SP Group is a leading energy utilities company in Singapore, providing electricity and gas transmission and distribution services. The company was previously known as Singapore Power and was formed in 1995 when the Public Utilities Board privatized the electricity and gas industries in Singapore. SP Group is now a wholly owned subsidiary of Temasek Holdings, an investment company owned by the Singapore government.
SP Group has grown to become a global multi-utility company, with operations and investments across Asia Pacific, the UK, Australia and the Middle East. The company aims to provide sustainable energy solutions to support economic and environmental development.
Company Overview
Business Segments and Brands
SP Group operates across three business segments:
– SP PowerAssets: Owns and maintains electricity and gas transmission and distribution networks in Singapore. Key brands are SP PowerGrid and SP PowerAssets.
– SP Group: Supplies electricity and gas to over 1.6 million industrial, commercial and residential customers in Singapore. Key brands are SPPowerPac and SP Services.
– SP Global: Invests in energy utilities and clean energy projects overseas across Asia Pacific, UK, Australia and the Middle East.
Financial Performance
For the financial year 2020, SP Group reported:
– Revenue: S$4.1 billion
– Net profit: S$608 million
– Total assets: S$25.5 billion
SP Group has maintained consistent financial performance over the past 5 years, with average annual revenue growth of 2.3% and net profit growth of 1.8%.
Ownership Structure
SP Group is fully owned by Temasek Holdings, which is an investment company owned by the Ministry of Finance of the Singapore government. Temasek owns 100% of the shares in SP Group.
Headquarters Location
SP Group is headquartered at:
2 Kallang Sector
Singapore 349277
Products and Services
Electricity Transmission and Distribution
SP Group owns and operates Singapore’s electricity transmission and distribution network through its subsidiary SP PowerAssets. This includes high voltage transmission networks and lower voltage distribution networks that deliver electricity to customers.
Key infrastructure includes:
– Over 50,000 transformers islandwide
– 15,000km of underground cables
– 5,500km of overhead lines
SP PowerAssets invests over S$250 million annually to upgrade and maintain the electricity networks in Singapore.
Gas Transmission and Distribution
SP Group also owns and operates the natural gas transmission and distribution network in Singapore through SP PowerAssets. This includes:
– Over 3,500km of underground gas pipelines
– A liquefied natural gas (LNG) terminal with capacity of 3.5 million tonnes per year
– A gas network control centre monitoring gas supply round the clock
The gas infrastructure supplies natural gas to over 900,000 residential, commercial and industrial customers.
Electricity Retail
SP Group supplies electricity to industrial, commercial and residential customers in Singapore through its subsidiary SPPowerPac. This includes:
– Over 1.58 million electricity customer accounts
– Customers ranging from households to large corporations
– Supplying over 48,200 GWh of electricity annually
SPPowerPac provides competitive pricing plans and incentives to help customers manage their electricity usage and bills.
Gas Supply
SP Group provides piped natural gas to customers in Singapore through its subsidiary SP Services. SP Services has:
– Over 900,000 piped gas customers
– Gas supply to households, businesses and power plants
– Annual gas sales exceeding 18,000 terajoules
Besides gas supply, SP Services also provides gas appliance installation and maintenance services.
District Cooling
SP Group provides district cooling systems for commercial buildings and business parks through its subsidiary SP Group District Cooling. District cooling systems provide centralized chilled water supply for air-conditioning to clusters of buildings.
Key projects include district cooling for:
– One-north business park
– Mapletree Business City
– Changi Business Park
District cooling helps buildings reduce energy consumption from air-conditioning by up to 40%.
Network and Infrastructure
Electricity Infrastructure
SP Group owns and operates an extensive electricity infrastructure network across Singapore:
– 230kV and 400kV high voltage transmission networks
– 22kV and 6.6kV medium voltage distribution networks
– 230kV substations
– 6.6kV and 22kV substations
– Underground cables and overhead lines
This powers over 1.58 million customer accounts with close to 50,000 GWh of electricity per year.
The network is monitored 24/7 from a state-of-the-art Electricity Control Centre.
