the basis for our audit opinion on the accompanying financial statements. Goodwill impairment review The Company has recorded an asset of $2,166.8 million which represents goodwill on the acquisition of the transmission business as discussed in Note 6. The goodwill balance is reviewed annually for impairment based on fair value which is determined by discounting expected future cash flows as discussed in Note 6. The assessment of fair value requires significant management judgement in establishing future cash flows, the terminal value and the discount rate. Our audit procedures included assessing the key assumptions used in arriving at the fair value, including the terminal value, forecast future cash flows, and the discount rate. In performing our audit procedures, we assessed the reasonableness of cash flow projections by assessing the reliability of management’s budgeting process, the Company’s own historical data and performance and the market and economic conditions prevailing at the reporting date. In relation to other key inputs, such as the terminal value and discount rate, we compared these inputs to externally available industry, economic and financial data. We further reviewed the adequacy of the disclosure in the financial statements in Note 6 of the financial statements. Other Information Management is responsible for other information. The other information comprises the directors’ statement. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. Responsibilities of Management and Directors for the Financial Statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the provisions of the Act and SFRS(I), and for devising and maintaining a system of internal accounting controls sufficient to provide a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and to maintain accountability of assets. In preparing the financial statements, management is responsible for assessing the Company’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 Company or to cease operations, or has no realistic alternative but to do so. The directors’ responsibilities include overseeing the Company’s financial reporting process. 5 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 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 Company’s internal control. - Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. - Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’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 Company 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. 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. We also provide the directors with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards. 6 SP PowerAssets Limited Independent auditor’s report Year ended 31 March 2024 From the matters communicated with the directors, we determine those matters that were of most significance in the audit of the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication. 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 have been properly kept in accordance with the provisions of the Act. The engagement partner on the audit resulting in this independent auditor’s report is Philip Ling Soon Hwa. Ernst & Young LLP Public Accountants and Chartered Accountants Singapore 28 May 2024 7 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Balance sheet As at 31 March 2024 Note 2024 $ million 2023 $ million Non-current assets Property, plant and equipment 4 11,128.5 10,758.5 Intangible assets 6 2,177.2 2,171.0 Derivative assets 7 52.6 139.3 13,358.3 13,068.8 Current assets Inventories 8 31.4 37.3 Trade and other receivables 9 402.9 346.3 Derivative assets 7 27.7 0.4 Cash and cash equivalents 10 # 0.1 462.0 384.1 Total assets 13,820.3 13,452.9 Regulatory deferral accounts (“RDA”) debit balances 11 80.0 214.3 Total assets and RDA debit balances 13,900.3 13,667.2 Equity Share capital 12 2,512.4 2,512.4 Hedging reserve 13 47.5 93.1 Accumulated profits 2,828.5 2,694.6 Total equity 5,388.4 5,300.1 Non-current liabilities Debt obligations 14 2,068.7 2,281.2 Derivative liabilities 7 208.2 299.6 Deferred tax liabilities 15 1,474.9 1,469.4 Deferred income 16 115.9 124.9 Deferred construction cost compensation 17 256.2 256.2 Lease liabilities 5 0.2 4.2 4,124.1 4,435.5 Current liabilities Debt obligations 14 199.5 − Derivative liabilities 7 99.5 2.5 Current tax payable 119.3 82.0 Trade and other payables 18 3,952.0 3,807.1 Lease liabilities 5 3.9 3.6 4,374.2 3,895.2 Total liabilities 8,498.3 8,330.7 Total equity and liabilities 13,886.7 13,630.8 Regulatory deferral accounts (“RDA”) related deferred tax liabilities 11 13.6 36.4 Total equity, liabilities and RDA related deferred tax liabilities 13,900.3 13,667.2 # Less than $0.1 million The accompanying notes form an integral part of these financial statements. 8 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Income statement Year ended 31 March 2024 Note 2024 2023 $ million $ million Revenue 19 1,960.7 1,721.6 Other income 20 80.0 88.2 Expenses - Depreciation of property, plant and equipment 4 (670.2) (661.6) - Amortisation of intangible assets 6 (1.1) (0.9) - Maintenance (122.1) (107.0) - Management fees (159.8) (159.3) - Property taxes (60.9) (50.8) - Agency fee (30.4) (28.9) - Support services (36.5) (33.8) - Other operating expenses (61.4) (59.4) Operating profit 898.3 708.1 Finance income 21 0.3 0.3 Finance costs 22 (147.6) (146.1) Profit before taxation 751.0 562.3 Tax expense 23 (134.6) (104.3) Profit for the year 24 616.4 458.0 Net movement in RDA balances related to profit or loss and the related deferred tax movement 11 (111.5) 4.4 Profit for the year and net movement in RDA balances 504.9 462.4 The accompanying notes form an integral part of these financial statements. 9 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of comprehensive income Year ended 31 March 2024 2024 $ million 2023 $ million Profit for the year and net movement in RDA balances 504.9 462.4 Other comprehensive income Items that are or may be reclassified subsequently to profit or loss: Effective portion of changes in fair value of cash flow hedges, net of tax 22.4 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax (69.7) (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax 1.7 1.4 Other comprehensive income for the year, net of tax (45.6) 11.5 Total comprehensive income for the year 459.3 473.9 The accompanying notes form an integral part of these financial statements. 10 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of changes in equity Year ended 31 March 2024 Note Share Capital $ million Hedging reserve $ million Accumulated profits $ million Total equity $ million At 1 April 2022 2,512.4 81.6 2,595.4 5,189.4 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 462.4 462.4 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 53.3 − 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (43.2) − (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.4 − 1.4 Total other comprehensive income − 11.5 − 11.5 Total comprehensive income for the year − 11.5 462.4 473.9 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (363.2) (363.2) At 31 March 2023 2,512.4 93.1 2,694.6 5,300.1 The accompanying notes form an integral part of these financial statements. 11 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of changes in equity Year ended 31 March 2024 (cont'd) Note Share capital $ million Hedging reserve $ million Accumulated profits $ million Total Equity $ million At 1 April 2023 2,512.4 93.1 2,694.6 5,300.1 Total comprehensive income for the year Profit for the year and net movement in RDA balances − − 504.9 504.9 Other comprehensive income Effective portion of changes in fair value of cash flow hedges, net of tax − 22.4 − 22.4 Net change in fair value of: - Cash flow hedges reclassified to profit or loss, net of tax − (69.7) − (69.7) - Cash flow hedges on recognition of the hedged items on balance sheet, net of tax − 1.7 − 1.7 Total other comprehensive income − (45.6) − (45.6) Total comprehensive income for the year − (45.6) 504.9 459.3 Transaction with owner, recognised directly in equity Contributions by and distribution to owner Dividends declared 29 − − (371.0) (371.0) At 31 March 2024 2,512.4 47.5 2,828.5 5,388.4 The accompanying notes form an integral part of these financial statements. 12 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Statement of cash flows Year ended 31 March 2024 Note 2024 $ million 2023 $ million Cash flows from operating activities Profit for the year and net movement in RDA balances 504.9 462.4 Adjustments for: Tax expense 23 134.6 104.3 Depreciation and amortisation 4,6 671.3 662.5 Loss/(gain) on disposal of property, plant and equipment and intangible assets 24 0.1 (0.8) Deferred income 16 (9.0) (9.1) Inventories written down, net 8 9.6 6.0 Write-back of allowance for expected credit loss on trade receivables, net 9 (1.4) (2.0) Finance income 21 (0.3) (0.3) Finance costs 22 147.6 146.1 Exchange (gain)/loss, net 24 (1.2) 0.6 Net movements in RDA balances related to profit or loss and the related deferred tax movement 11 111.5 (4.4) 1,567.7 1,365.3 Changes in working capital: Inventories (3.7) (8.5) Trade and other receivables (61.9) (3.6) Trade and other payables (41.7) 35.5 Funding for regulatory accounts 11 − 14.2 Cash generated from operations 1,460.4 1,402.9 Interest received 0.3 0.3 Income tax paid (82.4) (50.6) Net cash generated from operating activities 1,378.3 1,352.6 Cash flows from investing activities Purchase of property, plant and equipment (975.5) (798.5) Purchase of intangible assets (7.2) (2.6) Proceeds from disposal of property, plant and equipment and intangible assets 5.2 7.2 Net cash used in investing activities (977.5) (793.9) Cash flows from financing activities Interest paid (39.8) (47.5) Repayment of bond − (723.8) (Repayment of)/proceeds from related company loans (357.5) 215.9 Payment of principal portion of lease liabilities 5 (3.6) (3.4) Net cash used in financing activities (400.9) (558.8) Net decrease in cash and cash equivalents (0.1) (0.1) Cash and cash equivalents at beginning of the year 0.1 0.2 Cash and cash equivalents at end of the year 10 # 0.1 # Less than $0.1 million During the financial year, tax-exempt dividend declared to the immediate holding company in relation to the financial year ended 31 March 2023 of $371.0 million (2023: $363.2 million) were settled via loans from a related company. The accompanying notes form an integral part of these financial statements. 13 SP PowerAssets Limited Financial statements Year ended 31 March 2024 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 28 May 2024. 1 Domicile and activities SP PowerAssets 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 principal activities of the Company are those relating to the provision of services in connection with the transmission and distribution of electricity. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited respectively. Both companies are incorporated in the Republic of Singapore. 2 Basis of preparation 2.1 Statement of compliance The financial statements have been prepared in accordance with the Singapore Financial Reporting Standards (International) (“SFRS(I)”). 2.2 Basis of measurement The financial statements have been prepared on the historical cost basis except as disclosed in the accounting policies set out below. 2.3 Functional and presentation currency The 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 SFRS(I) requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. The estimates and associated assumptions are based on historical experience and various other factors that are believed to be reasonable under the circumstances, the results of which form the basis of making judgements about carrying amounts of assets and liabilities that are not readily apparent from other sources. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. 14 SP PowerAssets Limited Financial statements Year ended 31 March 2024 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: Impairment of goodwill and indefinite-lived intangible assets Impairment reviews in respect of goodwill and intangible assets are performed at least annually. More regular reviews are performed if changes in circumstances or the occurrence of events indicate potential impairment. The Company uses the present value of future cash flows to determine the recoverable amounts of the cash generating units. 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. Details of key assumptions made are set out in Note 6. Regulatory deferral accounts Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes (as set out in Note 3.13) and revenue earned for regulatory purposes. Revenue earned for regulatory purposes is estimated based on the revenue allowed by the Energy Market Authority (“EMA”) (in accordance with the price regulation framework), taking into consideration the services rendered and volume of electricity delivered to consumers. Note 3.11 sets out the accounting policy for regulatory deferral accounts. 2.5 Changes in accounting policies Adoption of new and revised SFRS(I)s and Interpretation to SFRS(I) The accounting policies adopted are consistent with those of the previous financial year except that in the current financial year, the Company has adopted all the new and revised standards which are effective for annual financial periods beginning on or after 1 April 2023. Other than the below, the application of the amendments to accounting standards and interpretations did not have a material effect on the financial statements. New accounting standards and amendments The Company has applied the following SFRS(I)s, amendments to and interpretations of SFRS(I) for the first time for the annual period beginning on 1 April 2023: Deferred tax related to assets and liabilities arising from a single transaction The Company has adopted Amendments to SFRS(I)1-12: Deferred Tax related to Assets and Liabilities arising from a Single Transaction from 1 April 2023. The amendments narrow the scope of the initial recognition exemption to exclude transactions that give rise to equal and offsetting temporary differences – e.g. leases The Company previously accounted for deferred tax on leases by applying the ‘integrally linked’ approach, resulting in a similar outcome as under the amendments, except that the deferred tax asset or liability was recognised on a net basis. Following the amendments, the Company has recognised a separate deferred tax asset in relation to its lease liabilities and a deferred tax liability in relation to its right-of-use assets. However, there was no impact on the balance sheets because the balances qualify for offset under paragraph 74 of SFRS(I) 1-12. There was also no impact on the opening retained earnings as at 1 April 2023 as a result of the change. The key impact for the Company relates to disclosure of the deferred tax assets and liabilities recognised in Note 15. 