SCHEDULE 13D 
 
Amendment No. 1 
Korea Electric Power Corporation 
American Depository Receipt  
Cusip # 500631106 
Filing Fee: No 
 
 
Cusip # 500631106 
Item 1:	Reporting Person - FMR Corp. - (Tax ID:  04-2507163) 
Item 4:	PF 
Item 6:	Commonwealth of Massachusetts 
Item 7:	24,900 
Item 8:	None 
Item 9:	806,500 
Item 10:	None 
Item 11:	1,438,648 
Item 13:	4.98% 
Item 14:	HC 
 
 
PREAMBLE 
 
	The filing of this Schedule 13D is not, and should not be  
deemed to be, an admission that such Schedule 13D is required to  
be filed.  See the discussion under Item 2. 
 
Item 1.	Security and Issuer. 
 
	This statement relates to shares of the American Depository  
Receipt, $0.00 par value (the "ADRs") of Korea Electric Power  
Corporation, a South Korea corporation (the "Company").  The  
principal executive offices of the Company are located at 167,  
Samsung-dong, Kangnam-gu, Seoul, Korea. 
 
Item 2.	Identity and Background. 
 
	This statement is being filed by FMR Corp., a Massachusetts  
Corporation ("FMR").  A separate Schedule 13D is being filed by  
Fidelity International Limited, a Bermuda joint stock company  
incorporated for an unlimited duration by private act of the  
Bermuda legislature ("FIL").  FMR is a holding company one of  
whose principal assets is the capital stock of a wholly-owned  
subsidiary, Fidelity Management & Research Company ("Fidelity"),  
which is also a Massachusetts corporation.  Fidelity is an  
investment advisor which is registered under Section 203 of the  
Investment Advisors Act of 1940 and which provides investment  
advisory services to more than 30 investment companies which are  
registered under Section 8 of the Investment Company Act of 1940  
and serves as investment advisor to certain other funds which are  
generally offered to limited groups of investors (the "Fidelity  
Funds").  Fidelity Management Trust Company ("FMTC"), a wholly- 
owned subsidiary of FMR Corp. and a bank as defined in Section  
3(a)(6) of the Securities Exchange Act of 1934, serves as trustee  
or managing agent for various private investment accounts,  
primarily employee benefit plans and serves as investment adviser  
to certain other funds which are generally offered to limited  
groups of investors (the "Accounts").  Various directly or  
indirectly held subsidiaries of FMR are also engaged in  
investment management, venture capital asset management,  
securities brokerage, transfer and shareholder servicing and real  
estate development.  The principal offices of FMR, Fidelity, and  
FMTC are located at 82 Devonshire Street, Boston, Massachusetts  
02109. 
 
	FIL is an investment adviser which provides investment  
advisory and management services to a number of non-U.S.  
investment companies or instrument trusts (the "International  
Funds") and certain institutional investors.  Prior to June 30,  
1980, FIL was a majority-owned subsidiary of Fidelity.  On that  
date, the shares of FIL held by Fidelity were distributed, as a  
dividend, to the shareholders of FMR.  FIL currently operates as  
an entity independent of FMR and Fidelity, with certain common  
shareholders.  The International Funds and FIL's other clients,  
with the exception of Fidelity and an affiliate of Fidelity, are  
non-U.S. entities.  Various foreign-based subsidiaries of FIL are  
also engaged in investment management.  The principal office of  
FIL is located at Pembroke Hall, 42 Crow Lane, Hamilton, Bermuda. 
 
	Members of the Edward C. Johnson 3d family are the  
predominant owners of Class B shares of common stock of FMR  
representing approximately 49% of the voting power of FMR.  Mr.  
Johnson 3d owns 12.0% and Abigail Johnson owns 24.5% of the  
aggregate outstanding voting stock of FMR.  The Johnson family  
group and all other Class B shareholders have entered into a  
shareholders' voting agreement under which all Class B shares  
will be voted in accordance with the majority vote of Class B  
shares.  Accordingly, through their ownership of voting common  
stock and the execution of the shareholders' voting agreement,  
members of the Johnson family may be deemed, under the Investment  
Company Act of 1940, to form a controlling group with respect to  
FMR.  The business address and principal occupation of Mr.  
Johnson 3d is set forth in Schedule A hereto. 
 
