Exhibit 10.5



INDEPENDENT AUDITORS' CONSENT



We consent to the incorporation by reference in previously filed Registration
Statements of Korea Electric Power Corporation ("KEPCO") on Form F-3 (No.
33-99550) and No. 333-9180) of our report dated May 3, 2002 (which report
expresses an unqualified opinion and includes explanatory paragraph relating to
the establishment of the Company, related party transactions and the unstable
economic conditions in the Republic of Korea and in the Asia Pacific region)
relating to the financial statements of Korea East-West Power Co., Ltd.,
appearing in the Annual Report on KEPCO's Form 20-F for the year ended December
31, 2002.



Date: June 27, 2003                                 Ahn Kwon & Co.
                                                    Seoul, Korea

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