15 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3 Material accounting policy information 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 Company, which addresses changes in accounting policies due to the adoption of new and revised standards. 3.1 Foreign currencies Foreign currency transactions Transactions in foreign currencies are translated to the functional currency of the Company at the exchange rate at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the reporting date are translated to the functional currency 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 translated to the functional currency at the exchange rate prevailing on the date which the fair value was determined. Non-monetary items in a foreign currency that are measured in terms of historical cost are translated using the exchange rate at the date of the transaction. Foreign currency differences arising on translation are recognised in profit or loss, except for differences arising on the translation of qualifying cash flow hedges, which are recognised in other comprehensive income. 3.2 Property, plant and equipment Recognition and measurement Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment losses. Cost includes expenditure that is directly attributable to the acquisition of the asset. The cost of self-constructed assets includes the cost of materials and direct labour, any other costs directly attributable to bringing the asset to a working condition for their intended use, the costs of dismantling and removing the items and restoring the site on which they are located and capitalised borrowing cost. Capitalisation of borrowing costs will cease when the asset is ready for its intended use. Cost may also include transfers from equity of any gain or loss on qualifying cash flow hedges of foreign currency purchases of property, plant and equipment. Purchased software that is integral to the functionality of the related equipment is capitalised as part of that equipment. When parts of an item of property, plant and equipment have different useful lives, they are accounted for as separate items (major components) of property, plant and equipment. The gain or loss on disposal of an item of property, plant and equipment is determined by comparing the proceeds from disposal with the carrying amount of property, plant and equipment, and is recognised net within other income/other operating expenses in profit or loss. 16 SP PowerAssets Limited Financial statements Year ended 31 March 2024 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 Company, 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. Freehold land and construction-in-progress are not depreciated. The estimated useful lives for the current and comparative periods are as follows: Leasehold land Over the term of the lease ranging from 20 to 99 years Buildings and tunnels 30 to 40 years or the lease term, if shorter Transformers and switchgear 30 years Other plant and machinery - Works and other equipment 3 to 10 years - Standby electricity generator and other machinery 15 to 30 years Mains 30 years Other fixed assets (principally meters and motor vehicles) 3 to 10 years Depreciation methods, useful lives and residual values are reviewed at each financial year end and adjusted if appropriate. 3.3 Intangible assets Goodwill Goodwill arising from acquisition represents the excess of the cost of acquisition over the fair value of identifiable net assets acquired. Subsequent measurement Goodwill is measured at cost less accumulated impairment losses and is tested for impairment on an annual basis as described in Note 3.5. 17 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Other intangible assets Deferred expenditure relates mainly to contributions paid by the Company in accordance with regulatory requirements towards capital expenditure costs incurred by electricity generation companies, 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 Company derives benefits from the capital contribution payments, which is generally the useful life of the relevant equipment ranging from 7 to 23 years. Computer 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 years. Computer software development in-progress is stated at cost. No amortisation is provided until it is ready for use. 3.4 Financial instruments Non-derivative financial assets Initial recognition and measurement Financial assets are recognised when, and only when the entity becomes party to the contractual provisions of the instruments. At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. Transaction costs of financial assets carried at fair value through profit or loss are expensed in profit or loss. Trade receivables are measured at the amount of consideration to which the Company expects to be entitled in exchange for transferring promised goods or services to a customer, excluding amounts collected on behalf of third party, if the trade receivables do not contain a significant financing component at initial recognition. Subsequent measurement Investments in debt instruments Subsequent measurement of debt instruments depends on the Company’s business model for managing the asset and the contractual cash flow characteristics of the asset. Financial assets that are held for the collection of contractual cash flows where those cash flows represent solely payments of principal and interest are measured at amortised cost. Financial assets are measured at amortised cost using the effective interest method, less impairment. Gains and losses are recognised in profit or loss when the assets are derecognised or impaired, and through the amortisation process. Derecognition The Company derecognises a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. 18 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Cash and cash equivalents Cash and cash equivalents comprise cash balances and bank deposits. Non-derivative financial liabilities Initial recognition and measurement Financial liabilities are recognised when, and only when, the Company becomes a party to the contractual provisions of the financial instrument. The Company determines the classification of its financial liabilities at initial recognition. All financial liabilities are recognised initially at fair value plus in the case of financial liabilities not at fair value through profit or loss, directly attributable transaction costs. For financial liabilities at fair value through profit or loss, directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent measurement After initial recognition, financial liabilities that are not carried at fair value through profit or loss are subsequently measured at amortised cost using the effective interest method. Gains and losses are recognised in profit or loss when the liabilities are derecognised, and through the amortisation process. Financial liabilities at fair value through profit or loss are measured at fair value and net gains and losses, including any interest expense, are recognised in profit or loss. Derecognition A financial liability is derecognised when the obligation under the liability is discharged or cancelled or expires. On derecognition, the difference between the carrying amounts and the consideration paid is recognised in profit or loss. Offsetting Financial assets and liabilities are offset and the net amount presented on the balance sheet when, and only when, the Company has a legal right to offset the amounts and intends either to settle on a net basis or to realise the asset and settle the liability simultaneously. The rights of offset must not be contingent on a future event and must be enforceable in the event of bankruptcy or insolvency of all the counterparties to the contract. Ordinary shares Ordinary shares are classified as equity. Incremental costs directly attributable to the issue of ordinary shares are recognised as a deduction from equity, net of any tax effects. Derivative financial instruments and hedge accounting The Company holds derivative financial instruments to hedge its foreign currency and interest rate risk exposures. Embedded derivatives are separated from the host contract and accounted for separately if the host contract is not a financial asset and certain criteria are met. Derivatives are initially measured at fair value and any directly attributable transaction costs are recognised in profit or loss as incurred. Subsequent to initial recognition, derivatives are measured at fair value, and changes therein are generally recognised in profit or loss. 19 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The Company designates certain derivatives and non-derivative financial instruments as hedging instruments in qualifying hedging relationships. At inception of designated hedging relationships, the Company documents the risk management objective and strategy for undertaking the hedge. The Company also documents the economic relationship between the hedged item and the hedging instrument, including whether the changes in cash flows of the hedged item and hedging instrument are expected to offset each other. The Company applies hedge accounting for certain hedging relationships which qualify for hedge accounting. For the purpose of hedge accounting, hedges are classified as: • cash flow hedges when hedging exposure to variability in cash flows that is either attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction or the foreign currency risk in an unrecognised firm commitment; or • fair value hedges when hedging the exposure to changes in fair value of a recognised asset or liability or an unrecognised firm commitment Cash flow hedges When a derivative is designated as the hedging instrument in a hedge of the variability in cash flows attributable to a particular risk associated with a recognised asset or liability or a highly probable forecast transaction that could affect profit or loss, the effective portion of changes in the fair value of the derivative is recognised in other comprehensive income and presented in the hedging reserve in equity. Any ineffective portion of changes in the fair value of the derivative is recognised immediately in profit or loss. When the hedged item is a non-financial asset, the amount accumulated in equity is included in the carrying amount of the asset when the asset is recognised. In other cases, the amount accumulated in equity is reclassified to profit and loss in the same period that the hedged item affects profit or loss. If the hedging instrument no longer meets the criteria for hedge accounting, expires or is sold, terminated or exercised, or the designation is revoked, then hedge accounting is discontinued prospectively. When a cash flow hedge is discontinued, the cumulative gain or loss previously recognised in other comprehensive income will remain in the cash flow hedge reserve until the future cash flows occur if the hedged future cash flows are still expected to occur or reclassified to profit or loss immediately if the hedged future cash flows are no longer expected to occur. Fair value hedges Changes in the fair value of a derivative hedging instrument designated as a fair value hedge are recognised in profit or loss. The hedged item is adjusted to reflect changes in its fair value in respect of the risk being hedged; the gain or loss attributable to the hedged risk is recognised in profit or loss with an adjustment to the carrying amount of the hedged item. Hedges directly affected by interest rate benchmark reform Phase 2 amendments: Replacement of interest rates – when there is no longer uncertainty arising from interest rate benchmark reform (policy applicable for financial year ended 31 March 2023) 20 SP PowerAssets Limited Financial statements Year ended 31 March 2024 When the basis for determining the contractual cash flows of the hedged item or the hedging instrument changes as a result of interest rate benchmark reform and therefore there is no longer uncertainty arising about the cash flows of the hedged item or the hedging instrument, the Company amends the hedged documentation of that hedging relationship to reflect the change(s) required by interest rate benchmark reform. A change in the basis for determining the contractual cash flows is required by interest rate benchmark reform if the following conditions are met: • the change is necessary as a direct consequence of the reform; and • the new basis for determining the contractual cash flow is economically equivalent to the previous basis – i.e. the basis immediately before the change. For this purpose, the hedge designation is amended only to make one or more of the following changes: • designating an alternative benchmark rate as the hedged risk; • updating the description of hedged item, including the description of the designated portion of the cash flows or fair value being hedged; or • updating the description of the hedging instrument. The Company amends the description of the hedging instrument only if the following conditions are met: • it makes a change required by interest rate benchmark reform by changing the basis for determining the contractual cash flows of the hedging instrument or using another approach that is economically equivalent to changing the basis for determining the contractual cash flows of the original hedging instrument; and • the original hedging instrument is not derecognised. The Company amends the formal hedge documentation by the end of the reporting period during which a change required by interest rate benchmark reform is made to the hedged risk, hedged item or hedging instrument. These amendments in the formal hedge documentation do not constitute the discontinuation of the hedging relationship or the designation of a new hedging relationship. If changes are made in addition to those changes required by interest rate benchmark reform described above, then the Company first considers whether those additional changes result in the discontinuation of the hedge accounting relationship. If the additional changes do not result in discontinuation of the hedge accounting relationship, then the Company amends the formal hedge documentation for changes required by interest rate benchmark reform as mentioned above. When the interest rate benchmark on which the hedged future cash flows had been based is changed as required by interest rate benchmark reform, for the purpose of determining whether the hedged future cash flows are expected to occur, the Company deems that the hedging reserve recognised in other comprehensive income for the hedging relationship is based on the alternative benchmark rate on which the hedged future cash flows will be based. 