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 March 2022

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  ☐

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  ☒

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

On March 14, 2022, Korea Electric Power Corporation filed its audit report for the fiscal year 2021 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) as attached. The financial statements in such report have not been approved by the shareholders of Korean Electric Power Corporation and remain subject to change.

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/ Jun, Chul-soo
Name: Jun, Chul-soo
Title: General Manager of International & IR Team

Date: March 14, 2022

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2021 and 2020

(With Independent Auditor’s Report Thereon)

INDEX TO FINANCIAL STATEMENTS

	Page
Independent Auditor’s Report
Consolidated Statements of Financial Position		1
Consolidated Statements of Comprehensive Income (Loss)		3
Consolidated Statements of Changes in Equity		5
Consolidated Statements of Cash Flows		7
Notes to the Consolidated Financial Statements		9

Independent Auditor’s Report

Based on a report originally issued in Korean

The Board of Directors and Shareholders

Korea Electric Power Corporation:

Opinion

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statements of financial position as of December 31, 2021 and 2020, the consolidated statements of comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2021 and 2020, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with Korean International Financial Reporting Standards (“KIFRS”).

Basis for Opinion

We conducted our audit in accordance with Korean Auditing Standards (“KGAAS”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Impairment of property, plant and equipment (“PP&E”)

As discussed in Note 3.(14) to the consolidated financial statements, at each reporting date, management assesses if any indicator of impairment for its PP&E exists. If there is an impairment indicator for a cash-generating unit (“CGU”), management compares the recoverable amount of the CGU with its carrying value to determine if the PP&E which are allocated to the respective CGU are impaired.

In view of the significant difference between the Group’s market capitalization and its consolidated net assets carrying amount, management determined that an indicator of impairment of the Group’s PP&E existed as of December 31, 2020, which is attributed to the CGU of the electricity transmission and distribution business.

Management performed an impairment assessment of the Group’s PP&E allocated to CGU by comparing the carrying amount of the CGU with its value-in-use (VIU) which is determined based on discounted cash flow forecasts. Preparing the VIU estimation requires management to exercise significant judgment, particularly in relation to estimating future sales volumes, unit sales price, cost of power purchase, and discount rate. We have identified the assessment of impairment of PP&E in the electricity transmission and distribution business as a key audit matter because the carrying value of these assets are significant to the consolidated financial statements and also because estimation using a discounted cash flow forecast is complex and involves the exercise of significant management judgment in estimating the variable inputs, which can be inherently uncertain and could be subject to management bias.

The primary audit procedures we performed to address this key audit matter are as follows:

• We identified and tested key internal controls relating to the Group’s assessment of impairment of PP&E.

• We assessed management’s identification of CGU and the allocation of assets to each CGU with reference to our understanding of the Group’s business

• We compared the forecasts included in the prior year’s discounted cash flow forecasts to the current year’s actual performance in order to assess the appropriateness of the estimates.

• We involved an internal valuation specialist to assist us in assessing the discount rate applied by management in comparison with our recalculated rate using both market and entity-specific information.

• We obtained the Group’s business plan and external data for major unobservable inputs such as future sales volumes, unit sales price and cost of power purchase, used in estimating VIU, and considered whether there were any indicators of management bias.

• We evaluated the management’s sensitivity analyses on the discount rate applied to the discounted cash flow forecasts and assessed the impact of changes in the key assumptions to the conclusions reached in the impairment assessments and whether there were any indicators of management bias.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with KIFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KGAAS will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KGAAS, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jungik Park.

March 14, 2022

This audit report is effective as of March 14, 2022, the independent auditor’s report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor’s report date to the time this report is used. Such events and circumstances could significantly affect the accompanying consolidated financial statements and may result in modifications to report.

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2021 and 2020

“The accompanying consolidated financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Group.”

Seung-il Cheong

President/CEO

Korea Electric Power Corporation

Corporate Address: #55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, KOREA

Phone Number: 061-345-3114(day) / 061-345-3203(night)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

As of December 31, 2021 and 2020

In millions of won	Note		2021		2020
Assets
Current assets
Cash and cash equivalents		5,6,7,45	W	2,635,238		2,029,584
Current financial assets, net		5,6,9,11,12,13,45,47		1,868,796		2,800,220
Trade and other receivables, net		5,8,20,24,45,46,47		8,122,415		7,918,470
Inventories, net		14		7,608,182		6,742,909
Income tax receivables		41		41,344		49,675
Current non-financial assets		15		1,758,991		1,020,158
Assets held-for-sale		16,42		15,879		925
Total current assets				22,050,845		20,561,941
Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,45,47		2,909,810		2,472,821
Non-current trade and other receivables, net		5,8,20,45,46,47		1,906,861		1,861,569
Property, plant and equipment, net		18,24,27,49		173,119,781		168,709,387
Investment properties, net		19,27		212,784		225,195
Goodwill		16		105,647		98,166
Intangible assets other than goodwill, net		21,27,46		1,044,077		1,055,730
Investments in associates		4,17		5,232,373		4,250,787
Investments in joint ventures		4,17		2,239,011		1,919,746
Defined benefit assets, net		25		20,871		7,231
Deferred tax assets		41		1,901,992		1,733,146
Non-current non-financial assets		15		364,818		246,392
Total non-current assets				189,058,025		182,580,170
Total Assets		4	W	211,108,870		203,142,111

(Continued)

1

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

As of December 31, 2021 and 2020

In millions of won	Note		2021			2020
Liabilities
Current liabilities
Trade and other payables, net		5,22,24,45,47	W	8,153,426			6,256,521
Current financial liabilities, net		5,12,23,45,47		14,037,125			10,724,689
Income tax payables		41		229,460			476,898
Current non-financial liabilities		20,28,29		6,466,333			5,971,450
Current provisions		26,45		2,845,876			2,451,664
Total current liabilities				31,732,220			25,881,222
Non-current liabilities
Non-current trade and other payables, net		5,22,24,45,47		5,996,498			6,480,412
Non-current financial liabilities, net		5,12,23,45,47		66,570,419			59,365,011
Non-current non-financial liabilities		28,29		10,216,364			9,661,941
Employee benefits liabilities, net		25,45		1,679,158			1,910,860
Deferred tax liabilities		41		7,100,938			9,100,247
Non-current provisions		26,45		22,501,424			20,075,572
Total non-current liabilities				114,064,801			106,594,043
Total Liabilities		4	W	145,797,021			132,475,265
Equity
Contributed capital		1,30,45
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				33,282,817			32,179,066
Unappropriated retained earnings				10,359,255			17,349,625
				45,246,982			51,133,601
Other components of equity		34
Other capital surplus				1,231,109			1,224,105
Accumulated other comprehensive loss				(57,632	)		(409,577	)
Other equity				13,294,973			13,294,973
				14,468,450			14,109,501
Equity attributable to owners of the controlling company				63,769,010			69,296,680
Non-controlling interests		16,33		1,542,839			1,370,166
Total Equity			W	65,311,849			70,666,846
Total Liabilities and Equity			W	211,108,870			203,142,111

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

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For the years ended December 31, 2021 and 2020

In millions of won, except per share information	Note		2021			2020
Sales		4,35,45,47
Sales of goods			W	58,702,209			56,684,312
Sales of services				456,400			429,350
Sales of construction services		20		754,998			812,175
Revenue related to transfer of assets from customers		28		661,212			643,477
				60,574,819			58,569,314
Cost of sales		14,25,43,47
Cost of sales of goods				(62,079,313	)		(50,353,315	)
Cost of sales of services				(580,902	)		(441,851	)
Cost of sales of construction services				(898,963	)		(1,009,430	)
				(63,559,178	)		(51,804,596	)
Gross profit (loss)				(2,984,359	)		6,764,718
Selling and administrative expenses		25,36,43,47		(2,875,784	)		(2,678,443	)
Operating profit (loss)		4		(5,860,143	)		4,086,275
Other income		37		372,921			392,971
Other expenses		37		(257,932	)		(417,720	)
Other gains (losses), net		38		8,519			35,094
Finance income		5,12,39		1,402,614			1,510,249
Finance expenses		5,12,40		(3,245,777	)		(2,896,443	)
Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Share in profit of associates and joint ventures				775,588			398,972
Gain on disposal of investments in associates and joint ventures				1,844			10,165
Share in loss of associates and joint ventures				(218,532	)		(119,848	)
Loss on disposal of investments in associates and joint ventures				(64,119	)		(16	)
Loss on impairment of investments in associates and joint ventures				—			(1,556	)
Loss on disposal of investments in subsidiaries				(197	)		(6,610	)
				494,584			281,107
Profit (loss) before income tax				(7,085,214	)		2,991,533
Income tax benefit (expense)		41		1,855,989			(899,064	)
Profit (loss) for the year			W	(5,229,225	)		2,092,469

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss), Continued

For the years ended December 31, 2021 and 2020

In millions of won, except per share information	Note		2021			2020
Other comprehensive income (loss), net of tax		5,12,25,31,34
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability		25,31	W	210,409			(69,804	)
Share in other comprehensive income of associates and joint ventures		31		3,609			3,181
Net change in fair value of equity investments at fair value through other comprehensive income (loss)		34		59,024			(8,532	)
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,34		(15,778	)		64,561
Foreign currency translation of foreign operations		34		41,189			(76,442	)
Share in other comprehensive income (loss) of associates and joint ventures		34		301,161			(132,805	)
Other comprehensive income (loss) for the year				599,614			(219,841	)
Total comprehensive income (loss) for the year			W	(4,629,611	)		1,872,628
Profit (loss) attributable to:
Owners of the controlling company		44	W	(5,315,055	)		1,991,347
Non-controlling interests				85,830			101,122
			W	(5,229,225	)		2,092,469
Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	(4,754,046	)		1,802,824
Non-controlling interests				124,435			69,804
			W	(4,629,611	)		1,872,628
Earnings (loss) per share (in won)		44
Basic and diluted earnings (loss) per share			W	(8,279	)		3,102

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

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the years ended December 31, 2021 and 2020

In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance at January 1, 2020	W	4,053,578		49,202,133			14,240,607			67,496,318			1,393,331			68,889,649
Total comprehensive income (loss) for the year
Profit for the year		—		1,991,347			—			1,991,347			101,122			2,092,469
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		(62,857	)		—			(62,857	)		(6,947	)		(69,804	)
Share in other comprehensive income of associates and joint ventures, net of tax		—		3,181			—			3,181			—			3,181
Net change in fair value of equity investments at fair value through other comprehensive income (loss), net of tax		—		—			(8,533	)		(8,533	)		1			(8,532	)
Items that are or 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		—		—			58,523			58,523			6,038			64,561
Foreign currency translation of foreign operations, net of tax		—		—			(46,032	)		(46,032	)		(30,410	)		(76,442	)
Share in other comprehensive loss of associates and joint ventures, net of tax		—		—			(132,805	)		(132,805	)		—			(132,805	)
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		—			—			—			(81,011	)		(81,011	)
Issuance of shares of capital by subsidiaries and others		—		—			(148	)		(148	)		(5,297	)		(5,445	)
Transactions between consolidated entities		—		(203	)		(2,111	)		(2,314	)		1,040			(1,274	)
Changes in consolidation scope		—		—			—			—			5,684			5,684
Dividends paid (hybrid bond)		—		—			—			—			(13,385	)		(13,385	)
Balance at December 31, 2020	W	4,053,578		51,133,601			14,109,501			69,296,680			1,370,166			70,666,846

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

For the years ended December 31, 2021 and 2020

In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance at January 1, 2021	W	4,053,578		51,133,601			14,109,501			69,296,680			1,370,166			70,666,846
Total comprehensive income (loss) for the year
Profit (loss) for the year		—		(5,315,055	)		—			(5,315,055	)		85,830			(5,229,225	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		201,067			—			201,067			9,342			210,409
Share in other comprehensive income of associates and joint ventures, net of tax		—		3,609			—			3,609			—			3,609
Net change in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			59,022			59,022			2			59,024
Items that are or 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		—		—			(19,610	)		(19,610	)		3,832			(15,778	)
Foreign currency translation of foreign operations, net of tax		—		—			15,760			15,760			25,429			41,189
Share in other comprehensive income of associates and joint ventures, net of tax		—		—			301,161			301,161			—			301,161
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		(780,628	)		—			(780,628	)		(31,516	)		(812,144	)
Issuance of shares of capital by subsidiaries and others		—		—			(491	)		(491	)		75,702			75,211
Transactions between consolidated entities		—		—			7,452			7,452			(42,199	)		(34,747	)
Changes in consolidation scope		—		—			43			43			59,636			59,679
Dividends paid (hybrid bond)		—		—			—			—			(13,385	)		(13,385	)
Others		—		4,388			(4,388	)		—			—			—
Balance at December 31, 2021	W	4,053,578		45,246,982			14,468,450			63,769,010			1,542,839			65,311,849

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

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2021 and 2020

In millions of won	2021			2020
Cash flows from operating activities
Profit (loss) for the year	W	(5,229,225	)		2,092,469
Adjustments to reconcile net profit (loss) to net cash flows provided by operating activities:
Income tax expense (benefit)		(1,855,989	)		899,064
Depreciation		11,772,111			11,377,553
Amortization		166,161			170,466
Employee benefit expense		511,942			492,288
Bad debt expense		67,242			50,686
Interest expense		1,914,457			1,995,425
Loss on disposal of financial assets		1,045			648
Loss on disposal of property, plant and equipment		92,622			162,725
Loss on abandonment of property, plant, and equipment		207,934			255,346
Loss on impairment of property, plant, and equipment		4,056			80,413
Loss on impairment of intangible assets		—			3,599
Loss on disposal of intangible assets		145			392
Increase in provisions		2,466,452			1,832,765
Loss (gain) on foreign currency translation, net		997,119			(782,167	)
Gain on valuation of financial assets at fair value through profit or loss		(14,338	)		(12,904	)
Loss on valuation of financial assets at fair value through profit or loss		5,480			7,396
Valuation and transaction loss (gain) on derivative instruments, net		(907,076	)		390,322
Share in profit of associates and joint ventures, net		(557,056	)		(279,124	)
Gain on disposal of financial assets		(7,718	)		(11,992	)
Reversal of impairment loss on intangible assets		(14	)		—
Gain on disposal of property, plant and equipment		(56,284	)		(93,195	)
Gain on disposal of intangible assets		(1	)		(1,556	)
Gain on disposal of associates and joint ventures		(1,844	)		(10,165	)
Loss on disposal of associates and joint ventures		64,119			16
Loss on impairment of associates and joint ventures		—			1,556
Loss on disposal of subsidiaries		197			6,610
Interest income		(221,874	)		(242,586	)
Dividend income		(10,522	)		(7,316	)
Others, net		(169,856	)		30,411
		14,468,510			16,316,676
Changes in working capital:
Trade receivables		(216,734	)		(107,639	)
Non-trade receivables		869,870			459,524
Accrued income		(17,918	)		(258,963	)
Other receivables		24,306			(32,536	)
Other current assets		(569,732	)		(462,125	)
Inventories		(1,738,000	)		(723,495	)
Other non-current assets		(3,462	)		(140,017	)
Trade payables		2,144,561			(262,985	)
Non-trade payables		(571,051	)		(363,260	)
Accrued expenses		(456,992	)		(222,113	)
Other current liabilities		379,378			388,163
Other non-current liabilities		458,007			755,005
Investments in associates and joint ventures (dividends received)		288,242			237,695
Provisions		(2,426,017	)		(1,499,436	)
Payments of employee benefit obligations		(159,477	)		(74,848	)
Plan assets		(317,707	)		(582,275	)
	W	(2,312,726	)		(2,889,305	)

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows, Continued

For the years ended December 31, 2021 and 2020

In millions of won	2021			2020
Cash generated from operating activities	W	6,926,559			15,519,840
Dividends received (financial assets at fair value through other comprehensive income)		10,522			7,316
Interest paid		(1,928,160	)		(2,081,663	)
Interest received		201,022			215,183
Income taxes paid		(736,757	)		(452,203	)
Net cash provided by operating activities		4,473,186			13,208,473
Cash flows from investing activities
Proceeds from disposals of associates and joint ventures		4,472			5,444
Acquisition of investments in associates and joint ventures		(673,017	)		(342,116	)
Proceeds from disposals of property, plant and equipment		277,998			331,777
Acquisition of property, plant and equipment		(12,668,534	)		(13,281,294	)
Proceeds from disposals of intangible assets		59			10,871
Acquisition of intangible assets		(113,100	)		(120,371	)
Proceeds from disposals of financial assets		7,023,674			8,020,406
Acquisition of financial assets		(5,893,404	)		(9,203,450	)
Increase in loans		(223,950	)		(336,744	)
Collection of loans		218,704			215,292
Increase in deposits		(222,924	)		(276,255	)
Decrease in deposits		166,066			280,941
Proceeds from disposals of assets held-for-sale		1,148			32,578
Receipt of government grants		37,920			41,209
Net cash outflow from changes in consolidation scope		(63,492	)		(24,624	)
Other cash outflow from investing activities, net		(225,948	)		(185,475	)
Net cash used in investing activities		(12,354,328	)		(14,831,811	)
Cash flows from financing activities
Proceeds from short-term borrowings, net		1,621,440			345,338
Proceeds from long-term borrowings and debt securities		17,392,311			10,170,107
Repayment of long-term borrowings and debt securities		(9,360,357	)		(7,976,658	)
Payment of lease liabilities		(572,036	)		(613,977	)
Settlement of derivative instruments, net		98,068			42,263
Change in non-controlling interest		90,096			11,554
Dividends paid (hybrid bond)		(13,385	)		(13,385	)
Dividends paid		(812,159	)		(81,298	)
Other cash outflow from financing activities, net		(8,901	)		(3,120	)
Net cash provided by financing activities		8,435,077			1,880,824
Net increase in cash and cash equivalents before effect of exchange rate fluctuations		553,935			257,486
Effect of exchange rate fluctuations on cash held		51,719			(38,031	)
Net increase in cash and cash equivalents		605,654			219,455
Cash and cash equivalents at January 1		2,029,584			1,810,129
Cash and cash equivalents at December 31	W	2,635,238			2,029,584

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

8

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements

December 31, 2021 and 2020

1. Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in Korean International Financial Reporting Standards (“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 December 31, 2021, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:

	Number of 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 are 91,105,897 shares (14.19%) as of December 31, 2021.

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

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) were authorized for issuance by the Board of Directors on February 24, 2022, which will be submitted for approval at the shareholders’ meeting held on March 29, 2022.

(1) Statement of compliance

These consolidated financial statements have been prepared in accordance with KIFRS, as prescribed in the Act on External Audits of Corporations in the Republic of Korea.

(2) Basis of measurement

These 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 assets at fair value through profit or loss

• financial assets at fair value through other comprehensive income or loss

• derivative financial instruments are measured at fair value

• 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 consolidated financial statements are presented in Korean won (“won”), which is KEPCO’s functional currency and the currency of the primary economic environment in which the Group operates.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

The preparation of the 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.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, that 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, and estimations on provision for decommissioning costs

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

The Group records the fair 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.

(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).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(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 December 31, 2021 and 2020 are W1,725,444 million and W1,691,294 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. Cost 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.

(vii) The 30-year designed life of Wolsong unit 1 nuclear power plant of the Group had expired on November 20, 2012. On February 27, 2015, however, approval from the Nuclear Safety and Security Commission (NSSC) was received to continue its operation until November 20, 2022.

According to the 8th Basic Plan for Electricity Supply and Demand announced by the Ministry of Trade, Industry and Energy in 2017, Wolsong unit 1 nuclear power plant was expected to go through a comprehensive evaluation for the feasibility of continuous operation including economic efficiency and acceptability of household and community in 2018 in order to decide whether to shut down early. On June 15, 2018, the board of directors of Korea Hydro & Nuclear Power Co., Ltd. (“KHNP”), a subsidiary of KEPCO, has decided to shut down Wolsong unit 1 on the grounds that its deficit was increasing and its economic efficiency was low due to the nonoptimal utilization rate. On December 24, 2019, NSSC approved permanent shutdown of unit 1.

In addition, the Group has also decided to discontinue the construction of Cheonji unit 1 and 2 and Daejin unit 1 and 2 pursuant to the government policy. Accordingly, the Group recognized impairment loss and other expenses during the year ended December 31, 2018.

Among the new nuclear power plants under construction, Shin-Hanwool unit 3 and 4, for which approval for power generation business was previously obtained, are not included in the list of construction suspension as determined by the board of directors of KHNP. However, it is highly likely that the construction of Shin-Hanwool unit 3 and 4 will be suspended according to the government’s policy. Accordingly, the Group recognized impairment loss during the year ended December 31, 2018, as the Group believed that there was a significant change in its operating environment.

Korean government established relevant legal basis and procedures to refund to the Group utilizing available resources for reasonable expenditures incurred in relation to the phase-out of nuclear power plants in accordance with the energy transformation policy.

As of December 31, 2021, there is no indication that the above-mentioned impairment no longer exists or has been reduced.

11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

2. Basis of Preparation, Continued

(5) Changes in accounting policies

Changes in accounting standards effective from January 1, 2021 are as follows. The Group believes that these amendments have no significant impact on the Group’s consolidated financial statements. The Group has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2021, even though the early adoption of these standards is possible.

Amendments to KIFRS 1109 ’Financial Instruments’, KIFRS 1039 ‘Financial Instruments: Recognition and Measurement’, KIFRS 1107 ‘Financial Instruments: Disclosures’, KIFRS 1104 ‘Insurance Contracts’ and KIFRS 1116 ‘Lease’ – Interest Rate Benchmark Reform Phase II

The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients:

• A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest

• Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued

• Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component

12

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies

The accounting policies applied by the Group in these 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, 2020, except for the changes described in Note 2.(5).

(1) Basis of consolidation

The consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of The Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

Transactions within the Group are eliminated during the consolidation.

Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.

When the Group loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to income or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under KIFRS 1109 ‘Financial Instruments’ or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

(2) Business combinations

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

13

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(2) Business combinations, continued

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with KIFRS 1012 ‘Income Taxes’ and KIFRS 1019 ‘Employee Benefits’, respectively;

• assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 ‘Non-current Assets Held for Sale’ are measured in accordance with that standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity’s net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 ‘Financial Instruments’, or with KIFRS 1037 ‘Provisions, Contingent Liabilities and Contingent Assets’, as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

14

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(3) Investments in associates

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 ‘Non-current Assets Held for Sale’, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 ‘Financial Instruments’ unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the income or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 ’Investments in Associates and Joint Ventures’ are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 ‘Impairment of Assets’ as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(4) Joint arrangements

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types - joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 ‘Investment in Associates and Joint Ventures’ (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 ‘Non-current Assets Held for Sale’.

(5) Non-current assets held-for-sale

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(6) Goodwill

The Group measures goodwill which acquired in a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group assesses at the end of each reporting period and whenever there is an indication that the asset may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

16

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(7) Revenue from Contracts with Customers

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation). The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 94.45% of consolidated revenue for the year ended December 31, 2021.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

(ii) Variable consideration

The Group may be subject to a variation of consideration paid by the customer due to the progressive electricity billing system, discounts on electricity bills for policy purposes, penalties and delinquent payment, etc. The Group estimates an amount of variable consideration by using the expected value method that the Group expects to better predict the amount of consideration to which it will be entitled, and includes in the transaction price some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

(iii) Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

(a) the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the entity performs;

(b) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

(c) the Group’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.

(iv) Adoption of cost pass-through tariff system

The Group amended the basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. The cost pass-through tariff system has been applied to the electricity rate after January 1, 2021 in accordance with the amendment. The Group expects the adoption of the new system would not affect the existing accounting policies including ‘revenue from contracts with customers’.

17

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(8) Leases

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor’s accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

(i) The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

(ii) The Group as a lessee

(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

(c) Short-term leases and leases of low-value assets

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(9) Foreign currencies

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date’s exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

• Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

• Exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note 3.(23) Derivative financial instruments, including hedge accounting); and

• Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal of the net investment.

For the purpose of presenting financial statements, the assets and liabilities of the Group’s foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognised, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

(10) Borrowing costs

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in income or loss in the period in which they are incurred.

19

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(11) Government grants

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant’s conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

(i) If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

(ii) If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

(12) Employee benefits

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by “Pension Actuarial System” developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability’s measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

20

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(13) Income taxes

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

(a) has a legally enforceable right to set off the recognized amounts; and

(b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(ii) Deferred tax

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

(iii) Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

21

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(14) Property, plant and equipment

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group’s property, plant and equipment are as follows:

	Useful lives (years)
Buildings	8 ~ 40
Structures	5 ~ 50
Machinery	2 ~ 32
Vehicles	3 ~ 8
Loaded heavy water	30
Asset retirement costs	18, 30, 40, 60
Right-of-use assets	1 ~ 65
Ships	9
Others	4 ~ 15

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

22

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(15) Investment property

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, are depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

(16) Intangible assets

(i) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

(ii) Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

• The technical feasibility of completing the intangible asset so that it will be available for use or sale;

• The intention to complete the intangible asset and use or sell it;

• The ability to use or sell the intangible asset;

• How the intangible asset will generate probable future economic benefits;

• The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• The ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(16) Intangible assets, continued

The estimated useful lives and amortization methods of the Group’s intangible assets are as follows:

	Useful lives (years)	Amortization methods
Usage rights for donated assets	10 ~ 30	Straight line
Software	4, 5	Straight line
Industrial rights	5 ~ 10	Straight line
Development expenses	5	Straight line
Leasehold rights	8 ~ 10	Straight line
Others	3 ~ 50 or indefinite	Straight line
Mining right	-	Unit of production

(iii) Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

(iv) Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

(17) Greenhouse gas emissions rights (allowances) and obligations

In connection with Enforcement of Allocation and Trading of Greenhouse Gas Emissions Allowances, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

(i) Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

(ii) Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group’s present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

24

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(18) Impairment of non-financial assets other than goodwill

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

(19) Inventories

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

(20) Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

25

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(20) Provisions, continued

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

(i) Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

(ii) Provision for decommissioning costs of nuclear power plants

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

(iii) Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

(iv) Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

(v) Provision for Polychlorinated Biphenyls (“PCBs”)

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group’s estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

(vi) Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

(vii) Provisions for transmission and transformation facilities-neighboring areas support program

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

(viii) Renewable Portfolio Standard (“RPS”) provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

26

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(21) Financial instruments

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset’s acquisition or issuance.

(i) Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

Business model	Cash flow characteristics
	Solely payments of principal and interest (SPPI)	Other than SPPI
To collect contractual cash flows	Amortized cost	FVTPL (*2)
Both collecting contractual cash flows and selling financial assets	FVOCI (*1)
To sell financial assets	FVTPL

(*1) To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair value in profit or loss.

(*2) On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

27

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(21) Financial instruments, continued

(iii) Impairment: Financial assets and contract assets

The Group applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the below table.

Classification		Loss allowances
Stage 1	Credit risk has not increased significantly since the initial recognition	12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date
Stage 2	Credit risk has increased significantly since the initial recognition	Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument
Stage 3	Credit-impaired

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

(iv) Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when it contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(22) Service Concession Arrangements

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 ’ Revenue from Contracts with Customers’.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

(i) Separable embedded derivatives

Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and when the host contracts are not measured at FVTPL.

An embedded derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative is part of, is more than 12 months and it is not expected to be realized or settled within 12 months. All other embedded derivatives are presented as current assets or current liabilities.

(ii) Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

(iv) Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in the ‘finance income and expense’.

29

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

3. Significant Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting, continued

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

(24) Assets held-for-sale

The Group classifies non-current assets or disposal groups as held for sale if their carrying amounts will be recovered principally through a sale or distribution rather than through continuing use. The criteria for assets-held-for-sale classification is regarded as met only when the disposal is highly probable, and the asset or disposal group is available for immediate distribution in its present condition. Management must be committed to the distribution expected within one year from the date of the classification.

Such non-current assets and disposal groups classified as held for sale or as held for distribution are measured at the lower of their carrying amount and fair value less costs to sell or to distribute.

30

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

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 makers of the Group including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments 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 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 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 consolidated financial statements.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

4. Segment, Geographic and Other Information, Continued

(2) Financial information of the segments for the years ended December 31, 2021 and 2020, respectively, are as follows:

In millions of won
2021
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution	W	59,660,600			1,672,776			57,987,824		(7,425,576	)		3,990,464			36,831			678,986			391,116
Electric power generation (Nuclear)		9,324,391			9,207,516			116,875		796,832			3,611,594			22,209			477,512			(18,146	)
Electric power generation (Non-nuclear)		25,837,982			24,518,167			1,319,815		345,955			4,178,520			22,226			624,391			109,765
Plant maintenance & engineering service		2,805,785			2,370,900			434,885		252,348			121,493			9,515			933			11,849
Others		2,010,843			1,295,423			715,420		195,346			158,952			158,680			162,345			—
Consolidation adjustments		(39,064,782	)		(39,064,782	)		—		(25,048	)		(122,751	)		(27,587	)		(29,710	)		—
	W	60,574,819			—			60,574,819		(5,860,143	)		11,938,272			221,874			1,914,457			494,584
In millions of won
2020
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution	W	57,989,410			1,224,602			56,764,808		2,785,145			3,836,355			48,220			737,973			169,176
Electric power generation (Nuclear)		9,938,941			9,817,147			121,794		1,338,642			3,564,120			25,581			503,485			(4,905	)
Electric power generation (Non-nuclear)		20,329,611			19,552,376			777,235		(150,427	)		4,034,024			20,843			622,346			115,096
Plant maintenance & engineering service		2,703,472			2,283,333			420,139		238,007			119,056			11,789			1,250			1,740
Others		1,582,001			1,096,663			485,338		111,055			122,092			167,005			162,843			—
Consolidation adjustments		(33,974,121	)		(33,974,121	)		—		(236,147	)		(127,628	)		(30,852	)		(32,472	)		—
	W	58,569,314			—			58,569,314		4,086,275			11,548,019			242,586			1,995,425			281,107

32

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

4. Segment, Geographic and Other Information, Continued

(3) Information related to segment assets and segment liabilities as of and for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2021
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	115,578,517			4,700,863		6,754,298			68,531,927
Electric power generation (Nuclear)		64,628,651			141,885		1,959,479			38,361,337
Electric power generation (Non-nuclear)		57,304,296			2,575,019		3,331,813			35,803,289
Plant maintenance & engineering service		3,672,366			53,617		110,330			1,086,926
Others		10,861,823			—		637,715			4,961,880
Consolidation adjustments		(40,936,783	)		—		(12,001	)		(2,948,338	)
	W	211,108,870			7,471,384		12,781,634			145,797,021
In millions of won
2020
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	113,115,667			4,204,090		6,535,380			59,772,046
Electric power generation (Nuclear)		61,850,865			116,867		2,419,939			35,652,467
Electric power generation (Non-nuclear)		54,531,155			1,807,409		3,758,795			33,292,680
Plant maintenance & engineering service		3,492,571			42,167		141,226			1,061,949
Others		8,923,046			—		577,056			4,039,220
Consolidation adjustments		(38,771,193	)		—		(30,731	)		(1,343,097	)
	W	203,142,111			6,170,533		13,401,665			132,475,265

33

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

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)
Geographical unit	2021		2020		2021		2020
Domestic	W	59,333,696		57,418,054		178,745,707		173,673,478
Overseas (*1)		1,241,123		1,151,260		3,572,784		2,831,925
	W	60,574,819		58,569,314		182,318,491		176,505,403

(*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 which accounts for 10% or more of the Group’s revenue for the years ended December 31, 2021 and 2020.

34

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

5. Classification of Financial Instruments

(1) Classification of financial assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	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	—		—		2,635,238		—		2,635,238
Current financial assets
Current financial assets at fair value through profit or loss		360,833		—		—		—		360,833
Current financial assets at amortized costs		—		—		15,422		—		15,422
Current derivative assets		93,374		—		—		33,564		126,938
Other financial assets		—		—		1,365,603		—		1,365,603
Trade and other receivables		—		—		8,122,415		—		8,122,415
		454,207		—		12,138,678		33,564		12,626,449
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		672,031		—		—		—		672,031
Non-current financial assets at fair value through other comprehensive income		—		435,107		—		—		435,107
Non-current financial assets at amortized costs		—		—		9,851		—		9,851
Non-current derivative assets		349,653		—		—		171,192		520,845
Other financial assets		—		—		1,271,976		—		1,271,976
Trade and other receivables		—		—		1,906,861		—		1,906,861
		1,021,684		435,107		3,188,688		171,192		4,816,671
	W	1,475,891		435,107		15,327,366		204,756		17,443,120

35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

5. Classification of Financial Instruments, Continued

(1) Classification of financial assets as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	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	—		—		2,029,584		—		2,029,584
Current financial assets
Current financial assets at fair value through profit or loss		1,196,101		—		—		—		1,196,101
Current financial assets at amortized costs		—		—		13,149		—		13,149
Current derivative assets		18,332		—		—		11,193		29,525
Other financial assets		—		—		1,561,445		—		1,561,445
Trade and other receivables		—		—		7,918,470		—		7,918,470
		1,214,433		—		11,522,648		11,193		12,748,274
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		685,281		—		—		—		685,281
Non-current financial assets at fair value through other comprehensive income		—		358,559		—		—		358,559
Non-current financial assets at amortized costs		—		—		1,273		—		1,273
Non-current derivative assets		92,432		—		—		44,456		136,888
Other financial assets		—		—		1,290,820		—		1,290,820
Trade and other receivables		—		—		1,861,569		—		1,861,569
		777,713		358,559		3,153,662		44,456		4,334,390
	W	1,992,146		358,559		14,676,310		55,649		17,082,664

36

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

5. Classification of Financial Instruments, Continued

(2) Classification of financial liabilities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	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	—		4,382,218		—		4,382,218
Debt securities		—		9,647,616		—		9,647,616
Derivative liabilities		6,838		—		453		7,291
Trade and other payables		—		8,153,426		—		8,153,426
		6,838		22,183,260		453		22,190,551
Non-current liabilities
Borrowings		—		2,265,624		—		2,265,624
Debt securities		—		64,234,055		—		64,234,055
Derivative liabilities		49,418		—		21,322		70,740
Trade and other payables		—		5,996,498		—		5,996,498
		49,418		72,496,177		21,322		72,566,917
	W	56,256		94,679,437		21,775		94,757,468

In millions of won	2020
	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	—		2,113,181		—		2,113,181
Debt securities		—		8,561,624		—		8,561,624
Derivative liabilities		13,053		—		36,831		49,884
Trade and other payables		—		6,256,521		—		6,256,521
		13,053		16,931,326		36,831		16,981,210
Non-current liabilities
Borrowings		—		3,003,999		—		3,003,999
Debt securities		—		56,045,777		—		56,045,777
Derivative liabilities		144,873		—		170,362		315,235
Trade and other payables		—		6,480,412		—		6,480,412
		144,873		65,530,188		170,362		65,845,423
	W	157,926		82,461,514		207,193		82,826,633

37

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

5. Classification of Financial Instruments, Continued

(3) Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2021 and 2020 are as follows:

In millions of won		2021			2020
Cash and cash equivalents	Interest income	W	12,692			9,419
	Gain (loss) on foreign currency transactions and translations		34,923			(15,911	)
Financial assets at fair value through profit or loss	Interest income		18,415			19,114
	Dividends income		2,949			4,734
	Gain (loss) on valuation of derivatives		450,896			(52,447	)
	Gain (loss) on transaction of derivatives		54,352			36,563
	Gain (loss) on valuation of financial assets		8,858			5,508
	Gain (loss) on disposal of financial assets		4,221			11,344
Financial assets at fair value through other comprehensive income	Dividends income		7,573			2,582
Financial assets at amortized cost	Interest income		797			612
	Gain (loss) on foreign currency transactions and translations		(3,647	)		(1,733	)
Loans	Interest income		25,196			26,232
	Gain (loss) on foreign currency transactions and translations		729			(527	)
Trade and other receivables	Interest income		144,543			151,035
	Gain (loss) on disposal of financial assets		2,452			—
	Gain (loss) on foreign currency transactions and translations		14,207			23,458
Short-term financial instruments	Interest income		7,531			25,540
	Gain (loss) on foreign currency transactions and translations		32,218			(38,088	)
Long-term financial instruments	Interest income		12,470			10,406
	Gain (loss) on foreign currency transactions and translations		27			—
Other financial assets	Interest income		230			228
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		211,180			(77,733	)
	Gain (loss) on valuation of derivatives (equity, before tax)		(11,734	)		9,925
	Gain (loss) on transaction of derivatives		31,351			36,053
Financial liabilities at fair value through profit or loss	Gain (loss) on valuation of derivatives		2,751			(104,607	)
	Gain (loss) on transaction of derivatives		(15,358	)		(49,788	)
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		1,316,269			1,365,801
	Gain (loss) on repayment of financial liabilities		(10	)		(35	)
	Interest expense of trade and other payables		213,765			88,757
	Interest expense of others		384,423			540,867
	Other finance income		1,284			—
	Other finance expenses		2,504			—
	Gain (loss) on foreign currency transactions and translations		(1,162,835	)		772,045
Derivatives (applying hedge accounting)	Gain (loss) on valuation of derivatives (profit or loss)		158,167			(220,928	)
	Gain (loss) on valuation of derivatives (equity, before tax)		(28,726	)		101,295
	Gain (loss) on transaction of derivatives		13,737			42,565

38

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

6. Restricted Deposits

Restricted deposits as of December 31, 2021 and 2020 are as follows:

In millions of won		2021		2020
Cash and cash equivalents	Escrow accounts	W	—		544
	Deposits for government project and others		22,286		5,066
	Collateral provided for borrowings		264,813		117,747
	Collateral provided for lawsuit		42		42
	Deposits for transmission regional support program		5,921		5,469
	Deposits for other business purposes		3,050		—
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		114,000		109,000
	Collateral provided for borrowings		11,745		—
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		531,720		577,481
Long-term financial instruments	Escrow accounts		70		76
	Guarantee deposits for banking accounts at oversea branches		333		306
	Collateral provided for borrowings		—		11,745
	Decommissioning costs of nuclear power plants		324,609		258,282
	Funds for developing small and medium enterprises (*)		10,000		210,000
		W	1,288,589		1,295,758

(*) As of December 31, 2020, it consisted of the deposits for small and medium enterprises at the Industrial Bank of Korea (IBK) and others for construction of Bitgaram Energy Valley and support for high potential businesses amounting to W200,000 million and the deposits were returned during the year ended December 31, 2021.

39

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

7. Cash and Cash Equivalents

Cash and cash equivalents as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Cash	W	19,623		871
Other demand deposits		1,825,751		1,291,058
Short-term deposits classified as cash equivalents		407,921		432,263
Short-term investments classified as cash equivalents		381,943		305,392
	W	2,635,238		2,029,584

40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

8. Trade and Other Receivables

(1) Trade and other receivables as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	7,743,735		(203,838	)		—			7,539,897
Other receivables		602,113		(18,555	)		(1,040	)		582,518
		8,345,848		(222,393	)		(1,040	)		8,122,415
Non-current assets
Trade receivables		185,512		(1,501	)		—			184,011
Other receivables		1,792,895		(64,155	)		(5,890	)		1,722,850
		1,978,407		(65,656	)		(5,890	)		1,906,861
	W	10,324,255		(288,049	)		(6,930	)		10,029,276

In millions of won	2020
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	7,370,923		(208,184	)		—			7,162,739
Other receivables		799,598		(42,332	)		(1,535	)		755,731
		8,170,521		(250,516	)		(1,535	)		7,918,470
Non-current assets
Trade receivables		227,261		(806	)		—			226,455
Other receivables		1,728,486		(90,047	)		(3,325	)		1,635,114
		1,955,747		(90,853	)		(3,325	)		1,861,569
	W	10,126,268		(341,369	)		(4,860	)		9,780,039

41

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

8. Trade and Other Receivables, Continued

(2) Other receivables as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	232,172		(17,084	)		(9	)		215,079
Accrued income		57,300		—			—			57,300
Deposits		212,666		—			(1,031	)		211,635
Finance lease receivables (*1)		60,613		(178	)		—			60,435
Others		39,362		(1,293	)		—			38,069
		602,113		(18,555	)		(1,040	)		582,518
Non-current assets
Non-trade receivables		123,537		(56,407	)		(281	)		66,849
Accrued income		1,828		—			—			1,828
Deposits		441,393		—			(5,609	)		435,784
Finance lease receivables (*2)		1,140,080		(590	)		—			1,139,490
Others		86,057		(7,158	)		—			78,899
		1,792,895		(64,155	)		(5,890	)		1,722,850
	W	2,395,008		(82,710	)		(6,930	)		2,305,368

(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W111,915 million.

(*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,082,712 million.

In millions of won	2020
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	441,031		(37,062	)		—			403,969
Accrued income		38,956		—			—			38,956
Deposits		239,011		—			(1,535	)		237,476
Finance lease receivables (*1)		57,084		(365	)		—			56,719
Others		23,516		(4,905	)		—			18,611
		799,598		(42,332	)		(1,535	)		755,731
Non-current assets
Non-trade receivables		215,136		(80,451	)		—			134,685
Accrued income		834		—			—			834
Deposits		364,855		—			(3,325	)		361,530
Finance lease receivables (*2)		1,065,982		(625	)		—			1,065,357
Others		81,679		(8,971	)		—			72,708
		1,728,486		(90,047	)		(3,325	)		1,635,114
	W	2,528,084		(132,379	)		(4,860	)		2,390,845

(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W105,127 million.

(*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,087,559 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 with delinquent payments.

42

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

8. Trade and Other Receivables, Continued

(4) Aging analysis of trade receivables as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Trade receivables: (not overdue)	W	7,603,472			7,274,773
Trade receivables: (impairment reviewed)		325,775			323,411
Less than 60 days		11,577			3,505
60 ~ 90 days		27,201			28,729
90 ~ 120 days		28,230			10,687
120 days ~ 1 year		51,945			34,036
Over 1 year		206,822			246,454
		7,929,247			7,598,184
Less: allowance for doubtful accounts		(205,339	)		(208,990	)
	W	7,723,908			7,389,194

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 trade 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) Aging analysis of other receivables as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Other receivables: (not overdue)	W	2,251,474			2,363,967
Other receivables: (impairment reviewed)		143,534			164,117
Less than 60 days		87			46,399
60 ~ 90 days		4,881			31,183
90 ~ 120 days		1,248			1,873
120 days ~ 1 year		11,438			11,803
Over 1 year		125,880			72,859
		2,395,008			2,528,084
Less: allowance for doubtful accounts		(82,710	)		(132,379	)
Less: present value discount		(6,930	)		(4,860	)
	W	2,305,368			2,390,845

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

43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

8. Trade and Other Receivables, Continued

(6) Changes in the allowance for doubtful accounts for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021						2020
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	208,990			132,379			212,759			114,155
Bad debts expense		19,039			18,411			24,021			27,329
Write-off		(21,809	)		(58,762	)		(20,332	)		(1,910	)
Reversal		(1,071	)		(79	)		(3,373	)		(2,464	)
Others		190			(9,239	)		(4,085	)		(4,731	)
Ending balance	W	205,339			82,710			208,990			132,379

44

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

9. Financial Assets at Fair Value through Profit or Loss

(1) Financial assets at fair value through profit or loss as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary Certificate	W	629		206,160		1,313		155,122
Cooperative		—		5,797		—		5,692
Others (*)		360,204		202,003		1,194,788		312,401
		360,833		413,960		1,196,101		473,215
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives		—		258,071		—		212,066
	W	360,833		672,031		1,196,101		685,281

(*) ‘Others’ include MMT, etc.

