A stable regulatory rate of return and recovery of deferred tariff increase will support Singapore Power Ltd.?s (SingPower) cash flow visibility over the next two years. We expect the established regulatory framework in Singapore to continue to support SingPower's regulated business, which contributes the bulk of the company's revenue. We believe SingPower will collect the outstanding amount within the current regulatory period that ends in fiscal 2025 (ending March 31), given Singapore's strong regulatory mechanism. As of March 2023, the company's aggregated outstanding tariff deferrals stood at Singapore dollar (S$) 438 million. Although there is no published framework on the recovery of such costs in Singapore's regulations, the government's regulations for utilities have a long record of supportive policies. SingPower