21 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.5 Impairment Non-derivative financial assets The Company recognises an allowance for expected credit losses (“ECLs”) for all debt instruments not held at fair value through profit or loss and financial guarantee contracts. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. The expected cash flows will include cash flows from the sale of collateral held or other credit enhancements that are integral to the contractual terms. ECLs are recognised in two stages. For credit exposures for which there has not been a significant increase in credit risk since initial recognition, ECLs are provided for credit losses that result from default events that are possible within the next 12-months (a 12-month ECL). For those credit exposures for which there has been a significant increase in credit risk since initial recognition, a loss allowance is recognised for credit losses expected over the remaining life of the exposure, irrespective of timing of the default (a lifetime ECL). For trade receivables and contract assets, the Company applies a simplified approach in calculating ECLs. Therefore, the Company does not track changes in credit risk, but instead recognises a loss allowance based on lifetime ECLs at each reporting date. The Company has established a provision matrix that is based on its historical credit loss experience, adjusted for forward-looking factors specific to the debtors and the economic environment. The Company considers a financial asset potentially in default when contractual payments are 180 days past due. However, in certain cases, the Company may also consider a financial asset to be in default when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts in full before taking into account any credit enhancements held by the Company. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. Non-financial assets The carrying amounts of the Company’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 amount is 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. 22 SP PowerAssets Limited Financial statements Year ended 31 March 2024 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. 3.6 Accrued revenue Revenue accrual estimates are made to account for the unbilled amount at the reporting date. 3.7 Provisions A provision is recognised if, as a result of past event, the Company 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. 3.8 Government grants Capital grants are 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 grants are presented within other income and are taken to profit or loss on a systematic basis in the same periods in which the expenses are incurred. 3.9 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 3.8 sets out the government grant accounting policy. 3.10 Deferred income Deferred income comprises (i) government grant for the purchase of depreciable assets and (ii) contributions made by certain customers towards the cost of capital projects received prior to 1 July 2009. Government grants and customer contributions Deferred income is recognised on a straight-line basis and taken to profit or loss over the periods necessary to match the depreciation of the assets purchased with the government grants and customers’ contribution. 23 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.11 Regulatory deferral account (“RDA”) debit or credit balances Use of system charges Regulatory deferral account debit or credit balances represent timing differences between revenue recognised for financial reporting purposes and revenue earned for regulatory purposes. Movements in the regulatory deferral account debit or credit balances are recognised in profit or loss over the periods necessary to adjust revenue recognised for financial reporting purposes to revenue earned for regulatory purposes based on services rendered. At the end of each regulatory period, adjustments for amounts to be recovered or refunded are taken to profit or loss as net movement in regulatory deferral account balances. 3.12 Price regulation and licence The Company’s operations in Singapore are regulated under the Electricity Licence for Transmission Licensee issued by the EMA of Singapore. Allowed revenue to be earned from the transmission of electricity is regulated based on certain formulae and parameters set out in the licence, relevant acts and codes. Revenue recognised for financial reporting purposes may differ from revenue earned for regulatory purposes 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 net movement in regulatory deferral account debit or credit balances in the income statement in the period in which the Company becomes entitled to the recovery or liable for the refund. The Company’s capital expenditure may differ from its regulatory plan and is subject to a review by the EMA. The results of the variances in capital expenditure may be translated into price adjustments, if any, in the following reset period. The use of system charges are approved by the EMA for a 5-year regulatory period in accordance with the price regulation framework. 3.13 Revenue recognition Revenue is measured based on the consideration to which the Company expects to be entitled in exchange for transferring promised services to a customer, excluding amounts collected on behalf of third parties. Revenue is recognised when the Company satisfies a performance obligation by transferring the promised service to the customer, which is when the customer obtains control of the service. A performance obligation may be satisfied at a point in time or over time. The amount of revenue recognised is the amount allocated to the satisfied performance obligation. Use of system charges Revenue for financial reporting purposes is recognised over time based on tariff billings to customers when the volume of electricity is delivered. 24 SP PowerAssets Limited Financial statements Year ended 31 March 2024 3.14 Leases The Company assesses at contract inception whether a contract is, or contains, a lease. That is, if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. As lessor Leases in which the Company 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. As lessee The Company applies a single recognition and measurement approach for all leases, except for short-term leases and leases of low-value assets. The Company recognises lease liabilities to make lease payments and right-of-use assets representing the right to use the underlying assets. (i) Right-of-use assets The Company recognises right-of-use assets at the commencement or on modification date of the lease (i.e., the date the underlying asset is available for use). Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Right-of-use assets are depreciated on a straight-line basis over the shorter of the lease term and the estimated useful lives of the assets. If ownership of the leased asset transfers to the Company at the end of the lease term or the cost reflects the exercise of a purchase option, depreciation is calculated using the estimated useful life of the asset. The right-of-use assets are also subject to impairment. Refer to Note 3.5 for the accounting policy. (ii) Lease liabilities At the commencement date of the lease, the Company recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating the lease, if the lease term reflects the Company exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses (unless they are incurred to produce inventories) in the period in which the event or condition that triggers the payment occurs. 25 SP PowerAssets Limited Financial statements Year ended 31 March 2024 In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date because the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset. (iii) Short-term leases The Company applies the short-term lease recognition exemption to its short-term leases of leasehold land (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). Lease payments on short-term leases are recognised as expense on a straight-line basis over the lease term. 3.15 Finance income and costs Finance income comprises interest income on funds invested. Interest income is recognised as it accrues, using the effective interest method. Finance costs comprise interest expense on borrowings, unwinding of the discount on provisions, fair value gains or losses on financial assets and liabilities at fair value through profit or loss, impairment losses recognised on financial assets (other than trade receivables), gains or losses on hedging instruments that are recognised in profit or loss, amortisation of transaction costs capitalised and interest expense on lease liabilities. Borrowing costs that are not directly attributable to the acquisition, construction or production of a qualifying asset are recognised in profit or loss using the effective interest method. 3.16 Tax expense Tax expense comprises current and deferred tax. Current and deferred taxes are recognised in profit or loss except to the extent that it relates to items recognised directly in equity or in the other comprehensive income. Current tax is the expected tax payable or receivable on the taxable income or loss for the year, using tax rates enacted or substantively enacted at the reporting date, and any adjustment to tax payable in respect of previous years. Deferred tax is recognised in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. Deferred tax is not recognised for: - temporary differences on the initial recognition of assets or liabilities in a transaction that is not a business combination and at the time of the transaction (i) affects neither accounting nor taxable profit or loss and (ii) does not give rise to equal taxable and deductible temporary differences; and - taxable temporary differences arising on the initial recognition of goodwill. 26 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Deferred tax is measured at the tax rates that are expected to be applied to the temporary differences when they reverse, based on the laws that have been enacted or substantively enacted by the reporting date. A deferred tax asset is recognised for unused tax losses, tax credits and deductible temporary differences, to the extent that it is probable that future taxable profits will be available against which they can be utilised. Deferred tax assets are reviewed at each reporting date and are reduced to the extent that it is no longer probable that the related tax benefit will be realised. In determining the amount of current and deferred tax, the Company takes into account the impact of uncertain tax positions and whether additional taxes and interest may be due. The Company believes that its accruals for tax liabilities are adequate for all open tax years based on its assessment of many factors, including interpretations of tax law and prior experience. This assessment relies on estimates and assumptions and may involve a series of judgements about future events. New information may become available that causes the Company to change its judgement regarding the adequacy of existing tax liabilities; such changes to tax liabilities will impact tax expense in the period that such a determination is made. The movement in a deferred tax asset or liability that arises from the temporary differences created as a result of recognising regulatory deferral account balances are presented in the income statement net of the movement in regulatory deferral account balances related to profit or loss. 3.17 Segment reporting The Company determines and presents operating segments based on the information that is provided internally to the chief operating decision maker. The Company has only one operating segment – electricity transmission and distribution, and hence no separate disclosures are made in the financial statements. 