(2) Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Beneficiary Certificate	W	13,632		6,127
Cooperative		110		645
Debt with embedded derivatives		854		3,598
Others		19,848		30,329
	W	34,444		40,699

45

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance		Acquisition		Disposal			Valuation			Others			Ending balance
Equity securities
Listed	W	194,669		1,500		(8,208	)		81,112			4,753			273,826
Unlisted		163,890		8,929		(13	)		(12,335	)		319			160,790
		358,559		10,429		(8,221	)		68,777			5,072			434,616
Debt securities
Corporate bond		—		500		—			—			(9	)		491
		358,559		10,929		(8,221	)		68,777			5,063			435,107
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—			—
Non-current financial assets at fair value through other comprehensive income		358,559		10,929		(8,221	)		68,777			5,063			435,107

In millions of won	2020
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Listed	W	201,201		—		(4	)		(7,809	)		1,281		194,669
Unlisted		177,969		2,900		(1	)		(23,128	)		6,150		163,890
		379,170		2,900		(5	)		(30,937	)		7,431		358,559
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		379,170		2,900		(5	)		(30,937	)		7,431		358,559

46

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		87,733		87,733
Ssangyong Motor Co., Ltd.		38,568		0.03	%		428		—		—
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		1		1
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		42		42
PAN Ocean Co., Ltd.		1,492		0.00	%		14		8		8
STX Heavy Industries Co., Ltd.		7,419		0.03	%		107		35		35
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		89,747		89,747
Denison Mines Corp.		58,284,000		9.76	%		84,134		94,376		94,376
Fission Uranium Corp.		100,000		0.02	%		41		73		73
SangSangin Industry Co., Ltd.		5,831		0.01	%		38		6		6
Vitzosys Co., Ltd.		399		0.00	%		2		2		2
EMnI Co., Ltd.		628		0.00	%		25		2		2
Vissem electronics, Co., Ltd.		229		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		1		1
Ihsung CNI Co., Ltd.		142,860		4.81	%		1,500		1,779		1,779
Aone Alform Co., Ltd.		2,672		0.08	%		19		18		18
							324,790		273,826		273,826
Unlisted (*1)
Intellectual Discovery Co., Ltd.		1,000,000		6.00	%	W	5,000		954		954
Hwan Young Steel Co., Ltd.		10,916		0.14	%		1,092		97		97
SAMBO AUTO. Co., Ltd.		15,066		0.02	%		38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Miju Steel Mfg. Co., Ltd.		1,097		0.23	%		50		50		50
Sungwon Co., Ltd.		117		0.07	%		29		29		29
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
ASA JEONJU Co., Ltd.		34,846		1.34	%		697		69		69
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
Sungkwang Timber Co., Ltd.		3		0.08	%		5		5		5
HJ Steel Co., Ltd.		218		0.07	%		2		2		2
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pyungsan SI Co., Ltd.		434		0.01	%		9		9		9
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
AJS Co., Ltd.		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Youngjin Hi-Tech Co., Ltd.		11,109		0.25	%		255		150		150
Buyoung Co., Ltd.		270		0.00	%		3		3		3
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		27		27
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		111		2		2
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3

47

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2
Biwang Industry Co., Ltd		406		0.04	%		2		2		2
Young Sung Co., Ltd.		89		0.40	%		26		26		26
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		15		15		15
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Futech Mold Co., Ltd.		274		0.27	%		14		14		14
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		22		22
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		31		31
Seen Business and Technology co., Ltd.		29,424		0.73	%		148		7		7
Woobang Construction Co., Ltd.		8		0.00	%		8		8		8
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		5		5
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		25		25
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Ace Track Co., Ltd.		3,130		1.08	%		219		59		59
Dung Hwan Co., Ltd.		556		0.02	%		6		6		6
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
Sunjin Power Tech Co., Ltd.		4,941		0.92	%		247		32		32
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7
B CON Co., Ltd.		96		1.16	%		6		6		6
Ace Integration Co., Ltd		105		0.09	%		24		24		24
AceInti Agricultural Co., Ltd.		16		0.02	%		5		5		5
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		134		1		1
HyoDong Development Co., Ltd.		128		0.16	%		25		1		1
Haspe Tech Co., Ltd.		652		0.55	%		20		20		20
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co.,Ltd.		41		0.05	%		1		1		1
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
ShinShin Co., Ltd		339		1.12	%		17		17		17
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35

48

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Force TEC Co., Ltd.		3,501		0.02	%		18		18		18
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Younil Metal Co., Ltd.		41		0.21	%		21		21		21
CJ Paradise Co.,Ltd		24		0.02	%		12		12		12
Han Young Technology Company Co.,Ltd.		35		0.00	%		—		—		—
K Shipbuilding Co., Ltd. (formerly, STX Offshore & Shipbuilding Co., Ltd.)		8,622		0.25	%		1,078		1,078		1,078
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
NFT Co., Ltd.		136		0.40	%		8		8		8
Hyundaitech Co.,Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co.,Ltd.		47		0.21	%		2		2		2
SG Shinsung Engineering and Construction Co., Ltd.		10		0.00	%		6		—		—
Samdo Industry Electric Co.,Ltd.		48		0.02	%		1		1		1
Taejung Industries Co.,Ltd.		9,268		0.30	%		5		5		5
Shinsei Trading Co., Ltd.		64		0.72	%		6		6		6
Dynamic Co., Ltd.		111		0.19	%		3		3		3
Green Alchemy Co.,Ltd.		38,202		1.48	%		191		17		17
Youone TBM Engineering & Construction Co., Ltd.		615		0.27	%		31		31		31
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co.,Ltd.		555		0.80	%		3		3		3
Sewon Bus Co.,Ltd		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Sangji Co., Ltd.		20		0.26	%		4		4		4
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
AIRTECH Information communication Co., Ltd		2,379		0.60	%		12		12		12
Kiscom Co., Ltd.		1,493		0.04	%		1		1		1
Wonil laser Co., Ltd		157		0.37	%		16		16		16
Pyung Hwa Industrial Co.,Ltd.		3,388		3.00	%		85		85		85
Set Holding (*2)		1,100,220		2.50	%		229,255		131,036		131,036
PT. Cirebon Energi Prasarana		22,420		10.00	%		2,612		2,658		2,658
Choheung packing Co.,Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		11		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		13		13
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		16		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
NTS Co., Ltd.		143		0.22	%		36		36		36
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		32		32
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Daedong Industry Co., Ltd.		617		0.55	%		46		46		46
Doosung Heavy Industries Co., Ltd.		53		0.06	%		5		5		5
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
SG Corp.		213		0.54	%		21		21		21
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		60		60
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22

49

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Puruen Environment Co., Ltd.		967		1.34	%		19		19		19
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Dongdo Basalt Industry Co., Ltd.		182		1.50	%		73		73		73
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23
Ilwoo Steel Co., Ltd.		41		0.28	%		17		17		17
Dong-un Tech Co., Ltd.		1,159		6.28	%		81		81		81
Wongwang Door Corp.		575		1.00	%		29		29		29
Mansu Co.,Ltd.		344		0.25	%		15		15		15
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sehwa Diecasting Co., Ltd.		299		1.66	%		44		44		44
Sungchang Tech Co., Ltd.		159		0.31	%		10		10		10
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		55		55
Amanex Co., Ltd.		10		0.02	%		9		9		9
Dae-A Leisure Co., Ltd.		23		0.00	%		4		4		4
Caffe Bene Co.,Ltd.		1,908		0.03	%		9		9		9
Shinjin International Corp.		4		0.01	%		1		1		1
Jinhung Packaging Co.,Ltd		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Clizen Co., Ltd.		615		0.34	%		31		31		31
DAEDONGMILLENNIUM Co., Ltd.		159		0.42	%		32		32		32
Daeji Product Co., Ltd.		15		0.05	%		1		—		—
Jaein Circuit Co., Ltd.		498		1.12	%		65		65		65
SSET Co., Ltd.		181		0.30	%		18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Dawon Yuhwa Co., Ltd.		506		1.94	%		25		25		25
Ogokbaekkwa Co., Ltd.		101		0.12	%		1		1		1
Shinwoo Toptech Co., Ltd.		834		0.51	%		83		6		6
KMLC Co., Ltd.		281		0.14	%		22		22		22
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Youngshin Plus Co., Ltd.		104		0.12	%		5		5		5
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
Dae Bang Industry Co.,Ltd.		115		0.13	%		6		6		6
S.I.T. Co.,Ltd		2,213		0.44	%		22		22		22
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
MJT Co., Ltd.		1,013		0.20	%		51		51		51
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Road Solar Co., Ltd.		12		0.00	%		—		—		—
Han Mi Flexible Co.,Ltd.		143		0.20	%		43		43		43
Samhwa Casting Co., Ltd.		200		0.04	%		100		100		100

50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
GN Chem Co., Ltd.		40		0.07	%		1		1		1
GW Industry Co., Ltd.		505		0.07	%		51		51		51
TM Construction Co., Ltd.		4		0.00	%		—		—		—
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Nanomicart Co., Ltd.		176		1.06	%		35		35		35
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
Addies Direct Co., Ltd.		1		0.00	%		—		—		—
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Hightech Mnp Co., Ltd.		123		0.35	%		6		6		6
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Taeyang gasteel Co., Ltd.		8		0.02	%		1		1		1
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23
TK Co., Ltd.		307		0.70	%		15		15		15
Arari Co., Ltd.		14		0.05	%		1		1		1
Potech Co., Ltd.		39		0.13	%		14		14		14
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
D&C Castech Co., Ltd.		330		1.89	%		25		25		25
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Wenex Co., Ltd.		373		0.53	%		19		19		19
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Woosung I.B. Co.,Ltd		7,071		0.07	%		14		14		14
CAP Korea Co., Ltd.		16		0.30	%		3		3		3
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		—		—		—
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
RMK Co., Ltd.		63		0.90	%		22		22		22
Tpp Co., Ltd.		36,645		11.72	%		1,832		1,832		1,832
Dukeong Metal Heat Treatment Co., Ltd.		843		3.61	%		84		84		84
Newko Co., Ltd.		331		0.06	%		10		10		10
KMC&R Co., Ltd.		16		0.11	%		1		1		1
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9

51

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		1		1		1
Coco Food Co., Ltd.		648		1.24	%		33		33		33
Woori Industry Co., Ltd.		102		1.05	%		21		21		21
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		1		1
SH Co., Ltd.		39		0.20	%		8		8		8
Namsunnam Co., Ltd.		1,275		0.19	%		6		1		1
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Chandown Food Co., Ltd.		46		0.14	%		9		9		9
Getron Co., Ltd.		7,259		0.20	%		37		4		4
Jungmun Co., Ltd.		19		0.26	%		2		2		2
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
JM Tech Co., Ltd.		403		0.67	%		82		10		10
SGC Energy Co., Ltd.		580,000		5.00	%		2,900		2,900		2,900
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		4.30	%		1,500		2,618		2,618
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,639		5,639
Good Tcells Co., Ltd.		11,364		0.34	%		500		457		457
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		1,000		1,000
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Choigang-gujo Co., Ltd.		61		0.45	%		6		1		1
DS Cotec Co., Ltd.		973		0.71	%		15		5		5
Youngheung Industry Co., Ltd.		101		0.05	%		5		1		1
Hosungsteel Co., Ltd.		323		0.26	%		14		3		3
Uktae IND. Co., Ltd.		140		0.12	%		7		1		1
Gangdong R&S Co., Ltd.		69		1.25	%		1		1		1
JFC Co., Ltd.		16		0.01	%		2		2		2
Seokjin E&T Co., Ltd.		81		0.06	%		8		8		8
Hyundai Tech Co., Ltd.		28		0.69	%		10		10		10
Daeil Co., Ltd.		301		0.42	%		15		2		2
Seohan Food Co., Ltd.		83		0.19	%		2		2		2
Daehyeon Recycle Co., Ltd.		59		0.61	%		12		12		12
Metal Link Inc. Co., Ltd.		709		0.17	%		35		4		4
Pipetec Korea Co., Ltd.		50		0.07	%		10		1		1
SungJin Tech Co., Ltd.		803		1.20	%		24		8		8
Yujin E&C Co., Ltd.		29		0.18	%		6		—		—
Daishin Logistics Co., Ltd.		13		0.09	%		1		1		1
JinSung Engineering Co., Ltd.		18		0.30	%		18		18		18
Yongho Industry Co., Ltd.		157		0.22	%		32		1		1
Wow tech Co., Ltd.		369		0.75	%		11		11		11
World Power Tech Co., Ltd.		16		0.28	%		24		24		24
PBM Auto Co., Ltd.		1,001		1.06	%		10		10		10
K2 Motors Co., Ltd.		54		0.28	%		1		1		1
CL Tech Co., Ltd.		801		2.25	%		40		40		40
Mirae Industry Co., Ltd.		39		0.04	%		6		6		6
Gentak Korea Co., Ltd.		301		0.31	%		8		8		8

52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Sungjin Chemical Co., Ltd.		118		0.36	%		4		4		4
LMAT Co., Ltd.		198		0.04	%		20		20		20
Poong Lim Industrial Co., Ltd.		25		0.00	%		38		38		38
Dae Sung GeoTech Co., Ltd.		631		1.28	%		32		32		32
Saeheemang Co., Ltd.		756		0.60	%		15		15		15
Hakbong Precision Co., Ltd.		1,460		1.18	%		15		15		15
Vornech Co., Ltd.		431		0.37	%		11		2		2
Woojin Formtech Co., Ltd.		76		0.08	%		8		1		1
Korea Engineer Manufacturing Co., Ltd.		114		0.26	%		6		1		1
Sinwa J&K Co., Ltd.		476		0.28	%		5		5		5
Owon E&G Co., Ltd.		132		0.20	%		4		4		4
Guseong Co., Ltd.		141		0.20	%		4		4		4
Irefarm Co., Ltd.		45		0.30	%		3		3		3
Nam-hae E&C Co., Ltd.		117		0.10	%		2		2		2
Haenarae Agricultural Corp.		15		0.03	%		2		2		2
Ja Yeon Science Ind. Co., Ltd.		10		0.05	%		2		2		2
DECO&E Co., Ltd.		1,261		0.00	%		2		2		2
Design Beyond Co., Ltd.		17		0.19	%		2		2		2
LBK Co., Ltd.		8		0.05	%		1		1		1
Duckwon industrial Co., Ltd.		32		0.43	%		13		13		13
ASPT Co., Ltd.		64		0.82	%		19		19		19
SIMA Co., Ltd.		29		0.05	%		3		3		3
Jingkang Resources Co., Ltd.		90		1.57	%		13		13		13
Eslin Co., Ltd.		39		0.14	%		8		8		8
Shinwon Co., Ltd.		275		0.42	%		19		19		19
CIC Tech Co., Ltd.		96		0.54	%		10		10		10
Orano Expansion		5,742,405		4.72	%		—		—		—
Fourever Co., Ltd.		44		0.10	%		4		4		4
Segyo Hitech Co., Ltd.		156		0.24	%		8		8		8
Myungil Metal Co., Ltd.		80		0.10	%		4		4		4
Daeshin ECM Co., Ltd.		182		0.30	%		9		9		9
Greencarbon Co., Ltd.		79		0.06	%		1		1		1
Sunkoo Co., Ltd.		4		0.10	%		2		2		2
Jians Construction Co., Ltd.		13		0.00	%		2		2		2
DH trading Co., Ltd.		891		0.04	%		178		178		178
Diotech Co., Ltd.		2,186		2.84	%		219		219		219
Sangsin Co., Ltd.		29		0.09	%		15		15		15
Steel focus Co., Ltd.		154		0.20	%		4		4		4
Kamada Korea Co., Ltd.		437		0.33	%		22		22		22
Fosys Co., Ltd.		19		0.08	%		4		4		4
GB precision Co., Ltd.		137		0.57	%		1		1		1
Ewon Art Co., Ltd.		185		0.61	%		9		9		9
DI Tech Co., Ltd.		3		0.00	%		—		—		—
Hans AD Co., Ltd.		33		0.35	%		2		2		2

53

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Chaegim Environment Development Co., Ltd.		158		0.01	%		3		3		3
Daesung Stain Co., Ltd.		32		0.32	%		2		2		2
YSM Co., Ltd.		281		2.07	%		14		14		14
Dong In Industry Co., Ltd.		65		0.13	%		3		3		3
U&I Co., Ltd.		50		0.22	%		5		5		5
World One Co., Ltd.		401		0.58	%		10		10		10
Yewon Co., Ltd.		24		0.02	%		1		—		—
Seeun P&P Co., Ltd.		163		0.48	%		33		33		33
TSNT Co., Ltd.		119		0.00	%		24		24		24
Shinsung Tech Co., Ltd.		314		0.01	%		16		16		16
JSL Co., Ltd.		51		0.49	%		3		3		3
Loft Garden Co., Ltd.		1		0.04	%		—		—		—
Handon Co., Ltd.		74		0.25	%		11		11		11
GH Tech Co., Ltd.		82		0.22	%		3		3		3
Daeo Co., Ltd.		13		0.23	%		4		4		4
Bokwang Co., Ltd.		76		0.00	%		15		15		15
Samkum Industry Co., Ltd.		201		0.48	%		40		40		40
Dyntex Korea Co., Ltd.		75		0.28	%		15		15		15
IGSP Co., Ltd.		17,662		0.21	%		18		18		18
Mirae Engineering Co., Ltd.		66		0.15	%		1		1		1
Mideumeul-juneun-namu Co., Ltd.		119		0.53	%		6		6		6
Leagis Co., Ltd.		829		1.38	%		66		66		66
Seil Textile Co., Ltd.		16		0.15	%		3		3		3
Ilshin Tech Co., Ltd.		36		0.00	%		7		7		7
Magtec Co., Ltd.		28		0.00	%		6		6		6
Sukwon Co., Ltd.		2,885		0.59	%		29		29		29
Hae-sung Metal Co., Ltd.		159		0.17	%		3		3		3
White&Clean Foods Co., Ltd.		330		0.00	%		3		3		3
Michang Cable Co., Ltd.		861		0.13	%		4		4		4
G.M Foods Co., Ltd.		57		0.16	%		9		9		9
Wecan Global Inc. Co., Ltd.		165		0.08	%		8		8		8
Daeju Steel Co., Ltd.		11		0.20	%		1		1		1
Hyundai Glass Co., Ltd.		860		0.83	%		43		43		43
MEC Co., Ltd.		16,468		1.17	%		41		41		41
Daeyeoneco Co., Ltd.		151		0.00	%		15		15		15
Hyesung Cable&Communication Inc.		762		0.39	%		38		38		38
Sangjin Co., Ltd.		428		0.35	%		21		21		21
Topis Co., Ltd.		246		0.71	%		14		14		14
G&L Tech Co., Ltd.		2		0.06	%		—		—		—
Cheonhae Co., Ltd.		72		0.00	%		2		2		2
Iksan-guwon Co., Ltd.		563		0.00	%		11		11		11
Korea Remicon Co., Ltd.		36		0.03	%		5		5		5
New Tech Co., Ltd.		23		0.15	%		2		2		2
Segeon Co., Ltd.		124		0.00	%		4		4		4

54

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued

In millions of won	2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
MS Tech Co., Ltd.		9		0.15	%		1		1		1
J.I Steel Co., Ltd.		21		0.00	%		2		2		2
HNT Co., Ltd.		172		0.00	%		9		9		9
Taejin Co., Ltd.		27		0.08	%		3		3		3
Macroad Co., Ltd.		953		0.17	%		10		10		10
Jinsung Electronics Co., Ltd.		69		1.41	%		14		14		14
Woongjin Energy Co., Ltd.		94		0.00	%		9		9		9
Electric Contractors’ Financial Cooperative Co., Ltd.		—		0.00	%		38		38		38
Information&Communication Financial Cooperative Co., Ltd.		—		0.00	%		15		15		15
Common Computer Co., Ltd.		3,856		1.87	%		1,000		1,000		1,000
Fine Powerex Co., Ltd.		72,633		4.92	%		1,500		1,500		1,500
							263,904		160,790		160,790
Debt securities
Aron Flying Ship Co., Ltd. (*1)							500		491		491
						W	589,194		435,107		435,107

(*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 discounted cash flow method 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, 2021.

55

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		91,356		91,356
Ssangyong Motor Co., Ltd.		38,568		0.03	%		428		107		107
SM Korea Line Corp.		180		0.00	%		1		1		1
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		1		1
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		49		49
PAN Ocean Co., Ltd.		1,492		0.00	%		14		7		7
Dongbu Corp.		955		0.02	%		12		13		13
KSP Co., Ltd.		22,539		0.08	%		53		34		34
STX Heavy Industries Co., Ltd.		7,419		0.12	%		107		29		29
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		53,127		53,127
Energy Fuels Inc.		1,711,814		1.31	%		16,819		7,888		7,888
Bunji Corporation Limited		99,763		0.07	%		18,445		—		—
Denison Mines Corp.		58,284,000		9.76	%		84,134		41,776		41,776
Fission 3.0		75,000		0.05	%		—		6		6
Fission Uranium Corp.		800,000		0.16	%		785		266		266
SangSangin Industry Co., Ltd.(formerly, DMC Co., Ltd.)		5,831		0.02	%		38		4		4
Vitzosys Co., Ltd.		399		0.00	%		2		2		2
EMnI Co., Ltd.		1,257		0.00	%		25		2		2
							359,327		194,669		194,669
Unlisted (*1)
Intellectual Discovery Co., Ltd.		1,000,000		6.00	%	W	5,000		954		954
Hwan Young Steel Co., Ltd.		10,916		0.14	%		1,092		97		97
SAMBO AUTO. Co., Ltd.		15,066		0.02	%		38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Miju Steel Mfg. Co., Ltd.		1,097		0.23	%		50		50		50
Sungwon Co., Ltd.		117		0.07	%		15		15		15
KC Development Co., Ltd.		839		0.02	%		6		6		6
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
ASA JEONJU Co., Ltd.		34,846		1.34	%		697		69		69
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
Sungkwang Timber Co., Ltd.		3		0.08	%		5		5		5
HJ Steel Co., Ltd.		218		0.07	%		2		2		2
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pyungsan SI Co., Ltd.		434		0.01	%		9		9		9
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
AJS Co., Ltd.		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Youngjin Hi-Tech Co., Ltd.		2,512		0.25	%		126		21		21
Buyoung Co., Ltd.		270		0.00	%		3		3		3
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Dongyang Telecom Co., Ltd.		1,760		0.01	%		11		1		1
Jongwon Remicon Co., Ltd.		31		0.18	%		13		13		13
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		27		27

56

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		111		3		3
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2
Shinil Engineering Co., Ltd.		887		0.06	%		3		3		3
Biwang Industry Co., Ltd		406		0.04	%		2		2		2
Young Sung Co., Ltd.		89		0.40	%		26		26		26
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		15		15		15
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Futech Mold Co., Ltd.		274		0.27	%		14		14		14
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		22		22
Kolmar Pharma Co., Ltd.		1,426		0.01	%		52		3		3
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		31		31
Seen Business and Technology co., Ltd.		29,424		0.73	%		148		7		7
Woobang Construction Co., Ltd.		8		0.00	%		8		8		8
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		5		5
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		25		25
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Ace Track Co., Ltd.		3,130		1.08	%		219		59		59
Dung Hwan Co., Ltd.		556		0.02	%		6		6		6
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
Sunjin Power Tech Co., Ltd.		4,941		0.92	%		247		32		32
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7
B CON Co., Ltd.		96		1.16	%		6		6		6
Ace Integration Co., Ltd		105		0.09	%		24		24		24
AceInti Agricultural Co., Ltd.		16		0.02	%		5		5		5
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		134		1		1
HyoDong Development Co., Ltd.		128		0.16	%		25		25		25
Haspe Tech Co., Ltd.		652		0.55	%		20		20		20
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co.,Ltd.		41		0.05	%		1		1		1

57

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
Dong Yang Metal Co., Ltd.		2,951		1.97	%		161		147		147
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
ShinShin Co., Ltd		339		1.12	%		17		17		17
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35
Force TEC Co., Ltd.		3,501		0.02	%		18		18		18
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Tae Hyung Co., Ltd.		28		0.43	%		20		20		20
Younil Metal Co., Ltd.		41		0.21	%		21		21		21
Hankook Precision Ind Co., Ltd.		110		0.06	%		3		3		3
CJ Paradise Co.,Ltd		24		0.02	%		12		12		12
Han Young Technology Company Co.,Ltd.		35		0.00	%		—		—		—
STX Offshore & Shipbuilding Co., Ltd.		8,622		0.25	%		1,078		1,078		1,078
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
NFT Co., Ltd.		136		0.40	%		8		8		8
Hyundaitech Co.,Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co.,Ltd.		47		0.21	%		2		2		2
SG Shinsung Engineering and Construction Co., Ltd.		10		0.00	%		6		6		6
Samdo Industry Electric Co.,Ltd.		48		0.02	%		1		1		1
Taejung Industries Co.,Ltd.		9,268		0.30	%		5		5		5
Shinsei Trading Co., Ltd.		64		0.72	%		6		6		6
Dynamic Co., Ltd.		111		0.19	%		3		3		3
Green Alchemy Co.,Ltd.		38,202		1.48	%		191		17		17
Youone TBM Engineering & Construction Co., Ltd.		615		0.27	%		31		31		31
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co.,Ltd.		555		0.80	%		3		3		3
Sewon Bus Co.,Ltd		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Sangji Co., Ltd.		20		0.26	%		4		4		4
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
AIRTECH Information communication Co., Ltd		2,379		0.60	%		12		12		12
Shin kwang Industrial Co., Ltd.		884		0.35	%		55		55		55
Kiscom Co., Ltd.		1,493		0.04	%		1		1		1
Wonil laser Co., Ltd		157		0.37	%		16		16		16
Pyung Hwa Industrial Co.,Ltd.		3,388		3.00	%		85		85		85
PT. Kedap Saayq		671		10.00	%		18,540		—		—
Set Holding (*2)		1,100,220		2.50	%		229,255		143,765		143,765
PT. Cirebon Energi Prasarana		22,420		10.00	%		2,612		2,440		2,440
Choheung packing Co.,Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		11		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		159		159
Sungsan Parts Co., Ltd.		629		0.80	%		63		63		63
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		17		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
Yeong-gwang Remicon Co., Ltd.		15		0.12	%		2		2		2
NTS Co., Ltd.		143		0.22	%		36		36		36

58

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		100		100
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Daedong Industry Co., Ltd.		617		0.55	%		46		46		46
Doosung Heavy Industries Co., Ltd.		53		0.06	%		5		5		5
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
SG Corp.		213		0.54	%		21		21		21
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		60		60
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22
Keum Mun Industry Co., Ltd.		1,320		0.97	%		330		56		56
Puruen Environment Co., Ltd.		967		1.34	%		19		19		19
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
SIE Co., Ltd.		12		0.02	%		1		1		1
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Dongdo Basalt Industry Co., Ltd.		182		1.50	%		73		73		73
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23
Ilwoo Steel Co., Ltd.		41		0.28	%		17		17		17
Dong-un Tech Co., Ltd.		1,159		6.28	%		81		81		81
Wongwang Door Corp.		575		1.00	%		29		29		29
Seobu Highway Solar Co., Ltd.		19,460		2.86	%		195		195		195
Dongbu Highway Solar Co., Ltd.		19,020		4.99	%		190		190		190
Mansu Co.,Ltd.		344		0.25	%		15		15		15
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sehwa Diecasting Co., Ltd.		299		1.66	%		44		44		44
Sungchang Tech Co., Ltd.		159		0.31	%		10		10		10
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		55		55
Amanex Co., Ltd.		10		0.02	%		9		9		9
Dae-A Leisure Co., Ltd.		23		0.00	%		4		4		4
Caffe Bene Co.,Ltd.		1,908		0.03	%		2		2		2
Daechang HRSG Co.,Ltd.		618		0.12	%		62		62		62
Shinjin International Corp.		4		0.01	%		1		1		1
Daewoon Shell Tech Co., Ltd.		666		2.81	%		33		33		33
Jinhung Packaging Co.,Ltd		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Clizen Co., Ltd.		615		0.34	%		31		31		31
DAEDONGMILLENNIUM Co., Ltd.		159		0.42	%		32		32		32
Daeji Product Co., Ltd.		15		0.05	%		1		—		—
Cheong Hae Myeong Ga Co.,Ltd.		1,867		0.11	%		5		5		5
Jaein Circuit Co., Ltd.		498		1.12	%		65		65		65
SSET Co., Ltd.		181		0.30	%		18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Dawon Yuhwa Co., Ltd.		506		1.94	%		25		25		25
Ogokbaekkwa Co., Ltd.		101		0.12	%		1		1		1
Shinwoo Toptech Co., Ltd.		834		0.51	%		83		83		83
KMLC Co., Ltd.		281		0.14	%		22		22		22

59

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Youngshin Plus Co., Ltd.		104		0.12	%		5		5		5
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
Dae Bang Industry Co.,Ltd.		115		0.13	%		6		6		6
S.I.T. Co.,Ltd		2,213		0.44	%		22		22		22
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
Enaindustry Co., Ltd.		201		0.28	%		141		141		141
TCT Co., Ltd.		3,277		0.55	%		82		82		82
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
MJT Co., Ltd.		1,013		0.20	%		51		51		51
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Road Solar Co., Ltd.		12		0.00	%		—		—		—
Sung Ae Co., Ltd.		190		0.80	%		10		10		10
Han Mi Flexible Co.,Ltd.		143		0.20	%		43		43		43
Samhwa Casting Co., Ltd.		200		0.04	%		100		100		100
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
GN Chem Co., Ltd.		40		0.07	%		1		1		1
GW Industry Co., Ltd.		505		0.07	%		51		51		51
TM Construction Co., Ltd.		4		0.00	%		—		—		—
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Nanomicart Co., Ltd.		176		1.06	%		35		35		35
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
HIC Co., Ltd.		7,408		0.71	%		111		111		111
Addies Direct Co., Ltd.		1		0.00	%		—		—		—
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Deok-u Co., Ltd.		1,626		1.92	%		195		195		195
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Hightech Mnp Co., Ltd.		123		0.35	%		6		6		6
Dongjin Foundry Industry Co., Ltd.		966		4.10	%		193		193		193
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Taeyang gasteel Co., Ltd.		8		0.02	%		1		1		1
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23

60

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
TK Co., Ltd.		307		0.70	%		15		15		15
Sungdo Co., Ltd.		130		1.10	%		52		52		52
KSM Tecj Co., Ltd.		25		0.11	%		1		1		1
Arari Co., Ltd.		14		0.05	%		1		1		1
Potech Co., Ltd.		39		0.13	%		14		14		14
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Sungshin Parts Co., Ltd.		345		0.40	%		14		14		14
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
D&C Castech Co., Ltd.		330		1.89	%		25		25		25
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Wenex Co., Ltd.		373		0.53	%		19		19		19
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Koomin Precisions Co., Ltd.		124		0.26	%		12		12		12
Woosung I.B. Co.,Ltd		7,071		0.07	%		14		14		14
CAP Korea Co., Ltd.		16		0.30	%		3		3		3
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		1		1		1
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
RMK Co., Ltd.		63		0.90	%		22		22		22
Tpp Co., Ltd.		36,645		11.72	%		1,832		1,832		1,832
Kuklim Plastic New Technology Co., Ltd.		393		0.29	%		8		8		8
Dukeong Metal Heat Treatment Co., Ltd.		843		3.61	%		84		84		84
Newko Co., Ltd.		331		0.06	%		10		10		10
KMC&R Co., Ltd.		16		0.11	%		1		1		1
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Newclean Livestock Co., Ltd.		86		0.17	%		4		4		4
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Panax Korea Co., Ltd.		58		0.14	%		9		9		9
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		1		1		1
Coco Food Co., Ltd.		648		1.24	%		33		33		33
Woori Industry Co., Ltd.		102		1.05	%		21		21		21
Para Belleza Co., Ltd		1,211		1.74	%		74		74		74
Dongsung Co., Ltd.		1,983		1.63	%		198		198		198
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		4		4
SH Co., Ltd.		31		0.20	%		6		6		6

61

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Shares		Ownership			Acquisition cost		Book value		Fair value
Namsunnam Co., Ltd.		1,275		0.19	%		6		6		6
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Chandown Food Co., Ltd.		46		0.14	%		9		9		9
Getron Co., Ltd.		7,259		0.20	%		37		37		37
Jungmun Co., Ltd.		19		0.26	%		2		2		2
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
JM Tech Co., Ltd.		403		0.67	%		82		82		82
SGC Energy Co., Ltd.		580,000		5.00	%		2,900		2,900		2,900
Ihsung CNI Co., Ltd.		13,526		18.22	%		3,000		3,000		3,000
H Robotics Co., Ltd.		9,192		4.55	%		1,000		1,000		1,000
Good Tcells Co., Ltd.		11,364		0.34	%		500		500		500
							275,496		163,890		163,890
						W	634,823		358,559		358,559

(*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 discounted cash flow method 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, 2020.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Financial assets at amortized cost		Government grants		Allowance for doubtful accounts		Others		Book value
Government bonds	W	1,308		—		—		—		1,308
Others		23,965		—		—		—		23,965
	W	25,273		—		—		—		25,273
Current	W	15,422		—		—		—		15,422
Non-current		9,851		—		—		—		9,851
In millions of won	2020
	Financial assets at amortized cost		Government grants		Allowance for doubtful accounts		Others		Book value
Government bonds	W	1,422		—		—		—		1,422
Others		13,000		—		—		—		13,000
	W	14,422		—		—		—		14,422
Current	W	13,149		—		—		—		13,149
Non-current		1,273		—		—		—		1,273

63

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

12. Derivatives

(1) Derivatives as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	559		6,899		18,332		—
Currency swap		125,877		506,957		11,193		127,386
Interest rate swap		502		6,980		—		9,502
Others		—		9		—		—
	W	126,938		520,845		29,525		136,888
Derivative liabilities
Currency forward	W	301		—		10,014		4,977
Currency swap		4,446		16,708		36,088		232,669
Interest rate swap		2,544		28,138		3,782		66,451
Others (*1,2,3)		—		25,894		—		11,138
	W	7,291		70,740		49,884		315,235

(*1) The Group has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’.

(*2) The Group has granted stock option to Chester Solar IV SpA, a joint venture of the Group, and 4 other third party investors, and the fair value of the obligation is recorded in ‘Others’.

(*3) The Group has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Group from financial investors, and the fair value of the obligation is recorded in ‘Others’.

64

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:

In millions of won and thousands of USD except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Korea Development Bank		2021.09.27		2022.01.07	W	59,049		USD 50,050	W	1,179.80
Shinhan Bank		2021.12.13		2022.01.04		17,354		USD 14,720		1,178.95
Hana Bank		2021.12.24		2022.01.11		1,185		USD 1,000		1,185.35
Hana Bank		2021.12.30		2022.01.06		11,840		USD 10,004		1,183.53
Kookmin Bank		2021.12.23		2022.01.14		11,869		USD 10,000		1,186.92
Mizuho Bank		2021.12.27		2022.01.17		11,862		USD 10,000		1,186.20
Morgan Stanley		2021.12.24		2022.01.13		11,865		USD 10,000		1,186.50
Nonghyup Bank		2021.12.10		2022.01.03		11,746		USD 10,000		1,174.60
Nonghyup Bank		2021.12.30		2022.01.18		11,880		USD 10,000		1,188.00
Nonghyup Bank		2021.12.23		2022.01.12		5,921		USD 5,000		1,184.10
Standard Chartered		2021.12.24		2022.01.13		11,796		USD 10,000		1,179.62
Woori bank		2021.12.16		2022.01.13		8,985		USD 7,590		1,183.90
Woori bank		2021.12.29		2022.01.20		11,870		USD 10,000		1,187.00
JP Morgan		2021.12.23		2022.01.04		14,243		USD 12,000		1,186.88
JP Morgan		2021.12.23		2022.01.04		6,532		USD 5,500		1,187.68
HSBC		2021.12.30		2022.01.07		16,601		USD 14,000		1,185.77
JP Morgan		2021.12.30		2022.01.07		16,601		USD 14,000		1,185.82
Nonghyup Bank		2021.12.23		2022.01.10		11,871		USD 10,000		1,187.10
Standard Chartered		2021.12.23		2022.01.12		10,690		USD 9,000		1,187.80
Mizuho Bank		2021.12.29		2022.01.03		5,932		USD 5,000		1,186.40
JP Morgan		2021.12.29		2022.01.03		4,744		USD 4,000		1,186.00
HSBC		2021.12.29		2022.01.20		5,936		USD 5,000		1,187.14
HSBC		2021.12.30		2022.01.21		17,771		USD 15,000		1,184.70
MUFG		2021.12.30		2022.01.25		5,925		USD 5,000		1,184.90
HSBC		2020.10.19		2024.10.29		140,913		USD 125,000		1,127.30
HSBC		2021.11.30		2022.01.07		5,939		USD 5,000		1,187.70
HSBC		2021.11.30		2022.01.07		5,934		USD 5,000		1,186.70
HSBC		2021.11.30		2022.01.07		5,929		USD 5,000		1,185.70
Woori bank		2021.12.01		2022.01.07		11,856		USD 10,000		1,185.55
Woori bank		2021.12.29		2022.01.28		11,885		USD 10,000		1,188.50
MUFG		2021.12.29		2022.01.28		11,876		USD 10,000		1,187.55
Woori bank		2021.12.30		2022.01.28		11,852		USD 10,000		1,185.20
Woori bank		2021.12.23		2022.02.18		8,316		USD 7,000		1,188.00
HSBC		2021.12.29		2022.02.18		11,880		USD 10,000		1,188.00
Shinhan Bank		2021.12.24		2022.02.25		5,938		USD 5,000		1,187.50
Hana Bank		2021.12.24		2022.02.25		5,935		USD 5,000		1,186.99
Standard Chartered		2021.12.29		2022.02.25		11,885		USD 10,000		1,188.50
MUFG		2021.12.17		2022.03.18		259		USD 219		1,183.74

65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 2021 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, USD)
			Pay		Receive		Pay	Receive
Standard Chartered		2014~2029	W	102,470		USD 100,000	3.14%	3.57%	W	1,024.70
Societe Generale		2014~2024		105,017		USD 100,000	4.92%	5.13%		1,050.17
Hana Bank		2015~2024		107,970		USD 100,000	4.75%	5.13%		1,079.70
Credit Agricole		2015~2024		94,219		USD 86,920	4.85%	5.13%		1,083.97
Woori Bank		2019~2027		21,708		USD 19,417	5.04%	6.75%		1,118.00
Woori Bank		2019~2024		296,000		USD 250,000	1.21%	2.50%		1,184.00
Korea Development Bank		2019~2024		177,600		USD 150,000	1.24%	2.50%		1,184.00
Hana Bank		2019~2024		118,400		USD 100,000	1.24%	2.50%		1,184.00
Woori Bank		2020~2025		241,320		USD 200,000	0.54%	1.13%		1,206.60
Korea Development Bank		2020~2025		241,320		USD 200,000	0.54%	1.13%		1,206.60
Kookmin Bank		2020~2025		120,660		USD 100,000	0.54%	1.13%		1,206.60
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
Citibank		2012~2022		112,930		USD 100,000	2.79%	3.00%		1,129.30
JP Morgan		2012~2022		112,930		USD 100,000	2.79%	3.00%		1,129.30
Bank of America		2012~2022		112,930		USD 100,000	2.79%	3.00%		1,129.30
Shinhan Bank		2016~2022		112,930		USD 100,000	2.79%	3.00%		1,129.30
HSBC		2012~2022		111,770		USD 100,000	2.89%	3.00%		1,117.70
Hana Bank		2012~2022		111,770		USD 100,000	2.87%	3.00%		1,117.70
Standard Chartered		2012~2022		111,770		USD 100,000	2.89%	3.00%		1,117.70
Deutsche Bank		2012~2022		55,885		USD 50,000	2.79%	3.00%		1,117.70
Nomura		2015~2025		111,190		USD 100,000	2.60%	3.25%		1,111.90
Korea Development Bank		2015~2025		111,190		USD 100,000	2.62%	3.25%		1,111.90
Woori Bank		2015~2025		55,595		USD 50,000	2.62%	3.25%		1,111.90
Hana Bank		2015~2025		55,595		USD 50,000	2.62%	3.25%		1,111.90
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		2018~2023		170,280		USD 150,000	2.15%	3.75%		1,135.20
Woori Bank		2018~2023		170,280		USD 150,000	2.18%	3.75%		1,135.20
Hana Bank		2018~2023		113,520		USD 100,000	2.17%	3.75%		1,135.20
Shinhan Bank		2018~2023		227,040		USD 200,000	2.17%	3.75%		1,135.20
Citibank		2019~2024		239,956		CHF 200,000	1.44%	0.00%		1,199.78
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
HSBC		2019~2024		USD 205,500		AUD 300,000	3M Libor + 0.78%	3M BBSW + 0.97%		USD 0.69

66

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of December 31, 2021 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)
			Pay		Receive		Pay	Receive
Kookmin Bank		2020~2025	W	118,780		USD 100,000	1.29%	2.13%	W	1,187.80
Shinhan Bank		2020~2025		118,780		USD 100,000	1.29%	2.13%		1,187.80
Hana Bank		2020~2025		118,780		USD 100,000	1.29%	2.13%		1,187.80
Korea Development Bank		2020~2026		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
Korea Development Bank		2019~2022		112,650		USD 100,000	1.80%	3.38%		1,126.50
Kookmin Bank		2019~2022		112,650		USD 100,000	1.80%	3.38%		1,126.50
Woori Bank		2019~2022		112,650		USD 100,000	1.80%	3.38%		1,126.50
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		2018~2023		320,880		USD 300,000	2.03%	3.75%		1,069.60
BNP Paribas		2019~2024		111,841		CHF 100,000	1.78%	0.13%		1,118.41
Kookmin Bank		2019~2024		111,841		CHF 100,000	1.78%	0.13%		1,118.41
Korea Development Bank		2019~2022		117,340		USD 100,000	1.06%	2.38%		1,173.40
Hana Bank		2019~2022		117,340		USD 100,000	1.06%	2.38%		1,173.40
Kookmin Bank		2019~2022		117,340		USD 100,000	1.06%	2.38%		1,173.40
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
Hana Bank		2017~2022		226,600		USD 200,000	1.94%	2.63%		1,133.00
Korea Development Bank		2017~2022		113,300		USD 100,000	1.94%	2.63%		1,133.00
Nomura		2017~2022		113,300		USD 100,000	1.95%	2.63%		1,133.00
Woori Bank		2017~2022		56,650		USD 50,000	1.95%	2.63%		1,133.00
Kookmin Bank		2017~2022		56,650		USD 50,000	1.95%	2.63%		1,133.00
Korea Development Bank		2018~2023		169,335		USD 150,000	2.26%	3.88%		1,128.90
Woori Bank		2018~2023		169,335		USD 150,000	2.26%	3.88%		1,128.90
Credit Agricole		2018~2023		112,890		USD 100,000	2.26%	3.88%		1,128.90
Hana Bank		2018~2023		56,445		USD 50,000	2.26%	3.88%		1,128.90
Kookmin Bank		2018~2023		56,445		USD 50,000	2.26%	3.88%		1,128.90
Woori Bank		2020~2025		245,560		USD 200,000	0.93%	1.75%		1,227.80
Hana Bank		2020~2025		245,560		USD 200,000	0.93%	1.75%		1,227.80
Korea Development Bank		2020~2025		122,780		USD 100,000	0.93%	1.75%		1,227.80

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:

In millions of won					Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay	Receive
Hana Bank		2017~2022	W	100,000	2.01%	3M CD + 0.24%
Hana Bank		2017~2022		100,000	2.06%	3M CD + 0.27%
Nomura (*1)		2018~2038		30,000	2.56%	3.75%
Hana Bank		2018~2023		200,000	2.15%	3M CD + 0.19%
Hana Bank		2018~2023		200,000	2.17%	3M CD + 0.19%
Hana Bank		2018~2023		150,000	2.03%	3M CD + 0.21%
Hana Bank		2019~2024		200,000	1.87%	3M CD + 0.13%
Shinhan Bank		2021~2025		100,000	2.32%	3M CD + 0.43%
Societe Generale		2017~2022		200,000	3M Libor + 3.44%	3.77%
Nomura		2017~2032		52,457	3M Libor + 2.22%	2.60%
Nomura		2017~2032		59,423	3M Libor + 2.24%	2.62%
Nomura (*2)		2021~2041		30,000	1.84%	2.60%
Nomura (*3)		2021~2041		50,000	1.87%	2.38%

(*1) 2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. 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.

(6) Interest rate swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows:

In thousands of USD					Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay	Receive
Export-Import Bank of Korea		2015~2031		USD 15,893	2.67%		6M USD Libor
ING Bank		2015~2031		USD 7,861	2.67%		6M USD Libor
BNP Paribas		2015~2031		USD 7,861	2.67%		6M USD Libor
BNP Paribas		2009~2027		USD 60,316	4.16%		6M USD Libor
KFW		2009~2027		USD 60,316	4.16%		6M USD Libor
Export-Import Bank of Korea		2016~2036		USD 71,116	3.00%		6M USD Libor

(7) Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2021 and 2020 are as follows and included in 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) (*)
	2021			2020			2021			2020			2021			2020
Currency forward	W	33,066			(40,590	)		33,032			(17,911	)		—			—
Currency swap		787,264			(406,607	)		61,353			93,557			(59,108	)		105,642
Interest rate swap		18,123			(1,845	)		(10,303	)		(10,253	)		18,648			5,578
Other derivatives		(15,459	)		(6,673	)		—			—			—			—
	W	822,994			(455,715	)		84,082			65,393			(40,460	)		111,220

(*) For the year ended December 31, 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of W15,778 million, net of tax, is included in other comprehensive income (loss).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

13. Other Financial Assets

(1) Other financial assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021						2020
	Current			Non-current			Current			Non-current
Loans	W	88,406			903,397			78,806			762,555
Less: Allowance for doubtful accounts		(10	)		(52,667	)		(1	)		(20,266	)
Less: Present value discount		(807	)		(29,248	)		(842	)		(30,090	)
		87,589			821,482			77,963			712,199
Long-term / short-term financial instruments		1,278,014			450,494			1,483,482			578,621
	W	1,365,603			1,271,976			1,561,445			1,290,820

(2) Loans as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Face value		Allowance for doubtful accounts			Present value  discount			Carrying value
Short-term loans
Loans for tuition	W	28,975		—			(807	)		28,168
Loans for housing		25,750		—			—			25,750
Other loans		33,681		(10	)		—			33,671
		88,406		(10	)		(807	)		87,589
Long-term loans
Loans for tuition		431,002		(37,783	)		(29,248	)		363,971
Loans for housing		282,833		—			—			282,833
Loans for related parties		150,541		(14,861	)		—			135,680
Fisheries loan		203		—			—			203
Other loans		38,818		(23	)		—			38,795
		903,397		(52,667	)		(29,248	)		821,482
	W	991,803		(52,677	)		(30,055	)		909,071

In millions of won	2020
	Face value		Allowance for doubtful accounts			Present value  discount			Carrying value
Short-term loans
Loans for tuition	W	33,864		—			(842	)		33,022
Loans for housing		21,988		—			—			21,988
Fisheries loan		3,816		—			—			3,816
Other loans		19,138		(1	)		—			19,137
		78,806		(1	)		(842	)		77,963
Long-term loans
Loans for tuition		420,274		(9,091	)		(30,090	)		381,093
Loans for housing		237,100		—			—			237,100
Loans for related parties		50,682		(1,047	)		—			49,635
Other loans		54,499		(10,128	)		—			44,371
		762,555		(20,266	)		(30,090	)		712,199
	W	841,361		(20,267	)		(30,932	)		790,162

69

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Beginning balance	W	20,267		15,094
Bad debts expense		30,942		5,173
Others		1,468		—
Ending balance	W	52,677		20,267

(4) Long-term and short-term financial instruments as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Time deposits	W	976,899		103,607		996,265		160,433
CD		—		—		50,000		—
RP		—		—		203,008		—
Others		301,115		346,887		234,209		418,188
	W	1,278,014		450,494		1,483,482		578,621

70

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

14. Inventories

Inventories as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	3,655,588		(1,247	)		3,654,341
Merchandises		512		—			512
Work-in-progress		180,220		—			180,220
Finished goods		27,254		—			27,254
Supplies		2,541,028		(3,869	)		2,537,159
Inventories-in-transit		1,195,148		—			1,195,148
Other inventories		13,548		—			13,548
	W	7,613,298		(5,116	)		7,608,182
In millions of won	2020
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	3,602,073		(885	)		3,601,188
Merchandises		234		—			234
Work-in-progress		148,067		—			148,067
Finished goods		42,070		—			42,070
Supplies		2,280,682		(7,892	)		2,272,790
Inventories-in-transit		666,967		—			666,967
Other inventories		11,593		—			11,593
	W	6,751,686		(8,777	)		6,742,909

The reversals of the allowance for loss on inventory valuation due to increase in the net realizable value of inventories deducted from cost of sales for the years ended December 31, 2021 and 2020 were W11,422 million and W2,020 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the years ended December 31, 2021 and 2020 were W7,761 million and W4,998 million, respectively.

71

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

15. Non-Financial Assets

Non-financial assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Advanced payments	W	161,466		124,305		169,737		32,693
Prepaid expenses		756,729		151,095		216,073		140,730
Others (*)		840,796		89,418		634,348		72,969
	W	1,758,991		364,818		1,020,158		246,392

(*) Details of others as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	524,658		—		357,355		—
Other quick assets		316,138		89,418		276,993		72,969
	W	840,796		89,418		634,348		72,969

72

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries

(1) Consolidated subsidiaries as of December 31, 2021 and 2020 are as follows:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			2021			2020
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		65.77	%		65.77	%
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 Lebanon SARL	Operation of utility plant	LEBANON		100.00	%		100.00	%
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	NETHERLANDS		100.00	%		100.00	%
Korea Imouraren Uranium Investment Corp.	Holding company	FRANCE		—			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		80.00	%		80.00	%
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	%
DG Fairhaven Power, LLC	Power generation	USA		—			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	%
EWPRC Biomass Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOSEP USA, Inc.	Power generation	USA		—			100.00	%
PT. EWP Indonesia	Holding company	INDONESIA		99.96	%		99.96	%
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	%

73

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2021 and 2020 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			2021			2020
KOSEP Material Co., Ltd.	Recycling fly ashes	KOREA		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	KOREA		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	PHILIPPINES		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	CHILE		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
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. (*5)	Operation of utility plant	KOREA		50.00	%		50.00	%
VI Carbon Professional Private Special Asset Investment Trust 1	Holding company	KOREA		—			96.67	%
Chitose Solar Power Plant LLC	Power generation	JAPAN		65.00	%		80.10	%
KEPCO Energy Solution 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 US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Alamosa LLC	Holding company	USA		50.10	%		50.10	%
KEPCO Solar of Alamosa LLC	Power generation	USA		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC (*6)	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	KOREA		79.03	%		75.99	%
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	%
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.	Power generation	KOREA		84.80	%		84.80	%
KEPCO Mangilao America LLC (*7)	Holding company	USA		100.00	%		100.00	%
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	%

74

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2021 and 2020 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			2021			2020
Paju Ecoenergy Co., Ltd.	Power generation	KOREA		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
TS Energy No. 25 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	%
Energy Innovation Fund I	Holding company	KOREA		71.91	%		71.91	%
KHNP Chile SpA	Holding company	CHILE		100.00	%		—
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	KOREA		100.00	%		—
Yeong Yang Corporation Co., Ltd.	Power generation	KOREA		100.00	%		—
SolarVader Co., Ltd.	Power generation	KOREA		100.00	%		—
Yeong Yang Innovation Co., Ltd.	Power generation	KOREA		100.00	%		—
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	KOREA		100.00	%		—
Yeong Yang Solar Management Co., Ltd.	Power generation	KOREA		100.00	%		—
LSG Hydro Power Limited	Holding company	PAKISTAN		99.80	%		—
KOEN Bio Co., Ltd.	Wood pellet utilization business	KOREA		70.00	%		—
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		—
Elara Investment Holdings, LLC (*8)	Holding company	USA		0.10	%		—
Elara Equity Holdings, LLC	Holding company	USA		51.22	%		—
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		—
Elara Class B Member, LLC	Holding company	USA		100.00	%		—
Elara Development Holdings, LLC	Holding company	USA		100.00	%		—
Elara Development, LLC	Holding company	USA		100.00	%		—
Elara Energy Holdings, LLC (*8)	Holding company	USA		43.94	%		—
Elara Energy Project, LLC	Power generation	USA		100.00	%		—
KOMIPO Iberian Solar Group, S.L.U.	Holding company	SPAIN		100.00	%		—
Jeongam Wind Power Co., Ltd.	Power generation	KOREA		80.00	%		—
KOWEPO Europe B.V.	Holding company	NETHERLANDS		100.00	%		—
CVS Equity Holdings, LLC	Holding company	USA		100.00	%		—
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		—
CVS Development Holdings, LLC	Holding company	USA		100.00	%		—
CVS Development, LLC	Holding company	USA		100.00	%		—
CVS Class B Member, LLC	Holding company	USA		100.00	%		—
CVS Energy Holdings, LLC	Holding company	USA		100.00	%		—
Concho Valley Energy, LLC	Holding company	USA		100.00	%		—
Concho Valley Solar, LLC	Power generation	USA		100.00	%		—
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	KOREA		70.00	%		—
KHNP Spain, S.L.	Holding company	SPAIN		100.00	%		—

75

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2021 and 2020 are as follows, continued:

(*1) Considering treasury stocks, the effective percentage of ownership is 66.08%.

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

(*3) As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power Limited which is November 30.

(*4) The Group guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Group which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.

(*5) The subsidiary is included in the consolidated financial statements as the Group owns 50%+1 stake and has the ability to appoint a majority of the board members under the the shareholders’ agreement.

(*6) As of the end of the reporting period, the Group does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Group has control over the entity by virtue of the right to nominate all 4 members of the board of directors.

(*7) As of the end of the reporting period, the Group does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Group has control over the entity by virtue of the right to nominate the CEO and key management members.

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

76

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(2) Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2021 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2021.

Subsidiaries	Reason
KHNP Chile SpA	Newly established
Yeong Yang Apollon Photovoltaic Co., Ltd.	New investment
Yeong Yang Corporation Co., Ltd.	New investment
SolarVader Co., Ltd.	New investment
Yeong Yang Innovation Co., Ltd.	New investment
Yeong Yang Horus Photovoltaic Co., Ltd.	New investment
Yeong Yang Solar Management Co., Ltd.	New investment
LSG Hydro Power Limited	Newly established
KOEN Bio Co., Ltd.	Newly established
KOMIPO Energy Solution America, LLC	Newly established
Elara Investment Holdings, LLC	Newly established
Elara Equity Holdings, LLC	Newly established
Elara Class B Holdings, LLC	Newly established
Elara Class B Member, LLC	Newly established
Elara Development Holdings, LLC	Newly established
Elara Development, LLC	Newly established
Elara Energy Holdings, LLC	Newly established
Elara Energy Project, LLC	New investment
KOMIPO Iberian Solar Group, S.L.U.	New investment
Prime Swedish Holding AB	Newly established
Jeongam Wind Power Co., Ltd.	Change in a relationship
KOWEPO Europe B.V.	Newly established
CVS Equity Holdings, LLC	Newly established
CVS Class B Holdings, LLC	Newly established
CVS Development Holdings, LLC	Newly established
CVS Development, LLC	Newly established
CVS Class B Member, LLC	Newly established
CVS Energy Holdings, LLC	Newly established
Concho Valley Energy, LLC	Newly established
Concho Valley Solar, LLC	New investment
Yeongdeok Sunrise Wind Power Co., Ltd.	Newly established
KHNP Spain, S.L.	Newly established

Subsidiaries excluded from consolidation during the year ended December 31, 2021.

