Table of Contents
0000887225falseFYAmerican depositary shares, each representing one-half of share of common stockM5KRKRApplicable tax rate is 27.5% as of December 31, 2020, 2021 and 2022.The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Company, made a resolution to sell its old office building in Yongin-si, Gyeonggi-do during the year ended December 31, 2022, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation during the year ended December 31, 2022, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.‘Others’ consist of various financial assets managed by external asset management companies.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.Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC.Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.Financial information of EWP America Inc. includes that of two other subsidiaries, EWP Renewable Corporation, and California Power Holdings, LLC.Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of five other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, and UI Carbon-Neutrality Fund.Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.Equity investments held by the Company are excluded.The effect on the shareholders’ equity excluding the impact of income taxes.The effect on the equity excluding the impact of income taxes.The maturities cannot be presently determined. 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.The common stocks of Dongducheon Dream Power Co., Ltd. held by the Company were pledged as collateral.The Company 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 ₩29,200 million.As of December 31, 2022, the Company has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.The Company guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.Pursuant to the guarantee agreement, the Company recognized other provisions of ₩7,230 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Company.The Company 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, 2022.The Company 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 ₩47,067 million.This is based on the amount of loan commitment limit.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, 2022, the Company has recognized derivative liabilities of ₩6,760 million related to the guarantee. Meanwhile, the Company 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.The Company provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.The effective percentage of ownership is less than 20%. However, the Company 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 Company’s financial and operating policy of the board of directors.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.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.The effective percentage of ownership is more than 50% but the Company 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.The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.The effective percentage of ownership is less than 20%. However, the Company 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 Company has significant financial transactions, which can affect its significant influence on the entity.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.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.The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.The effective percentage of ownership is less than 20%. However, the Company 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.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.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.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.The joint arrangement which the Company 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.According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.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 Company can exercise significant influence.According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Company 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 Company 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 Company 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.The Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, KV Holdings, Inc. and time or proceeds of sales are not specified as of December 31, 2022.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.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.The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group excercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group excercises significant influence over the decisions related to finance and operation.The Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the Company hasn’t started the active selling procedures as of December 31, 2022.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.After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Group does not hold control over relevant business while it exercises significant influence by participating in the board of directors by the shareholders’ agreement. Accordingly, the entity is classified as an associate.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.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.The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, the Group excercises significant influence over all decisions related to finance and operation.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.The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group excercises significant influence over the entity.The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. 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.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.The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.The effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.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.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.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.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.Due to the changes in the agreement, the Group lost its control over the entity. Accordingly, the entity is reclassified to a joint venture from a subsidiary. Although the effective percentage of ownership is more than 50%, decisions in relevant actitvities must be agreed by all members of the board of directors.The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.The effective percentage of ownership is 37%, considering potential common stock.After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.‘Other’ includes MMT which is composed of government bonds, RP(Repurchase Paper), CP(Commercial Paper), etc.The Company 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. The Company 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. The Company 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, 2022. The Company has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022. Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification. The balance due to the fuel swap with Korea Midland Power Co., Ltd. is included. The total transaction amount is ₩514,405 million on loans and ₩460,903 million on bororrowings. The balance due to the fuel swap with Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd. is included. The total transaction amount is ₩5,590 million on loans and ₩20,113 million on bororrowings. Included in trade and other receivables, net, in the consolidated statements of financial position. The balance of trade receivables from construction contracts are ₩57,639 million and ₩85,757 million, as of December 31, 2021 and 2022, respectively.Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2022 from the amounts included in contract liabilities at the end of the prior year is ₩5,051 million.For the year ended December 31, 2022, the net loss on valuation of derivatives applying cash flow hedge accounting of ₩24,415 million, net of tax, is included in other comprehensive income (loss).This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2021 and 2022 are ₩80,841 million and ₩67,240 million, respectively.To eliminate or reduce an accounting mismatch, the Company may elect to recognize the amount of change in fair value in profit or loss.On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.The profit for the year ended December 31, 2022 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests.The profit for the year ended December 31, 2021 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩1,082,712 million.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩114,347 million.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩1,024,927 million.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩111,915 million.Excludes lease liabilities. 0000887225 2020-01-01 2020-12-31 0000887225 2021-01-01 2021-12-31 0000887225 2022-01-01 2022-12-31 0000887225 2021-12-31 0000887225 2022-12-31 0000887225 2020-12-31 0000887225 2019-12-31 0000887225 ifrs-full:FinancialAssetsAtFairValueThroughProfitOrLossCategoryMember 2021-12-31 0000887225 ifrs-full:FinancialAssetsAtFairValueThroughOtherComprehensiveIncomeCategoryMember 2021-12-31 0000887225 kep:DerivativeAssetsApplyingHedgeAccountingCategoryMember 2021-12-31 0000887225 ifrs-full:FinancialAssetsAtAmortisedCostCategoryMember 2021-12-31 0000887225 kep:KoreaHydroNuclearPowerMember 2021-12-31 0000887225 kep:KoreaSoutheastPowerMember 2021-12-31 0000887225 kep:KoreaMidlandPowerMember 2021-12-31 0000887225 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As filed with the Securities and Exchange Commission on April 28, 2023
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 

Form
20-F
 

(Mark One)
 
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2022
OR
 
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from             to            
Commission File Number:
001-13372
 

KOREA ELECTRIC POWER CORPORATION
(Exact name of registrant as specified in its charter)
 
N/A
 
The Republic of Korea
(Translation of registrant’s name into English)
 
(Jurisdiction of incorporation or organization)
 

55
Jeollyeok-ro
,
Naju-si,
Jeollanam-do,
58322, Korea
(Address of principal executive offices)
 

Nayoung Kim, +82 61 345 4213, nayoung.kim@kepco.co.kr, +82 61 345 4299
55
Jeollyeok-ro
,
Naju-si,
Jeollanam-do,
58322, Korea
(Name, telephone,
e-mail
and/or facsimile number and address of company contact person)
 

Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class:
 
Trading Symbol(s):
 
Name of each exchange on which registered:
Common stock, par value Won 5,000 per share
 
KEP
 
New York Stock Exchange*
American depositary shares, each representing
one-half
of share of common stock
 
KEP
 
New York Stock Exchange
 
*
Not for trading, but only in connection with the listing of American depositary shares on the New York Stock Exchange, pursuant to the requirements of the Securities and Exchange Commission.

 
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
One Hundred Year 7.95%
Zero-to-Full
Debentures, due April 1, 2096
6% Debentures due December 1, 2026
7% Debentures due February 1, 2027
6
3
4
% Debentures due August 1, 2027

 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report:
641,964,077 shares of common stock, par value of Won 5,000 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.     Yes  ☑    No  ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.     Yes  ☐    No  ☑
Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T (§232.405
of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated
filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer ☑                    Accelerated filer ☐                    
Non-accelerated
filer ☐                     Emerging Growth Company  ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act.  
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  
If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in the filing reflect the correction of an error to previously issued financial statements.    Yes  ☐    No  ☑
Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive based compensation received by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).    Yes  ☐    No  ☑
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP  ☐                International Financial Reporting Standards as issued by the International Accounting Standards Board  ☑             Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    Item 17  ☐    Item 18  ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  
 
Auditor Name: Ernst & Young Han Young
  
Auditor Location: Seoul, Korea
  
Auditor Firm ID: 1437
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes   ☐    No  ☐
 
 
 


Table of Contents

TABLE OF CONTENTS

 

         Page  

PART I

     3  

ITEM 1.

  IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS      3  

ITEM 2.

  OFFER STATISTICS AND EXPECTED TIMETABLE      3  

ITEM 3.

  KEY INFORMATION      3  
  Item 3.A.    [Reserved]      3  
  Item 3.B.    Capitalization and Indebtedness      3  
  Item 3.C.    Reasons for the Offer and Use of Proceeds      3  
  Item 3.D.    Risk Factors      3  

ITEM 4.

  INFORMATION ON THE COMPANY      36  
  Item 4.A.    History and Development of the Company      36  
  Item 4.B.    Business Overview      37  
  Item 4.C.    Organizational Structure      95  
  Item 4.D.    Property, Plant and Equipment      101  

ITEM 4A.

  UNRESOLVED STAFF COMMENTS      102  

ITEM 5.

  OPERATING AND FINANCIAL REVIEW AND PROSPECTS      102  
  Item 5.A.    Operating Results      102  
  Item 5.B.    Liquidity and Capital Resources      111  
  Item 5.C.    Research and Development, Patents and Licenses, etc.      119  
  Item 5.D.    Trend Information      120  
  Item 5.E.    Critical Accounting Estimates      120  

ITEM 6.

  DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES      120  
  Item 6.A.    Directors and Senior Management      120  
  Item 6.B.    Compensation      125  
  Item 6.C.    Board Practices      125  
  Item 6.D.    Employees      126  
  Item 6.E.    Share Ownership      127  
  Item 6.F.    Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation      127  

ITEM 7.

  MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS      127  
  Item 7.A.    Major Shareholders      127  
  Item 7.B.    Related Party Transactions      128  
  Item 7.C.    Interests of Experts and Counsel      128  

ITEM 8.

  FINANCIAL INFORMATION      128  
  Item 8.A.    Consolidated Statements and Other Financial Information      128  
  Item 8.B.    Significant Changes      131  

ITEM 9.

  THE OFFER AND LISTING      132  
  Item 9.A.    Offer and Listing Details      132  
  Item 9.B.    Plan of Distribution      134  
  Item 9.C.    Markets      134  
  Item 9.D.    Selling Shareholders      137  
  Item 9.E.    Dilution      137  
  Item 9.F.    Expenses of the Issue      137  

ITEM 10.

  ADDITIONAL INFORMATION      137  
  Item 10.A.    Share Capital      137  
  Item 10.B.    Memorandum and Articles of Incorporation      137  
  Item 10.C.    Material Contracts      145  
  Item 10.D.    Exchange Controls      145  
  Item 10.E.    Taxation      151  
  Item 10.F.    Dividends and Paying Agents      163  

 

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         Page  
  Item 10.G.    Statements by Experts      163  
  Item 10.H.    Documents on Display      163  
  Item 10.I.    Subsidiary Information      163  
  Item 10.J.    Annual Report to Security Holders      163  

ITEM 11.

  QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK      164  

ITEM 12.

  DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES      169  
  Item 12.A.    Debt Securities      169  
  Item 12.B.    Warrants and Rights      170  
  Item 12.C.    Other Securities      170  
  Item 12.D.    American Depositary Shares      170  

PART II

     172  

ITEM 13.

  DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES      172  

ITEM 14.

  MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS      172  

ITEM 15.

  CONTROLS AND PROCEDURES      172  

ITEM 16.

  [RESERVED]      173  

ITEM 16A.

  AUDIT COMMITTEE FINANCIAL EXPERT      173  

ITEM 16B.

  CODE OF ETHICS      173  

ITEM 16C.

  PRINCIPAL ACCOUNTANT FEES AND SERVICES      174  

ITEM 16D.

  EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE      174  

ITEM 16E.

  PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS      174  

ITEM 16F.

  CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT      175  

ITEM 16G.

  CORPORATE GOVERNANCE      175  

ITEM 16H.

  MINE SAFETY DISCLOSURE      183  

ITEM 16I.

  DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS      183  

PART III

     184  

ITEM 17.

 

FINANCIAL STATEMENTS

     184  

ITEM 18.

 

FINANCIAL STATEMENTS

     184  

ITEM 19.

 

EXHIBITS

     184  

INDEX OF EXHIBITS

     185  

INDEX TO FINANCIAL STATEMENTS

     F-1  

 

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CERTAIN DEFINED TERMS AND CONVENTIONS

All references to “Korea” or the “Republic” in this annual report on Form 20-F, or this annual report, are references to the Republic of Korea. All references to the “Government” in this annual report are references to the government of the Republic of Korea. All references to “we,” “us,” “our,” “ours,” the “Company” or “KEPCO” in this annual report are references to Korea Electric Power Corporation and, as the context may require, its subsidiaries, and the possessive thereof, as applicable. All references to “the Ministry of Trade, Industry and Energy” and “the Ministry of Economy and Finance” include the respective predecessors thereof. All references to “tons” are to metric tons, equal to 1,000 kilograms, or 2,204.6 pounds. Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding. All references to “IFRS” in this annual report are references to the International Financial Reporting Standards as issued by the International Accounting Standard Board. Unless otherwise stated, all of our financial information presented in this annual report has been prepared on a consolidated basis and in accordance with IFRS.

In addition, in this annual report, all references to:

 

   

“EWP” are to Korea East-West Power Co., Ltd.,

 

   

“KHNP” are to Korea Hydro & Nuclear Power Co., Ltd.,

 

   

“KOMIPO” are to Korea Midland Power Co., Ltd.,

 

   

“KOSEP” are to Korea South-East Power Co., Ltd.,

 

   

“KOSPO” are to Korea Southern Power Co., Ltd., and

 

   

“KOWEPO” are to Korea Western Power Co., Ltd.,

each of which is our wholly-owned generation subsidiary.

FORWARD-LOOKING STATEMENTS

This annual report includes “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), including statements regarding our expectations and projections for future operating performance and business prospects. The words “believe,” “expect,” “anticipate,” “estimate,” “project” and similar words used in connection with any discussion of our future operation or financial performance identify forward-looking statements. In addition, all statements other than statements of historical facts included in this annual report are forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this annual report.

This annual report discloses, under the caption Item 3.D. “Risk Factors” and elsewhere, important factors that could cause actual results to differ materially from our expectations (“Cautionary Statements”). All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.

CURRENCY TRANSLATIONS AND EXCHANGE RATES

In this annual report, unless otherwise indicated, all references to “Won,” “KRW” or “W” are to the currency of Korea, all references to “U.S. dollars,” “Dollars,” “USD”, “$” or “US$” are to the currency of the United States of America; all references to “Euro”, “€” or “EUR” are references to the currency of the European Union; all references to “Yen”, “¥” or “JPY” are references to the currency of Japan; all references to “A$” or

 

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“AUD” are to the currency of Australia; all references to “HK$” or “HKD” are to the currency of Hong Kong; all references to “Fr.” or “CHF” are to the currency of Switzerland; all references to “kr” or “SEK” are to the currency of Sweden. Unless otherwise indicated, all translations from Won to U.S. dollars were made at Won 1,260.2 to US$1.00, which was the Noon Buying Rate of the Federal Reserve Board (the “Noon Buying Rate”) in effect as of December 31, 2022, which rates are available on the H.10 statistical release of the Federal Reserve Board. On April 7, 2023, the Noon Buying Rate was Won 1,319.1 to US$1.00. The exchange rate between the U.S. dollar and Korean Won may be highly volatile from time to time and no representation is made that the Won or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Won, as the case may be, at any particular rate or at all.

The following table sets forth, for the periods and dates indicated, certain information concerning the Noon Buying Rate in Won per US$1.00.

 

Year Ended December 31,

   At End
of
Period
     Average(1)      High      Low  
     (Won per US$1.00)  

2018

     1,112.9        1,099.3        1,141.7        1,054.6  

2019

     1,155.5        1,165.8        1,220.7        1,111.8  

2020

     1,086.1        1,180.6        1,267.3        1,081.9  

2021

     1,188.6        1,144.9        1,198.7        1,081.6  

2022

     1,260.2        1,291.8        1,440.5        1,187.0  

October

     1,424.6        1,426.1        1,440.3        1,402.3  

November

     1,316.8        1,361.8        1,424.0        1,316.8  

December

     1,260.2        1,293.6        1,322.2        1,260.2  

2023 (through April 7)

     1,319.1        1,279.3        1,324.5        1,220.3  

January

     1,232.0        1,243.1        1,272.2        1,227.3  

February

     1,323.5        1,275.4        1,323.5        1,220.3  

March

     1,303.8        1,306.0        1,324.5        1,278.9  

April (through April 7)

     1,319.1        1,315.9        1,319.1        1,310.1  

 

Source: Federal Reserve Board

Note:

 

(1)

The average rates for annual and interim periods were calculated by taking the simple average of the Noon Buying Rates on the last day of each month during the relevant period. The average rates for the monthly periods (or a portion thereof) were calculated by taking the simple average of the daily Noon Buying Rates during the relevant month (or a portion thereof).

 

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PART I

 

ITEM 1.

IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS

Not applicable.

 

ITEM 2.

OFFER STATISTICS AND EXPECTED TIMETABLE

Not applicable.

 

ITEM 3.

KEY INFORMATION

 

Item 3.A.

[Reserved]

 

Item 3.B.

Capitalization and Indebtedness

Not applicable.

 

Item 3.C.

Reasons for the Offer and Use of Proceeds

Not applicable.

 

Item 3.D.

Risk Factors

Our business and operations are subject to various risks, many of which are beyond our control. If any of the risks described below actually occurs, our business, financial condition or results of operations could be seriously harmed. Such risks fall primarily under the categories below:

Risks relating to KEPCO primarily include:

 

   

increases in fuel prices which may not be passed on to customers;

 

   

Governmental policies that may affect the industry or our operations;

 

   

capacity expansion plans based on projections of long-term supply and demand of electricity proving to be inadequate against actual supply and demand;

 

   

being subject to various environmental legislations, regulations and Government initiatives;

 

   

incurrence of additional indebtedness;

 

   

the movement of Won against other currencies;

 

   

risks associated with new business strategies and overseas expansion opportunities;

 

   

an increase in electricity generated by and/or sourced from independent power producers eroding our market position;

 

   

labor unrest and increases in labor cost;

 

   

risks associated with the operation of nuclear power generation facilities;

 

   

difficulties in the construction and operation of our facilities due to opposition from civic groups and uncertainties in maintaining permits and licenses;

 

   

risk management policies and procedures failing to be effective, including but not limited to failing to prevent losses in our debt and foreign currency positions;

 

   

limited amount and scope of insurance coverage;

 

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inability to raise share capital without the Government’s participation;

 

   

claims by current or previous employees for unpaid wages;

 

   

cyberattacks;

 

   

Russia-related dealings; and

 

   

the effects of COVID-19.

Risks relating to Korea and Global Economy primarily include:

 

   

unfavorable financial and economic conditions in Korea;

 

   

tensions with North Korea;

 

   

being subject to Korean corporate governance and disclosure standards; and

 

   

risks associated with enforcing a foreign judgment against us.

Risks relating to Our American Depositary Shares (ADSs) primarily include:

 

   

restrictions on withdrawal and deposit of common shares under the depositary facility;

 

   

ownership of our shares being restricted under Korean law;

 

   

no preemptive rights in certain circumstances;

 

   

being affected by the volatility of the Korean securities market;

 

   

dividend payments being affected by fluctuations in the exchange rate; and

 

   

restriction on the depositary bank from converting and remitting dividends under emergency circumstances.

Risks Relating to KEPCO

Increases in fuel prices may adversely affect our results of operations and profitability as we may not be able to pass on the increased cost to customers at a sufficient level or on a timely basis.

In 2022, fuel costs constituted 34.4% of our cost of sales, and the ratio of fuel costs to our sales was 49.1%. Our generation subsidiaries purchase substantially all of the fuel that they use (except for anthracite coal) from suppliers outside Korea at prices determined in part by prevailing market prices in currencies other than Won. For example, most of the bituminous coal requirements (which accounted for approximately 39.8% of our fuel requirements in 2022 in terms of electricity output) are imported principally from Australia, Indonesia, Russia and, to a lesser extent, South Africa and others, which accounted for approximately 30.9%, 26.7%, 19.9%, 8.5% and 14.0%, respectively, of the annual bituminous coal requirements of our generation subsidiaries in 2022. Approximately 91.8% of the bituminous coal requirements of our generation subsidiaries in 2022 were purchased under long-term contracts and the remaining 8.2% from the spot market. Pursuant to the terms of our long-term supply contracts, prices are adjusted periodically based on prevailing market conditions. In addition, our generation subsidiaries purchase a significant portion of their fuel requirements under contracts with limited duration. See Item 4.B. “Business Overview—Fuel Sources and Requirements.”

The prices of our main fuel types, namely, bituminous coal, oil and liquefied natural gas, or LNG, fluctuate, sometimes significantly, in tandem with their international market prices. For example, the average weekly spot price of “free on board” Newcastle coal 5500 NAR (Net As Received) published on Korea Mineral Resource Information Service by Korea Mine Rehabilitation and Mineral Resources Corporation increased from US$84.77 per ton in 2021 to US$179.13 per ton in 2022 and decreased to US$123.26 per ton as of April 7, 2023. The prices of oil and LNG are substantially dependent on the price of crude oil, and according to Bloomberg (Bloomberg

 

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Ticker: PGCRDUBA), the average daily spot price of Dubai crude oil increased from US$69.01 per barrel in 2021 to US$97.03 per barrel in 2022 and decreased to US$85.25 per barrel as of April 7, 2023. Furthermore, because the prices of LNG are dependent on the price of crude oil, an increase in such fuel prices can result in an increase in the prices of LNG, which, in turn, affect the cost of purchasing electricity from independent power producers. We cannot assure you that fuel prices will remain stable or will not significantly increase in the remainder of 2023 or thereafter. In addition, following the International Maritime Organization’s regulation referred to as IMO 2020 that regulates sulfur content of ships’ fuel oil, IMO 2023 was mandated from January 1, 2023. IMO 2023 regulates energy efficiency and carbon emissions of ships by setting specific indices that all ships are required to comply with. While we have seen mixed reactions in the market, there is a likelihood that installation of energy saving devices or modification of ships to improve their carbon emissions level may increase as the regulation strengthens. Such trends may significantly increase the operating cost of the shipping lines and the increased costs are expected to be passed onto customers like us via higher freight rates. If fuel prices increase substantially in the future within a short span of time, our generation subsidiaries may be unable to secure adequate fuel supplies at prices commercially acceptable to them. In addition, any significant interruption or delay in the supply of fuel, bituminous coal in particular, from any of their suppliers may cause our generation subsidiaries to purchase fuel on the spot market at prices higher than the prices available under existing supply contracts, which would result in an increase in fuel costs.

As of January 1, 2021, we implemented a new cost pass-through tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers and to enhance transparency by separately billing fuel costs and climate/environment related costs. Previously, the electricity tariff consisted of two main components: (i) the base charge (the “Base Charge”) and (ii) the usage charge (the “Usage Charge”) based on the amount of electricity consumed by end-users. Under the new tariff system, there are new components to the tariff called the fuel cost adjusted charge (the “Fuel Cost Adjusted Charge”) and the climate/environment related charge (the “Climate/Environment Related Charge”). In principle, the Fuel Cost Adjusted Charge is calculated on a quarterly basis and the formula for calculating the amount of the Fuel Cost Adjusted Charge is multiplying (i) the unit price of the Fuel Cost Adjusted Charge (the “Unit Price of the Fuel Cost Adjusted Charge”), which is the difference between a base fuel cost (the “Base Fuel Cost”) and an actual fuel cost (the “Actual Fuel Cost”) and (ii) the amount of electricity consumed. The Base Fuel Cost is the past twelve-month average fuel price of bituminous coal, LNG and Bunker C oil as posted by the Korea Customs Service. The twelve-month average fuel price is measured by taking the average of monthly fuel prices from twelve months in between thirteen and one month prior to the time a new Base Fuel Cost becomes effective. To illustrate, the Base Fuel Cost effective from 2023 is the average of the fuel prices from December 2021 to November 2022. The Base Fuel Cost can be adjusted upon the revision of the electricity tariff as a whole as described in the penultimate paragraph of this risk factor. On the other hand, the Actual Fuel Cost is the past three-month average fuel price of the same fuels we use to measure the Base Fuel Cost. The past three-month average fuel price is measured by taking the average of monthly fuel prices from three months in between four and one month prior to the time the Fuel Cost Adjusted Charge is updated. To illustrate, for the first quarter of 2023, we used the fuel costs for September, October and November 2022 to calculate the three-month average fuel price.

The quarterly-adjusted Fuel Cost Adjusted Charge has built-in limits in view of price stability and other public policy considerations. First, there is a limit on any change in the Unit Price of the Fuel Cost Adjusted Charge to be no less than Won ±1 per kilowatt-hour. In other words, any change less than Won ±1 per kilowatt-hour will not be reflected. However, such limit does not apply if it is the first quarter during which the Base Fuel Cost has been newly updated. Separately, the Won ±3 per kilowatt-hour limit that previously existed to limit any change in the Unit Price of Fuel Cost Adjusted Charge to be no greater than Won ±3 per kilowatt-hour as compared to the preceding quarter was repealed since the third quarter of 2022 on account of high volatility in recent global fuel prices. Second, the Unit Price of the Fuel Cost Adjusted Charge that exceeds Won ±5 per kilowatt-hour will not be reflected. In other words, the maximum adjustment that can be incorporated to the Unit Price of the Fuel Cost Adjusted Charge is equal to Won ±5 per kilowatt-hour from the Base Fuel Cost that is in effect. For example, in the second quarter of 2023, the Unit Price of the Fuel Cost Adjusted Charge was Won 6.8 per kilowatt-hour, meaning the Actual Fuel Cost was higher than the Base Fuel Cost by Won 6.8 per kilowatt-

 

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hour, but after being subjected to the limit of Won ±5 per kilowatt-hour, the Unit Price of the Fuel Cost Adjusted Charge came out to be Won 5.0 per kilowatt-hour.

However, our ability to pass on fuel and other cost increases to our customers may be limited due to the regulation of the Government on the rates we charge for the electricity we sell to our customers. In addition to the built-in limits described in the preceding paragraph, the new tariff system gives discretion to the Government to not wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, as determined by the Government. For example, in the second and third quarter of 2021, although the Unit Price of the Fuel Cost Adjusted Charge was Won –0.2 and Won 0.0 per kilowatt-hour respectively, the Government notified us to keep it at the same Won –3.0 per kilowatt-hour as the first quarter of 2021. In the fourth quarter of 2021, we increased the Unit Price of the Fuel Cost Adjusted Charge to Won 0.0 per kilowatt-hour. In the first and second quarters of 2022, although the Unit Price of the Fuel Cost Adjusted Charge as calculated should have been Won 3.0 per kilowatt-hour as the quarterly limit of Won ±3 per kilowatt-hour had existed back then, the Government notified us to keep it at the same Won 0.0 per kilowatt-hour as the fourth quarter of 2021. The Government cited different policy reasons for withholding the application of the quarterly Fuel Cost Adjusted Charge in the past but one of the more consistent reasons has been alleviating the hardship caused by the prolonged economic effects of COVID-19 pandemic. As the quarterly limit of Won ±3 per kilowatt-hour was repealed in the third quarter of 2022 and with the approval by the Government, we ultimately increased the Unit Price of the Fuel Cost Adjusted Charge to Won 5.0 per kilowatt-hour in the third quarter of 2022, which was the maximum amount allowed in 2022 under the Won ±5 per kilowatt-hour limit. From then to the second quarter of 2023, the Unit Price of the Fuel Cost Adjusted Charge has been kept at Won 5.0 per kilowatt-hour.

Also, because the Fuel Cost Adjusted Charge takes into account the fuel prices posted by Korea Customs Service, there may still be a mismatch in value between the actual prices the domestic generation companies pay for their fuels in the open market and the adjustment that can be made through the Fuel Cost Adjusted Charge. The domestic generation companies include not only our generation subsidiaries but also independent power producers that are not affiliated with us and we do not have access to fuel costs incurred by the independent power producers. As such, we use fuel prices posted by Korea Customs Service, which are easily accessible to our customers, for calculating the Fuel Cost Adjusted Charge.

Due to the likelihood of the Actual Fuel Cost being substantially over the built-in limits of the new tariff system and the Government’s discretion not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, there may be certain portions of the fuel costs that cannot be charged to our customers, even though those portions should have been included in the Fuel Cost Adjusted Charge. In such cases, we may accumulate such portions and reflect them in what is called the total comprehensive cost (the “Total Comprehensive Cost”), which is a variable we use to calculate the Base Charge and the Usage Charge of the tariff. The Total Comprehensive Cost, submitted yearly to the Government for its review by us, is calculated using the relevant costs according to our settled accounts from the previous year and the proposed budget for the upcoming year. Under the Total Comprehensive Cost approach, the Base Charge and the Usage Charge are established at levels that would enable us to recover fair operating costs as well as fair investment return on the capital used in our operations. For further information on fair operating costs and fair investment return, please see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.” The Base Charge and the Usage Charge that are derived from the Total Comprehensive Cost need to be approved by the Government before they can be revised. The Government may, from time to time, consider different policy objectives to regulate the time and magnitude of such revision of the Base Charge and the Usage Charge of the electricity tariff. Therefore, changes in the fuel costs may not be timely or fully reflected even through the Usage Charge of the tariff where they would typically be reflected. Recently, to reflect the rise in the Base Fuel Cost, the Usage Charge needed to increase by Won 9.8 per kilowatt-hour from January 2022. With the approval by the Government, we increased the Usage Charge by Won 4.9 per kilowatt-hour on April 1, 2022 and October 1, 2022 respectively, which resulted in a total increase of Won 9.8 per kilowatt-hour. Such increases were spread out into two rounds to relieve people’s hardship including the prolonged effects of COVID-19 pandemic. In addition, in October 2022, we increased the Usage Charge of the tariff by Won 7.0 to Won 11.7 per kilowatt-hour on industrial and

 

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commercial consumers and by Won 2.5 per kilowatt-hour on all other consumers, reflecting additional accumulated fuel cost rises. In January 2023, with the approval by the Government, we increased the Usage Charge by Won 11.4 per kilowatt-hour to reflect a portion of the increase in the Base Fuel Cost. The Government announced in its economic policy direction statement for 2023 that it will work towards normalizing the tariff in stages so that our cumulative deficit is resolved by 2026. However, there is no assurance on whether such announcement will be realized or how long it will take to be realized.

Overall, despite the new tariff system, we may not be able to adjust our tariff in accordance with such system due to the reasons we described in this risk factor. In addition, if fuel prices increase rapidly and substantially and the current level of electricity tariff is not increased to a level sufficient to offset the impact of high fuel prices or not adjusted responsive to fuel price movements, our profit margins will be adversely affected and/or we can even have operating and/or net losses, and our business, financial condition, results of operations and cash flows may be adversely affected. For example, as the fuel prices have increased rapidly in the last several years, we have experienced substantial operating and net losses and may continue to experience them if the electricity tariff is not increased to a level sufficient to cover such increase in fuel prices. For instance, in 2022, we incurred operating and net losses of Won 32,241 billion and Won 24,429 billion respectively due to a rise in fuel prices among other reasons.

The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.

From time to time, the Government considers various policy initiatives to foster efficiency in the Korean electric power industry and at times have adopted policy measures that have substantially modified our business and operations. For example, in January 1999, with the aim of introducing greater competition in the Korean electric power industry and thereby improving its efficiency, the Government announced a restructuring plan for the Korean electric power industry, or the Restructuring Plan. For a detailed description of the Restructuring Plan, see Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea.” As part of this initiative, in April 2001 the Government established the Korea Power Exchange to enable the sale and purchase of electricity through a competitive bidding process, established the Korea Electricity Commission to ensure fair competition in the Korean electric power industry, and, in order to promote competition in electricity generation, split off our electricity generation business to form one nuclear generation company and five non-nuclear generation companies, in each case, to be wholly owned by us. In 2002, the Government introduced a plan to privatize one of our five non-nuclear generation subsidiaries, but this plan was suspended indefinitely in 2004 due to prevailing market conditions and other policy considerations.

In August 2010, the Ministry of Trade, Industry and Energy announced the Proposal for the Improvement in the Structure of the Electric Power Industry, which was designed to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them. Pursuant to this proposal, while our six generation subsidiaries continued to be our wholly-owned subsidiaries, in January 2011 the six generation subsidiaries were officially designated as “market-oriented public enterprises” (same as us) under the Act on the Management of Public Institutions, whereupon the President of Korea appoints the president and the standing director who is to become a member of the audit committee of each such subsidiary; the selection of non-standing directors of each such subsidiary is subject to approval by the Minister of the Ministry of Economy and Finance; the president of each such subsidiary is required to enter into a management contract directly with the Minister of the Ministry of Trade, Industry and Energy; and the Committee for Management of Public Institutions (which is comprised largely of Government officials and those recommended by Government officials) conducts performance evaluation of such subsidiaries. Previously, our president appointed the president and the statutory auditor of each such subsidiary; the selection of non-standing directors of each such subsidiary was subject to approval by our president; the president of each such subsidiary entered into a management contract with our president; and our evaluation committee conducted performance

 

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evaluation of such subsidiaries. As a result of these changes, our six generation subsidiaries took on additional operational responsibilities and management autonomy with respect to construction and management of generation units and procurement of fuel, while we as the parent company continued to oversee and coordinate, among others, finances, corporate governance, overseas businesses, including nuclear export technology and overseas resource development, that jointly affect us and our generation subsidiaries. See also Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions—Applications of the Act on Our Generation Subsidiaries.”

In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing non-core assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to end-users should be liberalized to encourage more competition. In accordance therewith, we transferred a substantial portion of our assets and liabilities in our overseas resource business to our generation subsidiaries as of December 31, 2016. In addition, pursuant to this Proposal, we considered a sale in the public market of a minority of our shares in our five non-nuclear generation subsidiaries, KEPCO KDN and KHNP. However, the planned sales have been put on hold, primarily due to prevailing market conditions. In any event, we plan to maintain a controlling stake in each of these subsidiaries.

Other than as set forth above, we are not aware of any specific plans by the Government to resume the implementation of the Restructuring Plan or otherwise change the current structure of the electric power industry or the operations of us or our generation subsidiaries materially in the near future. However, for reasons relating to changes in policy considerations, socio-political, economic and market conditions and/or other factors, the Government may resume the implementation of the Restructuring Plan or initiate other steps that may change the structure of the Korean electric power industry or the operations of us or our generation subsidiaries materially. Any such measures may have a negative effect on our business, results of operations and financial condition. In addition, the Government, which beneficially owns a majority of our shares and exercises significant control over our business and operations, may from time to time pursue policy initiatives that could directly or indirectly impact our business and operations, and such initiatives may vary from the interest and objectives of our other shareholders.

The Government may adopt policy measures that affect the tariff rates in order to ease the burden on certain consumers, which may burden us financially.

Previously, there have been several adjustments to the existing tariff rates for certain consumers in order to ease the burden of electricity tariff on them. But these adjustments may be independent from fuel price movements and our business, results of operations, financial condition and profitability may suffer as a result. For example, effective on January 1, 2017, the progressive rate structure applicable to the residential sector, which applies a gradient of increasing tariff rates for heavier electricity usage, was changed from a six-tiered structure with the highest rate being no more than 11.7 times the lowest rate (which gradient system has been in place since 2005) into a three-tiered structure with the highest rate being no more than three times the lowest rate, in order to reflect the changes in the pattern of electricity consumption and reduce the electricity charges payable by consumers. Additionally, a new tariff structure was implemented to encourage energy saving by offering rate discounts to residential consumers that voluntarily reduce electricity consumption while charging special high rates to residential consumers with heavy electricity consumption during peak usage periods in the summer and the winter. Further, during July and August 2018, the residential electricity charges were reduced by temporarily relaxing the application of the then tariff structure and offering higher rate discounts to economically or otherwise disadvantaged customers to ease the burden on households that have significantly increased their use

 

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of air conditioners during a heatwave. Subsequently, a joint task force team, consisting of industry experts, scholars and Government officials, was formed, which announced a proposal for amending the tariff structure aimed to lower electricity rates for households during the summer. As a result, in July 2019, the residential electricity tariff rate system was amended to expand the usage ceiling for the first two tiers of rates (from 200 kilowatts to 300 kilowatts for the first tier and from 400 kilowatts to 450 kilowatts for the second tier) applied during July and August each year. With the implementation of the new tariff system as of September 1, 2021, the residents were given a new benefit to opt for a new schedule of residential tariff, which is an option we have already been providing to our industrial and commercial customers. The new schedule is called a seasonal and hourly tariff and it allows residents to be charged under a monthly Base Charge plus increments depending on time, day and season. Each household may also choose to stay under the current tariff schedule which in contrast is a progressive schedule with seasonal adjustments. Our plan is to provide this option to households in Jeju Province in Korea first as many of these households are equipped with the Advanced Metering Infrastructure (“AMI”) already and review rolling it out to the rest of the country depending on the penetration rate of the AMI in each region.

On the other hand, there are also policy measures that have been repealed. For example, the rate discounts offered to residential consumers who voluntarily reduced electricity consumption and those offered to traditional wet markets were abolished in December 2019. The rate discounts for electric vehicles have been terminated in June 2022 and the rate discounts for households that use less than 200 kilowatt-hours were phased out to 50% in July 2021 and was terminated in July 2022. We also discontinued the 50% discount offered for customers who installed a renewable energy generator for their own industrial and general uses in 2020 while only maintaining it for customers who are unable to sell their electricity in the market because of their small generation capacities (less than 10 kilowatts). The discount for such customers is planned to be discontinued in 2023. Despite these, there can be no assurance that the current and future adjustments in electricity tariff rates and rate discounts will not have an adverse impact on our business, results of operations, financial condition and profitability. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates” for more information on electricity tariff charged to our consumers.

Our capacity expansion plans, which are principally based on projections on long-term supply and demand of electricity in Korea, may prove to be inadequate.

We and our generation subsidiaries make plans for expanding or upgrading our generation capacity and transmission infrastructure based on the Basic Plan Relating to the Long-Term Supply and Demand of Electricity, or the Basic Plan, which is generally revised and announced every two years by the Government. In January 2023, the Government announced the Tenth Basic Plan which is effective for the period from 2023 to 2036. The Tenth Basic Plan focuses on (i) establishing practical and balanced mixture of power sources and (ii) optimizing nuclear power sources while minimizing coal-fired power sources and developing eco-friendly power sources. The Tenth Basic Plan includes the following specific measures: (i) construction of nuclear power plants, Shin-Hanul #3 and 4, would resume and operation of ten other nuclear generation units including Kori #2 may continue beyond their original retirement dates in or before 2030 subject to KHNP’s intention and only upon the Nuclear Safety and Security Commission (“NSSC”)’s approval following a satisfactory safety evaluation; as a result, nuclear generation capacities will increase from 26.1 gigawatts in 2023 to 31.7 gigawatts by 2036, (ii) 28 decrepit coal-fired power plants with total capacity of 14.1 gigawatts will be retired and converted into using LNG instead, decreasing coal generation capacities from 40.2 gigawatts in 2023 to 27.1 gigawatts by 2036 and expanding LNG generation capacities from 43.5 gigawatts in 2023 to 64.6 gigawatts by 2036 as a consequence, (iii) domestic renewable energy generation capacity is projected to expand from 32.8 gigawatts in 2023 to 108.3 gigawatts by 2036, and (iv) carbon-free power sources such as hydrogen-LNG and ammonia-coal blended combustion will be utilized to achieve 2050 carbon neutrality. The introduction of such carbon-free power sources can minimize stranded assets, i.e., assets that have become obsolete or non-performing, by recycling existing coal-fired power plants and system facilities connected thereto. Hydrogen and ammonia-blended power generation is expected to reach 47.4 terawatt-hour in 2036, accounting for 7.1% of the total annual power generation.

 

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In June 2019, the Ministry of Trade, Industry and Energy adopted the Third Basic National Energy Plan following consultations with representatives from civic groups, the energy industry and academia. The Third Basic National Energy Plan, which is a comprehensive plan that covers the entire spectrum of energy industries in Korea, covers the period from 2019 to 2040. The Third Basic National Energy Plan is consistent with the First and the Second Basic National Energy Plans in terms of the general policy direction and aims to promote sustainable growth and improvement of people’s quality of life by converting to renewable energy. Specifically, it establishes the following five key tasks: (i) strengthening management of energy demand from various sectors, such as commerce and transportation, and promoting a rational electricity tariff system to improve the national energy consumption efficiency by 38% and reduce the energy demand by 18.6% by 2040; (ii) converting to clean and safe energy through gradual reduction of nuclear power generation and decisive reduction of coal power generation by prohibiting construction of new coal-fired power plants and increasing the proportion of renewable energy sources to approximately 35% by 2040; (iii) expanding the power distribution in areas near those with demands for renewable energy and fuel cells and strengthening the roles and responsibilities of local governments; (iv) fostering the growth of the future energy industries (including renewable energy, hydrogen fuel and other efficient sources of energy linked to technology), promoting the value-add for traditional energy industries and maintaining a core energy ecosystem for nuclear power plants; and (v) improving the energy, gas and heat market systems to facilitate the national energy conversion and building platforms based on big data to foster creation of new energy industries.

The Ministry of Trade, Industry and Energy is currently preparing the Fourth Basic National Energy Plan to be announced in 2024. The Government inaugurated in May 2022 announced the draft direction of the new Government’s energy policy in July 2022 that set the following five fundamental basis for the Fourth Basic National Energy Plan: first, redefining a feasible and rational energy mix; second, establishing strong resource and energy security; third, improving efficiency of energy demand and restructuring the energy market based on market principles; fourth, promoting the development and export of new energy businesses; and finally, strengthening energy welfare and the applicability of relevant policies. Through this policy direction, we expect to promote balanced development in nuclear power, renewable energy, and hydrogen energy nationwide, which will decrease the proportion of energy generated from fossil fuels.

However, we cannot assure that the Tenth Basic Plan, the Third and Fourth Basic National Energy Plans, or their respective successor plans will successfully achieve their intended goals, the foremost of which is to ensure, through carefully calibrated capacity expansion and other means, balanced overall electricity supply and demand in Korea to end users while promoting efficiency and environmental friendliness in the consumption and production of electricity. If there is significant variance between the projected electricity supply and demand considered in planning our capacity expansions and the actual electricity supply and demand, or if these plans otherwise fail to meet their intended goals or have other unintended consequences, this may result in inefficient use of our working capital, and undue financing costs on the part of us and our generation subsidiaries, among others, which may have a material adverse effect on our results of operations, financial condition and cash flows.

From time to time, we may experience temporary power shortages or circumstances bordering on power shortages due to factors beyond our control, such as extreme weather conditions. Such circumstances may lead to increased end-user complaints and greater public scrutiny, which may in turn require us to modify our capacity expansion plans, and if we were to substantially modify our capacity plans, this might result in additional capital expenditures and, as a result, have a material adverse effect on our results of operations, financial condition and cash flows.

Although the Government makes significant efforts to encourage conservation of electricity, including through demand management programs, there is no assurance that such efforts will have the desired effect of substantially reducing the demand for electricity or improving efficient use thereof. See Item 4.B. “Business Overview—Sales and Customers.”

 

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We are subject to various environmental legislations, regulations and related Government initiatives, including in relation to climate change and carbon neutrality, which could cause significant compliance costs and operational liabilities.

We are subject to national, local and overseas environmental laws and regulations, including increasing pressure to reduce emission of carbon dioxide from our electricity generation. Our operations could expose us to the risk of substantial liability relating to environmental, health and safety issues, such as those resulting from the discharge of pollutants and carbon dioxide into the environment and the handling, storage and disposal of hazardous materials. We may be responsible for the investigation and remediation of environmental conditions at current or former operational sites. We may also be subject to related liabilities (including liabilities for environmental damage, third-party property damage or personal injury) resulting from lawsuits brought by the Government or private litigants. In the course of our operations, hazardous wastes may be generated, disposed of or treated at third-party-owned or -operated sites. If those sites become contaminated, we could also be held responsible for the cost of investigation and remediation of such sites for any related liabilities, as well as for civil or criminal fines or penalties.

We intend to fully comply with our environmental obligations. However, our environmental measures, including the use of, or replacement with, environment-friendly but more expensive parts and equipment and budgeting capital expenditures for the installation or modification of such facilities, may result in increased operating costs and liquidity requirement. The actual cost of installation, replacement, modification and/or operation of such equipment and related liquidity requirement may depend on a variety of factors that are beyond our control. There is no assurance that we will continue to be in material compliance with legal or regulatory requirements or satisfy social norms and expectations in the future in relation to the environment, including in respect of climate change.

In recent years, partly driven by growing public awareness and sensitivity toward climate change and other environmental issues as well as in an effort to capture the economic and social potential associated with renewable energy and “new energy”-related industries (such as smart grids, energy storage systems and electrical vehicles, among others), the Government has introduced and implemented a number of new measures designed to reduce greenhouse gas emission, minimize environmental damage and spur related business opportunities. Some key examples of such Government initiatives pertinent to our and our generation subsidiaries’ operations are as follows:

 

   

Greenhouse Gas Emission Trading System, Related Emission Reduction Targets and the Greenhouse Gas Reduction Roadmap.

 

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In accordance with the Act on Allocation and Trading of Greenhouse Gas Emission Allowances enacted in March 2013, the Government implemented a greenhouse gas emission trading system under which the Government will allocate the amount of permitted greenhouse gas emission to companies by industry and a company whose business emits more carbon than the permitted amount is required to purchase the right to emit more carbon through the Korea Exchange. The categories of allowances traded include the Korean Allowance Unit (KAU), which is the emissions allowance allocated to applicable companies by the Government; Korean Credit Unit (KCU), which is a tradable unit converted from external carbon offset certifications including the Korean Offset Credit; and Korean Offset Credit (KOC), which is the verified carbon offset credit obtained by companies for reducing carbon emissions through absorption or otherwise. The greenhouse gas emission trading system is expected to be implemented in three stages. During the first phase (2015 to 2017), the Government gradually has set up and conducted a test run of the trading system to ensure its smooth operation, allocating the greenhouse gas emission allowances free of charge. In July 2018, the Government released the allocation plan for the second phase (2018 to 2020), during which 97% of the greenhouse gas emission allowances were allocated free of charge, with 3% allocated through an auction. During the third phase (2021 to 2025), the Government expanded the scale of the system with aggressive greenhouse gas emission reduction targets and allocating 10% of the greenhouse gas emission allowances through an auction.

 

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In connection with the Climate Change Response Initiatives and the 2030 National Greenhouse Gas Reduction Roadmap announced by the Government in December 2016, the Government subsequently announced the Long-term Low Greenhouse Gas Emission Development Strategies, which presents a long-term vision and national strategy for achieving carbon neutrality in 2050, and the Nationally Determined Contributions (“NDC”), which sets forth the greenhouse gas reduction targets by 2030. According to the Enforcement Decree of the Framework Act on Carbon Neutrality and Green Growth to Cope with Climate Crisis established in March 2022 and the latest figures of NDC announced by the Government in October 2021, the national target emission level in 2030 was 436.6 million tons and represents 40% reduction as compared to 2018. The target emission level for the Transformation sector (electricity and heating) as a whole which we are the part of was 149.9 million tons and represents 44.4% reduction as compared to 2018. Following the National Basic Plan for Carbon Neutrality & Green Growth established in April 2023, the Government has mandated annual sector-specific greenhouse gas reduction targets for the next 20 years from 2023 to 2042 and measures to achieve such targets to be formulated and implemented every five years. In terms of the NDC, the national target emission level remained unchanged but the latest target emission level in 2030 of the Transformation sector increased to 145.9 million tons, which represents 45.9% reduction compared to 2018. We cannot assure you that the reduction target will not be further raised in the future.

 

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Adhering to such emission and greenhouse gas reduction requirement may result in significant additional compliance costs. For example, the daily market price of the Korean Allowance Units (KAU), one of the categories of allowance traded on the Korea Exchange and allocated to applicable companies by the Government, was Won 8,640 per ton in early 2015, and the price has increased continuously thereafter, reaching its peak price at Won 42,500 per ton on April 2, 2020. Since then, the price has decreased and, as of the March 31, 2023, the price has been formed around Won 14,650 per ton. We cannot predict how the price of the KAUs will fluctuate over time, and such volatility may adversely affect our results of operation, financial condition and cash flows.

 

   

Obligatory and Voluntary Regulation of Coal-Fired Generation Units. As a measure to address the high level of particulate matter pollution, in October 2018, the Government introduced a pilot regulation to lower the output of 35 coal-fired generation units to approximately 80% of their capacity that emit more than a certain amount of particulate matter. The regulation was formally implemented in January 2019, targeting 40 coal-fired power plants with high emissions of particulate matter. From March to June 2019, the scope expanded to cover 60 units in total. From November 2019, the Government pursued a reduction of coal-fired generation units in order to implement the Special Measures to Respond to the High Concentration Period (December to March) of Particulate Matter. We plan to continue to participate in the effort to reduce the particulate matter emissions from coal-fired generation units, not only during the winter but also during the spring. For example, from December 2022 to March 2023, up to 9 coal-fired generation units were shut down, with a maximum of 36 coal-fired generation units subject to a cap of 80% on the output within the remaining reserve capacity range. Additionally, the Government adjusted the schedule to close down two decrepit coal-fired generation units (Boryeong #1 and #2), which were shut down in December 2020. Also, other coal-fired generation units, Samcheonpo #1 and #2 were shut down in May 2021 and Honam #1 and #2 units in December 2021. According to the Tenth Basic Plan announced in January 2023, the total coal-fired power plant capacity in 2036 will decrease to 27.1 gigawatts from 40.2 gigawatts in 2023, and its percentage of total power generation capacity will decrease to 11.3% in 2036 from 27.1% in 2023. In 2021 and 2022, our generation subsidiaries introduced a voluntary regulation to lower the output of coal-fired generation units, suspending the operations and imposing a cap of 80% on the output of some coal-fired generation units. While such measures may be subject to change, we expect to incur significant costs of complying with such measures, including in connection with more stringent particulate matter pollution regulations, retrofitting and overall replacement of environmental facilities.

 

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Coal and LNG Consumption Taxes. In January 2014, largely based on policy considerations of tax equity among different fuel types as well as environmental concerns, the Ministry of Economy and Finance announced that, effective July 1, 2014, consumption tax will apply to bituminous coal, which previously was not subject to consumption tax unlike other fuel types such as LNG or bunker oil. Pursuant to the amended Individual Consumption Tax Act effective as of April 1, 2019, which involved an increase of the unit tax rate for coal by Won 10 per kilogram across the board, the base tax rate (which is subject to certain adjustments) is Won 46 per kilogram for bituminous coal; however, due to concerns on the potential adverse effect on industrial activities, the applicable tax rate is applied differently based on the net heat generation amount. The currently applicable tax rate for bituminous coal is Won 43 per kilogram for net heat generation of less than 5,000 kilocalories, Won 46 per kilogram for net heat generation of 5,000 to 5,500 kilocalories and Won 49 per kilogram for net heat generation of 5,500 kilocalories or more. In contrast, the consumption tax and surcharge on importation of LNG decreased by Won 48 and Won 20.4 per kilogram, respectively, which came into effect in April 2019. The currently applicable consumption tax rate and surcharge on importation of LNG are Won 12 and Won 3.8 per kilogram, respectively. However, following rapid increases in the price of LNG and bituminous coal, in order to mitigate the adverse impact of price increases in the global energy market and manage the inflation rate, the applicable individual consumption tax rates for coal and LNG have been temporarily decreased. From August 2022 to June 2023, the relevant individual consumption tax rate for coal and LNG decreased by 15%. The individual consumption tax rate for LNG decreased from Won 12 per kilogram to Won 10.2 per kilogram, and the individual consumption tax rate for bituminous coal for net heat generation of 5,000 to 5,500 kilocalories decreased from Won 46 per kilogram to Won 39.1 per kilogram (for net heat generation of less than 5,000 kilocalories, the rate decreased from Won 43 per kilogram to Won 36.5 per kilogram, and for net heat generation of 5,500 kilocalories or more, the rate decreased from Won 49 per kilogram to Won 41.6 per kilogram). Notwithstanding the recent trend, we expect any future increase in tax rates may adversely affect our overall fuel costs and power purchase cost.

 

   

Renewable Portfolio Standard. Under this program, each of our generation subsidiaries is required to generate a specified percentage of total electricity to be generated by such generation subsidiary in a given year in the form of renewable energy or, in case of a shortfall, purchase a corresponding amount of a Renewable Energy Certificate (a form of renewable energy credit) from other generation companies whose renewable energy generation surpass such percentage. The target percentage was 6.0% in 2019, 7.0% in 2020, 9.0% in 2021 and 12.5% in 2022. In 2021, all six of our generation subsidiaries met the target through renewable energy generation and/or the purchase of a Renewable Energy Certificate. Compliance by our generation subsidiaries of the 2022 target is currently under evaluation, and if any generation subsidiary is found to have failed to meet the target for 2022 or for subsequent years, such generation subsidiary may become subject to fines. From October 2021, an amendment to the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy raised the upper limit of the target percentage even higher to 25% from the previous threshold of 10%. The Enforcement Decree of the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy was amended and became effective on January 4, 2022 to gradually increase the annual upper limit of target percentage to 14.5% in 2023, 17.0% in 2024, 20.5% in 2025 in order to raise the upper limit of target percentage to 25% in 2026. However, as the Tenth Basic Plan decreased the target percentage of domestic renewable energy generation from 30.2% to 21.6% in 2030, on January 13, 2023, an amended bill to the Enforcement Decree has been introduced, proposing to change the target rate for 2023 to 13.0%, for 2024 to 13.5%, for 2025 to 14.0% in order to raise the upper limit of target percentage to 25% after 2030. Even though the recent amendment will delay the target dates, the proposed target percentages may result in additional expenses for our generation subsidiaries.

 

     2023     2024     2025     2026     2027  

Target Percentage under Renewable Portfolio Standard

     13.0     13.5     14.0     15.0     17.0

 

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Renewable Energy Expansion Plan. In December 2017, the Ministry of Trade, Industry and Energy announced the Renewable Energy 3020 Plan, an initiative to increase the generation and use of renewable energy on a nationwide basis. According to the plan, the Government planned to increase the required percentage of total electricity to be generated from renewable energy sources from 7% in 2016 to 20% by 2030 and the domestic renewable energy generation capacity to 72.7 gigawatts by 2030 through the expansion of solar and wind power generation capacities to 46.5 gigawatts and 19.3 gigawatts, respectively. According to the Tenth Basic Plan announced in January 2023, the Government has set national targets of 108.3 gigawatts in renewable energy generation capacity in 2036, with the goal of increasing the percentage of total electricity to be generated from renewable energy sources to 30.6% by 2036.

 

   

New Energy Industry Fund. In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles, small-sized self-sustaining electricity generation grids known as “micro-grids,” among others, as well as invest in start-up companies, ventures, small- to medium-sized enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.

 

   

Environmental and safety considerations in electricity supply and demand planning. In March 2017, the Electric Utility Act was amended to the effect that starting in June 2017, future national planning for electricity supply and demand in Korea should consider the environmental and safety impacts of such planning. Accordingly, the costs related to environmental and safety impacts, such as the desulfurization costs, have been reflected in the variable cost of generating electricity of each generation unit since August 2019. In December 2019, the Regulation on the Operation of the Electricity Market was revised to reflect the cost of trading greenhouse gas emission allowances in the variable cost of generating electricity of each generation unit and the revision was implemented in January 2022.

 

   

Renewable Energy 100. In line with the spread of Renewable Energy 100 (“RE100”), a global campaign by companies around the world to cover 100% of their electricity use with renewable energy by 2050, the Government introduced its own version of RE100 that allows companies and other consumers to choose energy sources from which their electricity is generated. In order for a domestic company to participate in RE100, it may purchase renewable energy through us in a competitive bidding process and be issued with a certificate of use of renewable energy, which we refer to as the Green Premium system, or enter into a power purchase agreement (“PPA”) either with a renewable energy generator through us as an intermediary (“third-party PPA”) or with a renewable energy generator directly such that the generator will supply electricity to the company without going through the existing electricity market (“direct PPA”). The relevant legislation for the direct PPA was enacted in the National Assembly in March 2021 and has been in force since October 2021. The Ministry of Trade, Industry and Energy finalized and announced detailed guideline for direct PPA in September 2022. As of March 31, 2023, there are four third-party PPA of total contracted capacity of 9.5 megawatts and one direct-PPA of total contracted capacity of 2.3 megawatts, which are effective under the related law and guideline. If there is an expansion in the use of direct PPA, it may adversely affect our market share in electricity sales.

 

   

2050 Carbon-Neutrality Declaration. In response to the Paris Agreement and the United Nations Framework Convention on Climate Change (“UNFCCC”)’s goal to comprehensively replace fossil fuels and achieve global net-zero emission by 2050, the Korean national assembly has passed a non-binding resolution on September 24, 2020 to establish a special committee on climate change and urge the Government to meet its 2030 carbon reduction goal and bolster its efforts to achieve carbon neutrality by 2050. On November 27, 2020, the Government officially announced the Government’s commitment to implement policies in all areas of the industry to achieve Korea’s carbon neutrality by 2050. On

 

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December 10, 2020, the Government followed up with broad 2050 carbon neutrality development strategies. In May 2021, the Government launched a carbon neutrality committee which issued a preliminary draft of the carbon neutrality scenario in August 2021. After going through the process of collecting opinions from the consultative bodies in various sectors and citizen participation groups, the committee deliberated and finalized the 2050 carbon neutrality scenarios in October 2021. According to the two scenarios that have been finalized, both them will aim to achieve net-zero domestic carbon dioxide emissions by 2050. Scenario A will completely suspend thermal power generation, while scenario B will actively utilize technologies such as carbon capture, utilization and storage (“CCUS”) while allowing some thermal power generation to continue. If any specific regulation or policy affecting our business is announced or implemented, we may experience an increased regulatory scrutiny over carbon dioxide emission from our electricity generation activities and related projects overseas. We and our generation subsidiaries announced the 2050 Carbon-Neutrality Vision in November 2021 and will further invest in various renewable energy power generation projects, new business opportunities and core technology development with a goal of entirely replacing domestic coal power generation by 2050. In the process of pursuing such, our business strategy and investment plan may change from time to time and it may result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations, particularly as they may relate to our power generation business. In addition, the achievement of carbon neutrality by 2050 may be delayed or made impossible due to unexpected changes in policies or power market conditions including a major shift in the supply and demand of electricity.

 

   

Hydrogen Energy Related Legislations. Following the amendment to the Hydrogen Economy Promotion and Hydrogen Safety Management Act in June 2022 and its Enforcement Decree in December 2022, the Minister of Trade, Industry and Energy has designated KEPCO and other entities under Community Energy System as the buyers of hydrogen-generated electricity. We will be required to enter into contract with a hydrogen-generation business entity who is selected as the contractor after competitive bidding process. The bidding market is comprised of the general hydrogen market and the clean hydrogen power generation market, as categorized based on the type of fuel used. In consideration of the current ecosystem in which fuel cells are used, the general hydrogen power generation market is open to all kinds of hydrogen plants including plants using extracted or by-product hydrogen. On the other hand, the clean hydrogen power generation market is a market where only generators using clean hydrogen plants can participate. Clean hydrogen is categorized into carbon-free hydrogen, low-carbon hydrogen, and low-carbon hydrogen compounds (including ammonia) according to greenhouse gas emissions in the production and import procedure of hydrogen. The system for certifying clean hydrogen plants will be put in place based on criteria, such as the amount of carbon dioxide emissions, set by relevant enforcement ordinances. The bidding market commences two years earlier in the general hydrogen market and three years earlier in the clean hydrogen market than the actual commercial operation of plants and purchase of power generated. In March 2023 but prior to an official announcement, the Government notified the bidding volume for the period from 2023 to 2025 in accordance with the Tenth Basic Plan, as shown in the table below.

 

     Year of bidding market commencement  
   2023      2024      2025  
   Year of
commercial
operation

commencement
     Volume
(GWh)
     Year of
commercial
operation
commencement
     Volume
(GWh)
     Year of
commercial
operation
commencement
     Volume
(GWh)
 

General hydrogen market

     2025        1,300        2026        1,300        2027        1,300  

Clean hydrogen market

                   2027        3,500        2028        3,000  

 

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The amount of hydrogen-generated electricity to be purchased by us will be determined by the Minister of Trade, Industry and Energy after taking into consideration the Basic Plan Relating to the Long-Term Supply and Demand of Electricity and Hydrogen Economy Implementation Basic Plan and it shall be within 10% of the aggregate power generated domestically during the previous year. The Minister shall allow us to reflect the cost arising from the purchase of hydrogen energy into the electricity tariff pursuant to the above Act but a detailed method has not been specified yet.

Complying with these Government initiatives and operating programs in furtherance thereof has involved and will likely continue to involve significant costs and resources on our part, which may adversely affect our results of operation, financial condition and cash flows. Our cost of complying with the Renewable Portfolio Standard increased as the target percentage for compliance increased in 2022. We expect our future compliance costs may increase as the requirements under Government initiatives and operating programs continue to become more rigorous. We may not be able to pass on the increased cost to customers at a sufficient level or on a timely basis. Further, we and our generation subsidiaries could also become subject to substantial fines and other forms of penalties for non-compliance. Even without such financial losses, increased public awareness and adverse publicity about potential impacts on climate change or environmental harm from us or our industry could harm our reputation or otherwise impact the Company adversely. In recent years, investors have also begun to show increased interest about sustainability and climate change as it relates to their investment decisions.

According to the new tariff system which came into effect on January 1, 2021, the Government introduced an additional component to the tariff called the Climate/Environment Related Charge. Previously, our climate and environment costs were embedded in the Usage Charge component of the tariff and our consumers could not discern the exact magnitude of such costs. By separating it out as an independent component, we intend to provide more information and transparency to our customers while having the flexibility to adjust it in alignment with the underlying costs. The Climate/Environment Related Charge for the coming year is calculated by multiplying (i) our total estimated costs of complying with the Renewable Portfolio Standard program, the Greenhouse Gas Emission Trading System and the coal-fired generation reduction program for the current year, and then dividing it by the electricity sales projected for the coming year (the “Climate/Environment Related Base Rate”), and (ii) the amount of electricity consumed. The value of the Climate/Environment Related Base Rate for 2022 was Won 7.3 per kilowatt-hour. In accordance with the tariff increase plan we announced in December 2022, we further reflected increased environmental costs in 2023 to raise the Climate/Environment Related Base Rate by Won 1.7 to Won 9.0 per kilowatt-hour. As such case illustrates, even though the Climate/Environment Related Charge is planned to be adjusted every year by reflecting the change in climate and environment-related costs, the Government may change the date of adjustment in consideration of different policy objectives. Therefore, there is no guarantee that the Climate/Environment Related Charge will be regularly updated, even though our climate and environment-related costs will likely increase each year. If there are discrepancies between our costs and the Climate/Environment Related Charge, we may accumulate such discrepancies and reflect them in our Total Comprehensive Cost. However, the electricity rate based on the Total Comprehensive Cost needs to be approved by the Government to be revised. There is no assurance that, particularly given the wide-ranging policy priorities of the Government, it will in fact raise the electricity rate to a level sufficient to fully cover additional costs associated with implementing and operating programs as described in this risk factor and do so on a timely basis or at all. If the Government does not do so or provide us and our generation subsidiaries with other forms of assistance to offset the costs involved, our results of operation, financial condition and cash flows may be materially and adversely affected.

See Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”

We may require a substantial amount of additional indebtedness to refinance existing debt and for future capital expenditures.

We anticipate that a substantial amount of additional indebtedness will be required in the coming years in order to refinance existing debt, make capital expenditures for construction of generation plants and other

 

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facilities and/or make acquisitions, invest in renewable energy and the “new energy industry” projects and fund our overseas businesses. In 2020, 2021 and 2022, our capital expenditures in relation to the foregoing amounted to Won 15,485 billion, Won 13,964 billion and Won 13,886 billion, respectively, and our budgeted capital expenditures for 2023, 2024 and 2025 amount to Won 16,927 billion, Won 16,306 billion and Won 17,908 billion, respectively.

Furthermore, as fuel prices surge, our cost of purchasing electricity from domestic generation companies through the Korea Power Exchange may increase significantly. If we fail to recoup more tariff from our customers to account for such electricity sales-related costs, our debt may further increase.

As we experienced increased net losses in 2022 as global energy prices increased significantly and the power purchase costs increased accordingly, we recently issued more debt securities than before to meet increased working capital requirement. On December 28, 2022, the National Assembly of Korea passed an amendment to Article 16 of KEPCO Act which increased our debt ceiling on total outstanding debt securities on a separate basis to be no greater than five times (or six times if the Minister of the Ministry of Trade, Industry and Energy approves if it is urgently required to resolve a business crisis situation) the sum of our share capital and reserves updated at the end of each year. Such share capital and reserves are calculated on a separate basis under the KEPCO Act. Before such amendment, our debt ceiling was two times the sum of our share capital and reserves. Such increase in debt ceiling will be effective until December 31, 2027 and we may make use of the new debt ceiling to issue more debt securities to cover our losses, refinance existing debt and finance new capital expenditures. However, if the sum of our share capital and reserves decrease (including as a result of continued significant net losses), our debt ceiling will decrease as well and there will be no assurance that we can meet our funding requirements for capital or operational expenditures or debt repayment obligations, which situation could have a material adverse impact on our business, results of operations and financial condition.

While we are not currently experiencing material difficulties in procuring long-term and short-term borrowings, there is no assurance that we will continue to be able to do so, particularly given the potential risk of increasing financial losses and the adverse business environment as discussed above. We expect that a portion of our long-term debt will need to be paid or refinanced through foreign currency-denominated borrowings and capital raising in international capital markets. Such financing may not be available on terms commercially acceptable to us or at all, especially if the global financial markets experience significant turbulence or a substantial reduction in liquidity or due to other factors beyond our control. If we are unable to obtain financing on commercially acceptable terms on a timely basis, or at all, we may be unable to meet our funding requirements for capital expenditures or debt repayment obligations, which could have a material adverse impact on our business, results of operations and financial condition.

We and our generation subsidiaries have undertaken various programs to reduce debt and improve the overall financial health. For further information, see Item 4.B. “Business Overview—Financial Stabilization Plan and Related Activities.” Despite our best efforts, however, for reasons beyond our control, including macroeconomic environments, government regulations and market forces (such as international market prices for our fuels), we cannot assure whether we or our generation subsidiaries will be able to successfully reduce debt burdens or otherwise improve our financial health to a level that would be optimal for our capital structure. If we or our generation subsidiaries fail to do so or the measures taken by us or our generation subsidiaries to reduce debt levels or improve financial health have unintended adverse consequences, such developments may have an adverse effect on our business, results of operations and financial condition.

The movement of Won against the U.S. dollar and other currencies may have a material adverse effect on us.

The Won has fluctuated significantly against major currencies from time to time. Even slight depreciation of Won against U.S. dollar and other foreign currencies may result in a material increase in the cost of fuel and equipment purchased by us from overseas since the prices for substantially all of the fuel materials and a significant portion of the equipment we purchase are denominated in currencies other than Won, generally in U.S. dollar.

 

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Changes in foreign exchange rates may also impact the cost of servicing our foreign currency-denominated debt. As of December 31, 2022, 14.7% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions, was denominated in foreign currencies, principally U.S. dollar. In addition, even if we make payments in Won for certain fuel materials and equipment, some of these fuel materials may originate from other countries and their prices may be affected accordingly by the exchange rates between the Won and foreign currencies, especially the U.S. dollar. Since the substantial majority of our revenues are denominated in Won, we must generally obtain foreign currencies through foreign currency-denominated financings or from foreign currency exchange markets to make such purchases or service such debt. As a result, any significant depreciation of Won against the U.S. dollar or other major foreign currencies will have a material adverse effect on our profitability and results of operations.

We may not be successful in implementing new business strategies.

As part of our overall medium- to long-term business strategies created in 2022, we plan to (i) establish power grid system which could further contribute to achieving carbon neutrality, (ii) expand clean energy and promote strategic demand response, (iii) lead future energy market and improve sales competitiveness, (iv) lead platform-based new businesses, (v) transform overseas business portfolio to focus on eco-friendly projects and core competencies, (vi) secure future technologies and build a research and development ecosystem, (vii) promote digitalization in overall supply chain, and (viii) establish a highly reliable and highly efficient management system with respect to human beings and environment.

Due to their inherent uncertainties, such new and expanded strategic initiatives expose us to a number of risks and challenges, including the following:

 

   

there may be restrictions on business diversification due to various regulations that we and our subsidiaries must comply with;

 

   

new and expanded business activities may require unanticipated capital expenditures, although our revenue may not be sufficient to cover such expenditures;

 

   

if domestic and foreign competitions intensify due to a limited pool of professionals and core technology to pursue new businesses, we may lose competitiveness;

 

   

new and expanded business activities may result in less growth or profit than we currently anticipate, and there can be no assurance that such business activities will become profitable at the level we desire or at all;

 

   

certain of our new and expanded businesses, particularly in the areas of renewable energy, require substantial Government subsidies to become profitable, and such subsidies may be substantially reduced or entirely discontinued;

 

   

we may fail to identify and enter into new business opportunities in a timely fashion, putting us at a disadvantage vis-à-vis competitors; and

 

   

we may need to hire or retrain personnel to supervise and conduct the relevant business activities.

As part of our business strategy, we may also seek, evaluate or engage in potential acquisitions, joint ventures, strategic alliances, restructurings, combinations, rationalizations, divestments or other similar opportunities. The prospects of these initiatives are uncertain, and there can be no assurance that we will be able to successfully implement or grow new ventures, and these ventures may prove more difficult or costly than what we originally anticipated. In addition, we regularly review the profitability and growth potential of our existing and new businesses. As a result of such review, we may decide to exit from or to reduce the resources that we allocate to new or existing ventures in the future. There is a risk that these ventures may not achieve profitability or operational efficiencies to the extent originally anticipated, and we may fail to recover investments or

 

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expenditures that we have already made. Any of the foregoing may have a material adverse effect on our reputation, business, results of operations, financial condition and cash flows.

We plan to pursue overseas expansion opportunities that may subject us to different or greater risks than those associated with our domestic operations.

While our operations have, to-date, been primarily based in Korea, we and our generation subsidiaries may expand, on a selective and opportunistic basis, overseas operations in the future. In particular, we and our generation subsidiaries may further expand the construction and operation of renewable energy power plants, transmission and distribution.

Overseas operations often involve risks that are different from those we face in our domestic operations, including the following:

 

   

challenges of complying with multiple foreign laws and regulatory requirements, including tax laws and laws regulating our operations and investments;

 

   

volatility of overseas economic conditions, including fluctuations in foreign currency exchange rates;

 

   

difficulties in enforcing creditors’ rights in foreign jurisdictions;

 

   

risk of expropriation and exercise of sovereign immunity where the counterparty is a foreign government;

 

   

difficulties in establishing, staffing and managing foreign operations;

 

   

differing labor regulations;

 

   

political and economic instability, natural calamities, war and terrorism;

 

   

lack of familiarity with local markets and competitive conditions;

 

   

changes in applicable laws and regulations in Korea that affect foreign operations;

 

   

obstacles to the repatriation of earnings and cash; and

 

   

environmental regulations and public complaints regarding overseas coal-fired power plants.

Any failure by us to recognize or respond to these differences may adversely affect the success of our operations in those markets, which in turn could materially and adversely affect our business and results of operations.

Furthermore, while we seek to enter into overseas business opportunities in a prudent manner, some of our new international business ventures carry inherent risks that are different from our traditional business of electricity power generation, transmission and distribution. While the overseas businesses in the aggregate currently do not comprise a material portion of our overall business, the actual revenues and profitability from, and investments and expenditures into, such ventures may be substantially different from what we plan or anticipate and may have a material adverse impact on our overall business, results of operations, financial condition and cash flows.

An increase in electricity generated by and/or sourced from independent power producers may erode our market position and hurt our business, growth prospects, revenues and profitability.

As of December 31, 2022, we and our generation subsidiaries owned approximately 59.9% of the total electricity generation capacity in Korea (excluding plants generating electricity for private or emergency use). New entrants to the electricity business will erode our market share and create significant competition, which could have a material adverse impact on our financial condition and results of operations.

 

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In particular, we compete with independent power producers with respect to electricity generation. The independent power producers accounted for 31.3% of total power generation in 2022 and 40.1% of total generation capacity as of December 31, 2022. As of December 31, 2022, there were 36 independent power producers in Korean electricity market, excluding 5,313 renewable energy producers. Private enterprises became permitted to own and operate coal-fired power plants in Korea only after the Ministry of Trade, Industry and Energy approved plans for independent power producers to construct coal-fired power plants under the Sixth Basic Plan announced in February 2013. Under the Tenth Basic Plan announced in January 2023, three coal-fired power plants are planned to be constructed by independent power producers by 2024. Two of the three coal-fired power plants planned for construction will be completed in 2023, followed by one in 2024. While it remains to be seen whether construction of these generation units will be completed as scheduled, if these units were to be completed as scheduled and/or independent power producers are permitted to build additional generation capacity (whether coal-fired or not), our market share in Korea may decrease, which may have a material adverse effect on our results of operations and financial condition.

In addition, under the Community Energy System adopted by the Government in 2004, a minimal amount of electricity is supplied directly to consumers on a localized basis by independent power producers outside the cost-based pool system. Such system is used by our generation subsidiaries and most independent power producers to distribute electricity nationwide. The purpose of this system is to geographically decentralize electricity supply and thereby reduce transmission losses and improve the efficiency of energy use. These entities do not supply electricity on a national level but are licensed to supply electricity on a limited basis to their respective districts under the Community Energy System. As of March 31, 2023, the aggregate generation capacity of suppliers participating in the Community Energy System amounted to less than 2% of that of our generation subsidiaries in the aggregate. We currently do not expect the Community Energy System to be widely adopted, especially in light of the significant level of capital expenditure required for such direct supply. However, if the Community Energy System is widely adopted, it may erode our currently dominant market position in the generation and distribution of electricity in Korea and may have a material adverse effect on our business, results of operations and financial condition.

While we are currently the dominant market player in the electricity distribution in Korea, we cannot assure you that our market dominance will not face potential erosion in the future. For example, in June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector), which contemplated a gradual opening of the electricity trading market to the private sector. Although the proposal was withdrawn after a year of deliberation, a number of economists and civic groups are continuing to demand for the liberalization of the electricity trading market. It is difficult to predict whether and in what direction the liberalization of the electricity trading market will happen in the future, and such event may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows.

See also Item 4.B. “Business Overview—Competition.”

Labor unrest or increases in labor cost may adversely affect our operations.

We and each of our generation subsidiaries have separate labor unions. As of December 31, 2022, approximately 74.0% of our and our generation subsidiaries’ employees in the aggregate were members of these labor unions. Since a six-week labor strike in 2002 by union members of our generation subsidiaries in response to a proposed privatization of one of our generation subsidiaries, there has been no material labor dispute. However, we cannot assure you that there will not be a major labor strike or other material disruptions of operations by the labor unions of us and our generation subsidiaries if the Government resumes privatization or other restructuring initiatives or for other reasons, which may adversely affect our business and results of operations.

Furthermore, the Government, as part of a response to low fertility amidst an aging population in Korea and to make the lives of workers more stable, has pledged to reduce the number of non-permanent workers and

 

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increase the employment of permanent workers, in part by transitioning from non-permanent to permanent positions in the public sector. We have completed transitioning temporary workers to permanent workers at the end of 2019. Our generation subsidiaries have partially completed transitioning of non-permanent workers to permanent positions by hiring them for an indefinite period or establishing subsidiaries and hiring them through such subsidiaries. Our thermal generation subsidiaries plan to form a labor-management consultative body to transition the in-house subcontracted workers for the fuel and environmental facilities to permanent positions. Although the Government guidelines suggest that we transition the non-permanent workers to permanent positions within our existing budget for the related business, we cannot assure you that this will not result in increased costs for us or our generation subsidiaries and have an adverse impact on us or our generation subsidiaries’ financial condition and results of operations.

Additionally, domestic and international policy changes may affect our relationship with our employees, such as the Government’s ratification of seven of the eight essential conventions of International Labor Organization and potential reformation of the public employee wage structure. We cannot assure you that such policy changes will not negatively affect our relationship with our employees, which may in turn adversely affect our business and results of operations.

Operation of nuclear power generation facilities inherently involves numerous hazards and risks, any of which could result in a material loss of revenues or increased expenses.

Through KHNP, we currently operate 25 nuclear-fuel generation units, among which Kori #2 has been shut down since April 8, 2023. KHNP submitted a safety evaluation report to the NSSC in April 2022 to seek approval for an extension of the life of Kori #2.

Operation of nuclear power plants is subject to certain hazards, including environmental hazards such as leaks, ruptures and discharge of toxic and radioactive substances and materials. These hazards can cause personal injuries or loss of life, severe damage to or destruction of property and natural resources, pollution or other environmental damage, clean-up responsibilities, regulatory investigation and penalties and suspension of operations. Nuclear power has a stable and relatively inexpensive cost structure (which is least costly among the fuel types used by our generation subsidiaries) and is the second largest source of Korea’s electricity supply, accounting for 29.6% of electricity generated in Korea in 2022. Due to significantly lower unit fuel costs compared to those for thermal power plants, our nuclear power plants are generally operated at full capacity with only routine shutdowns for fuel replacement and maintenance, with limited exceptions.

From time to time, our nuclear generation units may experience unexpected shutdowns or maintenance-related stoppage. For example, following an earthquake in the vicinity in September 2016, four nuclear generation units at the Wolsong site were shut down for approximately three months as part of a preventive and safety assurance program although these units were not directly affected by the earthquake. Any prolonged or substantial breakdown, failure or suspension of operation of a nuclear unit could result in a material loss of revenues, an increase in fuel costs related to the use of alternative power sources, additional repair and maintenance costs, greater risk of litigation and increased social and political hostility to the use of nuclear power, any of which could have a material adverse impact on our financial condition and results of operations.

In order to prevent damages to the nuclear facilities such as a result of the tsunami and earthquake in March 2011 in Japan, KHNP prepared a comprehensive safety improvement plan including, but are not limited to, installing additional automatic shut-down systems for earthquakes, extending coastal barriers for seismic waves, procuring mobile power generators and storage batteries, installing passive hydrogen removers at nuclear facilities and improving the radiology emergency medical system. All follow-up measures will be finalized in December 2024 due to changes in the plan. KHNP also developed 10 additional supplementary safety measures by analysis of overseas plants and its current operations and implemented nine of such measures in 2017, with the one remaining measure to be implemented by 2023. However, there is no assurance that a similar or worse natural disaster may require the adoption and implementation of additional safety measures, which may be costly and have a material adverse impact on our financial condition and results of operations.

 

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In January 2023, the Government announced the Tenth Basic Plan which focuses on, among other things, optimizing nuclear power sources while minimizing coal-fired power sources and developing eco-friendly power sources. Accordingly, construction of nuclear generation units in a planning stage (Shin-Hanul #3 and 4) would resume and operation of ten other nuclear generation units including Kori #2 may continue beyond their original retirement dates in or before 2030 subject to KHNP’s intention and only upon the NSSC’s approval following a satisfactory safety evaluation. As for new nuclear plants under construction, we expect the construction of Shin-Hanul #2 will be completed in 2023 following Shin-Hanul #1 which commenced its commercial operation in December 2022, while construction of Saeul #3 and #4 (formerly named as Shin-Kori #5 and #6) is expected to complete in 2024 and 2025 respectively. We cannot assure you that there will not be new challenges by civic groups or changes in the Government’s policies that may interfere with the construction of these new nuclear units in the future. We may experience a loss of revenues and an increase in fuel costs (as nuclear fuel is the cheapest compared to coal, LNG or oil) as a result of such challenges, which could adversely affect our results of operation and financial condition. For example, in May 2019, a group of 730 Korean nationals brought a lawsuit against the NSSC to suspend the operation of Saeul #2 (formerly named as Shin-Kori #4). In July 2019, we applied to participate in the lawsuit as a stakeholder. In February 2021, the Seoul Administrative Court dismissed the plaintiffs’ claim. The plaintiffs subsequently appealed in March 2021 and the plaintiff’s appeal was dismissed by the Seoul High Court in November 2022. The plaintiff has filed a petition to appeal to the Supreme Court of Korea.

As mentioned above, there are ten other nuclear generation units whose life under their initial operating license will expire by 2030 including Kori #2 which has been shut down since April 8, 2023. Under the Tenth Basic Plan, we aim to continue their operation after such expirations, but we may find it difficult to have the life of those nuclear units extended. In April 2022, KHNP submitted a safety evaluation report to the NSSC to seek approval for an extension of the life of Kori #2, which shut down in April 2023. In September 2022, KHNP also submitted a safety evaluation report to the NSSC to seek approval for an extension of the lives of Kori #3 and Kori #4, which are scheduled to shut down in September 2024 and August 2025, respectively. As future procedures will be carried out in accordance with relevant laws and regulations, it is uncertain at this time whether such extension of life will be granted. The failure to extend the life of these units would result in a loss of revenues from such units and the increase in our overall fuel costs (as nuclear fuel is cheaper compared to coal, LNG or oil), which could adversely affect our results of operation and financial condition. In addition, heightened concerns regarding the safety of operating nuclear generation units could impede with our ability to operating them for an extended period of time or at all. For example, the nuclear power plant at Wolsong #1 unit began operations in 1982 and ended its operations in 2012 pursuant to its 30-year operating license. In February 2015, the NSSC evaluated the safety of operating Wolsong #1 unit and approved its extended operation until November 2022. However, a civic group filed a lawsuit to annul such decision, and in February 2017, the Seoul Administrative Court ruled against the NSSC. The NSSC appealed this decision, and the civic group filed an injunction to suspend the operation of the Wolsong #1 unit. The civic group’s injunction was denied in July 2017. KHNP, which operated the unit pursuant to the NSSC’s initial decision, has joined this lawsuit.

In addition, the current scheme for the construction and operation of nuclear generation units may be altered in the future and we cannot assure you that the current or future policies will not have an adverse impact on our or our generation subsidiaries’ financial condition and results of operations. In the past, in keeping with previous Eighth and Ninth Basic Plans to decrease the reliance on nuclear power sources, on June 15, 2018, the board of directors of KHNP decided to (i) retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the economic viability and regional sentiment of its continuing operation and (ii) discontinue the construction of Chunji #1 and #2 as well as Daejin #1 and #2 units. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1 unit. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Wolsong #1 unit accrued to Won 572,216 million and reversal of impairment loss was Won 16,693 million. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Chunji #1 and #2 as well as Daejin #1 and #2 units amounted to Won 38,886 million. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Shin-Hanul #3 and #4 units accrued to Won 134,736 million. However

 

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as the Tenth Basic Plan announced in January 2023 aims to restart the construction of Shin-Hanul #3 and #4, we recognized the reversal of all the accrued impairment losses related to the Shin-Hanul #3 and #4. The Government revised the Enforcement Decree of the Electricity Business Act in June 2021 and enacted a notice that will allow KHNP to be compensated for reasonable costs incurred in relation to the phase-out of nuclear power plants in accordance with the Government’s energy transition policy. KHNP applied for such compensation related to Wolsong #1 in June 2022. However, even if KHNP may apply for such compensation, there is no guarantee that it will cover the entire cost as the scope of such compensation has not been specifically determined yet. If KHNP cannot recoup its total cost, it may have an adverse impact on our financial condition.

The construction and operation of our generation, transmission and distribution facilities involve difficulties, such as opposition from civic groups and uncertainties in maintaining permits and licenses, which may have an adverse effect on us.

From time to time, we encounter social and political opposition against construction and operation of our generation facilities (particularly nuclear units) and, to a lesser extent, our transmission and distribution facilities. For example, we recently faced intense opposition from local residents and civic groups to the construction of transmission lines in the Milyang area, which we resolved through various compensatory and other support programs. Such opposition delayed the schedule for completion of this project. Although we and the Government have undertaken various community programs to address concerns of residents in areas near our facilities, civic and community opposition could result in delayed construction or relocation of our planned facilities. In addition, our generation, transmission and distribution facilities generally require permits and licenses from the Government before we can operate them. For example, our nuclear power plants are operated under licenses for a fixed duration of time and such licenses can only be extended upon an approval by the NSSC following a satisfactory safety evaluation. Even in the case of a satisfactory safety evaluation and following approval, a civic or other group may file a lawsuit to challenge such evaluation and approval and apply for an injunction to prevent us from operating our facilities. Such civic and community opposition and the uncertainties in maintaining permits and licenses for our facilities could give rise to a material adverse impact on our business and results of operations.