3.18 New standards and interpretations not yet adopted A number of new amendments to standards that have been issued but not yet effective have not been early adopted in preparing these financial statements. The following amended standards are not expected to have a significant impact on the Company’s financial statements: • Amendments to SFRS(I) 1-1: Classification of Liabilities as Current or Non-current • Amendments to SFRS(I) 1-1: Non-current Liabilities with Covenants 27 SP PowerAssets Limited Financial statements Year ended 31 March 2024 4 Property, plant and equipment Freehold land Buildings and Leasehold land tunnels Switchgear Transformers Other plant and machinery Mains Other fixed assets Constructionin-progress Total $ million $ million $ million $ million $ million $ million $ million $ million $ million $ million Cost At 1 April 2022 0.3 504.0 1,854.3 3,445.9 1,896.8 503.7 7,454.6 275.0 1,614.9 17,549.5 Additions − − − − − 1.9 − 26.0 743.6 771.5 Lease Modification (Note 5) − − 7.4 − − − − − − 7.4 Disposals − − − (80.0) (28.4) (7.4) (106.7) (10.9) − (233.4) Reclassification − 0.2 17.8 137.5 69.1 123.4 447.7 1.1 (796.8) − At 31 March 2023 0.3 504.2 1,879.5 3,503.4 1,937.5 621.6 7,795.6 291.2 1,561.7 18,095.0 Additions − − − − − 2.9 − 25.6 1,017.0 1,045.5 Disposals − (48.4) (0.3) (61.4) (23.9) (52.1) (3.3) (6.6) − (196.0) Reclassification − 4.5 34.0 100.4 114.1 54.3 323.3 33.8 (664.4) − At 31 March 2024 0.3 460.3 1,913.2 3,542.4 2,027.7 626.7 8,115.6 344.0 1,914.3 18,944.5 Accumulated depreciation At 1 April 2022 − 182.8 744.0 1,844.7 723.2 328.4 2,927.6 151.1 − 6,901.8 Depreciation − 10.0 66.3 156.2 67.4 57.4 266.0 38.3 − 661.6 Disposals − − − (76.8) (25.3) (7.4) (106.8) (10.6) − (226.9) At 31 March 2023 − 192.8 810.3 1,924.1 765.3 378.4 3,086.8 178.8 − 7,336.5 Depreciation − 10.0 70.1 156.0 71.2 55.3 273.8 33.8 − 670.2 Disposals − (48.3) (0.3) (58.2) (22.0) (52.1) (3.3) (6.5) − (190.7) At 31 March 2024 − 154.5 880.1 2,021.9 814.5 381.6 3,357.3 206.1 − 7,816.0 Carrying amounts At 31 March 2023 0.3 311.4 1,069.2 1,579.3 1,172.2 243.2 4,708.8 112.4 1,561.7 10,758.5 At 31 March 2024 0.3 305.8 1,033.1 1,520.5 1,213.2 245.1 4,758.3 137.9 1,914.3 11,128.5 28 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Expenses capitalised The following expenses were capitalised in property, plant and equipment during the year: 2024 $ million 2023 $ million Management fees (staff cost) 96.0 84.9 As at 31 March 2024, property, plant and equipment includes right-of-use assets of $309.8 million (2023: $319.2 million) relating to leasehold land, building and office under leasing arrangements. Details are presented in Note 5. 5 Right-of-use assets/ Lease liabilities Set out below are the carrying amounts of right-of-use assets recognised within property, plant and equipment and the movements during the year: Leasehold land $ million Buildings and tunnels $ million Total $ million At 1 April 2022 321.2 3.8 325.0 Lease modification − 7.4 7.4 Reclassification 0.2 − 0.2 Depreciation (10.0) (3.4) (13.4) At 31 March 2023 311.4 7.8 319.2 Disposals (0.1) − (0.1) Reclassification 4.5 − 4.5 Depreciation (10.0) (3.8) (13.8) At 31 March 2024 305.8 4.0 309.8 Set out below are the carrying amounts of lease liabilities (included under trade and other payables) and the movements during the year: 2024 $ million 2023 $ million At 1 April 7.8 3.8 Lease modification − 7.4 Accretion of interest 0.2 # Payments (3.9) (3.4) At 31 March 4.1 7.8 Current 3.9 3.6 Non-current 0.2 4.2 4.1 7.8 # Less than $0.1 million The maturity analysis of lease liabilities is disclosed in Note 26. 29 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The following are the amounts recognised in profit or loss: 2024 $ million 2023 $ million Depreciation expense of right-of-use assets 13.8 13.4 Interest expense on lease liabilities 0.2 # Expenses relating to short-term leases (included in other operating expenses) 0.4 0.4 14.4 13.8 # Less than $0.1 million The Company had total cash outflow for leases of $4.3 million (2023: $3.8 million) for the financial year ended 31 March 2024. 6 Intangible assets Goodwill on acquisition $ million Deferred expenditure $ million Computer software $ million Computer software development in-progress $ million Total $ million Cost At 1 April 2022 2,166.8 110.9 40.0 0.1 2,317.8 Additions − 1.3 .− 1.3 2.6 At 31 March 2023 2,166.8 112.2 40.0 1.4 2,320.4 Additions − 0.7 .− 6.6 7.3 Disposals − − (0.1) .− (0.1) Reclassifications − − 0.2 (0.2) .− At 31 March 2024 2,166.8 112.9 40.1 7.8 2,327.6 Accumulated amortisation At 1 April 2022 − 109.6 38.9 .− 148.5 Amortisation − 0.4 0.5 .− 0.9 At 31 March 2023 − 110.0 39.4 .− 149.4 Amortisation − 0.6 0.5 .− 1.1 Disposals − − (0.1) .− (0.1) At 31 March 2024 − 110.6 39.8 .− 150.4 Carrying amounts At 31 March 2023 2,166.8 2.2 0.6 1.4 2,171.0 At 31 March 2024 2,166.8 2.3 0.3 7.8 2,177.2 30 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Impairment test for goodwill The Company as a whole is considered a CGU. The recoverable amount of the CGU is based on the higher of fair value less costs to sell and value in use. The recoverable amount of the CGU is determined to be higher than its carrying amount hence no impairment is necessary. Fair value is determined by discounting future cash flows generated from the continuing use of the CGU and is based on the following key assumptions: 1. Cash flows are projected based on a 5-year business plan. 2. Cash flows are discounted using a pre-tax discount rate of 7.04% (2023: 6.89%) per annum that reflects current market assessments of the time value of money and risks specific to the CGU. 3. Terminal value is calculated based on a multiple of 1.3 times (2023: 1.3 times) of the carrying amounts of property, plant and equipment. Expenses capitalised The following expenses were capitalised in intangible assets during the year: 2024 $ million 2023 $ million Management fees (staff cost) 0.3 − 31 SP PowerAssets Limited Financial statements Year ended 31 March 2024 7 Derivative assets and liabilities 2024 2023 Outstanding Outstanding notional amounts $ million Assets $ million Liabilities $ million notional amounts $ million Assets $ million Liabilities $ million Current: Cross-currency interest rate swaps 229.9 .− (95.9) .− .− .− Interest rate swaps 1,188.5 25.9 (0.1) 100.0 .− (0.2) Foreign exchange forwards 218.4 1.8 (3.5) 171.4 0.4 (2.3) 27.7 (99.5) 0.4 (2.5) Non-current: Cross-currency interest rate swaps 1,919.1 .− (198.5) 2,149.1 .− (296.4) Interest rate swaps 1,560.7 52.5 (2.8) 2,749.1 139.2 (2.5) Foreign exchange forwards 72.7 0.1 (6.9) 56.5 0.1 (0.7) 52.6 (208.2) 139.3 (299.6) 32 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Offsetting financial assets and financial liabilities The Company’s derivative transactions are entered into under International Swaps and Derivatives Association (“ISDA”) Master Agreements. The ISDA agreements create a right of set-off of recognised amounts that is enforceable only following an event of default, insolvency or bankruptcy of the Company or the counterparties. As such, these agreements do not meet the criteria for offsetting under SFRS(I) 1-32 Financial Instruments: Presentation. The Company and its counterparties do not intend to settle on a net basis or to realise the assets and settle the liabilities simultaneously but have the right to set off in the case of default and insolvency or bankruptcy. The Company’s financial assets and liabilities subject to an enforceable master netting arrangement that are not otherwise set-off are as follows: Types of financial assets / liabilities Gross amounts of recognised financial assets / liabilities Related amounts not offset in the balance sheet – financial instruments Net amounts $ million $ million $ million 2024 Derivative assets 80.3 (38.1) 42.2 2023 Derivative assets 139.7 (64.0) 75.7 2024 Derivative liabilities 307.7 (38.1) 269.6 2023 Derivative liabilities 302.1 (64.0) 238.1 33 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Hedge Accounting As at 31 March 2024 and 2023, the Company held various types of derivative financial instruments and formally designated a portion of them in cash flow and fair value hedge relationships for accounting purposes, in accordance with the requirements of SFRS(I) 9. The following table summarises the derivative financial instruments in the balance sheet and the effects of hedge accounting on the Company’s financial position and performance. ---- Hedge instrument ---- ------------ Hedged item ----------- Outstanding Carrying amount of Financial statement line Accumulated amount of notional amounts Assets/ (liabilities) assets/ (liabilities) that includes the hedged fair value adjustments $ million $ million $ million item $ million Changes in fair value used for calculating --------------- hedge ineffectiveness ------------- Hedging instrument $ million Hedged Item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2024 Cash flow hedge Interest rate risk – Finance cost 4,473.2 69.4 − − − (63.5) 63.5 − 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 291.1 (8.5) − − − (5.2) 5.2 − CHF/SGD: 1.397 - 1.546 CNY/SGD: 0.186 - 0.193 EUR/SGD: 1.430 - 1.657 JPY/SGD: 0.009 - 0.013 MYR/SGD: 0.280 – 0.330 USD/SGD: 1.272 - 1.382 Up to 2025 Up to 2024 Up to 2028 Up to 2026 Up to 2024 Up to 2028 Fair value hedge Interest rate risk 425.0 (2.4) (423.1) Debt obligations 1.1 (0.9) 0.9 − 6 month Fall Back SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (285.9) (1,845.1) Debt obligations 300.7 (9.4) 14.7 5.3 Refer to footnotes of Note 14 Up to 2027 34 SP PowerAssets Limited Financial statements Year ended 31 March 2024 ------ Hedge instrument --- --------------- Hedged item ---------------- Financial Carrying statement Accumulated Outstanding notional Assets/ amount of assets/ line that includes amount of fair value amounts $ million (liabilities) $ million (liabilities) $ million the hedged item adjustments $ million Changes in fair value used for calculating ------------- hedge ineffectiveness ----------- Hedging instrument $ million Hedged Item $ million Hedge ineffectiveness recognised in profit or loss $ million Hedge rates Maturity (Year) 2023 Cash flow hedge Interest rate risk – Finance cost 4,473.2 119.2 − − .− (43.3) 43.3 .− 0.3900% - 1.3275% Up to 2027 Foreign exchange risk – Refer to Note 26 under Foreign currency risk 227.9 (2.5) − − .− (0.8) 0.8 .− CHF/SGD: 1.397 - 1.524 CNY/SGD: 0.191 - 0.195 EUR/SGD: 1.424 - 1.656 JPY/SGD: 0.010 - 0.013 MYR/SGD: 0.303 USD/SGD: 1.292 - 1.462 Up to 2025 Up to 2023 Up to 2024 Up to 2024 Up to 2023 Up to 2026 Fair value hedge Interest rate risk 525.0 (1.5) (431.6) Debt obligations (7.5) (7.5) 7.6 0.1 6 month SOR/ SORA Up to 2032 Foreign exchange risk 2,149.1 (277.6) (1,849.6) Debt obligations 294.8 (77.3) 75.0 (2.3) Refer to footnotes of Note 14 Up to 2027 35 SP PowerAssets Limited Financial statements Year ended 31 March 2024 8 Inventories 2024 $ million 2023 $ million Cables 22.6 24.3 Transformers 1.8 3.3 Switchgear 5.2 7.6 Spare parts and accessories 1.8 2.1 31.4 37.3 In the financial year ended 31 March 2024, inventories recognised as an expense in the income statement amounted to $3.4 million (2023: $4.3 million). The write-down of inventories to net realisable value amounted to $9.6 million (2023: $6.0 million). The utilization of inventory obsolescence provision upon sale of the inventory items amounted to $0.7 million (2023: $2.2 million). 9 Trade and other receivables 2024 $ million 2023 $ million Trade receivables: - Third parties 113.8 121.4 - Related companies 70.7 52.4 - Immediate holding company − 5.0 184.5 178.8 Impairment loss (0.2) (4.5) 184.3 174.3 Accrued revenue 169.8 126.4 Deposits 0.4 0.4 354.5 301.1 Prepayments 48.4 45.2 402.9 346.3 Trade receivables The average credit term is between 8 to 30 calendar days (2023: between 8 to 30 calendar days). Collateral in the form of bank guarantees and deposits are obtained from counterparties where appropriate. There were no amounts called upon during the year. 36 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The maximum exposure to credit risk for trade receivables at the reporting date by types of customer is as follows: 2024 $ million 2023 $ million Contestable transmission/ distribution customers 138.3 133.6 Non-contestable transmission/ distribution customers 14.0 10.1 Project-based customers 28.5 22.1 Others 3.5 8.5 184.3 174.3 The Company provides for lifetime expected credit losses for all trade receivables using a provision matrix. The provision rates are determined based on the evaluation of collectability and ageing analysis of trade receivables and on the estimation of the management. A considerable amount of estimation is required in assessing the ultimate realisation of these receivables, including the current creditworthiness and the past collection history of each customer. The Company categorises trade receivables for potential write-off on the overdue trade receivables of customers that have failed to make contractual payments for more than 180 days. Where trade receivables have been impaired or written off, the Company continues to engage enforcement activity to attempt to recover the receivable due. Where recoveries are made, these are recognised in profit or loss. The maximum exposure to credit risk for trade receivables by geographic region, relates mainly to Singapore at the reporting date. There is no significant concentration of credit risk of trade receivables. The Company has policies in place to monitor its credit risk. Contractual deposits are collected and sufficient collaterals are obtained to mitigate the risk of financial loss from defaults. The Company’s customers are spread across diverse industries and ongoing credit evaluation is performed on the financial condition of receivables to ensure minimal exposure to bad debts. The ageing of trade receivables at the reporting date is as follows: 2024 $ million 2023 $ million Not past due 177.3 162.9 Past due 0-30 days 2.5 5.1 Past due 31-90 days 0.6 1.6 Past due 91-180 days 1.2 0.8 Past due more than 180 days 2.9 8.4 184.5 178.8 37 SP PowerAssets Limited Financial statements Year ended 31 March 2024 Expected credit losses The movement in allowance for expected credit losses of trade receivables computed based on lifetime ECL are as follows: 2024 $ million 2023 $ million At 1 April 4.5 6.5 Impairment loss recognised 0.2 0.3 Impairment loss utilized (2.9) .− Impairment loss written back (1.6) (2.3) At 31 March 0.2 4.5 Trade and other receivables are denominated predominantly in the functional currency of the Company. 