Subsidiaries	Reason
DG Fairhaven Power, LLC	Disposal
VI Carbon Professional Private Special Asset Investment Trust 1	Liquidation
Prime Swedish Holding AB	Change in a relationship
KOSEP USA, Inc.	Liquidation
KOREA Imouraren Uranium Investment Corp.	Liquidation

77

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2021
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.	W	64,638,690		38,361,337		9,324,391		302,232
Korea South-East Power Co., Ltd.		11,487,325		6,510,826		5,188,856		(58,096	)
Korea Midland Power Co., Ltd.		13,756,040		9,912,907		5,263,302		54,869
Korea Western Power Co., Ltd.		10,822,780		7,116,671		4,970,805		(171,562	)
Korea Southern Power Co., Ltd.		11,350,984		7,099,881		5,671,989		(113,352	)
Korea East-West Power Co., Ltd.		9,895,739		5,163,005		4,743,030		10,872
KEPCO Engineering & Construction Company, Inc.		705,043		191,592		433,127		16,452
KEPCO Plant Service & Engineering Co., Ltd.		1,420,705		311,607		1,375,668		98,132
KEPCO Nuclear Fuel Co., Ltd.		837,249		405,614		323,729		25,799
KEPCO KDN Co., Ltd.		721,634		189,242		673,261		67,244
KEPCO International HongKong Ltd.		128,968		—		—		341
KEPCO International Philippines Inc.		154,317		482		—		8,766
KEPCO Gansu International Ltd.		7,151		559		—		(25	)
KEPCO Philippines Holdings Inc.		191,757		128		—		60,192
KEPCO Philippines Corporation		6,122		19		—		(68	)
KEPCO Ilijan Corporation		259,069		38,555		60,532		12,981
KEPCO Lebanon SARL		1,729		9,794		—		(86	)
KEPCO Neimenggu International Ltd.		241,299		3,106		—		16,762
KEPCO Shanxi International Ltd.		551,407		207,844		—		3,526
KOMIPO Global Pte Ltd.		302,340		1,351		—		11,462
KEPCO Netherlands B.V.		133,610		866		—		5,395
Korea Imouraren Uranium Investment Corp.		83		—		—		(13,898	)
KEPCO Australia Pty., Ltd.		481		11		—		25
KOSEP Australia Pty., Ltd.		44,798		5,561		22,013		8,268
KOMIPO Australia Pty., Ltd.		54,162		5,648		22,013		5,942
KOWEPO Australia Pty., Ltd.		54,564		4,766		22,013		7,387
KOSPO Australia Pty., Ltd.		43,886		4,502		22,013		5,940
KEPCO Middle East Holding Company		104,068		89,756		—		1,144
Qatrana Electric Power Company		480,809		262,725		21,368		19,156
KHNP Canada Energy Ltd.		109,326		25		—		29
KEPCO Bylong Australia Pty., Ltd.		44,319		394,349		—		(37,065	)
Korea Waterbury Uranium Limited Partnership		20,920		159		—		(57	)
KEPCO Holdings de Mexico		148		27		—		(8	)
KST Electric Power Company, S.A.P.I. de C.V.		584,625		435,796		151,467		18,499
KEPCO Energy Service Company		2,500		956		12,070		574
KEPCO Netherlands S3 B.V.		51,045		150		—		3,199
PT. KOMIPO Pembangkitan Jawa Bali		13,499		3,314		18,296		885
PT. Cirebon Power Service		2,545		631		8,664		505
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		33,782		16,298		9,698		816
EWP America Inc. (*1)		46,687		1,278		18,335		6,807
KNF Canada Energy Limited		2,101		17		—		(43	)
EWP Barbados 1 SRL		354,024		1,172		2,861		16,168
Gyeonggi Green Energy Co., Ltd.		243,977		224,132		93,794		(5,588	)
PT. Tanggamus Electric Power		212,161		167,409		2,903		3,017
Gyeongju Wind Power Co., Ltd.		96,937		60,702		15,289		3,132
KOMIPO America Inc. (*2)		329,986		56,325		1,715		(1,311	)
PT. EWP Indonesia		47,031		1,226		—		4,615
KEPCO Netherlands J3 B.V.		151,478		172		—		27,365
Korea Offshore Wind Power Co., Ltd.		359,393		188,507		36,020		3,820
Global One Pioneer B.V.		119		116		—		(132	)
Global Energy Pioneer B.V.		293		131		—		(147	)
Mira Power Limited		424,183		311,459		70,287		34,018
KOSEP Material Co., Ltd.		3,405		842		4,518		442
Commerce and Industry Energy Co., Ltd.		85,315		35,543		30,531		1,345
KEPCO KPS Philippines Corp.		8,051		3,652		9,768		1,493
KOSPO Chile SpA		142,956		56,688		—		(851	)

78

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services	W	116		259		—		—
Hee mang sunlight Power Co., Ltd.		6,242		3,272		499		47
Fujeij Wind Power Company		200,783		169,340		—		14,739
KOSPO Youngnam Power Co., Ltd.		393,745		292,765		318,770		6,339
Chitose Solar Power Plant LLC		125,578		109,470		16,630		1,794
KEPCO Energy Solution Co., Ltd.		317,676		4,938		21,423		3,104
KEPCO Solar Co., Ltd.		231,567		22,229		11,305		2,014
KOSPO Power Services Ltda.		8,007		5,800		21,133		(356	)
Energy New Industry Specialized Investment Private Investment Trust (*3)		336,932		28,536		19,405		11,116
KOEN Bylong Pty., Ltd.		8		86		—		—
KOMIPO Bylong Pty., Ltd.		8		86		—		(8	)
KOWEPO Bylong Pty., Ltd.		8		86		—		(18	)
KOSPO Bylong Pty., Ltd.		73		168		—		(20	)
EWP Bylong Pty., Ltd.		8		54		—		—
KOWEPO Lao International		12,974		70		8,543		5,681
KEPCO US Inc.		17,601		—		—		—
KEPCO Alamosa LLC		34,100		297		124		(62	)
KEPCO Solar of Alamosa LLC		57,104		41,953		8,008		(742	)
KEPCO Mangilao Holdings LLC		28,504		32,501		—		(556	)
Mangilao Investment LLC		43,459		29		—		(14	)
KEPCO Mangilao Solar, LLC		206,018		166,095		—		(865	)
Jeju Hanlim Offshore Wind Co., Ltd.		41,325		5,139		—		(2,893	)
PT. Siborpa Eco Power		11,306		—		—		(105	)
PT. Korea Energy Indonesia		1,917		215		1,681		37
KOLAT SpA		28,349		849		180		(464	)
KEPCO California, LLC		43,732		4,113		1,310		160
KEPCO Mojave Holdings, LLC		95,294		71,358		—		(4,254	)
Incheon Fuel Cell Co., Ltd.		259,111		236,901		46,034		962
KOEN Service Co., Ltd.		8,963		6,557		35,190		2,326
KOMIPO Service Co., Ltd.		4,384		4,475		32,323		(96	)
KOWEPO Service Co., Ltd.		7,289		5,869		31,700		303
KOSPO Service Co., Ltd.		5,762		4,990		26,257		31
EWP Service Co., Ltd.		5,483		5,455		24,957		14
PT. KOMIPO Energy Indonesia		2,996		395		2,077		106
KNF partners Co., Ltd.		1,800		969		5,664		152
KOSPO USA Inc.		286,081		293		—		968
Nambu USA LLC		277,698		—		—		568
Tamra Offshore Wind Power Co., Ltd.		146,736		106,961		21,731		5,168
KEPCO MCS Co., Ltd.		80,277		39,139		349,116		19,043
KEPCO FMS Co., Ltd.		17,188		15,577		94,210		214
Firstkeepers Co., Ltd.		17,152		16,041		77,189		19
Secutec Co., Ltd.		13,176		10,662		65,963		1,774
SE Green Energy Co., Ltd.		153,105		119,461		38,867		4,025
KEPCO Mangilao America LLC		2,173		1		—		—
Mangilao Intermediate Holdings LLC		220,690		205,421		—		(6,975	)
KEPCO CSC Co., Ltd.		8,093		6,799		41,854		(2,101	)
KOAK Power Limited		14,363		393		—		(551	)
KOMIPO Europe B.V.		70,431		97		402		(503	)

79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Haenanum Energy Fund	W	7,463		3		40		(74	)
Paju Ecoenergy Co., Ltd.		57,795		2,118		15,425		2,234
Guam Ukudu Power LLC		30,133		30,438		—		(2,030	)
TS Energy No. 25 Co., Ltd.		353,324		318,977		421		(7,525	)
KPS Partners Co., Ltd.		2,809		1,529		9,520		323
KEPCO E&C Service Co., Ltd.		4,054		1,889		15,985		1,242
Moha solar Co., Ltd.		32,808		33,933		48		(706	)
Ogiri Solar Power Co., Ltd.		1,041		1		—		9
KHNP USA LLC		766		10		1,001		267
KOMIPO Vanphong Power Service LLC		3,758		860		3,853		958
Energy Innovation Fund I		22,616		3,202		—		(888	)
KHNP Chile SpA		5,294		3,879		—		17
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,775		1,632		5		(30	)
Yeong Yang Corporation Co., Ltd.		1,776		1,623		9		(19	)
SolarVader Co., Ltd.		1,772		1,627		—		(26	)
Yeong Yang Innovation Co., Ltd.		1,773		1,622		5		(21	)
Yeong Yang Horus Photovoltaic Co., Ltd.		1,771		1,624		9		(24	)
Yeong Yang Solar Management Co., Ltd.		1,774		1,625		—		(23	)
LSG Hydro Power Limited		1		—		—		—
KOEN Bio Co., Ltd.		394		199		51		(305	)
KOMIPO Iberian Solar Group, S.L.U.		70,993		56,707		—		1,354
Jeongam Wind Power Co., Ltd.		86,853		74,267		10,476		1,027
KOWEPO Europe B.V.		39,973		1,449		—		(744	)
Yeongdeok Sunrise Wind Power Co., Ltd.		21,252		768		—		(116	)
KHNP Spain, S.L.		5		—		—		—

(*1) Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, 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 four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X.

80

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.	W	61,859,753		35,652,467		9,938,941		647,641
Korea South-East Power Co., Ltd.		10,858,645		5,954,129		4,258,904		(139,149	)
Korea Midland Power Co., Ltd.		13,028,436		9,357,603		4,293,364		(29,880	)
Korea Western Power Co., Ltd.		10,357,023		6,594,779		3,605,986		(108,953	)
Korea Southern Power Co., Ltd.		10,658,015		6,411,524		4,015,941		(17,588	)
Korea East-West Power Co., Ltd.		9,619,485		4,974,645		4,155,416		(65,427	)
KEPCO Engineering & Construction Company, Inc.		699,244		200,169		431,723		20,160
KEPCO Plant Service & Engineering Co., Ltd.		1,345,857		296,515		1,299,186		85,916
KEPCO Nuclear Fuel Co., Ltd.		798,368		390,155		331,228		14,542
KEPCO KDN Co., Ltd.		647,496		174,192		641,308		45,207
KEPCO International HongKong Ltd.		120,213		—		—		1,571
KEPCO International Philippines Inc.		133,215		366		—		35,182
KEPCO Gansu International Ltd.		7,753		512		—		(19	)
KEPCO Philippines Holdings Inc.		187,375		127		—		65,792
KEPCO Philippines Corporation		6,173		17		—		(187	)
KEPCO Ilijan Corporation		322,066		47,234		81,400		39,443
KEPCO Lebanon SARL		1,669		9,195		—		(59	)
KEPCO Neimenggu International Ltd.		213,444		2,492		—		26,593
KEPCO Shanxi International Ltd.		508,363		196,408		—		2,278
KOMIPO Global Pte Ltd.		263,378		656		—		12,460
KEPCO Netherlands B.V.		117,449		71		—		14,503
Korea Imouraren Uranium Investment Corp.		13,955		123		—		(675	)
KEPCO Australia Pty., Ltd.		451		17		—		71
KOSEP Australia Pty., Ltd.		34,249		3,500		14,327		2,150
KOMIPO Australia Pty., Ltd.		45,250		3,782		14,327		2,685
KOWEPO Australia Pty., Ltd.		44,270		2,909		14,327		1,663
KOSPO Australia Pty., Ltd.		38,341		2,750		14,327		2,242
KEPCO Middle East Holding Company		90,601		78,553		—		(1,539	)
Qatrana Electric Power Company		464,507		287,859		21,279		24,717
KHNP Canada Energy Ltd.		63,794		26		—		(7	)
KEPCO Bylong Australia Pty., Ltd.		44,691		349,542		—		16,897
Korea Waterbury Uranium Limited Partnership		20,908		165		—		(76	)
KEPCO Holdings de Mexico		148		27		—		(14	)
KST Electric Power Company, S.A.P.I. de C.V.		531,367		410,743		65,695		37,899
KEPCO Energy Service Company		2,255		994		5,880		507
KEPCO Netherlands S3 B.V.		44,042		54		—		2,833
PT. KOMIPO Pembangkitan Jawa Bali		12,946		3,298		20,306		4,775
PT. Cirebon Power Service		1,825		550		8,642		344
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		31,620		15,654		9,356		1,570
EWP America Inc. (*1)		37,681		2,683		14,312		(14,327	)
KNF Canada Energy Limited		1,871		22		—		(50	)
EWP Barbados 1 SRL		313,409		1,170		2,950		44,729
Gyeonggi Green Energy Co., Ltd.		265,768		240,366		64,660		(9,968	)
PT. Tanggamus Electric Power		217,730		184,057		3,491		11,942
Gyeongju Wind Power Co., Ltd.		105,726		68,629		13,939		2,108
KOMIPO America Inc.		105,926		918		342		(1,783	)
KOSEP USA, Inc.		1		4,837		—		—
PT. EWP Indonesia		33,900		1,125		—		7,083
KEPCO Netherlands J3 B.V.		138,824		84		—		28,242
Korea Offshore Wind Power Co., Ltd.		354,643		187,576		26,838		98
Global One Pioneer B.V.		177		60		—		(76	)
Global Energy Pioneer B.V.		338		64		—		(70	)
Mira Power Limited		348,737		266,565		31,172		(2,960	)
KOSEP Material Co., Ltd.		2,312		429		3,457		189

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Commerce and Industry Energy Co., Ltd.	W	89,681		41,384		31,603		1,623
KEPCO KPS Philippines Corp.		3,119		284		5,151		158
KOSPO Chile SpA		128,795		48,813		—		(542	)
PT. KOWEPO Sumsel Operation And Maintenance Services		108		241		—		(15	)
Hee mang sunlight Power Co., Ltd.		7,261		4,339		423		(142	)
Fujeij Wind Power Company		194,844		174,051		—		13,720
KOSPO Youngnam Power Co., Ltd.		389,071		294,408		254,966		3,405
VI Carbon Professional Private Special Asset Investment Trust 1		3,006		4		—		7
Chitose Solar Power Plant LLC		133,643		118,783		17,073		1,521
KEPCO Energy Solution Co., Ltd.		313,754		4,093		5,585		3,656
KEPCO Solar Co., Ltd.		230,443		23,098		3,933		1,888
KOSPO Power Services Ltda.		4,354		1,644		10,846		1,011
Energy New Industry Specialized Investment Private Investment Trust (*2)		279,489		24,173		23,682		8,248
KOEN Bylong Pty., Ltd.		6		75		—		(11	)
KOMIPO Bylong Pty., Ltd.		7		76		—		(11	)
KOWEPO Bylong Pty., Ltd.		6		64		—		—
KOSPO Bylong Pty., Ltd.		153		213		—		(2	)
EWP Bylong Pty., Ltd.		6		35		—		28
KOWEPO Lao International		8,982		392		8,466		4,706
KEPCO US Inc.		16,154		—		—		(21	)
KEPCO Alamosa LLC		31,353		270		127		(237	)
KEPCO Solar of Alamosa LLC		68,336		42,910		9,096		(2,052	)
KEPCO Mangilao Holdings LLC		25,785		28,924		—		(502	)
Mangilao Investment LLC		38,090		14		—		(15	)
KEPCO Mangilao Solar, LLC		69,830		34,029		—		(253	)
Jeju Hanlim Offshore Wind Co., Ltd.		20,525		9,805		—		(3,049	)
PT. Siborpa Eco Power		10,491		14		—		(361	)
PT. Korea Energy Indonesia		1,746		196		2,428		190
KOLAT SpA		31,109		425		243		(216	)
KEPCO California, LLC		41,973		4,683		—		(1,330	)
KEPCO Mojave Holdings, LLC		95,326		67,138		—		(4,358	)
Incheon Fuel Cell Co., Ltd.		192,184		170,976		—		(979	)
KOEN Service Co., Ltd.		6,239		5,598		32,150		129
KOMIPO Service Co., Ltd.		3,381		3,649		28,596		(479	)
KOWEPO Service Co., Ltd.		6,045		4,849		29,559		726
KOSPO Service Co., Ltd.		5,617		4,708		25,103		832
EWP Service Co., Ltd.		4,568		4,074		23,223		(15	)
PT. KOMIPO Energy Indonesia		2,473		154		2,391		52
KNF Partners Co., Ltd.		1,470		743		5,487		256
KOSPO USA Inc.		120,380		266		—		(1,611	)
Nambu USA LLC		42,739		—		—		544
Tamra Offshore Wind Power Co., Ltd.		150,957		112,184		22,200		4,575
KEPCO MCS Co., Ltd.		59,227		36,786		342,053		19,190
KEPCO FMS Co., Ltd.		14,390		12,585		89,228		837
Firstkeepers Co., Ltd.		13,981		12,234		68,538		2,994
Secutec Co., Ltd.		11,473		9,771		62,256		1,609
SE Green Energy Co., Ltd.		152,205		122,606		19,731		2,463
KEPCO Mangilao America LLC		1,793		—		—		—
Mangilao Intermediate Holdings LLC		100,609		80,210		—		(3,708	)
KEPCO CSC Co., Ltd.		8,817		5,551		38,465		2,479
KOAK Power Limited		15,864		1,118		—		607

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
KOMIPO Europe B.V.	W	43,198		46		333		(386	)
Haenanum Energy Fund		28,219		132		128		(13	)
Paju Ecoenergy Co., Ltd.		57,320		3,506		3,069		247
Guam Ukudu Power LLC		3,165		3,589		—		(1,577	)
TS Energy No. 25 Co., Ltd.		184,667		142,709		—		(3,779	)
KPS Partners Co., Ltd.		2,139		1,127		3,562		313
KEPCO E&C Service Co., Ltd.		2,514		1,549		4,989		464
Moha solar Co., Ltd.		7,390		7,809		—		(364	)
Ogiri Solar Power Co., Ltd.		1,032		—		—		—
KHNP USA LLC		464		23		229		119
KOMIPO Vanphong Power Service LLC		1,727		12		—		(34	)
Energy Innovation Fund I		8,412		1		25		(201	)

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

(*2) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X.

(4) Significant restrictions on abilities to subsidiaries as of December 31, 2021 are as follows:

Company	Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.	Acquisition or disposal of assets of more than W35 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 Group.
KOSPO Youngnam 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. Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. 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 Group.
Gyeongju Wind Power Co., Ltd.	Dividends and settlement amounts 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.
Korea Offshore Wind Power Co., Ltd.	Principals and interest payments on subordinated loans or 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(5) As of December 31, 2021, the Group has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:

Company	Nature and extent of any significant restrictions
KOSPO Youngnam Power Co., Ltd.	The Group holds the right to purchase all shares held by the financial investors of KOSPO Youngnam Power Co., Ltd., a subsidiary of the Group, at face value of the issued shares on the 7th and 12th years from the Group’s establishment date.
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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-Group eliminations as of and for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2021
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		33.92	%
Current assets	W	234,224			793,995			253,958			1,030,049			2,312,226
Non-current assets		24,845			626,710			451,085			3,829,243			4,931,883
Current liabilities		(30,783	)		(265,017	)		(183,100	)		(599,373	)		(1,078,273	)
Non-current liabilities		(7,772	)		(46,590	)		(8,492	)		(2,666,345	)		(2,729,199	)
Net assets		220,514			1,109,098			513,451			1,593,574			3,436,637
Book value of non-controlling interests		108,052			543,458			174,163			717,166			1,542,839
Sales		60,532			1,375,668			433,127			1,277,848			3,147,175
Profit for the year		12,981			98,132			16,452			120,488			248,053
Profit for the year attributable to non-controlling interests		6,361			48,085			5,581			25,803			85,830
Cash flows from operating activities		116,440			133,160			(16,270	)		295,532			528,862
Cash flows from investing activities		2,216			(39,444	)		19,061			(301,402	)		(319,569	)
Cash flows from financing activities before dividends to non-controlling interests		(88,927	)		(30,599	)		(8,467	)		125,685			(2,308	)
Dividends to non-controlling interests		—			(25,269	)		(3,639	)		(2,608	)		(31,516	)
Effect of exchange rate fluctuation		10,683			885			38			7,243			18,849
Net increase (decrease) of cash and cash equivalents		40,412			38,733			(9,277	)		124,450			194,318

In millions of won
2020
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		33.92	%
Current assets	W	236,602			755,454			235,805			801,813			2,029,674
Non-current assets		85,464			590,403			463,439			3,499,258			4,638,564
Current liabilities		(12,322	)		(254,495	)		(186,296	)		(414,673	)		(867,786	)
Non-current liabilities		(34,912	)		(42,020	)		(13,873	)		(2,511,848	)		(2,602,653	)
Net assets		274,832			1,049,342			499,075			1,374,550			3,197,799
Book value of non-controlling interests		134,668			514,177			169,286			552,035			1,370,166
Sales		81,400			1,299,186			431,723			956,692			2,769,001
Profit for the year		39,443			85,916			20,160			107,661			253,180
Profit for the year attributable to non-controlling interests		19,327			42,099			6,838			32,858			101,122
Cash flows from operating activities		121,835			74,159			15,225			240,987			452,206
Cash flows from investing activities		7,561			26,748			(34,333	)		(661,820	)		(661,844	)
Cash flows from financing activities before dividends to non-controlling interests		(31,793	)		(47,809	)		(9,165	)		371,448			282,681
Dividends to non-controlling interests		(30,319	)		(42,336	)		(4,000	)		(4,643	)		(81,298	)
Effect of exchange rate fluctuation		(8,153	)		(2,171	)		(22	)		(7,893	)		(18,239	)
Net increase (decrease) of cash and cash equivalents		59,131			8,591			(32,295	)		(61,921	)		(26,494	)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

(i) Details of goodwill as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Acquisition cost	W	105,647		98,166
Less: Accumulated impairment		—		—
Carrying book value	W	105,647		98,166

(ii) Changes in goodwill for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning		Increase		Decrease		Ending
Acquisition cost	W	98,166		7,482		—		105,648
Less: Accumulated impairment		—		—		—		—
Carrying book value		98,166		7,482		—		105,648

In millions of won	2020
	Beginning		Increase		Decrease		Ending
Acquisition cost	W	97,977		189		—		98,166
Less: Accumulated impairment		—		—		—		—
Carrying book value		97,977		189		—		98,166

(8) Disposals of subsidiaries

The Group has completed the liquidation process of VI Carbon Professional Private Special Asset Investment Trust 1, KOSEP USA, Inc., and KOREA Imouraren Uranium Investment Corp. and has disposed of shares of DG Fairhaven Power, LLC during the year ended December 31, 2021. The Group had completed the liquidation process of EWP Philippines Corporation and had disposed of shares of DG Whitefield, LLC and Springfield Power, LLC during the year ended December 31, 2020.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows:

In millions of won
2021
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		1,815,513
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others	KOREA	29.00%		4,727		24,617
YTN Co., Ltd.	Broadcasting	KOREA	21.43%		59,000		51,828
Gangwon Wind Power Co., Ltd. (*2)	Power generation	KOREA	15.00%		5,725		10,554
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	KOREA	29.00%		88,885		121,955
Korea Power Exchange (*3)	Management of power market and others	KOREA	100.00%		127,839		269,728
Taebaek Wind Power Co., Ltd.	Power generation	KOREA	25.00%		3,810		6,800
Taebaek Guinemi Wind Power Co., Ltd.	Power generation	KOREA	25.00%		3,420		3,357
Pyeongchang Wind Power Co., Ltd.	Power generation	KOREA	25.00%		3,875		5,411
Daeryun Power Co., Ltd. (*2)	Power generation	KOREA	9.34%		40,854		25,426
Changjuk Wind Power Co., Ltd.	Power generation	KOREA	30.00%		3,801		8,355
KNH Solar Co., Ltd.	Power generation	KOREA	27.00%		1,296		2,278
SPC Power Corporation	Power generation	PHILIPPINES	38.00%		20,635		65,046
Gemeng International Energy Co., Ltd.	Power generation	CHINA	34.00%		413,153		595,218
PT. Cirebon Electric Power	Power generation	INDONESIA	27.50%		40,365		121,969
KNOC Nigerian East Oil Co., Ltd. (*4)	Resources development	NIGERIA	14.63%		12		—
KNOC Nigerian West Oil Co., Ltd. (*4)	Resources development	NIGERIA	14.63%		12		—
PT Wampu Electric Power	Power generation	INDONESIA	46.00%		21,292		35,077
PT. Bayan Resources TBK	Resources development	INDONESIA	20.00%		615,860		661,289
S-Power Co., Ltd.	Power generation	KOREA	49.00%		132,300		122,786
Pioneer Gas Power Limited	Power generation	INDIA	38.50%		49,831		—
Eurasia Energy Holdings	Power generation and resources development	RUSSIA	40.00%		461		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	LAOS	25.00%		87,426		92,441
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal	INDONESIA	29.00%		2,978		2,569
Samcheok Eco Materials Co., Ltd. (*5)	Recycling fly ashes	KOREA	2.35%		686		—
Noeul Green Energy Co., Ltd.	Power generation	KOREA	29.00%		1,740		3,808
Goseong Green Power Co., Ltd.	Power generation	KOREA	29.00%		262,740		260,858
Gangneung Eco Power Co., Ltd. (*2)	Power generation	KOREA	1.61%		2,900		2,288
Shin Pyeongtaek Power Co., Ltd.	Power generation	KOREA	40.00%		72,000		93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	KOREA	28.00%		194		223
Dongducheon Dream Power Co., Ltd. (*6)	Power generation	KOREA	33.61%		148,105		74,198
Jinbhuvish Power Generation Pvt. Ltd. (*2)	Power generation	INDIA	5.16%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation	KOREA	46.59%		5,190		1,704
GS Donghae Electric Power Co., Ltd.	Power generation	KOREA	34.00%		204,000		243,772
Daegu Photovoltaic Co., Ltd.	Power generation	KOREA	29.00%		1,230		2,342
Busan Green Energy Co., Ltd.	Power generation	KOREA	29.00%		5,243		5,032
Gunsan Bio Energy Co., Ltd. (*2)	Power generation	KOREA	18.87%		1,000		—
Korea Electric Vehicle Charging Service (*2)	Electric vehicle charge service	KOREA	17.50%		2,800		1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)	Electric material agency	KOREA	28.98%		537		219
Korea Electric Power Corporation Fund (*7)	Developing electric enterprises	KOREA	98.09%		48,410		47,983
Energy Infra Asset Management Co., Ltd. (*2)	Asset management	KOREA	9.90%		297		1,066
Daegu clean Energy Co., Ltd.	Renewable power generation	KOREA	28.00%		140		12
YaksuESS Co., Ltd.	Installing ESS related equipment	KOREA	29.00%		210		716
Nepal Water & Energy Development Company Private Limited (*8)	Construction and operation of utility plant	NEPAL	69.06%		70,228		66,333
Gwangyang Green Energy Co., Ltd.	Power generation	KOREA	20.00%		26,800		25,466
PND solar Co., Ltd.	Power generation	KOREA	29.00%		1,250		1,229
Hyundai Eco Energy Co., Ltd. (*2)	Power generation	KOREA	19.00%		3,610		5,572
YeongGwang Yaksu Wind Electric Co., Ltd. (*2)	Power generation	KOREA	9.63%		533		233
Green Energy Electricity Generation Co., Ltd.	Power generation	KOREA	29.00%		1,189		1,713
Korea Energy Solutions Co., Ltd.	R & D	KOREA	20.00%		300		123
ITR Co., Ltd.	R & D	KOREA	20.00%		50		32
Structure test network Co., Ltd.	Technical testing and consulting	KOREA	20.00%		25		306
Namjeongsusang Solar Power Operation Co., Ltd. (*9)	Power generation	KOREA	15.00%		969		361

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Associates>
Indeck Niles Development, LLC (*10)	Power generation		USA		56.25%	W	268,113		246,273
Indeck Niles Asset Management, LLC	Power generation		USA		33.33%		—		111
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Holding company		KOREA		49.00%		7,112		7,138
Suwon New Power Co., Ltd.	Power generation		KOREA		39.90%		798		1,035
KPGE Inc.	Power generation materials business		KOREA		29.00%		287		309
Gwangbaek Solar Power Investment Co., Ltd.	Power generation		KOREA		44.00%		4,757		4,806
Go deok Clean Energy Co., Ltd.	Fuel cell generation		KOREA		40.00%		5,560		4,302
SureDataLab Co., Ltd.	R & D		KOREA		23.95%		126		128
SEP Co., Ltd.	R & D		KOREA		21.26%		27		7
Hankook Electric Power Information Co., Ltd.	R & D		KOREA		25.25%		38		161
Tronix Co., Ltd.	R & D		KOREA		20.00%		75		109
O2&B Global Co., Ltd.	R & D		KOREA		20.00%		25		35
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation		KOREA		20.00%		1,570		1,268
Bigeum Resident Photovoltaic Power Co., Ltd.	Power generation		KOREA		29.90%		1		—
Goesan Solar Park Co., Ltd.	Power generation		KOREA		29.00%		1,276		1,927
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation		KOREA		35.00%		11,022		10,238
Bitgoel Eco Energy Co., Ltd.	Power generation		KOREA		29.00%		4,640		4,356
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation		KOREA		30.00%		714		911
Seoroseoro Sunny Power Plant Co., Ltd.	Power generation		KOREA		42.58%		706		721
Muan Solar park Co., Ltd.	Power generation		KOREA		20.00%		4,400		6,083
YuDang Solar Co., Ltd.	Power generation		KOREA		20.00%		360		565
Anjwa Smart Farm & Solar City Co., Ltd.	Power generation		KOREA		20.00%		5,651		6,784
Daewon Green Energy Co., Ltd.	Power generation		KOREA		25.36%		3,910		3,877
G.GURU Co., Ltd.	R & D		KOREA		24.65%		493		403
UD4M Co., Ltd. (*2)	R & D		KOREA		12.50%		75		144
Dongbu Highway Solar Co., Ltd.	Power generation		KOREA		20.00%		190		265
Seobu Highway Solar Co., Ltd.	Power generation		KOREA		20.00%		195		289
Korea Energy Data Co., Ltd.	R & D		KOREA		29.37%		60		62
Gangneung Sacheon Fuel Cell Co., Ltd. (*7)	Power generation		KOREA		65.00%		1,950		1,878
KOSTURE Co., Ltd. (*2)	Coal recycling business		KOREA		0.26%		—		—
Digital Innovation Growth Fund (*7)	Holding company		KOREA		76.92%		10,000		9,890
Taebaek Gadeoksan Wind Power Co., Ltd. (*18)	Power generation		KOREA		39.65%		12,570		16,495
Chuncheon Green Energy Co., Ltd. (*7)	Power generation		KOREA		68.00%		3,400		3,372
Yeomsubong Wind Power Co., Ltd.	Power generation		KOREA		48.72%		95		95
Yeongyang Wind Power Corporation II	Power generation		KOREA		30.00%		7,965		7,965
Haeparang Energy Co., Ltd.	Power generation		KOREA		25.00%		2,241		2,241
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		KOREA		69.55%		6,000		6,000
							3,059,835		5,232,373
<Joint ventures>
KEPCO-Uhde Inc. (*11)	Power generation		KOREA		52.80%		11,355		58
Shuweihat Asia Power Investment B.V.	Holding company		NETHERLANDS		49.00%		44,405		37,069
Shuweihat Asia Operation & Maintenance Company (*11)	Maintenance of utility plant		CAYMAN		55.00%		30		1,380
Waterbury Lake Uranium L.P.	Resources development		CANADA		33.10%		26,602		21,590
ASM-BG Investicii AD	Power generation		BULGARIA		50.00%		16,101		18,692
RES Technology AD	Power generation		BULGARIA		50.00%		15,595		16,703
KV Holdings, Inc.	Power generation		PHILIPPINES		40.00%		2,103		2,527
KEPCO SPC Power Corporation (*11)	Construction and operation of utility plant		PHILIPPINES		75.20%		94,579		198,979
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		CHINA		40.00%		16,621		6,635
Datang Chifeng Renewable Power Co., Ltd.	Power generation		CHINA		40.00%		121,928		204,587
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		CHINA		40.00%		39,872		44,217
Rabigh Electricity Company	Power generation		SAUDI ARABIA		40.00%		109,743		143,678
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		SAUDI ARABIA		40.00%		70		4,071
Jamaica Public Service Company Limited	Power generation		JAMAICA		40.00%		301,910		294,649
KW Nuclear Components Co., Ltd.	Manufacturing		KOREA		45.00%		833		15,734
Busan Shinho Solar Power Co., Ltd.	Power generation		KOREA		25.00%		2,100		5,841

88

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 20 are as follows, continued:

In millions of won
2021
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Joint ventures>
Global Trade Of Power System Co., Ltd. (*12)	Exporting products and technology of small or medium business by proxy		KOREA		29.00%	W	290		597
Expressway Solar-light Power Generation Co., Ltd. (*12)	Power generation		KOREA		29.00%		1,856		3,084
Amman Asia Electric Power Company (*11)	Power generation		JORDAN		60.00%		111,476		178,679
KAPES, Inc. (*11)	R & D		KOREA		51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation		KOREA		29.00%		3,480		4,041
Korea Power Engineering Service Co., Ltd.	Construction and service		KOREA		29.00%		290		5,415
Chun-cheon Energy Co., Ltd.	Power generation		KOREA		29.90%		52,700		25,896
Yeonggwangbaeksu Wind Power Co., Ltd. (*12)	Power generation		KOREA		15.00%		3,000		2,728
Nghi Son 2 Power LLC	Power generation		VIETNAM		50.00%		2,781		—
Kelar S.A. (*11)	Power generation		CHILE		65.00%		78,060		86,695
PT. Tanjung Power Indonesia	Power generation		INDONESIA		35.00%		26,892		46,546
Incheon New Power Co., Ltd. (*13)	Power generation		KOREA		29.00%		461		—
Seokmun Energy Co., Ltd.	Power generation		KOREA		29.00%		15,370		13,842
Daehan Wind Power PSC	Power generation		JORDAN		50.00%		7,493		5,154
Barakah One Company (*14)	Power generation		UAE		18.00%		118		—
Nawah Energy Company (*14)	Operation of utility plant		UAE		18.00%		296		294
MOMENTUM	International thermonuclear experimental reactor construction management		FRANCE		33.33%		1		368
Daegu Green Power Co., Ltd. (*15)	Power generation		KOREA		29.00%		46,225		24,054
Yeonggwang Wind Power Co., Ltd.	Power generation		KOREA		46.00%		17,475		17,646
Chester Solar IV SpA	Power generation		CHILE		45.00%		1,700		—
Chester Solar V SpA	Power generation		CHILE		45.00%		525		25
Diego de Almagro Solar SpA	Power generation		CHILE		45.00%		2,091		362
South Jamaica Power Company Limited	Power generation		JAMAICA		20.00%		20,430		37,360
Daesan Green Energy Co., Ltd.	Power generation		KOREA		35.00%		17,850		21,244
RE Holiday Holdings LLC	Power generation		USA		50.00%		42,948		73,167
RE Pioneer Holdings LLC	Power generation		USA		50.00%		27,891		47,015
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00%		28,021		1,883
RE Astoria 2 LandCo LLC	Power generation		USA		50.00%		5,188		5,998
RE Barren Ridge LandCo LLC	Power generation		USA		50.00%		2,187		2,120
Laurel SpA	Power generation		CHILE		45.00%		1,222		290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*12)	Power generation		AUSTRALIA		12.37%		4,095		3,625
Chile Solar JV SpA	Power generation		CHILE		50.00%		37,689		32,457
Cheong-Song Noraesan Wind Power Co., Ltd.	Power generation		KOREA		29.01%		3,200		4,106
Chester Solar I SpA	Power generation		CHILE		45.00%		1,181		1,120
Solar Philippines Calatagan Corporation	Power generation		PHILIPPINES		38.00%		47,903		58,231
Saemangeum Solar Power Co., Ltd. (*16)	Power generation		KOREA		81.01%		26,400		23,939
Chungsongmeon BongSan wind power Co., Ltd. (*12)	Power generation		KOREA		29.00%		2,900		3,808
Jaeun Resident Wind Power Plant Co., Ltd.	Power generation		KOREA		29.00%		2,494		1,958
DE Energia SpA	Power generation		CHILE		49.00%		8,364		8,921
Dangjin Eco Power Co., Ltd.	Power generation		KOREA		34.00%		25,661		26,109
Haemodum Solar Co., Ltd.	Power generation		KOREA		49.00%		2,940		3,081
Yangyang Wind Power Co., Ltd.	Power generation		KOREA		50.00%		12,000		11,191
HORUS SOLAR, S.A. DE C.V. (*17)	Renewable power generation		MEXICO		14.95%		5,068		5,842
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*17)	Renewable power generation		MEXICO		14.95%		3,678		4,536
SUNMEX RENOVABLES, S.A. DE C.V. (*17)	Renewable power generation		MEXICO		14.95%		1,678		1,610
Stavro Holding II A.B.	Holding company		SWEDEN		20.00%		17,615		17,627
Solaseado Solar Power Co., Ltd.	Power generation		KOREA		38.90%		7,020		9,891
Yeongam Solar Power Co., Ltd. (*12)	Power generation		KOREA		19.00%		6,460		6,838
Samsu Wind Power Co., Ltd. (*12)	Power generation		KOREA		19.00%		2,637		2,828
Pulau Indah Power Plant Sdn. Bhd.	Power generation		MALAYSIA		25.00%		23,833		22,099
Sam-Yang Photovoltaic Power Co., Ltd.	Power generation		KOREA		49.00%		5,245		4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Holding company		KOREA		29.53%		19,983		21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*11)	Holding company		KOREA		90.00%		15,699		16,288

89

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Joint ventures>
PT Barito Wahana Tenaga	Power generation		INDONESIA		30.61%	W	59,535		81,595
Cheongna Energy Co., Ltd. (*16)	Generating and distributing vapor and hot/cold water		KOREA		50.10%		49,344		11,198
Naepo Green Energy Co., Ltd.	Power generation		KOREA		29.20%		29,200		—
Dayone Energy Co., Ltd. (*19)	Power generation		KOREA		30.66%		71,070		—
OneEnergy Asia Limited	Power generation		VIETNAM		40.00%		76,916		79,700
KAS Investment I LLC	Holding company		USA		29.89%		23,437		15,273
KAS Investment II LLC	Holding company		USA		29.89%		23,343		15,213
Energyco Co., Ltd. (formerly, Energyco LLC)	Power generation		KOREA		29.00%		1,659		1,535
CAES, LLC	Holding company		USA		36.00%		19,414		18,435
Hapcheon Floating Photovoltaic Power Plant Inc. (*12)	Power generation		KOREA		49.00%		7,512		6,971
Busan Industrial Solar Power Co., Ltd.	Power generation		KOREA		28.02%		510		612
Bitsolar Energy Co., Ltd.	Power generation		KOREA		27.10%		352		352
Pulau Indah O&M Sdn. Bhd. (*20)	Power generation		MALAYSIA		60.00%		—		—
Guadalupe Solar SpA (*20)	Power generation		CHILE		60.00%		1,397		659
Omisan Wind Power Co., Ltd.	Power generation		KOREA		42.00%		10,752		10,633
Foresight Iberian Solar Group Holding, S.L. (*20)	Power generation		SPAIN		75.00%		9,697		9,743
Yeongwol Eco Wind Co., Ltd.	Power generation		KOREA		29.00%		3,089		3,196
Gurae Resident Power Co., Ltd.	Power generation		KOREA		29.00%		386		395
Cheongju Eco Park Co., Ltd.	Power generation		KOREA		29.00%		5,858		5,465
Enel X Midland Photovoltaic, LLC	Power generation		KOREA		20.00%		1,695		1,688
Geumsungsan Wind Power Co., Ltd.	Power generation		KOREA		29.00%		6,531		6,053
KEPCO KPS CARABAO Corp.	Utility plant maintenance		PHILIPPINES		40.00%		93		386
Prime Swedish Holding AB	Holding company		SWEDEN		45.00%		14,514		15,441
Goheung New Energy Co., Ltd.	Power generation		KOREA		46.15%		12,959		11,708
Gunsan Land Solar Co., Ltd. (*20)	Power generation		KOREA		75.29%		19,091		19,317
CapMan Lynx SCA, SICAR	Holding company		LUXEMBOURG		50.00%		9,601		9,976
International Offshore Power Transmission Holding Company Limited	Undersea transmission network operation		UAE		35.00%		—		—
							2,069,491		2,239,011
						W	5,129,326		7,471,384

(*1) Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.

(*2) 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.

(*3) 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.

(*4) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.

(*5) Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.

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

(*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 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.

90

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

(*9) The effective percentage of ownership is less than 20%. However, the Group considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.

(*10) According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.

(*11) 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. Accordingly, the entities are classified as joint ventures.

(*12) According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

(*13) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

(*14) The effective percentage of ownership is less than 20%. However, decisions in relevant actitvities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*15) 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.

(*16) The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*17) The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Group can exercise significant influence.

(*18) The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights.

(*19) According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(*20) The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

91

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
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		1,647,325
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		KOREA		29.00	%		4,727		25,630
YTN Co., Ltd.	Broadcasting		KOREA		21.43	%		59,000		40,549
Gangwon Wind Power Co., Ltd. (*2)	Power generation		KOREA		15.00	%		5,725		11,443
Hyundai Green Power Co., Ltd.	Power generation		KOREA		29.00	%		88,885		132,774
Korea Power Exchange (*3)	Management of power market and others		KOREA		100.00	%		127,839		269,122
Taebaek Wind Power Co., Ltd.	Power generation		KOREA		25.00	%		3,810		6,392
Taebaek Guinemi Wind Power Co., Ltd.	Power generation		KOREA		25.00	%		3,420		3,087
Pyeongchang Wind Power Co., Ltd.	Power generation		KOREA		25.00	%		3,875		5,027
Daeryun Power Co., Ltd. (*2)	Power generation		KOREA		9.34	%		40,854		26,353
Changjuk Wind Power Co., Ltd.	Power generation		KOREA		30.00	%		3,801		7,867
KNH Solar Co., Ltd.	Power generation		KOREA		27.00	%		1,296		2,436
SPC Power Corporation	Power generation		PHILIPPINES		38.00	%		20,635		69,912
Gemeng International Energy Co., Ltd.	Power generation		CHINA		34.00	%		413,153		679,708
PT. Cirebon Electric Power	Power generation		INDONESIA		27.50	%		40,365		117,811
KNOC Nigerian East Oil Co., Ltd. (*4)	Resources development		NIGERIA		14.63	%		12		—
KNOC Nigerian West Oil Co., Ltd. (*4)	Resources development		NIGERIA		14.63	%		12		—
PT Wampu Electric Power	Power generation		INDONESIA		46.00	%		21,292		27,865
PT. Bayan Resources TBK	Resources development		INDONESIA		20.00	%		615,860		425,234
S-Power Co., Ltd.	Power generation		KOREA		49.00	%		132,300		110,292
Pioneer Gas Power Limited	Power generation		INDIA		38.50	%		49,831		—
Eurasia Energy Holdings	Power generation and resources development		RUSSIA		40.00	%		461		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		LAOS		25.00	%		87,426		64,570
Hadong Mineral Fiber Co., Ltd. (*2)	Recycling fly ashes		KOREA		8.33	%		50		—
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal		INDONESIA		29.00	%		2,978		1,780
Samcheok Eco Materials Co., Ltd. (*5)	Recycling fly ashes		KOREA		2.35	%		686		—
Noeul Green Energy Co., Ltd.	Power generation		KOREA		29.00	%		1,740		4,197
Goseong Green Power Co., Ltd. (*2)	Power generation		KOREA		1.12	%		2,900		2,186
Gangneung Eco Power Co., Ltd. (*2)	Power generation		KOREA		1.61	%		2,900		2,368
Shin Pyeongtaek Power Co., Ltd.	Power generation		KOREA		40.00	%		72,000		69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation		KOREA		28.00	%		194		210
Dongducheon Dream Power Co., Ltd. (*6)	Power generation		KOREA		33.61	%		148,105		80,637
Jinbhuvish Power Generation Pvt. Ltd. (*2, 7)	Power generation		INDIA		5.16	%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation		KOREA		46.59	%		5,190		2,165
GS Donghae Electric Power Co., Ltd.	Power generation		KOREA		34.00	%		204,000		244,426
Daegu Photovoltaic Co., Ltd.	Power generation		KOREA		29.00	%		1,230		2,066
Busan Green Energy Co., Ltd.	Power generation		KOREA		29.00	%		5,243		8,778
Gunsan Bio Energy Co., Ltd. (*2)	Power generation		KOREA		18.87	%		1,000		—
Korea Electric Vehicle Charging Service	Electric vehicle charge service		KOREA		28.00	%		2,800		576
Korea Nuclear Partners Co., Ltd.	Electric material agency		KOREA		28.98	%		537		200
Korea Electric Power Corporation Fund (*8)	Developing electric enterprises		KOREA		98.09	%		51,500		41,926
Energy Infra Asset Management Co., Ltd. (*2)	Asset management		KOREA		9.90	%		297		938
Daegu clean Energy Co., Ltd.	Renewable power generation		KOREA		28.00	%		140		12
YaksuESS Co., Ltd.	Installing ESS related equipment		KOREA		29.00	%		210		454
Nepal Water & Energy Development Company Private Limited (*9)	Construction and operation of utility plant		NEPAL		60.35	%		50,268		42,677
Gwangyang Green Energy Co., Ltd.	Power generation		KOREA		20.00	%		2,000		926
PND solar Co., Ltd.	Power generation		KOREA		29.00	%		1,250		1,149
Hyundai Eco Energy Co., Ltd. (*2)	Power generation		KOREA		19.00	%		3,610		4,250
YeongGwang Yaksu Wind Electric Co., Ltd. (*2)	Power generation		KOREA		9.63	%		533		312
Green Energy Electricity Generation Co., Ltd.	Power generation		KOREA		29.00	%		1,189		25
Korea Energy Solutions Co., Ltd.	R & D		KOREA		20.00	%		300		197
ITR Co., Ltd.	R & D		KOREA		20.00	%		50		40
Structure test network Co., Ltd.	Technical testing and consulting		KOREA		20.00	%		25		27
Namjeongsusang Solar Power Operation Co., Ltd.(*10)	Power generation		KOREA		15.00	%		969		103

92

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Associates>
Indeck Niles Development, LLC (*11)	Power generation		USA		24.08%	W	45,562		20,627
Indeck Niles Asset Management, LLC	Power generation		USA		33.33%		—		101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Holding company		KOREA		49.00%		7,300		7,326
Suwon New Power Co., Ltd.	Power generation		KOREA		39.90%		798		1,054
KPGE Inc.	Power generation materials business		KOREA		29.00%		287		287
Gwangbaek Solar Power Investment Co., Ltd.	Power generation		KOREA		44.00%		4,757		4,682
Go deok Clean Energy Co., Ltd. (*12)	Fuel cell generation		KOREA		61.00%		1,830		960
SureDataLab Co., Ltd.	R & D		KOREA		23.95%		126		85
SEP Co., Ltd.	R & D		KOREA		21.26%		27		14
Hankook Electric Power Information Co., Ltd.	R & D		KOREA		25.25%		38		139
Tronix Co., Ltd.	R & D		KOREA		20.00%		75		119
O2&B Global Co., Ltd.	R & D		KOREA		20.00%		25		22
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation		KOREA		20.00%		1,570		1,096
Bigeum Resident Photovoltaic Power Co., Ltd.	Power generation		KOREA		29.90%		1		—
Jeju SolarOne Co., Ltd. (*13)	Power generation		KOREA		10.00%		161		159
Goesan Solar Park Co., Ltd.	Power generation		KOREA		29.00%		1,276		1,684
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation		KOREA		35.00%		11,022		11,022
Bitgoel Eco Energy Co., Ltd.	Power generation		KOREA		29.00%		29		29
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation		KOREA		30.00%		714		1,578
Seoroseoro Sunny Power Plant Co., Ltd. (*14)	Power generation		KOREA		19.46%		230		230
Muan Solar park Co., Ltd. (*14)	Power generation		KOREA		19.00%		4,180		4,180
YuDang Solar Co., Ltd.	Power generation		KOREA		20.00%		360		360
Anjwa Smart Farm & Solar City Co., Ltd. (*14)	Power generation		KOREA		19.50%		5,510		5,510
Daewon Green Energy Co., Ltd.	Power generation		KOREA		25.36%		3,910		3,910
							2,481,761		4,250,787
<Joint ventures>
KEPCO-Uhde Inc. (*15)	Power generation		KOREA		52.80%		11,355		100
Shuweihat Asia Power Investment B.V.	Holding company		NETHERLANDS		49.00%		44,405		13,264
Shuweihat Asia Operation & Maintenance Company (*15)	Maintenance of utility plant		CAYMAN		55.00%		30		1,057
Waterbury Lake Uranium L.P.	Resources development		CANADA		33.10%		26,602		19,797
ASM-BG Investicii AD	Power generation		BULGARIA		50.00%		16,101		18,200
RES Technology AD	Power generation		BULGARIA		50.00%		15,595		15,930
KV Holdings, Inc.	Power generation		PHILIPPINES		40.00%		2,103		2,405
KEPCO SPC Power Corporation (*15)	Construction and operation of utility plant		PHILIPPINES		75.20%		94,579		201,663
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		CHINA		40.00%		16,621		6,530
Datang Chifeng Renewable Power Co., Ltd.	Power generation		CHINA		40.00%		121,928		188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		CHINA		40.00%		39,872		42,530
Rabigh Electricity Company	Power generation		SAUDI ARABIA		40.00%		109,743		97,157
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		SAUDI ARABIA		40.00%		70		3,813
Jamaica Public Service Company Limited	Power generation		JAMAICA		40.00%		301,910		266,221
KW Nuclear Components Co., Ltd.	Manufacturing		KOREA		45.00%		833		11,171
Busan Shinho Solar Power Co., Ltd.	Power generation		KOREA		25.00%		2,100		5,378
Global Trade Of Power System Co., Ltd. (*16)	Exporting products and technology of small or medium business by proxy		KOREA		29.00%		290		546
Expressway Solar-light Power Generation Co., Ltd. (*16)	Power generation		KOREA		29.00%		1,856		2,896
Amman Asia Electric Power Company (*15)	Power generation		JORDAN		60.00%		111,476		161,253
KAPES, Inc. (*15)	R & D		KOREA		51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation		KOREA		29.00%		3,480		3,887
Jeongam Wind Power Co., Ltd.	Power generation		KOREA		40.00%		5,580		4,620
Korea Power Engineering Service Co., Ltd.	Construction and service		KOREA		29.00%		290		5,362
Chun-cheon Energy Co., Ltd.	Power generation		KOREA		29.90%		52,700		27,518
Yeonggwangbaeksu Wind Power Co., Ltd. (*16)	Power generation		KOREA		15.00%		3,000		3,124
Nghi Son 2 Power LLC	Power generation		VIETNAM		50.00%		2,781		—
Kelar S.A. (*15)	Power generation		CHILE		65.00%		78,060		71,449

93

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Joint ventures>
PT. Tanjung Power Indonesia	Power generation		INDONESIA		35.00%	W	26,892		33,063
Incheon New Power Co., Ltd. (*17)	Power generation		KOREA		29.00%		461		—
Seokmun Energy Co., Ltd.	Power generation		KOREA		29.00%		15,370		14,814
Daehan Wind Power PSC	Power generation		JORDAN		50.00%		7,493		—
Barakah One Company (*18)	Power generation		UAE		18.00%		118		—
Nawah Energy Company (*18)	Operation of utility plant		UAE		18.00%		296		270
MOMENTUM	International thermonuclear experimental reactor construction management		FRANCE		33.33%		1		565
Daegu Green Power Co., Ltd. (*19)	Power generation		KOREA		29.00%		46,225		23,045
Yeonggwang Wind Power Co., Ltd.	Power generation		KOREA		46.00%		17,475		17,256
Chester Solar IV SpA	Power generation		CHILE		45.00%		1,700		1,064
Chester Solar V SpA	Power generation		CHILE		45.00%		525		277
Diego de Almagro Solar SpA	Power generation		CHILE		45.00%		2,091		1,490
South Jamaica Power Company Limited	Power generation		JAMAICA		20.00%		20,521		31,897
Daesan Green Energy Co., Ltd.	Power generation		KOREA		35.00%		17,850		22,552
RE Holiday Holdings LLC	Power generation		USA		50.00%		42,948		68,809
RE Pioneer Holdings LLC	Power generation		USA		50.00%		27,891		49,639
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00%		28,021		4,466
RE Astoria 2 LandCo LLC	Power generation		USA		50.00%		5,188		5,230
RE Barren Ridge LandCo LLC	Power generation		USA		50.00%		2,187		1,847
Laurel SpA	Power generation		CHILE		45.00%		1,222		1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*16)	Power generation		AUSTRALIA		12.37%		4,095		4,129
Chile Solar JV SpA	Power generation		CHILE		50.00%		37,689		34,883
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation		KOREA		47.31%		12,570		13,362
Cheong-Song Noraesan Wind Power Co., Ltd.	Power generation		KOREA		29.01%		3,200		3,453
Chester Solar I SpA	Power generation		CHILE		45.00%		1,181		1,621
Solar Philippines Calatagan Corporation	Power generation		PHILIPPINES		38.00%		47,903		49,017
Saemangeum Solar Power Co., Ltd.(*20)	Power generation		KOREA		81.00%		26,399		24,292
Chungsongmeon BongSan wind power Co., Ltd. (*16)	Power generation		KOREA		29.00%		2,900		4,124
Jaeun Resident Wind Power Plant Co., Ltd. (*16)	Power generation		KOREA		29.00%		2,494		2,195
DE Energia SpA	Power generation		CHILE		49.00%		8,364		8,187
Dangjin Eco Power Co., Ltd.	Power generation		KOREA		34.00%		25,661		25,523
Haemodum Solar Co., Ltd.	Power generation		KOREA		49.00%		2,940		3,065
Yangyang Wind Power Co., Ltd.	Power generation		KOREA		50.00%		10,800		10,485
HORUS SOLAR, S.A. DE C.V. (*21)	Renewable power generation		MEXICO		14.95%		5,068		3,394
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*21)	Renewable power generation		MEXICO		14.95%		3,678		3,660
SUNMEX RENOVABLES, S.A. DE C.V. (*21)	Renewable power generation		MEXICO		14.95%		307		240
Stavro Holding II A.B.	Holding company		SWEDEN		20.00%		8,829		9,277
Solaseado Solar Power Co., Ltd.	Power generation		KOREA		38.90%		7,020		9,915
Yeongam Solar Power Co., Ltd. (*16)	Power generation		KOREA		19.00%		6,460		6,042
Samsu Wind Power Co., Ltd. (*16)	Power generation		KOREA		19.00%		2,637		2,607
Pulau Indah Power Plant Sdn. Bhd.	Power generation		MALAYSIA		25.00%		11,569		11,204
Sam-Yang Photovoltaic Power Co., Ltd.	Power generation		KOREA		49.00%		5,245		5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Holding company		KOREA		29.53%		20,952		22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*15)	Holding company		KOREA		90.00%		15,699		16,129
PT Barito Wahana Tenaga	Power generation		INDONESIA		30.61%		59,395		63,029
Cheongna Energy Co., Ltd. (*20, 22)	Generating and distributing vapor and hot/cold water		KOREA		50.10%		49,344		4,940
Naepo Green Energy Co., Ltd. (*23)	Power generation		KOREA		29.20%		29,200		—
Dayone Energy Co., Ltd. (*24)	Power generation		KOREA		30.66%		71,070		—
OneEnergy Asia Limited	Power generation		VIETNAM		40.00%		56,654		56,654
KAS Investment I LLC (*25)	Holding company		USA		29.89%		23,437		23,437
KAS Investment II LLC (*25)	Holding company		USA		29.89%		23,343		23,343
Energyco LLC	Power generation		KOREA		29.00%		1,659		1,659

94

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Joint ventures>
CAES, LLC	Holding company		USA		36.00%	W	19,414		17,626
Hapcheon Floating Photovoltaic Power Plant Inc. (*16)	Power generation		KOREA		19.47%		1,890		1,890
Busan Industrial Solar Power Co., Ltd.	Power generation		KOREA		28.02%		510		510
Bitsolar Energy Co., Ltd.	Power generation		KOREA		27.10%		352		352
							1,943,392		1,919,746
						W	4,425,153		6,170,533

(*1) The effective percentage of ownership is 22.02% considering treasury stocks.