Our risk management policies and procedures may not be fully effective at all times.

In the course of our operations, we must manage a number of risks, such as regulatory risks, market risks and operational risks. Although we devote significant resources to developing and improving our risk management policies and procedures and expect to continue to do so in the future, our risk management practices may not be fully effective at all times in eliminating or mitigating risk exposures in all market environments or against all types of risk, including risks that are unidentified or unanticipated, such as natural disasters or employee misconduct. For example, in November 2019, prosecutors indicted six of KHNP’s employees for, among others, failing to immediately shut down Hanbit #1 reactor when its thermal output exceeded the threshold specified by the nuclear safety technical operations manual and filing false reports to the NSSC. KHNP is also indicted for secondary liability from its employees’ alleged wrongdoings. The case arose from the NSSC’s investigations into the manual shutdown of Hanbit #1 reactor during a diagnostic test in May 2019. On October 27, 2022, the Supreme Court of Korea dismissed the appeal and upheld the judgement that the employees are not guilty of violating the safety technical operations manual and driving a reactor without a license. In connection with filing false reports to the NSSC, the Supreme Court upheld that, of the five employees who were up for trial, three employees are guilty but two employees are not guilty. To prevent similar incidents from occurring again, KHNP is working to improve its risk monitoring and management system. For additional information, see Item 4.B. “Business Overview—Nuclear Safety.”

In April 2019, a forest fire broke out in Goseong in Gangwon Province, about 210 kilometers from Seoul, causing damages to nearby towns, covering approximately 1,260 hectares. The National Forensic Service has investigated the cause of the fire and has determined that the fire seems to have started by an electrical arc from our utility pole’s wire, which broke as a result of a strong wind. Based on this finding, the Police Department of Goseong conducted follow-up investigations and issued a recommendation to prosecute seven employees of KEPCO in connection with the fire. In January 2023, the Seoul High Court acquitted the employees. The prosecutors have appealed to the Supreme Court and a trial is underway, the results of which may have a material

 

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adverse effect on us, our reputation and our operating results. In the meantime, we have settled with and completed compensation payment of Won 62.8 billion to victims as of March 31, 2023. We expect settlements with the remaining victims would cost us approximately Won 6.0 billion. As of December 31, 2022, 68 lawsuits were filed against KEPCO for damages caused by the forest fire, with a total amount of claims around Won 292.5 billion. One claim was given judgment in favor of KEPCO, one claim was settled, and 66 lawsuits are pending. In addition, we are compensating the fire victims by providing a number of services, such as free supply of electricity, and implementing measures to prevent future fires that may result from an electrical arc, including a special maintenance program during the dry season between March and May. Also, we implemented operational measures such as tailored operation of protective devices and suspension of operation during periods of low loads and plan to change power facility designs to reflect regional and seasonal characteristics, all of which are intended to help prevent similar incidents from happening in the future. Despite our efforts, however, such incidents may occur again, and we cannot assure you that they will not have any material adverse effect on us, our reputation and our operating results.

Furthermore, our operational activities like the generation of electricity involve inherent operating risks that may result in accidents involving serious injury or loss of life, environmental damage or property damage. Even though we plan to prioritize on-site safety management by engaging in communications with different stakeholders and investing more in safe environment, there is no guarantee that there will not be future accidents due to our inherent operating risks.

The Serious Accident Punishment Act (the “SAPA”) was enacted on January 26, 2021 and took effect on January 27, 2022. The SAPA imposes criminal liability on individuals and entities responsible for “serious accidents”. Under SAPA, the term “serious accident” encompasses not only accidents at industrial sites (e.g., at factories or construction sites), but also “public” disasters caused by defects in the design, manufacture, installation and management of products, product ingredients or public facilities/transportation. The SAPA imposes criminal liability against (i) business owners or executives (as defined by the law) who fail to ensure the safety of their business operations and (ii) businesses or institutions who fail their supervisory duties. In case of willful misconduct or gross negligence, the SAPA also imposes punitive damages of up to five times the actual damages. The SAPA also impacts the impending class action and punitive damages legislation, since a serious accident could very well trigger liability under all three laws. For instance, if a serious accident leads to injury or death, and involves 50 or more claimants with a common question of law or fact, this would trigger a potential class action, punitive damages and criminal penalties under the SAPA. As such, the risks faced by companies and senior management under SAPA are amplified by the new class action/punitive damages system, and vice versa. Although we have analyzed the potential impacts on us of the SAPA and aligned our policies, internal regulations and manuals in preparation for the implement of the SAPA prior to the enactment of the SAPA, there is no guarantee that the SAPA would not adversely affect our business, financial condition and result of operations given that the SAPA is very broad but not yet tested by way of court precedents or official rulings of the Government.

We believe we and our subsidiaries are in compliance in all material respects with internal compliance policies and procedures and all other additional safety measures initiated internally or required by regulatory and governmental agencies. Under the SAPA, businesses may avoid punishment if it is found that they duly performed their duties to ensure the safety and health of the participants in their business operations. However, we cannot assure you that, despite all precautionary and preventative measures undertaken by us, these measures will prove to be fully effective at all times against all the risks we face or that an incident that could cause harm to our reputation and operation will not happen in the future, including due to factors beyond our control.

Our risk management procedures may not prevent losses in debt and foreign currency positions.

We manage interest rate exposure for our debt instruments by limiting our variable rate debt exposure as a percentage of our total debt and closely monitoring the movements in market interest rates. We also actively manage currency exchange rate exposure for our foreign currency-denominated liabilities by measuring the potential loss therefrom using risk analysis software and entering into derivative contracts to hedge such

 

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exposure when the possible loss reaches a certain risk limit. To the extent we have unhedged positions or our hedging and other risk management procedures do not work as planned as a result of changes in global macroeconomic environment and/or other factors, our results of operations and financial condition may be adversely affected.

The amount and scope of coverage of our insurance are limited.

Substantial liability may result from the operations of our nuclear generation units, the use and handling of nuclear fuel and possible radioactive emissions associated with such nuclear fuel. KHNP carries insurance for its generation units and nuclear fuel transportation, and we believe that the level of insurance is generally adequate and is in compliance with relevant laws and regulations. In addition, KHNP is the beneficiary of Government indemnity that covers damages which the insurance cannot cover. However, such insurance is limited in terms of amount and scope of coverage and does not cover all types or amounts of losses which could arise in connection with the ownership and operation of nuclear plants. Accordingly, material adverse financial consequences could result from a serious accident or a natural disaster to the extent it is neither insured nor covered by the government indemnity.

In addition, our non-nuclear generation subsidiaries carry insurance covering certain risks, including fire, in respect of their key assets, including buildings and equipment located at their respective power plants, construction-in-progress and imported fuel and procurement in transit. Such insurance and indemnity, however, cover only a portion of the assets that these generation subsidiaries own and operate and do not cover all types or amounts of loss that could arise in connection with the ownership and operation of these power plants. In addition, our generation subsidiaries are not permitted to self-insure, and accordingly have not self-insured, against risks of their uninsured assets or business. Accordingly, material adverse financial consequences could result from a serious accident to the extent it is uninsured.

In addition, because neither we nor our non-nuclear generation subsidiaries carry any insurance against terrorist attacks, an act of terrorism would result in significant financial losses. See Item 4.B. “Business Overview—Insurance.”

We may not be able to raise share capital in the future without the participation of the Government.

Under applicable laws, the Government is required to directly or indirectly own at least 51% of our issued capital stock. As of December 31, 2022, the Government, directly and through Korea Development Bank (a statutory banking institution wholly owned by the Government), owned 51.1% of our issued capital stock. Accordingly, without changes in the existing Korean law, it may be difficult or impossible for us to undertake, without the participation of the Government, any equity financing in the future.

We may be exposed to potential claims made by current or previous employees for unpaid wages for the past three years under the expanded scope of ordinary wages and become subject to additional labor costs arising from the broader interpretation of ordinary wages under such decision.

Under the Labor Standards Act, an employee is legally entitled to “ordinary wages.” Under the guidelines previously issued by the Ministry of Employment and Labor, ordinary wages include base salary and certain fixed monthly allowances for work performed overtime during night shifts and holidays. Prior to the Supreme Court of Korea decision described below, many companies in Korea had typically interpreted these guidelines as excluding from the scope of ordinary wages fixed bonuses that are paid other than on a monthly basis, namely on a bi-monthly, quarterly or semi-annual basis, although such interpretation had been a subject of controversy and had been overruled in a few court cases.

In December 2013, the Supreme Court of Korea ruled that regular bonuses fall under the category of ordinary wages on the condition that those bonuses are paid regularly and uniformly, and that any agreement which excludes such regular bonuses from ordinary wage is invalid. One of the key rulings provides that bonuses that are given to employees (i) on a regular and continuous basis and (ii) calculated according to the actual

 

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number of days worked (iii) that are not incentive-based must be included in the calculation of “ordinary wages.” The Supreme Court further ruled that in spite of invalidity of such agreements, employees shall not retroactively claim additional wages incurred due to such court decision, in case that such claims bring to employees unexpected benefits which substantially exceeds the wage level agreed by employers and employees and cause an unpredicted increase in expenditures for their company, which would lead the company to material managerial difficulty or would be a threat to the existence of the company. In that case, the claim is not acceptable since it is unjust and is in breach of the principle of good faith. However, in December 2021, the Supreme Court ruled that the claim of workers for additional wages should not be easily rejected for the reason of good faith if there is a possibility of overcoming business difficulties in the future.

As a result of such ruling by the Supreme Court of Korea, we and our subsidiaries became subject to a number of lawsuits filed by various industry-wide and company-specific labor unions based on claims that ordinary wage had been paid without including certain items that should have been included as ordinary wage. In July 2016, the court ruled against us, and in accordance with the court’s ruling, in August 2016 we paid Won 55.1 billion to the employees for three years of back pay plus interest. As of December 31, 2022, our subsidiaries set aside an aggregate amount of Won 115 billion to cover any potential future payments of additional ordinary wage in relation to the related lawsuits. We cannot presently assure you that the court will not rule against our subsidiaries in these lawsuits, or that the foregoing reserve amount will be sufficient to cover the amounts payable under the court rulings.

Furthermore, the issue of determining which labor costs should be additionally included as part of ordinary wages has not been fully resolved by the courts reviewing the lawsuits to which our subsidiaries are a party and other ordinary wage lawsuits filed against other companies. For instance, there are several cases pending review of the Supreme Court of Korea on whether the bonuses conditional to employee’s current employment status should be included as part of ordinary wages. The Supreme Court, in 2013, had ruled that such conditional bonuses are not a part of ordinary wages, yet there were several lower court cases challenging the Court’s interpretation. Although there was a case of the Supreme Court on November 2022 where it ceased the trial and dismissed the appeal against the lower court case challenging the Court’s interpretation, it is not clear from the above case whether the Supreme Court changed its previous interpretation. If the Supreme Court changes its previous interpretation in its review of the currently pending cases, it is expected to be followed by a series of lawsuits asking for additional payments of the ordinary wages. Due to such uncertainty, we cannot presently assure you that there will not be additional lawsuits in relation to ordinary wages and that we or our subsidiaries may not become liable for greater amount of damages as a result of these lawsuits. Furthermore, court decisions or labor legislations expanding the definition of ordinary wages may prospectively increase the labor costs of us and our subsidiaries. As a result, there can be no assurance that the above-described lawsuits and circumstances will not have a material adverse effect on our results of operations. See Item 8.A. “Consolidated Statements and Other Financial Information—Legal Proceedings.”

We are subject to cyber security risk.

Recently, our activities have been subject to an increasing risk of cyber-attacks and information leakages, the nature of which is continually evolving. For example, in December 2014, KHNP became subject to a cyber terror incident. Hackers hacked into the computer network of former KHNP employees and threatened to shut down certain of KHNP’s nuclear plants, even though such incident did not jeopardize our nuclear operation in any material respect and none of the stolen information was material to our nuclear operation or the national nuclear policy. Also, even though past cyber-attacks were mostly unspecified attacks, recent attacks are more targeted and intelligent attacks, such as a ransomware that encrypts a victim’s files, whereupon an attacker demands a ransom from the victim to restore access to the victim’s data upon payment. In particular, non-face-to-face business environment due to COVID-19 has led to more sophisticated phishing e-mail attacks that impersonate service providers and acquaintances. In light of the new developments, there is no assurance that a similar or more serious hacking or other forms of cyber terror will not happen with respect to us and our generation subsidiaries, which could have a material adverse impact on our business, financial condition and results of operations. See Item 4.B. “Business Overview—Cyber Security.”

 

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We engage in Russia-related dealings, including purchasing fuel supply, goods and services from Russia and Russian companies, and we may be adversely impacted in a material manner by sanctions concerning Russia imposed by the United States and other jurisdictions.

In 2022, we met 19.9% of our bituminous coal requirements from coals that originated from Russia. Additionally, we also purchase uranium and conversion and enrichment services of uranium concentrates from Russian suppliers and also purchase Russian origin LNG. In 2022, the total value of all goods and services originated or purchased from Russia was approximately US$3.2 billion.

United States, among other jurisdictions, adopted and maintains economic sanctions and export/import controls against Russia. U.S. Office of Foreign Assets Control’s (“OFAC”) sanctions block the property of certain designated individuals and entities, target certain sectors of the Russian economy, including the energy sector, and prohibit certain transactions by U.S. persons with certain targeted persons in targeted sectors of the Russian economy.

Since February 2022, the United States, the European Union, the United Kingdom, and other countries have imposed a host of additional economic sanctions on Russia, Belarus, and certain related persons in response to Russia’s military activities in Ukraine. OFAC now maintains comprehensive, territory-wide sanctions on Crimea, the self-described Donetsk People’s Republic (“DNR”) and Luhansk People’s Republic (“LNR”) in Ukraine, generally prohibiting any dealings by U.S. persons with these regions. OFAC also has blocking sanctions on certain major Russian financial institutions and their affiliates, Russian oligarchs and persons active in the energy, banking and finance sectors (along with their family members) and Russian government officials, and debt and equity restrictions on certain Russian state-owned enterprises. The U.S. government imposed extensive export controls on all dual-use items destined to Russia, including technology and software, as well as certain commercial items. The U.S. government also imposed a ban on importation into the U.S. of Russian crude oil, certain petroleum products, LNG, and coal, and OFAC now prohibits all new investments in Russia by U.S. persons, wherever located. Non-U.S. persons that engage in certain prohibited transactions concerning Russia or with certain sanctioned Russian persons or entities may be subject to sanctions if any such dealings or transactions involve a nexus to U.S. jurisdiction, and they may also be subject to secondary sanctions for providing material support to Russian entities or individuals subject to certain blocking sanctions and certain other sanctionable transactions or activities. Additionally, the European Union, United Kingdom, and Switzerland, among other jurisdictions, have imposed a ban on the importation of coal and certain other solid fossil fuels. The Republic of Korea also announced export controls on certain non-strategic items for shipment to Russia or Belarus. Other countries, including Japan, have announced plans to phase out Russian coal imports in the future. Further sanctions by the U.S., Korea, and other jurisdictions including the European Union, Switzerland, and the United Kingdom may also be forthcoming.

We source Russian fuel products from counterparties in a number of these jurisdictions, including the European Union, Japan, and Switzerland and sanctions that have been or will be imposed by these and other jurisdictions may require us to restrict or modify our operations. While the U.S. and other countries’ sanctions measures announced to date do not amount to a comprehensive embargo against Russia and Russian persons, it is not possible to predict with a reasonable degree of certainty how developments in Russia and Ukraine may impact our Russia-related business dealings, including but not limited to our purchase of fuel sources from Russia, such as bituminous coal, uranium, uranium concentrates conversion and enrichment services, and LNG or with regard to other business with Russian counterparties.

While we do not believe that our dealings related to Russia violate applicable economic sanctions, our ongoing dealings related to Russia expose us to risk. If the parties we are dealing or planning to deal with (directly or indirectly) become subject to sanctions, including suppliers of fuel sources, we may need to terminate our relationships with them and substitute them with alternative parties in order to comply with applicable sanctions. There is no guarantee that we will be able to procure contractual terms with the alternative parties that are better or at least similar to our current terms. In addition, the current and future sanctions against Russia-

 

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related business dealings may cause the global prices of fuels including coal, uranium, and LNG to rise as the overall fuel supply will be curbed. Also, we may not be able to pursue other business with Russian counterparties. Our failure to comply with applicable economic sanctions or export or import controls affecting Russia or Russian companies may result in administrative, civil, or criminal penalties. Such events may have a material adverse effect on our reputation, business, results of operations, financial condition and cash flows.

The extent to which the coronavirus (COVID-19) outbreak impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.

The rapid and diffuse spread of the coronavirus (COVID-19) and global health concerns relating to this outbreak have had severe negative impact on, among other things, financial markets, liquidity, economic conditions and trade and could continue to do so or could worsen for an unknown period of time, which could in turn have a material adverse impact on our business, results of operations and financial condition. Although we have seen some recoveries from COVID-19 both domestically and internationally in 2022, it is possible the virus may rebound again, for example, with the evolution of a novel variant of the virus, in which case the effects on the economy may be highly uncertain and cannot be predicted. Risks associated with an outbreak of COVID-19 may include but are not limited to:

 

   

disruption in the normal operations of our industrial and commercial customers, which in turn may decrease demand for electricity for such uses;

 

   

the likelihood that the Government may not increase our tariff in a timely manner in an effort to ease the burden on the public, which will lead to a decrease in our revenue;

 

   

an increase in unemployment among, and/or decrease in disposable income of, Korean consumers, which may decrease demand for electricity for residential use and the products and services of our industrial and commercial customers, thereby also leading to a decrease in demand for electricity for such uses;

 

   

disruption in the supply of fuel and equipment from our suppliers;

 

   

disruptions or delays in the construction of new generation facilities or maintenance and refurbishment of existing generation facilities;

 

   

disruption in the normal operations of our business resulting from contraction of COVID-19 by our employees, which may necessitate our employees to be quarantined and/or our generation facilities or offices to be temporarily shut down;

 

   

disruption resulting from the necessity for social distancing, including implementation of temporary adjustment of work arrangements requiring employees to work remotely, which may lead to a reduction in labor productivity;

 

   

depreciation of the Won against major foreign currencies, which in turn may increase the cost of imported raw materials and equipment;

 

   

unstable global and Korean financial markets, which may adversely affect our ability to meet our funding needs on a timely and cost-effective basis;

 

   

significant or extended incline in the prices of LNG, which may lead to the replacement of thermal generation with LNG-combined cycle generation;

 

   

impairments in the fair value of our investments in companies that may be adversely affected by the pandemic; and

 

   

global inflation caused by expansionary monetary policies and global supply chain disruptions leading to higher commodity prices including fuels.

 

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In addition to the factors listed above, the Government may enact emergency measures such as electricity tariff adjustments to ease the burden on the economically disadvantaged customers, each of which could have an adverse impact on our financial condition, results of operations, and cash flows. Each of and any combination of the factors listed above and the emergency governmental measures could have an adverse impact on our financial conditions, results of operations and cash flows.

Risks Relating to Korea and the Global Economy

Unfavorable financial and economic conditions in Korea and globally may have a material adverse impact on us.

We are incorporated in Korea, where most of our assets are located and most of our income is generated. As a result, we are subject to political, economic, legal and regulatory risks specific to Korea, and our business, results of operations and financial condition are substantially dependent on the Korean consumers’ demand for electricity, which are in turn largely dependent on developments relating to the Korean economy.

The Korean economy is closely integrated with, and is significantly affected by, developments in the global economy and financial markets. In recent years, global inflation caused by expansionary monetary policies, rising energy prices, global supply chain disruptions and the Russia-Ukraine conflict, rapidly changing monetary policies (including higher interest rates and quantitative tightening) led by developed countries in reaction to such inflation and the consequent economic slowdown, instability in the financial industries (including potential for bank runs) and capital flight risks in emerging economies caused by such changes in monetary policy, credit risks of Chinese real estate developers, ongoing U.S.-China trade conflicts, signs of economic slowdown in China and continuing geopolitical and social instability in various parts of the Middle East, including Iraq, Syria and Yemen, among others, significant uncertainty remains as to the global economic prospects in general and has adversely affected, and may continue to adversely affect, the Korean economy, which in turn could adversely affect our business, financial condition and results of operations. As the Korean economy is highly dependent on the health and direction of the global economy, the prices of our securities may be adversely affected by investors’ reactions to developments in other countries. In addition, due to the ongoing volatility in the global financial markets, the value of the Won relative to the U.S. dollar has also fluctuated significantly in recent years, which in turn also may adversely affect our financial condition and results of operations.

Factors that determine economic and business cycles in the Korean or global economy are for the most part beyond our control and inherently uncertain. In light of the high level of interdependence of the global economy, any of the foregoing developments could have a material adverse effect on the Korean economy and financial markets, and in turn on our business and profitability.

More specifically, factors that could have an adverse impact on Korea’s economy include, among others:

 

   

the ongoing increases in inflation levels and consequent increases in interest rates to mitigate the inflation, volatility in foreign currency reserve levels, commodity prices (including oil, LNG and other fuel prices), exchange rates (particularly against the U.S. dollar), interest rates, stock market prices and inflows and outflows of foreign capital, either directly, into the stock markets, through derivatives or otherwise;

 

   

difficulties in the financial sectors in the United States, Europe, China and elsewhere and increased sovereign default risks in certain countries and the resulting adverse effects on the global financial markets;

 

   

adverse developments in the economies of countries and regions to which Korea exports goods and services (such as the United States, Europe, China and Japan), or in emerging market economies in Asia or elsewhere that could result in a loss of confidence in the Korean economy, including potentially as a result of the Brexit;

 

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potential escalation of the ongoing trade war between the U.S. and China as each country introduces tariffs on goods traded with the other;

 

   

social and labor unrest or declining consumer confidence or spending resulting from lay-offs, increasing unemployment and lower levels of income;

 

   

uncertainty and volatility in the market prices of Korean real estate;

 

   

a decrease in tax revenues and a substantial increase in the Government’s expenditures for unemployment compensation and other social programs that together could lead to an increased Government budget deficit;

 

   

political uncertainty, including as a result of increasing strife among or within political parties in Korea, and political gridlock within the Government or in the legislature, which prevents or disrupts timely and effective policy making to the detriment of Korean economy, as well as the impeachment and indictment of the former president following a series of scandals and social unrest, which also involved the investigation of several leading Korean conglomerates and arrest of their leaders on charges of bribery and other possible misconduct;

 

   

deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including deterioration resulting from territorial or trade disputes or disagreements in foreign policy, including as a result of any potential renegotiation of free trade agreements;

 

   

increases in social expenditures to support the aging population in Korea or decreases in economic productivity due to the declining population size in Korea;

 

   

any other development that has a material adverse effect in the global economy, such as an act of war, the spread of terrorism or a breakout of an epidemic such as SARS, avian flu, swine flu, Middle East Respiratory Syndrome, Ebola or Zika virus, or natural disasters, earthquakes and tsunamis and the related disruptions in the relevant economies with global repercussions;

 

   

hostilities involving oil-producing countries in the Middle East and elsewhere and any material disruption in the supply of oil or a material increase in the price of oil resulting from such hostilities; and

 

   

an increase in the level of tensions or an outbreak of hostilities in the Korean peninsula or between North Korea and the United States.

Any future deterioration of the Korean economy could have an adverse effect on our business, financial condition and results of operations.

Tensions with North Korea could have an adverse effect on us and the market value of our shares.

Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between the two Koreas has fluctuated and may increase abruptly as a result of current and future events. In particular, there continues to be uncertainty regarding the long-term stability of North Korea’s political leadership since the succession of Kim Jong-un to power following the death of his father in December 2011, which has raised concerns with respect to the political and economic future of the region. In February 2017, Kim Jong-un’s half-brother, Kim Jong-nam, was reported to have been assassinated in an international airport in Malaysia.

 

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In addition, there continues to be heightened security tension in the region stemming from North Korea’s hostile military and diplomatic actions, including in respect of its nuclear weapons and long-range missile programs. Some examples from recent years include the following:

 

   

In September 2022, North Korea legislated five conditions under which it would launch a preemptive nuclear strike: (i) when a nuclear or other weapon of mass destruction attack has been carried out against North Korea or is imminent, (ii) when a nuclear or non-nuclear strike on the leadership and national nuclear force command body of North Korea has been carried out or is imminent, (iii) when a lethal military attack on important strategic targets of North Korea has been carried out or is imminent, (iv) when it is operationally unavoidable to prevent the expansion of a war and seize the initiative in times of contingencies, and (v) when a situation that causes a catastrophic crisis to the existence of North Korea and the safety of the people.

 

   

Following Pyongyang Joint Declaration in September 2018, Korea and North Korea also reached for an agreement on the implementation of such declaration to cease any hostile military activities. Despite such agreement, North Korea fired artillery shells in maritime buffer zones in November 2019 as well as from October 2022 to December 2022 and shots on a guard post of Korea in May 2020. In December 2022, five North Korean drones violated Korean airspace, one of which returned to the North but the rest disappeared. In November 2022 and from February 2023 to April 2023, North Korea conducted test launches of intercontinental ballistic missiles to East Sea.

 

   

In April 2018, North Korea announced an end to nuclear explosive testing, yet with denuclearization talks stalled, in December 2019, Kim Jong-un announced that North Korea was no longer bound by the moratoria. In March 2022, satellite monitoring revealed that construction resumed at North Korea’s nuclear test site.

 

   

In November 2017, North Korea conducted a test launch of another intercontinental ballistic missile, which, due to its improved size, power and range of distance, may potentially enable North Korea to target the United States mainland.

 

   

Recently, on September 3, 2017, North Korea conducted its sixth nuclear test, claiming it had tested a hydrogen bomb that could be mounted on an intercontinental ballistic missile. In response, on September 12, 2017, the United Nations Security Council unanimously adopted a resolution imposing additional sanctions on North Korea including new limits on gas, petrol and oil imports, a ban on textile exports and measures to limit North Korean laborers from working abroad.

 

   

On August 29, 2017, North Korea tested an intermediate-range ballistic missile which flew directly over northern Japan before landing in the Pacific Ocean. In response, the United Nations Security Council unanimously adopted a statement condemning such launch, reiterating demands that North Korea halt its ballistic missile and nuclear weapons programs.

 

   

On July 4, 2017, North Korea tested its first intercontinental ballistic missile. In response, the U.S. government and the Government both issued statements condemning North Korea and conducted a joint military exercise on July 5, 2017. On July 28, 2017, North Korea tested a second intercontinental ballistic missile which landed in the Sea of Japan, inside Japan’s Economic Exclusion Zone. In response, on August 5, 2017, the United Nations Security Council unanimously adopted a resolution that strengthened sanctions on North Korea. The resolution includes a total ban on all exports of coal, iron, iron ore, lead, lead ore and seafood, which is expected to reduce North Korea’s export revenue by a third each year.

 

   

In March 2017, North Korea launched four mid-range missiles, which landed off the east coast of the Korean peninsula.

 

   

On September 9, 2016, North Korea conducted its fifth nuclear test, which has been the largest in scale among North Korea’s nuclear tests thus far. According to North Korean announcements, the test was successful in detonating a nuclear missile. The test created a sizable earthquake in Korea. In response, in February 2017 the U.N. Security Council adopted Resolution 2321 (2016) against North Korea, the

 

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purpose of which is to strengthen its sanctions regime against North Korea and to condemn North Korea’s September 9, 2016 nuclear test in the strongest terms.

 

   

On February 10, 2016, in retaliation of North Korea’s recent launch of a long-range rocket, Korea announced that it would halt its operations of the Gaeseong Industrial Complex to impede North Korea’s utilization of funds from the industrial complex to finance its nuclear and missile programs. In response, North Korea announced on February 11, 2016 that it would expel all Korean employees from the industrial complex and freeze all Korean assets there.

 

   

On February 7, 2016, North Korea launched a rocket, claimed by them to be carrying a satellite intended for scientific observation. The launch was widely suspected by the international community to be a cover for testing a long-range missile capable of carrying a nuclear warhead. On February 18, 2016, the President of the United States signed into law mandatory sanctions on North Korea to punish it for its recent nuclear and missile tests, human rights violations and cybercrimes. The bill, which marks the first measure by the United States to exclusively target North Korea, is intended to seize the assets of anyone engaging in business related to North Korea’s weapons program, and authorizes US$50 million over five years to transmit radio broadcasts into the country and support humanitarian assistance projects. On March 2, 2016, the United Nations Security Council voted unanimously to adopt a resolution to impose sanctions against North Korea, which include inspection of all cargo going to and from North Korea, a ban on all weapons trade and the expulsion of North Korean diplomats who engage in “illicit activities.” Also, on March 4, 2016, the European Union announced that it would expand its sanctions on North Korea, adding additional companies and individuals to its list of sanction targets. On April 1, 2016, North Korea fired a short-range surface-to-air missile in apparent protest of these sanctions adopted by the United States and the United Nations Security Council.

 

   

On January 6, 2016, North Korea announced that it had successfully conducted its first hydrogen bomb test, hours after international monitors detected a 5.1 magnitude earthquake near a known nuclear testing site in the country. The claims have not been verified independently. The alleged test followed a statement made in the previous month by Kim Jong-un, who claimed that North Korea had developed a hydrogen bomb.

 

   

North Korea renounced its obligations under the Nuclear Non-Proliferation Treaty in January 2003 and conducted three rounds of nuclear tests between October 2006 to February 2013, which increased tensions in the region and elicited strong objections worldwide. In response, the United Nations Security Council unanimously passed resolutions that condemned North Korea for the nuclear tests and expanded sanctions against North Korea.

North Korea’s economy also faces severe challenges, including severe inflation and food shortages, which may further aggravate social and political tensions within North Korea. In addition, reunification of Korea and North Korea could occur in the future, which would entail significant economic commitment and expenditure by Korea that may outweigh any resulting economic benefits of reunification. On April 27, 2018, May 26, 2018 and September 18, 2018, President Moon Jae-in met Kim Jong-un in a summit to discuss, among other matters, denuclearization of the Korean Peninsula. On June 12, 2018, President Donald Trump and Kim Jong-un in turn had an official summit in Singapore and on February 27, 2019, the parties held the second official summit in Hanoi, Vietnam. However, in March 2019, announcement was made that no agreement was reached in the second bilateral summit meeting between the United States and North Korea. On June 30 2019, for the first time, President Moon Jae-in, President Donald Trump and Kim Jong-un met in Panmunjom, a symbolic place of division in Korea, and the parties agreed to resume the United States and North Korea working-level negotiations, and on October 4, 2019, such working-level negotiations took place in Stockholm, Sweden. However, the negotiations did not result in any definitive agreement or any follow-up plans. On June 16, 2020, North Korea destroyed the joint liaison office in Gaeseong, citing anti-regime propaganda allegedly disseminated using balloons across the border by Korean activists, and cut all other communication channels with Korea. On October 4, 2021, both Korea and North Korea announced that the communication channels have been reconnected. However, there has been no further discussion of resuming any operations in the Gaeseong Industrial Complex or any transactions that we are involved in.

 

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There can be no assurance that the level of tension on the Korean peninsula will not escalate in the future or that the political regime in North Korea may not suddenly collapse. Any further increase in tension or uncertainty relating to the military, political or economic stability in the Korean peninsula, including a breakdown of diplomatic negotiations over the North Korean nuclear program, occurrence of military hostilities, heightened concerns about the stability of North Korea’s political leadership or its actual collapse, a leadership crisis, a breakdown of high-level contacts or accelerated reunification could have a material adverse effect on our business, financial condition and results of operations, as well as the price of our common shares and our American depositary shares.

We are generally subject to Korean corporate governance and disclosure standards, which differ in significant respects from those in other countries.

Companies in Korea, including us, are subject to corporate governance standards applicable to Korean public companies which differ in many respects from standards applicable in other countries, including the United States. As a reporting company registered with the Securities and Exchange Commission and listed on the New York Stock Exchange, we are, and will continue to be, subject to certain corporate governance standards as mandated by the Sarbanes-Oxley Act of 2002, as amended. However, foreign private issuers, including us, are exempt from certain corporate governance standards required under the Sarbanes-Oxley Act or the rules of the New York Stock Exchange. We and our generation subsidiaries are also subject to a number of special laws and regulations to Government-controlled entities, including the Act on the Management of Public Institutions. For a description of significant differences in corporate governance standards, see Item 16.G. “Corporate Governance.” There may also be less publicly available information about Korean companies, such as us, than is regularly made available by public or non-public companies in other countries. Such differences in corporate governance standards and less public information could result in less than satisfactory corporate governance practices or disclosure to investors in certain countries.

You may not be able to enforce a judgment of a foreign court against us.

We are a corporation with limited liability organized under the laws of Korea. Substantially all of our directors and officers and other persons named in this annual report reside in Korea, and all or a significant portion of the assets of our directors and officers and other persons named in this annual report and substantially all of our assets are located in Korea. As a result, it may not be possible for holders of the American depository shares to affect service of process within the United States, or to enforce against them or us in the United States judgments obtained in United States courts based on the civil liability provisions of the federal securities laws of the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement of judgments of United States courts, of civil liabilities predicated on the United States federal securities laws.

Risks Relating to Our American Depositary Shares (ADSs)

There are restrictions on withdrawal and deposit of common shares under the depositary facility.

Under the deposit agreement, holders of shares of our common stock may deposit those shares with the depositary bank’s custodian in Korea and obtain American depositary shares, and holders of American depositary shares may surrender American depositary shares to the depositary bank and receive shares of our common stock. However, under current Korean laws and regulations, the depositary bank is required to obtain our prior consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (i) the aggregate number of shares deposited by us for the issuance of American depositary shares (including deposits in connection with the initial and all subsequent offerings of American depositary shares and stock dividends or other distributions related to these American depositary shares) and (ii) the number of shares on deposit with the depositary bank at the time of such proposed deposit. We have consented to the deposit of outstanding shares of common stock as long as the number of American depositary shares outstanding at any time does not exceed 80,153,810 shares. As a result, if you surrender American depositary shares and withdraw shares of common stock, you may not be able to deposit the shares again to obtain American depositary shares.

 

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Ownership of our shares is restricted under Korean law.

Under the Financial Investment Services and Capital Markets Act, with certain exceptions, a foreign investor may acquire shares of a Korean company without being subject to any single or aggregate foreign investment ceiling. As one such exception, certain designated public corporations, such as us, are subject to a 40% ceiling on acquisitions of shares by foreigners in the aggregate. The Financial Services Commission may impose other restrictions as it deems necessary for the protection of investors and the stabilization of the Korean securities and derivatives market.

In addition to the aggregate foreign investment ceiling set out under the Financial Investment Services and Capital Markets Act, our Articles of Incorporation set a 3% ceiling on acquisition by a single investor (whether domestic or foreign) of the shares of our common stock. Any person (with certain exceptions) who holds our issued and outstanding shares in excess of such 3% ceiling cannot exercise voting rights with respect to our shares exceeding such limit.

The ceiling on aggregate investment by foreign investors applicable to us may be exceeded in certain limited circumstances, including as a result of acquisition of:

 

   

shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares);

 

   

shares by exercise of warrant, conversion right under convertible bonds, exchange right under exchangeable bonds, stock option or withdrawal right under depositary receipts issued outside of Korea;

 

   

shares from the exercise of shareholders’ rights; or

 

   

shares by gift, inheritance or bequest.

A foreign investor who has acquired our shares in excess of any ceiling described above may not exercise his voting rights with respect to our shares exceeding such limit and the Financial Services Commission may take necessary corrective action against him.

Holders of our ADSs will not have preemptive rights in certain circumstances.

The Korean Commercial Act and our Articles of Incorporation require us, with some exceptions, to offer shareholders the right to subscribe for new shares in proportion to their existing ownership percentage whenever new shares are issued. If we offer any rights to subscribe for additional shares of our common stock or any rights of any other nature, the depositary bank, after consultation with us, may make the rights available to you or use reasonable efforts to dispose of the rights on your behalf and make the net proceeds available to you. The depositary bank, however, is not required to make available to you any rights to purchase any additional shares unless it deems that doing so is lawful and feasible and:

 

   

a registration statement filed by us under the U.S. Securities Act of 1933, as amended, is in effect with respect to those shares; or

 

   

the offering and sale of those shares is exempt from or is not subject to the registration requirements of the U.S. Securities Act.

We are under no obligation to file any registration statement with the U.S. Securities and Exchange Commission in relation to the registration rights. If a registration statement is required for you to exercise preemptive rights but is not filed by us, you will not be able to exercise your preemptive rights for additional shares and you will suffer dilution of your equity interest in us.

 

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The market value of your investment in our ADSs may fluctuate due to the volatility of the Korean securities market.

Our common stock is listed on the KRX KOSPI Division of the Korea Exchange, which has a smaller market capitalization and is more volatile than the securities markets in the United States and many European countries. The market value of ADSs may fluctuate in response to the fluctuation of the trading price of shares of our common stock on the Stock Market Division of the Korea Exchange. The Stock Market Division of the Korea Exchange has experienced substantial fluctuations in the prices and volumes of sales of listed securities and the Stock Market Division of the Korea Exchange has prescribed a fixed range in which share prices are permitted to move on a daily basis. Like other securities markets, including those in developed markets, the Korean securities market has experienced problems including market manipulation, insider trading and settlement failures. The recurrence of these or similar problems could have a material adverse effect on the market price and liquidity of the securities of Korean companies, including our common stock and ADSs, in both the domestic and the international markets.

The Korean government has the ability to exert substantial influence over many aspects of the private sector business community, and in the past has exerted that influence from time to time. For example, the Korean government has promoted mergers to reduce what it considers excess capacity in a particular industry and has also encouraged private companies to publicly offer their securities. Similar actions in the future could have the effect of depressing or boosting the Korean securities market, whether or not intended to do so. Accordingly, actual or perceived actions or inactions by the Korean government may cause sudden movements in the market prices of the securities of Korean companies in the future, which may affect the market price and liquidity of our common stock and ADSs.

Your dividend payments and the amount you may realize in connection with a sale of your ADSs will be affected by fluctuations in the exchange rate between the U.S. dollar and the Won.

Investors who purchase the American depositary shares will be required to pay for them in U.S. dollars. Our outstanding shares are listed on the Korea Exchange and are quoted and traded in Won. Cash dividends, if any, in respect of the shares represented by the American depositary shares will be paid to the depositary bank in Won and then converted by the depositary bank into U.S. dollars, subject to certain conditions. Accordingly, fluctuations in the exchange rate between the Won and the U.S. dollar will affect, among other things, the amounts a registered holder or beneficial owner of the American depositary shares will receive from the depositary bank in respect of dividends, the U.S. dollar value of the proceeds which a holder or owner would receive upon sale in Korea of the shares obtained upon surrender of American depositary shares and the secondary market price of the American depositary shares.

If the Government deems that certain emergency circumstances are likely to occur, it may restrict the depositary bank from converting and remitting dividends in U.S. dollars.

Under the Foreign Exchange Transaction Act, if the Government deems that certain emergency circumstances are likely to occur, it may impose restrictions such as requiring foreign investors to obtain prior Government approval for the acquisition of Korean securities or for the repatriation of interest or dividends arising from Korean securities or sales proceeds from disposition of such securities. These emergency circumstances include any or all of the following:

 

   

sudden fluctuations in interest rates or exchange rates;

 

   

extreme difficulty in stabilizing the balance of payments; and

 

   

a substantial disturbance in the Korean financial and capital markets.

The depositary bank may not be able to secure such prior approval from the Government for the payment of dividends to foreign investors when the Government deems that there are emergency circumstances in the Korean financial markets.

 

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ITEM 4.

INFORMATION ON THE COMPANY

 

Item 4.A.

History and Development of the Company

General Information

Our legal and corporate name is Korea Electric Power Corporation. We were established by the Government on December 31, 1981 as a statutory juridical corporation in Korea under the Korea Electric Power Corporation Act (the “KEPCO Act”) as the successor to Korea Electric Company. Our registered office is located at 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea, and our telephone number is 82-61-345-4213. Our website address is www.kepco.co.kr.

Our agent in the United States is Korea Electric Power Corporation, North America Office, located at 7th Floor, Parker Plaza, 400 Kelby Street, Fort Lee, NJ 07024.

The Korean electric utility industry traces its origin to the establishment of the first electric utility company in Korea in 1898. On July 1, 1961, the industry was reorganized by the merger of Korea Electric Power Company, Seoul Electric Company and South Korea Electric Company, which resulted in the formation of Korea Electric Company. From 1976 to 1981, the Government acquired the private minority shareholdings in Korea Electric Company. After the Government acquired all the remaining shares of Korea Electric Company, Korea Electric Company was dissolved, and we were incorporated in 1981 and assumed the assets and liabilities of Korea Electric Company. We ceased to be wholly owned by the Government in 1989 when the Government sold 21% of our common stock. As of December 31, 2022, the Government maintained 51.1% ownership in aggregate of our common shares by direct holdings by the Government and indirect holdings through Korea Development Bank, a statutory banking institution wholly owned by the Government.

Under relevant laws of Korea, the Government is required to own, directly or indirectly, at least 51% of our capital. Direct or indirect ownership of more than 50% of our outstanding common voting stock enables the Government to control the approval of certain corporate matters relating to us that require a shareholders’ resolution, including approval of dividends. The rights of the Government and Korea Development Bank as holders of our common stock are exercised by the Ministry of Trade, Industry and Energy, based on the Government’s ownership of our common stock and a proxy received from Korea Development Bank, in consultation with the Ministry of Economy and Finance.

We operate under the general supervision of the Ministry of Trade, Industry and Energy. The Ministry of Trade, Industry and Energy, in consultation with the Ministry of Economy and Finance, is responsible for approving, subject to review by the Korea Electricity Commission, the electricity rates we charge our customers. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.” We furnish reports to officials of the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance and other Government agencies and regularly consult with such officials on matters relating to our business and affairs. See Item 4.B. “Business Overview—Regulation.” Our non-standing directors, who comprise a majority of our board of directors, must be appointed by the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions (which is established by law and chaired by the Minister of the Ministry of Economy and Finance and whose members consist of Government officials and others appointed by the President of the Republic based on recommendation by the Minister of the Ministry of Economy and Finance) from a pool of candidates recommended by the director nomination committee. Our president and standing directors who concurrently serve as members of our audit committee must be appointed by the President of the Republic upon the motion of the Minister of the Ministry of Trade, Industry and Energy (in the case of our president) and the Minister of the Ministry of Economy and Finance (in the case of our standing director who concurrently serves as a member of the audit committee) and following the nomination by our director nomination committee, the review and resolution of the Committee for Management of Public Institutions and an approval at the general meeting of shareholders. See Item 6.A. “Directors and Senior Management—Board of Directors” and Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions.”

 

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Item 4.B.

Business Overview

Introduction

We are an integrated electric utility company engaged in the transmission and distribution of substantially all of the electricity in Korea. Through our six wholly-owned generation subsidiaries, we also generate the substantial majority of electricity produced in Korea. As of December 31, 2022, we and our generation subsidiaries owned approximately 59.9% of the total electricity generation capacity in Korea (excluding plants generating electricity primarily for private or emergency use). In 2022, we sold to our customers 547,933 gigawatt-hours of electricity. We purchase electricity principally from our generation subsidiaries and, to a lesser extent, from independent power producers. Of the 550,832 gigawatt-hours of electricity we purchased in 2022, 31.3% was generated by KHNP, our wholly-owned nuclear and hydroelectric power generation subsidiary, 39.1% was generated by our wholly-owned five non-nuclear generation subsidiaries and 29.6% was generated by independent power producers that trade electricity to us through the cost-based pool system of power trading (excluding independent power producers that supply electricity under power purchase agreements with us). Our five non-nuclear generation subsidiaries are KOSEP, KOMIPO, KOWEPO, KOSPO and EWP, each of which is wholly owned by us and is incorporated in Korea. We derive substantially all of our revenues and profit from Korea, and substantially all of our assets are located in Korea.

In 2022, we had sales of Won 70,546 billion and net loss of Won 24,429 billion, compared to sales of Won 60,012 billion and net loss of Won 5,216 billion in 2021.

Our revenues are closely tied to demand for electricity in Korea. Demand for electricity in Korea increased at a compounded average growth rate of 1.0% per annum from 2018 to 2022 compared to the real gross domestic product, or GDP, which increased at a compounded average growth rate of 2.0% during the same period, according to the Bank of Korea. During 2022, the GDP growth rate was 2.6%, while the demand for electricity in Korea during the same year increased by 2.7%.

Strategy

We established our 2035 medium- to long-term strategy to leap forward as a global integrated energy platform company that leads changes in the industrial ecosystem. We plan to achieve it by pursuing the following eight strategic initiatives. Through this, we aim to provide better value to various stakeholders including but not limited to our country, customers and society. More specifically, our goal for the country is to contribute to the achievement of national policy goals for energy transition such as establishing the foundation for carbon neutrality. Our goal for the customers is to expand clean energy supply by enhancing digital-based customer interaction and renewable energy transactions. Our goal for the society is to create a future-oriented energy market by developing and commercializing carbon-neutral technology through collaboration with major stakeholders. Our eight strategic initiatives to achieve such goals are:

 

   

Establish power grid system which could further contribute to achieving carbon neutrality. We plan to contribute to achieving carbon neutrality in 2050 with power grid innovation. We aim to secure grid capability for connecting renewable energy units by preemptively constructing power facilities based on forecast and further enhance grid stability with intelligent and advanced grid system.

 

   

Expand clean energy and promote strategic demand response. We plan to establish a foundation for expanding renewable energy by cooperating with our subsidiaries and independent power producers. Also, we aim to improve demand-side energy efficiency by collaborating with demand management business operators.

 

   

Lead future energy market and improve sales competitiveness. We plan to create reliable and resilient electricity system to achieve competency in future electricity market. We will also strive to expand our customized services through digital technologies and power data and establish reasonable and sustainable cost-based tariff system.

 

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Lead platform-based new businesses. We plan to expand charging infrastructure and foster transition into electric vehicles. We also aim to improve energy efficiency by boosting operation of dispersed energy resources in a form of energy platform business.

 

   

Transform overseas business portfolio to focus on eco-friendly projects and core competencies. We plan to end our overseas coal-fired generation projects and switch substantial amount of our overseas business portfolio into eco-friendly projects. We aim to improve our competency and profitability by strengthening our overseas business capacity.

 

   

Secure future technologies and build a research and development (“R&D”) ecosystem. We plan to secure core technologies necessary for achieving carbon neutrality with aggressive R&D investment. In addition, we aim to introduce an R&D system based on collaboration among industry, university and research institutes to establish a foundation for technological innovation and enhance our R&D capability.

 

   

Promote digitalization in overall supply chain. We will strengthen work efficiency and stability by introducing the latest digital technology and infrastructure to our business environment and develop a business model with new customer services based on data platforms.

 

   

Establish a highly reliable and highly efficient management system with respect to human beings and environment. We plan to establish a comprehensive ESG management system that promotes environment, safety and coexistence. Also, we aim to enhance our financial stability by pursuing management efficiency and stable profit structure.

Government Ownership and Our Interactions with the Government

The KEPCO Act requires that the Government own at least 51% of our capital stock. Direct or indirect ownership of more than 50% of our outstanding common voting stock enables the Government to control the approval of certain corporate matters which require a shareholders’ resolution, including approval of dividends. The rights of the Government and Korea Development Bank as holders of our common stock are exercised by the Ministry of Trade, Industry and Energy in consultation with the Ministry of Economy and Finance. We are currently not aware of any plans of the Government to cease to own, directly or indirectly, at least 51% of our outstanding common stock.

We play an important role in the implementation of the Government’s national energy policy, which is established in consultation with us, among other parties. As an entity formed to serve public policy goals of the Government, we seek to maintain a fair level of profitability and strengthen our capital base in order to support the growth of our business in the long term.

The Government, through its various policy initiatives for the Korean energy industry as well as direct and indirect supervision of us and our industry, plays an important role in our business and operations. Most importantly, the electricity tariff rates we charge to our customers are regulated by the Government taking into account, among others, our needs to recover the fair operating costs, make capital investments and recoup a fair return on capital invested by us, as well as the Government’s overall policy considerations, such as inflation. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”

In addition, pursuant to the Basic Plan determined by the Government, we and our generation subsidiaries have made, and plan to make, substantial expenditures for the construction of generation plants and other facilities to meet demand for electric power. See Item 5.B. “Liquidity and Capital Resources—Capital Requirements.”

Restructuring of the Electric Power Industry in Korea

On January 21, 1999, the Ministry of Trade, Industry and Energy published the Restructuring Plan. The overall objectives of the Restructuring Plan consisted of: (i) introducing competition and thereby increasing efficiency in the Korean electric power industry, (ii) ensuring a long-term, inexpensive and stable electricity supply, and (iii) promoting consumer convenience through the expansion of consumer choice.

 

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The following provides further details relating to the Restructuring Plan.

Phase I

During Phase I, which served as a preparatory stage for Phase II and lasted from the announcement of the Restructuring Plan in January 1999 until April 2001, we undertook steps to split our generation business units off into one wholly-owned nuclear generation subsidiary (namely, KHNP) and five wholly-owned non-nuclear generation subsidiaries (namely, KOSEP, KOMIPO, KOWEPO, KOSPO and EWP), each with its own management structure, assets and liabilities. These steps were completed upon approval at our shareholders’ meeting in April 2001.

The Government’s principal objectives in the split-off of the generation units into separate subsidiaries were to: (i) introduce competition and thereby increase efficiency in the electricity generation industry in Korea, and (ii) ensure a stable supply of electricity in Korea.

Following the implementation of Phase I, we have substantial monopoly with respect to the transmission and distribution of electricity in Korea.

While our ownership percentage of our generation subsidiaries will depend on further adjustments to the Restructuring Plan to be adopted by the Government, we plan to retain 100% ownership of our transmission and distribution business.

Phase II

At the outset of Phase II in April 2001, the Government introduced a cost-based competitive bidding pool system under which we purchase power from our generation subsidiaries and other independent power producers for transmission and distribution to customers. For a further description of this system, see “—Purchase of Electricity—Cost-based Pool System” below.

Pursuant to the Electric Utility Act amended in December 2000, the Government established the Korea Power Exchange in April 2001. The primary function of the Korea Power Exchange is to deal with the sale of electricity and implement regulations governing the electricity market to allow for electricity distribution through a competitive bidding process. The Government also established the Korea Electricity Commission in April 2001 to regulate the Korean electric power industry and ensure fair competition among industry participants. To facilitate this goal, the Korea Power Exchange established the Electricity Market Rules relating to the operation of the bidding pool system. To amend the Electricity Market Rules, the Korea Power Exchange must have the proposed amendment reviewed by the Korea Electricity Commission and then obtain the approval of the Ministry of Trade, Industry and Energy.

The Korea Electricity Commission’s main functions include implementation of standards and measures necessary for electricity market operation and review of matters relating to licensing participants in the Korean electric power industry. The Korea Electricity Commission also acts as an arbitrator in tariff-related disputes among participants in the Korean electric power industry and investigates illegal or deceptive activities of the industry participants.

Privatization of Generation Subsidiaries

In April 2002, the Ministry of Trade, Industry and Energy released the basic privatization plan for five of our generation subsidiaries other than KHNP. Pursuant to this plan, we commenced the process of selling our equity interest in KOSEP in 2002. According to the original plan, this process was, in principle, to take the form of a sale of management control, potentially supplemented by an initial public offering as a way of broadening the investor base. In November 2003, KOSEP submitted its application to the Korea Exchange for a preliminary

 

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screening review, which was approved in December 2003. However, in June 2004, KOSEP made a request to the Korea Exchange to delay its stock listing due to unfavorable stock market conditions at that time.

In accordance with the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016, we considered a sale in the public market of a minority of our shares in our five non-nuclear generation subsidiaries, KEPCO KDN and KHNP gradually. However, the planned sales have been put on hold, primarily due to prevailing market conditions. In any event, we plan to maintain a controlling stake in each of these subsidiaries.

Suspension of the Plan to Form and Privatize Distribution Subsidiaries

In 2003, the Government established a Tripartite Commission consisting of representatives of the Government, leading businesses and labor unions in Korea to deliberate on ways to introduce competition in electricity distribution, such as by forming and privatizing new distribution subsidiaries. In 2004, the Tripartite Commission recommended not pursuing such privatization initiatives but instead creating independent business divisions within us to improve operational efficiency through internal competition. Following the adoption of such recommendation by the Government in 2004 and further studies by Korea Development Institute, in 2006 we created nine “strategic business units” (which, together with our other business units, were subsequently restructured into 14 such units in February 2012) that have a greater degree of autonomy with respect to management, financial accounting and performance evaluation while having a common focus on increasing profitability.

Initiatives to Improve the Structure of Electricity Generation

In August 2010, the Ministry of Trade, Industry and Energy announced the Proposal for Improvement in the Structure of the Electric Power Industry in order to resolve uncertainty related to restructuring plans for the electric power industry and maintain competitiveness of the electric power industry. Key initiatives of the proposal included the following: (i) maintain the current structure of having six generation subsidiaries and designate the six generation subsidiaries as market-oriented public enterprises under the Act on the Management of Public Institutions in order to foster competition among the generation subsidiaries and promote efficiency in their operations, (ii) clarify the scope of the business of us and the six generation subsidiaries (namely, that we shall manage the financial structure and governance of the six generation subsidiaries and nuclear power plant and overseas resources development projects, while the six generation subsidiaries will have greater autonomy with respect to construction and management of generation units and procurement of fuel), (iii) create a nuclear power export business unit to systematically enhance our capabilities to win projects involving the construction and operation of nuclear power plants overseas, (iv) further rationalize the electricity tariff by adopting a fuel-cost based tariff system in 2011 and a voltage-based tariff system in a subsequent year, and (v) create separate accounting systems for electricity generation, transmission, distribution and sales with the aim of introducing competition in electricity sales in the intermediate future. The fuel-cost based tariff system went into effect on July 1, 2011 but the Ministry of Trade, Industry and Energy issued a hold order on July 29, 2011 and subsequently informed us it needs to be reassessed in light of the circumstances.

In January 2011, the Ministry of Economy and Finance created a “joint cooperation unit” consisting of officers and employees selected from the five thermal power generation subsidiaries in order to reduce inefficiencies in areas such as fuel transportation, inventories, materials and equipment and construction, etc. and allow the thermal power generation subsidiaries to continue utilizing the benefits of economy of scale after split off of our generation business units into separate subsidiaries. The purpose of the joint cooperation unit was to give greater autonomy to the generation subsidiaries with regard to power plant construction and management and fuel procurements, and thereby enhance efficiency in operating power plants. The main functions of the joint cooperation unit are as follows: (i) maintain inventories of bituminous coal through volume exchanges and joint purchases, (ii) reduce shipping and demurrage expenses through joint operation and distribution of dedicated

 

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vessels, (iii) reduce costs by sharing information on generation material inventories and (iv) sharing human resources among the five thermal power generation subsidiaries for construction projects, among other things.

Furthermore, in January 2011 the six generation subsidiaries were officially designated as “market-oriented public enterprises,” whereupon the President of Korea appoints the president and the statutory auditor of each such subsidiary; the selection of non-standing directors of each such subsidiary is subject to approval by the Minister of the Ministry of Economy and Finance; the president of each such subsidiary is required to enter into a management contract directly with the Minister of the Ministry of Trade, Industry and Energy; and the Public Enterprise Management Evaluation Team which is established by the Committee for Management of Public Institutions conducts performance evaluation of such subsidiaries. Previously, our president appointed the president and the statutory auditor of each such subsidiary; the selection of non-standing directors of each such subsidiary was subject to approval by our president; the president of each such subsidiary entered into a management contract with our president; and our evaluation committee conducted performance evaluation of such subsidiaries. For further details of the impact of the designation of our generation subsidiaries as “market-oriented public enterprises,” see Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions.”

Proposal for Adjustment of Functions of Public Institutions (Energy Sector)

In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing non-core assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to end-users should be liberalized to encourage more competition. In accordance therewith, we transferred a substantial portion of our assets and liabilities in our overseas resource business to our generation subsidiaries as of December 31, 2016. In addition, this Proposal contemplated selling a minority stake in our generation subsidiaries and KEPCO KDN, but the planned sales have been put on hold, as discussed above in “—Privatization of Generation Subsidiaries.”

Proposed Amendment for Direct Participation in Renewable Energy

An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to directly participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The proposed amendment allows a market-type public institution like ourselves to directly participate in renewable power generation business to a limited degree. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.

Purchase of Electricity

Cost-based Pool System

Since April 2001, the purchase and sale of electricity in Korea is required to be made through the Korea Power Exchange, which is a statutory not-for-profit organization established under the Electric Utility Act with responsibilities for setting the price of electricity, handling the trading and collecting relevant data for the

 

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electricity market in Korea. The suppliers of electricity in Korean electricity market consist of our six generation subsidiaries, which were split-off from us in April 2001, and independent power producers, which numbered 36 (excluding 5,313 renewable energy producers) as of December 31, 2022. We distribute electricity purchased through the Korea Power Exchange to end users.

Our Relationship with the Korea Power Exchange

The key features of our relationships with the Korea Power Exchange include the following: (i) we and our six generation subsidiaries are member corporations of the Korea Power Exchange and collectively own 100% of its share capital, (ii) three of the 11 members of the board of directors of the Korea Power Exchange are currently our or our subsidiaries’ employees, and (iii) one of our employees is currently a member in three of the key committees of the Korea Power Exchange that are responsible for evaluating the costs of producing electricity, making rules for the Korea Power Exchange and gathering and disclosing information relating to the Korean electricity market.

Notwithstanding the foregoing relationships, however, we do not have control over the Korea Power Exchange or its policies since, among others, (i) the Korea Power Exchange, its personnel, policies, operations and finances are closely supervised and controlled by the Government, namely through the Ministry of Trade, Industry and Energy, and are subject to a host of laws and regulations, including, among others, the Electric Utility Act and the Act on the Management of Public Institutions, as well as the Articles of Incorporation of the Korea Power Exchange, (ii) we are entitled to elect no more than one-third of the Korea Power Exchange directors and our representatives represent only a minority of its board of directors and committees (with the other members being comprised of representatives of the Ministry of Trade, Industry and Energy, employees of the Korea Power Exchange, businesspersons and/or scholars), and (iii) the role of our representatives in the policy making process for the Korea Power Exchange is primarily advisory based on their technical expertise derived from their employment at us or our generation subsidiaries. Consistent with this view, the Finance Supervisory Service issued a ruling in 2005 that stated that we are not deemed to have significant influence or control over the decision-making process of the Korea Power Exchange relating to its business or financial affairs.

Pricing Factors

The price of electricity in the Korean electricity market is determined principally based on the cost of generating electricity using a system known as the “cost-based pool” system. Under the cost-based pool system, the price of electricity has two principal components, namely the marginal price (representing the variable cost of generating electricity) and the capacity price (representing the fixed cost of generating electricity).

Under the merit order system, the electricity purchase allocation, the system marginal price (as described below) and the final allocation adjustment are automatically determined based on an objective formula. The variable cost (including the adjusted coefficient as described below) and the capacity price are determined in advance of trading by the Cost Evaluation Committee, which is comprised of representatives from the Ministry of Trade, Industry and Energy, the Korea Power Exchange, us, generation companies, scholars and researchers (the “Cost Evaluation Committee”). Accordingly, a supplier of electricity cannot exercise control over the merit order system or its operations to such supplier’s strategic advantage.

Marginal Price

The primary purpose of the marginal price is to compensate the generation companies for fuel costs, which represents the principal component of the variable costs of generating electricity. We currently refer such marginal price as the “system marginal price.”

 

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The system marginal price represents, in effect, the marginal price of electricity at a given hour at which the projected demand for electricity and the projected supply of electricity for such hour intersect, as determined by the merit order system, which is a system used by the Korea Power Exchange to allocate which generation units will supply electricity for which hour and at what price. To elaborate, the projected demand for electricity for a given hour is determined by the Korea Power Exchange based on a forecast made one day prior to trading, and such forecast takes into account, among others, historical statistics relating to demand for electricity nationwide by day and by hour, season and on-peak-hour versus off-peak hour demand analysis. The projected supply of electricity at a given hour is determined as the aggregate of the available capacity of all generation units that have submitted bids to supply electricity for such hour. These bids are submitted to the Korea Power Exchange one day prior to trading. On September 1, 2022, the trading system was further developed to facilitate optimal decisions on market prices and allow plans for generating power to be made with more sophistication, by taking into account thermal constraints, power transmission constraints and reserving power from the stage of making the generation plan.

Under the merit order system, the generation unit with the lowest variable cost of generating electricity among all the generation units that have submitted a bid for a given hour is first awarded a purchase order for electricity up to the available capacity of such unit as indicated in its bid. The generation unit with the next lowest variable cost is then awarded a purchase order up to its available capacity in its bid, and so forth, until the projected demand for electricity for such hour is met. We refer to the variable cost of the generation unit that is the last to receive the purchase order for such hour as the system marginal price, which also represents the highest price at which electricity can be supplied at a given hour based on the demand and supply for such hour. Generation units whose variable costs exceed the system marginal price for a given hour do not receive purchase orders to supply electricity for such hour. The variable cost of each generation unit is determined by the Cost Evaluation Committee on a monthly basis and reflected in the following month based on the fuel costs two months prior to such determination. The purpose of the merit order system is to encourage generation units to reduce its electricity generation costs by making its generation process more efficient, sourcing fuels from most cost-effective sources or adopting other cost savings programs.

The final allocation of electricity supply is further adjusted on the basis of other factors, including the proximity of a generation unit to the geographical area to which power is being supplied, network and fuel constraints and the amount of power loss. This adjustment mechanism is designed to adjust for transmission losses in order to improve overall cost-efficiency in the transmission of electricity to end-users.

The price of electricity at which our generation subsidiaries sell electricity to us is determined using the following formula:

Variable cost + [System marginal price – Variable cost] * Adjusted coefficient

An adjusted coefficient applies in principle to all generation units operated by our generation subsidiaries and the coal-fired generation units operated by independent power producers. The adjusted coefficient applicable to the generation units operated by our generation subsidiaries is determined based on considerations of, among others, electricity tariff rates and the relative fair returns on investment in respect of us compared to our generation subsidiaries. The purpose of the adjusted coefficient here is to prevent electricity trading from resulting in undue imbalances as to the relative financial results among generation subsidiaries as well as between us (as the purchaser of electricity) and our generation subsidiaries (as sellers of electricity). Such imbalances may arise from excessive profit taking by base load generators (on account of their inherently cheaper fuel cost structure compared to non-base load generators) as well as from fluctuations in fuel prices (it being the case that during times of rapid and substantial rises in fuel costs which are not offset by corresponding rises in electricity tariff rates charged by us to end-users, on a non-consolidated basis our profitability will decline compared to that our generation subsidiaries since our generation subsidiaries are entitled to sell electricity to us at cost plus a guaranteed margin). In comparison, the adjusted coefficient applicable to the coal-fired generation units operated by independent power producers is determined to enable such independent power producers to recover the total costs of building and operating such units.

 

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The adjusted coefficient is determined by the Cost Evaluation Committee in principle on an annual basis, although in exceptional cases driven by external or structural factors such as rapid and substantial changes in fuel costs, adjustments to electricity tariff rates or changes in the electricity pricing structure, the adjusted coefficient may be adjusted on a quarterly basis.

Previously, it was contemplated that the vesting contract system, as described below, would gradually replace the application of the adjusted coefficient. However, since the implementation of the vesting contract system has been suspended indefinitely, it is unlikely to impact the application of the adjusted coefficient in the foreseeable future.

Following the increase in energy demand after recovery from COVID-19 and price-driving forces in global macroeconomic situation including Russo-Ukrainian War, the price in energy market has rapidly increased. To relieve cost burden to electricity customers from soaring system marginal price coupled with global energy price increases, on December 1, 2022, the Minister of Trade, Industry and Energy introduced a price ceiling system to put an upper limit for the system marginal price.

The price ceiling comes into force when the system marginal price abnormally increases, which refers to the case when the weighted average of system marginal price of the latest three months is higher than the highest 10% of the monthly weighted average of system marginal price during the period from the latest four to 123 months, and the price ceiling is set at the level multiplied by 1.5 of the weighted average of the system marginal price during the period from the latest four to 123 months. However, even with the price ceiling in effect, if the fuel costs incurred by a generation unit is higher than the price ceiling, such generation unit will be compensated based on such costs.

The price ceiling system applies to all generation units with a capacity of 100kW or more that are trading in the Korea Power Exchange. The price ceiling cannot be applied over consecutive three months and will be in effect until November 30, 2023. The price ceiling was applied from December 2022 to February 2023 and being applied again since April 2023.

Capacity Price

In addition to payment in respect of the variable cost of generating electricity, generation units receive payment in the form of capacity price, the purpose of which is to compensate them for the fixed costs of constructing generation facilities, provide incentives for construction of new generation units and maintain reliability of the nationwide electricity transmission network.

The capacity price is determined by the Cost Evaluation Committee as a function of the following factors: (i) reference capacity price, (ii) reserve capacity factor, (iii) time-of-the-day capacity coefficient and (iv) performance capacity factor introduced since June 2022 instead of fuel switching factor which was effective since October 2016. The time-of-the-day capacity coefficient are determined annually before the end of December for the subsequent twelve-month period. The reference capacity price, reserve capacity factor and the fuel switching factor are determined annually before the end of June for the subsequent twelve-month period.

The reference capacity price refers to the Won amount per kilowatt-hour payable annually for annualized available capacity indicated in the bids submitted the day before trading (provided that such capacity is actually available on the relevant day of trading), and is determined based on the construction costs and maintenance costs of a standard generation unit and related transmission access facilities, and a base rate for loading electricity. Prior to October 2016, the same reference capacity price applied uniformly to all generation units. Since October 2016, the reference capacity price applies differentially to each generation unit depending on the start year of its commercial operation. Accordingly, the reference capacity price currently ranges from Won 9.77 to 11.45 per kilowatt-hour.

 

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The reserve capacity factor relates to the requirement to maintain a standard capacity reserve margin around 13% in order to prevent excessive capacity build-up as well as induce optimal capacity investment at the regional level. The capacity reserve margin is the ratio of peak demand to the total available capacity. Under this system, generation units in a region where available capacity is insufficient to meet demand for electricity as evidenced by failing to meet the standard capacity reserve margin receive increased capacity price. Conversely, generation units in a region where available capacity exceeds demand for electricity as evidenced by exceeding the standard capacity reserve margin receive reduced capacity price. Since October 2016, the reserve capacity factor also factors in the transmission loss per generation unit in order to favor transmission of electricity from a nearby generation unit.

The time-of-the-day capacity coefficient allows hourly and seasonal adjustments in order to incentivize our generation subsidiaries to operate their generation facilities at full capacity during periods of highest demand. For example, the capacity price paid differs depending on whether the relevant hour is an “on-peak” hour, a “mid-peak” hour or an “off-peak” hour (the capacity price being highest for the on-peak hours and lowest for the off-peak hours) and the capacity price paid is highest during the months of January, July and August when electricity usage is highest due to weather conditions.

The fuel switching factor, which was introduced in October 2016 to promote environmental sensitivities to climate change, has been changed into the performance capacity factor since June 2022 to comply with the market trend that differentially compensates the capacity price for the contribution to electricity system and operational flexibility of generation units. In addition, in January 2022, the environmental contribution factor was excluded from the fuel switching factor and instead reflected in the unit thermal cost of each generation unit in order to effectively respond to the greenhouse gas reduction.

Other than subject to the aforementioned variations, the same capacity pricing mechanism applies to all generation units regardless of fuel types used.

In the Ninth Basic Plan, the government announced its plans to introduce real-time electricity trading market and auxiliary service market which is upgraded further than the current market to ensure appropriate valuation and compensation for flexible energy sources and respond to volatility of renewable energy. The reorganization of the market system has been gradually implemented, starting with the implementation of a trading system reflecting constraints and reserves of electricity system in September 2022. The real-time electricity trading market with auxiliary services is expected to be tested in Jeju Province in 2023 and expanded to a larger area in 2025.

Vesting Contract System

In May 2014, the Electric Utility Act was amended to introduce a “vesting contract” system in determining the price and quantity of electricity to be sold and purchased between the purchaser of electricity (namely, us) and the sellers of electricity (namely, our generation subsidiaries and independent power producers). Under the vesting contract system, electricity generators using base load fuels (such as nuclear, coal, hydro and by-product gas) at a particular generation unit were to be required to enter into a contract with the purchaser of electricity (namely, us), which specifies, among other things, the quantity of electricity to be generated and sold at a particular generation unit and the price at which such electricity is sold, subject to certain adjustments.

The vesting contract system was introduced principally to prevent excessive profit-taking by low-cost producers of electricity using base load fuels (such as nuclear, coal, hydro and by-product gas) by replacing the adjusted coefficient as the basis for determining the guaranteed return to generation companies, as well as to enhance the stability of electricity supply by requiring long-term contractual arrangements for the purchase and sale of electricity and promote cost savings, productivity enhancements and operational efficiency by providing incentives and penalties depending on the degree to which the generation companies could supply electricity at costs below the contracted electricity prices.

 

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In order to minimize undue shock to the electricity trading market in Korea, the vesting contract system was to be implemented in phases starting with by-product gas-based electricity in 2015, which accounted for 1.8% of electricity purchased by us during such year. The rollout of the vesting contract system was further studied by a task force consisting of representatives from the Government, the Korea Power Exchange and generation companies.

Following such study, the Government announced in June 2016 that, due to changes in the electricity business environment (including an increase in generation capacity relative to peak usage, reduced fuel costs following a decline in oil prices and greater environmental concerns related to coal-fired electricity generation), it will indefinitely suspend any further rollout of the vesting contract system beyond by-product gas-based electricity, and revert to the adjusted coefficient-based electricity pricing adjustment mechanism. As of the end of 2022, there are no active contracts remaining under the vesting contract system.

Power Trading Results

The results of power trading, as effected through the Korea Power Exchange, for us and our generation subsidiaries and independent power producers in 2022 are as follows:

 

    

Items

  Volume
(Gigawatt
hours)
    Percentage
of Total
Volume
(%)
    Sales to
KEPCO(2)
(in
billions of
Won)
    Percentage
of Total
Sales (%)
    Unit Price
(Won/kWh)
 

Generation Companies

   KHNP     172,347       31.3       10,094       11.9       58.57  
   KOSEP     42,177       7.7       7,153       8.4       169.60  
   KOMIPO     44,875       8.1       8,509       10.0       189.62  
   KOWEPO     41,293       7.5       7,941       9.4       192.30  
   KOSPO     49,592       9.0       9,182       10.8       185.16  
   EWP     37,468       6.8       6,697       7.9       178.74  
   Others(1)     163,080       29.6       35,103       41.5       215.25  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    550,832       100.0       84,679       100.0       153.73  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Energy Sources

   Nuclear     167,346       30.4       8,799       10.4       52.58  
   Bituminous coal     184,293       33.5       29,114       34.4       157.97  
   Anthracite coal     1,675       0.3       340       0.4       202.71  
   Oil     1,337       0.2       406       0.5       304.02  
   LNG/Combined-cycle     159,461       28.9       38,254       45.2       239.90  
   Renewables     28,115       5.1       5,733       6.8       203.89  
   Hydro     2,923       0.5       616       0.7       210.81  
   Pumped storage     3,702       0.7       1,029       1.2       277.84  
   Others     1,980       0.4       388       0.4       196.30  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    550,832       100.0       84,679       100.0       153.73  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Load

   Base load     353,314       64.1       38,252       45.2       108.27  
   Non-base load     197,518       35.9       46,427       54.8       235.05  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
  

Total

    550,832       100.0       84,679       100.0       153.73  
    

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

Notes:

 

(1)

Others represent independent power producers that trade electricity through the cost-based pool system of power trading (excluding independent power producers that supply electricity under power purchase agreements with us).

(2)

Based on the payment made by us through Korea Power Exchange.

 

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Power Purchased from Independent Power Producers under Power Purchase Agreements

In 2022, we purchased an aggregate of 20,586 gigawatt hours of electricity generated by independent power producers under existing power purchase agreements. These independent power producers had an aggregate generation capacity of 15,181 megawatts as of December 31, 2022.

Power Generation

As of December 31, 2022, we and our generation subsidiaries had a total of 770 generation units, including nuclear, thermal, hydroelectric and internal combustion units, representing total installed generation capacity of 82,723 megawatts. Our thermal units produce electricity using steam turbine generators fired by coal, oil and LNG. Our internal combustion units use oil or diesel-fired gas turbines and our combined-cycle units are primarily LNG-fired. We also purchase power from several generation plants not owned by our generation subsidiaries.

The table below sets forth as of and for the year ended December 31, 2022 the number of units, installed capacity and the average capacity factor for each type of generating facilities owned by us and our generation subsidiaries.

 

     Number
of Units
     Installed
Capacity(1)
     Average Capacity
Factor(2)
 
            (Megawatts)      (%)  

Nuclear

     25        24,650        81.6  

Thermal:

        

Coal

     53        32,559        57.6  

LNG

     4        1,400        11.2  

Total thermal

     57        33,959        55.7  
  

 

 

    

 

 

    

 

 

 

Internal combustion

     213        137        47.6  

Combined-cycle(3)

     117        16,652        35.8  

Integrated gasification combined cycle(4)

     3        346        64.8  

Hydroelectric(5)

     61        5,351        10.8  

Wind

     16        168        14.8  

Solar

     239        284        14.2  

Fuel cell

     31        421        66.9  

Bio

     8        745        52.9  

Others(6)

     1        10        78.7  
  

 

 

    

 

 

    

 

 

 

Total

     770        82,723        56.3  
  

 

 

    

 

 

    

 

 

 

 

Notes:

 

(1)

Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment.

(2)

Average capacity factor represents the total number of kilowatt-hours of electricity generated in the indicated period divided by the total number of kilowatt-hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage.

(3)

Involves generation through gas and oil.

(4)

Involves generation through coal and gasified coal.

(5)

Includes generation through pumped storage.

(6)

Includes waste-to-energy.

The expected useful life of a unit, assuming no substantial renovation, is approximately as follows: nuclear, over 40 years; thermal, over 30 years; internal combustion, over 25 years; and hydroelectric, over 55 years. Substantial renovation can extend the useful life of thermal units by up to 20 years.

 

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We seek to achieve efficient use of fuels and diversification of generation capacity by fuel type. In the past, we relied principally upon oil-fired thermal generation units for electricity generation. The high average age of our oil-fired thermal units is attributable to our reliance on oil-fired thermal units as the primary means of electricity generation until mid-1970s. Since then, we have diversified our fuel sources and constructed relatively few oil-fired thermal units compared to units of other fuel types.

Since the oil shock in 1974, however, Korea’s power development plans have emphasized the construction of nuclear generation units. While nuclear units are more expensive to construct than thermal generation units of comparable capacity, nuclear fuel is less expensive than fossil fuels in terms of electricity output per unit cost. However, efficient operation of nuclear units requires that such plants be run continuously at relatively constant energy output levels. As it is impractical to store large quantities of electrical energy, we seek to maintain nuclear power production capacity at approximately the level at which demand for electricity is continuously stable. During those times when actual demand exceeds the usual level of electricity supply from nuclear power, we rely on units fired by fossil fuels and hydroelectric units, which can be started and shut down more quickly and efficiently than nuclear units, to meet the excess demand. Bituminous coal has been the least expensive thermal fuel per kilowatt-hour of electricity produced, and therefore our use of bituminous coal for generation needs takes the largest portion in excess of the stable demand level, except for meeting short-term surges in demand which require rapid start-up and shutdown. Thermal units fired by LNG, hydroelectric units and internal combustion units are the most efficient types of units for rapid start-ups and shutdowns, and therefore we use such units principally to meet short-term surges in demand. Anthracite coal is a less efficient fuel source than bituminous coal in terms of electricity output per unit cost.

Our generation subsidiaries have constructed and operated thermal and internal combustion units in order to help meet power demand. Subject to market conditions, our generation subsidiaries plan to continue to add additional thermal (other than coal-fired) and internal combustion units. These units generally take less time to complete construction than nuclear units.

The table below sets forth, for the periods indicated, the amount of electricity generated by facilities linked to our grid system and the amount of power used or lost in connection with transmission and distribution.

 

     2018      2019      2020      2021      2022      % of 2022
Gross
Generation(1)
 
     (in gigawatt hours, except percentages)  

Electricity generated by us and our generation subsidiaries:

                 

Nuclear

     133,505        145,910        160,184        158,015        176,054        29.6  

Coal

     222,818        211,785        178,808        172,419        164,271        27.6  

Oil

     5,845        1,842        1,504        1,494        352        0.1  

LNG

     —          —          587        1,177        1,377        0.2  

Internal combustion

     529        579        405        491        570        0.1  

Combined-cycle

     46,780        39,049        41,446        53,609        52,243        8.8  

Hydro

     5,187        4,477        4,501        4,762        5,043        0.8  

Wind

     195        192        202        195        219        0.0  

Solar

     183        209        236        493        354        0.1  

Fuel cells

     527        1,036        1,528        1,993        2,470        0.4  

Others

     2,758        3,991        5,121        5,725        5,488        0.9  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total generation by us and our generation subsidiaries

     418,327        409,070        394,522        400,373        408,441        68.7  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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     2018      2019      2020      2021      2022      % of 2022
Gross
Generation(1)
 
     (in gigawatt hours, except percentages)  

Electricity generated by IPPs:

                 

Thermal

     125,830        124,128        123,856        140,983        142,992        24.1  

Hydro, other renewable and others

     26,490        29,842        33,784        35,453        42,967        7.2  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total generation by IPPs

     152,320        153,970        157,640        176,436        185,959        31.3  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Gross generation

     570,647        563,040        552,162        576,809        594,400        100.0  

Auxiliary use(2)

     21,372        21,573        21,135        21,254        22,081        3.7  

Pumped-storage(3)

     5,106        4,588        4,352        4,856        4,912        0.8  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total net generation(4)

     544,169        536,879        526,675        550,699        567,407        95.5  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Transmission and distribution losses(5)

     19,359        19,000        18,610        19,424        20,020        3.5  

 

IPPs = Independent power producers

Notes:

 

(1)

Unless otherwise indicated, percentages are based on gross generation.

(2)

Auxiliary use represents electricity consumed by generation units in the course of generation.

(3)

Pumped storage represents electricity consumed during low demand periods in order to store water which is utilized to generate hydroelectric power during peak demand periods.

(4)

Total net generation represents gross generation minus auxiliary and pumped-storage use.

(5)

Transmission and distribution losses rate represents total transmission and distribution losses divided by total net generation.

The table below sets forth our total capacity at the time of peak usage, and peak and average loads during, the indicated periods.

 

     2018      2019      2020      2021      2022  
              
     (Megawatts)  

Total capacity

     117,205        121,147        127,819        131,330        137,938  

Peak load

     92,478        90,314        89,091        91,141        94,509  

Average load

     65,142        64,274        62,860        65,835        67,854  

Korea Hydro & Nuclear Power Co., Ltd.

We commenced nuclear power generation activities in 1978 when our first nuclear generation unit, Kori #1, began commercial operation. On April 2, 2001, all of our nuclear and hydroelectric power generation assets and liabilities were transferred to KHNP.

At KHNP’s five power plant complexes, Kori, Saeul, Wolsong, Hanbit and Hanul (each complex located in Busan, Ulsan, Gyeongju, Yonggwang and Ulchin, respectively), it operates 25 nuclear generation units, among which Kori #2 has been shut down since April 8, 2023. KHNP submitted a safety evaluation report to the NSSC in April 2022 to seek approval for an extension of the life of Kori #2. KHNP also operates 53 hydroelectric generation units including 16 pumped storage hydro generation units as well as 55 solar generation units and one wind generation unit as of December 31, 2022.

 

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The table below sets forth the number of units and installed capacity as of December 31, 2022 and the average capacity factor by types of generation units in 2022 including Kori #2.

 

     Number of Units      Installed Capacity(1)      Average Capacity
Factor(2)
 
            (Megawatts)      (%)  

Nuclear

     25        24,650        81.6  

Hydroelectric

     53        5,307.5        23.1  

Solar

     55        69.49        15.7  

Wind

     1        0.75        —    
  

 

 

    

 

 

    

Total

     134        30,027        69.7  
  

 

 

    

 

 

    

 

Notes:

 

(1)

Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment.

(2)

Average capacity factor represents the total number of kilowatt-hours of electricity generated in the indicated period divided by the total number of kilowatt-hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage.

KHNP commenced commercial operation of Saeul #1 (formerly named as Shin-Kori #3), with a 1,400 megawatt capacity, in December 2016, and Saeul #2 (formerly named as Shin-Kori #4) began commercial operations on August 2019. In December 2022, the commercial operation of Shin-Hanul #1 has begun. KHNP is currently building three additional nuclear generation units, two at Saeul and one at Shin-Hanul complexes, each with a 1,400 megawatts capacity. KHNP expects to complete these units between 2023 and 2025. In June 2018, the board of directors of KHNP decided to retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the unit’s economic viability and regional sentiment of its continuing operation. The initial phase of the decommissioning of Kori #1, which primarily involves safety inspections and the removal of spent nuclear fuels, has begun after its permanent shutdown in June 2017. In April 2022, KHNP submitted a safety evaluation report to the NSSC to seek approval for an extension of the life of Kori #2, which has been shut down since April 8, 2023.

Nuclear

The table below sets forth certain information with respect to the nuclear generation units of KHNP as of December 31, 2022.

 

Unit(4)

  Reactor Type(1)  

Reactor Design(2)

 

Turbine and
Generation(3)

  Commencement
of Operations
    Installed
Capacity
    Average
Capacity
Factor
 
                      (Megawatts)     (%)  

Kori #2

  PWR   W   GEC     1983       650       64.1  

Kori #3

  PWR   W   GEC, Hitachi     1985       950       97.0  

Kori #4

  PWR   W   GEC, Hitachi     1986       950       99.7  

Shin-Kori #1

  PWR   D, KEPCO E&C, W   D, GE     2011       1,000       86.0  

Shin-Kori #2

  PWR   D, KEPCO E&C, W   D, GE     2012       1,000       86.5  

Saeul #1

  PWR   D, KEPCO E&C, W   D, GE     2016       1,400       99.1  

Saeul #2

  PWR   D, KEPCO E&C, W   D, GE     2019       1,400       80.1  

Wolsong #2

  PHWR   AECL, H, K   H, GE     1997       700       41.6  

Wolsong #3

  PHWR   AECL, H   H, GE     1998       700       88.8  

Wolsong #4

  PHWR   AECL, H   H, GE     1999       700       101.9  

Shin-Wolsong #1

  PWR   D, KEPCO E&C, W   D, GE     2012       1,000       90.5  

Shin-Wolsong #2

  PWR   D, KEPCO E&C, W   D, GE     2015       1,000       83.9  

Hanbit #1

  PWR   W   W, D     1986       950       69.0  

 

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Unit(4)

  Reactor Type(1)    

Reactor Design(2)

 

Turbine and
Generation(3)

  Commencement
of Operations
    Installed
Capacity
    Average
Capacity
Factor
 
                        (Megawatts)     (%)  

Hanbit #2

    PWR     W   W, D     1987       950       62.1  

Hanbit #3

    PWR     H, CE, K   H, GE     1995       1,000       60.6  

Hanbit #4

    PWR     H, CE, K   H, GE     1996       1,000       5.3  

Hanbit #5

    PWR     D, CE, W, KEPCO E&C   D, GE     2002       1,000       100.0  

Hanbit #6

    PWR     D, CE, W, KEPCO E&C   D, GE     2002       1,000       73.4  

Hanul #1

    PWR     F   A     1988       950       84.5  

Hanul #2

    PWR     F   A     1989       950       99.5  

Hanul #3

    PWR     H, CE, K   H, GE     1998       1,000       97.9  

Hanul #4

    PWR     H, CE, K   H, GE     1999       1,000       99.2  

Hanul #5

    PWR     D, KEPCO E&C, W   D, GE     2004       1,000       78.3  

Hanul #6

    PWR     D, KEPCO E&C, W   D, GE     2005       1,000       86.0  

Shin-Hanul #1

    PWR     D, KEPCO E&C, W   D, GE     2022       1,400       102.5  
         

 

 

   

 

 

 

Total nuclear

            24,650       81.6  
         

 

 

   

 

 

 

 

Notes:

 

(1)

“PWR” means pressurized light water reactor; “PHWR” means pressurized heavy water reactor.