Gas Infrastructure
SP Group also owns and operates Singapore’s natural gas infrastructure:
– Over 3,500km of underground gas pipelines
– City gate stations regulating gas pressure
– District regulating stations supplying pressurized gas
– Gas holder storing liquefied natural gas (LNG)
– LNG terminal on Jurong Island
The gas network serves over 900,000 residential, commercial and industrial customers.
District Cooling Infrastructure
SP Group provides district cooling to developments across Singapore through an integrated network of infrastructure:
– Centralized chilled water plants
– Underground pipes supplying chilled water
– Heat exchanger stations at customer buildings
– Thermal energy storage systems
– Advanced control systems
This allows cooling to be provided cost-effectively and efficiently to multiple buildings.
Major Projects and Investments
Investments in UK
SP Group owns a 39.9% stake in UK Power Networks, which operates electricity distribution networks in London, South East England and the East of England. This serves 8.3 million customers.
SP Group also owns 100% of SPIE UK, which operates electricity transmission networks in the south of Scotland serving 1 million homes and businesses.
Investments in Australia
In Australia, SP Group has a 51% stake in SPI (Australia) Assets which owns electricity and gas distribution assets in South Australia, Victoria, New South Wales and Northern Territory. These networks serve over 1.7 million customers.
SP Group also owns a 20% stake in Australian Gas Networks, one of Australia’s largest distributors of natural gas.
Investments in China
SP Group owns a 49% stake in one of the largest provincial power grid companies in China, Sichuan State Power Investment Group. This company supplies power to over 138 million people in Southwest China.
New LNG Terminal
SP Group is developing Singapore’s second LNG terminal which will be located on Jurong Island. This $1.3 billion terminal will have an initial capacity of 4 million tonnes per annum when completed in 2022, increasing Singapore’s LNG import capability.
Solar Power Investments
As part of its renewable energy efforts, SP Group has invested in and developed large-scale solar farms across Southeast Asia including in Vietnam, Thailand and Indonesia. This includes South East Asia’s largest floating solar farm in Vietnam.
Sustainability and Green Efforts
Natural Gas Adoption
SP Group has played a pivotal role in the adoption of natural gas in Singapore, constructing over 3,500 km of gas pipelines supplying the fuel island-wide. Natural gas produces 50% less carbon emissions compared to fuel oil.
Solar Power
To promote green energy, SP Group has been ramping up adoption of solar power through initiatives like:
– Installing solar panels on over 1,000 public housing blocks
– Building large-scale solar farms across Southeast Asia
– Collaborating with building owners to install rooftop solar panels
Electric Vehicles
SP Group has been building charging infrastructure and pioneering EV adoption programs in Singapore, including:
– Building 1,000 public EV charging points across Singapore
– Launching electric vehicle car sharing services
– Converting 10% of its company fleet to EVs
Energy Efficiency
SP Group provides tools and solutions to help customers increase energy efficiency, such as:
– Smart meters to track energy usage
– Data analytics platforms
– Energy efficient cooling and lighting solutions
– Energy audits and retrofitting of buildings
This helps customers optimize energy use and lower bills.
Awards and Recognition
SP Group has received numerous awards and recognition for its achievements:
– Ranked amongst Global 100 most sustainable corporations in the world by Corporate Knights in 2021
– ASEAN Energy Award for developing Singapore’s first virtual power plant in 2020
– ACCC Global Customer Experience Excellence Award in 2019
– Global Good Governance (3G) Awards for social contribution in 2019
– Singapore Quality Award with Special Commendation in 2018
– Most Transparent Company Award in 2012, 2013 and 2014
Conclusion
In summary, SP Group is a leading energy utilities provider in Singapore and the Asia Pacific region. It owns and operates extensive electricity and gas transmission and distribution networks locally and globally. Beyond its core energy businesses, SP Group is accelerating investments in renewables, EVs and energy efficiency solutions to support a low carbon future. With its strong track record in infrastructure and engineering, SP Group remains committed to powering the development of communities sustainably for the future.