10 Cash and cash equivalents 2024 $ million 2023 $ million Cash at bank and in hand # 0.1 As at reporting date, cash and cash equivalents are denominated in the functional currency of the Company. # Less than $0.1 million 11 Regulatory deferral accounts 2024 $ million 2023 $ million Net movement in RDA balances related to profit or loss (134.3) 5.3 RDA related deferred tax movement 22.8 (0.9) Net movement in RDA balances related to profit or loss and the related deferred tax movement (111.5) 4.4 38 SP PowerAssets Limited Financial statements Year ended 31 March 2024 At 1 April 2023 $ million Net movement in RDA balances related ------------------ to profit or loss ----------------- Balances arising in the period (Recovery)/reversal $ million $ million At 31 March 2024 $ million RDA debit balances Deferral of revenue based on service rendered 274.6 (36.9) (157.0) 80.7 Over recovery of volume variance (60.3) (1.0) 60.6 (0.7) 214.3 (37.9) (96.4) 80.0 RDA related deferred tax liabilities RDA related deferred tax liabilities (36.4) 6.4 16.4 (13.6) At 1 April 2022 $ million Net movement in RDA balances related ---------------- to profit or loss --------------- Balances arising in the period $ million (Recovery)/reversal $ million Net movement in RDA balances related ------ to balance sheet ------ Funding $ million At 31 March 2023 $ million RDA debit balances Deferral of revenue based on service rendered 314.0 52.3 (77.5) (14.2) 274.6 Over recovery of volume variance (90.8) (47.9) 78.4 .− (60.3) 223.2 4.4 0.9 (14.2) 214.3 RDA related deferred tax liabilities RDA related deferred tax liabilities (37.9) (0.7) (0.2) 2.4 (36.4) The recovery/reversal period of RDA debit and credit balances are directed by EMA. The Company is currently the sole electricity transmission and distribution company in Singapore. The EMA may not terminate the Company’s Transmission Licence except by giving 25 years’ notice, or otherwise revoking the Transmission Licence in accordance with the Electricity Act (including where the EMA is satisfied that the Company has gone into compulsory liquidation or voluntary liquidation other than for the purpose of amalgamation or reconstruction, or the public interest or security of Singapore requires). The Company therefore considers the exposure on recovery of regulatory deferral debit balances to be minimal. In 2023, the EMA provided the Company with a funding of $14.2 million to offset the RDA debit balances. 39 SP PowerAssets Limited Financial statements Year ended 31 March 2024 12 Share capital 2024 No. of shares million 2023 No. of shares million Ordinary shares Issued and fully-paid, with no par value At 1 April and 31 March 2,512.4 2,512.4 The holder of ordinary shares is entitled to receive dividends as declared from time to time and is entitled to one vote per share at meetings of the Company. All shares rank equally with regard to the Company’s residual assets. 13 Hedging reserve The hedging reserve comprises the effective portion of the cumulative net change in the fair value of cash flow hedging instruments related to highly probable forecast transactions. 2024 $ million 2023 $ million Hedging reserves At beginning of year 93.1 81.6 Effective portion of changes in fair value of cash flow hedges: - Interest rate risks 28.4 55.4 - Foreign exchange risks (6.0) (2.1) Net change in fair value of cash flow hedges reclassified to profit or loss, net of tax: - Interest rate risks (69.7) (43.2) Net change in fair value of cash flow hedges, on recognition of the hedged items on balance sheet, net of tax: - Foreign exchange risks 1.7 1.4 At end of year 47.5 93.1 40 SP PowerAssets Limited Financial statements Year ended 31 March 2024 14 Debt obligations Principal amount Date of maturity 2024 $ million Fixed rate notes 2023 $ million JPY 15 billion (1) April 2024 123.2 156.8 SGD 75 million May 2024 76.3 84.7 USD 700 million (2) November 2025 905.4 861.9 JPY 7 billion (3) October 2026 59.8 69.6 USD 600 million (4) September 2027 756.8 761.3 SGD 100 million May 2029 98.2 96.8 SGD 250 million September 2032 248.5 250.1 2,268.2 2,281.2 Current 199.5 − Non-current 2,068.7 2,281.2 2,268.2 2,281.2 (1) JPY 15 billion swapped to SGD 230.0 million (2) USD 700 million swapped to SGD 996.0 million (3) JPY 7 billion swapped to SGD 114.7 million (4) USD 600 million swapped to SGD 808.5 million The debt obligations are on bullet repayment terms. Interest rates on debt obligations denominated in Singapore dollars range from 3.40% to 5.07% (2023: 3.40% to 5.07%) per annum. Interest rates on foreign currency debt obligations range from 1.95% to 3.25% (2023: 1.95% to 3.25%) per annum. 41 SP PowerAssets Limited Financial statements Year ended 31 March 2024 A reconciliation of liabilities arising from financing activities is as follows: 2023 -------------- Cash flows-------------- -----------------------------------Non-cash changes----------------------------------- 2024 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current .− .− .− .− .− .− .− .− 199.5 199.5 Non-current 2,281.2 .− .− .− .− 1.1 (14.1) .− (199.5) 2,068.7 Interest payable 8.8 .− .− (38.9) .− .− .− 39.1 * .− 9.0 Loans from a related company Current 3,164.5 .− (357.5) (0.6) 371.0 .− .− 112.0 .− 3,289.4 Lease liabilities Current 3.6 .− (3.6) .− .− .− .− .− 3.9 3.9 Non-current 4.2 .− .− (0.3) .− .− .− 0.2 (3.9) 0.2 5,462.3 .− (361.1) (39.8) 371.0 1.1 (14.1) 151.3 .− 5,570.7 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. 42 SP PowerAssets Limited Financial statements Year ended 31 March 2024 2022 -------------- Cash flows-------------- ------------------------------------Non-cash changes------------------------------------ 2023 Proceeds $ million Repayment $ million Interest paid $ million Additions $ million Foreign exchange movement $ million Changes in fair value $ million Interest $ million Reclassification $ million $ million $ million Debt obligations Current 777.8 − (723.8) .− − (53.5) (0.5) .− .− .− Non-current 2,416.7 − .− .− − (55.1) (80.4) .− .− 2,281.2 Interest payable 9.5 − .− (46.0) − .− .− 45.3 * .− 8.8 Loans from a related company Current 2,490.0 215.9 .− (1.5) 363.2 .− .− 96.9 .− 3,164.5 Lease liabilities Current 3.4 − (3.4) . # − .− .− .− 3.6 3.6 Non-current 0.4 − .− .− 7.4 .− .− .− (3.6) 4.2 5,697.8 215.9 (727.2) (47.5) 370.6 (108.6) (80.9) 142.2 .− 5,462.3 * Comprises interest on debt obligations and net change in fair value of cash flow hedges reclassified from equity as disclosed in Note 22. # Less than $0.1 million 43 SP PowerAssets Limited Financial statements Year ended 31 March 2024 15 Deferred taxation Movements in deferred tax assets and liabilities during the year are as follows: Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) Recognised in profit or loss (Note 23) Recognised in other comprehensive income (Note 23) At 31 March 2022 At 31 March 2023 At 31 March 2024 $ million $ million $ million $ million $ million $ million $ million Deferred tax liabilities *Restated *Restated *Restated Property, plant and equipment (1,447.9) (23.0) .– (1,470.9) (12.4) .– (1,483.3) Right-of-use assets (0.7) (0.7) .– (1.4) 0.7 .– (0.7) Intangible assets (0.4) (0.3) .– (0.7) (0.9) .– (1.6) Hedging reserve (16.8) .– (2.4) (19.2) .– 9.3 (9.9) (1,465.8) (24.0) (2.4) (1,492.2) (12.6) 9.3 (1,495.5) Set off of tax 23.5 22.8 20.6 Net deferred tax liabilities (1,442.3) (1,469.4) (1,474.9) Deferred tax assets Deferred income 22.8 (1.4) .– 21.4 (1.5) .– 19.9 Lease liabilities 0.7 0.7 .– 1.4 (0.7) .– 0.7 23.5 (0.7) .– 22.8 (2.2) .– 20.6 Set off of tax (23.5) (22.8) (20.6) Net deferred tax assets .– .– .– *Refer to Note 2.5 44 SP PowerAssets Limited Financial statements Year ended 31 March 2024 16 Deferred income 2024 $ million 2023 $ million Customers’ contributions 265.9 265.9 Government grant for depreciable assets 0.5 0.5 Accumulated accretion (150.5) (141.5) 115.9 124.9 Movements in accumulated accretion are as follows: At 1 April 141.5 132.4 Accretion for the year 9.0 9.1 At 31 March 150.5 141.5 17 Deferred construction cost compensation 2024 $ million 2023 $ million Deferred construction cost compensation 256.2 256.2 18 Trade and other payables 2024 $ million 2023 $ million Trade payables: - Third parties 64.5 64.0 - Related companies 44.0 35.3 - Immediate holding company 0.3 0.1 Interest payable 9.0 8.8 Deposits received 28.4 80.1 Advance receipts 167.8 185.5 Accrued operating expenditure 103.5 95.9 Accrued capital expenditure 245.1 172.9 Loans from a related company - Loan balances 3,205.6 3,082.4 - Interest payable 83.8 82.1 3,952.0 3,807.1 Payables denominated in currencies other than the Company’s functional currency comprise $7.3 million (2023: $7.8 million) of payables and accruals denominated in United States dollar (“USD”), $Nil (2023: $0.5 million) in Chinese Yuan (“CNY”), $2.2 million (2023: $1.1 million) in Japanese yen (“JPY”), $Nil (2023: $1.0 million) in Euro (“EUR”) and $Nil (2023: $0.9 million) in Malaysian Ringgit (“MYR”). As at 31 March 2024, the loans from a related company are unsecured, repayable on demand and bear interest at rates ranging from 2.37% to 4.22% (2023: 2.37% to 4.19%) per annum. 45 SP PowerAssets Limited Financial statements Year ended 31 March 2024 19 Revenue Revenue comprises use of system charges and the service is transferred over time. Transaction price allocated to remaining performance obligations The Company has applied the practical expedient not to disclose information about its remaining performance obligations as the Company recognises revenue in the amount to which the Company has a right to invoice customers in amounts that correspond directly with the value to the customer of the Company’s performance completed to date. 20 Other income 2024 $ million 2023 $ million Rental income 3.1 2.6 Leasing income 5.5 5.8 Disbursement recoverable jobs 27.0 29.9 Sale of scrap 26.4 24.8 Accretion of deferred income 9.0 9.1 Grant income 2.0 2.9 Others 7.0 13.1 80.0 88.2 21 Finance income 2024 $ million 2023 $ million Interest income receivable/received from banks 0.3 0.3 22 Finance costs 2024 $ million 2023 $ million Interest expense on loans from a related company 112.0 96.9 Interest expense on debt obligations 123.1 97.4 Net change in fair value of cash flow hedges reclassified from equity (84.0) (52.1) Loss/(gain) arising from financial assets/liabilities in a fair value hedge: - hedged items (15.7) (82.6) - hedging instruments 10.4 84.8 Amortisation of capitalised transaction costs 1.6 1.7 Interest expense on lease liabilities 0.2 . # 147.6 146.1 # Less than $0.1 million 46 SP PowerAssets Limited Financial statements Year ended 31 March 2024 23 Tax expense Tax recognised in profit or loss 2024 $ million 2023 $ million Current tax expense Current year 120.4 80.0 Over provision in respect of prior years (0.6) (0.4) 119.8 79.6 Deferred tax expense Origination and reversal of temporary differences 15.1 24.6 (Over)/under provision in respect of prior years (0.3) 0.1 14.8 24.7 Total tax expense 134.6 104.3 Tax recognised in other comprehensive income 2024 Tax 2023 Tax Before tax (expense)/ credit Net of tax Before tax (expense)/ credit Net of tax $ million $ million $ million $ million $ million $ million Effective portion of changes in fair value of cash flow hedges 27.0 (4.6) 22.4 64.2 (10.9) 53.3 Net change in fair value of: - Cash flow hedges reclassified to profit or loss (84.0) 14.3 (69.7) (52.0) 8.8 (43.2) - Cash flow hedges on recognition of the hedged items on balance sheet 2.1 (0.4) 1.7 1.7 (0.3) 1.4 (54.9) 9.3 (45.6) 13.9 (2.4) 11.5 Reconciliation of effective tax rate 2024 $ million 2023 $ million Profit before taxation 751.0 562.3 Tax calculated using Singapore tax rate of 17% (2023: 17%) 127.7 95.6 Non-deductible expenses 9.4 9.2 Non-taxable income (1.6) (0.2) (Over)/under provision in respect of prior years - current tax (0.6) (0.4) - deferred tax (0.3) 0.1 134.6 104.3 47 SP PowerAssets Limited Financial statements Year ended 31 March 2024 24 Profit for the year The following items have been included in arriving at profit for the year: 2024 $ million 2023 $ million Auditors of the Company - Audit fees 0.1 0.1 - Non-audit fees – Audit-related services . # . # Exchange gain/(loss), net 1.2 (0.6) (Loss)/gain on disposal of property, plant and equipment and intangible assets (0.1) 0.8 # Less than $0.1 million 25 Related parties For the purpose of the financial statements, parties are considered to be related to the Company if the Company has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operating decisions, or vice versa, or where the Company and the party are subject to common control or common significant influence. Related parties may be individuals or other entities. The immediate and ultimate holding companies are Singapore Power Limited and Temasek Holdings (Private) Limited (“Temasek”) respectively. These companies are incorporated in the Republic of Singapore. Temasek is an investment company headquartered in Singapore with a diversified investment portfolio. Accordingly, all the subsidiaries of Temasek are related corporations and are subject to common control. The Company engages in a wide variety of transactions with related corporations in the normal course of business on terms similar to those available to other customers. Such transactions include but are not limited to sales and purchases of power, provision of consultancy and engineering services, leasing of cables and ducts, agency services and financial and banking services. The related party transactions are carried out on terms negotiated between the parties which are intended to reflect competitive terms. All electricity supplied to companies in the Temasek group are related party transactions. The Temasek group has extensive interests in a large number of companies. As the Company’s rates for electricity transmission and distribution are based on tariffs approved by the EMA, the Company has concluded that it is not meaningful to present information relating to such revenue. Other than as disclosed elsewhere in the financial statements, transactions with related parties are as follows: 48 SP PowerAssets Limited Financial statements Year ended 31 March 2024 2024 $ million 2023 $ million Related companies - management fee expenses (256.1) (244.1) - maintenance expenses (11.7) (3.4) - agency fee expenses (30.4) (28.9) - support service expenses (1.8) (1.7) - service expenses, including leases (5.2) (6.8) - leasing income 5.5 5.8 - service income 1.4 