(2)

“W” means Westinghouse Electric Corporation (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “KEPCO E&C” means KEPCO Engineering & Construction Co., Inc.; “AECL” means Atomic Energy of Canada Limited (Canada); “H” means Hanjung; “K” means Korea Atomic Energy Research Institute; “CE” means Combustion Engineering (U.S.A.); “F” means Framatome (France).

(3)

“GEC” means General Electric Company (U.K.); “W” means Westinghouse Electric Corporation (U.S.A.); “A” means Alstom (France); “H” means Hanjung; “GE” means General Electric (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “Hitachi” means Hitachi Ltd. (Japan).

(4)

Kori #1 was permanently shut down on June 18, 2017. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1. Saeul #1 and 2 were formerly named as Shin-Kori #3 and 4. Shin-Hanul #1 commenced its operation on December 7, 2022. Kori #2 has been shut down since April 8, 2023 and KHNP submitted a safety evaluation report to the NSSC in April 2022 to seek approval for an extension of its life.

Under extended-cycle operations, nuclear units can be run continuously for periods longer than the conventional twelve-month period between scheduled shutdowns for refueling and maintenance. Since 1987, we have adopted the mode of extended-cycle operations for all of our pressurized light water reactor units and plan to use it for our newly constructed units. The duration of shutdown for fuel replacement, maintenance and the evaluation period for approval to start after maintenance was 1,628.9 days in the aggregate in 2022. In addition, KHNP’s nuclear units experienced an average of 0.17 unplanned shutdowns per unit in 2022. In the ordinary course of operations, KHNP’s nuclear units routinely experience damage and wear and tear, which are repaired during routine shutdown periods or during unplanned temporary suspensions of operations. No significant damage has occurred in any of KHNP’s nuclear reactors, and no significant nuclear exposure or release incidents have occurred at any of KHNP’s nuclear facilities since the first nuclear plant commenced operation in 1978.

 

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Hydroelectric

The table below sets forth certain information relating to KHNP’s pumped-storage and hydroelectric business units, including the installed capacity as of December 31, 2022 and the average capacity factor in 2022.

 

Location of Unit

   Number of Units      Classification      Year
Built
     Installed Capacity      Average Capacity
Factor
 
                          (Megawatts)      (%)  

Hwacheon

     4        Dam waterway        1944        108.0        22.5  

Chuncheon

     2        Dam        1965        62.28        22.7  

Euiam

     2        Dam        1967        48.0        35.3  

Cheongpyung

     4        Dam        1943        140.1        25.4  

Paldang

     4        Dam        1973        120.0        31.7  

Chilbo (Seomjingang)

     3        Basin deviation        1945        35.4        23.7  

Boseonggang

     2        Basin deviation        1937        4.5        18.7  

Kwoesan

     2        Dam        1957        2.8        31.5  

Anheung (GangLim)

     3        Dam waterway        1978        0.5        26.1  

Kangreung

     2        Basin deviation        1991        82.0        —    

Topyeong

     1        Dam        2011        0.045        7.0  

Muju

     1        Dam        2003        0.4        33.2  

Sancheong

     2        Dam        2001        0.995        25.2  

Yangyang

     2        Dam        2005        1.4        33.2  

Yangyang

     1        Dam        2020        0.15        78.2  

Yecheon

     1        Dam        2011        0.9        10.6  

Yecheon (Mini)

     1        Dam        2018        0.025        92.7  

Cheongpeoung

     2        Pumped Storage        1980        400.0        9.5  

Samrangjin

     2        Pumped Storage        1985        600.0        11.1  

Muju

     2        Pumped Storage        1995        600.0        11.7  

Sancheong

     2        Pumped Storage        2001        700.0        11.6  

Yangyang

     4        Pumped Storage        2006        1,000.0        10.8  

Cheongsong

     2        Pumped Storage        2006        600.0        9.9  

Yecheon

     2        Pumped Storage        2011        800.0        —    
  

 

 

          

 

 

    

 

 

 

Total

     53              5,307.5        9.0  
  

 

 

          

 

 

    

 

 

 

Solar/Wind

The table below sets forth certain information, including the installed capacity as of December 31, 2022 and the average capacity factor in 2022, of the solar and wind power units of KHNP.

 

Location of Unit

  

Classification

   Year Built      Installed Capacity      Average Capacity
Factor
 
                 (Megawatts)      (%)  

Yonggwang

   Solar      2008-2021        21.56        16.4  

Yecheon

   Solar      2012        2.01        15.4  

Kori

   Wind      2008        0.75        —    

Busan

   Solar      2017-2022        7.69        17.6  

Gapyeong

   Solar      2017-2022        0.96        14.7  

Chuncheon

   Solar      2021        0.10        13.9  

Cheongsong

   Solar      2018-2021        4.49        16.8  

Kwoesan

   Solar      2018        0.25        15.5  

Boseonggang

   Solar      2018        1.99        14.2  

 

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Location of Unit

  

Classification

   Year Built      Installed Capacity      Average Capacity
Factor
 
                 (Megawatts)      (%)  

Samrangjin

   Solar      2019        2.77        15.7  

Yeoncheon

   Solar      2020        1.00        13.7  

Jeju

   Solar      2020-2021        14.08        14.9  

Gyeongju

   Solar      2020-2022        12.59        14.3  
        

 

 

    

Total

           70.24        15.6  
        

 

 

    

Korea Water Resources Corporation, which is a Government-owned entity, assumes full control of multi-purpose dams, while KHNP maintains the dams used for power generation. Existing hydroelectric power units have exploited most of the water resources in Korea available for commercially viable hydroelectric power generation. Consequently, we expect that no new major hydroelectric power plants will be built in the foreseeable future. Due to the ease of its start-up and shut-down mechanism, hydroelectric power generation is reserved for peak demand periods.

Korea South-East Power Co., Ltd.

The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2022 and the average capacity factor and average fuel cost per kilowatt in 2022 based upon the net amount of electricity generated, of KOSEP.

 

     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Bituminous:

           

Samcheonpo #3, 4, 5, 6

     27.2        2,120.0        61.5        130.81  

Yeongheung #1, 2, 3, 4, 5, 6

     13.7        5,080.0        56.9        120.42  

Yeosu # 1, 2

     8.8        668.6        56.4        137.83  

Combined cycle and internal Combustion:

           

Bundang gas turbine #1,2,3,4,5,6,7,8; steam turbine #1, 2

     29.0        922.1        33.2        285.33  

Hydro, Solar and other renewable energy

     —          487.5        50.8        201.24  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     22.7        9,278.2        55.2        138.62  
  

 

 

    

 

 

    

 

 

    

 

 

 

Korea Midland Power Co., Ltd.

The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2022 and the average capacity factor and average fuel cost per kilowatt in 2022 based upon the net amount of electricity generated, of KOMIPO.

 

     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Bituminous:

           

Boryeong #3, 4, 5, 6, 7, 8

     24.0        3,050.0        54.7        121.4  

Shin Boryeong #1, 2

     5.5        2,038.0        69.6        109.2  

Shin Seocheon #1

     1.6        1,018.0        52.1        118.3  

Combined-cycle and internal combustion:

           

Boryeong gas turbine #1, 2, 3, 4, 5, 6; steam
turbine #1, 2, 3

     23.8        1,350.0        11.3        241.7  

 

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     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Incheon gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2, 3

     13.9        1,462.5        38.0        231.8  

Seoul gas turbine #1, 2; steam turbine #1, 2

     3.4        738.4        57.4        192.7  

Jeju gas turbine #1, 2; steam turbine #1, 2

     4.5        228.7        46.4        238.0  

Sejong gas turbine #1, 2; steam turbine #1

     9.2        530.4        67.5        181.0  

Jeju Internal Combustion Engine #1,2

     15.6        80.0        39.2        249.6  

Bio Oil:

           

Jeju #2, 3

     22.5        150.0        51.2        461.6  

Wind:

           

Yangyang #1, 2

     16.6        3.0        6.3        19.0  

Sejong Maebongsan Wind

     16.5        8.8        —          —    

Jeju Sangmyung Wind

     6.5        21.0        16.5        2.2  

Combined heat and power:

           

Wonju #1

     7.7        10.0        78.7        100.0  

Hydroelectric:

           

Boryeong

     13.9        7.5        14.6        0.5  

Shin Boryeong

     6.3        5.0        39.8        —    

Shin Seocheon

     1.6        2.6        23.1        —    

Photovoltaic (“PV”) power and fuel cell generation:

           

Boryeong (PV) site

     6.5        3.1        13.5        4.0  

Shin Boryeong (PV) site

     4.9        4.0        15.1        —    

Seocheon (PV) site

     4.9        3.9        15.9        —    

Jeju (PV) site

     5.8        4.3        12.2        —    

Seoul (PV) site

     11.4        1.3        15.1        4.8  

Sejong (PV) site

     5.1        0.3        14.4        —    

Yeosu (PV) site

     10.8        2.2        15.5        —    

Incheon (PV) site

     5.2        1.6        14.4        —    

Shin Boryeong (fuel cell) site

     5.2        7.5        79.9        292.6  

Incheon (fuel cell) site

     2.9        31.7        90.4        272.8  

Seoul (fuel cell) site

     2.3        6.0        98.2        185.0  

Sejong (fuel cell) site

     2.9        5.3        87.2        222.2  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     14.1        10,755.1        50.0        151.3  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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Korea Western Power Co., Ltd.

The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2022 and the average capacity factor and average fuel cost per kilowatt in 2022 based upon the net amount of electricity generated, of KOWEPO.

 

     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Bituminous:

           

Taean #1, 2, 3, 4, 5, 6, 7, 8, 9, 10

     16.7        6,100.0        54.7        119.2  

LNG-fired:

           

Pyeongtaek #1, 2, 3, 4(1)

     41.1        1,400.0        11.2        301.1  

Combined cycle:

           

Pyeongtaek #2

     8.2        868.5        62.6        213.2  

Gunsan

     12.6        718.4        14.9        281.8  

West Incheon

     30.1        1,800.0        28.6        243.4  

Hydroelectric:

           

Taean

     15.3        7.2        15.2        —    

Solar:

           

Taean

     5.4        17.3        12.4        —    

Pyeongtaek

     5.5        3.9        13.5        —    

West Incheon

     5.5        1.2        13.3        —    

Gunsan

     7.2        1.0        17.2        —    

Samryangjin

     15.1        3.0        14.8        —    

Sejong City

     10.5        5.0        14.0        —    

Gyeonggi-do

     9.7        2.5        13.8        —    

Yeongam

     9.8        13.3        16.2        —    

Goheung

     3.7        1.0        15.2        —    

Fuel Cell:

           

West Incheon 1

     7.7        16.6        14.7        304.5  

West Incheon 2

     3.4        60.3        45.1        276.7  

Cheonan Cheongsu

     3.0        5.3        81.7        309.4  

Hwaseong Namyang

     1.5        20.2        93.5        260.6  

Gyeonggi Uiwang

     1.4        9.9        99.4        206.5  

Daejeon Hakha

     1.1        6.2        95.8        210.8  

Icheon Gwango

     0.2        9.6        85.7        234.0  

Iksan

     0.7        15.0        98.5        166.8  

Wind Power:

           

Hwasun

     7.0        16.0        16.9        —    

Jangheung

     1.3        18.0        13.8        —    

Integrated gasification combined cycle:

           

Taean

     6.4        346.3        64.8        99.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     20.5        11,465.7        43.5        153.6  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Notes:

 

(1)

Pyeongtaek #1, 2, 3 and 4 were converted into LNG-fired power plant in February 2020.

 

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Korea Southern Power Co., Ltd.

The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2022 and the average capacity factor and average fuel cost per kilowatt in 2022 based upon the net amount of electricity generated, of KOSPO.

 

     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Bituminous:

           

Hadong #1, 2, 3, 4, 5, 6, 7, 8

     21.6        4,000        63.8        116.0  

Samcheok #1, 2

     5.8        2,044        62.4        105.9  

Combined cycle:

           

Shin Incheon #1, 2, 3, 4

     25.4        1,800        33.3        234.0  

Busan #1, 2, 3, 4

     19.2        1,800        52.1        212.0  

Yeongwol #1

     12.2        848        9.4        223.4  

Hallim

     25.4        105        44.6        265.4  

Andong #1

     8.8        362        58.1        210.1  

Nam Jeju #1

     2.1        146        19.3        402.2  

Bio Oil:

           

Nam Jeju #1, 2

     16.0        200        51.9        402.2  

Wind power:

           

Hankyung

     16.2        21        20.9        —    

Seongsan

     13.1        20        24.4        —    

Solar

     4.6        36        14.3        —    

Small Hydropower

     5.4        3        38.9        —    

Fuel Cell

     3.2        94        83.9        244.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     17.3        11,479        51.6        156.0  
  

 

 

    

 

 

    

 

 

    

 

 

 

Korea East-West Power Co., Ltd.

The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2022 and the average capacity factor and average fuel cost per kilowatt in 2022 based upon the net amount of electricity generated, of EWP.

 

     Weighted
Average Age
of Units
     Installed
Capacity
     Average
Capacity
Factor
     Average Fuel
Cost per kWh
 
     (Years)      (Megawatts)      (%)      (Won)  

Bituminous:

           

Dangjin #1, 2, 3, 4, 5, 6, 7, 8, 9, 10

     15.0        6,040        52.8        116.9  

Anthracite:

           

Donghae #1, 2

     23.8        400        53.4        133.1  

Combined cycle:

           

Ulsan gas turbine #1, 2, 3, 4, 5, 6, 7, 8; steam turbine #1, 2, 3, 4

     19.0        2,072        38.2        225.6  

Ilsan gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2

     28.8        900        22.6        302.0  

Mini hydro, Photovoltaic, Fuel Cell, Wind-Power, Biomass:

     —          151        46.1        134.6  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     21.7          9,563        46.7        146.7  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

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Notes:

 

(1)

Ulsan #4, 5 and 6, all oil-fired power plants, were shut down in February 2022 will be converted into LNG-fired power plant.

Power Plant Remodeling and Recommissioning

Our generation subsidiaries supplement power generation capacity through remodeling or recommissioning of thermal units. Recommissioning includes installation of anti-pollution devices, modification of control systems and overall rehabilitation of existing equipment. The following table shows recent remodeling and recommissioning initiatives by our generation subsidiaries.

 

Power Plant

  

Capacity

  

Completed (Year)

  

Extension

  

Company

Taean #1 - 10

  

6,100 MW

(500 MW×8,

1,050 MW×2)

  

EP(1) upgrade (#5, 2009)

EP upgrade (#6, 2010)

EP upgrade (#2, 2016)

EP upgrade (#1, 2017)

EP upgrade (#3, 4, 2018)

SCR(2) upgrade (#2, 4, 7, 2016)

SCR upgrade (#1, 8, 2017)

SCR upgrade (#3, 5, 6, 2018)

FGD(5) upgrade (#1, 2017)

FGD upgrade (#2, 3, 4, 2018)

SCR upgrade(#7, 2022)

SCR upgrade(#8, 2023)

   Anti-pollution    KOWEPO

Pyeongtaek #1 - 4

  

1,400 MW

(350 MW×4)

   Steam turbine upgrade (#2, 3, 2014)    10-year performance-
improvement
   KOWEPO

Boryeong #3 - 6

  

2,050 MW

(#3: 550 , #4~6: 500×3)

  

Retrofit (#3, 2019)

Retrofit (#4, 2023)

Conversion into LNG-fired plant(#5, 6, scheduled to be completed in 2026)

  

Lifetime extension

Conversion into LNG-fired Plant

   KOMIPO

Boryeong #7, 8

  

1,000 MW

(500 MW×2)

  

EP upgrade (#7, 2025)

EP upgrade (#8, 2026)

  

Performance-

improvement

   KOMIPO

Yeosu #1, 2

  

668.6MW

(#1:340, #2:328.6MW)

  

Boiler Type Change

(CFBC(3):#1:2016, #2:2011)

   30 years    KOSEP

Samcheonpo #5, 6

  

1,000 MW

(500 MW ×2)

  

EP upgrade(2016 ~ 2017),

FGD, SCR, WESP(6) installation

(2019~2021)

   Anti-pollution    KOSEP

Yeongheung #1, 2

  

1,600 MW

(800 MW ×2)

   EP, FGD, SCR Upgrade (2022~2023)    Anti-pollution    KOSEP

Yeongdong #1. 2

  

325 MW

(#1:125, #2:200 MW)

  

Boiler, Hybrid SCR & EP, Draft System Retrofit

(Biomass(4) #1: 2017, #2: 2020)

   Renewable energy    KOSEP

Dangjin #1 - 4

  

2,000MW

(500MW×4)

   FGD, EP, SCR upgrade (2022)   

Performance-

improvement

   EWP

Dangjin #5 - 8

  

2,000MW

(500MW×4)

   FGD, EP, SCR upgrade (2024)   

Performance-

improvement

   EWP

Dangjin #9 - 10

  

2,040MW

(1,020MW×2)

   FGD, EP, SCR upgrade (2026)   

Performance-

improvement

   EWP

 

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Power Plant

  

Capacity

  

Completed (Year)

  

Extension

  

Company

Donghae #1, 2

  

400 MW

(200 MW×2)

   FGD (2022)    Anti-pollution & modification of control systems    EWP

Hadong #1 - 8

  

4,000 MW

(500 MW×8)

  

SCR Upgrade (#5. 2016)

SCR Upgrade (#2,3,5. 2017)

SCR Upgrade (#1,4,6,7. 2018)

SCR Upgrade (#8. 2019)

FGD Upgrade (#6, 2018)

FGD Upgrade (#2, 3, 2019)

FGD Upgrade (#4 2020)

FGD Upgrade (#5 2021)

   Anti-pollution    KOSPO

 

Notes:

 

(1)

“EP” means an electrostatic precipitation system.

(2)

“SCR” means a selective catalytic reduction system.

(3)

“CFBC” means a circulating fluidized bed combustion system.

(4)

“Biomass” means wood pallet powered plant.

(5)

“FGD” means flue-gas desulfurization designed to remove sulfur oxides.

(6)

“WESP” means wet electrostatic precipitator.

Transmission and Distribution

We currently transmit and distribute substantially all of the electricity in Korea.

As of December 31, 2022, our transmission system consisted of 35,451 circuit kilometers of lines of 765 kilovolts and others including high-voltage direct current lines, and we had 895 substations with aggregate installed transformer capacity of 347,426 megavolt-amperes.

As of December 31, 2022, our distribution system consisted of 139,265 megavolt-amperes of transformer capacity and 10,084,051 units of support with a total line length of 535,241 circuit kilometers.

We make substantial investments in our transmission and distribution systems to minimize power interruptions and improve efficiency. Our current projects principally focus on increasing capabilities of the existing power networks and reducing our transmission and distribution loss, which was 3.53% of our gross generation in 2022. To cope with increasing damages to large-scale transmission and distribution facilities, we plan to reinforce stability of our transmission and distribution facilities through stricter design and material specifications. In addition, we also plan to expand underground transmission and distribution facilities to meet customer demand for more environment-friendly facilities. In order to reduce the interruption time in power distribution, which is an indicator of the quality of electricity transmission, we also continue to invest in automation of electricity transmission and development of new transmission technologies, among others.

Some of the facilities we own and use in our distribution system use rights of way and other concessions granted by municipal and local authorities in areas where our facilities are located. These concessions are generally renewed upon expiration.

New Energy Industry Projects

Certain of our new energy industry projects are described below.

 

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Advanced Metering Infrastructure

In July 2012, the Government implemented a master plan to build out a smart grid, which includes the Advanced Metering Infrastructure (“AMI”) roadmap. In August 2018 and February 2023, the Government updated the master plan to focus on building electricity market ecosystem and constructing smart energy consuming structure focused on energy efficiency. In accordance with such plan, we are in the process of installing “smart meters” and related communication networks and operating systems as part of the “smart grid” initiative in an effort to enhance efficiency in the power electricity industry and alleviate growing energy shortage concerns. Our goal is to complete such installation for all of the households in Korea. Smart meters refer to digital meters that record, on a real-time basis, electricity consumption within a household so that consumers will have a price-based incentive to enhance efficiency in their electricity usage. As of December 31, 2022, we have established data communication network that enables smart meters for 12 million households and plan to establish it for 10.5 million additional households by 2024. We have spent Won 931 billion on the AMI project until 2022 and expect to spend an additional Won 461 billion, bringing the total cost to approximately Won 1.4 trillion.

Smart Grids

Smart grids refer to next-generation networks for electricity distribution that integrate information technology into existing power grids with the aim of enabling two-way real time exchange of information between electricity suppliers and consumers for optimal efficiency in electricity use. As part of our overall business strategy, we are currently developing and implementing smart grids based on advanced information technology in order to promote more efficient allocation and use of electricity by consumers. We expect that such technology will improve efficiency and reduce electricity loss over the course of electricity transmission and distribution. We also expect that the smart grid initiative will significantly increase efficient energy consumption by providing real-time data to customers, which would in turn help to reduce greenhouse gas emission and decrease Korea’s reliance on foreign energy sources.

In addition, we collaborated with the Seoul Metropolitan Government with the goal of realizing a carbon-neutral city by conducting a project to build an energy integration platform and providing energy-related services to all parts of Seoul from December 2020 to December 2022. Based on our experience with the Seoul Metropolitan Government’s project, we will create a platform that supports regional energy planning in order to support and lead the national energy planning scheme.

Energy Storage Systems

In October 2013, as part of an endeavor to create new markets for energy demand management applications using information and communication technology, we established a business plan to roll out energy storage systems for frequency regulation nationwide. These systems involve the establishment and operation of batteries and transformers with large-sized charge and discharge capabilities adjacent to substations to transmit electricity stably with regulated frequencies and optimize the efficiency of the substation operation. This system allows full conversion of reserve capacity for frequency regulation at existing low-cost generators into electricity storage and, if operated in sizable scale, offers opportunities for substantial cost savings in purchase of electricity.

In December 2014, we conducted a pilot project for this initiative by installing a 52 megawatts energy storage system at the Seo-Anseong substation and the Shin-Yongin substation. In July 2015, these substations began to commercially operate energy storage systems, and we expanded the energy storage capacity nationwide, with a total capacity of 426 megawatts as of December 31, 2022.

Electric Vehicle Charging Infrastructure

In order to promote the use of environment-friendly electric vehicles, we began constructing infrastructures for electric vehicles in 2009. Since 2016, we have installed electric vehicle charging stations throughout public space and residential building complexes. In 2017, we created a platform for businesses in the electric vehicle

 

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charging industry by charging for the service and making the infrastructures available to the market. We have installed 10,815 high and low speed electric vehicle charging stations by the end of 2022 and plan to expand such stations in line with the Government policy to popularize electric vehicles. We plan to continue fostering businesses and revitalizing the electronic vehicle charging market by developing the current infrastructure and providing new services.

In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund. For further details, see “—Capital Investment Program.”

Fuel Sources and Requirements

Nuclear

Uranium, the principal fuel source for nuclear power, accounted for 40.6%, 39.5% and 43.1% of the fuel requirements for electricity generation by us and our generation subsidiaries in terms of electricity generated in 2020, 2021 and 2022, respectively.

All uranium ore concentrates used by KHNP are imported from, and conversion and enrichment of such concentrates are provided by, sources outside Korea and are paid for with currencies other than Won, primarily U.S. dollars.

In order to ensure a stable supply, KHNP enters into long-term and medium-term contracts with various suppliers and supplements such supplies with purchases in spot markets. In 2022, KHNP purchased approximately 4,215 tons of its uranium concentrate requirement under both long-term and spot supply contracts with suppliers in Canada, Russia, France, the United Kingdom, Switzerland, Australia, Germany, Japan and Uzbekistan. Under the long-term supply contracts, the purchase prices of uranium concentrates are adjusted annually based on base prices and spot market prices prevailing at the time of actual delivery. The conversion and enrichment services of uranium concentrates are provided by suppliers in France, Japan, Russia, the United Kingdom, the United States, Hong Kong and Switzerland. A Korean supplier typically provides fabrication of fuel assemblies. Except for certain fixed contract prices, contract prices for processing of uranium are adjusted annually in accordance with the general rate of inflation. KHNP intends to obtain its uranium requirements in the future, in part, through purchases under medium- to long-term contracts and, in part, through spot market purchases.

Coal

Bituminous coal accounted for 44.8%, 42.6% and 39.8% of the fuel requirements for electricity generation by us and our generation subsidiaries in 2020, 2021 and 2022, respectively, and anthracite coal accounted for 0.5%, 0.5% and 0.5% of our fuel requirements for electricity generation in terms of electricity generated in 2020, 2021 and 2022, respectively.

In 2022, our generation subsidiaries purchased approximately 66.2 million tons of bituminous coal, of which approximately 30.9%, 26.7%, 19.9%, 8.5% and 14.0% were imported from Australia, Indonesia, Russia, South Africa and others, respectively. Approximately 91.8% of the bituminous coal requirements of our generation subsidiaries in 2022 were purchased under long-term contracts with the remaining 8.2% purchased in the spot market. Some of our long-term contracts relate to specific generating plants and extend through the end of the projected useful lives of such plants, subject in some cases to periodic renewal. Pursuant to the terms of our long-term supply contracts, prices are adjusted periodically based on market conditions. The average cost of bituminous coal per ton purchased under such contracts amounted to Won 69,748, Won 103,893 and Won 231,643 in 2020, 2021 and 2022, respectively.

In 2022, our generation subsidiaries purchased approximately 1 million tons of anthracite coal. The prices for anthracite coal under such contracts are set by the Government. The average cost of anthracite coal per ton purchased under such contracts was Won 137,116, Won 155,826 and Won 224,827 in 2020, 2021 and 2022, respectively.

 

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Oil

Oil accounted for 0.4%, 0.4% and 0.1% of the fuel requirements for electricity generation by us and our generation subsidiaries in terms of electricity generated in 2020, 2021 and 2022, respectively.

In 2022, our generation subsidiaries purchased approximately 4.1 million barrels of fuel oil, substantial portion of which was purchased from domestic refiners through competitive open bidding. Purchase prices are based on the spot market price in Singapore. The average cost of oil per barrel was Won 91,566, Won 127,644 and Won 215,729 in 2020, 2021 and 2022, respectively.

LNG

LNG accounted for 10.6%, 13.7% and 13.1% of the fuel requirements for electricity generation by us and our generation subsidiaries in terms of electricity generated in 2020, 2021 and 2022, respectively. In 2022, for use in electricity generation we purchased approximately 7.3 million tons of LNG from Korea Gas Corporation, a Government-controlled entity in which we currently own a 20.47% equity interest (excluding treasury shares). In 2022, we purchased a substantial portion of our LNG requirements for use in power generation from Korea Gas Corporation. Under the terms of the LNG contract with Korea Gas Corporation, all of our five non-nuclear generation subsidiaries jointly and severally agreed to purchase a total of 7.7 million tons of LNG in 2022, subject to an automatic price adjustment annually based on a pre-determined formula if the actual purchased amount exceeds or falls short of the contracted amount. We believe the quantities of LNG provided under such contract will be adequate to meet the needs of our generation subsidiaries for LNG for the next several years. The LNG supply contracts between our generation subsidiaries and Korea Gas Corporation generally have a term of 20 years and provide for minimum purchase requirements for our generation subsidiaries, the specific terms of which are subject to negotiation between Korea Gas Corporation and our generation subsidiaries and approval by the Government. The average cost per ton of LNG was Won 556,564, Won 724,682 and Won 1,552,647, in 2020, 2021 and 2022, respectively. Korea Gas Corporation implemented a new individual tariffs formula, whereby the domestic power plants can negotiate lower prices directly with Korea Gas Corporation. The new formula applies to domestic power plants whose current contracts with Korea Gas Corporation expire after January 2022 and also to new power plants commencing operations from January 2022. Meanwhile, KOMIPO procures LNG directly through a contract with a brokerage firm, in addition to the amount supplied by Korea Gas Corporation. In 2022, the total amount of KOMIPO’s direct LNG procurement was 0.7 million tons, with 52.4%, 19.4%, 10.0%, 9.5%, and 8.7% of the total imported from Malaysia, United States, Australia, Russia, and other countries, respectively.

Hydroelectric

Hydroelectric power generation, including pumped storage, accounted for 1.1%, 1.2% and 1.2%, of the fuel requirements for electricity generation by us and our generation subsidiaries in terms of electricity generated in 2020, 2021 and 2022, respectively. The availability of water for hydroelectric power depends on rainfall and competing uses for available water supplies, including residential, commercial, industrial and agricultural consumption. Pumped storage enables us to increase the available supply of water for use during periods of peak electricity demand.

Sales and Customers

Our sales depend principally on the level of demand for electricity in Korea and the rates we charge for the electricity we sell to the end-users.

Demand for electricity in Korea grew at a compounded average rate of 1.0% per annum for the five years ended December 31, 2022. According to the Bank of Korea, the compounded growth rate for GDP was approximately 2.0% per annum for the same period. The GDP growth rate was approximately -1.0%, 4.0% and 2.6%, during 2020, 2021 and 2022, respectively.

 

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The table below sets forth, for the periods indicated, the annual rate of growth in Korea’s GDP and the annual rate of growth in electricity demand (measured by total annual electricity consumption) on a year-on-year basis.

 

     2018     2019     2020     2021     2022  

Growth in GDP

     2.7     2.0     (1.0 )%      4.0     2.6

Growth in electricity consumption

     3.6     (1.1 )%      (2.2 )%      4.7     2.7

Electricity demand in Korea varies within each year for a variety of reasons other than the general growth in GDP demand. Electricity demand tends to be higher during daylight hours due to heightened commercial and industrial activities and electronic appliance use. Due to the use of air conditioning during the summer and heating during the winter, electricity demand is higher during these two seasons than the spring or the fall. Variation in weather conditions may also cause significant variation in electricity demand.

We do not use any marketing channels, including any special sales methods, to sell electricity to our customers, other than to install electricity meters on-site and take monthly readings of such meters, based upon which invoices are sent to our customers.

Demand by the Type of Usage

The table below sets forth consumption of electric power, and growth of such consumption on a year-on-year basis, by the type of usage (in gigawatt hours) for the periods indicated.

 

    2018
(GWh)
    YoY
growth
(%)
    2019
(GWh)
    YoY
growth
(%)
    2020
(GWh)
    YoY
growth
(%)
    2021
(GWh)
    YoY
growth
(%)
    2022
(GWh)
    YoY
growth
(%)
    % of
Total
2022
 

Residential

    72,895       6.3       72,639       (0.4     76,303       5.0       79,915       4.7       80,996       1.4       14.8  

Commercial

    116,934       5.1       116,227       (0.6     113,639       (2.2     119,550       5.2       127,193       6.4       23.2  

Educational

    8,678       4.3       8,561       (1.4     7,515       (12.2     8,423       12.1       9,074       7.7       1.7  

Industrial

    292,999       2.5       289,240       (1.3     278,660       (3.7     291,333       4.5       296,036       1.6       54.0  

Agricultural

    18,504       7.3       18,882       2.0       19,029       0.8       20,603       8.3       21,420       4.0       3.9  

Street lighting

    3,582       0.7       3,571       (0.3     3,507       (1.8     3,445       (1.8     3,424       (0.6     0.6  

Overnight Power

    12,557       (2.0     11,379       (9.4     10,616       (6.7     10,162       (4.3     9,790       (3.7     1.8  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total

    526,149       3.6       520,499       (1.1     509,270       (2.2     533,431       4.7       547,933       2.7       100.0  
 

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

The industrial sector represents the largest segment of electricity consumption in Korea. Demand for electricity from the industrial sector was 296,036 gigawatt hours in 2022, representing a 1.6% increase from 2021, largely due to increases in export and industrial demand. Demand for electricity from the commercial sector depends largely on the level and scope of commercial activities in Korea. Demand for electricity from the commercial sector increased to 127,193 gigawatt hours in 2022, representing a 6.4% increase from 2021, largely due to the effect of easing of COVID-19 quarantine measures on the growth of private consumption in the hotel and restaurant industries. Demand for electricity from the residential sector is largely dependent on population growth and use of heaters, air conditioners and other electronic appliances. Demand for electricity from the residential sector increased to 80,996 gigawatt hours in 2022, representing a modest 1.4% increase compared to 2021, largely due to the fact that the demand has already gone up significantly during the COVID-19 period in 2020 and 2021.

Demand Management

Our ability to provide adequate supply of electricity is principally measured by the facility reserve margin and the supply reserve margin. The facility reserve margin represents the difference between the peak usage during a year and the installed capacity at the time of such peak usage, expressed as a percentage of such peak

 

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usage. The supply reserve margin represents the difference between the peak usage in a year and the available capacity at the time of such peak usage, expressed as a percentage of such peak usage. The following table sets forth our facility reserve margin and supply reserve margin for the periods indicated.

 

     2018     2019     2020     2021     2022  

Facility reserve margin

     26.7     36.2     43.5     44.1     46.0

Supply reserve margin

     7.7     6.7     9.9     10.5     11.8

Additionally, we were designated as one of the pilot business operators of an EERS (Energy Efficiency Resources Standard) in 2018 by the Ministry of Trade, Industry and Energy in accordance with the regulation promulgated by it under delegation of the Energy Use Rationalization Act. The EERS sets the energy saving targets to be sought by the energy suppliers in proportion to their energy sales in order for them to promote the development of energy-efficient technologies and practices, and we are required to save energy by 0.2% of our annual electric power sales during the period from 2019 to 2023 and 1% of our annual electric power sales by 2031 under the EERS. The pilot business of the EERS is scheduled to end in 2023, and the EERS is expected to be converted into the actual business in 2024 after amendment to the Energy Use Rationalization Act in 2023.

Electricity Rates

The Electric Utility Act and the Price Stabilization Act of 1975, each as amended from time to time, prescribe the procedures for the approval and establishment of rates charged for the electricity we sell. We submit our proposals for revisions of rates or changes in the rate structure to the Ministry of Trade, Industry and Energy. The Ministry of Trade, Industry and Energy then reviews these proposals and, following consultation with the Ministry of Economy and Finance and review by the Korea Electricity Commission, makes the final decision.

Under the Electric Utility Act and the Price Stabilization Act, electricity rates are established at the same level as the total comprehensive cost (the “Total Comprehensive Cost”) that would enable us to recover our fair operating costs as well as receive a fair investment return on capital used in our operations. The fair operating costs are defined as the sum of our operating expenses attributable to our electricity supply, our adjusted income taxes and some of non-operational profit or loss.

The fair investment return on capital used in our operations represents an amount equal to the rate base multiplied by the rate of return.

The rate base is currently equal to the sum of:

 

   

net utility plant in service (which is equal to utility plant minus accumulated depreciation minus revaluation reserve);

 

   

the portion of working capital which is equal to the appropriate level of operating costs minus depreciation and other non-cash charges while taking into account the actual time of cost recovery; and

 

   

the portion of construction-in-progress which is charged from our retained earnings.

The amounts used for the variables in the rates are those projected by us for the periods to be covered by the rate approval.

For the purpose of determining the fair rate of return, the rate base is divided into two components in proportion to our total equity and our total debt. The rate of return permitted in relation to the debt component of the rate base is set at a level designed to approximate the weighted average interest cost on all types of borrowing for the periods covered by the rate approval. The rate of return permitted in relation to the equity component of the rate base is set by applying the capital asset pricing model which takes account of the risk-free rate, the return

 

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on the Korea Stock Price Index, KOSPI, and the correlation of the stock price of our company with KOSPI. In 2021, the approved rate of return on the debt component of the rate base was 0.94% while the approved rate of return on the equity component of the rate base was 3.12%. As a result of such approved rates of returns, the fair rate of return in 2021 was determined to be 4.06%. The fair rate of return for 2022 has not yet been determined.

The Electric Utility Act and the Price Stabilization Act do not specify a basis for determining the reasonableness of our operating expenses or any other items (other than the level of the fair investment return) for the purposes of the rate calculation. However, the Government exercises substantial control over our budgeting and other financial and operating decisions.

In addition to the calculations described above, a variety of other factors are considered in setting overall tariff levels. These other factors include consumer welfare, our projected capital requirements, the effect of electricity tariff on inflation in Korea and the effect of tariff on demand for electricity.

From time to time, our actual rate of return on invested capital may differ significantly from the fair rate of return on invested capital assumed for the purposes of electricity tariff approvals, for reasons, among others, related to movements in fuel prices, exchange rates and demand for electricity that differ from what is assumed for determining our fair rate of return. For example, between 1987 and 1990, the actual rate of return was above the fair rate of return due to declining fuel costs and rising demand for electricity at a rate not anticipated for purposes of determining our fair rate of return. Similarly, depreciation of the Won against the U.S. dollar accounted for our actual rates of return being lower than the fair rate of return for the period from 1996 to 2000. For the period between 2006 and 2013, our actual rates of return were lower than the fair rate of return largely due to a general increase in fuel costs and additional facility investment costs incurred, the effects of which were not offset by timely increases in our tariff rates. Between 2014 and 2016, however, largely due to a decrease in fuel costs reflective of the drop in oil prices, our actual rate of return has surpassed the fair rate of return; however, substantially all of the resulting excess has been used to fund capital expenditure and repair and maintenance, and make investments in renewable energy and other environmental programs.

Partly in response to the variance between our actual rates of return and the fair rates of return, the Government from time to time increases the electricity tariff rates, but there typically is a significant time lag for the tariff increases as such increases requires a series of deliberation processes and administrative procedures and the Government also has to consider other policy considerations, such as the inflationary effect of overall tariff increases and the efficiency of energy use from sector-specific tariff increases.

As of January 1, 2021, we implemented a new tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers, among other changes. The new tariff system consists of three main changes.

First, we implemented a new cost pass-through tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers and to enhance transparency by separately billing fuel costs and climate/environment related costs. Previously, the electricity tariff consisted of two main components: (i) the base charge (the “Base Charge”) and (ii) the usage charge (the “Usage Charge”) based on the amount of electricity consumed by end-users. Under the new tariff system, there are new components to the tariff called the fuel cost adjusted charge (the “Fuel Cost Adjusted Charge”) and the climate/environment related charge (the “Climate/Environment Related Charge”). In principle, the Fuel Cost Adjusted Charge is calculated on a quarterly basis and the formula for calculating the amount of the Fuel Cost Adjusted Charge is multiplying (i) the unit price of the Fuel Cost Adjusted Charge (the “Unit Price of the Fuel Cost Adjusted Charge”), which is the difference between a base fuel cost (the “Base Fuel Cost”) and an actual fuel cost (the “Actual Fuel Cost”) and (ii) the amount of electricity consumed. The Base Fuel Cost is the past twelve-month average fuel price of bituminous coal, LNG and Bunker C oil as posted by the Korea Customs Service. The twelve-month average fuel price is measured by taking the average of monthly fuel prices from twelve months in between thirteen and one

 

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month prior to the time a new Base Fuel Cost becomes effective. To illustrate, the Base Fuel Cost effective from 2023 is the average of the fuel prices from December 2021 to November 2022. The Base Fuel Cost can be adjusted upon the revision of the electricity tariff as a whole. On the other hand, the Actual Fuel Cost is the past three-month average fuel price of the same fuels we use to measure the Base Fuel Cost. The past three-month average fuel price is measured by taking the average of monthly fuel prices from three months in between four and one month prior to the time the Fuel Cost Adjusted Charge is updated. To illustrate, for the first quarter of 2023, we used the fuel costs for September, October and November 2022 to calculate the three-month average fuel price.

The quarterly-adjusted Fuel Cost Adjusted Charge has built-in limits in view of price stability and other public policy considerations. First, there is a limit on any change in the Unit Price of the Fuel Cost Adjusted Charge to be no less than Won ±1 per kilowatt-hour. In other words, any change less than Won ±1 per kilowatt-hour will not be reflected. However, such limit does not apply if it is the first quarter during which the Base Fuel Cost has been newly updated. Separately, the Won ±3 per kilowatt-hour limit that previously existed to limit any change in the Unit Price of Fuel Cost Adjusted Charge to be no greater than Won ±3 per kilowatt-hour as compared to the preceding quarter was repealed since the third quarter of 2022 on account of high volatility in recent global fuel prices. Second, the Unit Price of the Fuel Cost Adjusted Charge that exceeds Won ±5 per kilowatt-hour will not be reflected. In other words, the maximum adjustment that can be incorporated to the Unit Price of the Fuel Cost Adjusted Charge is equal to Won ±5 per kilowatt-hour from the Base Fuel Cost that is in effect. For example, in the second quarter of 2023, the Unit Price of the Fuel Cost Adjusted Charge was Won 6.8 per kilowatt-hour, meaning the Actual Fuel Cost was higher than the Base Fuel Cost by Won 6.8 per kilowatt-hour, but after being subjected to the limit of Won ±5 per kilowatt-hour, the Unit Price of the Fuel Cost Adjusted Charge came out to be Won 5.0 per kilowatt-hour.

However, our ability to pass on fuel and other cost increases to our customers may be limited due to the regulation of the Government on the rates we charge for the electricity we sell to our customers. In addition to the built-in limits described in the preceding paragraph, the new tariff system gives discretion to the Government to not wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, as determined by the Government. For example, in the second and third quarter of 2021, although the Unit Price of the Fuel Cost Adjusted Charge was Won –0.2 and Won 0.0 per kilowatt-hour respectively, the Government notified us to keep it at the same Won –3.0 per kilowatt-hour as the first quarter of 2021. In the fourth quarter of 2021, we increased the Unit Price of the Fuel Cost Adjusted Charge from Won –3.0 to Won 0.0 per kilowatt-hour. In the first and second quarters of 2022, although the Unit Price of the Fuel Cost Adjusted Charge as calculated should have been Won 3.0 per kilowatt-hour as the quarterly limit of Won ±3 per kilowatt-hour had existed back then, the Government notified us to keep it at the same Won 0.0 per kilowatt-hour as the fourth quarter of 2021. The Government cited different policy reasons for withholding the application of the quarterly Fuel Cost Adjusted Charge in the past but one of the more consistent reasons has been alleviating the hardship caused by the prolonged economic effects of COVID-19 pandemic. As the quarterly limit of Won ±3 per kilowatt-hour was repealed in the third quarter of 2022 and with the approval by the Government, we ultimately increased the Unit Price of the Fuel Cost Adjusted Charge to Won 5.0 per kilowatt-hour in the third quarter of 2022, which was the maximum amount allowed in 2022 under the Won ±5 per kilowatt-hour limit. From then to the second quarter of 2023, the Unit Price of the Fuel Cost Adjusted Charge has been kept at Won 5.0 per kilowatt-hour.

Also, because the Fuel Cost Adjusted Charge takes into account the fuel prices posted by Korea Customs Service, there may still be a mismatch in value between the actual prices the domestic generation companies pay for their fuels in the open market and the adjustment that can be made through the Fuel Cost Adjusted Charge. The domestic generation companies include not only our generation subsidiaries but also independent power producers that are not affiliated with us and we do not have access to fuel costs incurred by the independent power producers. As such, we use fuel prices posted by Korea Customs Service, which are easily accessible to our customers, for calculating the Fuel Cost Adjusted Charge.

 

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Due to the likelihood of the Actual Fuel Cost being substantially over the built-in limits of the new tariff system and the Government’s discretion not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, there may be certain portions of the fuel costs that cannot be charged to our customers, even though those portions should have been included in the Fuel Cost Adjusted Charge. In such cases, we may accumulate such portions and reflect them in the Total Comprehensive Cost, which we use to calculate the Base Charge and the Usage Charge of the tariff. The Base Charge and the Usage Charge that are derived from the Total Comprehensive Cost need to be approved by the Government before they can be revised. The Government may, from time to time, consider different policy objectives to regulate the time and magnitude of such revision of the Base Charge and the Usage Charge of the electricity tariff. Therefore, changes in the fuel costs may not be timely or fully reflected even through the Usage Charge of the tariff where they would typically be reflected. Recently, to reflect the rise in the Base Fuel Cost, the Usage Charge needed to increase by Won 9.8 per kilowatt-hour from January 2022. With the approval by the Government, we increased the Usage Charge by Won 4.9 per kilowatt-hour on April 1, 2022 and October 1, 2022 respectively, which resulted in a total increase of Won 9.8 per kilowatt-hour. Such increases were spread out into two rounds to relieve people’s hardship including the prolonged effects of COVID-19 pandemic. In addition, in October 2022, we increased the Usage Charge of the tariff by Won 7.0 to Won 11.7 per kilowatt-hour on industrial and commercial consumers and by Won 2.5 per kilowatt-hour on all other consumers, reflecting additional accumulated fuel cost rises. In January 2023, with the approval by the Government, we increased the Usage Charge by Won 11.4 per kilowatt-hour to reflect a portion of the increase in the Base Fuel Cost. The Government announced in its economic policy direction statement for 2023 that it will work towards normalizing the tariff in stages so that our cumulative deficit is resolved by 2026. However, there is no assurance on whether such announcement will be realized or how long it will take to be realized.

Also, the new tariff system introduced an additional component to the tariff called a climate/environment related charge (the “Climate/Environment Related Charge”). Previously, our climate and environment costs were embedded in the Usage Charge component of the tariff and our consumers could not discern the exact magnitude of such costs. By separating it out as an independent component, we intend to provide more information and transparency to our customers while having the flexibility to adjust it in alignment with the underlying costs. The Climate/Environment Related Charge for the coming year is calculated by multiplying (i) our total estimated costs of complying with the Renewable Portfolio Standard program, the Greenhouse Gas Emission Trading System and the coal-fired generation reduction program for the current year, and then dividing it by the electricity sales projected for the coming year (the “Climate/Environment Related Base Rate”), and (ii) the amount of electricity consumed. The value of the Climate/Environment Related Base Rate for 2022 was Won 7.3 per kilowatt-hour. In accordance with the tariff increase plan we announced in December 2022, we further reflected increased environmental costs in 2023 to raise the Climate/Environment Related Base Rate by Won 1.7 to Won 9.0 per kilowatt-hour. The Climate/Environment Related Charge is planned to be adjusted every year by reflecting the change in climate and environment-related costs but the Government may change the date of adjustment in consideration of different policy objectives. If there are discrepancies between our costs and the Climate/Environment Related Charge, we may accumulate such discrepancies and reflect them in our Total Comprehensive Cost. However, the electricity rate based on the Total Comprehensive Cost needs to be approved by the Government to be revised.

Second, the new tariff system amended the residential electricity rate system starting in July 2021. Under the old system, households that use less than 200 kilowatt-hours of electricity received a discount on their tariffs. The new system redirected this benefit by phasing out the discount to 50% in July 2021 and terminating it in July 2022. Instead, the new tariff system allows households to choose a new schedule of residential tariff starting from September 2021, which is an option we have already been providing to our industrial and commercial customers. The new schedule is called a seasonal and hourly tariff and it allows residents to be charged under a monthly Base Charge plus increments depending on time, day and season. Each household may also choose to stay under the current tariff schedule which in contrast is a progressive schedule with seasonal adjustments. Our plan is to provide this option to households in Jeju Province in Korea first as many of these households are equipped with the Advanced Metering Infrastructure (“AMI”) and review rolling it out to the rest of the country depending on the penetration rate of the AMI in each region.

 

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Third, the new tariff system ended certain special discounts we previously provided to our customers. The first of two such discounts was for customers who installed energy storage system (“ESS”). The benefits included tariff discounts of three times the Base Charge and 50% of the Usage Charge. Starting in January 2021, we rolled back the discount for ESS by decreasing it from three times the Base Charge to one times the Base Charge and discontinuing the 50% discount on the Usage Charge. The discount of one times the Base Charge is planned to also phase out in March 2026 as we originally intended. In addition, we intend to designate a three-hour time period during peak time and induce electricity discharge of the ESS during that period by giving more discount to the customers who made such discharge so they will increase supply during peak time. The second of the two discounts being rolled back is a 50% discount for customers who installed a renewable energy generator for their own industrial and general uses. We discontinued this discount in 2020 while only maintaining it for customers who are unable to sell their electricity in the market because of their small generation capacities (less than 10 kilowatts). The discount for such customers is planned to be discontinued by 2023.

Lastly, the new tariff system included a plan to minimize the public burden of tariff increase by reducing power supply cost of us and our generation subsidiaries through cost reduction measures. To this end, it was contemplated that an annual increase limit of 3% on certain electricity supply costs including labor costs and selling, general and administrative expenses would be set and an increase in excess of the 3% limit would not be reflected in the tariff. However, if the annual increase limit of 3% on electricity supply costs is implemented, it could have an adverse effect on our business, financial condition and results of operations.

The tariff rates we charge for electricity vary among the different classes of consumers, which principally consist of industrial, commercial, residential, educational and agricultural consumers. The tariff also varies depending upon the voltage used, the season, the time of usage, the rate option selected by the user and, in the residential sector, the amount of electricity used per household, as well as other factors. For example, we adjust for seasonal tariff variations by applying higher rates when demand tends to rise such as during the months of June, July and August (when the demand tends to rise due to increased use of air conditioning) and November, December, January and February (when demand tends to rise due to increased use of heating), which reflects the policy of the Korean government to cope with the rise in electricity demand during peak seasons by encouraging a more efficient use of electricity by customers. In addition, we provide discounts on tariff rates to certain users such as low income households.

Our current tariff schedule reflecting the adjustments outlined above and effective from January 1, 2023 is summarized below by the type of usage:

 

   

Industrial. The monthly Base Charge varies from Won 5,550 per kilowatt to Won 9,810 per kilowatt depending on the type of contract, the voltage used and the rate option. The energy Usage Charge varies from Won 71.5 per kilowatt-hour to Won 221.4 per kilowatt-hour depending on the type of contract, the voltage used, the season, the time of day and the rate option.

 

   

Commercial. The monthly Base Charge varies from Won 6,160 per kilowatt to Won 9,810 per kilowatt depending on the type of contract, the voltage used and the rate option. The energy Usage Charge varies from Won 75.5 per kilowatt-hour to Won 221.4 per kilowatt-hour depending on the type of contract, the voltage used, the season, the time of day and the rate option.

 

   

Residential. The monthly Base Charge varies from Won 730 for electricity usage of less than 200 kilowatt-hours to Won 7,300 for electricity usage in excess of 400 kilowatt-hours. During the months of July and August each year, the usage ceiling for the first two tiers of rates is increased from 200 kilowatts to 300 kilowatts for the first tier and from 400 kilowatts to 450 kilowatts for the second tier. Residential tariff also includes an energy Usage Charge ranging from Won 97.0 to Won 299.3 per kilowatt-hour for electricity usage depending on the amount of usage and voltage. During the peak usage periods during summer and winter, namely the months of July and August and December to February, a higher energy Usage Charge of Won 728.2 per kilowatt-hour applies to residential consumers whose monthly electricity consumption exceeds 1,000 kilowatts hour. In accordance with

 

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the new tariff system, residents may also opt for our new seasonal and hourly tariff schedule as an alternative. Under the new schedule, the monthly Base Charge is Won 4,310 per kilowatt. The Usage Charge varies from Won 117.8 per kilowatt-hour to Won 212.5 per kilowatt-hour depending on season and time of the day.

 

   

Educational. The monthly Base Charge varies from Won 5,230 per kilowatt to Won 6,980 per kilowatt depending on the voltage used and the rate option. The energy Usage Charge varies from Won 62.5 per kilowatt-hour to Won 179.1 per kilowatt-hour depending on the voltage used, the season and the rate option.

 

   

Agricultural. The monthly Base Charge varies from Won 360 per kilowatt to Won 1,210 per kilowatt depending on the type of usage. The energy Usage Charge varies from Won 32.7 per kilowatt-hour to Won 53.0 per kilowatt-hour depending on the type of contract, the voltage used and the season.

 

   

Street-lighting. The monthly Base Charge is Won 6,290 per kilowatt and the energy Usage Charge is Won 104.6 per kilowatt-hour. For electricity capacity of less than 1 kilowatt or for places where the installation of the electricity meter is difficult, a fixed rate of Won 44.3 per watt applies, with the minimum monthly charge of Won 1,220.

In 2001, as part of implementing the Restructuring Plan, the Ministry of Trade, Industry and Energy established the Electric Power Industry Basis Fund to enable the Government to take over certain public services previously performed by us. In 2022, 3.7% of the tariff we collected from our customers was transferred to this fund prior to recognizing our sales revenue.

Power Development Strategy

We and our generation subsidiaries make plans for expanding or upgrading our generation capacity based on the Basic Plan, which is generally revised and announced every two years by the Government. In January 2023, the Government announced the Tenth Basic Plan which is effective for the period from 2023 to 2036. The Tenth Basic Plan focuses on (i) establishing practical and balanced mixture of power sources and (ii) optimizing nuclear power sources while minimizing coal-fired power sources and developing eco-friendly power sources. The Tenth Basic Plan includes the following specific measures: (i) construction of nuclear power plants Shin-Hanul #3 and 4 would resume and operation of ten other nuclear generation units including Kori #2 may continue beyond their original retirement dates in or before 2030 subject to KHNP’s intention and only upon the NSSC’s approval following a satisfactory safety evaluation; as a result, nuclear generation capacities will increase from 26.1 gigawatts in 2023 to 31.7 gigawatts by 2036, (ii) 28 decrepit coal-fired power plants of which capacities are 14.1 gigawatts, will be retired and converted into using LNG instead, decreasing coal generation capacities from 40.2 gigawatts in 2023 to 27.1 gigawatts by 2036 and expanding LNG generation capacities from 43.5 gigawatts in 2023 to 64.6 gigawatts by 2036 as a consequence, (iii) domestic renewable energy generation capacity will be expanded from 32.8 gigawatts in 2023 to 108.3 gigawatts by 2036 with a practical forecasts, and (iv) carbon-free power sources such as hydrogen-LNG and ammonia-coal blended combustion will be utilized to achieve 2050 carbon neutrality. The introduction of such carbon-free power sources can minimize stranded assets i.e., assets that have become obsolete or non-performing, by recycling existing coal-fired power plants and system facilities connected thereto. Hydrogen and ammonia blended power generation is expected to reach 47.4 terawatt-hour in 2036, accounting for 7.1% of the total annual power generation.

In June 2019, the Ministry of Trade, Industry and Energy adopted the Third Basic National Energy Plan following consultations with representatives from civic groups, the energy industry and academia. The Third Basic National Energy Plan, which is a comprehensive plan that covers the entire spectrum of energy industries in Korea, covers the period from 2019 to 2040. The Third Basic National Energy Plan is consistent with the First and the Second Basic National Energy Plans in terms of the general policy direction and aims to promote sustainable growth and improvement of people’s quality of life by converting to renewable energy. Specifically, it establishes the following five key tasks: (i) strengthening management of energy demand from various sectors,

 

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such as commerce and transportation, and promoting a rational electricity tariff system to improve the national energy consumption efficiency by 38% and reduce the energy demand by 18.6% by 2040; (ii) converting to clean and safe energy through gradual reduction of nuclear power generation and decisive reduction of coal power generation by prohibiting construction of new coal-fired power plants and increasing the proportion of renewable energy sources to approximately 35% by 2040; (iii) expanding the power distribution in areas near those with demands for renewable energy and fuel cells and strengthening the roles and responsibilities of local governments; (iv) fostering the growth of the future energy industries (including renewable energy, hydrogen fuel and other efficient sources of energy linked to technology), promoting the value-add for traditional energy industries and maintaining a core energy ecosystem for nuclear power plants; and (v) improving the energy, gas and heat market systems to facilitate the national energy conversion and building platforms based on big data to foster creation of new energy industries.

The Ministry of Trade, Industry and Energy is currently preparing the Fourth Basic National Energy Plan to be announced in 2024. The Government inaugurated in May 2022 announced the draft direction of the new government’s energy policy in July 2022 that set the following five fundamental basis for the Fourth Basic National Energy Plan: first, redefining a feasible and rational energy mix; second, establishing strong resource and energy security; third, improving efficiency of energy demand and restructuring the energy market based on market principles; fourth, promoting the development and export of new energy businesses; and finally, strengthening energy welfare and the applicability of relevant policies. Through this policy direction, we hope to promote balanced development in nuclear power, renewable energy, and hydrogen energy nationwide, which will decrease the proportion of energy generated from fossil fuels.

We cannot assure that the Tenth Basic Plan, the Third and Fourth Basic National Energy Plan or the respective plans to be subsequently adopted will successfully achieve their intended goals, the foremost of which is to ensure, through carefully calibrated capacity expansion and other means, balanced overall electricity supply and demand in Korea at to end users while promoting efficiency and environmental friendliness in the consumption and production of electricity. If there is significant variance between the projected electricity supply and demand considered in planning our capacity expansions and the actual electricity supply and demand or if these plans otherwise fail to meet their intended goals or have other unintended consequences, this may result in inefficient use of our working capital, mispricing of electricity and undue financing costs on the part of us and our generation subsidiaries, among others, which may have a material adverse effect on our results of operations, financial condition and cash flows.

Capital Investment Program

The table below sets forth, for each of the years ended December 31, 2020, 2021 and 2022, the amounts of capital expenditures for the construction of generation, transmission and distribution facilities.

 

2020

    2021     2022  
(In billions of Won)  
W 15,485     W 13,964     W 13,886  

The table below sets forth the currently estimated installed capacity for new or expanded generation units to be completed by our generation subsidiaries in each year from 2023 to 2026 based on the Tenth Basic Plan, as amended.

 

Year

   Number of Units    Type of Units    Total Installed Capacity  
               (Megawatts)  

2023

   1    Nuclear power      1,400  
   1    LNG-combined      495  
   27    Renewables      300  

 

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Year

   Number of Units    Type of Units    Total Installed Capacity  
               (Megawatts)  

2024

   1    Nuclear power      1,400  
   1    LNG-combined      597  
   2    Renewables      102  

2025

   1    Nuclear power      1,400  
   2    LNG-combined      1,062  
   1    Renewables      22  

2026

   6    LNG-combined      3,681  
   To be determined    Renewables      To be determined  

As part of our capital investment program, we also intend to add new transmission lines and substations, continue to replace overhead lines with underground cables and improve the existing transmission and distribution systems.

The actual number and capacity of generation units and transmission and distribution facilities we construct and the timing of such construction are subject to change depending upon a variety of factors, including, among others, changes in the Basic Plan, demand growth projections, availability and cost of financing, changes in fuel prices and availability of fuel, ability to acquire necessary plant sites, environmental considerations and community opposition.

The table below sets forth, for the period from 2023 to 2025, the budgeted amounts of capital expenditures pursuant to our capital investment program, which primarily consist of budgets for the construction of generation, transmission and distribution facilities and, to a lesser extent, renewable energy generation and new energy industry projects. The budgeted amounts may vary from the actual amounts of capital expenditures for a variety of reasons, including, among others, the implementation of the Tenth Basic Plan currently in place, changes in the number of units to be constructed, the actual timing of such construction, changes in rates of exchange between the Won and foreign currencies and changes in interest rates.

 

     2023      2024      2025      Total  
     (in billions of Won)  

Generation(1):

           

Nuclear

   W 4,280      W 3,763      W 3,994      W 12,038  

Thermal

     3,386        3,876        4,786        12,048  

Renewables and others

     1,014        557        655        2,225  
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total

     8,680        8,196        9,435        26,311  
  

 

 

    

 

 

    

 

 

    

 

 

 

Transmission and Distribution:

           

Transmission

     3,301        3,129        3,491        9,922  

Distribution

     3,649        3,629        3,515        10,792  
  

 

 

    

 

 

    

 

 

    

 

 

 

Sub-total

     6,950        6,758        7,006        20,714  
  

 

 

    

 

 

    

 

 

    

 

 

 

Others(2)

     1,297        1,352        1,467        4,116  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

   W 16,927      W 16,306      W 17,908      W 51,141  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Notes:

 

(1)

The budgeted amounts for our generation facilities are based on the Ninth Basic Plan, as amended.

(2)

Principally consists of investments in telecommunications and new energy industry projects, among others.

In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of

 

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these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles, small-sized self-sustaining electricity generation grids known as “micro-grids”, among others, as well as invest in start-up companies, ventures, small- to medium-sized enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.

Furthermore, as a measure to address the high level of particulate matter pollution, in October 2018, the Government introduced a pilot regulation to lower the output of 35 coal-fired generation units to approximately 80% of their capacity that emit more than a certain amount of particulate matter. The regulation was formally implemented in January 2019, targeting 40 coal-fired power plants with high emissions of particulate matter. From March to June 2019, the scope expanded to cover 60 units in total. In addition, coal-fired generation units originally scheduled for preventive maintenance during the second half of 2019 were required to undertake such maintenance earlier in the spring of 2019. In November 2019, the Government pursued a reduction of coal-fired generation units in order to implement the Special Measures to Respond to the High Concentration Period (December to March) of Particulate Matter. We plan to continue to participate in the effort to reduce the particulate matter emissions from coal-fired generation units, not only during the winter but also during the spring. For example, from December 2022 to March 2023, up to 9 coal-fired generation units were shut down, with a maximum of 36 coal-fired generation units subject to a cap of 80% on the output within the remaining reserve capacity range. Additionally, the Government adjusted the schedule to close down two decrepit coal-fired generation units (Boryeong #1 and #2), which were shut down in December 2020. Also, other coal-fired generation units, Samcheonpo #1 and #2, were shut down in May 2021 and Honam #1 and #2 units in December 2021. According to the Tenth Basic Plan announced in December 2022, the total coal-fired power plant capacity in 2036 will decrease to 27.1 gigawatts from 40.2 gigawatts in 2023, and its percentage of total power generation capacity will decrease to 11.3% in 2036 from 27.1% in 2023. While such measures may be subject to change, we expect to incur significant costs of complying with such measures, including in connection with more stringent particulate matter pollution regulations, retrofitting and overall replacement of environmental facilities.

We have financed, and plan to finance in the future, our capital investment programs primarily through net cash provided by our operating activities and financing in the form of debt securities and loans from domestic financial institutions, and to a lesser extent, borrowings from overseas financial institutions. In addition, in order to prepare for potential liquidity shortage, we maintain several credit facilities with financial institutions in the aggregate amounts of Won 7,184 billion and US$1,385 million on a consolidated basis, the full amount of which was available as of December 31, 2022. We, KHNP, KOMIPO and KOWEPO also maintain global medium-term note programs in the aggregate amount of US$21 billion, of which approximately US$13 billion remains currently available for future drawdown. See also Item 5.B. “Liquidity and Capital Resources—Capital Resources.”

Environmental, Social and Governance Programs

With the ESG Promotion Strategy established in 2022, we set the direction and strategic goals to advance the sectoral strategies in each of environment, social, governance to reflect environmental changes and strengthen infrastructure for the achievement of the strategies. To reach the ESG vision and strategic goals, we have identified strategic tasks for each sector of environment, social, governance and will continue to work on them in the future.

Environmental Programs

The Environmental Policy Basic Act, the Air Quality Preservation Act, the Water Quality Preservation Act, the Marine Pollution Prevention Act and the Waste Management Act, collectively referred in this annual report as the Environmental Acts, are the major laws of Korea that regulate atmospheric emissions, waste water, noise and other emissions from our facilities, including power generators and transmission and distribution units. Our existing facilities are currently in material compliance with the requirements of these environmental laws and international agreements, such as the United Nations Framework Convention on Climate Change, the Montreal

 

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Protocol on Substances that Deplete the Ozone Layer, the Stockholm Convention on Persistent Organic Pollutants and the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal. Additionally, we are endeavoring to develop and implement greenhouse gas reduction strategy in line with the new climate regime set forth by the Paris Climate Agreement.

We continuously endeavor to contribute to sustainable growth (whether as an economy, a society or an ecosystem) by actively taking actions that befit our social responsibility as a corporate citizen in the energy industry. For example, in 2005, we became the first public company in Korea to join the United Nations Global Compact, an international voluntary initiative designed to hold a forum for corporations, United Nations agencies, labor and civic groups to promote reforms in economic, environmental and social policies. As part of our involvement with such initiative, we issue an annual report named the “Sustainability Report” to disclose our activities from the perspectives of economy, environment and society, in accordance with the reporting guidelines of the Global Reporting Initiative, the official collaborating center of the United Nations Environment Program that works in cooperation with United Nations Secretary General. We recognize the interest in ESG within the investors’ community and are continuously pursuing safe and clean energy supply and distribution by reducing greenhouse gas emissions and enhancing our ability to respond to climate change, the details of such efforts provided through periodic sustainability reports. In addition, from 2020, we made detailed disclosures on our sustainability reports in accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and the standards of the Sustainability Accounting Standards Board (SASB) regarding our activities in response to the global climate crisis and our efforts to transition into safe and clean energy sources. In 2022, we published an integrated report on the domestic and international sustainable management performance of us and our six generation subsidiaries.

In recognition of our efforts and achievements to reduce greenhouse gas emissions in response to global climate change, in May 2013, we obtained the Carbon Trust Standard certification issued by Carbon Trust, a British nonprofit organization with the goal of establishing a sustainable, low carbon economy. In 2015, we obtained recertification from Carbon Trust by satisfying even more rigorous evaluation criteria. We are also a participant of the Carbon Disclosure Project, an international organization that promotes transparency in informational disclosure of carbon management process, and from 2016 to 2021, we were recognized by the Carbon Disclosure Project and received honors in energy and utility sector. In 2022, pursuant to the Dow Jones Sustainability Indices, which measures management performance in terms of contribution to sustainability, we were selected as one of the notable companies in the Asia Pacific in the global electricity utility sector for nine years in a row from 2014.

In October 2020, we made a statement that we intend to focus on low-carbon and eco-friendly overseas projects, such as new renewable energy and combined gas power generation, and not pursue new projects in coal-fired power plants. For those overseas coal-fired power plant projects we are already engaged in, we intend to sell assets in multiple stages by analyzing the conditions of the sale, including the valuation of projects, identification of potential buyers, consultation with stakeholders and prioritization of better deals. We also aim to carry out our combined gas power generation projects only along with new technologies, such as ammonia or hydrogen blended combustion, carbon capture, utilization and storage (CCUS) etc. which are suitable to reduce carbon emissions. In the long run, we aim to achieve carbon neutrality through reorganization of our business portfolio to focus on decarbonization, renewable energy, and new businesses.

We established an Environment, Social and Governance (“ESG”) Committee in our board of directors in December 2020 to reinforce ESG-based management system and to ensure continuous performance in this area. Our ESG Committee is charged with resolving major management issues related to ESG, establishing ESG management strategies and business plans and checking on the overall direction of sustainable management. In addition to the ESG committee, we established an advisory subcommittee within our ESG Committee. The subcommittee coordinates closely with the ESG Committee to strategically address more complicated and diverse ESG issues we are facing. All of our generation subsidiaries also established ESG Committee composed mainly of non-standing directors.

 

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We and our generation subsidiaries declared the carbon-neutrality vision called “ZERO for Green” in November 2021. The slogans for the vision include (i) “Zero Emission” of carbon in the power generation sector through bold transition to carbon-free power sources such as renewable energy and hydrogen; (ii) “Reliable Energy” to ensure stable supply to clean electricity to consumers through preemptive measures and optimal operation of the power grid; and (iii) “On Time” to secure core technology for carbon neutrality in a timely manner by dramatically expanding research and development investment. Also, in December 2021, we and our generation subsidiaries established the Carbon Neutrality Promotion Committee composed of our management and external experts to establish Company-wide strategies for carbon neutrality and to strengthen internal and external communication.

To achieve carbon neutrality by 2050 as announced by the Government, the Transformation sector (electricity and heating), which includes us and accounts for 37.1% of total national greenhouse gas emissions, needs to play a leading role. The Transformation sector, in particular, needs to not only increase the proportion of renewable energy such as wind and solar power, but also support carbon reduction in other sectors such as industry, transportation, and buildings by electrifying energy consumption. As we are on the top of the value chain for the power industry as a whole, we established our role and strategy to achieve carbon-neutrality. We plan to accelerate the timely connection of planned nuclear power plants, expand renewable energy through proactive system development, lead the development of core carbon-neutral technologies, and contribute to the achievement of a carbon-neutrality in the Transformation sector by improving energy efficiency.

Furthermore, we and our generation subsidiaries issued green bonds in 2020, 2021 and 2022, total issuance with the principal amount of US$800 million, US$750 million, and US$2,400 million respectively, to expand domestic and overseas renewable energy businesses and renewable energy related facilities.

The table below sets forth the number of emission control equipment installed at thermal power plants by our generation subsidiaries as of December 31, 2022.

 

     KOSEP      KOMIPO      KOWEPO      KOSPO      EWP  

Flue Gas Desulfurization System

     14        13        11        12        13  

Selective Non-catalytic Reduction System

     1        —          1        —          5  

Selective Catalytic Reduction System

     24        25        21        36        27  

Electrostatic Precipitation System

     16        15        10        14        15  

Low NO2 Combustion System

     22        402        27        34        25  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     77        455        70        96        85  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

In accordance with the Act on Allocation and Trading of Greenhouse Gas Emission Allowances, enacted in March 2013, the Government implemented a greenhouse gas emission trading system under which the Government will allocate the amount of permitted greenhouse gas emission to companies by industry and a company whose business emits more carbon than the permitted amount is required to purchase the right to emit more carbon through the Korea Exchange. The categories of allowances traded include the Korean Allowance Unit (KAU), which is the emissions allowance allocated to applicable companies by the Government; Korean Credit Unit (KCU), which is a tradable unit converted from external carbon offset certifications including the Korean Offset Credit; and Korean Offset Credit (KOC), which is the verified carbon offset credit obtained by companies for reducing carbon emissions through absorption or otherwise. The greenhouse gas emission trading system is expected to be implemented in three stages. During the first phase (2015 to 2017), the Government set up and conducted a test run of the trading system to ensure its smooth operation, allocating the greenhouse gas emission allowances free of charge. In July 2018, the Government released the allocation plan for the second phase (2018 to 2020), during which 97% of the greenhouse gas emission allowances were allocated free of charge, with 3% allocated through an auction. During the third phase (2021 to 2025), the Government expanded the scale of the system with aggressive greenhouse gas emission reduction targets and allocating 10% of the greenhouse gas emission allowances through an auction. In November 2022, the Government announced the plan

 

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to improve the greenhouse gas emission trading system, including pre-submission of allowances by the end of each year, which was originally submitted by June of the next year.

In connection with the Climate Change Response Initiatives and the 2030 National Greenhouse Gas Reduction Roadmap announced by the Government in December 2016, the Government subsequently announced the Long-term Low Greenhouse Gas Emission Development Strategies, which presents a long-term vision and national strategy for achieving carbon neutrality in 2050, and the Nationally Determined Contributions (“NDC”), which sets forth the greenhouse gas reduction targets by 2030. According to the Enforcement Decree of Framework Act on Carbon Neutrality and Green Growth to Cope with Climate Crisis established in March 2022 and the latest figures of NDC announced by the Government in October 2021, the national target level in 2030 was 436.6 million tons and represents 40% reduction as compared to 2018 and the target emission level for the Transformation sector (electricity and heating) as a whole which we are the part of was 149.9 million tons and represents 44.4% reduction as compared to 2018. In October 2021, with an official commitment of the Government to strive to achieve Korea’s carbon neutrality in 2050, the carbon neutrality committee set up by the Government also deliberated and proposed two 2050 carbon neutrality scenarios, all of which aim to achieve net-zero domestic carbon dioxide emissions by 2050. Scenario A will completely suspend thermal power generation, while scenario B will actively utilize technologies such as carbon capture, utilization and storage (CCUS) while allowing some thermal power generation to continue. Following the National Basic Plan for Carbon Neutrality & Green Growth enacted in April 2023, the Government has mandated annual sector-specific greenhouse gas reduction targets for the next 20 years from 2023 to 2042 and measures to achieve such targets to be formulated and implemented every five years. In terms of the NDC, the national target emission level remained unchanged but the latest target emission level in 2030 of Transformation sector increased to 145.9 million tons, which represents 45.9% compared to 2018 emission level.

Adhering to such emission and greenhouse gas reduction requirement may result in significant additional compliance costs. For example, the daily market price of the KAUs traded through the Korea Exchange was Won 8,640 per ton in early 2015, and the price has increased continuously thereafter, reaching its peak price at Won 42,500 per ton on April 2, 2020. Since then, the price has decreased and, as of March 31, 2023, the price has been formed around Won 14,650 per ton.

The table below sets forth the amount of annual emission from all generating facilities of our generation subsidiaries for the periods indicated. The amount of CO2 emissions is expected to decrease in the long-term, principally due to an increased use of LNG on account of the fact that 28 decrepit coal-fired power plants with total capacity of 14.1 gigawatts are scheduled to be retired and converted into LNG-fired power plants before the end of 2036, an increased use of renewable energy and the implementation of the greenhouse gas emission trading system.

 

Year(1)

   SOx
(g/MWh)
     NOx
(g/MWh)
     TSP(2)
(g/MWh)
     CO2
(kg/MWh)
 

2018

     120        146        7        516  

2019

     92        118        6        494  

2020

     61        77        4        445  

2021

     57        68        4        437  

 

Notes:

 

(1)

The amounts of annual SOx, NOx and TSP emission for 2020 and 2021 are expected to be determined once the national statistics are confirmed.

(2)

“TSP” means Total Suspended Particles.

For additional information, see Item 3.D. “Risk Factors—Risks Relating to KEPCO—We are subject to various environmental legislations, regulations and related Government initiatives, including in relation to climate change and carbon neutrality, which could cause significant compliance costs and operational liabilities.”

 

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In order to comply with the current and expected environmental standards and address related legal and social concerns, we intend to continue to install additional equipment, make related capital expenditures and undertake several environment-friendly measures to foster community goodwill. For example, under the Persistent Organic Pollutants Management Act enacted in 2007, we are required to remove polychlorinated biphenyl, or PCB, a toxin, from the insulating oil of our transformers by 2025. In addition, when constructing certain large new transmission and distribution facilities, we assess and disclose their environmental impact at the planning stage of such construction, and we consult with local residents, environmental groups and technical experts to generate community support for such projects. We exercise additional caution in cases where such facilities are constructed near ecologically sensitive areas such as wetlands or preservation areas. We also make reasonable efforts to minimize any negative environmental impact, for example, by using more environment-friendly technology and hardware. Additionally, we also undertake measures to minimize losses during the transmission and distribution process by making our power distribution network more energy-efficient in terms of loss of power, as well as to lower consumption of energy, water and other natural resources. Furthermore, we and our subsidiaries acquired the ISO 14001 certification, an environmental management system widely adopted internationally, in 2007 and have made it a high priority to make our electricity generation and distribution more environment-friendly. In 2014, we were awarded the presidential award for environmental contributions as a corporate citizen, after scoring the highest among 102 corporations that competed for the award. In order to encourage the implementation of environment-friendly measures by other corporations and enhance environmental awareness at a social level, we have been disclosing our environment-related activities and achievements to the public through the Environment Information System managed by the Ministry of Environment since 2012.

Our environmental measures, including the use of environment-friendly but more expensive parts and equipment and allocation of capital expenditures for the installation of such facilities, may result in increased operating costs and liquidity requirement. The actual cost of installation and operation of such equipment and related liquidity requirement will depend on a variety of factors which may be beyond our control. There is no assurance that we will continue to be in material compliance with legal or social standards or requirements in the future in relation to the environment.

As part of our medium- to long-term strategic initiatives, we plan to take other measures designed to promote the generation and use of environment-friendly or green energy. See Item 4.B. “Business Overview—Strategy.”

Some of our generation facilities are powered by renewable energy sources, such as solar energy, wind power and hydraulic power. While such facilities are currently insignificant as a proportion of our total generation capacity or generation volume of our generation subsidiaries, we expect that the portion will increase in the future, especially since we are required to comply with the Renewable Portfolio Standard program as described below.

The following table sets forth the generation capacity and generation volume in 2022 of our generation facilities that are powered by renewable energy sources.

 

     Generation Capacity
(megawatts)
    Generation Volume
(gigawatt-hours)
 

Hydraulic Power(1)

     651       1,328  

Wind Power

     168       219  

Solar Energy

     284       354  

Fuel Cells

     421       2,470  

Others

     1,092       5,419  
  

 

 

   

 

 

 

Subtotal

     2,616       9,790  

As percentage of total(2)

     3.16     2.40

 

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Notes:

 

(1)

Excluding generation capacity and volume of pumped storage, which is generally not classified as renewable energy.

(2)

As a percentage of the total generation capacity or total generation volume, as applicable, of us and our generation subsidiaries.

In order to deal with shortage of fuel and other resources and also to comply with various environmental standards, in 2012 the Government adopted the Renewable Portfolio Standard program, which replaced the Renewable Portfolio Agreement which had been in effect from 2006 to 2011. Under this program, each of our generation subsidiaries is required to generate a specified percentage of total electricity to be generated by such generation subsidiary in a given year in the form of renewable energy or, in case of a shortfall, purchase a corresponding amount of a Renewable Energy Certificate (a form of renewable energy credit) from other generation companies whose renewable energy generation surpass such percentage. The target percentage was 5.0% in 2018, 6.0% in 2019, 7.0% in 2020, 9.0% in 2021 and 12.5% in 2022. Fines are to be levied on any subsidiary that fails to do so in the prescribed timeline. In 2021, all six of our generation subsidiaries met the target through renewable energy generation and/or the purchase of a Renewable Energy Certificate. Compliance by our generation subsidiaries of the 2022 target is currently under evaluation, and if any generation subsidiary is found to have failed to meet the target for 2022 or for subsequent years, such generation subsidiary may become subject to fines. Additionally, as the target percentage is subject to change, changes to the target percentage may result in additional expenses for our generation subsidiaries. From October 2021, an amendment to the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy became effective to raise the upper limit of the target percentage even higher to 25% from the previous threshold of 10%. In January 2022, the Enforcement Decree of the above law was amended to set out the target percentage to gradually increase the annual upper limit of target percentage to 14.5% in 2023, 17.0% in 2024, 20.5% in 2025 in order to raise the upper limit of target percentage to 25% in 2026. However, as the Tenth Basic Plan decreased the target rate of domestic renewable energy generation in 2030 from 30.2% to 21.6%, on January 13, 2023, an amended bill to the Enforcement Decree has been introduced, proposing to change the target rate for each year from 2023 to 2027 as listed in the table below and to reach the upper limit of target percentage to 25% after 2030, delaying the target from the last amendment to achieve 25% in 2026 aligned with the Tenth Basic Plan.

 

     2023     2024     2025     2026     2027  

Target Percentage under Renewable Portfolio Standard

     13.0     13.5     14.0     15.0     17.0

As to how we plan to finance our capital expenditures related to our environmental programs, see “—Capital Investment Program.”

In March 2017, the Electric Utility Act was amended to the effect that starting in June 2017, future national planning for electricity supply and demand in Korea should consider the environmental and safety impacts of such planning, such as desulfurization costs. Accordingly, the costs related to environmental and safety impacts such as the desulfurization costs, have been reflected in our variable cost of generating electricity since August 2019. In December 2019, the Regulation on the Operation of the Electricity Market was revised to reflect the cost of trading greenhouse gas emission allowances in our variable cost of generating electricity and the revision was implemented in January 2022.

Furthermore, under the new electricity rate structure effected by the Government effective January 1, 2017, a temporary rate discount will apply in the case of investments in environment-friendly facilities such as energy storage systems, renewable energy and electric cars. While the initial temporary rate discount had applied between 2017 and 2019, it was extended until 2020. Starting in January 2021, we rolled back the discount for energy storage systems by decreasing it from three times the Base Charge to one times the Base Charge and discontinuing the 50% discount on the Usage Charge. The discount of one times the Base Charge is planned to

 

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also phase out in March 2026 as we originally intended. In addition, we intend to designate a three-hour time period during peak time and induce discharge during that period by giving more discount benefits to the customers. The second of the two discounts being rolled back is a 50% discount for customers who installed a renewable energy generator for their own industrial and general uses. We originally introduced this discount to encourage an increased supply of renewable energy. We discontinued this discount in 2020 while only maintaining it for customers who are unable to sell their electricity in the market because of their small generation capacities (less than 10 kilowatts). The discount for such customers is planned to be discontinued by 2023. Furthermore, in order to mitigate any potential burden on the consumers and shock to the electric car market, the temporary rate discount will be incrementally phased out by June 2022.

In line with the spread of RE100, a global campaign by companies around the world to cover 100% of their electricity use with renewable energy by 2050, the Government introduced its own version of RE100 that allows companies and other consumers to choose energy sources from which their electricity is generated. In order for a domestic company to participate in RE100, it needs to enter into either a third-party PPA or a direct PPA, or general and industrial customers may also purchase renewable energy through us in a competitive bidding process and be issued with a certificate of use of renewable energy, which we refer to as the green premium system. On June 21, 2021, the Ministry of Trade, Industry and Energy announced the “Guidelines on Third-Party Power Purchase Agreements for Renewable Energy Generation” that stipulated the method of transaction of renewable energy power among third parties. The relevant legislation for the direct PPA was enacted in the National Assembly in March 2021 and has been in force since October 2021. The Ministry of Trade, Industry and Energy finalized and announced detailed guideline for direct PPA in September 2022. As of March 31, 2023, there are four third-party PPAs with total contracted capacity of 9.5 megawatts and one direct PPA with total contracted capacity of 2.3 megawatts, which are effective under related law and guideline. If there is an expansion in the use of direct PPA, it may adversely affect our market share in electricity sales. In addition to the PPA, the green premium system started in January 2021 and we, on behalf of Korea Energy Agency, are in charge of managing the bidding for renewable energy, receiving bid prices from winning companies, issuing a certificate of use of renewable energy to companies on a quarterly basis and receiving fees from Korea Energy Agency for our service.

Following the amendment to the Hydrogen Economy Promotion and Hydrogen Safety Management Act in June 2022 and its Enforcement Decree in December 2022, the Minister of Trade, Industry and Energy has designated KEPCO and other entities under Community Energy System as the buyers of hydrogen-generated electricity. We will be required to enter into contract with a hydrogen-generation business entity who is selected as the contractor after competitive bidding.

The bidding market is comprised of the general hydrogen market and the clean hydrogen power generation market, as categorized based on the type of fuel used. In consideration of the current ecosystem in which fuel cells are used, the general hydrogen power generation market is open to all kinds of hydrogen plants including plants using extracted or by-product hydrogen. On the other hand, the clean hydrogen power generation market is a market where only generators using clean hydrogen plants are allowed to participate. Clean hydrogen is categorized into carbon-free hydrogen, low-carbon hydrogen, and low-carbon hydrogen compounds (including ammonia) according to greenhouse gas emissions in the production and import procedure of hydrogen. The system for certifying clean hydrogen plants will be put in place based on criteria, such as the amount of carbon dioxide emissions, set by relevant enforcement ordinances. The bidding market commences two years earlier in the general hydrogen market and three years earlier in the clean hydrogen market as compared to the actual commercial operation of plants and consequent purchases of power. In March 2023 but prior to the official

 

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announcement becoming effective, the Government notified the bidding volume for the period from 2023 to 2025 in accordance with the Tenth Basic Plan, as shown in the table below.

 

     Year of bidding market commencement  
   2023      2024      2025  
   Year of
commercial
operation

commencement
     Volume
(GWh)
     Year of
commercial
operation
commencement
     Volume
(GWh)
     Year of
commercial
operation
commencement
     Volume
(GWh)
 

General hydrogen market

     2025        1,300        2026        1,300        2027        1,300  

Clean hydrogen market

     —          —          2027        3,500        2028        3,000  

The amount of hydrogen-generated electricity to be purchased by us will be determined by the Minister of Trade, Industry and Energy, taking consideration of the Basic Plan Relating to the Long-Term Supply and Demand of Electricity and Hydrogen Economy Implementation Basic Plan, within 10% of the aggregate domestically generated energy of the previous year. The Minister shall allow us to reflect the cost arising from the purchase of hydrogen energy into the electricity tariff pursuant to the above Act but a detailed method has not been specified yet.

