SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

the Securities Exchange Act of 1934

For the Month of February 2006

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

167, Samseong-dong, Gangnam-gu, Seoul 135-791, 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      X            Form 40-F              

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):             

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):             

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes                      No      X    

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

This Report of Foreign Private Issuer on Form 6-K is deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended, including by reference in the Registration Statement on Form F-3 (Registration No. 33-99550) and the Registration Statement on Form F-3 (Registration No. 333-9180).

Korea Electric Power Corporation

Non-consolidated Balance Sheets (Unaudited)

December 31, 2005 and 2004

(In millions of Korean Won and in thousands of U.S. dollars)

	Won					U.S. dollars
	2005			2004		2005			2004
Assets
Property, Plant and Equipment
Utility plant	(Won)	43,163,840		40,125,462		$	42,609,911		39,610,525
Less: accumulated depreciation		(10,854,375	)	(9,107,944	)		(10,715,079	)	(8,991,060	)
Less: construction grants		(3,640,966	)	(3,182,366	)		(3,594,241	)	(3,141,526	)
		28,668,499		27,835,152			28,300,591		27,477,939
Construction in-progress		2,118,540		2,110,396			2,091,352		2,083,313
		30,787,039		29,945,548			30,391,944		29,561,252
Investments and others:
Investment securities		26,797,485		25,462,887			26,453,588		25,136,117
Long-term loans		180,084		163,525			177,773		161,426
Long-term other accounts receivable, less discount on present value		66		88			65		87
Currency and interest rate swaps		549,668		312,611			542,614		308,599
Intangibles, net		235,040		233,016			232,024		230,026
Other non-current assets		151,789		148,070			149,841		146,170
		27,914,131		26,320,197			27,555,904		25,982,425
Current assets:
Cash and cash equivalents		208,513		445,863			205,837		440,141
Trade receivables, less allowance for doubtful accounts		2,041,366		1,576,542			2,015,169		1,556,310
Other account receivables, less allowance for doubtful accounts		263,041		465,821			259,665		459,843
Short-term financial instruments		38,000		46,000			37,512		45,410
Inventories		92,741		70,484			91,551		69,579
Other current assets		282,011		46,869			278,392		46,268
		2,925,671		2,651,579			2,888,125		2,617,551
Total assets	(Won)	61,626,841		58,917,324		$	60,835,973		58,161,228

Korea Electric Power Corporation

Non-consolidated Balance Sheets (Unaudited), Continued

December 31, 2005 and 2004

(In millions of Korean Won and in thousands of U.S. dollars)

	Won					U.S. dollars
	2005			2004		2005			2004
Liabilities and Shareholders’ Equity
Shareholders’ equity:
Common stock of (Won) 5,000 par value
Authorized - 1,200,000,000 shares Issued and outstanding - 641,567,712 shares in 2005 and 640,748,573 in 2004	(Won)	3,207,839		3,203,743		$	3,166,672		3,162,629
Capital surplus		14,422,727		14,372,895			14,237,638		14,188,445
Retained earnings
Appropriated		22,209,291		19,554,340			21,924,275		19,303,396
Unappropriated		2,444,452		3,379,107			2,413,082		3,335,742
Capital adjustments		(78,646	)	(233,151	)		(77,637	)	(230,159	)
Total shareholders’ equity		42,205,662		40,276,934			41,664,030		39,760,053
Long-term liabilities:
Long-term borrowings		10,430,342		10,118,184			10,296,488		9,988,336
Reserve for retirement and severance benefits, net		450,422		439,701			444,642		434,058
Reserve for self insurance		98,618		93,352			97,352		92,154
Currency and interest rate swaps		56,388		158,060			55,664		156,032
Deferred income tax liabilities		2,300,950		1,822,513			2,271,422		1,799,124
Other long-term liabilities		401,270		381,942			396,120		377,040
		13,737,990		13,013,752			13,561,688		12,846,744
Current liabilities:
Trade payables		2,103,862		1,377,976			2,076,863		1,360,292
Other accounts payable		358,007		506,049			353,413		499,555
Short-term borrowings		71,000		200,172			70,089		197,603
Current portion of long-term debt		2,328,206		2,198,443			2,298,328		2,170,230
Income tax payable		97,189		677,599			95,942		668,903
Accrued interest expenses		91,100		95,858			89,931		94,628
Dividends payable		2,781		2,501			2,745		2,469
Other current liabilities		631,044		568,040			622,946		560,750
		5,683,188		5,626,638			5,610,255		5,554,430
Total liabilities		19,421,179		18,640,390			19,171,944		18,401,175
Commitments and contingencies
Total shareholders’ equity and liabilities	(Won)	61,626,841		58,917,324		$	60,835,973		58,161,228

