Form 6-K

Number of meetings

Number of agendas

Classification

Number of meetings

Number of agendas

Resolutions

Reports

6-K 1 d55270d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16

under the Securities Exchange Act of 1934

For the Month of September 2025

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2025 to June 30, 2025)

THIS IS A SUMMARY IN ENGLISH OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE FINANCIAL SERVICES COMMISSION OF KOREA.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS. NON-MATERIAL OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA, OR K-IFRS, WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

I.	Company Overview

1.	Name of the company: Korea Electric Power Corporation (“KEPCO”)

2.	Information of the company

(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4218

(Website) http://www.kepco.co.kr

3.	Major businesses

KEPCO, as the parent company, is engaged in the following activities:

•

development of electric power resources;

•

generation, transmission, transformation and distribution of electricity and other related activities;

•

research and development of technology related to the businesses mentioned above;

•

overseas business related to the businesses mentioned above;

•

investment or contributions related to the businesses mentioned above;

•

development and operation of certain real estate holdings; and

•

other businesses entrusted by the government.

Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and investments related to the businesses mentioned above.

4.	Consolidated subsidiaries


	(As of June 30, 2025)

Listed	Unlisted	Total
2	168	170

5.	Major changes in management

On January 6, 2025, Mr. An, Jung-Eun was appointed as a standing director for a term of two years.

On March 3, 2025, Mr. Lee, Jun-Ho, standing director, resigned from all his positions.

On March 31, 2025, a non-standing director Mr. Park, Chung-Kun’s term of office expired.

On May 7, 2025, Mr. Lee, Heung-Ryeol was appointed as a non-standing director for a term of two years in replacement of Mr. Park, Chung-Kun whose term of office expired.

On May 19, Mr. Seo Geun-Bae, standing director, resigned from all his positions.

On May 28, Mr. Jung, Chi-Gyo was appointed as a standing member for a term of two years.

6.	Changes in major shareholders

There is no change in major shareholders in the last 5 years.

7.	Information regarding KEPCO shares

Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)

Total number of issued shares: 641,964,077

(Total number of authorized shares for issuance: 1,200,000,000)

Dividends: Dividend payments for fiscal year 2024 was Won 213 per share and Won 136.7 billion as a total.

II.

Business Overview

1.	Consolidated financial results by segment for a six-month period ended June 30, 2024 and 2025

(In billions of Won)


	January to June 2024				January to June 2025
	Sales		Operating profit		Sales		Operating profit
Electricity sales		42,995		1,169		45,462		2,857
Nuclear generation		6,094		188		8,206		2,396
Thermal generation		14,530		746		13,052		565
Plant maintenance & engineering service		1,618		228		1,518		121
Others⁽¹⁾		1,070		69		1,085		40
Subtotal		66,307		2,400		69,323		55,979
Adjustment for related- party transactions		-22,541		150		-23,149		-90

Total		43,766		2,550		46,174		5,889

Note:

(1)	Others relate to business areas including overseas businesses, etc..

2.	Changes in unit prices of major products for a six-month period ended June 30, 2024 and 2025


					(In Won per kWh)

Business sector		Company	January to June 2024		January to June 2025
Electricity sold	Residential	KEPCO		152.65		155.22
	Commercial			170.39		169.93
	Educational			139.34		139.70
	Industrial			162.67		179.23
	Agricultural			81.53		87.92
	Street lighting			159.85		160.76
	Overnight usage			107.79		107.74
Electricity from nuclear generation	Nuclear Generation	KHNP		66.68		82.87
Electricity from thermal generation	Thermal generation	KOSEP		132.91		139.48
		KOMIPO		150.18		161.40
		KOWEPO		157.35		160.30
		KOSPO		170.39		175.84
		EWP		149.90		161.63

3.	Power purchase from generation subsidiaries for a six-month period ended June 30, 2025


Company	Volume (GWh)		Expense (In billions of Won)
KHNP		97,014		8,049
KOSEP		17,787		2,478
KOMIPO		15,255		2,460
KOWEPO		13,922		2,229
KOSPO		14,958		2,625
EWP		13,105		2,118
Others		105,714		15,500
Closing adjustment		—		2,306

Total		277,755		37,765

4.	Intellectual property as of June 30, 2025


	Patents		Utility models		Designs		Trademarks		Total
KEPCO		5,114		28		112		61		5,315
Generation subsidiaries		4,209		46		92		263		4,610

Total		9,323		74		204		324		9,925

III.

Financial Information

1.	Condensed consolidated financial results as of and for a six-month period ended June 30, 2024 and 2025

(In billions of Won)


Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to June 2024		January to June 2025		Change			December 31, 2024		June 30, 2025		Change
Sales		43,766		46,174		2,408	Total assets		246,808		249,900		3,092
Operating profit (loss)		2,550		5,889		3,339	Total liabilities		205,445		206,232		787
Net income (loss)		710		3,538		2,828	Total equity		41,363		43,667		2,304

2.	Condensed separate financial results as of and for a six-month period ended June 30, 2024 and 2025

(In billions of Won)


Separate statements of comprehensive income							Separate statements of financial position
	January to June 2024		January to June 2025		Change			December 31, 2024		June 30, 2025		Change
Sales		42,994		45,461		2,467	Total assets		139,472		141,697		2,225
Operating profit (loss)		1,169		2,857		1,688	Total liabilities		120,083		119,334		-749
Net income (loss)		137		3,085		2,948	Total equity		19,389		22,362		2,973

IV. Board of Directors (KEPCO Only)

1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight non-standing directors. The number of non-standing directors must exceed the number of standing directors, including our president.

Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards. The ESG Committee consists of three non-standing directors and one standing director. The Power System Committee consists of three non-standing directors and one standing director.

2. Board meetings and agenda for a six-month period ended June 30, 2025

*	The audit committee held 8 meetings with 43 agenda (of which, 23 were approved as proposed and 20 were accepted as reported).

3. Major activities of the Board of Directors for a six-month period ended June 30, 2025


Date	Agenda	Results	Type
January 23, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)	Approved as proposed	Resolution
	Approval of the revised relocation plan for the Gyeonggi Materials Management Center	Approved as proposed	Resolution
	Approval of the safety management plan of 2025	Approved as proposed	Resolution
	Report on the annual management of commercial papers in 2024	Accepted as reported	Report
	Report on the headquarters organizational enhancement plan	Accepted as reported	Report


February 28, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Approved as proposed	Resolution
	Approval to call for the annual general meeting of shareholders for the fiscal year 2024	Approved as proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2024	Approved as proposed	Resolution
	Approval of the maximum aggregate amount of remuneration for directors in 2025	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for 2024	Accepted as reported	Report

March 21, 2025	Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)	Approved as proposed	Resolution

April 18, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
April 18, 2025	Approval of amendments to the Regulation for Employee Remuneration and Welfare	Approved as proposed	Resolution

April 23, 2025	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

May 9, 2025	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025	Approved as proposed	Resolution

May 23, 2025	Approval of amendments of the Supplementary Power Exchange Terms and Conditions for the Distributed Energy Specialized Area	Approved as proposed	Resolution
	Approval of the 11th long-term plan for power transmission and substation facilities	Approved as proposed	Resolution
	Approval of appointment of a member of Power System Committee	Approved as approved	Resolution



June 20, 2025	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Approved as proposed	Resolution
	Approval of amendment to the Regulation of the Board of Directors	Approved as proposed	Resolution
	Approval of the mid-to long-term financial management plan (2025~2029)	Approved as proposed	Resolution
	Approval of personnel increase	Approved as proposed	Resolution
	Approval of contribution to Korea Institute of Energy Technology in 2025	Approved as proposed	Resolution

4. Attendance Status of Non-standing directors and Voting Results by Agenda Items for a six-month period ended June 30, 2025

Date

Agenda

Han,
Jin-
Hyun

Kim,
Jong-Woon

Kim,
Jun-Ki

Park,
Chung-

Kun

Kim,
Sung-

Eun

Lee,
Sung-Ho

Cho,
Seong-

Jin

Kang,
Hoon

Lee,
Heung-
Ryul

January 23,2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)

For

Before
Appointment

Approval of the revised relocation plan for the Gyeonggi Materials Management Center

For

Approval of the safety management plan of 2025

For

Report on the annual management of commercial papers in 2024

Agenda for Report

Report on the headquarters organizational enhancement plan

Agenda for Report

February 28, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Absent

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2024

Absent

For

Approval of consolidated and separate financial statements for the fiscal year 2024

Absent

For

Absent

For

Approval of the maximum aggregate amount of remuneration for directors in 2025

Absent

For

Report on internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on audit results for 2024

Agenda for Report

March 21, 2025

Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)

For

April 18, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Retired

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

April 23, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

May 9, 2025

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025

For

May 23, 2025

Approval of amendments of the Supplementary Power exchange Terms and Conditions for the Distributed Energy Specialized Area

For

Approval of the 11th long-term plan for power transmission and substation facilities

For

Approval of appointment of a member of Power System Committee

For

June 20, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Absent

For

Absent

For

Approval of amendment to the Regulation Concerning the Board of Directors

Absent

For

Absent

For

Approval of the mid-to long-term financial management plan (2025~2029)

Absent

For

Absent

For

Approval of personnel increase

Absent

For

Absent

For

Approval of contribution to Korea Institute of Energy Technology in 2025

Absent

For

Absent

For

Against

For

Attendance Rate

75%

87.5%

100%

75%

100%

5. Attendance Status of Standing directors for a six-month period ended June 30, 2025

Date

Agenda

Kim,
Dong-Cheol

Jun,
Young-Sang

Oh,
Heung-Bok

Lee,
Jun-Ho

Jung,
Chi- Gyo

Ahn,
Jung-Eun

Seo,
Chul-Soo

Seo,
Guen-Bae

January 23, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director (labor director)

For

Before
Appointment

For

Approval of the revised relocation plan for the Gyeonggi Materials Management Center

For

Approval of the safety management plan of 2025

For

Report on the annual management of commercial papers in 2024

Agenda for Report

Report on the headquarters organizational enhancement plan

Agenda for Report

February 23, 2024

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2024

For

Approval of consolidated and separate financial statements for the fiscal year 2024

For

Approval of the maximum aggregate amount of remuneration for directors in 2025

For

Report on internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2024

Agenda for Report

Report on audit results for 2024

Agenda for Report

March 21, 2025

Approval of capital contribution for construction and operation of Jafurah combined heat and power plant in Saudi Arabia(Phase 2)

For

April 18, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

Retired

For

April 23, 2025

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

May 9, 2025

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2025

For

May 23, 2025

Approval of amendments of the Supplementary Electricity Supply Terms and Conditions for the Distributed Energy Specialized Area

For

Retired

Approval of the 11th long-term plan for power transmission and substation facilities

For

Approval of appointment of a member of Power System Committee

For

June 20, 2025

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Approval of amendment to the Regulation Concerning the Board of Directors

For

Approval of the mid-to long-term financial management plan (2025~2029)

For

Approval of personnel increase

For

Approval of contribution to Korea Institute of Energy Technology in 2025

For

Attendance Rate

100%

6. Major activities of the Audit Committee for a six-month period ended June 30, 2025


Date	Agenda	Results	Type
January 23, 2025	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries	Approved as proposed	Resolution
	Approval of annual audit plans for 2025	Approved as proposed	Resolution
	Approval of audit committee’s opinions on the operation of the Board	Accepted as proposed	Resolution
	Report on amendments to the internal control over financial reporting regulations	Accepted as reported	Report
	Report on audit education plans in 2025	Accepted as reported	Report
	Report on audit results for December of 2024	Accepted as reported	Report
	Report on independence of independent auditors	Accepted as reported	Report

February 12, 2025	Approval of appointment of independent auditors of subsidiaries	Rejected	Resolution
February 12, 2025	Report on independence of independent auditors prior to engagement	Approved as reported	Report

February 27, 2025	Approval of the consolidated and separate financial statements and business report for the fiscal year 2024	Approved as proposed	Resolution
	Pre-approval of non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Approval of the Operating Guidelines for the Audit Advisory Committee	Accepted as amended	Resolution
	Report on internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2024	Accepted as reported	Report
	Report on audit results by the independent auditor for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for 2024	Accepted as reported	Report


March 14, 2025	Approval of appointment of the chairman of the Audit Committee	Approved as proposed	Resolution
	Pre-approval of non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Approval of amendments to Internal Audit Regulations	Approved as proposed	Resolution
	Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2024	Approved as reported	Report
	Report on audit results for January and February of 2025	Approved as reported	Report
April 10, 2025	Approval of amendments to audit plans for 2025	Approved as proposed	Resolution
	Approval of amendments to Guidelines for Legal Support on auditors	Approved as amended	Resolution
	Pre-approval of non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Pre-approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of staffing proposal regarding the reorganization of Audit bodies of branch offices	Approved as proposed	Resolution
	Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit results for March of 2025	Accepted as reported	Report
	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Approval of Clean KEPCO branch office certification	Approved as proposed	Resolution
May 22, 2025	Approval of amendments to the internal audit guidelines	Approved as proposed	Resolution
	Report on auditor’s review for the first quarter of fiscal year 2025	Accepted as reported	Report
	Report on audit results for April of 2025	Accepted as reported	Report
	Approval of revocation of Clean KEPCO branch office certification	Approved as proposed	Resolution
June 20, 2025	Report on post-evaluation of the auditor for the fiscal year 2024	Accepted as reported	Report
	Report on audit results for May of 2025	Accepted as reported	Report
	Approval of appointment of independent auditors of subsidiaries	Approved as amended	Resolution
July 17, 2024	Report on annual audit plan of independent auditor for fiscal year 2025	Approved as reported	Report
	Report on audit results for June of 2025	Approved as reported	Report

*	The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.

7. Attendance Status of the Audit Committee for a six-month period ended June 30, 2025


Date	Agenda	Lee, Sung-Ho	Kim, Sung-Eun	Jun, Young-Sang
January 23, 2025	Approval of appointment of independent auditors of subsidiaries
	Approval of appointment and remuneration of independent auditors of KEPCO and Generation Subsidiaries
	Approval of annual audit plans for 2025
	Approval of audit committee’s opinions on the operation of the Board	Attended	Attended	Attended
	Report on amendments to the internal control over financial reporting regulations	Attended	Attended	Attended
	Report on audit education plans in 2025
	Report on audit results for December of 2024
	Report on independence of independent auditors

February 12, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Attended
February 12, 2025	Report on independence of independent auditors prior to engagement	Attended	Attended	Attended



February 27, 2025	Approval of the consolidated and separate financial statements and business report for the fiscal year 2024	Attended	Absent	Attended
	Pre-approval of non-audit service for subsidiaries by the independent auditor	Attended	Absent	Attended
	Approval of the operating guidelines for the Audit Advisory Committee
	Report on internal control over financial reporting for the fiscal year 2024
	Report on the evaluation on internal control over financial reporting for the fiscal year 2024
	Report on audit results by the independent auditor for the fiscal year 2024
	Report on audit results for 2024

March 14, 2025	Approval of appointment of the chairman of the Audit Committee	Attended	Absent	Attended
	Pre-approval of non-audit service for subsidiaries by the independent auditor
	Approval of auditor’s report for the annual general meeting of shareholders
	Approval of amendments to Internal Audit Regulations
	Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
	Report on audit results by the independent auditor for the fiscal year 2024
	Report on audit results for January and February of 2025



April 10, 2025	Approval of amendments to audit plans for 2025	Attended	Absent	Attended
	Approval of amendments to Guidelines for Legal Support on auditors
	Pre-approval for non-audit for subsidiaries by the independent auditor
	Pre-approval of appointment of independent auditors of subsidiaries
	Approval of staffing proposal regarding the reorganization of audit bodies of branch offices
	Report on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2024 to be filed with the U.S. Securities and Exchange
	Report on audit results for March of 2025

May 22, 2025	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Absent	Attended
	Approval of Clean KEPCO branch office certification
	Approval of amendments to the internal audit guidelines
	Report on auditor’s review for the first quarter of fiscal year 2025
	Report on audit results for April of 2025

June 20, 2025	Approval of revocation of Clean KEPCO branch office certification	Attended	Absent	Attended
	Report on post-evaluation of the auditor for the fiscal year 2024
	Report on audit results for May of 2025

July 17, 2025	Approval of appointment of independent auditors of subsidiaries	Attended	Absent	Attended
	Report on annual audit plan of independent auditor for fiscal year 2025
	Report on audit results for June of 2025

Attendance Rate		100%	25%	100%

V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a six-month period ended June 30, 2025


Type	Agenda	Results
Extraordinary General Meeting held on January 6, 2025	Election of a Standing Director	Approved as proposed

Annual General Meeting held on March 26, 2025	Approval of the consolidated and separate financial statements for the fiscal year 2024	Approved as proposed
Annual General Meeting held on March 26, 2025	Approval of the maximum aggregate amount of remuneration for directors in 2025	Approved as proposed

Extraordinary General Meeting held on May 28, 2025	Election of a Standing Director	Approved as proposed

VI. Shareholders

1. List of shareholders as of June 30, 2025


		Number of shareholders		Shares owned		Percentage of total (%)
Government of the Republic of Korea			1		116,841,794		18.20
Korea Development Bank			1		211,235,264		32.90
Subtotal			2		328,077,058		51.10
National Pension Service			1		50,455,464		7.86
Public (Non-Koreans)	Common Shares		1,384		109,651,769		17.08
Public (Non-Koreans)	American depositary shares (ADS)		1		11,435,146		1.78
Public (Koreans)			568,573		142,344,640		22.18
Total			569,961		641,964,077		100.00

•

Percentages are based on issued shares of common stock.

•

All of our shareholder have equal voting rights.

•

Citibank, N.A. is our depositary bank and each ADS represents one-half of one share of our common stock.

VII. Directors and employees as of and for a six-month period ended June 30, 2025 (KEPCO Only)

1. Directors

(In thousands of Won)


Type		Number of directors		Total remuneration		Average remuneration per person		Remarks
Standing director			6		433,286		72,214	Excluding members of the Audit Committee
Non-standing director			6		90,000		15,000	Excluding members of the Audit Committee
Member of Audit Committee	Standing director		1		69,653		69,653	—
Member of Audit Committee	Non-standing director		2		30,000		15,000	—
Total			15		622,939		41,529	—

2. Employees

(In thousands of Won)


Type	Number of employees						Average continuous service year		Total salaries		Average salaries per person
Type	Regular		Non-regular		Total		Average continuous service year		Total salaries		Average salaries per person
Male		17,228		109		17,337		15.1		790,259,271		45,767
Female		5,220		96		5,316		14.1		209,815,129		39,814
Total		22,448		205		22,653		14.9		1,000,074,400		44,391

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of June 30, 2025

(In billions of Won)


Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		724		1,064
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		264		974

3. Sanctions as of June 30, 2025(Korea Hydro & Nuclear Power CO, Ltd.)

Santions by Law Enforcement and Judicial Authorities


Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
Prosecution Date	Position	Tenure	Sanctions	Relevant laws (charges)	Proceedings
June 30, 2021	CEO (Former)	4yrs	Prosecution with detention	The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act	In the progress in the district court
April 9, 2024	The head of a power plant(Current)	29yrs	Prosecution with detention	Occupational embezzlement, The Criminal Act	In the progress in the high court
January 3, 2025	KHNP		Prosecution with detention	Nuclear Safety Act(Vicarious Liability Provision)	In the progress in the district court

Santions by Administrative Authorities (January 1, 2025 ~ June 30, 2025)


Date	Subject	Sanctions	Grounds and Applicable Laws	Proceedings
January 15, 2025	KHNP HANBIT Nuclear Power Site	Administrative Fine (10 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
January 15, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (8 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
March 6, 2025	KHNP	Corrective Action	Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1) Prohibition of unfair contractual terms	Implementation of Corrective Actions to prevent recurrence
June 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (0.25 million Won)	Groundwater Act Article 9 Failure to conduct a geotechnical investigation	Fine Payment
June 26, 2025	KHNP	Administrative Fine (144 million Won)	Nuclear Safety Act Article 70 and 119 The Enforcement Decree of Nuclear Safety ACT Article 107 and 178	Fine Payment

4. Sanctions as of June 30, 2025(KEPCO KDN)


Date	Sanction Authorities	Resolution Number	Case Name	Proceedings
Febrary 20, 2025	Korea Fair Trade Commission	Resolution2025-029	Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO	Corrective Actions and fine(39 million Won)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.



By:		/s/ Joo,Hwa-Sik
Name:		Joo, Hwa-sik
Title:		Vice President

Date: September 15, 2025

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

June 30, 2025

with the independent auditors’ review report

TABLE OF CONTENTS


	Page
Independent auditors’ review report		1

Condensed consolidated interim statements of financial position		3

Condensed consolidated interim statements of comprehensive income		5

Condensed consolidated interim statements of changes in equity		7

Condensed consolidated interim statements of cash flows		9

Notes to the condensed consolidated interim financial statements		11

Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of June 30, 2025, the condensed consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2025, the condensed consolidated interim statements of changes in equity and cash flows for the six-month period ended June 30, 2025 and notes, comprising of material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034, ‘Interim Financial Reporting’ and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Review Responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our review.

We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

Other Matters

The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those generally accepted and applied in other countries.

The consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2024 and the consolidated interim statements of changes in equity and cash flows for the six-month period ended June 30, 2024, presented for comparative purposes, were reviewed by another auditor. Their review report dated August 14, 2024, stated that nothing had come to their attention that caused them to believe that those consolidated interim financial statements did not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

The consolidated statement of financial position as of December 31, 2024, and the related consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, which are not accompanying this report, have been audited by another auditor in accordance with Korean Standards on Auditing and their report thereon, dated March 11, 2025, expressed an unmodified opinion. The accompanying consolidated statement of financial position as of December 31, 2024, presented for comparative purposes, is not different from that audited by another auditor from which it was derived in all material respects.

Seoul, Korea

August 14, 2025

This report is effective as of August 14, 2025, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

For each of the six-month periods ended June 30, 2025 and 2024

“The accompanying condensed consolidated interim financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Group.”

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

As of June 30, 2025 and December 31, 2024 (Unaudited)


In millions of won	*Note*		June 30, 2025		December 31, 2024
Assets
Current assets
Cash and cash equivalents		5,6,7,44	W	1,925,749		2,382,979
Current financial assets, net		5,6,9,11,12,13,44,45,46		4,486,376		3,494,717
Trade and other receivables, net		5,8,20,24,44,45,46		11,347,306		12,216,216
Inventories, net		14		9,774,599		9,769,236
Current income tax assets				73,140		78,495
Current non-financial assets		15		1,314,054		1,267,914
Assets held-for-sale		41		28,868		45,648

Total current assets				28,950,092		29,255,205

Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,44,46		3,890,791		4,945,990
Non-current trade and other receivables, net		5,8,20,44,45,46		2,917,042		3,157,409
Property, plant and equipment, net		18,24,27,48		185,989,546		182,982,763
Investment properties, net		19,27		163,120		228,984
Goodwill		16		99,134		99,179
Intangible assets other than goodwill, net		21,27		1,079,394		1,046,918
Investments in associates		4,17		6,684,092		6,704,754
Investments in joint ventures		4,17		6,013,566		4,581,340
Defined benefit assets, net		25		17,449		40,425
Deferred tax assets				13,252,681		13,436,624
Non-current non-financial assets		15		842,765		328,204

Total non-current assets				220,949,580		217,552,590

Total assets		4	W	249,899,672		246,807,795

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

As of June 30, 2025 and December 31, 2024 (Unaudited)


In millions of won	*Note*		June 30, 2025		December 31, 2024
Liabilities
Current liabilities
Trade and other payables		5,22,24,44,46	W	9,441,672		9,411,315
Current financial liabilities		5,12,23,44,46		42,615,755		44,465,866
Current income tax liabilities				1,126,876		970,496
Current non-financial liabilities		20,28,29		6,325,372		6,327,141
Current provisions		26,44		3,265,829		2,793,971

Total current liabilities				62,775,504		63,968,789

Non-current liabilities
Non-current trade and other payables		5,22,24,44,46		4,284,399		4,609,241
Non-current financial liabilities		5,12,23,44,46		89,684,700		88,352,359
Non-current non-financial liabilities		28,29		13,992,571		13,281,520
Employee benefits liabilities, net		25,44		1,682,062		1,451,547
Deferred tax liabilities				5,783,033		5,944,472
Non-current provisions		26,44		28,030,064		27,837,034

Total non-current liabilities				143,456,829		141,476,173

Total liabilities		4	W	206,232,333		205,444,962

Equity
Contributed capital		1,30,44
Share capital			W	3,209,820		3,209,820
Share premium				843,758		843,758

				4,053,578		4,053,578

Retained earnings		31
Legal reserves				1,604,910		1,604,910
Voluntary reserves				567,469		—
Unappropriated retained earnings				21,195,909		18,523,337

				23,368,288		20,128,247

Other components of equity		33
Other capital surplus				1,606,126		1,600,812
Accumulated other comprehensive income				785,247		1,424,014
Other equity				12,708,585		12,708,585

				15,099,958		15,733,411

Equity attributable to owners of the controlling company				42,521,824		39,915,236

Non-controlling interests		16,32		1,145,515		1,447,597

Total equity			W	43,667,339		41,362,833

Total liabilities and equity			W	249,899,672		246,807,795

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

For each of the three-month and six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of Won, except per share information			June 30, 2025						June 30, 2024
	*Note*		Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Sales		4,34,44,46
Sale of goods		2	W	21,392,996			45,202,445			19,969,892			42,820,640
Sales of services				156,882			303,574			169,589			337,289
Sales of construction services		20		181,271			237,468			141,403			226,909
Revenue related to transfer of assets from customers		28		218,989			430,635			192,823			381,612

				21,950,138			46,174,122			20,473,707			43,766,450

Cost of sales		14,25,42,46
Cost of sale of goods				(18,588,673	)		(37,783,716	)		(18,154,388	)		(39,199,741	)
Cost of sales of services				(144,919	)		(286,024	)		(164,152	)		(291,682	)
Cost of sales of construction services				(285,950	)		(706,746	)		(142,223	)		(272,527	)

				(19,019,542	)		(38,776,486	)		(18,460,763	)		(39,763,950	)

Gross profit				2,930,596			7,397,636			2,012,944			4,002,500

Selling and administrative expenses		25,35,42,46		(794,724	)		(1,508,157	)		(762,682	)		(1,452,895	)


Operating profit		4		2,135,872			5,889,479			1,250,262			2,549,605

Other income		36		93,373			186,180			97,635			223,029

Other expenses		36		(75,220	)		(95,098	)		(57,289	)		(159,805	)

Other gains, net		37		20,611			119,183			18,832			43,896

Finance income		5,12,38		1,785,966			2,150,192			722,974			1,698,386

Finance expenses		5,12,39		(2,463,698	)		(3,646,278	)		(1,778,881	)		(3,768,320	)

Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Share of profit of associates and joint ventures				166,283			484,739			199,122			497,992
Gain on disposal of investments in associates and joint ventures				3,838			3,879			1			185,340
Gain on disposal of investments in subsidiaries				—			—			98			98
Share of loss of associates and joint ventures				(1,846	)		(195,223	)		(103,082	)		(182,764	)
Loss on disposal of investments in associates and joint ventures				—			—			(626	)		(626	)

			W	168,275			293,395			95,513			500,040

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

For each of the three-month and six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of Won, except per share information			June 30, 2025					June 30, 2024
	*Note*		Three-month period ended		Six-month period ended			Three-month period ended			Six-month period ended
Profit before income tax			W	1,665,179		4,897,053			349,046			1,086,831

Income tax expense		40		(488,822)		(1,358,988	)		(234,628	)		(376,478	)

Profit for the period				1,176,357		3,538,065			114,418			710,353

Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit plans		25,31	W	2,037		(98,100	)		(159,522	)		(193,187	)
Share of other comprehensive income of associates and joint ventures		31		258		10			775			1,410
Net change in fair value of financial assets at fair value through other comprehensive income		33		82,199		42,445			5,276			71,450
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		(994)		9,469			(2,733	)		(1,232	)
Foreign currency translation of foreign operations		33		(174,393)		(149,836	)		57,356			92,465
Share of other comprehensive income (loss) of associates and joint ventures		33		(527,865)		(580,284	)		153,740			403,253

Other comprehensive income (loss) for the period				(618,758)		(776,296	)		54,892			374,159

Total comprehensive income for the period			W	557,599		2,761,769			169,310			1,084,512

Profit attributable to:
Owners of the controlling company		43	W	1,136,712		3,464,958			65,087			626,549
Non-controlling interests				39,645		73,107			49,331			83,804

			W	1,176,357		3,538,065			114,418			710,353

Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	560,245		2,738,012			116,386			973,727
Non-controlling interests				(2,646)		23,757			52,924			110,785

			W	557,599		2,761,769			169,310			1,084,512

Earnings per share (in won)		43
Basic and diluted earnings per share			W	1,771		5,397			101			976

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2024	W	4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750
Total comprehensive income (loss) for the period
Profit for the period		—		626,549			—			626,549			83,804			710,353
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(180,562	)		—			(180,562	)		(12,625	)		(193,187	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		1,410			—			1,410			—			1,410
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			71,448			71,448			2			71,450
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(1,599	)		(1,599	)		367			(1,232	)
Foreign currency translation of foreign operations, net of tax		—		—			53,228			53,228			39,237			92,465
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			403,253			403,253			—			403,253
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(83,528	)		(83,528	)
Additional paid-in capital and others		—		—			—			—			(840	)		(840	)
Equity transaction within the consolidated entity		—		—			32			32			—			32
Changes in consolidation scope		—		—			—			—			8			8
Dividends paid for hybrid bonds		—		—			—			—			(5,106	)		(5,106	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—			—			—

Balance as of June 30, 2024	W	4,053,578		17,372,053			15,393,171			36,818,802			1,441,026			38,259,828

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2025	W	4,053,578		20,128,247			15,733,411			39,915,236			1,447,597			41,362,833
Total comprehensive income (loss) for the period
Profit for the period		—		3,464,958			—			3,464,958			73,107			3,538,065
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(88,189	)		—			(88,189	)		(9,911	)		(98,100	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		10			—			10			—			10
Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax		—		—			42,447			42,447			(2	)		42,445
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			10,295			10,295			(826	)		9,469
Foreign currency translation of foreign operations, net of tax		—		—			(111,225	)		(111,225	)		(38,611	)		(149,836	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		—			(580,284	)		(580,284	)		—			(580,284	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,738	)		—			(136,738	)		(74,714	)		(211,452	)
Additional paid-in capital and others		—		—			127			127			(6,826	)		(6,699	)
Equity transaction within the consolidated entity		—		—			5,187			5,187			(12,171	)		(6,984	)
Dividends paid for hybrid bonds		—		—			—			—			(2,128	)		(2,128	)
Repayment of hybrid bond		—		—			—			—			(230,000	)		(230,000	)

Balance as of June 30, 2025	W	4,053,578		23,368,288			15,099,958			42,521,824			1,145,515			43,667,339

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of won	June 30, 2025			June 30, 2024
Cash flows from operating activities
Profit for the period	W	3,538,065			710,353

Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expense		1,358,988			376,478
Depreciation		6,911,418			6,941,517
Amortization		82,466			82,154
Retirement benefit expenses		227,929			204,629
Bad debt expense		25,803			31,804
Interest expense		2,211,256			2,284,112
Loss on disposal of financial assets		2,683			219
Loss on disposal of property, plant and equipment		50,140			46,585
Loss on abandonment of property, plant and equipment		70,001			56,166
Loss on impairment of intangible assets		30			—
Loss on disposal of intangible assets		13			110
Increase in provisions, net		1,009,317			521,982
Loss (gain) on foreign currency translation, net		(1,263,030	)		1,282,984
Gain on valuation of financial assets at fair value through profit or loss		(34,789	)		(50,379	)
Loss on valuation of financial assets at fair value through profit or loss		387			711
Loss (gain) on valuation and transaction of derivative instruments, net		1,115,023			(1,256,186	)
Share of profit of investments in associates and joint ventures, net		(289,516	)		(315,228	)
Gain on disposal of financial assets		(19,496	)		(20,704	)
Reversal of impairment loss on intangible assets		(40	)		—
Gain on disposal of property, plant and equipment		(8,075	)		(64,471	)
Gain on disposal of intangible assets		(16	)		(14	)
Gain on disposal of associates and joint ventures		(3,879	)		(185,340	)
Loss on disposal of associates and joint ventures		—			626
Gain on disposal of subsidiaries		—			(98	)
Interest income		(215,046	)		(223,369	)
Dividends income		(23,321	)		(10,874	)
Others, net		(311,770	)		17,655

		10,896,476			9,721,069

Changes in:
Trade receivables		696,551			1,406,110
Non-trade receivables		392,070			116,555
Accrued income		(52,232	)		(82,356	)
Other receivables		66,819			36,681
Other current assets		(352,446	)		(714,979	)
Inventories		(527,713	)		(879,961	)
Other non-current assets		(128,890	)		36,264
Trade payables		(760,931	)		(388,276	)
Non-trade payables		323,957			550,103
Accrued expenses		121,391			(98,850	)
Other current liabilities		150,807			412,017
Other non-current liabilities		672,458			324,497
Investments in associates and joint ventures (dividends received)		142,745			111,656
Provisions		(644,872	)		(587,244	)
Payments of employee benefit obligations		(145,537	)		(70,252	)
Plan assets		(1,240	)		(1,650	)

	W	(47,063	)		170,315

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

For the six-month periods ended June 30, 2025 and 2024 (Unaudited)


In millions of won	June 30, 2025			June 30, 2024
Cash generated from operating activities	W	14,387,478			10,601,737
Dividends received		23,321			10,874
Interest paid		(2,247,651	)		(2,295,912	)
Interest received		183,180			190,644
Income taxes paid		(999,742	)		(473,111	)

Net cash flows provided by operating activities		11,346,586			8,034,232

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		12,097			207,114
Acquisition of investments in associates and joint ventures		(1,966,262	)		(250,875	)
Proceeds from disposals of property, plant and equipment		113,294			232,675
Acquisition of property, plant and equipment		(8,920,625	)		(7,324,009	)
Proceeds from disposals of intangible assets		1,430			356
Acquisition of intangible assets		(42,668	)		(44,089	)
Proceeds from disposals of financial assets		8,478,049			3,030,187
Acquisition of financial assets		(9,929,595	)		(2,218,221	)
Increase in loans		(90,047	)		(44,653	)
Collection of loans		177,106			122,425
Increase in deposits		(85,179	)		(105,172	)
Decrease in deposits		71,894			109,256
Proceeds from disposals of assets held-for-sale		14,363			14,363
Receipt of government grants		5,931			16,705
Net cash outflows from changes in consolidation scope		—			(3,034	)
Other cash outflow from investing activities, net		(64,513	)		(168,947	)

Net cash flows used in investing activities		(12,224,725	)		(6,425,919	)

Cash flows from financing activities
Proceeds (repayment) of short-term borrowings, net		3,159,911			(162,093	)
Proceeds from long-term borrowings		1,122,664			1,285,186
Proceeds from debt securities		15,434,199			5,406,091
Repayment of long-term borrowings		(235,025	)		(363,165	)
Repayment of debt securities		(18,749,783	)		(9,434,259	)
Payment of lease liabilities		(329,894	)		(317,367	)
Settlement of derivative instruments, net		539,303			249,011
Change in non-controlling interests		(41,363	)		(840	)
Repayment of hybrid bond		(230,000	)		—
Dividends paid for hybrid bond		(2,128	)		(5,106	)
Dividends paid		(211,452	)		(83,528	)
Other cash outflow from financing activities, net		(1,267	)		(1,287	)

Net cash flows provided by (used in) financing activities		455,165			(3,427,357	)

Net decrease in cash and cash equivalents before effect of exchange rate fluctuations		(422,974	)		(1,819,044	)
Effect of exchange rate fluctuations on cash held		(34,256	)		132,826

Net decrease in cash and cash equivalents		(457,230	)		(1,686,218	)
Cash and cash equivalents as of January 1, 2025 and 2024		2,382,979			4,342,887

Cash and cash equivalents as of June 30, 2025 and 2024	W	1,925,749			2,656,669

The accompanying notes are an integral part of the condensed consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2025 and 2024 (unaudited)

1.	Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 Consolidated Financial Statements, was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO’s stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO’s head office is located in Naju, Jeollanam-do.