Social Programs

Our management establishes and implements a safety plan at the beginning of each year and passes resolutions on the board of directors. Pursuant to the plan, we introduced preventive measures against three major disasters, namely, electronic shock, falling and crash.

Especially for the above three major disasters, special measures have been taken to prevent such accidents as follows. To prevent workers from electric shock, a direct live wire method in which workers directly touch an electric wire was eliminated and completely converted to an indirect live wire method excluding any direct touch with an electric wire. To completely separate possible causes of electric shock from workers, we adopted a method to temporarily cut off electricity at working sites. And to prevent falling, we prohibited workers from climbing electric poles by themselves and instead workers should use high-altitude work vehicles such as insulated bucket truck. In addition, workers should put in anti-slip supports under the wheels while parking the insulated bucket truck to prevent the crushes.

Building goodwill with local communities is important to us in light of concerns among the local residents and civic groups in Korea regarding construction and operation of generation units, particularly nuclear generation units. The Act for Supporting the Communities Surrounding Power Plants and the Act on the Compensation and Support for Areas Adjacent to Transmission and Substation Facilities require that the generation companies and the affected local governments carry out various activities up to a certain amount annually to address neighboring community concerns. Pursuant to these Acts, we and our generation subsidiaries, in conjunction with the affected local and municipal governments, undertake various programs, including scholarships and financial assistance to low-income residents.

Under the Act for Compensation and Support for Areas Adjacent to Transmission and Substation Facilities, activities required to be undertaken under the Act are funded partly by the Electric Power Industry Basis Fund (see “—Sales and Customers—Electricity Rates”) and partly by KHNP as part of its budget. KHNP is required to make annual contributions to the affected local communities in an amount equal to Won 0.25 per kilowatt-hour of electricity generated by its nuclear generation units during the one-year period before the immediately preceding fiscal year, Won 5 million per thousand kilowatts of hydroelectric generation capacity and Won 0.5 million per thousand kilowatts of pumped-storage generation capacity. In addition, under Korean tax law, KHNP is required to pay local tax levied on its nuclear generation units in an amount equal to Won 1 (effective January 1, 2015, which reflects an increase from the previous Won 0.5 per kilowatt-hour of their generation volume in the affected areas) and Won 2 per 10 cubic meters of water used for hydroelectric generation.

 

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The Act on the Compensation and Support for Areas Adjacent to Transmission and Substation Facilities, enacted in January 2014 with effect from July 2014, prescribes measures to be taken by power generation or transmission companies with respect to the communities adjacent to transmission and substation facilities. Under this Act, those who own land or houses in the vicinity of transmission lines and substation may claim compensation for damages or compel purchase of such properties by the power generation or transmission companies which are legally obligated in principle to pay for such damages or purchase such properties. In addition, under this Act, residents of communities adjacent to transmission and substation facilities are entitled to subsidies on electricity tariff as well as support for a variety of welfare projects and collective business ventures.

Prior to the construction of a generation unit, our generation subsidiaries perform an environmental impact assessment which is designed to evaluate public hazards, damage to the environment and concerns of local residents. A report reflecting this evaluation and proposing measures to address the problems identified must be submitted to and approved by the Ministry of Trade, Industry and Energy following agreement with related administrative bodies, including the Ministry of Environment prior to the construction of the unit. Our generation subsidiaries are then required to implement the measures reflected in the approved report. Despite these activities, civic community groups may still oppose the construction and operation of generation units (including nuclear units), and such opposition could adversely impact our construction plans for generation units (including nuclear units) and have a material adverse effect on our business, results of operations and cash flow.

Upon relocation of our corporate headquarters in November 2014, we developed and established Bitgaram Energy Valley as a smart energy hub city in Gwangju and Jeollanam-do, to attract and facilitate the growth of start-ups and research institutions related to new energy industries while contributing to the local economy, balanced regional development and job creation. To achieve this goal, through industry-academic cooperation including partnerships with the Korea Institute of Energy Technology and the Korea Institute of Energy Research, we support the R&D efforts of companies, develop new technologies, and publish R&D results. We also seek to create new growth engines by assisting innovative companies with their technology development and commercialization as they enter the global market. As of December 31, 2022, we have signed agreements with 592 companies relating to investments in the Bitgaram Energy Valley, outperforming our target in 2022 of 590 companies. We are currently developing Bitgaram Energy Valley to establish a spontaneous industrial ecosystem, which will contribute to the power industry as well as the national economy.

Additionally, we continue to pursue businesses that promote co-prosperity with small and medium-sized enterprises (SMEs), such as cultivating startups, exploring for cooperative R&D projects with SMEs, and supporting export business. We also strive to strengthen the fundamental self-reliance of SMEs with continuous engagement, through improving their productivity, training specialists and also financial supports. In addition, by operating the ‘SMEs Energy Technology Market’, we are promoting cooperation between energy-related public institutions and SMEs. As for the major accomplishments in 2022, they include supporting 20 energy startups and discovering 16 collaborative R&D projects.

Governance

We operate a risk management system to prevent possible risks in advance and effectively respond to them. The audit committee under the board of directors conducts audits of accounting and major management tasks and evaluates the operational status of the internal accounting management system. Since 2020, the ESG committee has also been established and operated under the board of directors to manage non-financial risks associated with environment, social, and governance issues.

We set up an ethical management system that fits our management needs in order to set up a system for managing ethically that is both systematic and effective. We provide the basic principles of conduct through ethical guidelines such as the Code of Ethics and the Code of Conduct, establish step-by-step strategies for the ethical management of our vision and management policies, and engage in relevant activities. See also Item 16.B. “Code of Ethics.”

 

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See also Item 16.G. “Corporate Governance” for a further description of independence, diversity of our board and other committees thereunder.

Nuclear Safety

KHNP takes nuclear safety as its top priority and continues to focus on ensuring the safe and reliable operation of nuclear power plants. KHNP also focuses on enhancing corporate ethics and transparency in the operation of its plants.

KHNP has a corporate code of ethics and is firmly committed to enhancing nuclear safety, developing new technologies and improving transparency. KHNP has also established the “Statement of Safety Policy for Nuclear Power Plants” to ensure the highest level of nuclear safety. Furthermore, KHNP invests approximately 5% of its total annual sales into research and development for the enhancement of nuclear safety and operational performance.

KHNP implements comprehensive programs to monitor, ensure and improve safety of nuclear power plants. In order to enhance nuclear safety through risk-informed assessment, KHNP conducts probabilistic safety assessments, including for low power-shutdown states, for all its nuclear power plants. In order to systematically verify nuclear safety and identify the potential areas for safety improvements, KHNP performs periodic safety reviews on a 10-year frequency basis for all its operating units. These reviews have been completed for all of our nuclear power plants once or more. In order to enhance nuclear safety and plant performance, KHNP has established a maintenance effectiveness monitoring program based on the maintenance rules issued by the United States Nuclear Regulatory Commission, which covers all of KHNP’s nuclear power plants in commercial operation.

KHNP has developed the Risk Monitoring System for operating nuclear power plants, which it implements in all of its nuclear power plants. The Risk Monitoring System is intended to help ensure nuclear plant safety. In addition, KHNP has developed and implemented the Severe Accident Management Guidelines and is developing the Severe Accident Management Guidelines for Low Power-Shutdown States in order to manage severe accidents for all of its nuclear power plants.

KHNP conducts various activities to enhance nuclear safety such as quality assurance audits and reviews by the KHNP Nuclear Review. KHNP maintains a close relationship with international nuclear organizations in order to enhance nuclear safety. KHNP invites international safety review teams such as the World Association of Nuclear Operators (“WANO”) Peer Review Team to its nuclear plants for purposes of meeting international standards for independent review of its facilities. KHNP actively exchanges relevant operational information and technical expertise with its peers in other countries. For example, KHNP conducted WANO Pre-Startup Peer Reviews for Shin-Hanul #1 unit in 2022. The recommendations and findings from this event were shared with KHNP’s other nuclear plants to implement improvements at such plants. In addition, KHNP has applied for the Operational Safety Review Team at the International Atomic Energy Agency to conduct a mission at Saeul #1 and #2 (formerly named as Shin-Kori #3 and #4) units in the second half of 2022. The purpose of such application was to ensure that KHNP nuclear generation units reflect the global safety standards.

The average level of radiation dose per unit amounted to a relatively low level of 0.25 man-Sv in 2022, which was substantially lower than the global average of 0.58 man-Sv/year in 2022 as reported in the WANO performance indicator report.

In response to the damage to the nuclear facilities in Japan as a result of the tsunami and earthquake in March 2011, the Government conducted additional safety inspections on nuclear power plants by a group of experts from governmental authorities, civic groups and academia. As a result of such inspections, the Government required KHNP to perform 46 comprehensive safety improvement measures. As of December 31, 2022, KHNP has completed implementation of 45 measures and will implement the one remaining measure by

 

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2024. The Government also established the Nuclear Safety & Security Commission in October 2011 for neutral and independent safety appraisals. KHNP developed ten additional measures through benchmarking of overseas cases and internal analysis of current operations. As of December 31, 2022, KHNP has completed implementation of nine measures and will implement the one remaining measure by 2023.

From time to time, our nuclear generation units may experience unexpected shutdowns. For example, on September 12, 2016, multiple earthquakes including a magnitude 5.8 earthquake hit the city of Gyeongju, a home to KHNP’s headquarters and Wolsong Nuclear Power Plants. Although there was no material safety issues, KHNP had manually stopped the operations of Wolsong #1, #2, #3, and #4 units according to the safety guidelines. All units have resumed their operations on December 5, 2016, with the approval by the Nuclear Power Safety Commission. KHNP finished implementing measures to improve the safety by reinforcing seismic capability of its core facilities and performing stress tests across all its nuclear power plants. In 2018, KHNP finished the implementation of such measures for 24 units and enhanced seismic capability of the core facilities to withstand a magnitude 7.0 earthquake (6.5 before implementation). As for the units under construction, Saeul #3 and 4 (formerly named as Shin-Kori #5 and #6), the core facilities will be able to withstand a magnitude 7.4 earthquake.

Low and intermediate level waste (“LILW”), and spent nuclear fuels (“SNFs”) are stored in temporary storage facilities at each nuclear site of KHNP. The temporary LILW storage facilities at the nuclear sites had been sufficient to accommodate all LILWs produced up to 2015. Korea Radioactive Waste Agency (“KORAD”) completed the construction of a LILW disposal facility in the city of Gyeongju, and government approval for its operations was obtained in December 2014.

In order to increase the storage capacity of temporary storage facilities for SNFs, KHNP has been pursuing various projects, such as installing high-density racks in SNFs pools and building dry storage facilities. Through these activities, we expect that the storage capacity for SNFs in all nuclear power plant sites will be adequate to temporarily accommodate all SNFs produced by the operation of nuclear power plants before the operation of an intermediate storage facility. In December 2021, the Government decided on the national policy for the management of SNFs (Reference: The second master plan for High-Level Radioactive waste management) to secure an intermediate storage and disposal facility. The national policy for the management of SNFs includes a temporary operation plan for on-site SNFs storage facility on nuclear power plants before the operation of the intermediate storage facility.

In 2009, the Radioactive Waste Management Act (“RWMA”) was enacted in order to centralize management of the disposal of SNFs and LILW and enhance the security and efficiency of related management processes. The RWMA designates KORAD to manage the disposal of SNFs and LILW. Pursuant to the RWMA, the Government has established the Radioactive Waste Management Fund. The management expense for LILW is paid when LILW is transferred to KORAD, and the charge for SNFs is paid based on the quantity generated every quarter. LILW-related management costs and charges for SNFs are reviewed by the Ministry of Trade, Industry and Energy every two years. In January 2022, after the review by the committee composed of Government officials, KHNP, KORAD and experts in finance and accounting, LILW-related management costs were decreased while charges for SNFs remained the same. The change in LILW-related management costs caused a decrease in KHNP’s expenses relating to radioactive waste.

Three bills relating to the disposal of SNFs were proposed by the National Assembly as of the end of 2022. Currently, the National Assembly Standing Committee is examining the above bills as a merged bill. These three bills include the plan for construction and operation for an intermediate storage facility and a disposal facility, and an on-site SNFs storage facility on nuclear power plants.

In addition, in February 2021, in accordance with the Government’s guidelines for strengthening the safety of nuclear power plants, the period for verifying seismic resilience of major equipment was extended. In light of the fact that forced efforts to shorten the process could endanger the workers, the construction periods of Saeul

 

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#3 and #4 (formerly named as Shin-Kori #5 and #6) units have been extended by twelve months and nine months to complete their construction in 2024 and 2025, respectively.

All of KHNP’s nuclear plants are currently in compliance with Korean law and regulations and the safety standards of the IAEA in all material respects. For a description of certain past incidents relating to quality assurance in respect of KHNP, see Item 3.D. “Risk Factors—Risks Relating to KEPCO—Our risk management policies and procedures may not be fully effective at all times.”

Decommissioning

Decommissioning of a nuclear power unit is the process whereby the unit is shut down at the end of its life, the fuel is removed and the unit is eventually dismantled. KHNP renewed the operating license of Kori #1, the first nuclear power plant constructed in Korea, which commenced operation in 1978, for an additional ten years in 2007. At the recommendation of the Ministry of Trade, Industry and Energy, KHNP has decided not to renew the operating license of Kori #1 and the initial phase of decommissioning (namely, safety inspection and removal of spent nuclear fuels) of Kori #1 has begun after its permanent shutdown in June 2017. KHNP retains full financial and operational responsibility for decommissioning its units.

KHNP has accumulated decommissioning costs as a liability since 1983. The decommissioning costs of nuclear facilities are defined by the Radioactive-Waste Management Act, which requires KHNP to credit annual appropriations separately. These costs are estimated based on studies conducted by the relevant committees, and are reviewed by the Ministry of Trade, Industry and Energy every two years. In 2022, the actual discount rates decreased and the decommissioning cost per unit increased. As of December 31, 2022, KHNP was required to accrue Won 26,302 billion for the costs of dismantling and decontaminating existing nuclear power plants, which consisted of dismantling costs of nuclear plants of Won 23,035 billion and decommissioning costs of spent nuclear fuels and radioactive waste of Won 3,267 billion.

Overseas Activities

We are engaged in a number of overseas activities. We believe that such activities help us diversify our revenue streams by leveraging the operational experience of us and our subsidiaries gathered from providing a full range of services, such as power plant construction and specialized engineering and maintenance services in Korea, as well as establishing strategic relationships with countries that are or may become providers of fuels.

We have continuously expanded our overseas projects starting with the oil-fired power plant in Malaya, the Philippines in 1995. As of the end of December 2022, we are engaged in 45 projects in 24 countries across Asia, the Middle East, Central and South America, North America, Africa, and Oceania. The total facility capacity amounts to 28,178 megawatts, comprising of 18,977 megawatts of coal-fired power, 5,600 megawatts of nuclear power, 3,601 megawatts of renewable energy.

Throughout the years, we have sought to expand our project portfolio to include the construction and operation of conventional thermal generation units, nuclear generation units and renewable energy power plants, transmission and distribution and mining and development of fuel sources. While strategically important, we believe that our overseas activities, as currently being conducted, are not in the aggregate significant in terms of scope or amount compared to our domestic activities. In addition, a number of the overseas contracts currently being pursued are based on non-binding memoranda of understanding and the details of such projects may significantly change during the course of negotiating the definitive agreements.

In October 2020, we made a statement that we intend to focus on low-carbon and eco-friendly overseas projects, such as new renewable energy and combined gas power generation, and not pursue new projects in coal-fired power plants. For those overseas coal-fired power plant projects we are already engaged in, we intend to sell assets in multiple stages by analyzing the conditions of the sale, including the valuation of projects,

 

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identification of potential buyers, consultation with stakeholders and prioritization of better deals. We also aim to carry out our combined gas power generation projects only along with new technologies, such as ammonia or hydrogen blended combustion, carbon capture, utilization and storage (CCUS) etc. which are suitable to reduce carbon emissions. In the long run, we aim to achieve carbon neutrality through reorganization of our business portfolio to focus on decarbonization, renewable energy, and new businesses.

Below is a description of our major overseas projects.

Generation Projects

Nuclear Generation Projects

In December 2009, following an international open bidding process, we entered into a prime contract for the original contract amount of US$18.6 billion with the Emirates Nuclear Energy Corporation (“ENEC”), a state-owned nuclear energy provider of the United Arab Emirates (“UAE”), to design and construct four civil nuclear power generation units to be located in Barakah, a region approximately 270 kilometers from Abu Dhabi, for the UAE’s peaceful nuclear energy program. Under the contract, we and our subcontractors, some of which are our subsidiaries, are to perform various duties including, among others, designing and constructing four nuclear power generation units each with a capacity of 1,400 megawatts, supplying nuclear fuel for three fuel cycles including initial loading, with each cycle currently projected to last for approximately 18 months, and providing technical support, training and education related to plant operation. The contract amount of US$18.6 billion was increased to US$19.1 billion as per the amendment signed in November 2017.

On October 20, 2016, in order to foster a long-term strategic partnership and stable management of the units’ post-construction we entered into an investment agreement with ENEC to jointly establish Barakah One PJSC, a special purpose company which will oversee the operation and management of the nuclear power plant currently being constructed in Barakah, UAE. Barakah One PJSC is mainly capitalized with loans in the amount of US$19.6 billion and equity of US$4.7 billion. We have an 18% equity interest in Barakah One PJSC, and also have an 18% equity interest in Nawah Energy Company, a subsidiary of ENEC, which will also be responsible for the operation and maintenance of the Barakah nuclear power plant. On December 20, 2018, the board of directors of KEPCO resolved to invest additional US$380 million in Barakah One PJSC. With the additional investment, KEPCO’s total capital investment amount in Barakah One PJSC is expected to be US$1.28 billion. Actual capital contribution will be made at the time when commercial operation of Unit #4 is commenced. KEPCO’s equity interest in the project is 18%, which remains unchanged. The total project cost of the construction and operation of the Barakah nuclear power plant is expected to be approximately US$29.5 billion. Barakah One PJSC successfully achieved the commercial operation of Unit #1, #2 and #3 of Barakah nuclear power plant in April 2021, March 2022 and February 2023 respectively, with an expected plant life span of 60 years. Unit #4 is in the final stages of commissioning and testing prior to first fuel load, pending receipt of the Operating License from the UAE’s nuclear regulator.

In August 25, 2022, KHNP signed a contract for the construction of turbine islands in El Dabaa nuclear power plant project in Egypt with Atomstroyexport JSC (“ASE JSC”), a subsidiary of Rosatom. ASE JSC had won an order for El Dabaa project from Egyptian Atomic Energy Agency (NPPA) in 2017 to build a nuclear power plant that consists of four reactors of which capacity is 1,200 megawatts each. KHNP will construct about 80 buildings and structures including turbine islands in four units of El Dabaa and supply equipment. The construction of the project will start in 2023 and is planned to be completed in 2029.

Non-nuclear Generation Projects

We are currently engaged in two major power projects in the Philippines: (i) ownership of a 39.96% equity interest in SPC Power Corporation, an independent power producer, and a 39.96% equity interest in two distribution companies in the Philippines, and (ii) a “build, operate and own” of a 200-megawatt CFBC coal

 

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power plant in Cebu whose construction and was completed in May 2011, followed by operation thereof until 2036. The project cost of the Cebu project was US$451 million, for which project financing on a limited recourse basis was provided. To fulfill our responsibility for carbon neutrality, we are currently pushing ahead with the plan to sell our interests in Cebu and SPC projects.

In April 2007, we formed a limited partnership with Shanxi International Electricity Group and Deutsche Bank in China to develop and operate power projects in Shanxi province, China, which was approved by the Chinese government. The total capital investment in these projects amounted to US$1.33 billion, of which our capital investment was US$450 million. We expect to participate in the operation of the project for a period of 50 years ending 2057. The total capacity of these projects is 9,292 megawatts and our equity interest in the partnership is 34%.

In July 2008, a consortium consisting of us and Xenel of Saudi Arabia won the bid to “build, own and operate” a gas-fired power plant with installed capacity of 373 megawatts in Al Qatrana, near Amman, and we entered into definitive agreements in October 2009. Construction of this project was completed in December 2011, and the plant is currently in operation and will be operated until 2035. The total project cost was US$461 million, of which the consortium made an equity contribution of US$143 million and the remainder was funded with debt financing. We and Xenel own 80:20 equity interests in the project, respectively.

In December 2008, we formed a consortium with ACWA Power International of Saudi Arabia and submitted a bid for the 1,204 megawatts oil-fired power project in Rabigh, Saudi Arabia. In March 2009, we were selected as the preferred bidder, and in July 2009, we entered into a power purchase agreement (“PPA”) with Saudi Electricity Company. Construction of the project was completed in April 2013, and we will participate in the operation of the plant for 20 years. The total project cost was approximately US$2.5 billion. We currently hold a 40.0% equity interest in the joint venture entity, Rabigh Electricity Company, which operates the project.

In August 2010, we led a consortium and won the bid to “build, own and operate” the 433-megawatt Norte II gas-fueled combined-cycle electricity generation facility in Chihuahua, Mexico, as ordered by the Commission Federal de Electricidad (“CFE”) of Mexico. The consortium established a special purpose vehicle, KST Electric Power Company (“KST”), to act as the operating entity, and in September 2010, KST entered into a PPA with CFE, of which the operation period will run for 25 years until 2038. The total cost of the project is approximately US$427 million and we hold a 56% equity interest in the consortium. Our wholly-owned subsidiary, KEPCO Energy Service Company, currently manages the operation of the project.

In October 2010, a consortium including us was selected by Abu Dhabi Water & Electricity Authority (“ADWEA”), a state-run utilities provider in the UAE, as the preferred bidder in an international bidding for the construction and operation of the combined-cycle natural gas-fired electricity generation facilities in Shuweihat, UAE with aggregate capacity of 1,600 megawatts. Construction was completed in July 2014 and we will participate in the operation of the plant until 2039. The total project cost was approximately US$1.4 billion, of which 20% was financed through equity investments by the consortium members and the remaining 80% through debt financing.

In January 2012, a consortium consisting of us, Mitsubishi Corporation and Wartsila Development & Financial Services of Finland was selected by National Electric Power Corporation, a state-run electricity provider in Jordan, to construct and operate a 573-megawatt diesel engine power project in Al Manakher. Construction of this project was completed in October 2014 and the plant is currently in operation and will be operated until 2039. The total project cost was approximately US$760 million, of which the consortium made an equity contribution of approximately US$190 million and the remainder was funded with debt financing.

In March 2013, a consortium consisting of us and Marubeni, a Japanese corporation, was selected by the Ministry of Industry and Trade of Vietnam for the construction and operation of a 1,200 megawatts coal-fired

 

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power plant in Thanh Hoa province, Vietnam. We started construction in July 2018 and completed in July 2022. The plant is currently in operation and will be operated until 2048. The total project cost is expected to be US$2.5 billion, of which 24% will be funded by equity contribution and the remaining 76% by debt financing. The share capital of the special purpose entity in charge of this project is US$568 million, and we, Marubeni, and Tohoku Power hold 50%, 40%, and 10% equity interest in the consortium, respectively.

In November 2019, we entered into an Energy Conversion Agreement comprising of a PPA with the Guam Power Authority for a term of 25 years to construct and operate Ukudu gas-fired power plants in Guam, United States, including 198 megawatts gas-fired power plant and 25 megawatts energy storage facility. We and KOWEPO, hold 60% and 40% shares in the project, respectively. The total project cost is expected to be approximately US$765 million, and we expect to invest US$92 million for the equity interest. The construction of the project started on May 31, 2022, and is planned to be on line in August 2024. The completed power plants are expected to be operated as base load generators, replacing the existing old heavy fuel power plants in Guam.

In January 2020, Pulau Indah Power Plant in Malaysia, a special purpose company that we own 25% shares, received a Letter of Notification to develop 1,200 megawatts combined-cycle gas-fired power plant from the Energy Commission of Malaysia, the host entity of the project. The construction started in December 2020 and is expected to be completed by January 2024. The total project cost is expected to be approximately US$766 million, and we expect to invest approximately US$39 million for the equity interest. We signed a PPA in August 2020 with Tenaga Nasional Berhad, which will be effective from January 2024 for a period of 21 years.

On June 30, 2020, our board of directors approved our plan to invest US$51 million in the expansion of two coal-fired power plants called Java 9 and Java 10 on the Indonesian island of Java. We will invest together with PT Perusahaan Listrik Negara (“PLN”), an Indonesian state electricity company, and PT Barito Pacific Tbk., an Indonesian company. The total investment will be approximately US$3.39 billion and each of us, PLN and Barito Pacific will respectively own 15%, 51% and 34% shares in the joint venture. The joint venture will manage the construction of two planned units of 1,000 megawatt generation capacity each. The construction of Java 9 is expected to be completed in the fourth quarter of 2024 and Java 10 is expected to be completed in the first quarter of 2025. The joint venture is a party to a 25-year PPA with PLN.

On October 5, 2020, our board of directors approved our plan to invest US$203 million in the construction of Vung Ang 2 coal-fired power plant in Vietnam in exchange for 40% shares in the project. The new plant will be located in Ha Tinh Province, Vietnam, adjacent to Vung Ang 1 power plant and will consist of two units with 600 megawatts generation capacity each. We started the construction in October 2021 and the power plant is expected to be completed in 2025. Diamond Generating Asia, a subsidiary of Mitsubishi Corporation, a Japanese corporation, is the main sponsor of this project. We will operate this plant together with other co-investors for 25 years.

In September 2022, we entered into the Energy Conversion Agreement with Saudi Aramco with regard to the cogeneration plant at Jafurah, in the Kingdom of Saudi Arabia. By executing this contract, we are to build the cogeneration plant with a capacity of approximately 317 megawatts of electricity generation and 694 kilo pounds per hour of steam output. Once construction is completed, this plant will supply electricity and steam to the Jafurah gas plant for twenty years. We and Saudi Aramco hold 60% and 40% shares in the project respectively and the total project cost is approximately US$527 million which will be funded through project financing and equity investment. We launched the construction of the plant in the fourth quarter of 2022, and expect to commence the commercial operation in October 2025.

Exploration and Production Projects

We have engaged in a bituminous coal project in Bylong, Australia. In July 2015, KEPCO Bylong lodged a development application to the State Government of New South Wales (the “NSW”) of Australia. In September 2019,

 

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Independent Planning Commission of the NSW, which is the governmental authority with the approval power, refused to accept our Bylong development application. After many rounds of legal proceedings, our request for appeal to the High Court of Australia was finally rejected in February 2022. As of December 31, 2022, we have invested approximately Won 810 billion in the Bylong project, and, as of December 31, 2022, the impairment loss in connection with the Bylong project accrued to approximately Won 541 billion. We are currently reviewing various alternative plans to minimize our business losses.

Our nuclear generation subsidiary, KHNP, is also pursuing development projects for procurements of uranium in countries including Canada, France and Niger.

Renewable Energy, Transmission & Distribution Projects

We are currently pursuing overseas projects strategically with the aims of increasing the sales and net profit from renewable energy and grid projects to diversify our businesses and actively address climate change. Specifically, we are planning to enter an offshore wind power market, increase grid investment projects and conduct large-scale CDM (Clean Development Mechanism) projects. We will expand our projects aligned with the energy transition trend toward carbon neutrality.

Since 2004, joint ventures between us and China Datang Corporation of the People’s Republic of China have built and operated a number of wind farms in Inner Mongolia, Liaoning and Gansu provinces. We own 40% of these joint ventures, whose equity in the aggregate amount is approximately US$450 million. The projects are funded one-third by equity contributions and two-thirds by debt financing. As of December 31, 2022, the joint venture operated 22 wind farms with a total capacity of 1,017 megawatts and a 7-megawatt photovoltaic power station.

In December 2015, we entered into an agreement with the Ministry of Energy and Mineral Resources of Jordan to build, own and operate a wind farm with installed capacity of 89.1 megawatts in Fujeij, Ma’an, Jordan. Commercial operations commenced on July 14, 2019. Total project cost is approximately US$181 million, of which 40% is financed through equity investments by us and the remaining 60% through debt financing.

In June 2015, we entered into a memorandum of understanding with Energy Product (“EP”), a Japanese local developer, to build, own and operate photovoltaic power station with a capacity of 28 megawatts, together with a 13.7 megawatts-hour energy storage system, in Chitose, Hokkaido prefecture in Japan. The power station, in which we own 80.1% interest, started commercial operation in July 2017. Total project cost is approximately JPY 10.9 billion, of which 20% was financed through 80:20 equity investments by us and EP. In July 2021, our 15.1% equity interest and whole equity interest of Energy Product, 19.9%, was sold to NH-Amundi. As a result, we now have 65% and NH-Amundi has 35% of the total equity interest.

In August 2016, we entered into a Purchase and Sale Agreement with Cogentrix Solar Holdings to operate a photovoltaic power station in Colorado, United States, with a capacity of 30 megawatts for 25 years. Total project cost is approximately US$85 million, of which 50.1% was financed through 50.1:49.9 equity investments by us and a private equity fund formed by us and National Pension Service. It was our first foray into the North American power market. The sale of the power plant has been completed in 2022 and the liquidation of the business is scheduled to be finished in the first half of 2023.

In June 2017, we won a project to build, own and operate a photovoltaic power station in Guam, United States, with a capacity of 60 megawatts and a 32 megawatts-hour energy storage system for 25 years. The total project cost is approximately US$183 million, and we will be financing 23% of the cost through equity investment and hold 100% of the equity interests. The remaining 77% will be funded through debt and tax equity financing. We have entered into a PPA with Guam Power Authority in August 2018. The construction of the project started in May 2020, and commercial operation has been commenced in June 2022. The entire volume of electricity generated from the power station will be purchased by Guam Power Authority for 25 years. The entire volume of electricity generated from the power station will be purchased by Guam Power Authority for 25 years.

 

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In September 2017, we entered into an agreement with Recurrent Energy to operate 3 solar photovoltaic project in southern California, United States, with a capacity of 235 megawatts for 34 years. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund. We invested USD 38 million in the project.

In October 2018, we entered into a Share Purchase Agreement and Share Subscription Agreement to operate a photovoltaic power station with a capacity of 50 megawatts in Calatagan in the Philippines. We own 38% interest and financed PHP 2.25 billion (approximately USD 42.8 million) for the project, of which 80% was financed through equity investments and the remaining 20% was funded through debt financing.

In October 2019, KEPCO and Sprott Korea as a consortium entered into a Share Purchase Agreement and Shareholders Agreement with Canadian Solar INC to develop and operate a photovoltaic power station with a capacity of 294 megawatts in Mexico, including the State of Sonora, for 35 years. We invested USD 41 million in the project, and the transaction marks KEPCO’s first investment in the solar market in Mexico. The construction of the power station in Horus, Mexico was completed in November 2020 and regulatory operation was initiated in February 2023. Other power stations, Tastiota and El Mayo, are expected to start commercial operation within 2023.

In December 2021, a consortium comprising us, Japan’s Kyushu Electric Power Co., Inc. and Électricité de France (EDF) has been nominated as the successful bidder for the HVDC-VSC subsea transmission system construction and operation project of UAE announced by the Abu Dhabi National Oil Company (“ADNOC”), and clinched the deal through an international tender against numerous competitors. This project will supply power for the offshore production and operations facilities of ADNOC, by constructing and operating for 35 years a subsea transmission system along 2 routes with a total length of 259 kilometers. This mega project is worth $3.8 billion and is expected to generate a stable profit through a long-term transmission agreement with the Procurer for 35 years. The construction of the project was commenced in September 2022.

North Korea

Gaeseong Industrial Complex

Since 2005, we have provided electricity to the industrial complex located in Gaeseong, North Korea, which was established pursuant to an agreement made during the summit meeting of the two Koreas in June 2000. The Gaeseong Industrial Complex is the largest economic project between the two Koreas and is designed to combine the Republic’s capital and entrepreneurial expertise with the availability of land and labor of North Korea. In March 2005, we built a 22.9 kilovolt distribution line from Munsan substation in Paju, Gyeonggi-do to the Gaeseong Industrial Complex and became the first to supply electricity to pilot zones such as ShinWon Ebenezer. In April 2006, we started to construct a 154 kilovolt, 16 kilometer transmission line connecting Munsan substation to the Gaeseong Industrial Complex as well as Pyunghwa substation in the complex and began operations in May 2007.

At the end of 2015, we supplied electricity to 254 units, including administrative agencies, support facilities and resident corporations, using a tariff structure identical to that of Korea. However, we suspended power transmission to the Gaeseong Industrial Complex since February 11, 2016 following the Government’s decision to halt operations of the industrial complex to impede North Korea’s utilization of funds from the industrial complex to finance its nuclear and missile programs. On August 14, 2018, we resumed power transmission to the facilities that are part of the Joint Liaison Office between South and North Korea but we suspended it again on June 16, 2020 in compliance with the request by the Ministry of Unification of the Korean Government. It has been reported in the media that the parties have now temporarily closed the Joint Liaison Office in accordance with the request by North Korea to stop the spread of COVID-19 and all KEPCO personnel have withdrawn from the facilities without resuming power transmission since June 16, 2020.

 

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As of December 31, 2022, the book value of our facility located at the Gaeseong Industrial Complex was Won 13 billion. For the year ended December 31, 2022, the trade receivables related to the companies residing in Gaeseong industrial complex has been fully written-off during the year ended December 31, 2022. It is currently uncertain if we can exercise the property rights for our facility in the Gaeseong Industrial Complex. No assurance can be given that we will not experience any material losses as a result of the suspension of this project or failure of the project as a result of a breakdown or escalation of hostilities in the relationship between the Republic and North Korea. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy—Tensions with North Korea could have an adverse effect on us and the market value of our shares.”

Insurance

We and our generation subsidiaries carry insurance covering against certain risks, including fire, in respect of key assets, including buildings, equipment, machinery, construction-in-progress and procurement in transit, as well as, in the case of us, directors’ and officers’ liability insurance. We and our generation subsidiaries maintain casualty and liability insurance against risks related to our business to the extent we consider appropriate. Other than KHNP, neither we nor our generation subsidiaries separately insure against terrorist attacks. These insurance and indemnity policies, however, cover only a portion of the assets that we own and operate and do not cover all types or amounts of loss that could arise in connection with the ownership and operation of these assets.

Substantial liability may result from the operations of our nuclear generation units, the use and handling of nuclear fuel and possible radioactive emissions associated with such nuclear fuel. KHNP maintains property and liability insurance against risks of its business to the extent required by the related law and regulations or considered as appropriate and otherwise self-insures against such risks. KHNP carries insurance for its generation units against certain risks, including property damage, nuclear fuel transportation and liability insurance for personal injury and property damage. KHNP carries property damage insurance covering up to US$1 billion per accident for all properties within its plant complexes, which includes property insurance coverage for acts of terrorism up to US$300 million and for breakdown of machinery up to US$300 million. In addition to the insurance on operating nuclear power generation units, KHNP has construction insurance for Saeul #3 and #4 (formerly named as Shin-Kori #5 and #6) and Shin-Hanul #1 and #2. KHNP maintains nuclear liability insurance for personal injury and third-party property damage for coverage of up to 300 million Special Drawing Rights, or SDRs, which amounts to approximately US$399.3 million, at the rate of 1 SDR = US$1.330840 as posted on the Internet homepage of the International Monetary Fund on December 23, 2022 per plant complex, for a total coverage of 1.8 billion SDRs. KHNP is also the beneficiary of a government indemnity with respect to such risks for damage claims of up to Won 300 million SDRs per nuclear plant complex, for a total coverage of 1.8 billion SDRs. Under the Nuclear Damage Compensation Act of 1969, as amended, KHNP is liable only up to 900 million SDRs, per single accident per plant complex; provided that such limitation will not apply where KHNP intentionally causes harm or knowingly fails to prevent the harm from occurring. KHNP will receive the Government’s support, subject to the approval of the National Assembly, if (i) the damages exceed the insurance coverage amount of 300 million SDRs and (ii) the Government deems such support to be necessary for the purposes of protecting damaged persons and supporting the development of nuclear energy business. KHNP carries insurance for its generation units and nuclear fuel transportation, and we believe that the level of insurance is generally adequate and is in compliance with relevant laws and regulations. In addition, KHNP is the beneficiary of government indemnity which covers a portion of liability in excess of the insurance. However, such insurance is limited in terms of amount and scope of coverage and does not cover all types or amounts of losses which could arise in connection with the ownership and operation of nuclear plants. Accordingly, material adverse financial consequences could result from a serious accident or a natural disaster to the extent it is neither insured nor covered by the government indemnity. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The amount and scope of coverage of our insurance are limited.”

 

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Competition

As of December 31, 2022, we and our generation subsidiaries owned approximately 59.9% of the total electricity generation capacity in Korea (excluding plants generating electricity for private or emergency use). New entrants to the electricity business will erode our market share and create significant competition, which could have a material adverse impact on our financial condition and results of operations.

In particular, we compete with independent power producers with respect to electricity generation. The independent power producers accounted for 31.3% of total power generation in 2022 and 40.1% of total generation capacity as of December 31, 2022. As of December 31, 2022, there were 36 independent power producers in Korean electricity market, excluding 5,313 renewable energy producers. Private enterprises became permitted to own and operate coal-fired power plants in Korea only after the Ministry of Trade, Industry and Energy approved plans for independent power producers to construct coal-fired power plants under the Sixth Basic Plan announced in February 2013. Under the Tenth Basic Plan announced in January 2023, three coal-fired power plants are planned to be constructed by independent power producers by 2024. Two of the three coal-fired power plants planned for construction are expected to be completed in 2023, followed by one in 2024. While it remains to be seen whether construction of these generation units will be completed as scheduled, if these units were to be completed as scheduled and/or independent power producers are permitted to build additional generation capacity (whether coal-fired or not), our market share in Korea may decrease.

An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The proposed amendment allows a market-type public institution like us to participate in renewable power generation business to a limited degree. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.

In addition, under the Community Energy System adopted by the Government in 2004, a minimal amount of electricity is supplied directly to consumers on a localized basis by independent power producers outside the cost-based pool system. Such system is used by our generation subsidiaries and most independent power producers to distribute electricity nationwide. The purpose of this system is to geographically decentralize electricity supply and thereby reduce transmission losses and improve the efficiency of energy use. These entities do not supply electricity on a national level but are licensed to supply electricity on a limited basis to their respective districts under the Community Energy System. As of March 31, 2023, the aggregate generation capacity of suppliers participating in the Community Energy System amounted to less than 2% of that of our generation subsidiaries in the aggregate. We currently do not expect the Community Energy System to be widely adopted, especially in light of the significant level of capital expenditure required for such direct supply. However, if the Community Energy System is widely adopted, it may erode our currently dominant market position in the generation and distribution of electricity in Korea and may have a material adverse effect on our business, results of operations and financial condition.

Our market dominance in the electricity distribution in Korea also may face potential erosion in light of the recent Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016. This proposal contemplates a gradual opening of the electricity trading market to the private sector although no detailed roadmap has been provided for such opening. It is currently premature to predict to what extent, or in what direction, the liberalization of the electricity trading market will happen. Nonetheless, any significant liberalization of the electricity trading market may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows.

 

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The electric power industry, which began its liberalization process with the establishment of our power generation subsidiaries in April 2001, may become further liberalized in accordance with the Restructuring Plan. See Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea.”

In the residential sector, consumers may use natural gas, oil and coal for space and water heating and cooking. However, currently there is no practical substitute for electricity for lighting and other household appliances, which is available on commercially affordable terms.

In the commercial sector, electricity is the dominant energy source for lighting, office equipment and air conditioning. For its other uses, such as space and water heating, natural gas and, to a lesser extent, oil, provide competitive alternatives to electricity.

In the industrial sector, electricity is the dominant energy source for a number of industrial applications, including lighting and power for many types of industrial machinery and processes that are available on commercially affordable terms. For other uses, such as heating, electricity competes with oil and natural gas and potentially with gas-fired combined heating and power plants.

Regulation

We are a statutory juridical corporation established under the KEPCO Act for the purpose of ensuring a stable supply of electric power and further contributing toward the sound development of the national economy through facilitating development of electric power resources and carrying out proper and effective operation of the electricity business. The KEPCO Act (including the amendment thereto) prescribes that we engage in the following activities:

 

  1.

development of electric power resources;

 

  2.

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

 

  3.

research and development of technology related to the businesses mentioned in items 1 and 2;

 

  4.

overseas businesses related to the businesses mentioned in items 1 through 3;

 

  5.

investments or contributions related to the businesses mentioned in items 1 through 4;

 

  6.

businesses incidental to items 1 through 5;

 

  7.

development and operation of certain real estate held by us to the extent that:

 

  a.

it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or

 

  b.

it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and

 

  8.

other activities entrusted by the Government.

The KEPCO Act currently requires that our profits be applied in the following order of priority:

 

   

first, to make up any accumulated deficit;

 

   

second, to set aside 20.0% or more of profits as a legal reserve until the accumulated reserve reaches one-half of our capital;

 

   

third, to pay dividends to shareholders;

 

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fourth, to set aside a reserve for expansion of our business;

 

   

fifth, to set aside a voluntary reserve for the equalization of dividends; and

 

   

sixth, to carry forward surplus profit.

As of December 31, 2022, the legal reserve was Won 1,605 billion and the voluntary reserve was Won 27,783 billion. The voluntary reserve consisted of Won 21,966 billion earmarked for business expansion, Won 5,277 billion for investment in social overhead capital, Won 330 billion for research and human development and Won 210 billion for equalizing dividends. For the avoidance of doubt, all such reserves were calculated on a consolidated basis.

As we experienced increased net losses in 2022 as global energy prices increased significantly and the power purchase costs increased accordingly, we recently issued more debt securities than before to meet increased working capital requirement. On December 28, 2022, the National Assembly of Korea passed an amendment to Article 16 of KEPCO Act which increased our debt ceiling on total outstanding debt securities on a separate basis to be no greater than five times (or six times if the Minister of the Ministry of Trade, Industry and Energy approves if it is urgently required to resolve a business crisis situation) the sum of our share capital and reserves updated at the end of each year. Such share capital and reserves are calculated on a separate basis under the KEPCO Act. Before such amendment, our debt ceiling was two times the sum of our share capital and reserves. Such increase in debt ceiling will be effective until December 31, 2027 and we may make use of the new debt ceiling to issue more debt securities to cover our losses, refinance existing debt and finance new capital expenditures. However, if the sum of our share capital and reserves decrease (including as a result of continued significant net losses), our debt ceiling will decrease as well and there will be no assurance that we can meet our funding requirements for capital or operational expenditures or debt repayment obligations, which situation could have a material adverse impact on our business, results of operations and financial condition.

We are under the supervision of the Ministry of Trade, Industry and Energy, which has principal supervisory responsibility (in consultation with other Government agencies, such as the Ministry of Economy and Finance, as applicable) over us with respect to the appointments of our directors and our other senior management as well as approval of electricity tariff rate adjustments, among others.

Because the Government owns part of our capital stock, the Government’s Board of Audit and Inspection may audit our books.

The Electric Utility Act requires that licenses be obtained in relation to generation, transmission, distribution and sales of electricity, with limited exceptions. We hold the license to transmit, distribute and sell electricity. Each of our six generation subsidiaries holds an electricity generation license. The Electric Utility Act governs the formulation and approval of electricity rates in Korea. See “—Sales and Customers—Electricity Rates” above. An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to directly participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.

Our operations are subject to various laws and regulations relating to environmental protection and safety.

 

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Financial Stabilization Plan and Related Activities

In light of the general policy guideline of the Government for public institutions (including us and our generation subsidiaries) to reduce their respective overall debt levels, we and our generation subsidiaries have, in consultation with the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance, set target debt-to-equity levels every year and undertaken various programs to reduce debt and also strived to improve the overall financial stability.

In 2022, we and our generation subsidiaries have established and implemented a five-year financial stabilization plan in accordance with the guidelines of the Ministry of Economy and Finance. This plan includes sale of assets (sale of non-core assets such as idle properties, investment shares, and overseas coal power plants), business adjustment (adjustment or deferral of investment without affecting stable power supply and safety management), cost reduction through intense low-budget strategies, profit growth through business system improvements, and capital expansion through revaluation of tangible assets like land.

Despite our best efforts, however, for reasons beyond our control, including macroeconomic environments, government regulations and market forces (such as international market prices for our fuels), we cannot assure whether we or our generation subsidiaries will be able to successfully reduce debt burdens or otherwise improve our financial health or to a level that would be optimal for our capital structure. If we or our generation subsidiaries fail to do so or the measures taken by us or our generation subsidiaries to reduce debt levels or improve financial health have unintended adverse consequences, such developments may have an adverse effect on our business, results of operations and financial condition.

Establishment of a University

In order to enhance the competitiveness of the national energy industry, cultivate high-quality talents to revitalize the Bitgaram Energy Valley, and secure a differentiated research platform to create a new energy market, we established a university in Jeollanam-do Province in the southwestern region of Korea in accordance with the Government’s five-year state management plan.

The university, which is called as Korea Institute of Energy Technology (“KENTECH”) is a research and entrepreneurship-oriented university specializing in the energy field and aims to be a small yet robust university with 100 faculty members and 1,000 students. On April 17, 2020, the Ministry of Education gave us the permission to form a legal entity for the university. The total funding expected until 2025 when the university’s organization will be completed is Won 828.9 billion, excluding the land that was freely endowed to us.

The funding for establishing the university will be jointly borne by us and the central and municipal governments. We plan to cooperate with one another through an intra-governmental university establishment and support committee.

For ten years after the commencement of the university in 2022, we expect to receive funding (to be used as expenses for operating the university) from the municipal government in the amount of Won 200 billion. In addition, we expect to receive funding from the central government that is at least in the same amount as we expect to receive from the municipal government. After taking into account the funding from the governments, we anticipate our contribution to the university until 2025 to be approximately Won 500 billion depending on the amount of contribution from the central government.

On August 8, 2019, our board of directors resolved to make an initial contribution of Won 60 billion for the promotion, initial operation and the design of the university campus, and the actual contribution was made in 2020. On March 24, 2021, a special law was passed in the National Assembly and finally enacted on April 1, 2021, that gives autonomy to the university and lays out the basis for direct financial support from the central government and the municipal government. On May 21, 2021, the legal entity of the university changed into

 

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special juristic person from school juristic person with the above law. On the same day, our board resolved to make an additional contribution of Won 64.5 billion to the university and Won 41.3 billon of such contribution was made in December 2021. The remaining contribution of Won 23.2 billion was made after a resolution by our affiliates’ board of directors in 2022. In addition, on July 15, 2022, the board of us and our affiliates decided to contribute 47.9 billion won for funding of the construction and operation of major campus facilities and completed the contribution by December 2022. The total amount of contributions after 2023 will be determined in consultation with the Government and KENTECH.

On March 2, 2022, KENTECH had entrance ceremony and proclaimed its vision with congratulations from the President of Republic of Korea. In 2023, KENTECH recruited a total of 109 students same as in 2022.

Currently, we are striving to adjust facility costs and tighten the budget of KENTECH as a part of improving our financial structure. In order to minimize potential financial risks, we plan to let the university generate its own profits too, by, for example, attracting development funds and research and development investments and commercializing new technology among other means. Despite our efforts and anticipated funding from the municipal and central governments, we cannot assure you that the magnitude of our expected or actual contribution to the university will not have material adverse effects on our profit margins, results of operations or cash flows.

Proposed Sale and Purchase of Equity Interests

KEPCO Engineering & Construction Co., Inc.

Pursuant to the Third Phase of the Public Institution Reform Plan announced by the Government in August 2008, we conducted the initial public offering of Korea Engineering and Construction Co., Inc., or KEPCO E&C formerly known as Korea Power Engineering Co., Ltd., in December 2009 for gross proceeds to us of Won 165 billion, following which we owned 77.9% of KEPCO E&C’s shares. In furtherance of the Public Institution Reform Plan and to improve our financial profile, we sold our equity interests representing 3.1%, 4.0%, 4.5% and 0.54% of KEPCO E&C shares in November 2011, December 2013, December 2014 and December 2016, respectively, in each case to third party investors. As part of our financial stabilization plan, on June 24, 2022, our board of directors decided additional sale of KEPCO E&C shares. Consequently, we selected three financial advisors on September 15, 2022 and are discussing transaction schedule with them. We currently hold a 65.77% equity interest in KEPCO E&C.

Korea Electric Power Industrial Development Co., Ltd.

In 2003, we privatized Korea Electric Power Industrial Development, or KEPID, formerly our wholly-owned subsidiary, by selling 51.0% of its equity interest to Korea Freedom Federation. Pursuant to the Fifth Phase of the Public Institution Reform Plan announced by the Government in 2009, we sold 20% of the KEPID shares through additional listing. Although we had originally planned to sell the remaining 29% as well, we are currently working on converting KEPID into a public institution to transition its non-permanent employees to permanent employees in light of the Government’s guideline promoting the transition of non-permanent employees to permanent employees in the public sector. Acquisition by us is essential for the designation of KEPID as a public institution by the Government. The Committee for Management of Public Institutions pursuant to the Act on the Management of Public Institutions approved the updated plan on sales of KEPID shares on October 30, 2022. As a result, we and our five subsidiaries are now working on reacquiring the KEPID shares we previously sold.

Cyber Security

Recently, our activities have been subject to an increasing risk of cyber-attacks and information leakages, the nature of which is continually evolving. For example, in December 2014, KHNP became subject to a cyber

 

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terror incident. Hackers hacked into the computer network of former KHNP employees and threatened to shut down certain of KHNP’s nuclear plants. The hacking incident did not jeopardize our nuclear operation in any material respect and none of the stolen information was material to our nuclear operation or the national nuclear policy. In response to such incident, we and our subsidiaries have further bolstered anti-hacking and other preventive and remedial measures in relation to potential cyber terror.

In the past, cyber-attacks were mostly unspecified attacks, but the recent trend has been shifting towards more targeted and intelligent attacks, such as ransomware that encrypts a victim’s files, whereupon the attacker demands a ransom from the victim to restore access to the data upon payment. In particular, non-face-to-face business environment due to COVID-19 has led to more sophisticated phishing e-mail attacks that impersonate service providers and acquaintances. In order to effectively respond to these cyber threats, we have established a cyber security management system which is called ‘Cybersecurity GRC (Governance, Risk-management, Compliance) system’ and it is the first implementation case among Korean public corporations. We are also continuously implementing prevention and response activities. In addition, specialized education and training are being conducted to foster cybersecurity experts, and the latest information protection system is being established and our cooperation with the Government is being strengthened. In accordance with laws and regulations, we have established and implemented a cybersecurity management system, and is receiving regular inspections from the Government on the prevention and response status against cyberattacks and threats.

Since 2021, we have formed a team in collaboration with the National Intelligence Service and other institutions to participate in the international cyber-attack and defense exercise (Locked Shields) hosted by the NATO Cooperative Cyber Defense Center of Excellence. By participating in the exercise, we were able to enhance our ability to collaborate against cyberattacks on critical infrastructure. In addition, since 2021, for the first time as a public corporation, we have hosted annually the Electric Sector Cyber Security Contest, in which more than 20 organizations, including generation subsidiaries, universities, and high schools, participate. By hosting this competition, we are bolstering our capacity to respond to cyberattacks on power grids jointly with generation subsidiaries and laying the groundwork for attracting skilled information security personnel.

In 2021, we introduced personal information pseudonym processing system. In order to prevent the leakage of personal information, we have also implemented Digital Rights Management (DRM) and a personal information detection solution on our computers. To strengthen personal information protection, we assigned one employee to personal information protection in 2022, implemented a personal information detection solution used in data transmission between internal and external networks, and established a personal information exposure detection system that automatically detects whether personal information is present or exposed on an Internet website.

KHNP is also continuing to strengthen our security management system by maintaining the international standard security standard, ISO27001, and the Korean standard, Personal Information & Information Security Management System certification. In September 2019, KHNP has established an organization dedicated to nuclear control security in accordance with the Government’s strengthened information security regulation. Also, in 2023, KHNP established the Control System Security Section within the Cyber Security Control Center to strengthen cyber security response capabilities.

In anticipation of the amendment of the Act on Promotion of Information and Communications Network Utilization and Information Protection in January 2020, we designated in December 2019 a Chief Information Security Officer (“CISO”) who is dedicated to cyber security management. By the end of 2020, we reorganized our security management organization to enhance its independence by transferring it from being under our Safety and Security Department to being directly under our Co-prosperity and Cooperation Division. Under further amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection in December 2021, our generation subsidiaries also designated a CISO and reported their designation to the Ministry of Science and ICT of the Government.

 

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Item 4.C. Organizational Structure

As of December 31, 2022, we have 161 subsidiaries, 96 associates and 105 joint ventures (not including any special purpose entities).

Subsidiaries

Our wholly-owned six generation subsidiaries are KHNP, KOSEP, KOMIPO, KOWEPO, KOSPO and EWP. Our non-generation subsidiaries include KEPCO E&C, KEPCO KPS, KEPCO NF, and KEPCO KDN. For a full list of our subsidiaries, including foreign subsidiaries, and their respective jurisdiction of incorporation, please see Exhibit 8.1 attached to this annual report.

Associates and Joint Ventures

An associate is an entity over which we have significant influence and that is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. 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 table below sets forth each of our associates and joint ventures as of December 31, 2022 by name, the percentage of our shareholdings and their principal activities.

 

     Ownership
(%)
    

Principal Activities

Associates:

     

Korea Gas Corporation

     20.47      Importing and wholesaling LNG

Korea Electric Power Industrial Development Co., Ltd.

     29.00      Electricity metering and others

YTN Co., Ltd.(1)

     21.43      Broadcasting

Gangwon Wind Power Co., Ltd.(2)

     15.00      Power generation

Hyundai Green Power Co., Ltd.

     29.00      Power generation equipment consignment and operation service

Korea Power Exchange(3)

     100.00      Management of power market and others

Taebaek Wind Power Co., Ltd.(29)

     60.00      Power generation

Taebaek Guinemi Wind Power Co., Ltd.(29)

     67.25      Power generation

Daeryun Power Co., Ltd.(2)

     6.85      Power generation

KNH Solar Co., Ltd.

     27.00      Power generation

SPC Power Corporation(30)

     38.00      Power generation

Gemeng International Energy Co., Ltd.

     34.00      Power generation

PT. Cirebon Electric Power

     27.50      Power generation

KNOC Nigerian East Oil Co., Ltd.(4)

     14.63      Resources development

KNOC Nigerian West Oil Co., Ltd.(4)

     14.63      Resources development

PT Wampu Electric Power

     46.00      Power generation

PT. Bayan Resources TBK

     20.00      Resources development

S-Power Co., Ltd.

     49.00      Power generation

Pioneer Gas Power Limited

     38.50      Power generation

Eurasia Energy Holdings

     40.00      Power generation and resources development

Xe-Pian Xe-Namnoy Power Co., Ltd.

     25.00      Power generation

PT. Mutiara Jawa

     29.00      Manufacturing and operating floating coal terminal

Samcheok Eco Materials Co., Ltd.(5)

     2.35      Recycling fly ashes

Noeul Green Energy Co., Ltd.

     29.00      Power generation

 

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     Ownership
(%)
    

Principal Activities

Goseong Green Power Co., Ltd.

     29.00      Power generation

Gangneung Eco Power Co., Ltd.(2)

     1.61      Power generation

Shin Pyeongtaek Power Co., Ltd.

     40.00      Power generation

Haeng Bok Do Si Photovoltaic Power Co., Ltd.

     28.00      Power generation

Dongducheon Dream Power Co., Ltd.(6)

     33.61      Power generation

Jinbhuvish Power Generation Pvt. Ltd.(2)

     5.16      Power generation

Daejung Offshore Wind Power Co., Ltd.

     46.59      Power generation

GS Donghae Electric Power Co., Ltd.

     34.00      Power generation

Daegu Photovoltaic Co., Ltd.

     29.00      Power generation

Busan Green Energy Co., Ltd.

     29.00      Power generation

Gunsan Bio Energy Co., Ltd.(2)

     18.87      Power generation

Hansuwon KNP Co., Ltd.

     28.98      Electric material agency

Korea Electric Power Corporation Fund(7)

     98.09      Developing electric enterprises

Energy Infra Asset Management Co., Ltd.(2)

     9.90      Asset management

Daegu clean Energy Co., Ltd.

     28.00      Renewable power generation

Yaksu ESS Co., Ltd.

     29.00      Installing ESS related equipment

Nepal Water & Energy Development Company Private Limited(8)

     69.06      Construction and operation of utility plant

Gwangyang Green Energy Co., Ltd.

     20.00      Power generation

PND Solar Co., Ltd.

     29.00      Power generation

Hyundai Eco Energy Co., Ltd.(2)

     19.00      Power generation

YeongGwang Yaksu Wind Electric Co., Ltd.(2)

     9.63      Power generation

Green Energy Electricity Generation Co., Ltd.

     29.00      Power generation

Korea Energy Solutions Co., Ltd.

     20.00      R & D

ITR Co., Ltd.

     20.00      R & D

Structure test network Co., Ltd.

     20.00      Technical testing and consulting

Namjeongsusang Solar Power Operation Co., Ltd.(9)

     15.00      Power generation

Indeck Niles Development, LLC

     50.00      Power generation

Indeck Niles Asset Management, LLC

     33.33      Power generation

Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1

     49.00      Holding company

Suwon New Power Co., Ltd.

     39.90      Power generation

Gwangbaek Solar Power Investment Co., Ltd.

     44.00      Power generation

Go deok Clean Energy Co., Ltd.

     40.00      Fuel cell generation

SureDataLab Co., Ltd.

     23.95      R & D

SEP Co., Ltd.

     21.26      R & D

Hankook Electric Power Information Co., Ltd.(13)

     16.49      R & D

Tronix Co., Ltd.(13)

     12.50      R & D

O2&B Global Co., Ltd.

     20.00      R & D

Muan Sunshine Solar Power Plant Co., Ltd.

     20.00      Power generation

Bigeum Resident Photovoltaic Power Co., Ltd.

     29.90      Power generation

Goesan Solar Park Co., Ltd.

     29.00      Power generation

Saemangeum Heemang Photovoltaic Co., Ltd.

     35.00      Power generation

Bitgoel Eco Energy Co., Ltd.

     49.25      Power generation

Jeju Gimnyeong Wind Power Co., Ltd.

     30.00      Power generation

Seoroseoro Sunny Power Plant Co., Ltd.

     42.58      Power generation

Muan Solar Park Co., Ltd.

     20.00      Power generation

YuDang Solar Co., Ltd.

     20.00      Power generation

 

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     Ownership
(%)
    

Principal Activities

Anjwa Smart Farm & Solar City Co., Ltd.

     20.00      Power generation

Daewon Green Energy Co., Ltd.

     25.36      Power generation

G.GURU Co., Ltd.

     24.65      R & D

UD4M Co., Ltd.(10)

     12.50      R & D

Dongbu Highway Solar Co., Ltd.

     20.00      Power generation

Seobu Highway Solar Co., Ltd.

     20.00      Power generation

Korea Energy Data Co., Ltd.

     29.37      R & D

Gangneung Sacheon Fuel Cell Co., Ltd.

     41.00      Power generation

Kosture Co., Ltd.(2)

     0.82      Coal recycling business

Taebaek Gadeoksan Wind Power Co., Ltd.

     34.00      Power generation

Chuncheon Green Energy Co., Ltd.

     45.00      Power generation

Yeomsubong Wind Power Co., Ltd.(11)

     3.81      Power generation

Yeongyang Wind Power Corporation II

     30.00      Power generation

Haeparang Energy Co., Ltd.

     25.00      Power generation

Saemangeum Sebit Power Plant Co., Ltd.(12)

     63.33      Power generation

Boulder Solar III, LLC

     30.00      Power generation

PlatformN. Co., Ltd.

     29.58      R & D

PT. Cirebon Energi Prasarana(9)

     10.00      Power generation

Green Radiation Co., Ltd.(13)

     10.00      R & D

Future Convergence Technology Laboratory. Co., Ltd.

     20.12      R & D

SC E&G. Co,. Ltd.

     20.00      R & D

Wang San Engineering. Co,. Ltd.

     20.00      R & D

ACE

     20.00      R & D

Environment and Energy Co., Ltd.(13)

     10.54      R & D

Santiago Solar Power SpA

     50.00      Power generation

Yanggu Floating Photovoltaic Power Plant Inc.

     29.00      Power generation

Joint Ventures:

     

KEPCO-Uhde Inc.(14)

     52.80      Power generation

Shuweihat Asia Power Investment B.V.

     49.00      Holding company

Shuweihat Asia Operation & Maintenance Company(14)

     55.00      Maintenance of utility plant

Waterbury Lake Uranium L.P.(15)

     32.59      Resources development

ASM-BG Investicii AD

     50.00      Power generation

RES Technology AD

     50.00      Power generation

KV Holdings, Inc.(30)

     40.00      Power generation

KEPCO SPC Power Corporation(14,30)

     75.20      Construction and operation of utility plant

Gansu Datang Yumen Wind Power Co., Ltd.

     40.00      Power generation

Datang Chifeng Renewable Power Co., Ltd.

     40.00      Power generation

Datang KEPCO Chaoyang Renewable Power Co., Ltd.

     40.00      Power generation

Rabigh Electricity Company

     40.00      Power generation

Rabigh Operation & Maintenance Company Limited

     40.00      Maintenance of utility plant

Jamaica Public Service Company Limited

     40.00      Power generation

KW Nuclear Components Co., Ltd.

     45.00      Manufacturing

Busan Shinho Solar Power Co., Ltd.

     25.00      Power generation

Global Trade Of Power System Co., Ltd.(16)

     29.00      Exporting products and technology of small or medium business by proxy

 

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     Ownership
(%)
    

Principal Activities

Expressway Solar-light Power Generation Co., Ltd.(17)

     50.00      Power generation

Amman Asia Electric Power Company(14)

     60.00      Power generation

KAPES, Inc.(14)

     51.00      R & D

Honam Wind Power Co., Ltd.

     29.00      Power generation

Korea Power Engineering Service Co., Ltd.

     29.00      Construction and service

Chun-cheon Energy Co., Ltd.

     29.90      Power generation

Yeonggwangbaeksu Wind Power Co., Ltd.(16)

     15.00      Power generation

Nghi Son 2 Power LLC

     50.00      Power generation

Kelar S.A.(14)

     65.00      Power generation

PT. Tanjung Power Indonesia

     35.00      Power generation

Incheon New Power Co., Ltd.(18)

     29.00      Power generation

Seokmun Energy Co., Ltd.

     29.00      Power generation

Daehan Wind Power PSC

     50.00      Power generation

Barakah One Company(19)

     18.00      Power generation

Nawah Energy Company(19)

     18.00      Operation of utility plant

Momentum

     33.33      International thermonuclear experimental reactor construction management

Daegu Green Power Co., Ltd.(20)

     29.00      Power generation

Yeonggwang Wind Power Co., Ltd.

     46.00      Power generation

Chester Solar IV SpA

     45.00      Power generation

Chester Solar V SpA

     45.00      Power generation

Diego de Almagro Solar SpA

     45.00      Power generation

South Jamaica Power Company Limited

     20.00      Power generation

Daesan Green Energy Co., Ltd.

     35.00      Power generation

RE Holiday Holdings LLC

     50.00      Power generation

RE Pioneer Holdings LLC

     50.00      Power generation

RE Barren Ridge 1 Holdings LLC

     50.00      Power generation

RE Astoria 2 LandCo LLC

     50.00      Power generation

RE Barren Ridge LandCo LLC

     50.00      Power generation

Laurel SpA

     45.00      Power generation

KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.(16)

     12.37      Power generation

Chile Solar JV SpA

     50.00      Power generation

Cheong-Song Noraesan Wind Power Co., Ltd.(15)

     29.01      Power generation

Chester Solar I SpA

     45.00      Power generation

Solar Philippines Calatagan Corporation

     38.00      Power generation

Saemangeum Solar Power Co., Ltd.(21)

     81.01      Power generation

Chungsongmeon BongSan wind power Co., Ltd.(16)

     29.00      Power generation

Jaeun Resident Wind Power Plant Co., Ltd.(16)

     29.00      Power generation

DE Energia SpA

     49.00      Power generation

Dangjin Eco Power Co., Ltd.

     34.00      Power generation

Haemodum Solar Co., Ltd.

     49.00      Power generation

Yangyang Wind Power Co., Ltd.

     50.00      Power generation

Horus Solar, S.A. De C.V.(22)

     14.95      Renewable power generation

Recursos Solares PV De Mexico II, S.A. De C.V.(22)

     14.95      Renewable power generation

Sunmex Renovables, S.A. De C.V.(22)

     14.95      Renewable power generation

 

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     Ownership
(%)
    

Principal Activities

Stavro Holding II A.B.

     20.00      Holding company

Solaseado Solar Power Co., Ltd.

     39.00      Power generation

Yeongam Solar Power Co., Ltd.(16)

     19.00      Power generation

Samsu Wind Power Co., Ltd.(16)

     19.00      Power generation

Pulau Indah Power Plant Sdn. Bhd.

     25.00      Power generation

NH-Amundi Global Infrastructure Investment Private Investment Trust 21

     29.53      Holding company

Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(14)

     90.00      Holding company

PT Barito Wahana Tenaga

     30.61      Power generation

Cheongna Energy Co., Ltd.(21)

     50.10      Generating and distributing vapor and hot/cold water

Naepo Green Energy Co., Ltd.

     29.20      Power generation

Dayone Energy Co., Ltd.(23)

     30.66      Power generation

OneEnergy Asia Limited

     40.00      Power generation

KAS Investment I LLC(15)

     29.89      Holding company

KAS Investment II LLC(15)

     29.89      Holding company

Energyco Co., Ltd.

     29.00      Power generation

CAES, LLC

     36.00      Holding company

Hapcheon Floating Photovoltaic Power Plant Inc.(16)

     49.00      Power generation

Busan Industrial Solar Power Co., Ltd.

     28.02      Power generation

Bitsolar Energy Co., Ltd.

     27.10      Power generation

Pulau Indah O&M Sdn. Bhd.(24)

     60.00      Power generation

Guadalupe Solar SpA(24)

     60.00      Power generation

Omisan Wind Power Co., Ltd.

     42.00      Power generation

Foresight Iberian Solar Group Holding, S.L.(24)

     75.00      Power generation

Yeongwol Eco Wind Co., Ltd.

     29.00      Power generation

Gurae Resident Power Co., Ltd.

     29.00      Power generation

Cheongju Eco Park Co., Ltd.

     29.00      Power generation

Enel X Midland Photovoltaic, LLC

     20.00      Power generation

Geumsungsan Wind Power Co., Ltd.

     29.00      Power generation

KEPCO KPS CARABAO Corp.(18)

     40.00      Utility plant maintenance

Prime Swedish Holding AB

     45.00      Holding company

Goheung New Energy Co., Ltd.

     46.15      Power generation

Gunsan Land Solar Co., Ltd.(24)

     75.29      Power generation

CapMan Lynx SCA, SICAR

     50.00      Holding company

International Offshore Power Transmission Holding Company Limited

     35.00      Undersea transmission network operation

Pyeongchang Wind Power Co., Ltd.(28)

     58.00      Power generation

Eumseong Eco Park Co., Ltd.

     29.00      Power generation

Songsan Green Energy Co., Ltd.(15)

     25.00      Fuel cell generation

Changwon Nu-ri Energy Co., Ltd.(15)

     33.33      Fuel cell generation

Hasami Wind Farm Corporation

     29.00      Power generation

PungBack Wind Farm Corporation(26)

     32.89      Power generation

Trumbull Asset Management, LLC(27)

     78.00      Holding company

S-Power Chile SpA

     50.00      Power generation

Seungmun Green Energy

     33.00      Power generation

Seobusambo highway photovoltaics Co., Ltd.(25)

     80.00      Power generation

 

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Notes:

(1)

We are planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as we haven’t started the active selling procedures as of December 31, 2022.

(2)

The effective percentage of ownership is less than 20%. However, we 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 our financial and operating policy of the board of directors.

(3)

The effective percentage of ownership is 100%. However, the Government regulates our ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and our other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. We 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, we 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, we have 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 we do 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 we do not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(9)

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

(10)

The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, we exercise significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.

(11)

The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, we exercise significant influence over all decisions related to finance and operation.

(12)

The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. The effective percentage of ownership is more than 50% but we do 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.

(13)

The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because we exercise significant influence over the entity.

(14)

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

(15)

The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.

(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 effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.

 

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(18)

The joint arrangement which we have 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.

(19)

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

(20)

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.

(21)

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

(22)

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

(23)

According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, we have 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, we were 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, we have joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(24)

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

(25)

Due to the changes in the agreement, we lost its control over the entity. Accordingly, the entity is reclassified to a joint venture from a subsidiary. Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.

(26)

The effective percentage of ownership is 37%, considering potential common stock.

(27)

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

(28)

After additional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.

(29)

After additional acquisition of the shares, the effective percentage of ownership is more than 50%. However, we do not hold control over relevant business while it exercises significant influence by participating in the board of directors by the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(30)

We are planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, KV Holdings, Inc. and time or proceeds of sales are not specified as of December 31, 2022.

Item 4.D. Property, Plant and Equipment

Our property consists mainly of power generation, transmission and distribution equipment and facilities in Korea. See Item 4.B. “Business Overview—Power Generation,” “—Transmission and Distribution” and “—Capital Investment Program.” In addition, we own our corporate headquarters building complex at 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea. As of December 31, 2022, the net book value of our property, plant and equipment was Won 177,865 billion. As of December 31, 2022, investment property, which is accounted for separately from our property, plant and equipment, amounted to Won 208 billion. No significant amount of our properties is leased. There are no material encumbrances on our properties, including power generation, transmission and distribution equipment and facilities.

Pursuant to a Government plan announced in 2005, which mandated relocation of the headquarters of select government-invested enterprises from the Seoul metropolitan area to other provinces in Korea as part of an initiative to foster balanced economic growth in the provinces, we, our generation subsidiaries and our certain

 

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subsidiaries relocated our respective headquarters to the designated locations during 2014 and 2015. Our headquarters are currently located in Naju in Jeollanam-do, while the headquarters of our six generation subsidiaries and other subsidiaries are various cities outside of Seoul across Korea.

In connection with the relocation of our headquarters, in September 2014 we entered into an agreement to sell the property housing our prior headquarters to a consortium consisting of members of the Hyundai Motor group for Won 10,550 billion through an open bidding. The sale was completed in September 2015.

During 2022, we completed the disposal of 276 properties on a separate basis (including residential properties, storage spaces, and substation lots that are located in Korea) which are not directly related to our operations for an aggregate sale price of approximately Won 167 billion. The book value of such properties amounted to Won 51 billion, representing 0.6% of our total real properties as of December 31, 2022. The foregoing sales reflect our ongoing efforts to improve our financial soundness through related financial stabilization plan and enhance our management efficiency, selling noncore properties that have no direct relations to electricity facilities.

ITEM 4A. UNRESOLVED STAFF COMMENTS

We do not have any unresolved comments from the SEC staff regarding our periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).

 

ITEM 5.

OPERATING AND FINANCIAL REVIEW AND PROSPECTS

You should read the following discussion on our operating and financial review and prospects together with our consolidated financial statements and the related notes which appear elsewhere in this annual report. Our results of operations, financial condition and cash flows may materially change from time to time, for reasons including various policy initiatives (including changes to the Restructuring Plan) by the Government in relation to the Korean electric power industry, and accordingly our historical performance may not be indicative of our future performance. See Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea” and Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”

Item 5.A. Operating Results

Overview

We are a predominant market participant in the Korean electric power industry, and our business is heavily regulated by the Government, including with respect to the rates we charge to customers for the electricity we sell. In addition, our business requires a high level of capital expenditures for the construction of electricity generation, transmission and distribution facilities and is subject to a number of variable factors, including demand for electricity in Korea and fluctuations in fuel costs, which are in turn impacted by the movements in the exchange rates between the Won and other currencies.

If fuel prices were to rise substantially and rapidly in the future, such rise may have a material adverse effect on our results of operations and profitability. For example, the net losses between 2018 and first half of 2019 and between 2021 and 2022, were largely due to sustained rises in fuel costs that were neither timely nor sufficiently offset by a corresponding rise in electricity tariff rates. In part to address these concerns, the Government from time to time increases the electricity tariff rates. However, such increases may be insufficient to fully offset the adverse impact from the rise in fuel costs, and since such increases typically require lengthy public deliberations in order to be implemented, the tariff increases often occur with a significant time lag and as a result our results of operations and cash flows may suffer. We have amended the basic supply terms and conditions with the

 

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approval of the Ministry of Trade, Industry and Energy on December 17, 2020 to implement a new cost pass-through tariff system that reinforces the correlation between the costs we incur and the tariff we charge to our customers, among other changes. Such tariff system has been applied to the electricity rate since January 1, 2021 in accordance with the amendment. For further information, please see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”

In addition, we expect complying with the Government environmental-related initiatives and regulations to continue to involve significant costs and resources on our part, which may adversely affect our results of operation, financial condition and cash flows. For example, we have recognized Won 332 billion in 2020, Won 548 billion in 2021 and Won 387 billion in 2022 as cost for greenhouse gas emission allowances. The increase in 2021 compared to 2020 was due to the strengthened regulations regarding coal-fired power generation, which resulted in reduced allowances received free of charge from the Government. The decrease in 2022 compared to 2021 was due to a decreased unit price of greenhouse gas emission and an effect from the pre-submission of greenhouse gas emission allowances for the next year, which has been implemented by the Korean government for the first time. Such decrease resulting from the new pre-submission, where the date of submission has been expedited to the end of each year from June of the next year, is an isolated incident caused by the shift in timing at which we would submit and incur the cost for greenhouse gas emission allowances under the new plan.

Furthermore, as we are required to supply increasing amount of renewable energy, we expect that the environmental-related risks will continue to increase.

The results of our operations are largely affected by the following factors:

 

   

demand for electricity;

 

   

electricity rates we charge to our customers;

 

   

fuel costs; and

 

   

the exchange rates of Won against other foreign currencies, in particular the U.S. dollar.

Demand for Electricity

Our sales are largely dependent on the level of demand for electricity in Korea and the rates we charge for the electricity we sell.

Demand for electricity in Korea grew at a compounded average rate of 1.0% per annum for the five years ended December 31, 2022. According to the Bank of Korea, the compounded growth rate for GDP was approximately 2.0% for the same period. The GDP growth rate was approximately -1.0%, 4.0% and 2.6% during 2020, 2021 and 2022, respectively.

The table below sets forth, for the periods indicated, the annual rate of growth in Korea’s GDP and the annual rate of growth in electricity demand (measured by total annual electricity consumption) on a year-on-year basis.

 

     2018     2019     2020     2021     2022  

Growth in GDP

     2.7     2.0     (1.0 %)      4.0     2.6

Growth in electricity consumption

     3.6     (1.1 %)      (2.2 %)      4.7     2.7

Demand for electricity may be categorized either by the type of its usage or by the type of customers. The following describes the demand for electricity by the type of its usage, namely, industrial, commercial and residential:

 

   

The industrial sector represents the largest segment of electricity consumption in Korea. Demand for electricity from the industrial sector was 296,036 gigawatt hours in 2022, representing a 1.6% increase from 2021, largely due to increases in exports and industrial demand.

 

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Demand for electricity from the commercial sector depends largely on the level and scope of commercial activities in Korea. Demand for electricity from the commercial sector increased to 127,193 gigawatt hours in 2022, representing a 6.4% increase from 2021, largely due to the effect of easing of COVID-19 quarantine measures on the growth of private consumption in the hotel and restaurant industries.

 

   

Demand for electricity from the residential sector is largely dependent on population growth and use of heaters, air conditioners and other electronic appliances. Demand for electricity from the residential sector increased to 80,996 gigawatt hours in 2022, representing a modest 1.4% increase compared to 2021, largely due to the fact that the demand has already gone up significantly during the COVID-19 period in 2020 and 2021. For a discussion on demand by the type of customers, see Item 4.B. “Business Overview—Sales and Customers—Demand by the Type of Usage.”

Since our inception, we have had the predominant market share in terms of electricity generated in Korea. As for electricity we purchase from the market for transmission and distribution to our end-users, our generation subsidiaries accounted for 72.6%, 70.8% and 70.4% in 2020, 2021 and 2022, respectively, while the remainder was accounted for by independent power producers. As for transmission and distribution of electricity, we have historically handled, expect to continue to handle, substantially all of such activities in Korea.

We expect that we will continue to have a dominant market share in the generation, transmission and distribution of electricity in Korea for the foreseeable future, absent any substantial changes to the Restructuring Plan or other policy initiatives by the Government in relation to the Korean electric power industry, or an unexpected level of market penetration by independent power producers, localized electricity suppliers under the Community Energy System or increases in direct PPA. However, our market dominance in the electricity distribution in Korea may face potential erosion in light of the recent Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016. This proposal contemplates a gradual opening of the electricity trading market to the private sector although no detailed roadmap has been provided for such opening. It is currently premature to predict to what extent, or in what direction, the liberalization of the electricity trading market will happen. Nonetheless, any significant liberalization of the electricity trading market may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows. See Item 4.B. “Business Overview—Competition.”

Electricity Rates

Under the Electric Utility Act and the Price Stabilization Act, electricity rates are established at the level that would enable us to recover our fair operating costs as well as receive a fair investment return on capital used in our operations. From time to time, our actual rate of return on invested capital may differ significantly from the fair investment return that was assumed for the purposes of electricity tariff approvals, for reasons, among others, related to movements in fuel prices, exchange rates and demand for electricity that differs from what is assumed for determining our fair investment return. As of January 1, 2021, we implemented a new tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers, among other changes. However, even under the new system, our ability to pass on fuel and other cost increases to our customers may be limited due to the regulation of the Government on the electricity rates. For further discussion of the fair operating costs, the fair investment return and the new tariff system, see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”

Fuel Costs

Our results of operations are also significantly affected by the cost of producing electricity, which is subject to a variety of factors, including, in particular, the cost of fuel.

 

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Cost of fuel in any given year is a function of the volume of fuels consumed and the unit fuel cost for the various types of fuel used for generation of electricity which affects the cost structure for both our generation subsidiaries and independent power producers from whom we purchase electric power. A significant change in the unit fuel costs materially impacts the costs of electricity generated by our generation subsidiaries, which mainly comprise our fuel costs under the cost of sales, as well as, to our knowledge, the costs of electricity generated by the independent power producers that sell their electricity to us (see Item 4.B. “Business Overview—Purchase of Electricity—Cost-based Pool System”), which mainly comprise our purchased power costs under the cost of sales. We are however unable to provide a comparative analysis since the unit fuel cost information for independent power producers and their cost structures are proprietary information.

Fuel costs constituted 28.6%, 30.6% and 34.4% of our cost of sales, and the ratio of fuel costs to our sales was 25.5%, 32.5% and 49.1% in 2020, 2021 and 2022, respectively. Substantially all of the fuel (except for anthracite coal) used by our generation subsidiaries is imported from outside of Korea at prices determined in part by prevailing market prices in currencies other than Won. In addition, our generation subsidiaries purchase a significant portion of their fuel requirements under contracts with limited quantity and duration. Pursuant to the terms of our long-term supply contracts, prices are adjusted from time to time subject to prevailing market conditions. See Item 4.B. “Business Overview—Fuel Sources and Requirements.”

Coal accounted for 45.3%, 43.1% and 40.2% of our fuel requirements in 2020, 2021 and 2022, respectively. Nuclear generation accounted for 40.6% and 39.5% and 43.1% of our fuel requirements in 2020, 2021 and 2022, respectively. LNG accounted for 10.6%, 13.7% and 13.1% of our fuel requirements in 2020, 2021 and 2022, respectively. Oil accounted for 0.4%, 0.4% and 0.1% of our fuel requirements in 2020, 2021 and 2022, respectively. In each case, the fuel requirements are measured by the amount of electricity generated by us and our generation subsidiaries and do not include electricity purchased from independent power producers. In order to ensure stable supplies of fuel materials, our generation subsidiaries enter into long-term and medium-term contracts with various suppliers and supplement such supplies with fuel materials purchased on spot markets.

The price of bituminous coal, which represents our largest fuel requirement, fluctuates significantly from time to time. In 2022, approximately 91.8% of the bituminous coal requirements of our generation subsidiaries were purchased under long-term contracts and the remaining 8.2% purchased on the spot market. The average weekly spot price of “free on board” Newcastle coal 5500 NAR (Net As Received) published through Korea Mineral Resource Information Service by Korea Mine Rehabilitation and Mineral Resources Corporation increased from US$84.77 per ton in 2021 to US$179.13 per ton in 2022 and decreased to US$123.26 per ton as of April 7, 2023. If the price of bituminous coal were to sharply rise, our generation subsidiaries may not be able to secure their respective bituminous coal supplies at prices commercially acceptable to them. In addition, any significant interruption or delay in the supply of fuel, bituminous coal in particular, from any of their suppliers could cause our generation subsidiaries to purchase fuel on the spot market at prices higher than contracted, resulting in an increase in fuel cost.

From 2020 to 2022, the prices of oil and LNG fluctuated significantly. The prices of oil and LNG are substantially dependent on the price of crude oil, and according to Bloomberg (Bloomberg Ticker: PGCRDUBA), the average daily spot price of Dubai crude oil increased from US$42.21 per barrel in 2020 to US$69.01 per barrel in 2021 and increased to US$97.03 per barrel in 2022 and decreased to US$85.25 per barrel as of April 7, 2023. While there was a significant increase in the price of crude oil recently, there is no guarantee that this trend will continue.

Nuclear power has a stable and relatively low-cost structure and forms a significant portion of electricity supplied in Korea. Due to significantly lower unit fuel costs compared to those for thermal power plants, our nuclear power plants are generally operated at full capacity with only routine shutdowns for fuel replacement and maintenance, with limited exceptions. In case of shortage in electricity generation resulting from stoppages of the nuclear power plants, we seek to make up for such shortage with power generated by our thermal power plants.

 

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Because the Government heavily regulates the rates we charge for the electricity we sell (see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates”), our ability to pass on such cost increases to our customers is limited.

Movements of the Won against the U.S. Dollar and Other Foreign Currencies

Korean Won has fluctuated significantly against major currencies from time to time. For fluctuations in exchange rates, see pages 1-2 of this annual report. In particular, Korean Won underwent substantial fluctuations during the recent global financial crisis, and remains subject to significant volatility. The Noon Buying Rate per one U.S. dollar increased from Won 1,086.1 on December 31, 2020 to Won 1,188.6 on December 31, 2021 and further increased to Won 1,260.2 on December 31, 2022, and further increased to Won 1,319.1 as of April 7, 2023. In 2021 and 2022, the Won generally depreciated against U.S. dollar and other foreign currencies, and such depreciation may result in a significant increase in the cost of fuel materials and equipment purchased from overseas as well as the cost of servicing our foreign currency debt. As of December 31, 2022, 14.7% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions was denominated in foreign currencies, principally U.S. dollars. The prices for substantially all of the fuel materials and a significant portion of the equipment we purchase are stated in currencies other than Won, generally in U.S. dollars. Since a substantial portion of our revenues is denominated in Won, we must generally obtain foreign currencies through foreign currency-denominated financings or from foreign currency exchange markets to make such purchases or service such debt, fulfill our obligations under existing overseas investments and make new overseas investments. As a result, any significant depreciation of Won against U.S. dollar or other foreign currencies will have a material adverse effect on our profitability and results of operations. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The movement of Won against the U.S. dollar and other currencies may have a material adverse effect on us.”

Recent Accounting Changes

See Note 2. (5) to our consolidated financial statements included in this annual report for changes in accounting standards. We believe that these new and revised standards have no material impact on our consolidated financial statements.