1.0 - trustee fee income 0.4 0.4 Immediate holding company - maintenance expenses (20.0) (18.1) - support service expenses (34.7) (32.1) 26 Financial risk management The Company’s activities expose it to foreign currency, interest rate, credit and liquidity risks which arise in the normal course of business. Generally, the Company’s overall objective is to manage and minimise exposure to such risks. The Company adopts the risk management policies and guidelines established by its immediate holding company, Singapore Power Limited, and has established processes for monitoring compliances with such policies. The Company uses forward foreign currency exchange contracts, interest rate swaps and cross currency interest rate swaps to manage its exposure to foreign currency and interest rate risks respectively. The Company does not enter into or trade financial instruments, including derivative financial instruments, for speculative purposes. The material financial risks associated with the Company’s activities are each described below, together with details of the Company’s policies for managing the risks. Foreign currency risk The Company is exposed to foreign currency risks from borrowing activities, purchase, supply and installation contracts, and trade creditors which are denominated in a currency other than Singapore dollars. The objective of the Company’s risk management policies is to mitigate foreign exchange risk by utilising various hedging instruments. The Company therefore considers avoidable currency risk exposure to be minimal for the Company. The Company enters into cross-currency interest rate swaps to manage exposures arising from foreign currency borrowings including the United States Dollar (“USD”) and Japanese Yen (“JPY”). Under cross-currency interest rate swaps, the Company agrees to exchange specified foreign currency principal and interest amounts at an agreed future date at a pre-determined exchange rate. Such contracts enable the Company to mitigate the risk of adverse movements in foreign exchange rates. Except where a foreign currency borrowing is taken with the intention of providing a natural hedge by matching the underlying cash flows, all foreign currency borrowings are swapped back to Singapore dollars. For foreign currency swaps that do not meet the requirements of hedge accounting, changes in fair value are recorded in profit or loss. 49 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The Company uses forward foreign currency exchange contracts to substantially hedge foreign currency risk attributable to purchase transactions. The maturities of the forward foreign currency exchange contracts are intended to match the forecasted progress payments of the supply and installation contracts. Whenever necessary, the forward foreign exchange contracts are either rolled over at maturity or translated into foreign currency deposits, whichever is more cost efficient. As at 31 March 2024, the Company has outstanding forward foreign currency exchange contracts with notional amounts of approximately $291.1 million (2023: $227.9 million). The net fair value of forward foreign currency exchange contracts as at 31 March 2024 is $8.5 million net liabilities (2023: $2.5 million net liabilities) comprising assets of $1.9 million (2023: $0.5 million) and liabilities of $10.4 million (2023: $3.0 million). These amounts were recognised as derivative assets and liabilities respectively. Sensitivity analysis for foreign currency risk As at 31 March 2024 and 2023, if the functional currency of the Company had moved against each of the currencies as illustrated in the table below, with all other variables held constant, equity would have been affected as below: Equity (hedging reserve) $ million Judgements of reasonably possible movements - Increase/(decrease) 2024 USD Increase of the SGD by 5 per cent against US Dollar (4.1) Decrease of the SGD by 5 per cent against US Dollar 4.1 EUR Increase of the SGD by 9 per cent against EUR Dollar (5.0) Decrease of the SGD by 9 per cent against EUR Dollar 5.0 JPY Increase of the SGD by 16 per cent against Japanese Yen (11.4) Decrease of the SGD by 16 per cent against Japanese Yen 11.4 2023 USD Increase of the SGD by 5 per cent against US Dollar (5.2) Decrease of the SGD by 5 per cent against US Dollar 5.2 EUR Increase of the SGD by 9 per cent against EUR Dollar (4.3) Decrease of the SGD by 9 per cent against EUR Dollar 4.3 JPY Increase of the SGD by 15 per cent against Japanese Yen (3.5) Decrease of the SGD by 15 per cent against Japanese Yen 3.5 50 SP PowerAssets Limited Financial statements Year ended 31 March 2024 The judgements of reasonably possible movements were determined using statistical analysis of the 90 th percentile of the best and worst expected outcomes having regard to actual historical exchange rate data over the previous five years. Management considers that past movements are a reasonable basis for estimating possible movements in foreign currency exchange rates. Interest rate risk The Company manages its interest rate exposure by maintaining a significant portion of its debt at fixed interest rates. This is done by the (i) issuance of fixed rate debt; (ii) use of interest rate swaps to convert floating rate debt to fixed rate debt; or (iii) use of cross-currency interest rate swaps to convert fixed or floating rate nonfunctional currency denominated debt to fixed rate functional currency denominated debt. The use of derivative financial instruments relates directly to the underlying existing and anticipated indebtedness. Managing interbank offered rates reform and associated risks A fundamental reform of major interest rate benchmarks is being undertaken globally, to replace interbank offered rates (“IBORs”) with alternative nearly risk-free rates (referred to as “IBOR reform”). In the previous year, the Company holds interest rate swaps and cross-currency interest rate swaps indexed to the Singapore Swap Offer Rate (“SOR”) for risk management purposes which are designated in hedging relationships. SOR has ceased publication after 30 June 2023, and it has been replaced by the Singapore Overnight Rate Average (“SORA”) as the alternative interest rate benchmark in Singapore. For cross-currency interest rate swaps and interest rate swaps that extend beyond the anticipated cessation date of SOR, the Company has completed the transition agreement for the affected periods with counterparties in 2022. In addition, appropriate fallback provisions with counterparties are also in place and the Company will rely on the Fallback Rate SOR for transition. As at 31 March 2024, the Company has interest rate and cross-currency swaps with notional amount of $4,898.2 million (2023: $4,998.2 million). The Company classifies these swaps as cash flow and fair value hedges. The net fair value of swaps as at 31 March 2024 is $218.9 million net liabilities (2023: $159.9 million net assets) comprising assets of $78.4 million (2023: $139.2 million) and liabilities of $297.3 million (2023: $299.1 million). These amounts were recognised as derivative assets and liabilities respectively. The Company’s excess funds are principally invested in bank deposits of varying maturities to match its cash flow needs, or deposited with a related company. At the reporting date, if interest rates had moved as illustrated in the table below, with all other variables held constant, profit befo

Change of Ownership/ Tenancy Utilities Account Transfer Form SP SERVICES LTD Contact Log Ref: ________________ (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, SembWaste Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd., Alba W&H Smart City Pte. Ltd. and Tay Waste Recycling Pte. Ltd. in relation to the collection of refuse.) NEW ACCOUNT HOLDER’S PARTICULARS (Co. Registration No. 199504470N) For Application in Personal name: Name of Transferee (Mr/Mrs/Mdm/Ms/Dr):______________________________ (“the Consumer”) Declaration Please check here if you are an undischarged bankrupt. NRIC/FIN (Copy of NRIC/FIN is required):_______________ For the purpose of application for water, gas and electricity only Date of Birth (DDMMYY): __________________________ Bankruptcy Number: _____________________________ For Application in Company name: Name of Company (Transferee): ____________________________________ Co Reg No.: _____________ Co Reg Date: _____________ (“the Consumer”) Contact Person: ______________________________ Principal Activities (I) No.: __________________________________ (As shown on your ACRA Business Profile) DETAILS OF PREMISES a. Premises Address: __________________________________________________________________________________ ________________________________________________________________ S ________________ b. Type of Occupancy: Owner Tenant c. Use of Premises (please refer to the Annex attached): Domestic Non-Domestic (Security Deposit required. Please make cheque payable to SP Services Ltd) d. GST Reg No. & GST Reg Date: _________________________ ____ (DD)_______(MM)_________(YYYY) Only applicable to premises with PV (ie. Photovoltaics) installed WARNING: IT IS AN OFFENCE UNDER THE PUBLIC UTILITIES ACT (CAP 261) TO MAKE ANY FALSE STATEMENT, REPRESENTATION OR DECLARATION IN CONNECTION WITH THE APPLICATION FOR WATER SUPPLIED BY THE PUBLIC UTILITIES BOARD. Utilities Account Number of Transferor (outgoing customer) (A new account number will be given to the transferee upon process of the application) Meter Reading Date DDMMYY (This form is to be submitted within 3 days from the reading date) ELECTRICITY* WATER** GAS (if any) - (Record only the white numbers) (Record only the first five numbers from the left – four black and one red.) (Record only the black numbers) The above meter readings are required to facilitate the billing of both transferor and transferee utilities accounts. Invalid readings will be rejected. *I/We acknowledge that I/we am/are required to engage a licensed electrical worker (LEW) to inspect and test my electrical installation if I have made any alteration or rewiring to it. Thereafter, the LEW will lodge a copy of Certificate of Compliance (CoC) together with this application to SPGroup to check my electrical installation if the electrical installation is exempted from an Electrical Installation Licence. **I/We acknowledge that I/we am/are required to engage a licensed plumber (LP) to submit the notification for water service installation (WSI) work if I have made any addition or alteration to existing piping. Upon completion, please submit this form with the following documents: a. Copy of NRIC/ FIN card of transferee In addition to (a), the following documents are required for Commercial accounts: b. Copy of Business/ Company Registration Certificate c. Proof of ownership/ Tenancy agreement d. Letter of authorisation (required if signatory is not a Director according to ACRA listing) e. Initial security deposit (please visit www.spgroup.com.sg for more details) Note: This form is not applicable for master accounts, accounts starting with “930”, electricity supply above 45kVA for non-domestic accounts and temporary supply of utilities. For payment of deposit via cheque, please make the cheque payable to SP Services Ltd. For Gas Turn-on /Installation, please call City Energy Pte. Ltd. (as Trustee of City Energy Trust) at 1800-555 1661 for an appointment. Installation and Termination of gas supply fees apply. You need not call if the gas supply for the previous occupant is connected. 1. I/We agree that each application for a utility, when accepted, will constitute a binding contract between myself/ourselves and PUB / SP Services Ltd / City Energy Pte. Ltd. (as Trustee of City Energy Trust) / Veolia ES Singapore Pte Ltd / Colex Environmental Pte Ltd / SembWaste Pte Ltd / 800 Super Waste Management Pte Ltd / TEE Environmental Pte. Ltd. / Alba W&H Smart City Pte. Ltd. and/or Tay Waste Recycling Pte. Ltd. (as the case may be) and I/we agree that such contract shall be separate and independent from each other and shall be separately enforceable. 2. In the event that I/we make an application for gas at a later date, I/we agree to be bound by the terms and conditions for supply of gas set out in Part III overleaf and such other terms and conditions which City Energy Pte. Ltd. (as Trustee of City Energy Trust) may, at its absolute discretion, notify and impose. I/We understand that nothing herein shall be constructed as an offer by City Energy Pte. Ltd. (as Trustee of City Energy Trust) to supply gas to me / us and that City Energy Pte. Ltd. (as Trustee of City Energy Trust) has the absolute discretion to reject my application for gas supply for any reason. 3. I/We acknowledge and agree that SP Services Ltd reserves the right to transfer any amounts due and owing arising from my/ our previous/ closed account to an existing/ new account belonging to me/ us. 4. I/We agree to be bound by the terms and conditions specified by each supplier as set out in Part I (Water Supply) / Part II (Electricity Supply) / Part III (Gas Supply) / Part IV (Collection of Refuse) overleaf. 5. I/We acknowledge and agree that PUB, SP Services Ltd, City Energy Pte. Ltd. (as Trustee of City Energy Trust), Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, SembWaste Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd., Alba W&H Smart City Pte. Ltd. and/or Tay Waste Recycling Pte. Ltd. (as the case may be) may collect, use and disclose to any third party and all particulars relating to my/our personal information, in accordance with the Personal Data Protection Act 2012 and SP Group’s data protection policy (available at SP Group’s website https://www.spgroup.com.sg/personal-data-protection-policy), for the purposes of (i) providing the requested services; (ii) billing and account management (including debt collection or recovery); (iii) conducting surveys or obtaining feedback; (iv) informing me / us of their or their related entities’ and business affiliates’ services and offers (unless I/we duly inform you otherwise); and (v) complying with all applicable laws and regulations, and business requirements. 