As of June 30, 2025, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:


	Number of shares (in shares)		Percentage of ownership
The Government of the Republic of Korea		116,841,794		18.20	%
Korea Development Bank		211,235,264		32.90	%
Other (*)		313,887,019		48.90	%

		641,964,077		100.00	%

(*)	The number of shares held by foreign shareholders is 111,319,356 shares (17.34%) as of May 8, 2025, the most recent closing date of the shareholder list.

In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

2.	Basis of Preparation

(1)

Statement of compliance

These condensed consolidated interim financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, enacted by the Act on External Audits of Stock Companies in the Republic of Korea.

(2)

Basis of measurement

These condensed consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:

•

financial instruments at fair value through profit or loss;

•

financial instruments at fair value through other comprehensive income or loss;

•

derivative financial instruments are measured at fair value; and

•

liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets.

(3)

Functional and presentation currency

These condensed consolidated financial statements are presented in Korean won (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments

The preparation of the condensed consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

Meanwhile, KEPCO and its subsidiaries (the “Group”) considers climate-related risks resulting from climate change and the establishment of a global greenhouse gas reduction implementation system in its estimates and assumptions. Climate-related risks increase the uncertainty of the estimates and assumptions considered in various items of the financial statements, and the Group carefully monitors climate-related changes and developments, such as new climate-related legislation, even if it does not have a material impact on current measurements.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, which have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(i)

Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on provision for decommissioning costs.

The Group reviews the estimated useful lives of property, plant and equipment, intangible assets other than goodwill at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.

The Group records the present value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

(ii)

Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

(iii)

Valuations of financial instruments at fair values

The Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments, continued

(iv)

Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

(v)

Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of June 30, 2025 and 2024 are W2,063,977 million and W2,006,587 million, respectively.

(vi)

Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group’s progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

2.	Basis of Preparation, Continued

(5)

Changes in accounting policies

The Group has applied the following new accounting standards and amendments for their annual reporting period commencing January 1, 2025. The amendment has no significant impact on the Group’s condensed consolidated interim financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but not yet effective.

Amendments to KIFRS 1021 - lack of Exchangeability

The amendments to KIFRS 1021 The Effects of Changes in Foreign Exchange Rates specify how an entity should assess whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking. The amendments require disclosure of information that enables users of financial statements to understand the risk and impact of a currency not being exchangeable, or is expected to affect, an entity’s financial performance, financial position, and cash flows.

The amendments apply to annual reporting periods beginning on or after January 1, 2025. When applying this amendment, the Group does not restate comparative information.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

3.	Material Accounting Policies

The accounting policies applied by the Group in these condensed consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2024, except for the changes described in Note 2.(5).

4.	Segment, Geographic and Other Information

(1)

Segment determination and explanation of the measurements

The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision maker of the Group for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments classified in accordance with KIFRS 1108 are “Transmission and distribution”, “Electric power generation (Nuclear)”, “Electric power generation (Non-nuclear)”, “Plant maintenance & engineering service” and “Others”; others mainly represent the business unit that manages the Group’s foreign operations.

Segment operating profit (loss) is determined in the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the condensed consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the condensed consolidated financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(2)

The financial information of the segments for each of the three and six-month periods ended June 30, 2025 and 2024, respectively, is as follows:

In millions of won


For the three and six-month period ended June 30, 2025
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Transmission and distribution	W	21,600,000			45,461,484			555,450			1,128,495			21,044,550		44,332,989		956,576			2,857,492			1,131,481			2,242,319			19,336			50,543			665,582			1,351,119			117,151			161,590
Electric power generation (Nuclear)		3,931,460			8,206,340			3,846,685			8,111,62	)		84,775		94,720		1,110,554			2,396,048			1,236,933			2,568,976			22,059			35,209			191,582			399,529			4,497			(9,684	)
Electric power generation (Non-nuclear)		6,023,117			13,052,147			5,559,259			11,931,113			463,858		1,121,029		(11,119	)		565,483			1,039,245			2,073,290			12,411			22,763			173,698			339,047			46,835			141,481
Plant maintenance & engineering service		848,404			1,518,012			703,242			1,262,161			145,162		255,851		90,014			120,773			42,618			84,988			7, 162			15,917			1,108			3,129			(208	)
Others		521,913			1,084,917			310,120			715,384			211,793		369,533		16,620			39,582			54,678			117,121			56,871			119,984			84,011			162,164			—			—
Consolidation adjustments		(10,974,756	)		(23,148,778	)		(10,974,756	)		(23,148,77E	)		—		—		(26,773	)		(89,899	)		(44,532	)		(92,810	)		(14,782	)		(29,370	)		(21,849	)		(43,732	)		—			—

	W	21,950,138			46,174,122			—			—			21,950,138		46,174,122		2,135,872			5,889,479			3,460,423			6,993,884			103,057			215,046			1,094,132			2,211,256			168,275			293,395

In millions of won


For the three and six-month period ended June 30, 2024
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)					Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Transmission and distribution	W	20,212,052			42,994,220			634,470			1,134,555			19,577,582		41,859,664		(92,757	)		1,169,136		1,078,578			2,160,408			19,337			47,438			710,218			1,451,891			112,490			291,248
Electric power generation (Nuclear)		3,397,209			6,094,395			3,313,643			5,961,023			83,566		133,367		465,133			187,566		1,289,116			2,641,763			13,212			32,003			191,460			370,867			2,167			(3,452	)
Electric power generation (Non-nuclear)		6,680,766			14,530,248			6,151,216			13,285,175			529,550		1,245,073		438,811			745,584		1,057,438			2,124,134			17,417			37,6 18			184,153			370,974			(‘ 9,764	)		26,400
Plant maintenance & engineering service		836,285			1,618,391			713,749			1,393,40	)		122,536		224,991		129,065			228,174		41,536			79,886			6,185			11,940			1,619			3,565			620			185,844
Others		542,736			1,069,823			382,263			766,463			160,473		303,355		57,144			69,382		48,126			109,306			62,150			121,159			64,075			125,344			—			—
Consolidation adjustments		(11,195,341	)		(22,540,627	)		(11,195,341	)		(22,540,627	)		—		—		252,866			149,763		(43,923	)		(91,826	)		(13,374	)		(26,789	)		(19,142	)		(38,529	)		—			—

	W	20,473,707			43,766,450			—			—			20,473,707		43,766,450		1,250,262			2,549,605		3,470,871			7,023,671			104,927			223,369			1,132,383			2,284,112			95,513			500,040

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(3)

The information related to segment assets and segment liabilities as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won
As of June 30, 2025
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets		Segment liabilities
Transmission and distribution	W	141,696,740			8,223,793		4,838,333		119,334,302
Electric power generation (Nuclear)		75,050,450			162,275		1,424,463		48,440,323
Electric power generation (Non-nuclear)		64,926,014			4,309,878		2,353,393		36,428,483
Plant maintenance & engineering service		4,196,498			1,712		70,771		1,353,290
Others		16,331,967			—		267,217		6,891,975
Consolidation adjustments		(52,301,997	)		—		51,693		(6,216,040	)

	W	249,899,672			12,697,658		9,005,870		206,232,333


In millions of won
As of December 31, 2024
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	139,472,103			6,839,513		8,417,992			120,083,068
Electric power generation (Nuclear)		72,508,359			171,956		2,629,626			47,082,862
Electric power generation (Non-nuclear)		66,834,569			4,272,928		3,862,287			36,363,754
Plant maintenance & engineering service		4,522,610			1,697		160,978			1,508,112
Others		14,977,126			—		195,451			7,073,716
Consolidation adjustments		(51,506,972	)		—		(185,981	)		(6,666,550	)

	W	246,807,795			11,286,094		15,080,353			205,444,962

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(4)

Geographic information

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:


In millions of won	Revenue from external customers								*Non-current assets (2)**
	June 30, 2025				June 30, 2024				June 30, 2025		December 31, 2024
Geographical unit	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		June 30, 2025		December 31, 2024
Domestic	W	21,698,359		45,715,418		20,238,190		43,326,986		194,299,512		191,214,679
Overseas (*1)		251,779		458,704		235,517		439,464		6,572,105		4,757,463

	W	21,950,138		46,174,122		20,473,707		43,766,450		200,871,617		195,972,142

(*1)	Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

(*2)	The amounts exclude financial assets, deferred tax assets and defined benefit assets.

(5)

Information on significant customers

There is no single customer who accounts for 10% or more of the Group’s revenue for each of the six-month periods ended June 30, 2025 and 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments

(1)

The classification of financial assets as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		1,925,749		—		1,925,749
Current financial assets
Current financial assets at fair value through profit or loss		2,051,124		—		—		—		2,051,124
Current financial assets at amortized costs		—		—		21,187		—		21,187
Current derivative assets		161,075		—		—		157,263		318,338
Other financial assets		—		—		2,095,727		—		2,095,727
Trade and other receivables		—		—		11,347,306		—		11,347,306

		2,212,199		—		15,389,969		157,263		17,759,431

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		706,208		—		—		—		706,208
Non-current financial assets at fair value through other comprehensive income		—		727,366		—		—		727,366
Non-current financial assets at amortized costs		—		—		10,141		—		10,141
Non-current derivative assets		739,070		—		—		117,323		856,393
Other financial assets		—		—		1,590,683		—		1,590,683
Trade and other receivables		—		—		2,917,042		—		2,917,042

		1,445,278		727,366		4,517,866		117,323		6,807,833

	W	3,657,477		727,366		19,907,835		274,586		24,567,264

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued

(1)

The classification of financial assets as of June 30, 2025 and December 31, 2024 is as follows, continued:


In millions of won	As of December 31, 2024
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,382,979		—		2,382,979
Current financial assets
Current financial assets at fair value through profit or loss		1,456,895		—		—		—		1,456,895
Current financial assets at amortized costs		—		—		20,418		—		20,418
Current derivative assets		396,477		—		—		364,077		760,554
Other financial assets		—		—		1,256,850		—		1,256,850
Trade and other receivables		—		—		12,216,216		—		12,216,216

		1,853,372		—		15,876,463		364,077		18,093,912

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		719,277		—		—		—		719,277
Non-current financial assets at fair value through other comprehensive income		—		674,850		—		—		674,850
Non-current financial assets at amortized costs		—		—		9,815		—		9,815
Non-current derivative assets		1,450,050		—		—		480,560		1,930,610
Other financial assets		—		—		1,611,438		—		1,611,438
Trade and other receivables		—		—		3,157,409		—		3,157,409

		2,169,327		674,850		4,778,662		480,560		8,103,399

	W	4,022,699		674,850		20,655,125		844,637		26,197,311

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued

(2)

The classification of financial liabilities as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		21,324,545		—		21,324,545
Debt securities		—		21,212,196		—		21,212,196
Derivative liabilities		79,014		—		—		79,014
Trade and other payables		—		9,441,672		—		9,441,672

		79,014		51,978,413		—		52,057,427

Non-current liabilities
Borrowings		—		3,213,868		—		3,213,868
Debt securities		—		86,110,984		—		86,110,984
Derivative liabilities		359,848		—		—		359,848
Trade and other payables		—		4,284,399		—		4,284,399

		359,848		93,609,251		—		93,969,099

	W	438,862		145,587,664		—		146,026,526


In millions of won	As of December 31, 2024
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		17,540,585		—		17,540,585
Debt securities		—		26,901,367		—		26,901,367
Derivative liabilities		23,914		—		—		23,914
Trade and other payables		—		9,411,315		—		9,411,315

		23,914		53,853,267		—		53,877,181

Non-current liabilities
Borrowings		—		3,118,796		—		3,118,796
Debt securities		—		84,972,652		—		84,972,652
Derivative liabilities		256,018		—		4,893		260,911
Trade and other payables		—		4,609,241		—		4,609,241

		256,018		92,700,689		4,893		92,961,600

	W	279,932		146,553,956		4,893		146,838,781

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

5.	Classification of Financial Instruments, Continued

(3)

The classification of comprehensive income (loss) from financial instruments for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:


In millions of Won		June 30, 2025						June 30, 2024
		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Cash and cash equivalents	Interest income	W	23,134			52,064			39,477			73,022
	Gain (loss) on foreign currency transactions and translations		(11,860	)		(18,549	)		2,776			9,143
Financial assets at fair value through profit or loss	Interest income		12,081			19,720			22,850			39,946
	Dividends income		3,066			3,128			2,220			2,298
	Gain on valuation of financial assets		20,008			34,402			13,235			49,668
	Gain on disposal of financial assets		6,984			16,813			12,404			20,485
Financial assets at fair value through other comprehensive income	Dividends income		6,704			20,193			8,576			8,576
	Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)		105,260			52,179			40,542			104,191
Financial assets at amortized cost	Interest income		258			513			999			1,265
Financial assets at amortized cost	Gain on disposal of financial assets		1			—			—			—
	Gain (loss) on foreign currency transactions and translations		(3,205	)		(3,371	)		2,037			3,895
Loans	Interest income		8,324			18,017			9,708			19,587
	Bad debt expense (Reversal of allowance for doubtful accounts)		(494	)		102			(8,927	)		(8,284	)
	Gain (loss) on foreign currency transactions and translations		(1,768	)		(1,824	)		1,445			3,316
Trade and other receivables	Interest income		37,742			85,888			29,066			74,986
	Bad debt expense		15,422			25,701			28,010			40,088
	Loss on foreign currency transactions and translations		(45,346	)		(39,132	)		(39,648	)		(7,502	)
Short-term financial instruments	Interest income		14,737			25,187			1,561			5,827
Long-term financial instruments	Interest income		6,699			13,525			1,250			8,635
Long-term financial instruments	Gain on foreign currency transactions and translations		—			—			2			3
Other financial assets	Interest income		83			132			17			101
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		882,896			1,787,080			910,764			1,854,170
	Interest expense of trade and other Payables		41,637			85,166			50,663			86,325
	Interest expense of others		169,599			339,010			170,956			343,617
	Other finance income		679			1,510			1,078			1,790
	Other finance expenses		354			796			(313	)		247
	Gain (loss) on foreign currency transactions and translations		1,523,362			1,612,879			(582,736	)		(1,378,068	)
Derivatives (trading)	Gain (loss) on valuation of derivatives		(814,208	)		(774,521	)		297,197			767,914
Derivatives (trading)	Gain (loss) on transaction of derivatives		(101,820	)		(54,709	)		83,120			117,322
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		(214,807	)		(217,486	)		155,866			361,529
	Gain (loss) on valuation of derivatives (equity, before tax)		(1,271	)		18,630			(4,587	)		(3,439	)
	Gain (loss) on transaction of derivatives		(65,877	)		(68,307	)		9,321			9,421

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

6.	Restricted Deposits

Restricted deposits as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won		As of June 30, 2025		As of December 31, 2024
Cash and cash equivalents	Escrow accounts	W	3,013		3,280
	Deposits for government project and others		52,381		30,812
	Collateral provided for borrowings		237,701		211,522
	Collateral provided for lawsuit		164		54
	Deposits for transmission regional support program		6,987		8,959
	Deposits for other business purposes		1,469		4,187
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		270,500		83,520
	Collateral provided for borrowings		67,324		85,569
Other current financial assets	Deposits for Other Business Purposes and others		2,855		—
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		311,942		296,496
Long-term financial instruments	Guarantee deposits for banking accounts at oversea branches		1		22
	Collateral provided for borrowings		18,245		6,500
	Decommissioning costs of nuclear power plants		660,000		660,000
	Small and Medium Enterprise Development Fund		4,000		—
Long-term deposit	Court Deposit		78		—
Other non-current financial assets	Deposits for other business purposes		5,736		9,150

		W	1,642,396		1,400,071

7.	Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Cash	W	13,434		17,941
Other demand deposits		1,613,169		1,712,130
Short-term deposits classified as cash equivalents		204,550		548,611
Short-term investments classified as cash equivalents		94,596		104,297

	W	1,925,749		2,382,979

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables

(1)

Trade and other receivables as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	10,385,146		(187,003	)		—			10,198,143
Other receivables		1,192,711		(39,199	)		(4,349	)		1,149,163

		11,577,857		(226,202	)		(4,349	)		11,347,306

Non-current assets
Trade receivables		993,597		(93,821	)		—			899,776
Other receivables		2,130,266		(103,130	)		(9,870	)		2,017,266

		3,123,863		(196,951	)		(9,870	)		2,917,042

	W	14,701,720		(423,153	)		(14,219	)		14,264,348


In millions of won	As of December 31, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,266,202		(167,028	)		—			11,099,174
Other receivables		1,160,945		(39,817	)		(4,086	)		1,117,042

		12,427,147		(206,845	)		(4,086	)		12,216,216

Non-current assets
Trade receivables		1,089,787		(93,746	)		—			996,041
Other receivables		2,272,127		(100,351	)		(10,408	)		2,161,368

		3,361,914		(194,097	)		(10,408	)		3,157,409

	W	15,789,061		(400,942	)		(14,494	)		15,373,625

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued

(2)

Other receivables as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	559,908		(33,235	)		(21	)		526,652
Accrued income		114,838		—			—			114,838
Deposits		289,183		(4	)		(4,328	)		284,851
Finance lease receivables (*1)		91,933		(4,668	)		—			87,265
Others		136,849		(1,292	)		—			135,557

		1,192,711		(39,199	)		(4,349	)		1,149,163

Non-current assets
Non-trade receivables		231,229		(58,089	)		(41	)		173,099
Accrued income		28,692		(6,320	)		—			22,372
Deposits		490,887		(414	)		(9,829	)		480,644
Finance lease receivables (*2)		1,144,055		(2,484	)		—			1,141,571
Others		235,403		(35,823	)		—			199,580

		2,130,266		(103,130	)		(9,870	)		2,017,266

	W	3,322,977		(142,329	)		(14,219	)		3,166,429

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W108,183 million.

(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W827,147 million.


In millions of won	As of December 31, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	403,248		(35,041	)		(21	)		368,186
Accrued income		112,941		—			—			112,941
Deposits		293,712		(4	)		(4,065	)		289,643
Finance lease receivables (*1)		92,130		(3,480	)		—			88,650
Others		258,914		(1,292	)		—			257,622

		1,160,945		(39,817	)		(4,086	)		1,117,042

Non-current assets
Non-trade receivables		243,813		(62,222	)		(41	)		181,550
Accrued income		21,395		—			—			21,395
Deposits		486,868		(414	)		(10,367	)		476,087
Finance lease receivables (*2)		1,264,269		(1,775	)		—			1,262,494
Others		255,782		(35,940	)		—			219,842

		2,272,127		(100,351	)		(10,408	)		2,161,368

	W	3,433,072		(140,168	)		(14,494	)		3,278,410

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W121,170 million.

(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W956,968 million.

(3)

Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However, once trade receivables are overdue, the Group imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers whose contracts have been cancelled due to delinquent payments.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

8.	Trade and Other Receivables, Continued

(4)

The aging analysis of trade receivables as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Trade receivables not overdue	W	11,031,762			12,010,590

Trade receivables overdue and impairment - reviewed:		346,981			345,399

Less than 60 days		3,383			12,289
60 ~ 90 days		49,204			59,427
90 ~ 120 days		18,595			21,642
120 days ~ 1 year		66,258			56,107
More than 1 year		209,541			195,934

		11,378,743			12,355,989
Less: allowance for doubtful accounts		(280,824	)		(260,774	)

	W	11,097,919			12,095,215

At the end of each reporting period, the Group assesses whether the credit to trade receivables is impaired. The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an expected credit loss (ECL) model.

(5)

Changes in the allowance for doubtful accounts for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025						For the year ended December 31, 2024
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	260,774			140,168			232,645			133,953
Bad debts expense		32,095			2			48,160			21,937
Write-off		(8,320	)		(1,299	)		(17,157	)		(23,177	)
Reversal		(551	)		(5,845	)		(12,928	)		(587	)
Others		(3,174	)		9,303			10,054			8,042

Ending balance	W	280,824			142,329			260,774			140,168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	W	318		154,935		313		152,054
Cooperative		—		6,400		—		6,872
Others (*)		2,050,806		382,173		1,456,582		405,309

		2,051,124		543,508		1,456,895		564,235

Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		162,700		—		155,042

	W	2,051,124		706,208		1,456,895		719,277

(*)	Others include MMT, MMF etc.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income

(1)

Changes in financial assets at fair value through other comprehensive income for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	360,096		—		—			52,702			—		412,798
Unlisted		309,709		—		(9	)		(522	)		345		309,523

		669,805		—		(9	)		52,180			345		722,321

Debt securities
Corporate bond		5,045		—		—			—			—		5,045

	W	674,850		—		(9	)		52,180			345		727,366

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		674,850		—		(9	)		52,180			345		727,366

In millions of won	For the year ended December 31, 2024
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	285,054		—		(170	)		73,891			1,321		360,096
Unlisted		212,762		4,000		—			88,256			4,691		309,709

		497,816		4,000		(170	)		162,147			6,012		669,805

Debt securities
Corporate bond		4,627		—		—			418			—		5,045

	W	502,443		4,000		(170	)		162,565			6,012		674,850

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,443		4,000		(170	)		162,565			6,012		674,850

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		189,729		189,729
KG Mobility Co., Ltd.		12,205		0.01	%		428		43		43
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		29		29
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
HD Hyundai Marine Engine Co., Ltd.		61,455		0.22	%		430		3,091		3,091
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		73,522		73,522
Denison Mines Corp.		58,284,000		7.46	%		84,134		143,882		143,882
Paladin Energy		100,000		0.01	%		41		77		77
KS Industry Co., Ltd		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,057		1,057
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,352		1,352

							326,430		412,798		412,798

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,569		5,569
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		332		332
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,442		1,442
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		7.14	%		1,000		1,000		1,000
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd. and others (*7)		—		—			14,013		10,185		10,185

							351,970		309,523		309,523

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won	As of June 30, 2025
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		535		535
Ino Platech Co., Ltd.		—		—		1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—		3,000		3,316		3,316

						4,571		5,045		5,045

					W	682,971		727,366		727,366

(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2)	The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the six-month period ended June 30, 2025.

(*3)

The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5)

The entity is undergoing corporate rehabilitation procedures for the six-month period ended June 30, 2025 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 473 companies including Hwan Young Steel Co., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won	As of December 31, 2024
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		93,733		93,733
KG Mobility Co., Ltd.		12,205		0.01	%		428		46		46
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		34		34
PAN Ocean Co., Ltd.		1,492		0.00	%		14		5		5
HD Hyundai Marine Engine Co., Ltd.		61,455		0.22	%		430		1,503		1,503
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		106,259		106,259
Denison Mines Corp.		58,284,000		7.46	%		84,134		155,766		155,766
Paladin Energy		100,000		0.01	%		41		74		74
KS Industry Co., Ltd		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,314		1,314
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354

							326,430		360,096		360,096

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,570		5,570
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		331		331
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,442		1,442
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		7.14	%		1,000		1,000		1,000
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd. and others (*7)		—		—			14,234		10,371		10,371

							352,191		309,709		309,709

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won	As of December 31, 2024
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		535		535
Ino Platech Co., Ltd.		—		—		1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—		3,000		3,316		3,316

						4,571		5,045		5,045

					W	683,192		674,850		674,850

(*1)	The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2)	The Group has estimated the fair value of Set Holding by using the income approach and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2024.

(*3)

(*4)	During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5)

The entity underwent corporate rehabilitation procedures during the year ended December 31, 2024, and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 464 companies including Hwan Young Steel Co., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

11.

Financial Assets at Amortized Cost

Financial

assets at amortized cost as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Financial assets at amortized cost		Book value
Government bonds	W	1,416		1,416
Others		29,912		29,912

	W	31,328		31,328

Current	W	21,187		21,187
Non-current		10,141		10,141

In millions of won	As of December 31, 2024
	Financial assets at amortized cost		Book value
Government bonds	W	1,160		1,160
Others		29,073		29,073

	W	30,233		30,233

Current	W	20,418		20,418
Non-current		9,815		9,815

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives

(1)

Derivatives as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	322		—		12,153		—
Currency swap		305,643		582,208		733,374		1,630,570
Interest rate swap		5,759		154,541		9,571		176,138
Others (*2,3)		6,614		119,644		5,456		123,902

	W	318,338		856,393		760,554		1,930,610

Derivative liabilities
Currency forward	W	1,577		—		132		—
Currency swap		43,034		153,970		1,640		36,328
Interest rate swap		814		94,621		127		76,356
Others (*1,2,4,5)		33,589		111,257		22,015		148,227

	W	79,014		359,848		23,914		260,911

(*1)

In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint venture of the Group, the performance obligation as of June 30, 2025 which amounts to W26,422 million (W26,422 million as of December 31, 2024) to the underwriter of the bonds was recorded as other derivative liabilities.

(*2)

The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative liabilities.

(*3)	The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.

(*4)

The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the six-month period ended June 30, 2025, and the Group recognized a gain on transaction of derivative instruments of W 37,572 million for the six-month period ended June 30, 2025.