Critical Accounting Policies

See Note 3 to our consolidated financial statements included in this annual report for significant accounting policies.

Consolidated Results of Operations

The selected consolidated financial data set forth below as of and for the years ended December 31, 2020, 2021 and 2022 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.

You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.

 

     2020      2021     2022     2022  
                           
     (rounded to billions of Won and millions of US$)(1)  

Sales

   W 57,927      W 60,012     W 70,546     $ 55,981  

Cost of sales

     51,804        63,644       100,904       80,071  

Gross profit (loss)

     6,122        (3,632     (30,358     (24,090

Selling and administrative expenses

     2,678        2,876       3,009       2,388  

Other income (expenses), net

     619        776       883       701  

 

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     2020     2021     2022     2022  
                          
     (rounded to billions of Won and millions of US$)(1)  

Other gains (losses), net

   W 35     W 9     W 243     $ 193  

Operating profit (loss)

     4,098       (5,723     (32,241     (25,584

Finance income (expenses), net

     (1,386     (1,843     (2,913     (2,312

Profit (loss) related to associates, joint ventures and subsidiaries

     281       495       1,310       1,040  

Profit (loss) before income tax

     2,993       (7,072     (33,844     (26,856

Income tax benefit (expense)

     (899     1,856       9,415       7,471  

Profit (loss) for the period

     2,094       (5,216     (24,429     (19,385

Other comprehensive income (loss)

     (220     600       1,247       990  

Total comprehensive income (loss)

     1,874       (4,616     (23,182     (18,396

 

Note:

(1)

The financial information denominated in Won as of and for the year ended December 31, 2022 has been translated into U.S. dollars at the exchange rate of Won 1,260.18 to US$1.00, which was the Noon Buying Rate as of December 31, 2022.

2022 Compared to 2021

In 2022, our consolidated sales, which is principally derived from the sale of electric power, increased by 17.6% to Won 70,546 billion in 2022 from Won 60,012 billion in 2021 primarily reflecting an increase in sales of electric power. Our sale of electric power increased by 17.7% to Won 69,184 billion in 2022 from Won 58,801 billion in 2021 primarily due to increases in both the volume of electricity sold and the average unit sales price. The volume of electricity sold increased by 2.7% to 547,933 gigawatt hours in 2022 from 533,431 gigawatt hours in 2021 primarily due to a 1.6% increase in the volume of electricity sold to the industrial sector which represents the largest segment of electricity consumption in Korea to 296,036 gigawatt hours in 2022 from 291,333 gigawatt hours in 2021, and a 6.4% increase in the volume of electricity sold to the commercial sector which represents the second largest segment of electricity consumption in Korea to 127,193 gigawatt hours in 2022 from 119,550 gigawatt hours in 2021, coupled with a 1.4% increase in the volume of electricity sold to the residential sector to 80,996 gigawatt hours in 2022 from 79,915 gigawatt hours in 2021. The increase in the volume of electricity sold to the industrial sector was primarily due to an increase of industrial activities such as an increase in annual exports. The increase in the volume of electricity sold to the commercial sector was primarily due to the expansion of consumer expenditure, including from accommodation and restaurant businesses, following the easing of COVID-19 quarantine measures. The volume of electricity sold to the residential sector was increased only slightly because of the base effect of significant increase in sales during the COVID-19 period. Average unit sales price increased by 11.5% to Won 120.51 per kilowatt-hour in 2022 from Won 108.11 per kilowatt-hour in 2021 primarily due to an increase in each unit sales price in the commercial and industrial sector. Our sales of construction services decreased by 14.3% to Won 647 billion in 2022 from Won 755 billion in 2021 primarily due to a decrease in sales amount recorded from the ongoing construction of our nuclear complex construction projects in the United Arab Emirates as the construction projects progress over time.

Our consolidated cost of sales, which is principally derived from the purchase of power from independent power producers, raw materials used and depreciation, increased by 58.5% to Won 100,904 billion in 2022 from Won 63,644 billion in 2021 primarily due to 94.2% increase in power purchase, 86.7% increase in raw material used and 4.4% increase in depreciation.

Power purchase, which accounted for 41.6% and 34.0% of our cost of sales in 2022 and 2021, respectively, increased by 94.2% to Won 41,985 billion in 2022 from Won 21,619 billion in 2021 primarily due to increases in both quantity and the unit price of power purchase. The increased unit price of power purchase was mainly due to increased fuel costs.

 

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Raw materials used, which accounted for 34.5% and 29.3% of our cost of sales in 2022 and 2021, respectively, increased by 86.7% to Won 34,833 billion in 2022 from Won 18,660 billion in 2021 primarily due to increases in both fuel prices and the volume of electricity generated mainly in response to an increase in power demand.

Depreciation expense, excluding amortization of nuclear fuel charged to fuel costs in the amounts of Won 1,289 billion and Won 1,134 billion in 2022 and 2021, respectively, increased by 3.3% to Won 10,767 billion in 2022 from Won 10,418 billion in 2021 primarily due to an additional property, plant and equipment acquired in relation to the construction of new generation facilities pursuant to our capital investment program.

Other cost of sales decreased by 5.9% to Won 1,903 billion in 2022 from Won 2,023 billion in 2021 primarily due to a decrease in our greenhouse gas emission and related costs. For example, we have spent approximately Won 387 billion for the greenhouse gas emission allowances in 2022 compared to Won 548 billion in 2021. For further information, please see Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”

As a cumulative result of the foregoing factors, our consolidated gross loss increased to Won 30,358 billion in 2022 from Won 3,632 billion in 2021, and our consolidated gross margin decreased to (43.0)% in 2022 from (6.1)% in 2021. The increase in our consolidated gross loss and decrease in consolidated gross margin were largely attributable to 58.5% increase in our consolidated cost of sales (which was mainly due to 94.2% increase in the power purchase costs, 86.7% increase in raw materials used, and 4.4% increase in depreciation expense) which substantially outpaced 17.6% increase in our consolidated sales which was primarily due to 2.7% increase in the volume of electricity sold and 11.5% increase in the average unit sales price.

Our consolidated selling and administrative expenses slightly increased by 4.6% to Won 3,009 billion in 2022 from Won 2,876 billion in 2021 largely due to an increase in taxes and dues and repairs and maintenance expense.

Our consolidated other income, net of expenses, increased by 13.8% to Won 883 billion in 2022 from Won 776 billion in 2021 mainly as a result of an increase in customer-paid facilities for electricity use.

Our consolidated net other gains increased to Won 243 billion in 2022 from Won 9 billion in 2021, mainly as a result of increase in gains on disposal of property, plant and equipment, and gains on foreign currency transactions.

As a cumulative effect of the foregoing factors, our consolidated operating loss increased to Won 32,241 billion in 2022 from Won 5,723 billion in 2021, and our consolidated operating margin decreased to (45.7)% in 2022 from (9.5)% in 2021. This was mainly due to increased fuel costs as a result of a higher price of LNG and other raw materials and increased power purchase expenses as a result of an increase in power demand and the unit price of power purchase due to an increase in the system marginal price of electricity, which increased significantly as a result of higher fuel costs.

Our consolidated finance expenses, net, increased by 58.1% to Won 2,913 billion in 2022 from Won 1,843 billion in 2021 primarily as a result of increased interest expense and losses on valuation of derivatives.

Our consolidated profit related to associates, joint ventures and subsidiaries increased by 164.6% to Won 1,310 billion in 2022 from Won 495 billion in 2021 primarily due to increased share in profit of Korea Gas Corporation, owing to increased LNG price.

As a cumulative effect of the foregoing factors, we recognized consolidated loss before income taxes of Won 33,844 billion in 2022 compared to consolidated loss before income taxes of Won 7,072 billion in 2021.

 

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Our income tax benefit increased to Won 9,415 billion in 2022 from Won 1,856 billion in 2021, largely as a result of the increase in our loss before income taxes. Our effective tax rate, which represents tax expense as a percentage of profit before income taxes, was not calculated because income tax benefit was recognized in 2022. See Note 41 to our consolidated financial statements included in this annual report.

As a cumulative result of the above factors, our consolidated loss increased to Won 24,429 billion in 2022 from Won 5,216 billion in 2021. Our consolidated net profit margin also decreased to (34.6)% in 2022 from (8.7)% in 2021. Our loss attributable to the owners of the company increased to Won 24,467 billion in 2022 from Won 5,305 billion in 2021.

Other comprehensive income increased to Won 1,247 billion in 2022 from Won 600 billion in 2021, largely due to an increase in the remeasurement of defined benefit liability and share of other comprehensive income of associates and joint ventures, net of tax.

As a cumulative result of the above factors, our consolidated total comprehensive loss increased to Won 23,182 billion in 2022 from Won 4,616 billion in 2021.

2021 Compared to 2020

In 2021, our consolidated sales, which is principally derived from the sale of electric power, increased by 3.6% to Won 60,012 billion in 2021 from Won 57,927 billion in 2020 primarily reflecting an increase in sales of electric power. Our sale of electric power increased by 3.7% to Won 58,801 billion in 2021 from Won 56,685 billion in 2020 primarily due to an increase in the volume of electricity sold. The volume of electricity sold increased by 4.7% to 533,431 gigawatt hours in 2021 from 509,270 gigawatt hours in 2020 primarily due to a 4.5% increase in the volume of electricity sold to the industrial sector, which represents the largest segment of electricity consumption in Korea, to 291,333 gigawatt hours in 2021 from 278,660 gigawatt hours in 2020 and a 5.2% increase in the volume of electricity sold to the commercial sector, which represents the second largest segment of electricity consumption in Korea, to 119,550 gigawatt hours in 2021 from 113,639 gigawatt hours in 2020 coupled with a 4.7% increase in the volume of electricity sold to the residential sector to 79,915 gigawatt hours in 2021 from 76,303 gigawatt hours in 2020. The increase in the volume of electricity sold to the industrial sector was primarily due to an increase in export sales recovered after recession in the light of COVID-19 pandemic since the manufacturing industry has traditionally been a major consumer of electricity. The increase in the volume of electricity sold to the commercial sector was primarily due to the increase in domestic demand in response to the Government’s ‘with Corona’ strategy which relaxed social distancing policy after COVID-19 pandemic. The increase in the volume of electricity sold to the residential sector was primarily due to increased time spent at home and telecommuting in response to the COVID-19 pandemic and increased use of cooling and heating appliances to cope with increased number of hot summer and cold winter days. Average unit sales price decreased by 1.5% to Won 108.11 per kilowatt-hour in 2021 from Won 109.80 per kilowatt-hour in 2020 primarily due to a decrease in each unit sales price in the commercial and industrial sector. Our sales of construction services decreased by 7.0% to Won 755 billion in 2021 from Won 812 billion in 2020 primarily due to a decrease in sales amount recorded from the ongoing construction of our nuclear complex construction projects in the United Arab Emirates as the construction projects progress over time.

Our consolidated cost of sales, which is principally derived from the purchase of power from independent power producers, raw materials used and depreciation, increased by 22.9%, to Won 63,644 billion in 2021 from Won 51,804 billion in 2020 primarily due to a 37.5% increase in power purchase, a 37.8% increase in raw material used and a 3.6% increase in depreciation.

Power purchase, which accounted for 34.0% and 30.4% of our cost of sales in 2021 and 2020, respectively, increased by 37.5% to Won 21,619 billion in 2021 from Won 15,725 billion in 2020 primarily due to increase in both quantity and the unit price of power purchase. The increased unit price of power purchase was mainly due to increased fuel costs.

 

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Raw materials used, which accounted for 29.3% and 26.1% of our cost of sales in 2021 and 2020, respectively, increased by 37.8% to Won 18,660 billion in 2021 from Won 13,544 billion in 2020 primarily due to increases in both fuel prices and the volume of electricity generated mainly due to an increase in power demand.

Depreciation expense, excluding amortization of nuclear fuel charged to fuel costs in the amounts of Won 1,134 billion and Won 1,173 billion in 2021 and 2020, respectively, increased by 4.4% to Won 10,418 billion in 2021 from Won 9,978 billion in 2020 primarily due to an additional property, plant and equipment acquired in relation to the construction of new generation facilities pursuant to our capital investment program.

Other cost of sales increased by 9.8% to Won 2,023 billion in 2021 from Won 1,843 billion in 2020 primarily due to an increase in our greenhouse gas emission and related costs. For example, we have spent approximately Won 548 billion for the greenhouse gas emission allowances in 2021 compared to Won 332 billion in 2020. For further information, please see Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”

As a cumulative result of the foregoing factors, we recognized consolidated gross loss of Won 3,632 billion in 2021 compared to consolidated gross profit of Won 6,122 billion in 2020, and our consolidated gross profit margin decreased to (6.1)% in 2021 from 10.6% in 2020. The decreases in our consolidated gross profit and consolidated gross profit margin were largely attributable to 22.9% increase in our consolidated cost of sales (which was mainly due to 37.5% increase in the power purchase costs, 37.8% increase in raw materials used, and 3.6% increase in depreciation expense) which substantially outpaced 3.6% increase in our consolidated sales (which was primarily due to a 4.7% increase in the volume of electricity sold).

Our consolidated selling and administrative expenses slightly increased by 7.4% to Won 2,876 billion in 2021 from Won 2,678 billion in 2020 largely due to an increase in commissions and repairs and maintenance expense.

Our consolidated other income, net of expenses, increased by 25.4% to Won 776 billion in 2021 from Won 619 billion in 2020 mainly as a result of a decrease in donation for establishment of laboratory for nuclear power plant decommissioning.

Our consolidated net other gains decreased to Won 9 billion in 2021 from Won 35 billion in 2020, mainly as a result of decrease in gains on disposal of property, plant and equipment.

As a cumulative effect of the foregoing factors, we recognized consolidated operating loss of Won 5,723 billion in 2021 compared to a profit of Won 4,098 billion in 2020, and our consolidated operating profit margin decreased to (9.5)% in 2021 from 7.1% in 2020. This was mainly due to increased fuel costs as a result of a higher price of LNG, increased power purchased and increased emission costs to comply with stricter greenhouse gas emission trading system.

Our consolidated finance expenses, net, increased by 33.0% to Won 1,843 billion in 2021 from Won 1,386 billion in 2020 primarily as a result of increased losses on foreign currency translation regarding financial liabilities carried at amortized cost.

Our consolidated profit related to associates, joint ventures and subsidiaries increased by 76.2% to Won 495 billion in 2021 from Won 281 billion in 2020 primarily due to increased share in profit of Korea Gas Corporation, owing to increased LNG price.

As a cumulative result of the foregoing factors, we recognized consolidated loss before income taxes of Won 7,072 billion in 2021 compared to consolidated profit before income taxes of Won 2,993 billion in 2020.

 

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Our income tax benefit increased to Won 1,856 billion in 2021 from income tax expense of Won 899 billion in 2020 largely as a result of the increase in our loss before income taxes. Our effective tax rate, which represents tax expense as a percentage of profit before income taxes, was not calculated in 2021 because income tax benefit was recognized in 2021. See Note 41 to our consolidated financial statements included in this annual report.

As a cumulative result of the above factors, we recognized consolidated loss of Won 5,216 billion in 2021 compared to consolidated profit of Won 2,094 billion in 2020. Our consolidated net profit margin also decreased to (8.7)% in 2021 from 3.6% in 2020. Our loss attributable to the owners of the company was Won 5,305 billion in 2021 compared to a profit of Won 1,992 billion in 2020.

We recognized other comprehensive income of Won 600 billion in 2021 compared to other comprehensive loss of Won 220 billion in 2020 largely due to an increase in the remeasurement of defined benefit liability and share in other comprehensive income (loss) of associates and joint ventures, net of tax.

As a cumulative result of the above factors, we recognized consolidated total comprehensive loss of Won 4,616 billion in 2021 compared to total comprehensive income of Won 1,874 billion in 2020.

Segment Results

We operate the following business segments: transmission and distribution, nuclear power generation and thermal power generation and all others. The transmission and distribution segment, which is operated by us, the parent company, consists of operations related to the transmission, distribution and sale to end-users of electricity purchased from our generation subsidiaries as well as from independent power producers. The power generation segment, which is operated by our one nuclear generation subsidiary and five non-nuclear generation subsidiaries, consists of operations related to the generation of electricity sold to us through the Korea Power Exchange. The transmission and distribution segment and the power generation segment together represent our electricity business. The remainder of our operation consists primarily of operations related to the plant maintenance and engineering service and others including mainly overseas businesses. In 2020, 2021 and 2022, the unaffiliated revenues of the power generation segment (representing the six generation subsidiaries) and all our other revenues in the aggregate amounted to only 3.1%, 4.3% and 5.9% of our consolidated revenues, respectively, and the results of operations for our business segments substantially mirror our consolidated results of operations. For further information, see Note 4 of the notes to our consolidated financial statements included in this annual report.

Other

Our operations are materially affected by the policies of or factors relating to the Government. See Item 4.B. “Business Overview—Regulation.”

 

Item 5.B.

Liquidity and Capital Resources

We expect that our capital requirements, capital resources and liquidity position may change in the course of implementing the Restructuring Plan. See Item 4.B. “—Business Overview—Restructuring of the Electric Power Industry in Korea” and Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”

 

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Capital Requirements

We anticipate that the following represent the major sources of our capital requirements in the short-term to intermediate future:

 

   

capital expenditures pursuant to our capital investment program;

 

   

working capital requirements, the largest component of which is fuel purchases;

 

   

payment of principal and interest on our existing debt; and

 

   

overseas investments.

In addition, if there were to occur unanticipated material changes to the Restructuring Plan, the Basic Plan or other major policy initiatives of the Government relating to the electric power industry, or natural disasters, such developments may require a significant amount of additional capital requirements.

Capital Expenditures

We anticipate that capital expenditures will be the most significant use of our funds for the next several years. Our capital expenditures relate primarily to the construction of new generation units, maintenance of existing generation units and expansion of our transmission and distribution systems. Our capital expenditures generally follow budgets established under the Basic Plan, which contains projections relating to the supply and demand of electricity of Korea based on which we plan the construction of additional generation units and transmission systems.

Our total capital expenditures for the construction of generation, transmission and distribution facilities were Won 15,485 billion, Won 13,964 billion and Won 13,886 billion in 2020, 2021 and 2022, respectively, and under our current budgets, are estimated to be approximately Won 16,927 billion, Won 16,306 billion and Won 17,908 billion in 2023, 2024 and 2025, respectively. We plan to finance our capital expenditures primarily through issuance of securities in the capital markets, borrowings from financial institutions and construction grants.

In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles, small-sized self-sustaining electricity generation grids known as “micro-grids”, among others, as well as invest in start-up companies, ventures, small- to medium-sized enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.

Furthermore, as part of the Comprehensive Measures against Particulate Matter and the Eighth, Ninth and Tenth Basic Plan, announced by the Government in September 2017, December 2017, December 2020 and January 2023 respectively, the Government set forth the following policy directions relating to coal-fired generation units: (i) 28 decrepit coal-fired generation units shall convert to LNG fuel use by 2036, (ii) in principle, construction of new coal-fired generation units shall not be planned, (iii) coal-fired generation units that are 30 years or older shall temporarily cease operations from December to February of each year from 2020, which has also been done from March to June in 2018 and 2019, (iv) coal-fired generation units shall be put through comprehensive functional and environmental upgrades and (v) coal-fired generation units shall be subject to emission standards that came into effect in January 2019 that are twice as more rigorous than the previous standards. Compliance with such measures is expected to result in significant additional costs.

 

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We plan to establish a research and entrepreneurship-oriented university specializing in the energy field. See Item 4.B. “Business Overview—Establishment of a University.” On August 8, 2019, our board of directors resolved to make an initial contribution of Won 60 billion for the promotion, initial operation and the design of the university campus. On May 21, 2021, our board resolved to make an additional contribution of Won 64.5 billion to the university and Won 41.3 billon of such contribution was made in December 2021. The remaining 23.2 billion won was made after a resolution by our affiliates’ board of directors in 2022. In addition, on July 15, 2022, the board of us and our affiliates decided to contribute 47.9 billion won for funding of the construction and operation of major campus facilities and completed the contribution by December 2022. The total amount of contributions after 2023 will be determined in consultation with the Korean government and the KENTECH itself.

Fuel Purchases

We require significant funds to finance our operations, principally in relation to the purchase of fuels by our generation subsidiaries for generation of electricity. In 2020, 2021 and 2022, fuel costs constituted 28.6%, 30.6% and 34.4% of our cost of sales and the ratio of fuel costs to our sales was 25.5%, 32.5% and 49.1%, respectively. We plan to fund our fuel purchases primarily with net operating cash, although in cases of rapid increases in fuel prices as is the case from time to time, we may also rely on borrowings from financial institutions and issuance of debt securities in the capital markets.

Repayment of Existing Debt

Payments of principal and interest on indebtedness will require considerable resources. The table below sets forth the scheduled maturities of the outstanding interest-bearing debt (excluding original issue discounts and premium) without taking into consideration of swap transactions of us and our six wholly-owned generation subsidiaries as of December 31, 2022 for each year from 2023 to 2027 and thereafter. As of December 31, 2022, such debt represented 96.8% of our outstanding debt on a consolidated basis.

 

Year ended December 31

   Local
Currency
Borrowings
     Foreign Currency
Borrowings
     Domestic
Debentures
     Foreign
Debentures
     Total(1)  
     (in billions of Won)  

2023

     11,809.2        131.6        8,400.0        1,774.2        22,115.0  

2024

     2.6        —          22,040.0        1,440.3        23,482.9  

2025

     151.8        —          16,580.0        3,675.2        20,407.0  

2026

     10.7        9.8        7,350.0        3,067.5        10,437.9  

2027

     1.8        —          8,460.0        2,563.8        11,025.6  

Thereafter

     55.8        —          27,540.3        1,893.3        29,489.3  

Total(1)

     12,031.9        141.4        90,370.3        14,414.3        116,957.8  

 

Note:

 

(1)

The figures may not add up to the relevant total numbers due to rounding.

We and our six wholly-owned generation subsidiaries incurred interest charges (including capitalized interest) in relation to our interest-bearing debt of Won 2,438 billion, Won 2,337 billion and Won 3,253 billion in 2020, 2021 and 2022, respectively. We anticipate that interest charges will increase in future years because of, among other factors, anticipated increases in our long-term debt. See “—Capital Resources” below. The weighted average rates of interest on our and our six wholly-owned generation subsidiaries’ interest-bearing long-term debt and borrowings under existing swap contracts were 2.55%, 2.35% and 3.09% in 2020, 2021 and 2022, respectively.

 

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Overseas Investments

As part of our revenue diversification strategy, we plan to continue to make overseas investments on a selective basis, which will be funded primarily through foreign currency-denominated borrowings and debt securities issuances as well as net operating cash from such projects.

Capital Resources

The selected consolidated financial data set forth below as of and for the years ended December 31, 2020, 2021 and 2022 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.

You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.

 

     2020      2021      2022     2022  
     (rounded to billions of Won and millions of US$)(1)  

Net cash provided by (used in) operating activities

   W 13,208      W 4,491      W (23,478   $ (18,630

Long-term debt (excluding current portion)(2)

     59,050        66,500        97,946       77,724  

Current portion of the long-term debt

     9,238        11,109        13,839       10,981  

Total long-term debt(3)

     68,450        77,781        111,982       88,862  

Won-denominated long-term debt

     56,759        64,995        95,476       75,764  

Foreign currency-denominated long-term debt

     11,692        12,786        16,506       13,098  

Other long-term liabilities(4)

     47,544        47,565        50,340       39,947  

Short-term borrowings

     1,437        2,921        8,820       6,999  

Total equity

     70,667        65,327        42,000       33,329  

 

Notes:

 

(1)

The financial information denominated in Won as of and for the year ended December 31, 2022 has been translated into U.S. dollars at the exchange rate of Won 1,260.18 to US$1.00, which was the Noon Buying Rate as of December 31, 2022.

(2)

Long-term debt, net consists of long-term borrowings and debt securities (excluding the current portions but including original issue discounts and premiums) without taking into consideration of swap transactions.

(3)

Total long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions.

(4)

Other long-term liabilities consist of total non-current liabilities of our consolidated financial statements included in this annual report minus long-term debt (excluding current portion) of this table.

We have traditionally met our working capital and other capital requirements primarily from net cash provided by operating activities, issuance of debt securities and borrowings from financial institutions. Net cash provided by operating activities is primarily a function of electricity sales and fuel purchases and is also affected by increases and decreases in trade receivables, trade payables and inventory related to electricity sales and fuel purchases. Net cash provided by (used in) operating activities was Won 13,208 billion and Won 4,491 billion in 2020 and 2021 respectively and Won (23,478) billion in 2022.

As of December 31, 2020, 2021 and 2022, our long-term debt (excluding the current portion but including original issue discounts and premium), without taking into consideration of swap transactions, amounted to Won 59,050 billion, Won 66,500 billion and Won 97,946 billion, respectively, representing 83.6%, 101.8% and 233.2% of equity, respectively, as of such dates. As of December 31, 2020, 2021 and 2022, the current portions of our long-term debt were Won 9,238 billion, Won 11,109 billion and Won 13,839 billion, respectively. As of December 31, 2020, 2021 and 2022, our short-term borrowings amounted to Won 1,437 billion, Won 2,921 billion and Won 8,820 billion, respectively. See Note 23 of the notes to our consolidated financial

 

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statements included in this annual report. Total long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, as of December 31, 2022 was Won 111,982 billion, of which Won 95,476 billion was denominated in Won and an equivalent of Won 16,506 billion was denominated in foreign currencies, primarily U.S. dollars. We, KHNP, KOMIPO and KOWEPO also maintain global medium-term note programs in the aggregate amount of US$21 billion, of which approximately US$13 billion remains currently available for future drawdown.

As we experienced increased net losses in 2022 as global energy prices increased significantly and the power purchase costs increased accordingly, we recently issued more debt securities than before to meet increased working capital requirement. On December 28, 2022, the National Assembly of Korea passed an amendment to Article 16 of KEPCO Act which increased our debt ceiling on total outstanding debt securities on a separate basis to be no greater than five times (or six times if the Minister of the Ministry of Trade, Industry and Energy approves if it is urgently required to resolve a business crisis situation) the sum of our share capital and reserves updated at the end of each year. Such share capital and reserves are calculated on a separate basis under the KEPCO Act. Before such amendment, our debt ceiling was two times the sum of our share capital and reserves. Such increase in debt ceiling will be effective until December 31, 2027 and we may make use of the new debt ceiling to issue more debt securities to cover our losses, refinance existing debt and finance new capital expenditures. However, if the sum of our share capital and reserves decrease (including as a result of continued significant net losses), our debt ceiling will decrease as well and there will be no assurance that we can meet our funding requirements for capital or operational expenditures or debt repayment obligations, which situation could have a material adverse impact on our business, results of operations and financial condition.

Subject to the implementation of our capital expenditure plan and the sale of our interests in our generation subsidiaries and other subsidiaries, our long-term debt may increase or decrease in future years. Until recently, a significant portion of our long-term debt was raised through foreign currency-denominated borrowings. Our foreign currency-denominated long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, amounted to Won 12,786 billion and Won 16,506 billion as of December 31, 2021 and 2022, respectively.

Our ability to incur long-term debt in the future is subject to a variety of factors, many of which are beyond our control, including, the amount of capital that other Korean entities may seek to raise in capital markets. Economic, political and other conditions in Korea may also affect investor demand for our securities and those of other Korean entities. In addition, our ability to incur debt will also be affected by the Government’s policies relating to foreign currency borrowings, the liquidity of the Korean capital markets and our operating results and financial condition. In case of adverse developments in Korea, the price at which such financing may be available may not be acceptable to us.

We incur our short-term borrowings primarily through commercial papers sold to domestic financial institutions. We have not had any material difficulties in obtaining short-term borrowings. In addition, in order to prepare for potential liquidity shortage, we maintain several credit facilities with financial institutions, with Won-denominated facilities amounting to Won 7,184 billion in aggregate and foreign currency-denominated facilities amounting to US$1,385 million in aggregate. The full amount of these facilities was available as of December 31, 2022.

We may raise capital from time to time through the issuance of equity securities. However, there are certain restrictions on our ability to issue equity instrument, including limitations on shareholdings by foreigners. In addition, without changes in the existing KEPCO Act which requires that the Government, directly or pursuant to the Korea Development Bank Act, through Korea Development Bank, own at least 51% of our capital stock, it may be difficult or impossible for us to undertake any equity financing other than sales of treasury stock without the participation of the Government. Even if we are able to conduct equity financing with the participation of the

 

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Government, prevailing market conditions may be such that we may not be able conduct equity financing on terms that are commercially acceptable to us. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy.”

Our total equity decreased by 35.7% from Won 65,327 billion as of December 31, 2021 to Won 42,000 billion as of December 31, 2022, mainly as a result of a decrease in total comprehensive income.

Liquidity

The selected consolidated financial data set forth below as of and for the years ended December 31, 2020, 2021 and 2022 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.

You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.

 

     2020     2021     2022     2022  
     (rounded to billions of Won and millions of US$)(1)  

Property, plant and equipment, net

   W 168,711     W 173,135     W 177,865     $ 141,143  

Current trade and other payables, net

     6,257       8,153       11,984       9,509  

Current financial liabilities, net

     10,725       14,037       22,704       18,016  

Net cash provided by (used in) operating activities

     13,208       4,491       (23,478     (18,630

Net cash used in investing activities

     (14,832     (12,373     (14,954     (11,866

Net cash provided by financing activities

     1,881       8,435       38,998       30,946  

Net working capital (deficit)(2)

     (5,319     (9,681     (14,768     (11,719

 

Notes:

 

(1)

The financial information denominated in Won as of and for the year ended December 31, 2022 has been translated into U.S. dollars at the exchange rate of Won 1,260.18 to US$1.00, which was the Noon Buying Rate as of December 31, 2022.

(2)

Net working capital is defined as current assets minus current liabilities. For the periods indicated, current liabilities exceeded current assets, which resulted in working capital deficit for such periods.

Our liquidity is substantially affected by our acquisition of property, plant and equipment, fuel purchases and schedule of repayment of debt. Our property, plant and equipment increased by 2.7% from Won 173,135 billion as of December 31, 2021 to Won 177,865 billion as of December 31, 2022. As the fuel costs increased by 77.8% from Won 19,503 billion in 2021 to Won 34,669 billion in 2022, our current trade and other payables also increased from Won 8,153 billion as of December 31, 2021 to Won 11,984 billion as of December 31, 2022. Our current financial liabilities increased by 61.7% from Won 14,037 billion as of December 31, 2021 to Won 22,704 billion as of December 31, 2022 according to our debt repayment schedule.

Our cash flows are also impacted by other factors. In 2022, we had a net cash outflow of Won 23,478 billion from operating activities while, in 2021, we had a net cash inflow of Won 4,491 billion from operating activities.

Our cash flows from investing activities are mainly affected by the acquisition of property, plant and equipment and financial assets, which was Won 28,843 billion in 2022, as well as the proceeds from disposals of financial assets, which was Won 14,182 billion in 2022. Our net cash used in investing activities increased by 20.9% from Won 12,373 billion in 2021 to Won 14,954 billion in 2022, mainly due to the increase in acquisition of financial assets of Won 10,603 billion and increase in proceeds from disposals of financial assets of Won 7,159 billion offset by a decrease in acquisition of property, plant and equipment of Won 340 billion.

Our cash flows from financing activities are mainly affected by the proceeds and repayment of long-term borrowings and debt securities, which was a net inflow of Won 33,341 billion in 2022, as well as dividend paid,

 

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which was Won 42 billion in 2022. Our net cash from financing activities increased by 362.3% from Won 8,435 billion in 2021 to Won 38,998 billion in 2022, largely due to an increase of Won 26,202 billion in proceeds from long-term borrowings and securities.

Due to the capital-intensive nature of our business as well as significant volatility in fuel prices, from time to time we operate with working capital deficits, and we may have substantial working capital deficits in the future. As of December 31, 2020, 2021 and 2022, we had a working capital deficit of Won 5,319 billion, Won 9,681 billion and Won 14,768 billion, respectively. We have traditionally met our working capital and other capital requirements primarily with net cash provided by operating activities, issuance of debt securities, borrowings from financial institutions and construction grants. We also incur short-term borrowings primarily through commercial papers sold to domestic financial institutions. We have not had any material difficulties in obtaining short-term borrowings. See “—Capital Resources.”

We may face liquidity concerns in the case of sudden and sharp depreciation of the Won against major foreign currencies or depreciation over a sustained period of time. While substantially all of our revenues and our cash and cash equivalents are denominated in Won, we pay for substantially all of our fuel purchases in foreign currencies. Furthermore, as a substantial portion of our long-term debt is denominated in foreign currencies, the payment of principal and interest thereon is made in foreign currencies. In the past, we have incurred foreign currency debt principally due to the limited availability and the high cost of Won-denominated financing in Korea. However, in light of the increasing sophistication of the Korean capital markets and the recent increase in Won liquidity in the Korean financial markets, we plan to reduce the portion of our debt which is denominated in foreign currencies although we intend to continue to raise certain amounts of capital through long-term foreign currency debt for purposes of maintaining diversity in our funding sources as well as paying for overseas investments and fuel procurements in foreign currencies. As of December 31, 2022, 14.7% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions was denominated principally in U.S. dollars.

We enter into currency swaps and other hedging arrangements with respect to our foreign currency denominated debt only to a limited extent primarily due to the limited size of the Korean market for such derivative instrument. Such instruments include combined currency and interest rate swap agreements, interest rate swaps and foreign exchange agreements. We do not enter into derivative financial instruments in order to hedge market risk resulting from fluctuations in fuel costs. Our policy is to hold or issue derivative financial instruments for hedging purposes only. See Note 12 of the notes to our consolidated financial statements.

We did not pay any dividends in respect of fiscal year 2021 and 2022 on a separate basis. We paid dividends of Won 1,216 per share in respect of fiscal year 2020 on a separate basis.

Contractual Obligations

The following summarizes our known contractual obligations on a consolidated basis as of December 31, 2022 and the effect such obligations are expected to have on liquidity and cash flow in future periods. See Note 45.(2) of the notes to our consolidated financial statements included in this annual report for our management of short, medium and long-term funding and liquidity management requirements.

 

Contractual Obligations

   Less than
1 Year
     1~2 Years      2~5 Years      More than
5 Years
     Total(3)  
     In billions of Won  

Borrowings and debt securities(1)

   W 26,158        27,368        47,362        37,116        138,003  

Lease liabilities

     640        657        1,390        1,925        4,612  

Trade and other payables

     11,370        348        1,008        734        13,459  

Financial guarantee contracts(2)

     105        54        3,495        121        3,776  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total(3)

   W 38,272        28,427        53,256        39,896        159,851  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

 

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Notes:

 

(1)

These includes interest payments on the borrowings and debts for the periods indicated.

(2)

This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2021 and 2022 are Won 80,841 million and Won 67,240 million, respectively.

(3)

The figures may not add up to the relevant total numbers due to rounding.

For a description of our commercial commitments and contingent liabilities, see Note 50 of the notes to our consolidated financial statements included in this annual report.

We entered into a power purchase agreement with GS EPS Co., Ltd. and CGN Yulchon Generation Co., Ltd. respectively, which are non-renewable energy independent power producers that are not part of the Community Energy System, under which we are required to purchase all electricity generated by these companies to the extent such electricity is traded through the Korea Power Exchange. The purchase prices for such electricity are predetermined under the power purchase agreements, subject to annual adjustments. We purchased power from these companies in the amounts of Won 289 billion, Won 371 billion and Won 551 billion in 2020, 2021 and 2022, respectively. As a result of the expiration of the contractual periods, our agreement with GS EPS Co., Ltd. terminated on March 31, 2021.

We meet our coal requirements primarily through purchases of bituminous coal and anthracite coal under long-term supply contracts with domestic and foreign suppliers to purchase. Under these long-term supply contracts, purchase prices are adjusted periodically based on prevailing market conditions. We have entered into several fuel purchase agreements under which we are committed to purchasing minimum quantities of fuel, including approximately 60 to 70 million tons of bituminous coal in 2022.

We also purchase a substantial portion of our LNG requirements from Korea Gas Corporation, a related party. We negotiate annually with Korea Gas Corporation and other suppliers to purchase LNG. We have also entered into long-term transportation contracts with Pan Ocean Co., Ltd. and others.

We import all uranium ore concentrates from sources outside Korea (including Canada, Russia, France, the United Kingdom, Switzerland, Australia, Germany, Japan and Uzbekistan) through medium- to long-term contracts and purchases in spot markets, and pay for such concentrates with currencies other than Won, primarily U.S. dollars. Contract prices for processing of uranium are generally based on market prices.

The fuel purchase price is typically negotiated near or at time of purchase subject to prevailing market conditions. In 2022, the fuel cost incurred to us was Won 34,669 billion. See Note 49 of the notes to our consolidated financial statements for further details of these contracts.

Under the Long-term Transmission and Substation Plan approved by the Ministry of Trade, Industry and Energy, we are liable for the construction of all of our power transmission facilities and the maintenance and repair expenses for such facilities. Also, our generation subsidiaries make plans for expanding our generation capacity based on the Basic Plan Relating to the Long-Term Supply and Demand of Electricity, which is generally revised and announced every two years by the Government. For a description of our commitments for acquisition of property, plant and equipment, see Note 49 of the notes to our consolidated financial statements included in this annual report.

Payment guarantee

See Note 50 to our consolidated financial statements included in this annual report for payment guarantees and short-term credit facilities from financial institutions.

 

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Overdraft and Others

See Note 47 to our consolidated financial statements included in this annual report for existing guarantees provided by us to our associates, joint ventures and others.

Other than as described in this annual report and also in Notes 47 and 50 of the notes to our consolidated financial statements included in this annual report, we did not have any other material credit lines and guarantee commitments provided to any third parties as of December 31, 2022.

 

Item 5.C.

Research and Development, Patents and Licenses, etc.

Research and Development

We aim to secure core technologies that enable to achieve carbon neutrality early on by increasing research and development investment in the technologies which contribute to greenhouse gas reduction effectively. Currently, we are securing 17 core strategic technologies and 441 unit technologies in the related fields to pioneer carbon-neutrality in Korea and make our operations efficient and align with the master plan on research and development which we set out in 2022. Our primary objectives for technology development are improving the efficiency of energy supply and use; expanding renewable energy that can reduce carbon emissions in power generation; promoting fuel conversion with hydrogen and ammonia; and developing an intelligent power grid that distributes electricity to consumers. We have set the research and development activities plan accordingly.

Our research and development activities plan to focus on the following:

 

   

Improvement in energy efficiency. To reduce losses through distributed systems and high-efficiency power transmission, as well as to improve energy efficiency in the building, industrial, and transportation sectors.

 

   

Expansion of renewable energy. to replace coal and gas power generation with renewable energy such as wind power and hydrogen energy.

 

   

Fuel conversion. To achieve zero carbonization by applying carbon capture, usage and storage system to hydrogen, ammonia-blended and thermal power generation.

 

   

Development of intelligent power grid. To increase renewable energy connection capacity and operate large-scale energy storage systems for timely expansion of renewable energy in power systems.

 

   

Others. To apply digital systems such as intelligent digital power plant, advanced distribution management system and develop asset management system, robots and drones, and safety/disaster prevention technologies.

In addition, we cooperate closely with several other electric utility companies and research institutes, both foreign and domestic, on various projects to diversify the scope and scale of our research and development activities.

In 2023, consistent with the Government guidelines, we plan to invest approximately 3.59% of our annual estimated net sales on a separate basis, in the research and development. We and six generation subsidiaries invested Won 887 billion, Won 910 billion and Won 889 billion, in 2020, 2021 and 2022, respectively, and currently plan to invest Won 1,097 billion in 2023, on research and development. We and six generation subsidiaries had 1,317 employees engaged in research and development activities as of December 31, 2022. As a result of our research, we and six generation subsidiaries had 7,334 registered patents and 8,651 patent applications outstanding in Korea and abroad as of December 31, 2022.

 

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Item 5.D.

Trend Information

Trends, uncertainties and events which could have a material impact on our sales, liquidity and capital resources are discussed above in Item 4.B. “Business Overview—Sales and Customers,” Item 5.A. “Operating Results” and Item 5.B. “Liquidity and Capital Resources.”

 

Item 5.E.

Critical Accounting Estimates

See Note 2. (4) to our consolidated financial statements included in this annual report and other sections of our consolidated financial statements referred to thereunder for accounting estimates that have the most significant effect on the amounts recognized in our consolidated financial statements.

 

ITEM 6.

DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES

Item 6.A. Directors and Senior Management

Board of Directors

Under the KEPCO Act, the Act on the Management of Public Institutions and our Articles of Incorporation, our board of directors, which is required to consist of not more than 15 directors, including the president, is vested with the authority over our management.

Pursuant to the Act on the Management of Public Institutions and our Articles of Incorporation, we have two types of directors: standing directors (‘sang-im-isa’ in Korean) and non-standing directors (‘bi-sang-im-isa’ in Korean). Please see the below discussion under “—Standing Directors” and “—Non-standing Directors” for more information.

Under our Articles of Incorporation, there may not be more than fifteen directors. The number of standing directors, including our president, must be less than one-half of incumbent directors. A senior non-standing director appointed by the Ministry of Economy and Finance becomes our chairperson of the board following the review and resolution of the Committee for Management of Public Institutions.

Under the Act on the Management of Public Institutions which was amended on February 3, 2022, became effective on August 4, 2022, the labor director system was introduced where one non-standing director of the public institution must be appointed among its employees who have held their offices for at least three years and (i) is recommended by the representative of the employees (or the representative of the labor union of the public institution if there is a labor union comprising the majority of the employees) or (ii) obtains consent from the majority of the employees of a public institution. In accordance with the amended Act, we have incorporated provisions regarding the appointment of a labor director into our amended articles of incorporation, effective as of November 7, 2022. The term of office of a labor director is two years, and candidates must be recommended and approved in accordance with the Act. In accordance with the guidelines for the management of public institutions, we will place labor directors in the appropriate departments or duties to ensure that they are able to carry out their responsibilities efficiently, and provide them with educational opportunities.

Standing Directors

The standing directors refer to our directors who serve their directorship positions in full-time capacity.

Our president serves as our chief executive officer and represents us and administers our day-to-day business in all matters and bears the responsibility for the management’s performance. Our president is appointed by the President of the Republic upon the motion of the Ministry of Trade, Industry and Energy following the nomination by our director nomination committee, the review and resolution of the Committee for Management of Public Institutions pursuant to the Act on the Management of Public Institutions and an approval at the general meeting of our shareholders.

 

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In the event the president acts in violation of law or the Articles of Incorporation, is negligent in his duties, or otherwise is deemed to be significantly impeded in performing his official duties as president, the board of directors may by resolution request the Minister of the Ministry of Trade, Industry and Energy to dismiss or recommend the dismissal of the president.

Our standing director(s) who concurrently serves as a member of the audit committee is appointed through the same appointment process applicable to our president, except that the motion for appointment is made by the Ministry of Economy and Finance instead of the Ministry of Trade, Industry and Energy. Such director is non-executive in that he or she does not participate in the management of us and our subsidiaries and meets the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule 10A-3 under the Exchange Act.

Standing directors other than our president or those who concurrently serve as members of the audit committee are appointed by our president with the approval at the general meeting of our shareholders.

The names, titles and outside occupations, if any, of the standing directors as of April 7, 2023 and the respective years in which they took office are set forth below.

 

Name (Gender)

  Age  

Position

 

Outside Occupation

 

Position Held Since

Cheong, Seung-Il (Male)

  57   President & Chief Executive Officer   None   June 1, 2021

Jun, Young-Sang (Male)

  58   Comptroller & Auditor General and Member of the Audit Committee (Non-executive)   None   March 7, 2023

Lee, Jung-Bok (Male)

  59   Corporate Senior Executive Vice President & Chief Business Management Officer   None   February 27, 2023

Lee, Jun-Ho (Male)

  60   Corporate Senior Executive Vice President & Chief Safety Officer & Chief Business Operations Officer   None   February 27, 2023

Park, Heon-Gyu (Male)

  60   Corporate Senior Executive Vice President & Chief Financial & Strategic Planning Officer   None   May 28, 2021

Kim, Tae-Ok (Male)

  60   Corporate Senior Executive Vice President & Chief Power Grid Officer   None   March 25, 2021

Lee, Heung-Joo (Male)

  61   Corporate Senior Executive Vice President & Chief Global & Nuclear Business Officer   None   October 14, 2021

Cheong, Seung-Il has been our President and CEO since June 1, 2021. Prior to his current position, he served as a Vice Minister of the Ministry of Trade, Industry and Energy, Deputy Minister of the Office of Energy and Resources, Director General for Energy Industry Policy under the Ministry of Trade, Industry and Energy and the President and CEO of Korea Gas Corporation. Mr. Cheong received an M.B.A. from Seoul National University.

 

 

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Jun, Young-Sang has been our Standing Director since March 7, 2023. Mr. Jun previously served as a professor of Public Administration at Konkuk University and an operation director at the Korean Association for Public Administration. Mr. Jun received a Ph.D. in Public Administration from Konkuk University.

Lee, Jung-Bok has been our Standing Director since February 27, 2023. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Business Management Officer and previously served as the Corporate Senior Executive Vice President and Chief Mutual Growth & Management Officer and Vice President & Head of Human Resources Department. Mr. Lee received a B.A. in Sociology from Sungkyunkwan University.

Lee, Jun-Ho has been our Standing Director since February 27, 2023. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Safety Officer & Chief Business Operations Officer and previously served as the President & CEO at KEPCO Energy Solution Co., Ltd. and Vice President at Regional Headquarters KEPCO Namseoul. Mr. Lee received a M.B.A. from Korea University.

Park, Heon-Gyu has been our Standing Director since May 28, 2021. Mr. Park also currently serves as our Corporate Senior Executive Vice President & Chief Financial & Strategic Planning Officer and previously served as the Executive Vice President & Chief Cooperations Officer and Vice President & Head of Audit & Inspection Office. Mr. Park received a Korean Executive M.B.A. in utilities management from Helsinki School of Economics.

Kim, Tae-Ok has been our Standing Director since March 25, 2021. Mr. Kim also currently serves as our Corporate Senior Executive Vice President & Chief Power Grid Officer and previously served as the Vice President of Regional Headquarters KEPCO Gwangju-Jeonnam and Vice President & Head of Technology Planning Department. Mr. Kim received a B.E. in electrical engineering from Ajou University.

Lee, Heung-Joo has been our Standing Director since October 14, 2021. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Global & Nuclear Business Officer and previously served as the Corporate Vice President & Head of UAE Nuclear Project Department and the Assistant Vice President & Head of Program Management Team under UAE Nuclear Project Department. Mr. Lee received a B.ME from Inha University.

Non-standing Directors

The non-standing directors refer to our directors who do not serve their directorship positions in full-time capacity. The non-standing directors currently do not hold any executive positions with us or our subsidiaries.

Our non-standing directors must be appointed by the Minister of the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee and must (i) have ample knowledge and experience in business management who cannot be public service personnel other than a public educational official at national or public schools or (ii) have held their offices in us for at least three years and either (a) be recommended by the representative of our employees (or the representative of the labor union if there is a labor union comprising the majority of our employees) or (b) obtain consent from the majority of our employees. We are required to appoint at least one non-standing director who qualifies the requirement (ii) above. Appointment of non-standing directors to become part of the audit committee is subject to approval at the general meeting of our shareholders.

Although the classification of the directors applicable to us as a statutory juridical corporation established under the KEPCO Act is different from the classification under the Korean Commercial Act which consists of (i) an inside director (‘sa-nae-isa’ in Korean), (ii) an outside director (‘sa-oe-isa’ in Korean) and (iii) other directors who do not serve their directorship positions in full-time capacity but do not qualify as outside directors

 

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(‘gita-bi-sang-moo-isa’ in Korean), all of our non-standing directors have been, and are currently appointed from, candidates who satisfy the qualifications of an outside director under the Korean Commercial Act, as the KEPCO Act generally requires us to apply the Korean Commercial Act as applicable.

We strictly scrutinize whether a non-standing director candidate engaged in any related party transactions that would disqualify such candidate from his or her directorship under the Korean Commercial Act. Moreover, we have reinforced the decision-making power of non-standing directors by requiring both a majority and the chairperson of the board be non-standing directors. Our non-standing directors may request any information necessary to fulfill their duties from our president, and except in special circumstances, our president must comply with such request.

The names, titles and outside occupations, if any, of the non-standing directors as of April 7, 2023 and the respective years in which they took office are set forth below. As one of non-standing directors voluntarily resigned from his position in August 2022, we are currently in the process of appointing one additional non-standing director as a labor director as required under the new labor director system. Following the review and resolution of the Committee for Management of Public Institutions, the labor director will be appointed by the Minister of the Ministry of Economy and Finance.

 

Name (Gender)

  Age  

Position

 

Principal Occupation

 

Position Held Since

Park, Jong-Bae (Male)

  59   Non-Executive Director, Chairperson of the Board of Directors and the ESG Committee   Professor of Electrical and Electronics Engineering, Konkuk University   January 31, 2020

Kim, Jae-Shin (Female)

  56   Non-Executive Director and Chairperson of the Audit Committee   Certified public accountant of Saedure Accounting Firm   July 9, 2021

Bang, Su-Ran (Female)

  36   Non-Executive Director and Member of the ESG Committee   Attorney-at-law/Partner of Law Firm S   September 1, 2020

Park, Hyo-Sung (Male)

  64   Non-Executive Director and Member of the Audit Committee   None   April 14, 2021

Lee, Kee-Man (Male)

  62   Non-Executive Director   Professor of Aerospace Engineering, Sunchon University   April 14, 2021

Lee, Kye-Sung (Male)

  66   Non-Executive Director and Member of the ESG Committee   None   July 9, 2021

Kim, Jong-Woon (Male)

  65   Non-Executive Director   None   August 22, 2022

Park, Jong-Bae has been our Non-Standing Director since January 31, 2020. Mr. Park is currently the professor of Electrical and Electronics Engineering at Konkuk University. Mr. Park previously served as a Head of the Office of Career Development and Placement at Konkuk University. Mr. Park received a B.S. and a Ph.D. in Electrical and Electronics Engineering from Seoul National University.

Kim, Jae-Shin has been our Non-Standing Director since July 9, 2021. Ms. Kim currently serves a certified public accountant of Saedure Accounting Firm. Ms. Kim previously served as a Non-standing director of the Korean Institute of Certified Public Accountants and the President of women’s association of the Korean Institute of Certified Public Accountants. Ms. Kim received a B.A. and M.B.A. from Ewha Womans University.

Bang, Su-Ran has been our Non-Standing Director since September 1, 2020. Ms. Bang is currently an Attorney-at-law and Partner of Law Firm S. Ms. Bang previously served as the Senior Advisor of Seoul Energy Corporation and Non-executive Director of Korea Energy Information Culture Agency. Ms. Bang received a LL.B. from Ewha Womans University.

Park, Hyo-Sung has been our Non-Standing Director since April 14, 2021. Mr. Park previously served as a Consul-General of Korean Consulate General in New York, U.S.A., Ambassador Extraordinary and

 

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Plenipotentiary to Romania and Ambassador and Deputy Permanent Representative of Korean Permanent Mission to the UN Office and other International Organizations in Geneva, Switzerland. Mr. Park received a B.A. in Political Science and International Relations from Hankuk University of Foreign Studies and a M.A. in International Relations and M.G.A. (Master of Governmental Administration) from University of Pennsylvania.

Lee, Kee-Man has been our Non-Standing Director since April 14, 2021. Mr. Lee is currently the professor of Aerospace Engineering at Sunchon University. Mr. Lee previously served as the professor of Mechanical and Automotive Engineering at Jeonnam State University. Mr. Lee received a B.E. and a M.E. in Mechanical Engineering from Inha University and a Ph.D. in Mechanical Engineering from Korea Advanced Institute for Science and Technology (KAIST).

Lee, Kye-Sung has been our Non-Standing Director since July 9, 2021. Mr. Lee previously served as a Senior Secretary for Political Affairs of National Assembly Speaker and a Spokesman of National Assembly Speaker. Mr. Lee received a B.A. in Political Science from Seoul National University and a M.A. in North Korean Studies from Yonsei University.

Kim, Jong-Woon has been our Non-Standing Director since August 22, 2022. Mr. Kim previously served as the president of the 6th Naju City Council and a member of the 5th and 6th Naju City Council. Mr. Kim received a B.A. in Public Administration from Gwangju University.

Term of Office of Directors

The term of our president is three years, while that of our directors (standing or non-standing, but except for the president) is two years. According to the Act on the Management of Public Institutions, our president’s term cannot be terminated unless it is requested by the President of Korea pursuant to the Act on the Management of Public Institutions or upon an event as specified in our Articles of Incorporation. Under the Korean Commercial Act, if the number of directors is less than the number required under the law or the articles of incorporation, an incumbent director whose term has ended or who has resigned shall nevertheless continue his or her role as a director until a newly appointed director takes office. In such case, our directors may serve as directors beyond two years.

Resolutions of meeting of the Board of Directors

Attendance by a majority of the board members constitutes a voting quorum for our board meetings, and resolutions can be passed by a majority of the board members.

The business address of our directors is 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea.

Audit Committee

Under the Act on the Management of Public Institutions, which took effect as of April 1, 2007, we are designated as a “market-oriented public enterprise” and, as such, are required to establish an audit committee in lieu of the pre-existing board of auditors upon expiration of the term of the last remaining member of the board of auditors. In September 2007, we amended our Articles of Incorporation to establish, in lieu of the pre-existing board of auditors, an audit committee meeting the requirements under the Sarbanes-Oxley Act. Under the Act on the Management of Public Institutions, the Korean Commercial Act and the amended Articles of Incorporation, we are required to maintain an audit committee consisting of three members, of which not less than two members are required to be non-standing directors. In addition, pursuant to certain amendments to the Act on the Management of Public Institutions that became effective as of January 1, 2021, in appointing the standing member of the audit committee, the director nomination committee shall recommend the person who is qualified in any of the followings: (i) a person who is qualified as a certified public accountant or an attorney and has a minimum of three years of experience in work related to such qualification, (ii) a person who has served as an assistant professor or at a higher position for at least three years in areas directly related to audit, investigation and judicial affairs, budget and accounting, investigation, planning and evaluation, etc. (hereinafter referred to as “audit-related works”) at a school under subparagraphs 1 through 5 of Article 2 of the Higher Education Act), (iii) a person who has been in charge of audit-related works for at least three years at a public institution, stock-listed corporation or research institute under Article 9(15)3 of the Financial Investment Services and Capital

 

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Markets Act and has experience prescribed by Presidential Decree, (iv) person who has been in charge of audit-related works for at least three years at the state or a local government and has served as a public official at the level prescribed by Presidential Decree, or (v) person with other expertise in accordance with the affairs of the relevant institution and qualified as prescribed by Presidential Decree.

The roles and responsibilities of our audit committee members are to perform the functions of an audit committee meeting the requirements under the Sarbanes-Oxley Act. Our audit committee was established on December 8, 2008.

On April 2, 2021, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires at least one director who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders.

On November 7, 2022, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires the affirmative votes of at least a majority of the voting rights of the shareholders present at the shareholders meeting for appointment of a member of the audit committee in lieu of the affirmative votes of (i) at least a majority of the voting rights of the shareholders present at the shareholders meeting and (ii) at least one-fourth (1/4) of the total number of shares with the voting rights issued and outstanding if the shareholders are permitted to exercise a vote by electronic means at such shareholders meeting by the resolution of our board of directors.

Jun, Young-Sang, a standing director, Kim, Jae-Shin and Park, Hyo-Sung, both non-standing directors, are currently members of our audit committee. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards.

ESG Committee

We established an Environment, Social and Governance (“ESG”) Committee in our board of directors to reinforce ESG-based management system and to ensure continuous performance in this area. The ESG Committee is to consist of three directors. As of the date of this annual report, Park, Jong-Bae, Bang, Su-Ran and Lee, Kye-Sung, all non-standing directors, are the members of our ESG committee. Our ESG Committee is charged with resolving major management issues related to ESG, establishing ESG management strategies and business plans and checking on the overall direction of sustainable management. In 2022, the ESG Committee was held three times and major agendas included the establishment of a KEPCO ESG implementation strategy and an ethics compliance management system and the publication of a sustainability report.

Item 6.B. Compensation

The aggregate amount of remuneration paid to our standing and non-standing directors in the aggregate consist of (i) salaries and wages paid to standing and non-standing directors, which amounted to Won 1,255 million in aggregate in 2022, and (ii) accrued retirement and severance benefits for standing directors, which amounted to Won 58 million in 2022. Under the Act on the Management of Public Institution, our executive officers consist of the president and the standing and non-standing directors. Standing directors, except the standing director who concurrently serves as a member of our audit committee, take executive positions with our company while the other directors, including non-standing directors, do not. We do not have any other officer who is in charge of a principal business unit, division or function, any other officer who performs a policy making function or any other person who performs similar policy making functions for us.

Item 6.C. Board Practices

Under the Act on the Management of Public Institutions and our Articles of Incorporation, for appointments made after April 1, 2007, the term of office for our president is three years and the term of our office for our

 

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directors (whether standing or non-standing but not the president) is two years. Our president and directors may be reappointed for one or more additional terms of one year. In order to be reappointed, the president must be evaluated on the basis of his management performance; a standing director, on the basis of the performance of the duties for which he was elected to perform, or if the standing director has executed an incentive bonus contract, on the basis of his performance under the contract; and a non-standing director, on the basis of his performance of the duties for which he was elected to perform.

Our board currently does not maintain a compensation committee. See Item 16.G. “Corporate Governance.” However, we currently maintain an audit committee meeting the requirements of the Sarbanes-Oxley Act to perform the roles and responsibilities of the compensation committee. Prior to the establishment of the audit committee on December 8, 2008 pursuant to the Act on the Management of Public Institutions, we maintained a board of auditors, which performed the roles and responsibilities required of an audit committee under the Sarbanes-Oxley Act, including the supervision of the financial and accounting audit by the independent registered public accountants.

Our president’s management contract includes benefits upon termination of his employment. The amount for termination benefits payable equals the average value of compensation for one month times the number of years the president is employed by us, provided that the president is only eligible for termination benefits after more than one year of continuous service.

The termination benefits for our standing directors are determined in accordance with our internal regulations for executive compensation. Standing directors are eligible for benefits only upon termination of employment or death following one year of continuous service.

See also Item 16.G. “Corporate Governance” for a further description of our board practices.

Item 6.D. Employees

As of December 31, 2022, we and our generation subsidiaries had a total of 49,237 regular employees, almost all of whom are employed within Korea. Approximately 10.9% of our regular employees (including employees of our generation subsidiaries) are located at our head office.

The following table sets forth the number of and other information relating to our regular employees, not including directors or senior management, as of December 31, 2022.

 

     KEPCO      KHNP      KOSEP      KOMIPO      KOWEPO      KOSPO      EWP      Total  

Regular Employees

                       

Administrative

     5,353        1,047        354        433        280        343        280        8,090  

Engineers

     12,658        9,979        2,244        2,196        2,202        2,085        2,116        33,480  

Others

     5,545        1,131        220        193        237        223        118        7,667  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Total

     23,556        12,157        2,818        2,822        2,719        2,651        2,514        49,237  
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

 

Head Office Employees

     1,837        1,503        446        324        399        433        442        5,384  

% of total

     7.8%        12.4%        15.8%        11.5%        14.7%        16.3%        17.6%        10.9%  

Members of Labor Union

     18,429        8,754        2,025        1,739        1,917        1,821        1,728        36,413  

% of total

     78.2%        72.0%        71.9%        61.6%        70.5%        68.7%        68.7%        74.0%  

We and each of our generation subsidiaries have separate labor unions. Approximately 74.0% of our and our generation subsidiaries’ employees in the aggregate are members of these labor unions, each of which negotiates a collective bargaining agreement for its members each year. Under applicable Korean law, an employee-employer cooperation committee comprised of an equal number of representatives of management and labor (which shall be no less than three and no more than ten representatives from each of management and labor) is

 

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required to be established. Accordingly, an employee-employer cooperation committee composed of eight representatives of management and eight representatives of labor has been established at us and at each of our generation subsidiaries. The committee meets periodically to discuss various labor issues.

Since our formation in 1981, our businesses had not been interrupted by any work stoppages or strikes except in early 2002, when employees belonging to our five non-nuclear generation subsidiaries went on strike for six weeks to protest the Government’s decision to privatize such non-nuclear generation subsidiaries according to the Restructuring Plan, which privatization plan has since been suspended indefinitely. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”

We believe our relations with our employees are generally good.

Item 6.E. Share Ownership

As of December 31, 2022, none of our directors and members of our administrative, supervisory or management bodies own more than 0.1% of our common stock individually and in aggregate.

Item 6.F. Disclosure of a Registrant’s Action to Recover Erroneously Awarded Compensation

Not applicable.

 

ITEM 7.

MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS

Item 7.A. Major Shareholders

The following table sets forth certain information relating to certain owners of our capital stock as of December 31, 2022:

 

Title of Class

  

Identity of Person or Group

   Shares Owned      Percentage of
Class(1) (%)
 

Common stock

  

Government

     116,841,794        18.2  
   Korea Development Bank(2)      211,235,264        32.9  
     

 

 

    

 

 

 
   Subtotal      328,077,058        51.1  
   National Pension Service      45,332,619        7.0  
   Employee Stock Ownership Association      7,074,777        1.1  
   Directors as a group      1,892        0.0  
   Public (non-Koreans)      
  

Common shares

     78,145,072        12.2  
  

American depositary shares(3)

     10,814,267        1.7  
   Public (Koreans)      172,518,392        26.9  
     

 

 

    

 

 

 
   Subtotal      313,887,019        48.9  
     

 

 

    

 

 

 
   Total      641,964,077        100.0  
     

 

 

    

 

 

 

 

Notes:

 

(1)

Percentages are based on issued shares of common stock.

(2)

Korea Development Bank is a Government-controlled entity.

(3)

The number for American depositary shares (ADSs) presented in this table is the number of common shares underlying the total outstanding ADSs. The actual number of the total outstanding ADSs, each representing one-half of a common share, is 21,628,534.

All of our shareholders have equal voting rights. See Item 10.B. “Memorandum and Articles of Incorporation—Description of Capital Stock—Voting Rights.”

 

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Item 7.B. Related Party Transactions

We are engaged in a variety of transactions with our affiliates. We have related party transactions with Government-controlled entities such as Korea Gas Corporation, our consolidated subsidiaries and our equity investees. In addition, we engage in related party transactions with Korea Development Bank, one of our major shareholders. See Note 47 of the notes to our consolidated financial statements included in this annual report for a description of transaction and balances with our related parties.

In the past three years, our related party transactions principally consisted of purchases of LNG from Korea Gas Corporation and long-term borrowings from Korea Development Bank. In 2020, 2021 and 2022, we and our generation subsidiaries purchased LNG from Korea Gas Corporation in the aggregate amount of Won 3,271 billion and Won 5,647 billion and Won 11,996 billion, respectively. As of December 31, 2022, we had borrowings from Korea Development Bank in the aggregate amount of Won 222 billion, which had an interest rate range of 0.50% to 4.60%, CB rate+0.90, as well as 1 year KDB rate between +0.81 and +0.91 for certain operating funds.

We also engage in extensive transactions with our consolidated generation subsidiaries, including the purchase of electricity from them through Korea Power Exchange, sales of electricity to them, payment and receipt of commissions for services and receivables and payables transactions. These are eliminated in the consolidation process. We also provide guarantees for certain of our affiliates. See Note 50 to our consolidated financial statements included in this annual report for payment guarantees. We also have certain relationships with the Korea Power Exchange. See Item 4.B. “Business Overview—Purchase of Electricity—Cost-based Pool System.”

For a further description of our transactions with our affiliates, see Note 47 of the notes to our consolidated financial statements included in this annual report.

Item 7.C. Interests of Experts and Counsel

Not applicable.

 

ITEM 8.

FINANCIAL INFORMATION

Item 8.A. Consolidated Statements and Other Financial Information

See Item 18. “Financial Statements” and our consolidated financial statements included in this annual report.

Legal Proceedings

As of December 31, 2022, we and our subsidiaries were engaged in 653 lawsuits as a defendant and 238 lawsuits as a plaintiff. As of the same date, the total amount of damages claimed against us and our subsidiaries was Won 982 billion, for which we have made a provision of Won 181 billion as of December 31, 2022, and the total amount claimed by us and our subsidiaries was Won 600 billion as of December 31, 2022. While the outcome of any of these lawsuits cannot presently be determined with certainty, our management currently believes that the final results from these lawsuits will not have a material adverse effect on our liquidity, financial position or results of operations.

The following are potentially significant claims pertaining to us and our subsidiaries.

In December 2013, the Supreme Court of Korea ruled that regular bonuses fall under the category of ordinary wages on the condition that those bonuses are paid regularly and uniformly, and that any agreement which excludes such regular bonuses from ordinary wage is invalid. One of the key rulings provides that bonuses that are given to employees (i) on a regular and continuous basis and (ii) calculated according to the actual number of days worked (iii) that are not incentive-based must be included in the calculation of “ordinary wages.” The Supreme Court further ruled that in spite of invalidity of such agreements, employees shall not retroactively

 

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claim additional wages incurred due to such court decision, in case that such claims bring to employees unexpected benefits which substantially exceeds the wage level agreed by employers and employees and cause an unpredicted increase in expenditures for their company, which would lead the company to material managerial difficulty or would be a threat to the existence of the company. In that case, the claim is not acceptable since it is unjust and is in breach of the principle of good faith. However, in December 2021, the Supreme Court ruled that the claim of workers for additional wages should not be easily rejected for the reason of good faith if there is a possibility of overcoming business difficulties in the future.

As a result of such ruling by the Supreme Court of Korea, we and our subsidiaries became subject to a number of lawsuits filed by various industry-wide and company-specific labor unions based on claims that ordinary wage had been paid without including certain items that should have been included as ordinary wage. In July 2016, the court ruled against us, and in accordance with the court’s ruling, in August 2016 we paid Won 55.1 billion to the employees for three years of back pay plus interest. As of December 31, 2022, our subsidiaries set aside an aggregate amount of Won 115 billion to cover any potential future payments of additional ordinary and wage in relation to the related lawsuits. All cases are currently on-going at various stages of proceedings. We cannot presently assure you that the courts will not ultimately rule against our subsidiaries in these lawsuits, or that the amount of our reserves against these lawsuits will be sufficient to cover the amounts actually payable under court rulings. Any of these developments would adversely affect our results of operations.

Furthermore, the issue of determining which labor costs should be additionally included as part of ordinary wages has not been fully resolved by the courts reviewing the lawsuits to which our subsidiaries are a party and other ordinary wage lawsuits filed against other companies. For instance, there are several cases pending review of the Supreme Court of Korea on whether the bonuses conditional to employee’s current employment status should be included as part of ordinary wages. The Supreme Court, in 2013, had ruled that such conditional bonuses are not a part of ordinary wages, yet there were several lower court cases challenging the Court’s interpretation. Although there was a case of the Supreme Court on November 2022 where it ceased the trial and dismissed the appeal against the lower court case challenging the Court’s interpretation, it is not clear from the above case whether the Supreme Court changed its previous interpretation. If the Supreme Court changes its previous interpretation in its review of the currently pending cases, it is expected to be followed by a series of lawsuits asking for additional payments of the ordinary wages. Due to such uncertainty, we cannot presently assure you that there will not be additional lawsuits in relation to ordinary wages and that we or our subsidiaries may not become liable for greater amount of damages as a result of these lawsuits. Furthermore, court decisions or labor legislations expanding the definition of ordinary wages may prospectively increase the labor costs of us and our subsidiaries. As a result, there can be no assurance that the above-described lawsuits and circumstances will not have a material adverse effect on our results of operations.

During the period from 2014 to 2022, certain residential customers filed class action lawsuits against us based on the claim that electricity tariffs, determined under the progressive rate structure, were excessive. As of December 31, 2022, we were subject to 14 such lawsuits brought by approximately 10,000 plaintiffs with an aggregate claim amount of Won 7.1 billion. Of these 14 lawsuits, we won seven cases in the third round of proceedings (for which we won all of the first and second rounds of proceedings, except for one case) and four cases are currently pending in the second round of proceedings (for which we won all of the first rounds of proceedings). Three cases are currently pending in the first round of proceedings.

In April 2019, a forest fire broke out in Goseong in Gangwon Province, about 210 kilometers from Seoul, causing damages to nearby towns, covering approximately 1,260 hectares. The National Forensic Service has investigated the cause of the fire and has determined that the fire seems to have started by an electrical arc from our utility pole’s wire, which broke as a result of a strong wind. Based on this finding, the Police Department of Goseong conducted follow-up investigations and issued a recommendation to prosecute seven employees of KEPCO in connection with the fire. In January 2023, the Seoul High Court acquitted the employees. The prosecutors have appealed to the Supreme Court and a trial is underway, the results of which may have a material adverse effect on us, our reputation and our operating results. In the meantime, we have settled with and completed compensation payment of Won 62.8 billion to victims as of March 31, 2023. We expect settlements

 

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with the remaining victims would cost us approximately Won 6.0 billion. As of December 31, 2022, 68 lawsuits were filed against KEPCO for damages caused by the forest fire, with a total amount of claims around Won 292.5 billion. One claim was given judgment in favor of KEPCO, one claim was settled, and 66 lawsuits are pending. In addition, we are compensating the fire victims by providing a number of services, such as free supply of electricity, and implementing measures to prevent future fires that may result from an electrical arc, including a special maintenance program during the dry season between March and May. Also, we implemented operational measures such as tailored operation of protective devices and suspension of operation during periods of low loads and plan to change power facility designs to reflect regional and seasonal characteristics, all of which are intended to help prevent similar incidents from happening in the future. Despite our efforts, however, such incidents may occur again, and we cannot assure you that they will not have any material adverse effect on us, our reputation and our operating results.

In November 2019, prosecutors indicted six of KHNP’s employees for, among others, failing to immediately shut down Hanbit #1 reactor when its thermal output exceeded the threshold specified by the nuclear safety technical operations manual and filing false reports to the NSSC. KHNP is also indicted for secondary liability from its employees’ alleged wrongdoings. The case arose from the NSSC’s investigations into the manual shutdown of Hanbit #1 reactor during a diagnostic test in May 2019. On October 27, 2022, the Supreme Court of Korea dismissed the appeal and upheld the judgement that the employees are not guilty of violating the safety technical operations manual and driving a reactor without a license. In connection with filing false reports to the NSSC, the Supreme Court upheld that, of the five employees who were up for trial, three employees are guilty but two employees are not guilty. We cannot assure you that the outcomes of the case will not have any material adverse effect on us, our reputation and our operating results.

In addition, our generation subsidiaries, currently and from time to time, are involved in lawsuits incidental to the conduct of their business. A significant number of such lawsuits are based on the claim that the construction and operation of the electricity generation units owned by our generation subsidiaries have impaired neighboring fish farms. Our generation subsidiaries normally pay compensation to the members of fishery associations near our power plant complex for expected losses and damages arising from the construction and operation of their power plants in advance. Despite such compensation paid by us, a claim may still be filed against our generation subsidiaries challenging the compensation paid by us.

The nuclear power plant at Wolsong #1 unit began operations in 1982 and ended its operations in 2012 pursuant to its 30-year operating license. In February 2015, the NSSC evaluated the safety of operating Wolsong #1 unit and approved its extended operation until November 2022. However, on June 15, 2018, the board of directors of KHNP decided to retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the economic viability and regional sentiment of its continuing operation. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1 unit. The Board of Audit and Inspection of Korea carried out an investigation into whether the shutdown of Wolsong #1 unit was economically feasible and reported that the benefits of continued operations were set unreasonably low compared to the benefits of being immediately shut down, which may have led to the approval of the permanent shutdown of Wolsong #1 unit. According to the results for the investigation on October 20, 2020, KHNP established new guidelines for economic feasibility assessment in December 2021. On June 30, 2021, the Daejeon District Prosecutor’s Office indicted the former CEO of KHNP for his role in approving the early retirement of Wolsong #1 unit, which was the subject of the aforementioned investigation by the Board of Audit Inspection of Korea. The former CEO of KHNP is facing charges of breach of trust and obstruction of business and the case is currently being adjudicated at the Daejeon District Court.

In May 2019, a group of 730 Korean nationals brought a lawsuit against the NSSC to suspend the operation of Saeul #2 (formerly named as Shin-Kori #4). In July 2019, we have applied to participate in the lawsuit as a stakeholder. In February 2021, the Seoul Administrative Court dismissed the plaintiffs’ claim. The plaintiffs subsequently appealed in March 2021 and the plaintiff’s appeal was dismissed by the Seoul High Court in November 2022. The plaintiff has filed a petition to appeal. The case is currently pending at the Supreme Court of Korea. We cannot assure you that there will not be new challenges by civic groups or changes in the

 

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Government’s policies that may interfere with the construction of these new nuclear units in the future. We may experience a loss of revenues and an increase in fuel costs (as nuclear fuel is the cheapest compared to coal, LNG or oil) as a result of such challenges, which could adversely affect our results of operation and financial condition.

On May 18, 2021, the Gwangju District Prosecutor’s Office indicted one KHNP employee for falsely reporting the results of the investigation on welding errors in the reactor head penetration pipe to the Nuclear Safety Committee. On December 15, 2022, the Gwangju District Court acquitted KHNP and its employee. Since the prosecutor made an appeal, this case is currently being adjudicated at the Gwangju District Court.

We and our subsidiaries are also involved in the following arbitrations, among others.

 

   

Enzen, one of our subcontractors, filed an arbitration case against us over a contractual dispute in connection with the electric power IT modernization project in Kerala, India. We have not recognized any losses because the probability of economic benefit outflow is remote and the related amount cannot be reasonably determined.

On November 9, 2018, certain of our former executive and employees were convicted in a district court on charges for receiving bribes. In May 2019, the appellate court confirmed the charges.

As part of our efforts to prevent recurrence of similar cases, we have implemented the following measures:

 

   

Implementing web training program on integrity for all employees,

 

   

Strengthening integrity and anti-corruption evaluation systems for high-ranking officers and reflecting such results in performance evaluations,

 

   

Increasing the punishment and penalties for employee corruption, and

 

   

Declaring management unaffected by conflicts of interest through banning the pursuit of private interests in the course of job performance and creating a work environment that caters integrity.

We do not believe such claims or proceedings, individually or in the aggregate, have had or will have a material adverse effect on us and our generation subsidiaries. However, we cannot assure you that this will be the case in the future, given the possibility that we may become subject to more legal and arbitral proceedings arising from changes in the environmental laws and regulations as they become applicable to us and our generation subsidiaries, and the related growth in demand for more compensation by actual and potential affected parties. Further, we cannot assure you that the above convictions and/or related events will not have an adverse effect on our reputation as well as the price of our common shares and our American depositary shares.

Dividend Policy

For our dividend policy, see Item 10.B. “Memorandum and Articles of Incorporation—Description of Capital Stock—Dividend Rights.” For a description of the tax consequences of dividends paid to our shareholders, see Item 10.E. “Taxation—Korean Taxes—Shares or ADSs—Dividends on the Shares of Common Stock or ADSs” and Item 10.E. “Taxation—U.S. Federal Income Tax Consideration for U.S. Persons—Tax Consequences with Respect to Common Stock and ADSs—Distributions on Common Stock or ADSs.”

Item 8.B. Significant Changes

Except as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.

 

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ITEM 9.

THE OFFER AND LISTING

Item 9.A. Offer and Listing Details

Notes

We have issued the following registered notes and debentures, which are traded principally in the over-the-counter market:

 

   

7.95% Zero-To-Full Debentures, due April 1, 2096 (the “7.95% Debentures”);

 

   

6% Debentures due December 1, 2026, (the “6% Debentures”);

 

   

7% Debentures due February 1, 2027 (the “7% Debentures”); and

 

   

6-3/4% Debentures due August 1, 2027 (the “6-3/4% Debentures,” and together with the 7.95% Debentures, the 6% Debentures and the 7% Debentures, the “Registered Debt Securities”).

Sales prices for the Registered Debt Securities are not regularly reported on any United States securities exchange or other United States securities quotation service.”

Share Capital

The principal trading market for our common stock is the Korea Exchange. Our common stock is also listed on the New York Stock Exchange in the form of ADSs. The ADSs have been issued by Citibank, N.A. as depositary and are listed on the New York Stock Exchange under the symbol “KEP.” One ADS represents one-half of one share of our common stock. As of December 31, 2022, 21,628,534 ADSs representing 1.7% shares of our common stock were outstanding.

Common Stock

Shares of our common stock are listed on the KRX KOSPI Market of the Korea Exchange. The table below shows the high and low closing prices on the KRX KOSPI Market of the Korea Exchange for our common stock since 2018.

 

     Closing Price  

Period

   High      Low  
     (In Won)  

2018

     

First Quarter

        37,750           30,850  

Second Quarter

     37,750        32,000  

Third Quarter

     33,300        28,700  

Fourth Quarter

     34,350        23,850  

2019

     

First Quarter

     35,800        29,900  

Second Quarter

     30,350        24,700  

Third Quarter

     27,950        24,700  

Fourth Quarter

     29,250        25,100  

2020

     

First Quarter

     28,500        16,250  

Second Quarter

     23,850        19,000  

Third Quarter

     21,950        18,700  

Fourth Quarter

     28,300        19,950  

 

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     Closing Price  

Period

   High      Low  
     (In Won)  

2021

     

First Quarter

     27,150        22,700  

Second Quarter

     27,150        23,350  

Third Quarter

     25,650        23,150  

Fourth Quarter

     23,750        20,750  

Fourth Quarter

     28,300        19,950  

2022

     

First Quarter

     24,750        20,100  

Second Quarter

     23,800        21,050  

Third Quarter

     22,950        18,900  

Fourth Quarter

     22,450        16,650  

October

     19,850        16,650  

November

     20,700        16,700  

December

     22,450        19,350  

2023

     

First Quarter

     20,400        17,230  

January

     20,400        19,350  

February

     19,660        18,050  

March

     18,890        17,230  

April (through April 7)

     18,130        17,890  

ADSs

The table below shows the high and low closing prices on the New York Stock Exchange for the outstanding ADSs since 2018. Each ADS represents one-half of one share of our common stock.

 

     Closing Price per ADS  

Period

       High              Low      
     (In US$)  

2018

     

First Quarter

     17.83        14.28  

Second Quarter

     17.43        14.34  

Third Quarter

     14.70        12.62  

Fourth Quarter

     14.96        10.52  

2019

     

First Quarter

     15.75        13.01  

Second Quarter

     13.20        10.42  

Third Quarter

     11.79        10.24  

Fourth Quarter

     12.22        10.52  

2020

     

First Quarter

     17.82        10.51  

Second Quarter

     15.65        10.15  

Third Quarter

     14.59        11.20  

Fourth Quarter

     16.25        11.47  

Fourth Quarter

     12.22        10.52  

2021

     

First Quarter

     12.37        10.04  

Second Quarter

     12.18        10.39  

Third Quarter

     11.06        9.84  

Fourth Quarter

     10.04        8.77  

 

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     Closing Price per ADS  

Period

       High              Low      
     (In US$)  

2022

     

First Quarter

     10.18        8.34  

Second Quarter

     9.54        8.26  

Third Quarter

     8.79        6.72  

Fourth Quarter

     8.64        5.80  

October

     7.11        5.80  

November

     8.08        5.88  

December

     8.64        7.41  

2023

     

First Quarter

     8.42        6.38  

January

     8.42        7.76  

February

     8.05        6.63  

March

     7.32        6.38  

April (through April 6)

     6.94        6.87  

Item 9.B. Plan of Distribution

Not applicable.

Item 9.C. Markets

The Korea Exchange

The Korea Exchange began its operations in 1956, originally under the name of the Korea Stock Exchange. On January 27, 2005, pursuant to the Korea Securities and Futures Exchange Act, the Korea Exchange was officially created through the consolidation of the Korea Stock Exchange, the Korea Futures Exchange, the KOSDAQ Stock Market, Inc., or KOSDAQ, and the KOSDAQ Committee within the Korea Securities Dealers Association, which was in charge of the management of the KOSDAQ. The KRX KOSPI Market of the Korea Exchange, formerly the Korea Stock Exchange, has a single trading floor located in Seoul. The Korea Exchange is a limited liability company, the shares of which are held by (i) securities companies and futures companies that were the members of the Korea Stock Exchange or the Korea Futures Exchange and (ii) the shareholders of the KOSDAQ.

As of March 31, 2023, the aggregate market value of equity securities listed on the KOSPI of the Korea Exchange was approximately Won 1,957,926 billion. The average daily trading volume of equity securities for the first quarter of 2023 was approximately 470 million shares with an average transaction value of Won 8,005 billion.

The Korea Exchange has the power in some circumstances to suspend trading of shares of a given company or to de-list a security. The Korea Exchange also restricts share price movements. All listed companies are required to file accounting reports annually, semi-annually and quarterly and to release immediately all information that may affect trading of a security.

The Government has in the past exerted, and continues to exert, substantial influence over many aspects of the private sector business community which can have the intention or effect of depressing or boosting the market. In the past, the Government has informally both encouraged and restricted the declaration and payment of dividends, induced mergers to reduce what it considers excess capacity in a particular industry and induced private companies to publicly offer their securities.

The Korea Exchange publishes the Korea Composite Stock Price Index, or KOSPI, every ten seconds, which is an index of all equity securities listed on the KRX KOSPI Market of the Korea Exchange. On January 1,

 

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1983, the method of computing KOSPI was changed from the Dow Jones method to the aggregate value method. In the new method, the market capitalizations of all listed companies are aggregated, subject to certain adjustments, and this aggregate is expressed as a percentage of the aggregate market capitalization of all listed companies as of the base date, January 4, 1980.

Movements in KOSPI in the past six years are set out in the following table:

 

     Opening      High      Low      Closing  

2018

     2,479.65        2,598.19        1,996.05        2,041.04  

2019

     2,010.00        2,248.63        1,909.71        2,197.67  

2020

     2,175.17        2,873.47        1,457.64        2,873.47  

2021

     2,944.45        3,305.21        2,839.01        2,977.65  

2022

     2,988.77        2,989.24        2,155.49        2,236.40  

2023 (through April 7)

     2,225.67        2,495.21        2,218.68        2,400.41  

 

Source: The Korea Exchange

Shares are quoted “ex-dividend” on the first trading day of the relevant company’s accounting period; since the calendar year is the accounting period for the majority of listed companies, this may account for the drop in KOSPI between its closing level at the end of one calendar year and its opening level at the beginning of the following calendar year.

With certain exceptions, principally to take account of a share being quoted “ex-dividend” and “ex-rights,” upward and downward movements in share prices of any category of shares on any day are limited under the rules of the Korea Exchange to 30% of the previous day’s closing price of the shares, rounded down as set out below:

 

Previous Day’s Closing Price (Won)

   Rounded Down to (Won)  

less than 2,000

   W 1  

2,000 to less than 5,000

     5  

5,000 to less than 20,000

     10  

20,000 to less than 50,000

     50  

50,000 to less than 200,000

     100  

200,000 to less than 500,000

     500  

500,000 or more

     1,000  

 

Source: The Korea Exchange

Note:

 

(1)

The above table is applicable since January 25, 2023.

As a consequence, if a particular closing price is the same as the price set by the fluctuation limit, the closing price may not reflect the price at which persons would have been prepared, or would be prepared to continue, if so permitted, to buy and sell shares. Orders are executed on an auction system with priority rules to deal with competing bids and offers.

Due to deregulation of restrictions on brokerage commission rates, the brokerage commission rate on equity securities transactions may be determined by the parties, subject to commission schedules being filed with the Korea Exchange by the securities companies. In addition, a securities transaction tax will generally be imposed on the transfer of shares or certain securities representing rights to subscribe for shares. A special agricultural and fishery tax of 0.15% of the sales prices will also be imposed on transfer of these shares and securities on the Korea Exchange. See Item 10.E. “Taxation—Korean Taxes.”