6. If I/we am/are (or subsequently become) GST-registered, I/we agree that I/we will not issue any tax invoice for electricity sold to SP Services Ltd but hereby authorize SP Services Ltd to issue tax invoices on my/our behalf. I/We further agree that where SP Services Ltd issues any tax invoice(s) on my behalf in respect of any taxable supplies that I/we provide, SP Services Ltd shall be entitled to charge GST at the prevailing rate as at the date on which such taxable supplies are provided. 7. I/We will notify SP Services Ltd in writing immediately if there is any change to my/our GST status, including without limitation if my/our GST registration is cancelled; I/we am/are not currently GST-registered but subsequently become GST-registered; I/We am/are issued with a new GST registration number, etc. Walk-in: 490 Lor 6 Toa Payoh #09-11 HDB Hub Biz Three Lift Lobby 1 Singapore 310490 Hotline: 1800-2222333 Website: www.spgroup.com.sg Version 3.5 / 03 / 23 SP SERVICES LTD (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, SembWaste Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd., Alba W&H Smart City Pte. Ltd. and Tay Waste Recycling Pte. Ltd. in relation to the collection of refuse.) PART I Terms and Conditions of the Contract for the Supply of Water by the PUB 1 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 If the water meter does not in the opinion of PUB correctly register the amount of water supplied to the Premises, PUB shall be entitled to charge such sum as it shall assess and the Consumer shall accept such assessment as final and conclusive. 5 The Consumer shall pay for the water supplied to the Premises at the appropriate water tariff according to the use of the Premises. The Consumer shall notify PUB of the change of use of the Premises within 7 days of such change. 6 The Consumer shall pay a fee on every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 7 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer, or at such rate as may be gazetted by PUB from time to time. 8 PUB shall not be liable for any failure or inconsistency in the water supply to the Premises whatsoever and howsoever caused. 9 The Consumer’s attention is drawn to its duties and obligations in the Public Utilities Act (Cap 261) and the Public Utilities (Water Supply) Regulations, as amended from time to time. PART II Terms and Conditions of the Contract for the Supply of Electricity by SP Services Ltd ("SP Services") 1 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 If the electricity meter does not in the opinion of SP Services correctly register the amount of electricity supplied to the Premises, SP Services shall be entitled to charge such sum as it shall assess. 5 The Consumer shall pay for the electricity supplied to the Premises at such rates of electricity tariffs for the appropriate category of consumer as is fixed by SP Services from time to time. 6 The Consumer shall pay a fee, as is fixed by SP Services from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 7 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 8 SP Services shall not be liable for any failure or defect in the supply of electricity to the Premises whatsoever and howsoever caused. PART III Terms and Conditions of the Contract for the Supply of Gas by City Energy Pte. Ltd. (as Trustee of City Energy Trust) ("City Energy") 1 City Energy has appointed SP Services Ltd to be its agent for the opening and termination of this gas supply account, and the billing, collection and settlement of all charges under this account. 2 The Consumer shall pay an initial deposit and maintain it at an amount not less than one and a half times the monthly charges. For non-Singaporeans and nonpermanent residents an amount not less than 3 times the monthly charges. 3 The Consumer shall accept liability for this account. 4 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 5 If the gas meter does not in the opinion of City Energy correctly register the amount of gas supplied to the Premises, City Energy shall be entitled to charge such sum as it shall assess. 6 The Consumer shall pay for the gas supplied to the Premises at such rates of gas tariffs for the appropriate category of consumer as is fixed by City Energy from time to time. The Consumer shall notify SP Services Ltd of the change of use of the Premises within 7 days of such change. 7 The Consumer shall pay a fee, as is fixed by City Energy from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 8 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 9 City Energy shall not be liable for any failure or defect in the supply of gas to the Premises whatsoever and howsoever caused. PART IV Terms and Conditions of the Contract for the Collection of Refuse by either Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, SembWaste Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd., Alba W&H Smart City Pte. Ltd. and Tay Waste Recycling Pte. Ltd. (collectively referred to as “Refuse Collection Companies”) 1 The Refuse Collection Companies have appointed SP Services Ltd to be their agent for the opening and termination of this refuse collection account, and the billing, collection and settlement of all charges under this account. 2 The Consumer shall accept liability for this account. 3 Either party may give 4 working days' notice in writing to the other party to terminate this agreement. 4 The Consumer shall pay for the refuse collection service performed at the Premises at such rates for the appropriate category of consumer as is fixed by the National Environment Agency from time to time or at such rates determined between the Consumer and the relevant Refuse Collection Company where the Premises do not fall under the Public Waste Collection Scheme and the refuse collection is contracted privately. The Consumer shall notify SP Services Ltd of the change of use of the Premises within 7 days of such change. 5 The Consumer shall pay a fee, as is fixed by the Refuse Collection Companies from time to time, for every reminder issued to the Consumer for failure to make payment in accordance with a bill sent to the Consumer. 6 The Consumer shall pay a late payment charge of 1% on any outstanding amount owed by the Consumer. 7 The Refuse Collection Companies shall not be liable for any failure or defect in the collection of refuse at the Premises whatsoever and howsoever caused. Name: NRIC/FIN: Tel No: E-mail Address: ______________________________________________ Signature of Transferor (Co Stamp if applicable) (Outgoing Customer) Mailing Address: (if different from premises) Name: _______________________________________________ Signature of Transferee (Co Stamp if applicable) (Incoming Customer) NRIC/FIN (Copy of NRIC/FIN is required): For the purpose of application for water, gas and electricity only Tel No: E-mail Address: If you're an e-bill user, your e-bill will be sent to your existing e-services email address Mailing Address: (if different from premises) For Official Use Utility A/C No: ___________________________ Application Collected by: _________________________ Deposit to be billed: $ _______________ Date of Application received: _________________ Appt Date and Time Scheduled: ____________________ Request for GIRO Form � Yes � No Remark: _____________________________________________ Walk-in: 490 Lor 6 Toa Payoh #09-11 HDB Hub Biz Three Lift Lobby 1 Singapore 310490 Hotline: 1800-2222333 Website: www.spgroup.com.sg Version 3.5 / 03 / 23 SP SERVICES LTD (Acting for itself and as agent for and on behalf of PUB and City Energy Pte. Ltd. (as Trustee of City Energy Trust) for the supply of utilities, and as agent for Veolia ES Singapore Pte Ltd, Colex Environmental Pte Ltd, SembWaste Pte Ltd, 800 Super Waste Management Pte Ltd, TEE Environmental Pte. Ltd., Alba W&H Smart City Pte. Ltd. and Tay Waste Recycling Pte. Ltd. in relation to the collection of refuse.) Annex Use of Premises Domestic Use Non Domestic Use For premises where water supplied are used exclusively for residential purposes including staff housing. - HDB flat - Private apartment - Landed houses - Condominium For premises which is used for the purposes of or in connection with any trade, business or profession. - Hotel - Service apartment - Boarding house - Hostel - School - Place of worship - Mess - Dormitory - Child care centre - Office building - Bin Centre - Car park - Eating Establishments - Construction Site - Shopping Mall - Hawker Centre - Industrial - Shophouses - Community Centre - Office - Medical Facilities - Sports and Recreation Walk-in: 490 Lor 6 Toa Payoh #09-11 HDB Hub Biz Three Lift Lobby 1 Singapore 310490 Hotline: 1800-2222333 Website: www.spgroup.com.sg Version 3.5 / 03 / 23

即 时 新 加 坡 新 能 源 集 团 获 泰 国 首 个 区 域 供 冷 项 目 王 思 颖 发 布 /2023 年 9 月 25 日 11:37 AM 新 加 坡 能 源 集 团 和 Banpu NEXT 通 过 合 资 企 业 BNSP Smart Tech 获 得 泰 国 曼 谷 首 个 区 域 供 冷 项 目 , 项 目 将 为 泰 国 政 府 综 合 大 楼 C 区 每 年 节 省 约 157 万 新 元 的 电 费 。( 新 加 坡 能 源 集 团 提 供 ) 字 体 大 小 : 小 中 大 新 加 坡 能 源 集 团 (SP Group) 和 Banpu NEXT 通 过 合 资 企 业 BNSP Smart Tech 获 得 泰 国 曼 谷 首 个 区 域 供 冷 项 目 。 双 方 星 期 一 (9 月 25 日 ) 联 合 发 布 文 告 透 露 上 述 信 息 。Banpu NEXT 是 泰 国 能 源 公 司 Banpu PCL 旗 下 子 公 司 , 是 亚 太 地 区 领 先 智 能 能 源 方 案 提 供 商 。 这 个 项 目 将 为 泰 国 政 府 综 合 大 楼 C 区 每 年 节 省 约 4000 万 泰 铢 ( 约 157 万 新 元 ) 的 电 费 、 可 节 约 20% 能 源 , 并 减 少 达 3000 吨 的 碳 排 放 。 项 目 明 年 完 成 后 , 能 力 可 达 1 万 4000 冷 冻 吨 , 为 总 面 积 66 万 平 方 公 尺 的 政 府 综 合 大 楼 C 区 提 供 可 持 续 的 冷 却 服 务 。 新 加 坡 能 源 集 团 总 裁 黄 天 源 说 , 这 标 志 着 集 团 在 泰 国 区 域 供 冷 市 场 的 首 次 成 功 , 集 团 致 力 于 提 供 全 面 的 可 持 续 能 源 方 案 , 助 泰 国 实 现 净 零 目 标 。 Banpu NEXT 首 席 执 行 官 翁 库 索 尔 基 (Sinon Vongkusolkit) 说 , 这 个 战 略 合 作 通 过 优 化 能 源 效 率 和 实 现 实 时 监 控 , 加 强 公 司 的 能 源 管 理 业 务 。

SP Energy HubAnnual ReportReliabilitySustainabilityInnovation The Doctor Is In: Grid Health Checks Prevent Issues RELIABILITY Reading the “pulse” of network equipment, Senior Engineer Dr Lai Kai Xian can tell whether insulation material within the equipment may be breaking down. Like any good physician, Dr Lai Kai Xian is skilled in being able to look, listen and feel. The key difference is that his patient is Singapore’s electricity network, and he diagnoses the grid’s health conditions and fixes these even before they become problems. The 35-year-old electrical engineer is one of eight specialists in the SP Group’s Condition Monitoring team who keeps a close eye on the 11,000 substations and over 28,000km of cables that make up the grid. They are supported by 44 technical officers and technicians who conduct regular health screenings of all equipment on the network, and recommend deeper investigations or treatment when necessary.  Condition Monitoring Senior Engineer Dr Lai Kai Xian uses devices that require various senses – hearing, sight and touch – to assess equipment health, much like a medical doctor. Technicians take the network’s temperature using thermal guns, and listen for abnormal sounds using sensors coupled with headsets that make high frequency sounds audible. Special probes listen for the “pulse” of the equipment, and normal sounds need to be distinguished from ones that could indicate a potential problem. Sounds called transient earth voltage signals could point to internal voids in liquid, air or solid insulation material that are wrapped around cables. These kinds of “partial discharge” summon more varied equipment to pinpoint the source of an abnormality, and allow for early intervention. “These markers tell you where more investigation is needed or where problems could potentially lie so they can be solved before they get any bigger,” explains Dr Lai. He had focused his PhD studies on condition monitoring, and thanks his parents for the opportunity to have done so in Australia. SeniorEngineer Dr Lai Kai Xian (left) with his parents (right) at the 2010 University of New South Wales graduation ceremony. He was awarded a Doctor of Philosophy in Electrical Engineering. Like any emergency room, the most critical cases are attended to first, and more tests can be ordered to make a more accurate diagnosis. It can sometimes make for an intense work day, he concedes. But until his first child arrives in October, the grid is his baby – indeed his personal hobbies include reading technical articles about power systems and new technologies. Condition monitoring affords the grid an additional layer of insurance over scheduled maintenance, making it even more reliable, says Dr Lai. According to Dr Lai, an average of 70 potential problems have been avoided each year over the last five years. And unlike scheduled maintenance work which may require a piece of equipment to be taken out of service to be checked, repaired, or replaced, this pre-emptive approach is non-invasive, requiring no shutdowns. In the long run, keeping the health of a piece of equipment in check also means it lasts longer, he says. More companies are now catching on to these benefits, says Dr Lai, adding that he had trouble finding a job specifically in condition monitoring until he joined SP, a big believer in “preventive medicine”. Online monitoring is also continuously leveraged by SP for the larger 400kV and 230kV substations that make up Singapore’s transmission network, with sensors transmitting real-time data to Dr Lai’s lab. New technologies that can make the grid more robust are also regularly assessed, adds Dr Lai, also a “doctor-on-call” for casual queries from other departments, thanks to friendships forged with colleagues through weekly badminton sessions. Getting to the root of the problem is one of the things he relishes most about his role in SP’s network reliability, especially since diagnosis can be as much of an art as a science, and prompts spirited debates. “You need to be able to look beyond the obvious with data. Every single case is different, requiring both tools and thinking. That is the challenge that I love.” — 13 June 2019 TAGS PEOPLE OF SPRELIABILITY YOU MIGHT BE INTERESTED TO READ SP Group hosts energy leaders at the 25th AESIEAP CEO Conference in Singapore 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.