(*5)	The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its joint venture, Wadi Noor Solar Power, as other derivative liabilities.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(2)

Currency forward contracts which are not designated as hedging instruments as of June 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
Counterparty	Contract date		Maturity date		Pay		Receive		Contract exchange rate (in won)
Woori Bank		2025.06.25		2025.07.03	W	3,879		USD 2,857	W	1,357.96
Hana Bank		2025.06.04		2025.07.03		13,729		USD 10,000		1,372.90
JP Morgan		2025.06.10		2025.07.08		13,530		USD 10,000		1,353.00
Kyongnam Bank		2025.05.30		2025.07.01		2,736		USD 2,000		1,367.90
Mizuho Bank		2025.06.04		2025.07.18		13,705		USD 10,000		1,370.50
Standard Chartered		2025.06.17		2025.07.15		9,519		USD 7,000		1,359.80
Shinhan Bank		2025.06.24		2025.07.22		13,655		USD 10,000		1,365.50
Korea Development Bank		2025.06.24		2025.07.24		13,657		USD 10,000		1,365.70
Kyongnam Bank		2025.06.24		2025.07.29		13,622		USD 10,000		1,362.20
Busan Bank		2025.06.26		2025.07.31		13,552		USD 10,000		1,355.20
Shinhan Bank		2025.06.26		2025.07.11		13,568		USD 10,000		1,356.80
Woori Bank		2025.06.30		2025.07.22		9,509		USD 7,000		1,358.40
Shinhan Bank		2025.06.13		2025.07.07		5,460		USD 4,000		1,364.99
Hana Bank		2025.06.13		2025.07.07		5,460		USD 4,000		1,365.10
Korea Development Bank		2025.06.13		2025.07.07		5,461		USD 4,000		1,365.18
Shinhan Bank		2025.06.17		2025.07.14		5,438		USD 4,000		1,359.51
Kookmin Bank		2025.06.17		2025.07.14		4,079		USD 3,000		1,359.55
Shinhan Bank		2025.06.18		2025.07.14		6,856		USD 5,000		1,371.27
Mizuho Bank		2025.06.18		2025.07.14		6,856		USD 5,000		1,371.27
Mizuho Bank		2025.06.24		2025.07.14		5,456		USD 4,000		1,363.90
Mizuho Bank		2025.06.25		2025.07.14		5,439		USD 4,000		1,359.70
JP Morgan		2025.06.25		2025.07.14		5,439		USD 4,000		1,359.80
Hana Bank		2025.06.27		2025.07.01		1		IDR 14,990		0.08
Shinhan Bank		2025.06.30		2025.07.23		5,408		USD 4,000		1,351.94
MUFG		2025.06.04		2025.07.09		4,118		USD 3,000		1,372.50
JP Morgan		2025.06.05		2025.07.10		6,783		USD 5,000		1,356.60
JP Morgan		2025.06.24		2025.07.28		6,799		USD 5,000		1,359.75
Kookmin Bank		2025.06.24		2025.07.28		6,814		USD 5,000		1,362.70
MUFG		2025.06.30		2025.08.05		4,066		USD 3,000		1,355.35
Nonghyup Bank		2025.06.30		2025.08.05		4,058		USD 3,000		1,352.80
Busan Bank		2025.06.05		2025.07.07		806		USD 595		1,354.70
MUFG		2025.06.09		2025.07.14		5,405		USD 4,000		1,351.30
Shinhan Bank		2025.06.02		2025.07.14		6,853		USD 5,000		1,370.69
Mizuho Bank		2025.06.09		2025.07.14		6,781		USD 5,000		1,356.25
Hana Bank		2025.06.09		2025.07.14		6,758		USD 5,000		1,351.60
Hana Bank		2025.06.16		2025.07.25		6,786		USD 5,000		1,357.20
MUFG		2025.06.23		2025.07.25		2,760		USD 2,000		1,379.80
Citi Bank		2025.06.30		2025.07.25		5,393		USD 4,000		1,348.15
Nonghyup Bank		2025.06.30		2025.07.25		4,045		USD 3,000		1,348.45
Woori Bank		2025.06.04		2025.08.18		3,282		USD 2,398		1,368.60
Standard Chartered		2025.06.04		2025.08.18		4,099		USD 3,000		1,366.40
JP Morgan		2025.06.04		2025.08.18		4,091		USD 3,000		1,363.75
MUFG		2025.06.04		2025.08.29		5,423		USD 4,000		1,355.75
Hana Bank		2025.06.09		2025.08.29		8,083		USD 6,000		1,347.10
Shinhan Bank		2025.06.12		2025.07.24		4,071		USD 3,000		1,356.98
Bank of America		2025.06.12		2025.07.24		2,712		USD 2,000		1,356.20
Woori Bank		2025.06.16		2025.08.04		5,432		USD 4,000		1,357.90
HSBC		2025.06.16		2025.08.04		4,072		USD 3,000		1,357.30
Shinhan Bank		2025.06.20		2025.08.08		4,091		USD 3,000		1,363.72
Bank of America		2025.06.24		2025.08.14		2,727		USD 2,000		1,363.65
HSBC		2025.06.24		2025.08.20		2,721		USD 2,000		1,360.30
Woori Bank		2025.06.26		2025.08.07		4,059		USD 3,000		1,353.00
Busan Bank		2025.06.26		2025.08.07		2,707		USD 2,000		1,353.45
Busan Bank		2025.06.26		2025.08.20		2,699		USD 2,000		1,349.70
Hana Bank		2025.06.26		2025.08.20		2,697		USD 2,000		1,348.50
Standard Chartered		2025.06.30		2025.08.20		2,705		USD 2,000		1,352.40
Shinhan Bank		2025.06.30		2025.08.20		4,056		USD 3,000		1,352.13
HSBC		2025.06.30		2025.08.20		4,036		USD 3,000		1,345.30
Bank of America		2025.06.30		2025.08.20		4,037		USD 3,000		1,345.50
Hana Bank		2025.06.30		2025.09.30		2,681		USD 2,000		1,340.52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(3)

Currency swap contracts which are not designated as hedging instruments as of June 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Standard Chartered	2014~2029	W	102,470		USD 100,000		3.14	%		3.57	%	W	1,024.70
Woori Bank	2019~2027		21,708		USD 19,417		5.04	%		6.75	%		1,118.00
Kookmin Bank	2020~2026		76,355		USD 70,445		5.83	%		6.00	%		1,083.90
Woori Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
Hana Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
JP Morgan	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Woori Bank	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank	2022~2026		283,820		USD 200,000		4.67	%		5.38	%		1,419.10
Hana Bank	2022~2026		141,910		USD 100,000		4.68	%		5.38	%		1,419.10
JP Morgan	2022~2026		141,910		USD 100,000		4.69	%		5.38	%		1,419.10
Woori Bank	2022~2026		141,910		USD 100,000		4.68	%		5.38	%		1,419.10
Korea Development Bank	2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
Woori Bank	2022~2028		141,910		USD 100,000		5.13	%		5.50	%		1,419.10
Hana Bank	2023~2026		256,000		USD 200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank	2023~2026		192,000		USD 150,000		3.99	%		5.38	%		1,280.00
Kookmin Bank	2023~2026		128,000		USD 100,000		4.03	%		5.38	%		1,280.00
Korea Development Bank	2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
Bank of America	2023~2026		128,000		USD 100,000		4.04	%		5.38	%		1,280.00
Standard Chartered	2023~2026		128,000		USD 100,000		4.04	%		5.38	%		1,280.00
Woori Bank	2023~2026		192,000		USD 150,000		4.05	%		5.38	%		1,280.00
Shinhan Bank	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Kookmin Bank	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Korea Development Bank	2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
Bank of America	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Standard Chartered	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
IBK Securities Co., Ltd.	2024~2027		199,590		USD 150,000		3.53	%		4.88	%		1,330.60
Shinhan Bank	2024~2034		138,010		USD 100,000		3.64	%		5.13	%		1,380.10
Hana Bank	2024~2034		138,010		USD 100,000		3.69	%		5.13	%		1,380.10
Woori Bank	2024~2034		119,958		USD 86,920		3.74	%		5.13	%		1,380.10
Woori Bank	2017~2027		111,610		USD 100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank	2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
Hana Bank	2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank	2018~2028		108,600		HKD 800,000		2.69	%		3.35	%		135.75
Shinhan Bank	2018~2028		115,387		HKD 850,000		2.66	%		3.35	%		135.75
Korea Development Bank	2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78
Woori Bank	2021~2026		222,800		USD 200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank	2021~2026		111,400		USD 100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank	2021~2026		111,400		USD 100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank	2021~2026		111,400		USD 100,000		0.93	%		1.25	%		1,114.00
Woori Bank	2022~2027		262,000		USD 200,000		3.62	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2027		131,000		USD 100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank	2022~2027		131,000		USD 100,000		3.62	%		4.25	%		1,310.00
Hana Bank	2022~2027		131,000		USD 100,000		3.61	%		4.25	%		1,310.00
Korea Development Bank	2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2032		349,829		HKD 1,935,000		4.87	%		5.16	%		180.79
JP Morgan	2022~2032		75,194		HKD 415,000		5.00	%		5.16	%		181.19
Export-Import Bank of Korea	2023~2030		172,982		HKD 1,037,000		4.25	%		4.51	%		166.81
Hana Bank	2024~2028		128,940		USD 100,000		3.73	%		5.00	%		1,289.40
JP Morgan	2024~2028		128,940		USD 100,000		3.85	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(3)

Currency swap contracts which are not designated as hedging instruments as of June 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Hana Bank	2024~2029	W	138,540		USD 100,000		3.15	%		4.63	%	W	1,385.40
Shinhan Bank	2024~2029		138,540		USD 100,000		3.15	%		4.63	%		1,385.40
Kookmin Bank	2024~2029		138,540		USD 100,000		3.16	%		4.63	%		1,385.40
Woori Bank	2024~2029		138,540		USD 100,000		3.17	%		4.63	%		1,385.40
Korea Development Bank	2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
Credit Agricole	2025~2028		218,963		HKD 1,166,000		2.85	%		4.10	%		187.79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(4)

Currency swap contracts which are designated as hedging instruments as of June 30, 2025 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Korea Development Bank	2020~2026	W	118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Hana Bank	2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Woori Bank	2020~2026		118,910	USD	100,000		0.62	%		1.00	%		1,189.10
Nomura	2017~2037		52,457	EUR	40,000		2.60	%		1.70	%		1,311.42
Nomura	2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
JP Morgan	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank	2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Hana Bank	2021~2026		55,150	USD	50,000		0.48	%		0.75	%		1,103.00
Shinhan Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank	2023~2026		132,930	USD	100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Woori Bank	2023~2028		259,000	USD	200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank	2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00
Bank of America	2023~2028		64,750	USD	50,000		3.85	%		4.88	%		1,295.00

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(5)

Interest rate swap contracts which are not designated as hedging instruments as of June 30, 2025 are as follows:

In millions of won and thousands of foreign currencies


Counterparty	Contract year		Contract amount		Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay			Receive
Nomura (*1)		2018~2038	W	30,000		3M CD + 0.10	%		3.75	%
Shinhan Bank		2021~2025		100,000		2.32%			3M CD + 0.43	%
Hana Bank		2022~2027		200,000		3.02%			3M CD + 0.61	%
Hana Bank		2022~2027		200,000		3.04%			3M CD + 0.58	%
Hana Bank		2022~2027		250,000		3.38%			3M CD + 0.59	%
Nomura		2022~2027		200,000		3.55%			3M CD + 0.60	%
Shinhan Bank		2022~2027		150,000		3.53%			3M CD + 0.55	%
Hana Bank		2022~2027		200,000		3.70%			3M CD + 0.59	%
Nomura		2022~2027		300,000		3.89%			3M CD + 0.67	%
Hana Bank		2022~2027		200,000		3.93%			3M CD + 0.67	%
Nomura		2022~2027		200,000		3.80%			3M CD + 0.68	%
Nomura		2022~2027		300,000		4.04%			3M CD + 0.60	%
Hana Bank		2022~2027		100,000		4.68%			3M CD + 1.04	%
Hana Bank		2022~2027		100,000		5.45%			3M CD + 1.20	%
Shinhan Bank		2023~2028		200,000		4.27%			3M CD + 0.76	%
Shinhan Bank		2023~2028		50,000		4.27%			3M CD + 0.76	%
Nomura		2023~2028		250,000		4.13%			3M CD + 0.73	%
Hana Bank		2023~2028		200,000		3.74%			3M CD + 0.51	%
Hana Bank		2023~2028		100,000		4.19%			3M CD + 0.50	%
Shinhan Bank		2023~2028		300,000		3.81%			3M CD + 0.70	%
Hana Bank		2023~2028		200,000		3.95%			3M CD + 0.50	%
Shinhan Bank		2024~2029		200,000		3.84%			3M CD + 0.50	%
Hana Bank		2024~2027		250,000		3.72%			3M CD + 0.34	%
Hana Bank		2024~2027		250,000		3.77%			3M CD + 0.31	%
Hana Bank		2024~2027		250,000		3.31%			3M CD + 0.31	%
Hana Bank		2024~2027		200,000		3.46%			3M CD + 0.53	%
Shinhan Bank		2024~2025		200,000		3.53%			3M CD + 0.35	%
Nomura		2024~2027		200,000		3.38%			3M CD + 0.50	%
Hana Bank		2024~2027		300,000		3.18%			3M CD + 0.53	%
Shinhan Bank		2024~2025		100,000		3.29%			3M CD + 0.42	%
Hana Bank		2025~2030		200,000		3.28%			3M CD + 0.57	%
Hana Bank		2025~2030		200,000		3.28%			3M CD + 0.62	%
Shinhan Bank		2025~2030		200,000		2.82%			3M CD + 0.50	%
Hana Bank		2025~2028		200,000		2.86%			3M CD + 0.45	%
Nomura		2017~2032		52,457		2.55% + Floating rate			2.60	%
Nomura		2017~2032		59,423		2.57% + Floating rate			2.62	%
Nomura (*2)		2021~2041		30,000		1.84%			2.60	%
Nomura (*3)		2021~2041		50,000		1.87%			2.38	%
ANZ		2022~2025	AUD	865		0.48%			3M BBSW + 0.05	%
DBS Bank		2022~2025	AUD	865		0.48%			3M BBSW + 0.05	%
Societe Generale		2022~2025	AUD	865		0.48%			3M BBSW + 0.05	%
MUFG		2022~2048	USD	155,941		3M SOFR			3.71	%
Mizuho Capital Markets LLC		2022~2048	USD	155,941		3M SOFR			1.05	%
Mizuho Capital Markets LLC		2024~2025	USD	112,194		1M SOFR			4.20	%
NORD LB Bank		2022~2036	USD	16,121		1.83%			6M SOFR
Rabobank		2022~2036	USD	19,619		1.83%			6M SOFR
Mizuho Capital Markets LLC		2024~2045	USD	78,927		3M USD Synthetic Libor			1.14	%

(*1)	Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

(*2)	1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.

(*3)	1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT+0.35% is applied thereafter.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

12.

Derivatives, Continued

(6)

Interest rate swap contracts which are designated as hedging instruments as of June 30, 2025 are as follows:

In thousands of foreign currencies

Counterparty

Contract year

Contract
amount

Contract interest rate per annum

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD 11,021

2.67

SOFR + 0.428

ING Bank

2015~2031

USD 27,178

2.67

SOFR + 0.428

BNP Paribas

2015~2031

USD 28,994

2.67

SOFR + 0.428

BNP Paribas

2009~2027

USD 22,923

4.16

6M USD Synthetic Libor

KFW

2009~2027

USD 22,923

4.16

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD 53,525

3.00

6M USD Synthetic Libor

SMTB

2025~2036

JPY 3,787,290

1.82

6M TIBOR + 0.55

(7)

Gains and losses on valuation and transaction of derivatives for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):


In millions of Won	Net income effects of valuation gain (loss)											Net income effects of transaction gain (loss)										Accumulated other *comprehensive income (loss) ()**
	June 30, 2025						June 30, 2024					June 30, 2025						June 30, 2024				June 30, 2025						June 30, 2024
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Currency forward	W	(4,555)			(1,221	)		4,270			19,419		(17,438	)		(27,107	)		22,329		42,080		—			—			—			—
Currency swap		(1,018,448	)		(970,626	)		448,738			1,066,848		(173,221	)		(127,568	)		64,790		68,958		147			22,721			(4,083	)		(6,561	)
Interest rate swap		(6,012	)		(28,515	)		(13,599	)		16,083		(5,132	)		(5,924	)		3,405		10,332		(1,418	)		(4,091	)		(504	)		3,122
Other derivatives		—			8,355			13,654			27,093		28,094			37,583			1,917		5,373		—			—			—			—

	W	(1,029,015)			(992,007	)		453,063			1,129,443		(167,697	)		(123,016	)		92,441		126,743		(1,271	)		18,630			(4,587	)		(3,439	)

(*)	For the six-month periods ended June 30, 2025 and 2024, the net gain (loss) on valuation of derivatives applying cash flow hedge accounting of W9,469 million and W(1,232) million, net of tax, are included in other comprehensive income (loss), respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

13.

Other Financial Assets

(1)

Other financial assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025						As of December 31, 2024
	Current			Non-current			Current			Non-current
Loans	W	112,627			878,768			115,161			901,953
Less: allowance for doubtful accounts		(5,156	)		(66,891	)		(5,156	)		(66,838	)
Less: present value discount		(1,106	)		(35,003	)		(1,084	)		(35,888	)

		106,365			776,874			108,921			799,227

Long-term / short-term financial instruments		1,989,362			813,809			1,147,929			812,211

	W	2,095,727			1,590,683			1,256,850			1,611,438

(2)

Loans as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	35,014		(5,156	)		(1,106	)		28,752
Loans for housing		38,768		—			—			38,768
Other loans		38,845		—			—			38,845

		112,627		(5,156	)		(1,106	)		106,365

Long-term loans
Loans for tuition		351,884		(3,385	)		(35,003	)		313,496
Loans for housing		255,508		—			—			255,508
Loans for related parties		232,486		(63,506	)		—			168,980
Other loans		38,890		—			—			38,890

		878,768		(66,891	)		(35,003	)		776,874

	W	991,395		(72,047	)		(36,109	)		883,239


In millions of won	As of December 31, 2024
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	34,484		(5,156	)		(1,084	)		28,244
Loans for housing		43,171		—			—			43,171
Other loans		37,506		—			—			37,506

		115,161		(5,156	)		(1,084	)		108,921

Long-term loans
Loans for tuition		364,685		(4,888	)		(35,888	)		323,909
Loans for housing		266,208		—			—			266,208
Loans for related parties		260,227		(61,950	)		—			198,277
Other loans		10,833		—			—			10,833

		901,953		(66,838	)		(35,888	)		799,227

	W	1,017,114		(71,994	)		(36,972	)		908,148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

13.

Other Financial Assets, Continued

(3)

Changes in the allowance for doubtful accounts of loans for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	71,994			80,793
Bad debts expense		102			3,727
Write-off		(49	)		(12,526	)

Ending balance	W	72,047			71,994

(4)

Long-term and short-term financial instruments as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Time deposits	W	1,613,441		152,723		823,806		135,995
CD		30,000		—		40,000		—
Others		345,921		661,086		284,123		676,216

	W	1,989,362		813,809		1,147,929		812,211

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

14.

Inventories

Inventories as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	5,147,036		(1,565	)		5,145,471
Merchandises		1,733		—			1,733
Work-in-progress		219,237		—			219,237
Finished goods		55,428		—			55,428
Supplies		3,552,287		—			3,552,287
Inventories-in-transit		783,581		—			783,581
Other inventories		16,862		—			16,862

	W	9,776,164		(1,565	)		9,774,599


In millions of won	As of December 31, 2024
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	4,914,250		(1,573	)		4,912,677
Merchandises		1,733		—			1,733
Work-in-progress		220,110		—			220,110
Finished goods		96,390		(630	)		95,760
Supplies		3,358,831		—			3,358,831
Inventories-in-transit		1,160,238		—			1,160,238
Other inventories		19,887		—			19,887

	W	9,771,439		(2,203	)		9,769,236

The reversal of the allowance for loss on inventory valuation included in cost of sales for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 amounts to W3,928 million and W9,182 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 were W3,290 million and W9,941 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

15.

Non-Financial Assets

Non-financial assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advanced payments	W	514,739		537,721		467,156		66,174
Prepaid expenses		410,631		267,517		431,087		221,922
Others (*)		388,684		37,527		369,671		40,108

	W	1,314,054		842,765		1,267,914		328,204

(*)	Details of others as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	160,216		—		211,969		—
Other quick assets		228,468		37,527		157,702		40,108

	W	388,684		37,527		369,671		40,108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries

(1)

Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2025			As of December 31, 2024
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		51.00	%		51.00	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherland		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.12	%		80.12	%
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service (*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.99	%		99.99	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		99.37	%		85.03	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2025			As of December 31, 2024
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		69.55	%		69.55	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
KOSPO Niles LLC (formerly, Nambu USA LLC)	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd. (*8)	Power generation	Korea		100.00	%		84.80	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd. (*8)	Power generation	Korea		93.68	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2025			As of December 31, 2024
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.99	%		99.99	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*5)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC	Holding company	USA		61.62	%		61.62	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		80.96	%		80.96	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		62.62	%		62.62	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		100.00	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		100.00	%		100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		98.96	%		98.96	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		71.30	%		71.30	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		100.00	%		100.00	%
Sprott Chile Solar I SpA	Holding company	Chile		100.00	%		100.00	%
KEPCO Yona America LLC	Holding company	USA		100.00	%		—
KEPCO SADAWI - FZCO	Holding company	United Arab Emirates		100.00	%		—
EWP Yona America LLC	Holding company	USA		100.00	%		—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2025 and December 31, 2024 are as follows, continued:

(*1)	Considering treasury stocks, the effective percentage of ownership is 51.24%.

(*2)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.

(*3)	As of June 30, 2025, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4)	The Group exercised the purchase option for a 14.3% equity interest held by a financial investor of Commerce and Industry Energy Co., Ltd., and acquired the 14.3% equity interest during the six-month period ended June 30, 2025.

(*5)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed consolidated financial statements as the Group has control over the board of directors under the shareholders’ agreement.

(*6)	Excluding preferred stocks, the percentage of ownership with voting rights is 100%.

(*7)

Although the Group does not hold a stake as of June 30, 2025, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, the Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.

(*8)	The ownership interest changed due to a disproportionate capital reduction with consideration during the six-month period ended June 30, 2025.

(2)

There were no subsidiaries newly excluded from the scope of consolidation during the six-month period ended June 30, 2025 and subsidiaries included in the scope of consolidation during the six-month period ended June 30, 2025 are as follows:


Subsidiaries		Reason
KEPCO Yona America LLC		New investment
KEPCO SADAWI - FZCO		New investment
EWP Yona America LLC		New investment

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows:


In millions of won

As of and for the six-month period ended June 30, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	75,050,450		48,440,323		8,206,340		1,565,596
Korea South-East Power Co., Ltd.		12,389,832		6,183,140		3,107,855		155,079
Korea Midland Power Co., Ltd.		14,347,978		9,399,440		2,562,681		(12,883	)
Korea Western Power Co., Ltd.		13,261,954		8,053,033		2,394,631		35,339
Korea Southern Power Co., Ltd.		12,857,391		7,130,931		2,745,350		39,029
Korea East-West Power Co., Ltd.		12,068,859		5,661,939		2,241,630		206,135
KEPCO Engineering & Construction Company, Inc.		861,846		260,241		198,686		66,229
KEPCO Plant Service & Engineering Co., Ltd.		1,598,249		343,031		728,774		62,316
KEPCO Nuclear Fuel Co., Ltd.		1,050,738		562,579		258,475		23,792
KEPCO KDN Co., Ltd.		685,665		187,439		332,077		18,889
KEPCO International HongKong Ltd.		140,023		—		—		3,501
KEPCO International Philippines Inc.		12,594		—		—		6
KEPCO Gansu International Ltd.		7,913		979		—		(24	)
KEPCO Philippines Holdings Inc.		203,239		208		—		12,387
KEPCO Philippines Corporation		2,873		—		—		59
KEPCO Ilijan Corporation		54,797		394		—		150
KEPCO Neimenggu International Ltd.		298,393		4,465		—		(131	)
KEPCO Shanxi International Ltd.		750,102		339,189		—		(259	)
KOMIPO Global Pte Ltd.		420,584		2,014		—		5,757
KEPCO Netherlands B.V.		145,153		66		—		1,657
KEPCO Australia Pty., Ltd.		319		119		—		(20	)
KOSEP Australia Pty., Ltd.		53,538		5,267		12,391		3,724
KOMIPO Australia Pty., Ltd.		97,901		5,501		12,391		3,639
KOWEPO Australia Pty., Ltd.		97,036		4,561		12,391		4,635
KOSPO Australia Pty., Ltd.		41,398		4,346		12,391		1,781
KEPCO Middle East Holding Company		127,669		125,264		—		(4,286	)
Qatrana Electric Power Company		508,957		177,804		15,095		11,726
KHNP Canada Energy Ltd.		168,223		19,489		—		220
KEPCO Bylong Australia Pty., Ltd.		43,858		519,959		—		16,642
Korea Waterbury Uranium Limited Partnership		21,360		81		—		(55	)
KEPCO Holdings de Mexico		619		2,931		—		74
KST Electric Power Company, S.A.P.I. de C.V.		614,419		493,086		52,197		10,929
KEPCO Energy Service Company		4,034		1,552		6,902		1,506
KEPCO Netherlands S3 B.V.		72,578		17,590		—		564
PT. KOMIPO Pembangkitan Jawa Bali		20,969		4,480		11,277		4,451
PT. Cirebon Power Service		3,284		993		5,099		293
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		35,199		19,858		7,366		2,204
EWP America Inc. (*1)		51,756		4,168		11,959		5,161
KNF Canada Energy Limited		2,302		39		—		(32	)
EWP Barbados 1 SRL		450,786		1,301		—		14,622
Gyeonggi Green Energy Co., Ltd.		194,309		265,477		27,830		(4,578	)
PT. Tanggamus Electric Power		211,231		134,049		3,553		7,353
Gyeongju Wind Power Co., Ltd.		87,526		38,178		9,469		2,885
KOMIPO America Inc. (*2)		571,259		292,102		9,924		(2,516	)
PT. EWP Indonesia		94,929		71		—		3,785
KEPCO Netherlands J3 B.V.		164,416		18,798		—		(566	)
Korea Offshore Wind Power Co., Ltd.		342,418		131,366		24,404		5,827
Global One Pioneer B.V.		1,659,741		213		—		(175	)
Global Energy Pioneer B.V.		517		155		—		(101	)
Mira Power Limited		395,797		290,963		1,594		4,698
KOSEP Material Co., Ltd.		7,073		712		2,655		789
Commerce and Industry Energy Co., Ltd.		61,628		24,932		13,923		(3,417	)
KEPCO KPS Philippines Corp.		6,249		566		3,761		212
KOSPO Chile SpA		174,269		79,713		—		(19	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:


In millions of won

As of and for the six-month period ended June 30, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	6,001		2,398		324		84
Fujeij Wind Power Company		225,679		149,409		—		9,160
KOSPO Youngnam Power Co., Ltd.		340,995		236,525		164,719		(2,809	)
Chitose Solar Power Plant LLC		89,873		83,887		8,277		2,246
KEPCO ES Co., Ltd.		313,802		6,002		3,666		1,196
KEPCO Solar Co., Ltd.		240,697		28,630		12,821		4,789
KOSPO Power Services Ltda.		7,688		5,550		7,207		447
Energy New Industry Specialized Investment Private Investment Trust (*3)		472,872		3,443		—		1,633
KOEN Bylong Pty., Ltd.		15		167		—		(1	)
KOMIPO Bylong Pty., Ltd.		16		175		—		(8	)
KOWEPO Bylong Pty., Ltd.		15		169		—		(6	)
KOSPO Bylong Pty., Ltd.		177		400		—		(6	)
EWP Bylong Pty., Ltd.		14		13		—		—
KOWEPO Lao International		17,066		389		5,955		2,640
KEPCO Mangilao Holdings LLC		91,654		48,648		424		(21	)
Mangilao Investment LLC		202,358		16		—		—
KEPCO Mangilao Solar, LLC		206,687		594		9,447		2,360
Jeju Hanlim Offshore Wind Co., Ltd.		599,654		551,448		14,805		(17,767	)
PT. Siborpa Eco Power		14,998		2,219		—		(24	)
PT. Korea Energy Indonesia		6,224		5,628		828		(1,988	)
KOLAT SpA		48,139		587		1,286		234
KEPCO California, LLC		48,229		6,888		338		(349	)
KEPCO Mojave Holdings, LLC		91,920		83,397		—		(2,218	)
Incheon Fuel Cell Co., Ltd.		240,206		227,507		41,637		(3,274	)
KOEN Service Co., Ltd.		9,455		6,111		20,138		419
KOMIPO Service Co., Ltd.		9,234		4,857		20,057		982
KOWEPO Service Co., Ltd.		10,044		5,636		21,594		1,086
KOSPO Service Co., Ltd.		8,396		4,576		17,035		1,214
EWP Service Co., Ltd.		5,489		3,385		13,886		638
PT. KOMIPO Energy Indonesia		4,737		244		2,647		940
KNF partners Co., Ltd.		2,554		992		2,862		(131	)
KOSPO USA Inc.		803,707		638		—		(5,158	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		306,726		452		482		5,172
Tamra Offshore Wind Power Co., Ltd.		108,981		69,287		9,467		1,755
KEPCO MCS Co., Ltd.		87,462		66,927		137,735		(5,889	)
KEPCO FMS Co., Ltd.		21,715		20,716		56,013		3,369
Firstkeepers Co., Ltd.		28,384		16,198		49,236		2,499
Secutec Co., Ltd.		17,581		11,784		39,768		(186	)
SE Green Energy Co., Ltd.		120,396		92,252		19,052		(356	)
Mangilao Intermediate Holdings LLC		204,967		115,085		—		(5,669	)
KEPCO CSC Co., Ltd.		17,470		9,865		23,057		1,690
KOAK Power Limited		15,213		132		—		18
KOMIPO Europe B.V.		86,996		148		590		(2,346	)
Haenanum Energy Fund		7,463		21		951		932
Paju Ecoenergy Co., Ltd.		58,829		2,350		7,045		(29	)
Guam Ukudu Power LLC		844,020		885,001		21,601		(14,692	)
K-SOLAR SHINAN Co., Ltd.		273,153		257,176		16,340		131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:


In millions of won
As of and for the six-month period ended June 30, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	5,101		2,876		7,647		389
KEPCO E&C Service Co., Ltd.		9,747		2,116		8,683		932
Moha solar Co., Ltd.		25,662		28,238		—		(131	)
Ogiri Solar Power Co., Ltd.		1,057		21		—		(20	)
KHNP USA LLC		2,137		346		624		166
KOMIPO Vanphong Power Service LLC		29,594		1,532		15,440		6,283
Energy Innovation Fund I		39,806		901		—		(497	)
KHNP Chile SpA		5,650		4,417		—		(42	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,442		1,283		106		61
Yeong Yang Corporation Co., Ltd.		1,420		1,273		103		58
SolarVader Co., Ltd.		1,429		1,276		102		57
Yeong Yang Innovation Co., Ltd.		1,414		1,268		99		53
Yeong Yang Horus Photovoltaic Co., Ltd.		1,403		1,273		95		50
Yeong Yang Solar Management Co., Ltd.		1,436		1,276		108		63
LSG Hydro Power Limited		445		6		—		(127	)
KOEN Bio Co., Ltd.		1,432		886		1,205		49
KOMIPO Iberian Solar Group, S.L.U.		82,153		71,875		—		2,778
Jeongam Wind Power Co., Ltd.		68,958		58,253		4,451		102
KOWEPO Europe B.V.		48		3,733		—		(64	)
Yeongdeok Sunrise Wind Power Co., Ltd.		113,712		86,775		6,839		791
KA Power Limited		5,979		3,153		—		(118	)
Western Power Changgi Solar Co., Ltd.		43,020		36,288		3,713		277
EWP Australia Pty., Ltd.		59,491		402		—		(6,434	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		321,234		214,772		6,050		(8,351	)
Digital Innovation Growth Fund		11,438		116		—		1,617
J Wind First, LLC		52,897		52,897		1,282		—
KEPCO Holding Company		174,058		170,628		—		(14	)
KEPCO for Maintenance Company		12,405		14,860		—		(1,878	)
KOSPO Trumbull LLC		368,085		—		—		1
Changjuk Wind Power Co., Ltd.		25,321		2,561		4,402		640
Chile Solar JV SpA		89,902		72,249		4,247		3,537
KEPCO KPS South Africa Pty., Ltd.		9,054		2,655		11,862		459
KOWEPO Holding Limited		10,760		831		—		2,468
KOSPO Rutile, LLC		2,983		—		—		(1	)
Sprott Chile Solar I SpA		8,011		26		—		(2	)
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI - FZCO		447		—		—		—
EWP Yona America LLC		—		—		—		—

(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2)	Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4)	Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:


In millions of won
As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	72,508,359		47,082,862		13,447,880		567,267
Korea South-East Power Co., Ltd.		13,203,109		6,447,903		6,527,922		382,336
Korea Midland Power Co., Ltd.		14,849,596		9,513,087		7,088,426		225,196
Korea Western Power Co., Ltd.		13,309,836		7,708,730		6,193,922		361,725
Korea Southern Power Co., Ltd.		13,184,059		7,101,465		6,430,487		311,530
Korea East-West Power Co., Ltd.		12,287,969		5,592,569		5,322,832		467,885
KEPCO Engineering & Construction Company, Inc.		945,384		367,910		553,363		58,513
KEPCO Plant Service & Engineering Co., Ltd.		1,675,776		355,479		1,534,269		170,967
KEPCO Nuclear Fuel Co., Ltd.		1,060,367		562,604		397,595		48,061
KEPCO KDN Co., Ltd.		846,361		222,119		781,646		215,791
KEPCO International HongKong Ltd.		149,757		1,611		—		7,596
KEPCO International Philippines Inc.		13,720		78		—		40,427
KEPCO Gansu International Ltd.		8,233		693		—		(5	)
KEPCO Philippines Holdings Inc.		202,810		173		—		49,999
KEPCO Philippines Corporation		2,990		4		—		120
KEPCO Ilijan Corporation		58,752		615		—		4,549
KEPCO Neimenggu International Ltd.		323,519		4,839		—		10,891
KEPCO Shanxi International Ltd.		811,971		366,377		—		13,677
KOMIPO Global Pte Ltd.		454,052		2,716		—		15,618
KEPCO Netherlands B.V.		155,632		109		—		4,237
KEPCO Australia Pty., Ltd.		226		—		—		(4,017	)
KOSEP Australia Pty., Ltd.		55,461		7,847		31,935		10,139
KOMIPO Australia Pty., Ltd.		94,760		3,214		31,935		6,253
KOWEPO Australia Pty., Ltd.		93,353		2,736		31,935		4,978
KOSPO Australia Pty., Ltd.		39,606		3,221		31,935		8,768
KEPCO Middle East Holding Company		136,740		129,721		—		(7,668	)
Qatrana Electric Power Company		554,387		207,773		28,465		24,062
KHNP Canada Energy Ltd.		180,220		20,431		—		506
KEPCO Bylong Australia Pty., Ltd.		45,420		552,861		—		(69,620	)
Korea Waterbury Uranium Limited Partnership		20,773		62		—		(142	)
KEPCO Holdings de Mexico		670		3,025		—		(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.		654,086		532,766		67,656		24,713
KEPCO Energy Service Company		2,257		1,198		9,361		146
KEPCO Netherlands S3 B.V.		81,554		19,084		—		978
PT. KOMIPO Pembangkitan Jawa Bali		18,014		3,684		21,567		969
PT. Cirebon Power Service		3,004		823		10,515		586
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,620		22,271		17,477		4,312
EWP America Inc. (*1)		49,381		3,120		14,888		332
KNF Canada Energy Limited		2,337		30		—		(67	)
EWP Barbados 1 SRL		469,387		1,463		—		28,937
Gyeonggi Green Energy Co., Ltd.		160,060		226,650		60,769		(31,941	)
PT. Tanggamus Electric Power		232,963		155,119		6,136		4,216
Gyeongju Wind Power Co., Ltd.		87,987		41,547		18,550		5,817
KOMIPO America Inc. (*2)		633,218		328,237		18,806		9,662
PT. EWP Indonesia		101,015		84		—		6,115
KEPCO Netherlands J3 B.V.		174,130		15,748		—		7,378
Korea Offshore Wind Power Co., Ltd.		336,687		131,463		41,489		14,607
Global One Pioneer B.V.		150		64		—		(130	)
Global Energy Pioneer B.V.		363		69		—		(131	)
Mira Power Limited		443,556		332,629		4,213		11,499
KOSEP Material Co., Ltd.		6,111		539		5,016		1,108
Commerce and Industry Energy Co., Ltd.		65,954		25,841		35,054		(3,638	)
KEPCO KPS Philippines Corp.		6,403		594		7,372		422
KOSPO Chile SpA		186,200		83,705		—		(1,185	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:

In millions of won


As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,875		2,355		567		46
Fujeij Wind Power Company		245,967		171,610		—		14,962
KOSPO Youngnam Power Co., Ltd.		371,946		257,626		412,037		10,275
Chitose Solar Power Plant LLC		93,435		78,709		14,453		2,553
KEPCO ES Co., Ltd.		318,648		6,087		6,384		8,758
KEPCO Solar Co., Ltd.		240,555		29,240		20,788		6,210
KOSPO Power Services Ltda.		8,118		6,363		17,005		1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)		483,585		3,358		—		22,608
KOEN Bylong Pty., Ltd.		15		165		—		(12	)
KOMIPO Bylong Pty., Ltd.		15		172		—		(17	)
KOWEPO Bylong Pty., Ltd.		15		168		—		(17	)
KOSPO Bylong Pty., Ltd.		202		425		—		(57	)
EWP Bylong Pty., Ltd.		15		13		—		2
KOWEPO Lao International		17,335		2,247		11,891		4,823
KEPCO Mangilao Holdings LLC		99,669		52,732		810		(7,804	)
Mangilao Investment LLC		224,646		18		—		—
KEPCO Mangilao Solar, LLC		226,509		247		16,907		3,634
Jeju Hanlim Offshore Wind Co., Ltd.		590,613		524,640		10,872		(5,067	)
PT. Siborpa Eco Power		13,877		3		—		(38	)
PT. Korea Energy Indonesia		9,146		5,524		4,550		1,171
KOLAT SpA		49,452		406		2,880		1,090
KEPCO California, LLC		52,627		7,464		645		(507	)
KEPCO Mojave Holdings, LLC		101,912		90,646		—		(3,950	)
Incheon Fuel Cell Co., Ltd.		249,022		233,049		91,097		(5,805	)
KOEN Service Co., Ltd.		10,072		7,186		39,482		323
KOMIPO Service Co., Ltd.		8,123		4,728		38,415		657
KOWEPO Service Co., Ltd.		8,422		6,678		40,875		314
KOSPO Service Co., Ltd.		7,199		4,593		32,422		949
EWP Service Co., Ltd.		5,291		3,851		27,101		27
PT. KOMIPO Energy Indonesia		5,177		1,273		6,433		874
KNF partners Co., Ltd.		2,875		1,182		6,700		286
KOSPO USA Inc.		725,984		321		—		(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		326,651		51		—		9,947
Tamra Offshore Wind Power Co., Ltd.		112,747		74,809		19,937		1,551
KEPCO MCS Co., Ltd.		94,305		67,881		292,011		(9,033	)
KEPCO FMS Co., Ltd.		16,330		18,815		108,560		1,126
Firstkeepers Co., Ltd.		24,800		13,930		95,836		4,546
Secutec Co., Ltd.		17,416		11,980		78,011		1,968
SE Green Energy Co., Ltd.		126,012		93,330		41,251		178
Mangilao Intermediate Holdings LLC		230,079		126,833		—		(1,277	)
KEPCO CSC Co., Ltd.		17,430		11,516		49,443		2,944
KOAK Power Limited		16,961		322		—		(75	)
KOMIPO Europe B.V.		84,899		123		890		(6,403	)
Haenanum Energy Fund		7,415		3		493		445
Paju Ecoenergy Co., Ltd.		61,836		2,635		16,306		697
Guam Ukudu Power LLC		940,137		960,812		112,782		(39,280	)
K-SOLAR SHINAN Co., Ltd.		279,204		263,030		34,148		907

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:


In millions of won

As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	4,264		2,298		14,053		487
KEPCO E&C Service Co., Ltd.		8,437		1,738		16,861		1,578
Moha solar Co., Ltd.		25,946		28,391		—		(273	)
Ogiri Solar Power Co., Ltd.		1,077		21		77		55
KHNP USA LLC		2,170		400		1,196		186
KOMIPO Vanphong Power Service LLC		39,147		3,592		26,235		9,951
Energy Innovation Fund I		40,554		894		—		(899	)
KHNP Chile SpA		6,081		4,818		—		(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,422		1,324		194		(4	)
Yeong Yang Corporation Co., Ltd.		1,403		1,314		190		(12	)
SolarVader Co., Ltd.		1,413		1,317		195		(12	)
Yeong Yang Innovation Co., Ltd.		1,407		1,314		188		1
Yeong Yang Horus Photovoltaic Co., Ltd.		1,395		1,314		184		(3	)
Yeong Yang Solar Management Co., Ltd.		1,415		1,318		198		(23	)
LSG Hydro Power Limited		629		12		—		(187	)
KOEN Bio Co., Ltd.		1,179		683		1,570		90
KOMIPO Iberian Solar Group, S.L.U.		76,858		69,709		—		(3,786	)
Jeongam Wind Power Co., Ltd.		70,772		60,170		7,094		(2,113	)
KOWEPO Europe B.V.		35		3,511		—		(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.		112,863		87,437		7,717		3,555
KA Power Limited		6,620		3,375		—		(207	)
Western Power Changgi Solar Co., Ltd.		43,393		36,938		6,461		321
EWP Australia Pty., Ltd.		67,756		358		—		12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		342,603		222,480		8,349		20,622
Digital Innovation Growth Fund		11,989		172		—		1,745
J Wind First, LLC		54,456		54,456		2,992		—
KEPCO Holding Company		3,727		—		—		(35	)
KEPCO for Maintenance Company		12,192		10,078		2,726		1,838
KOSPO Trumbull LLC		336,425		—		—		—
Changjuk Wind Power Co., Ltd.		25,434		2,815		5,983		686
Chile Solar JV SpA		96,796		81,288		9,862		(5,411	)
KEPCO KPS South Africa Pty., Ltd.		10,784		4,688		19,713		266
KOWEPO Holding Limited		9,108		888		—		7,679
KOSPO Rutile, LLC		147		—		—		—
Sprott Chile Solar I SpA		8,682		27		—		1

(*1)	Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2)	Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3)

(*4)	Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2025 are as follows:


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than W10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.

KOSPO Youngnam Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.

Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.

Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.

Korea Offshore Wind Power Co., Ltd.		Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.

Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.

Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.

Columboola Solar Farm Hold Co Pty., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.

Guam Ukudu Power LLC		Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.

Mira Power Limited		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.

Chile Solar JV SpA		The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.

K-SOLAR SHINAN Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation.

Western Power Changgi Solar Co., Ltd.		Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Gorup’s abilities to its subsidiaries as of June 30, 2025 are as follows, continued:


Company		Nature and extent of any significant restrictions
Chitose Solar Power Plant LLC		Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease.

Mangilao Intermediate Holdings LLC		Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is completed.

Fujeij Wind Power Company		Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule without the lender’s prior written consent is restricted. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.

Qatrana Electric Power Company		Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.

KST Electric Power Company, S.A.P.I. de C.V.		Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted.

(5)

As of June 30, 2025, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders’ agreements:


Company		Unrecognized commitments
Jeongam Wind Power Co., Ltd.		When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.

Changjuk Wind Power Co., Ltd.		When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances.

Columboola Solar Farm Hold Co Pty., Ltd.		The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(6)

Details of non-controlling interests prior to intra-company eliminations as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won

As of and for the six-month period ended June 30, 2025
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	53,896			967,044			512,352			1,270,046			2,803,338
Non-current assets		901			631,205			349,494			4,479,080			5,460,680
Current liabilities		(235	)		(285,891	)		(252,080	)		(1,131,683	)		(1,669,889	)
Non-current liabilities		(159	)		(57,140	)		(8,161	)		(2,543,802	)		(2,609,262	)
Net assets		54,403			1,255,218			601,605			2,073,641			3,984,867
Book value of non-controlling interests		26,657			615,057			293,343			210,458			1,145,515
Sales		—			728,774			198,686			578,521			1,505,981
Profit for the period		150			62,316			66,229			39,051			167,746
Profit for the period attributable to non-controlling interests		74			30,535			32,293			10,205			73,107
Cash flows from operating activities		466			39,852			22,419			274,207			336,944
Cash flows from investing activities		(1	)		102,338			10,101			(56,866	)		55,572
Cash flows from financing activities before dividends to non-controlling interests		(158	)		(66,545	)		(19,936	)		(180,226	)		(266,865	)
Dividends to non-controlling interests		—			(54,441	)		(18,531	)		(3,396	)		(76,368	)
Effect of exchange rate fluctuation		(4,449	)		(2,389	)		(225	)		(16,828	)		(23,891	)
Net increase (decrease) in cash and cash equivalents		(4,142	)		18,815			(6,172	)		16,891			25,392


In millions of won
As of and for the year ended 2024
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	58,291			1,033,936			568,226			1,284,969			2,945,422
Non-current assets		461			641,840			377,158			4,814,101			5,833,560
Current liabilities		(280	)		(341,918	)		(359,629	)		(1,282,746	)		(1,984,573	)
Non-current liabilities		(335	)		(13,561	)		(8,281	)		(2,578,521	)		(2,600,698	)
Net assets		58,137			1,320,297			577,474			2,237,803			4,193,711
Book value of non-controlling interests		28,487			646,946			281,576			490,588			1,447,597
Sales		—			1,534,269			553,363			1,032,246			3,119,878
Profit for the period		4,549			170,967			58,513			120,682			354,711
Profit for the period attributable to non-controlling interests		2,229			83,774			28,531			15,736			130,270
Cash flows from operating activities		5,034			538,151			46,528			345,168			934,881
Cash flows from investing activities		—			(379,243	)		(31,761	)		(195,587	)		(606,591	)
Cash flows from financing activities before dividends to non-controlling interests		(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests		(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation		12,321			1,362			447			28,762			42,892
Net increase (decrease) in cash and cash equivalents		(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

16.

Consolidated Subsidiaries, Continued

(7)

Changes in goodwill

(i)

Details of goodwill as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Acquisition cost	W	101,716			101,761
Less: accumulated impairment		(2,582	)		(2,582	)

Carrying book value	W	99,134			99,179

(ii)

Changes in goodwill for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
In millions of won	Beginning			Increase		Decrease		Impairment		Others			Ending
Acquisition cost	W	101,761			—		—		—		(45	)		101,716
Less: accumulated impairment		(2,582	)		—		—		—		—			(2,582	)

Carrying book value	W	99,179			—		—		—		(45	)		99,134


In millions of won	For the year ended December 31, 2024
In millions of won	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,738			—		—		—		23		101,761
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)

Carrying book value	W	99,156			—		—		—		23		99,179

(8)

Disposals of subsidiaries

The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures

(1)

Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,325,494
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00	%		4,727		34,678
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		85,039
Korea Power Exchange (*2)	Management of power marketand others		Korea		100.00	%		127,839		270,924
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		32,739
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		103,907
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		701,369
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		149,428
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		34,991
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		737,100
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		190,490
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		65,249
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		299,007
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		234,933
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		146,132
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		89,878
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		277,927
Nepal Water & Energy Development Company Private Limited (*6, 15)	Construction and operation ofutility plant		Nepal		66.10	%		110,332		158,645
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		329,666
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,537
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		86,776
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others)								251,344		292,183

								3,402,751		6,684,092

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		77,959
KEPCO SPC Power Corporation (*4,9)	Construction and operation of utility plant		Philippines		60.00	%		94,579		152,317
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		46,975
Rabigh Electricity Company (*10)	Power generation		Saudi Arabia		40.00	%		109,743		253,051
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		387,872
Amman Asia Electric Power Company (*9)	Power generation		Jordan		60.00	%		111,476		254,303
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		35,626
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		515,164
Kelar S.A. (*9)	Power generation		Chile		65.00	%		78,060		142,257
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		90,287
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,546,590
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		31,598
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		46,948
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		77,894
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		48,364
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		52,267
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		57,009
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00	%		39,052		51,220
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		201,086
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vaporand hot/cold water		Korea		50.10	%		49,344		67,332
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20	%		29,200		50,184
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		277,887		438,445
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		37,661
Namyangju Combined Heat and Power Co., Ltd. (*13)	Generating and distributing vaporand hot/cold water		Korea		70.10	%		124,077		122,239
Trumbull Development Partners, LLC (*14)	Holding company		USA		56.23	%		365,049		377,976
Others (Dangjin Eco Power Co., Ltd. and 95 others)								655,047		652,774

								4,829,197		6,013,566

							W	8,231,948		12,697,658

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are as follows, continued:

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*3)

The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

(*4)

The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of June 30, 2025.

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(*7)

The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.

(*8)

The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the critical decisions related to finance and operation.

(*9)

The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*10)

The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.

(*11)

The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*12)

Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*13)

Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.

(*14)

Although the Group holds more than 50% of the equity interest, the investee has been classified as a joint venture, considering the minimum voting rights required by the representative committee under the joint shareholders’ agreement for decisions on critical financial and operating policies.

(*15)

The Group’s ownership interest was changed during the six-month period ended June 30, 2025, as a result of a disproportionate capital contribution by a financial investor.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won	As of December 31, 2024
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,289,304
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		Korea		29.00	%		4,727		30,177
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		87,393
Korea Power Exchange (*2)	Management of power marketand others		Korea		100.00	%		127,839		273,962
Daeryun Power Co., Ltd.(*3)	Power generation		Korea		6.85	%		46,373		31,093
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		107,574
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		728,338
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		157,530
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		39,268
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		717,376
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		73,065
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		284,542
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		241,814
Shin Pyeongtaek Power Co., Ltd.	Power generation		Korea		40.00	%		72,000		139,059
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		91,351
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		279,432
Nepal Water & Energy Development Company Private Limited (*6)	Construction and operation ofutility plant		Nepal		68.88	%		110,332		170,955
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		370,970
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,110
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 76 others)								243,426		277,223

								3,394,833		6,704,754

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherland		49.00	%		44,405		86,450
KEPCO SPC Power Corporation (*4,9)	Construction and operation of utility plant		Philippines		60.00	%		94,579		159,139
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		48,325
Rabigh Electricity Company (*10)	Power generation		Saudi Arabia		40.00	%		109,743		269,893
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		412,616
Amman Asia Electric Power Company (*9)	Power generation		Jordan		60.00	%		111,476		268,864
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,599
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		563,079
Kelar S.A. (*9)	Power generation		Chile		65.00	%		78,060		152,367
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		100,580
Barakah One Company (*11)	Power generation		UAE		18.00	%		118		—
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		30,513
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		48,760
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		89,780
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		55,622
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		59,806
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		63,695
Pulau Indah Power Plant Sdn. Bhd.	Power generation		Malaysia		25.00	%		39,052		50,721
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		207,565
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vaporand hot/cold water		Korea		50.10	%		49,344		46,158
Naepo Green Energy Co., Ltd.	Power generation		Korea		29.20	%		29,200		48,031
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		258,011		465,349
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		37,559
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vaporand hot/cold water		Korea		70.10	%		53,977		51,768
Trumbull Development Partners, LLC	Holding company		USA		56.23	%		304,836		355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)								651,051		668,206

								2,880,964		4,581,340

							W	6,275,797		11,286,094

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2025 and December 31, 2024 are as follows, continued:

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

(*3)

(*4)

The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of December 31, 2024.

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

(*7)

(*8)

The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

(*9)

(*10)

(*11)

The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.

(*12)

Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*13)

Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.

(*14)


In millions of won

Investees	As of June 30, 2025		As of December 31, 2024
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	135,949		88,489
Korea Gas Corporation		787,185		655,830
SPC Power Corporation		117,109		130,063
PT. Bayan Resources TBK		11,048,401		12,298,501

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won

For the six-month period ended June 30, 2025
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,289,304		—		—			(27,500	)		98,092			(34,254	)		(148	)		2,325,494
Korea Electric Power Industrial Development Co., Ltd.		30,177		—		—			(3,470	)		7,854			—			117			34,678
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		1,201			—			—			85,039
Korea Power Exchange		273,962		—		—			—			(3,038	)		—			—			270,924
Daeryun Power Co., Ltd.		31,093		—		—			—			1,647			—			(1	)		32,739
SPC Power Corporation		107,574		—		—			(5,687	)		8,204			(6,184	)		—			103,907
Gemeng International Energy Co., Ltd.		728,338		—		—			(20,644	)		32,334			(38,659	)		—			701,369
PT. Cirebon Electric Power		157,530		—		—			—			4,287			(12,389	)		—			149,428
PT Wampu Electric Power		39,268		—		—			(1,971	)		821			(3,127	)		—			34,991
PT. Bayan Resources TBK		717,376		—		—			—			69,036			(49,352	)		40			737,100
S-Power Co., Ltd.		180,372		—		—			—			10,118			—			—			190,490
Xe-Pian Xe-Namnoy Power Co., Ltd.		73,065		—		—			—			595			(8,411	)		—			65,249
Goseong Green Power Co., Ltd.		284,542		—		—			—			14,469			—			(4	)		299,007
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(6,881	)		—			—			234,933
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			7,073			—			—			146,132
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			(1,473	)		—			—			89,878
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		10,524			—			—			277,927
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			290			(12,600	)		—			158,645
Indeck Niles Development, LLC		370,970		—		—			(5,871	)		(2,306	)		(33,127	)		—			329,666
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			427			—			—			37,537
PT. Cirebon Energi Prasarana		96,846		—		—			—			652			(10,722	)		—			86,776
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others)		277,223		9,669		(1,751	)		(11,062	)		17,320			(432	)		1,216			292,183

		6,704,754		9,669		(1,751	)		(91,789	)		271,246			(209,257	)		1,220			6,684,092

<Joint ventures>
Shuweihat Asia Power Investment B.V.		86,450		—		—			(560	)		1,376			(9,307	)		—			77,959
KEPCO SPC Power Corporation		159,139		—		—			—			2,289			(9,111	)		—			152,317
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			6,163			(12,511	)		—			198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			1,533			(2,883	)		—			46,975
Rabigh Electricity Company		269,893		—		—			(1,696	)		12,582			(27,728	)		—			253,051
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		12,908			(27,952	)		—			387,872
Amman Asia Electric Power Company		268,864		—		—			—			10,755			(25,316	)		—			254,303
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			(973	)		—			—			35,626
Nghi Son 2 Power LLC		563,079		—		—			—			16,942			(64,857	)		—			515,164
Kelar S.A.		152,367		—		—			—			3,721			(13,831	)		—			142,257
PT. Tanjung Power Indonesia		100,580		—		—			(4,785	)		3,961			(9,822	)		353			90,287
Barakah One Company		—		1,794,047		—			—			(137,535	)		(109,922	)		—			1,546,590
Daegu Green Power Co., Ltd.		30,513		—		—			—			1,085			—			—			31,598
South Jamaica Power Company Limited		48,760		—		—			(167	)		2,220			(3,865	)		—			46,948
RE Holiday Holdings LLC		89,780		—		—			—			(5,468	)		(6,418	)		—			77,894
RE Pioneer Holdings LLC		55,622		—		—			—			(3,759	)		(3,499	)		—			48,364
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,663	)		(1,936	)		(3,940	)		—			52,267
Solar Philippines Calatagan Corporation		63,695		—		—			(6,480	)		3,209			(3,415	)		—			57,009
Pulau Indah Power Plant Sdn. Bhd.		50,721		—		—			—			1,543			(1,044	)		—			51,220
PT Barito Wahana Tenaga		207,565		—		—			—			26,205			(32,684	)		—			201,086
Cheongna Energy Co., Ltd.		46,158		—		—			—			21,174			—			—			67,332
Naepo Green Energy Co., Ltd.		48,031		—		—			(13,432	)		15,585			—			—			50,184
OneEnergy Asia Limited		465,349		19,876		—			—			9,059			(55,839	)		—			438,445
Prime Swedish Holding AB		37,559		—		—			—			(1,559	)		1,661			—			37,661
Namyangju Combined Heat and Power Co., Ltd.		51,768		70,100		—			—			241			130			—			122,239
Trumbull Development Partners, LLC		355,379		60,214		—			(7	)		844			(38,454	)		—			377,976
Others (Dangjin Eco Power Co., Ltd. and 96 others)		668,206		12,359		(9,409	)		(12,434	)		16,105			(22,053	)		—			652,774

		4,581,340		1,956,596		(9,409	)		(50,924	)		18,270			(482,660	)		353			6,013,566

	W	11,286,094		1,966,265		(11,160	)		(142,713	)		289,516			(691,917	)		1,573			12,697,658

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows, continued:


In millions of won

For the year ended December 31, 2024
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,970,643		—		—			—			248,385			36,628			33,648			2,289,304
Korea Electric Power Industrial Development Co., Ltd.		29,500		—		—			(2,801	)		3,124			—			354			30,177
YTN Co., Ltd.		52,303		—		(52,303	)		—			—			—			—			—
Hyundai Green Power Co., Ltd.		118,173		—		—			(3,555	)		2,712			—			(29,937	)		87,393
Korea Power Exchange		274,286		—		—			—			2,768			(59	)		(3,033	)		273,962
Daeryun Power Co., Ltd.		26,834		—		—			—			4,301			—			(42	)		31,093
SPC Power Corporation		78,931		—		—			(13,529	)		13,412			28,760			—			107,574
Gemeng International Energy Co., Ltd.		705,812		—		—			(22,908	)		(33,472	)		78,870			36			728,338
PT. Cirebon Electric Power		134,259		—		—			—			4,144			—			19,127			157,530
PT Wampu Electric Power		34,555		—		—			(3,765	)		3,495			152			4,831			39,268
PT. Bayan Resources TBK		619,207		—		—			(168,698	)		187,634			79,332			(99	)		717,376
S-Power Co., Ltd.		162,765		—		—			—			17,607			—			—			180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		116,378		—		—			—			(20,217	)		11,861			(34,957	)		73,065
Goseong Green Power Co., Ltd.		287,624		—		—			—			(3,026	)		—			(56	)		284,542
Gangneung Eco Power Co., Ltd.		254,929		—		—			—			(13,115	)		—			—			241,814
Shin Pyeongtaek Power Co., Ltd.		145,026		—		—			(30,080	)		24,145			—			(32	)		139,059
Dongducheon Dream Power Co., Ltd.		87,203		—		—			—			4,141			—			7			91,351
GS Donghae Electric Power Co., Ltd.		259,085		—		—			—			20,323			—			24			279,432
Nepal Water & Energy Development Company Private Limited		110,573		—		—			—			7,392			52,990			—			170,955
Indeck Niles Development, LLC		335,401		—		(14,551	)		(10,591	)		12,909			47,802			—			370,970
Saemangeum Sebit Power Plant Co., Ltd.		37,191		—		—			—			(81	)		—			—			37,110
PT. Cirebon Energi Prasarana		76,597		—		—			—			6,051			2,782			11,416			96,846
Others (Taebaek Guinemi Wind Power Co., Ltd. and 81 others)		259,614		18,987		(10,772	)		(10,941	)		10,004			2,656			7,675			277,223

		6,176,889		18,987		(77,626	)		(266,868	)		502,636			341,774			8,962			6,704,754

<Joint ventures>
Shuweihat Asia Power Investment B.V.		69,902		—		—			—			1,709			14,839			—			86,450
KEPCO SPC Power Corporation		196,544		—		—			(28,591	)		16,714			(25,528	)		—			159,139
Datang Chifeng Renewable Power Co., Ltd.		186,739		—		—			(10,624	)		7,772			20,629			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		43,207		—		—			(591	)		813			4,896			—			48,325
Rabigh Electricity Company		235,051		—		—			(7,270	)		17,147			24,965			—			269,893
Jamaica Public Service Company Limited		349,866		—		—			(15,215	)		28,849			49,463			(347	)		412,616
Amman Asia Electric Power Company		223,424		—		—			(8,171	)		20,485			33,126			—			268,864
Chun-cheon Energy Co., Ltd.		35,083		—		—			—			1,516			—			—			36,599
Nghi Son 2 Power LLC		417,989		—		—			—			45,889			99,201			—			563,079
Kelar S.A.		131,529		—		—			—			4,739			(2,498	)		18,597			152,367
PT. Tanjung Power Indonesia		90,151		—		—			(8,349	)		6,138			14,122			(1,482	)		100,580
Barakah One Company		—		—		—			—			—			—			—			—
Daegu Green Power Co., Ltd.		26,430		—		—			—			4,103			—			(20	)		30,513
South Jamaica Power Company Limited		43,109		—		—			(2,895	)		2,704			5,842			—			48,760
RE Holiday Holdings LLC		84,092		—		—			—			(3,139	)		8,827			—			89,780
RE Pioneer Holdings LLC		54,081		—		—			—			(2,910	)		4,451			—			55,622
RE Barren Ridge 1 Holdings LLC		58,154		—		—			(1,966	)		(1,546	)		5,164			—			59,806
Solar Philippines Calatagan Corporation		58,130		—		—			(6,107	)		6,523			5,149			—			63,695
Pulau Indah Power Plant Sdn. Bhd.		25,603		14,713		—			—			(816	)		11,221			—			50,721
PT Barito Wahana Tenaga		156,994		—		—			—			24,435			26,136			—			207,565
Cheongna Energy Co., Ltd.		25,549		—		—			—			20,609			—			—			46,158
Naepo Green EnegryCo., Ltd.		5,285		—		—			—			32,284			—			10,462			48,031
OneEnergy Asia Limited		289,966		62,880		—			—			47,346			65,157			—			465,349
Prime Swedish Holding AB		38,789		—		—			—			(3,782	)		—			2,552			37,559
Namyangju Combined Heat and Power Co., Ltd.		3,850		50,127		—			—			(1,519	)		(690	)		—			51,768
Trumbull Development Partners, LLC		—		304,836		—			—			7,976			42,567			—			355,379
Others (Dangjin Eco Power Co., Ltd. and 90 others)		636,182		22,847		(68	)		(7,730	)		(31,223	)		46,856			1,342			668,206

		3,485,699		455,403		(68	)		(97,509	)		252,816			453,895			31,104			4,581,340

	W	9,662,588		474,390		(77,694	)		(364,377	)		755,452			795,669			40,066			11,286,094

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

The summarized financial information of associates and joint ventures as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows:


In millions of won
As of and for the six-month period ended June 30, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	50,888,627		39,895,802		20,362,811		452,283
Korea Electric Power Industrial Development Co., Ltd.		216,669		97,089		198,184		17,824
Hyundai Green Power Co., Ltd.		669,909		274,471		55,692		4,690
Korea Power Exchange		371,175		100,251		57,904		4,953
Daeryun Power Co., Ltd.		1,105,015		615,104		218,767		23,071
SPC Power Corporation		304,505		31,066		27,489		22,000
Gemeng International Energy Co., Ltd.		7,789,263		5,354,538		1,495,670		82,206
PT. Cirebon Electric Power		677,880		134,503		147,176		15,588
PT Wampu Electric Power		186,761		110,693		10,085		1,784
PT. Bayan Resources TBK		4,332,922		1,411,894		2,315,913		509,104
S-Power Co., Ltd.		674,248		283,407		372,584		20,574
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,307,258		902,791		101,234		2,296
Goseong Green Power Co., Ltd.		5,050,921		3,992,724		509,544		53,625
Gangneung Eco Power Co., Ltd.		5,428,940		4,753,245		378,278		(13,061	)
Shin Pyeongtaek Power Co., Ltd.		1,030,819		640,059		368,949		16,852
Dongducheon Dream Power Co., Ltd.		1,309,183		1,008,062		614,480		(4,619	)
GS Donghae Electric Power Co., Ltd.		1,862,236		1,044,804		249,800		30,951
Nepal Water & Energy Development Company Private Limited		572,404		333,734		11,898		(12,287	)
Indeck Niles Development, LLC		1,102,156		637,140		154,121		(3,180	)
Saemangeum Sebit Power Plant Co., Ltd.		145,457		77,543		10,751		775
PT. Cirebon Energi Prasarana		3,447,371		2,579,609		224,654		6,519

<Joint ventures>
Shuweihat Asia Power Investment B.V.		159,141		40		—		(138	)
KEPCO SPC Power Corporation		280,136		26,275		80,078		4,029
Datang Chifeng Renewable Power Co., Ltd.		852,960		357,540		64,399		18,622
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		171,455		54,017		16,257		3,994
Rabigh Electricity Company		2,388,946		1,658,600		178,121		33,304
Jamaica Public Service Company Limited		2,455,620		1,521,544		777,708		35,289
Amman Asia Electric Power Company		719,300		295,461		17,024		17,982
Chun-cheon Energy Co., Ltd.		530,614		410,646		190,759		(3,277	)
Nghi Son 2 Power LLC		4,008,451		2,978,124		412,993		33,449
Kelar S.A.		649,367		435,320		57,048		9,252
PT. Tanjung Power Indonesia		677,239		419,276		53,174		11,257
Barakah One Company		50,393,161		42,729,541		4,191,092		74,794
Daegu Green Power Co., Ltd.		481,344		385,668		157,961		2,234
South Jamaica Power Company Limited		497,884		263,129		144,849		11,101
RE Holiday Holdings LLC		320,924		165,136		2,453		(5,638	)
RE Pioneer Holdings LLC		243,717		146,989		2,240		(4,371	)
RE Barren Ridge 1 Holdings LLC		199,109		94,575		2,846		(2,038	)
Solar Philippines Calatagan Corporation		161,499		34,395		12,015		6,551
Pulau Indah Power Plant Sdn. Bhd.		1,280,662		1,098,353		143,938		856
PT Barito Wahana Tenaga		656,882		—		—		62,695
Cheongna Energy Co., Ltd.		480,080		349,592		96,424		42,257
Naepo Green Energy Co., Ltd.		752,965		592,887		222,725		49,189
OneEnergy Asia Limited		3,095,442		2,063,112		65,792		18,757
Prime Swedish Holding AB		147,203		66,660		3,605		(3,465	)
Namyangju Combined Heat and Power Co., Ltd.		175,259		1,154		—		346
Trumbull Development Partners, LLC		1,587,747		1,001,031		—		1,596

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

The summarized financial information of associates and joint ventures as of and for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows, continued:


In millions of won
As of and for the year ended December 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	57,669,638		46,843,282		38,388,740		1,148,985
Korea Electric Power Industrial Development Co., Ltd.		213,423		109,367		361,690		14,587
Hyundai Green Power Co., Ltd.		698,653		295,095		109,081		9,354
Korea Power Exchange		365,652		91,690		120,586		1,795
Daeryun Power Co., Ltd.		1,117,771		651,892		397,332		61,893
SPC Power Corporation		301,805		18,716		72,191		35,657
Gemeng International Energy Co., Ltd.		8,301,632		5,803,020		2,907,291		(66,765	)
PT. Cirebon Electric Power		742,634		169,796		281,041		15,070
PT Wampu Electric Power		209,724		124,358		19,146		7,598
PT. Bayan Resources TBK		5,338,900		2,100,603		4,700,051		1,285,816
S-Power Co., Ltd.		739,732		369,429		734,607		35,889
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,414,921		979,112		182,433		(81,032	)
Goseong Green Power Co., Ltd.		5,129,641		4,125,053		1,310,775		2,823
Gangneung Eco Power Co., Ltd.		5,359,845		4,667,564		635,026		(10,547	)
Shin Pyeongtaek Power Co., Ltd.		1,052,048		678,140		841,818		58,855
Dongducheon Dream Power Co., Ltd.		1,350,004		1,044,020		1,360,809		10,453
GS Donghae Electric Power Co., Ltd.		1,910,960		1,089,101		535,012		59,776
Nepal Water & Energy Development Company Private Limited		666,316		419,386		123,848		10,732
Indeck Niles Development, LLC		1,234,170		704,296		284,855		32,491
Saemangeum Sebit Power Plant Co., Ltd.		160,225		93,086		20,376		(147	)
PT. Cirebon Energi Prasarana		3,831,992		2,863,534		543,340		60,512