 

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The number of companies listed on the KRX KOSPI Market of the Korea Exchange since 2016, the corresponding total market capitalization at the end of the periods indicated and the average daily trading volume for those periods are set forth in the following table:

 

Year

  Number
of Listed
Companies
    Total Market Capitalization on the Last
Day for Each Period
    Average Daily Trading
Volume, Value
 
  (Millions of Won)     (Thousands of U.S.
dollars)(1)
    (Thousands
of Shares)
    (Millions of Won)     (Thousands of
U.S. dollars)(1)
 

2018

    788       1,343,971,858       1,207,630,387       397,972       6,548,622       5,884,286  

2019

    799       1,475,909,366       1,277,290,667       470,723       4,989,807       4,318,309  

2020

    795       1,980,543,162       1,823,536,656       895,256       12,200,417       11,233,235  

2021

    818       2,203,366,546       1,853,749,408       1,039,479       15,424,224       12,976,800  

2022

    820       1,976,432,573       1,568,348,336       595,196       9,008,397       7,148,387  

2023 (through April 7)

    827       1,969,009,467       1,495,412,370       489,072       8,261,155       6,274,136  

 

Source: The Korea Exchange

Note:

 

(1)

Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul at the end of the periods indicated.

The Korean securities markets are principally regulated by the Financial Services Commission and the Financial Investment Services and Capital Markets Act. The law imposes restrictions on insider trading and price manipulation, requires specified information to be made available by listed companies to investors and establishes rules regarding margin trading, proxy solicitation, takeover bids, acquisition of treasury shares and reporting requirements for shareholders holding substantial interests.

Protection of Customer’s Interest in Case of Insolvency of Financial Investment Companies with a Brokerage License

Under Korean law, the relationship between a customer and a financial investment company with a brokerage license in connection with a securities sell or buy order is deemed to be consignment, and the securities acquired by a consignment agent (i.e., the financial investment company with a brokerage license) through such sell or buy order are regarded as belonging to the customer insofar as the customer and the consignment agent’s creditors are concerned. Therefore, in the event of bankruptcy or reorganization procedures involving a financial investment company with a brokerage license, the customer of such financial investment company is entitled to the proceeds of the securities sold by such financial investment company.

When a customer places a sell order with a financial investment company with a brokerage license which is not a member of the Korea Exchange and this financial investment company places a sell order with another financial investment company with a brokerage license which is a member of the Korea Exchange, the customer is still entitled to the proceeds of the securities sold received by the non-member company from the member company regardless of the bankruptcy or reorganization of the non-member company.

Likewise, when a customer places a buy order with a non-member company and the non-member company places a buy order with a member company, the customer has the legal right to the securities received by the non-member company from the member company because the purchased securities are regarded as belonging to the customer insofar as the customer and the non-member company’s creditors are concerned.

Under the Financial Investment Services and Capital Markets Act, the Korea Exchange is obliged to indemnify any loss or damage incurred by a counterparty as a result of a breach by its members. If a financial investment company with a brokerage license which is a member of the Korea Exchange breaches its obligation in connection with a buy order, the Korea Exchange is obliged to pay the purchase price on behalf of the breaching member.

 

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As the cash deposited with a financial investment company with a brokerage license is regarded as belonging to such financial investment company, which is liable to return the same at the request of its customer, the customer cannot take back deposited cash from the financial investment company with a brokerage license if a bankruptcy or reorganization procedure is instituted against such financial investment company and, therefore, can suffer from loss or damage as a result. However, the Depositor Protection Act provides that Korean Deposit Insurance Corporation will, upon the request of the investors, pay investors up to Won 50 million per depositor per financial institution in case of the such financial investment company’s bankruptcy, liquidation, cancelation of securities business license or other insolvency events (collectively, the “Insolvency Events”). Pursuant to the Financial Investment Services and Capital Markets Act, subject to certain exceptions, financial investment companies with a brokerage license are required to deposit the cash received from their customers with the Korea Securities Finance Corporation, a special entity established pursuant to the Financial Investment Services and Capital Markets Act. Set-off or attachment of cash deposits by financial investment companies with a brokerage license is prohibited. The premiums related to this insurance under the Depositor Protection Act are paid by financial investment companies with a brokerage license.

Item 9.D. Selling Shareholders

Not applicable.

Item 9.E. Dilution

Not applicable.

Item 9.F. Expenses of the Issue

Not applicable.

 

ITEM 10.

ADDITIONAL INFORMATION

Item 10.A. Share Capital

Not applicable.

Item 10.B. Memorandum and Articles of Incorporation

Set forth below is information relating to our capital stock, including brief summaries of material provisions of our Articles of Incorporation, the KEPCO Act, the Financial Investment Services and Capital Markets Act, the Korean Commercial Act and certain related laws of Korea, all currently in effect. The following summaries are qualified in their entirety by reference to our Articles of Incorporation and the applicable provisions of the KEPCO Act, Financial Investment Services and Capital Markets Act, the Korean Commercial Act, the Act on the Management of Public Institutions and certain related laws of Korea.

Objects and Purposes

We are a statutory juridical corporation established under the KEPCO Act for the purpose of ensuring “stabilization of the supply and demand of electric power, and further contributing toward the sound development of the national economy through expediting development of electric power resources and carrying out proper and effective operation of the electricity business.” The KEPCO Act and our Articles of Incorporation (Article 2) contemplate that we engage in the following activities:

 

  1.

development of electric power resources;

 

  2.

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

 

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  3.

research and development of technology related to the businesses mentioned in items 1 and 2;

 

  4.

overseas businesses related to the businesses mentioned in items 1 through 3;

 

  5.

investments or contributions related to the businesses mentioned in items 1 through 4;

 

  6.

businesses incidental to items 1 through 5;

 

  7.

development and operation of certain real estate held by us to the extent that:

 

  a.

it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or

 

  b.

it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and

 

  8.

other activities entrusted by the Government.

Our registered name is “Hankook Chollryuk Kongsa” in Korean and “Korea Electric Power Corporation” in English. Our registration number in the commercial registry office is 114671-0001456.

Directors

Under the KEPCO Act and our Articles of Incorporation, our board of directors consists of our president, standing directors and non-standing directors. A majority of the board members constitutes a voting quorum, and resolutions will be passed by a majority of the board members. Directors who have an interest in certain agenda proposed to the board may not vote on such issues.

On April 2, 2021, we amended our Articles of Incorporation to accommodate new requirements under the Korean Commercial Act by requiring at least one director who will serve as a member of the audit committee to be appointed separately from other directors and adding details to the dividend record date in the article on shareholder rights.

On November 7, 2022, we further amended our Articles of Incorporation to incorporate an amendment to the Act on the Management of Public Institutions implemented on August 4, 2022, which requires a “market-oriented public enterprise” like us to appoint at least one non-standing director who has held his or her office for at least three years and either (a) is recommended by the representative of the employees (or the representative of the labor union if there is a labor union comprising the majority of the employees) or (b) obtains consent from the majority of the employees. The term of office of a labor director is two years, and candidates must be recommended and approved in accordance with the Act. In accordance with the guidelines for the management of public institutions, we will place labor directors in the appropriate departments or duties to ensure that they are able to carry out their responsibilities efficiently, and provide them with educational opportunities.

The standards of remuneration for our officers, including directors, shall be determined by a resolution of the board of directors, provided that the maximum amount of remuneration to be paid to our officers shall be determined by shareholder resolution and provided that the remuneration standards for the president and standing directors shall be determined by board resolution in accordance with the guideline thereon established by the Minister of the Ministry of Economy and Finance through review and resolution of our management committee. Directors who have an interest may not participate in the meeting of the board of directors for determining the remuneration for officers.

Neither the KEPCO Act nor our Articles of Incorporation have provisions relating to (i) borrowing powers exercisable by the directors and how such borrowing powers can be varied, (ii) retirement or non-retirement of directors under an age limit requirement, or (iii) the number of shares required for a director’s qualification.

 

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Share Capital

Currently, our authorized share capital is 1,200,000,000 shares, which consists of shares of common stock and shares of non-voting preferred stock, par value Won 5,000 per share. Under our Articles of Incorporation, we are authorized to issue up to 150,000,000 non-voting preferred shares. As of December 31, 2022, 641,964,077 common shares were issued and no non-voting preferred shares have been issued. All of the issued and outstanding common shares are fully-paid and non-assessable and are in registered form. Our shares are electronically registered with our account management institution in lieu of issuing share certificates.

Description of Capital Stock

Dividend Rights

Under the KEPCO Act, we are authorized to pay preferential dividends on our shares held by public shareholders as opposed to those held by the Government. Dividends to public shareholders are distributed in proportion to the number of shares of the relevant class of capital stock owned by each public shareholder following approval by the shareholders at a general meeting of shareholders. Korea Development Bank may receive dividends in proportion to the numbers of our shares held by them. Under the Korean Commercial Act and our Articles of Incorporation, we will pay full annual dividends on newly issued shares.

Under our Articles of Incorporation, holders of non-voting preferred shares (of which there are currently none) are entitled to receive an amount not less than 8% of their par value as determined by a resolution of the board of directors at the time of their issuance. However, stock dividends shall be paid based on par value and may not exceed the amount equivalent to a half of the total amount of profit available for dividend payment.

We declare our dividend annually at the annual general meeting of shareholders which is held within three months after the end of the fiscal year. The annual dividend is paid to the shareholders on record as of the end of the fiscal year preceding the annual shareholders’ meeting. The Ministry of Justice of Korea has recently issued an official ruling to the effect that (i) a record date for determining shareholders entitled to exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) a record date for determining the shareholders entitled to payment of dividends so declared may be separately set. Based on the foregoing official ruling, the Government is recommending the listed companies to set the record date for determining the shareholders entitled to payment of dividends after the date of the general meeting of shareholders by resolution of their board of directors so that the investors may invest in the shares of the listed companies after checking whether the dividend is declared and the amount of dividend so declared. We are considering whether to amend our Articles of Incorporation in line with the recommendation but we cannot assure such amendment will take place.

Annual dividends may be distributed either in cash or in our shares. However, a dividend of shares must be distributed at par value, and dividends in shares may not exceed one-half of the annual dividend.

Under the Korean Commercial Act and our Articles of Incorporation, we do not have an obligation to pay any annual dividend unclaimed for five years from the payment date.

The KEPCO Act provides that we shall not pay an annual dividend unless we have made up any accumulated deficit and set aside as a legal reserve an amount equal to 20.0% or more of our net profit until our accumulated reserve reaches one-half of our stated capital.

Distribution of Free Shares

In addition to dividends in the form of shares to be paid out of retained or current earnings, the Korean Commercial Act permits us to distribute to our shareholders an amount transferred from our capital surplus or legal reserve to stated capital in the form of free shares.

 

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Voting Rights

Holders of our common shares are entitled to one vote for each common share, except that voting rights with respect to any common shares held by us or by a corporate shareholder, more than one-tenth of whose outstanding capital stock is directly or indirectly owned by us, may not be exercised. Any person (with certain exceptions) who holds more than 3% of our issued and outstanding shares cannot exercise voting rights with respect to the shares in excess of this 3% limit. See “—Limitation on Shareholdings.” Pursuant to the Korean Commercial Act, cumulative voting is permissible in relation to the appointment of directors. Under the Korean Commercial Act, a cumulative vote can be requested by the shareholders of a corporation representing at least 1% of the total voting shares of such corporation if the relevant shareholders’ meeting is intended to elect more than two seats of the board of directors and the request for cumulative voting is made to the management of the corporation in writing at least six weeks in advance of the shareholders’ meeting. Under this new voting method, each shareholder will have multiple voting rights corresponding to the number of directors to be appointed in such voting and may exercise all such voting rights to elect one director. Shareholders are entitled to vote cumulatively unless the Articles of Incorporation expressly prohibit cumulative voting. Our current Articles of Incorporation do not prohibit cumulative voting. Except as otherwise provided by law or our Articles of Incorporation, a resolution can be adopted at a general meeting of shareholders by affirmative majority vote of the voting shares of the shareholders present or represented at a meeting, which must also represent at least one-fourth of the voting shares then issued and outstanding. The holders of our non-voting preferred shares (other than enfranchised preferred shares (as described below)) are not entitled to vote on any resolution or to receive notice of any general meeting of shareholders unless the agenda of the meeting includes consideration of a resolution on which such holders are entitled to vote. If we are unable to pay any dividend to holders of non-voting preferred shares as provided in our Articles of Incorporation, the holders of non-voting preferred shares will become enfranchised and will be entitled to exercise voting rights until such dividends are paid. The holders of these “enfranchised preferred shares” have the same rights as holders of our common shares to request, receive notice of, attend and vote at a general meeting of shareholders. Pursuant to the KEPCO Act and our Articles of Incorporation, the appointment of standing directors, the president and standing member of the audit committee are subject to shareholder approval.

Under the Korean Commercial Act, for the purpose of electing our standing member of the audit committee, a shareholder (together with certain related persons) holding more than 3% of the total shares having voting rights may not exercise voting rights with respect to shares in excess of such 3% limit and, according to the amendments to Articles of Incorporation and the Korean Commercial Act, the standing member of the audit committee should be appointed separately from other directors with the procedures and methods stipulated in Article 542-12 of the Korean Commercial Act. On November 7, 2022, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires the affirmative votes of at least a majority of the voting rights of the shareholders present at the shareholders meeting for appointment of a member of the audit committee in lieu of the affirmative votes of (a) at least a majority of the voting rights of the shareholders present at the shareholders meeting and (b) at least one-fourth (1/4) of the total number of shares with the voting rights issued and outstanding if the shareholders are permitted to exercise a vote by electronic means at such shareholders meeting by the resolution of our board of directors.

The Korean Commercial Act provides that the approval by holders of at least two-thirds of those shares having voting rights present or represented at a meeting, where such shares also represent at least one-third of the total issued and outstanding shares having voting rights, is required in order to, among other things:

 

   

amend our Articles of Incorporation;

 

   

remove a director (including a member of the audit committee);

 

   

effect any dissolution, merger, consolidation or spin-off of us;

 

   

transfer the whole or any significant part of our business;

 

   

effect the acquisition by us of all of the business of any other company;

 

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effect the acquisition by us of the business of another company that may have a material effect on our business;

 

   

reduce capital; or

 

   

issue any new shares at a price lower than their par value.

Under our Articles of Incorporation, an approval by the Ministry of Trade, Industry and Energy is required in order to amend the Articles of Incorporation. Any change to our authorized share capital requires an amendment to our Articles of Incorporation.

In addition, in the case of amendments to our Articles of Incorporation or any merger or consolidation of us or in certain other cases which affect the rights or interests of the non-voting preferred shares a resolution must be adopted by a meeting of the holders of non-voting preferred shares approving such event. This resolution may be adopted if approval is obtained from holders of at least two-thirds of those non-voting preferred shares present or represented at such meeting and such non-voting preferred shares also represent at least one-third of our total issued and outstanding non-voting preferred shares.

A shareholder may exercise his voting rights by proxy. The proxy shall present the power of attorney prior to the start of the general meeting of shareholders. Under the Financial Investment Services and Capital Markets Act and our Articles of Incorporation, no one other than us may solicit a proxy from shareholders.

Subject to the provisions of the deposit agreement, holders of our American Depositary Shares (“ADSs”) are entitled to instruct the depositary, whose agent is the record holder of the underlying common shares, how to exercise voting rights relating to those underlying common shares.

Preemptive Rights and Issuance of Additional Shares

Authorized but unissued shares may be issued at such times and, unless otherwise provided in the Korean Commercial Act, upon such terms as our board of directors may determine. The new shares must be offered on uniform terms to all our shareholders who have preemptive rights and who are listed on the shareholders’ register as of the record date. Subject to the limitations described under “—Limitation on Shareholdings” below and with certain other exceptions, all our shareholders are entitled to subscribe for any newly issued shares in proportion to their existing shareholdings. Under the Korean Commercial Act, we may vary, without shareholder approval, the terms of such preemptive rights for different classes of shares. Public notice of the preemptive rights to new shares and their transferability must be given not less than two weeks (excluding the period during which the shareholders’ register is closed) prior to the record date. Our board of directors may determine how to distribute shares for which preemptive rights have not been exercised or where fractions of shares occur.

Our Articles of Incorporation provide that new shares that are (1) publicly offered pursuant to the Financial Investment Services and Capital Markets Act, (2) issued to members of our employee stock ownership association, (3) represented by depositary receipts, (4) issued through offering to public investors, or (5) issued to investors in kind under the State Property Act may be issued pursuant to a resolution of the board of directors to persons other than existing shareholders, who in such circumstances will not have preemptive rights.

Under our Articles of Incorporation, we may issue convertible bonds or bonds with warrants each up to an aggregate principal amount of Won 2,000 billion and Won 1,000 billion, respectively, to persons other than existing shareholders. However, the aggregate principal amount of convertible bonds and bonds with warrants so issued to persons other than existing shareholders may not exceed Won 2,000 billion. The convertible bonds or bonds with warrants issued by us shall be electronically registered on the electronic registry maintained by the electronic registrar, in lieu of issuing any physical certificates representing such bonds in accordance with the Electronic Registration Act.

 

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Under the Financial Investment Services and Capital Markets Act and our Articles of Incorporation, members of our employee stock ownership association, whether or not they are our shareholders, have a preemptive right, subject to certain exceptions, to subscribe for up to 20.0% of any shares publicly offered pursuant to the Financial Investment Services and Capital Markets Act. This right is exercisable only to the extent that the total number of shares so acquired and held by members of our employee stock ownership association does not exceed 20.0% of the total number of shares then outstanding.

Liquidation Rights

In the event of our liquidation, the assets remaining after payment of all debts, liquidation expenses and taxes will be distributed among shareholders in proportion to the number of shares held. Holders of our non-voting preferred shares have no preference in liquidation.

Rights of Dissenting Shareholders

In certain limited circumstances (including, without limitation, the transfer of the whole or any significant part of our business or the merger, or consolidation upon a split-off of us with another company), dissenting holders of shares have the right to require us to purchase their shares. To exercise such right, shareholders must submit a written notice of their intention to dissent to us prior to the general meeting of shareholders or the class meeting of holders of non-voting preferred shares, as the case may be. Within 20 days after the date on which the relevant resolution is passed at such meeting, such dissenting shareholders must request us in writing to purchase their shares. We are obligated to purchase the shares of dissenting shareholders within one month after the expiration of such 20-day period. The purchase price for such shares must be determined through negotiation between the dissenting shareholders and us. Under the Financial Investment Services and Capital Markets Act, if we cannot agree on a price through negotiation, the purchase price will be the average of (1) the weighted average of the daily share price on the Korea Exchange for a two-month period before the date of adoption of the relevant board resolution, (2) the weighted average of the daily share price on the Korea Exchange for the one month period before such date and (3) the weighted average of the daily share price on the Korea Exchange for the one week period before such date. However, if we or dissenting shareholders who requested us to purchase their shares oppose such purchase price, the determination of a purchase price may be filed with a court. Holders of ADSs will not be able to exercise dissenter’s rights unless they have withdrawn the underlying Common Stock and become our direct shareholders.

Transfer of Shares

Under the Electronic Registration Act, the transfer of shares is effected by the electronic registration of such transfers on an electronic register pursuant to the Electronic Registration Act, under which the electronic registration of stocks, bonds and transfers thereof will be required. To assert shareholders’ right against us, the transferee must have his name and address registered on our electronic register of shareholders. For this purpose, a shareholder is required to apply for electronic registration of transfers between accounts.

These requirements do not apply to the holders of ADSs. Under current Korean regulations, the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies with a dealing, brokerage or collective investment license and internationally recognized foreign custodians are authorized to act as agents and provide related services for foreign shareholders. Our transfer agent is Kookmin Bank, located at 26, Gukjegeumyung-ro 8-gil, Yeongdeungpo-gu, Seoul, Korea. Certain foreign exchange controls and securities regulations apply to the transfer of our shares by non-residents of Korea or non-Koreans. See Item 9. “The Offer and Listing.”

Acquisition of Our Own Shares

Under the Korean Commercial Act, we may acquire our own shares through (1) purchases on a stock exchange or (2) purchase of the shares in proportion to the number of shares held by each shareholder on equal

 

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terms and conditions, by a resolution at a Shareholders’ meeting. The aggregate amount of the acquisition price shall not exceed the excess of our net assets, on a non-consolidated basis, over the sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve which have accumulated up to the end of the previous fiscal year, (3) our earned surplus required to be accumulated for the then current fiscal year and (4) our net assets stated in the balance sheet as being increased as a result of the evaluation of the assets and liabilities in accordance with our accounting principles without being set off against any unrealized losses. In addition, under the Korean Commercial Act, we may not acquire our own shares if our net assets may fall short of the aggregate amount of the item (1) to (4) above, on a non-consolidated basis, as of the conclusion of the relevant business year of us. In general, our subsidiaries 50% or more of whose shares are owned by us may not acquire our shares.

General Meeting of Shareholders

The ordinary general meeting of our shareholders is held within three months after the end of each fiscal year, and subject to board resolution or court approval, an extraordinary general meeting of our shareholders may be held as necessary or at the request of shareholders holding an aggregate of 1.5% or more of our outstanding common shares for at least six consecutive months. Under the Korean Commercial Act, an extraordinary general meeting of shareholders may be convened at the request of our audit committee, subject to a board resolution or court approval. Holders of non-voting preferred shares may only request a general meeting of shareholders once the non-voting preferred shares have become enfranchised as described under “—Description of Capital Stock—Voting Rights” above. Written notices setting forth the date, place and agenda of the meeting must be given to shareholders at least two weeks prior to the date of the general meeting of shareholders. However, pursuant to the Korean Commercial Act and our Articles of Incorporation, with respect to holders of less than 1% of the total number of our issued and outstanding shares which are entitled to vote, notice may be given by placing at least two public notices at least two weeks in advance of the meeting in at least two daily newspapers published in Seoul or by placing a public notice in the electrical disclosure system of the Financial Supervisory Service or the Korea Exchange, at least two weeks in advance of the meeting. Currently, for giving such notice, we use an electronic disclosure system available for access at a website maintained by the Financial Supervisory Service (known as the Data Analysis, Retrieval and Transfer System, or DART). Shareholders not on the shareholders’ register as of the record date are not entitled to receive notice of the general meeting of shareholders or attend or vote at such meeting. Holders of the enfranchised preferred shares on the shareholders’ register as of the record date are entitled to receive notice of, and to attend and vote at, the general meetings. Otherwise, holders of non-voting preferred shares are not entitled to receive notice of general meetings of shareholders or vote at such meetings but may attend such meetings.

The general meeting of shareholders is held in Naju, Jeollanam-do.

Register of Shareholders and Record Dates

Our transfer agent, Kookmin Bank, maintains the register of our shareholders at its office in Seoul, Korea. It registers transfers of our shares on the register of shareholders upon presentation of the share certificates.

The record date for annual dividends is December 31. For the purpose of determining the holders of shares entitled to annual dividends, the register of shareholders may be closed from January 1 to January 31 of each year. The Ministry of Justice of Korea has recently issued an official ruling to the effect that (i) a record date for determining shareholders entitled to exercise of their voting rights at the general meeting of shareholders for declaration of dividends and (ii) a record date for determining the shareholders entitled to payment of dividends so declared may be separately set. Based on the foregoing official ruling, the Government is recommending the listed companies to set the record date for determining the shareholders entitled to payment of dividends after the date of the general meeting of shareholders by resolution of their board of directors so that the investors may invest in the shares of the listed companies after checking whether the dividend is declared and the amount of dividend so declared. We are considering whether to amend our Articles of Incorporation in line with the recommendation but we cannot assure such amendment will take place.

 

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Further, the Korean Commercial Act and our Articles of Incorporation permit us at least two weeks’ public notice to set a record date and/or close the register of shareholders for not more than three months for the purpose of determining the shareholders entitled to certain rights pertaining to our shares. The trading of our shares and the electronic registration of share transfer between accounts pursuant to the Electronic Registration Act in respect of them may continue while the register of shareholders is closed.

Annual Report

At least one week prior to the annual general meeting of shareholders, our business report and audited consolidated financial statements must be made available for inspection at our principal office and at all branch offices. Copies of business reports, the audited non-consolidated financial statements and any resolutions adopted at the general meeting of shareholders will be available to our shareholders.

Under the Financial Investment Services and Capital Markets Act, we must file with the Financial Services Commission and the Korea Exchange an annual report within 90 days after the end of our fiscal year, a half-year report within 45 days after the end of the first six months of our fiscal year and quarterly reports within 45 days after the end of the first three months and nine months of our fiscal year. Following our adoption of IFRS starting in January 1, 2011 pursuant to regulatory requirements for listed companies in Korea, we are required to file annual, half-year and quarterly reports containing annual and interim financial statements and notes thereto on a consolidated basis as well as on a separate basis.

In addition, pursuant to the Enforcement Decree of the Commercial Act amended on January 29, 2020 and implemented from January 1, 2021, when a Korean listed company convokes a meeting of shareholders, it shall provide shareholders with the annual report and the audit report by sending them via email or posting them on its website no later than a week prior to the meeting of shareholders.

Limitation on Shareholdings

No person other than the Government, our employee stock ownership association and persons who obtain an approval from the Financial Services Commission may hold for its account more than 3% of our total issued and outstanding shares. In calculating shareholdings for this purpose, shares held by your spouse and your certain relatives or by your certain affiliates (such spouses, relatives and affiliates are together referred to as “Affiliated Holders”) are deemed to be held by you. If you hold our shares in violation of this 3% limit, you are not entitled to exercise the voting rights or preemptive rights of our shares in excess of such 3% limit and the Financial Services Commission may order you to take necessary corrective action. In addition, the KEPCO Act currently requires that the Government, directly or through Korea Development Bank, own not less than 51% of our capital. For other restrictions on shareholdings, see Item 9. “The Offer and Listing.”

Change of Control

The KEPCO Act requires that the Government, directly or pursuant to the Korea Development Bank Act, through Korea Development Bank, own not less than 51% of our capital.

Disclosure of Share Ownership

Under the Financial Investment Services and Capital Markets Act, any person whose direct or beneficial ownership of a listed company’s shares with voting rights, equity-related debt securities including convertible bonds, bonds with warrants, exchangeable bonds, certificates representing the rights to subscribe for common shares, derivatives-linked securities and depository receipts of the aforementioned securities (collectively referred to as “Equity Securities”), together with the Equity Securities directly or beneficially owned by certain related persons or by any person acting in concert with the person, accounts for 5% or more of our total outstanding Equity Securities is required to report the status and purpose (in terms of whether the purpose of

 

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shareholding is to participate in the management of the issuer) of the holdings and the material contents of the agreements relating to the Equity Securities and other matters prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act to the Financial Services Commission of Korea and the Korea Exchange within five business days after reaching the 5% ownership interest threshold.

In addition, (A) any change in the number of the owned Equity Securities that is 1% or more of the total outstanding Equity Securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the Equity Securities (whether such shareholding or ownership is to participate in the management of the listed company or not), (ii) whether such shareholding or ownership is for a simple investment purpose or not (limited to the case where the purpose of the shareholding or ownership of the Equity Securities is not to participate in the management of the listed company), (iii) the major terms and conditions of the agreements relating to the Equity Securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant Equity Securities is 1% or more of the total outstanding Equity Securities or (iv) the type of the ownership (direct ownership or holdings) to the extent the number of relevant Equity Securities is equal to or exceeds 1% of the total outstanding Equity Securities, subsequent to the report, must be reported to the Financial Services Commission and the Korea Exchange. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act) with a purpose of simple investment, or within ten business days from the date of such change in the case of a person with a purpose of general investment with no intent to seek management control).

Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the Financial Investment Services and Capital Markets Act may report the 5% ownership status and the changes described in (A) above to the Financial Services Commission and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.

When filing a report to the Financial Services Commission and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must be sent to the relevant listed company. Violation of these reporting requirements may subject a person to sanctions such as prohibition on the exercise of voting rights with respect to the Equity Securities for which the reporting requirement was violated or fines or imprisonment. Furthermore, the Financial Services Commission may order the disposal of the Equity Securities for which the reporting requirement was violated or may impose administrative fine.

A person reporting to the Financial Services Commission and the Korea Exchange that his purpose of holding the Equity Securities is to participate in the management of the listed company is prohibited from acquiring additional Equity Securities of the listed company and exercising voting rights during the period commencing from the date on which the event triggering the reporting requirements occurs to the fifth day from the date on which the report is made.

Item 10.C. Material Contracts

None.

Item 10.D. Exchange Controls

General

The Foreign Exchange Transaction Act and the Presidential Decree and regulations under that Act and Decree, or collectively the Foreign Exchange Transaction Laws, regulate investment in Korean securities by non-residents and issuance of securities outside Korea by Korean companies. Non-residents may invest in

 

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Korean securities pursuant to the Foreign Exchange Transaction Laws. The Financial Services Commission has also adopted, pursuant to its authority under the Financial Investment Services and Capital Markets Act, regulations that regulate investment by foreigners in Korean securities and issuance of securities outside Korea by Korean companies.

Subject to certain limitations, the Ministry of Economy and Finance has the authority to take the following actions under the Foreign Exchange Transaction Laws: (i) if the Government deems it necessary on account of war, armed conflict, natural disaster or grave, sudden and significant changes in domestic or foreign economic circumstances or similar events or circumstances, the Ministry of Economy and Finance may temporarily suspend performance under any or all foreign exchange transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange) or impose an obligation to deposit, safe-keep or sell any instruments of payment to the Bank of Korea or certain other governmental agencies or a foreign exchange equalization fund or financial institutions, or effective from July 18, 2017, impose an obligation on resident creditors to collect and recover debts owed by non-resident debtors, and (ii) if the Government concludes that the international balance of payments and international financial markets are experiencing or are likely to experience significant disruption or that the movement of capital between Korea and other countries are likely to adversely affect the Korean Won, exchange rates or other macroeconomic policies, the Ministry of Economy and Finance may take action to require any person who intends to effect or effects a capital transaction to obtain permission or to deposit a portion of the instruments of payment acquired in such transactions with the Bank of Korea or a foreign exchange equalization fund or financial institutions.

Government Review of Issuances of Debt Securities and ADSs and Report for Payments

In order for us to issue debt securities of any series outside of the Republic, we are required to file a report with our designated foreign exchange bank or the Ministry of Economy and Finance on the issuance of such debt securities, depending on the issuance amount. The Ministry of Economy and Finance may at its discretion direct us to take measures as necessary to avoid undue exchange rate fluctuations before it accepts such report. Furthermore, in order for us to make payments of principal of or interest on the debt securities of any series and other amounts as provided in an indenture and such debt securities, we are required to present relevant documents to the designated foreign exchange bank at the time of each actual payment. The purpose of such presentation is to ensure that the actual remittance is consistent with the terms of the transaction reported to our designated foreign exchange bank or the Ministry of Economy and Finance.

In order for us to offer for purchase shares of our common stock held in treasury in the form of ADSs or issue shares of our common stock represented by the ADSs, we are required to file a prior report of such offer or issuance with our designated foreign exchange bank or the Ministry of Economy and Finance, depending on the offering amount. The Ministry of Economy and Finance may at its discretion direct us to take measures as necessary to avoid undue exchange rate fluctuations before it accepts such report. No further governmental approval is necessary for the initial offering and issuance of the ADSs.

In order for a depositary to acquire any existing shares of our common stock from holders of these shares of common stock (other than from us) for the purpose of issuance of depositary receipts representing these shares of common stock, the depositary would be required to obtain our consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (1) the aggregate number of shares deposited by us or with our consent for the issuance of ADSs (including deposits in connection with the initial and all subsequent offerings of ADSs and stock dividends or other distributions related to these ADSs) and (2) the number of shares on deposit with the depositary at the time of such proposed deposit. We may not grant this consent for the deposit of shares of our common stock in the future, if our consent is required. Therefore, a holder of ADSs who surrenders ADSs and withdraws shares of our common stock may not be permitted subsequently to deposit such shares and obtain ADSs.

 

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In addition, we are also required to notify the Ministry of Economy and Finance upon receipt of the full proceeds from the offering of ADSs. No additional governmental approval is necessary for the offering and issuance of ADSs.

Reporting Requirements for Holders of Substantial Interests

Under the Financial Investment Services and Capital Markets Act, any person whose direct beneficial ownership of a listed company’s Equity Securities, together with the Equity Securities beneficially owned by certain related persons or by any person acting in concert with such person, accounts for 5% or more of our total outstanding Equity Securities is required to report the status and purpose (namely, whether the purposes of the share ownership is to participate in the management of the issuer) of the holdings and the material contents of the agreements relating to the Equity Securities and other matters prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act to the Financial Services Commission and the Korea Exchange within five business days after reaching the 5% ownership interest and any change in ownership interest subsequent to the report which equals or exceeds 1.0% of the total outstanding Equity Securities is required to be reported to the Financial Services Commission and the Korea Exchange within five business days from the date of the change.

In addition, (A) any change in the number of the owned Equity Securities that is 1% or more of the total outstanding Equity Securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the Equity Securities (whether such shareholding or ownership is to participate in the management of the listed company or not), (ii) whether such shareholding or ownership is for a simple investment purpose or not (limited to the case where the purpose of the shareholding or ownership of the Equity Securities is not to participate in the management of the listed company), (iii) the major terms and conditions of the agreements relating to the Equity Securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant Equity Securities is 1% or more of the total outstanding Equity Securities or (iv) the type of the ownership (direct ownership or holdings) to the extent the number of relevant Equity Securities is equal to or exceeds 1% of the total outstanding Equity Securities, subsequent to the report, must be reported to the Financial Services Commission and the Korea Exchange. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act) with a purpose of simple investment, or within ten business days from the date of such change in the case of a person with a purpose of general investment with no intent to seek management control).

Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the Financial Investment Services and Capital Markets Act may report the 5% ownership status and the changes described in (A) above to the Financial Services Commission and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.

When filing a report to the Financial Services Commission and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must be sent to the relevant listed company. Violation of these reporting requirements may subject a person to sanctions such as prohibition on the exercise of voting rights with respect to the Equity Securities for which the reporting requirement was violated or fines or imprisonment. Furthermore, the Financial Services Commission may order the disposal of the Equity Securities for which the reporting requirement was violated or may impose administrative fine.

A person reporting to the Financial Services Commission and the Korea Exchange that his purpose of holding the Equity Securities is to participate in the management of the listed company is prohibited from acquiring additional Equity Securities of the listed company and exercising voting rights during the period commencing from the date on which the event triggering the reporting requirements occurs to the fifth day from the date on which the report is made.

 

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In addition to the reporting requirements described above, any person whose direct or beneficial ownership of our voting stock and/or depository receipts for our voting stock accounts for 10.0% or more of the total issued and outstanding voting stock, whom we refer to as a major shareholder, must file a report to the Securities and Futures Commission and to the Korea Exchange within five business days after the date on which the person reached such shareholding percentage. In addition, such person must file a report to the Securities and Futures Commission and to the Korea Exchange regarding any subsequent change in his/her shareholding. Such report on subsequent change in shareholding must be filed within five business days of the occurrence of any such change. Violation of these reporting requirements may subject a person to criminal sanctions such as fines and imprisonment.

Restrictions Applicable to ADSs

No governmental approval is necessary for the sale and purchase of ADSs in the secondary market outside Korea or for the withdrawal of shares of our common stock underlying ADSs and the delivery inside Korea of the withdrawn shares. However, a foreigner who intends to acquire shares must obtain an Investment Registration Card from the Financial Supervisory Service as described below. The acquisition of shares by a foreigner must be reported by the foreigner or his standing proxy in Korea immediately to the Governor of the Financial Supervisory Service.

Special Reporting Requirement for Companies Whose Securities Are Listed on Foreign Exchanges

Under the regulations of the Financial Services Commission and the Korea Exchange, (i) if a company listed on the Korea Exchange has submitted a public disclosure of material matters to a foreign financial investment supervisory authority pursuant to the laws of the foreign jurisdiction, then it must submit a copy of the public disclosure and a Korean translation thereof to the Financial Services Commission of Korea and the Korea Exchange, and (ii) if a company listed on the Korea Exchange is approved for listing on a foreign stock market or determined to be de-listed from the foreign stock market or actually listed on, or de-listed from, a foreign stock market, then it must submit a copy of any document, which it submitted to or received from the relevant foreign government, foreign financial investment supervisory authority or the foreign stock market, and a Korean translation thereof to the Financial Services Commission of Korea and the Korea Exchange.

Persons who have acquired shares of our common stock as a result of the withdrawal of shares of common stock underlying ADSs may exercise their preemptive rights for new shares, participate in free distributions and receive dividends on shares of our common stock without any further governmental approval.

Restrictions Applicable to Common Stock

Under the Foreign Exchange Transaction Laws and the Regulations on Financial Investment Business (together, the “Investment Rules”), foreigners are permitted to invest, subject to certain exceptions and procedural requirements, in all shares of Korean companies unless prohibited by specific laws. Foreign investors may trade shares listed on the Korea Exchange only through the Korea Exchange except for certain limited circumstances. These circumstances include, among others, (1) odd-lot trading of shares, (2) acquisition of shares by a foreign company as a result of a merger, (3) acquisition or disposal of shares in connection with a tender offer, (4) acquisition of shares by exercise of warrant, conversion right under convertible bonds, exchange right under exchangeable bonds or withdrawal right under depositary receipts, each issued outside of Korea by a Korean company, such shares being “Converted Shares,” (5) acquisition of shares through exercise of rights under securities issued outside of Korea, (6) acquisition of shares as a result of inheritance, donation, bequest or exercise of shareholders’ rights (including preemptive rights or rights to participate in free distributions and receive dividends), (7) over-the-counter transactions between foreigners of a class of shares for which a ceiling on aggregate acquisition by foreigners (as explained below) exists and has been reached or exceeded, (8) acquisition of shares by direct investment under the Foreign Investment Promotion Law, (9) acquisition and disposal of shares on an overseas stock exchange market, if such shares are simultaneously listed on the KRX

 

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KOSPI Market or the KRX KOSDAQ Market of the Korea Exchange and such overseas stock exchange, and (10) arm’s length transactions between foreigners in the event all such foreigners belong to an investment group managed by the same person.

Under current regulatory system, the foreign investors are required to obtain approval from the Financial Supervisory Service prior to the over-the-counter transactions other than those listed above as exceptions. The Investment Rules require a foreign investor who wishes to invest in or dispose of shares on the Korea Exchange (including Converted Shares and shares being issued for initial listing on the Korea Exchange) to register his/her identity with the Financial Supervisory Service prior to making any such investment or disposal unless he/she had previously registered. However, such registration requirement does not apply to foreign investors who (i) acquire Converted Shares with the intention of selling them within three months from the date they were acquired or (ii) acquire or dispose of shares in connection with a foreign direct investment under the Foreign Investment Promotion Law; provided that, the acquisition of shares on the Korea Exchange requires registration. Upon registration, the Financial Supervisory Service will issue to the foreign investor an Investment Registration Card which must be presented each time the foreign investor opens a brokerage account with a financial investment company or financial institution in Korea. Foreigners eligible to obtain an Investment Registration Card include any foreign nationals who are individuals (with residence abroad for six months or more), foreign governments, foreign municipal authorities, foreign public institutions, international financial institutions or similar international organizations, corporations incorporated under foreign laws and any person in any additional category designated by the Decree of the Financial Investment Services and Capital Markets Act. All Korean branches of a foreign corporation as a group are treated as a separate foreigner from the head office of the foreign corporation. However, a foreign branch of a Korean securities company, a foreign corporation or a depositary issuing depositary receipts may obtain one or more Investment Registration Cards in its name in certain circumstances as described in the relevant regulations.

Upon a foreign investor’s purchase of shares through the Korea Exchange, no separate report by the investor is required because the Investment Registration Card system is designed to control and oversee foreign investment through a computer system. However, a foreign investor’s acquisition or sale of shares outside the Korea Exchange (exceptionally permitted as discussed above) must be reported by the foreign investor or his standing proxy to the Governor of the Financial Supervisory Service at the time of each acquisition or sale. However, a foreign investor must ensure that any acquisition or sale by it of shares outside the Korea Exchange in the case of trades in connection with a tender offer, odd-lot trading of shares or trades of a class of shares for which the aggregate foreign ownership limit has been reached, exceeded or any other case set forth in the Investment Rules, is reported to the Governor of the Financial Supervisory Service by the Korea Securities Depository, financial investment companies with a dealing or brokerage license or securities finance companies engaged to facilitate such transactions. In the event a foreign investor desires to acquire or sell shares outside the Korea Exchange and the circumstances in connection with such sale or acquisition do not fall within the exceptions made for certain limited circumstances described above, then the foreign investor must obtain the prior approval of the Governor. Foreign investors are prohibited from engaging in margin transactions with respect to shares subject to a ceiling on acquisition by foreigners.

In January 2023, the Financial Service Commission announced its plan to (i) abolish the foreign investor registration requirement and allow the foreign investors to open a brokerage account with a financial investment company or financial institution in Korea only with (in case of the foreign legal entity) LEI (Legal Entity Identifier) or (in case of the foreign individual) his or her passport number (as the case may be), (ii) expand the scope of the over-the-counter transactions exceptionally permitted such as the transactions without change of actual owner (e.g., merger of funds, transaction between feeder fund and master fund, between asset manager and fund managed by such asset manager or between funds managed by the same asset manager), (iii) facilitate the use of omnibus account for the foreign investors by abolishing the reporting requirement for trading details of the listed shares by each end-investor immediately after the settlement and (iv) simplify the post-reporting procedures applying to the over-the-counter transactions exceptionally permitted. Each plan is expected to be implemented by the third quarter of 2023 after amendment of the Enforcement Decree of the Financial

 

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Investment Services and Capital Markets Act and the regulations thereunder and the development of necessary computing systems. However, there can be no assurance that each plan will take effect in accordance with the timeline announced by the Financial Service Commission.

A foreign investor may appoint one or more standing proxies from among the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies (including domestic branches of foreign financial investment companies) with a dealing, brokerage or collective investment license and certain eligible foreign custodians which will exercise shareholders’ rights or perform any matters related to the foregoing activities if the foreign investor does not perform these activities himself. Generally, a foreign investor may not permit any person, other than his/her standing proxy, to exercise rights relating to his shares or perform any tasks related thereto on his behalf. However, a foreign investor may be exempted from complying with these standing proxy rules with the approval of the Governor of the Financial Supervisory Service in cases deemed inevitable by reason of conflict between the laws of Korea and those of the home country of the foreign investor.

The shares of a listed Korean company owned by a foreign investor must be electronically registered in accordance with the Electronic Registration Act through an eligible custodian in Korea. Only the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies (including domestic branches of foreign financial investment companies) with a dealing, brokerage or collective investment license and certain eligible foreign custodians are eligible to be a custodian of shares for a foreign investor; provided, however, that a foreign investor is exempted from the above requirement if it (i) acquires shares publicly offered or sold outside Korea for the purpose of listing on an overseas stock exchange or (ii) acquires or disposes of shares through an overseas stock exchange if such shares are simultaneously listed on the Korea Exchange and such overseas stock exchange. Furthermore, a foreign investor may be exempted from complying with this deposit requirement with the approval of the Governor of the Financial Supervisory Service in circumstances where compliance with that requirement is made impracticable, including cases where compliance would contravene the laws of the home country of such foreign investor.

Under the Investment Rules, with certain exceptions, a foreign investor may acquire shares of a Korean company without being subject to any single or aggregate foreign investment ceiling. However, certain designated public corporations are subject to a 40.0% ceiling on acquisitions of shares by foreigners in the aggregate and a ceiling on acquisitions of shares by a single foreign investor provided in the Articles of Incorporation of such corporations. Of the Korean companies listed on the Korea Exchange, we are so designated. The Financial Services Commission may impose other restrictions as it deems necessary for the protection of investors and the stabilization of the Korean securities and derivatives market. Generally, the ownership of Converted Shares constitutes foreign ownership for purposes of such aggregate foreign ownership limit. However, the acquisition of Converted Shares is one of the exceptions under which foreign investors may acquire shares of designated corporations in excess of the 40.0% ceiling.

In addition to the aggregate foreign investment ceiling set out under the Financial Investment Services and Capital Markets Act, our Articles of Incorporation set a 3% ceiling on acquisition by a single investor (whether domestic or foreign) of the shares of our common stock. Any person (with certain exceptions) who holds more than 3% of our issued and outstanding shares cannot exercise voting rights with respect to our shares in excess of this 3% limit.

The ceiling on aggregate investment by foreigners applicable to us may be exceeded in certain limited circumstances, including as a result of acquisition of:

 

   

shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares);

 

   

Converted Shares;

 

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Shares, stock option from the exercise of shareholders’ rights; or

 

   

shares by gift, inheritance or bequest.

A foreigner who has acquired shares in excess of any ceiling described above may not exercise his voting rights with respect to the shares exceeding such limit and the Financial Services Commission may take necessary corrective action against him.

Under the Foreign Exchange Transaction Laws, a foreign investor who intends to acquire shares must designate a foreign exchange bank at which he must open a foreign currency account and a Won account exclusively for stock investments. No approval is required for remittance into Korea and deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account at the time required to place a deposit for, or settle the purchase price of, a stock purchase transaction to a Won account opened at a securities company. Funds in the foreign currency account may be remitted abroad without any governmental approval.

Dividends on shares of our common stock are paid in Won. No governmental approval is required for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a non-resident of Korea must be deposited either in a Won account with the investor’s securities company or the investor’s Won account. Funds in the investor’s Won account may be transferred to his foreign currency account or withdrawn for local living expenses, provided that any withdrawal of local living expenses in excess of a certain amount should be reported to the Governor of the Financial Supervisory Service. Funds in the investor’s Won account may also be used for future investment in shares or for payment of the subscription price of new shares obtained through the exercise of preemptive rights.

Financial investment companies with a securities dealing, brokerage or collective investment license are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating foreign investors’ stock investments in Korea. Through these accounts, these securities companies and asset management companies may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds, either as a counterparty to or on behalf of foreign investors without the foreign investors having to open their own accounts with foreign exchange banks.

Item 10.E. Taxation

Korean Taxes

The following summary describes the material Korean tax consequences of ownership of the Registered Debt Securities and ADSs. Persons considering the purchase of the Registered Debt Securities or ADSs should consult their own tax advisors with regard to the application of the Korean income tax laws to their particular situations as well as any tax consequences arising under the laws of any other taxing jurisdiction. Reference is also made to a tax treaty between the Republic and the United States entitled “Convention Between the United States of America and the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and the Encouragement of International Trade and Investment,” signed on June 4, 1976 and entered into force on October 20, 1979.

The following summary of Korean tax considerations applies to you so long as you are not:

 

   

a resident of Korea;

 

   

a corporation having its head office, principal place of business or place of effective management in Korea; or

 

   

engaged in a trade or business in Korea through a permanent establishment or a fixed base to which the relevant income is attributable or with which the relevant income is effectively connected.

 

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Registered Debt Securities

Taxation of Interest

Pursuant to the Special Tax Treatment Control Law (“STTCL”), when we make payments of interest to you on the Registered Debt Securities, no amount will be withheld from such payments for, or on account of, any income taxes of any kind imposed, levied, withheld or assessed by Korea or any political subdivision or taxing authority thereof or therein, provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL.

If the tax exemption under the STTCL referred to above were to cease to be in effect, the rate of income tax or corporation tax applicable to the interest on the Registered Debt Securities would be 14% of income for a non-resident without a permanent establishment in Korea. In addition, local income tax would be imposed at the rate of 10.0% of the income tax or corporation tax (which would increase the total tax rate to 15.4%), unless reduction is available under an applicable income tax treaty. If you are a qualified resident in a country that has entered into a tax treaty with Korea, you may qualify for an exemption or a reduced rate of Korean withholding tax. See the discussion under “—Shares or ADSs—Tax Treaties” below for an additional explanation on treaty benefits.

In order to obtain the benefits of an exemption or a reduced withholding tax rate under a tax treaty, you must submit to us, prior to the interest payment date, such evidence of tax residence as may be required by the Korean tax authorities in order to establish your entitlement to the benefits of the applicable tax treaty.

Furthermore, Korean tax laws require the beneficial owner to submit an application for entitlement to a reduced tax rate together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available reduced tax rate pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, an overseas investment vehicle (which is defined as an organization established in a foreign jurisdiction that manages funds collected through investment solicitation by acquiring, disposing or otherwise investing in proprietary targets and then distributes the proceeds thereof to investors) (the “Overseas Investment Vehicle”) must obtain an application for entitlement to a reduced tax rate from the beneficial owner and submit to the withholding obligor an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.

Due to recent amendment to the Korean tax laws, which applies for fiscal years beginning on or after January 1, 2020, Overseas Investment Vehicles may be regarded as beneficial owners of Korean sourced income in certain situations. Pursuant to such amendment, Overseas Investment Vehicles may be treated as beneficial owners of Korean source income if one of the following conditions are met: (i) the Overseas Investment Vehicle is subject to taxation in the jurisdiction in which it resides and there is no intentional tax avoidance purpose to establishing the Overseas Investment Vehicle in the jurisdiction; (ii) the Overseas Investment Vehicle is deemed as the beneficial owner under a tax treaty; or (iii) the Overseas Investment Vehicle is unable to confirm its list of beneficial owners investing in the Overseas Investment Vehicle (if only a portion of the beneficial owners are confirmed, applies with respect to the remaining unconfirmed list of beneficial owners). Overseas Investment Vehicles that are not regarded as foreign “corporations” for purposes of the Korean tax law may be recognized as beneficial owners if one of the above conditions (ii) or (iii) are met. Starting from January 1, 2022, the above conditions (i) and (ii) are changed as follows: (i) under the applicable tax treaty, the Overseas Investment Vehicle bears tax liabilities in the country in which it is established and the Korean source income is eligible for the treaty benefits under the tax treaty; and (ii) where the Overseas Investment Vehicle does not meet the above condition (i), the Overseas Investment Vehicle is deemed to be the beneficial owner of the Korean source income under the applicable tax treaty and the Korean source income is eligible for the treaty benefits under the tax treaty. Further, Overseas Investment Vehicles that meet condition (iii) would be subject to the default statutory withholding tax rate under the Korean tax laws and the treaty withholding rates under relevant tax treaties would not apply even though the Overseas Investment Vehicles are deemed to be beneficial owners of Korean source income.

 

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Taxation of Capital Gains

Korean tax laws currently exclude from Korean taxation gains made by a non-resident without a permanent establishment in Korea from the sale of a Registered Debt Security to another non-resident (except where a non-resident sells Registered Debt Securities to another non-resident’s permanent establishment in Korea, if any). In addition, capital gains realized from the transfer of Registered Debt Securities outside Korea by non-residents with or without permanent establishments in Korea are currently exempt from taxation by virtue of the STTCL, provided that the issuance of such Registered Debt Securities is deemed to be an overseas issuance of foreign currency-denominated bonds under the STTCL. If you sell or otherwise dispose of a Registered Debt Security through other ways than those mentioned above, any gain realized on the transaction will be taxable at ordinary Korean withholding tax rates (which is the lesser of 11.0% (including local income tax) of the gross sale proceeds or 22.0% (including local income tax) of the net gain, subject to the production of satisfactory evidence of the acquisition cost of such Registered Debt Securities and certain direct transaction costs attributable to the disposal of such Registered Debt Securities), unless an exemption is available under an applicable income tax treaty. See the discussion under “—Shares or ADSs—Tax Treaties” below for an additional explanation on treaty benefits.

In order to obtain the benefit of an exemption from tax pursuant to a tax treaty, you must submit to us, prior to or at the time of payment, such evidence of your tax residence as the Korean tax authorities may require in support of your claim for treaty benefits.

Furthermore, Korean tax laws require the beneficial owner to submit an application for tax exemption together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available exemption pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for tax exemption from the beneficial owner and forward it to the withholding obligor along with an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner. The withholding obligor must submit the application and the report to the relevant tax office by the ninth day of the month following the date of the first payment of such income.

Inheritance Tax and Gift Tax

If you die while you are the holder of Registered Debt Securities, the subsequent transfer of the Registered Debt Securities by way of succession will be subject to Korean inheritance tax. Similarly, if you transfer Registered Debt Securities as a gift, the donee will be subject to Korean gift tax and you may be required to pay the gift tax if the donee fails to do so.

At present, Korea has not entered into any tax treaty relating to inheritance or gift taxes.

Shares or ADSs

Dividends on the Shares of Common Stock or ADSs

We will deduct Korean withholding tax from dividends (whether in cash or in shares) paid to you at a rate of 22% (inclusive of local income tax). If you are a qualified resident in a country that has entered into a tax treaty with Korea, you may qualify for a reduced rate of Korean withholding tax. See the discussion under “—Tax Treaties” below for an additional explanation on treaty benefits.

In order to obtain the benefits of a reduced withholding tax rate under a tax treaty, you must submit to the Korea Securities Depository, prior to the dividend payment date, such evidence of tax residence as may be required by the Korean tax authorities in order to establish your entitlement to the benefits of the applicable tax treaty. Evidence of tax residence may be submitted to the Korea Securities Depository through the withholding tax agent. If we distribute to you free shares representing a transfer of certain capital reserves or asset revaluation reserves into paid-in capital, such distribution may be subject to Korean withholding tax.

 

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Furthermore, Korean tax laws require the beneficial owner to submit an application for entitlement to a reduced tax rate together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available reduced tax rate pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for entitlement to a reduced tax rate from the beneficial owner and submit to the withholding obligor an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.

If you hold common shares or ADSs and receive the dividend through an account at the Korea Securities Depository held by a foreign depositary settlement institute, you are not required to submit the application for entitlement to a reduced tax rate. However, evidence of tax residence may need to be submitted to us through such foreign depositary settlement institute.

Taxation of Capital Gains

As a general rule, capital gains earned by non-residents upon the transfer of the common shares or ADSs would be subject to Korean income tax at a rate equal to the lesser of (i) 11.0% (including local income tax) of the gross proceeds realized or (ii) 22.0% (including local income tax) of the net realized gain (subject to the production of satisfactory evidence of the acquisition costs and certain direct transaction costs arising out of the transfer of such common shares or ADSs), unless such non-resident is exempt from Korean income taxation under an applicable Korean tax treaty into which Korea has entered with the non-resident’s country of tax residence. Please see the discussion under “—Tax Treaties” below for an additional explanation on treaty benefits. Even if you do not qualify for any exemption under a tax treaty, you will not be subject to the foregoing income tax on capital gains if you qualify for the relevant Korean domestic tax law exemptions discussed in the following paragraphs.

You will not be subject to Korean income taxation on capital gains realized upon the transfer of our common stocks or ADSs through the Korea Exchange if you (i) have no permanent establishment in Korea and (ii) did not own or have not owned (together with any shares owned by any entity which you have a certain special relationship with and possibly including the shares represented by the ADSs) 25.0% or more of our total issued and outstanding shares at any time during the calendar year in which the sale occurs and during the five calendar years prior to the calendar year in which the sale occurs.

It should be noted that (i) capital gains earned by you (regardless of whether you have a permanent establishment in Korea) from the transfer of ADSs outside Korea will be exempted from Korean income taxation provided that ADSs are deemed to have been issued overseas under the STTCL, but (ii) if and when an owner of the underlying shares of stock transfers ADSs after conversion of the underlying shares into ADSs, the exemption described in (i) is not applicable.

If you are subject to tax on capital gains with respect to the sale of ADSs, or of shares of common stock which you acquired as a result of a withdrawal, the purchaser or, in the case of the sale of shares of common stock on the Korea Exchange or through an investment dealer or investment broker under the Financial Investment Services and Capital Markets Act, an investment dealer or investment broker is required to withhold Korean tax from the sales price in an amount equal to 11.0% (including local income tax) of the gross realization proceeds and to make payment of these amounts to the Korean tax authority, unless you establish your entitlement to an exemption under an applicable tax treaty or domestic tax law or produce satisfactory evidence of your acquisition cost and transaction costs for the shares of common stock or the ADSs.

However, if you transfer the ADSs following an exchange of the underlying shares of stock owned by you for ADSs to a purchaser who is a non-resident or a foreign company without a permanent establishment in Korea, you are obligated to file an income tax return and pay tax on gain realized from such transfer unless exempt

 

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under an applicable tax treaty or domestic law. Further, if you transfer the shares of common stock outside of Korea (excluding a transfer on a foreign exchange) to non-residents or foreign companies without permanent establishments in Korea, you are obligated to file an income tax return and pay income tax on capital gain realized from such transfer unless exempt under an applicable tax treaty or domestic law. If a purchaser or an investment dealer or investment broker, as the case may be, withholds and remits the tax on capital gains derived from transfer of shares of common stock or ADSs, your obligation to file an income tax return and pay income tax will not apply.

In order to obtain the benefit of an exemption from tax pursuant to a tax treaty, you must submit to the purchaser or the investment dealer or the investment broker, or through the ADS depositary, as the case may be, prior to or at the time of payment, such evidence of your tax residence as the Korean tax authorities may require in support of your claim for treaty benefits. Please see the discussion under “—Tax Treaties” below for an additional explanation on claiming treaty benefits. Furthermore, Korean tax laws require the beneficial owner to submit an application for tax exemption together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available exemption pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for tax exemption from the beneficial owner and forward it to the withholding obligor along with an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner. The withholding obligor must submit the application and the report to the relevant tax office by the ninth day of the month following the date of the first payment of such income.

Tax Treaties

Korea has entered into a number of income tax treaties with other countries (including the United States), which would reduce or exempt Korean withholding tax on dividends on, and capital gains on transfer of, shares of our common stock or ADSs. For example, under the Korea-United States income tax treaty, reduced rates of Korean withholding tax of 16.5% or 11.0% (respectively, including local income tax, depending on your status and shareholding ratio) on dividends and an exemption from Korean withholding tax on capital gains are available to residents of the United States that are beneficial owners of the relevant dividend income or capital gains. However, under Article 17 (Investment of Holding Companies) of the Korea-United States income tax treaty, such reduced rates and exemption do not apply if (i) you are a United States corporation, (ii) by reason of any special measures, the tax imposed on you by the United States with respect to such dividends or capital gains is substantially less than the tax generally imposed by the United States on corporate profits, and (iii) 25.0% or more of your capital is held of record or is otherwise determined, after consultation between competent authorities of the United States and Korea, to be owned directly or indirectly by one or more persons who are not individual residents of the United States. Also, under Article 16 (Capital Gains) of the Korea-United States income tax treaty, the exemption on capital gains does not apply if you are an individual, and (a) you maintain a fixed base in Korea for a period or periods aggregating 183 days or more during the taxable year and your ADSs or shares of common stock giving rise to capital gains are effectively connected with such fixed base or (b) you are present in Korea for a period or periods of 183 days or more during the taxable year.

You should inquire for yourself whether you are entitled to the benefit of an income tax treaty with Korea. It is the responsibility of the party claiming the benefits of an income tax treaty in respect of interest or dividend payments or capital gains to submit to us, the purchaser or the investment dealer or the investment broker, as applicable, a certificate as to his tax residence. In the absence of sufficient proof, we, the purchaser or the investment dealer or the investment broker, as applicable, must withhold tax at the normal rates.

Inheritance Tax and Gift Tax

If you die while holding an ADS or donate an ADS, it is unclear whether, for Korean inheritance and gift tax purposes, you will be treated as the owner of the shares of common stock underlying the ADSs. If the tax

 

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authority interprets depositary receipts as the underlying share certificates, you may be treated as the owner of the shares of common stock and your heir or the donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance or gift tax presently at the rate of 10.0% to 50.0%, depending on the value of the ADSs or shares of common stock.

If you die while holding a share of common stock or donate a share of common stock, your heir or donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance or gift tax at the same rate as indicated above.

At present, Korea has not entered into any tax treaty relating to inheritance or gift taxes.

Securities Transaction Tax

If you transfer shares of common stock on the Stock Market of the Korea Exchange, you will be subject to securities transaction tax at the rate of 0.05% (which will be reduced to 0.03% for transfers on or after January 1, 2024 and 0% for transfers on or after January 1, 2025) and an agriculture and fishery special surtax at the rate of 0.15% of the sale price of the shares of common stock. If your transfer of the shares of common stock is not made on the Stock Market of the Korea Exchange, subject to certain exceptions you will be subject to securities transaction tax at the rate of 0.35% and will not be subject to an agriculture and fishery special surtax.

Under the Securities Transaction Tax Law, depositary receipts (such as ADSs) constitute share certificates subject to the securities transaction tax. However, a transfer of depositary receipts listed on the New York Stock Exchange, NASDAQ National Market or other qualified foreign exchanges will be exempt from the securities transaction tax although depositary receipts, including ADSs, constitute share certificates subject to the securities transaction tax.

In principle, the securities transaction tax, if applicable, must be paid by the transferor of the shares or rights. When the transfer is effected through the Korea Securities Depository, the Korea Securities Depository is generally required to withhold and pay the tax to the tax authorities. When such transfer is made through an investment dealer or investment broker under the Financial Investment Services and Capital Markets Act only, such investment dealer or investment broker is required to withhold and pay the tax. Where the transfer is effected by a non-resident without a permanent establishment in Korea, other than through the Korea Securities Depository or an investment dealer or investment broker, the transferee is required to withhold the securities transaction tax for payment to the Korean tax authority.

U.S. Federal Income Tax Considerations for U.S. Persons

The following is a summary of certain U.S. federal income tax consequences of the ownership and disposition of the Registered Debt Securities, common stock and ADSs for beneficial owners of the Registered Debt Securities, common stock and ADSs that are “U.S. Persons” (as defined below). For purposes of this summary, you are a “U.S. Person” if you are any of the following for U.S. federal income tax purposes:

 

   

an individual citizen or resident of the United States;

 

   

a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;

 

   

an estate the income of which is subject to U.S. federal income taxation regardless of its source; or

 

   

a trust if (1) it is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.

 

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This summary is based on current law, which is subject to change (perhaps retroactively), is for general purposes only and should not be considered tax advice. This summary does not represent a detailed description of the U.S. federal income tax consequences to you and does not address the effects of the Medicare contribution tax on net investment income, U.S. federal estate and gift taxes or foreign, state, local or other tax considerations that may be relevant to you in light of your particular circumstances. The discussion set forth below is applicable to you if (i) you are a resident of the United States for purposes of the current income tax treaty between the United States and Korea (the “Treaty”), (ii) your Registered Debt Securities, common stock or ADSs are not, for purposes of the Treaty, effectively connected with a permanent establishment in Korea and (iii) you otherwise qualify for the full benefits of the Treaty. This summary deals only with Registered Debt Securities, common stock or ADSs held as capital assets, and it does not represent a detailed description of the U.S. federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a dealer in securities or currencies, a financial institution, a regulated investment company, a real estate investment trust, an insurance company, a tax-exempt organization, a person holding the Registered Debt Securities, common stock or ADSs as part of a hedging, integrated or conversion transaction, constructive sale or straddle, a person owning 10.0% or more of our stock (by vote or value), a trader in securities that elects to use a mark-to-market method of accounting for your securities holdings, a person liable for the alternative minimum tax, a person required to accelerate the recognition of any item of gross income with respect to the Registered Debt Securities, common stock or ADSs as a result of such income being recognized on an applicable financial statement, a partnership or other pass-through entity (or an investor therein), or a U.S. Person whose “functional currency” is not the U.S. dollar). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.

If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds the Registered Debt Securities, common stock or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our Registered Debt Securities, common stock or ADSs, you should consult your tax advisor.

Because of the 100-year maturity of the One Hundred Year 7.95% Zero-to-Full Debentures, due April 1, 2096 (the “ZTF Debentures”), it is not certain whether the ZTF Debentures will be treated as debt for U.S. federal income tax purposes. The discussion below assumes that the ZTF Debentures (as well as the other Registered Debt Securities) will be treated as debt, except that a summary of the consequences to you if the ZTF Debentures were not treated as debt is provided under “Tax Consequences with Respect to Registered Debt Securities Generally—ZTF Debentures Treated as Equity” below.

The discussion below of the tax consequences of the ownership and disposition of ADSs assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.

You should consult your own tax advisor concerning the particular U.S. federal income tax consequences to you of the ownership and disposition of the Registered Debt Securities, common stock and ADSs, as well as the consequences to you arising under other United States federal tax laws and the laws of any other taxing jurisdiction.

Tax Consequences with Respect to Registered Debt Securities Generally

Payments

Except as provided below with regard to original issue discount on the ZTF Debentures, interest on a Registered Debt Security will generally be taxable to you as ordinary income at the time it is paid or accrued in accordance with your method of accounting for tax purposes. Principal payments on an amortizing Registered Debt Security generally will constitute a tax-free return of capital to you to the extent of your adjusted tax basis in the Registered Debt Security, and any principal payments in excess of your adjusted tax basis generally will be taxed as capital gain.

 

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Although interest payments to you are currently exempt from Korean taxation provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL (see—“Korean Taxes—Registered Debt Securities—Taxation of Interest,” above), if the Korean law providing for the exemption is repealed, then, in addition to interest payments on the Registered Debt Securities and original issue discount on the ZTF Debentures, you will be required to include in income any additional amounts paid and any Korean tax withheld from interest payments notwithstanding that you in fact did not receive such withheld tax. You may be entitled to credit such Korean tax (up to the Treaty rate), subject to applicable conditions and limitations in the Internal Revenue Code of 1986, as amended (the “Code”). However, recently issued Treasury regulations impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be satisfied. For purposes of calculating the foreign tax credit, interest income on a Registered Debt Security (including additional amounts and any Korean taxes withheld in respect thereof) and original issue discount on a ZTF Debenture will be treated as foreign source income and will generally be considered passive category income. You will generally be denied a foreign tax credit for Korean taxes imposed with respect to the Registered Debt Securities if you do not meet a minimum holding period requirement during which you are not protected from risk of loss. Instead of claiming a foreign tax credit, you may be able to deduct Korean withholding taxes on interest in computing your taxable income, subject to generally applicable limitations under U.S. law (including that a U.S. Person is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. Person claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit or a deduction under their particular circumstances.

Original Issue Discount

The ZTF Debentures were issued with original issue discount (“OID”) for U.S. federal income tax purposes in an amount equal to the difference between (i) the sum of all scheduled amounts payable on the ZTF Debentures (including the interest payable on such ZTF Debentures) and (ii) the “issue price” of the ZTF Debentures. The “issue price” of each ZTF Debenture is the first price at which a substantial amount of the ZTF Debentures was sold to the public (other than to an underwriter, broker, placement agent or wholesaler). If you hold ZTF Debentures, then (subject to the discussion in “—Acquisition Premium; Bond Premium” below) you generally must include OID in gross income (as ordinary income) in advance of the receipt of cash attributable to that income, regardless of your method of accounting. However, you generally will not be required to include separately in income cash payments received on the ZTF Debentures, even if denominated as interest.

The amount of OID includible in income by the holder of a ZTF Debenture is the sum of the “daily portions” of OID with respect to the ZTF Debenture for each day during the taxable year or portion of the taxable year in which such holder held such ZTF Debenture, or “accrued OID” (for a discussion relevant to subsequent purchasers, see “—Market Discount” and “—Acquisition Premium; Bond Premium,” below). The daily portion is determined by allocating to each day in any “accrual period” a pro rata portion of the OID allocable to that accrual period. The “accrual period” for a ZTF Debenture may be of any length and may vary in length over the term of the ZTF Debenture, provided that each accrual period is no longer than one year and each scheduled payment of principal or interest occurs on the first day or the final day of an accrual period. The amount of OID allocable to any accrual period other than the final accrual period is an amount equal to the product of the ZTF Debenture’s adjusted issue price at the beginning of such accrual period and its yield to maturity (determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period). OID allocable to a final accrual period is the difference between the amount payable at maturity and the adjusted issue price at the beginning of the final accrual period. The “adjusted issue price” of a ZTF Debenture at the beginning of any accrual period is equal to its issue price increased by the accrued OID for each prior accrual period (for subsequent purchasers, determined without regard to the amortization of any acquisition or bond premium, as described below) and reduced by any payments previously made on such ZTF Debenture. Under these rules, you will have to include in income increasingly greater amounts of OID in successive accrual

 

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periods. We are required to provide information returns stating the amount of OID accrued on ZTF Debentures held of record by persons other than corporations and other exempt holders.

As discussed above, although interest payments to you are currently exempt from Korean taxation provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL (see—“Korean Taxes—Registered Debt Securities—Taxation of Interest,” above), if the Korean law providing for the exemption is repealed, then Korean withholding tax may be imposed at times that differ from the times at which you are required to include interest or OID in income for U.S. federal income tax purposes and this disparity may limit the amount of foreign tax credit available.

Market Discount

If you purchase a Registered Debt Security other than a ZTF Debenture for an amount that is less than its stated redemption price at maturity, or, in the case of a ZTF Debenture, its adjusted issue price, the amount of the difference will be treated as “market discount” for U.S. federal income tax purposes, unless that difference is less than a specified de minimis amount. Under the market discount rules, you will be required to treat any principal payment on, or any gain on the sale, exchange, retirement or other disposition of, a Registered Debt Security as ordinary income to the extent of the market discount that you have not previously included in income and are treated as having accrued on the Registered Debt Security at the time of the payment or disposition. In addition, you may be required to defer, until the maturity of the Registered Debt Security or its earlier disposition in a taxable transaction, the deduction of all or a portion of the interest expense on any indebtedness attributable to the Registered Debt Security. Any amount treated as ordinary income pursuant to the market discount rules generally should be treated as foreign source income.

Any market discount will be considered to accrue ratably during the period from the date of acquisition to the maturity date of the Registered Debt Security, unless you elect to accrue on a constant interest method. Your election to accrue market discount on a constant interest method is to be made for the taxable year in which you acquired the Registered Debt Security, applies only to that Registered Debt Security and cannot be revoked. You may elect to include market discount in income currently as it accrues, on either a ratable or constant interest method, in which case the rule described above regarding deferral of interest deductions will not apply. Special rules will apply in determining the accrual of market discount for an amortizing Registered Debt Security. Your election to include market discount in income currently, once made, applies to all market discount obligations acquired by you on or after the first day of the first taxable year to which your election applies and may not be revoked without the consent of the Internal Revenue Service (the “IRS”). You should consult your own tax advisor before making this election.

Acquisition Premium; Bond Premium

If you purchase a ZTF Debenture for an amount that is greater than its adjusted issue price but equal to or less than the sum of all amounts payable on the ZTF Debenture after the purchase date, you will be considered to have purchased that ZTF Debenture at an “acquisition premium.” Under the acquisition premium rules, the amount of OID that you must include in gross income with respect to a ZTF Debenture for any taxable year will be reduced by the portion of the acquisition premium properly allocable to that year.

If you purchase a Registered Debt Security for an amount in excess of the sum of all amounts payable on the Registered Debt Security after the purchase date other than qualified stated interest (as defined in the Code), you will be considered to have purchased the Registered Debt Security at a “premium” and, if such Registered Debt Security is a ZTF Debenture, you will not be required to include any OID in income. Interest on a debt instrument is generally treated as qualified stated interest if it is unconditionally payable in cash or property (other than debt instruments of the issuer) at least annually at a single fixed rate. The interest on the ZTF Debentures does not constitute qualified stated interest. You generally may elect to amortize any premium on a Registered Debt Security over the remaining term of the Registered Debt Security on a constant yield method as

 

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an offset to interest when includible in income under your regular accounting method. In the case of instruments that provide for alternative payment schedules, bond premium is calculated by assuming that (a) you will exercise or not exercise options in a manner that maximizes your yield, and (b) we will exercise or not exercise options in a manner that minimizes your yield (except that we will be assumed to exercise call options in a manner that maximizes your yield). If you do not elect to amortize bond premium, that premium will decrease the gain or increase the loss you would otherwise recognize on disposition of a Registered Debt Security. Your election to amortize premium on a constant yield method will also apply to all taxable debt obligations held or subsequently acquired by you on or after the first day of the first taxable year to which the election applies. You may not revoke the election without the consent of the IRS. You should consult your own tax advisor before making this election.

Sale, Exchange and Retirement of Registered Debt Securities

Upon the sale, exchange, retirement or other disposition of a Registered Debt Security, you generally will recognize gain or loss equal to the difference between the amount you receive (not including an amount equal to any accrued qualified stated interest, which will be taxable as ordinary income to the extent not previously included in income) and your adjusted tax basis in the Registered Debt Security. Your adjusted tax basis in a Registered Debt Security other than a ZTF Debenture will generally be your cost of obtaining the Registered Debt Security, increased by any market discount included in income and reduced by payments of principal you receive and any bond premium that you have previously amortized. Your adjusted tax basis in a ZTF Debenture will, in general, be your cost therefor, increased by any market discount and OID previously included in income and reduced by any cash payments on the ZTF Debenture and any bond premium that you have previously amortized. Except as described above with respect to market discount, your gain or loss realized upon the sale, exchange, retirement or other disposition of a Registered Debt Security will be capital gain or loss and will generally be long-term capital gain or loss if, at the time of the sale, exchange, retirement or other disposition, you have held the Registered Debt Security for more than one year. Long-term capital gains of non-corporate U.S. Persons (including individuals) are eligible for reduced rates of taxation. Your ability to deduct capital losses is subject to limitations.

Except as described above with respect to market discount, your gain or loss realized upon the sale, exchange, retirement or other disposition of a Registered Debt Security will generally be treated as U.S. source gain or loss. Consequently, you may not be able to use a foreign tax credit for any Korean tax imposed on the disposition of Registered Debt Securities unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. However, pursuant to recently issued U.S. Treasury regulations, any such Korean tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such case, the non-creditable Korean tax may reduce the amount realized upon the sale, exchange, retirement or other disposition. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

ZTF Debentures Treated as Equity

If the ZTF Debentures were treated as equity for U.S. federal income tax purposes, amounts actually or deemed paid with respect to the ZTF Debentures would be deemed dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes).

You would include the amounts actually or deemed paid by us on the ZTF Debentures (before reduction for Korean withholding tax, if any) as dividend income when actually or constructively paid by us. Section 305 of the Code, which would apply to the ZTF Debentures if they were treated as equity for U.S. federal income tax purposes, requires current accrual of dividends under principles similar to the accrual of OID. Amounts treated as dividends will not be eligible for the dividends received deduction generally allowed to U.S. corporations. In

 

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addition, it is unclear whether any amounts treated as dividends would be eligible for the reduced rates of taxation that apply to “qualified dividend income” (as described below in “—Tax Consequences with Respect to Common Stock and ADSs—Distributions on Common Stock or ADSs”).

Tax Consequences with Respect to Common Stock and ADSs

In general, for U.S. federal income tax purposes, holders of ADSs will be treated as the owners of the underlying common stock that is represented by such ADSs. Accordingly, deposits or withdrawals of common stock for ADSs will not be subject to U.S. federal income tax.

Distributions on Common Stock or ADSs

The gross amount of distributions (other than certain pro rata distributions of common stock or rights to subscribe for common stock) to holders of common stock or ADSs (including amounts withheld in respect of Korean withholding taxes) will be taxable dividends to such holders to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income (including withheld taxes) will be includable in the gross income of a holder as ordinary income on the day actually or constructively received by the holder, in the case of common stock, or by the depositary, in the case of ADSs. Such dividends will not be eligible for the dividends received deduction generally allowed to corporations under the Code.

Subject to applicable limitations (including a minimum holding period requirement), certain dividends received by non-corporate U.S. Persons from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the benefits of an income tax treaty with the United States, if such treaty contains an exchange of information provision and the U.S. Treasury Department has determined that the treaty is satisfactory for purposes of the legislation. The U.S. Treasury Department has determined that the Treaty, which contains an exchange of information provision, is satisfactory for these purposes. In addition, we believe we are eligible for the benefits of the Treaty. In addition, a foreign corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares (or ADSs backed by such shares) that are readily tradable on an established securities market in the United States. Although shares of our common stock will generally not be considered readily tradable for these purposes, U.S. Treasury Department guidance indicates that our ADSs, which are listed on the New York Stock Exchange, are readily tradable on an established securities market in the United States. There can be no assurance that our ADSs will be considered readily tradable on an established securities market in the United States in later years. Holders should consult their own tax advisors regarding the application of the foregoing rules to their particular circumstances.

The amount of any dividend paid in Won will equal the U.S. dollar value of the Won received calculated by reference to the exchange rate in effect on the date the dividend is received by the holder, in the case of common stock, or by the depositary, in the case of ADSs, regardless of whether the Won are converted into U.S. dollars. If the Won received as a dividend are not converted into U.S. dollars on the date of receipt, a holder will have a basis in the Won equal to their U.S. dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Won will be treated as U.S. source ordinary income or loss. The amount of any distribution of property other than cash will be the fair market value of such property on the date of distribution.

The maximum rate of withholding tax on dividends paid to you pursuant to the Treaty is 16.5%. You will be required to properly demonstrate your entitlement to the reduced rate of withholding under the Treaty (see “—Korean Taxes—Shares or ADSs—Tax Treaties”). Subject to certain conditions and limitations, Korean withholding taxes (up to the Treaty rate) may be treated as foreign taxes eligible for credit against your U.S. federal income tax liability. However, recently issued Treasury regulations impose additional requirements for foreign taxes to be eligible for a foreign tax credit, and there can be no assurance that those requirements will be

 

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satisfied. For purposes of calculating the foreign tax credit, dividends paid on the common stock or ADSs will be treated as foreign source income and will generally be considered passive category income. You will generally be denied a foreign tax credit for Korean taxes imposed on dividends paid on common stock or ADSs if you do not meet a minimum holding period requirement during which you are not protected from risk of loss. Instead of claiming a foreign tax credit, you may be able to deduct Korean withholding taxes on dividends in computing your taxable income, subject to generally applicable limitations under U.S. law (including that a U.S. Person is not eligible for a deduction for otherwise creditable foreign income taxes paid or accrued in a taxable year if such U.S. Person claims a foreign tax credit for any foreign income taxes paid or accrued in the same taxable year). The rules governing the foreign tax credit and deductions for foreign taxes are complex. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit or a deduction under their particular circumstances, including the possible adverse impact on creditability to the extent you are entitled to a refund of any Korean tax withheld or a reduced rate of withholding.

To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, as determined under U.S. federal income tax principles, the distribution will first be treated as a tax- free return of capital, causing a reduction in the adjusted basis of the common stock or ADSs (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by the investor on a subsequent disposition of the common stock or ADSs), and the balance in excess of adjusted basis will be taxed as capital gain recognized on a sale or exchange of property. Consequently, such distributions in excess of our current and accumulated earnings and profits would not give rise to foreign source income and you generally would not be able to use a foreign tax credit for any Korean withholding tax imposed on such distributions unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. However, we do not expect to keep earnings and profits in accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally be treated as a dividend (as discussed above).

Distributions of common stock or rights to subscribe for common stock that are received as part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax. Consequently, such distributions will not give rise to foreign source income and you generally will not be able to use a foreign tax credit for any Korean withholding tax imposed on such distributions unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources.

Sale, Exchange or Other Disposition of ADSs or Common Stock

Upon the sale, exchange or other disposition of ADSs or common stock, you generally will recognize capital gain or loss equal to the difference between the amount realized upon the sale, exchange or other disposition and your adjusted tax basis in the ADSs or common stock, both as determined in U.S. dollars. The capital gain or loss will be long-term capital gain or loss if, at the time of the sale, exchange or other disposition, the ADSs or common stock have been held by you for more than one year. Long-term capital gains of non-corporate U.S. Persons (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations.

Any gain or loss recognized by you will generally be treated as U.S. source gain or loss. Consequently, you may not be able to use a foreign tax credit for any Korean tax imposed on the disposition of ADSs or common stock unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. However, pursuant to recently issued U.S. Treasury regulations, any such Korean tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). In such case, the non-creditable Korean tax may reduce the amount realized upon the disposition of ADSs or common stock. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.

You should note that any Korean securities transaction tax will not be treated as a creditable foreign tax for U.S. federal income tax purposes.

 

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Passive Foreign Investment Company Rules

Based upon the past and projected composition of our income and assets and the valuation of our assets, we do not believe that we were a passive foreign investment company (a “PFIC”) for 2022, and we do not expect to be a PFIC in 2023 or to become one in the foreseeable future, although there can be no assurance in this regard. If, however, we become a PFIC, such characterization could result in adverse U.S. tax consequences to you. For example, if we become a PFIC, our U.S. investors may become subject to increased tax liabilities under U.S. tax laws and regulations and will become subject to burdensome reporting requirements. In addition, non-corporate U.S. Persons will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year. Our PFIC status is determined on an annual basis and depends on the composition of our income and assets in each year. Specifically, we will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either: (i) 75% or more of our gross income in such year is passive income, or (ii) the average percentage of our assets by value in such year which produce or are held for the production of passive income (which generally includes cash) is at least 50%. We cannot assure you that we will not be a PFIC for 2023 or any future taxable year.

Information Reporting and Backup Withholding

In general, information reporting requirements will apply to interest and OID on Registered Debt Securities, dividend payments in respect of the common stock or ADSs or the proceeds received on the sale, exchange, retirement or other disposition of the Registered Debt Securities, common stock or ADSs that are paid within the United States (and in certain cases, outside of the United States), unless in each case you establish that you are an exempt recipient. A backup withholding tax may apply to the payment of such amounts if you fail to provide an accurate taxpayer identification number and a certification that you are not subject to backup withholding or if you fail to report interest and dividends required to be shown on your U.S. federal income tax returns. The amount of any backup withholding from a payment to you will be allowed as a refund or a credit against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.

Item 10.F. Dividends and Paying Agents

Not applicable.

Item 10.G. Statements by Experts

Not applicable.

Item 10.H. Documents on Display

We are subject to the information requirements of the Exchange Act, and, in accordance therewith, are required to file reports, including annual reports on Form 20-F, and other information with the U.S. Securities and Exchange Commission. You may inspect and copy these materials, including this annual report and the exhibits thereto, at SEC’s Public Reference Room 100 Fifth Street, N.E., Washington D.C. 20549. Please call the Commission at 1-800-SEC-0330 for further information on the public reference rooms. As a foreign private issuer, we are also required to make filings with the Commission by electronic means. Any filings we make electronically will be available to the public over the Internet at the Commission’s web site at http://www.sec.gov.

Item 10.I. Subsidiary Information

Not applicable.

Item 10.J. Annual Report to Security Holders

Not applicable.

 

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ITEM 11.

QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK

Our primary market risk exposures are to fluctuations in exchange rates, interest rates and fuel prices. We are exposed to foreign exchange risk related to foreign currency-denominated liabilities. As of December 31, 2022, 14.7% of our long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, was denominated in foreign currencies, principally U.S. dollar. However, a substantial portion of our revenues is denominated in Won. As a result, changes in exchange rates, particularly between the Won and the U.S. dollar, significantly affect us due to our significant amounts of foreign currency-denominated debt and the effect of such changes on the amount of funds required by us to make interest and principal payments on such debt. In order to reduce the impact of foreign exchange rate fluctuations on our results of operations, we have entered into currency swaps and other hedging arrangements with respect to our foreign currency denominated debt.

We are also exposed to foreign exchange risk related to our purchases of fuel since we obtain substantially all of our fuel materials (other than anthracite coal) directly or indirectly from sources outside Korea. Prices for such fuel materials are quoted based on prices stated in, and in many cases are paid for in, currencies other than Won. In 2022, fuel costs represented 49.1% of our sales.

We are exposed to interest rate risk due to significant amounts of debt. Upward fluctuations in interest rates increase the cost of additional debt and the interest cost of outstanding floating rate borrowings. We are also exposed to fluctuations in prices of fuel materials. In 2022, for electricity generation, uranium accounted for 43.1% of our fuel requirements, coal accounted for 40.2%, LNG accounted for 13.1%, oil accounted for 0.1%, and others accounted for 3.5%, measured in each case by the amount of electricity we generated. In 2021, for electricity generation, uranium accounted for 39.5% of our fuel requirements, coal accounted for 43.1%, LNG accounted for 13.7%, oil accounted for 0.4%, and others accounted for 3.3%, measured in each case by the amount of electricity we generated.

