Singapore Power Ltd.

Overview Key strengths Key risks Predictable cash flows underpinned by portfolio of mostly regulated assets. Increasing spending on unregulated businesses in markets with weaker regulatory frameworks. Sole ownership of Singapore's power transmission and distribution (T&D) networks. Earnings and geographical concentration in Singapore, partly mitigated by investments in regulated Australian T&D assets. Significant financial flexibility and headroom over the remaining four years of current five-year regulatory period. In April 2021, the Energy Market Authority (EMA) finalized SP PowerAssets Ltd.'s (SPPA) weighted average cost of capital (WACC) at 5.38%. This is for the remaining four years of SPPA's five-year regulatory period ending March 2025. We expect the regulatory framework with its long track record to continue supporting SingPower's regulated assets. The approved

...Singapore Power Ltd. (SingPower) will have strong cash flow visibility over the next four years with the finalization of the regulatory rate of return. In April 2021, the Energy Market Authority (EMA) finalized SP PowerAssets Ltd.'s (SPPA) weighted average cost of capital (WACC) at 5.38%. This is for the remaining four years of SPPA's five-year regulatory period ending March 2025. We expect the regulatory framework with its long track record to continue supporting SingPower's regulated assets. We have revised upward our assessment of the stand-alone credit profile (SACP) of SingPower to '##-' from ' a+'. The approved WACC is higher than our previous estimate of 5%. The higher returns improve funds from operations (FFO) to debt metrics. We now anticipate...

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