<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,569		137		—		(370	)
KEPCO SPC Power Corporation		291,538		26,307		190,296		28,108
Datang Chifeng Renewable Power Co., Ltd.		900,001		388,711		115,297		17,722
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		180,827		60,016		26,678		2,031
Rabigh Electricity Company		2,651,843		1,873,439		353,677		63,270
Jamaica Public Service Company Limited		2,649,022		1,656,068		1,490,606		76,611
Amman Asia Electric Power Company		791,478		343,371		22,776		34,047
Chun-cheon Energy Co., Ltd.		533,211		409,989		430,679		4,890
Nghi Son 2 Power LLC		4,412,970		3,286,814		921,504		91,777
Kelar S.A.		715,489		486,293		112,110		9,733
PT. Tanjung Power Indonesia		754,514		467,144		106,081		17,705
Barakah One Company		43,235,235		45,056,439		1,636,730		(53,778	)
Daegu Green Power Co., Ltd.		493,595		399,918		338,750		7,344
South Jamaica Power Company Limited		532,323		288,501		250,519		14,460
RE Holiday Holdings LLC		363,750		184,188		20,251		(1,413	)
RE Pioneer Holdings LLC		272,900		161,657		13,343		(3,168	)
RE Barren Ridge 1 Holdings LLC		224,922		105,310		12,905		(1,301	)
Solar Philippines Calatagan Corporation		166,126		37,872		19,412		8,733
Pulau Indah Power Plant Sdn. Bhd.		1,054,236		873,923		40,818		(2,896	)
PT Barito Wahana Tenaga		678,043		—		—		74,744
Cheongna Energy Co., Ltd.		463,574		375,343		142,400		41,124
Naepo Green Energy Co., Ltd.		738,857		586,152		467,225		124,830
OneEnergy Asia Limited		3,237,191		2,137,600		424,036		100,781
Prime Swedish Holding AB		143,102		62,354		8,911		(8,404	)
Namyangju Combined Heat and Power Co., Ltd.		75,474		1,899		—		(2,410	)
Trumbull Development Partners, LLC		1,582,082		1,042,712		—		14,174

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)

The financial information of associates and joint ventures reconciled to the Group’s investments in condensed consolidated financial statements as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won
As of June 30, 2025
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,992,825		21.66	%		2,381,046		—		—			(55,552	)		2,325,494
Korea Electric Power Industrial Development Co., Ltd.		119,580		29.00	%		34,678		—		—			—			34,678
Hyundai Green Power Co., Ltd.		395,438		29.00	%		114,678		—		—			(29,639	)		85,039
Korea Power Exchange		270,924		100.00	%		270,924		—		—			—			270,924
Daeryun Power Co., Ltd.		489,911		6.85	%		33,559		—		—			(820	)		32,739
SPC Power Corporation		273,439		38.00	%		103,907		—		—			—			103,907
Gemeng International Energy Co., Ltd.		2,434,725		42.00	%		1,022,585		—		—			(321,216	)		701,369
PT. Cirebon Electric Power		543,377		27.50	%		149,428		—		—			—			149,428
PT Wampu Electric Power		76,068		46.00	%		34,991		—		—			—			34,991
PT. Bayan Resources TBK		2,921,028		20.00	%		584,206		115,039		—			37,855			737,100
S-Power Co., Ltd.		390,841		49.00	%		191,512		—		(1,022	)		—			190,490
Xe-Pian Xe-Namnoy Power Co., Ltd.		404,467		25.00	%		101,117		305		(925	)		(35,248	)		65,249
Goseong Green Power Co., Ltd.		1,058,197		29.00	%		306,876		—		(7,869	)		—			299,007
Gangneung Eco Power Co., Ltd.		675,695		29.00	%		195,951		46,042		(7,060	)		—			234,933
Shin Pyeongtaek Power Co., Ltd.		390,760		40.00	%		156,305		3,559		(13,732	)		—			146,132
Dongducheon Dream Power Co., Ltd.		301,121		34.01	%		102,411		1,757		(1,709	)		(12,581	)		89,878
GS Donghae Electric Power Co., Ltd.		817,432		34.00	%		277,927		—		—			—			277,927
Nepal Water & Energy Development Company Private Limited		238,670		66.12	%		157,809		836		—			—			158,645
Indeck Niles Development, LLC		465,016		50.00	%		232,507		92,915		—			4,244			329,666
Saemangeum Sebit Power Plant Co., Ltd.		67,914		55.00	%		37,355		182		—			—			37,537
PT. Cirebon Energi Prasarana		867,762		10.00	%		86,776		—		—			—			86,776

<Joint ventures>
Shuweihat Asia Power Investment B.V.		159,101		49.00	%		77,959		—		—			—			77,959
KEPCO SPC Power Corporation		253,861		60.00	%		152,317		—		—			—			152,317
Datang Chifeng Renewable Power Co., Ltd.		495,420		40.00	%		198,168		—		—			—			198,168
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		117,438		40.00	%		46,975		—		—			—			46,975
Rabigh Electricity Company		730,346		40.00	%		292,139		—		(38,283	)		(805	)		253,051
Jamaica Public Service Company Limited		934,076		40.00	%		373,630		29,357		—			(15,115	)		387,872
Amman Asia Electric Power Company		423,839		60.00	%		254,303		—		—			—			254,303
Chun-cheon Energy Co., Ltd.		119,968		29.90	%		35,871		3		—			(248	)		35,626
Nghi Son 2 Power LLC		1,030,327		50.00	%		515,164		—		—			—			515,164
Kelar S.A.		214,047		65.00	%		139,130		3,127		—			—			142,257
PT. Tanjung Power Indonesia		257,963		35.00	%		90,287		—		—			—			90,287
Barakah One Company		7,663,620		18.00	%		1,379,452		—		167,138			—			1,546,590
Daegu Green Power Co., Ltd.		95,676		54.24	%		51,895		84		—			(20,381	)		31,598
South Jamaica Power Company Limited		234,755		20.00	%		46,951		—		—			(3	)		46,948
RE Holiday Holdings LLC		155,788		50.00	%		77,894		—		—			—			77,894
RE Pioneer Holdings LLC		96,728		50.00	%		48,364		—		—			—			48,364
RE Barren Ridge 1 Holdings LLC		104,534		50.00	%		52,267		—		—			—			52,267
Solar Philippines Calatagan Corporation		127,104		38.00	%		48,299		—		—			8,710			57,009
Pulau Indah Power Plant Sdn. Bhd.		182,309		25.00	%		45,577		5,643		—			—			51,220
PT Barito Wahana Tenaga		656,882		30.61	%		201,086		—		—			—			201,086
Cheongna Energy Co., Ltd.		130,488		50.10	%		65,375		3,137		(1,180	)		—			67,332
Naepo Green Energy Co., Ltd.		160,078		29.20	%		46,742		—		—			3,442			50,184
OneEnergy Asia Limited		1,032,330		40.00	%		412,933		25,512		—			—			438,445
Prime Swedish Holding AB		80,543		45.00	%		36,244		1,223		—			194			37,661
Namyangju Combined Heat and Power Co., Ltd.		174,105		70.10	%		122,048		191		—			—			122,239
Trumbull Development Partners, LLC		586,716		56.23	%		329,910		48,066		—			—			377,976

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)


In millions of won
As of December 31, 2024
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,826,356			21.66	%		2,344,989			—		—			(55,685	)		2,289,304
Korea Electric Power Industrial Development Co., Ltd.		104,056			29.00	%		30,177			—		—			—			30,177
Hyundai Green Power Co., Ltd.		403,558			29.00	%		117,033			—		—			(29,640	)		87,393
Korea Power Exchange		273,962			100.00	%		273,962			—		—			—			273,962
Daeryun Power Co., Ltd.		465,879			6.85	%		31,913			—		—			(820	)		31,093
SPC Power Corporation		283,089			38.00	%		107,574			—		—			—			107,574
Gemeng International Energy Co., Ltd.		2,498,612			42.00	%		1,049,417			—		—			(321,079	)		728,338
PT. Cirebon Electric Power		572,838			27.50	%		157,530			—		—			—			157,530
PT Wampu Electric Power		85,366			46.00	%		39,268			—		—			—			39,268
PT. Bayan Resources TBK		3,238,297			20.00	%		647,659			146,097		—			(76,380	)		717,376
S-Power Co., Ltd.		370,303			49.00	%		181,448			—		(1,076	)		—			180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		435,809			25.00	%		108,953			305		(946	)		(35,247	)		73,065
Goseong Green Power Co., Ltd.		1,004,588			29.00	%		291,331			—		(6,789	)		—			284,542
Gangneung Eco Power Co., Ltd.		692,281			29.00	%		200,761			46,872		(5,819	)		—			241,814
Shin Pyeongtaek Power Co., Ltd.		373,908			40.00	%		149,563			3,559		(14,064	)		1			139,059
Dongducheon Dream Power Co., Ltd.		305,984			34.01	%		104,065			1,757		(1,889	)		(12,582	)		91,351
GS Donghae Electric Power Co., Ltd.		821,859			34.00	%		279,432			—		—			—			279,432
Nepal Water & Energy Development Company Private Limited		246,930			68.88	%		170,083			872		—			—			170,955
Indeck Niles Development, LLC		529,874			50.00	%		264,936			101,361		—			4,673			370,970
Saemangeum Sebit Power Plant Co., Ltd.		67,139			55.00	%		36,928			182		—			—			37,110
PT. Cirebon Energi Prasarana		968,458			10.00	%		96,846			—		—			—			96,846

<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,432			49.00	%		86,450			—		—			—			86,450
KEPCO SPC Power Corporation		265,231			60.00	%		159,139			—		—			—			159,139
Datang Chifeng Renewable Power Co., Ltd.		511,290			40.00	%		204,516			—		—			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		120,811			40.00	%		48,325			—		—			—			48,325
Rabigh Electricity Company		778,404			40.00	%		311,362			—		(40,752	)		(717	)		269,893
Jamaica Public Service Company Limited		992,954			40.00	%		397,182			29,357		—			(13,923	)		412,616
Amman Asia Electric Power Company		448,107			60.00	%		268,864			—		—			—			268,864
Chun-cheon Energy Co., Ltd.		123,222			29.90	%		36,843			3		—			(247	)		36,599
Nghi Son 2 Power LLC		1,126,156			50.00	%		563,079			—		—			—			563,079
Kelar S.A.		229,196			65.00	%		148,978			3,389		—			—			152,367
PT. Tanjung Power Indonesia		287,370			35.00	%		100,580			—		—			—			100,580
Barakah One Company		(1,821,204	)		18.00	%		(327,817	)		—		153,104			174,713			—
Daegu Green Power Co., Ltd.		93,677			54.24	%		50,810			84		—			(20,381	)		30,513
South Jamaica Power Company Limited		243,822			20.00	%		48,764			—		—			(4	)		48,760
RE Holiday Holdings LLC		179,562			50.00	%		89,780			—		—			—			89,780
RE Pioneer Holdings LLC		111,243			50.00	%		55,622			—		—			—			55,622
RE Barren Ridge 1 Holdings LLC		119,612			50.00	%		59,806			—		—			—			59,806
Solar Philippines Calatagan Corporation		128,254			38.00	%		48,737			—		—			14,958			63,695
Pulau Indah Power Plant Sdn. Bhd.		180,313			25.00	%		45,078			5,643		—			—			50,721
PT Barito Wahana Tenaga		678,043			30.61	%		207,565			—		—			—			207,565
Cheongna Energy Co., Ltd.		88,231			50.10	%		44,204			3,137		(1,183	)		—			46,158
Naepo Green Energy Co., Ltd.		152,705			29.20	%		44,590			—		—			3,441			48,031
OneEnergy Asia Limited		1,099,591			40.00	%		439,837			25,512		—			—			465,349
Prime Swedish Holding AB		80,748			45.00	%		36,336			1,223		—			—			37,559
Namyangju Combined Heat and Power Co., Ltd.		73,575			70.10	%		51,575			193		—			—			51,768
Trumbull Development Partners, LLC		539,370			56.23	%		303,288			52,091		—			—			355,379

(*)	The percentage of ownership shown above is the effective ownership ratio that takes into account treasury stocks.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(6)

As of June 30, 2025 and December 31, 2024, investments in associates and joint ventures unrecognized of which the book value has become nil due to the accumulated losses of associates and joint ventures are as follows:


In millions of won
	As of June 30, 2025					As of December 31, 2024
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Boim Combined Heat and Power Generation Co., Ltd.	W	1,407			30,130		769			28,723
Samcheok Eco Materials Co., Ltd.		331			5,657		895			5,326
Barakah One Company		(174,713	)		—		33,994			174,713
KAPES, Inc.		6,063			9,994		916			3,931
ITR Co., Ltd.		(15	)		—		14			15
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(790	)		3,045		(1,377	)		3,835
PlatformN. Co., Ltd.		2			20		(44	)		18
KEPCO KPS CARABAO Corp.		(72	)		172		207			244
Bitsolar Energy Co., Ltd.		(224	)		1,040		1,264			1,264
Green Energy Electricity Generation Co., Ltd.		(396	)		—		396			396
O2&B Global Co., Ltd.		8			14		6			6
Pulau Indah O&M Sdn. Bhd.		(1	)		—		1			1
Foresight Iberian Solar Group Holding, S.L.		4,800			9,195		4,395			4,395
Green Radiation Co., Ltd.,		(11	)		—		11			11
Hoenggye Renewable Energy Co., Ltd.,		(266	)		—		266			266
CapMan Lynx SCA, SICAR		2,716			33,806		31,090			31,090
KAS INVESTMENT I LLC		5			5		—			—
KAS INVESTMENT II LLC		6			6		—			—
Wadi Noor Solar Power Company SAOC		738			738		—			—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

As of June 30, 2025, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i)

Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period in the EPC contract of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(ii)

Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(iii)

Daeryun Power Co., Ltd.

The Group reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

(iv)

Daegu Green Power Co., Ltd.

The Group has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

(v)

Yeonggwang Wind Power Co., Ltd.

In case the Group intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Group.

(vi)

Omisan Wind Power Co., Ltd.

The Group has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Group exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Group or a third party designated by the Group.

(vii)

Geumsungsan Wind Power Co., Ltd.

The Group has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

(viii)

Seokmun Green Energy

According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to the Group, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the Group, they may demand that the Group purchase their stakes in the future if certain conditions are met.

(ix)

Taebaek Guinemi Wind Power Co., Ltd.

If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Group has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

As of June 30, 2025, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(x)

HORANG ENERGY Inc.

The Group has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Group also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.

(xi)

Namyangju Combined Heat and Power Co., Ltd.

The Group has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest shareholder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Group is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.

(xii)

Jeongeup Green Power Co., Ltd.

The Group has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the entity holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Group’s right to acquire shares from M Eco Co., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates and joint ventures as of June 30, 2025 are as follows:


Company		Nature and extent of any significant restrictions

Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Daeryun Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions.

KNH Solar Co., Ltd.		Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.

Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.

Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.

Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.

Solaseado Solar Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.

Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.

Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.

Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Diego de Almagro Solar SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.

Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2025 are as follows, continued:


Company		Nature and extent of any significant restrictions

Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.

Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.

Yangyang Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Busan Industrial Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

KPE green energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Cheongju Eco Park Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.

Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.

Seokmun Green Energy		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Trumbull Asset Management, LLC		Shares cannot be either wholly or partially transferred without the consent of the stakeholders.

HORANG ENERGY Inc.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Hoenggye Renewable Energy Co., Ltd.		Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.

Dongducheon Dream Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2025 are as follows, continued:


Company		Nature and extent of any significant restrictions

Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.

Shin Pyeongtaek Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seoroseoro Sunny Power Plant Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Anjwa Smart Farm & Solar City Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Muan Solar Park Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

YuDang Solar Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haemodum Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Cheongna Energy Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Hapcheon Floating Photovoltaic Power Plant Inc.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Yeongwol Eco Wind Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gurae Resident Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gunsan Land Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.

Eumseong Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

PungBack Wind Farm Corporation		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seobusambo highway photovoltaics Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2025 are as follows, continued:


Company		Nature and extent of any significant restrictions

Haman Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Jeongeup Green Power Co., Ltd.		Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.

Nepal Water & Energy Development Company Private Limited		The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.

Goseong Green Power Co., Ltd.		Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.

Gangneung Eco Power Co., Ltd.		Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.

S-Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.

South Jamaica Power Company Limited		Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Rutile BESS Holdings, LLC		Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.

Kumyang Eco Park Co., Ltd.		Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.

HyChangwon Fuel Cell. Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.

Roof One Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Amaala Sustainable Company for Energy LLC		Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.

Namjeju Bitdream Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Cheonwang Green Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haetbyeotgil Solar Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Luluah SKY Energy Holding Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18.

Property, Plant and Equipment

(1)

Property, plant and equipment as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,698,192		(27,402	)		—			(28,374	)		14,642,416
Buildings		26,517,701		(39,723	)		(13,294,902	)		(7,103	)		13,175,973
Structures		90,950,276		(144,623	)		(39,148,041	)		(18,678	)		51,638,934
Machinery		124,053,165		(99,305	)		(68,083,023	)		(532,903	)		55,337,934
Ships		17,870		—			(8,268	)		—			9,602
Vehicles		470,911		(2,455	)		(378,894	)		(116	)		89,446
Equipment		2,584,171		(2,857	)		(2,146,932	)		(376	)		434,006
Tools		1,454,252		(1,202	)		(1,285,468	)		(1	)		167,581
Construction-in-progress		36,500,612		(226,766	)		—			(22,795	)		36,251,051
Right-of-use assets		5,596,749		—			(2,756,105	)		—			2,840,644
Asset retirement costs		18,367,914		—			(8,982,220	)		(146,423	)		9,239,271
Others		17,820,029		—			(15,657,341	)		—			2,162,688

	W	339,031,842		(544,333	)		(151,741,194	)		(756,769	)		185,989,546


In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,577,296		(27,403	)		—			(29,241	)		14,520,652
Buildings		26,217,223		(41,718	)		(12,812,659	)		(7,103	)		13,355,743
Structures		89,573,695		(149,737	)		(37,762,078	)		(18,678	)		51,643,202
Machinery		122,610,077		(105,546	)		(65,120,941	)		(533,405	)		56,850,185
Ships		17,870		—			(7,336	)		—			10,534
Vehicles		452,812		(2,745	)		(371,245	)		(116	)		78,706
Equipment		2,512,223		(3,915	)		(2,073,752	)		(375	)		434,181
Tools		1,428,994		(1,306	)		(1,255,257	)		(1	)		172,430
Construction-in-progress		31,307,153		(223,566	)		—			(22,795	)		31,060,792
Right-of-use assets		6,031,076		—			(2,984,680	)		—			3,046,396
Asset retirement costs		18,283,796		—			(8,388,929	)		(146,423	)		9,748,444
Others		17,198,254		—			(15,136,756	)		—			2,061,498

	W	330,210,469		(555,936	)		(145,913,633	)		(758,137	)		182,982,763

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

Changes in property, plant and equipment for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment		Others			Ending balance
Land	W	14,548,055			2,240		(1,086	)		—			—		120,609			14,669,818
(Government grants)		(27,403	)		—		1			—			—		—			(27,402	)
Buildings		13,397,461			1,683		(5,522	)		(484,802	)		—		306,876			13,215,696
(Government grants)		(41,718	)		—		—			1,995			—		—			(39,723	)
Structures		51,792,939			17,756		(109,163	)		(1,486,259	)		—		1,568,284			51,783,557
(Government grants)		(149,737	)		—		389			4,730			—		(5	)		(144,623	)
Machinery		56,955,731			180,739		(80,387	)		(3,254,775	)		—		1,635,931			55,437,239
(Government grants)		(105,546	)		—		222			7,748			—		(1,729	)		(99,305	)
Ships		10,534			—		—			(932	)		—		—			9,602
Vehicles		81,451			727		(31	)		(19,733	)		—		29,487			91,901
(Government grants)		(2,745	)		—		6			696			—		(412	)		(2,455	)
Equipment		438,096			57,072		(83	)		(105,473	)		—		47,251			436,863
(Government grants)		(3,915	)		—		—			1,058			—		—			(2,857	)
Tools		173,736			7,281		(11	)		(38,941	)		—		26,718			168,783
(Government grants)		(1,306	)		—		—			216			—		(112	)		(1,202	)
Construction-in-progress		31,284,358			8,648,615		—			—			—		(3,455,156	)		36,477,817
(Government grants)		(223,566	)		1,836		—			—			—		(5,036	)		(226,766	)
Right-of-use assets		3,046,396			43,906		(2,392	)		(253,460	)		—		6,194			2,840,644
Asset retirement costs		9,748,444			—		—			(761,100	)		—		251,927			9,239,271
Others		2,061,498			2,455		—			(521,878	)		—		620,613			2,162,688

	W	182,982,763			8,964,310		(198,057	)		(6,910,910	)		—		1,151,440			185,989,546

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

Changes in property, plant and equipment for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows, continued:


In millions of won	For the year ended December 31, 2024
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,398,088			28,390		(38,162	)		—			—			159,739			14,548,055
(Government grants)		(27,404	)		—		1			—			—			—			(27,403	)
Buildings		13,360,204			3,767		(13,366	)		(984,288	)		(1,351	)		1,032,495			13,397,461
(Government grants)		(46,227	)		—		—			4,508			—			1			(41,718	)
Structures		50,890,001			16,201		(303,046	)		(2,873,012	)		(9,154	)		4,071,949			51,792,939
(Government grants)		(157,881	)		—		1,330			9,458			—			(2,644	)		(149,737	)
Machinery		53,817,046			341,652		(199,670	)		(6,311,423	)		(735	)		9,308,861			56,955,731
(Government grants)		(119,824	)		—		522			16,076			—			(2,320	)		(105,546	)
Ships		12,365			—		—			(1,865	)		—			34			10,534
Vehicles		83,374			4,311		(223	)		(43,837	)		—			37,826			81,451
(Government grants)		(2,837	)		—		8			1,233			—			(1,149	)		(2,745	)
Equipment		430,875			84,020		(236	)		(210,376	)		—			133,813			438,096
(Government grants)		(5,932	)		—		—			2,118			—			(101	)		(3,915	)
Tools		164,474			32,825		(68	)		(82,603	)		—			59,108			173,736
(Government grants)		(62	)		—		—			341			—			(1,585	)		(1,306	)
Construction-in-progress		32,008,502			14,335,323		—			—			—			(15,059,467	)		31,284,358
(Government grants)		(173,474	)		6,806		75			—			—			(56,973	)		(223,566	)
Right-of-use assets		3,363,743			132,495		(2,252	)		(538,995	)		—			91,405			3,046,396
Asset retirement costs		9,733,574			—		—			(1,809,280	)		—			1,824,150			9,748,444
Others		2,146,930			1,704		—			(1,011,161	)		—			924,025			2,061,498

	W	179,875,535			14,987,494		(555,087	)		(13,833,106	)		(11,240	)		2,519,167			182,982,763

(3)

For the six-month period ended June 30, 2025, the Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, W331 million (W95,090 million for the six-month period ended June 30, 2024) was recognized as revenue and W669 million (W77,131 million for the six-month period ended June 30, 2024) was recognized as cost of sales in profit or loss, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

19.

Investment Properties

(1)

Investment properties as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	144,464		—			—			144,464
Buildings		33,977		(23	)		(15,298	)		18,656

	W	178,441		(23	)		(15,298	)		163,120


In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	210,509		—			—			210,509
Buildings		32,517		(22	)		(14,020	)		18,475

	W	243,026		(22	)		(14,020	)		228,984

(2)

Changes in investment properties for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	210,509			—		—			(66,045	)		144,464
Buildings		18,497			—		(508	)		690			18,679
(Government grants)		(22	)		—		—			(1	)		(23	)

	W	228,984			—		(508	)		(65,356	)		163,120


In millions of won	For the year ended December 31, 2024
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	172,594			—		—			37,915			210,509
Buildings		12,955			—		(683	)		6,225			18,497
(Government grants)		(22	)		—		1			(1	)		(22	)

	W	185,527			—		(682	)		44,139			228,984

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

19.

Investment Properties, Continued

(3)

Income and expenses related to investment properties for the six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025						June 30, 2024
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Rental income	W	2,694			5,478			2,662			5,569
Operating and maintenance expenses related to rental income		(317	)		(518	)		(169	)		(333	)

	W	2,377			4,960			2,493			5,236


(4) Fair values of investment properties as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won	As of June 30, 2025						As of December 31, 2024
	Book value			Fair value			Book value			Fair value
Land	W	144,464			254,515			210,509			337,379
Buildings		18,656			19,166			18,475			19,094

	W	163,120			273,681			228,984			356,473

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

(5)

All of the Group’s investment properties are held under freehold interests.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

20.

Construction Contracts

(1)

Changes in the total contract amount in which revenue is not yet recognized for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won

For the six-month period ended June 30, 2025

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

6,136,773

1,082,322

(237,468

)

6,981,627

(*)	For the six-month period ended June 30, 2025, the increased balance of contracts from new orders is W1,342,660 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W260,338 million.

In millions of won

For the year ended December 31, 2024

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

5,795,600

1,190,281

(849,108

)

6,136,773

(*)	For the year ended December 31, 2024, the increased balance of contracts from new orders is W1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W109,000 million.

(2)

Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won

As of June 30, 2025

Accumulated
earned revenue

Accumulated
expense

Accumulated
Profit (loss)

Unearned
advance receipts

Nuclear power plant construction in overseas and others

24,326,535

24,579,684

(253,149

)

87,494

In millions of won

As of December 31, 2024

Accumulated
earned revenue

Accumulated
expense

Accumulated
profit

Unearned
advance receipts

Nuclear power plant construction in overseas and others

24,255,432

24,008,579

246,853

80,069

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

20.

Construction Contracts, Continued

(3)

The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won

As of June 30, 2025

As of December 31, 2024

Contract assets
(*1)

Contract liabilities
(*2)

Contract assets
(*1)

Contract liabilities
(*2)

Nuclear power plant construction in overseas and others

1,193,880

351,402

1,159,085

161,778

(*1)	Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2)	Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized for the six-month period ended June 30, 2025 from the amounts included in contract liabilities at the end of the prior year was W66,630 million.

(4)

The contracts with customers state that the disclosure of information related to UAE and Egypt Eldaba nuclear power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the customers. The customers did not agree to disclose such information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the condensed consolidated financial statements.


	Contract date		Completion date
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029

(5)

The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for the UAE nuclear power plant project. As of June 30, 2025, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

(6)

The operating segment information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the six-month period ended June 30, 2025 is as follows:


In millions of won	For the six-month period ended June 30, 2025
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		The effect on profit or loss of changes in estimates of contract revenue and contract costs			Amounts recognized in current profit or loss			Amounts to be recognized in future profit or loss			Changes in estimated total contract costs		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	—		(106,455	)		(104,407	)		(2,048	)		159,959		—		294,444		15,427		—		—
Electric power generation (Nuclear)		307,821		(1,140,048	)		(370,965	)		(769,083	)		891,916		—		—		—		58,219		—
Plant maintenance & engineering Service and others		2,428		1,248			2,320			(1,072	)		11,289		8,700		899,436		2		58,436		5,591

	W	310,249		(1,245,255	)		(473,052	)		(772,203	)		1,063,164		8,700		1,193,880		15,429		116,655		5,591

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21.

Intangible Assets other than Goodwill

(1)

Intangible assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,189,633		(696	)		(1,020,487	)		(19	)		168,431
Copyrights, patents rights and other industrial rights		109,166		—			(74,438	)		(9,178	)		25,550
Mining rights		659,728		—			(70,454	)		(557,762	)		31,512
Development expenditures		1,021,137		(587	)		(951,418	)		—			69,132
Intangible assets under development		100,469		(3,935	)		—			—			96,534
Usage rights of donated assets and others		592,652		—			(464,732	)		(136	)		127,784
Leasehold rights		28,185		—			(25,587	)		(538	)		2,060
Greenhouse gas emissions rights		185,991		—			—			—			185,991
Others		621,853		(183	)		(237,093	)		(12,177	)		372,400

	W	4,508,814		(5,401	)		(2,844,209	)		(579,810	)		1,079,394


In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,156,641		(844	)		(976,633	)		(19	)		179,145
Copyrights, patents rights and other industrial rights		107,040		—			(71,231	)		(9,178	)		26,631
Mining rights		670,083		—			(66,938	)		(573,723	)		29,422
Development expenditures		1,011,550		(939	)		(937,877	)		—			72,734
Intangible assets under development		96,544		(3,473	)		—			(8,903	)		84,168
Usage rights of donated assets and others		592,680		—			(459,165	)		(136	)		133,379
Leasehold rights		28,185		—			(25,216	)		(538	)		2,431
Greenhouse gas emissions rights		135,534		—			—			—			135,534
Others		620,366		(229	)		(224,410	)		(12,253	)		383,474

	W	4,418,623		(5,485	)		(2,761,470	)		(604,750	)		1,046,918

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(2)

Changes in intangible assets for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	179,989			8,811		(565	)		(43,744	)		—			24,636			169,127
(Government grants)		(844	)		—		—			148			—			—			(696	)
Copyrights, patents rights and other industrial rights		26,631			160		(13	)		(2,565	)		—			1,337			25,550
Mining rights		29,422			29		(494	)		(3,025	)		—			5,580			31,512
Development expenditures		73,673			—		—			(13,505	)		—			9,551			69,719
(Government grants)		(939	)		—		—			352			—			—			(587	)
Intangible assets under development		87,641			31,728		—			—			(30	)		(18,870	)		100,469
(Government grants)		(3,473	)		—		—			—			—			(462	)		(3,935	)
Usage rights of donated assets and others		133,379			—		—			(5,595	)		—			—			127,784
Leasehold rights		2,431			—		—			(371	)		—			—			2,060
Greenhouse gas emissions rights		135,534			256		—			—			—			50,201			185,991
Others		383,703			576		(355	)		(14,208	)		40			2,827			372,583
(Government grants)		(229	)		—		—			47			—			(1	)		(183	)

	W	1,046,918			41,560		(1,427	)		(82,466	)		10			74,799			1,079,394


In millions of won	For the year ended December 31, 2024
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	197,841			18,249		(4	)		(88,985	)		—			52,888			179,989
(Government grants)		(413	)		—		—			229			—			(660	)		(844	)
Copyrights, patents rights and other industrial rights		23,491			576		(44	)		(4,846	)		—			7,454			26,631
Mining rights		32,165			—		(100	)		(5,798	)		—			3,155			29,422
Development expenditures		55,434			—		—			(25,830	)		—			44,069			73,673
(Government grants)		(2,121	)		—		—			1,364			—			(182	)		(939	)
Intangible assets under development		86,013			69,878		—			(14	)		—			(68,236	)		87,641
(Government grants)		(2,458	)		—		—			—			—			(1,015	)		(3,473	)
Usage rights of donated assets and others		145,251			36		—			(11,903	)		—			(5	)		133,379
Leasehold rights		3,929			—		—			(960	)		(538	)		—			2,431
Greenhouse gas emissions rights		107,086			123		—			(416	)		—			28,741			135,534
Others		388,088			3,997		(394	)		(26,501	)		(364	)		18,877			383,703
(Government grants)		(322	)		—		—			93			—			—			(229	)

	W	1,033,984			92,859		(542	)		(163,567	)		(902	)		85,086			1,046,918

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(3)

Significant specific intangible assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won and thousands of Australian dollars
As of June 30, 2025
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		3,543	2 years and 5 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		10,436	2 years and 6 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		6,428	1 year and 5 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		5,272	5 years
Others	Occupancy and use of public waters	KRW		62,683	11 years and 7 months
	Greenhouse gas emissions rights	KRW		185,991	—
	Business rights	KRW		140,342	24 years and 5 months

(*)	The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.


In millions of won and thousands of Australian dollars
As of December 31, 2024
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		4,276	2 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		12,523	3 years
Mining rights	Mining rights of Bylong mine	AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		8,697	1 year and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		5,799	5 years and 6 months
Others	Occupancy and use of public waters	KRW		65,389	12 years and 1 month
	Greenhouse gas emissions rights	KRW		135,534	—
	Business rights	KRW		143,216	24 years and 11 months

(*)	The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

(4)

For the six-month periods ended June 30, 2025 and 2024, the Group recognized research and development expenses of W357,110 million and W341,141 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

22.