(*2) 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.

(*3) 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.

(*4) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Group has significant financial transactions, which can affect its significant influence on the entity.

(*5) Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.

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

(*7) The Group recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Group’s decision to withdraw its business since there are no business activities occurring.

(*8) 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.

(*9) 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.

(*10) The effective percentage of ownership is less than 20%. However, the Group considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.

(*11) According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.

(*12) Even though the effective percentage of ownership is more than 50%, the Group does not hold control over the entity as it has less than 50% of decision-making rights. However the Group can exercise sginificant influence on the entity by participating in the board of directors and others.Therefore the entity is classified as an associate.

(*13) It was newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, it is classified as an associate, judging that the Group can exercise significant influence on the entity.

(*14) The entities were newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity.

95

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2021 and 2020 are as follows, continued:

(*15) 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. Accordingly, the entities are classified as joint ventures.

(*16) According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

(*17) The joint arrangement which the Group has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

(*18) The effective percentage of ownership is less than 20%. However, decisions in relevant actitvities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*19) 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.

(*20) The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*21) The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Group can exercise significant influence.

(*22) The classification of the entity was changed from an associate to a joint venture, due to the additional investment during the year ended December 31, 2020.

(*23) The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from an associate to a joint venture, due to the changes in voting rights.

(*24) The name of the entity has changed during the current year. According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(*25) The entities were included in the joint ventures due to the new investment during the year ended December 31, 2020. Since the final settlement of the entity was not completed before the Group’s financial statements date, the financial statements of October 7, were used for consolidation.

(2) The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2021 and 2020 are as follows:

In millions of won
Investees	2021		2020
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	115,339		45,048
Korea Gas Corporation		738,990		584,010
YTN Co., Ltd.		26,550		27,000
SPC Power Corporation		203,589		139,698
PT. Bayan Resources TBK		1,495,801		798,510

96

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2021
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,647,325		—		—			—			209,357			13,017			(54,186	)		1,815,513
Korea Electric Power Industrial Development Co., Ltd.		25,630		—		—			(1,966	)		378			—			575			24,617
YTN Co., Ltd.		40,549		—		—			(270	)		11,192			22			335			51,828
Gangwon Wind Power Co., Ltd.		11,443		—		—			(1,703	)		814			—			—			10,554
Hyundai Green Power Co., Ltd.		132,774		—		—			(8,888	)		(562	)		(1,346	)		(23	)		121,955
Korea Power Exchange		269,122		—		—			—			(10	)		—			616			269,728
Taebaek Wind Power Co., Ltd.		6,392		—		—			—			408			—			—			6,800
Taebaek Guinemi Wind Power Co., Ltd.		3,087		—		—			—			270			—			—			3,357
Pyeongchang Wind Power Co., Ltd.		5,027		—		—			—			384			—			—			5,411
Daeryun Power Co., Ltd.		26,353		—		—			—			(927	)		—			—			25,426
Changjuk Wind Power Co., Ltd.		7,867		—		—			(449	)		937			—			—			8,355
KNH Solar Co., Ltd.		2,436		—		—			—			(158	)		—			—			2,278
SPC Power Corporation		69,912		—		—			(20,468	)		5,311			10,291			—			65,046
Gemeng International Energy Co., Ltd.		679,708		—		—			(11,886	)		(154,930	)		82,326			—			595,218
PT. Cirebon Electric Power		117,811		—		—			(18,253	)		10,679			1,396			10,336			121,969
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			(14	)		(938	)		952			—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			(15	)		(862	)		877			—
PT Wampu Electric Power		27,865		—		—			—			3,196			1,355			2,661			35,077
PT. Bayan Resources TBK		425,234		—		—			(68,666	)		267,874			36,885			(38	)		661,289
S-Power Co., Ltd.		110,292		—		—			—			12,437			57			—			122,786
Pioneer Gas Power Limited		—		—		—			—			—			—			—			—
Eurasia Energy Holdings		—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		64,570		—		—			—			19,306			8,565			—			92,441
Hadong Mineral Fiber Co., Ltd.		—		—		—			—			—			—			—			—
PT. Mutiara Jawa		1,780		—		—			—			630			159			—			2,569
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.		4,197		—		—			—			(389	)		—			—			3,808
Goseong Green Power Co., Ltd.		2,186		259,840		—			—			(1,168	)		—			—			260,858
Gangneung Eco Power Co., Ltd.		2,368		—		—			—			(80	)		—			—			2,288
Shin Pyeongtaek Power Co., Ltd.		69,591		—		—			—			23,476			—			7			93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		210		—		—			—			13			—			—			223
Dongducheon Dream Power Co., Ltd.		80,637		—		—			—			(6,439	)		—			—			74,198
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		2,165		—		—			—			(461	)		—			—			1,704
GS Donghae Electric Power Co., Ltd.		244,426		—		—			(15,640	)		14,972			—			14			243,772
Daegu Photovoltaic Co., Ltd.		2,066		—		—			(206	)		482			—			—			2,342
Busan Green Energy Co., Ltd.		8,778		—		—			—			(3,750	)		—			4			5,032
Gunsan Bio Energy Co., Ltd.		—		—		—			—			—			—			—			—
Korea Electric Vehicle Charging Service		576		—		—			—			(283	)		—			957			1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)		200		—		—			—			19			—			—			219
Korea Electric Power Corporation Fund		41,926		—		(3,090	)		—			9,065			82			—			47,983
Energy Infra Asset Management Co., Ltd.		938		—		—			—			128			—			—			1,066
Daegu clean Energy Co., Ltd.		12		—		—			—			—			—			—			12
YaksuESS Co., Ltd.		454		—		—			—			262			—			—			716
Nepal Water & Energy Development Company Private Limited		42,677		19,960		—			—			(616	)		4,312			—			66,333
Gwangyang Green Energy Co., Ltd.		926		24,800		—			—			(138	)		(122	)		—			25,466
PND solar Co., Ltd.		1,149		—		—			—			80			—			—			1,229
Hyundai Eco Energy Co., Ltd.		4,250		—		—			—			1,322			—			—			5,572
YeongGwang Yaksu Wind Electric Co., Ltd.		312		—		—			—			(79	)		—			—			233
Green Energy Electricity Generation Co., Ltd.		25		—		—			—			1,688			—			—			1,713
Korea Energy Solutions Co., Ltd.		197		—		—			—			(74	)		—			—			123
ITR Co., Ltd.		40		—		—			—			(8	)		—			—			32
Structure test network Co., Ltd.		27		—		—			—			279			—			—			306
Namjeongsusang Solar Power Operation Co., Ltd.		103		—		—			—			258			—			—			361
Indeck Niles Development, LLC		20,627		222,551		—			—			(13,160	)		6,652			9,603			246,273
Indeck Niles Asset Management, LLC		101		—		—			—			567			—			(557	)		111

97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	W	7,326		—		(188	)		—			399			—			(399	)		7,138
Suwon New Power Co., Ltd.		1,054		—		—			—			(5	)		(14	)		—			1,035
KPGE Inc.		287		—		—			—			22			—			—			309
Gwangbaek Solar Power Investment Co., Ltd.		4,682		—		—			—			124			—			—			4,806
Go deok Clean Energy Co., Ltd.		960		3,730		—			—			(333	)		(55	)		—			4,302
SureDataLab Co., Ltd.		85		—		—			—			43			—			—			128
SEP Co., Ltd.		14		—		—			—			(7	)		—			—			7
Hankook Electric Power Information Co., Ltd.		139		—		—			—			22			—			—			161
Tronix Co., Ltd.		119		—		—			—			(10	)		—			—			109
O2&B Global Co., Ltd.		22		—		—			—			13			—			—			35
Muan Sunshine Solar Power Plant Co., Ltd.		1,096		—		—			—			172			—			—			1,268
Bigeum Resident Photovoltaic Power Co., Ltd.		—		—		—			—			—			—			—			—
Jeju SolarOne Co., Ltd.		159		45		(206	)		—			(1	)		—			3			—
Goesan Solar Park Co., Ltd.		1,684		—		—			—			249			(6	)		—			1,927
Saemangeum Heemang Photovoltaic Co., Ltd.		11,022		—		—			—			(784	)		—			—			10,238
Bitgoel Eco Energy Co., Ltd.		29		4,611		—			—			(261	)		(23	)		—			4,356
Jeju Gimnyeong Wind Power Co., Ltd.		1,578		—		—			—			(665	)		(2	)		—			911
Seoroseoro Sunny Power Plant Co., Ltd.		230		476		—			—			15			—			—			721
Muan Solar park Co., Ltd.		4,180		220		—			—			1,683			—			—			6,083
YuDang Solar Co., Ltd.		360		—		—			—			205			—			—			565
Anjwa Smart Farm & Solar City Co., Ltd.		5,510		141		—			—			1,133			—			—			6,784
Daewon Green Energy Co., Ltd.		3,910		—		—			—			(33	)		—			—			3,877
G.GURU Co., Ltd.		—		493		—			—			(90	)		—			—			403
UD4M Co., Ltd.		—		75		—			—			217			—			(148	)		144
Dongbu Highway Solar Co., Ltd.		—		—		—			—			74			—			191			265
Seobu Highway Solar Co., Ltd.		—		—		—			—			94			—			195			289
Korea Energy Data Co., Ltd.		—		60		—			—			2			—			—			62
Gangneung Sacheon Fuel Cell Co., Ltd.		—		1,950		—			—			(72	)		—			—			1,878
KOSTURE Co., Ltd.		—		—		—			—			—			—			—			—
Digital Innovation Growth Fund		—		10,000		—			—			(110	)		—			—			9,890
Taebaek Gadeoksan Wind Power Co., Ltd.		—		—		—			—			2,532			—			13,963			16,495
Chuncheon Green Energy Co., Ltd.		—		3,400		—			—			(28	)		—			—			3,372
Yeomsubong Wind Power Co., Ltd.		—		95		—			—			—			—			—			95
Yeongyang Wind Power Corporation II		—		7,965		—			—			—			—			—			7,965
Haeparang Energy Co., Ltd.		—		2,241		—			—			—			—			—			2,241
Saemangeum Sebit Power Plant Co., Ltd.		—		6,000		—			—			—			—			—			6,000
		4,250,787		568,653		(3,484	)		(148,395	)		417,123			161,751			(14,062	)		5,232,373

98

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
KEPCO-Uhde Inc.	W	100		—		—			—			(42	)		—			—			58
Shuweihat Asia Power Investment B.V.		13,264		—		—			(2,467	)		4,564			21,708			—			37,069
Shuweihat Asia Operation & Maintenance Company		1,057		—		—			(881	)		1,101			103			—			1,380
Waterbury Lake Uranium L.P.		19,797		—		—			—			—			1,793			—			21,590
ASM-BG Investicii AD		18,200		—		—			(2,703	)		2,700			495			—			18,692
RES Technology AD		15,930		—		—			(676	)		1,116			333			—			16,703
KV Holdings, Inc.		2,405		—		—			(901	)		962			61			—			2,527
KEPCO SPC Power Corporation		201,663		—		—			(35,763	)		37,073			(3,994	)		—			198,979
Gansu Datang Yumen Wind Power Co., Ltd.		6,530		—		—			—			(619	)		724			—			6,635
Datang Chifeng Renewable Power Co., Ltd.		188,478		—		—			(14,191	)		9,342			20,958			—			204,587
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		42,530		—		—			(2,884	)		1,562			3,009			—			44,217
Rabigh Electricity Company		97,157		—		—			(7,221	)		17,896			35,846			—			143,678
Rabigh Operation & Maintenance Company Limited		3,813		—		—			(4,085	)		3,489			854			—			4,071
Jamaica Public Service Company Limited		266,221		—		—			(4,578	)		12,963			23,820			(3,777	)		294,649
KW Nuclear Components Co., Ltd.		11,171		—		—			(833	)		5,396			—			—			15,734
Busan Shinho Solar Power Co., Ltd.		5,378		—		—			(352	)		815			—			—			5,841
Global Trade Of Power System Co., Ltd.		546		—		—			—			51			—			—			597
Expressway Solar-light Power Generation Co., Ltd.		2,896		—		—			—			188			—			—			3,084
Amman Asia Electric Power Company		161,253		—		—			(27,428	)		18,487			26,367			—			178,679
KAPES, Inc.		—		—		—			—			—			—			—			—
Honam Wind Power Co., Ltd.		3,887		—		—			—			154			—			—			4,041
Jeongam Wind Power Co., Ltd.		4,620		5,808		(10,741	)		—			313			—			—			—
Korea Power Engineering Service Co., Ltd.		5,362		—		—			—			206			—			(153	)		5,415
Chun-cheon Energy Co., Ltd.		27,518		—		—			—			(1,622	)		—			—			25,896
Yeonggwangbaeksu Wind Power Co., Ltd.		3,124		—		—			—			(396	)		—			—			2,728
Nghi Son 2 Power LLC		—		—		—			—			—			—			—			—
Kelar S.A.		71,449		—		—			—			2,121			6,416			6,709			86,695
PT. Tanjung Power Indonesia		33,063		—		—			—			5,027			9,029			(573	)		46,546
Incheon New Power Co., Ltd.		—		—		—			—			—			—			—			—
Seokmun Energy Co., Ltd.		14,814		—		—			—			(972	)		—			—			13,842
Daehan Wind Power PSC		—		—		—			—			3,791			1,363			—			5,154
Barakah One Company		—		—		—			—			—			—			—			—
Nawah Energy Company		270		—		—			—			—			24			—			294
MOMENTUM		565		—		—			(569	)		368			4			—			368
Daegu Green Power Co., Ltd.		23,045		—		—			—			982			—			27			24,054
Yeonggwang Wind Power Co., Ltd.		17,256		—		—			—			390			—			—			17,646
Chester Solar IV SpA		1,064		—		—			—			(1,083	)		(36	)		55			—
Chester Solar V SpA		277		—		—			—			(269	)		2			15			25
Diego de Almagro Solar SpA		1,490		—		—			—			(1,095	)		(123	)		90			362
South Jamaica Power Company Limited		31,897		—		—			—			2,515			2,949			(1	)		37,360
Daesan Green Energy Co., Ltd.		22,552		—		—			—			(1,308	)		—			—			21,244
RE Holiday Holdings LLC		68,809		—		—			(9,577	)		6,299			7,636			—			73,167
RE Pioneer Holdings LLC		49,639		—		—			(14,199	)		5,556			6,019			—			47,015
RE Barren Ridge 1 Holdings LLC		4,466		—		—			(1,365	)		(3,162	)		1,944			—			1,883
RE Astoria 2 LandCo LLC		5,230		—		—			(337	)		619			486			—			5,998
RE Barren Ridge LandCo LLC		1,847		—		—			(140	)		240			173			—			2,120
Laurel SpA		1,092		—		—			—			(798	)		(71	)		67			290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		4,129		—		—			—			(111	)		(393	)		—			3,625
Chile Solar JV SpA		34,883		—		—			—			831			(3,257	)		—			32,457
Cheong-Song Noraesan Wind Power Co., Ltd.		3,453		—		—			—			653			—			—			4,106
Chester Solar I SpA		1,621		—		—			—			(430	)		(195	)		124			1,120
Solar Philippines Calatagan Corporation		49,017		—		—			(5,961	)		5,961			9,214			—			58,231
Saemangeum Solar Power Co., Ltd.		24,292		1		—			—			(354	)		—			—			23,939

99

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
Chungsongmeon BongSan wind power Co., Ltd.	W	4,124		—		—			—			(316	)		—			—			3,808
Jaeun Resident Wind Power Plant Co., Ltd.		2,195		—		—			—			(237	)		—			—			1,958
DE Energia SpA		8,187		—		—			—			—			734			—			8,921
Dangjin Eco Power Co., Ltd.		25,523		—		—			—			274			312			—			26,109
Haemodum Solar Co., Ltd.		3,065		—		—			—			16			—			—			3,081
Yangyang Wind Power Co., Ltd.		10,485		1,200		—			—			(488	)		(6	)		—			11,191
HORUS SOLAR, S.A. DE C.V.		3,394		—		—			—			2,396			52			—			5,842
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		3,660		—		—			—			766			110			—			4,536
SUNMEX RENOVABLES, S.A. DE C.V.		240		1,371		—			—			(49	)		48			—			1,610
Stavro Holding II A.B.		9,277		8,684		—			—			(55	)		(271	)		(8	)		17,627
Solaseado Solar Power Co., Ltd.		9,915		—		—			—			(24	)		—			—			9,891
Yeongam Solar Power Co., Ltd.		6,042		—		—			—			796			—			—			6,838
Samsu Wind Power Co., Ltd.		2,607		—		—			—			221			—			—			2,828
Pulau Indah Power Plant Sdn. Bhd.		11,204		12,264		—			—			(519	)		(850	)		—			22,099
Sam-Yang Photovoltaic Power Co., Ltd.		5,535		—		—			—			(542	)		—			—			4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		22,242		—		(969	)		(1,727	)		1,910			—			—			21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		16,129		—		—			—			159			—			—			16,288
PT Barito Wahana Tenaga		63,029		140		—			—			4,194			14,232			—			81,595
Cheongna Energy Co., Ltd.		4,940		—		—			—			6,258			—			—			11,198
Naepo Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Dayone Energy Co., Ltd.		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		56,654		20,262		—			—			(1,138	)		3,922			—			79,700
KAS Investment I LLC		23,437		—		—			—			(6,876	)		(1,288	)		—			15,273
KAS Investment II LLC		23,343		—		—			—			(6,515	)		(1,615	)		—			15,213
Energyco Co., Ltd. (formerly, Energyco LLC)		1,659		—		—			—			(60	)		(64	)		—			1,535
CAES, LLC		17,626		—		—			(1,009	)		(331	)		850			1,299			18,435
Hapcheon Floating Photovoltaic Power Plant Inc.		1,890		5,622		—			—			(541	)		—			—			6,971
Busan Industrial Solar Power Co., Ltd.		510		—		—			—			102			—			—			612
Bitsolar Energy Co., Ltd.		352		—		—			—			—			—			—			352
Pulau Indah O&M Sdn. Bhd.		—		—		—			—			—			—			—			—
Guadalupe Solar SpA		—		1,397		—			—			(672	)		(66	)		—			659
Omisan Wind Power Co., Ltd.		—		10,752		—			—			(119	)		—			—			10,633
Foresight Iberian Solar Group Holding, S.L.		—		—		—			—			72			—			9,671			9,743
Yeongwol Eco Wind Co., Ltd.		—		3,089		—			—			122			(15	)		—			3,196
Gurae Resident Power Co., Ltd.		—		386		—			—			12			(3	)		—			395
Cheongju Eco Park Co., Ltd.		—		5,858		—			—			(393	)		—			—			5,465
Enel X Midland Photovoltaic, LLC		—		1,695		—			—			(7	)		—			—			1,688
Geumsungsan Wind Power Co., Ltd.		—		6,531		—			—			(478	)		—			—			6,053
KEPCO KPS CARABAO Corp.		—		93		—			—			293			—			—			386
Prime Swedish Holding AB		—		8,155		—			—			22			1,060			6,204			15,441
Taebaek Gadeoksan Wind Power Co., Ltd.		13,362		—		—			—			762			—			(14,124	)		—
Goheung New Energy Co., Ltd.		—		12,959		—			—			(1,251	)		—			—			11,708
Gunsan Land Solar Co., Ltd.		—		19,091		—			—			324			(98	)		—			19,317
CapMan Lynx SCA, SICAR		—		9,601		—			—			375			—			—			9,976
International Offshore Power Transmission Holding Company Limited		—		—		—			—			—			—			—			—
		1,919,746		134,959		(11,710	)		(139,847	)		139,933			190,305			5,625			2,239,011
	W	6,170,533		703,612		(15,194	)		(288,242	)		557,056			352,056			(8,437	)		7,471,384

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,693,967		—		—			(7,182	)		(14,104	)		(25,023	)		(333	)		1,647,325
Korea Electric Power Industrial Development Co., Ltd.		25,393		—		—			(2,146	)		3,806			—			(1,423	)		25,630
YTN Co., Ltd.		39,747		—		—			(90	)		1,086			(6	)		(188	)		40,549
Cheongna Energy Co., Ltd.		1,411		990		—			—			2,518			—			(4,919	)		—
Gangwon Wind Power Co., Ltd.		12,327		—		—			(1,988	)		1,104			—			—			11,443
Hyundai Green Power Co., Ltd.		124,253		—		—			(8,889	)		17,410			—			—			132,774
Korea Power Exchange		258,899		—		—			—			1,860			1			8,362			269,122
Dayone Energy Co., Ltd.		—		—		—			—			—			—			—			—
Ecollite Co., Ltd. (*1)		—		—		—			—			—			—			—			—
Taebaek Wind Power Co., Ltd.		7,039		—		—			(175	)		(472	)		—			—			6,392
Taebaek Guinemi Wind Power Co., Ltd.		2,553		—		—			—			534			—			—			3,087
Pyeongchang Wind Power Co., Ltd.		5,877		—		—			(813	)		(37	)		—			—			5,027
Daeryun Power Co., Ltd.		26,247		—		—			—			104			—			2			26,353
Changjuk Wind Power Co., Ltd.		8,520		—		—			(750	)		97			—			—			7,867
KNH Solar Co., Ltd.		2,382		—		—			—			54			—			—			2,436
SPC Power Corporation		63,583		—		—			(10,764	)		5,491			11,649			(47	)		69,912
Gemeng International Energy Co., Ltd.		670,896		—		—			(11,620	)		15,965			4,468			(1	)		679,708
PT. Cirebon Electric Power		123,425		—		—			(9,782	)		11,330			434			(7,596	)		117,811
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			(22	)		671			(649	)		—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			(22	)		617			(595	)		—
PT Wampu Electric Power		29,355		—		—			(1,303	)		3,245			(1,639	)		(1,793	)		27,865
PT. Bayan Resources TBK		445,141		—		—			(15,720	)		17,139			(21,256	)		(70	)		425,234
S-Power Co., Ltd.		115,784		—		—			—			(5,429	)		—			(63	)		110,292
Pioneer Gas Power Limited		—		—		—			—			—			—			—			—
Eurasia Energy Holdings		—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		72,935		—		—			—			(2,896	)		(5,469	)		—			64,570
Hadong Mineral Fiber Co., Ltd.		—		—		—			—			—			—			—			—
Green Biomass Co., Ltd.		108		—		(108	)		—			—			—			—			—
PT. Mutiara Jawa		1,438		—		—			—			459			(117	)		—			1,780
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.		6,610		—		—			—			(2,413	)		—			—			4,197
Naepo Green Energy Co., Ltd.		—		—		—			—			(9,789	)		—			9,789			—
Goseong Green Power Co., Ltd.		2,340		—		—			—			(154	)		—			—			2,186
Gangneung Eco Power Co., Ltd.		2,430		—		—			—			(62	)		—			—			2,368
Shin Pyeongtaek Power Co., Ltd.		66,956		—		—			—			11,877			(3,604	)		(5,638	)		69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		215		—		—			—			(5	)		—			—			210

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Dongducheon Dream Power Co., Ltd.	W	76,547		—		—			—			4,095			—			(5	)		80,637
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		2,361		—		—			—			(411	)		—			215			2,165
GS Donghae Electric Power Co., Ltd.		255,983		—		—			(25,796	)		14,265			—			(26	)		244,426
Daegu Photovoltaic Co., Ltd.		2,060		—		—			(325	)		331			—			—			2,066
Busan Green Energy Co., Ltd.		10,637		—		—			—			(1,862	)		—			3			8,778
Gunsan Bio Energy Co., Ltd.		—		—		—			—			—			—			—			—
Korea Electric Vehicle Charging Service		1,063		—		—			—			(491	)		—			4			576
Korea Nuclear Partners Co., Ltd.		—		247		—			—			(43	)		(4	)		—			200
Korea Electric Power Corporation Fund		41,126		—		—			—			(908	)		1,708			—			41,926
Energy Infra Asset Management Co., Ltd.		791		—		—			—			147			—			—			938
Daegu clean Energy Co., Ltd.		13		—		—			—			(1	)		—			—			12
YaksuESS Co., Ltd.		516		—		—			—			(62	)		—			—			454
Nepal Water & Energy Development Company Private Limited		31,145		14,697		—			—			(1,699	)		(1,466	)		—			42,677
Gwangyang Green Energy Co., Ltd.		948		—		—			—			(22	)		—			—			926
PND solar Co., Ltd.		1,144		—		—			—			5			—			—			1,149
Hyundai Eco Energy Co., Ltd.		3,781		—		—			—			469			—			—			4,250
YeongGwang Yaksu Wind Electric Co., Ltd.		386		—		—			—			(74	)		—			—			312
Green Energy Electricity Generation Co., Ltd.		163		—		—			—			(138	)		—			—			25
Korea Energy Solutions Co., Ltd.		259		—		—			—			(62	)		—			—			197
ITR Co., Ltd.		33		—		—			—			7			—			—			40
Structure test network Co., Ltd.		21		—		—			—			6			—			—			27
Namjeongsusang Solar Power Operation Co., Ltd.		812		—		—			—			(709	)		—			—			103
Indeck Niles Development, LLC		—		45,562		—			—			(13,344	)		(9,846	)		(1,745	)		20,627
Indeck Niles Asset Management, LLC		87		—		—			(539	)		559			—			(6	)		101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		7,126		294		(99	)		(291	)		296			—			—			7,326
Suwon New Power Co., Ltd.		798		—		—			—			256			—			—			1,054
KPGE Inc.		287		—		—			—			—			—			—			287
Gwangbaek Solar Power Investment Co., Ltd.		2,054		2,703		—			—			(75	)		—			—			4,682
Go deok Clean Energy Co., Ltd.		1,830		—		—			—			(843	)		(27	)		—			960
SureDataLab Co., Ltd.		—		126		—			—			(41	)		—			—			85
SEP Co., Ltd.		—		27		—			—			(13	)		—			—			14
Hankook Electric Power Information Co., Ltd.		—		38		—			—			101			—			—			139
Tronix Co., Ltd.		—		75		—			—			44			—			—			119
O2&B Global Co., Ltd.		—		25		—			—			(3	)		—			—			22
Muan Sunshine Solar Power Plant Co., Ltd.		—		79		—			—			(475	)		—			1,492			1,096
Bigeum Resident Photovoltaic Power Co., Ltd.		—		—		—			—			—			—			—			—
Jeju SolarOne Co., Ltd.		—		161		—			—			—			(2	)		—			159
Energy Innovation Fund I		—		4,000		—			(2	)		(159	)		—			(3,839	)		—
Goesan Solar Park Co., Ltd.		—		1,276		—			—			408			—			—			1,684
Saemangeum Heemang Photovoltaic Co., Ltd.		—		11,022		—			—			—			—			—			11,022
Bitgoel Eco Energy Co., Ltd.		—		29		—			—			—			—			—			29
Jeju Gimnyeong Wind Power Co., Ltd.		—		714		—			—			864			—			—			1,578

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Seoroseoro Sunny Power Plant Co., Ltd.	W	—		230		—			—			—			—			—			230
Muan Solar park Co., Ltd.		—		4,180		—			—			—			—			—			4,180
YuDang Solar Co., Ltd.		—		360		—			—			—			—			—			360
Anjwa Smart Farm & Solar City Co., Ltd.		—		5,510		—			—			—			—			—			5,510
Daewon Green Energy Co., Ltd.		—		3,910		—			—			—			—			—			3,910
		4,251,802		96,255		(207	)		(98,175	)		59,092			(48,911	)		(9,069	)		4,250,787
<Joint ventures>
KEPCO-Uhde Inc.		134		—		—			—			(34	)		—			—			100
Shuweihat Asia Power Investment B.V.		18,318		—		—			(4,337	)		5,919			(6,636	)		—			13,264
Shuweihat Asia Operation & Maintenance Company		1,408		—		—			(922	)		1,074			(503	)		—			1,057
Waterbury Lake Uranium L.P.		20,562		—		—			—			4			(769	)		—			19,797
ASM-BG Investicii AD		19,376		—		—			(4,206	)		2,575			455			—			18,200
RES Technology AD		16,248		—		—			(1,981	)		1,051			612			—			15,930
KV Holdings, Inc.		2,441		—		—			(617	)		580			1			—			2,405
KEPCO SPC Power Corporation		214,794		—		—			(48,486	)		48,479			(12,995	)		(129	)		201,663
Gansu Datang Yumen Wind Power Co., Ltd.		8,149		—		—			—			(1,718	)		99			—			6,530
Datang Chifeng Renewable Power Co., Ltd.		185,307		—		—			(13,453	)		15,317			1,307			—			188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		41,024		—		—			—			1,231			275			—			42,530
Rabigh Electricity Company		109,096		—		—			(14,956	)		25,474			(22,458	)		1			97,157
Rabigh Operation & Maintenance Company Limited		6,879		—		—			(5,340	)		2,788			(514	)		—			3,813
Jamaica Public Service Company Limited		253,607		—		—			(4,352	)		24,669			(10,891	)		3,188			266,221
KW Nuclear Components Co., Ltd.		9,052		—		—			(833	)		2,952			—			—			11,171
Busan Shinho Solar Power Co., Ltd.		5,045		—		—			(330	)		663			—			—			5,378
Global Trade Of Power System Co., Ltd.		571		—		—			—			(25	)		—			—			546
Expressway Solar-light Power Generation Co., Ltd.		2,883		—		—			—			13			—			—			2,896
Amman Asia Electric Power Company		192,164		—		—			(28,281	)		20,165			(22,795	)		—			161,253
KAPES, Inc.		10,832		—		—			—			(10,806	)		—			(26	)		—
Honam Wind Power Co., Ltd.		4,375		—		—			(435	)		(53	)		—			—			3,887
Jeongam Wind Power Co., Ltd.		4,437		—		—			—			183			—			—			4,620
Korea Power Engineering Service Co., Ltd.		4,902		—		—			—			446			—			14			5,362
Chun-cheon Energy Co., Ltd.		34,872		—		—			—			(7,354	)		—			—			27,518
Yeonggwangbaeksu Wind Power Co., Ltd.		3,040		—		—			—			84			—			—			3,124
Nghi Son 2 Power LLC		—		—		—			—			—			—			—			—
Kelar S.A.		70,462		—		—			—			14,864			(9,186	)		(4,691	)		71,449
PT. Tanjung Power Indonesia		34,327		—		—			—			7,522			(9,220	)		434			33,063
Incheon New Power Co., Ltd.		—		—		—			—			—			—			—			—
Seokmun Energy Co., Ltd.		17,342		—		—			—			(2,528	)		—			—			14,814
Daehan Wind Power PSC		1,757		4,302		—			—			(626	)		(5,433	)		—			—
Barakah One Company		—		—		—			—			—			—			—			—
Nawah Energy Company		285		—		—			—			2			(17	)		—			270
MOMENTUM		553		—		—			(404	)		399			17			—			565
Daegu Green Power Co., Ltd.		22,824		—		—			—			128			—			93			23,045
Yeonggwang Wind Power Co., Ltd.		17,627		—		—			—			(371	)		—			—			17,256
Chester Solar IV SpA		672		—		—			—			389			80			(77	)		1,064
Chester Solar V SpA		146		—		—			—			135			17			(21	)		277
Diego de Almagro Solar SpA		1,035		—		—			—			455			107			(107	)		1,490
South Jamaica Power Company Limited		13,863		—		—			—			20,468			(2,432	)		(2	)		31,897
Daesan Green Energy Co., Ltd.		17,182		—		—			—			5,371			—			(1	)		22,552

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
RE Holiday Holdings LLC	W	42,070		—		—			—			33,072			(6,333	)		—			68,809
RE Pioneer Holdings LLC		31,156		—		—			(1,246	)		24,466			(4,737	)		—			49,639
RE Barren Ridge 1 Holdings LLC		42,916		—		—			(872	)		(35,735	)		(1,843	)		—			4,466
RE Astoria 2 LandCo LLC		5,602		—		—			(249	)		210			(333	)		—			5,230
RE Barren Ridge LandCo LLC		1,966		—		—			(95	)		95			(119	)		—			1,847
Laurel SpA		595		—		—			—			498			80			(81	)		1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		4,024		—		—			—			(24	)		129			—			4,129
Chile Solar JV SpA		34,859		—		—			—			187			(163	)		—			34,883
Taebaek Gadeoksan Wind Power Co., Ltd.		7,846		4,070		—			—			1,468			(22	)		—			13,362
Cheong-Song Noraesan Wind Power Co., Ltd.		3,043		—		—			—			409			—			1			3,453
Chester Solar I SpA		1,157		—		—			—			472			107			(115	)		1,621
Solar Philippines Calatagan Corporation		48,930		—		—			(6,439	)		6,745			(219	)		—			49,017
Saemangeum Solar Power Co., Ltd.		8,324		16,399		—			—			(431	)		—			—			24,292
Chungsongmeon BongSan wind power Co., Ltd.		2,764		—		—			—			(232	)		1,592			—			4,124
Jaeun Resident Wind Power Plant Co., Ltd.		2,198		—		—			—			(3	)		—			—			2,195
DE Energia SpA		8,665		—		—			—			506			572			(1,556	)		8,187
Dangjin Eco Power Co., Ltd.		25,661		—		—			—			96			(237	)		3			25,523
Haemodum Solar Co., Ltd.		2,940		—		—			—			140			(15	)		—			3,065
Yangyang Wind Power Co., Ltd.		10,800		—		—			—			(286	)		(29	)		—			10,485
HORUS SOLAR, S.A. DE C.V.		3,403		1,665		—			—			(1,985	)		311			—			3,394
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		672		3,006		—			—			36			(54	)		—			3,660
SUNMEX RENOVABLES, S.A. DE C.V.		222		85		—			—			(46	)		(21	)		—			240
Stavro Holding II A.B.		5,625		3,305		—			—			(156	)		346			157			9,277
Solaseado Solar Power Co., Ltd.		—		7,020		—			—			2,895			—			—			9,915
Yeongam Solar Power Co., Ltd.		—		6,460		—			—			(418	)		—			—			6,042
Samsu Wind Power Co., Ltd.		—		2,637		—			—			(30	)		—			—			2,607
Pulau Indah Power Plant Sdn. Bhd.		—		11,569		—			—			(144	)		(221	)		—			11,204
Sam-Yang Photovoltaic Power Co., Ltd.		—		5,245		—			—			290			—			—			5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		—		20,952		—			(1,388	)		2,678			—			—			22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		—		15,699		—			—			430			—			—			16,129
PT Barito Wahana Tenaga		—		59,395		—			—			4,923			(1,289	)		—			63,029
Cheongna Energy Co., Ltd.		—		—		—			—			21			—			4,919			4,940
Naepo Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Dayone Energy Co., Ltd.		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		—		56,654		—			—			—			—			—			56,654
KAS Investment I LLC		—		23,437		—			—			—			—			—			23,437
KAS Investment II LLC		—		23,343		—			—			—			—			—			23,343
Energyco LLC		—		1,659		—			—			—			—			—			1,659
CAES, LLC		—		19,414		—			(297	)		—			—			(1,491	)		17,626
Hapcheon Floating Photovoltaic Power Plant Inc.		—		1,890		—			—			—			—			—			1,890
Busan Industrial Solar Power Co., Ltd.		—		510		—			—			—			—			—			510
Bitsolar Energy Co., Ltd.		—		352		—			—			—			—			—			352
		1,663,029		289,068		—			(139,519	)		220,032			(113,377	)		513			1,919,746
	W	5,914,831		385,323		(207	)		(237,694	)		279,124			(162,288	)		(8,556	)		6,170,533

(*1) The Group recognized a impairment loss for the carrying amount of Ecollite Co., Ltd. during the prior period due to the suspension of operating activities. Ecollite Co., Ltd. has been removed from associates since it is under the process of liquidation as of December 31, 2020.

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2021
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation (*1)	W	43,669,902		34,550,567		27,520,756		950,757
Korea Electric Power Industrial Development Co., Ltd.		158,163		73,278		312,705		7,233
YTN Co., Ltd.		367,950		126,062		137,439		51,044
Gangwon Wind Power Co., Ltd.		71,153		1,121		19,623		5,433
Hyundai Green Power Co., Ltd.		812,287		391,754		101,818		(280	)
Korea Power Exchange		331,640		61,912		110,075		492
Taebaek Wind Power Co., Ltd.		30,375		3,176		5,744		1,588
Taebaek Guinemi Wind Power Co., Ltd.		43,411		29,985		5,910		1,371
Pyeongchang Wind Power Co., Ltd.		69,939		48,295		10,087		1,537
Daeryun Power Co., Ltd.		757,157		476,152		188,193		(10,232	)
Changjuk Wind Power Co., Ltd.		29,539		1,690		6,213		3,265
KNH Solar Co., Ltd.		13,859		5,423		3,222		805
SPC Power Corporation		242,058		18,535		54,042		35,441
Gemeng International Energy Co., Ltd.		8,151,333		5,976,164		2,511,377		(404,570	)
PT. Cirebon Electric Power		697,614		254,089		273,650		39,965
KNOC Nigerian East Oil Co., Ltd.		24,693		102,722		—		(99	)
KNOC Nigerian West Oil Co., Ltd.		26,625		98,360		—		(99	)
PT Wampu Electric Power		209,172		132,917		20,294		7,102
PT. Bayan Resources TBK		2,884,474		743,452		3,264,057		1,456,893
S-Power Co., Ltd.		856,963		603,519		608,259		24,998
Pioneer Gas Power Limited		282,577		438,366		—		(36,864	)
Eurasia Energy Holdings		606		1,082		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,321,406		947,430		161,686		76,996
PT. Mutiara Jawa		24,355		15,498		10,958		2,835
Samcheok Eco Materials Co., Ltd.		26,545		1,854		14,281		1,237
Noeul Green Energy Co., Ltd.		109,354		96,222		36,029		(1,269	)
Goseong Green Power Co., Ltd.		5,412,537		4,509,791		740,028		51,450
Gangneung Eco Power Co., Ltd.		4,001,681		3,851,537		—		(4,188	)
Shin Pyeongtaek Power Co., Ltd.		1,028,028		764,551		653,117		57,202
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,823		1,033		426		46
Dongducheon Dream Power Co., Ltd.		1,398,244		1,139,521		750,127		(16,685	)
Jinbhuvish Power Generation Pvt. Ltd.		62,926		12,995		—		—
Daejung Offshore Wind Power Co., Ltd.		5,321		1,664		—		(149	)
GS Donghae Electric Power Co., Ltd.		2,149,060		1,432,083		760,323		44,035
Daegu Photovoltaic Co., Ltd.		13,046		4,970		3,519		1,621
Busan Green Energy Co., Ltd.		163,016		145,664		45,088		(10,843	)
Gunsan Bio Energy Co., Ltd.		8,503		28,981		—		(1,496	)
Korea Electric Vehicle Charging Service		13,351		6,207		13,808		(1,022	)
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)		1,409		100		836		64
Korea Electric Power Corporation Fund		49,150		237		9,773		9,534
Energy Infra Asset Management Co., Ltd.		11,196		426		4,703		1,306
Daegu clean Energy Co., Ltd.		368		324		—		(1	)
YaksuESS Co., Ltd.		6,999		4,535		1,715		903
Nepal Water & Energy Development Company Private Limited		153,184		58,545		—		(642	)
Gwangyang Green Energy Co., Ltd.		128,375		1,136		—		(688	)
PND solar Co., Ltd.		37,152		33,444		5,078		(128	)
Hyundai Eco Energy Co., Ltd.		186,309		158,111		25,762		6,921
YeongGwang Yaksu Wind Electric Co., Ltd.		40,484		41,176		7,066		(914	)
Green Energy Electricity Generation Co., Ltd.		75,664		72,442		2,796		(58	)
Korea Energy Solutions Co., Ltd.		654		40		228		(347	)
ITR Co., Ltd.		529		372		135		(29	)
Structure test network Co., Ltd.		1,665		400		1,451		1,134
Namjeongsusang Solar Power Operation Co., Ltd.		56,376		54,104		7,095		(1,280	)
Indeck Niles Development, LLC		1,051,557		729,078		—		(25,184	)
Indeck Niles Asset Management, LLC		347		13		2,232		1,135

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	W	14,778		211		848		815
Suwon New Power Co., Ltd.		1,997		30		—		2
KPGE Inc.		1,086		20		709		77
Gwangbaek Solar Power Investment Co., Ltd.		320,001		309,796		14,615		125
Go deok Clean Energy Co., Ltd.		65,566		54,811		—		(2,482	)
SureDataLab Co., Ltd.		612		79		733		205
SEP Co., Ltd.		132		100		—		(2	)
Hankook Electric Power Information Co., Ltd.		1,512		876		1,887		229
Tronix Co., Ltd.		1,002		455		2,228		89
O2&B Global Co., Ltd.		231		54		345		3
Muan Sunshine Solar Power Plant Co., Ltd.		142,858		138,987		15,582		(156	)
Bigeum Resident Photovoltaic Power Co., Ltd.		22,159		23,158		—		(608	)
Goesan Solar Park Co., Ltd.		52,443		45,799		6,388		836
Saemangeum Heemang Photovoltaic Co., Ltd.		157,298		130,158		902		(2,237	)
Bitgoel Eco Energy Co., Ltd.		51,471		36,450		—		(900	)
Jeju Gimnyeong Wind Power Co., Ltd.		65,754		62,716		6,915		(2,085	)
Seoroseoro Sunny Power Plant Co., Ltd.		5,833		4,186		469		36
Muan Solar park Co., Ltd.		226,920		198,132		30,990		8,639
YuDang Solar Co., Ltd.		22,430		19,604		3,452		626
Anjwa Smart Farm & Solar City Co., Ltd.		278,981		249,143		37,691		5,996
Daewon Green Energy Co., Ltd.		131,218		116,100		18		(130	)
G.GURU Co., Ltd.		1,644		8		58		(346	)
UD4M Co., Ltd.		1,359		205		1,004		196
Dongbu Highway Solar Co., Ltd.		18,794		17,721		2,394		163
Seobu Highway Solar Co., Ltd.		19,828		18,384		2,647		315
Korea Energy Data Co., Ltd.		238		27		86		6
Gangneung Sacheon Fuel Cell Co., Ltd.		2,758		3		—		(123	)
KOSTURE Co., Ltd.		150		26		166		11
Digital Innovation Growth Fund		12,857		—		4		(143	)
Taebaek Gadeoksan Wind Power Co., Ltd.		166,172		124,570		22,773		8,732
Chuncheon Green Energy Co., Ltd.		4,901		20		—		(101	)
Yeomsubong Wind Power Co., Ltd.		400		396		—		(17	)
Yeongyang Wind Power Corporation II		28,972		9,456		—		(1,233	)
Haeparang Energy Co., Ltd.		9,566		681		—		(2	)
Saemangeum Sebit Power Plant Co., Ltd.		105,259		96,963		—		(190	)
<Joint ventures>
KEPCO-Uhde Inc.		128		14		—		(84	)
Shuweihat Asia Power Investment B.V.		75,652		—		—		23,905
Shuweihat Asia Operation & Maintenance Company		2,586		77		2,821		2,002
Waterbury Lake Uranium L.P.		65,240		14		—		—
ASM-BG Investicii AD		74,977		37,593		13,161		5,365
RES Technology AD		63,495		30,090		8,142		2,220
KV Holdings, Inc.		6,318		1		10		2,405
KEPCO SPC Power Corporation		290,981		26,381		181,443		49,499
Gansu Datang Yumen Wind Power Co., Ltd.		75,268		58,680		9,666		(1,547	)
Datang Chifeng Renewable Power Co., Ltd.		827,213		315,746		120,989		24,398
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		198,437		87,895		29,094		3,905
Rabigh Electricity Company		2,410,335		1,910,203		266,822		34,268
Rabigh Operation & Maintenance Company Limited		29,107		18,930		32,079		9,808
Jamaica Public Service Company Limited		2,174,800		1,469,297		1,113,943		41,277
KW Nuclear Components Co., Ltd.		42,033		6,678		32,938		12,335
Busan Shinho Solar Power Co., Ltd.		37,016		13,653		7,918		3,261
Global Trade Of Power System Co., Ltd.		2,443		385		6,355		76
Expressway Solar-light Power Generation Co., Ltd.		13,747		3,113		2,637		466
Amman Asia Electric Power Company		731,745		433,946		17,753		30,815

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Joint ventures>
KAPES, Inc.	W	92,790		59,099		87,775		1,571
Honam Wind Power Co., Ltd.		33,623		19,800		5,395		531
Korea Power Engineering Service Co., Ltd.		24,068		5,397		11,259		709
Chun-cheon Energy Co., Ltd.		610,650		523,223		327,534		(5,451	)
Yeonggwangbaeksu Wind Power Co., Ltd.		82,439		64,290		8,411		(2,302	)
Nghi Son 2 Power LLC		2,982,805		3,020,684		548,027		84,276
Kelar S.A.		655,236		526,063		84,504		3,641
PT. Tanjung Power Indonesia		713,715		580,727		89,491		14,511
Incheon New Power Co., Ltd.		3,240		2,606		2,336		109
Seokmun Energy Co., Ltd.		219,414		171,682		41,555		(3,434	)
Daehan Wind Power PSC		137,388		127,080		6,794		7,581
Barakah One Company		29,707,801		29,951,656		253,653		4,011
Nawah Energy Company		155,191		153,559		—		—
MOMENTUM		7,546		6,442		34,527		1,105
Daegu Green Power Co., Ltd.		541,304		459,536		295,645		1,796
Yeonggwang Wind Power Co., Ltd.		239,701		202,410		25,892		958
Chester Solar IV SpA		11,966		12,144		1,344		(2,060	)
Chester Solar V SpA		4,034		4,256		440		(601	)
Diego de Almagro Solar SpA		15,155		14,572		1,615		(2,103	)
South Jamaica Power Company Limited		474,664		287,852		224,159		5,743
Daesan Green Energy Co., Ltd.		264,618		203,921		88,147		(3,310	)
RE Holiday Holdings LLC		335,130		188,796		19,724		10,897
RE Pioneer Holdings LLC		220,390		126,361		12,925		9,307
RE Barren Ridge 1 Holdings LLC		201,629		87,291		10,575		(541	)
RE Astoria 2 LandCo LLC		12,294		298		889		799
RE Barren Ridge LandCo LLC		4,328		89		345		315
Laurel SpA		10,566		10,350		1,159		(1,425	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		30,809		1,573		—		(916	)
Chile Solar JV SpA		68,445		3,531		3,060		1,408
Cheong-Song Noraesan Wind Power Co., Ltd.		57,047		43,106		7,929		2,309
Chester Solar I SpA		12,965		11,043		1,065		(1,146	)
Solar Philippines Calatagan Corporation		117,324		46,759		19,418		11,782
Saemangeum Solar Power Co., Ltd.		35,323		5,771		—		(631	)
Chungsongmeon BongSan wind power Co., Ltd.		74,683		67,696		—		(1,186	)
Jaeun Resident Wind Power Plant Co., Ltd.		81,477		74,724		—		(1,325	)
DE Energia SpA		49,201		59,587		5,219		(2,954	)
Dangjin Eco Power Co., Ltd.		98,010		22,223		4,139		805
Haemodum Solar Co., Ltd.		23,038		16,750		1,799		45
Yangyang Wind Power Co., Ltd.		53,586		31,291		—		(965	)
HORUS SOLAR, S.A. DE C.V.		192,650		177,514		8,392		16,664
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		153,855		138,033		—		4,842
SUNMEX RENOVABLES, S.A. DE C.V.		90,956		80,218		—		(333	)
Stavro Holding II A.B.		88,220		87		—		(276	)
Solaseado Solar Power Co., Ltd.		367,915		345,987		41,684		4,170
Yeongam Solar Power Co., Ltd.		324,132		292,213		37,301		4,930
Samsu Wind Power Co., Ltd.		69,213		54,331		3,918		1,162
Pulau Indah Power Plant Sdn. Bhd.		404,458		338,635		228		(2,589	)
Sam-Yang Photovoltaic Power Co., Ltd.		50,837		40,647		7,376		150
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		70,910		38		3,428		6,468
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		18,121		23		333		288
PT Barito Wahana Tenaga		266,584		39		—		25,839
Cheongna Energy Co., Ltd.		357,248		338,763		77,640		12,743
Naepo Green Energy Co., Ltd.		222,885		249,415		7,044		(21,392	)
Dayone Energy Co., Ltd.		452,509		504,351		143,870		409

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Total assets		Total liabilities		Sales			Profit (loss) for the year
<Joint ventures>
OneEnergy Asia Limited	W	136,247		777		—			(2,844	)
KAS Investment I LLC		52,681		1,583		(19,390	)		(23,007	)
KAS Investment II LLC		52,476		1,581		(19,311	)		(21,801	)
Energyco Co., Ltd. (formerly, Energyco LLC)		59,662		57,227		168			(2,514	)
CAES, LLC		43,089		—		—			(923	)
Hapcheon Floating Photovoltaic Power Plant Inc.		73,978		59,832		1,120			(972	)
Busan Industrial Solar Power Co., Ltd.		19,085		17,937		1,879			566
Bitsolar Energy Co., Ltd.		80,307		85,340		8,298			(1,105	)
Pulau Indah O&M Sdn. Bhd.		—		—		—			—
Guadalupe Solar SpA		8,774		7,839		12			(1,119	)
Omisan Wind Power Co., Ltd.		128,724		103,802		—			(320	)
Foresight Iberian Solar Group Holding, S.L.		90,610		79,519		168			(603	)
Yeongwol Eco Wind Co., Ltd.		43,784		39,066		—			421
Gurae Resident Power Co., Ltd.		6,932		5,734		—			42
Cheongju Eco Park Co., Ltd.		138,657		120,485		6,454			(1,708	)
Enel X Midland Photovoltaic, LLC		9,053		611		122			(31	)
Geumsungsan Wind Power Co., Ltd.		66,862		47,906		—			(2,146	)
KEPCO KPS CARABAO Corp.		3,482		2,516		5,309			733
Prime Swedish Holding AB		34,257		20		—			(5	)
Goheung New Energy Co., Ltd.		55,145		32,125		—			(2,711	)
Gunsan Land Solar Co., Ltd.		86,654		60,996		432			432
CapMan Lynx SCA, SICAR		113,658		93,706		—			—
International Offshore Power Transmission Holding Company Limited		5		—		—			—

(*1) The profit for the year ended December 31, 2021 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests.