For additional discussions of our market risks, see Item 3.D. “Risk Factors” and Item 5.B. “Liquidity and Capital Resources—Liquidity.”

 

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We have entered into various swap contracts to hedge exchange rate risks arising from foreign currency-denominated debts. Details of currency swap contracts outstanding as of December 31, 2022 are as follows:

 

   

Counterparty

  Contract
Year
    Settlement
Year
    Contract amounts     Contract
interest rate
  Contract
Exchange
Rate
 

Type

            Pay                     Receive           Pay   Receive
                    (in millions of Won or
thousands of foreign
currencies except contract
exchange rate information)
               

Trading

  Standard Chartered     2014       2029       KRW 102,470       USD 100,000     3.14%   3.57%     1,024.70  
  Societe Generale     2014       2024       KRW 105,017       USD 100,000     4.92%   5.13%     1,050.17  
  Hana Bank     2015       2024       KRW 107,970       USD 100,000     4.75%   5.13%     1,079.70  
  Credit Agricole     2015       2024       KRW 94,219       USD 86,920     4.85%   5.13%     1,083.97  
  Woori Bank     2019       2027       KRW 21,708       USD 19,417     5.04%   6.75%     1,118.00  
  Woori Bank     2019       2024       KRW 296,000       USD 250,000     1.21%   2.50%     1,184.00  
  Korea Development Bank     2019       2024       KRW 177,600       USD 150,000     1.24%   2.50%     1,184.00  
  Hana Bank     2019       2024       KRW 118,400       USD 100,000     1.24%   2.50%     1,184.00  
  Woori Bank     2020       2025       KRW 241,320       USD 200,000     0.54%   1.13%     1,206.60  
  Korea Development Bank     2020       2025       KRW 241,320       USD 200,000     0.54%   1.13%     1,206.60  
  Kookmin Bank     2020       2025       KRW 120,660       USD 100,000     0.54%   1.13%     1,206.60  
  Kookmin Bank     2020       2026       KRW 76,355       USD 70,445     5.83%   6.00%     1,083.90  
  Woori Bank     2021       2026       KRW 118,170       USD 100,000     1.11%   1.13%     1,181.70  
  Korea Development Bank     2021       2026       KRW 118,170       USD 100,000     1.11%   1.13%     1,181.70  
  Hana Bank     2021       2026       KRW 118,170       USD 100,000     1.11%   1.13%     1,181.70  
  Hana Bank     2022       2025       KRW 385,800       USD 300,000     3.11%   3.63%     1,286.00  
  Woori Bank     2022       2025       KRW 257,200       USD 200,000     3.12%   3.63%     1,286.00  
  JP Morgan     2022       2027       KRW 128,600       USD 100,000     3.56%   4.00%     1,286.00  
  Woori Bank     2022       2027       KRW 128,600       USD 100,000     3.56%   4.00%     1,286.00  
  Kookmin Bank     2022       2027       KRW 128,600       USD 100,000     3.56%   4.00%     1,286.00  
  Korea Development Bank     2022       2026       KRW 283,820       USD 200,000     4.67%   5.38%     1,419.10  
  Hana Bank     2022       2026       KRW 141,910       USD 100,000     4.68%   5.38%     1,419.10  
  JP Morgan     2022       2026       KRW 141,910       USD 100,000     4.69%   5.38%     1,419.10  
  Woori Bank     2022       2026       KRW 141,910       USD 100,000     4.69%   5.38%     1,419.10  
  Korea Development Bank     2022       2028       KRW 283,820       USD 200,000     5.12%   5.50%     1,419.10  
  Woori Bank     2022       2028       KRW 141,910       USD 100,000     5.13%   5.50%     1,419.10  
  Nomura     2015       2025       KRW 111,190       USD 100,000     2.60%   3.25%     1,111.90  
  Korea Development Bank     2015       2025       KRW 111,190       USD 100,000     2.62%   3.25%     1,111.90  
  Woori Bank     2015       2025       KRW 55,595       USD 50,000     2.62%   3.25%     1,111.90  
  Hana Bank     2015       2025       KRW 55,595       USD 50,000     2.62%   3.25%     1,111.90  
  Woori Bank     2017       2027       KRW 111,610       USD 100,000     2.25%   3.13%     1,116.10  
  Korea Development Bank     2017       2027       KRW 111,610       USD 100,000     2.31%   3.13%     1,116.10  
  Hana Bank     2017       2027       KRW 111,610       USD 100,000     2.31%   3.13%     1,116.10  
  Korea Development Bank     2018       2028       KRW 108,600       HKD 800,000     2.69%   3.35%     135.75  
  Shinhan Bank     2018       2028       KRW 115,387       HKD 850,000     2.66%   3.35%     135.75  
  Korea Development Bank     2018       2023       KRW 170,280       USD 150,000     2.15%   3.75%     1,135.20  
  Woori Bank     2018       2023       KRW 170,280       USD 150,000     2.18%   3.75%     1,135.20  
  Hana Bank     2018       2023       KRW 113,520       USD 100,000     2.17%   3.75%     1,135.20  
  Shinhan Bank     2018       2023       KRW 227,040       USD 200,000     2.17%   3.75%     1,135.20  
  Korea Citi bank     2019       2024       KRW 239,956       CHF 200,000     1.44%   0.00%     1,199.78  
  Korea Development Bank     2019       2027       KRW 119,978       CHF 100,000     1.43%   0.05%     1,199.78  
  Woori Bank     2021       2026       KRW 222,800       USD 200,000     0.93%   1.25%     1,114.00  
  Shinhan Bank     2021       2026       KRW 111,400       USD 100,000     0.92%   1.25%     1,114.00  
  Korea Development Bank     2021       2026       KRW 111,400       USD 100,000     0.93%   1.25%     1,114.00  
  Nonghyup Bank     2021       2026       KRW 111,400       USD 100,000     0.93%   1.25%     1,114.00  
  Woori Bank     2022       2027       KRW 262,000       USD 200,000     3.62%   4.25%     1,310.00  
  Export-Import Bank of Korea     2022       2027       KRW 131,000       USD 100,000     3.63%   4.25%     1,310.00  
  Kookmin Bank     2022       2027       KRW 131,000       USD 100,000     3.62%   4.25%     1,310.00  
  Hana Bank     2022       2027       KRW 131,000       USD 100,000     3.61%   4.25%     1,310.00  
  Korea Development Bank     2022       2027       KRW 262,000       USD 200,000     3.63%   4.25%     1,310.00  

 

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Counterparty

  Contract
Year
    Settlement
Year
    Contract amounts     Contract
interest rate
  Contract
Exchange
Rate
 

Type

            Pay                     Receive           Pay   Receive
                    (in millions of Won or
thousands of foreign
currencies except contract
exchange rate information)
               
  Export-Import Bank of Korea     2022       2032       KRW 349,829       HKD 1,935,000     4.87%   5.16%     180.79  
  JP Morgan     2022       2032       KRW 75,194       HKD 415,000     5.00%   5.16%     181.79  
  HSBC     2019       2024       USD 205,500       AUD 300,000     3M Libor +
0.78%
  3M BBSW +
0.97%
    USD 0.69  

Cash flow hedge

  Kookmin Bank     2020       2025       KRW 118,780       USD 100,000     1.29%   2.13%     1,187.80  
  Shinhan Bank     2020       2025       KRW 118,780       USD 100,000     1.29%   2.13%     1,187.80  
  Hana Bank     2020       2025       KRW 118,780       USD 100,000     1.29%   2.13%     1,187.80  
  Korea Development Bank     2020       2026       KRW 118,910       USD 100,000     0.61%   1.00%     1,189.10  
  Hana Bank     2020       2026       KRW 118,910       USD 100,000     0.61%   1.00%     1,189.10  
  Woori Bank     2020       2026       KRW 118,910       USD 100,000     0.62%   1.00%     1,189.10  
 

Nomura

    2017       2037       KRW 52,457       EUR 40,000     2.60%   1.70%     1,311.42  
 

Nomura

    2017       2037       KRW 59,423       SEK 450,000     2.62%   2.36%     132.05  
 

Kookmin Bank

    2021       2026       KRW 114,230       USD 100,000     1.27%   1.25%     1,142.30  
 

Korea Development Bank

    2021       2026       KRW 114,230       USD 100,000     1.27%   1.25%     1,142.30  
 

Hana Bank

    2021       2026       KRW 114,230       USD 100,000     1.27%   1.25%     1,142.30  
 

Korea Development Bank

    2022       2027       KRW 123,710       USD 100,000     3.41%   3.63%     1,237.10  
 

Woori Bank

    2022       2027       KRW 123,710       USD 100,000     3.41%   3.63%     1,237.10  
 

JP Morgan

    2022       2027       KRW 123,710       USD 100,000     3.41%   3.63%     1,237.10  
 

Korea Development Bank

    2018       2023       KRW 320,880       USD 300,000     2.03%   3.75%     1,069.60  
 

BNP Paribas

    2019       2024       KRW 111,841       CHF 100,000     1.78%   0.13%     1,118.41  
 

Kookmin Bank

    2019       2024       KRW 111,841       CHF 100,000     1.78%   0.13%     1,118.41  
 

Korea Development Bank

    2022       2025       KRW 128,560       USD 100,000     3.37%   4.13%     1,285.60  
 

Woori Bank

    2022       2025       KRW 128,560       USD 100,000     3.37%   4.13%     1,285.60  
 

Kookmin Bank

    2022       2025       KRW 128,560       USD 100,000     3.37%   4.13%     1,285.60  
 

Woori Bank

    2021       2026       KRW 220,600       USD 200,000     0.47%   0.75%     1,103.00  
 

Shinhan Bank

    2021       2026       KRW 220,600       USD 200,000     0.47%   0.75%     1,103.00  
 

Hana Bank

    2021       2026       KRW 55,150       USD 50,000     0.48%   0.75%     1,103.00  
 

Korea Development Bank

    2018       2023       KRW 169,335       USD 150,000     2.26%   3.88%     1,128.90  
 

Woori Bank

    2018       2023       KRW 169,335       USD 150,000     2.26%   3.88%     1,128.90  
 

Credit Agricole

    2018       2023       KRW 112,890       USD 100,000     2.26%   3.88%     1,128.90  
 

Hana Bank

    2018       2023       KRW 56,445       USD 50,000     2.26%   3.88%     1,128.90  
 

Kookmin Bank

    2018       2023       KRW 56,445       USD 50,000     2.26%   3.88%     1,128.90  
 

Woori Bank

    2020       2025       KRW 245,560       USD 200,000     0.93%   1.75%     1,227.80  
 

Hana Bank

    2020       2025       KRW 245,560       USD 200,000     0.93%   1.75%     1,227.80  
 

Korea Development Bank

    2020       2025       KRW 122,780       USD 100,000     0.93%   1.75%     1,227.80  
 

JP Morgan

    2022       2025       KRW 126,180       USD 100,000     2.80%   3.60%     1,261.80  
 

Hana Bank

    2022       2025       KRW 126,180       USD 100,000     2.80%   3.60%     1,261.80  
 

Korea Development Bank

    2022       2025       KRW 252,360       USD 200,000     2.83%   3.60%     1,261.80  
 

Woori Bank

    2022       2025       KRW 126,180       USD 100,000     2.85%   3.60%     1,261.80  

Under these currency swap contracts, we recognized net valuation gain of Won 156 billion in 2022.

 

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Details of interest rate contracts outstanding as of December 31, 2022 are as follows:

 

     Counterparty   Contract
Year
     Settlement
Year
     Contract amounts      Contract interest rate per annum

Type

   Pay   Receive
                       (in millions of
Won or thousands
of foreign
currencies)
          

Trading

   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%
   Hana Bank     2022        2027        200,000      3.02%   3M CD + 0.61%
   Hana Bank     2022        2027        200,000      3.04%   3M CD + 0.58%
   Hana Bank     2022        2027        250,000      3.38%   3M CD + 0.59%
   Nomura     2022        2027        200,000      3.55%   3M CD + 0.60%
   Shinhan Bank     2022        2027        150,000      3.53%   3M CD + 0.55%
   Hana Bank     2022        2027        200,000      3.70%   3M CD + 0.59%
   Nomura     2022        2027        300,000      3.89%   3M CD + 0.67%
   Hana Bank     2022        2027        200,000      3.93%   3M CD + 0.67%
   Nomura     2022        2027        200,000      3.80%   3M CD + 0.68%
   Nomura     2022        2027        300,000      4.04%   3M CD + 0.60%
   Hana Bank     2022        2027        100,000      4.68%   3M CD + 1.04%
   Hana Bank     2022        2027        100,000      5.45%   3M CD + 1.20%
   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%
   ANZ     2022        2025        AUD 540      0.48%   3.33%
   DBS Bank     2022        2025        AUD 540      0.48%   3.33%
   Societe Generale     2022        2025        AUD 540      0.48%   3.28%

Cash flow hedge

   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 51,891      4.16%   6M USD Libor
   KFW     2009        2027        USD 51,891      4.16%   6M USD Libor
   Export-Import Bank
of Korea
    2016        2036        USD 66,124      3.00%   6M USD Libor

 

Notes:

 

(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.

Under these interest rate swap contracts, we recognized net valuation gain of Won 66 billion in 2022.

 

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We engage in transactions denominated in foreign currencies and consequently become exposed to fluctuations in exchange rates. The carrying amounts of our foreign currency-denominated monetary assets and monetary liabilities as of December 31, 2021 and 2022 were as follows:

 

     Assets      Liabilities  

Type

           2021                      2022                      2021                      2022          
                             
     (In thousands of foreign currencies)  

AED

     6,481        5,610        31,637        25,597  

AUD

     3,733        4,448        926,960        299,663  

BDT

     50,145        7,514        577        —    

BWP

     939        824        —          —    

EGP

     —          —          595        1,162  

CAD

     582        89        2,266        595  

CHF

     —          —          500,230        500,158  

CZK

     —          —          386        153  

EUR

     1,809        1,976        42,981        41,073  

GBP

     —          —          —          31  

HKD

     —          —          1,651,665        4,014,446  

IDR

     768,731        598,697        995,510        1,323,840  

INR

     1,715,900        1,592,380        342,833        312,978  

JOD

     1,852        1,146        118        14  

JPY

     697,747        568,263        153,383        1,719,846  

KZT

     1,510        1,510        —          —    

MGA

     4,262,857        2,856,045        475,807        347,403  

MMK

     210,335        199,518        —          —    

MYR

     1,964        38,177        —          —    

PHP

     164,167        68,592        104,245        7,493  

PKR

     200,844        533,816        74,423        219,341  

RUB

     —          —          —          2,881  

SAR

     2,615        1,713        —          9,710  

SEK

     —          —          449,167        449,211  

THB

     —          —          —          389  

USD

     1,381,441        1,484,614        12,023,085        13,599,643  

UYU

     90,930        128,674        3,097        3,106  

VND

     952,135        1,184,670        262,372        4,495  

ZAR

     31,971        43,461        —          —    

The following analysis sets forth the sensitivity of our consolidated net income before income taxes (our “pre-tax income”) to changes in exchange rates, interest rates, electricity rates and fuel costs. For purposes of this section, we and our related parties are deemed one entity. The range of changes in such risk categories represents our view of the changes that are reasonably possible over a one-year period, although it is difficult to predict such changes as a result of adverse economic developments in Korea. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy—Unfavorable financial and economic conditions in Korea and globally may have a material adverse impact on us.” The following discussion only addresses material market risks faced by us and does not discuss other risks which we face in the normal course of business, including country risk, credit risk and legal risk. Unless otherwise specified, all calculations are made under IFRS.

If the Won depreciates against the U.S. dollar and all other foreign currencies held by us by 10%, and all other variables are held constant from their levels as of December 31, 2022, we estimate that our unrealized foreign exchange translation losses will increase by Won 1,703 billion in 2023. Such sensitivity analysis is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency as of December 31, 2021 and 2022, without taking into consideration of the hedge effect of swap transactions. To

 

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manage our foreign currency risk related to foreign currency-denominated receivables and payables, we have a policy of entering into currency forward agreements. In addition, to manage our foreign currency risk related to foreign currency-denominated expected sales transactions and purchase transactions, we enter into cross-currency swap agreements.

We are exposed to interest rate risk due to our borrowings with floating interest rates. If interest rates increase by 1% on all of our borrowings and debentures bearing variable interest, and all other variables are held constant as of December 31, 2022, we estimate that our profit before income taxes will decrease by Won 88 billion (not reflecting the fact that a portion of such interest may be capitalized under IFRS) in 2023. Such sensitivity analysis does not take into consideration of the hedge effect of interest rate swap transactions. To manage our interest rate risks, we, in addition to maintaining an appropriate mix of fixed and floating rate loans, have entered into certain interest rate swap agreements.

We are exposed to electricity rates risk due to the rate regulation by the Government, which considers the effect of electricity rate changes on the national economy. If the electricity rate rises by 1% and all other variables are held constant as of December 31, 2022, we estimate that our profit before income taxes will decrease by Won 662 billion in 2023.

We are exposed to fuel price risks due to the heavy influence of fuel costs on our sales and cost of sales. If the fuel prices of anthracite and bituminous coal, oil, LNG and others used for generation by us and our generation subsidiaries rise by 1% and all other variables are held constant as of December 31, 2022, we estimate that our profit before income taxes will decrease by Won 343 billion in 2023.

The above discussion and the estimated amounts generated from the sensitivity analyzes referred to above include “forward-looking statements,” which assume for analytical purposes that certain market conditions may occur. Accordingly, such forward-looking statements should not be considered projections by us of future events or losses.

See Note 45 of the notes to our consolidated financial statements included in this annual report for further related information.

 

ITEM 12.

DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES

Item 12.A. Debt Securities

Of the four debt securities issued by us that are registered under the Exchange Act as set forth in the cover page of this annual report, the One Hundred Year 7.95% Zero-to-Full Debentures due April 1, 2096, were guaranteed by Korea Development Bank. However, such guarantee expired on April 1, 2016 by reason of the expiration of a put option period applicable to such debentures in accordance with the terms of such debentures.

Korea Development Bank, a statutory bank for the Korean government, is 100% beneficially owned by the Korean government. The voting rights in our equity interest held by Korea Development Bank are effectively exercised by the Korean government.

The guarantee by Korea Development Bank of our above-mentioned registered debt securities was itself a security registered under the Securities Act. Korea Development Bank is a Schedule B issuer and periodically files registration statements with the Commission. These registration statements typically include financial statements prepared in accordance with the applicable generally accepted accounting principles, currently the Korean International Financial Reporting Standards, and audited in accordance with generally accepted auditing standards in the Republic of Korea.

 

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Item 12.B. Warrants and Rights

Not applicable.

Item 12.C. Other Securities

Not applicable.

Item 12.D. American Depositary Shares

Under the terms of the Deposit Agreement in respect of our ADSs, the holder and beneficiary owners of ADSs, any party depositing or withdrawing or surrendering ADSs or ADRs, whichever applicable, may be required to pay the following fees and charges to Citibank, N.A., whose principal executive office located in 388 Greenwich St. New York, NY 10013, acting as depositary for our ADSs:

 

Item

  

Services

  

Fees

1    Taxes and other governmental charges    As applicable
2    Registration of transfer of common shares generally on our shareholders’ register, any institution authorized under the applicable law to effect book-entry transfers of securities (including Korea Securities Depositary), or any entity that presently carries out the duties of registrar for the common shares, and applicable to transfers of common shares to the name of the Depositary or its nominee on the making of deposits or withdrawals    A fee of US$1.50 or less per ADS
3    Cable, telex and facsimile transmission expenses    As applicable
4    Expenses incurred by the Depositary in the conversion of foreign currency    As applicable
5    Execution and delivery of ADRs and the surrender of ADRs    Fee of US$0.05 or less per ADS
6    Cash distribution made by the Depositary or its agent    Fee of US$0.02 or less per ADS
7    Fee for the distribution of proceeds of sales of securities or rights for distribution other than cash, common shares or rights to subscribe for shares, distribution in shares or distribution in rights to subscribe for shares    Lesser of (i) the fee for the execution and delivery of ADRs referred to above which would have been charged as a result of the deposit by the holders of securities or common shares received in exercise of rights distributed to them, but which securities or rights are instead sold by the Depositary and the net proceeds distributed and (ii) the amount of such proceeds
8    Depositary services performed in administering the ADRs (which fee shall be assessed against holders of ADSs as of the record date or dates and shall be payable at the sole discretion of the Depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions)    Fee of US$0.02 or less per ADS per calendar year

 

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Depositary fees payable upon the issuance and cancelation of ADSs are typically paid to the depositary by the brokers (on behalf of their clients) receiving the newly-issued ADSs from the depositary and by the brokers (on behalf of their clients) delivering the ADSs to the depositary for cancelation. The brokers in turn charge these transaction fees to their clients.

Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary to the holders of record of ADSs as of the applicable ADS record date. The depositary fees payable for cash distributions are generally deducted from the cash being distributed. In the case of distributions other than cash (i.e., stock dividends, rights offerings), the depositary charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or un-certificated in direct registration), the depositary sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts via the central clearing and settlement system, the Depository Trust Company (“DTC”), the depositary generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients’ ADSs in DTC accounts in turn charge their clients’ accounts the amount of the fees paid to the depositary.

In the event of refusal to pay the depositary fees, the depositary may, under the terms of the Deposit Agreement, refuse the requested service until payment is received or may set-off the amount of the depositary fees from any distribution to be made to the ADS holder.

The fees and charges the ADS holders may be required to pay may vary over time and may be changed by us and by the depositary. The ADS holders will receive prior notice of such changes.

Depositary Payments for the Fiscal Year 2022

The following table sets forth our expenses incurred in 2022, which were reimbursed by Citibank, N.A. in the aggregate:

 

     (In thousands
of U.S. dollars)(1)
 

Reimbursement of legal fees

   US$ —    

Contributions towards our investor relations and other financing efforts (including investor conferences, non-deal roadshows and market information services)

     134,428  

Other

     72,652  
  

 

 

 

Total

   US$ 207,080  
  

 

 

 

 

Note:

 

(1)

Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul for the year ended December 31, 2022.

 

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PART II

 

ITEM 13.

DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES

Not applicable.

 

ITEM 14.

MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS

Not applicable.

 

ITEM 15.

CONTROLS AND PROCEDURES

Disclosure Control

Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule 13a-15(e) under the Exchange Act) as of December 31, 2022. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that the design and operation of our disclosure controls and procedures as of December 31, 2022 were effective to provide reasonable assurance that information required to be disclosed by us in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decision regarding required disclosure.

Management’s Annual Report on Internal Control over Financial Reporting

Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules 13a-15(f) and 15d-15(f) under the Exchange Act, for our company. Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of our internal control over financial reporting as of December 31, 2022 based on the framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of a company’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that a company’s receipts and expenditures are being made only in accordance with authorizations of a company’s management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect to consolidated financial statement preparation and presentation and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

 

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Following the overhaul in May 2013 by the Committee of Sponsoring Organization of the Treadway (“COSO”) of the COSO Framework relating to internal controls and adoption of the 2013 Integrated Framework of the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework (2013)”), we have, effective January 1, 2014, adopted the COSO Framework (2013) and incorporated it into our internal control system for us and our subsidiaries in order to comply with the Sarbanes Oxley Act and to standardize our internal control system. As required by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules as promulgated by the Securities and Exchange Commission, management assessed the effectiveness of our internal control over financial reporting as of December 31, 2022 using criteria established by the COSO Framework (2013). Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2022 based on the criteria established by the COSO Framework (2013).

Audit Report of the Independent Registered Public Accounting Firm

Ernst & Young Han Young has issued an audit report on the effectiveness of our internal control over financial reporting as of December 31, 2022, which is included elsewhere in this annual report.

Changes in Internal Controls

There were no changes in our internal control over financial reporting that occurred during the year ended December 31, 2022 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Our adoption of the COSO Framework (2013) did not have, and is not reasonably likely to have, any material effect on our internal control over financial reporting.

On the other hand, in preparation for seamless transition to the new cost pass-through system, we have adopted an enhancement to our internal control over financial reporting effective as of January 1, 2021. Nevertheless, such enhancement did not have any effect on our consolidated financial statements included in this annual report or related internal controls to have any effect on our assessment of internal control over financial reporting as of December 31, 2022. We believe such enhancement would not have, and is not likely to have, any material effect on our internal control over financial reporting in 2023.

We operate an integrated ERP system for a transparent and efficient management of the core ERP components, including personnel, accounting, procurement, construction and facilities maintenance. In addition, we also operate a strategic enterprise management system that includes business warehouse, management information and business planning and simulation systems. We will continue to upgrade and improve the ERP system, which is being used as our core information infrastructure.

 

ITEM 16.

[RESERVED]

ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT

Our board of directors has determined that we have at least one “audit committee financial expert” as such term is defined by the regulations of the Securities and Exchange Commission issued pursuant to Section 407 of the Sarbanes-Oxley Act of 2002. Our audit committee financial expert is Kim, Jae-Shin. Such member is independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Enforcement Decree of the Korean Commercial Act and the New York Stock Exchange listing standards.

ITEM 16B. CODE OF ETHICS

We have adopted a code of ethics for our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions as required under Section 406 of the Sarbanes-Oxley Act of 2002, together with an insider reporting system in compliance with Section 301 of the

 

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Sarbanes-Oxley Act. The code of ethics is available on our website www.kepco.co.kr. We have not granted any waiver, including an implicit waiver, from a provision of the code of ethics to any of the above-mentioned officers during our most recently completed fiscal year.

ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES

The following table sets forth the aggregate fees billed for each of the years ended December 31, 2021 and 2022 for professional services rendered by our principal accountant for such year, for various types of services and a brief description of the nature of such services. Ernst & Young Han Young, an independent registered public accounting firm, was our principal accountant for the years ended December 31, 2021 and 2022 and we currently expect Ernst & Young Han Young to serve as our principal accountant for the year ended December 31, 2023.

 

     Aggregate Fees Billed During       

Type of Services

           2021                      2022             

Nature of Services

     (In millions of Won)       

Audit Fees

   W 8,002      W 9,030      Audit service including interim review service for KEPCO and its subsidiaries.

Audit-Related Fees

     498        880      Comfort letter services.

Tax Fees

     20        106      Tax return and consulting advisory service.

All Other Fees

     —          —        All other services which do not meet the three categories above.
  

 

 

    

 

 

    

Total

   W 8,520      W 10,016     
  

 

 

    

 

 

    

 

The U.S. law and regulations in effect since May 6, 2003 generally require all service of the principal accountant to be pre-approved by an independent audit committee or, if no such committee exists with respect to an issuer, by the entire board of directors. We have adopted the following policies and procedures for consideration and approval of requests to engage our principal accountant to perform audit and non-audit services. If the request relates to services that would impair the independence of our principal accountant, the request must be rejected. If the service request relates to audit and permitted non-audit services for us and our subsidiaries, it must be forwarded to our audit committee and receive pre-approval.

In addition, the U.S. law and regulations permit the pre-approval requirement to be waived with respect to engagements for non-audit services aggregating no more than five percent of the total amount of revenues we paid to our principal auditors, if such engagements were not recognized by us at the time of engagement and were promptly brought to the attention of our audit committee or a designated member thereof and approved prior to the completion of the audit.

ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE

Not applicable.

ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS

Neither we nor any “affiliated purchaser,” as defined in Rule 10b-18(a)(3) of the Exchange Act, purchased any of our equity securities during the period covered by this annual report.

 

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ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT

Not applicable.

ITEM 16G. CORPORATE GOVERNANCE

We are committed to high standards of corporate governance. We are in compliance with the corporate governance provisions of the KEPCO Act, the Act on the Management of Public Institutions, the Korean Commercial Act, the Financial Investment Services and Capital Markets Act of Korea and the Listing Rules of the Korea Exchange. We, like all other companies in Korea, must comply with the corporate governance provisions under the Korean Commercial Act, except to the extent the KEPCO Act and the Act on the Management of Public Institutions otherwise require. Our corporate governance is also affected by various regulatory guidelines, including those promulgated by the Ministry of Economy and Finance. In addition, as a company listed on the Korea Exchange, we are subject to the Financial Investment Services and Capital Markets Act of Korea, unless the Financial Investment Services and Capital Markets Act of Korea otherwise provides.

The Act on the Management of Public Institutions

General Provisions

On April 1, 2007, the Act on the Management of Public Institutions took effect by abolishing and replacing the Government-invested Enterprise Management Basic Act, which was enacted in 1984. Unless stated otherwise therein, the Act on the Management of Public Institutions takes precedence over any other laws and regulations in the event of inconsistency. On April 2, 2007, pursuant to this Act the Minister of the Ministry of Economy and Finance designated us as a “market-oriented public enterprise” as defined under this Act, and we became subject to this Act accordingly. We incorporated the applicable provisions of this Act into our Articles of Incorporation by amendment thereto in September 2007.

The Act on the Management of Public Institutions sets out the rules for corporate governance for entities that are subject to this Act, including the appointment of their respective president and directors. Under this Act as it applies to us as a “market-oriented public enterprise”, (i) a senior non-standing director as appointed by the Minister of the Ministry of Economy and Finance becomes the chairperson of our board of directors following the review and resolution of the Committee for Management of Public Institutions; (ii) our president and our standing directors who concurrently serve as members of our audit committee are appointed by the President of the Republic upon the motion of the Ministry of Trade, Industry and Energy (in the case of our president) or of the Ministry of Economy and Finance (in the case of standing directors who concurrently serve as members of our audit committee), following the nomination by such enterprise’s director nomination committee, the review and resolution of the Committee for Management of Public Institutions pursuant to the Act on the Management of Public Institutions and an approval at the general meeting of our shareholders; (iii) our standing directors other than the president and those who also serve as audit committee members must be appointed by our president with the approval at the general meeting of our shareholders from a pool of candidates recommended by our director nomination committee; and (iv) our non-standing directors must be appointed by the Minister of the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee, and must (a) have ample knowledge and experience in business management who cannot be public service personnel other than a public educational official at national or public schools or (b) have held their offices in us for at least three years and either (x) be recommended by the representative of our employees (or the representative of the labor union if there is a labor union comprising the majority of our employees) or (y) obtain consent from the majority of our employees. We are required to appoint at least one non-standing director who qualifies the requirement (b) above.

The Committee for Management of Public Institutions is established pursuant to the Act on the Management of Public Institutions and is comprised of one chairperson who is the Minister of the Ministry of Economy and

 

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Finance and the following members: (i) one Vice Minister-level public official from the Office for Government Policy Coordination as nominated by the Minister of the Office for Government Policy Coordination; (ii) one Vice Minister, Deputy Administrator or an equivalent public official of the related administrative agency as prescribed by Presidential Decree; (iii) one Vice Minister, Deputy Administrator, or an equivalent public official of the competent agency who does not fall under sub-clause (ii); and (iv) 11 or fewer persons commissioned by the President based on the recommendation of the Minister of the Ministry of Economy and Finance from among persons in various fields including law, economy, press, academia, labor, who have good knowledge and experience in the operation and business administration of public institutions as well as good reputation for impartiality.

Our director nomination committee, which is also known as the Committee for Recommendation of Executive Officers, is comprised of non-standing directors and members appointed by the board of directors. The number of members ranges from five to 15 persons and must be decided by a resolution of the board of directors; provided that, the number of members appointed by the board of directors must be less than half of the total number of members of our director nomination committee.

Under the Act on the Management of Public Institutions and our Articles of Incorporation, the term of office is three years for our president and two years for our directors (standing and non-standing) other than our president. Our directors (including the president) may be reappointed for one or more additional terms of one year. In order to be reappointed, the president must be evaluated on the basis of his management performance; a standing director, on the basis of the performance of the duties for which he was elected to perform, or if the standing director has executed an incentive bonus contract, on the basis of his performance under the contract; and a non-standing director, on the basis of his performance of the duties for which he was elected to perform.

Under the Act on the Management of Public Institutions and our Articles of Incorporation, a recommendation from the director nomination committee is required for the appointment of our executive officers, except in the case of reappointments. The director nomination committee consists of five to fifteen members, including private-sector members appointed by the board of directors. Non-standing directors must comprise at least a majority of the director nomination committee. One of the private-sector members must be able to represent our opinion and must not be currently employed by us. As required under the Act on the Management of Public Institutions, we established an audit committee. At least two-thirds of the audit committee members must be non-standing directors, and at least one committee member must be an expert in finance or accounting. According to the Act on the Management of Public Institutions, our president’s term cannot be terminated unless done so by the President of the Republic pursuant to the Act on the Management of Public Institutions or upon an event as specified in our Articles of Incorporation.

As required under Act on the Management of Public Institutions, we submit to the Government by October 31 every year a report on our medium- to long-term management goals. Under the Act on the Management of Public Institutions, we are also required to give separate public notice of important management matters, such as our budget and financial statements, status of directors and annual reports. In addition, for purposes of providing a comparison of the management performances of Government agencies, we are required to post on a designated website a notice on a standard form detailing our management performance. Following consultation with the Minister of the Ministry of Trade, Industry and Energy and the review and resolution of the Committee for Management of Public Institutions, the Ministry of Economy and Finance must examine the adequacy and competency of Government agencies and establish plans on merger, abolishment, restructuring and privatization of public agencies. In such case, the Minister of the Ministry of Trade, Industry and Energy must execute these plans and submit a performance report to the Ministry of Economy and Finance.

Under certain amendments to the Act on the Management of Public Institutions that became effective as of July 1, 2019, our president is required to establish a plan to appoint directors and senior management based on the gender equality, endeavor to follow such plan, and submit an annual report on our gender equality plan regarding appointment of directors and senior management to the Ministry of Economy and Finance.

 

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Application of the Act to Our Generation Subsidiaries

On January 24, 2011, the Ministry of Economy and Finance changed the designation of our six generation subsidiaries from “other public institutions” to “market-oriented public enterprises”, each as defined in the Act on the Management of Public Institutions, and all of our generation subsidiaries accordingly amended their respective articles of incorporation in 2011 to be in compliance with this Act. As “other public institutions”, our generation subsidiaries previously were not subject to the same regulations under the Act on the Management of Public Institutions applicable to us with regards to corporate governance matters such as the appointment and dismissal of directors and the composition of the boards of directors. However, as “market-oriented public enterprises”, our generation subsidiaries are currently subject to the same such regulations that are applicable to us.

Specifically, prior to such designation, (i) our president appointed the presidents and the statutory auditors of our generation subsidiaries; (ii) the selection of non-standing directors of each such subsidiary was subject to approval by our president; (iii) the president of each such subsidiary entered into a management contract with our president; and (iv) our evaluation committee conducted performance evaluation of such subsidiaries. However, following such designation, akin to the appointment process applicable to us, (i) the President of the Republic appoints the presidents and standing directors of our generation subsidiaries that concurrently serve as members of the audit committees; (ii) the selection of non-standing directors of these subsidiaries is subject to approval by the Minister of the Ministry of Economy and Finance; (iii) the president of each such generation subsidiary is required to enter into a management contract directly with the Minister of the Ministry of Trade, Industry and Energy; and the Committee for Management of Public Institutions conducts performance evaluation of such subsidiaries.

Our Control over the Generation Subsidiaries

Designation of our generation subsidiaries as “market-oriented public enterprises” was intended to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them so as to provide improved service to the general public. Such designation also has had the effect of the Government exercising greater direct control over the appointment of the governing body of our generation subsidiaries (in ways that are similar how the Government exercises such control over us as our majority shareholder as well as our regulator).

In addition, the Government has imposed a number of regulations that further affect the respective operational boundaries between us and our generation subsidiaries, including as follows:

 

   

In August 2010, in furtherance of the Act on the Management of Public Institutions, the Ministry of Economy and Finance announced the Proposal for the Improvement in the Structure of the Electric Power Industry, which was designed to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them. Key initiatives of the proposal included the following: (i) maintain the current structure of having six generation subsidiaries and designate the six generation subsidiaries as market-oriented public enterprises under the Act on the Management of Public Institutions in order to foster competition among the generation subsidiaries and promote efficiency in their operations, and (ii) clarify the scope of the business of us and the six generation subsidiaries (namely, that we shall manage the financial structure and governance of the six generation subsidiaries and nuclear power plant and overseas resources development projects, while the six generation subsidiaries will have greater autonomy with respect to construction and management of generation units and procurement of fuel, among others).

 

   

In January 2011, the Ministry of Economy and Finance created a “joint cooperation unit” consisting of officers and employees selected from the five thermal power generation subsidiaries in order to reduce inefficiencies in areas such as fuel transportation, inventories, materials and equipment and construction, etc. and allow the thermal power generation subsidiaries to continue utilizing the benefits

 

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of economy of scale after split off of our generation business units into separate subsidiaries. The purpose of the joint cooperation unit was to give greater autonomy to the generation subsidiaries with regard to power plant construction and management and fuel procurements, and thereby enhance efficiency in operating power plants. The main functions of the joint cooperation unit are as follows: (i) maintain inventories of bituminous coal through volume exchanges and joint purchases, (ii) reduce shipping and demurrage expenses through joint operation and distribution of dedicated vessels, (iii) reduce costs by sharing information on generation material inventories and (iv) sharing human resources among the five thermal power generation subsidiaries for construction projects, among other things.

 

   

In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing non-core assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to end-users should be liberalized to encourage more competition.

However, notwithstanding these developments, we, also a government-controlled entity, remain as the sole shareholder of our generation subsidiaries and continue to exercise significant control over them in such capacity as the sole shareholder well as through other practical means as further described below.

First, as the sole shareholder, we continue to have the right, under the Act on the Management of Public Institutions, to approve or disapprove the appointment of key members of the governing body of our generation subsidiaries (namely, the president, the standing directors, and the non-standing directors) by way of a vote at the general shareholders meeting before such appointments are ultimately approved and made by the President of the Republic (in the case of the presidents and standing directors concurrently serving as audit committee members of the generation subsidiaries) or by the president of each generation subsidiary (in the case of other standing directors of such generation subsidiary). Our right to exercise such voting right as a shareholder is also protected by the Commercial Act of Korea.

Second, in practice we retain significant control over our generation subsidiaries through the following means:

 

   

We are the sole purchaser of electricity produced by the generation subsidiaries and continue to have near monopoly in terms of transmitting and distributing electricity in Korea. Accordingly, we continue to have significant influence over our generation subsidiaries in the electricity industry.

 

   

Our president holds regular meetings (known as “CEO Meetings”) with the presidents of our generation subsidiaries for which our president determines whether and when to convene such meetings, sets the agenda for such meetings and chairs such meetings. Since significant issues that jointly affect us and our generation subsidiaries are often discussed and decided at these meetings, the leadership role exercised by our president in such meetings is significant in setting the policies and direction for us and our generation subsidiaries as a whole.

 

   

We maintain and operate the Affiliated Company Management Team within the parent company organizational structure. The purpose of this team is to support and coordinate the management of the generation subsidiaries. Activities of the Affiliated Company Management Team include preparation of the CEO meetings, deliberation on major issues to be discussed at CEO Meetings, convening a general meeting of shareholders of the generation subsidiaries and coordination on the decision-making process for the general meeting of shareholders of the generation subsidiaries.

 

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Ultimately, our control over our generation subsidiaries is derived from the fact that the Government owns the majority of our shares and effectively controls us as the supervisor and regulator in a heavily regulated industry, and in effect also exercises the same degree of control over our generation subsidiaries through our sole share ownership over our generation subsidiaries as well as its statutory power of direct appointment of the governing bodies of our generation subsidiaries. In effect, we are acting as an intermediate holding company in a vertical control structure involving the Government, us and our generation subsidiaries, where the Government holds the ultimate control over both us and our generation subsidiaries and exercises its control over our generation subsidiaries in part through us acting as the sole shareholder and the parent company.

Differences between Korean and New York Stock Exchange Corporate Governance Practices

We are a “foreign private issuer” (as such term is defined in Rule 3b-4 under the Exchange Act), and our ADSs are listed on the New York Stock Exchange, or NYSE. Under Section 303A of the NYSE Listed Company Manual, NYSE-listed companies that are foreign private issuers are permitted to follow home country practice in lieu of the corporate governance provisions specified by the NYSE with limited exceptions. Under the NYSE Listed Company Manual, we as a foreign private issuer are required to disclose significant differences between NYSE’s corporate governance standards and those we follow under Korean law. The following summarizes some significant ways in which our corporate governance practices differ from those followed by U.S. companies listed on the NYSE under the listing rules of the NYSE.

Majority of Independent Directors on the Board

Under the NYSE listing rules, U.S. companies listed on the NYSE must have a board, the majority of which is comprised of independent directors satisfying the requirements of “independence” as set forth in Rule 10A-3 under the Exchange Act. No director qualifies as “independent” unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with us). The NYSE rules include detailed tests for determining director independence. As a foreign private issuer, we are exempt from these requirements. Under the Act on the Management of Public Institutions, the number of standing directors including our president must be less than one-half of incumbent directors. For a discussion on qualifications of non-standing directors, see Item 6.A. “Directors and Senior Management—Board of Directors.” Under the Act on the Management of Public Institutions, a non-standing director is appointed by the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee, and must (i) have ample knowledge and experience in business management or (ii) have held his or her offices for at least three years and either (a) be recommended by the representative of the employees (or the representative of the labor union if there is a labor union comprising the majority of the employees) or (b) obtain consent from the majority of the employees. We are required to appoint at least one non-standing director who qualifies the requirement (ii) above. Government officials that are not part of the teaching staff in national and public schools are ineligible to become our non-standing directors.

Executive Session

Under the NYSE listing rules, non-management directors of U.S. companies listed on the NYSE are required to meet on a regular basis without management present and independent directors must meet separately at least once per year. While no such requirement currently exists under applicable Korean law, listing standards or our Articles of Incorporation, executive sessions were held from time to time in 2018 and in 2021 in order to promote the exchange of diverse opinions by non-standing directors.

 

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Audit Committee

Under the NYSE listing rules, listed companies must have an audit committee that has a minimum of three members, and all audit committee members must satisfy the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule 10A-3 under the Exchange Act. Our audit committee members meet the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule 10A-3 under the Exchange Act. The audit committee must be directly responsible for the appointment, compensation, retention and oversight of the work of the independent registered public accountants. Our audit committee performs the roles and responsibilities required of an audit committee under the Sarbanes-Oxley Act, including the supervision of the audit by the independent registered public accountants. Under the Korea Exchange listing rules and the Korean Commercial Act, a large listed company must also establish an audit committee of which at least two-thirds of its members must be non-standing directors and whose chairperson must be a non-standing director. Under the Act on the Management of Public Institutions, the Korean Commercial Act, the amended Articles of Incorporation and the Korea Exchange listing rules, we are required to maintain an audit committee consisting of three members, of which not less than two members are required to be non-standing directors. In addition, pursuant to certain amendments to the Act on the Management of Public Institutions that became effective as of January 1, 2021, in appointing the standing member of the audit committee, the director nomination committee shall recommend the person who is qualified in any of the followings: (i) a person who is qualified as a certified public accountant or an attorney and has a minimum of three years of experience in work related to such qualification, (ii) a person who has served as an assistant professor or at a higher position for at least three years in areas directly related to audit, investigation and judicial affairs, budget and accounting, investigation, planning and evaluation, etc. (hereinafter referred to as “audit related works”) at a school under subparagraphs 1 through 5 of Article 2 of the Higher Education Act), (iii) a person who has been in charge of audit-related works for at least three years at a public institution, stock-listed corporation or research institute under Article 9(15)3 of the Financial Investment Services and Capital Markets Act and has experience prescribed by Presidential Decree, (iv) person who has been in charge of audit-related works for at least three years at the state or a local government and has served as a public official at the level prescribed by Presidential Decree, or (v) person with other expertise in accordance with the affairs of the relevant institution and qualified as prescribed by Presidential Decree.

Our audit committee is in compliance with the foregoing requirements under the Act on the Management of Public Institutions, the Korean Commercial Act, the amended Articles of Incorporation and the Korea Exchange listing rules.

On April 2, 2021, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires at least one director who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders. Our amended Articles of Incorporation requires all three directors who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders.

On November 7, 2022, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires the affirmative votes of at least a majority of the voting rights of the shareholders present at the shareholders meeting for appointment of a member of the audit committee in lieu of the affirmative votes of (i) at least a majority of the voting rights of the shareholders present at the shareholders meeting and (ii) at least one-fourth (1/4) of the total number of shares with the voting rights issued and outstanding if the shareholders are permitted to exercise a vote by electronic means at such shareholders meeting by the resolution of our board of directors.

Nomination/Corporate Governance Committee

Under the NYSE listing rules, U.S. companies listed on the NYSE must have a nomination/corporate governance committee composed entirely of independent directors. In addition to identifying individuals

 

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qualified to become board members, this committee must develop and recommend to the board a set of corporate governance principles. Under the Act on the Management of Public Institutions, we are required to have a director nomination committee which consists of non-standing directors and ad hoc members appointed by our board of directors. Our standing directors and executives as well as governmental officials that are not part of the teaching staff in national and public schools are ineligible to become a member of our director nomination committee. There is no requirement to establish a corporate governance committee under applicable Korean law.

Pursuant to the NYSE listing standards, non-management directors must meet on a regular basis without management present and independent directors must meet separately at least once per year. No such requirement currently exists under applicable Korean law.

Compensation Committee

Under the NYSE listing rules, U.S. companies listed on the NYSE are required to have a compensation committee which is composed entirely of independent directors. In January 2013, the SEC approved amendments to the listing rules of NYSE and NASDAQ regarding the independence of compensation committee members and the appointment, payment and oversight of compensation consultants. The listing rules were adopted as required by Section 952 of the Dodd-Frank Act and rule 10C-1 of the Exchange Act, which direct the national securities exchanges to prohibit the listing of any equity security of a company that is not in compliance with the rule’s compensation committee director and advisor independence requirements. Certain elements of the listing rules became effective on July 1, 2013 and companies listed on the NYSE must comply with such listing rules by the earlier of the company’s first annual meeting after January 15 or October 31, 2014.

No such requirement currently exists under applicable Korean law or listing standards, and we currently do not have a compensation committee.

Corporate Governance Guidelines and Code of Business Conduct and Ethics

Under the NYSE listing rules, U.S. companies listed on the NYSE are required to establish corporate governance guidelines and to adopt a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. As a foreign private issuer, we are exempt from this requirement. Pursuant to the requirements of the Sarbanes-Oxley Act, we have adopted a code of ethics applicable to our President & Chief Executive Officer and all other directors and executive officers including the Chief Financial Officer and the Chief Accounting Officer, as well as all financial, accounting and other officers that are involved in the preparation and disclosure of our consolidated financial statements and internal control of financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We have also adopted an insider reporting system in compliance with Section 301 of the Sarbanes-Oxley Act. The code of ethics applicable to our executive officers and financial officers are available on www.kepco.co.kr.

Shareholder Approval of Equity Compensation Plans

Under the NYSE listing rules, shareholders of U.S. companies listed on the NYSE are required to approve all equity compensation plans. Under Korean law and regulations, stock options can be granted to employees to the extent expressly permitted by the articles of incorporation. We currently do not have any equity compensation plans.

Annual Certification of Compliance

Under the NYSE listing rules, a chief executive officer of a U.S. company listed on the NYSE must annually certify that he or she is not aware of any violation by the company of NYSE corporate governance standards. As a foreign private issuer, we are not subject to this requirement. However, in accordance with rules applicable to both U.S. companies and foreign private issuers, we are required to promptly notify the NYSE in writing if any executive officer becomes aware of any material noncompliance with the NYSE corporate

 

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governance standards applicable to us. In addition, foreign private issuers, including us, are required to submit to the NYSE an annual written affirmation relating to compliance with Sections 303A.06 and 303A.11 of the NYSE listed company manual, which are the NYSE corporate governance standards applicable to foreign private issuers. All written affirmations must be executed in the form provided by the NYSE, without modification. An annual written affirmation is required to be submitted to the NYSE within 30 days of filing with the SEC our annual report on Form 20-F. We have been in compliance with this requirement in all material respects and plan to submit such affirmation within the prescribed time line.

Whistle Blower Protection

On May 25, 2011, the SEC adopted final rules to implement whistleblower provisions of the Dodd-Frank Act, which are applicable to foreign private issuers with securities registered under the U.S. securities laws. The final rules provide that any eligible whistleblower who voluntarily provides the SEC with original information that leads to the successful enforcement of an action brought by the SEC under U.S. securities laws must receive an award of between 10 and 30 percent of the total monetary sanctions collected if the sanctions exceed US$1,000,000. An eligible whistleblower is defined as someone who provides information about a possible violation of the securities laws that he or she reasonably believes has occurred, is ongoing, or is about to occur. The possible violation does not need to be material, probably or even likely, but the information must have a “facially plausible relationship to some securities law violation”; frivolous submissions would not qualify. The final rules also prohibit retaliation against the whistleblower. While the final rules do not require employees to first report allegations of wrongdoing through a company’s corporate compliance system, they do seek to incentivize whistleblowers to utilize internal corporate compliance first by, among other things, (i) giving employees who first report information internally the benefit of the internal reporting date for purposes of the SEC program so long as the whistleblower submits the same information to the SEC within 120 days of the initial disclosure; (ii) clarifying that the SEC will consider, as part of the criteria for determining the amount of a whistleblower’s award, whether the whistleblower effectively utilized the company’s corporate compliance program or hindered the function of the program; and (iii) crediting a whistleblower who reports internally first and whose company passes the information along to the SEC, which would mean the whistleblower could receive a potentially higher award for information gathered in an internal investigation initiated as a result of the whistleblower’s internal report.

In addition, the final rules address concerns that the whistleblower rules incentivize officers, directors and those with legal, audit, compliance or similar responsibilities to abuse these positions by making whistleblower complaints to the SEC with respect to information they obtained in these roles by generally providing that information obtained through a communication subject to attorney-client privilege or as a result of legal representation would not be eligible for a whistleblower award unless disclosure would be permitted by attorney conduct rules. Accordingly, officers and directors, auditors and compliance personnel and other persons in similar roles would not be eligible to receive awards for information received in these positions unless (x) they have a reasonable basis to believe that (1) disclosure of the information is necessary to prevent the entity from engaging in conduct that is likely to cause substantial injury to the financial interests of the entity or investors; or (2) the entity is engaging in conduct that will impede an investigation of the misconduct, for example, destroying documents or improperly influencing witnesses; or (y) 120 days have passed since the whistleblower provided the information to senior responsible persons at the entity or 120 days have passed since the whistleblower received the information at a time when these people were already aware of the information.

In Korea, under the Financial Investment Services and Capital Markets Act, anyone may provide or furnish the Financial Services Commission or the Securities and Futures Commission with information on unfair trading or any other violation of the Financial Investment Services and Capital Markets Act. The Financial Services Commission shall keep the identity of the whistleblower confidential, and any institution, organization or company to which the whistleblower belongs may not treat the whistleblower unfavorably, directly or indirectly. In addition, the Financial Services Commission may also reward the whistleblower within the limit of the budget of the Financial Services Commission.

 

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ITEM 16H.

MINE SAFETY DISCLOSURE

Not applicable.

 

ITEM 16I.

DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS.

Not applicable.

 

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PART III

 

ITEM 17.

FINANCIAL STATEMENTS

We have responded to Item 18 in lieu of responding to this item.

 

ITEM 18.

FINANCIAL STATEMENTS

Reference is made to Item 19(a). “Exhibits” for a list of all financial statements filed as part of this annual report.

 

ITEM 19.

EXHIBITS

 

(a)

Exhibits filed as part of this Annual Report

See Index of Exhibits beginning on page 159 of this annual report.

 

(b)

Financial Statements filed as part of this Annual Report

See Index to Financial Statements on page F-1 of this annual report.

 

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INDEX OF EXHIBITS

 

    1.1    Articles of Incorporation, as amended on November 7, 2022 (in English)
    2.1    Form of Deposit Agreement*
    8.1    List of Subsidiaries
  12.1    Certifications of our Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act (Certifications under Section 302 of the Sarbanes-Oxley Act of 2002)
  12.2    Certifications of our Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act (Certifications under Section 302 of the Sarbanes-Oxley Act of 2002)
  13.1    Certifications of our Chief Executive Officer required by Rule 13a-14(b) and Section 1350 of Chapter 63 of the United States Code (18 U.S.C. 1350) (Certifications under Section 906 of the Sarbanes-Oxley Act of 2002)
  13.2    Certifications of our Chief Financial Officer required by Rule 13a-14(b) and Section 1350 of Chapter 63 of the United States Code (18 U.S.C. 1350) (Certifications under Section 906 of the Sarbanes-Oxley Act of 2002)
  15.1    The Korea Electric Power Corporation Act, as amended on December 31, 2022 (in English)
  15.2    Enforcement Decree of the Korea Electric Power Corporation Act, as amended on January 5, 2021 (in English)**
  15.3    The Act on the Management of Public Institutions, as amended on February 3, 2022 (in English)
  15.4    Enforcement Decree of the Act on the Management of Public Institutions, as amended on December 20, 2022 (in English)
101.INS    Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
101.SCH    Inline XBRL Taxonomy Extension Schema Document
101.CAL    Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF    Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB    Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE    Inline XBRL Taxonomy Extension Presentation Linkbase Document
104    The cover page for the Company’s Annual Report on Form 20-F for the year ended December 31, 2022, has been formatted in Inline XBRL

 

*

Incorporated by reference to the Registrant’s Registration Statement on Form F-6 with respect to the ADSs, registered under Registration No. 333-196703.

**

Incorporated by reference to the Registrant’s annual report on Form 20-F (No. 001-13372) previously filed on April 30, 2021.

 

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SIGNATURES

The registrant hereby certifies that it meets all of the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.

 

KOREA ELECTRIC POWER CORPORATION
By:  

/s/ Cheong, Seung-Il

Name:   Cheong, Seung-Il
Title:   President and Chief Executive Officer
Date:   April 28, 2023

 

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Korea Electric Power Corporation and subsidiariesShinhan Bank and othersIncorporated on December 31, 1981 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”)Engage in the generation, transmission and distribution of electricity and development of electric power resources. KEPCO also provides power plant construction service2021.04.01 ~2022.06.302021.04.01 ~2022.06.30
INDEX TO FINANCIAL STATEMENTS
 
    
Page
 
     F-2  
     F-4  
     F-5  
     F-7  
     F-9  
     F-12  
     F-14  
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders and Board of Directors of
Korea Electric Power Corporation
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Korea Electric Power Corporation and subsidiaries (the “Company”) as of December 31, 2021 and 2022, the related consolidated statements of comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2021 and 2022, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2022, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 28, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 
 
Impairment of property, plant and equipment in electricity transmission and distribution business
Description of the Matter
 
As described in note 18 to the consolidated financial statements, the aggregate carrying value of the Company’s property, plant and equipment (“PP&E”) as of December 31, 2022 is KRW 177,865,308 million, and no impairment charge was recognized during the year ended December 31, 2022. Since the Company was operating at a loss during the year, the Company evaluated its cash-generating unit (“CGU”) in its electricity transmission and distribution business for recoverability by comparing the carrying amount of the CGU with its
value-in-use
(“VIU”) amount measured using the discounted cash flow model and concluded that the CGU was fully recoverable as of December 31, 2022.
 
Auditing the Company’s impairment assessment involved subjective judgment and required the involvement of specialists because, in preparing the VIU estimate, management uses estimates in the discounted cash flow model that include, among others, assumptions about future sales volumes, unit sales prices, cost of power
 
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  purchases, and discount rates, that are inherently uncertain. Further, the carrying amount of PP&E to the consolidated financial statements is material and as such these assumptions have a significant effect on the outcome of the impairment assessment.
How We Addressed the Matter in Our Audit
 
We obtained an understanding, evaluated the design, and tested the operating effectiveness, of controls over the Company’s processes in determining the VIU of the CGU. This included our evaluation of management review controls over significant assumptions (i.e., future sales volumes, unit sales prices, cost of power purchases, and discount rates) used to develop the discounted cash flow forecasts.
 
Our testing of the Company’s impairment calculation included, among other procedures, evaluating the discounted cash flow model used by the Company by involving our valuation specialists to assist in testing the significant assumptions used to develop the cash flow forecasts and testing the completeness and accuracy of the underlying data. We assessed the accuracy of the Company’s historical projections by comparing them with actual operating results, evaluated management’s methodology for determining the discount rate used to calculate the present value of the forecasted cash flows by comparing it against our own calculated rate using both market and entity-specific information, searched for and evaluated information that corroborates or contradicts the Company’s assumptions, and performed sensitivity analyses of significant assumptions to evaluate the changes in the VIU estimate that could result from changes in the assumptions. Furthermore, we considered the Company’s business plan and external market data for major unobservable inputs such as future sales volumes, unit sales prices and cost of power purchases, that were used in estimating the VIU. For example, we compared these significant assumptions to current industry practice, market and economic trends, historical results of the Company’s business and other relevant factors.
/s/ Ernst & Young Han Young
We have served as the Company’s auditor since 2018.
Seoul, the Republic of Korea
April 28, 2023
 
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REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON INTERNAL CONTROL OVER FINANCIAL REPORTING
To the Shareholders and Board of Directors of Korea Electric Power Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Korea Electric Power Corporation and subsidiaries (the “Company”)’s internal control over financial reporting as of December 31, 2022, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2022, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2021 and 2022, the related consolidated statements of comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2022, and the related notes (collectively, the “consolidated financial statements”), and our report dated April 28, 2023 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young Han Young
Seoul, the Republic of Korea
April 28, 2023
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2021 and 2022
 
   
Note
         
2021
   
2022
 
               
In millions of won
 
Assets
                               
Current assets
                               
Cash and cash equivalents
    5,6,7,45             2,635,238       3,234,780  
Current financial assets, net
    5,6,9,11,12,13,45,47               1,868,796       4,286,975  
Trade and other receivables, net
    5,8,20,24,45,46,47               8,122,415       10,461,822  
Inventories, net
    14               7,608,182       9,930,732  
Income tax receivables
    41               41,344       46,619  
Current
non-financial
assets
    15               1,758,991       1,744,869  
Assets
held-for-sale
    16,42               15,879       44,748  
                   
 
 
   
 
 
 
Total current assets
                    22,050,845       29,750,545  
                   
 
 
   
 
 
 
Non-current
assets
                               
Non-current
financial assets, net
    5,6,9,10,11,12,13,45,47               2,909,810       3,336,835  
Non-current
trade and other receivables, net
    5,8,20,45,46,47               1,906,861       2,153,080  
Property, plant and equipment, net
    18,24,27,49               173,134,638       177,865,308  
Investment properties, net
    19,27               212,784       208,286  
Goodwill
    16               105,647       100,093  
Intangible assets other than goodwill, net
    21,27,46               1,044,077       956,664  
Investments in associates
    4,17               5,232,373       5,844,464  
Investments in joint ventures
    4,17               2,239,011       3,147,584  
Defined benefit assets, net
    25               20,871       198,626  
Deferred tax assets
    41               1,901,992       10,934,375  
Non-current
non-financial
assets
    15               364,818       309,134  
                   
 
 
   
 
 
 
Total
non-current
assets
                    189,072,882       205,054,449  
                   
 
 
   
 
 
 
Total Assets
    2,4             211,123,727       234,804,994  
                   
 
 
   
 
 
 
(Continued)    
 
F-5

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Position, Continued
As of December 31, 2021 and 2022
 
   
Note
         
2021
   
2022
 
               
In millions of won
 
Liabilities
                               
Current liabilities
                               
Trade and other payables, net
    5,22,24,45,47             8,153,426       11,983,549  
Current financial liabilities, net
    5,12,23,45,47               14,037,125       22,703,996  
Income tax payables
    41               229,460       429,604  
Current
non-financial
liabilities
    20,28,29               6,466,333       6,974,377  
Current provisions
    26,45               2,845,876       2,427,051  
                   
 
 
   
 
 
 
Total current liabilities
                    31,732,220       44,518,577  
                   
 
 
   
 
 
 
Non-current
liabilities
                               
Non-current
trade and other payables, net
    5,22,24,45,47               5,996,498       5,638,914  
Non-current
financial liabilities, net
                    5,12,23,45,47               66,570,419       98,334,120  
Non-current
non-financial
liabilities
    28,29               10,216,364       10,662,661  
Employee benefits liabilities, net
    25,45               1,679,158       828,721  
Deferred tax liabilities
    41               7,100,938       6,457,103  
Non-current
provisions
    26,45               22,501,424       26,364,642  
                   
 
 
   
 
 
 
Total
non-current
liabilities
                    114,064,801       148,286,161  
                   
 
 
   
 
 
 
Total Liabilities
    4             145,797,021       192,804,738  
                   
 
 
   
 
 
 
Equity
                               
Contributed capital
    1,30,45                          
Share capital
                  3,209,820       3,209,820  
Share premium
                    843,758       843,758  
                   
 
 
   
 
 
 
                      4,053,578       4,053,578  
                   
 
 
   
 
 
 
Retained earnings
    2,31                          
Legal reserves
                    1,604,910       1,604,910  
Voluntary reserves
                    33,282,817       27,782,969  
Unappropriated retained earnings (undisposed deficit)
                    10,370,517       (7,956,579
                   
 
 
   
 
 
 
                      45,258,244       21,431,300  
                   
 
 
   
 
 
 
Other components of equity
    34                          
Other capital surplus
                    1,231,109       1,268,569  
Accumulated other comprehensive income (loss)
                    (57,632     496,976  
Other equity
                    13,294,973       13,294,973  
                   
 
 
   
 
 
 
                      14,468,450       15,060,518  
                   
 
 
   
 
 
 
         
Equity attributable to owners of the controlling company
                    63,780,272       40,545,396  
Non-controlling
interests
    2,16,33               1,546,434       1,454,860  
                   
 
 
   
 
 
 
Total Equity
    2             65,326,706       42,000,256  
                   
 
 
   
 
 
 
Total Liabilities and Equity
                  211,123,727       234,804,994  
                   
 
 
   
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-6

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2020, 2021 and 2022
 
    
Note
           
2020
   
2021
   
2022
 
                  
In millions of won, except per share information
 
Sales
     2,4,35,45,47                                    
Sales of goods
                     56,685,109       58,800,977       69,184,469  
Sales of construction services
     20                 812,175       754,998       646,953  
Sales of services
                       429,350       456,400       714,602  
                      
 
 
   
 
 
   
 
 
 
                         57,926,634       60,012,375       70,546,024  
                      
 
 
   
 
 
   
 
 
 
Cost of sales
     2,14,25,43,47                                    
Cost of sales of goods
                       (50,352,898     (62,164,425     (99,441,768
Cost of sales of construction services
                       (1,009,430     (898,963     (941,254
Cost of sales of services
                       (441,851     (580,902     (520,572
                      
 
 
   
 
 
   
 
 
 
                         (51,804,179     (63,644,290     (100,903,594
                      
 
 
   
 
 
   
 
 
 
Gross profit (loss)
                       6,122,455       (3,631,915     (30,357,570
Selling and administrative expenses
        25,36,43,47                 (2,678,443     (2,875,796     (3,009,422
Other income
     28,37                 1,036,448       1,034,133       1,095,489  
Other expenses
     37                 (417,720     (257,932     (212,150
Other gains (losses), net
     38                 35,094       8,519       243,122  
                      
 
 
   
 
 
   
 
 
 
Operating profit (loss)
     4                 4,097,834       (5,722,991     (32,240,531
Finance income
     5,12,39                     1,510,249            1,402,614        1,833,312  
Finance expenses
     5,12,40                 (2,896,443     (3,245,777     (4,746,791
Profit (loss) related to associates, joint ventures and subsidiaries
     4,16,17                                    
Gain on valuation of investments in associates and joint ventures
                       398,972       775,588       1,393,486  
Gain on disposal of investments in associates and joint ventures
                       10,165       1,844       11,091  
Loss on valuation of investments in associates and joint ventures
                       (119,848     (218,532     (55,193
Loss on disposal of investments in associates and joint ventures
                       (16     (64,119     (1,675
Loss on impairment of investments in associates and joint ventures
                       (1,556              (5,174
Loss on disposal of investments in subsidiaries
                       (6,610     (197     (32,144
                      
 
 
   
 
 
   
 
 
 
                         281,107       494,584       1,310,391  
                      
 
 
   
 
 
   
 
 
 
Profit (loss) before income tax
                       2,992,747       (7,071,570     (33,843,619
Income tax benefit (expense)
     41                 (899,064     1,855,989       9,414,511  
                      
 
 
   
 
 
   
 
 
 
Profit (loss) for the year
                     2,093,683       (5,215,581     (24,429,108
(Continued)
 
F-7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss), Continued
For the years ended December 31, 2020, 2021 and 2022
 
    
Note
           
2020
   
2021
   
2022
 
                  
In millions of won, except per share information
 
Other comprehensive income (loss), net of tax
     5,12,25,31,34                                    
Items that will not be reclassified subsequently to profit or loss:
                                          
Remeasurements of defined benefit liability
     25,31               (69,804     210,409       663,095  
Share of other comprehensive income of associates and joint ventures
     31                 3,181       3,609       12,305  
Net change in fair value of financial assets at fair value through other comprehensive income (loss)
     34                 (8,532     59,024       58,010  
Items that may be reclassified subsequently to profit or loss:
                                          
Net change in the unrealized fair value of derivatives using cash flow hedge accounting
     5,12,34                 64,561       (15,778     (24,415
Foreign currency translation of foreign operations
     34                 (76,442     41,189       28,387  
Share of other comprehensive income (loss) of associates and joint ventures
     34                 (132,805     301,161       509,487  
                      
 
 
   
 
 
   
 
 
 
Other comprehensive income (loss) for the year
                       (219,841            599,614        1,246,869  
                      
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) for the year
                     1,873,842        (4,615,967     (23,182,239
                      
 
 
   
 
 
   
 
 
 
Profit (loss) attributable to:
                                          
Owners of the controlling company
     44                   1,992,077       (5,304,522     (24,466,853
Non-controlling
interests
                       101,606       88,941       37,745  
                      
 
 
   
 
 
   
 
 
 
                       2,093,683       (5,215,581     (24,429,108
                      
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) attributable to:
                                          
Owners of the controlling company
                     1,803,554       (4,743,513     (23,273,171
Non-controlling
interests
                       70,288       127,546       90,932  
                      
 
 
   
 
 
   
 
 
 
                       1,873,842       (4,615,967     (23,182,239
                      
 
 
   
 
 
   
 
 
 
Earnings (loss) per share (in won)
     2,44                                    
Basic and diluted earnings (loss) per share
                     3,102       (8,263     (38,112
See accompanying notes to the consolidated financial statements.
 
F-8

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2020, 2021 and 2022
 
 
 
 
 
 
Equity attributable to owners of the controlling company
 
 
Non-

controlling
interests
 
 
 
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
Total

equity
 
 
 
 
 
 
In millions of won
 
Balance as of January 1, 2020
 
 
 
 
 
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
 
     
 
 
  
 
 
 
1,992,077
 
 
 
  
 
 
 
1,992,077
 
 
 
101,606
 
 
 
2,093,683
 
Items that will not be reclassified subsequently to profit or loss:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Remeasurements of defined benefit liability, net of tax
 
     
 
 
  
 
 
 
(62,857
 
 
  
 
 
 
(62,857
 
 
(6,948
 
 
(69,805
Share of other comprehensive income of associates and joint ventures, net of tax
 
     
 
 
  
 
 
 
3,180
     
 
 
  
 
 
 
3,180
 
 
 
  
 
 
 
3,180
 
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
(8,533
 
 
(8,533
 
 
1
 
 
 
(8,532
Items that may be reclassified subsequently to profit or loss:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
58,523
     
 
 
58,523
     
 
 
6,039
 
 
 
64,562
 
Foreign currency translation of foreign operations, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
(46,032
 
 
(46,032
 
 
(30,410
 
 
(76,442
Share of 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
Additional paid-in capital 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 as of December 31, 2020
 
 
 
 
 
    4,053,578
 
 
 
  51,134,330
 
 
 
  14,109,501
 
 
 
  69,297,409
 
 
 
    1,370,650
 
 
 
  70,668,059
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(Continued)
 
F-9

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2020, 2021 and 2022

 
 
 
 
 
 
Equity attributable to owners of the controlling company
 
 
Non-

controlling
interests
 
 
 
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
Total

equity
 
 
 
 
 
 
In millions of won
 
Balance as of January 1, 2021
 
 
 
    4,053,578       51,134,330       14,109,501       69,297,409       1,370,650       70,668,059  
Total comprehensive income (loss) for the year
                                                       
Profit (loss) for the year
                     (5,304,522              (5,304,522     88,941       (5,215,581
Items that will not be reclassified subsequently to profit
or loss:
                                                       
Remeasurements of defined benefit liability, net of
tax
                     201,067                201,067       9,342       210,409  
Share of other comprehensive income of associates
and joint ventures, net of tax
                     3,609                3,609                3,609  
Net change in fair value of financial assets at fair
value through other comprehensive income, net of
tax
                              59,022       59,022         2       59,024  
Items that may be reclassified subsequently to profit or
loss:
                                                       
Net change in the unrealized fair value of
derivatives using cash flow hedge accounting, net
of tax
                              (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 of other comprehensive loss 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
Additional paid-in capital 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 as of December 31, 2021
              4,053,578         45,258,244         14,468,450         63,780,272           1,546,434         65,326,706  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
(Continued)
 
F-10

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2020, 2021 and 2022
 
 
 
 
 
 
Equity attributable to owners of the controlling company
 
 
Non-

controlling
interests
 
 
Total

equity
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
 
 
 
 
In millions of won
 
Balance as of January 1, 2022
 
 
 
 
 
    4,053,578
 
 
 
45,258,244
 
 
 
  14,468,450
 
 
 
63,780,272
 
 
 
    1,546,434
 
 
 
  65,326,706
 
Total comprehensive income (loss) for the year
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Profit (loss) for the year
 
     
 
 
  
 
 
 
(24,466,853
 
 
  
 
 
 
(24,466,853
 
 
37,745
 
 
 
(24,429,108
Items that will not be reclassified subsequently to profit or loss:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Remeasurements of defined benefit liability, net of tax
 
     
 
 
  
 
 
 
626,769
 
 
 
  
 
 
 
626,769
 
 
 
36,326
 
 
 
663,095
 
Share of other comprehensive income of associates and joint ventures, net of tax
 
     
 
 
  
 
 
 
12,305
 
 
 
  
 
 
 
12,305
 
 
 
  
 
 
 
12,305
 
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
58,008
 
 
 
58,008
 
 
 
2
 
 
 
58,010
 
Items that may be reclassified subsequently to profit or loss:
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
(32,437
 
 
(32,437
 
 
8,022
 
 
 
(24,415
Foreign currency translation of foreign operations, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
19,550
 
 
 
19,550
 
 
 
8,837
 
 
 
28,387
 
Share of other comprehensive loss of associates and joint ventures, net of tax
 
     
 
 
  
 
 
 
  
 
 
 
509,487
 
 
 
509,487
 
 
 
  
 
 
 
509,487
 
Transactions with owners of the Company, recognized directly in equity
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Dividends paid
 
     
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(42,344
 
 
(42,344
Additional paid-in capital and others
 
     
 
 
  
 
 
 
835
 
 
 
39,641
 
 
 
40,476
 
 
 
86,316
 
 
 
126,792
 
Transactions between consolidated entities
 
     
 
 
  
 
 
 
  
 
 
 
(1,584
 
 
(1,584
 
 
(75,791
 
 
(77,375
Changes in consolidation scope
 
     
 
 
  
 
 
 
  
 
 
 
(597
 
 
(597
 
 
32,311
 
 
 
31,714
 
Dividends paid (hybrid bond)
 
     
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(13,461
 
 
(13,461
Repayment of hybrid bond
 
     
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(169,537
 
 
(169,537
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Balance as of December 31, 2022
 
 
 
 
 
4,053,578
 
 
 
21,431,300
 
 
 
15,060,518
 
 
 
40,545,396
 
 
 
1,454,860
 
 
 
42,000,256
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-11

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2020, 2021 and 2022
 
         
2020
   
2021
   
2022
 
         
In millions of won
 
Cash flows from operating activities
               
Profit (loss) for the year
          2,093,683       (5,215,581     (24,429,108
           
 
 
   
 
 
   
 
 
 
Adjustments to reconcile profit (loss) for the year to net cash provided by operating activities:
                               
Income tax expense (benefit)
            899,064       (1,855,989     (9,414,511
Depreciation
            11,377,553       11,776,331       12,305,252  
Amortization
            170,466       166,161       156,160  
Employee benefit expense
            492,288       512,270       485,700  
Bad debt expense
            50,686       67,242       29,997  
Interest expense
            1,995,425       1,914,457       2,818,546  
Loss on disposal of financial assets
            648       1,045       1,841  
Loss on disposal of property, plant and equipment
            162,725       92,622       100,066  
Loss on abandonment of property, plant and equipment
            255,346       207,934       160,909  
Loss on impairment of property, plant and equipment
            80,413       4,056       (97,425
Loss on impairment of intangible assets
            3,599                164  
Loss on disposal of intangible assets
            392       145       116  
Increase in provisions
            1,832,765       2,466,452       2,146,979  
Loss (gain) on foreign currency translation, net
            (782,167     997,119       523,285  
Gain on valuation of financial assets at fair value through profit or loss
            (12,904     (14,338     (7,099
Loss on valuation of financial assets at fair value through profit or loss
            7,396       5,480       44,329  
Valuation and transaction loss (gain) on derivative instruments, net
            390,322       (907,076     (448,903
Gain on valuation of investments in associates and joint ventures, net
            (279,124     (557,056     (1,338,293
Gain on disposal of financial assets
            (11,992     (7,718     (11,199
Reversal of impairment loss on intangible assets
                     (14         
Gain on disposal of property, plant and equipment
            (93,195     (56,284     (148,667
Gain on disposal of intangible assets
            (1,556     (1     (41
Gain on disposal of investments in associates and joint ventures
            (10,165     (1,844     (11,091
Loss on disposal of investments in associates and joint ventures
            16       64,119       1,675  
Impairment loss on investments in associates and joint ventures
            1,556                5,174  
Loss on disposal of investments in subsidiaries
            6,610       197       32,144  
Interest income
            (242,586     (221,874     (340,753
Dividend income
            (7,316     (10,522     (28,875
Others, net
            29,198       (169,856     215,943  
           
 
 
   
 
 
   
 
 
 
                16,315,463         14,473,058       7,181,423  
           
 
 
   
 
 
   
 
 
 
Changes in working capital:
                               
Trade receivables
            (107,639     (216,734     (1,909,649
Non-trade
receivables
            459,524       869,870       80,444  
Accrued income
            (258,963     (17,918     (34,706
Other receivables
            (32,536     24,306       80,236  
Other current assets
            (462,125     (569,732     (651,926
Inventories
            (723,495     (1,738,000     (3,000,669
Other
non-current
assets
            (140,017     (3,462     58,790  
Trade payables
            (262,985     2,144,561       2,782,474  
Non-trade
payables
            (363,260     (571,051     61,737  
Accrued expenses
            (222,113     (456,992     (191,681
Other current liabilities
            388,163       379,378       446,064  
Other
non-current
liabilities
            755,005       458,007       422,916  
Investments in associates and joint ventures (dividends received)
            237,695       288,242       473,700  
Provisions
            (1,499,436     (2,426,017     (1,564,243
Payments of employee benefit obligations
            (74,848     (159,477     (218,319
Plan assets
            (582,275     (317,707     (347,778
           
 
 
   
 
 
   
 
 
 
            (2,889,305     (2,312,726     (3,512,610
           
 
 
   
 
 
   
 
 
 
(Continued)
 
F-12

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2020, 2021 and 2022
 
         
2020
   
2021
   
2022
 
         
In millions of won
 
Cash generated from operating activities
          15,519,841       6,944,751       (20,760,295
Dividends received (financial assets at fair value through other comprehensive income)
            7,316       10,522       28,875  
Interest paid
            (2,081,663     (1,928,160     (2,517,694
Interest received
            215,183       201,022       220,471  
Income taxes paid
            (452,203     (736,757     (448,857
           
 
 
   
 
 
   
 
 
 
Net cash provided by (used in) operating activities
              13,208,474           4,491,378       (23,477,500
           
 
 
   
 
 
   
 
 
 
Cash flows from investing activities
                               
Proceeds from disposals of investments in associates and joint ventures
            5,444       4,472       56,171  
Acquisition of investments in associates and joint ventures
            (342,116     (673,017     (360,962
Proceeds from disposals of property, plant and equipment
            331,777       277,998       629,924  
Acquisition of property, plant and equipment
            (13,281,294     (12,686,726     (12,346,878
Proceeds from disposals of intangible assets
            10,871       59       279  
Acquisition of intangible assets
            (120,371     (113,100     (80,508
Disposal of investment properties
                              515  
Proceeds from disposals of financial assets
            8,020,406       7,023,674       14,182,348  
Acquisition of financial assets
            (9,203,450     (5,893,404     (16,496,258
Increase in loans
            (336,744     (223,950     (401,377
Collection of loans
            215,292       218,704       102,061  
Increase in deposits
            (276,255     (222,924     (237,266
Decrease in deposits
            280,941       166,066       141,000  
Proceeds from disposals of assets held-for-sale
            32,578       1,148       24,205  
Receipt of government grants
            41,209       37,920       50,755  
Net cash outflow from changes in consolidation scope
            (24,624     (63,492     (31,350
Other cash outflow from investing activities, net
            (185,476     (225,948     (186,412
           
 
 
   
 
 
   
 
 
 
Net cash used in investing activities
            (14,831,812     (12,372,520     (14,953,753
           
 
 
   
 
 
   
 
 
 
Cash flows from financing activities
                               
Proceeds from short-term borrowings, net
            345,338       1,621,440       5,852,426  
Proceeds from long-term borrowings and debt securities
            10,170,107       17,392,311       43,594,078  
Repayment of long-term borrowings and debt securities
            (7,976,658     (9,360,357     (10,252,688
Payment of lease liabilities
            (613,977     (572,036     (562,646
Settlement of derivative instruments, net
            42,263       98,068       407,627  
Change in
non-controlling
interests
            11,554       90,096       175,645  
Repayment of hybrid bond
                              (169,537
Dividends paid (hybrid bond)
            (13,385     (13,385     (13,461
Dividends paid
            (81,298     (812,159     (42,348
Other cash outflow from financing activities, net
            (3,120     (8,901     8,803  
           
 
 
   
 
 
   
 
 
 
Net cash provided by financing activities
            1,880,824       8,435,077       38,997,899  
           
 
 
   
 
 
   
 
 
 
Net increase in cash and cash equivalents before effect of exchange rate fluctuations
            257,486       553,935       566,646  
Effect of exchange rate fluctuations on cash held
            (38,031     51,719       32,896  
           
 
 
   
 
 
   
 
 
 
Net increase in cash and cash equivalents
            219,455       605,654       599,542  
Cash and cash equivalents at January 1
            1,810,129       2,029,584       2,635,238  
           
 
 
   
 
 
   
 
 
 
Cash and cash equivalents at December 31
          2,029,584       2,635,238       3,234,780  
           
 
 
   
 
 
   
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-13

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
December 31, 2021 and 2022
 
1.
Reporting Entity (Description of the controlling company)
Korea Electric Power Corporation (“KEPCO”) was incorporated on December 31, 1981 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 also provides power plant construction services. KEPCO’s stock was first listed on the Korea Stock Exchange on August 10, 1989 and subsequently on the New York Stock Exchange on October 27, 1994 through its depository receipts. KEPCO’s headquarters is located in
Naju-si,
Jeollanam-do.
As of December 31, 2022, KEPCO’s share capital amounts to ₩3,209,820 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 (KDB)
     211,235,264        32.90
Foreign investors
     88,959,339        13.86
Other
     224,927,680        35.04
    
 
 
    
 
 
 
       641,964,077        100.00
    
 
 
    
 
 
 
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 KEPCO and its subsidiaries (the “Company”) were approved by the Board of Directors of KEPCO on February 24, 2023 and authorized on April 21, 2023 for the purpose of Form 20-F filing with the Securities and Exchange Commission.
 
(1)
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
 
(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
 
   
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 (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.
 
(4)
Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS 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.
 
F-14

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Preparation, Continued
 
(4)
Use of estimates and judgments, continued
 
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 Company 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 Company records the fair value of estimated decommissioning costs as a liability in the period in which the Company 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 Company 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 Company 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 Company 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 Company’s accounting policies and disclosures require the measurement of fair values, for both financial and
non-financial
assets and liabilities. The Company 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 IFRS 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 Company 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 Company 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 Company offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).
 
  (v)
Unbilled revenue
Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of December 31, 2021 and 2022 are ₩2,348,813 million and ₩1,725,444 million, respectively.
 
F-15

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Preparation, Continued
 
(4)
Use of estimates and judgments, continued
 
  (vi)
Construction contracts
The Company recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Company’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 Company’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.
 