Trade and Other Payables

Trade and other payables as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Trade payables	W	3,700,318		—		4,494,504		—
Non-trade payables		2,855,967		1,486,576		2,224,036		1,432,421
Accrued expenses		2,259,683		20,362		1,983,697		22,259
Leasehold deposits received		5,201		1,000		3,211		3,237
Other deposits received		72,540		46,471		97,276		45,012
Lease liabilities		541,151		2,708,208		603,492		3,095,964
Dividends payable		6,784		—		5,063		—
Others (*)		28		21,782		36		10,348

	W	9,441,672		4,284,399		9,411,315		4,609,241

(*)	Details of others as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		2,689		—		2,689
Others		28		19,093		36		7,659

	W	28		21,782		36		10,348

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities

(1)

Borrowings and debt securities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Current liabilities
Short-term borrowings	W	12,288,632			9,122,792
Current portion of long-term borrowings		9,047,300			8,434,330
Current portion of debt securities		21,220,423			26,908,467
Less: current portion of discount on long-term borrowings		(11,387	)		(16,537	)
Less: current portion of discount on debt securities		(8,227	)		(7,100	)

		42,536,741			44,441,952

Non-current liabilities
Long-term borrowings		3,273,629			3,153,867
Debt securities		86,269,940			85,149,391
Less: discount on long-term borrowings		(59,761	)		(35,071	)
Less: discount on debt securities		(158,956	)		(176,739	)

		89,324,852			88,091,448

	W	131,861,593			132,533,400

(2)

Repayment schedules of borrowings and debt securities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
As of June 30, 2025
Type	Borrowings		Debt Securities
Less than 1 year	W	21,335,932		21,220,423
1~ 5 years		1,297,144		65,081,498
More than 5 years		1,976,485		21,188,442

	W	24,609,561		107,490,363


In millions of won
As of December 31, 2024
Type	Borrowings		Debt Securities
Less than 1 year	W	17,557,122		26,908,467
1~ 5 years		1,488,840		63,087,182
More than 5 years		1,665,027		22,062,209

	W	20,710,989		112,057,858

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(3)

Short-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies

As of June 30, 2025

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

2.57 ~ 4.60

2025.07.08 ~
2026.05.17

—

7,898,994

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.32 ~ 0.80

2025.07.04 ~
2026.06.09

—

3,200,000

Foreign short-term borrowings

Hana Bank

SOFR(1M) + 0.90

2025.08.12

USD 39,990

54,242

Foreign short-term borrowings

PT Bank KEB Hana Indonesia

9.50

2025.12.10

IDR 8,000,000

670

Local bank overdraft

Korea Development Bank

3.25

2025.07.19 ~

2025.07.30

—

93,787

Local bank overdraft

Kookmin Bank

3.74

2025.07.07

—

50,000

Local bank overdraft

Woori Bank

Standard overdraft rate+1.44

2026.02.20

—

939

Electronic short-term bonds

Daol Investment and Securities Co., Ltd. and others

2.62 ~ 2.86

2025.07.07 ~
2025.09.12

—

990,000

12,288,632

In millions of won and thousands of USD

As of December 31, 2024

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities Co., Ltd. and others

3.27~4.60

2025.01.07

~ 2025.12.31

—

4,953,348

Local short-term borrowings

Nonghyup Bank and others

3M CD+0.23~0.65
4.17

2025.01.02

~ 2025.11.20

—

3,934,600

Foreign short-term borrowings

Hana Bank

SOFR(1M)+0.90

2025.08.12

USD 40,000

58,800

Local bank overdraft

Korea Development Bank

3.85

2025.04.28

—

100,000

Local bank overdraft

Woori Bank and others

Standard overdraft rate+1.37

4.20

2025.02.21

~ 2025.03.28

—

76,044

9,122,792

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
As of June 30, 2025
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	W	1,261
	Facility	4.60~4.94	2028~2042		—		48,918
	Facility	CB rate+0.90	2029		—		8,451
Hana Bank and others	Commercial Paper	3M CD+0.19~1.20	2025~2030		—		8,350,000
	Facility	4.60	2028		—		4,231
	Facility	3yr KTB rate-1.25	2025~2028		—		2,160
Export-Import Bank of Korea	Project loans	1.00	2026		—		2,946
	Facility	1.32	2025~2028		—		56,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.75	2025~2028		—		6,895
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		12,262
	Others	3.95	2034		—		64,804
	Others	Standard overdraft rate+1.00	2034		—		64,804
Kookmin Bank	Facility	3M CD+1.79 4.94~5.63	2030~2037		—		166,152
Woori Bank	Facility	3M CD+1.90 4.94~5.12	2034~2042		—		97,076
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	5.53~5.63	2030~2041		—		39,093
Others	Facility	3.30~6.80	2028~2042		—		796,789
	Facility	CB rate+1.10 1.75~5.63	2028~2041		—		22,780
	PF Refinancing	CB rate+1.25	2030		—		5,249
	PF Refinancing	4.10	2030		—		14,579
	Securitized debts (*)	3M CD+1.80	2025		—		52,708
	Others	4.40~7.90	2038~2039		—		87,545
	Others	2.00~5.43	2031~2034		—		49,823

						W	10,036,413

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won and thousands of foreign currencies
As of June 30, 2025
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744	W	11,860
Export-Import Bank of Korea and others	Direct Loan and others	TERM SOFR (6M)+CAS+ 3.00		2036		USD 68,739		93,237
	Direct Loan and others	6M Synthetic Libor +2.25~3.70		2027		JOD 35,677		68,255
	Facility	SOFR+0.43~1.83		2029~2031		USD 234,725		318,381
POSCO E&C and others	Shareholder’s loan	5.60~8.00		2026		USD 8,892		12,061
	Shareholder’s loan	8.00		2031		JOD 4,853		9,284
NH-Amundi	Syndicated Loan	8.00		2032		JPY 526,476		4,944
SMTB	Syndicated Loan	JPY 6M Tibor+0.55		2036		JPY 6,156,369		57,807
Solar Construction Lending, LLC	Facility	5.00		2025		USD 28,303		38,390
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 36,096		57,457
IFC and others	Facility	SOFR(3M)+1.60~1.99 SOFR(6M)+5.00 5.70~6.18		2026~2032		USD 947,305		1,284,924
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2038		USD 61,162		82,960
Shinhan Bank	Facility	1M BBSY+1.40~2.25		2025		AUD 222,164		196,973
Nonghyup Bank and others	Facility	10.40		2039		USD 35,375		47,983

								2,284,516

								12,320,929
Less: discount on long-term borrowings								(71,148	)
Less: current portion of long-term borrowings								(9,047,300	)
Add: current portion of discount on long-term borrowings								11,387

							W	3,213,868

(*)	The main reasons for early repayment of securitized debts as of June 30, 2025 are as follows:


Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won
As of December 31, 2024
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	W	1,424
	Facility	2.60~4.94	2025~2042		—		51,960
	Facility	CB rate+0.90	2029		—		9,486
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20	2025~2029		—		7,550,000
	Facility	4.60	2028		—		4,904
	Facility	3yr KTB rate-1.25	2028		—		2,492
Export-Import Bank of Korea	Project loans	1.00	2026		—		4,419
	Facility	1.32	2025~2028		—		64,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.75	2025~2028		—		7,494
	Project loans	-	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		13,995
	Operating funds	6M bank debenture rate+0.93~1.03	2025~2027		—		50,000
	Others	3.95	2034		—		67,733
	Others	Standard overdraft rate+1.00	2034		—		67,733
Kookmin Bank	Facility	3M CD+1.79 5.53~5.63	2030~2037		—		167,945
	Operating funds	1yr bank debenture rate+0.78	2025		—		20,000
Woori Bank	Facility	3M CD+1.90 5.12~5.61	2034~2042		—		100,071
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	5.53~5.63	2030~2041		—		36,351
Others	Facility	3.30~6.80	2028~2042		—		801,687
	Facility	CB rate+1.10 2.25~5.63	2028~2041		—		24,517
	PF Refinancing	CB rate+1.25	2030		—		5,726
	PF Refinancing	4.10	2030		—		15,905
	Securitized debts (*)	3M CD+1.80	2025		—		54,236
	Others	4.40~7.90	2025~2039		—		113,362
	Others	2.00~6.15	2031~2034		—		49,826

						W	9,367,153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2025 and December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies

As of December 31, 2024

Type

Interest rate (%)

Maturity

Foreign
currency

Local currency

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

12,853

Export-Import Bank of Korea and others

Direct Loan and others

6M Synthetic
Libor+1.80~3.20

2036

USD 72,163

106,080

Direct Loan and others

6M Synthetic
Libor+2.25~3.70

2027

JOD 44,126

91,437

Facility

SOFR+0.43

1M SOFR+1.83

2029~2031

USD 112,672

165,628

Korea Development Bank and others

EBL

1M SOFR+0.86

2025

USD 149,592

219,900

POSCO E&C and others

Shareholder’s loan

5.60~8.00

2025~2026

USD 10,145

14,914

Shareholder’s loan

8.00

2031

JOD 4,853

10,056

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2025~2032

JPY 3,937,987

36,878

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2025

JPY 2,178,069

20,397

Solar Construction Lending, LLC

Facility

5.00

2025

USD 28,303

41,605

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 38,139

58,304

IFC and others

Facility

3M SOFR+1.60~1.99
6M SOFR+5.00
6.19~7.22

2026~2032

USD 772,852

1,136,092

Hanwha US Solar Private Fund 1 and others

Facility

6.00

2038

USD 60,743

89,292

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 178,729

163,301

Nonghyup Bank and others

Facility

10.40

2039

USD 36,943

54,307

2,221,044

11,588,197

Less: discount on long-term borrowings

(51,608

)

Less: current portion of long-term borrowings

(8,434,330

)

Add: current portion of discount on long-term borrowings

16,537

3,118,796

(*)	The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:


Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(5)

Local debt securities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
	Issue date		Maturity		Interest rate (%)		As of June 30, 2025			As of December 31, 2024
Electricity Bonds		2012.03.27 ~2025.06.16		2025.07.04 ~2052.04.21		1.43~5.99	W	62,560,000			63,960,000
Corporate Bonds (*)		2009.10.16 ~2025.06.30		2025.07.02 ~2054.06.28		1.28~10.00		30,227,353			28,727,353
Corporate Bonds		2021.05.26 ~2023.12.28		2041.05.25 ~2043.09.15		1.71~3.78		41,578			41,578

								92,828,931			92,728,931
Less: discount on local debt securities								(56,606	)		(51,149	)
Less: current portion of local debt securities								(18,821,584	)		(22,621,584	)
Add: current portion of discount on local debt securities								2,850			2,124

							W	73,953,591			70,058,322

(*)

Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to W1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

Foreign debt securities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won and thousands of foreign currencies
June 30, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	378,030
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		426,882
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		389,178
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		135,640
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		406,920
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		63,672
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		64,449
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		285,120
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		169,900
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 318,787		432,402
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		406,920
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		610,380
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		678,200
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		406,920
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		406,920
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		406,920
FY-22	2022.06.14	2027.06.14	4.00		USD 300,000		406,920
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		949,480
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,085,120
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		406,080
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		179,194
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		474,740
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		678,200
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,356,400
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		406,920
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,627,680
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		678,200
FY-25	2025.02.13	2028.02.13	4.75		USD 400,000		542,560
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000		201,485

							14,661,432
Less: discount on foreign debt securities							(110,577	)
Less: current portion of foreign debt securities							(2,398,839	)
Add: current portion of discount on foreign debt securities							5,377

						W	12,157,393

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

Foreign debt securities as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won and thousands of foreign currencies
As of December 31, 2024
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	409,690
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		462,634
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		421,772
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		147,000
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		441,000
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		441,000
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		61,149
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		59,954
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		312,345
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		162,638
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 326,929		480,586
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		441,000
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		735,000
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		735,000
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		441,000
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		661,500
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		735,000
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		441,000
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		441,000
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		441,000
FY-22	2022.05.06	2025.05.06	3.60		USD 500,000		735,000
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		USD 800,000		1,176,000
FY-22	2022.06.28	2025.06.28	4.13		USD 300,000		441,000
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		1,029,000
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,176,000
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		444,855
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		196,304
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		514,500
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		735,000
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,470,000
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		441,000
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,764,000
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		735,000

							19,328,927
Less: discount on foreign debt securities							(132,690	)
Less: current portion of foreign debt securities							(4,286,883	)
Add: current portion of discount on foreign debt securities							4,976

						W	14,914,330

(7)

Changes in borrowings and debt securities for the six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025									For the six-month period ended June 30, 2024
	Borrowings			Debt Securities			Total			Borrowings			Debt Securities			Total
Beginning balance	W	20,659,381			111,874,019			132,533,400			19,839,652			113,792,178			133,631,830
Cash flow		4,047,550			(3,315,584	)		731,966			759,928			(4,028,168	)		(3,268,240	)
Effect of exchange rate fluctuations		(148,978	)		(1,251,911	)		(1,400,889	)		150,552			1,224,693			1,375,245
Others		(19,540	)		16,656			(2,884	)		(38,826	)		(3,366	)		(42,192	)

	W	24,538,413			107,323,180			131,861,593			20,711,306			110,985,337			131,696,643

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease

1)	Group as a lessee

(1)

Lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W53,916 million and W94,059 million respectively, as expense for the six-month periods ended June 30, 2025 and 2024. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W1,827 million and W1,459 million respectively, as expense for the six-month periods ended June 30, 2025 and 2024. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2)

Right-of-use assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
	Acquisition Cost		Accumulated depreciation			Book value
Land	W	1,017,183		(370,529	)		646,654
Buildings		221,402		(119,855	)		101,547
Structures		53,424		(13,596	)		39,828
Machinery		55,360		(30,871	)		24,489
Ships		3,836,868		(2,067,285	)		1,769,583
Vehicles		69,193		(42,268	)		26,925
Others (*)		343,319		(111,701	)		231,618

	W	5,596,749		(2,756,105	)		2,840,644

(*)	During the six-month period ended June 30, 2025, the power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.


In millions of won	As of December 31, 2024
	Acquisition Cost		Accumulated depreciation			Book value
Land	W	1,017,114		(339,512	)		677,602
Buildings		214,258		(108,417	)		105,841
Structures		52,983		(12,124	)		40,859
Machinery		54,654		(27,594	)		27,060
Ships		3,946,265		(2,015,172	)		1,931,093
Vehicles		59,402		(38,482	)		20,920
Others (*)		686,400		(443,379	)		243,021

	W	6,031,076		(2,984,680	)		3,046,396

(*)	Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(3)

Changes in right-of-use assets for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Increase		Decrease			Depreciation			Others			Ending balance
Land	W	677,602		1,405		(1,508	)		(29,596	)		(1,249	)		646,654
Buildings		105,841		13,585		(648	)		(20,167	)		2,936			101,547
Structures		40,859		1,889		—			(3,260	)		340			39,828
Machinery		27,060		191		(19	)		(3,284	)		541			24,489
Ships		1,931,093		9,688		—			(171,183	)		(15	)		1,769,583
Vehicles		20,920		13,013		(217	)		(6,785	)		(6	)		26,925
Others		243,021		4,135		—			(19,185	)		3,647			231,618

	W	3,046,396		43,906		(2,392	)		(253,460	)		6,194			2,840,644


In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase		Decrease			Depreciation			Others			Ending balance
Land	W	655,860		12,369		(117	)		(65,245	)		74,735			677,602
Buildings		90,573		61,397		(399	)		(48,371	)		2,641			105,841
Structures		37,356		4,115		—			(4,595	)		3,983			40,859
Machinery		5,943		26,200		—			(7,083	)		2,000			27,060
Ships		2,313,305		—		(1,656	)		(363,032	)		(17,524	)		1,931,093
Vehicles		25,491		11,042		(77	)		(14,167	)		(1,369	)		20,920
Others		235,215		17,372		(3	)		(36,502	)		26,939			243,021

	W	3,363,743		132,495		(2,252	)		(538,995	)		91,405			3,046,396

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(4)

Lease liabilities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Less than 1 year	W	559,811			632,878
1 ~ 5 years		1,624,510			1,817,340
More than 5 years		1,462,893			1,670,416

		3,647,214			4,120,634
Less: present value discounts and others		(397,855	)		(421,178	)

Present value of lease payment	W	3,249,359			3,699,456

(5)

Details of the liquidity classification of lease liabilities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Current lease liabilities	W	541,151		603,492
Non-current lease liabilities		2,708,208		3,095,964

	W	3,249,359		3,699,456

(6)

Changes in lease liabilities for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**			Ending balance
Lease liabilities	W	3,699,456		37,195		(369,909	)		40,015		(157,398	)		3,249,359

(*)	Others include the translation effect of foreign currency lease liabilities and others.


In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**		Ending balance
Lease liabilities	W	3,807,880		119,161		(695,466	)		82,638		385,243		3,699,456

(*)	Others include the translation effect of foreign currency lease liabilities and others.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(7)

Details of expense relating to lease contracts as lessee for the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025						June 30, 2024
	Three-month period ended			Six-month period ended			Three-month period ended		Six-month period ended
Depreciation of right-of-use assets	W	126,449			253,460			129,291		267,451
Interest expenses of lease liabilities		19,194			40,015			21,324		42,249
Lease expenses for short-term leases		32,913			53,916			55,020		94,059
Lease expenses for leases of low-value assets		991			1,827			636		1,459
Variable lease payments		(6,454	)		(2,744	)		6,070		2,370

	W	173,093			346,474			212,341		407,588

(8)

The total cash outflow related to the lease contracts amounts to W422,908 million and W457,504 million, for the six-month periods ended June 30, 2025 and 2024, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease, Continued

2)	Group as a lessor

(1)

Finance lease contracts

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 13 energy storage system installation projects and 279 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2)

Profits and losses related to finance leases for the three and six-month periods ended June 30, 2025 and 2024 are as follows:

In millions of Won

June 30, 2025

June 30, 2024

Three-month
period ended

Six-month
period ended

Three-month
period ended

Six-month
period ended

Finance income on the net investment in the lease

30,550

60,379

30,565

59,427

(3)

The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Less than 1 year	W	200,116			213,300
1 ~ 2 years		193,609			217,747
2 ~ 3 years		186,326			204,867
3 ~ 4 years		177,058			193,379
4 ~ 5 years		168,248			184,436
More than 5 years		1,245,962			1,420,807

		2,171,319			2,434,536
Less: unearned finance income		(935,330	)		(1,078,138	)

Net investment in the lease (*)	W	1,235,989			1,356,398

(*)	Including the present value of unguaranteed residual value amounting to W30,758 million and W31,857 million, as of June 30, 2025 and December 31, 2024, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.39% per year as of June 30, 2025 (0.00%~17.15% as of December 31, 2024).

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

24.

Lease, Continued

2)	Group as a lessor, Continued

(4)

Changes in the allowance for doubtful accounts of finance lease receivables for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	5,255			5,256
Bad debt expense		2,126			—
Write-off		(229	)		—
Reversal		—			(1	)

Ending balance	W	7,152			5,255

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25.

Employment Benefits

(1)

Employment benefit obligations as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Net defined benefit asset	W	17,449		40,425
Net defined benefit obligations		1,680,495		1,449,837
Other long-term employee benefit obligations		1,567		1,710

(2)

Principal assumptions used for actuarial valuation as of June 30, 2025 and December 31, 2024 are as follows:


	As of June 30, 2025			As of December 31, 2024
Discount rate		3.14% ~ 4.76	%		3.38% ~ 5.06	%
Future salary and benefit levels		4.83	%		4.83	%
Weighted average duration		9.81 years			9.89 years

(3)

Details of expense relating to defined benefit plans for the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025						June 30, 2024
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Current service cost	W	115,824			228,692			104,284			207,047
Interest cost		42,465			83,412			44,301			87,472
Expected return on plan assets		(30,551	)		(59,882	)		(34,396	)		(67,944	)

	W	127,738			252,222			114,189			226,575

Expenses described above are recognized in those items below in the condensed consolidated financial statements.


In millions of Won	June 30, 2025				June 30, 2024
	Three-month period ended		Six-month period ended		Three-month period ended		Six-month period ended
Cost of sales	W	91,058		179,554		82,691		162,549
Selling and administrative expenses		24,428		48,375		20,562		42,080
Others including construction-in- progress		12,252		24,293		10,936		21,946

	W	127,738		252,222		114,189		226,575

In addition, for the six-month periods ended June 30, 2025 and 2024, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: W49,043 million and W42,982 million as cost of sales; W7,138 million and W7,369 million as selling and administrative expenses; and W8,589 million and W7,183 million as construction-in-progress and others.

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25.

Employment Benefits, Continued

(4)

Details of defined benefit obligations as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Present value of defined benefit obligation from funded plans	W	5,128,586			4,960,645
Fair value of plan assets		(3,465,540	)		(3,551,233	)

Net liabilities incurred from defined benefit plans	W	1,663,046			1,409,412

(5)

Changes in the present value of defined benefit obligations for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	4,960,645			4,312,702
Current service cost		228,692			430,308
Interest cost		83,412			184,169
Remeasurement component		145,637			425,671
Actual payments		(289,604	)		(392,336	)
Others		(196	)		131

Ending balance	W	5,128,586			4,960,645

(6)

Changes in the fair value of plan assets for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	3,551,233			3,349,480
Expected return		59,882			141,108
Remeasurement component		(2,748	)		(10,030	)
Contributions by the employers		1,240			254,763
Actual payments		(144,067	)		(184,088	)

Ending balance	W	3,465,540			3,551,233

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

25.

Employment Benefits, Continued

(7)

Details of the fair value of plan assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Equity instruments	W	1,610		2,308
Debt instruments		393,935		413,522
Bank deposits		441,250		452,158
Others (*)		2,628,745		2,683,245

	W	3,465,540		3,551,233

(*)	Others consist of various financial instruments managed by external asset management companies.

For the six-month period ended June 30, 2025 and for the year ended December 31, 2024, actual returns on plan assets amounted to W57,134 million and W131,078 million, respectively.

(8)

Remeasurement components recognized in other comprehensive income (loss) for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025		For the year ended December 31, 2024
Actuarial loss from changes in financial assumptions	W	61,189		320,582
Actuarial loss from experience adjustments, etc.		84,448		105,089
Expected loss		2,748		10,030

	W	148,385		435,701

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

In addition, loss on accumulated remeasurement component amounting to W50,310 million and W95,694 million have been recognized as other comprehensive income or loss as of June 30, 2025 and December 31, 2024, respectively.

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

26.

Provisions

(1)

Provisions as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
In millions of won	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,202,434		—		1,093,625		—
Litigation
Litigation provisions		13,846		481,129		9,350		479,071
Decommissioning cost
Nuclear plants		79,501		23,467,565		79,501		23,192,872
Spent fuel		910,794		2,018,920		799,384		2,124,361
Radioactive waste		105,012		1,694,659		84,485		1,677,306
PCBs		—		34,391		—		39,389
Other recovery provisions		—		39,091		—		50,407
Others
Power plant regional support program		160,729		—		130,256		—
Transmission regional support program		215,757		—		302,631		—
Provisions for financial guarantee		24,072		22,562		26,440		4,484
Provisions for RPS		55,735		—		—		—
Provisions for greenhouse gas emissions obligations		92,981		—		156,463		—
Provision for Onerous Contracts		309,227		1,021		434		1,333
Others		95,741		270,726		111,402		267,811

	W	3,265,829		28,030,064		2,793,971		27,837,034

(2)

Changes in provisions for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,093,625		590,114		(481,250	)		(55	)		—			1,202,434
Litigation
Litigation provisions		488,421		21,168		(10,793	)		(3,821	)		—			494,975
Decommissioning cost
Nuclear plants		23,272,373		274,693		—			—			—			23,547,066
Spent fuel		2,923,745		135,484		—			(129,515	)		—			2,929,714
Radioactive waste		1,761,791		37,880		—			—			—			1,799,671
PCBs		39,389		572		(5,570	)		—			—			34,391
Other recovery provisions		50,407		709		(83	)		—			(11,942	)		39,091
Others
Power plant regional support program		130,256		59,576		(29,103	)		—			—			160,729
Transmission regional support program		302,631		6,140		(93,014	)		—			—			215,757
Provisions for financial guarantee		30,924		31,915		(12,344	)		(3,356	)		(505	)		46,634
Provisions for RPS		—		533,532		(477,797	)		—			—			55,735
Provisions for greenhouse gas emissions obligations		156,463		3,946		(65,323	)		(2,105	)		—			92,981
Provision for Onerous Contracts		1,767		308,792		—			(311	)		—			310,248
Others		379,213		64,519		(76,169	)		(682	)		(414	)		366,467

	W	30,631,005		2,069,040		(1,251,446	)		(139,845	)		(12,861	)		31,295,893

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

26.

Provisions, Continued

(2)

Changes in provisions for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows, continued:


In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	999,691		1,226,957		(1,127,746	)		(5,379	)		102			1,093,625
Litigation
Litigation provisions		177,018		373,328		(26,040	)		(35,885	)		—			488,421
Decommissioning cost
Nuclear plants		21,646,887		1,692,508		(66,971	)		—			(51	)		23,272,373
Spent fuel		2,925,734		842,753		(463,388	)		(381,354	)		—			2,923,745
Radioactive waste		1,908,085		113,342		(56,907	)		(202,729	)		—			1,761,791
PCBs		57,944		7,049		(25,604	)		—			—			39,389
Other recovery provisions		36,082		4,479		(879	)		—			10,725			50,407
Others
Power plant regional support program		130,034		55,761		(55,539	)		—			—			130,256
Transmission regional support program		256,006		202,882		(156,257	)		—			—			302,631
Provisions for financial guarantee		49,992		11,347		(25,723	)		(5,086	)		394			30,924
Provisions for RPS		36,074		891,143		(862,039	)		(65,178	)		—			—
Provisions for greenhouse gas emissions obligations		18,672		164,438		(17,659	)		(5,611	)		(3,377	)		156,463
Provision for Onerous Contracts		2,733		348		—			(1,314	)		—			1,767
Others		290,217		294,606		(126,693	)		(1,127	)		(77,790	)		379,213

	W	28,535,169		5,880,941		(3,011,445	)		(703,663	)		(69,997	)		30,631,005

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

27.

Government Grants

(1)

Government grants as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Land	W	27,402		27,403
Buildings		39,723		41,718
Structures		144,623		149,737
Machinery		99,305		105,546
Vehicles		2,455		2,745
Equipment		2,857		3,915
Tools		1,202		1,306
Construction-in-progress		226,766		223,566
Investment properties		23		22
Software		696		844
Development expenditures		587		939
Intangible assets under development		3,935		3,473
Other intangible assets		183		229

	W	549,757		561,443

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

27.

Government Grants, Continued

(2)

Changes in government grants for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		5,931		—			—			—			102		(6,033	)		—
Land		27,403		—		—			—			(1	)		—		—			27,402
Buildings		41,718		—		—			(1,995	)		—			—		—			39,723
Structures		149,737		—		—			(4,730	)		(389	)		—		5			144,623
Machinery		105,546		—		—			(7,748	)		(222	)		—		1,729			99,305
Vehicles		2,745		—		—			(696	)		(6	)		—		412			2,455
Equipment		3,915		—		—			(1,058	)		—			—		—			2,857
Tools		1,306		—		—			(216	)		—			—		112			1,202
Construction-in-progress		223,566		—		(1,836	)		—			—			—		5,036			226,766
Investment properties		22		—		—			—			—			—		1			23
Software		844		—		—			(148	)		—			—		—			696
Development expenditures		939		—		—			(352	)		—			—		—			587
Intangible assets under development		3,473		—		—			—			—			—		462			3,935
Other intangible assets		229		—		—			(47	)		—			—		1			183

	W	561,443		5,931		(1,836	)		(16,990	)		(618	)		102		1,725			549,757


In millions of won	For the year ended December 31, 2024
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		59,503		—			—			—			4,789		(64,292	)		—
Land		27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(4,508	)		—			—		(1	)		41,718
Structures		157,881		—		—			(9,458	)		(1,330	)		—		2,644			149,737
Machinery		119,824		—		—			(16,076	)		(522	)		—		2,320			105,546
Vehicles		2,837		—		—			(1,233	)		(8	)		—		1,149			2,745
Equipment		5,932		—		—			(2,118	)		—			—		101			3,915
Tools		62		—		—			(341	)		—			—		1,585			1,306
Construction-in-progress		173,474		—		(6,806	)		—			(75	)		—		56,973			223,566
Investment properties		22		—		—			(1	)		—			—		1			22
Software		413		—		—			(229	)		—			—		660			844
Development expenditures		2,121		—		—			(1,364	)		—			—		182			939
Intangible assets under development		2,458		—		—			—			—			—		1,015			3,473
Other intangible assets		322		—		—			(93	)		—			—		—			229

	W	538,977		59,503		(6,806	)		(35,421	)		(1,936	)		4,789		2,337			561,443

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

28.

Deferred Revenue

Changes in deferred revenues for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	13,652,565			11,548,855
Increase		973,711			2,924,341
Recognized as revenue		(430,635	)		(820,631	)

Ending balance	W	14,195,641			13,652,565

29.

Non-financial Liabilities

Non-financial liabilities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Current		Non-current		Current		Non-current
Advance received	W	3,389,122		549,143		3,531,207		354,218
Unearned revenue		49,684		12,872		37,062		14,910
Deferred revenue		801,555		13,394,086		776,988		12,875,577
Withholdings		400,071		2,063		271,425		2,296
Others		1,684,940		34,407		1,710,459		34,519

	W	6,325,372		13,992,571		6,327,141		13,281,520

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

30.

Contributed Capital

(1)

Details of share capital as of June 30, 2025 and December 31, 2024 are as follows:

In millions of won except share information

As of June 30, 2025

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*)	Korea Development Bank’s interest of W1,056,176 million is included.

In millions of won except share information

As of December 31, 2024

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*)	Korea Development Bank’s interest of W1,056,176 million is included.

(2)

Details in the number of floating capital stock for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


Number of shares	For the six-month period ended June 30, 2025		For the year ended December 31, 2024
Beginning balance		641,964,077		641,964,077

Ending balance		641,964,077		641,964,077

(3)

Details of share premium as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Share premium	W	843,758		843,758

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

31.

Retained Earnings and Dividends Paid

(1)

Details of retained earnings as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		567,469		—
Retained earnings before appropriations		21,195,909		18,523,337

Retained earnings	W	23,368,288		20,128,247

(*)

The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2)

Details of voluntary reserves as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Reserve for business expansion	W	567,469		—

	W	567,469		—

(3)

Changes in retained earnings for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	20,128,247			16,338,262
Profit for the year attributed to owners of the controlling company		3,464,958			3,491,698
Changes in equity method retained earnings		10			(6,346	)
Remeasurements of defined benefit liability, net of tax		(88,189	)		(281,761	)
Transfer of revaluation reserve		—			586,394
Dividend paid		(136,738	)		—

Ending balance	W	23,368,288			20,128,247

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

31.

Retained Earnings and Dividends Paid, Continued

(4)

Dividends paid for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:

In millions of won

For the six-month period ended June 30, 2025

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

213

136,738

In millions of won

For the year ended December 31, 2024

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

—

(5)

Changes in retained earnings of investments in associates and joint ventures for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	(17,420	)		(11,074	)
Changes		10			(6,346	)

Ending balance	W	(17,410	)		(17,420	)

(6)

Changes in remeasurement components related to defined benefit liability for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025			For the year ended December 31, 2024
Beginning balance	W	(95,694	)		29,229
Changes		(138,474	)		(421,327	)
Income tax effect		50,285			139,566
Transfer to reserve for business expansion		133,573			156,838

Ending balance	W	(50,310	)		(95,694	)

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

32.

Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		As of June 30, 2025		As of December 31, 2024
Korea South-East Power Co., Ltd. (*1, 2)		2nd hybrid bond		2012.12.07		2042.12.06		5.10	W	—		230,000
Expense of issuance										—		(627	)

									W	—		229,373

(*1)

Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow the Group to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds. From December 7, 2024, the date when the call option becomes exercisable for the first time, the interest rate has increased from 4.44% to 5.10% due to the application of the step-up provision.

(*2)	2nd hybrid bond was redeemed during the six-month period ended June 30, 2025.

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

33.

Other Components of Equity

(1)

Other components of equity as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Other capital surplus	W	1,606,126		1,600,812
Accumulated other comprehensive income		785,247		1,424,014
Other equity		12,708,585		12,708,585

	W	15,099,958		15,733,411

(2)

Changes in other capital surplus for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025						For the year ended December 31, 2024
	Gains on disposal of treasury stocks		Others		Total		Gains on disposal of treasury stocks		Others			Total
Beginning balance	W	387,524		1,213,288		1,600,812		387,524		1,213,277			1,600,801
Additional paid-in capital of subsidiaries		—		127		127		—		(7	)		(7	)
Equity transaction within the consolidated entity		—		5,187		5,187		—		18			18

Ending balance	W	387,524		1,218,602		1,606,126		387,524		1,213,288			1,600,812

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

33.

Other Components of Equity, Continued

(3)

Changes in accumulated other comprehensive income (loss) for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Financial assets at fair value through other comprehensive income valuation reserve		Shares of other comprehensive income of investments in associates and joint ventures			Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	80,757		1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		42,447		—			—			—			42,447
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		(580,284	)		—			—			(580,284	)
Foreign currency translation of foreign operations, net of tax		—		—			(111,225	)		—			(111,225	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			—			10,295			10,295

Ending balance	W	123,204		1,017,674			(343,171	)		(12,460	)		785,247


In millions of won	For the year ended December 31, 2024
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	(20,002	)		943,733		(331,570	)		(34,731	)		557,430
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		100,759			—		—			—			100,759
Shares of other comprehensive income of associates and joint ventures, net of tax		—			654,225		—			—			654,225
Foreign currency translation of foreign operations, net of tax		—			—		99,624			—			99,624
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			11,976			11,976

Ending balance	W	80,757			1,597,958		(231,946	)		(22,755	)		1,424,014

(4)

Other equity as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Statutory revaluation reserve	W	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)

	W	12,708,585			12,708,585

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

34.