Korea Electric Power Corporation

Non-consolidated Statements of Income (Unaudited)

December 31, 2005 and 2004

(In millions of Korean Won and in thousands of U.S. dollars)

	Won					U.S. dollars
	2005			2004		2005			2004
Operating revenues:
Sale of electricity	(Won)	24,995,344		23,490,001		$	24,674,575		23,188,550
Other operating revenues		116,987		109,912			115,486		108,501
		25,112,331		23,599,913			24,790,060		23,297,051
Operating expenses
Power generation, transmission and distribution		3,964,824		3,687,105			3,913,943		3,639,788
Purchased power		18,543,717		16,766,232			18,305,742		16,551,068
Other operating costs		122,680		112,369			121,106		110,927
Selling and administrative expenses		1,155,194		1,061,048			1,140,369		1,047,431
		23,786,414		21,626,754			23,481,159		21,349,214
Operating income		1,325,917		1,973,159			1,308,901		1,947,837
Other income (expense):
Interest income		16,001		36,079			15,796		35,616
Interest expense		(472,979	)	(562,971	)		(466,909	)	(555,746	)
Gain (loss) on foreign currency transactions and translation, net		235,946		616,592			232,918		608,679
Donations		(108,636	)	(81,682	)		(107,242	)	(80,634	)
Rental income		128,469		130,237			126,820		128,566
Equity income of affiliates		1,912,194		1,793,808			1,887,654		1,770,788
Gain on disposal of investments, net		—		7,472			—		7,376
Gain (loss) on disposal of utility plant, net		22,359		5,887			22,072		5,811
Valuation gain (loss) on currency and interest rate swaps, net		127,363		20,806			125,729		20,539
Other, net		(5,593	)	49,376			(5,521	)	48,742
		1,855,124		2,015,604			1,831,317		1,989,737
Income before income taxes		3,181,041		3,988,763			3,140,218		3,937,575
Income taxes		(732,430	)	(1,107,993	)		(723,031	)	(1,093,774	)
Net income	(Won)	2,448,611		2,880,770		$	2,417,188		2,843,801

Korea Electric Power Corporation

Non-Consolidated Statements of Appropriations of Retained Earnings (Unaudited)

For the years ended December 31, 2005 and 2004

Date of Appropriation for 2005: March 17, 2006

Date of Appropriation for 2004: March 18, 2005

(In millions of Korean Won and in thousands of U.S. dollars)

	Won				U.S. dollars (note 2)
	2005			2004	2005			2004
Unappropriated retained earnings:
Balance at beginning of year	(Won)	—		—	$	—		—
Change in retained earnings of affiliated company due to cumulative effect of accounting change		(4,159	)	498,337		(4,106	)	491,942
Net income		2,448,611		2,880,770		2,417,188		2,843,801
Balance at end of year before appropriation		2,444,452		3,379,107		2,413,082		3,335,742
Appropriation of retained earnings:
Legal reserve		2,048		—		2,022		—
Reserve for investment on social overhead capital		65,000		60,000		64,166		59,230
Reserve for research and human development		60,000		30,000		59,230		29,615
Reserve for business expansion		1,585,869		2,564,951		1,565,517		2,532,035
Dividends – 23% on par value at 1,150 Won per share in 2005 and 23% on par value at 1,150 Won per share in 2004		731,535		724,156		722,147		714,863
		2,444,452		3,379,107		2,413,082		3,335,742
Unappropriated retained earnings to be carried over to subsequent year	(Won)	—		—	$	—		—

Korea Electric Power Corporation

Non-consolidated Statements of Cash Flows (Unaudited)

December 31, 2005 and 2004

(In millions of Korean Won and in thousands of U.S. dollars)

