🧾 Who Owns Our Utilities? It’s Time to Take Back Temasek – Newsletter #29🧾 谁真正拥有我们的基本服务？是时候收回淡马锡了 – 刊文 #29

🔹 Introduction 引言：我们正在为谁买单？

Singaporeans are now paying more for water, electricity, and gas than ever before.

Yet SP Group—formerly Singapore Power—is reporting over S$1 billion in profit annually, despite being the monopoly provider of our essential utilities.

The public might assume this money goes back to society. But does it?

新加坡人正为水、电、燃气支付历史最高费用。与此同时，前“新加坡电力公司”——现今的 SP Group（新加坡能源集团） 每年仍然坐拥超过 10亿新元利润。

许多人以为，这些收益会回馈社会。但事实真的是这样吗？

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🔹 Follow the Ownership Structure 追踪背后的拥有者

SP Group is 100% owned by Temasek Holdings, the Singapore sovereign wealth fund. Temasek was created to manage public assets. Today, it behaves more like a corporate investment empire than a national steward.

SP Group 是 由淡马锡控股100%持有 的企业。

淡马锡本是为人民管理国家资产而成立，如今却更像一个 国际投资巨头，而非公共利益的守护者。

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🔹 Rising Tariffs, Soaring Profits 价格上涨，利润飞升

📈 Water Tariff Increase 💧 +18% across 2024–2025 🔗 Channel NewsAsia

📊 SP Group Profits 📄 Over S$1 billion in 2022/2023 🔗 Annual Report PDF

💼 Utilities Sector Profit 💵 S$7.2 billion total 🔗 The Online Citizen

What’s wrong with this Utilities Sector Operating Revenue and Operating Costs chart? See the deviation at the tail-end and read the captions.

这个公共事业营运收入与营运成本的图表哪里出了问题？请看看尾端的偏差，并阅读图注。

Despite being essential services, utility costs are rising year after year. 而这些基本服务的费用，却年年飙涨。

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🔹 Who Controls Temasek? 谁在控制淡马锡？

🧩 Leadership decisions affect national pricing, foreign investments, and everyday citizens.

Chairman: Lim Boon Heng CEO: Dilhan Pillay Sandrasegara CFO: Png Chin Yee Deputy CEO (TI): Chia Song Hwee …and many others, appointed—not elected.

所有关键职位，不是人民投票选出的，却有能力左右我们的生活成本。

📎 Full leadership team: Temasek Leadership

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📚 Further Reading 延伸阅读

🔎 Reclaiming Our Future: Why Singaporeans Should Take Back Control of Temasek Holdings 🖊️ Marvin Foo, April 2025 🌐 Read here

📘 What is a Sovereign Wealth Fund? Updated overview of GIC, Temasek, and other funds. 🌐 Wikipedia

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🔹 Final Call: Take Back What’s Ours 结语：把人民的资产拿回来

If public resources are controlled by profit-seeking structures, are they still public?

We must reclaim the conversation. Reclaim accountability. Reclaim Temasek.

当公共资产沦为逐利机器，它们还属于人民吗？ 我们必须 重新夺回属于人民的控制权。

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📣 Join the Movement. Speak up.

#TakeBackTemasek #SingaporeVoices #SustainabilitySG #TransparencyMatters #人民的淡马锡 #公共服务不是商品 #CostOfLivingSG #UtilitiesCrisis #SPGroup

This article is also published on LinkedIn. For more interesting stories, articles and insights, please visit marvinfoo.com‘s blog section.

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