Sales

Details of sales for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025
	Domestic				Overseas				Total
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
[Type of goods and services]
Sales of goods	W	21,295,111		44,994,678		97,885		207,767		21,392,996		45,202,445
Electricity		20,946,333		44,157,533		—		—		20,946,333		44,157,533
Heat supply		54,495		241,183		—		—		54,495		241,183
Others		294,283		595,962		97,885		207,767		392,168		803,729
Sales related to rendering of services		112,928		199,518		43,954		104,056		156,882		303,574
Sales related to construction services		71,331		90,587		109,940		146,881		181,271		237,468
Revenue related to transfer of assets from customers		218,989		430,635		—		—		218,989		430,635

	W	21,698,359		45,715,418		251,779		458,704		21,950,138		46,174,122

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	21,295,111		44,994,678		97,885		207,767		21,392,996		45,202,445
Performance obligations satisfied over time		403,248		720,740		153,894		250,937		557,142		971,677

	W	21,698,359		45,715,418		251,779		458,704		21,950,138		46,174,122


In millions of Won	June 30, 2024
	Domestic				Overseas				Total
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
[Type of goods and services]
Sales of goods	W	19,892,060		42,667,231		77,832		153,409		19,969,892		42,820,640
Electricity		19,540,621		41,705,614		—		—		19,540,621		41,705,614
Heat supply		42,035		235,293		—		—		42,035		235,293
Others		309,404		726,324		77,832		153,409		387,236		879,733
Sales related to rendering of services		117,648		217,797		51,941		119,492		169,589		337,289
Sales related to construction services		35,659		60,346		105,744		166,563		141,403		226,909
Revenue related to transfer of assets from customers		192,823		381,612		—		—		192,823		381,612

	W	20,238,190		43,326,986		235,517		439,464		20,473,707		43,766,450

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	19,892,060		42,667,231		77,832		153,409		19,969,892		42,820,640
Performance obligations satisfied over time		346,130		659,755		157,685		286,055		503,815		945,810

	W	20,238,190		43,326,986		235,517		439,464		20,473,707		43,766,450

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

35.

Selling and Administrative Expenses

Selling and administrative expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025				June 30, 2024
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Salaries	W	293,934		579,663		272,367		553,399
Retirement benefit expense		27,406		55,513		24,081		49,449
Welfare and benefit expense		40,919		73,743		32,997		64,543
Insurance expense		8,499		16,215		6,933		14,278
Depreciation		58,753		116,264		57,806		115,128
Amortization of intangible assets		23,072		45,390		22,250		44,125
Bad debt expense		14,171		31,544		13,626		23,801
Commission		99,019		205,026		101,503		206,703
Advertising expense		6,292		16,776		7,886		18,450
Training expense		2,329		4,315		2,032		4,105
Vehicle maintenance expense		2,280		4,318		2,212		4,185
Publishing expense		805		1,516		539		1,265
Business promotion expense		679		1,387		620		1,301
Rent expense		14,393		26,165		10,494		21,807
Telecommunication expense		2,309		5,147		2,296		4,863
Transportation expense		297		542		253		489
Taxes and dues		74,296		84,447		77,146		86,580
Expendable supplies expense		2,376		4,228		1,523		3,208
Water, light and heating expense		3,316		7,941		3,360		7,522
Repairs and maintenance expense		37,771		66,832		31,172		68,653
Ordinary development expense		47,363		90,963		46,076		84,216
Travel expense		5,821		10,728		4,777		9,263
Clothing expense		2,326		2,872		1,044		1,392
Survey and analysis expense		211		397		210		408
Membership fee		790		1,423		580		1,235
Others		25,297		54,802		38,899		62,527

	W	794,724		1,508,157		762,682		1,452,895

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

36.

Other Income and Expenses

(1)

Other income for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025					June 30, 2024
	Three- month period ended			Six- month period ended		Three- month period ended		Six- month period ended
Reversal of other provisions	W	970			4,083		602		22,414
Reversal of other bad debt allowance		(757	)		5,743		—		—
Gains on government grants		55			102		—		—
Gains on assets contributed		1,332			1,513		3,257		4,139
Gains on liabilities exempted		427			707		6		161
Compensation and reparations revenue		25,688			45,895		34,118		54,808
Revenue from foundation fund		9			163		1		1
Rental income		52,340			105,189		50,893		107,536
Others		13,309			22,785		8,758		33,970

	W 93,373			186,180		97,635		223,029

(2)

Other expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025				June 30, 2024
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Compensation and indemnification expense	W	1,309		1,310		52		135
Accretion expenses of other provisions		315		755		238		352
Depreciation expenses on investment properties		313		508		164		323
Depreciation expenses on idle assets		903		1,807		926		1,836
Other bad debt expense		—		2		5,457		8,003
Donations		64,634		76,745		47,026		138,319
Others		7,746		13,971		3,426		10,837

	W 75,220		95,098		57,289		159,805

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

37.

Other Gains (Losses)

Composition of other gains (losses) for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:


In millions of Won	June 30, 2025						June 30, 2024
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Other gains
Gains on disposal of property, plant and equipment	W	2,712			8,075			30,418			64,471
Gains on disposal of intangible assets		16			16			3			14
Reversal of impairment loss on intangible assets		40			40			—			—
Gains on foreign currency translation		9,677			13,839			12,611			25,542
Gains on foreign currency transactions		31,125			75,738			13,750			30,838
Gains on insurance proceeds		1,015			1,015			807			807
Others		109,052			281,516			54,837			125,858

Other losses
Losses on disposal of property, plant and equipment		(12,982	)		(50,140	)		(28,602	)		(46,585	)
Losses on disposal of intangible assets		—			(13	)		—			(110	)
Impairment loss on intangible assets		(30	)		(30	)		—			—
Losses on foreign currency translation		(36,974	)		(47,056	)		(4,071	)		(12,676	)
Losses on foreign currency transactions		(17,706	)		(37,394	)		(30,228	)		(73,071	)
Others		(65,334	)		(126,423	)		(30,693	)		(71,192	)

	W	20,611			119,183			18,832			43,896

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

38.

Finance Income

Finance income for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:


In millions of Won	June 30, 2025				June 30, 2024
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Interest income	W	103,057		215,046		104,928		223,369
Dividends income		9,770		23,321		10,796		10,874
Gains on disposal of financial assets		8,932		19,496		12,596		20,704
Gains on valuation of financial assets at fair value through profit or loss		20,180		34,789		13,708		50,379
Gains on valuation of derivatives		—		31,735		453,063		1,146,610
Gains on transaction of derivatives		60,048		139,178		100,133		148,035
Gains on foreign currency translation		1,329,479		1,391,376		23,024		84,625
Gains on foreign currency transactions		253,818		293,741		3,648		12,000
Others		682		1,510		1,078		1,790

	W	1,785,966		2,150,192		722,974		1,698,386

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

39.

Finance Expenses

Finance expenses for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won	June 30, 2025				June 30, 2024
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Interest expense	W	1,094,132		2,211,256		1,132,383		2,284,112
Losses on sale of financial assets		1,948		2,683		192		219
Losses on valuation of financial assets at fair value through profit or loss		172		387		473		711
Losses on valuation of derivatives		1,029,015		1,023,742		—		17,167
Losses on transaction of derivatives		227,745		262,194		7,692		21,292
Losses on foreign currency translation		65,639		95,129		581,440		1,380,475
Losses on foreign currency transactions		42,597		45,112		53,419		55,996
Others		2,450		5,775		3,282		8,348

	W	2,463,698		3,646,278		1,778,881		3,768,320

Capitalization rates for the six-month periods ended June 30, 2025 and 2024 are 2.31%~3.29% and 2.45%~4.66%, respectively.

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

40.

Income Taxes

(1)

Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for the six-month periods ended June 30, 2025 and 2024 is 27.75% and 34.64%, respectively.

(2)

Pillar two model rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the six-month period ended June 30, 2025 in relation with the additional Pillar Two income taxes amounts to W1,421 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

41.

Assets Held-for-Sale

Assets held-for-sale as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Land (*)	W	28,859		31,766
Buildings (*)		9		13,881
Structures		—		1

	W	28,868		45,648

(*)

The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. Although it is expected to take more than a year to complete the sale transaction, the Group decided that the definitive purchase contract is still valid as a result of discussions with the counterparty.

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

42.

Expenses Classified by Nature

Expenses classified by nature for the six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		8,718,869		8,718,869
Power purchase		—		17,357,843		17,357,843
Salaries		579,663		2,349,931		2,929,594
Retirement benefit expense		55,513		228,597		284,110
Welfare and benefit expense		73,743		271,843		345,586
Insurance expense		16,215		71,501		87,716
Depreciation		116,264		6,792,839		6,909,103
Amortization of intangible assets		45,390		37,076		82,466
Bad debt expense		31,544		—		31,544
Commission		205,026		153,795		358,821
Advertising expense		16,776		4,299		21,075
Training expense		4,315		7,119		11,434
Vehicle maintenance expense		4,318		4,255		8,573
Publishing expense		1,516		1,245		2,761
Business promotion expense		1,387		1,238		2,625
Rent expense		26,165		80,351		106,516
Telecommunication expense		5,147		5,433		10,580
Transportation expense		542		34,168		34,710
Taxes and dues		84,447		377,524		461,971
Expendable supplies expense		4,228		23,246		27,474
Water, light and heating expense		7,941		18,810		26,751
Repairs and maintenance expense		66,832		1,221,685		1,288,517
Ordinary development expense		90,963		266,147		357,110
Travel expense		10,728		37,291		48,019
Clothing expense		2,872		2,482		5,354
Survey and analysis expense		397		1,965		2,362
Membership fee		1,423		12,799		14,222
Others		54,802		694,135		748,937

	W	1,508,157		38,776,486		40,284,643

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

42.

Expenses Classified by Nature, Continued

Expenses classified by nature for the six-month periods ended June 30, 2025 and 2024 are as follows, continued:


In millions of won	For the six-month period ended June 30, 2024
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		10,109,503		10,109,503
Power purchase		—		17,172,599		17,172,599
Salaries		553,399		2,279,581		2,832,980
Retirement benefit expense		49,449		205,531		254,980
Welfare and benefit expense		64,543		257,412		321,955
Insurance expense		14,278		70,415		84,693
Depreciation		115,128		6,824,230		6,939,358
Amortization of intangible assets		44,125		38,029		82,154
Bad debt expense		23,801		—		23,801
Commission		206,703		205,708		412,411
Advertising expense		18,450		4,118		22,568
Training expense		4,105		6,123		10,228
Vehicle maintenance expense		4,185		4,474		8,659
Publishing expense		1,265		1,189		2,454
Business promotion expense		1,301		1,229		2,530
Rent expense		21,807		77,484		99,291
Telecommunication expense		4,863		5,155		10,018
Transportation expense		489		25,431		25,920
Taxes and dues		86,580		365,492		452,072
Expendable supplies expense		3,208		22,689		25,897
Water, light and heating expense		7,522		17,362		24,884
Repairs and maintenance expense		68,653		1,436,322		1,504,975
Ordinary development expense		84,216		256,925		341,141
Travel expense		9,263		39,597		48,860
Clothing expense		1,392		5,326		6,718
Survey and analysis expense		408		1,900		2,308
Membership fee		1,235		9,309		10,544
Others		62,527		320,817		383,344

	W	1,452,895		39,763,950		41,216,845

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

43.

Earnings Per Share

(1)

Basic earnings per share for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:

In Won

June 30, 2025

June 30, 2024

Type

Three-
month
period
ended

Six-
month
period
ended

Three-
month
period
ended

Six-
month
period
ended

Basic earnings per share

1,771

5,397

101

976

(2)

Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the three and six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of Won except number of shares	June 30, 2025				June 30, 2024
Type	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Profit attributable to controlling interest	W	1,136,712		3,464,958		65,087		626,549
Profit used in the calculation of total basic earnings per share		1,136,712		3,464,958		65,087		626,549
Weighted average number of common shares (in shares)		641,964,077		641,964,077		641,964,077		641,964,077

(3)

The weighted average number of common shares used in the calculation of basic earnings per share for each of the three and six-month periods ended June 30, 2025 and 2024 is as follows:


In number of shares	June 30, 2025				June 30, 2024
Type	Three- Month period ended		Six- month period ended		Three- month period ended		Six- month period ended
The number of common shares issued at beginning of the year		641,964,077		641,964,077		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077		641,964,077		641,964,077

(4)

There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the three and six-month periods ended June 30, 2025 and 2024.

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, controlled, and reported in accordance with the Group’s established basic policy for risk management.

(1)

Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025			As of December 31, 2024
Total borrowings and debt securities	W	131,861,593			132,533,400
Cash and cash equivalents		1,925,749			2,382,979

Net borrowings and debt securities		129,935,844			130,150,421

Total equity		43,667,339			41,362,833

Debt to equity ratio		297.56	%		314.66	%

(2)

Financial risk management

The Group is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i)

Credit risk

Credit risk is the risk of finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

①

Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

②

Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis. Trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025		As of December 31, 2024
Cash and cash equivalents	W	1,925,749		2,382,979
Financial assets at fair value through profit or loss (*1)		2,591,253		2,013,948
Derivative assets (trading)		900,145		1,846,527
Financial assets at fair value through other comprehensive income (debt securities)		5,045		5,045
Financial assets at amortized cost		31,328		30,233
Loans		883,239		908,148
Long-term/short-term financial instruments		2,803,171		1,960,140
Derivative assets (applying hedge accounting)		274,586		844,637
Trade and other receivables		14,264,348		15,373,625
Financial guarantee contracts (*2)		4,193,144		5,151,554

	W	27,872,008		30,516,836

(*1)	Equity investments held by the Group are excluded.

(*2)	Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

For the six-month period ended June 30, 2025, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii)

Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

(iii)

Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

①

Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won		As of June 30, 2025						As of December 31, 2024
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	511,777			(446,866	)		473,627			(413,799	)
Discount rate	Increase (decrease) in defined benefit obligation		(442,472	)		520,488			(429,517	)		506,031

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the six-month periods ended June 30, 2025 and 2024 are W16,506 million and W15,724 million, respectively.

②

Provisions

The underlying assumptions to estimate provisions as of June 30, 2025 and December 31, 2024 are as follows:


Accounts	Type	As of June 30, 2025			As of December 31, 2024
PCBs	Inflation rate		2.80	%		2.80	%
	Discount rate		2.90	%		2.90	%
Nuclear plants	Inflation rate		2.02	%		2.02	%
	Discount rate		2.78	%		2.78	%
Spent fuel	Inflation rate		1.91	%		1.91	%
	Discount rate		2.49	%		2.49	%
Radioactive waste	Inflation rate		3.32	%		3.32	%
	Discount rate		4.17	%		4.17	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won		As of June 30, 2025						As of December 31, 2024
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(39	)		39			(58	)		58
	Nuclear plants		(460,639	)		477,575			(464,727	)		481,899
	Spent fuel		(130,228	)		130,925			(129,983	)		130,679
	Radioactive waste		(10,914	)		11,021			(11,363	)		11,478
Inflation rate	PCBs		39			(39	)		58			(58	)
	Nuclear plants		514,811			(497,143	)		507,814			(490,386	)
	Spent fuel		134,099			(128,769	)		133,847			(128,527	)
	Radioactive waste		11,515			(11,420	)		11,167			(11,075	)

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

①

Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of June 30, 2025 and December 31, 2024 are as follows:


In thousands of foreign currencies	Assets				Liabilities
Type	As of June 30, 2025		As of December 31, 2024		As of June 30, 2025		As of December 31, 2024
AED		54,687		33,465		7,770		8,795
AUD		26		26		—		64
BDT		2,252		2,252		—		—
BWP		768		768		—		—
CAD		2		2		—		61
CHF		—		—		100,278		100,686
DOP		15,580		7,772		—		—
EGP		233,626		203,044		—		—
EUR		4,520		20,433		44,116		47,829
GBP		85		139		—		4
HKD		—		—		6,325,550		5,093,862
IDR		41,978,914		37,830,902		28,051,832		4,027,099
INR		1,513,057		1,037,437		185,550		225,042
JOD		899		902		211		49,128
JPY		184,460		23,798		1,023,983		7,483,199
KZT		1,510		1,510		—		—
MGA		8,416,237		5,452,745		838,196		248,175
MMK		188,021		188,021		—		—
MYR		2,805		2,805		—		—
PHP		26,358		19,401		—		—
PKR		66,473,502		68,734,242		10,418		10,418
SAR		1,051		1,087		—		—
SEK		—		—		449,325		449,302
SGD		115		291		—		110
USD		1,612,880		1,651,765		12,772,519		15,364,685
UYU		181,556		99,189		1,647		1,141
VND		849,044		733,338		—		587,003
ZAR		82,390		79,897		—		—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of June 30, 2025 and December 31, 2024 is as follows:


In millions of won	As of June 30, 2025					As of December 31, 2024
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,752,736	)		1,752,736		(2,114,808	)		2,114,808
Increase (decrease) of shareholder’s equity (*)		(1,752,736	)		1,752,736		(2,114,808	)		2,114,808

(*)	The effect on the shareholder’s equity excluding the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of June 30, 2025 and December 31, 2024.

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged item. As of June 30, 2025, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

②

Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
Type	As of June 30, 2025		As of December 31, 2024
Short-term borrowings	W	3,399,638		4,069,444
Long-term borrowings		10,947,030		10,112,707
Debt securities		41,578		41,578

	W	14,388,246		14,223,729

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 is as follows:


In millions of won	For the six-month period ended June 30, 2025					For the year ended December 31, 2024
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(71,941	)		71,941		(142,237	)		142,237
Increase (decrease) of shareholder’s equity (*)		(71,941	)		71,941		(142,237	)		142,237

(*)	The effect on the shareholder’s equity excluding the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

③

Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the six-month periods ended June 30, 2025 and 2024 is as follows:


In millions of won	For the six-month period ended June 30, 2025					For the six-month period ended June 30, 2024
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	441,575		(441,575	)		417,056		(417,056	)
Increase (decrease) of shareholder’s equity (*)		441,575		(441,575	)		417,056		(417,056	)

(*)	The effect on the shareholder’s equity excluding the impact of income taxes.

(iv)

Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities of non-derivative financial liabilities as of June 30, 2025 and December 31, 2024 in detail are as follows:


In millions of won	As of June 30, 2025
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	23,142,348		894,185		517,582		2,400,457		26,954,572
Debt securities		23,017,059		30,690,861		40,902,637		24,890,985		119,501,542
Lease liabilities		559,811		480,618		1,143,892		1,462,893		3,647,214
Trade and other payables (*1)		8,900,521		405,462		715,256		455,473		10,476,712
Financial guarantee contracts (*2)		4,193,144		—		—		—		4,193,144

	W	59,812,883		32,471,126		43,279,367		29,209,808		164,773,184

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of June 30, 2025, the Group has recognized W 46,634 million as a provision for financial guarantee contracts.

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued


In millions of won	As of December 31, 2024
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	18,887,527		430,883		1,300,087		2,032,303		22,650,800
Debt securities		28,967,125		29,601,867		39,451,207		28,885,833		126,906,032
Lease liabilities		632,878		553,030		1,264,310		1,670,416		4,120,634
Trade and other payables (*1)		8,807,823		354,778		631,653		526,846		10,321,100
Financial guarantee contracts (*2)		3,156,187		1,712,801		270,806		11,760		5,151,554

	W	60,451,540		32,653,359		42,918,063		33,127,158		169,150,120

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, and it is classified by maturity of the guarantee contracts. The maximum amount of guarantee that may be called upon at the earliest period is W 5,151,554 million. As of December 31, 2024, the Group has recognized W 30,924 million as a provision for financial guarantee contracts.

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of June 30, 2025 and December 31, 2024 in detail are as follows:


In millions of won	As of June 30, 2025
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	1,925,749		—		—		—		1,925,749
Financial assets at fair value through other comprehensive income		—		—		—		727,366		727,366
Financial assets at amortized cost		21,187		10,141		—		—		31,328
Loans and receivables		107,471		374,646		296,713		140,518		919,348
Long-term/short-term financial Instruments		1,989,362		19,264		—		794,545		2,803,171
Financial assets at fair value through profit or loss		2,060,759		300,832		665,588		514,972		3,542,151
Trade and other receivables		11,454,170		1,600,661		3,907,283		—		16,962,114

	W	17,558,698		2,305,544		4,869,584		2,177,401		26,911,227


In millions of won	As of December 31, 2024
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	2,382,979		—		—		—		2,382,979
Financial assets at fair value through other comprehensive income		—		—		—		674,850		674,850
Financial assets at amortized cost		20,418		1,333		8,482		—		30,233
Loans and receivables		110,005		347,251		369,851		118,013		945,120
Long-term/short-term financial Instruments		1,147,929		583		—		811,628		1,960,140
Financial assets at fair value through profit or loss		1,467,954		346,982		780,130		494,710		3,089,776
Trade and other receivables		12,245,159		1,506,085		2,126,928		—		15,878,172

	W	17,374,444		2,202,234		3,285,391		2,099,201		24,961,270

(*)	The maturities cannot be presently determined.

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(104,942	)		(107,680	)		(85,949	)		(61,004	)		(359,575	)
- Hedging		—			—			—			—			—

	W	(104,942)			(107,680	)		(85,949	)		(61,004	)		(359,575	)


In millions of won	As of December 31, 2024
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(46,087	)		(61,259	)		(73,017	)		(31,760	)		(212,123	)
- Hedging		—			—			—			(4,895	)		(4,895	)

	W	(46,087)			(61,259	)		(73,017	)		(36,655	)		(217,018	)

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i)

Fair values and book values of financial assets and liabilities as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	727,366		727,366		674,850		674,850
Derivative assets (trading)		900,145		900,145		1,846,527		1,846,527
Derivative assets (applying hedge accounting)		274,586		274,586		844,637		844,637
Financial assets at fair value through profit or loss		2,757,332		2,757,332		2,176,172		2,176,172

	W	4,659,429		4,659,429		5,542,186		5,542,186

Assets carried at amortized cost
Financial assets at amortized cost	W	31,328		31,328		30,233		30,233
Loans and receivables		883,239		883,239		908,148		908,148
Trade and other receivables		14,264,348		14,264,348		15,373,625		15,373,625
Long-term financial instruments		813,809		813,809		812,211		812,211
Short-term financial instruments		1,989,363		1,989,363		1,147,929		1,147,929
Cash and cash equivalents		1,925,749		1,925,749		2,382,979		2,382,979

	W	19,907,836		19,907,836		20,655,125		20,655,125

Liabilities recognized at fair value
Derivative liabilities (trading)	W	438,862		438,862		279,932		279,932
Derivative liabilities (applying hedge accounting)		—		—		4,893		4,893

	W	438,862		438,862		284,825		284,825

Liabilities carried at amortized cost
Secured borrowings	W	1,416,979		1,416,979		1,443,125		1,443,125
Unsecured bond		107,323,180		107,044,190		111,874,019		110,798,858
Lease liabilities		3,249,359		3,249,359		3,699,456		3,699,456
Unsecured borrowings		22,977,647		22,934,936		19,040,213		18,994,676
Trade and other payables (*)		10,476,712		10,476,712		10,321,100		10,321,100
Overdraft		143,787		143,787		176,043		176,043

	W	145,587,664		145,265,963		146,553,956		145,433,258

(*)	Excludes lease liabilities.

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk, continued

(ii)

Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rates used for calculating fair value as of June 30, 2025 and December 31, 2024 are as follows:


Type	As of June 30, 2025		As of December 31, 2024
Derivatives		0.00% ~ 4.88%		0.03% ~ 4.88%
Borrowings and debt securities		0.40% ~ 5.84%		0.96% ~ 5.84%
Leases		0.83% ~ 10.00%		0.00% ~ 17.15%

(iii)

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.


Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	412,798		—		314,568		727,366
Derivative assets		—		1,048,473		126,258		1,174,731
Financial assets at fair value through profit or loss		—		2,750,932		6,400		2,757,332

	W	412,798		3,799,405		447,226		4,659,429

Financial liabilities at fair value
Derivative liabilities	W	—		294,016		144,846		438,862


In millions of won	As of December 31, 2024
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	360,096		—		314,754		674,850
Derivative assets		—		2,691,164		—		2,691,164
Financial assets at fair value through profit or loss		—		2,169,300		6,872		2,176,172

	W	360,096		4,860,464		321,626		5,542,186

Financial liabilities at fair value
Derivative liabilities	W	—		284,825		—		284,825

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

44.

Risk Management, Continued

(3)

Fair value risk, continued

Changes in financial assets and liabilities which are classified as level 3 for the six-month period ended June 30, 2025 and for the year ended December 31, 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,872		—		—		(472	)		—			—			6,400
Financial assets at fair value through other comprehensive income Unlisted securities		309,709		—		—		(522	)		(9	)		345			309,523
Debt securities		5,045		—		—		—			—			—			5,045
Derivatives Others		—		—		129,359		—			—			(3,101	)		126,258
Financial liabilities at fair value
Derivatives Others		—		—		170,244		(8,355	)		(13,659	)		(3,384	)		144,846


In millions of won	For the year ended December 31, 2024
	Beginning balance		Acquisitions		Reclassified category		Valuation		Disposal		Foreign currency translation and others		Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	6,735		—		22		115		—		—		6,872
Financial assets at fair value through other comprehensive income Unlisted securities		212,762		4,000		—		88,256		—		4,691		309,709
Debt securities		4,627		—		—		418		—		—		5,045

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45.

Service Concession Arrangements

(1)

Hydroelectric Power Generation at Semangka, Indonesia

(i)

Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 – 2048) after subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii)

Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2025 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	33,984
1 ~ 2 years		34,026
2 ~ 3 years		34,187
Over 3 years		498,176

	W	600,373

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45.

Service Concession Arrangements, Continued

(2)

Pakistan Gulpur Hydropower Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 – 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2025 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	74,963
1 ~ 2 years		74,963
2 ~ 3 years		74,963
Over 3 years		815,515

	W	1,040,404

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

45.

Service Concession Arrangements, Continued

(3)

Guam Ukudu Combined thermal power plant Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii)

Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2025 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	80,906
1 ~ 2 years		108,747
2 ~ 3 years		109,742
Over 3 years		2,657,611

	W	2,957,006

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties

(1)

The Group’s related parties as of June 30, 2025 are as follows:


Type		Related party
Parent		Republic of Korea government

Subsidiaries (170 subsidiaries)		Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO ES Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(1)

The Group’s related parties as of June 30, 2025 are as follows, continued:


Type		Related party
Associates (103 entities) (*1)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Godeok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy, Remal First Holding Company, Naseem First Holding Company,Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd.

Joint ventures (122 entities) (*1)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd., Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd.

Others (1 entity)		Korea Development Bank

(*1)	Subsidiaries of associates and joint ventures are included.

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(2)

Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3)

The related party transactions for the six-month periods ended June 30, 2025 and 2024 are as follows:

<Sales and Others>


In millions of won			Sales and others
Company name	Transaction type		June 30, 2025		June 30, 2024
<Associates>
Korea Gas Corporation		Electricity sales	W	109,605		74,503
Goseong Green Power Co., Ltd.		Electricity sales		224,912		310,264
Dongducheon Dream Power Co., Ltd.		Electricity sales		12,062		5,433
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		11,799		37,663
S-Power Co., Ltd.		Service		1,022		1,017
Korea Power Exchange		Service		16,943		5,688
GS Donghae Electric Power Co., Ltd.		Electricity sales		17,537		672
Gangneung Eco Power Co., Ltd.		Fuel sales		223,458		215,789
Korea Electric Power Industrial Development Co., Ltd.		Service		6,729		6,755
Daeryun Power Co., Ltd.		Electricity sales		—		1,889
Chuncheon Green Energy Co., Ltd.		Electricity sales		10,447		5,002
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		6,039		2,878
Gemeng International Energy Co., Ltd.		Dividend income		20,644		—
KPE Green Energy Co., Ltd.		Electricity sales		100		102
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		3,411		2,167
Busan Green Energy Co., Ltd.		Electricity sales		2,751		1,592
Noeul Green Energy Co., Ltd.		Electricity sales		3,725		2,939
Gangwon Wind Power Co., Ltd.		Electricity sales		1,480		1,542
Godeok Clean Energy Co., Ltd.		Electricity sales		615		5,270
Hyundai Eco Energy Co., Ltd.		Electricity sales		743		635
Naseem First Holding Company		Others		1,279		—
Others (Remal First Holding Company and 52 others)		Electricity sales		35,713		32,463

<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		482		513
Daegu Green Power Co., Ltd.		Electricity sales		999		858
KAPES, Inc.		Others		2,060		1,301
Daesan Green Energy Co., Ltd.		Electricity sales		81		79
Seokmun Energy Co., Ltd.		Electricity sales		1,031		679
Cheongna Energy Co., Ltd.		Others		26,031		20,973
Cheongju Eco Park Co., Ltd.		Electricity sales		93		96
Yeonggwang Wind Power Co., Ltd.		Electricity sales		534		507
Solaseado Solar Power Co., Ltd.		Electricity sales		502		926
Yeongam Solar Power Co., Ltd.		Electricity sales		245		275
Naepo Green Energy Co., Ltd.		Electricity sales		15,122		1,586
Seokmun Green Energy		Electricity sales		30		48
Amman Asia Electric Power Company		Others		12,729		15,271
KW Nuclear Components Co., Ltd.		Service		863		1,357
Eumseong Eco Park Co., Ltd.		Electricity sales		10		10
Kelar S.A.		Service		10,070		11,373
Jamaica Public Service Company Limited		Dividend income		9,700		1,289
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		1,009		993
Solar Philippines Calatagan Corporation		Dividend income		6,480		5,911
Samsu Wind Power Co., Ltd.		Electricity sales		121		301
Others (Goheung New Energy Co., Ltd. and 65 others)		Electricity sales		130,008		154,492

<Others>
Korea Development Bank		Electricity sales		2,544		2,558
		Interest income		3,728		6,713

			W	935,486		942,372

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(3)

The related party transactions for each of the six-month periods ended June 30, 2025 and 2024 are as follows, continued:

<Purchase and Others>


In millions of won			Purchase and others
Company name	Transaction type		June 30, 2025		June 30, 2024
<Associates>
Korea Gas Corporation		Electricity sales		W 2,834,688		3,254,456
Goseong Green Power Co., Ltd.		Electricity sales		504,481		515,943
Dongducheon Dream Power Co., Ltd.		Electricity sales		614,531		761,095
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		368,957		404,341
S-Power Co., Ltd.		Service		344,711		404,958
Korea Power Exchange		Service		257,121		45,685
GS Donghae Electric Power Co., Ltd.		Electricity sales		244,817		262,257
Gangneung Eco Power Co., Ltd.		Fuel sales		70		833
Korea Electric Power Industrial Development Co., Ltd.		Service		162,675		141,655
Daeryun Power Co., Ltd.		Electricity sales		143,442		138,498
Chuncheon Green Energy Co., Ltd.		Electricity sales		35,812		30,492
PT. Bayan Resources TBK		Others		34,835		58,223
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		24,014		18,797
KPE Green Energy Co., Ltd.		Electricity sales		20,525		21,670
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		16,928		13,878
Busan Green Energy Co., Ltd.		Electricity sales		15,495		12,485
Noeul Green Energy Co., Ltd.		Electricity sales		14,008		9,947
Gangwon Wind Power Co., Ltd.		Electricity sales		15,463		11,647
Godeok Clean Energy Co., Ltd.		Electricity sales		14,988		19,988
Hyundai Eco Energy Co., Ltd.		Electricity sales		13,879		11,151
Yeongyang Wind Power Corporation II		Service		12,367		9,375
Naseem First Holding Company		Others		10,455		—
Others (Remal First Holding Company and 52 others)		Electricity sales		112,869		79,741

<Joint ventures>
Chun-cheon Energy Co., Ltd.		Electricity sales		190,770		216,082
Daegu Green Power Co., Ltd.		Electricity sales		152,187		180,972
KAPES, Inc.		Others		102,054		11,813
Daesan Green Energy Co., Ltd.		Electricity sales		87,046		56,722
Seokmun Energy Co., Ltd.		Service		28,504		26,241
Cheongna Energy Co., Ltd.		Others		63		62
Cheongju Eco Park Co., Ltd.		Electricity sales		20,200		9,474
Yeonggwang Wind Power Co., Ltd.		Electricity sales		16,779		12,333
Solaseado Solar Power Co., Ltd.		Electricity sales		16,564		14,156
Yeongam Solar Power Co., Ltd.		Electricity sales		16,201		12,279
Seokmun Green Energy		Electricity sales		14,883		12,963
KW Nuclear Components Co., Ltd.		Service		11,032		—
Eumseong Eco Park Co., Ltd.		Electricity sales		11,446		13,541
Jamaica Public Service Company Limited		Others		57		123
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		6,380		5,239
Samsu Wind Power Co., Ltd.		Electricity sales		6,046		3,599
Others (Goheung New Energy Co., Ltd. and 65 others)		Electricity sales		69,813		50,409