SP Group donates S$1m to Community Chest � THU, JUN 24, 2021 - 5:50 AM | UPDATED THU, JUN 24, 2021 - 5:50 AM SAMANTHA HEO � samheo@sph.com.sg Above: Shari ah Dayana and Andri Panusunan Sagala with their sons, three-year-old Rumi (2nd from left) and one-year old Aria. PHOTO: SP GROUP Singapore SP GROUP (SP) donated S$1 million to Community Chest to kickstart an initiative supporting children from low-income families on Wednesd The initiative, called SP Kids at Heart, will bene t about 2,000 KidSTART children for a year and provide them with educational tools, books a Mohd Hassan Marican, chairman of SP said: "We are expanding our community outreach to help children, who are the future of Singapore." The initiative will complement SP's existing programmes for seniors through the SP Heartware Fund. "Through SP Kids at Heart, we can give them the best possible start in their formative years," he added. Community Chest which will also put the donation towards other electronic devices such as Internet routers and tablets in these learning an development packs. SP said in a press release that it will provide additional grocery vouchers, nancial assistance packages, and other tools and equipment that create more conducive home learning environments for bene ciaries. Minister for Social and Family Development, Masagos Zulki i, said: "SP has shown us how corporates can play their part in building a society opportunities together even amid a pandemic." Mr Masagos is also the chairman of the Growing Together with KidSTART Council. SP will tap into its pool of sta volunteers, known as SP Heart Workers, to assemble, deliver and install the packages for families. They will also produce instructional videos, or engage in on-site activities with bene ciaries when social restrictions lift. SP GROUP CSR

LICENSED ELECTRICAL TECHNICIAN PREPARATORY PROGRAMME (Programme Code: ENO33) LEARNING OUTCOMES The Licensed Electrical Technician Preparatory Programme will equip participants with the necessary theoretical foundation and practical application skills to carry out the work of a Licensed Electrical Technician. PRE-REQUISITES Applicants are required to have: o At least 5 years as a Practicing Licensed Electrician; or o Diploma in Electrical Power Engineering from Singapore Polytechnic or Ngee Ann Polytechnic, and at least 1 year of relevant hands-on experience after attainment of diploma (only required to complete the practical modules by SIPG) --- The programme is optional for applicants with: o Diploma in Electrical Power Engineering from Singapore Polytechnic or Ngee Ann Polytechnic, and o At least 2 years of relevant hands-on experience in electrical works after attainment of diploma --- Priority will be given to Licensed Electricians with 5 years of relevant hands-on experience. PROGRAMME CONTENTS Theoretical Foundation Conducted by Singapore Polytechnic/Ngee Ann Polytechnic No. Description Hours Total Module 1: Electrical Circuit Theory and Analysis 1.1 Basic Circuit Theory 3 1.2 AC Theory 13 1.3 Three Phase AC Circuits 12 1.4 Written Assessment 1 2 2 Module 2: Distribution System and Protection 2.1 Power Generation, Transmission and Distribution System 3 2.2 Fault calculation 5 2.3 Circuit Switching and Switchgears 3.5 2.4 Protection 7 2.5 Distribution Transformers 3 2.6 Cables and Wiring Systems 3 2.7 Substation Earthing and System Earthing 1.5 2.8 Testing and Commissioning 2 2.9 Written Assessment 2 2 2 28 28 Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 1 V13_042024 No. Description Hours Total Module 3: Electrical System Design 3.1 Electricity Distribution System & Related Regulations 6 3.2 Characteristics and Selection of Protective Devices 9 3.3 Design of Residential Electrical Installation 9 3.4 Design of Industrial and Commercial Electrical Installation 6.5 3.5 Standby Generators 3 3.6 Inspection and Testing 3 3.7 Temporary Electrical installation 6 3.8 Earthing System 1.5 3.9 Grid-connected PV System 9 3.10 EV Charging System 3 3.11 Written Assessment 3 2 2 Module 4: Electrical Machines and Control 4.1 Single-phase and Three Phase Transformers 2.5 4.2 Induction and DC Motors 3 4.3 Synchronous Motors & Generators 3 4.4 Semiconductor Devices for Motor Control 3 4.5 DC & AC Drives 5 4.6 Motor Starters 4.5 4.7 Written Assessment 4 2 2 Practical Application Conducted by Singapore Institute of Power and Gas 2 56 21 Total 141 No. Description Hours Total Module 5: Safety and Connection Requirements 5.1 Safety & Licensing Requirements 7 5.2 The Supply Connection Process 3.5 11 5.3 Assessment 0.5 Module 6: Commercial and Industrial Low Voltage Installation 6.1 Design for Commercial and Industrial Low Voltage Installation 14 6.2 Distribution Switchboard Maintenance for Commercial and Industrial Low Voltage Installation 7 22 6.3 Assessment 1 Module 7: Testing Methods 7.1 Inspection & Testing of Installations up to 500 kVA 14 7.2 Commissioning of Switchboard up to 500kVA 7 22 7.3 Assessment 1 Module 8: HV Switching Operations and Procedures 8.1 Protection Scheme 3.5 8.2 Operation and Maintenance of Distribution Transformer 3.5 8.3 Switching Operations and Procedures 3.5 11 8.4 Assessment 0.5 Total 66 ASSESSMENT For modules conducted by SP/NP, a written assessment will be conducted upon completion of each module. For modules conducted by SIPG, a practical assessment will be conducted upon completion of each module. V13_042024 PROGRAMME TIMING The programme will be conducted during weekday evenings (6.30pm – 10.00pm) and Saturdays (8.30am – 6.00pm). CERTIFICATE Participants who have successfully pass all theoretical and practical modules will be awarded a Certificate of Achievement jointly issued by SIPG and SP/NP. EMA LICENSING COMPETENCY ASSESSMENT The “Certificate of Achievement” is required by EMA for participants without the relevant educational qualification. Participants are required to ensure that they satisfy the relevant work experience and pass the “EMA Licensing Competency Assessment” to qualify for an Electrical Technician’s License. Please refer to EMA website for more information on application for Electrical Technician License: EMA Website PROGRAMME FEE Full Programme (Theoretical Foundation & Practical Applications) Programme Fee Singapore Citizens and Permanent Residents <40 years old Nett Fee after SSG Funding* Singapore Citizens ≥40 years old only Enhanced Training Support for SMEs # Without GST $11,460.00 $3,438.00 $1,146.00 $1,146.00 With 9% GST + $12,491.40 $3747.42 $1455.42 $1455.42 Practical Applications Only Programme Fee Singapore Citizens and Permanent Residents <40 years old Nett Fee after SSG Funding* Singapore Citizens ≥40 years old only Enhanced Training Support for SMEs # Without GST $4,800.00 $1,440.00 $480.00 $480.00 With 9% GST + $5,232.00 $1569.60 $609.60 $609.60 * Subjected to SSG’s approval and changes. + 9% GST applicable for intakes starting from 1 Jan 2024 # For more information on the Enhanced Training Support for Small & Medium Enterprises (SMEs) scheme, please click here. Self-sponsored applicants may use their relevant SkillsFuture Credit (SFC) to offset the programme fee. PROGRAMME SCHEDULE Full Programme Intake: May 2024 (Closed) / Feb 2025 Practical Only Intake: Jun 2024 (Closed) / Apr 2025 (Tentative) Registration closing date: 4 weeks before programme commencement Application will be considered upon submission of completed application form and all necessary supporting documents. SIPG will contact the applicant after confirmation that all admission criteria are met. For enquiries, contact SIPG at training-institute@spgroup.com.sg or 6916 7930 SIPG reserves the rights to amend any details relating to the programme without prior notice. 3 V13_042024 This page is intentionally left blank 4 V13_042024 Registration Form Licensed Electrical Technician Preparatory Programme PART A: PERSONAL PARTICULARS � Self-Sponsored Applicant � Company-Sponsored Applicant ** Full Name (As in NRIC/FIN) ** NRIC/FIN ID Expiry Date (dd/mm/yy) ** Nationality Gender M / F ** Monthly Salary 1 LE License No. (if applicable) Date of Birth (dd/mm/yy) Race: Chinese / Malay / Indian / Others: ___________________ Years of Relevant Experience as LE (if applicable) ** Contact Number Email Address Address (Residential address for self-sponsored applicants) FOR COMPANY-SPONSORED APPLICANTS ONLY Eligibility for Enhanced Training Support for SMEs: Determination will be based on SSG system. Applicant must have continued to receive full salary under the billing company (as below) and CPF entitlements during the entire duration of the funded course. Company Name UEN Company Address Contact Person Designation Contact Number PART B: PRE-REQUISITES Email Address 1. Please indicate your relevant hands-on electrical work experience: Employer Name Position Held Year of Joining Year of Leaving 2. Please indicate your educational qualifications: Qualification Title Name of Institute Year Completed Please attach relevant supporting documents. (Refer to Annex A for the list of supporting documents required.) 1 Salary range: a) Unemployed b) Below $1,000 c) $1,000 - $1,499 d) $1,500 - $1,999 e) $2,000 - $2,499 f) $2,500 - $2,999 g) $3,000 - $3,499 h) $3,500 and above ** Mandatory field 5 V13_042024 PART C: PROGRAMME TYPE Please tick the programme type that ☐ Full Programme - Theoretical Foundation & Practical Applications ☐ Practical Applications only (Applicable only to applicants with Diploma in Electrical Power Engineering from Singapore Polytechnic/Ngee Ann Polytechnic or higher qualifications that are recognised by EMA/PEB.) PART D: PAYMENT Payment is only required after the programme has been scheduled for the applicant and applicant has confirmed his/her availability. An invoice with the final amount (after funding, if any) and the available mode of payment will be sent to the applicant. PART E: DECLARATION By submitting this registration form: - I hereby declare that all information given is true and accurate; - I acknowledge that SIPG shall not be responsible should EMA rejects my application for licensing; and - I agree to the terms and conditions stated below. (i) For Self-Sponsored Application (ii) For Company-Sponsored Application Name: ______________________ Name of Authorised Personnel: _____________________ Signature: ______________________ Signature: _____________________ Company Stamp Date: ______________________ Date: _____________________ PART F: PERSONAL DATA PROTECTION ACT I/We acknowledge and agree that SIPG may collect, use and disclose to any third party any and all particulars relating to my/our personal information for the purposes of (i) providing the requested services in respect of the programme(s), (ii) billing and account management (including debt collection or recovery); (iii) conducting surveys or obtaining feedback; (iv) informing me/us of services and offers by SIPG, its related entities and business affiliates (unless I/we duly inform you otherwise); and (v) complying with all applicable laws and regulations, and business requirements. Name: Signature: Date: TERMS AND CONDITIONS: 1) The company and individual applicant have read and understood the terms of the programme information and registration form. 2) The information collected on this form is used for programme registration, account servicing of programme-related activities and/or for application of programmerelated funding to appropriate funding agencies. 3) This registration form must be submitted to SIPG at least 4 weeks before programme commencement. 4) Payment must be made to SIPG before programme commencement. 5) SIPG reserves the right to amend any details relating to the programme without any prior notice. 6) Request for withdrawal must be made in writing and are subject to approval by SIPG. >5 working days before programme commencement : 100% refund; Less than 5 working days before programme commencement : no refund. 7) Request for transfer/replacement must be made in writing at least 5 working days before programme commencement and is subject to approval by SIPG. SIPG reserves the right to impose an administration fee for such requests. 8) Trainee shall be bound by the terms and conditions of any applicable funding scheme as approved by SIPG. 9) In the event that the trainee fails to meet any of the requirements set under the funding scheme or has been granted funding for the same programme before, thereby resulting that his/her funding application is rejected, the trainee is liable to pay the balance of the full programme fee to SIPG. 10) Photographs of trainees may be taken at the event for SIPG’s marketing materials and other publications. Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 6 V13_042024 ANNEX A: LIST OF SUPPORTING DOCUMENTS REQUIRED Please submit all relevant supporting documents along with the application form via email. Note: SIPG reserves the right to reject any application due to incomplete submission of supporting documents. 1 Company Testimonial Letter (To clearly state the years and job scope of relevant hands-on electrical works experience) 2 Educational Certificates (For non-Licensed Electricians) Highest Qualification (Minimum of Diploma in Electrical Power Engineering from Singapore Polytechnic/Ngee Ann Polytechnic or higher qualifications that are recognised by EMA/PEB) 7 V13_042024

Singapore Institute of Power and Gas Distribution Low Voltage Cable Jointing Proficiency Course Code: ECL15 SFC-Eligible | Course Reference Number: TGS-2022012930 COURSE OBJECTIVES Upon completion of this course, participants will be able to: • Understand the approach of distribution cables jointing • Understand the importance of safety at work • Apply Risk Assessment during site work • Perform LV cable joints, terminations and special joints MAIN CONTENTS Theory • Basic electricity/power system and earthing • Cable laying, construction and rating • General worksite safety in cable jointing work • Types of cable joint material methods and tools Practical • Application of cable jointing • Performing correct cable joints, terminations and special joints • Effective use of cable joint equipment and materials METHODOLOGY Lecture and practical session TARGET AUDIENCE Technical staff who are keen to be proficient in low voltage cable jointing work PRE-REQUISITES • Pass in GCE N/O Level English Language or attain Workplace Literacy (WPL) Proficiency Level 4 in English • At least NITEC in Engineering • No colour deficiency Note: All participants must pass the theory assessment before proceeding to practical sessions. COURSE DETAILS Duration : 126 hours (Theory: 10.5 hours; Practical: 115.5 hours) Mode of Delivery : Face-to-face Certification : SIPG Certificate of Completion PDU by PE Board : 7 Additional Requirement/s : Personal Protection Equipment (PPE) must be worn during practical session. PPE includes: • Safety Shoes • Rubber Gloves • Fire Retardant Clothing (FRC) • Face Shield Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323 Singapore Institute of Power and Gas COURSE FEES Full Course Fee : S$10,000 (before GST) For Singapore Citizens/PR/LTVP+* : S$3,000 (before GST) ADDITIONAL REMARKS • Trainee must attain at least 75% attendance rate and pass the assessment to receive Certificate of Completion and funding grant (if applicable). • Subsidy of up to 70% is applicable for Singapore Citizens, Permanent Residents or Long-Term Visitor Pass Plus (LTVP+) Holders, subject to funding agency’s approval. • Professional Development Unit (PDU) is applicable for Professional Engineers registered under the Professional Engineers (PE) Board only. • All published fees are subject to prevailing GST. CONTACT US For more information, please contact SIPG at +65 6916 7930 or email training-institute@spgroup.com.sg. OTHER SIPG COURSES For more courses, visit our website at: https://www.spgroup.com.sg/about-us/training or Scan the QR code below: Singapore Institute of Power and Gas Pte Ltd UEN: 201427065Z 2 Kallang Sector, Singapore 349277 Ver 4.0_0323