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation (*1)	W	35,909,775		28,174,619		20,833,722		(172,060	)
Korea Electric Power Industrial Development Co., Ltd.		164,015		75,636		297,962		16,284
YTN Co., Ltd.		295,151		105,923		126,730		7,095
Gangwon Wind Power Co., Ltd.		77,297		1,336		23,350		7,472
Hyundai Green Power Co., Ltd.		874,574		416,732		390,442		55,591
Korea Power Exchange		337,577		68,455		104,698		979
Taebaek Wind Power Co., Ltd.		28,048		2,480		4,364		(561	)
Taebaek Guinemi Wind Power Co., Ltd.		44,434		32,085		5,023		1,368
Pyeongchang Wind Power Co., Ltd.		72,713		52,606		8,387		(154	)
Daeryun Power Co., Ltd.		789,277		498,346		126,343		1,941
Changjuk Wind Power Co., Ltd.		27,515		1,292		4,777		656
KNH Solar Co., Ltd.		18,240		9,219		3,564		728
SPC Power Corporation		255,462		17,705		47,091		39,677
Gemeng International Energy Co., Ltd.		7,427,157		5,428,013		1,955,707		64,077
PT. Cirebon Electric Power		730,020		301,615		246,014		40,676
KNOC Nigerian East Oil Co., Ltd.		22,215		93,736		—		(142	)
KNOC Nigerian West Oil Co., Ltd.		23,999		89,739		—		(142	)
PT Wampu Electric Power		199,841		139,264		20,265		7,372
PT. Bayan Resources TBK		1,544,875		795,131		1,646,390		219,406
S-Power Co., Ltd.		782,561		554,393		421,519		(10,805	)
Pioneer Gas Power Limited		260,344		359,790		—		(44,568	)
Eurasia Energy Holdings		556		993		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,138,994		876,336		140,069		(11,318	)
Hadong Mineral Fiber Co., Ltd.		203		231		—		—
PT. Mutiara Jawa		23,061		16,923		7,946		2,523
Samcheok Eco Materials Co., Ltd.		24,024		598		10,483		23
Noeul Green Energy Co., Ltd.		116,929		102,457		27,486		(8,303	)
Goseong Green Power Co., Ltd.		4,559,480		4,351,119		—		(12,280	)
Gangneung Eco Power Co., Ltd.		2,630,752		2,475,848		—		(3,623	)
Shin Pyeongtaek Power Co., Ltd.		1,020,650		814,369		520,468		32,002
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		2,001		1,258		387		(11	)
Dongducheon Dream Power Co., Ltd.		1,374,640		1,095,926		524,890		10,982
Jinbhuvish Power Generation Pvt. Ltd.		58,699		12,122		—		—
Daejung Offshore Wind Power Co., Ltd.		6,281		1,634		—		(810	)
GS Donghae Electric Power Co., Ltd.		2,174,835		1,455,935		685,579		41,955
Daegu Photovoltaic Co., Ltd.		13,843		6,718		3,343		1,149
Busan Green Energy Co., Ltd.		170,261		139,995		40,241		(6,422	)
Gunsan Bio Energy Co., Ltd.		9,340		28,322		—		(1,501	)
Korea Electric Vehicle Charging Service		8,173		6,116		10,807		(1,756	)
Korea Nuclear Partners Co., Ltd.		1,350		105		1,062		(150	)
Korea Electric Power Corporation Fund		42,988		249		82		(730	)
Energy Infra Asset Management Co., Ltd.		10,424		946		5,130		1,488
Daegu clean Energy Co., Ltd.		368		324		—		(1	)
YaksuESS Co., Ltd.		6,584		5,022		217		(212	)
Nepal Water & Energy Development Company Private Limited		109,321		41,093		—		(444	)
Gwangyang Green Energy Co., Ltd.		28,634		24,095		—		(113	)
PND solar Co., Ltd.		38,997		35,566		5,129		(121	)
Hyundai Eco Energy Co., Ltd.		195,040		173,800		24,166		4,280
YeongGwang Yaksu Wind Electric Co., Ltd.		43,039		42,915		5,802		(637	)
Green Energy Electricity Generation Co., Ltd.		53,934		56,533		—		(920	)
Korea Energy Solutions Co., Ltd.		1,009		25		78		(280	)
ITR Co., Ltd.		418		220		153		(66	)
Structure test network Co., Ltd.		101		234		99		27
Namjeongsusang Solar Power Operation Co., Ltd.		63,041		62,488		1,128		(4,655	)
Indeck Niles Development, LLC		772,124		738,826		—		(29,392	)
Indeck Niles Asset Management, LLC		314		11		2,272		1,139

109

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
2020
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	W	15,157		206		634		603
Suwon New Power Co., Ltd.		1,974		8		—		—
KPGE Inc.		1,021		32		354		5
Gwangbaek Solar Power Investment Co., Ltd.		339,223		329,298		13,192		(329	)
Go deok Clean Energy Co., Ltd.		1,639		65		—		(1,382	)
SureDataLab Co., Ltd.		400		47		303		(108	)
SEP Co., Ltd.		164		100		—		(63	)
Hankook Electric Power Information Co., Ltd.		1,163		613		1,208		390
Tronix Co., Ltd.		942		349		2,030		(6	)
O2&B Global Co., Ltd.		233		125		285		(57	)
Muan Sunshine Solar Power Plant Co., Ltd.		147,908		144,898		6,017		(2,365	)
Bigeum Resident Photovoltaic Power Co., Ltd.		11,164		11,551		—		(309	)
Jeju SolarOne Co., Ltd.		1,608		14		—		(4	)
Goesan Solar Park Co., Ltd.		56,332		50,524		2,809		(262	)
Saemangeum Heemang Photovoltaic Co., Ltd.		35,447		6,070		—		(1,943	)
Bitgoel Eco Energy Co., Ltd.		100		—		—		—
Jeju Gimnyeong Wind Power Co., Ltd.		72,557		67,297		8,927		(1,576	)
Seoroseoro Sunny Power Plant Co., Ltd.		1,182		—		—		—
Muan Solar park Co., Ltd.		245,431		225,057		14,359		(966	)
YuDang Solar Co., Ltd.		23,360		20,876		1,611		686
Anjwa Smart Farm & Solar City Co., Ltd.		295,570		271,396		1,900		(1,684	)
Daewon Green Energy Co., Ltd.		15,370		122		—		(93	)
<Joint ventures>
KEPCO-Uhde Inc.		208		11		—		(66	)
Shuweihat Asia Power Investment B.V.		27,073		4		—		12,080
Shuweihat Asia Operation & Maintenance Company		1,960		38		2,689		1,953
Waterbury Lake Uranium L.P.		59,885		77		—		—
ASM-BG Investicii AD		80,261		43,861		13,355		5,150
RES Technology AD		67,232		35,372		8,381		2,102
KV Holdings, Inc.		6,013		—		27		1,449
KEPCO SPC Power Corporation		289,271		21,102		184,481		66,311
Gansu Datang Yumen Wind Power Co., Ltd.		69,668		53,343		7,157		(4,295	)
Datang Chifeng Renewable Power Co., Ltd.		747,990		276,796		119,955		39,439
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		182,342		76,018		26,378		2,914
Rabigh Electricity Company		2,294,880		1,898,701		293,722		94,927
Rabigh Operation & Maintenance Company Limited		28,666		19,133		26,268		7,318
Jamaica Public Service Company Limited		1,664,412		1,027,418		1,042,422		35,916
KW Nuclear Components Co., Ltd.		44,571		19,354		19,762		7,262
Busan Shinho Solar Power Co., Ltd.		39,266		17,754		7,296		2,652
Global Trade Of Power System Co., Ltd.		2,319		435		4,105		(96	)
Expressway Solar-light Power Generation Co., Ltd.		14,801		4,816		2,298		144
Amman Asia Electric Power Company		725,101		456,346		20,586		33,608
KAPES, Inc.		127,418		95,322		167,201		10,908
Honam Wind Power Co., Ltd.		36,237		22,945		4,433		(220	)
Jeongam Wind Power Co., Ltd.		89,829		78,279		9,757		412
Korea Power Engineering Service Co., Ltd.		24,162		5,674		9,435		1,538
Chun-cheon Energy Co., Ltd.		605,493		512,642		222,066		(24,597	)
Yeonggwangbaeksu Wind Power Co., Ltd.		90,758		69,967		11,232		572
Nghi Son 2 Power LLC		2,207,764		2,474,324		819,706		108,832
Kelar S.A.		598,901		492,838		93,375		16,863
PT. Tanjung Power Indonesia		645,152		550,687		90,255		20,487
Incheon New Power Co., Ltd.		3,439		2,914		1,519		(670	)
Seokmun Energy Co., Ltd.		227,539		176,457		33,677		(8,734	)
Daehan Wind Power PSC		98,544		106,254		—		(765	)
Barakah One Company		24,693,571		24,924,087		—		(4,520	)

110

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Joint ventures>
Nawah Energy Company	W	139,286		137,788		—		12
MOMENTUM		10,772		9,076		31,161		1,122
Daegu Green Power Co., Ltd.		549,034		469,126		221,382		290
Yeonggwang Wind Power Co., Ltd.		249,999		213,556		26,535		1,690
Chester Solar IV SpA		14,232		11,990		1,688		485
Chester Solar V SpA		4,674		4,313		588		150
Diego de Almagro Solar SpA		17,916		14,808		1,824		535
South Jamaica Power Company Limited		405,804		246,310		209,596		12,208
Daesan Green Energy Co., Ltd.		275,911		211,476		62,286		15,346
RE Holiday Holdings LLC		320,908		183,290		19,659		13,247
RE Pioneer Holdings LLC		236,565		137,287		12,410		8,821
RE Barren Ridge 1 Holdings LLC		194,643		87,171		10,679		(722	)
RE Astoria 2 LandCo LLC		10,733		274		664		541
RE Barren Ridge LandCo LLC		3,776		82		266		223
Laurel SpA		13,529		11,496		1,704		702
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,930		618		—		(191	)
Chile Solar JV SpA		74,776		5,011		4,390		1,476
Taebaek Gadeoksan Wind Power Co., Ltd.		142,731		114,487		10,587		2,411
Cheong-Song Noraesan Wind Power Co., Ltd.		55,460		43,771		7,411		2,039
Chester Solar I SpA		12,795		9,713		1,111		824
Solar Philippines Calatagan Corporation		97,947		47,098		23,182		15,249
Saemangeum Solar Power Co., Ltd.		34,363		4,180		—		(532	)
Chungsongmeon BongSan wind power Co., Ltd.		64,341		56,264		—		(1,206	)
Jaeun Resident Wind Power Plant Co., Ltd.		63,940		56,371		—		(645	)
DE Energia SpA		48,327		54,934		3,789		(21,087	)
Dangjin Eco Power Co., Ltd.		97,834		23,769		3,953		565
Haemodum Solar Co., Ltd.		19,041		12,786		1,188		286
Yangyang Wind Power Co., Ltd.		20,917		33		—		(572	)
HORUS SOLAR, S.A. DE C.V.		181,432		182,674		—		(13,285	)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		81,257		71,295		—		243
SUNMEX RENOVABLES, S.A. DE C.V.		7,781		6,204		—		(309	)
Stavro Holding II A.B.		46,394		9		—		(782	)
Solaseado Solar Power Co., Ltd.		349,855		327,865		43,782		7,443
Yeongam Solar Power Co., Ltd.		312,960		285,231		17,347		(3,324	)
Samsu Wind Power Co., Ltd.		59,597		45,877		—		243
Pulau Indah Power Plant Sdn. Bhd.		31,538		9,293		—		(894	)
Sam-Yang Photovoltaic Power Co., Ltd.		55,345		44,049		2,769		592
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		73,573		39		1,770		8,989
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		17,932		11		6		478
PT Barito Wahana Tenaga		205,894		—		—		28,631
Cheongna Energy Co., Ltd.		341,478		335,736		78,387		5,995
Naepo Green Energy Co., Ltd.		152,003		159,805		7,056		(28,043	)
Dayone Energy Co., Ltd.		441,875		496,355		93,832		30,269
OneEnergy Asia Limited		78,005		150		—		(578	)
KAS Investment I LLC		78,410		—		—		—
KAS Investment II LLC		78,096		—		—		—
Energyco LLC		3,425		563		—		(2,856	)
CAES, LLC		40,840		—		—		(1,656	)
Hapcheon Floating Photovoltaic Power Plant Inc.		9,708		—		—		—
Busan Industrial Solar Power Co., Ltd.		15,283		14,499		19		(485	)
Bitsolar Energy Co., Ltd.		144,758		149,561		—		(6,116	)

(*1) The loss for the year ended December 31, 2020 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests.

111

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows:

In millions of won
2021
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	9,119,335			20.47	%		1,866,728			—		—			(51,215	)		1,815,513
Korea Electric Power Industrial Development Co., Ltd.		84,885			29.00	%		24,617			—		—			—			24,617
YTN Co., Ltd.		241,863			21.43	%		51,828			—		—			—			51,828
Gangwon Wind Power Co., Ltd.		70,032			15.00	%		10,505			49		—			—			10,554
Hyundai Green Power Co., Ltd.		420,533			29.00	%		121,955			—		—			—			121,955
Korea Power Exchange		269,728			100.00	%		269,728			—		—			—			269,728
Taebaek Wind Power Co., Ltd.		27,199			25.00	%		6,800			—		—			—			6,800
Taebaek Guinemi Wind Power Co., Ltd.		13,426			25.00	%		3,357			—		—			—			3,357
Pyeongchang Wind Power Co., Ltd.		21,644			25.00	%		5,411			—		—			—			5,411
Daeryun Power Co., Ltd.		281,005			9.34	%		26,246			—		—			(820	)		25,426
Changjuk Wind Power Co., Ltd.		27,849			30.00	%		8,355			—		—			—			8,355
KNH Solar Co., Ltd.		8,436			27.00	%		2,278			—		—			—			2,278
SPC Power Corporation		223,523			38.00	%		84,939			—		—			(19,893	)		65,046
Gemeng International Energy Co., Ltd.		2,175,169			34.00	%		739,557			—		—			(144,339	)		595,218
PT. Cirebon Electric Power		443,525			27.50	%		121,969			—		—			—			121,969
KNOC Nigerian East Oil Co., Ltd.		(78,029	)		14.63	%		(11,416	)		—		—			11,416			—
KNOC Nigerian West Oil Co., Ltd.		(71,735	)		14.63	%		(10,495	)		—		—			10,495			—
PT Wampu Electric Power		76,255			46.00	%		35,077			—		—			—			35,077
PT. Bayan Resources TBK		2,141,022			20.00	%		428,204			309,464		—			(76,379	)		661,289
S-Power Co., Ltd.		253,444			49.00	%		124,188			—		(1,402	)		—			122,786
Pioneer Gas Power Limited		(155,789	)		38.50	%		(59,975	)		22,278		—			37,697			—
Eurasia Energy Holdings		(476	)		40.00	%		(190	)		—		—			190			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		373,976			25.00	%		93,494			305		(1,069	)		(289	)		92,441
PT. Mutiara Jawa		8,857			29.00	%		2,569			—		—			—			2,569
Samcheok Eco Materials Co., Ltd.		24,691			25.54	%		6,306			—		—			(6,306	)		—
Noeul Green Energy Co., Ltd.		13,132			29.00	%		3,808			—		—			—			3,808
Goseong Green Power Co., Ltd.		902,746			29.00	%		261,796			—		(938	)		—			260,858
Gangneung Eco Power Co., Ltd.		150,144			1.61	%		2,419			—		(131	)		—			2,288
Shin Pyeongtaek Power Co., Ltd.		263,477			40.00	%		105,391			3,559		(15,876	)		—			93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		790			28.00	%		221			—		—			2			223
Dongducheon Dream Power Co., Ltd.		258,723			34.01	%		87,992			1,757		(2,969	)		(12,582	)		74,198
Jinbhuvish Power Generation Pvt. Ltd.		49,931			5.16	%		2,576			—		—			(2,576	)		—
Daejung Offshore Wind Power Co., Ltd.		3,657			46.59	%		1,704			—		—			—			1,704
GS Donghae Electric Power Co., Ltd.		716,977			34.00	%		243,772			—		—			—			243,772
Daegu Photovoltaic Co., Ltd.		8,076			29.00	%		2,342			—		—			—			2,342
Busan Green Energy Co., Ltd.		17,352			29.00	%		5,032			—		—			—			5,032
Gunsan Bio Energy Co., Ltd.		(20,478	)		18.87	%		(3,864	)		—		—			3,864			—
Korea Electric Vehicle Charging Service		7,144			17.50	%		1,250			—		—			—			1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)		1,309			28.98	%		379			—		—			(160	)		219
Korea Electric Power Corporation Fund		48,913			98.09	%		47,979			—		—			4			47,983
Energy Infra Asset Management Co., Ltd.		10,770			9.90	%		1,066			—		—			—			1,066
Daegu clean Energy Co., Ltd.		44			28.00	%		12			—		—			—			12
YaksuESS Co., Ltd.		2,464			29.00	%		715			1		—			—			716
Nepal Water & Energy Development Company Private Limited		94,639			69.06	%		65,361			972		—			—			66,333
Gwangyang Green Energy Co., Ltd.		127,239			20.00	%		25,448			18		—			—			25,466
PND solar Co., Ltd.		3,708			29.00	%		1,075			154		—			—			1,229
Hyundai Eco Energy Co., Ltd.		28,198			19.00	%		5,358			214		—			—			5,572
YeongGwang Yaksu Wind Electric Co., Ltd.		(692	)		9.63	%		(67	)		300		—			—			233
Green Energy Electricity Generation Co., Ltd.		3,222			29.00	%		934			779		—			—			1,713
Korea Energy Solutions Co., Ltd.		614			20.00	%		123			—		—			—			123
ITR Co., Ltd.		157			20.00	%		31			1		—			—			32
Structure test network Co., Ltd.		1,265			20.00	%		253			53		—			—			306

112

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction		Others		Book value
<Associates>
Namjeongsusang Solar Power Operation Co., Ltd.	W	2,272			15.00	%		341			20		—		—		361
Indeck Niles Development, LLC		322,479			56.25	%		181,395			64,878		—		—		246,273
Indeck Niles Asset Management, LLC		334			33.33	%		111			—		—		—		111
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		14,567			49.00	%		7,138			—		—		—		7,138
Suwon New Power Co., Ltd.		1,967			39.90	%		785			—		250		—		1,035
KPGE Inc.		1,066			29.00	%		309			—		—		—		309
Gwangbaek Solar Power Investment Co., Ltd.		10,205			44.00	%		4,490			316		—		—		4,806
Go deok Clean Energy Co., Ltd.		10,755			40.00	%		4,302			—		—		—		4,302
SureDataLab Co., Ltd.		533			23.95	%		128			—		—		—		128
SEP Co., Ltd.		32			21.26	%		7			—		—		—		7
Hankook Electric Power Information Co., Ltd.		636			25.25	%		161			—		—		—		161
Tronix Co., Ltd.		547			20.00	%		109			—		—		—		109
O2&B Global Co., Ltd.		177			20.00	%		35			—		—		—		35
Muan Sunshine Solar Power Plant Co., Ltd.		3,871			20.00	%		774			494		—		—		1,268
Bigeum Resident Photovoltaic Power Co., Ltd.		(999	)		29.90	%		(299	)		24		—		275		—
Goesan Solar Park Co., Ltd.		6,644			29.00	%		1,927			—		—		—		1,927
Saemangeum Heemang Photovoltaic Co., Ltd.		27,140			35.00	%		9,499			739		—		—		10,238
Bitgoel Eco Energy Co., Ltd.		15,021			29.00	%		4,356			—		—		—		4,356
Jeju Gimnyeong Wind Power Co., Ltd.		3,038			30.00	%		911			—		—		—		911
Seoroseoro Sunny Power Plant Co., Ltd.		1,647			42.58	%		701			20		—		—		721
Muan Solar park Co., Ltd.		28,788			20.00	%		5,758			325		—		—		6,083
YuDang Solar Co., Ltd.		2,826			20.00	%		565			—		—		—		565
Anjwa Smart Farm & Solar City Co., Ltd.		29,838			20.00	%		5,968			816		—		—		6,784
Daewon Green Energy Co., Ltd.		15,118			25.36	%		3,833			44		—		—		3,877
G.GURU Co., Ltd.		1,636			24.65	%		403			—		—		—		403
UD4M Co., Ltd.		1,154			12.50	%		144			—		—		—		144
Dongbu Highway Solar Co., Ltd.		1,073			20.00	%		215			50		—		—		265
Seobu Highway Solar Co., Ltd.		1,444			20.00	%		289			—		—		—		289
Korea Energy Data Co., Ltd.		211			29.37	%		62			—		—		—		62
Gangneung Sacheon Fuel Cell Co., Ltd.		2,755			65.00	%		1,791			87		—		—		1,878
KOSTURE Co., Ltd.		124			0.26	%		—			—		—		—		—
Digital Innovation Growth Fund		12,857			76.92	%		9,890			—		—		—		9,890
Taebaek Gadeoksan Wind Power Co., Ltd.		41,602			39.65	%		16,495			—		—		—		16,495
Chuncheon Green Energy Co., Ltd.		4,881			68.00	%		3,319			53		—		—		3,372
Yeomsubong Wind Power Co., Ltd.		4			48.72	%		2			93		—		—		95
Yeongyang Wind Power Corporation II		19,516			30.00	%		5,855			2,110		—		—		7,965
Haeparang Energy Co., Ltd.		8,885			25.00	%		2,221			20		—		—		2,241
Saemangeum Sebit Power Plant Co., Ltd.		8,296			69.55	%		5,770			230		—		—		6,000
<Joint ventures>
KEPCO-Uhde Inc.		114			50.85	%		58			—		—		—		58
Shuweihat Asia Power Investment B.V.		75,652			49.00	%		37,069			—		—		—		37,069
Shuweihat Asia Operation & Maintenance Company		2,509			55.00	%		1,380			—		—		—		1,380
Waterbury Lake Uranium L.P.		65,226			33.10	%		21,590			—		—		—		21,590
ASM-BG Investicii AD		37,384			50.00	%		18,692			—		—		—		18,692
RES Technology AD		33,405			50.00	%		16,703			—		—		—		16,703
KV Holdings, Inc.		6,317			40.00	%		2,527			—		—		—		2,527
KEPCO SPC Power Corporation		264,600			75.20	%		198,979			—		—		—		198,979
Gansu Datang Yumen Wind Power Co., Ltd.		16,588			40.00	%		6,635			—		—		—		6,635
Datang Chifeng Renewable Power Co., Ltd.		511,467			40.00	%		204,587			—		—		—		204,587

113

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	W	110,542			40.00	%		44,217			—		—			—			44,217
Rabigh Electricity Company		500,132			40.00	%		200,053			—		(55,571	)		(804	)		143,678
Rabigh Operation & Maintenance Company Limited		10,177			40.00	%		4,071			—		—			—			4,071
Jamaica Public Service Company Limited		705,503			40.00	%		282,201			29,357		—			(16,909	)		294,649
KW Nuclear Components Co., Ltd.		35,355			45.00	%		15,910			—		—			(176	)		15,734
Busan Shinho Solar Power Co., Ltd.		23,363			25.00	%		5,841			—		—			—			5,841
Global Trade Of Power System Co., Ltd.		2,058			29.00	%		597			—		—			—			597
Expressway Solar-light Power Generation Co., Ltd.		10,634			29.00	%		3,084			—		—			—			3,084
Amman Asia Electric Power Company		297,799			60.00	%		178,679			—		—			—			178,679
KAPES, Inc.		33,691			51.00	%		17,182			—		(20,697	)		3,515			—
Honam Wind Power Co., Ltd.		13,823			29.00	%		4,009			32		—			—			4,041
Korea Power Engineering Service Co., Ltd.		18,671			29.00	%		5,415			—		—			—			5,415
Chun-cheon Energy Co., Ltd.		87,427			29.90	%		26,141			3		—			(248	)		25,896
Yeonggwangbaeksu Wind Power Co., Ltd.		18,149			15.00	%		2,722			6		—			—			2,728
Nghi Son 2 Power LLC		(37,879	)		50.00	%		(18,940	)		—		—			18,940			—
Kelar S.A.		129,173			65.00	%		83,962			2,733		—			—			86,695
PT. Tanjung Power Indonesia		132,988			35.00	%		46,546			—		—			—			46,546
Incheon New Power Co., Ltd.		634			29.00	%		184			—		—			(184	)		—
Seokmun Energy Co., Ltd.		47,732			29.00	%		13,842			—		—			—			13,842
Daehan Wind Power PSC		10,308			50.00	%		5,154			—		—			—			5,154
Barakah One Company		(243,855	)		18.00	%		(43,894	)		—		1,058			42,836			—
Nawah Energy Company		1,632			18.00	%		294			—		—			—			294
MOMENTUM		1,104			33.33	%		368			—		—			—			368
Daegu Green Power Co., Ltd.		81,768			54.24	%		44,351			84		—			(20,381	)		24,054
Yeonggwang Wind Power Co., Ltd.		37,291			46.00	%		17,154			492		—			—			17,646
Chester Solar IV SpA		(178	)		45.00	%		(80	)		60		—			20			—
Chester Solar V SpA		(222	)		45.00	%		(100	)		125		—			—			25
Diego de Almagro Solar SpA		583			45.00	%		262			100		—			—			362
South Jamaica Power Company Limited		186,812			20.00	%		37,362			—		—			(2	)		37,360
Daesan Green Energy Co., Ltd.		60,697			35.00	%		21,244			—		—			—			21,244
RE Holiday Holdings LLC		146,334			50.00	%		73,167			—		—			—			73,167
RE Pioneer Holdings LLC		94,029			50.00	%		47,015			—		—			—			47,015
RE Barren Ridge 1 Holdings LLC		114,338			50.00	%		57,169			—		—			(55,286	)		1,883
RE Astoria 2 LandCo LLC		11,996			50.00	%		5,998			—		—			—			5,998
RE Barren Ridge LandCo LLC		4,239			50.00	%		2,120			—		—			—			2,120
Laurel SpA		216			45.00	%		97			193		—			—			290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		29,236			12.37	%		3,616			9		—			—			3,625
Chile Solar JV SpA		64,914			50.00	%		32,457			—		—			—			32,457
Cheong-Song Noraesan Wind Power Co., Ltd.		13,941			29.01	%		4,045			61		—			—			4,106
Chester Solar I SpA		1,922			45.00	%		865			255		—			—			1,120
Solar Philippines Calatagan Corporation		70,565			38.00	%		26,815			—		—			31,416			58,231
Saemangeum Solar Power Co., Ltd.		29,552			81.01	%		23,939			—		—			—			23,939
Chungsongmeon BongSan wind power Co., Ltd.		6,987			29.00	%		2,026			1,782		—			—			3,808
Jaeun Resident Wind Power Plant Co., Ltd.		6,753			29.00	%		1,958			—		—			—			1,958
DE Energia SpA		(10,386	)		49.00	%		(5,089	)		—		—			14,010			8,921
Dangjin Eco Power Co., Ltd.		75,787			34.00	%		25,768			341		—			—			26,109
Haemodum Solar Co., Ltd.		6,288			49.00	%		3,081			—		—			—			3,081
Yangyang Wind Power Co., Ltd.		22,295			50.00	%		11,148			43		—			—			11,191
HORUS SOLAR, S.A. DE C.V.		15,136			14.95	%		2,262			3,580		—			—			5,842
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		15,822			14.95	%		2,365			2,171		—			—			4,536
SUNMEX RENOVABLES, S.A. DE C.V.		10,738			14.95	%		1,605			5		—			—			1,610

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2021
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential			Intercompany transaction			Others		Book value
<Joint ventures>
Stavro Holding II A.B.	W	88,133			20.00	%		17,627			—			—			—		17,627
Solaseado Solar Power Co., Ltd.		21,928			38.90	%		8,530			1,361			—			—		9,891
Yeongam Solar Power Co., Ltd.		31,919			19.00	%		6,065			773			—			—		6,838
Samsu Wind Power Co., Ltd.		14,882			19.00	%		2,828			—			—			—		2,828
Pulau Indah Power Plant Sdn. Bhd.		65,823			25.00	%		16,456			5,643			—			—		22,099
Sam-Yang Photovoltaic Power Co., Ltd.		10,190			49.00	%		4,993			—			—			—		4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		70,872			29.53	%		20,929			527			—			—		21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		18,098			90.00	%		16,288			—			—			—		16,288
PT Barito Wahana Tenaga		266,545			30.61	%		81,595			—			—			—		81,595
Cheongna Energy Co., Ltd.		18,485			50.10	%		9,261			3,137			(1,200	)		—		11,198
Naepo Green Energy Co., Ltd.		(26,530	)		29.20	%		(7,747	)		—			—			7,747		—
Dayone Energy Co., Ltd.		(51,842	)		46.30	%		(24,003	)		—			(882	)		24,885		—
OneEnergy Asia Limited		135,470			40.00	%		54,188			25,512			—			—		79,700
KAS Investment I LLC		51,098			29.89	%		15,273			—			—			—		15,273
KAS Investment II LLC		50,895			29.89	%		15,213			—			—			—		15,213
Energyco Co., Ltd. (formerly, Energyco LLC)		2,435			29.00	%		706			829			—			—		1,535
CAES, LLC		43,089			36.00	%		15,512			2,923			—			—		18,435
Hapcheon Floating Photovoltaic Power Plant Inc.		14,146			49.00	%		6,932			39			—			—		6,971
Busan Industrial Solar Power Co., Ltd.		1,148			28.02	%		322			290			—			—		612
Bitsolar Energy Co., Ltd.		(5,033	)		27.10	%		(1,364	)		352			—			1,364		352
Pulau Indah O&M Sdn. Bhd.		—			60.00	%		—			—			—			—		—
Guadalupe Solar SpA		935			60.00	%		561			98			—			—		659
Omisan Wind Power Co., Ltd.		24,922			42.00	%		10,467			166			—			—		10,633
Foresight Iberian Solar Group Holding, S.L.		11,091			75.00	%		8,318			1,425			—			—		9,743
Yeongwol Eco Wind Co., Ltd.		4,718			29.00	%		1,368			1,828			—			—		3,196
Gurae Resident Power Co., Ltd.		1,198			29.00	%		347			48			—			—		395
Cheongju Eco Park Co., Ltd.		18,172			29.00	%		5,270			195			—			—		5,465
Enel X Midland Photovoltaic, LLC		8,442			20.00	%		1,688			—			—			—		1,688
Geumsungsan Wind Power Co., Ltd.		18,956			29.00	%		5,497			556			—			—		6,053
KEPCO KPS CARABAO Corp.		966			40.00	%		386			—			—			—		386
Prime Swedish Holding AB		34,237			45.00	%		15,407			34			—			—		15,441
Goheung New Energy Co., Ltd.		23,020			46.15	%		10,624			1,084			—			—		11,708
Gunsan Land Solar Co., Ltd.		25,658			75.29	%		19,317			—			—			—		19,317
CapMan Lynx SCA, SICAR		19,952			50.00	%		9,976			—			—			—		9,976
International Offshore Power Transmission Holding Company Limited		5			35.00	%		2			(2	)		—			—		—

(*) The percentage of ownership shown above is after considering the treasury stocks and others.

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	7,735,156			22.02	%		1,703,281			—		—			(55,956	)		1,647,325
Korea Electric Power Industrial Development Co., Ltd.		88,379			29.00	%		25,630			—		—			—			25,630
YTN Co., Ltd.		189,228			21.43	%		40,549			—		—			—			40,549
Gangwon Wind Power Co., Ltd.		75,961			15.00	%		11,394			49		—			—			11,443
Hyundai Green Power Co., Ltd.		457,842			29.00	%		132,774			—		—			—			132,774
Korea Power Exchange		269,122			100.00	%		269,122			—		—			—			269,122
Taebaek Wind Power Co., Ltd.		25,568			25.00	%		6,392			—		—			—			6,392
Taebaek Guinemi Wind Power Co., Ltd.		12,349			25.00	%		3,087			—		—			—			3,087
Pyeongchang Wind Power Co., Ltd.		20,107			25.00	%		5,027			—		—			—			5,027
Daeryun Power Co., Ltd.		290,931			9.34	%		27,173			—		—			(820	)		26,353
Changjuk Wind Power Co., Ltd.		26,223			30.00	%		7,867			—		—			—			7,867
KNH Solar Co., Ltd.		9,021			27.00	%		2,436			—		—			—			2,436
SPC Power Corporation		237,757			38.00	%		90,348			—		—			(20,436	)		69,912
Gemeng International Energy Co., Ltd.		1,999,144			34.00	%		679,709			—		—			(1	)		679,708
PT. Cirebon Electric Power		428,405			27.50	%		117,811			—		—			—			117,811
KNOC Nigerian East Oil Co., Ltd.		(71,521	)		14.63	%		(10,464	)		—		—			10,464			—
KNOC Nigerian West Oil Co., Ltd.		(65,740	)		14.63	%		(9,618	)		—		—			9,618			—
PT Wampu Electric Power		60,577			46.00	%		27,865			—		—			—			27,865
PT. Bayan Resources TBK		749,744			20.00	%		149,949			351,662		—			(76,377	)		425,234
S-Power Co., Ltd.		228,168			49.00	%		111,802			—		(1,510	)		—			110,292
Pioneer Gas Power Limited		(99,446	)		38.50	%		(38,284	)		22,278		—			16,006			—
Eurasia Energy Holdings		(437	)		40.00	%		(175	)		—		—			175			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		262,658			25.00	%		65,665			305		(1,110	)		(290	)		64,570
Hadong Mineral Fiber Co., Ltd.		(28	)		8.33	%		(2	)		—		—			2			—
PT. Mutiara Jawa		6,138			29.00	%		1,780			—		—			—			1,780
Samcheok Eco Materials Co., Ltd.		23,426			25.54	%		5,983			—		—			(5,983	)		—
Noeul Green Energy Co., Ltd.		14,472			29.00	%		4,197			—		—			—			4,197
Goseong Green Power Co., Ltd.		208,361			1.12	%		2,324			—		(138	)		—			2,186
Gangneung Eco Power Co., Ltd.		154,904			1.61	%		2,496			—		(128	)		—			2,368
Shin Pyeongtaek Power Co., Ltd.		206,281			40.00	%		82,512			3,559		(16,480	)		—			69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		743			28.00	%		208			—		—			2			210
Dongducheon Dream Power Co., Ltd.		278,714			34.01	%		94,791			1,757		(3,329	)		(12,582	)		80,637
Jinbhuvish Power Generation Pvt. Ltd.		46,577			5.16	%		2,403			—		—			(2,403	)		—
Daejung Offshore Wind Power Co., Ltd.		4,647			46.59	%		2,165			—		—			—			2,165
GS Donghae Electric Power Co., Ltd.		718,900			34.00	%		244,426			—		—			—			244,426
Daegu Photovoltaic Co., Ltd.		7,125			29.00	%		2,066			—		—			—			2,066
Busan Green Energy Co., Ltd.		30,266			29.00	%		8,777			—		—			1			8,778
Gunsan Bio Energy Co., Ltd.		(18,982	)		18.87	%		(3,582	)		—		—			3,582			—
Korea Electric Vehicle Charging Service		2,057			28.00	%		576			—		—			—			576
Korea Nuclear Partners Co., Ltd.		1,245			28.98	%		361			—		—			(161	)		200
Korea Electric Power Corporation Fund		42,739			98.09	%		41,923			—		—			3			41,926
Energy Infra Asset Management Co., Ltd.		9,478			9.90	%		938			—		—			—			938
Daegu clean Energy Co., Ltd.		44			28.00	%		12			—		—			—			12
YaksuESS Co., Ltd.		1,562			29.00	%		453			1		—			—			454
Nepal Water & Energy Development Company Private Limited		68,228			58.59	%		39,975			971		—			1,731			42,677
Gwangyang Green Energy Co., Ltd.		4,539			20.00	%		908			18		—			—			926
PND solar Co., Ltd.		3,431			29.00	%		995			154		—			—			1,149
Hyundai Eco Energy Co., Ltd.		21,240			19.00	%		4,036			214		—			—			4,250
YeongGwang Yaksu Wind Electric Co., Ltd.		124			9.63	%		12			300		—			—			312
Green Energy Electricity Generation Co., Ltd.		(2,599	)		29.00	%		(754	)		779		—			—			25
Korea Energy Solutions Co., Ltd.		984			20.00	%		197			—		—			—			197
ITR Co., Ltd.		198			20.00	%		40			1		—			(1	)		40
Structure test network Co., Ltd.		(133	)		20.00	%		(27	)		54		—			—			27

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Namjeongsusang Solar Power Operation Co., Ltd.	W	553			15.00	%		83			20		—			—			103
Indeck Niles Development, LLC		33,298			24.08	%		8,017			12,610		—			—			20,627
Indeck Niles Asset Management, LLC		303			33.33	%		101			—		—			—			101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		14,951			49.00	%		7,326			—		—			—			7,326
Suwon New Power Co., Ltd.		1,966			33.11	%		651			—		267			136			1,054
KPGE Inc.		989			29.00	%		287			—		—			—			287
Gwangbaek Solar Power Investment Co., Ltd.		9,925			44.00	%		4,367			315		—			—			4,682
Go deok Clean Energy Co., Ltd.		1,574			61.00	%		960			—		—			—			960
SureDataLab Co., Ltd.		353			23.95	%		85			—		—			—			85
SEP Co., Ltd.		64			21.26	%		14			—		—			—			14
Hankook Electric Power Information Co., Ltd.		550			25.25	%		139			—		—			—			139
Tronix Co., Ltd.		593			20.00	%		119			—		—			—			119
O2&B Global Co., Ltd.		108			20.00	%		22			—		—			—			22
Muan Sunshine Solar Power Plant Co., Ltd.		3,010			20.00	%		602			494		—			—			1,096
Bigeum Resident Photovoltaic Power Co., Ltd.		(387	)		29.90	%		(116	)		—		—			116			—
Jeju SolarOne Co., Ltd.		1,594			10.00	%		159			—		—			—			159
Goesan Solar Park Co., Ltd.		5,808			29.00	%		1,684			—		—			—			1,684
Saemangeum Heemang Photovoltaic Co., Ltd.		29,377			35.00	%		10,282			740		—			—			11,022
Bitgoel Eco Energy Co., Ltd.		100			29.00	%		29			—		—			—			29
Jeju Gimnyeong Wind Power Co., Ltd.		5,260			30.00	%		1,578			—		—			—			1,578
Seoroseoro Sunny Power Plant Co., Ltd.		1,182			19.46	%		230			—		—			—			230
Muan Solar park Co., Ltd.		20,374			19.00	%		3,871			309		—			—			4,180
YuDang Solar Co., Ltd.		2,484			20.00	%		497			—		—			(137	)		360
Anjwa Smart Farm & Solar City Co., Ltd.		24,174			19.50	%		4,714			796		—			—			5,510
Daewon Green Energy Co., Ltd.		15,248			25.36	%		3,866			44		—			—			3,910
<Joint ventures>
KEPCO-Uhde Inc.		197			50.80	%		100			—		—			—			100
Shuweihat Asia Power Investment B.V.		27,069			49.00	%		13,264			—		—			—			13,264
Shuweihat Asia Operation & Maintenance Company		1,922			55.00	%		1,057			—		—			—			1,057
Waterbury Lake Uranium L.P.		59,808			33.10	%		19,797			—		—			—			19,797
ASM-BG Investicii AD		36,400			50.00	%		18,200			—		—			—			18,200
RES Technology AD		31,860			50.00	%		15,930			—		—			—			15,930
KV Holdings, Inc.		6,013			40.00	%		2,405			—		—			—			2,405
KEPCO SPC Power Corporation		268,169			75.20	%		201,663			—		—			—			201,663
Gansu Datang Yumen Wind Power Co., Ltd.		16,325			40.00	%		6,530			—		—			—			6,530
Datang Chifeng Renewable Power Co., Ltd.		471,194			40.00	%		188,478			—		—			—			188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		106,324			40.00	%		42,530			—		—			—			42,530
Rabigh Electricity Company		396,179			40.00	%		158,472			—		(60,511	)		(804	)		97,157
Rabigh Operation & Maintenance Company Limited		9,533			40.00	%		3,813			—		—			—			3,813
Jamaica Public Service Company Limited		636,994			40.00	%		254,798			29,357		—			(17,934	)		266,221
KW Nuclear Components Co., Ltd.		25,217			45.00	%		11,348			—		—			(177	)		11,171
Busan Shinho Solar Power Co., Ltd.		21,512			25.00	%		5,378			—		—			—			5,378
Global Trade Of Power System Co., Ltd.		1,884			29.00	%		546			—		—			—			546
Expressway Solar-light Power Generation Co., Ltd.		9,985			29.00	%		2,896			—		—			—			2,896
Amman Asia Electric Power Company		268,755			60.00	%		161,253			—		—			—			161,253
KAPES, Inc.		32,096			51.00	%		16,369			—		(19,567	)		3,198			—

117

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential			Intercompany transaction			Others			Book value
<Joint ventures>
Honam Wind Power Co., Ltd.	W	13,292			29.00	%		3,855			32			—			—			3,887
Jeongam Wind Power Co., Ltd.		11,550			40.00	%		4,620			—			—			—			4,620
Korea Power Engineering Service Co., Ltd.		18,488			29.00	%		5,362			—			—			—			5,362
Chun-cheon Energy Co., Ltd.		92,851			29.90	%		27,762			3			—			(247	)		27,518
Yeonggwangbaeksu Wind Power Co., Ltd.		20,791			15.00	%		3,119			5			—			—			3,124
Nghi Son 2 Power LLC		(266,560	)		50.00	%		(133,280	)		—			—			133,280			—
Kelar S.A.		106,063			65.00	%		68,941			2,508			—			—			71,449
PT. Tanjung Power Indonesia		94,465			35.00	%		33,063			—			—			—			33,063
Incheon New Power Co., Ltd.		525			29.00	%		152			—			—			(152	)		—
Seokmun Energy Co., Ltd.		51,082			29.00	%		14,814			—			—			—			14,814
Daehan Wind Power PSC		(7,710	)		50.00	%		(3,855	)		—			—			3,855			—
Barakah One Company		(230,516	)		18.00	%		(41,493	)		—			(27,845	)		69,338			—
Nawah Energy Company		1,498			18.00	%		270			—			—			—			270
MOMENTUM		1,696			33.33	%		565			—			—			—			565
Daegu Green Power Co., Ltd.		79,908			54.24	%		43,342			84			—			(20,381	)		23,045
Yeonggwang Wind Power Co., Ltd.		36,443			46.00	%		16,764			492			—			—			17,256
Chester Solar IV SpA		2,242			45.00	%		1,009			55			—			—			1,064
Chester Solar V SpA		361			45.00	%		162			115			—			—			277
Diego de Almagro Solar SpA		3,108			45.00	%		1,399			91			—			—			1,490
South Jamaica Power Company Limited		159,494			20.00	%		31,899			—			—			(2	)		31,897
Daesan Green Energy Co., Ltd.		64,435			35.00	%		22,552			—			—			—			22,552
RE Holiday Holdings LLC		137,618			50.00	%		68,809			—			—			—			68,809
RE Pioneer Holdings LLC		99,278			50.00	%		49,639			—			—			—			49,639
RE Barren Ridge 1 Holdings LLC		107,472			50.00	%		53,736			—			—			(49,270	)		4,466
RE Astoria 2 LandCo LLC		10,459			50.00	%		5,230			—			—			—			5,230
RE Barren Ridge LandCo LLC		3,694			50.00	%		1,847			—			—			—			1,847
Laurel SpA		2,033			45.00	%		915			177			—			—			1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,312			12.37	%		4,121			8			—			—			4,129
Chile Solar JV SpA		69,765			50.00	%		34,883			—			—			—			34,883
Taebaek Gadeoksan Wind Power Co., Ltd.		28,244			47.31	%		13,362			—			—			—			13,362
Cheong-Song Noraesan Wind Power Co., Ltd.		11,689			29.01	%		3,391			61			—			1			3,453
Chester Solar I SpA		3,082			45.00	%		1,387			234			—			—			1,621
Solar Philippines Calatagan Corporation		50,849			38.00	%		19,323			29,694			—			—			49,017
Saemangeum Solar Power Co., Ltd.		30,183			81.00	%		24,450			(158	)		—			—			24,292
Chungsongmeon BongSan wind power Co., Ltd.		8,077			29.00	%		2,342			1,782			—			—			4,124
Jaeun Resident Wind Power Plant Co., Ltd.		7,569			29.00	%		2,195			—			—			—			2,195
DE Energia SpA		(6,607	)		49.00	%		(3,237	)		—			—			11,424			8,187
Dangjin Eco Power Co., Ltd.		74,065			34.00	%		25,182			341			—			—			25,523
Haemodum Solar Co., Ltd.		6,255			49.00	%		3,065			—			—			—			3,065
Yangyang Wind Power Co., Ltd.		20,884			50.00	%		10,442			43			—			—			10,485
HORUS SOLAR, S.A. DE C.V.		(1,242	)		14.95	%		(186	)		3,580			—			—			3,394
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		9,962			14.95	%		1,489			2,171			—			—			3,660
SUNMEX RENOVABLES, S.A. DE C.V.		1,577			14.95	%		236			4			—			—			240
Stavro Holding II A.B.		46,385			20.00	%		9,277			—			—			—			9,277
Solaseado Solar Power Co., Ltd.		21,990			38.90	%		8,554			1,361			—			—			9,915
Yeongam Solar Power Co., Ltd.		27,729			19.00	%		5,269			773			—			—			6,042
Samsu Wind Power Co., Ltd.		13,720			19.00	%		2,607			—			—			—			2,607
Pulau Indah Power Plant Sdn. Bhd.		22,245			25.00	%		5,561			5,643			—			—			11,204
Sam-Yang Photovoltaic Power Co., Ltd.		11,296			49.00	%		5,535			—			—			—			5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		73,534			29.53	%		21,715			—			—			527			22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		17,921			90.00	%		16,129			—			—			—			16,129

118

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2021 and 2020 are as follows, continued:

In millions of won
2020
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others		Book value
<Joint ventures>
PT Barito Wahana Tenaga	W	205,894			30.61	%		63,029			—		—			—		63,029
Cheongna Energy Co., Ltd.		5,742			50.10	%		2,877			3,137		(1,074	)		—		4,940
Naepo Green Energy Co., Ltd.		(7,802	)		29.20	%		(2,278	)		—		—			2,278		—
Dayone Energy Co., Ltd.		(54,480	)		46.30	%		(25,224	)		—		(923	)		26,147		—
OneEnergy Asia Limited		77,855			40.00	%		31,142			25,512		—			—		56,654
KAS Investment I LLC		78,410			29.89	%		23,437			—		—			—		23,437
KAS Investment II LLC		78,096			29.89	%		23,343			—		—			—		23,343
Energyco LLC		2,862			29.00	%		830			829		—			—		1,659
CAES, LLC		40,840			36.00	%		14,702			2,924		—			—		17,626
Hapcheon Floating Photovoltaic Power Plant Inc.		9,708			19.47	%		1,890			—		—			—		1,890
Busan Industrial Solar Power Co., Ltd.		784			28.02	%		220			290		—			—		510
Bitsolar Energy Co., Ltd.		(4,803	)		27.10	%		(1,302	)		1,654		—			—		352

(*) The percentage of ownership shown above is after considering the treasury stocks and others.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(6) As of December 31, 2021 and 2020, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:

In millions of won	2021					2020
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Hadong Mineral Fiber Co., Ltd.	W	—			—		—			2
Eurasia Energy Holdings		15			190		(10	)		175
Gunsan Bio Energy Co., Ltd.		282			3,864		290			3,582
Daehan Wind Power PSC		(3,855	)		—		3,855			3,855
Dayone Energy Co., Ltd.		(1,244	)		23,452		(14,035	)		24,696
Nghi Son 2 Power LLC		(114,340	)		18,940		30,456			133,280
Samcheok Eco Materials Co., Ltd.		(323	)		462		(3	)		785
Naepo Green Energy Co., Ltd.		5,469			7,747		(7,003	)		2,278
Barakah One Company		(26,502	)		42,836		(46,758	)		69,338
Pioneer Gas Power Limited		21,691			37,629		15,824			15,938
Incheon New Power Co., Ltd.		(31	)		163		194			194
Bigeum Resident Photovoltaic Power Co., Ltd.		182			298		116			116
KAPES, Inc.		317			3,515		3,198			3,198
Chester Solar IV SpA		21			21		—			—

(7) As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i) Gemeng International Energy Co., Ltd.

Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa PEF). If the investment fund is not collected until the maturity date (December 25, 2023, two years extension is possible), PEF can exercise the option at strike price which is the same as a principal investment price (including operating fees ratio of below 1% per annum), and also, the Group provided a performance guarantee on this agreement.

(ii) 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 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.

(iii) 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 the careful consideration of various factors such as financial status and business situation. The Group is under agreement of O&M with the entity. Pursuant to the agreement, the Group guarantees a certain level of utilization rate and it is obligated to pay the penalty in the event of suspension in power generating.

(iv) 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.

(v) 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. 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(vi) 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.

(vii) Chester Solar I SpA

According to the shareholders’ agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

(viii) Chester Solar IV SpA

According to the shareholders’ agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

(ix) Chester Solar V SpA

According to the shareholders’ agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

(x) Diego de Almagro Solar SpA

According to the shareholders’ agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

(xi) Laurel SpA

According to the shareholders’ agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

(xii) Samcheok Eco Materials Co., Ltd.

For Samcheok Eco Materials Co., Ltd., ordinary shareholders have the right to buy the shares of preferred shareholders if preferred shareholders intend to sell their preferred stock until December 26, 2023, and ordinary shareholders shall guarantee the investment principle of preferred shareholders.

(xiii) Hyundai Green Power Co., Ltd.

As of December 31, 2021, the Group has call option against the financial investors (IBK and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Group has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Group”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares upon request from Hyundai Steel Group.

(xiv) KOSTURE Co., Ltd.

The Group acquires the shares with the settled amount of coal provided to KOSTURE Co., Ltd. every year until completion of the subscription set forth in the shareholders’ agreement.

(xv) Omisan Wind Power Co., Ltd.

When the Group requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares or transfer them to others at fair value.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(xvi) Changjuk Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Changjuk Wind Power Co., Ltd. after the warrant period 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.

(xvii) 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.

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 2021 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 or 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 consent of the stakeholders.
Daeryun 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. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders.
KNH Solar Co., Ltd.	Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the 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 consent of the stakeholders.
Naepo Green Energy Co., Ltd.	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.
Solaseado Solar Power Co., Ltd.	Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Samcheok Eco Materials Co., Ltd.	Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
KPGE Inc.	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Taebaek Guinemi Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
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.
Busan Shinho Solar Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied.
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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 2021 are as follows, continued:

Company	Nature and extent of any significant restrictions
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 collateralized debt is fully repaid.
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.
DE Energia SpA	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 or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. 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 becomes 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.
KOSTURE Co., Ltd.	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
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.
Daewon 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 amounts 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.

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

18. Property, Plant and Equipment

(1) Property, plant and equipment as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,135,452		(23,474	)		—			(27,487	)		14,084,491
Buildings		22,973,395		(52,122	)		(10,041,270	)		(7,073	)		12,872,930
Structures		78,473,094		(172,021	)		(30,171,363	)		(13,205	)		48,116,505
Machinery		101,049,793		(140,082	)		(48,791,577	)		(514,991	)		51,603,143
Ships		2,068		—			(1,891	)		—			177
Vehicles		371,207		(1,675	)		(281,833	)		(117	)		87,582
Equipment		1,989,115		(149	)		(1,591,890	)		(42	)		397,034
Tools		1,256,189		(64	)		(1,073,086	)		(38	)		183,001
Construction-in-progress		30,313,624		(111,822	)		—			(157,530	)		30,044,272
Right-of-use assets		7,848,138		—			(3,788,741	)		—			4,059,397
Asset retirement costs		14,348,920		—			(5,277,109	)		(146,423	)		8,925,388
Others		14,852,245		—			(12,106,384	)		—			2,745,861
	W	287,613,240		(501,409	)		(113,125,144	)		(866,906	)		173,119,781

In millions of won	2020
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	13,970,098		(23,475	)		—			(26,772	)		13,919,851
Buildings		21,773,824		(57,231	)		(9,150,218	)		(7,074	)		12,559,301
Structures		74,136,523		(180,009	)		(27,864,461	)		(13,207	)		46,078,846
Machinery		94,295,027		(157,785	)		(43,740,838	)		(515,402	)		49,881,002
Ships		2,482		—			(2,227	)		—			255
Vehicles		338,386		(632	)		(259,288	)		(115	)		78,351
Equipment		1,895,528		(227	)		(1,487,643	)		(42	)		407,616
Tools		1,195,721		(239	)		(1,003,295	)		(39	)		192,148
Construction-in-progress		31,121,255		(79,126	)		—			(157,530	)		30,884,599
Right-of-use assets		7,905,214		—			(3,363,048	)		—			4,542,166
Asset retirement costs		12,260,732		—			(4,701,138	)		(146,423	)		7,413,171
Others		13,979,980		—			(11,227,899	)		—			2,752,081
	W	272,874,770		(498,724	)		(102,800,055	)		(866,604	)		168,709,387

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	13,943,326			9,561			(54,447	)		—			—			209,525			14,107,965
(Government grants)		(23,475	)		—			1			—			—			—			(23,474	)
Buildings		12,616,532			9,036			(19,974	)		(889,539	)		—			1,208,997			12,925,052
(Government grants)		(57,231	)		—			—			5,174			—			(65	)		(52,122	)
Structures		46,258,855			(5,472	)		(319,287	)		(2,582,488	)		(741	)		4,937,659			48,288,526
(Government grants)		(180,009	)		—			1,811			9,517			—			(3,340	)		(172,021	)
Machinery		50,038,787			268,126			(135,803	)		(5,759,155	)		—			7,331,270			51,743,225
(Government grants)		(157,785	)		—			531			17,519			—			(347	)		(140,082	)
Ships		255			—			—			(103	)		—			25			177
Vehicles		78,983			4,807			(4,298	)		(37,980	)		—			47,745			89,257
(Government grants)		(632	)		(26	)		—			460			—			(1,477	)		(1,675	)
Equipment		407,843			54,875			(667	)		(184,007	)		—			119,139			397,183
(Government grants)		(227	)		—			—			95			—			(17	)		(149	)
Tools		192,387			19,389			(89	)		(81,984	)		—			53,362			183,065
(Government grants)		(239	)		—			—			209			—			(34	)		(64	)
Construction-in-progress		30,963,725			12,165,238			(66,965	)		—			(3,315	)		(12,902,589	)		30,156,094
(Government grants)		(79,126	)		5,027			—			—			—			(37,723	)		(111,822	)
Right-of-use assets		4,542,166			78,213			(11,787	)		(554,615	)		—			5,420			4,059,397
Asset retirement costs		7,413,171			92			(209	)		(844,518	)		—			2,356,852			8,925,388
Others		2,752,081			5,311			(2,332	)		(869,310	)		—			860,111			2,745,861
	W	168,709,387			12,614,177			(613,515	)		(11,770,725	)		(4,056	)		4,184,513			173,119,781

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	13,848,063			5,330		(31,304	)		(273	)		—			121,510			13,943,326
(Government grants)		(21,817	)		—		2			—			—			(1,660	)		(23,475	)
Buildings		12,445,706			7,225		(16,015	)		(875,680	)		(2,107	)		1,057,403			12,616,532
(Government grants)		(61,920	)		—		—			5,206			—			(517	)		(57,231	)
Structures		45,178,870			36,091		(346,612	)		(2,313,920	)		(3,571	)		3,707,997			46,258,855
(Government grants)		(186,554	)		—		2,032			9,526			—			(5,013	)		(180,009	)
Machinery		49,907,300			407,521		(283,845	)		(5,526,816	)		(74,362	)		5,608,989			50,038,787
(Government grants)		(158,907	)		—		496			17,468			—			(16,842	)		(157,785	)
Ships		201			—		—			(106	)		—			160			255
Vehicles		70,585			3,880		(151	)		(35,036	)		—			39,705			78,983
(Government grants)		(2,275	)		—		4			2,064			—			(425	)		(632	)
Equipment		374,115			72,655		(86	)		(186,004	)		—			147,163			407,843
(Government grants)		(241	)		—		—			149			—			(135	)		(227	)
Tools		164,064			28,048		(193	)		(82,862	)		—			83,330			192,387
(Government grants)		(403	)		—		—			243			—			(79	)		(239	)
Construction-in-progress		28,419,470			12,726,469		(486	)		—			7,799			(10,189,527	)		30,963,725
(Government grants)		(61,211	)		8,783		—			—			—			(26,698	)		(79,126	)
Right-of-use assets		4,783,573			291,334		(827	)		(586,254	)		—			54,340			4,542,166
Asset retirement costs		7,374,527			131		(196	)		(819,708	)		—			858,417			7,413,171
Others		2,628,681			6,470		(8,145	)		(984,097	)		(366	)		1,109,538			2,752,081
	W	164,701,827			13,593,937		(685,326	)		(11,376,100	)		(72,607	)		2,547,656			168,709,387

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

19. Investment Properties

(1) Investment properties as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	201,605		—			—			201,605
Buildings		19,543		(30	)		(8,334	)		11,179
	W	221,148		(30	)		(8,334	)		212,784

In millions of won	2020
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	200,391		—			—			200,391
Buildings		59,347		(29	)		(34,514	)		24,804
	W	259,738		(29	)		(34,514	)		225,195

(2) Changes in investment properties for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance			Depreciation			Others			Ending balance
Land	W	200,391			—			1,214			201,605
Buildings		24,833			(1,387	)		(12,237	)		11,209
(Government grants)		(29	)		1			(2	)		(30	)
	W	225,195			(1,386	)		(11,025	)		212,784

In millions of won	2020
	Beginning balance			Depreciation			Others			Ending balance
Land	W	129,897			—			70,494			200,391
Buildings		28,696			(1,454	)		(2,409	)		24,833
(Government grants)		(13	)		1			(17	)		(29	)
	W	158,580			(1,453	)		68,068			225,195

128

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Rental income	W	10,118			8,335
Operating and maintenance expenses related to rental income		(1,386	)		(1,453	)
	W	8,732			6,882

(4) Fair value of investment properties as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Book value		Fair value		Book value		Fair value
Land	W	201,605		268,702		200,391		300,001
Buildings		11,179		13,636		24,804		44,597
	W	212,784		282,338		225,195		344,598

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.

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

20. Construction Contracts

(1) Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance		Increase (decrease) (*)		Recognized as revenue		Ending balance
Nuclear power plant construction in UAE and others	W	3,152,725		386,208		(754,998)		2,783,935

(*) For the year ended December 31, 2021, the increased balance of contracts from new orders is W458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W72,427 million.

In millions of won	2020
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in UAE and others	W	2,735,141		1,229,759		(812,175	)		3,152,725

(*) For the year ended December 31, 2020, the increased balance of contracts from new orders is W1,512,460 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W282,701 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in UAE and others	W	22,051,129		20,967,097		1,084,032		23,238
In millions of won	2020
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in UAE and others	W	21,460,431		20,242,735		1,217,696		97,348

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

20. Construction Contracts, Continued

(3) Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Contract assets (*1)		Contract liabilities (*2)		Contract assets (*1)		Contract liabilities (*2)
Nuclear power plant construction in UAE and others	W	82,306		5,330		79,662		88,126

(*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 on December 31, 2021 from the amounts included in contract liabilties at the end of the prior year is W 87,934 million.

(4) The contract with BOC (purchaser) states that disclosure of information related to UAE nuclear power plant construction projects such as contract date, contractual completion date, completion progress, unbilled construction, impairment losses, etc. are not allowed without consent from the purchaser. BOC 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 BOC 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 consolidated financial statements.

(5) Operating segments 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 year ended December 31, 2021 are as follows:

In millions of won	2021
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		Changes in estimates of contract revenue and costs			Amounts recognized in current profit or loss			Amounts recognized in future profit or loss		Changes in estimated total contract cossts		Revenue recognized from performance obligations satisfied in previous periods			Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	—		(147,519	)		(170,706	)		23,187		222,999		(3,264	)		35,830		—		—		—
Plant maintenance & engineering service		1,138		7,466			(133	)		7,599		190,833		(3,216	)		28,107		—		57,639		15,922
Others		—		—			—			—		—		—			18,369		—		—		—
	W	1,138		(140,053	)		(170,839	)		30,786		413,832		(6,480	)		82,306		—		57,639		15,922

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

21. Intangible Assets other than Goodwill

(1) Intangible assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	867,185		(91	)		(704,589	)		—			162,505
Copyrights, patents rights and other industrial rights		103,428		—			(59,063	)		(9,178	)		35,187
Mining rights		623,122		—			(39,803	)		(541,417	)		41,902
Development expenditures		978,768		(3,820	)		(905,805	)		(19	)		69,124
Intangible assets under development		94,275		(7,326	)		—			(12,845	)		74,104
Usage rights of donated assets and others		592,870		—			(423,087	)		—			169,783
Leasehold rights		28,185		—			(22,337	)		—			5,848
Greenhouse gas emissions rights		78,137		—			—			—			78,137
Others		574,957		(71	)		(155,404	)		(11,995	)		407,487
	W	3,940,927		(11,308	)		(2,310,088	)		(575,454	)		1,044,077

In millions of won	2020
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	775,667		(136	)		(623,504	)		—			152,027
Licenses and franchises		547		—			(547	)		—			—
Copyrights, patents rights and other industrial rights		101,866		—			(49,772	)		(9,178	)		42,916
Mining rights		604,703		—			(34,062	)		(528,251	)		42,390
Development expenditures		958,035		(5,043	)		(862,850	)		(19	)		90,123
Intangible assets under development		79,862		(7,203	)		—			(12,844	)		59,815
Usage rights of donated assets and others		592,930		—			(408,455	)		—			184,475
Leasehold rights		27,843		—			(21,503	)		—			6,340
Greenhouse gas emissions rights		61,373		—			—			—			61,373
Others		566,200		(75	)		(137,843	)		(12,011	)		416,271
	W	3,769,026		(12,457	)		(2,138,536	)		(562,303	)		1,055,730

132

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	152,163			18,834		(1	)		(77,881	)		—			69,481			162,596
(Government grants)		(136	)		—		—			64			—			(19	)		(91	)
Copyrights, patents rights and other industrial rights		42,916			166		(131	)		(7,771	)		—			7			35,187
Mining rights		42,390			1,022		—			(3,526	)		—			2,016			41,902
Development expenditures		95,166			309		—			(37,033	)		—			14,502			72,944
(Government grants)		(5,043	)		—		—			1,439			—			(216	)		(3,820	)
Intangible assets under development		67,018			51,988		—			—			—			(37,576	)		81,430
(Government grants)		(7,203	)		—		—			—			—			(123	)		(7,326	)
Usage rights of donated assets and others		184,475			—		—			(13,594	)		—			(1,098	)		169,783
Leasehold rights		6,340			—		—			(834	)		—			342			5,848
Greenhouse gas emissions rights		61,373			78,091		—			(31	)		—			(61,296	)		78,137
Others		416,346			2,229		—			(26,998	)		14			15,967			407,558
(Government grants)		(75	)		—		—			4			—			—			(71	)
	W	1,055,730			152,639		(132	)		(166,161	)		14			1,987			1,044,077
In millions of won	2020
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	164,995			14,101		—			(77,501	)		—			50,568			152,163
(Government grants)		(235	)		—		—			99			—			—			(136	)
Copyrights, patents rights and other industrial rights		53,261			369		(390	)		(8,352	)		—			(1,972	)		42,916
Mining rights		43,723			1,664		—			(4,380	)		—			1,383			42,390
Development expenditures		93,843			10,273		—			(32,034	)		—			23,084			95,166
(Government grants)		(1,492	)		—		—			1,453			—			(5,004	)		(5,043	)
Intangible assets under development		60,490			53,638		—			—			(23	)		(47,087	)		67,018
(Government grants)		(11,029	)		—		—			—			—			3,826			(7,203	)
Usage rights of donated assets and others		193,161			—		—			(18,448	)		—			9,762			184,475
Leasehold rights		5,318			—		—			(831	)		—			1,853			6,340
Greenhouse gas emissions rights		41,656			37,109		(9,271	)		—			—			(8,121	)		61,373
Others		426,364			3,217		(46	)		(30,476	)		(3,576	)		20,863			416,346
(Government grants)		(79	)		—		—			4			—			—			(75	)
	W	1,069,976			120,371		(9,707	)		(170,466	)		(3,599	)		49,155			1,055,730

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

21. Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of December 31, 2021 and 2020 are as follows:

In millions of won and thousands of Australian dollars

2021
Type	Description	Currency		Amount		Remaining useful lives
Software	DAS MS-SQL CORE license		KRW		3,817	2 years and 8 months
Copyrights, patents rights and other industrial rights	Smart technology verification and standard design project conducting right		KRW		1,851	9 months
	Contributions to ARP NRC DC		KRW		25,045	6 years
Mining rights	Mining rights of Bylong mine		AUD		—	- (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		22,310	4 years and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		8,962	8 years 6 months
Others	Occupancy and use of public waters		KRW		81,623	15 years and 1 month
	Greenhouse gas emissions rights		KRW		78,137	—
	Business rights		KRW		160,459	27 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.

In millions of won and thousands of Australian dollars

2020
Type	Description	Currency		Amount		Remaining useful lives
Software	ERP system and others		KRW		81	2 months ~ 4 months
Copyrights, patents rights and other industrial rights	Smart technology verification and standard design project conducting right		KRW		4,936	1 year 9 months
	Contributions to ARP NRC DC		KRW		29,219	7 years
Mining rights	Mining rights of Bylong mine		AUD		—	- (*)
Development expenditures	Electricity sales information system		KRW		8,229	1 year and 2 months
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		26,847	5 years and 11 months
	Dangjin power plant load facility usage right		KRW		1,574	3 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		10,016	9 years and 6 months
Others	Occupancy and use of public waters		KRW		87,035	16 years and 1 month
	Greenhouse gas emissions rights		KRW		61,373	—
	Business rights		KRW		166,207	28 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 years ended December 31, 2021 and 2020, the Group recognized research and development expenses of W689,397 million and W700,642 million, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

22. Trade and Other Payables

Trade and other payables as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Trade payables	W	4,780,260		—		2,606,861		—
Non-trade payables		1,536,976		2,032,260		1,785,068		2,324,965
Accrued expenses		1,174,765		8,095		1,197,815		2,038
Leasehold deposits received		1,699		741		2,336		943
Other deposits received		72,063		68,050		83,505		67,645
Lease liabilities		583,558		3,826,945		576,665		4,044,431
Dividends payable		4,105		—		4,271		—
Others (*)		—		60,407		—		40,390
	W	8,153,426		5,996,498		6,256,521		6,480,412

(*) Details of others as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		3,477		—		4,278
Others		—		56,930		—		36,112
	W	—		60,407		—		40,390

135

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Current liabilities
Short-term borrowings	W	2,920,563			1,436,922
Current portion of long-term borrowings		1,463,703			677,982
Current portion of debt securities		9,652,986			8,565,301
Less: Current portion of discount on long-term borrowings		(2,048	)		(1,723	)
Less: Current portion of discount on debt securities		(5,370	)		(3,677	)
		14,029,834			10,674,805
Non-current liabilities
Long-term borrowings		2,278,481			3,018,898
Debt securities		64,385,784			56,188,234
Less: Discount on long-term borrowings		(12,857	)		(14,899	)
Less: Discount on debt securities		(152,760	)		(143,823	)
Add: Premium on debt securities		1,031			1,366
		66,499,679			59,049,776
	W	80,529,513			69,724,581

(2) Repayment schedule of borrowings and debt securities as of December 31, 2021 and 2020 are as follows:

In millions of won
2021
Type	Borrowings		Debt Securities
Less than 1 year	W	4,384,266		9,652,986
1~ 5 years		1,013,500		34,156,038
Over 5 years		1,264,981		30,229,746
	W	6,662,747		74,038,770

In millions of won
2020
Type	Borrowings		Debt Securities
Less than 1 year	W	2,114,904		8,565,301
1~ 5 years		1,564,252		28,746,117
Over 5 years		1,454,646		27,442,117
	W	5,133,802		64,753,535

136

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of December 31, 2021 and 2020 are as follows:

In millions of won and thousands of foreign currencies
2021
Type	Creditor	Interest rate (%)		Maturity		Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others		1.96~4.60		2022.01.07 ~ 2022.12.31		—	W	2,030,886
Electronic short-term bonds	BNK Securities and others		1.35~1.77		2022.01.21 ~ 2022.02.08		—		100,000
Foreign short-term borrowings	Shinhan Bank and others		0.34~0.45		2022.01.04 ~ 2022.03.30		USD 157,533		186,755
Foreign short-term borrowings	Korea Development Bank and others		1M Libor + 1.25		2022.04.29		USD 173,042		205,142
Foreign short-term borrowings	Shinhan Bank and others		0.57~0.80		2022.06.17 ~ 2022.08.31		USD 78,319		92,847
Foreign short-term borrowings	Credit Agricole and others		0.04		2022.06.28		EUR 72,199		96,915
Local bank overdraft	Korea Development Bank and others		1.73~2.25		2022.01.07 ~ 2022.02.26		—		208,018
								W	2,920,563

In millions of won and thousands of foreign currencies
2020
Type	Creditor	Interest rate (%)		Maturity		Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others		0.80 ~ 4.60		2021.01.05 ~ 2021.12.31		—	W	580,004
Electronic short-term bonds	KB Securities and others		0.75 ~ 1.35		2021.01.13 ~ 2021.03.18		—		470,000
Foreign short-term borrowings	Shinhan Bank		0.71 ~ 0.74		2021.01.04 ~ 2021.03.31		USD 55,393		60,268
Foreign short-term borrowings (*)	Korea Development Bank and others		1M Libor + 1.25		2022.04.29		USD 73,704		81,290
Local bank overdraft	Woori Bank		Standard overdraft rate + 1.26		2021.02.26		—		29,960
Local bank overdraft	Korea Development Bank and others		1.42 ~ 1.88		2021.01.07 ~ 2021.04.26		—		215,400
								W	1,436,922

(*) The contractual maturity was 2022 but it was classified as short-term borrowing due to intention of early redemption in 3 months after borrowing.

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2021 and 2020 are as follows:

In millions of won and thousands of foreign currencies
2021
Type		Interest rate (%)		Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others		0.50		2023~2044		—	W	2,509
	Facility		2.50~4.60		2022~2028		—		39,430
	Operating funds		2.33		2022		—		20,000
	Operating funds		1yr KoFC bond rate + 0.81~0.95		2022~2023		—		64,300
Hana Bank	Commercial Paper		3M CD+0.13~0.43		2022~2025		—		1,050,000
	Facility		4.60		2028		—		9,647
	Facility		3yr KTB rate-1.25		2022~2028		—		4,485
IBK	PF Refinancing		CD+1.25		2030		—		8,589
Export-Import Bank of Korea	Project loans		1.50		2026		—		13,258
	Facility		1.32		2028		—		32,000
	Operating funds		1.78		2023		—		15,700
Korea Energy Agency	Development of power resources		3yr KTB rate-2.25		2023~2025		—		8,971
	Facility		3yr KTB rate-2.25		2022~2024		—		995
	Project loans		—		2023		—		1,197
	Others		1.75		2028		—		4,893
Shinhan Bank and others	Facility		CB rate+1.10		2028		—		14,470
	Commercial Paper		3M CD+0.38		2025		—		150,000
	Others		3.95		2034		—		84,179
	Others		Standard overdraft rate+1.00		2034		—		84,179
Kookmin Bank	Facility		MOR+0.79 3M CD+1.79		2022~2031		—		59,333
Others	Facility		2.80~6.80		2024~2039		—		620,185
	Facility		CB rate+0.90~1.10 3M CD+1.60 3.37		2028~2037		—		171,733
	PF Refinancing		3.80~5.00		2030~2034		—		71,742
	PF Refinancing		1.75		2029		—		22,265
	Others		4.40~7.90		2022~2038		—		116,367
	Others		1.80~4.50		2031~2034		—		49,928
									2,720,355
Foreign long-term borrowings
Korea Energy Agency	Project loans		—		2026	USD	8,744		10,366
Export-Import Bank of Korea and others	Direct loan and others		1M Libor+1.80~3.20		2036	USD	89,823		106,485
	Direct loan and others		3M Libor+2.75~3.70		2027	JOD	107,868		180,363
	PF Loan		6M Libor+1.70~2.50		2032	USD	103,340		122,509
POSCO and others	Shareholder’s loan		8.00		2025	USD	11,953		14,171
	Shareholder’s loan		8.00		2031	JOD	4,853		8,114
Samsung Life Insurance and others	Syndicated Loan		3.10~8.00		2032	JPY	5,144,387		53,000
Woori Bank and others	Syndicated Loan		JPY 6M Libor+2.00		2032	JPY	2,820,708		29,060
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing		3.90		2029	EUR	36,311		48,741
IFC and others	Others		6M Libor+5.00		2031	USD	230,018		272,686
Federal Financing Bank and others	PF Loan		2.39~6.00		2031~2038	USD	94,135		111,597
Others	Others		—		—	USD	54,607		64,737
									1,021,829
									3,742,184
Less: Discount on long-term borrowings									(14,905	)
Less: Current portion of long-term borrowings									(1,463,703	)
Add: Current portion of discount on long-term borrowings									2,048
								W	2,265,624

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2021 and 2020 are as follows, continued:

In millions of won and thousands of foreign currencies
2020
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50		2021~2044		—	W	2,946
	Facility	2.50~4.60		2021~2028		—		50,293
	Operating funds	2.33		2022		—		20,000
	Operating funds	1yr KoFC bond rate + 0.81~0.95		2022~2023		—		24,300
Hana Bank	Commercial Paper	3M CD+0.13~0.32		2021~2024		—		1,150,000
	Facility	4.60		2028		—		11,088
	Facility	3yr KTB rate-1.25 Standard overdraft rate+1.50~2.45		2021~2035		—		43,419
IBK	PF Refinancing	CD+1.25		2030		—		9,543
Export-Import Bank of Korea	Project loans	1.50		2026		—		16,204
	Facility	1.32		2028		—		32,000
	Operating funds	1.78		2023		—		15,700
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25		2023~2025		—		2,509
	Facility	3yr KTB rate-2.25		2021~2024		—		1,527
	Project loans	—		2023		—		1,197
	Others	KTB rate-2.25		2024~2028		—		14,045
Shinhan Bank	Facility	CB rate+1.10		2028		—		16,632
	Others	3.95		2034		—		89,257
	Others	Standard overdraft rate+1.00		2034		—		89,257
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79		2021~2031		—		46,512
Others	Facility	1.75~6.80		2026~2037		—		510,262
	Facility	CB rate+1.10~1.20 3M CD+1.60 Standard overdraft rate+1.50~2.45		2023~2037		—		89,506
	PF Refinancing	4.10		2030		—		26,509
	Others	3.90~7.90		2023~2039		—		222,356
								2,485,062
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2021~2023	USD	8,744		9,513
Export-Import Bank of Korea and others	Direct loan and others	1M Libor+1.80~3.20		2036	USD	96,014		104,463
	Direct loan and others	3M Libor+2.75~3.70		2027	JOD	132,228		202,912
	PF Loan	6M Libor+1.70~2.50		2032	USD	111,225		121,013
	Others	3.88		2021	USD	289,509		314,986
POSCO and others	Shareholder’s loan	8.00		2023	USD	14,061		15,298
	Shareholder’s loan	8.00		2031	JOD	4,853		7,447
Samsung Life Insurance and others	Syndicated Loan	3.10		2032	JPY	4,682,816		49,369
Woori Bank and others	Syndicated Loan	JPY 6M Libor+2.00		2032	JPY	3,020,746		31,847
IFC and others	Others	6M Libor+5.00		2031	USD	224,115		243,837
Federal Financing Bank and others	PF Loan	2.39~6.00		2031~2038	USD	97,347		105,913
Others	Others	—		—	USD	4,798		5,220
								1,211,818
								3,696,880
Less: Discount on long-term borrowings								(16,622	)
Less: Current portion of long-term borrowings								(677,982	)
Add: Current portion of discount on long-term borrowings								1,723
							W	3,003,999

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of December 31, 2021 and 2020 are as follows:

In millions of won
	Issue date		Maturity		Interest rate (%)	2021			2020
Electricity Bonds		2012.01.15~2021.12.23		2022.01.05~2049.10.24	1.02~4.20	W	34,080,000			27,810,000
Corporate Bonds (*)		2009.10.16~2021.11.22		2022. 01.19~2051.11.22	0.86~6.00		28,194,472			26,463,577
							62,274,472			54,273,577
Less: Discount on local debt securities							(52,723	)		(46,730	)
Less: Current portion of local debt securities							(7,432,647	)		(7,243,217	)
Add: Current portion of discount on local debt securities							2,510			2,108
						W	54,791,612			46,985,738

(*) Among the corporate bonds, each holder of Hee mang sunlight Power Co., Ltd.’s private equity bonds, amounting to W2,697 million, may exercise the right of early redemption on the 5th year (March 31, 2021) from the date of issuance of the bond and every year on March 31 thereafter, until the year before the redemption date.

(6) Foreign debt securities as of December 31, 2021 and 2020 are as follows:

In millions of won and thousands of foreign currencies
2021
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	330,400
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		373,097
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		340,144
FY-12	2012.09.19	2022.09.19	3.00	USD	750,000		889,125
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		118,550
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		355,650
FY-17	2017.06.19~2017.07.25	2022.06.19~2027.07.25	2.63~3.13	USD	800,000		948,400
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		53,694
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		58,968
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		250,850
FY-18	2018.06.07~2018.07.25	2023.06.07~2023.07.25	3.75~3.88	USD	1,400,000		1,659,700
FY-19	2019.01.22~2019.06.24	2022.01.22~2024.06.24	2.50~3.38	USD	800,000		948,400
FY-19	2019.02.27	2024.02.27	0.13	CHF	200,000		259,494
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05	CHF	300,000		389,241
FY-19	2019.07.22	2022.07.22	2.38	USD	300,000		355,650
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97	AUD	300,000		257,667
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	371,947		440,943
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		355,650
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		592,750
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		592,750
FY-20	2020.08.03	2026.02.03	0.61	USD	300,000		355,650
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		533,475
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		592,750
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		355,650
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		355,650
							11,764,298
Less: Discount on foreign debt securities							(105,407	)
Add: Premium on foreign debt securities							1,031
Less: Current portion of foreign debt securities							(2,220,339	)
Add: Current portion of discount on foreign debt securities							2,860
						W	9,442,443

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

23. Borrowings and Debt Securities, Continued

(6)  Foreign debt securities as of December 31, 2021 and 2020 are as follows, continued:

In millions of won and thousands of foreign currencies
2020
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	303,227
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		342,412
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		312,169
FY-11	2011.07.13	2021.07.13	4.75	USD	500,000		544,000
FY-12	2012.09.19	2022.09.19	3.00	USD	750,000		816,000
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		108,800
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		326,400
FY-16	2016.01.21	2021.07.21	2.50	USD	300,000		326,400
FY-17	2017.06.19~2017.07.25	2022.06.19~2027.07.25	2.63~3.13	USD	800,000		870,400
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		53,530
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		59,747
FY-18	2018.01.29~2018.07.25	2021.01.29~2023.07.25	3.00~3.88	USD	1,800,000		1,958,400
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		231,578
FY-19	2019.01.22~2019.06.24	2022.01.22~2024.06.24	2.50~3.38	USD	800,000		870,400
FY-19	2019.02.27	2024.02.27	0.13	CHF	200,000		246,866
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05	CHF	300,000		370,299
FY-19	2019.07.22	2022.07.22	2.38	USD	300,000		326,400
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97	AUD	300,000		250,968
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	387,098		421,163
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		326,400
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		544,000
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		544,000
FY-20	2020.08.03	2026.02.03	0.61	USD	300,000		326,399
							10,479,958
Less: Discount on foreign debt securities							(100,770	)
Add: Premium on foreign debt securities							1,366
Less: Current portion of foreign debt securities							(1,322,084	)
Add: Current portion of discount on foreign debt securities							1,569
						W	9,060,039

(7) Changes in borrowings and debt securities for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Beginning balance	W	69,724,581		67,876,541
Cash flow		9,653,394		2,538,787
Effect of exchange rate fluctuations		1,001,493		(640,304	)
Others		150,045		(50,443	)
Ending balance	W	80,529,513		69,724,581

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

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 W199,490 million and W45,787 million respectively, as expense for the years ended December 31, 2021 and 2020. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W2,349 million and W2,796 million respectively, as expense for the year ended December 31, 2021 and 2020. 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 December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Acquisition cost		Accumulated depreciation			Book value
Land	W	814,795		(162,000	)		652,795
Buildings		106,823		(43,939	)		62,884
Structures		26,374		(5,226	)		21,148
Machinery		1,308		(743	)		565
Ships		4,217,735		(1,188,516	)		3,029,219
Vehicles		30,375		(16,757	)		13,618
Others (*)		2,650,728		(2,371,560	)		279,168
	W	7,848,138		(3,788,741	)		4,059,397

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

In millions of won	2020
	Acquisition cost		Accumulated depreciation			Book value
Land	W	811,014		(104,435	)		706,579
Buildings		82,749		(35,527	)		47,222
Structures		24,175		(3,689	)		20,486
Machinery		1,308		(613	)		695
Ships		4,280,331		(842,968	)		3,437,363
Vehicles		29,281		(15,756	)		13,525
Others (*)		2,676,356		(2,360,060	)		316,296
	W	7,905,214		(3,363,048	)		4,542,166

(*) Including power purchase agreements (“PPA”) with GS EPS and two other LNG combined power supplier.

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

24. Lease, Continued

(3) Changes in right-of-use assets for the years ended December 31,2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	706,579		7,312		(57,231	)		—			(3,865	)		652,795
Buildings		47,222		22,336		(25,780	)		(1,469	)		20,575			62,884
Structures		20,486		2,198		(1,536	)		—			—			21,148
Machinery		695		—		(130	)		—			—			565
Ships		3,437,363		9,694		(411,291	)		—			(6,547	)		3,029,219
Vehicles		13,525		9,583		(8,162	)		(7	)		(1,321	)		13,618
Others		316,296		27,090		(50,485	)		(10,311	)		(3,422	)		279,168
	W	4,542,166		78,213		(554,615	)		(11,787	)		5,420			4,059,397

In millions of won	2020
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	644,074		12,269		(52,069	)		—			102,305			706,579
Buildings		34,577		53,182		(37,609	)		(803	)		(2,125	)		47,222
Structures		25,644		260		(1,485	)		—			(3,933	)		20,486
Machinery		824		—		(129	)		—			—			695
Ships		3,688,289		183,789		(427,221	)		—			(7,494	)		3,437,363
Vehicles		13,708		9,009		(7,747	)		(21	)		(1,424	)		13,525
Others		376,457		32,825		(59,994	)		(3	)		(32,989	)		316,296
	W	4,783,573		291,334		(586,254	)		(827	)		54,340			4,542,166

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

24. Lease, Continued

(4) Lease liabilities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Less than 1 year	W	620,121			614,442
1 ~ 5 years		2,158,145			2,133,538
More than 5 years		2,150,722			2,461,557
		4,928,988			5,209,537
Less: Discount		(518,485	)		(588,441	)
Present value of lease payment	W	4,410,503			4,621,096

(5) The details of the liquidity classification of lease liabilities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Current lease liabilities	W	583,558		576,665
Non-current lease liabilities		3,826,945		4,044,431
	W	4,410,503		4,621,096

(6) Changes in lease liabilities for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities	W	4,621,096		73,090		(665,687	)		93,651		288,353		4,410,503

In millions of won	2020
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)			Ending balance
Lease liabilities	W	5,070,133		280,114		(725,759	)		111,782		(115,174	)		4,621,096

(*) Including translation effect of foreign currency lease liabilities and others.

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

24. Lease, Continued

(7) Details of expense relating to lease contracts as lessee for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Depreciation of right-of-use assets	W	554,615		586,254
Interest expenses of lease liabilities		93,651		111,782
Leases expenses for short-term leases		199,490		45,787
Leases expenses for leases of low-value assets		2,349		2,796
Variable lease payments		54,675		33,267
	W	904,780		779,886

(8) The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts to W922,200 million and W807,609 million, for the years ended December 31, 2021 and 2020, respectively.

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

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. Also, the Group has provided fly-ash pipe conduit as finance leases with an average lease term of 7 years. In addition, the Group provides 26 energy storage system installation projects and 131 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comission 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) Profit and loss related to finance lease for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Finance income on the net investment in the lease	W	111,569		117,763

(3) Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Less than 1 year	W	172,528			162,211
1 ~ 2 years		163,937			148,485
2 ~ 3 years		158,933			144,913
3 ~ 4 years		156,450			139,605
4 ~ 5 years		155,068			136,962
More than 5 years		1,588,403			1,583,576
		2,395,319			2,315,752
Less: Unearned finance income		(1,194,627	)		(1,192,686	)
Net investment in the lease (*)	W	1,200,692			1,123,066

(*) Including the present value of unguaranteed residual value amounting to W19,574 million and W16,407 million, as of December 31, 2021 and 2020, 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 16.83% per year as of December 31, 2021. (prior year : 1.39% ~ 16.60%)

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Beginning balance	W	990			862
Bad debt expense		—			128
Reversal of allowance of doubtful accounts		(222	)		—
Ending balance	W	768			990

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

25. Employment Benefits

(1) Employment benefit obligations as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Net defined benefit asset	W	20,871		7,231
Net defined benefit obligations		1,675,741		1,907,013
Other long-term employee benefit obligations		3,417		3,847

(2) Principal assumptions on actuarial valuation as of December 31, 2021 and 2020 are as follows:

	2021	2020
Discount rate	2.51% ~ 2.60%	1.87% ~ 2.12%
Future salary and benefit levels	4.28%	4.28%
Weighted average duration	10.39 years	10.77 years

(3) Details of expense relating to defined benefit plans for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Current service cost	W	524,942			509,520
Interest cost		91,877			83,248
Expected return on plan assets		(52,782	)		(42,742	)
Past service cost		5,483			(2,027	)
	W	569,520			547,999

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

In millions of won	2021		2020
Cost of sales	W	415,959		397,442
Selling and administrative expenses		95,983		94,846
Others (Construction-in-progress and others)		57,578		55,711
	W	569,520		547,999

In addition, for the years ended December 31, 2021 and 2020, employee benefit obligations expenses of W71,875 million and W60,587 million, respectively, are recognized as cost of sales, and W17,144 million and W9,121 million, respectively, are recognized as selling and administrative expenses, and W13,126 million and W11,861 million, respectively, are recognized as construction-in-progress and others, relates to the Group’s defined contribution plans.

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Present value of defined benefit obligation from funded plans	W	4,564,417			4,570,614
Fair value of plan assets		(2,909,547	)		(2,670,832	)
Net liabilities incurred from defined benefit plans	W	1,654,870			1,899,782

(5) Changes in the present value of defined benefit obligations for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Beginning balance	W	4,570,614			4,035,400
Current service cost		524,942			509,520
Interest cost		91,877			83,248
Remeasurement component		(345,755	)		84,385
Past service cost		5,483			(2,027	)
Actual payments		(282,794	)		(139,956	)
Others		50			44
Ending balance	W	4,564,417			4,570,614

(6) Changes in the fair value of plan assets for the for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Beginning balance	W	2,670,832			2,111,313
Expected return		52,782			42,742
Remeasurement component		(8,457	)		(390	)
Contributions by the employers		317,707			582,275
Actual payments		(123,317	)		(65,108	)
Ending balance	W	2,909,547			2,670,832

In addition, gain on accumulated remeasurement component amounting to W98,844 million and loss on accumulated remeasurement component amounting to W169,234 million have been recognized as other comprehensive income or loss for the years ended December 31, 2021 and 2020, respectively.

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Equity instruments	W	344,002		253,358
Debt instruments		744,167		822,582
Bank deposit		407,809		284,655
Others		1,413,569		1,310,237
	W	2,909,547		2,670,832

For the years ended December 31, 2021 and 2020, actual returns on plan assets amounted to W44,325 million and W42,352 million, respectively.

(8) Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Actuarial gain from changes in financial assumptions	W	(258,194	)		(2,979	)
Experience adjustments, etc.		(87,561	)		87,364
Expected return		8,457			390
	W	(337,298	)		84,775

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

26. Provisions

(1) Provisions as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,048,939		—		1,024,574		—
Litigation
Litigation provisions		26,269		88,449		46,287		66,715
Decommissioning cost
Nuclear plants		—		19,461,461		—		16,974,884
Spent fuel		457,466		893,196		487,529		866,472
Radioactive waste		137,342		1,695,193		46,369		1,845,244
PCBs		—		103,665		—		119,019
Other recovery provisions		—		30,231		—		25,840
Others
Power plant regional support program		146,588		—		144,272		—
Transmission regional support program		250,288		—		96,895		—
Provisions for financial guarantee		21,032		59,809		22,250		44,104
Provisions for RPS		—		—		9,126		—
Provisions for greenhouse gas emissions obligations		655,544		—		393,121		—
Others		102,408		169,420		181,241		133,294
	W	2,845,876		22,501,424		2,451,664		20,075,572

(2) Changes in provisions for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,024,574		1,048,569		(1,024,212	)		—			8			1,048,939
Litigation
Litigation provisions		113,002		67,443		(44,446	)		(15,763	)		(5,518	)		114,718
Decommissioning cost
Nuclear plants		16,974,884		2,545,803		(59,226	)		—			—			19,461,461
Spent fuel		1,354,001		452,063		(455,402	)		—			—			1,350,662
Radioactive waste		1,891,613		3,862		(51,666	)		(11,274	)		—			1,832,535
PCBs		119,019		2,182		(17,408	)		(128	)		—			103,665
Other recovery provisions		25,840		553		(169	)		—			4,007			30,231
Others
Power plant regional support program		144,272		49,596		(47,280	)		—			—			146,588
Transmission regional support program		96,895		306,409		(153,016	)		—			—			250,288
Provisions for financial guarantee		66,354		85,355		(72,109	)		—			1,241			80,841
Provisions for RPS		9,126		445,402		(430,344	)		(24,184	)		—			—
Provisions for greenhouse gas emissions obligations		393,121		547,911		(235,469	)		(2,174	)		(47,845	)		655,544
Others		314,535		104,416		(95,541	)		(40,139	)		(11,443	)		271,828
	W	22,527,236		5,659,564		(2,686,288	)		(93,662	)		(59,550	)		25,347,300

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

26. Provisions, Continued

(2) Changes in provisions for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	975,619		1,078,382		(1,028,218	)		—			(1,209	)		1,024,574
Litigation
Litigation provisions		88,398		81,990		(34,662	)		(22,724	)		—			113,002
Decommissioning cost
Nuclear plants		15,994,039		1,028,580		(47,735	)		—			—			16,974,884
Spent fuel		1,355,280		394,642		(395,921	)		—			—			1,354,001
Radioactive waste		1,888,082		71,529		(67,998	)		—			—			1,891,613
PCBs		152,981		3,017		(14,839	)		(22,140	)		—			119,019
Other recovery provisions		10,773		15,280		—			—			(213	)		25,840
Others
Power plant regional support program		140,133		39,445		(42,935	)		—			7,629			144,272
Transmission regional support program		139,785		151,796		(194,686	)		—			—			96,895
Provisions for tax		—		—		(24	)		25			(1	)		—
Provisions for financial guarantee		81,357		11,303		(20,962	)		(5,317	)		(27	)		66,354
Provisions for RPS		2,889		494,199		(487,962	)		—			—			9,126
Provisions for greenhouse gas emissions obligations		682,459		331,684		(633,482	)		65,389			(52,929	)		393,121
Others		158,974		210,051		(48,919	)		(4,593	)		(978	)		314,535
	W	21,670,769		3,911,898		(3,018,343	)		10,640			(47,728	)		22,527,236

(3) Greenhouse gas emissions rights and obligations:

(i) Allowances received free of charge from the government for each planned period as of December 31, 2021 are as follows:

In ten thousands of tons(tCO2-eq)	3rd planned period
	2021		2022		2023		2024		2025		Total
Allowances received free of charge from the government		15,625		15,782		15,782		5,261		5,261		57,711

(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2021 and 2020 are as follows:

In ten thousands of tons(tCO2-eq) and millions of won
	2021
	2nd planned period						3rd planned period
	2020						2021				2022					2023					2024					2025					Total
	Quantity			Amount			Quantity		Amount		Quantity			Amount		Quantity			Amount		Quantity			Amount		Quantity			Amount		Quantity		Amount
Beginning		17,905			357,355			16,051		38,338		15,782			—		15,782			—		5,261			—		5,261			—		58,137		38,338
Purchase (sell)		433			95,375			1,426		410,099		(31	)		7,296		(43	)		5,479		(75	)		—		(50	)		6,873		1,227		429,747
Government submission		(17,560	)		(280,924	)		—		—		—			—		—			—		—			—		—			—		—		—
Borrowing (carryforward)		(539	)		(113,014	)		352		76,221		277			55,439		10			3,050		—			—		—			—		639		134,710
Others		(239	)		(58,792	)		—		—		—			—		—			—		—			—		—			—		—		—
Ending		—			—			17,829		524,658		16,028			62,735		15,749			8,529		5,186			—		5,211			6,873		60,003		602,795

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

26. Provisions, Continued

(3) Greenhouse gas emissions rights and obligations, continued:

(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2021 and 2020 are as follows, continued:

In ten thousands of tons(tCO2-eq) and millions of won
	2020
	2nd planned period
	Quantity			Amount
Beginning		17,276			18,306
Purchase (sell)		723			270,338
Government submission		—			—
Borrowing (carryforward)		(94	)		68,711
Ending		17,905			357,355

(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2021.

(iv) The Group does not hold any greenhouse gas emissions rights preparedfor generating a profit from short-term flucutations in price as of December 31, 2021.

(v) Estimated greenhous gas emission of the Group for the year ended December 31, 2021 is 17,618 ten thousand tons.