	In addition, a partnership controlled by Mr. Johnson and  
members of his family own shares of FIL voting stock with the  
right to cast approximately 47.22% of the total votes which may  
be cast by all holders of FIL voting stock.  Mr. Johnson is  
Chairman of FMR and FIL.  FMR and FIL are separate and  
independent corporate entities.  FMR and FIL are managed  
independently and their boards of Directors are generally  
composed of different individuals.  Their investment decisions  
are made independently, and clients are different organizations.   
The business address and principal occupation of Mr. Johnson 3d  
is set forth in Schedule A herein. 
 
	The ADRs to which this statement relates are owned directly  
by four of the Fidelity Funds, seven of the Accounts, and by  
Fidelity International Limited, through its subsidiaries and  
affiliates. 
 
	FMR and FIL are of the view that they are not acting as a  
"group" for purposes of Section 13(d) under the Securities  
Exchange Act of 1934 (the "1934 Act") and that they are not  
otherwise required to attribute to each other the "beneficial  
ownership" of securities "beneficially owned" by the other  
corporation within the meaning of Rule 13d-3 promulgated under  
the 1934 Act.  Therefore, they are of the view that the ADRs held  
by the other corporations need not be aggregated for purposes of  
Section 13(d).  However, FMR is making this filing on a voluntary  
basis as if all of the ADRs are beneficially owned by FMR and FIL  
on a joint basis. 
 
	The name, residence or business address, principal  
occupation or employment and citizenship of each of the executive  
officers and directors of FMR are set forth in Schedule A hereto. 
 
	Within the past five years, none of the persons named in  
this Item 2 or listed on Schedule A has been convicted in any  
criminal proceeding (excluding traffic violations or similar  
misdemeanors) or has been a party to any civil proceeding and as  
a result thereof was or is subject to any judgment, decree or  
final order enjoining future violations of, or prohibiting or  
mandating activities subject to federal or state securities laws  
or finding any violations with respect to such laws. 
 
Item 3.	Source and Amount of Funds or Other Consideration. 
 
	The Fidelity Funds which own or owned ADRs purchased in the  
aggregate 209,200 ADRs for cash in the amount of approximately  
$5,248,007, including brokerage commissions.  The Fidelity Funds  
used their own assets in making such purchase and no part of the  
purchase price is represented by borrowed funds.  Proceeds from  
237,000 ADRs sold aggregated approximately $5,260,976.  The  
attached Schedule B sets forth ADRs purchased and/or sold since  
August 23, 1996. 
 
	The Accounts of FMTC which own or owned ADRs purchased in  
the aggregate 42,650 ADRs for cash in the amount of approximately  
$950,048, including brokerage commissions.  The Accounts used  
their own assets in making such purchase and no part of the  
purchase price is represented by borrowed funds.  Proceeds from  
9,950 ADRs sold aggregated approximately $231,394.  The attached  
Schedule B sets forth ADRs purchased and/or sold since August 23,  
1996. 
 
	The International Funds and accounts, which own or owned  
Shares, purchased in the aggregate 712,265 ADRs for cash in the  
amount of approximately $15,539,255, including brokerage  
commissions.  The International Funds and accounts used their own  
assets in making such purchase and no part of the purchase price  
is represented by borrowed funds.  Proceeds from 80,117 ADRs sold  
aggregated approximately $8,1943,154. 
 
Item 4.	Purpose of Transaction. 
 
	The purpose of Fidelity and FMTC in having the Fidelity  
Funds and the Accounts purchase ADRs (see Item 5 below) is to  
acquire an equity interest in the Company in pursuit of specified  
investment objectives established by the Board of Trustees of the  
Fidelity Funds and by the investors in the Accounts. 
 