<Others>
Korea Development Bank		Interest expense		4,862		1,688

				W 6,572,018		6,854,811

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won		Receivables				Payables
Company name	Type	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
<Associates>
Korea Gas Corporation	Trade receivables	W	11,357		15,766		—		—
	Non-trade receivables and others		—		404		—		—
	Trade payables		—		—		351,092		482,008
	Non-trade payables and others		—		—		1,255		1,486
Goseong Green Power Co., Ltd.	Trade receivables		14,063		30,732		—		—
	Non-trade receivables and others		1,730		1,438		—		—
	Trade payables		—		—		83,789		162,719
	Non-trade payables and others		—		—		44,702		45,174
GS Donghae Electric Power Co., Ltd.	Trade receivables		857		22		—		—
	Non-trade receivables and others		11,025		109		—		—
	Trade payables		—		—		148,792		90,468
	Non-trade payables and others		—		—		38		—
Dongducheon Dream Power Co., Ltd.	Trade receivables		7,197		6,350		—		—
	Non-trade receivables and others		428		637		—		—
	Trade payables		—		—		65,871		114,962
	Non-trade payables and others		—		—		1		29
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,558		1,720		—		—
	Non-trade receivables and others		1,265		5,812		—		—
	Trade payables		—		—		64,936		77,222
	Non-trade payables and others		—		—		235		2,450
S-Power Co., Ltd.	Trade receivables		133		264		—		—
	Non-trade receivables and others		60		54		—		—
	Trade payables		—		—		51,504		73,377
	Non-trade payables and others		—		—		—		19
Busan Green Energy Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		46,725		43,790		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		3,506		4,799
Noeul Green Energy Co., Ltd.	Trade receivables		3		5		—		—
	Non-trade receivables and others		30,809		27,043		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		3,351		3,699
Chuncheon Green Energy Co., Ltd.	Trade receivables		—		—		—		—
	Non-trade receivables and others		20,699		10,870		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		8,671		8,881
Others (Gangneung Sacheon Fuel Cell Co., Ltd. and 47 others)	Trade receivables		13,500		21,449		—		—
	Non-trade receivables and others		43,777		76,369		—		—
	Trade payables		—		—		44,590		77,583
	Non-trade payables and others		—		—		27,175		20,254

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won		Receivables				Payables
Company name	Type	June 30, 2025		December 31, 2024		June 30, 2025		December 31, 2024
<Joint ventures>
KAPES Inc.	Trade receivables	W	3		4		—		—
	Non-trade receivables and others		170,159		90,088		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		40,646		3,041
Kelar S.A.	Trade receivables		1,740		3,244		—		—
	Non-trade receivables and others		35,937		36,010		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		—		—
Chun-cheon Energy Co., Ltd.	Trade receivables		145		—		—		—
	Non-trade receivables and others		165		—		—		—
	Trade payables		—		—		32,346		35,325
	Non-trade payables and others		—		—		—		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		47		—		—
	Non-trade receivables and others		15,860		3,208		—		—
	Trade payables		—		—		536		445
	Non-trade payables and others		—		—		13,394		13,824
Amman Asia Electric Power Company	Trade receivables		5,145		4,653		—		—
	Non-trade receivables and others		—		—		—		—
	Trade payables		—		—		—		—
	Non-trade payables and others		—		—		23,037		23,559
Others (Cheongju Eco Park Co., Ltd. and 61 others)	Trade receivables		330,349		271,039		—		—
	Non-trade receivables and others		44,528		48,853		—		—
	Trade payables		—		—		46,464		62,730
	Non-trade payables and others		—		—		11,175		14,665

<Others>
Korea Development Bank	Accrued Interest Receivable		3,413		—		—		—
	Non-trade receivables and others		29,317		34,138		—		—
	Non-trade payables and others		—		—		37,619		231
	Derivatives and others		91,044		273,627		35		2,421

		W	933,038		1,007,746		1,104,760		1,321,371

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(5)

Loans and others arising from the related party transactions as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
Type	Company name	Beginning balance			Loans		Collection			Others			Ending balance
Associates	KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.	W	33,066			—		—			—			33,066
	(Allowance for doubtful accounts)		(33,066	)		—		—			—			(33,066	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		26,606			—		—			(2,057	)		24,549
Associates	PT. Cirebon Energi Prasarana		38,865			—		—			(1,959	)		36,906
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—		—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		26,625			—		(2,095	)		—			24,530
Associates	Saemangeum Sebit Power Plant Co., Ltd.		27,550			—		(5,003	)		—			22,547
Associates	Remal First Holding Company		—			1		—			—			1
Associates	Nassem First Holding Company		—			1		—			—			1
Associates	Jeju Bukchon BES Power Co., Ltd.		—			7,380		—			—			7,380
Joint ventures	Solaseado Solar Power Co., Ltd.		34,929			—		(500	)		—			34,429
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		14,313			1,512		—			(1,126	)		14,699
Joint ventures	Horus Solar, S.A. de C.V.		13,677			—		—			(1,057	)		12,620
Joint ventures	Sunmex Renovables, S.A. de C.V.		21,793			2,529		—			(1,769	)		22,553
Joint ventures	Kelar S.A.		19,291			—		(9	)		(3,154	)		16,128
Joint ventures	DE Energia SpA		8,420			—		(8,420	)		—			—
Joint ventures	Daehan Wind Power PSC		16,956			—		(595	)		(1,275	)		15,086
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—		—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		2,491			—		—			—			2,491
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—		—			—			3,257
Joint ventures	Nghi Son 2 Power LLC		168,601			—		(9,759	)		(12,418	)		146,424
Joint ventures	Guadalupe Solar SpA		3,352			—		(114	)		(233	)		3,005
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		71,137			445		—			5,166			76,748
Joint ventures	Capman Lynx SCA, SICAR		35,210			—		—			—			35,210
	(Allowance for doubtful accounts)		(35,210	)		—		—			—			(35,210	)
Joint ventures	S-Power Chile SpA		294			—		—			(23	)		271
Joint ventures	Omisan Wind Power Co., Ltd.		8,894			—		—			—			8,894
Joint ventures	Gurae Resident Power Co., Ltd.		—			106		—			—			106
Joint ventures	Yeongwol Eco Wind Co., Ltd.		—			2,178		—			—			2,178
Joint ventures	KAS Investment I LLC		7,517			—		—			(585	)		6,932
Joint ventures	KAS Investment II LLC		7,567			—		—			(581	)		6,986

		W	526,300			14,152		(26,495	)		(21,071	)		492,886

(6)

Borrowings arising from the related party transactions as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others			Ending balance
Korea Development Bank	Facility	W	84,653		—		(6,791	)		(2,650	)		75,212
	Others		1,424		—		(163	)		—			1,261
	Operating funds		100,000		223,787		(230,000	)		—			93,787
	EBL and others		149,862		4,976		(10,604	)		(7,943	)		136,291

		W	335,939		228,763		(247,558	)		(10,593	)		306,551

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2025 are as follows:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 42,750	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others		USD 3,939,658	First Abu Dhabi Bank and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 203,981	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees		USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 13,200	Hana Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		MXN 14,843	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
				USD 393	CFE Transmission
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
				MXN 4,929	CFE Transmission and others
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 52,500	Mizuho Bank
		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Collateralized money invested (*10)		MYR 25,350	Malaysian Trustee Berhad
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees		USD 60,000	Riyad bank
		Other performance guarantees		USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal First Holding Company	Debt Guarantee (*15)		USD 138,000	DBS BANK LTD. (DIFC BRANCH)
Korea Electric Power Corporation	Naseem First Holding Company	Debt Guarantee (*15)		USD 138,000	DBS BANK LTD. (DIFC BRANCH)
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 28,202	Kookmin Bank and others
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 53,233	Kookmin Bank and others
		Debt Guarantee		KRW 20,300	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 73,064	Krung Thai Bank
		Impounding bonus guarantees (*11)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 194	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 72,000	Kookmin Bank and others
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 2,940	Nonghyup Bank
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 706	Hana Bank and others
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 4,400	IBK and others
Korea Western Power Co., Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 360	Hana Bank and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 5,651	Hana Bank and others
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 7,512	Nonghyup Bank and others

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 386	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 19,091	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,020	Hana Bank and others
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 5,741	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,885	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company SAOC	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co., Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee		USD 57,090	First Abu Dhabi Bank
Korea Western Power Co., Ltd.	Taean Haetdeulwon Solar Co., Ltd.	Collateralized money invested		KRW 7,992	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 14,781	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 35,626	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		KRW 90,800
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,760	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 277,927	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,752	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 27,415	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 26,388	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 23,191	Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Other guarantees(*16)		USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
		Collateralized money invested		KRW 90,287	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*14)		USD 14,400	Hana Bank
		Collateralized money invested		KRW 46,948	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,822	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,241	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 14,807	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 8,891	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 5,266	Woori Bank and others
Korea East-West Power Co., Ltd.	Seokmun Green Energy	Collateralized money invested		KRW 14,144	Hana Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 876	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Guarantees for supplemental funding (*1)		—

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 6,181	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for Energy LLC	Loan payment guarantee (*7)		USD 38,054	First Abu Dhabi Bank
		Collateralized money invested		KRW 18
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 32,739	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 31,598	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 30,030	Hana Bank, MUFG
		Payment guarantees (*12)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees (*17)		USD 1,800	Shinhan Bank
		Payment guarantees (*6)		USD 2,000	Hana Bank
		Collateralized money invested		KRW 22,138	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,506	Woori Bank, Shinhan Bank and others
Korea Southern Power Co., Ltd.		Performance guarantees		—	Woori Bank, Shinhan Bank and others
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 14,962	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 19,254	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 50,184	IBK and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 12,075	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 7,201	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 4,236	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 3,726	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 6,723	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—	Mirae Asset Securities Co., Ltd.
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 9,050	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 1,317	Woori Bank
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested		KRW 4,825	Woori Bank and others
		Guarantees for supplemental funding (*1)		—	Woori Bank and others
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested		KRW 606	Samsung Fire & Marine Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—	Samsung Fire & Marine Insurance Co., Ltd. and others
Korea Southern Power Co., Ltd.	Haetbyeotgil Sunlight Co., Ltd.	Collateralized money invested		KRW 398	Kyobo Life Insurance Co.,Ltd.
		Guarantees for supplemental funding (*1)		—	Heungkuk Asset Management
Korea Southern Power Co., Ltd.	Rutile BESS. LLC	Payment guarantees		USD 13,000	Nonghyup Bank, JPMogan Chase Bank
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees		USD 1,348	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 142,257	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 2,525	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 1,907	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 505	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 2,538	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 2,304	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 79	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 85,037	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 4,510	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,716	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	PT. Cirebon Energi Prasarana	Debt guarantees		USD 9,230	Mizuho Bank
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 508,434	IBK
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 183	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,192	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,594	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,811	IBK

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,818	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,426	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 361	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 542	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 640	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 12,465	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,874	Templeton Hana Asset
		Guarantees for supplemental funding (*1)		—	Management Co., Ltd.
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 28,020	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 687	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3,4)		—	IBK
		Guarantees for supplemental funding and others (*1,18)		KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)		KRW 15,794	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested (*4)		KRW 18,551	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)		KRW 299,008	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)		KRW 234,933	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)		KRW 1,909	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)		KRW 8,389	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested (*4)		KRW 553	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)		KRW 2,385	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)		KRW 11,743	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)		KRW 3,192	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)		KRW 16,308	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested (*4)		USD 97,105	International Finance
		Business reserve payment guarantee		USD 33,333	Corporation and others
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 1,961	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested		KRW 6,137	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,998	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 24,086	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,206	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 16,534	Hana Bank and others
		Guarantees for supplemental funding (*1)		—

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 8,925	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 8,157	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 10,924	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 9,105	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 5,117	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT I LLC	Payment guarantees (*13)		USD 9,770	WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT II LLC	Payment guarantees (*13)		USD 9,730	WOORI AMERICA BANK

(*1)

The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2)

Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of June 30, 2025, derivative liabilities of W26,422 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.

(*3)

The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4)

The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.

(*5)

The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6)

The Group provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(*7)

The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

(*8)

The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9)

The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10)

The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd.. The Group has pledged a portion of its shares in Pulau Indah Power Plant Sdn. Bhd., with a book value of W 25,350 million, as collateral.

(*11)

Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*12)

The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*13)

The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*14)

The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(*15)

The guarantee limits of Remal First Holding Company and Naseem First Holding Company include the guarantee limits provided for subsidiaries of associates.

(*16)

The payment guarantees for the water source modification cost of PT. Tanjung Power Indonesia, a joint venture of the Group, has not yet been executed.

(*17)

The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

(*18)

In accordance with the agreement, the Group has recognized the estimated amount required for the fulfillment of the obligation as other provisions, amounting to W 10,904 million.

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(8)

Guarantees received from the related parties as of June 30, 2025 are as follows:

(9)

Derivatives transactions with the related parties as of June 30, 2025 are as follows:

(i) Currency Swap


In millions of won and thousands of foreign currencies except contract exchange rate information
			Contract amounts				Contract interest rate per annum						Contract exchange
													rate
Counterparty	Contract year		Pay		Receive		Pay			Receive			(in won)
Korea Development Bank		2021~2026	W	118,170		USD 100,000		1.11	%		1.13	%	W	1,181.70
		2022~2026		283,820		USD 200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
		2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600		HKD 800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400		USD 100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
		2020~2026		118,910		USD 100,000		0.61	%		1.00	%		1,189.10
		2021~2026		114,230		USD 100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710		USD 100,000		3.41	%		3.63	%		1,237.10
		2023~2028		129,500		USD 100,000		3.85	%		4.88	%		1,295.00

(ii) Currency forward

In millions of Won and thousands of foreign currencies except contract exchange rate information

Contract amounts

Contract
exchange

rate

Counterparty

Contract date

Maturity date

Pay

Receive

(in Won)

Korea Development Bank

2025.06.24

2025.07.24

13,657

USD 10,000

1,365.70

2025.06.13

2025.07.07

5,461

USD 4,000

1,365.18

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

46.

Related Parties, Continued

(10)

The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel. The Group recorded salaries and other compensations related to the key management personnel as follows:


In millions of Won	June 30, 2025				June 30, 2024
Type	Three-month period ended		Six-month period ended		Three-month period ended		Six-month period ended
Salaries	W	722		954		419		640
Employee benefits		15		32		10		12

	W	737		986		429		652

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

47.

Statement of Cash Flows

(1)

Significant non-cash transactions for the six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of won
Transactions	For the six-month period ended June 30, 2025		For the six-month period ended June 30, 2024
Transfer from construction-in-progress to other assets	W	3,455,156		7,912,217
Recognition of asset retirement cost and related provision for decommissioning costs		252,052		1,089,405
Transfer from provision for disposal of used nuclear fuel to accrued expenses		207,685		270,859
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities		13,247,746		19,700,292
Transfer from inventory to stored nuclear fuel		627,304		686,300
Recognition of right-of-use assets and others		43,906		50,521

(2)

Changes in liabilities incurred from financing activities for the six-month periods ended June 30, 2025 and 2024 are as follows:


In millions of won	For the six-month period ended June 30, 2025
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	20,659,381			4,047,550			—		(168,518	)		24,538,413
Debt securities		111,874,019			(3,315,584	)		—		(1,235,255	)		107,323,180
Lease liabilities		3,699,456			(329,894	)		37,195		(157,398	)		3,249,359
Dividends Payable		5,063			(211,453	)		—		213,174			6,784
Derivative liabilities (assets), net		(2,406,338	)		539,303			—		1,131,167			(735,868	)

	W	133,831,581			729,922			37,195		(216,830	)		134,381,868


In millions of won	For the six-month period ended June 30, 2024
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	19,839,652			759,928			—		111,726			20,711,306
Debt securities		113,792,178			(4,028,168	)		—		1,221,327			110,985,337
Lease liabilities		3,807,880			(317,367	)		57,459		185,612			3,733,584
Dividends Payable		4,574			(83,528	)		—		85,444			6,490
Derivative liabilities (assets), net		(554,146	)		249,011			—		(1,252,265	)		(1,557,400	)

	W	136,890,138			(3,420,124	)		57,459		351,844			133,879,317

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48.

Commitments for Expenditure

(1)

The commitments for acquisition of property, plant and equipment as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	W	57,226		417		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		11,747		37,168		15,109
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S		37,744		140		37,744		140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)		58,271		746		58,271		746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,282		10,351		35,282		13,476
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,446		1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y		33,057		16,045		33,057		16,045
System stabilization ESS equipment (Bubuk S/S) Type 1		221,939		42,137		221,939		42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		72,779		16,975
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,174		11,471
System stabilization ESS equipment (Hamyang S/S) Type 1		35,764		11,468		35,764		11,468
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment		—		—		59,473		36,464
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		31,919		—		31,925		7,756
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		39,060		39,060		39,060		39,060
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		40,933		28,790		40,933		28,790
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,323		40,323		40,323		40,323
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,130		40,130		40,130		40,130
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S		39,300		39,300		39,300		39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S		37,600		37,600		37,600		37,600
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA—Annual Unit Price		43,054		5,683		43,054		38,404
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S		40,590		40,590		40,590		40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S		37,100		37,100		37,100		37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)		30,990		24,074		25,214		25,214
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S		41,000		41,000		—		—
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)		37,470		37,470		—		—
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		32,269		24,832		—		—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General)		40,475		34,410		—		—
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General)		42,252		32,309		—		—
Diesel Power Plant Fuel Oil (Kerosene, By-product Fuel Oil No.1) – Power Generation Technology Department Annual Unit Price		99,016		99,016		—		—
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)		30,471		30,471		—		—
Construction of Saeul Units (#3,4)		11,718,217		1,223,552		11,718,217		1,748,342

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48.

Commitments for Expenditure, Continued

(1)

The commitments for acquisition of property, plant and equipment as of June 30, 2025 and December 31, 2024 are as follows, continued:


In millions of won	As of June 30, 2025				As of December 31, 2024
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Construction of Shin-Hanul Units (#3,4)	W	12,343,245		10,440,684		12,343,245		10,964,638
Other 53 contracts		2,188,853		1,546,592		2,033,913		1,744,217
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		364,968		166,540		357,479		241,751
Purchase of main machine for Boryeong New Complex Unit 1		286,299		154,417		286,299		177,988
Boryeong New Complex Unit 1 Construction Project		211,805		113,362		202,552		161,753
Haman Combined Power Block Conditional Purchase Agreement		581,790		511,702		581,790		543,509
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		123,495		15,603		123,495		15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		—		—		220,864		101
Construction of Gimpo combined heat & power plant		223,697		7,184		223,660		8,795
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,029		18,973		198,029		29,417
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		9,336		65,918		12,574
Construction of Gumi natural gas power plant		269,789		38,028		246,110		96,708
Installation of natural gas supply facility at Gumi natural gas power plant		102,583		18,751		83,801		45,019
Construction of Gongju natural gas power plant		215,460		171,780		203,849		190,840
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		310,322		257,822		305,829		273,338
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.		288,250		232,221		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		—		—		326,395		5,905
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		2,862		234,392		2,670
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		76,150		128,820		90,876
Construction of Andong Combined Unit 2 Power Plant		181,640		161,390		181,593		175,029
Purchase of main equipment for Andong Combined Unit 2		279,773		174,330		279,773		230,694
Service of designing Hadong Combined Unit 1		31,593		26,293		31,593		26,351

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

48.

Commitments for Expenditure, Continued

(2)

As of June 30, 2025, details of contracts for inventory purchase commitment are as follows:


Type	Periods	Contracted quantity
Concentrate	2025 ~ 2033	20,737 Ton U3O8
Conversion	2025 ~ 2030	17,392 Ton U
Enrichment	2025 ~ 2035	27,829 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49.

Contingencies and Commitments

(1)

Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of June 30, 2025 and December 31, 2024 are as follows:


In millions of won	As of June 30, 2025				As of December 31, 2024
	Number of cases		Amount		Number of cases		Amount
As the defendant		724	W	1,064,274		722	W	884,402
As the plaintiff		264		973,625		264		769,772

As of June 30, 2025, there are 3 ongoing litigations and 2 arbitration case between consolidated entities.

The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected litigations. Accordingly, the Group recognized W335,157 million as litigation provisions in relation to the litigation as of June 30, 2025.

There are 15 arbitration cases pertaining to the Group as of June 30, 2025 and the significant arbitration cases are as follows:

During the six-month period ended June 30, 2025, UniTest Co., Ltd. filed an arbitration claim against KEPCO for delay damages arising from the modification of design and contract amount related to the 154kV Yesan S/S 82MW ESS construction project. The amount and timing of resource outflows resulted therefrom cannot be reasonably estimated.

ii)

Samsung C&T consortium (Samsung C&T Co., Ltd., Doosan Enerbility Co., Ltd., and Hanwha Co., Ltd.) filed an arbitration application against the Group to National Contract Dispute Mediation Committee regarding the adjustment of the contract amount related to the main facility construction of Saeul Units 3 and 4 (formerly, Shin-Kori Nuclear Power Units 5 and 6). The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of June 30, 2025

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49.

Contingencies and Commitments, Continued

(2)

Guarantees of payments and commitments provided to other companies as of June 30, 2025 are as follows:

The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of June 30, 2025.

The Group has outstanding borrowings with a limit of USD 264,800 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

The Group has provided USD 6,119 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

The Group has provided USD 4,716 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

The Group has provided EUR 7,031 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

The Group has provided Nonghyup Bank a debt guarantee up to USD 4,510 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

The Group has provided Nonghyup Bank a debt guarantee up to USD 9,230 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.

10)

The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

11)

The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

12)

The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

13)

The Group has provided Kookmin Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

14)

The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

15)

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

16)

The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for the operation maintenance project in Indonesia siborpa.

17)

The Group has provided joint guarantee for W1,641 million guarantee insurance contracted by Haetbyeotgil Sunlight Co., Ltd.

18)

The Group has provided a bid bond of USD 2,000 thousand to HSBC Bank Middle East Limited, Oman Branch, as a guarantee for the Ibri 3 solar bidding project in Oman undertaken by the consortium of MASDAR, KOMIPO, and AL KHADRA.

19)

The Group has provided a performance guarantee of USD 4,412 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Rusi solar power project undertaken by Concho County Solar 1, LLC.

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49.

Contingencies and Commitments, Continued

(3)

Credit lines provided by financial institutions and others as of June 30, 2025 are as follows:


In millions of won and thousands of foreign currencies

Commitments	Financial institutions	Currency	Credit limit
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		2,220,500
Limit amount available for CP	Hana Bank and others	KRW		8,380,000
General Loan, etc.	Kookmin Bank and others	KRW		3,200,000
Limit amount available for card	Nonghyup Card and others	KRW		48,158
Loan limit	Korea Development Bank and others	KRW		2,680,095
	DBS Bank and others	USD		1,861,000
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700
Certification of payment on L/C	Shinhan Bank and others	USD		1,190,856
	Kookmin Bank and others	EUR		23,983
	Shinhan Bank	JPY		715,837
Certification of Performance guarantee on contract	Hana Bank and others	KRW		118,099
	First Abu Dhabi Bank and others	USD		1,804,459
	SMTB	JPY		6,500,000
	Hana Bank and others	EUR		362,432
	Hana Bank	INR		27,117
	Hana Bank	OMR		6,250
	First Abu Dhabi Bank and others	AED		53,472
	Saudi National Bank and others	SAR		124,151
Certification of bidding	Korea Software Financial Cooperative	KRW		43,935
	Hana Bank and others	USD		10,200
	Export-Import Bank of Korea	EUR		10,000
	Shinhan Bank	QAR		155,213
	First Abu Dhabi Bank	OMR		2,500
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		77,186
	Hana Bank and others	USD		656,805
	Saudi National Bank	SAR		15,050
	Hana Bank and others	MXN		21,290
Others (*)	Nonghyup Bank and others	KRW		396,521
	Nonghyup Bank and others	USD		477,971
	Standard Chartered	AED		50
Secured loan of credit sales	Nonghyup Bank and others	KRW		320,000
Inclusive credit	Hana Bank	KRW		8,000
	Hana Bank and others	USD		35,000
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others	USD		1,141,657
Trade finance	DBS Bank and others	USD		600,000

(*)	As of June 30, 2025, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49.

Contingencies and Commitments, Continued

(4)

As of June 30, 2025, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as

security (*2)

Currency

Amount

Description

Mira Power Limited

International Finance

Corporation

and others

Property, plant

and Equipment

and others

USD

264,800

Collateral for borrowings

(*1)

Tamra Offshore

Wind Power Co.,

Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and

equipment and others

KRW

132,000

Collateral for borrowings

(*1)

Gyeonggi Green

Energy Co., Ltd.

Korea Development

Bank and others

Cash and cash

equivalents and others

KRW

251,600

Collateral for borrowings

(*1)

Commerce and

Industry Energy

Co., Ltd.

IBK and others

Property, plant and

equipment and others

KRW

97,339

Collateral for borrowings

Jeongam Wind

Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash

equivalents and others

KRW

230,716

Collateral for borrowings

Gyeongju Wind

Power Co., Ltd.

Shinhan Bank

and others

Property, plant and

equipment and others

KRW

68,400

Collateral for borrowings

Korea Offshore

Wind Power Co.,

Ltd.

Woori Bank and

others

Property, plant and

equipment and others

KRW

244,500

Collateral for borrowings

(*1)

Qatrana Electric

Power Company

The Islamic

Development

Bank and others

Finance lease receivable

and property, plant and

equipment and others

USD

50,391

Collateral for borrowings

(*1)

KST Electric Power

Company, S.A.P.I.

de C.V.

Export–Import

Bank of Korea and

others

Finance lease receivable

and property, plant and

equipment and others

USD

318,787

Collateral for debt securities (*1)

Incheon Fuel Cell

Co., Ltd.

Kookmin Bank and

others

Cash and cash

equivalents and others

KRW

230,800

Collateral for borrowings

(*1)

K-SOLAR SHINAN Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and

equipment and others

KRW

274,780

Collateral for borrowings

(*1)

KOSPO Youngnam

Power Co., Ltd.

Shinhan Bank

and others

Cash and cash

equivalents and others

KRW

744,120

Collateral for borrowings

Jeju Hanlim Offshore Wind Co., Ltd.

Kookmin Bank and

others

Property, plant and

equipment and others

KRW

37,232

Collateral for borrowings

Western Power Changgi Solar Co., Ltd.

Samsung Life Insurance and others

Property, plant and

equipment and others

KRW

45,000

Collateral for borrowings

(*1)

Yeongdeok Sunrise Wind Power Co., Ltd.

Korea Development

Bank and others

Property, plant and

equipment and others

KRW

96,240

Collateral for borrowings

J Wind First, LLC

Woori Bank

Trade receivable and

Others

KRW

64,171

Collateral for borrowings

Chitose Solar Power Plant LLC

SMTB

Property, plant and

equipment and others

USD

130,587

Collateral for borrowings

Mangilao Intermediate Holdings LLC

Mizuho Bank

Trade receivable and

others

USD

93,392

Collateral for borrowings

(*1)	This is based on the amount of loan commitment limit.

(*2)	As of June 30, 2025, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, factory foundation mortgages, deposit pledges, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of June 30, 2025. The Group has provided a promissory note as a repayment guarantee.

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

49.

Contingencies and Commitments, Continued

(5)

The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W57,513 million as of June 30, 2025, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W384 million and depreciation on the idle assets of W1,807 million are recorded in other expenses for the six-month period ended June 30, 2025. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of June 30, 2025.

(6)

As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of June 30, 2025. Accordingly, the book value of the facility, amounting to W12,399 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of June 30, 2025, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7)

As of June 30, 2025, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W64,371 million.

(8)

The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the ”Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(9)

The ongoing armed conflict in Ukraine started in February, 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

50.

Subsequent Events

(1)

Subsequent to June 30, 2025, KEPCO and its subsidiaries, Korea Hydro & Nuclear Power Co., Ltd. and Korea Western Power Co., Ltd., issued bonds denominated in Korean won and USD for the purposes of operation and facility funding and details related thereto are as follows:


In millions of won and thousands of foreign currencies
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation	#1510 Corporate bond		2025.07.04		2027.07.02		2.59	W150,000
	#1511 Corporate bond		2025.07.04		2028.07.04		2.67	200,000
	#1512 Corporate bond		2025.07.04		2030.07.04		2.80	150,000
	#1513 Corporate bond		2025.07.11		2027.07.09		2.55	150,000
	#1514 Corporate bond		2025.07.11		2028.07.11		2.61	190,000
	#1515 Corporate bond		2025.07.11		2030.07.11		2.76	160,000
	#1516 Corporate bond		2025.08.05		2027.08.05		2.54	100,000
	#1517 Corporate bond		2025.08.05		2028.08.04		2.60	210,000
	#1518 Corporate bond		2025.08.05		2030.08.05		2.74	90,000
	#1519 Corporate bond		2025.08.12		2027.08.12		2.56	90,000
	#1520 Corporate bond		2025.08.12		2028.08.11		2.64	210,000
	#1521 Corporate bond		2025.08.12		2030.08.12		2.78	100,000
Korea Hydro & Nuclear Power Co., Ltd.	Foreign Private Bonds (#1 Formosa bond)		2025.07.30		2030.07.30		SOFR+0.79	USD 500,000
Korea Western Power Co., Ltd.	#70-1 Corporate bond		2025.07.16		2028.07.14		2.66	40,000
	#70-2 Corporate bond		2025.07.16		2030.07.16		2.92	160,000
	#71-1 Corporate bond		2025.07.25		2028.07.25		2.67	20,000
	#71-2 Corporate bond		2025.07.25		2030.07.25		2.93	80,000

(2)

On July 23, 2025 and August 11, 2025, the Group provided a debt guarantee of USD 108,026 thousand to Standard Chartered Bank and others, and a performance guarantee of USD 26,550 thousand to Saudi Power Procurement Company in connection with Remal Energy Company’s Saudi gas combined-cycle power project.

(3)

On July 23, 2025 and August 11, 2025, the Group provided a debt guarantee of USD 109,278 thousand to Standard Chartered Bank and others, and a performance guarantee of USD 27,000 thousand to Saudi Power Procurement Company in connection with Naseem Energy Company’s Saudi gas combined-cycle power project.

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

51.

Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and six-month periods ended June 30, 2025 and 2024 to the operating profit or loss as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.


In millions of Won	June 30, 2025						June 30, 2024
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Operating profit on the interim consolidated statements of comprehensive income (loss)	W	2,135,872			5,889,479			1,250,262			2,549,605
Add
Other income
Reversal of other provisions		970			4,083			602			22,414
Reversal of other allowance for doubtful accounts		(757	)		5,743			—			—
Gains on government grants		55			102			—			—
Gains on assets contributed		1,332			1,513			3,257			4,139
Gains on liabilities exempted		427			707			6			161
Compensation and reparations revenue		25,688			45,895			34,118			54,808
Revenue from foundation fund		9			163			1			1
Rental income		52,340			105,189			50,893			107,536
Others		13,309			22,785			8,758			33,970
Other gains
Gains on disposal of property, plant and equipment		2,712			8,075			30,418			64,471
Gains on disposal of intangible assets		16			16			3			14
Reversal of impairment loss on intangible assets		40			40			—			—
Gains on foreign currency translation		9,677			13,839			12,611			25,542
Gains on foreign currency transactions		31,125			75,738			13,750			30,838
Gains on insurance proceeds		1,015			1,015			807			807
Others		109,052			281,516			54,837			125,858
Deduct
Other expenses
Compensation and reparations expenses		(1,309	)		(1,310	)		(52	)		(135	)
Accretion expenses of other provisions		(315	)		(755	)		(238	)		(352	)
Depreciation expenses on investment properties		(313	)		(508	)		(164	)		(323	)
Depreciation expenses on idle assets		(903	)		(1,807	)		(926	)		(1,836	)
Other bad debt expense		—			(2	)		(5,457	)		(8,003	)
Donations		(64,634	)		(76,745	)		(47,026	)		(138,319	)
Others		(7,746	)		(13,971	)		(3,426	)		(10,837	)
Other losses
Losses on disposal of property, plant and equipment		(12,982	)		(50,140	)		(28,602	)		(46,585	)
Losses on disposal of intangible assets		—			(13	)		—			(110	)
Impairment loss on intangible assets		(30	)		(30	)		—			—
Losses on foreign currency translation		(36,974	)		(47,056	)		(4,071	)		(12,676	)
Losses on foreign currency transactions		(17,706	)		(37,394	)		(30,228	)		(73,071	)
Others		(65,334	)		(126,423	)		(30,693	)		(71,192	)

Adjusted operating profit	W	2,174,636			6,099,744			1,309,440			2,656,725

165