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

27. Government Grants

(1) Government grants as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Land	W	(23,474	)		(23,475	)
Buildings		(52,122	)		(57,231	)
Structures		(172,021	)		(180,009	)
Machinery		(140,082	)		(157,785	)
Vehicles		(1,675	)		(632	)
Equipment		(149	)		(227	)
Tools		(64	)		(239	)
Construction-in-progress		(111,822	)		(79,126	)
Investment properties		(30	)		(29	)
Software		(91	)		(136	)
Development expenditures		(3,820	)		(5,043	)
Intangible assets under development		(7,326	)		(7,203	)
Other intangible assets		(71	)		(75	)
	W	(512,747	)		(511,210	)

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

27. Government Grants, Continued

(2) Changes in government grants for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance			Receipt			Acquisition			Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash	W	—			(37,920	)		—			—		—		37,920			—
Land		(23,475	)		—			—			—		1		—			(23,474	)
Buildings		(57,231	)		—			—			5,174		—		(65	)		(52,122	)
Structures		(180,009	)		—			—			9,517		1,811		(3,340	)		(172,021	)
Machinery		(157,785	)		—			—			17,519		531		(347	)		(140,082	)
Vehicles		(632	)		—			(26	)		460		—		(1,477	)		(1,675	)
Equipment		(227	)		—			—			95		—		(17	)		(149	)
Tools		(239	)		—			—			209		—		(34	)		(64	)
Construction-in-progress		(79,126	)		—			5,027			—		—		(37,723	)		(111,822	)
Investment properties		(29	)		—			—			1		—		(2	)		(30	)
Software		(136	)		—			—			64		—		(19	)		(91	)
Development expenditures		(5,043	)		—			—			1,439		—		(216	)		(3,820	)
Intangible assets under development		(7,203	)		—			—			—		—		(123	)		(7,326	)
Other intangible assets		(75	)		—			—			4		—		—			(71	)
	W	(511,210	)		(37,920	)		5,001			34,482		2,343		(5,443	)		(512,747	)

In millions of won	2020
	Beginning balance			Receipt			Acquisition		Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash	W	—			(41,209	)		—		—		—		41,209			—
Land		(21,817	)		—			—		—		2		(1,660	)		(23,475	)
Buildings		(61,920	)		—			—		5,206		—		(517	)		(57,231	)
Structures		(186,554	)		—			—		9,526		2,032		(5,013	)		(180,009	)
Machinery		(158,907	)		—			—		17,468		496		(16,842	)		(157,785	)
Vehicles		(2,275	)		—			—		2,064		4		(425	)		(632	)
Equipment		(241	)		—			—		149		—		(135	)		(227	)
Tools		(403	)		—			—		243		—		(79	)		(239	)
Construction-in-progress		(61,211	)		—			8,783		—		—		(26,698	)		(79,126	)
Investment properties		(13	)		—			—		1		—		(17	)		(29	)
Software		(235	)		—			—		99		—		—			(136	)
Development expenditures		(1,492	)		—			—		1,453		—		(5,004	)		(5,043	)
Intangible assets under development		(11,029	)		—			—		—		—		3,826			(7,203	)
Other intangible assets		(79	)		—			—		4		—		—			(75	)
	W	(506,176	)		(41,209	)		8,783		36,213		2,534		(11,355	)		(511,210	)

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for the years ended December 31, 2021 and 2020 are as follows:

In millions of won

2021

Increase

Decrease

Contribution

Interests

Execution

Return

Department

Project

Description

Period

Budget

Beginning balance

Self- payment

Local government

Government subsidies

Self- payment

Local government

Government subsidies

Self- payment

Local government

Government subsidies

Self- payment

Local government

Government subsidies

Others

Ending balance

Ministry of Trade, Industry and Energy

Temporary electricity bill support for small business owners

Temporary electricity bill support for small business owners

2021.04.01 ~ 2022.06.30

211,235

748

—

—

139,550

—

—

—

—

—

(122,563

)

—

—

—

—

17,735

In millions of won						2020
								Increase												Decrease
								Contribution						Interests						Execution							Return
Department	Project	Description	Period	Budget		Beginning balance		Self- payment		Local government		Government subsidies		Self- payment		Local government		Government subsidies		Self- payment		Local government		Government subsidies			Self- payment		Local government		Government subsidies			Others		Ending balance
Ministry of Trade, Industry and Energy	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners	2020.04.01 ~ 2020.12.31		72,662		—		—		—		72,662		—		—		16		—		—		(71,914	)		—		—		(16	)		—		748
	Energy Voucher	2020 Energy Voucher Support	2020.01.01 ~ 2020.12.31		46,148		—		—		—		46,148		—		—		2		—		—		(46,148	)		—		—		(2	)		—		—

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

28. Deferred Revenue

Deferred revenue for the years ended December 31, 2021 and 2020 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	2021			2020
Beginning balance	W	9,868,189			9,201,538
Increase		1,149,578			1,310,128
Recognized as revenue		(661,212	)		(643,477	)
Ending balance	W	10,356,555			9,868,189

29. Non-financial Liabilities

Non-financial liabilities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Current		Non-current		Current		Non-current
Advance received	W	4,157,916		398,056		3,693,043		331,596
Unearned revenue		40,187		6,517		35,068		6,122
Deferred revenue		659,397		9,697,158		625,596		9,242,593
Withholdings		345,892		5,171		257,059		9,909
Others		1,262,941		109,462		1,360,684		71,721
	W	6,466,333		10,216,364		5,971,450		9,661,941

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

30. Contributed Capital

(1) Details of share capital as of December 31, 2021 and 2020 are as follows:

In millions of won except share information
	2021
	Shares authorized		Shares issued		Par value per share (in won)		Owned by government (*)		Owned by others		Total
Common shares		1,200,000,000		641,964,077	W	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
	2020
	Shares authorized		Shares issued		Par value per share (in won)		Owned by government (*)		Owned by others		Total
Common shares		1,200,000,000		641,964,077	W	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 number of floating capital stock for the years ended December 31, 2021 and 2020 are as follows:

Number of shares	2021		2020
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077

(3) Details of share premium as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Share premium	W	843,758		843,758

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		33,282,817		32,179,066
Retained earnings before appropriations		10,359,255		17,349,625
Retained earnings	W	45,246,982		51,133,601

(*) The KEPCO Act 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 December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Reserve for investment on social overhead capital	W	5,277,449		5,277,449
Reserve for research and human development (*)		330,000		330,000
Reserve for business expansion		27,465,368		26,361,617
Reserve for equalizing dividends		210,000		210,000
	W	33,282,817		32,179,066

(*) The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.

(3) Changes in retained earnings for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Beginning balance	W	51,133,601			49,202,133
Profit (loss) for the year attributed to owners of the controlling company		(5,315,055	)		1,991,347
Changes in equity method retained earnings		3,609			3,181
Remeasurements of defined benefit liability, net of tax		201,067			(62,857	)
Transfer of gain or loss on valuation of financial assets at FVOCI		4,388			—
Dividends paid		(780,628	)		—
Transactions between consolidated entities		—			(203	)
Ending balance	W	45,246,982			51,133,601

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	1,216		780,628

In millions of won	2020
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	—		—

(5) Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Beginning balance	W	361		(2,820	)
Changes		3,609		3,181
Ending balance	W	3,970		361

(6) Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Beginning balance	W	(169,234	)		(117,779	)
Changes		327,957			(77,828	)
Income tax effect		(126,890	)		14,971
Transfer to reserve for business expansion		67,011			11,402
Ending balance	W	98,844			(169,234	)

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

32. Statement of Appropriation of Retained Earnings (Statement of Disposition of Deficit)

For the year ended December 31, 2020, KEPCO’s retained earnings were appropriated on March 25, 2021. For the year ended December 31, 2021, KEPCO’s deficits are expected to be disposed on March 29, 2022. Statements of disposition of deficit and appropriation of retained earnings of KEPCO, the controlling company, for the years ended December 31, 2021 and 2020, respectively, are as follows:

In millions of won except for dividends per share	2021			2020
I. Retained earnings before appropriations (undisposed deficit)
Unappropriated retained earnings (deficit) carried over from prior years	W	—			—
Net income (loss)		(5,607,732	)		1,951,498
Remeasurement of the defined benefit plan		107,884			(67,118	)
		(5,499,848	)		1,884,380
II. Transfer from voluntary reserves		5,499,848			—
III. Subtotal ( I+II )		—			1,884,380
IV. Appropriations of retained earnings (Disposition of deficit)
Legal reserve		—			—
Dividends (government, individual) (Amount of dividends per share (%) : Current year – W0 (0%),   Prior year – W1,216 (24.32%))		—			(780,628	)
Reserve for business expansion		—			(1,103,752	)
		—			(1,884,380	)
V. Unappropriated retained earnings to be carried over forward to subsequent year		—			—

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

33. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2021 and 2020 are as follows:

In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		2021			2020
Korea South-East Power Co., Ltd.		1st hybrid bond		2012.12.07		2042.12.06		4.38	W	170,000			170,000
Korea South-East Power Co., Ltd.		2nd hybrid bond		2012.12.07		2042.12.06		4.44		230,000			230,000
Expense of issuance										(1,090	)		(1,090	)
									W	398,910			398,910

Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries 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.

Substantially, as these instruments have no contractual obligation to pay principal and interest, these instruments have been classified as equity (non-controlling interests) in the Group’s consolidated financial statements.

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

34. Other Components of Equity

(1) Other components of equity as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Other capital surplus	W	1,231,109			1,224,105
Accumulated other comprehensive loss		(57,632	)		(409,577	)
Other equity		13,294,973			13,294,973
	W	14,468,450			14,109,501

(2) Changes in other capital surplus for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021								2020
	Gains on disposal of treasury stocks		Others			Subtotal			Gains on disposal of treasury stocks		Others			Subtotal
Beginning balance	W	387,524		836,581			1,224,105			387,524		838,840			1,226,364
Changes in consolidation scope		—		43			43			—		—			—
Issuance of share capital of subsidiary and others		—		(491	)		(491	)		—		(148	)		(148	)
Others		—		7,452			7,452			—		(2,111	)		(2,111	)
Ending balance	W	387,524		843,585			1,231,109			387,524		836,581			1,224,105

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

34. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Financial assets at fair value through other comprehensive income valuation reserve			Shares in 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	(101,132	)		10,091		(340,930	)		22,394			(409,577	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		59,022			—		—			—			59,022
Shares in other comprehensive income of associates and joint ventures, net of tax		—			301,161		—			—			301,161
Foreign currency translation of foreign operations, net of tax		—			—		15,760			—			15,760
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(19,610	)		(19,610	)
Others		(4,388	)		—		—			—			(4,388	)
Ending balance	W	(46,498	)		311,252		(325,170	)		2,784			(57,632	)

In millions of won	2020
	Financial assets at fair value through other comprehensive income valuation reserve			Shares in other comprehensive income (loss) 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	(92,599	)		142,896			(294,898	)		(36,129	)		(280,730	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		(8,533	)		—			—			—			(8,533	)
Shares in other comprehensive loss of associates and joint ventures, net of tax		—			(132,805	)		—			—			(132,805	)
Foreign currency translation of foreign operations, net of tax		—			—			(46,032	)		—			(46,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—			—			58,523			58,523
Ending balance	W	(101,132	)		10,091			(340,930	)		22,394			(409,577	)

(4) Other equity as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Statutory revaluation reserve	W	13,295,098			13,295,098
Changes in other equity		(125	)		(125	)
	W	13,294,973			13,294,973

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

35. Sales

Details of sales for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021						2020
	Domestic		Overseas		Total		Domestic		Overseas		Total
[Type of goods and services]
Sales of goods	W	58,261,006		441,203		58,702,209		56,380,608		303,704		56,684,312
Electricity		57,210,231		—		57,210,231		55,730,985		—		55,730,985
Heat supply		232,294		—		232,294		198,715		—		198,715
Others		818,481		441,203		1,259,684		450,908		303,704		754,612
Sales related to rendering of services		252,216		204,184		456,400		223,075		206,275		429,350
Sales related to construction services		159,262		595,736		754,998		170,895		641,280		812,175
Revenue related to transfer of assets from customers		661,212		—		661,212		643,477		—		643,477
	W	59,333,696		1,241,123		60,574,819		57,418,055		1,151,259		58,569,314
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	58,261,006		441,203		58,702,209		56,380,608		303,704		56,684,312
Performance obligations satisfied over time		1,072,690		799,920		1,872,610		1,037,447		847,555		1,885,002
	W	59,333,696		1,241,123		60,574,819		57,418,055		1,151,259		58,569,314

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

36. Selling and Administrative Expenses

(1) Selling and administrative expenses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Salaries	W	1,121,188		1,095,183
Retirement benefit expense		113,127		103,967
Welfare and benefit expense		155,558		155,071
Insurance expense		17,909		10,178
Depreciation		219,427		218,103
Amortization of intangible assets		91,428		87,086
Bad debt expense		17,968		20,648
Commission		410,275		368,275
Advertising expense		29,230		29,559
Training expense		4,923		5,196
Vehicle maintenance expense		8,849		9,435
Publishing expense		3,568		3,677
Business development expense		3,522		3,614
Rent expense		43,650		36,337
Telecommunication expense		8,569		8,686
Transportation expense		870		1,007
Taxes and dues		93,446		62,828
Expendable supplies expense		9,052		8,029
Water, light and heating expense		12,351		11,749
Repairs and maintenance expense		123,134		79,185
Ordinary development expense		213,936		197,436
Travel expense		11,099		10,793
Clothing expense		10,540		14,834
Survey and analysis expense		889		826
Membership fee		1,331		1,274
Others		149,945		135,467
	W	2,875,784		2,678,443

(2) Other selling and administrative expenses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Accommodation development expenses	W	57,815		30,889
Miscellaneous wages		47,221		45,887
Litigation and filing expenses		16,383		19,341
Compensation for damages		3,303		8,374
Outsourcing expenses		3,799		3,610
Reward expenses		3,006		3,228
Overseas market development expenses		1,192		1,218
Others		17,226		22,920
	W	149,945		135,467

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

37. Other Income and Expenses

(1) Other income for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Reversal of other provisions	W	15,548		25,826
Reversal of other allowance for bad debt		98		2,465
Gains on government grants		458		269
Gains on assets contributed		9,347		24,324
Gains on liabilities exempted		1,830		1,314
Compensation and reparations revenue		104,826		95,407
Revenue from foundation fund		1		—
Revenue from research contracts		5,996		4,001
Rental income		204,123		193,567
Others		30,694		45,798
	W	372,921		392,971

(2) Details of “others” of other income for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Refund of claim for rectification	W	7,274		11,880
Adjustment of research project		7,638		2,150
Maintenance expenses on lease building		160		2,785
Training expenses		1,739		3,852
Deposit redemption		378		314
Reversal of expenses on litigation		991		620
Revenue on royalty fee		173		—
Reimbursement of insurance fee		1		22
Gains on guarantee contracts		27		134
Others		12,313		24,041
	W	30,694		45,798

166

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

37. Other Income and Expenses, Continue

(3) Other expenses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Compensation and indemnification expense	W	663		11,959
Accretion expenses of other provisions		2,711		17,991
Depreciation expenses on investment properties		1,386		1,453
Depreciation expenses on idle assets		3,621		6,604
Other bad debt expense		49,372		32,503
Donations		152,456		316,981
Others		47,723		30,229
	W	257,932		417,720

(4) Details of “others” of other expense for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Operating expenses related to the idle assets	W	44		46
Research grants		109		91
Supporting expenses on farming and fishing village		17,065		16,115
Operating expenses on fitness center		6,948		5,101
Expenses on adjustment of research and development grants		2,241		720
Taxes and dues		119		253
Expenses on R&D supporting		861		242
Others		20,336		7,661
	W	47,723		30,229

167

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

38. Other Gains (Losses)

(1) Composition of other gains (losses) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Other gains
Gains on disposal of property, plant and equipment	W	56,284			93,195
Gains on disposal of intangible assets		1			1,556
Reversal of impairment loss on property, plant and equipment		—			7,805
Reversal of impairment loss on intangible assets		14			—
Gains on foreign currency translation		20,598			8,917
Gains on foreign currency transactions		48,671			61,865
Gains on insurance proceeds		144			43,800
Others		250,174			322,379
Other losses
Losses on disposal of property, plant and equipment		(92,622	)		(162,725	)
Losses on disposal of intangible assets		(145	)		(392	)
Losses on valuation of other non-current assets		—			(241	)
Loss on impairment of property, plant and equipment		(4,056	)		(80,413	)
Loss on impairment of intangible assets		—			(3,599	)
Loss on impairment of other non-current assets		(16,035	)		—
Losses on foreign currency translation		(4,732	)		(17,664	)
Losses on foreign currency transactions		(67,990	)		(49,694	)
Others		(181,787	)		(189,695	)
	W	8,519			35,094

(2) Details of “others” of other gains for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Gains on disposal of inventories	W	4,446		3,373
Gains on proxy collection of TV license fee		42,271		41,438
Gains on compensation of impaired electric poles		812		978
Gains on harbor facilities dues		3,281		2,231
Gains on technical fees		3,968		4,826
Reversal of occupation development training fees		229		352
Gains on disposal of waste		4,272		6,927
Gains on insurance		690		—
Gains on tax rebate		685		772
Gains on other commission		1,822		1,643
Gains on disposal of greenhouse gas emissions rights		8,739		—
Gains on disposal of assets held-for-sale		160		—
Others		178,799		259,839
	W	250,174		322,379

(3) Details of “others” of other losses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Losses on valuation of inventories	W	7,761		4,998
Losses on disposal of inventories		8,874		37,644
Losses due to disaster		6,238		16,814
Losses on rounding adjustment of electric charge surtax		1,283		1,276
Loss on disposal of greenhouse gas emissions rights		11,282		—
Others		146,349		128,963
	W	181,787		189,695

168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

39. Finance Income

(1) Finance income for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Interest income	W	221,874		242,586
Dividends income		10,522		7,316
Gains on disposal of financial assets		7,718		11,992
Gains on valuation of financial assets at fair value through profit or loss		14,338		12,904
Gains on valuation of derivatives		860,011		57,563
Gains on transaction of derivatives		124,900		146,448
Gains on foreign currency translation		146,349		1,005,961
Gains on foreign currency transactions		15,618		24,009
Other finance income		1,284		1,470
	W	1,402,614		1,510,249

(2) Interest income included in finance income for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Cash and cash equivalents	W	12,692		9,419
Financial assets at fair value through profit or loss		18,415		19,114
Financial assets at amortized cost		797		612
Loans		25,196		26,232
Short-term financial instrument		7,531		25,540
Long-term financial instrument		12,470		10,406
Other financial assets		230		228
Trade and other receivables		144,543		151,035
	W	221,874		242,586

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

40. Finance Expenses

(1) Finance expenses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Interest expense	W	1,914,457		1,995,425
Losses on sale of financial assets		1,045		648
Losses on valuation of financial assets at fair value through profit or loss		5,480		7,396
Losses on valuation of derivatives		37,017		513,278
Losses on transaction of derivatives		40,818		81,055
Losses on foreign currency translation		1,159,334		215,047
Losses on foreign currency transactions		83,558		79,103
Losses on repayment of financial liabilities		10		35
Others		4,058		4,456
	W	3,245,777		2,896,443

(2) Interest expense included in finance expenses for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Trade and other payables	W	213,765			88,757
Short-term borrowings		42,371			29,358
Long-term borrowings		115,141			118,678
Debt securities		1,728,588			1,805,253
Other financial liabilities		384,423			540,867
		2,484,288			2,582,913
Less: Capitalized borrowing costs		(569,831	)		(587,488	)
	W	1,914,457			1,995,425

Capitalization rates for the years ended December 31, 2021 and 2020 are 2.02%~4.33% and 2.14%~4.84%, respectively.

170

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

41. Income Taxes

(1) Income tax expense (benefit) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Current income tax expense
Payment of income tax	W	357,767			671,179
Adjustment in respect of prior years due to change in estimate		153,113			(63,756	)
Current income tax directly recognized in equity		(198,714	)		51,486
		312,166			658,909
Deferred tax expense (benefit)
Generation and realization of temporary differences		(489,411	)		(77,985	)
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods		(43,653	)		(10,471	)
Changes in deferred tax on tax losses carryforwards		(1,641,823	)		296,070
Tax credit carryforwards		(12,199	)		32,541
Amount due to change in tax rate or regulations		18,931			—
		(2,168,155	)		240,155
Income tax expense (benefit)	W	(1,855,989	)		899,064

(2) Reconciliation between actual income tax expense and amount computed by applying the statutory tax rate to income before income taxes for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Income (loss) before income tax	W	(7,085,214	)		2,991,533
Income tax expense (benefit) computed at applicable tax rate		(1,948,434	)		822,672
Adjustments
Effect of applying gradual tax rate		(10,362	)		(10,362	)
Effect of non-taxable income		(4,983	)		(13,593	)
Effect of non-deductible expenses		78,814			46,776
Effect of tax losses that are not recognized as deferred tax asset		1,351			—
Effects of tax credits and deduction		(43,931	)		(63,753	)
Reversal of unrecognized deferred tax asset, net		(43,641	)		(10,471	)
Effect of change in deferred tax due to change in tax rate		18,931			(17,590	)
Deduction of deferred tax assets		73,887			55,682
Deferred income tax related to investments in subsidiaries and associates		(135,878	)		102,137
Others, net		5,144			51,322
		(60,668	)		140,148
Adjustment in respect of prior years due to change in estimate		153,113			(63,756	)
Income tax expense (benefit)	W	(1,855,989	)		899,064
		(	*)		30.05	%

(*) The effective tax rate for the year ended December 31, 2021 is not calculated due to income tax benefit and the effective tax rate for the year ended December 31, 2020 is 30.05%.

(3) Income tax directly adjusted to shareholders’ equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Dividends of hybrid bond	W	4,736		4,273

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

41. Income Taxes, Continued

(4) Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Income tax recognized as other comprehensive income (loss)
Gain (loss) on valuation of financial assets at fair value through other comprehensive income	W	(9,753	)		19,447
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		24,220			(47,231	)
Remeasurement of defined benefit obligations		(126,890	)		14,972
Investments in associates		(53,672	)		35,714
Others		(37,355	)		24,311
	W	(203,450	)		47,213

(5) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Beginning balance			Amounts recognized in profit or loss			Amount recognized in other comprehensive income (loss)			Amounts recognized directly in equity		Ending balance
Deferred tax on temporary differences
Employee benefits	W	689,787			(4,514	)		(126,890	)		—		558,383
Cash flow hedge		15,587			(90,217	)		24,220			463		(49,947	)
Investments in subsidiaries, associates and joint ventures		(8,668,015	)		367			(53,672	)		—		(8,721,320	)
Property, plant and equipment		(7,713,449	)		282,988			—			—		(7,430,461	)
Finance lease		(211,420	)		(204,138	)		—			—		(415,558	)
Intangible assets		(31,166	)		(315	)		—			—		(31,481	)
Financial assets at fair value through profit or loss		13			(1	)		—			—		12
Financial assets at fair value through other comprehensive income		37,950			(816	)		(9,753	)		—		27,381
Deferred revenue		199,701			(13,310	)		—			—		186,391
Provisions		5,916,803			577,511			—			—		6,494,314
Doubtful receivables		—			801			—			—		801
Other finance liabilities		30,399			(3,262	)		—			4,273		31,410
Gains or losses on foreign exchange translation		(11,635	)		103,046			—			—		91,411
Allowance for doubtful accounts		56,129			8,135			—			—		64,264
Accrued income		8,944			1,058			—			—		10,002
Special deduction for property, plant and equipment		(226,351	)		2,224			—			—		(224,127	)
Others		1,505,951			(22,769	)		(37,355	)		—		1,445,827
		(8,400,772	)		636,788			(203,450	)		4,736		(7,962,698	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		893,074			1,666,803			—			—		2,559,877
Excess of donation limit		35,181			34,004			—			—		69,185
Tax credit		105,416			29,274			—			—		134,690
		1,033,671			1,730,081			—			—		2,763,752
	W	(7,367,101	)		2,366,869			(203,450	)		4,736		(5,198,946	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

41. Income Taxes, Continued

(5) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Beginning balance			Amounts recognized in profit or loss			Amount recognized in other comprehensive income (loss)			Amounts recognized directly in equity		Ending balance
Deferred tax on temporary differences
Employee benefits	W	648,847			14,566			26,374			—		689,787
Cash flow hedge		(999	)		63,817			(47,231	)		—		15,587
Investments in subsidiaries, associates and joint ventures		(8,665,727	)		(38,002	)		35,714			—		(8,668,015	)
Property, plant and equipment		(7,115,218	)		(598,231	)		—			—		(7,713,449	)
Finance lease		(160,443	)		(50,977	)		—			—		(211,420	)
Intangible assets		(55,906	)		24,740			—			—		(31,166	)
Financial assets at fair value through profit or loss		341			(328	)		—			—		13
Financial assets at fair value through other comprehensive income		18,245			258			19,447			—		37,950
Deferred revenue		213,003			(13,302	)		—			—		199,701
Provisions		5,456,919			459,884			—			—		5,916,803
Doubtful receivables		59			(59	)		—			—		—
Other finance liabilities		39,364			(13,238	)		—			4,273		30,399
Gains or losses on foreign exchange translation		57,961			(69,596	)		—			—		(11,635	)
Allowance for doubtful accounts		57,607			(1,478	)		—			—		56,129
Accrued income		(4,376	)		13,320			—			—		8,944
Special deduction for property, plant and equipment		(215,373	)		(10,978	)		—			—		(226,351	)
Others		1,342,716			150,326			12,909			—		1,505,951
		(8,382,980	)		(69,278	)		47,213			4,273		(8,400,772	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		1,111,813			(218,739	)		—			—		893,074
Excess of donation limit		36,695			(1,514	)		—			—		35,181
Tax credit		107,526			(2,110	)		—			—		105,416
		1,256,034			(222,363	)		—			—		1,033,671
	W	(7,126,946	)		(291,641	)		47,213			4,273		(7,367,101	)

(6) Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Deferred tax assets	W	1,901,992			1,733,146
Deferred tax liabilities		(7,100,938	)		(9,100,247	)
	W	(5,198,946	)		(7,367,101	)

(7) Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Deductible temporary differences and others	W	1,539,980		1,405,621

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

42. Assets Held-for-Sale

Assets held-for-sale as of December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Land(*1)	W	2,907		—
Buildings(*1)		12,971		1
Structures(*1)		1		—
Others (*2)		—		924
	W	15,879		925

(*1) The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Group, resolved to sell its old office building in Yongin, Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.

(*2) The Group had decided to sell its shares of DG Fairhaven Power, LLC, a subsidiary of the Group, and classified them as assets held-for-sale as of December 31, 2020. The disposal was completed during the year ended December 31, 2021.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

43. Expenses Classified by Nature

Expenses classified by nature for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		18,575,160		18,575,160
Salaries		1,121,188		4,272,971		5,394,159
Retirement benefit expense		113,127		487,834		600,961
Welfare and benefit expense		155,558		570,142		725,700
Insurance expense		17,909		104,544		122,453
Depreciation		219,427		11,547,677		11,767,104
Amortization of intangible assets		91,428		74,733		166,161
Bad debt expense		17,968		—		17,968
Commission		410,275		307,211		717,486
Advertising expense		29,230		9,552		38,782
Training expense		4,923		13,276		18,199
Vehicle maintenance expense		8,849		8,152		17,001
Publishing expense		3,568		3,300		6,868
Business promotion expense		3,522		3,777		7,299
Rent expense		43,650		193,470		237,120
Telecommunication expense		8,569		10,959		19,528
Transportation expense		870		53,365		54,235
Taxes and dues		93,446		529,183		622,629
Expendable supplies expense		9,052		41,367		50,419
Water, light and heating expense		12,351		42,934		55,285
Repairs and maintenance expense		123,134		2,492,030		2,615,164
Ordinary development expense		213,936		475,461		689,397
Travel expense		11,099		67,086		78,185
Clothing expense		10,540		7,994		18,534
Survey and analysis expense		889		3,955		4,844
Membership fee		1,331		8,492		9,823
Power purchase		—		21,632,127		21,632,127
Others		149,945		2,022,426		2,172,371
	W	2,875,784		63,559,178		66,434,962

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

43. Expenses Classified by Nature, Continued

Expenses classified by nature for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won	2020
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		13,544,827		13,544,827
Salaries		1,095,183		4,183,454		5,278,637
Retirement benefit expense		103,967		458,029		561,996
Welfare and benefit expense		155,071		484,319		639,390
Insurance expense		10,178		93,130		103,308
Depreciation		218,103		11,151,393		11,369,496
Amortization of intangible assets		87,086		83,380		170,466
Bad debt expense		20,648		—		20,648
Commission		368,275		376,047		744,322
Advertising expense		29,559		8,161		37,720
Training expense		5,196		12,912		18,108
Vehicle maintenance expense		9,435		7,161		16,596
Publishing expense		3,677		3,524		7,201
Business promotion expense		3,614		3,720		7,334
Rent expense		36,337		191,073		227,410
Telecommunication expense		8,686		9,961		18,647
Transportation expense		1,007		10,362		11,369
Taxes and dues		62,828		492,203		555,031
Expendable supplies expense		8,029		36,966		44,995
Water, light and heating expense		11,749		31,209		42,958
Repairs and maintenance expense		79,185		2,465,716		2,544,901
Ordinary development expense		197,436		503,206		700,642
Travel expense		10,793		60,896		71,689
Clothing expense		14,834		8,116		22,950
Survey and analysis expense		826		3,746		4,572
Membership fee		1,274		13,130		14,404
Power purchase		—		15,725,220		15,725,220
Others		135,467		1,842,735		1,978,202
	W	2,678,443		51,804,596		54,483,039

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

44. Earnings (Loss) Per Share

(1) Basic earnings (loss) per share for the years ended December 31, 2021 and 2020 are as follows:

In won
Type	2021			2020
Basic earnings (loss) per share	W	(8,279	)		3,102

(2) Profit (loss) for the years and weighted average number of common shares used in the calculation of basic earnings (loss) per share for the years ended December 31, 2021 and 2020 are as follows:

In millions of won except number of shares
Type	2021			2020
Profit (loss) attributable to controlling interest	W	(5,315,055	)		1,991,347
Profit (loss) used in the calculation of total basic earnings per share		(5,315,055	)		1,991,347
Weighted average number of common shares		641,964,077			641,964,077

(3) Weighted average number of common shares used in the calculation of basic earnings (loss) per share for the years ended December 31, 2021 and 2020 are as follows:

In number of shares
Type	2021		2020
The number of common shares issued at beginning of the year		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077

There are no potential dilutive instruments and diluted earnings (loss) per share are same as basic earnings (loss) per share for the years ended December 31, 2021 and 2020.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. Risk Management

(1) Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue while maximizing the return to shareholder through the optimization of the debt and equity balance. The capital structure of the Group consists of net debt (offset by cash and cash equivalents) and equity. The Group’s overall capital risk management strategy remains consistent with the prior year.

Details of the Group’s capital management accounts as of December 31, 2021 and 2020 are as follows:

In millions of won	2021			2020
Total borrowings and debt securities	W	80,529,513			69,724,581
Cash and cash equivalents		2,635,238			2,029,584
Net borrowings and debt securities		77,894,275			67,694,997
Total equity		65,311,849			70,666,846
Debt to equity ratio		119.27	%		95.79	%

(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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 December 31, 2021 and 2020 are as follows:

In millions of won	2021		2020
Cash and cash equivalents	W	2,635,238		2,029,584
Financial assets at fair value through profit or loss (*1)		932,736		1,808,404
Derivative assets (trading)		443,027		110,764
Financial assets at fair value through other comprehensive income (debt securities)		491		—
Financial assets at amortized cost		25,273		14,422
Loans		909,071		790,162
Long-term/short-term financial instruments		1,728,508		2,062,103
Derivative assets (applying hedge accounting)		204,756		55,649
Trade and other receivables		10,029,276		9,780,039
Financial guarantee contracts (*2)		3,718,015		3,224,696

(*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.

As of the reporting date, 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.

179

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 movements in the actuarial valuation assumptions as of December 31, 2021 and 2020 are as follows:

In millions of won		2021				2020
Type	Accounts	1%p Increase	1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W466,832		(407,554	)		488,087			(425,708	)
Discount rate	Increase (decrease) in defined benefit obligation	(422,290)		499,571			(443,527	)		524,856

Changes of employee benefits assuming a 1%p increase and decrease movements in discount rate on plan asset for the years ended December 31, 2021 and 2020 are W25,649 million and W20,960 million, respectively.

② Provisions

Changes in provisions due to movements in underlying assumptions as of December 31, 2021 and 2020 are as follows:

Type	Accounts	2021			2020
PCBs	Inflation rate		1.37	%		1.06	%
	Discount rate		1.88	%		1.83	%
Nuclear plants	Inflation rate		1.41	%		1.07	%
	Discount rate		2.20	%		2.20	%
Spent fuel	Inflation rate		2.93	%		2.93	%
	Discount rate		4.49	%		4.49	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of December 31, 2021 and 2020 are as follows:

In millions of won		2021						2020
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(222)			223			(292	)		293
	Nuclear plants		(369,540	)		381,026			(326,926	)		336,928
	Spent fuel		(51,430	)		53,438			(51,558	)		53,571
Inflation rate	PCBs		224			(224	)		295			(294	)
	Nuclear plants		403,420			(391,754	)		357,676			(347,450	)
	Spent fuel		54,210			(52,245	)		54,345			(52,375	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 December 31, 2021 and 2020 are as follows:

In thousands of foreign currencies	Assets				Liabilities
Type	2021		2020		2021		2020
AED		6,481		39,678		31,637		31,594
AUD		3,733		133		926,960		707,538
BDT		50,145		93,442		577		—
BWP		939		890		—		—
EGP		—		—		595		948
CAD		582		247		2,266		1,840
CHF		—		—		500,230		500,406
CZK		—		—		386		2,033
EUR		1,809		310		42,981		121,069
GBP		—		—		—		43
HKD		—		—		1,651,665		1,651,839
IDR		768,731		342,496		995,510		555,241
INR		1,715,900		1,231,895		342,833		155,134
JOD		1,852		1,673		118		—
JPY		697,747		825,269		153,383		484,585
KZT		1,510		1,510		—		—
MGA		4,262,857		5,645,349		475,807		—
MMK		210,335		11,032		—		—
MYR		1,964		—		—		—
PHP		164,167		191,122		104,245		104,161
PKR		200,844		371,328		74,423		12,222
SAR		2,615		2,178		—		—
SEK		—		—		449,167		449,824
USD		1,381,441		1,445,522		12,023,085		12,234,563
UYU		90,930		78,265		3,097		1,585
VND		952,135		672,563		262,372		—
ZAR		31,971		303		—		—

A sensitivity analysis on the Group’s income for the years assuming a 10% increase and decrease in currency exchange rates as of December 31, 2021 and 2020 are as follows:

In millions of won	2021					2020
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,439,185	)		1,439,185		(1,336,821	)		1,336,821
Increase (decrease) of equity (*)		(1,439,185	)		1,439,185		(1,336,821	)		1,336,821

(*) The effect on the shareholders’ 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 December 31, 2021 and 2020.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 forward 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 instrument. As of December 31, 2021, 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 December 31, 2021 and 2020 are as follows:

In millions of won
Type	2021		2020
Short-term borrowings	W	391,897		171,518
Long-term borrowings		2,405,244		2,191,322
Debt securities		257,667		250,968
	W	3,054,808		2,613,808

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021					2020
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(30,548	)		30,548		(26,138	)		26,138
Increase (decrease) of shareholder’s equity (*)		(30,548	)		30,548		(26,138	)		26,138

(*) The effect on the shareholders’ 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 years assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2021 and 2020 is as follows:

In millions of won	2021					2020
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	572,102		(572,102	)		557,310		(557,310	)
Increase (decrease) of shareholder’s equity (*)		572,102		(572,102	)		557,310		(557,310	)

(*) The effect on the shareholders’ 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 for non-derivative financial liabilities as of December 31, 2021 and 2020 in detail are as follows:

In millions of won	2021
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	15,833,589		11,229,657		28,663,693		36,223,543		91,950,482
Lease liabilities		620,121		636,724		1,521,421		2,150,722		4,928,988
Trade and other payables		7,569,869		777,017		725,231		667,304		9,739,421
Financial guarantee contracts (*)		435,729		—		3,105,599		176,687		3,718,015
	W	24,459,308		12,643,398		34,015,944		39,218,256		110,336,906

In millions of won	2020
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	12,413,346		10,919,041		24,778,020		34,215,888		82,326,295
Lease liabilities		614,442		569,161		1,564,377		2,461,557		5,209,537
Trade and other payables		5,679,856		373,907		894,903		1,167,171		8,115,837
Financial guarantee contracts (*)		926,244		348,860		26,230		1,923,362		3,224,696
	W	19,633,888		12,210,969		27,263,530		39,767,978		98,876,365

(*) This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2021 and 2020 are W80,841 million and W66,354 million, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. Risk Management, Continued

(2) Financial risk management, continued

The following table shows the details of maturities of non-derivative financial liabilities as of December 31, 2021 and December 31, 2020. This table, based on the undiscounted cash flows of the non-derivative financial liabilities including estimated interests, has been prepared based on the respective liabilities’ earliest maturity date.

The expected maturities for non-derivative financial assets as of December 31, 2021 and, 2020 in detail are as follows:

In millions of won	2021
Type	Less than 1 year		1~5 Years		More than 5 years		Other		Total
Cash and cash equivalents	W	2,635,238		—		—		—		2,635,238
Financial assets at fair value through other comprehensive income		—		—		—		435,107		435,107
Financial assets at amortized cost		15,422		9,840		11		—		25,273
Loans		88,396		443,146		407,584		—		939,126
Long-term/short-term financial instruments		1,278,014		171,636		286		278,572		1,728,508
Financial assets at fair value through profit or loss		360,833		346		3,130		668,555		1,032,864
Trade and other receivables		8,123,455		1,233,703		679,048		—		10,036,206
	W	12,501,358		1,858,671		1,090,059		1,382,234		16,832,322

In millions of won	2020
Type	Less than 1 year		1~5 Years		More than 5 years		Other		Total
Cash and cash equivalents	W	2,029,584		—		—		—		2,029,584
Financial assets at fair value through other comprehensive income		—		—		—		358,559		358,559
Financial assets at amortized cost		13,149		1,265		8		—		14,422
Loans		78,805		385,571		325,212		31,506		821,094
Long-term/short-term financial instruments		1,483,482		252,349		386		325,886		2,062,103
Financial assets at fair value through profit or loss		1,196,101		—		2,690		682,591		1,881,382
Trade and other receivables		7,920,005		1,160,400		704,494		—		9,784,899
	W	12,721,126		1,799,585		1,032,790		1,398,542		16,952,043

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. Risk Management, Continued

(2) Financial risk management, continued

Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2021 and 2020 are as follows:

In millions of won	2021
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		(6,628	)		(4,954	)		(33,635	)		(2,291	)		(47,508	)
- Hedging		(2,555	)		(638	)		(1,914	)		(23,704	)		(28,811	)
	W	(9,183	)		(5,592	)		(35,549	)		(25,995	)		(76,319	)

In millions of won	2020
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		(12,777	)		(22,827	)		(118,704	)		(4,380	)		(158,688	)
- Hedging		(37,858	)		(39,528	)		(75,450	)		(55,208	)		(208,044	)
	W	(50,635	)		(62,355	)		(194,154	)		(59,588	)		(366,732	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 a financial instruments with similar contractual cash flows based on the effective interest method.

(i) Fair value and book value of financial assets and liabilities as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	435,107		435,107		358,559		358,559
Derivative assets (trading)		443,027		443,027		110,764		110,764
Derivative assets (applying hedge accounting)		204,756		204,756		55,649		55,649
Financial assets at fair value through profit or loss		1,032,864		1,032,864		1,881,382		1,881,382
	W	2,115,754		2,115,754		2,406,354		2,406,354
Assets carried at amortized cost
Financial assets at amortized cost	W	25,273		25,273		14,422		14,422
Loans and receivables		909,071		909,071		790,162		790,162
Trade and other receivables		10,029,276		10,029,276		9,780,039		9,780,039
Long-term financial instruments		450,494		450,494		578,621		578,621
Short-term financial instruments		1,278,014		1,278,014		1,483,482		1,483,482
Cash and cash equivalents		2,635,238		2,635,238		2,029,584		2,029,584
	W	15,327,366		15,327,366		14,676,310		14,676,310
Liabilities recognized at fair value
Derivative liabilities (trading)	W	56,256		56,256		157,926		157,926
Derivative liabilities (applying hedge accounting)		21,775		21,775		207,193		207,193
	W	78,031		78,031		365,119		365,119
Liabilities carried at amortized cost
Secured borrowings	W	176,358		176,358		63,614		63,614
Unsecured bond		73,881,671		69,803,043		64,607,401		68,839,316
Lease liabilities		4,410,503		4,410,503		4,621,096		4,621,096
Unsecured borrowings		6,471,484		5,938,613		4,808,206		5,513,242
Trade and other payables (*)		9,739,421		9,739,421		8,115,837		8,115,837
Bank overdraft		—		—		245,360		245,360
	W	94,679,437		90,067,938		82,461,514		87,398,465

(*) Excludes lease liabilities.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. 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 rate used for calculating fair value as of December 31, 2021 and 2020 are as follows:

Type	2021		2020
Derivatives		(-) 0.63% ~ 3.88%		(-) 0.73% ~ 3.08%
Borrowings and debt securities		(-) 0.30% ~ 4.38%		(-) 0.53% ~ 4.38%
Leases		0.00% ~ 16.83%		0.57% ~ 16.60%

(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 December 31, 2021 and 2020 are as follows:

In millions of won	2021
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	273,826		—		161,281		435,107
Derivative assets		—		647,783		—		647,783
Financial assets at fair value through profit or loss		—		1,027,067		5,797		1,032,864
	W	273,826		1,674,850		167,078		2,115,754
Financial liabilities at fair value
Derivative liabilities	W	—		78,031		—		78,031

In millions of won	2020
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	194,670		—		163,889		358,559
Derivative assets		—		166,413		—		166,413
Financial assets at fair value through profit or loss		—		1,875,690		5,692		1,881,382
	W	194,670		2,042,103		169,581		2,406,354
Financial liabilities at fair value
Derivative liabilities	W	—		365,119		—		365,119

The fair value of financial assets (FVTPL and FVOCI) publicly traded is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unquoted financial assets (FVTPL and FVOCI) is calculated using the valuation results from an external pricing service in which weighted average borrowing rates of interest of evaluated companies are used as a discount rate. The fair value of derivatives is measured using valuation model which is determined at the present value of estimated future cash flows discounted at current market interest rate.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

45. Risk Management, Continued

(3) Fair value risk, continued

Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
	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	5,692		—		—		105			—			—			5,797
Financial assets at fair value through other comprehensive income Unlisted securities		163,889		8,929		—		(12,335	)		(13	)		320			160,790
Debt securities		—		500		—		—			—			(9	)		491

In millions of won	2020
	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	5,156		359		—		623			(446	)		—		5,692
Financial assets at fair value through other comprehensive income Unlisted securities		177,968		2,900		—		(23,128	)		(1	)		6,150		163,889

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

46. Service Concession Arrangements

(1) Gas Complex • Thermal Power Plant at Ilijan, Philippines (BOT)

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with National Power Corporation (the “NPC”), based in the Republic of the Philippines whereby the Group can collect the electricity rates which are composed of fixed costs and variable costs during the concession period from 2002 to 2022 after building, rehabilitating, and operating the power plant.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2002 to 2022. At the end of the concession period, the Group has an obligation to transfer its ownership of the power plant to NPC.

(iii) The Group’s expected future collections of service concession arrangements as of December 31, 2021 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	51,596

(2) Hydroelectric Power Generation at Semangka, Indonesia (BOT)

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group provides electricity generated and 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 after building, rehabilitating, and operating the power plant for approximately 30 years (2018~2048) subsequent to the completion of plant construction.

(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) The Group’s expected future collections of service concession arrangements as of December 31, 2021 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	29,576
1 ~ 2 years		29,610
2 ~ 3 years		29,747
Over 3 years		542,683
	W	631,616

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties

(1) Related parties of the Group as of December 31, 2021 are as follows:

Type	Related party
Parent	Republic of Korea government
Subsidiaries (153 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 Lebanon SARL, 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, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, EWPRC Biomass Holdings, LLC, 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 Energy Solution 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 US Inc., KEPCO Alamosa LLC, KEPCO Solar of Alamosa LLC, 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., 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., KEPCO Mangilao America LLC, 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, TS Energy No. 25 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, Elara 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., KHNP Spain, S.L.
Associates (90 associates)	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., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Pyeongchang Wind Power Co., Ltd., Daeryun Power Co., Ltd., Changjuk Wind 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, Pioneer Gas Power Limited, Eurasia Energy Holdings, 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., Gunsan Bio Energy Co., Ltd., Korea Electric Vehicle Charging Service, Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.), Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy 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., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation 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., KPGE Inc., Gwangbaek Solar Power Investment Co., Ltd., Go deok 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., Daewon 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., KOSTURE Co., Ltd., Digital Innovation Growth Fund, 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(1) Related parties of the Group as of December 31, 2021 are as follows, continued:

Type	Related party
Joint ventures (96 joint ventures)	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., KEPCO-Uhde Inc., 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, Chile Solar JV SpA, 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., DE Energia SpA, 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 AB, Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., Sam-Yang Photovoltaic Power Co., Ltd., 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., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd. (formerly, Energyco LLC), 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
Other	Korea Development Bank

191

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(2) Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3) Related party transactions for the years ended December 31, 2021 and 2020 are as follows:

<Sales and Others>

In millions of won		Sales and others
Company name	Transaction type	2021		2020
<Associates>
Dongducheon Dream Power Co., Ltd.	Electricity sales	W	19,923		7,757
Korea Gas Corporation	Electricity sales		96,362		97,685
Daejung Offshore Wind Power Co., Ltd.	Electricity sales		46		32
Daegu Photovoltaic Co., Ltd.	Electricity sales		207		325
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		2		2
Korea Electric Power Industrial Development Co., Ltd.	Service		11,208		10,833
Goseong Green Power Co., Ltd.	Electricity sales		514,470		47,701
Gangneung Eco Power Co., Ltd.	Service		14,200		10,178
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		23,501		20,791
Noeul Green Energy Co., Ltd.	Electricity sales		30		30
Samcheok Eco Materials Co., Ltd.	Electricity sales		620		700
YTN Co., Ltd.	Electricity sales		1,922		1,805
Busan Green Energy Co., Ltd.	Electricity sales		49		34
Gunsan Bio Energy Co., Ltd.	Electricity sales		20		102
Korea Electric Vehicle Charging Service	Electricity sales		3,059		1,956
Energy Infra Asset Management Co., Ltd.	Electricity sales		4,629		—
Gangwon Wind Power Co., Ltd.	Electricity sales		1,865		2,109
Gwangyang Green Energy Co., Ltd.	Electricity sales		486		23
Bigeum Resident Photovoltaic Power Co., Ltd.	Electricity sales		755		85
Hyundai Green Power Co., Ltd.	Electricity sales and design service		11,934		17,257
Korea Power Exchange	Service		39,796		25,919
Taebaek Wind Power Co., Ltd.	Service		44		226
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		26		37
Pyeongchang Wind Power Co., Ltd.	Electricity sales		1,180		2,064
Daeryun Power Co., Ltd.	Electricity sales		1,944		1,947
Changjuk Wind Power Co., Ltd.	Electricity sales		463		2,067
GS Donghae Electric Power Co., Ltd.	Electricity sales		21,127		31,557
KNH Solar Co., Ltd.	Electricity sales		14		16
S-Power Co., Ltd.	Service		5,229		6,682
PND solar Co., Ltd.	Electricity sales		416		409
Hyundai Eco Energy Co., Ltd.	Electricity sales		187		167
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		78		77
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Electricity sales		295		—
Korea Energy Solutions Co., Ltd.	Electricity sales		2		7
ITR Co., Ltd.	Service		3		—
Structure test network Co., Ltd.	Service		5		—
Green Energy Electricity Generation Co., Ltd.	Electricity sales		—		14
Namjeongsusang Solar Power Operation Co., Ltd.	Electricity sales		22		14
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Service		399		291
Bitgoel Eco Energy Co., Ltd.	Electricity sales		282		—
Muan Solar park Co., Ltd.	Electricity sales		232		57
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		624		—
Daewon Green Energy Co., Ltd.	Electricity sales		155		—
Saemangeum Heemang Photovoltaic Co., Ltd.	Electricity sales		13		—
UD4M Co., Ltd.	Electricity sales		4		—
Dongbu Highway Solar Co., Ltd.	Electricity sales		5		—
Seobu Highway Solar Co., Ltd.	Electricity sales		8		—
SureDataLab Co., Ltd.	Electricity sales		1		—
Suwon New Power Co., Ltd.	Electricity sales		1,820		2,974
Hankook Electric Power Information Co., Ltd.	Electricity sales		1		—
KOSTURE Co., Ltd.	Electricity sales		1		—
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		52		30
9 Associates (Overseas)	Electricity sales		125,723		66,755

192

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won		Sales and others
Company name	Transaction type	2021		2020
<Joint ventures>
Naepo Green Energy Co., Ltd.	Electricity sales	W	467		217
Cheongna Energy Co., Ltd.	Service		16,469		13,791
Dayone Energy Co., Ltd.	Service		8,159		4,816
Daegu Green Power Co., Ltd.	Electricity sales		1,053		1,285
KAPES, Inc.	Commission		413		476
Honam Wind Power Co., Ltd.	Electricity sales		71		502
Jeongam Wind Power Co., Ltd. (*1)	Electricity sales and Service		588		1,213
Korea Power Engineering Service Co., Ltd.	Service		339		203
Seokmun Energy Co., Ltd.	Service		1,701		1,932
Incheon New Power Co., Ltd.	Construction revenue		14		14
Chun-cheon Energy Co., Ltd.	Electricity sales		2,329		2,657
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		1,836		1,788
Yeonggwang Wind Power Co., Ltd.	Electricity sales		818		793
Sam-Yang Photovoltaic Power Co., Ltd.	Electricity sales		1,920		33
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Service		1,727		1,388
KW Nuclear Components Co., Ltd.	Service		2,598		1,639
KEPCO-Uhde Inc.	Electricity sales		10		8
Busan Shinho Solar Power Co., Ltd.	Electricity sales		376		353
Daesan Green Energy Co., Ltd.	Electricity sales		523		703
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Electricity sales		2		3
Cheong-Song Noraesan Wind Power Co., Ltd.	Electricity sales		30		29
Chungsongmeon BongSan wind power Co., Ltd.	Electricity sales		1		—
Saemangeum Solar Power Co., Ltd.	Service		1,141		2,846
Dangjin Eco Power Co., Ltd.	Electricity sales		32		33
Energyco Co., Ltd. (formerly, Energyco LLC)	Electricity sales		1		—
Busan Industrial Solar Power Co., Ltd.	Electricity sales		9		—
Bitsolar Energy Co., Ltd.	Electricity sales		296		42
Omisan Wind Power Co., Ltd.	Electricity sales		1		—
Haemodum Solar Co., Ltd.	Electricity sales		6		4
Yeongam Solar Power Co., Ltd.	Electricity sales		339		165
Solaseado Solar Power Co., Ltd.	Electricity sales		2,890		66
35 Joint ventures (Overseas)	Electricity sales		773,289		831,596
<Others>
Korea Development Bank	Electricity sales		4,177		4,248
	Interest income		756		3,461

193

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2021 and 2020 are as follows, continued:

< Purchase and Others>

In millions of won		Purchase and others
Company name	Transaction type	2021		2020
<Associates>
Dongducheon Dream Power Co., Ltd.	Electricity sales	W	750,148		552,692
Korea Gas Corporation	Electricity sales		5,646,713		3,270,972
Daegu Photovoltaic Co., Ltd.	Electricity sales		3,532		3,313
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		393		370
Korea Electric Power Industrial Development Co., Ltd.	Service		241,925		212,366
Goseong Green Power Co., Ltd.	Electricity sales		987,540		—
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		653,306		520,737
Noeul Green Energy Co., Ltd.	Electricity sales		10,014		10,634
Samcheok Eco Materials Co., Ltd.	Electricity sales		13,612		10,713
YTN Co., Ltd.	Electricity sales		388		353
Busan Green Energy Co., Ltd.	Electricity sales		18,996		18,678
Gunsan Bio Energy Co., Ltd.	Service		—		24
Korea Electric Vehicle Charging Service	Electricity sales		393		581
Energy Infra Asset Management Co., Ltd.	Service		2,657		—
Yaksu ESS Co., Ltd.	Electricity sales		1,715		217
Gangwon Wind Power Co., Ltd.	Electricity sales		19,623		23,350
Goesan Solar park Co., Ltd.	Electricity sales		6,209		—
Hyundai Green Power Co., Ltd.	Design service		—		349,778
Korea Power Exchange	Service		86,716		87,361
Taebaek Wind Power Co., Ltd.	Service		5,930		4,003
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		5,910		5,023
Pyeongchang Wind Power Co., Ltd.	Design service and others		4,099		3,969
Daeryun Power Co., Ltd.	Electricity sales		157,234		99,523
Changjuk Wind Power Co., Ltd.	Electricity sales		6,213		6,084
GS Donghae Electric Power Co., Ltd.	Electricity sales		760,377		660,351
KNH Solar Co., Ltd.	Electricity sales		3,222		3,564
S-Power Co., Ltd.	Service		608,530		293,515
PND solar Co., Ltd.	Electricity sales		5,502		5,234
Hyundai Eco Energy Co., Ltd.	Electricity sales		25,762		17,777
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		11,729		9,151
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Electricity sales		16,360		—
Green Energy Electricity Generation Co., Ltd.	Electricity sales		1,238		—
Namjeongsusang Solar Power Operation Co., Ltd.	Electricity sales		14,286		—
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		12,833		—
Seoroseoro Sunny Power Plant Co., Ltd.	Electricity sales		217		—
Muan Solar Park Co., Ltd.	Electricity sales		31,017		—
YuDang Solar Co., Ltd.	Electricity sales		3,495		—
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		24,601		—
Dongbu Highway Solar Co., Ltd.	Electricity sales		2,605		—
Seobu Highway Solar Co., Ltd.	Electricity sales		2,936		—
Gwangbaek Solar Power Investment Co., Ltd.	Electricity sales		742		373
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		15,900		—
1 Associates (Overseas)	Electricity sales		502		—
<Joint ventures>
Cheongna Energy Co., Ltd.	Service		57		66
Dayone Energy Co., Ltd.	Service		5,409		1,120
Daegu Green Power Co., Ltd.	Electricity sales		289,052		215,224
KAPES, Inc.	Commission		64,140		219,673
Honam Wind Power Co., Ltd.	Electricity sales		4,807		4,382
Jeongam Wind Power Co., Ltd. (*1)	Electricity sales		3,145		5,982
Korea Power Engineering Service Co., Ltd.	Service		1,315		1,594
Seokmun Energy Co., Ltd.	Service		44,315		33,164
Chun-cheon Energy Co., Ltd.	Electricity sales		327,536		222,069
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		9,471		11,232
Yeonggwang Wind Power Co., Ltd.	Electricity sales		21,004		24,103
Sam-Yang Photovoltaic Power Co., Ltd.	Electricity sales		5,852		3,848
KW Nuclear Components Co., Ltd.	Service		96		—
Busan Shinho Solar Power Co., Ltd.	Electricity sales		7,895		7,296
Global Trade Of Power System Co., Ltd.	Service		323		337

194

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2021 and 2020 are as follows, continued:

In millions of won		Purchase and others
Company name	Transaction type	2021		2020
<Joint ventures>
Expressway Solar-light Power Generation Co., Ltd.	Electricity sales	W	3,146		2,472
Daesan Green Energy Co., Ltd.	Electricity sales		146,776		104,854
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Electricity sales		5,080		—
Saemangeum Solar Power Co., Ltd.	Electricity sales		5		—
Dangjin Eco Power Co., Ltd.	Electricity sales		4,139		3,953
Busan Industrial Solar Power Co., Ltd.	Electricity sales		2,815		19
Bitsolar Energy Co., Ltd.	Electricity sales		5,703		—
Omisan Wind Power Co., Ltd.	Electricity sales		7		—
Haemodum Solar Co., Ltd.	Electricity sales		1,625		967
Yeongam Solar Power Co., Ltd.	Electricity sales		47,805		32,208
Samsu Wind Power Co., Ltd.	Electricity sales		2,800		—
Solaseado Solar Power Co., Ltd.	Electricity sales		31,031		28,516
5 Joint ventures (Overseas)	Electricity sales		49,055		14,767
<Others>
Korea Development Bank	Interest expense		2,756		3,872
	Dividends paid		256,862		17

(*1) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification.