	Fidelity and FMTC, respectively, may continue to have the  
Fidelity Funds and the Accounts purchase ADRs subject to a number  
of factors, including, among others, the availability of ADRs of  
sale at what they consider to be reasonable prices and other  
investment opportunities that may be available to the Fidelity  
Funds and Accounts. 
 
	Fidelity and FMTC, respectively, intend to review  
continuously the equity position of the Fidelity Funds and  
Accounts in the Company.  Depending upon future evaluations of  
the business prospects of the Company and upon other  
developments, including, but not limited to, general economic and  
business conditions and money market and stock market conditions,  
Fidelity may determine to cease making additional purchases of  
ADRs or to increase or decrease the equity interest in the  
Company by acquiring additional ADRs, or by disposing of all or a  
portion of the ADRs. 
 
	Neither Fidelity nor FMTC has any present plan or proposal  
which relates to or would result in (i) an extraordinary  
corporate transaction, such as a merger, reorganization,  
liquidation, or sale of transfer of a material amount of assets  
involving the Company or any of its subsidiaries, (ii) any change  
in the Company's present Board of Directors or management, (iii)  
any material changes in the Company's present capitalization or  
dividend policy or any other material change in the Company's  
business or corporate structure, (iv) any change in the Company's  
charter or by-laws, or (v) the Company's common stock becoming  
eligible for termination of its registration pursuant to Section  
12(g)(4) of the 1934 Act. 
 
Item 5.	Interest in Securities of Issuer. 
 
	Although Item 5 assumes that FMR, Fidelity, FMTC, and FIL  
beneficially own all 1,438,648 ADRs, reference is made to Item 2  
for a disclaimer of beneficial ownership with respect to the  
securities which are "beneficially owned" by the other  
corporations. 
 
	(a)	FMR beneficially owns, through Fidelity, as investment  
advisor to the Fidelity Funds, 773,800 ADRs, or approximately  
2.68% of the outstanding ADRs of the Company, and through FMTC,  
the managing agent for the Accounts, 32,700 ADRs, or  
approximately 0.11% of the outstanding ADRs of the Company.  FIL  
beneficially owns, as investment advisor to the International  
Funds, 632,148 ADRs, or approximately 2.19% of the outstanding  
ADRs of the Company.  Neither FMR, Fidelity, FMTC, nor any of its  
affiliates nor, to the best knowledge of FMR, any of the persons  
named in Schedule A hereto, beneficially owns any other ADRs.   
The combined holdings of FMR, Fidelity, FMTC, and FIL are 438,648  
ADRs, or approximately 4.98% of the outstanding ADRs of the  
Company. 
 
	(b)	FMR, through is control of Fidelity, investment advisor  
to the Fidelity Funds, and the Funds each has sole power to  
dispose of the ADRs.  Neither FMR nor Mr. Johnson has the sole  
power to vote or direct the voting of the 773,800 ADRs owned  
directly by the Fidelity Funds, which power resides with the  
Funds' Boards of Trustees.  Fidelity carries out the voting of  
the ADRs under written guidelines established by the Funds' Board  
of Trustees.  FMR, through its control of FMTC, investment  
manager to the Accounts, and the Accounts each has sole  
dispositive power over 32,700 ADRs and sole power to vote or to  
direct the voting of 24,900 ADRs, and no power to vote or to  
direct the voting of 7,800 ADRs owned by the Accounts.   
 
	(c)	Except as set forth in Schedule B, neither FMR, or any  
of its affiliates, nor, to the best knowledge of FMR, any of the  
persons named in Schedule A hereto has effected any transaction  
in ADRs during the past sixty (60) days. 
 
Item 6.	Contract, Arrangements, Understandings or Relationships  
With Respect to Securities of the Issuer. 
 