	Won					U.S. dollars
	2005			2004		2005			2004
Cash flows from operating activities:
Net income	(Won)	2,448,611		2,880,770		$	2,417,188		2,843,801
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization		1,860,860		1,696,501			1,836,979		1,674,730
Utility plant removal cost		193,232		191,777			190,752		189,316
Provision for severance and retirement benefits		122,383		133,450			120,812		131,737
Bad debt expense		23,732		19,530			23,427		19,279
Interest income		(4,262	)	(21,451	)		(4,207	)	(21,176	)
Interest expense		14,091		16,275			13,910		16,066
Gain on foreign currency translation, net		(167,898	)	(542,002	)		(165,743	)	(535,046	)
Equity income of affiliates		(1,912,194	)	(1,793,808	)		(1,887,654	)	(1,770,788	)
Gain on disposal of investments, net		—		(7,472	)		—		(7,376	)
Loss (gain) on disposal of utility plant, net		(22,359	)	(5,887	)		(22,072	)	(5,811	)
Deferred income tax expense		264,321		164,877			260,929		162,761
Valuation loss (gain) on currency and interest rate swaps		(127,363	)	(20,806	)		(125,729	)	(20,539	)
Changes in assets and liabilities:
Decrease in trade receivables		(488,556	)	(92,097	)		(482,286	)	(90,915	)
Decrease (increase) in other accounts receivable		220,955		213,716			218,119		210,973
Decrease in inventories		58,471		83,449			57,721		82,378
Increase in other current assets		(106,294	)	(20,403	)		(104,930	)	(20,141	)
Increase (decrease) in trade payables		725,886		121,450			716,571		119,891
Decrease in other accounts payable		(148,065	)	(65,717	)		(146,165	)	(64,874	)
Increase (decrease) in income tax payable		(604,518	)	513,430			(596,760	)	506,841
Increase (decrease) in accrued interest expenses		(4,758	)	(27,713	)		(4,697	)	(27,357	)
Increase in other current liabilities		85,213		178,108			84,119		175,822
Decrease in other long-term liabilities		(31,338	)	(105,040	)		(30,936	)	(103,692	)
Payment of severance and retirement benefits		(12,762	)	(10,159	)		(12,598	)	(10,029	)
Payment of self-insurance		(1,535	)	(848	)		(1,515	)	(837	)
Other, net		(18,624	)	(20,813	)		(18,385	)	(20,546	)
Net cash provided by operating activities	(Won)	2,367,229		3,479,117		$	2,336,850		3,434,469

Korea Electric Power Corporation

Non-consolidated Statements of Cash Flows (Unaudited), Continued

December 31, 2005 and 2004

(In millions of Korean Won and in thousands of U.S. dollars)

	Won					U.S. dollars
	2005			2004		2005			2004
Cash flows from investing activities:
Proceeds from disposal of utility plant	(Won)	65,382		16,311			64,543		16,102
Additions to utility plant		(3,642,281	)	(3,329,195	)		(3,595,539	)	(3,286,471	)
Receipt of construction grants		679,692		617,366			670,969		609,443
Proceeds from disposal of investment securities		658,624		813,558			650,172		803,117
Acquisition of investment securities		(11,629	)	(5,783	)		(11,480	)	(5,709	)
Collection of long-term loans		8,385		5,307			8,277		5,239
Increase in long-term loans		(38,275	)	(36,591	)		(37,784	)	(36,121	)
Acquisition of intangibles		(25,459	)	(16,010	)		(25,132	)	(15,805	)
Collection of short-term loans		10,874		9,336			10,734		9,216
Decrease in other non-current assets		5,189		7,427			5,122		7,332
Net cash used in investing activities		(2,289,499	)	(1,918,274	)		(2,260,117	)	(1,893,656	)
Cash flows from financing activities:
Proceeds from short -term borrowings		—		183,927			—		181,567
Proceeds from long-term debt		2,934,965		3,422,194			2,897,300		3,378,276
Repayment of long-term debt		(2,192,577	)	(4,239,104	)		(2,164,439	)	(4,184,703	)
Acquisition of treasury stock		—		—			—		—
Dividends paid		(723,876	)	(661,360	)		(714,586	)	(652,873	)
Payments under currency and interest rate swap contracts		(204,413	)	(187,454	)		(201,790	)	(185,048	)
Others		(129,180	)	—			(127,522	)	—
Net cash provided by (used in) financing activities		(315,080	)	(1,481,797	)		(311,037	)	(1,462,781	)
Net increase in cash and cash equivalents		(237,350	)	79,046			(234,304	)	78,032
Cash and cash equivalents, at beginning of the period		445,863		366,817			440,141		362,110
Cash and cash equivalents, at end of the period	(Won)	208,513		445,863		$	205,837		440,141

* Figures have been translated into U.S. dollars at the rate of KRW 1013.0 to US$1, the basic exchange rate at the end of year 2005.

* Figures may not add up due to rounding.

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.

/s/ Kwang-Choong Kim
Name:	Kwang-Choong Kim
Title:	Treasurer

Date: February 24, 2006