(*2) Reclassified from a joint venture to an associate during the year ended December 31, 2021.

195

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2021 and 2020 are as follows:

In millions of won		Receivables				Payables
Company name	Type	2021		2020		2021		2020
<Associates>
Dongducheon Dream Power Co., Ltd.	Trade receivables	W	6,282		388		—		—
	Non-trade receivables and others		493		213		—		—
	Trade payables		—		—		114,613		65,794
Korea Gas Corporation	Trade receivables		10,015		9,969		—		—
	Non-trade receivables and others		187		95		—		—
	Trade payables		—		—		800,509		428,763
	Non-trade payables and others		—		—		759		617
Daejung Offshore Wind Power Co., Ltd.	Non-trade receivables and others		77		31		—		—
Daegu Photovoltaic Co., Ltd.	Trade payables		—		—		115		57
Korea Electric Power Industrial Development Co., Ltd.	Trade receivables		269		508		—		—
	Non-trade receivables and others		15		16		—		—
	Trade payables		—		—		873		133
	Non-trade payables and others		—		—		5,880		3,779
Goseong Green Power Co., Ltd.	Trade receivables		495		2,181		—		—
	Non-trade receivables and others		76,855		9,214		—		—
	Trade payables		—		—		218,627		—
	Non-trade payables and others		—		—		59,987		64,986
Gangneung Eco Power Co., Ltd.	Trade receivables		826		661		—		—
	Non-trade receivables and others		465		146		—		—
	Non-trade payables and others		—		—		97		—
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,788		1,348		—		—
	Non-trade receivables and others		3,116		2,823		—		—
	Trade payables		—		—		79,828		47,948
	Non-trade payables and others		—		—		99		85
Noeul Green Energy Co., Ltd.	Trade receivables		3		3		—		—
	Non-trade receivables and others		1,169		969		—		—
Samcheok Eco Materials Co., Ltd.	Trade receivables		52		47		—		—
YTN Co., Ltd.	Trade receivables		99		97		—		—
Busan Green Energy Co., Ltd.	Trade receivables		1		5		—		—
	Non-trade receivables and others		20,658		13,946		—		—
Gunsan Bio Energy Co., Ltd.	Non-trade receivables and others		11,728		—		—		—
Korea Electric Vehicle Charging Service	Trade receivables		193		141		—		—
	Non-trade receivables and others		120		281		—		—
Yaksu ESS Co., Ltd.	Trade payables		—		—		1,374		739
Gangwon Wind Power Co., Ltd.	Trade receivables		8		6		—		—
	Trade payables		—		—		4,293		2,678
Gwangyang Green Energy Co., Ltd.	Non-trade receivables and others		532		1,356		—		—
Bigeum Resident Photovoltaic Power Co., Ltd.	Trade receivables		922		—		—		—
Goesan Solar park Co., Ltd.	Trade payables		—		—		73		—
Hyundai Green Power Co., Ltd.	Trade receivables		229		554		—		—
	Trade payables		—		—		—		9,825
Korea Power Exchange	Trade receivables		627		1,608		—		—
	Non-trade receivables and others		1,300		24		—		—
	Trade payables		—		—		—		1,362
	Non-trade payables and others		—		—		2,189		70,456
Taebaek Wind Power Co., Ltd.	Non-trade receivables and others		—		1,405		—		—
	Trade payables		—		—		560		443
	Non-trade payables and others		—		—		262		—
Taebaek Guinemi Wind Power Co., Ltd.	Trade payables		—		—		670		413
	Non-trade payables and others		—		—		—		509
Pyeongchang Wind Power Co., Ltd.	Trade receivables		4		3		—		—
Daeryun Power Co., Ltd.	Trade receivables		213		189		—		—
	Trade payables		—		—		21,362		16,079
Changjuk Wind Power Co., Ltd.	Trade payables		—		—		724		461
	Non-trade payables and others		—		—		295		309
GS Donghae Electric Power Co., Ltd.	Trade receivables		383		386		—		—
	Non-trade receivables and others		272		321		—		—
	Trade payables		—		—		113,529		91,213
	Non-trade payables and others		—		—		17		36

196

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2021 and 2020 are as follows, continued:

In millions of won		Receivables				Payables
Company name	Type	2021		2020		2021		2020
<Associates>
KNH Solar Co., Ltd.	Trade receivables	W	1		1		—		—
	Trade payables		—		—		—		14
	Non-trade payables and others		—		—		—		187
S-Power Co., Ltd.	Trade receivables		82		137		—		—
	Non-trade receivables and others		48		46		—		—
	Trade payables		—		—		91,277		23,415
PND solar Co., Ltd.	Trade payables		—		—		—		58
Hyundai Eco Energy Co., Ltd.	Trade receivables		19		16		—		—
	Trade payables		—		—		732		—
YeongGwang Yaksu Wind Electric Co., Ltd.	Trade receivables		6		8		—		—
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Non-trade receivables and others		119		—		—		—
	Trade payables		—		—		8,397		—
	Non-trade payables and others		—		—		1,571		—
Bitgoel Eco Energy Co., Ltd.	Non-trade receivables and others		27		—		—		—
Jeju Gimnyeong Wind Power Co., Ltd.	Trade payables		—		—		885		—
Muan Solar park Co., Ltd.	Trade receivables		—		24		—		—
	Non-trade receivables and others		23		—		—		—
Daewon Green Energy Co., Ltd.	Non-trade receivables and others		94		—		—		—
Dongbu Highway Solar Co., Ltd.	Trade receivables		1		—		—		—
	Trade payables		—		—		98		—
	Non-trade payables and others		—		—		90		—
Seobu Highway Solar Co., Ltd.	Trade payables		—		—		177		—
	Non-trade payables and others		—		—		105		—
Go deok Clean Energy Co., Ltd.	Non-trade receivables and others		—		1		—		—
Suwon New Power Co., Ltd.	Trade receivables		—		2		—		—
	Non-trade receivables and others		1,198		712		—		—
KOSTURE Co., Ltd.	Trade receivables		1		—		—		—
Muan Sunshine Solar Power Plant Co., Ltd.	Trade payables		—		—		1,748		—
4 Associates (Overseas)	Non-trade receivables and others		3,196		3,248		—		—
	Non-trade payables and others		—		—		502		—
<Joint ventures>
Naepo Green Energy Co., Ltd.	Trade receivables		42		56		—		—
Dayone Energy Co., Ltd.	Trade receivables		52		57		—		—
	Non-trade receivables and others		13,297		11,749		—		—
	Trade payables		—		—		1,009		10
	Non-trade payables and others		—		—		11,306		9,119
Daegu Green Power Co., Ltd.	Trade receivables		71		44		—		—
	Non-trade receivables and others		55		55		—		—
	Trade payables		—		—		35,766		26,213
KAPES, Inc.	Trade receivables		2		2		—		—
	Non-trade receivables and others		—		5,172		—		—
	Non-trade payables and others		—		—		2,121		20,577
Honam Wind Power Co., Ltd.	Trade payables		—		—		575		216
	Non-trade payables and others		—		—		—		345
Jeongam Wind Power Co., Ltd. (*1)	Non-trade receivables and others		—		162		—		—
	Non-trade payables and others		—		—		—		692
Korea Power Engineering Service Co., Ltd.	Non-trade receivables and others		48		43		—		—
Seokmun Energy Co., Ltd.	Trade receivables		34		62		—		—
	Non-trade receivables and others		149		9,460		—		—
	Trade payables		—		—		7,941		4,898
	Non-trade payables and others		—		—		—		9,559
Chun-cheon Energy Co., Ltd.	Trade receivables		126		98		—		—
	Non-trade receivables and others		167		165		—		—
	Trade payables		—		—		41,410		27,428
Yeonggwangbaeksu Wind Power Co., Ltd.	Trade receivables		6		8		—		—
	Non-trade receivables and others		53		159		—		—
	Trade payables		—		—		1,099		405
	Non-trade payables and others		—		—		—		1,747

197

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2021 and 2020 are as follows, continued:

In millions of won		Receivables				Payables
Company name	Type	2021		2020		2021		2020
<Joint ventures>
Cheongna Energy Co., Ltd.	Trade receivables	W	4,164		1,592		—		—
	Non-trade receivables and others		1,350		1,186		—		—
	Non-trade payables and others		—		—		1		—
Yeonggwang Wind Power Co., Ltd.	Trade receivables		10		12		—		—
	Non-trade receivables and others		59		54		—		—
	Trade payables		—		—		730		886
	Non-trade payables and others		—		—		—		3,038
Sam-Yang Photovoltaic Power Co., Ltd.	Trade receivables		5		5		—		—
	Non-trade payables and others		—		—		—		625
KW Nuclear Components Co., Ltd.	Trade receivables		—		4		—		—
KEPCO-Uhde Inc.	Non-trade payables and others		—		—		10		—
Busan Shinho Solar Power Co., Ltd.	Trade receivables		2		2		—		—
	Trade payables		—		—		281		135
	Non-trade payables and others		—		—		—		780
Global Trade Of Power System Co., Ltd.	Non-trade payables and others		—		—		7		—
Expressway Solar-light Power Generation Co., Ltd.	Trade payables		—		—		102		—
Daesan Green Energy Co., Ltd.	Trade receivables		11		11		—		—
	Non-trade receivables and others		120		216		—		—
	Trade payables		—		—		5,120		7,694
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)	Non-trade receivables and others		—		5		—		—
	Trade payables		—		—		—		2,473
	Non-trade payables and others		—		—		—		5
Cheong-Song Noraesan Wind Power Co., Ltd.	Trade receivables		2		2		—		—
Saemangeum Solar Power Co., Ltd.	Non-trade receivables and others		4,268		3,141		—		—
Dangjin Eco Power Co., Ltd.	Trade receivables		3		3		—		—
	Trade payables		—		—		276		326
Busan Industrial Solar Power Co., Ltd.	Trade receivables		1		—		—		—
	Trade payables		—		—		54		1
	Non-trade payables and others		—		—		24		—
Bitsolar Energy Co., Ltd.	Non-trade receivables and others		7		—		—		—
	Non-trade payables and others		—		—		54		—
Haemodum Solar Co., Ltd.	Trade receivables		1		—		—		—
Yeongam Solar Power Co., Ltd.	Trade receivables		29		26		—		—
	Trade payables		—		—		3,324		14,652
Samsu Wind Power Co., Ltd.	Trade payables		—		—		1,300		—
18 Joint ventures (Overseas)	Trade receivables		84,150		58,839		—		—
	Non-trade receivables and others		26,060		17,217		—		—
	Non-trade payables and others		—		—		22,050		105,682
<Others>
Korea Development Bank	Accrued interest income		154		51		—		—
	Non-trade receivables and others		420,732		206,916		—		—
	Non-trade payables and others		—		—		21,172		123
	Derivatives		59,139		20,167		—		20,001

(*1) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification.

(*2) Reclassified from a joint venture to an associate during the year ended December 31, 2021.

198

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(5) Loans and others arising from related party transactions as of December 31, 2021 and 2020 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	27,149			34			—			2,298			29,481
	(Allowance for doubtful accounts)		(5,246	)		—			—			(2,995	)		(8,241	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		19,692			—			—			1,764			21,456
Associates	PT Wampu Electric Power		12,358			—			(1,349	)		1,991			13,000
Associates	Gunsan Bio Energy Co., Ltd.		12,396			—			—			—			12,396
	(Allowance for doubtful accounts)		(10,128	)		(2,268	)		—			—			(12,396	)
Associates	Bigeum Resident Photovoltaic Power Co., Ltd.		3,500			7,712			—			—			11,212
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		—			19,349			—			—			19,349
Joint ventures	Solaseado Solar Power Co., Ltd.		64,000			10,000			(39,000	)		—			35,000
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		4,844			2,282			(1,450	)		458			6,134
Joint ventures	Horus Solar, S.A. de C.V.		13,380			2,755			(843	)		1,222			16,514
Joint ventures	Sunmex Renovables, S.A. de C.V.		1,842			11,377			—			352			13,571
Joint ventures	Kelar S.A.		39,616			—			—			3,551			43,167
Joint ventures	DE Energia SpA		6,232			—			—			559			6,791
Joint ventures	Daehan Wind Power PSC		10,700			1,927			—			1,047			13,674
Joint ventures	PT. Tanjung Power Indonesia		705			314			—			71			1,090
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—			3,165
Joint ventures	Pulau Indah Power Plant Sdn. Bhd.		—			10,006			—			(10,006	)		—
Joint ventures	Guadalupe Solar SpA		—			3,365			(6	)		1			3,360
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		—			9,376			(424	)		50,381			59,333
Joint ventures	Capman Lynx SCA, SICAR		—			30,001			—			(231	)		29,770
		W	205,205			106,230			(43,072	)		50,463			318,826

(6) Borrowings arising from related party transactions as of December 31, 2021 and 2020 are as follows:

In millions of won
Related parties	Type	December 31, 2020		Borrowings		Repayment			Others			December 31, 2021
Korea Development Bank	Facility	W	50,293		56,906		(10,863	)		1,684			98,020
	Others		2,946		—		(437	)		—			2,509
	Operating funds		144,300		140,000		(100,000	)		—			184,300
	Syndicated Loan		15,923		—		(1,042	)		(351	)		14,530
	EBL and others		40,093		9,923		—			3,949			53,965
		W	253,555		206,829		(112,342	)		5,282			353,324

199

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2021 are as follows:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Guarantee
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 and others		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Performance guarantees		USD 70,000	SMBC Ho Chi Minh and others
		Debt guarantees		USD 285,000	SMBC Singapore
Korea Electric Power Corporation	Barakah One Company	Debt guarantees		USD 1,223,355	Export-Import Bank of Korea and others
		Performance guarantees and others		USD 4,349,360
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*10)		USD 222,077	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	RE Barren Ridge 1 Holdings LLC	Performance guarantees (*10)		USD 68,838	Firstar Development, LLC
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Performance guarantees		USD 100,000	ING Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Performance guarantees		USD 16,800	Shinhan Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		MXN 16,413	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
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
Korea Electric Power Corporation				MXN 3,666	SEMARNAT
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Collateralized money invested		KRW 22,099	Malaysian Trustee Berhad
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 11,198	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Payment guarantees for business reserve		USD 2,500	Krung Thai Bank
		Collateralized money invested		KRW 92,441
		Impounding bonus guarantees		USD 5,000	SK E&C
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.	Daegu Photovoltaic Co., Ltd.	Collateralized money invested		KRW 2,342	Korea Development Bank
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 39,524	Kookmin Bank and others
		Debt guarantees		KRW 20,300	BNK Securities
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested		KRW 2,569	Woori Bank
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 223	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 93,074	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 3,081	Nonghyup Bank
Korea Western Power Co., Ltd.	Sam-Yang Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 4,993	Korea Development Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 6,083	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 6,784	Hana Bank and others

200

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Guarantee
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 721	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 565	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 6,971	Nonghyup Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,197	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested Guarantees for supplemental funding (*1)		KRW 396 —	Hana Bank and others
Korea Western Power Co., Ltd	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 19,317	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Busan Shinho Solar Power Co., Ltd.	Collateralized money invested		KRW 5,841	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 13,842	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 25,896	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 4,041	Shinhan Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 243,772	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 2,728	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 17,646	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 21,244	IBK
		Guarantees for supplemental funding (*1)		KRW 18,989
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 16,495	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Debt guarantees		USD 24,544	Sumitomo mitsui banking
		Other guarantees		USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
		Collateralized money invested		KRW 46,546	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees		USD 14,400	Credit Agricole Corporate & Investment Bank Seoul
		Collateralized money invested		KRW 37,360	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	DE Energia SpA	Collateralized money invested		KRW 8,921	Mirae Asset Daewoo Co., Ltd. and others
		Collateralized loans		USD 5,728
		Payment guarantees (*8)		USD 950	Hana Bank
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		KRW 352	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 5,465	Kyobo Life Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 612	Shinhan Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested Guarantees for supplemental funding (*1)		KRW 11,191 —	Hana Bank and others
Korea East-West Power Co., Ltd.	Daewon Green Energy Co., Ltd.	Collateralized money invested Guarantees for supplemental funding (*1)		KRW 3,877 —	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 3,577	Woori Bank and others
		Guarantees for supplemental funding (*1)		—

201

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Guarantee
Korea Southern Power Co., Ltd.	KNH Solar Co., Ltd.	Collateralized money invested		KRW 2,278	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 25,426	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 24,054	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 54,282	Hana Bank, MUFG
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees		USD 1,500	Shinhan Bank
		Payment guarantees (*7)		USD 1,898	Hana Bank
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 5,411	Woori Bank and Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 3,357	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	SEM Investment Co., Ltd.
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 7,360	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested (*9)		—	IBK and others
		Guarantees for supplemental funding (*1)		KRW 30,000
		Guarantees for other supplemental funding and performance guarantees (*1)		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 10,634	Shinhan Bank and others
		Guarantees for supplemental funding and performance guarantees (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 6,053	Kookmin Bank
		Guarantees for supplemental funding (*1)		—
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 86,695	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 1,120	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		—	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 25	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 362	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 290	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 233	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 121,955	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 9,955	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,817	SMBC
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 1,713	IBK
		Guarantees for supplemental funding and others (*1)		—	IBK and others
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 716	IBK
Korea Midland Power Co., Ltd.	Namjeongsusang Solar Power Operation Co., Ltd.	Collateralized money invested		KRW 361	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 4,806	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 1,268	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 1,927	IBK
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 4,356	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd. (formerly, Energyco LLC)	Collateralized money invested		KRW 1,535	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 911	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 265	Nonghyup Bank

202

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47.    Related  Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit	Guarantee
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested	KRW 289	Nonghyup Bank
Korea South-East Power Co., Ltd.	Dayone Energy Co., Ltd.	Collateralized money invested (*3)	—	IBK
		Guarantees for supplemental funding and others (*1,4)	KRW 76,800	NH investment & securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested	KRW 16,703	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested	KRW 18,692	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Expressway Solar-light Power Generation Co., Ltd.	Guarantees for supplemental funding and others	KRW 1,856	Woori Bank
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested	KRW 260,858	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested	KRW 2,288	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested	KRW 1,229	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested	KRW 5,572	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested	KRW 1,958	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested	KRW 3,808	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested	KRW 6,838	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested	KRW 2,828	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested	KRW 10,238	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested	KRW 3,809	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested	KRW 5,033	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested	KRW 4,301	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested	KRW 4,106	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested	KRW 25,465	Shinhan Bank and others
KEPCO Plant Service & Engineering Co., Ltd.	Incheon New Power Co., Ltd.	Collateralized money invested (*6)	—	Shinhan Bank
		Guarantees for supplemental funding and others (*1)	—

(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2) Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of December 31, 2021, the Group has recognized derivative liabilities of W6,760 million related to the guarantee. Meanwhile, the Group is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.

(*3) The Group recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4) Pursuant to the guarantee agreement, the Group recognized other provisions of W26,772 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.

(*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6) The Group recognized an impairment loss on all of the equity securities of Incheon New Power Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W461 million.

(*7) The Group provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).

(*8) This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Group.

(*9) The Group recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W29,200 million.

(*10) The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

47. Related Parties, Continued

(8) As of December 31, 2021, there is no financial guarantee provided by related parties.

(9) Derivatives transactions with related parties as of December 31, 2021 are as follows:

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract year		Contract amounts				Contract interest rate per annum						Contract exchange rate
			Pay		Receive		Pay			Receive
Korea Development Bank		2019~2024	W	177,600		USD 150,000		1.24	%		2.50	%	W	1,184.00
		2020~2025		241,320		USD 200,000		0.54	%		1.13	%		1,206.60
		2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
		2015~2025		111,190		USD 100,000		2.62	%		3.25	%		1,111.90
		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
		2018~2023		170,280		USD 150,000		2.15	%		3.75	%		1,135.20
		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
		2020~2026		118,910		USD 100,000		0.61	%		1.00	%		1,189.10
		2019~2022		112,650		USD 100,000		1.80	%		3.38	%		1,126.50
		2021~2026		114,230		USD 100,000		1.27	%		1.25	%		1,142.30
		2018~2023		320,880		USD 300,000		2.03	%		3.75	%		1,069.60
		2019~2022		117,340		USD 100,000		1.06	%		2.38	%		1,173.40
		2017~2022		113,300		USD 100,000		1.94	%		2.63	%		1,133.00
		2018~2023		169,335		USD 150,000		2.26	%		3.88	%		1,128.90
		2020~2025		122,780		USD 100,000		0.93	%		1.75	%		1,227.80

(ii) Currency forward

In millions of won and thousands of USD except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate
					Pay		Receive
Korea Development Bank		2021.09.27		2022.01.07	W	59,049		USD 50,050	W	1,179.80

(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, except a standing director who is a member of the Audit Committee. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of won
Type	2021		2020
Salaries	W	1,272		1,295
Retirement benefits		21		58
	W	1,293		1,353

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

48. Statement of Cash Flows

(1) Significant non-cash transactions for the years ended December 31, 2021 and 2020 are as follows:

In millions of won
Transactions	2021		2020
Transfer from construction-in-progress to other assets	W	12,902,589		10,189,527
Recognition of asset retirement cost and related provision for decommissioning costs		2,356,805		895,507
Transfer from provision for disposal of used nuclear fuel to accrued expenses		455,401		395,921
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities		11,109,271		9,237,883
Transfer from inventory to stored nuclear fuel		908,842		1,055,974
Transfer of right-of-use assets due to change in accounting policy and others		78,213		291,334

(2) Changes in liabilities incurred from financing activities for the years ended December 31, 2021 and 2020 are as follows:

In millions of won	2021
						Non-cash changes				Ending balance
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others
Borrowings and debt securities	W	69,724,581		9,653,394			—		1,151,538		80,529,513
Lease liabilities		4,621,096		(572,036	)		73,090		288,353		4,410,503
	W	74,345,677		9,081,358			73,090		1,439,891		84,940,016

In millions of won	2020
						Non-cash changes					Ending balance
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others
Borrowings and debt securities	W	67,876,541		2,538,787			—		(690,747	)		69,724,581
Lease liabilities		5,070,133		(613,977	)		275,686		(110,746	)		4,621,096
	W	72,946,674		1,924,810			275,686		(801,493	)		74,345,677

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

49. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
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	57,046		16,240		56,574		16,038
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)		46,616		34,102		45,390		32,876
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		36,143		25,292		36,143		29,898
Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S		40,010		5,540		40,010		8,328
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S		37,744		140		37,744		2,244
Purchase of cable (FR CNCO-W, 1C, 325SQ) 1,400,000M		—		—		59,716		37,249
Purchase of switch (Eco) 9,360 units		—		—		40,631		24,031
Purchase of cable (TR CNCE-W,1C,600SQ) 551,200M		—		—		37,288		23,100
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 4,464,000M		—		—		82,622		51,130
Purchase of cable (FR CNCO-W,1C,325SQ) 1,092,000M		—		—		42,068		35,358
Concrete pole (10M, general purpose, 350KGF) 102,435 ea and five other equipments		—		—		91,889		80,904
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others		56,860		34,576		—		—
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		32,000		26,700		—		—
Advanced E-Type low-pressure electronic power meter 1,320,000 ea		65,972		23,262		—		—
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		34,423		23,297		—		—
Purchase of cable (TR CNCE- W,1C,325SQ) 1,016,000M		66,581		40,254		—		—
Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M		46,194		37,810		—		—
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M		87,382		83,628		—		—
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments		188,338		168,456		—		—
Purchase of GIS (362KV, 6300A, 63KA) 25 – Shinyangsan S/S		31,464		31,464
Construction of Shin-Kori units (#5,6)		9,800,424		3,479,667		8,625,387		3,256,117
Construction of Shin-Hanul units (#1,2)		9,745,123		—		9,443,635		160,512
Other 30 contracts		792,485		620,593		107,586		58,466
Service of designing Seoul Combined units (#1,2)		31,841		934		31,841		984
Service of designing Shin-Boryeong units (#1,2)		121,114		—		121,163		521
Purchase of furnace for construction of Shin-Seocheon thermal power plant		305,209		7,722		305,209		29,042
Purchase of turbine generator for construction of Shin-Seocheon thermal power plant		105,226		6,301		105,226		8,279
Electricity construction of Shin-Seocheon thermal power plant		340,356		—		282,234		13,524
Purchase of main machine for Jeju LNG combined		166,287		10,972		166,287		11,182
Service of designing Taean units (#9,10)		112,909		12,623		112,813		12,933
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		126,302		61,735		104,600		41,840
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		214,053		138,244		210,900		147,630
Construction of Gimpo combined heat & power plant		130,015		86,323		—		—
Purchase of coal handling machine for construction of Samcheok units (#1,2)		286,571		6,215		285,158		22,751
Purchase of furnace main equipment for construction of Samcheok units (#1,2)		—		—		1,065,141		11,609
Purchase of turbine main equipment for Samcheok units (#1,2)		—		—		211,349		125
Purchase of main equipment for Namjeju		140,144		3		140,144		112
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		200,122		—		—

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

49. Commitments for Expenditure, Continued

(2) As of December 31, 2021, details of contracts for inventory purchase commitment are as follows:

The Group imports all of its uranium ore concentrates from sources outside Korea (including the United States, United Kingdom, Kazakhstan, France, Russia, South Africa, Canada and Australia) which are paid for with currencies other than Won, primarily in U.S. dollars. In order to ensure stable supply, the Group entered into long-term and medium-term contracts with various suppliers, and supplements such supplies with purchases of fuels on spot markets. The long-term and medium-term contract periods vary among contractors and the stages of fuel manufacturing process. Contract prices for processing of uranium are generally based on market prices. Contract periods for ore concentrates, conversion, enrichment and design and fabrication are as follows:

Type	Periods		Contracted quantity
Concentrate		2020 ~ 2030	32,435 Ton U3O8
Transformed		2020 ~ 2030	18,088 Ton U
Enrichment		2020 ~ 2030	17,667 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 1,625 Ton U (contract periods : 2014 ~ 2024).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments

 (1) Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2021 and 2020 are as follows:

In millions of won	2021				2020
	Number of cases		Claim amount		Number of cases		Claim amount
As the defendant		683	W	689,415		663	W	550,535
As the plaintiff		284		784,453		200		729,798

As of December 31, 2021, there are 2 ongoing litigations and 1 arbitration case that both defendant and plaintiff are the Group.

A group of plaintiffs (consisting of 2,167 individuals) filed a lawsuit against NSSC (Nuclear Safety and Security Commission) regarding NSSC’s approval on May 18, 2015 of extending the operation of Wolsong unit 1 nuclear power plant. The appeal has been dismissed on May 29, 2020, resulting in plaintiffs’ loss. Also, Greenpeace and others filed an administrative litigation against NSSC requesting cancelation of the construction permit of Shin-Kori unit 5 and 6 in September 12, 2016 and lost the lawsuit in February 14, 2019. They appealed the case in March 18, 2019, but the appeal had been closed on April 29, 2021. The Group joined these litigations as a stakeholder after obtaining permission from the court.

As of December 31, 2021, in connection with Shin-Hanul unit 3 & 4, the Group has received communications from a vendor for costs incurred for the preliminary work of the main equipment and associated compensation due to the discontinuation of the construction. The Group does not believe that it has a present obligation to this vendor, and that it is probable that the Group will prevail if a lawsuit is filed against the Group. In addition, the Group cannot reliably estimate the potential economic outflow related to the obligation as of December 31, 2021.

The Group is the defendant against a number of claims. The following is potentially significant ongoing claims pertaining to the Group:

1) There is an ongoing claim against the Group from a group of plaintiffs (consisting of 3,910 individuals) regarding the contribution to plan assets and payment of retirement benefits. The Group recognized W11,730 million as litigation provisions in relation to the lawsuit.

2) There is an ongoing second trial against the Group regarding the completion of the waste oil refining power generation plant of Next energy Co., Ltd. The Group recognized the amount of probable outflow of resources as a provision.

3) There are multiple ongoing claims 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 lawsuits. Accordingly, the Group recognized W3,233 million as litigation provisions in relation to the lawsuit as of December 31, 2021.

In addition to the abovementioned significant ongoing claims, there are 5 arbitration cases pertaining to the Group as of December 31, 2021 and the significant arbitration cases for the year ended December 31, 2021 are as follows:

1) In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Group to the Indian Council of Arbitration due to disagreements in the contract, but the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

2) Two companies including GE Energy Products France SNC filed an arbitration against the Group to Korea Commercial Arbitration Board regarding additional payment of construction costs, but the Group has not recognized any provision because the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows:

1) The Group has outstanding borrowings with a limit of USD 275,600 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. Moreover, for one of the electricity purchasers, Central Power Purchasing Agency Guarantee Ltd., the Group has provided payment guarantee up to USD 2,777 thousand, in case of construction delay or insufficient contract volume after commencement of the construction.

2) The Group has provided PT. Perusahaan Listrik Negara performance guarantee up to USD 2,293 thousand and investment guarantee up to USD 43,500 thousand to Mizuho bank and others in proportion to its ownership in the electricity purchase contract with PT. Cirebon Energi Prasarana in relation to the second electric power generation business in Cirebon, Indonesia.

3) The Group has provided MUFG Bank, Ltd. (MUFG) borrowing guarantee up to USD 41,258 thousand in proportion to its ownership in the Equity Bridge Loan (EBL) guarantee with PT. Cirebon Energi Prasarana in relation to the second electric power generation business in Cirebon, Indonesia.

4) The Group has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 2,192 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia.

5) The Group has provided USD 18,500 thousand of business performance guarantees to AEP Texas, Inc., for the construction, ownership, operation, and related cost-bearing implementation of electric power transmission equipment regarding Concho Valley solar business in the United States.

6) 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 December 31, 2021.

7) The Group has provided a guarantee to complete the construction of the waste oil refining power generation plant of Next energy Co.,Ltd. (contract amount : W14,700 million) to the financial institution agents, thus the Group is liable to compensate to financial institution agents for the any damages incurred in the event of incompletion of the construction. Also, the power generation guarantee agreement was concluded in connection with the consignment service for management and operations (the repayment period of the principal of the loan) after the completion of the construction. If the amount of power generated falls short of the contracted power generation amount, the Group will be liable to pay compensation for the shortage. The Group has recognized a provision based on the assessment of expected outflow of resources.

8) 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.

9) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,907,215 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10) The Group has provided Export-Import Bank of Korea and others a performance guarantee up to USD 12,090 thousand for the excess project costs of hydroelectric power generation project of Tanggamus, Indonesia.

11) The Group has provided Export-Import Bank of Korea and others a borrowing guarantee up to USD 5,911 thousand for the DSRA guarantee of hydroelectric power generation project of Tanggamus, Indonesia.

12) The Group has provided PT. Cirebon Energi Prasarana a performance guarantee up to USD 43,500 thousand for the fulfillment of subscription obligation regarding Cirebon 2 coal-fired power generation project in Indonesia.

13) 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.

14) The Group has provided Morgan Stanley Capital Group Inc. a performance guarantee up to USD 30,000 thousand for the implementation of photovoltaic power generation project in USA.

15) The Group has provided Morgan Stanley Renewables Inc. a performance guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows, continued:

16) The Group has provided EUR 10,000 thousand for a performance guarantee to Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch through Kookmin Bank, to guarantee the opening of VAT payment loan account for Guba Buget wind power project in Sweden.

17) The Group has provided EUR 5,022 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.

18) The Group has provided EUR 9,980 thousand of a performance guarantee to Ellevio through Shinhan Bank, to guarantee the performance of the electric power transmission equipment connection construction for Guba Buget wind power project in Sweden.

19) The Group has provided USD 60,000 thousand of a borrowing guarantee to Shinhan Bank, to guarantee the Equity Bridge Loan (EBL) for the solar power business in USA.

20) The Group has provided a performance guarantee to EDF Energy service, LLC, for the solar power business in USA.

21) The Group has provided USD 76,700 thousand of a performance guarantee to Primoris Renewable Energy, Inc., to guarantee the construction of power plants of the solar power business in USA.

22) The Group has provided USD 54,000 thousand of a performance guarantee to PT. Cirebon Electro Power, for Cirebon coal-fired power plant operation and maintenance project in Indonesia.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions as of December 31, 2021 are as follows:

In millions of won and thousands of foreign currencies
Commitments	Financial institutions	Currency	Credit limit		Used amount
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		1,815,500		208,018
Commitments on Bank-daylight overdraft	Nonghyup Bank	KRW		280,000		—
Limit amount available for CP	Hana Bank and others	KRW		1,050,000		1,050,000
Limit amount available for card	Hana Bank and others	KRW		47,404		5,529
	Banco de Oro	PHP		5,000		3,000
Loan limit	Kookmin Bank and others	KRW		1,780,028		1,319,181
	DBS Bank Ltd and others	USD		1,644,700		167,533
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700		7,213
Certification of payment on L/C	Shinhan Bank and others	USD		1,019,834		463,355
	Shinhan Bank	JPY		707,337		—
	Hana Bank and others	EUR		48,122		41,262
Certification of Performance guarantee on contract	Seoul Guarantee Insurance and others	KRW		104,705		96,658
	First Abu Dhabi Bank and others	USD		947,707		682,903
	Korea Development Bank and others	JPY		620,000		620,000
	Hana Bank	EUR		3,965		3,965
	Shinhan Bank	INR		51,678		51,678
Certification of bidding	Hana Bank	USD		5,200		197
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		49,874		49,874
	Hana Bank and others	USD		331,072		286,388
	Hana Bank	SAR		6,508		6,508
	Hana Bank and others	MXN		21,597		20,027
Others	Nonghyup Bank and others	KRW		610,983		29,730
	Export-Import Bank of Korea and others	USD		2,625,372		1,842,173
	Standard Chartered	AED		50		50
	Hana Bank	EUR		34		—
Inclusive credit	Hana Bank	KRW		8,000		825
	Hana Bank and others	USD		135,078		15,633
Trade finance	Export-Import Bank of Korea and others	USD		850,000		149,328

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Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments, Continued

(4) As of December 31, 2021, blank check and assets provided as collaterals or pledges to financial institutions by the Group are follows:

In millions of won and thousands of foreign currencies
Guarantor	Guarantee	Type of guarantee	Currency	Amount		Description
Mira Power Limited	International Finance Corporation and others	Property, plant and equipment and others	USD		275,600	Collateral for borrowings (*1)
Tamra Offshore Wind Power Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		171,600	Collateral for borrowings (*2)
Gyeonggi Green Energy Co., Ltd.	Korea Development Bank and others	Cash and cash equivalents and others	KRW		327,080	Collateral for borrowings (*2)
Commerce and Industry Energy Co., Ltd.	IBK and others	Property, plant and equipment and others	KRW		110,500	Collateral for borrowings (*2)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW		396,120	Collateral for borrowings (*2)
Gyeongju Wind Power Co., Ltd.	Shinhan Bank and others	Property, plant and equipment and others	KRW		68,400	Collateral for borrowings (*2)
Korea Offshore Wind Power Co., Ltd.	Woori Bank and others	Property, plant and equipment and others	KRW		293,400	Collateral for borrowings (*2)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others	JOD		236,570	Collateral for borrowings (*1)
KST Electric Power Company, S.A.P.I. de C.V.	The Export – Import Bank of Korea and others	Finance lease receivable and property, plant and equipment and others	USD		401,277	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW		276,960	Collateral for borrowings (*2)
TS Energy No. 25 Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		521,281	Collateral for borrowings (*2)
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW		221,631	Collateral for borrowings (*2)

(*1) This is based on the amount of loan commitment limit.

(*2) As of December 31, 2021, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group has W1,197 million of project loans from Korea Energy Agency as of December 31, 2021. The Group has provided a blank check as a repayment guarantee.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

50. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W68,674 million as of December 31, 2021, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W44 million and depreciation on the idle assets of W3,621 million are recorded in other expenses for the year ended December 31, 2021. 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 December 31, 2021.

(6) Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in the Gaeseong Industrial District as of December 31, 2021. The book value of facility is W14,451 million and the amount of trade receivables related to the companies residing in Gaeseong industrial complex is W2,911 million. The outcome of this event cannot be reasonably estimated as of December 31, 2021.

(7) In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2021.

(8) To prevent the spread of COVID-19, a variety of prevention and control measures, including movement restrictions, are being implemented worldwide, and as a result, the global economy is being affected extensively. In addition, various forms of government policies are being announced to cope with COVID-19. The Group was unable to reasonably estimate the impact of COVID-19 and the impact of the government support policies on the Group’s consolidated financial statements as of December 31, 2021, and the resulting effects have not been reflected in the consolidated financial statements.

(9) 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

51. Subsequent Events

(1) Subsequent to December 31, 2021, the Company and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea Midland Power Co., Ltd. and Korea Western Power Co., Ltd. issued corporate bonds for the purposes of repayment of debts and others as follows:

In millions of won
Company	Type	Issue date	Maturity	Interest rate (%)		Amount
Korea Electric Power Corporation	#1117 Corporate bond	2022.01.04	2025.01.04		2.33	W	150,000
	#1118 Corporate bond	2022.01.04	2027.01.04		2.53		200,000
	#1119 Corporate bond	2022.01.06	2029.01.06		2.75		200,000
	#1120 Corporate bond	2022.01.06	2032.01.06		2.83		100,000
	#1121 Corporate bond	2022.01.10	2025.01.10		2.50		270,000
	#1122 Corporate bond	2022.01.10	2029.01.10		2.83		200,000
	#1123 Corporate bond	2022.01.12	2027.01.12		2.69		280,000
	#1124 Corporate bond	2022.01.12	2032.01.12		2.90		120,000
	#1125 Corporate bond	2022.01.19	2025.01.19		2.58		160,000
	#1126 Corporate bond	2022.01.19	2029.01.19		2.92		100,000
	#1127 Corporate bond	2022.01.25	2027.01.25		2.80		150,000
	#1128 Corporate bond	2022.01.25	2032.01.25		2.98		100,000
	#1129 Corporate bond	2022.01.27	2025.01.27		2.70		190,000
	#1130 Corporate bond	2022.01.27	2029.01.27		2.99		140,000
	#1131 Corporate bond	2022.02.04	2027.02.04		2.97		190,000
	#1132 Corporate bond	2022.02.04	2032.02.04		3.05		160,000
	#1133 Corporate bond	2022.02.08	2025.02.08		2.80		150,000
	#1134 Corporate bond	2022.02.08	2029.02.08		3.10		140,000
	#1135 Corporate bond	2022.02.10	2027.02.10		3.03		300,000
	#1136 Corporate bond	2022.02.10	2032.02.10		3.17		70,000
	#1137 Corporate bond	2022.02.14	2025.02.14		2.89		200,000
	#1138 Corporate bond	2022.02.14	2029.02.14		3.19		90,000
	#1139 Corporate bond	2022.02.18	2025.02.18		2.86		180,000
	#1140 Corporate bond	2022.02.18	2027.02.18		3.08		110,000
	#1141 Corporate bond	2022.02.22	2025.02.22		2.93		160,000
	#1142 Corporate bond	2022.02.22	2027.02.22		3.15		130,000
	#1143 Corporate bond	2022.02.25	2025.02.25		2.82		120,000
	#1144 Corporate bond	2022.02.25	2027.02.25		3.09		40,000
	#1145 Corporate bond	2022.03.02	2025.03.02		2.85		150,000
	#1146 Corporate bond	2022.03.02	2027.03.02		3.12		160,000
	#1147 Corporate bond	2022.03.04	2025.03.04		2.84		190,000
	#1148 Corporate bond	2022.03.04	2027.03.04		3.12		90,000
	#1149 Corporate bond	2022.03.04	2029.03.04		3.15		20,000
	#1150 Corporate bond	2022.03.07	2025.03.07		2.82		160,000
	#1151 Corporate bond	2022.03.07	2027.03.07		3.11		90,000
	#1152 Corporate bond	2022.03.07	2029.03.07		3.15		50,000
	#1153 Corporate bond	2022.03.10	2025.03.10		2.88		170,000
	#1154 Corporate bond	2022.03.10	2027.03.10		3.10		130,000
Korea Hydro & Nuclear Power Co., Ltd.	#63-1 Corporate bond	2022.02.17	2027.02.17		2.81		40,000
	#63-2 Corporate bond	2022.02.17	2042.02.17		3.04		60,000
	#63-3 Corporate bond	2022.02.17	2052.02.17		2.97		50,000
	#64-1 Corporate bond	2022.03.11	2042.03.11		3.10		70,000
	#64-2 Corporate bond	2022.03.11	2052.03.11		3.02		80,000
Korea Midland Power Co., Ltd.	#65-1 non-guaranteed Corporate bond	2022.01.17	2032.01.17		2.85		10,000
	#65-2 non-guaranteed Corporate bond	2022.01.17	2042.01.17		2.83		10,000
	#66-1 non-guaranteed Corporate bond	2022.01.24	2025.01.24		2.83		40,000
	#66-2 non-guaranteed Corporate bond	2022.01.24	2027.01.24		2.95		30,000
	#66-2 non-guaranteed Corporate bond	2022.01.24	2052.01.24		2.87		50,000
	#67 non-guaranteed Corporate bond	2022.02.17	2052.02.17		3.01		40,000
Korea Western Power Co., Ltd.	#51-1 Corporate bond	2022.01.25	2025.01.24		2.76		50,000
	#51-2 Corporate bond	2022.01.25	2042.01.24		2.78		20,000

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

51. Subsequent Events, Continued

(2) The Group established the right of pledge on the shares of Jeju Hanlim Offshore Wind Co., Ltd. with other shareholders to procure project financing of Jeju Hanlim Offshore Wind Co., Ltd. which is a subsidiary of the Group on February 25, 2022.

(3) 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 event described above is considered as a non-adjusting event after the reporting period. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Urkaine on the the future events.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2021 and 2020

52. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS for each of the years ended December 31, 2021 and 2020 to the operating profit or loss as presented in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB for each of the corresponding years.

In millions of won	2021			2020
Operating profit (loss) on the consolidated statements of comprehensive income (loss)	W	(5,860,143	)		4,086,275
Add
Other income
Reversal of other provisions		15,548			25,826
Reversal of other allowance for doubtful accounts		98			2,465
Gains on government grants		458			269
Gains on assets contributed		9,347			24,324
Gains on liabilities exempted		1,830			1,314
Compensation and reparations revenue		104,826			95,407
Revenue from foundation fund		1			—
Revenue from research contracts		5,996			4,001
Rental income		204,123			193,567
Others		30,694			45,798
Other gains
Gains on disposal of property, plant and equipment		56,284			93,195
Gains on disposal of intangible assets		1			1,556
Reversal of impairment losses on property, plant and equipment		—			7,805
Reversal of impairment losses on intangible assets		14			—
Gains on foreign currency translation		20,598			8,917
Gains on foreign currency transactions		48,671			61,865
Gains on insurance proceeds		144			43,800
Others		250,174			322,379
Deduct
Other expenses
Compensation and reparations expenses		(663	)		(11,959	)
Accretion expenses of other provisions		(2,711	)		(17,991	)
Depreciation expenses on investment properties		(1,386	)		(1,453	)
Depreciation expenses on idle assets		(3,621	)		(6,604	)
Other bad debt expense		(49,372	)		(32,503	)
Donations		(152,456	)		(316,981	)
Others		(47,723	)		(30,229	)
Other losses
Losses on disposal of property, plant and equipment		(92,622	)		(162,725	)
Losses on disposal of intangible assets		(145	)		(392	)
Losses on valuation of other non-current assets		—			(241	)
Losses on impairment of property, plant and equipment		(4,056	)		(80,413	)
Losses on impairment of intangible assets		—			(3,599	)
Losses on impairment of other non-current assets		(16,035	)		—
Losses on foreign currency translation		(4,732	)		(17,664	)
Losses on foreign currency transactions		(67,990	)		(49,694	)
Others		(181,787	)		(189,695	)
Adjusted operating profit (loss)	W	(5,736,635	)		4,096,620

216