	Inasmuch as FMR is no longer the beneficial owner of more  
than 5% of the number of shares outstanding, FMR has no further  
reporting obligation under Section 13(d) of the Securities  
Exchange Act of 1934 or the rules and regulations promulgated by  
the Securities and Exchange Commission thereunder.  This  
statement speaks as of its date, and no inference should be drawn  
that no change has occurred in the facts set forth herein after  
the date hereof. 
 
	The Funds and Accounts may from time to time own debt  
securities issued by the Company or its direct or indirect  
subsidiaries, and may from time to time purchase and/or sell such  
debt securities. 
 
 
 
Item 7.	Material to be Filed as Exhibits. 
 
	Not Applicable. 
 
	This statement speaks as of its date, and no inference  
should be drawn that no change has occurred in the facts set  
forth herein after the date hereof. 
 
Signature 
 
	After reasonable inquiry and to the best of my knowledge and  
belief, I certify that the information set forth in this  
statement is true, complete and correct. 
 
						FMR Corp. 
 
 
 
DATE:	October 30, 1996	By:	/s/Frank  
V. Knox			 
	Frank V. Knox 
	Compliance Officer 
 
 
SCHEDULE A 
 
	The name and present principal occupation or employment of  
each executive officer and director of FMR Corp. are set forth  
below.  The business address of each person is 82 Devonshire  
Street, Boston, Massachusetts 02109, and the address of the  
corporation or organization in which such employment is conducted  
is the same as his business address.  All of the persons listed  
below are U.S. citizens. 
 
POSITION WITH 
									PRINCIPAL 
NAME	FMR CORP.	OCCUPATION 
 
Edward C. Johnson 3d	President, 
	Chairman of the 
Director, CEO	Board and CEO, FMR 
Chairman & 
Mng. Director 
 
J. Gary Burkhead	Director	President-Fidelity 
 
Caleb Loring, Jr.	Director,	Director, FMR 
	Mng. Director 
 
James C. Curvey	Director, 	Sr. V.P., FMR 
	Sr. V.P. 
 
William L. Byrnes	Vice Chairman	Vice Chairman, FIL 
Director & Mng. 
Director 
 
Abigail P. Johnson	Director	Portfolio Mgr -  
Fidelity 
		Management &  
Research 
		Company 
 
Robert C. Pozen	Sr. V.P. & Gen'l	Sr. V.P. & Gen'l 
	Counsel	Counsel, FMR 
 
David C. Weinstein	Sr. Vice President	Sr. Vice President 
Administration	Administration 
 
Gerald M. Lieberman	Sr. Vice Pres. - 	Sr. Vice Pres. - 
Chief Financial	Chief Financial  
Officer	Officer 
 
 
 
SCHEDULE B 
 
 
Korea Electric Power Corporation 
 
Three Fidelity Fund(s) sold ADRs since August 23, 1996 at the  
dates and at the prices set forth below.  The transactions were  
made for cash in open market transactions or with other  
investment companies with the same or an affiliated investment  
advisor. 
 
	DATE	ADRS	PRICE 
 
	08-30-96	7,300	$21.25 
	09-19-96	2,100	19.38 
	10-15-96	60,000	19.29 
	10-16-96	59,400	19.30 
	10-21-96	5,100	19.38 
 
 
 
SCHEDULE B 
 
 
Korea Electric Power Corporation 
 
Six Account(s) purchased ADRs since August 23, 1996 at the dates  
and at the prices set forth below.  The transactions were made  
for cash in open market transactions or with other investment  
companies with the same or an affiliated investment advisor. 
 
	DATE	ADRS	PRICE 
 
	09-05-96	15,300	$20.75 
	09-27-96	4,200	19.38 
	10-07-96	12,300	19.11 
 
 
 
SCHEDULE B 
 
 
Korea Electric Power Corporation 
 
Two Account(s) sold ADRs since August 23, 1996 at the dates and  
at the prices set forth below.  The transactions were made for  
cash in open market transactions or with other investment  
companies with the same or an affiliated investment advisor. 
 
	DATE	ADRS	PRICE 
 
	10-16-96	15,300	$19.30