 
(vii)
The
30-year
designed life of Wolsong unit 1 nuclear power plant of the Company 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 Company 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 Company recognized impairment loss and other expenses during the year ended December 31, 2018.
Among the new nuclear power plants under construction, Shin-Hanul 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-Hanul unit 3 and 4 will be suspended according to the government’s policy. Accordingly, the Company recognized impairment loss during the year ended December 31, 2018, as the Company believed that there was a significant change in its operating environment.
However, in accordance with the “New Government Energy Policy Direction”, the management of KHNP, a subsidiary of the Company, reported to its board of directors on the resumption, licensing, and major contracts of suspension services related to
Shin-Hanul
Units 3 and 4. The Company has identified signs that the impairment loss on fixed assets mentioned above may no longer exist or may have been reduced. Accordingly, the Company recognized the reversal of impairment losses related to
Shin-Hanul
Units 3 and 4 during the current year.
Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes:
 
 
Note 17 – Investments in Associates and Joint Ventures
 
Note 18 – Property, Plant and Equipment
 
Note 20 – Construction Contracts
 
Note 45 – Risk Management
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following notes:
 
 
Note 25 – Employment Benefits
 
Note 41 – Income Taxes
 
F-16

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Preparation, Continued
 
(5)
Changes in accounting policies
 
  (i)
Property, Plant and Equipment: Proceeds before Intended Use – Amendments to
IA
S 1016
The amendment prohibits entities from deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The Company applied the amendment retrospectively to items of property, plant and equipment that are capable of operating on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments, and the impacts on the Company’s consolidated financial statements on the date of initial application (January 1, 2021) are as follows:
 
 
The impacts on the Company’s consolidated statement of financial position as of December 31, 2021 are as follows:
 
           
Original carrying

amount
    
Adjustment
    
New carrying

amount
 
           
In millions of won
 
Current assets
            22,050,845                  22,050,845  
Non-current
assets
              189,058,025        14,857        189,072,882  
             
 
 
    
 
 
    
 
 
 
Total Assets
              211,108,870        14,857        211,123,727  
             
 
 
    
 
 
    
 
 
 
Current liabilities
              31,732,220                  31,732,220  
Non-current
liabilities
              114,064,801                  114,064,801  
             
 
 
    
 
 
    
 
 
 
Total Liabilities
              145,797,021                  145,797,021  
             
 
 
    
 
 
    
 
 
 
Contributed capital
              4,053,578                  4,053,578  
Retained earnings
              45,246,982        11,262        45,258,244  
Other components of equity
              14,468,450                  14,468,450  
Non-controlling
interests
              1,542,839        3,595        1,546,434  
             
 
 
    
 
 
    
 
 
 
Total Equity
              65,311,849        14,857        65,326,706  
             
 
 
    
 
 
    
 
 
 
Total Liabilities and Equity
            211,108,870        14,857        211,123,727  
             
 
 
    
 
 
    
 
 
 
 
F-17
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Preparation, Continued
 
(5)
Changes in accounting policies, continued
 
 
The impacts on the Company’s consolidated statement of comprehensive income
 
(loss) for the year ended December 31, 2021 are as follows:
 
           
Original carrying

amount
   
Adjustment
   
New carrying

amount
 
           
In millions of won except per share information
 
Sales
            60,574,819       98,768       60,673,587  
Cost of sales
              (63,559,178     (85,112     (63,644,290
             
 
 
   
 
 
   
 
 
 
Gross loss
              (2,984,359     13,656       (2,970,703
             
 
 
   
 
 
   
 
 
 
Selling and administrative expenses
              (2,875,784     (12     (2,875,796
             
 
 
   
 
 
   
 
 
 
Operating loss
              (5,860,143     13,644       (5,846,499
             
 
 
   
 
 
   
 
 
 
Other
non-operating
income
              372,921                372,921  
Other
non-operating
expense
              (257,932              (257,932
Other gains, net
              8,519                8,519  
Finance income
              1,402,614                1,402,614  
Finance expenses
              (3,245,777              (3,245,777
Profit related to associates, joint ventures and subsidiaries
              494,584                494,584  
             
 
 
   
 
 
   
 
 
 
Loss before income tax
              (7,085,214     13,644       (7,071,570
             
 
 
   
 
 
   
 
 
 
Income tax benefit
              1,855,989                1,855,989  
             
 
 
   
 
 
   
 
 
 
Net Loss for the period
              (5,229,225     13,644       (5,215,581
             
 
 
   
 
 
   
 
 
 
Loss attributable to owners of the controlling company
              (5,315,055     10,533       (5,304,522
Profit attributable to
non-controlling
interests
              85,830       3,111       88,941  
Other comprehensive income (loss)
              599,614                599,614  
             
 
 
   
 
 
   
 
 
 
Total comprehensive income (loss) for the period
              (4,629,611     13,644       (4,615,967
             
 
 
   
 
 
   
 
 
 
Total comprehensive loss attributable to owners of the controlling company
              (4,754,046     10,533       (4,743,513
Total comprehensive income (attributable to
non-controlling
interests
              124,435       3,111       127,546  
             
 
 
   
 
 
   
 
 
 
Loss per share (in won)
            (8,279     16       (8,263
 
 
The impacts on the Company’s consolidated statement of cash flows for the year ended December 31, 2021 are as follows:
 
           
Original carrying

amount
   
Adjustment
   
New carrying

amount
 
           
In millions of won
 
Cash flows from operating activities
            4,473,186       18,192       4,491,378  
Cash flows from investing activities
              (12,354,328     (18,192     (12,372,520
Cash flows from financing activities
              8,435,077                8,435,077  
 
F-18

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Preparation, Continued
 
(5)
Changes in accounting policies, continued
 
 
The impacts on the Company’s consolidated statement of financial position as of January 1, 2021 are as follows:
 
 
  
 
 
  
Original carrying
amount
 
 
Adjustment
 
  
New carrying
amount
 
 
  
 
 
  
In millions of won
 
Current assets
  
 
 
  
 
20,561,941
 
 
 
  
 
  
 
20,561,941
 
Non-current assets
  
  
 
182,580,170
 
 
 
1,214
 
  
 
182,581,384
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Total Assets
  
  
 
203,142,111
 
 
 
1,214
 
  
 
203,143,325
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Current liabilities
  
  
 
25,881,222
 
 
 
  
 
  
 
25,881,222
 
Non-current liabilities
  
  
 
106,594,043
 
 
 
  
 
  
 
106,594,043
  
  
  
 
 
 
 
 
 
 
  
 
 
 
Total Liabilities
  
  
 
132,475,265
 
 
 
  
 
  
 
132,475,265
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Contributed capital
  
  
 
4,053,578
 
 
 
  
 
  
 
4,053,578
 
Retained earnings
  
  
 
51,133,601
 
 
 
730
 
  
 
51,134,331
 
Other components of equity
  
  
 
14,109,501
  
 
 
  
 
  
 
14,109,501
 
Non-controlling interests
  
  
 
1,370,166
 
 
 
484
 
  
 
1,370,650
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Total Equity
  
  
 
70,666,846
 
 
 
1,214
 
  
 
70,668,060
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Total Liabilities and Equity
  
 
 
  
 
203,142,111
 
 
 
1,214
 
  
 
203,143,325
 
  
  
 
 
 
 
 
 
 
  
 
 
 
 
 
The impacts on the Company’s consolidated statement of comprehensive income (loss) for the year ended December 31, 2020 are as follows:
 
 
  
 
 
  
Original carrying
amount
 
 
Adjustment
 
  
New carrying
amount
 
 
  
 
 
  
In millions of won except per share information
 
Sales
  
 
 
  
 
57,925,837
 
 
 
797
 
  
 
57,926,634
 
Cost of sales
  
  
 
(51,804,596
 
 
417
 
  
 
(51,804,179
  
  
 
 
 
 
 
 
 
  
 
 
 
Gross loss
  
  
 
6,121,241
 
 
 
1,214
 
  
 
6,122,455
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Selling and administrative expenses
  
  
 
(2,678,443
 
 
  
 
  
 
(2,678,443
  
  
 
 
 
 
 
 
 
  
 
 
 
Operating loss
  
  
 
3,442,798
 
 
 
1,214
 
  
 
3,444,012
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Other non-operating income
  
  
 
1,036,448
 
 
 
  
 
  
 
1,036,448
 
Other non-operating expense
  
  
 
(417,720
 
 
  
 
  
 
(417,720
Other gains, net
  
  
 
35,094
 
 
 
  
 
  
 
35,094
 
Finance income
  
  
 
1,510,249
 
 
 
  
 
  
 
1,510,249
 
Finance expenses
  
  
 
(2,896,443
 
 
  
 
  
 
(2,896,443
Profit related to associates, joint ventures and subsidiaries
  
  
 
281,107
 
 
 
  
 
  
 
281,107
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Loss before income tax
  
  
 
    2,991,533
 
 
 
1,214
 
  
 
    2,992,747
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Income tax benefit
  
  
 
(899,064
 
 
  
 
  
 
(899,064
  
  
 
 
 
 
 
 
 
  
 
 
 
Net Loss for the period
  
  
 
2,092,469
 
 
 
1,214
 
  
 
2,093,683
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Loss attributable to owners of the controlling company
  
  
 
1,991,347
 
 
 
730
 
  
 
1,992,077
 
Profit attributable to non-controlling interests
  
  
 
101,122
 
 
 
484
 
  
 
101,606
 
Other comprehensive income (loss)
  
  
 
(219,841
 
 
  
 
  
 
(219,841
  
  
 
 
 
 
 
 
 
  
 
 
 
Total comprehensive income (loss) for the period
  
  
 
1,872,628
 
 
 
1,214
 
  
 
1,873,842
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Total comprehensive loss attributable to owners of the controlling company
  
  
 
1,802,824
 
 
 
730
 
  
 
1,803,554
 
Total comprehensive income (attributable to non-controlling interests
  
  
 
69,804
 
 
 
484
 
  
 
70,288
 
  
  
 
 
 
 
 
 
 
  
 
 
 
Loss per share (in won)
  
 
 
  
 
3,102
 
 
 
  
 
  
 
3,102
 
 
F-19

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
2.
Basis of Pre
p
aration, Continued
 
(5)
Changes in accounting policies, continued
 
 
The impacts on the Company’s consolidated statement of cash flows for the year ended December 31, 2020 are as follows:
 
 
  
 
 
  
Original carrying

amount
 
 
Adjustment
 
 
New carrying
amount
 
 
  
 
 
  
In millions of won
 
Cash flows from operating activities
  
 
 
  
 
13,208,473
 
 
 
1
 
 
 
13,208,474
 
Cash flows from investing activities
  
  
 
(14,831,811
 
 
(1
 
 
(14,831,812
)
 
Cash flows from financing activities
  
  
 
1,880,824
 
 
 
  
 
 
 
1,880,824
 
 
 
(ii)
Other changes in accounting standards effective from January 1, 2022 are as follows. The Company believes that these amendments have no significant impact on the Company’s consolidated financial statements. The Company has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2022, even though the early adoption of these standards is possible.
Onerous Contracts—Costs of Fulfilling a Contract—Amendments to IAS 37
Onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment specifies that the costs of fulfilling a contract comprise incremental costs, such as the costs of materials or labor, and an allocation of other costs directly related to the contract, such as an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract, when assessing whether a contract is an onerous contract. The Company will apply the amendment to the contracts for which all obligations have not been fulfilled at the date of initial application.
Reference to the Conceptual Framework—Amendments to IFRS 3
The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements. An exception has been added to the recognition principle in IFRS 3 to avoid ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of IAS 37 or IFRIC 21 Levies. It requires an entity to apply criteria in IAS 37 and IFRIC 21 respectively to determine whether a present obligation exists at the acquisition date. The amendment added a new paragraph to IFRS 3 to clarify that the contingent assets should not be recognized at the date of acquisition.
IFRS 1 First-time Adoption of International Financial Reporting Standards—Subsidiary as a first-time adopter
The amendment permits a subsidiary that elects to apply paragraph D16(a) of IFRS 1 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to IFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of IFRS 1.
 
IFRS 9 Financial Instruments—Fees in the ‘10 per cent’ test for derecognition of financial liabilities
The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. There is no restricted and similar amendment to IAS 39.
 
IAS 41 Agriculture—Taxation in fair value measurements
The amendments remove the requirement in paragraph 22 of IAS 41 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of IAS 41.
 
F-
20

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies
The accounting policies applied by the Company in these consolidated financial statements are the same as those applied by the Company in its consolidated financial statements as of and for the year ended December 31, 2021, except for the changes described in Note 2.(5).
 
(1)
Basis of consolidation
The consolidated financial statements are the financial statements of the Company in which the assets, liabilities, equity, income, expenses and cash flows of KEPCO and its subsidiaries are presented as those of a single economic entity. Subsidiaries are those entities controlled by the Company. The Company 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 (loss) 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 Company 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 in line with those of the Company.
All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities within the Company are eliminated in full on consolidation.
Changes in the Company’s ownership interests in a subsidiary that do not result in the Company losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Company’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 Company.
When the Company 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 Company had directly disposed of the relevant assets (i.e., reclassified to profit 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 IFRS 9 ‘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 Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.
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 IAS 12 ‘Income Taxes’ and IAS 19 ‘Employee Benefits’ respectively;
 
 
 
assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
‘Non-current
Assets Held for Sale’ are measured in accordance with that standard.
 
F-2
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(2)
Business combinations, continued
 
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 profit 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 IFRSs.
When the consideration transferred by the Company 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 IFRS 9 ‘Financial Instruments’, or with IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ as appropriate, with the corresponding gain or loss being recognized in profit or loss.
When a business combination is achieved in stages, the Company’s previously held equity interest in the acquiree is
re-measured
to fair value at the acquisition date (i.e., the date when the Company obtains control) and the resulting gain or loss, if any, is recognized in profit 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 profit 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 Company 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.
 
(3)
Investments in associates
An associate is an entity over which the Company 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 Company holds 20% ~ 50% of the voting power of the investee, it is presumed that the Company has significant influence over the investee.
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 IFRS 5
‘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
 
F-2
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(3)
Investments in associates, continued
 
takes place, the Company shall account for any retained interest in associates in accordance with IFRS 9 ‘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 Company’s share of the profit or loss and other comprehensive income of the associate. When the Company’s share of losses of an associate exceeds the Company’s interest in that associate (which includes any long-term interests that, in substance, form part of the Company’s net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Company’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 Company’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 profit or loss.
Upon disposal of an associate that results in the Company 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 IFRS 9. 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 Company 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 profit or loss on the disposal of the related assets or liabilities, the Company reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that associate.
The requirements of IAS 28’ Investments in Associates and Joint Ventures’ are applied to determine whether it is necessary to recognize any impairment loss with respect to the Company’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 ‘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 IAS 36 to the extent that the recoverable amount of the investment subsequently increases.
When the Company transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Company’s consolidated financial statements only to the extent of interests in the associate that are not related to the Company.
 
(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 Company 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 joint arrangement is a joint operation, the Company 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 IFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Company is to account for that investment using the equity method accounting in accordance with IAS 28 ‘Investment in Associates and Joint Ventures’ (refer to Note 3.(3)), except when the Company is applicable to the IFRS 5
‘Non-current
Assets Held
for Sale’.
 
F-23

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(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 Company 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 Company 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 carrying amount and fair value less costs to sell.
 
(6)
Goodwill
The Company 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 Company 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.
 
(7)
Revenue from Contracts with Customers
The Company 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 Company 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 Company recognizes revenue when the Company satisfies a performance obligation by transferring a promised good or service to a customer.
 
 
(i)
Sale of goods
The Company sells electricity to customers and accounts for the generation, transmission and distribution of electricity together as a single performance obligation. The sale of electricity is recognized at a point in time when electricity has been distributed to the customer. The transaction price includes variable consideration due to the progressive electricity billing system, discounts on electricity bills for government policy purposes and penalties. In situations where electricity had been delivered but not yet billed, the Company also estimates the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Variable consideration is estimated by using the expected value method which predicts the amount of consideration to which the Company will be entitled and is recognized 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 which is when the customer is billed.
 
F-2
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(7)
Revenue from Contracts with Customers, continued
 
 
(ii)
Sale of construction services
The Company provides power plant construction and EPC services which are each identified as a single performance obligation and is recognized over time on the estimated progress to completion using the cost-based input method. The Company believes using the cost-based input method represents a faithful depiction of the transfer of services to the customer. 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.
Revenue may be recognized in advance of billing the customer which results in the recording of a contract asset. Once the Company meets the billing criteria and its rights to consideration become unconditional, the contract asset is then transferred to trade receivable. Billing requirements are generally structured around the completion of certain construction milestones. On some instances, contract liability is recognized when the Company receives consideration before being able to recognize revenue. Once revenue recognition conditions are met, the contract liability is subsequently released to revenue.
 
 
(iii)
Sale of services
The Company develops electric power resources including the provision of power generation byproducts and O&M services which are accounted for as a separate performance obligation under each contract. The Company recognizes revenue over time when customers consume the benefits provided by the Company under the terms of the service agreement.
 
 
(iv)
Adoption of the cost pass-through tariff system
The Company 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 Company expects the adoption of the new system would not affect the existing accounting policies including ‘revenue from contracts with customers’.
 
(8)
Deferred Revenue
The Company receives consideration in the form of an item of property, equipment or cash for constructing or acquiring an item of property or equipment in exchange for supplying electricity to its customers. The transaction price is based on the fair value of the consideration received and is initially recorded in deferred revenue included in current and
non-current
non-financial
liabilities of the Company’s consolidated statement of financial position. The Company determines the supply of electricity to be a single performance obligation. Deferred revenue is released to other income over time on a straight-line basis throughout the estimated service period which does not exceed the transferred asset’s useful life.
 
(9)
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 Company 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 Company as a lessor
In the case of finance leases, the Company recognizes the same amount of the net investment in the lease as finance lease receivables and recognizes interest income using the effective interest rate 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.
 
F-2
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(9)
Leases, continued
 
 
(ii)
The Company as a lessee
 
 
(a)
Right-of-use
assets
The Company 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 Company 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 Company 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 Company and payments of penalties for terminating a lease, if the lease term reflects the Company 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 Company 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 Company 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.
 
(10)
Foreign currencies
Transactions in foreign currencies are translated to the respective functional currencies of the Company 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.(24)
 
 
 
Derivative financial instruments, including hedge accounting); and
 
F-2
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(10)
Foreign currencies, continued
 
 
 
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 profit or loss on disposal or partial disposal of the net investment.
For the purpose of presenting financial statements, the assets and liabilities of the Company’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
interests).
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 derecognized, 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 recognized 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 recognized 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. Such exchange differences shall be recognized in equity.
 
(11)
Borrowing costs
The Company 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 profit or loss in the period in which they are incurred.
 
(12)
Government grants
Government grants are not recognized unless there is reasonable assurance that the Company 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 Company received grants related to assets, government grants whose primary condition is that the Company purchases, constructs or otherwise acquires 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 Company received grants related to expenses, government grants which are intended to compensate the Company for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Company recognizes the related costs as expenses.
 
(13)
Employee benefits
When an employee has rendered service to the Company during a period, the Company recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).
 
F-2
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(13)
Employee benefits, continued
 
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 consolidated 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.
 
(14)
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 Company (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.
In certain circumstances such as when accounting for leases or decommissioning costs of nuclear power plants, the carrying amount of the asset recorded is equal to the liability recognized at initial recognition. When recording its deferred tax balances, the Company considers these assets and liabilities separately on a gross basis. Accordingly, the taxable temporary difference relating to the asset and the deductible temporary difference relating to the liability are separately recognized and presented on a net basis in the consolidated financial statements.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Company 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.
 
F-2
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(14)
Income taxes, continued
 
The Company 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 Company 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 Company 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 Company 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 profit 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.
 
(15)
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 Company 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 Company uses the
unit-of-production
method to measure and recognize depreciation expenses.
 
F-2
9

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(15)
Property, plant and equipment, continued
 
The estimated useful lives of the Company’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 an item of property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized.
 
(16)
Investment property
A 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 Company 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 properties 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 profit or loss in the period in which the property is derecognized.
 
(17)
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.
 
F-
30

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(17)
Intangible assets, continued
 
  (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 profit 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.
The estimated useful lives and amortization methods of the Company’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 expenditures
   5    Straight line
Leasehold rights
   8 ~ 10    Straight line
Others
   3 ~ 50 or indefinite    Straight line
Mining rights
         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 profit or loss when the asset is derecognized.
 
(18)
Greenhouse gas emissions rights (allowances) and obligations
In accordance with the Act on the Allocation and Trading of Greenhouse Gas Emission Rights and its Enforcement Decree, the Company applies the following accounting policies for greenhouse gas emissions rights and obligations.
 
  (i)
Greenhouse gas emissions rights
 
F-3
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(18)
Greenhouse gas emissions rights (allowances) and obligations, continued
 
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 Company 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 Company’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.
 
(19)
Impairment of
non-financial
assets other than goodwill
At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment 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 Company 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.
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.
 
(20)
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
 
F-3
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(20)
Invento
r
ies, continued
 
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.
 
(21)
Provisions
Provisions are recognized when the Company 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.
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 Company 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 Company records the fair value of estimated decommissioning costs as a liability in the period in which the Company 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 Company is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Company recognizes the provision of present value of the payments.
 
 
(iv)
Provision for low and intermediate radioactive wastes
Under the Radioactive Waste Management Act, the Company 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 Persistent Organic Pollutants Control Act, enacted in 2007, the Company is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Company is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Company’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 the power plant region support programs
The power plant region 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 Company recognizes the provision in relation to the power plant region support programs.
 
F-3
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(21)
Provisions, continued
 
 
(vii)
Provisions for the transmission and transformation facilities-neighboring areas support
The Company has present obligation to conduct certain programs to support neighboring areas of our transmission and transformation facilities under the Act on Assistance to Electric Power Plants-Neighboring Areas. The Company 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.
 
(22)
Financial instruments
The Company recognizes financial assets and financial liabilities in the consolidated statement of financial position when the Company 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 Company 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 Company assesses the hybrid financial instrument in which derivatives embedded as a whole for classification.
 
   
Cash flow characteristics
Business model
 
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 Company 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 Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.
① 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.
② 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.
③ 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 Company 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
 
F-3
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(22)
Financial instruments, continued
 
Financial liabilities are classified as FVTPL or other financial liabilities.
① 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.
② 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 rate method.
 
  (iii)
Impairment: Financial assets and contract assets
The Company applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.
The Company 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 IFRS 9, the Company 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 IFRS 15 and that do not contain a significant financing component in accordance with IFRS 15, and if the trade receivables or contract assets include a significant financing component, the Company may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.
The Company 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 Company 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 Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Company enters into transactions whereby it transfers assets recognized in its consolidated 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 Company derecognizes a financial liability when its 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.
 
(23)
Service concession arrangements
The Company recognizes revenues from construction services and operating services related to service concession arrangements in accordance with IFRS 15 ‘Revenue from Contracts with Customers’.
 
F-3
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounti
ng
Policies, Continued
 
(23)
Service concession arrangements, continued
 
The Company 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 Company 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.
 
(24)
Derivative financial instruments, including hedge accounting
The Company enters into a variety of derivative arrangements 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 profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in profit 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 Company 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 Company 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 profit 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 (loss).
Hedge accounting is discontinued when the Company 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 and recognized as profit or loss from that date.
 
F-3
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
3.
Significant Accounting Policies, Continued
 
(24)
Derivative financial instruments, including hedge accounting, continued
 
 
(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 profit or loss, and is included in the ‘finance income and expense’.
Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated statement of comprehensive income (loss) 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 or 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 Company 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 profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.
 
(25)
Assets
held-for-s
a
le
The Company 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.
 
4.
Segment, Geographic and Other Information
 
(1)
Segment determination and explanation of the measurements
The Company’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 Company including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Company’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 Company’s foreign operations.
Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under IFRS 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.
 
F-3
7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
4.
Segment, Geographic and Other Information, 
Continued
 
(2)
Financial information of the segments for the years ended December 31, 2020, 2021 and 2022, respectively, are as follows:

         
2020
 
Segment
       
Total segment
revenue
   
Intersegment
revenue
   
Revenue
from
external
customers
   
Depreciation
and
amortization
   
Interest
income
   
Interest
expense
   
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
   
Employee
benefit
expense
   
Loss on
abandonment
of property,
plant and
equipment
   
Increase in
provisions, net
         
Operating

profit (loss)
 
         
In millions of won
 
Transmission
 
and
distribution
          57,345,933       1,224,602       56,121,331       3,836,355       48,220       737,973       169,176       190,302       236,727       731,194               3,045,912  
Electric power generation (Nuclear)
            9,938,941       9,817,147       121,794       3,564,120       25,581       503,485       (4,905     86,672                691,052               1,168,833  
Electric power generation
(Non-nuclear)
            20,329,611       19,552,376       777,235       4,034,024       20,843       622,346       115,096       112,775       17,679       346,195               (172,884
Plant maintenance & engineering service
            2,703,472       2,283,333       420,139       119,056       11,789       1,250       1,740       101,255                230,264               197,553  
Others
            1,582,798       1,096,663       486,135       122,092       167,005       162,843                50,889       940       3,711               149,607  
Consolidation
adjustments
            (33,974,121     (33,974,121              (127,628     (30,852     (32,472              (49,605              (169,651             (291,187
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            57,926,634                57,926,634       11,548,019       242,586       1,995,425       281,107       492,288       255,346       1,832,765               4,097,834  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,510,249  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (2,896,443
                                                                                                   
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                                                                    281,107  
                                                                                                   
 
 
 
Loss before income tax
                                                                                                  2,992,747  
                                                                                                   
 
 
 
 
F-3
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
4.
Segment, Geographic and Other Information, Continued
 
(2)
Financial information of the segments for the years ended December 31, 2020, 2021 and 2022, respectively, are as follows, continued:
 
 
 
 
 
2021
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue

from

external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating

profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          58,999,388       1,672,776       57,326,612       3,990,464       36,831       678,986       391,116       193,412       202,262       1,194,643               (7,244,319
Electric power generation (Nuclear)
            9,324,391       9,207,516       116,875       3,611,594       22,209       477,512       (18,146     86,730                680,358               762,164  
Electric power generation
(Non-nuclear)
            25,928,596       24,518,167       1,410,429       4,182,470       22,226       624,391       109,765       121,020       5,672       285,152               370,440  
Plant maintenance & engineering service
            2,805,785       2,370,900       434,885       121,493       9,515       933       11,849       94,269                213,500               245,360  
Others
            2,018,997       1,295,423       723,574       159,222       158,680       162,345                52,698                2,981               208,139  
Consolidation adjustments
            (39,064,782     (39,064,782              (122,751     (27,587     (29,710              (36,187              89,818               (64,775
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            60,012,375                60,012,375       11,942,492       221,874       1,914,457       494,584       511,942       207,934       2,466,452               (5,722,991
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,402,614  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (3,245,777
                                                                                                   
 
 
 
Gain related to
associates, joint
ventures and
subsidiaries
                                                                                                    494,584  
                                                                                                   
 
 
 
Profit before income tax
                                                                                                  (7,071,570
                                                                                                   
 
 
 
 
F-3
9

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
4.
Segment, Geographic and Other Information, Continued
 
(2)
Financial information of the segments for the years ended December 31, 2020, 2021 and 2022, respectively, are as follows, continued:
 
 
 
 
 
 
2022
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue

from

external

customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint

ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating

profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          68,239,707       1,922,354       66,317,353       4,130,004       67,076       1,420,802       980,146       180,114       157,784       611,534               (33,623,874
Electric power generation (Nuclear)
            10,386,091       10,254,271       131,820       4,034,774       45,789       557,218       (753     82,466                624,221               761,109  
Electric power generation
(Non-nuclear)
            41,944,339       39,252,851       2,691,488       4,091,081       53,242       694,559       329,112       140,067                619,947               289,001  
Plant maintenance & engineering service
            2,975,062       2,516,699       458,363       123,168       14,003       1,405       1,886       82,070                213,671               239,529  
Others
            2,750,231       1,803,231       947,000       211,719       195,966       195,860                53,017       3,125       9,463               333,547  
Consolidation adjustments
            (55,749,406     (55,749,406              (129,334     (35,323     (51,298              (52,034              68,143               (239,843
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
            70,546,024                70,546,024       12,461,412       340,753       2,818,546       1,310,391       485,700       160,909       2,146,979               (32,240,531
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
           
 
 
 
Finance income
                                                                                                    1,833,312  
                                                                                                   
 
 
 
Finance expense
                                                                                                    (4,746,791
                                                                                                   
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                                                                    1,310,391  
                                                                                                   
 
 
 
Profit before income tax
                                                                                                  (33,843,619
                                                                                                   
 
 
 
 
F-
40

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, 
Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
 
 
 
 
 
2021
 
Segment
 
 
 
 
Segment

assets
 
 
Investments
in associates
and joint
ventures
 
 
Acquisition of

non-current

assets
 
 
Segment
liabilities
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
          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)
            57,310,164       2,575,019       3,341,960       35,803,289  
Plant maintenance & engineering service
            3,672,366       53,617       110,330       1,086,926  
Others
            10,870,812                645,760       4,961,880  
           
 
 
   
 
 
   
 
 
   
 
 
 
Segment totals
            252,060,510       7,471,384       12,811,827       148,745,359  
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidation adjustments:
                                       
Elimination of inter-segment amounts
            (41,701,400              (12,001     (8,101,011
Equity method adjustment
            1,866,554                             
Deferred taxes
            1,881                         5,248,627  
Others
            (1,103,818                       (95,954
           
 
 
   
 
 
   
 
 
   
 
 
 
              (40,936,783              (12,001     (2,948,338
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidated totals
          211,123,727       7,471,384       12,799,826       145,797,021  
           
 
 
   
 
 
   
 
 
   
 
 
 
     
         
2022
 
Segment
       
Segment

assets
   
Investments
in associates
and joint
ventures
   
Acquisition of

non-current

assets
   
Segment
liabilities
 
         
In millions of won
 
Transmission and distribution
          131,023,727       5,678,141       6,055,179       108,963,058  
Electric power generation (Nuclear)
            69,129,625       143,304       2,008,409       42,843,974  
Electric power generation
(Non-nuclear)
            69,468,039       3,113,918       3,547,815       40,428,907  
Plant maintenance & engineering service
            4,051,157       56,685       200,338       1,272,408  
Others
            12,895,981                839,885       5,796,718  
           
 
 
   
 
 
   
 
 
   
 
 
 
Segment totals
            286,568,529       8,992,048       12,651,626       199,305,065  
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidation adjustments:
                                       
Elimination of inter-segment amounts
            (43,801,723              (38,633     (9,304,648
Equity method adjustment
            2,859,623                             
Deferred taxes
            (452                       2,801,832  
Others
            (10,820,983                       2,489  
           
 
 
   
 
 
   
 
 
   
 
 
 
              (51,763,535              (38,633     (6,500,327
           
 
 
   
 
 
   
 
 
   
 
 
 
Consolidated totals
          234,804,994       8,992,048       12,612,993       192,804,738  
           
 
 
   
 
 
   
 
 
   
 
 
 
 
F-4
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
4.
Segment, Geographic and Other Information, Continued
 
 
 
(4)
Geographic information
Electricity sales, the main operations of the Company, 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:
 
          
Revenue from external customers
   
Non-current
assets
(*2)
 
Geographical unit
        
2020
   
2021
   
2022
   
2020
   
2021
   
2022
 
          
In millions of won
 
Domestic
           56,775,375       58,771,252       69,142,730       173,673,478       178,760,564       183,707,117  
Overseas (*1)
             1,151,259       1,241,123       1,403,294       2,831,925       3,572,784       4,724,416  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             57,926,634       60,012,375       70,546,024       176,505,403       182,333,348       188,431,533  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*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 and deferred tax assets.
 
(5)
Information on significant customers
There is no single customer which accounts for 10% or more of the Company’s revenue for the years ended December 31, 2020, 2021 and 2022.
 
F-4
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
5.
Classification of Financial Instruments
 
(1)
Classification of financial assets as of December 31, 2021 and 2022 are as follows:
 
         
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
 
         
In millions of won
 
Current assets
                                               
Cash and cash equivalents
                            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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            1,475,891       435,107       15,327,366       204,756       17,443,120  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-4
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
 
 
 
5.
Classification of Financial Instruments, Continued
 
(1)
Classification of financial assets as of December 31, 2021 and 2022 are as follows, continued:
 
         
2022
 
         
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
 
         
In millions of won
 
Current assets
                                               
Cash and cash equivalents
                            3,234,780                3,234,780  
Current financial assets
                                               
Current financial assets at fair value through profit or loss
            3,181,791                                  3,181,791  
Current financial assets at amortized costs
                              16,762                16,762  
Current derivative assets
            154,730                         134,873       289,603  
Other financial assets
                              798,819                798,819  
Trade and other receivables
                              10,461,822                10,461,822  
              3,336,521                14,512,183       134,873       17,983,577  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Non-current
assets
                                               
Non-current
financial assets
                                               
Non-current
financial assets at fair value through profit or loss
            527,717                                  527,717  
Non-current
financial assets at fair value through other comprehensive income
                     502,829                         502,829  
Non-current
financial assets at amortized costs
                              10,236                10,236  
Non-current
derivative assets
            538,342                         190,079       728,421  
Other financial assets
                              1,567,632                1,567,632  
Trade and other receivables
                              2,153,080                2,153,080  
           
 
1,066,059
 
 
 
502,829
 
 
 
3,730,948
 
 
 
190,079
 
 
 
5,489,915
 
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            4,402,580       502,829       18,243,131       324,952       23,473,492  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-4
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
5.
Classification of Financial Instruments, Continued
 
 
(2)
Classification of financial liabilities as of December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Financial liabilities

at fair value through

profit or loss
    
Financial liabilities

recognized at
amortized cost
    
Derivative liabilities

(applying hedge
accounting)
    
Total
 
          
In millions of won
 
Current liabilities
                                           
Borrowings
                     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  
            
 
 
    
 
 
    
 
 
    
 
 
 
             56,256        94,679,437        21,775        94,757,468  
            
 
 
    
 
 
    
 
 
    
 
 
 
     
          
2022
 
          
Financial liabilities

at fair value through

profit or loss
    
Financial liabilities
recognized at
amortized cost
    
Derivative liabilities
(applying hedge
accounting)
    
Total
 
          
In millions of won
 
Current liabilities
                                           
Borrowings
                     12,457,853                  12,457,853  
Debt securities
                       10,201,149                  10,201,149  
Derivative liabilities
             44,994                            44,994  
Trade and other payables
                       11,983,549                  11,983,549  
            
 
 
    
 
 
    
 
 
    
 
 
 
               44,994        34,642,551                  34,687,545  
            
 
 
    
 
 
    
 
 
    
 
 
 
Non—  current liabilities
                                           
Borrowings
                       2,962,323                  2,962,323  
Debt securities
                       94,984,040                  94,984,040  
Derivative liabilities
             362,252                  25,505        387,757  
Trade and other payables
                       5,638,914                  5,638,914  
            
 
 
    
 
 
    
 
 
    
 
 
 
               362,252        103,585,277        25,505        103,973,034  
            
 
 
    
 
 
    
 
 
    
 
 
 
             407,246        138,227,828        25,505        138,660,579  
            
 
 
    
 
 
    
 
 
    
 
 
 
 
F-4
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
5.
Classification of Financial Instruments, Continued
 
(3)
Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
              
2020
   
2021
   
2022
 
              
In millions of won
 
Cash and cash equivalents
  
Interest income
          9,419       12,692       51,872  
    
Gain (loss) on foreign currency transactions and translations
            (15,911     34,923       22,158  
Financial assets at fair value through profit or loss
  
Interest income
            19,114       18,415       58,540  
    
Dividends income
            4,734       2,949       1,994  
    
Gain (loss) on valuation of derivatives
            (52,447     450,896       336,049  
    
Gain (loss) on transaction of derivatives
            36,563       54,352       205,298  
    
Gain (loss) on valuation of financial assets
            5,508       8,858       (37,230
    
Gain (loss) on disposal of financial assets
            11,344       4,221       9,358  
Financial assets at fair value through other comprehensive income
  
Dividends income
            2,582       7,573       26,881  
Financial assets at amortized cost
  
Interest income
            612       797       1,308  
    
Gain (loss) on foreign currency transactions and translations
            (1,733     (3,647     5,087  
Loans
  
Interest income
            26,232       25,196       33,545  
    
Gain (loss) on foreign currency transactions and translations
            (527     729       596  
Trade and other receivables
  
Interest income
            151,035       144,543       164,653  
    
Gain (loss) on disposal of financial assets
                     2,452           
    
Gain (loss) on foreign currency transactions and translations
            23,458       14,207       1,019  
Short-term financial instruments
  
Interest income
            25,540       7,531       15,827  
    
Gain (loss) on foreign currency transactions and translations
            (38,088     32,218       3,513  
Long-term financial instruments
  
Interest income
            10,406       12,470       14,371  
    
Gain (loss) on foreign currency transactions and translations
                     27       1  
Other financial assets
  
Interest income
            228       230       637  
Derivatives (applying hedge accounting)
  
Gain (loss) on valuation of derivatives (profit or loss)
            (77,733     211,180       149,888  
    
Gain (loss) on valuation of derivatives (equity, before tax)
            9,925       (11,734     (93,699
    
Gain (loss) on transaction of derivatives
            36,053       31,351       54,422  
Financial liabilities at fair value through profit or loss
  
Gain (loss) on valuation of derivatives
            (104,607     2,751       (345,313
    
Gain (loss) on transaction of derivatives
            (49,788     (15,358     (110,236
Financial liabilities carried at amortized cost
  
Interest expense of borrowings and debt securities
            1,365,801       1,316,269       2,142,220  
    
Gain (loss) on repayment of financial liabilities
            (35     (10     (15
    
Interest expense of trade and other payables
            88,757       213,765       204,078  
    
Interest expense of others
            540,867       384,423       472,248  
    
Other finance income
                     1,284       927  
    
Other finance expenses
                     2,504       167  
    
Gain (loss) on foreign currency transactions and translations
            772,045       (1,162,835     (936,269
Derivatives (applying hedge accounting)
  
Gain (loss) on valuation of derivatives (profit or loss)
            (220,928     158,167       83,594  
    
Gain (loss) on valuation of derivatives (equity, before tax)
            101,295       (28,726     28,647  
    
Gain (loss) on transaction of derivatives
            42,565       13,737       75,201  
 
F-4
6

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
 
 
6.
Restricted Deposits
Restricted deposits as of December 31, 2021 and 2022 are as follows:
 
               
2021
    
2022
 
               
In millions of won
 
Cash and cash equivalents
  
Escrow accounts
                     2,912  
    
Deposits for government project and others
             22,286        30,586  
    
Collateral provided for borrowings
             264,813        250,346  
    
Collateral provided for lawsuit
             42        57  
    
Deposits for transmission regional support program
             5,921        8,626  
    
Deposits for other business purposes
             3,050        3,825  
Short-term financial instruments
  
Restriction on withdrawal related to
‘win-win
growth program’ for small and medium enterprises and others
             114,000        101,500  
    
Collateral provided for borrowings
             11,745        1,000  
Non-current
financial assets at fair value through profit or loss
  
Decommissioning costs of nuclear power plants
             531,720        386,220  
Long-term financial instruments
  
Escrow accounts
             70        1,603  
    
Guarantee deposits for banking accounts at oversea branches
             333        18  
    
Collateral provided for borrowings
                       21,745  
    
Decommissioning costs of nuclear power plants
             324,609        497,609  
    
Funds for developing small and medium enterprises

             10,000            
Other non-current assets
  
Deposits for other business purposes
                       4,355  
                 
 
 
    
 
 
 
                  1,288,589        1,310,402  
                 
 
 
    
 
 
 
 
F-4
7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
 
 
7.
Cash and Cash Equivalents
Cash and cash equivalents as of December 31, 2021 and 2022 are as follows:
 
          
2021
    
2022
 
          
In millions of won
 
Cash
           19,623        21,113  
Other demand deposits
             1,825,751        1,906,248  
Short-term deposits classified as cash equivalents
             407,921        1,063,290  
Short-term investments classified as cash equivalents
             381,943        244,129  
            
 
 
    
 
 
 
             2,635,238        3,234,780  
            
 
 
    
 
 
 
 
 
 
8.
Trade and Other Receivables
 
(1)
Trade and other receivables as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Gross
amount
    
Allowance for

doubtful accounts
    
Present value

discount
    
Book
value
 
           
In millions of won
 
Current assets
                                            
Trade receivables
            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  
             
 
 
    
 
 
    
 
 
    
 
 
 
              10,324,255        (288,049      (6,930      10,029,276  
             
 
 
    
 
 
    
 
 
    
 
 
 
     
           
2022
 
           
Gross
amount
    
Allowance for

doubtful accounts
    
Present value

discount
    
Book
value
 
           
In millions of won
 
Current assets
                                            
Trade receivables
            9,700,880        (196,829                9,504,051  
Other receivables
              1,004,528        (44,388      (2,369      957,771  
             
 
 
    
 
 
    
 
 
    
 
 
 
                10,705,408        (241,217      (2,369      10,461,822  
             
 
 
    
 
 
    
 
 
    
 
 
 
Non-current
assets
                                            
Trade receivables
              197,955        (2,171                195,784  
Other receivables
              2,033,705        (65,065      (11,344      1,957,296  
             
 
 
    
 
 
    
 
 
    
 
 
 
                2,231,660        (67,236      (11,344      2,153,080  
             
 
 
    
 
 
    
 
 
    
 
 
 
              12,937,068        (308,453      (13,713      12,614,902  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
F-48

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
8.
Trade and Other Receivables, Continued
 
 
(2)
Other receivables as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Gross
amount
    
Allowance for

doubtful accounts
   
Present value
discount
   
Book
value
 
           
In millions of won
 
Current assets
                                          
Non-trade receivables
            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  
             
 
 
    
 
 
   
 
 
   
 
 
 
              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 ₩111,915 million.
 
(*2)  Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩1,082,712 million.
 
   
   
           
2022
 
           
Gross
amount
    
Allowance for

doubtful accounts
   
Present value
discount
   
Book
value
 
           
In millions of won
 
Current assets
                                          
Non-trade receivables
            459,245        (41,293     (21     417,931  
Accrued income
              109,267                          109,267  
Deposits
              289,580                 (2,348     287,232  
Finance lease receivables(*1)
              67,583        (1,802              65,781  
Others
              78,853        (1,293              77,560  
             
 
 
    
 
 
   
 
 
   
 
 
 
                1,004,528        (44,388     (2,369     957,771  
             
 
 
    
 
 
   
 
 
   
 
 
 
Non-current assets
                                          
Non-trade receivables
              140,128        (52,696     (182     87,250  
Accrued income
              2,004                          2,004  
Deposits
              459,861                 (11,162     448,699  
Finance lease receivables(*2)
              1,171,807        (2,703              1,169,104  
Others
              259,905        (9,666              250,239  
             
 
 
    
 
 
   
 
 
   
 
 
 
                2,033,705        (65,065     (11,344     1,957,296  
             
 
 
    
 
 
   
 
 
   
 
 
 
              3,038,233        (109,453     (13,713     2,915,067  
             
 
 
    
 
 
   
 
 
   
 
 
 
 
  (*1)
Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩114,347 million.
 
  (*2)
Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ₩1,024,927 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 Company imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Company holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.
 
F-49

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
8.
Trade and Other Receivables, Continued
 
(4)
Aging analysis of trade receivables as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
In millions of won
 
Trade receivables: (not overdue)
            7,603,472        9,509,775  
             
 
 
    
 
 
 
Trade receivables: (impairment reviewed)
              325,775        389,060  
             
 
 
    
 
 
 
Less than 60 days
              11,577        5,592  
60 ~ 90 days
              27,201        36,389  
90 ~ 120 days
              28,230        31,442  
120 days ~ 1 year
              51,945        99,655  
Over 1 year
              206,822        215,982  
             
 
 
    
 
 
 
                7,929,247        9,898,835  
Less: allowance for doubtful accounts
              (205,339      (199,000
             
 
 
    
 
 
 
              7,723,908        9,699,835  
             
 
 
    
 
 
 
At the end of each reporting period, the Company assesses whether the credit to trade receivables is impaired. The Company 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 Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
 
(5)
Aging analysis of other receivables as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
In millions of won
 
Other receivables: (not overdue)
            2,251,474        2,857,253  
             
 
 
    
 
 
 
Other receivables: (impairment reviewed)
              143,534        180,980  
             
 
 
    
 
 
 
Less than 60 days
              87        92  
60 ~ 90 days
              4,881        13,643  
90 ~ 120 days
              1,248        2,982  
120 days ~ 1 year
              11,438        18,494  
Over 1 year
              125,880        145,769  
             
 
 
    
 
 
 
                2,395,008        3,038,233  
Less: allowance for doubtful accounts
              (82,710      (109,453
Less: present value discount
              (6,930      (13,713
             
 
 
    
 
 
 
              2,305,368        2,915,067  
             
 
 
    
 
 
 
At the end of each reporting period, the Company assesses whether the credit to other receivables is impaired. The Company 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 Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
 
F-50

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
8.
Trade and Other Receivables, Continued
 
(6)
Changes in the allowance for doubtful accounts for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
   
2021
   
2022
 
           
Trade
receivables
   
Other
receivables
   
Trade
receivables
   
Other
receivables
   
Trade
receivables
   
Other
receivables
 
           
In millions of won
 
Beginning balance
            212,759       114,155       208,990       132,379       205,339       82,710  
Bad debt expense
              24,021       27,329       19,039       18,411       27,078       4,220  
Write-off
              (20,332     (1,910     (21,809     (58,762     (26,319     (1,103
Reversal
              (3,373     (2,464     (1,071     (79     (3,444     (37
Others
              (4,085     (4,731     190       (9,239     (3,654     23,663  
             
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ending balance
            208,990       132,379       205,339       82,710       199,000       109,453  
             
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
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 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
           
In millions of won
 
Financial assets at fair value through profit or loss
                                            
Beneficiary Certificate
            629        206,160        294        121,406  
Cooperative
                        5,797                  6,329  
Others (*)
              360,204        202,003        3,181,497        173,386  
             
 
 
    
 
 
    
 
 
    
 
 
 
                360,833        413,960        3,181,791        301,121  
             
 
 
    
 
 
    
 
 
    
 
 
 
Financial assets designated as at fair value through profit or loss
                                            
Debt with embedded derivatives
                        258,071                  226,596  
             
 
 
    
 
 
    
 
 
    
 
 
 
              360,833        672,031        3,181,791        527,717  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
(*)
‘Other’ includes MMT
 
which is composed of government bonds, RP(Repurchase Paper), CP(Commercial Paper),
 
etc.
 
(2)
Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
In millions of won
 
Beneficiary Certificate
            13,632        4,527  
Cooperative
              110        120  
Debt with embedded derivatives
              854        946  
Others
              19,848        27,068  
             
 
 
    
 
 
 
              34,444        32,661  
             
 
 
    
 
 
 
 
F-5
1

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
 
 
 
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 2022 are as follows:
 
          
2021
 
          
Beginning
balance
    
Acquisition
    
Disposal
   
Valuation
   
Others
   
Ending
balance
 
          
In millions of won
 
Equity securities
                                                          
Listed
           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
                                                              
Non-current
financial assets at fair value through other comprehensive income
             358,559        10,929        (8,221     68,777       5,063       435,107  
     
          
2022
 
          
Beginning
balance
    
Acquisition
    
Disposal
   
Valuation
   
Others
   
Ending
balance
 
          
In millions of won
 
Equity securities
                                                          
Listed
           273,826                           28,585       (2,354     300,057  
Unlisted
             160,790        9,451                 33,237       (1,235     202,243  
            
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
               434,616        9,451                 61,822       (3,589     502,300  
            
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Debt securities
                                                          
Corporate bond
             491                           38                529  
            
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
               435,107        9,451                 61,860       (3,589     502,829  
            
 
 
    
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
Current financial assets at fair value through other comprehensive income
                                                              
Non-current
financial assets at fair value through other comprehensive income
             435,107        9,451                 61,860       (3,589     502,829  
 
 
F-5
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
Listed
                                               
Korea District Heating Corp.
    2,264,068       19.55           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           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  
 
F-5
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-5
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-5
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-5
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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                                   
 
F-5
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-5
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-
59

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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  
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  
 
F-6
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2021
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                     
In millions of won
 
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.
                              38       38       38  
Information&Communication Financial Cooperative Co., Ltd.
                              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  
                           
 
 
   
 
 
   
 
 
 
                            589,194       435,107       435,107  
                           
 
 
   
 
 
   
 
 
 
 
  (*1)
The Company 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 Company 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.
 
F-6
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
Listed
                                               
             
Korea District Heating Corp.
    2,264,068       19.55           173,201       64,526       64,526  
Ssangyong Motor Co., Ltd.
    12,205       0.03             428       107       107  
SM Korea Line Corp.
    180       0.00             1                    
Namkwang Engineering & Construction Co., Ltd.
    121       0.00             15       0       0  
Bumyang Construction Co., Ltd.
    35       0.00             2                    
ELCOMTEC Co., Ltd.
    32,875       0.04             217       34       34  
PAN Ocean Co., Ltd.
    1,492       0.00             14       9       9  
STX Heavy Industries Co., Ltd.
    7,419       0.03             107       54       54  
Codes Combine Co., Ltd.
    291       0.00             1       1       1  
PT Adaro Energy Tbk.
    480,000,000       1.50             65,028       149,503       149,503  
Denison Mines Corp.
    58,284,000       7.09             84,134       84,502       84,502  
Fission Uranium Corp.
    100,000       1.73             41       75       75  
SangSangin Industry Co., Ltd.
    5,831       0.01             38       3       3  
Vitzosys Co., Ltd.
    399       0.00             2                    
EMnI Co., Ltd.
    628       0.00             25       3       3  
Vissem electronics, Co., Ltd.
    229       0.00             11       1       1  
KC Industry Co., Ltd.
    139       0.00             6                    
Ihsung CNI Co., Ltd.
    142,860       4.81             1,500       1,229       1,229  
Aone Alform Co., Ltd.
    2,672       0.04             19       10       10  
                           
 
 
   
 
 
   
 
 
 
                              324,790       300,057       300,057  
                           
 
 
   
 
 
   
 
 
 
Unlisted
(*1)
                                               
             
Intellectual Discovery Co., Ltd.
    200,000       6.00           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  
Altron Jeonju Co., Ltd.
    34,846       1.34             697       5       5  
Moonkyung Silica Co., Ltd.
    42       0.56                                   
Sungkwang Timber Co., Ltd.
    3       0.08             5       5       5  
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             4       4       4  
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  
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       30       30  
Seungri Enterprise Co., Ltd.
    93       0.05             3       3       3  
Shin-E
P&C Co., Ltd.
    1,569       0.64             110       2       2  
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  
                                     
 
F-6
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
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  
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  
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  
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  
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                                   
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  
                                     
 
F-6
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
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  
Set Holding (*2)
    1,100,220       2.50             229,255       163,580       163,580  
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             17       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  
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  
Shinseung Chemical Industy Co., Ltd.
    5       0.01             60                    
KJ Alloy Co., Ltd.
    368       0.20             7       7       7  
SM Hi-tech Co., Ltd.
    22       0.39             22       22       22  
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  
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       34       34  
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                                   
Sungchang Tech Co., Ltd.
    159       0.31             19       19       19  
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       2       2  
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  
                                     
 
F-6
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
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  
Daeji Product Co., Ltd.
    15       0.05             1                    
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  
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  
Millennium PNT Co., Ltd.
    227       0.37             6       6       6  
GN Chem Co., Ltd.
    40       0.07             1       1       1  
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  
                                     
 
F-6
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
                                     
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             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  
Newko Co., Ltd.
    331       0.06             10       10       10  
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  
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  
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       7,856       7,856  
Le Soleil KHNP LLC
    137,600       19.00             1,376       1,376       1,376  
Ihsung CNI Co., Ltd.
    127,660       4.30             1,500       2,016       2,016  
H Robotics Co., Ltd.
    903,601       8.05             4,000       5,638       5,638  
Good Tcells Co., Ltd.
    11,364       0.34             500       347       347  
IPS Bio Co., Ltd.
    1,975       3.13             1,000       843       843  
Nine B Co., Ltd.
    5,000       4.96             1,000       1,000       1,000  
                                     
 
F-6
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
                                     
                                     
Choigang-gujo Co., Ltd.
 
 
61
 
 
 
0.45
 
 
 
 
 
6
 
    1       1  
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  
JFC Co., Ltd.
 
 
16
 
 
 
0.01
         
 
2
 
    2       2  
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  
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
         
 
3
 
    3       3  
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  
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  
 
F-6
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
                                     
                                     
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  
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.
    45       0.01             2       4       4  
DH trading Co., Ltd.
    891       0.04             178                    
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  
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                    
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  
Mirae Engineering Co., Ltd.
    66       0.15             1       1       1  
Mideumeul-juneun-namu Co., Ltd.
    119       0.53             6       6       6  
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.
    1,096       0.26             16       16       16  
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  
 
F-6
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
                                     
                                     
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  
                                     
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  
Woongjin Energy Co., Ltd.
    94       0.00             9       9       9  
Electric Contractors’ Financial Cooperative Co., Ltd.
                              39       39       39  
Information&Communication Financial Cooperative Co., Ltd.
                              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  
Eunsung Industrial Co., Ltd.
    3       0.03             1       1       1  
KPE Co., Ltd
    51       0.19             13       13       13  
Dongbangfarms Co., Ltd
    904       0.55             41       5       5  
Sungdo Pack Co., Ltd
    15       0.06             1       1       1  
Coffeenie Co., Ltd
    2       0.00             1       1       1  
Medi Pharma Plan Co., Ltd
    1,075       0.26             108       8       8  
Woori Ascon Co., Ltd
    25       0.34             10       10       10  
Dong Shin Hydraulies Co., Ltd
    9,460       0.14             47       47       47  
Cheonwoo E.P.S Co., Ltd
    371       1.10             19       19       19  
Koa Tech Co., Ltd
    1,244       0.77             12       12       12  
Jinwoo Textile Co., Ltd
    91       0.68             9       9       9  
SKE Cable Co., Ltd
    120       0.08             6       6       6  
Hi Korea Co., Ltd
    1,845       1.94             185       185       185  
Daeheung Engineering Co., Ltd
    65       0.01             1       1       1  
Etapol Co., Ltd
    1,361       0.54             41       41       41  
Yoongwon International Co., Ltd
    157       1.47             31       31       31  
Avoh Ceramic&Bath Co., Ltd
    173       0.14             3       3       3  
Dongyang R.P.F. Industrial Co., Ltd
    59       0.03             2       2       2  
Yuil Engineering Co., Ltd
    14       0.03             1       1       1  
Taesan Co., Ltd
    146       0.69             35       35       35  
Jico Co., Ltd
    10,581       0.01             26       26       26  
K Shipbuilding Co., Ltd.
    8,622       0.25             1,078       1,078       1,078  
Seokjin E&T Co., Ltd.
    81       0.06             8       8       8  
Agencore Co., Ltd
    104,350       5.67             1,200       1,200       1,200  
SamHong Machinery. EMC Co., Ltd
    476,192       19.23             5,000       5,000       5,000  
Thermo Tec Co., Ltd
    446       0.03             4       4       4  
DaeYang Hydro Co., Ltd
    6       0.02             1       1       1  
SangMoo Steel Co., Ltd
    24       0.04             2       2       2  
Jungin Distribution Co., Ltd
    17       0.00             3       3       3  
TheSun Co., Ltd
    77       0.06             1       1       1  
Daedong Co., Ltd
    176       0.33             18       18       18  
Daewoong and Technology Co., Ltd
    423       1.14             42       42       42  
Ebadom Co., Ltd
    361       0.21             58       58       58  
ChoungHwa Precise Co., Ltd
    428       0.08             43       4       4  
 
F-
69

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
   
2022
 
   
Shares
   
Ownership
         
Acquisition cost
   
Book value
   
Fair value
 
                                     
                     
In millions of won
 
                                     
                                     
                                     
                                     
                                     
Snopa Co., Ltd
    458       0.01           5       5       5  
Aloha Factory Co., Ltd
    2,970       3.61             1,000       1,000       1,000  
Dailyshot Co., Ltd
    339       1.85             1,001       1,001       1,001  
Mediquitous Co., Ltd
 
 
5,080
 
 
 
0.69
         
 
1,250
 
 
 
1,250
 
 
 
1,250
 
SKD Korea Co., Ltd.
    40       0.28             20       20       20  
Samhyup Co., Ltd
    376       0.91             38       38       38  
Gogang Aluminum Co., Ltd
    828       1.52             41       41       41  
Taekwang Paper Board Co., Ltd
    133       0.49             23       23       23  
NY Tech Co., Ltd
    33       0.15             2       2       2  
Sekwang Precision Co., Ltd
    394       0.84             79       79       79  
Dongbang Metal Co., Ltd
    1,985       0.32             20       20       20  
Samwang Co., Ltd
    170       0.25             17       17       17  
Yurim CNF Co., Ltd
    15       0.23             2       2       2  
Guseul Co., Ltd
    89       0.23             9       9       9  
Gaone International Co., Ltd
    54       0.29             14       14       14  
Daekwang Forging Co., Ltd
    1,298       1.99             130       130       130  
Dongyang Pratech Co., Ltd
    265       1.21             29       29       29  
Samjin Placo Co., Ltd
    661       0.52             33       33       33  
MS Steel Industrial Co., Ltd
    167       0.40             8       8       8  
STS Global Co., Ltd
    9       0.04             1       1       1  
Y Tech Co., Ltd
    855       0.65             34       34       34  
CK Industry Co., Ltd
    4,178       7.54             167       167       167  
J&J Tech Co.
    14       0.22             1       1       1  
Shield Board Co., Ltd
    165       0.15             3       3       3  
SFC International Co., Ltd
    11       0.01             1       1       1  
Korea Ocean Machinery & Technology Co.,Ltd.
    763       0.45             76       76       76  
Hana ITM Inc.
    8,443       0.70             84       84       84  
Jeuvis Co., Ltd
    191       0.30             2       2       2  
JBM Co., Ltd
    662       0.34             20       20       20  
Jungwoo Metal Solution Co., Ltd
    27       0.08             2       2       2  
MS Precision Co., Ltd
    220       0.16             22       22       22  
YM Tech Co., Ltd
    2       0.01             1       1       1  
C&C ENG Co., Ltd
    439       1.59             22       22       22  
Minjin Co., Ltd
    24       0.01             1       1       1  
Daejoo E&G Co., Ltd
    133       0.00             27       27       27  
Taeyoung Precision Co., Ltd
    31       0.22             1       1       1  
Shin Heung Precision Co., Ltd
    93       4.63             4       4       4  
TaeGwang P&C Co., Ltd
    530       0.90             13       13       13  
KyeongGwang Tech Co.,Ltd
    244       1.04             7       7       7  
                           
 
 
   
 
 
   
 
 
 
                              269,065       202,243       202,243  
                           
 
 
   
 
 
   
 
 
 
Debt securities
                                               
Aron Flying Ship Co., Ltd. (*1)
                              500       529       529  
                           
 
 
   
 
 
   
 
 
 
                            594,355       502,829       502,829  
                           
 
 
   
 
 
   
 
 
 
 
  (*1)
The Company 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 Company 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, 2022.
 
F-7
0

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
11.
Financial Assets at Amortized Cost
Financial assets at amortized cost as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Financial assets
at amortized cost
    
Book

value
 
                      
           
In millions of won
 
Government bonds
            1,308        1,308  
Others
              23,965        23,965  
             
 
 
    
 
 
 
              25,273        25,273  
             
 
 
    
 
 
 
Current
            15,422        15,422  
Non-current
              9,851        9,851  
     
           
2022
 
           
Financial assets
at amortized cost
    
Book

value
 
                      
           
In millions of won
 
Government bonds
            1,920        1,920  
Others
              25,078        25,078  
             
 
 
    
 
 
 
              26,998        26,998  
             
 
 
    
 
 
 
Current
            16,762        16,762  
Non-current
              10,236        10,236  
 
F-7
1

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives
 
(1)
Derivatives as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
                                    
           
In millions of won
 
Derivative assets
                                            
Currency forward
            559        6,899        648        17,432  
Currency swap
              125,877        506,957        236,470        589,300  
—Trading
              92,313        335,765        102,080        410,540  
—Hedging
              33,564        171,192        134,390        178,760  
Interest rate swap
              502        6,980        52,485        81,188  
—Trading
              502        6,980        52,485        81,188  
—Hedging
                                                
Others (*3)
                        9                  40,501  
             
 
 
    
 
 
    
 
 
    
 
 
 
              126,938        520,845        289,603        728,421  
             
 
 
    
 
 
    
 
 
    
 
 
 
Derivative liabilities
                                            
Currency forward
            301                  32,660            
Currency swap
              4,446        16,708        6,319        328,995  
—Trading
              4,446        15,576        6,319        302,415  
—Hedging
                        1,132                  26,580  
Interest rate swap
              2,544        28,138                  2,735  
—Trading
              174        2,829                  2,735  
—Hedging
              2,370        25,309                      
Others (*1,2,3)
                        25,894        6,015        56,027  
             
 
 
    
 
 
    
 
 
    
 
 
 
              7,291        70,740        44,994        387,757  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
  (*1)
The Company 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’(See note 47).
 
  (*2)
The Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recognized its fair value as other derivative liabilities.
 
  (*3)
The Company has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Company from financial investors, and the fair value of the obligation is recorded in ‘Others’.
 
F-7
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
(2)
Currency forward contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:
 
Counterparty
  
Contract

date
 
  
Maturity

date
 
  
 
 
 
Contract amounts
 
 
 
 
 
Contract

exchange rate

(in won)
 
  
 
 
 
Pay
 
 
Receive
 
 
 
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
In millions of won and thousands of foreign currencies
except contract exchange rate information
 
Busan Bank
     2022.12.08        2023.01.09               9,237        USD 7,000               1,319.50  
Woori Bank
     2022.12.09        2023.01.06                 13,165        USD 10,000                 1,316.45  
Nonghyup Bank
     2022.12.13        2023.01.10                 10,430        USD 8,000                 1,303.80  
Kookmin Bank
     2022.12.15        2023.01.16                 12,988        USD 10,000                 1,298.84  
Hana Bank
     2022.12.15        2023.01.17                 28,632        USD 22,000                 1,301.45  
Standard Chartered
     2022.12.16        2023.01.18                 26,141        USD 20,000                 1,307.05  
Mizuho Bank
     2022.12.16        2023.01.19                 26,096        USD 20,000                 1,304.80  
JP Morgan
     2022.12.19        2023.01.20                 26,080        USD 20,000                 1,304.00  
Korea Development Bank
     2022.12.19        2023.01.26                 26,010        USD 20,000                 1,300.50  
Kookmin Bank
     2022.12.19        2023.01.27                 25,959        USD 20,000                 1,297.93  
Busan Bank
     2022.12.21        2023.01.25                 12,853        USD 10,000                 1,285.25  
Nonghyup Bank
     2022.12.21        2023.01.26                 14,134        USD 11,000                 1,284.90  
Hana Bank
     2022.12.27        2023.01.30                 18,992        USD 15,000                 1,266.15  
Standard Chartered
     2022.12.28        2023.01.31                 15,216        USD 12,000                 1,268.00  
Morgan Stanley
     2022.12.28        2023.02.01                 15,205        USD 12,000                 1,267.10  
Kookmin Bank
     2022.12.29        2023.02.02                 20,247        USD 16,000                 1,265.44  
Mizuho Bank
     2022.12.29        2023.02.03                 20,255        USD 16,000                 1,265.95  
Kookmin Bank
     2022.12.30        2023.02.28                 15,128        USD 12,000                 1,260.70  
Hana Bank
     2022.12.06        2023.01.06                 13,091        USD 10,000                 1,309.05  
Mizuho Bank
     2022.12.15        2023.01.13                 26,001        USD 20,000                 1,300.07  
MUFG
     2022.12.19        2023.01.20                 52,054        USD 40,000                 1,301.35  
MUFG
     2022.12.20        2023.01.13                 25,952        USD 20,000                 1,297.60  
MUFG
     2022.12.29        2023.01.27                 45,605        USD 36,000                 1,266.80  
Shinhan Bank
     2022.11.03        2023.01.09                 7,085        USD 5,000                 1,417.00  
JP Morgan
     2022.11.07        2023.01.13                 14,012        USD 10,000                 1,401.20  
JP Morgan
     2022.11.25        2023.01.20                 6,611        USD 5,000                 1,322.10  
JP Morgan
     2022.12.29        2023.01.05                 38,040        USD 30,000                 1,268.00  
Standard Chartered
     2022.12.29        2023.01.05                 25,358        USD 20,000                 1,267.90  
Mizuho Bank
     2022.11.09        2023.01.06                 13,681        USD 10,000                 1,368.10  
Nonghyup Bank
     2022.12.27        2023.01.16                 6,334        USD 5,000                 1,266.70  
Mizuho Bank
     2022.11.11        2023.01.30                 5,207        USD 3,842                 1,355.05  
Mizuho Bank
     2022.11.11        2023.01.30                 34,001        USD 25,000                 1,360.05  
Nonghyup Bank
     2022.12.21        2023.02.23                 3,603        USD 2,806                 1,283.70  
SMBC
     2022.11.30        2023.01.20                 USD 10,000        13,153                 1,315.30  
SMBC
     2022.11.30        2023.02.16                 USD 15,000        19,783                 1,318.85  
SMBC
     2022.12.26        2023.03.23                 USD 8,000        10,173                 1,271.60  
SMBC
     2022.12.29        2023.03.28                 USD 15,000        18,933                 1,262.20  
SMBC
     2022.12.29        2023.06.13                 USD 15,000        18,872                 1,258.10  
MUFG
     2022.11.25        2023.02.08                 13,175        USD 10,000                 1,317.50  
MUFG
     2022.12.12        2023.02.27                 33,947        USD 26,000                 1,305.64  
MUFG
     2022.11.24        2023.01.30                 13,234        USD 10,000                 1,323.40  
JP Morgan
     2022.11.24        2023.01.30                 13,830        USD 10,406                 1,329.05  
JP Morgan
     2022.11.30        2023.01.17                 13,163        USD 10,000                 1,316.30  
HSBC
     2022.11.09        2023.01.30                 42,627        USD 31,000                 1,375.05  
 
F-7
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
(2)
Currency forward contracts which are not designated as hedging instruments as of December 31, 2022 are as follows, continued:
 
Counterparty
  
Contract

date
 
  
Maturity

date
 
  
 
 
 
Contract amounts
 
 
 
 
 
Contract

exchange rate

(in won)
 
  
 
 
 
Pay
 
 
Receive
 
 
 
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
In millions of won and thousands of foreign currencies
except contract exchange rate information
 
HSBC
     2020.10.19        2024.10.29               140,913        USD 125,000               1,127.30  
Busan Bank
     2022.10.25        2023.01.13                 13,039        USD 9,090                 1,434.50  
MUFG
     2022.10.25        2023.01.13                 1,433        USD 1,000                 1,433.18  
Woori Bank
     2022.11.08        2023.02.03                 12,332        USD 8,918                 1,382.80  
Shinhan Bank
     2022.11.09        2023.03.03                 13,605        USD 10,000                 1,360.50  
MUFG
     2022.11.10        2023.03.03                 20,464        USD 15,000                 1,364.27  
Standard Chartered
     2022.11.24        2023.04.07                 17,612        USD 13,214                 1,332.80  
Standard Chartered
     2022.12.01        2023.05.12                 12,932        USD 10,000                 1,293.20  
Standard Chartered
     2022.12.05        2023.05.12                 3,121        USD 2,425                 1,286.90  
Woori Bank
     2022.12.08        2023.05.12                 13,145        USD 10,000                 1,314.50  
HSBC
     2022.12.12        2023.06.09                 19,482        USD 15,000                 1,298.80  
Busan Bank
     2022.12.12        2023.06.09                 19,479        USD 15,000                 1,298.60  
MUFG
     2022.12.15        2023.06.09                 19,386        USD 15,000                 1,292.41  
Shinhan Bank
     2022.12.15        2023.06.09                 19,397        USD 15,000                 1,293.10  
Standard Chartered
     2022.12.15        2023.06.09                 19,397        USD 15,000                 1,293.10  
HSBC
     2022.12.22        2023.06.09                 12,695        USD 10,000                 1,269.45  
Shinhan Bank
     2022.12.22        2023.06.09                 12,671        USD 10,000                 1,267.10  
 
F-7
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
(3)
Currency swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:
 
   
Contract year
         
Contract amount
   
Contract interest rate
       
Contract
exchange rate

(in won, USD)
 
Counterparty
 
Pay
   
Receive
   
Pay
 
Receive
     
                                             
   
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Standard Chartered
    2014~2029             102,470       USD 100,000     3.14%   3.57%           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  
Hana Bank
    2022~2025               385,800       USD 300,000     3.11%   3.63%             1,286.00  
Woori Bank
    2022~2025               257,200       USD 200,000     3.12%   3.63%             1,286.00  
JP Morgan
    2022~2027               128,600       USD 100,000     3.56%   4.00%             1,286.00  
Woori Bank
    2022~2027               128,600       USD 100,000     3.56%   4.00%             1,286.00  
Kookmin Bank
    2022~2027               128,600       USD 100,000     3.56%   4.00%             1,286.00  
Korea Development Bank
    2022~2026               283,820       USD 200,000     4.67%   5.38%             1,419.10  
Hana Bank
    2022~2026               141,910       USD 100,000     4.68%   5.38%             1,419.10  
JP Morgan
    2022~2026               141,910       USD 100,000     4.69%   5.38%             1,419.10  
Woori Bank
    2022~2026               141,910       USD 100,000     4.69%   5.38%             1,419.10  
Korea Development Bank
    2022~2028               283,820       USD 200,000     5.12%   5.50%             1,419.10  
Woori Bank
    2022~2028               141,910       USD 100,000     5.13%   5.50%             1,419.10  
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  
Korea Citi Bank
    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  
 
F-7
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
(3)
Currency swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows, continued:
 
   
Contract year
         
Contract amount
   
Contract interest rate
       
Contract
exchange rate

(in won, USD)
 
Counterparty
 
Pay
   
Receive
   
Pay
 
Receive
     
                                             
   
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Woori Bank
    2022~2027             262,000       USD 200,000     3.62%   4.25%           1,310.00  
Export-Import Bank of Korea
    2022~2027               131,000       USD 100,000     3.63%   4.25%             1,310.00  
Kookmin Bank
    2022~2027               131,000       USD 100,000     3.62%   4.25%             1,310.00  
Hana Bank
    2022~2027               131,000       USD 100,000     3.61%   4.25%             1,310.00  
Korea Development Bank
    2022~2027               262,000       USD 200,000     3.63%   4.25%             1,310.00  
Export-Import Bank of Korea
    2022~2032               349,829       HKD 1,935,000     4.87%   5.16%             180.79  
JP Morgan
    2022~2032               75,194       HKD 415,000     5.00%   5.16%             181.19  
HSBC
    2019~2024               USD 205,500       AUD 300,000     3M Libor + 0.78%   3M BBSW + 0.97%             USD 0.69  
 
F-7
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
 
(4)
Currency swap contracts which are designated as hedging instruments as of December 31, 2022 are as follows:
 
Counterparty
 
Contract year
         
Contract amount
   
Contract interest rate
       
Contract
exchange rate

(in won)
 
 
Pay
   
Receive
   
Pay
 
Receive
     
                                             
   
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Kookmin Bank
    2020~2025             118,780       USD 100,000     1.29%   2.13%           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  
Kookmin Bank
    2021~2026               114,230       USD 100,000     1.27%   1.25%             1,142.30  
Korea Development Bank
    2021~2026               114,230       USD 100,000     1.27%   1.25%             1,142.30  
Hana Bank
    2021~2026               114,230       USD 100,000     1.27%   1.25%             1,142.30  
Korea Development Bank
    2022~2027               123,710       USD 100,000     3.41%   3.63%             1,237.10  
Woori Bank
    2022~2027               123,710       USD 100,000     3.41%   3.63%             1,237.10  
JP Morgan
    2022~2027               123,710       USD 100,000     3.41%   3.63%             1,237.10  
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
    2022~2025               128,560       USD 100,000     3.37%   4.13%             1,285.60  
Woori Bank
    2022~2025               128,560       USD 100,000     3.37%   4.13%             1,285.60  
Kookmin Bank
    2022~2025               128,560       USD 100,000     3.37%   4.13%             1,285.60  
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  
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  
JP Morgan
    2022~2025               126,180       USD 100,000     2.80%   3.60%             1,261.80  
Hana Bank
    2022~2025               126,180       USD 100,000     2.80%   3.60%             1,261.80  
Korea Development Bank
    2022~2025               252,360       USD 200,000     2.83%   3.60%             1,261.80  
Woori Bank
    2022~2025               126,180       USD 100,000     2.85%   3.60%             1,261.80  
 
F-7
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
(5)
Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:
 
Counterparty
  
Contract
year
    
Contract amount
    
Contract interest rate per annum
  
Pay
  
Receive
           
In millions of won
           
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%
Hana Bank
     2022~2027        200,000      3.02%    3M CD + 0.61%
Hana Bank
     2022~2027        200,000      3.04%    3M CD + 0.58%
Hana Bank
     2022~2027        250,000      3.38%    3M CD + 0.59%
Nomura
     2022~2027        200,000      3.55%    3M CD + 0.60%
Shinhan Bank
     2022~2027        150,000      3.53%    3M CD + 0.55%
Hana Bank
     2022~2027        200,000      3.70%    3M CD + 0.59%
Nomura
     2022~2027        300,000      3.89%    3M CD + 0.67%
Hana Bank
     2022~2027        200,000      3.93%    3M CD + 0.67%
Nomura
     2022~2027        200,000      3.80%    3M CD + 0.68%
Nomura
     2022~2027        300,000      4.04%    3M CD + 0.60%
Hana Bank
     2022~2027        100,000      4.68%    3M CD + 1.04%
Hana Bank
     2022~2027        100,000      5.45%    3M CD + 1.20%
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%
ANZ
     2022 - 2025        AUD 540      0.48%    3.33%
DBS Bank
     2022 - 2025        AUD 540      0.48%    3.33%
Societe Generale
     2022 - 2025        AUD 540      0.48%    3.28%
 
  (*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, 2022 are as follows:
 
Counterparty
  
Contract
year
    
Contract amount
    
Contract interest rate per annum
 
  
Pay
  
Receive
 
           
In thousands of USD
             
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 51,891      4.16%      6M USD Libor  
KFW
     2009~2027        USD 51,891      4.16%      6M USD Libor  
Export-Import Bank of Korea
     2016~2036        USD 66,124      3.00%      6M USD Libor  
 
F-7
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
12.
Derivatives, Continued
 
 
(7)
Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2020, 2021 and 2022 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):
 
       
Net income effects of
valuation gain (loss)
   
Net income effects of
transaction gain (loss)
   
Other

comprehensive
income (loss) (*)
 
       
2020
   
2021
   
2022
   
2020
   
2021
   
2022
   
2020
   
2021
   
2022
 
                                                           
       
In millions of won
       
Currency forward
      (40,590     33,066       (20,570     (17,911     33,032       (2,710                           
Currency swap
        (406,607     787,264       155,937       93,557       61,353       234,195       105,642       (59,108     (102,969
- Trading
        (108,090     420,551       (77,618     16,661       16,265       104,572                             
- Hedging
        (298,517     366,713       233,555       76,896       45,088       129,623       105,642       (59,108     (102,969
Interest rate swap
        (1,845     18,123       66,341       (10,253     (10,303     (6,800     5,578       18,648       37,917  
- Trading
        (309     18,123       66,341       (11,975     (10,303     (6,800                           
- Hedging
        (1,536                       1,722                         5,578       18,648       37,917  
Other derivatives
        (6,673     (15,459     22,510                                                        
       
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
      (455,715)     822,994    
224,218
    65,393     84,082    
224,685
    111,220     (40,460)    
(65,052)
 
       
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*)
For the year ended December 31, 2022, the net loss on valuation of derivatives applying cash flow hedge accounting of ₩24,415 million, net of tax, is included in other comprehensive income (loss).
13.
Other Financial Assets 
 
(1)
Other financial assets as of December 31, 2021 and 2022 are as follows:
 
           
2021
   
2022
 
           
Current
   
Non-current
   
Current
   
Non-current
 
           
In millions of won
 
Loans
            88,406       903,397       132,890       968,468  
Less: Allowance for doubtful accounts
              (10     (52,667     (13     (54,824
Less: Present value discount
              (807     (29,248     (816     (32,334
             
 
 
   
 
 
   
 
 
   
 
 
 
                87,589       821,482       132,061       881,310  
             
 
 
   
 
 
   
 
 
   
 
 
 
Long-term / short-term financial instruments
              1,278,014       450,494       666,758       686,322  
             
 
 
   
 
 
   
 
 
   
 
 
 
              1,365,603       1,271,976       798,819       1,567,632  
             
 
 
   
 
 
   
 
 
   
 
 
 
 
F-79

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
13.
Other Financial Assets, Continued
 
 
(2)
Loans as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Face value
    
Allowance for
doubtful accounts
   
Present value
discount
   
Carrying value
 
           
In millions of won
 
Short-term loans
                                          
Loans for tuition
            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  
             
 
 
    
 
 
   
 
 
   
 
 
 
              991,803        (52,677     (30,055     909,071  
             
 
 
    
 
 
   
 
 
   
 
 
 
     
           
2022
 
           
Face value
    
Allowance for
doubtful accounts
   
Present value
discount
   
Carrying value
 
           
In millions of won
 
Short-term loans
                                          
Loans for tuition
            30,261                 (816     29,445  
Loans for housing
              29,630                          29,630  
Other loans
              72,999        (13              72,986  
             
 
 
    
 
 
   
 
 
   
 
 
 
                132,890        (13     (816     132,061  
             
 
 
    
 
 
   
 
 
   
 
 
 
Long-term loans
                                          
Loans for tuition
              436,131        (37,783     (32,334     366,014  
Loans for housing
              309,446                          309,446  
Loans for related parties
              187,728        (17,041              170,687  
Other loans
              35,163                          35,163  
             
 
 
    
 
 
   
 
 
   
 
 
 
                968,468        (54,824     (32,334     881,310  
             
 
 
    
 
 
   
 
 
   
 
 
 
              1,101,358        (54,837     (33,150     1,013,371  
             
 
 
    
 
 
   
 
 
   
 
 
 
 
F-8
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
13.
Other Financial Assets, Continued
 
(3)
Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
    
2021
    
2022
 
           
In millions of won
 
Beginning balance
            15,094        20,267        52,677  
Bad debt expense
              5,173        30,942        2,180  
Other
                        1,468        (20
             
 
 
    
 
 
    
 
 
 
Ending balance
            20,267        52,677        54,837  
             
 
 
    
 
 
    
 
 
 
 
(4)
Long-term and short-term financial instruments as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
           
In millions of won
 
Time deposits
            976,899        103,607        428,813        130,570  
CD
                                  30,000            
Others
              301,115        346,887        207,945        555,752  
             
 
 
    
 
 
    
 
 
    
 
 
 
              1,278,014        450,494        666,758        686,322  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
14.
Inventories
Inventories as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Acquisition cost
    
Valuation allowance
    
Book
value
 
           
In millions of won
 
Raw materials
            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  
             
 
 
    
 
 
    
 
 
 
              7,613,298        (5,116      7,608,182  
             
 
 
    
 
 
    
 
 
 
     
           
2022
 
           
Acquisition cost
    
Valuation allowance
    
Book
value
 
           
In millions of won
 
Raw materials
            4,522,171        (1,350      4,520,821  
Merchandises
              1,001                  1,001  
Work-in-progress
              172,089        (75      172,014  
Finished goods
              52,642        (57      52,585  
Supplies
              2,814,377                  2,814,377  
Inventories-in-transit
              2,356,444                  2,356,444  
Other inventories
              13,490                  13,490  
             
 
 
    
 
 
    
 
 
 
              9,932,214        (1,482      9,930,732  
             
 
 
    
 
 
    
 
 
 
 
F-81

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
14.
Inventories, Continued
 
The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for the years ended December 31,
2020,
2021 and 2022 amounts to
 
2,020 million,
11,422 million and ₩18,162 million, respectively.
The amounts of loss from inventory valuation included in other gains or losses for the years ended December 31,
 
2020,
2021 and 2022 were
 
4,998 million,
7,761 million and ₩14,528 million, respectively.
15.
Non-Financial
Assets 
Non-financial
assets as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
           
In millions of won
 
Advanced payments
            161,466        124,305        160,596        51,425  
Prepaid expenses
              756,729        151,095        366,532        153,830  
Others (*)
              840,796        89,418        1,217,741        103,879  
             
 
 
    
 
 
    
 
 
    
 
 
 
              1,758,991        364,818        1,744,869        309,134  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
  (*)
Details of others as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
           
In millions of won
 
Greenhouse gas emissions rights
            524,658                  192,005            
Other quick assets
              316,138          89,418        1,025,736        103,879  
             
 
 
    
 
 
    
 
 
    
 
 
 
                 840,796        89,418        1,217,741        103,879  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
F-8
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries
 
(1)
Consolidated subsidiaries as of December 31, 2021 and 2022 are as follows:
 
           
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2021        
   
        2022        
 
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.(*11)
  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
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
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         
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
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
 
F-8
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2021 and 2022 are as follows, continued:
 
           
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2021        
   
        2022        
 
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
Chitose Solar Power Plant LLC
  Power generation   Japan     65.00     65.00
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         
KEPCO Solar of Alamosa LLC
  Power generation   USA     100.00         
KEPCO Mangilao Holdings LLC
  Holding company   USA     100.00     100.00
Mangilao Investment LLC
  Holding company   USA     100.00     80.06
KEPCO Mangilao Solar, LLC
  Power generation   USA     100.00     100.00
Jeju Hanlim Offshore Wind Co., Ltd.
  Power generation   Korea     79.03     79.03
PT. Siborpa Eco Power
  Construction and operation of utility plant   Indonesia     55.00     55.00
BSK
E-New
Industry Fund VII
  Holding company   Korea     81.67     81.67
e-New
Industry LB Fund 1
  Holding company   Korea     76.11     76.11
Songhyun
e-New
Industry Fund
  Holding company   Korea     80.65     80.65
BSK
E-New
Industry Fund X
  Holding company   Korea     66.80     66.80
PT. Korea Energy Indonesia
  Utility plant maintenance and others   Indonesia     95.00     95.00
KOLAT SpA
  Utility plant maintenance and others   Chile     100.00     100.00
KEPCO California, LLC
  Holding company   USA     100.00     100.00
KEPCO Mojave Holdings, LLC
  Holding company   USA     100.00     100.00
Incheon Fuel Cell Co., Ltd.
  Power generation   Korea     60.00     60.00
KOEN Service Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
KOMIPO Service Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
KOWEPO Service Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
KOSPO Service Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
EWP Service Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
PT. KOMIPO Energy Indonesia
  Utility plant maintenance and others   Indonesia     95.00     95.00
KNF Partners Co., Ltd.
  Facility maintenance and service   Korea     100.00     100.00
KOSPO USA Inc.
  Holding company   USA     100.00     100.00
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
  Holding company   USA     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
Paju Ecoenergy Co., Ltd.
  Power generation   Korea     89.00     89.00
Guam Ukudu Power LLC
  Power generation   USA     100.00     100.00
K-SOLAR SHINAN Co., Ltd. (formerly, 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
 
F-8
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2021 and 2022 are as follows, continued:
 
           
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2021        
   
        2022        
 
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     100.00
Yeong Yang Apollon Photovoltaic Co., Ltd.
  Power generation   Korea     100.00     100.00
Yeong Yang Corporation Co., Ltd.
  Power generation   Korea     100.00     100.00
SolarVader Co., Ltd.
  Power generation   Korea     100.00     100.00
Yeong Yang Innovation Co., Ltd.
  Power generation   Korea     100.00     100.00
Yeong Yang Horus Photovoltaic Co., Ltd.
  Power generation   Korea     100.00     100.00
Yeong Yang Solar Management Co., Ltd.
  Power generation   Korea     100.00     100.00
LSG Hydro Power Limited
  Holding company   Pakistan     99.80     99.80
KOEN Bio Co., Ltd.
  Wood pellet utilization business   Korea     70.00     70.00
KOMIPO Energy Solution America, LLC
  Holding company   USA     100.00     100.00
Elara Investment Holdings, LLC(*6)
  Holding company   USA     0.10     0.10
Elara Equity Holdings, LLC
  Holding company   USA     54.00     54.00
Elara Class B Holdings, LLC
  Holding company   USA     100.00     100.00
Elara Class B Member, LLC
  Holding company   USA     100.00     100.00
Elara Development Holdings, LLC
  Holding company   USA     100.00     100.00
KOMIPO Development, LLC (formerly, Elara Development, LLC)
  Holding company   USA     100.00     100.00
Elara Energy Holdings, LLC(*6)
  Holding company   USA     43.94     43.94
Elara Energy Project, LLC
  Power generation   USA     100.00     100.00
KOMIPO Iberian Solar Group, S.L.U.
  Holding company   Spain     100.00     100.00
Jeongam Wind Power Co., Ltd.
  Power generation   Korea     80.00     80.00
KOWEPO Europe B.V.
  Holding company   Netherlands     100.00     100.00
CVS Equity Holdings, LLC
  Holding company   USA     100.00     81.34
CVS Class B Holdings, LLC
  Holding company   USA     100.00     100.00
CVS Development Holdings, LLC
  Holding company   USA     100.00     100.00
CVS Development, LLC
  Holding company   USA     100.00     100.00
CVS Class B Member, LLC
  Holding company   USA     100.00     100.00
CVS Energy Holdings, LLC
  Holding company   USA     100.00     70.79
Concho Valley Energy, LLC
  Holding company   USA     100.00     100.00
Concho Valley Solar, LLC
  Power generation   USA     100.00     100.00
Yeongdeok Sunrise Wind Power Co., Ltd.
  Power generation   Korea     70.00     70.00
KHNP Spain, S.L.
  Holding company   Spain     100.00     100.00
UI Carbon-Neutrality Fund
  Holding company   Korea              78.97
KA Power Limited
  Power generation   Pakistan              100.00
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)(*7)
  Power generation   Korea              100.00
EWP Australia Pty., Ltd.
  Holding company   Australia              100.00
Columboola Solar Farm Hold Co Pty., Ltd.(*8)
  Power generation   Australia              74.04
Digital Innovation Growth Fund(*9)
  Holding company   Korea              76.92
J Wind First, LLC(*10)
  Company specializing in liquidization   Korea                  
KEPCO Holding Company
  Holding company   Saudi Arabia              100.00
KEPCO for Power Company
  Power generation   Saudi Arabia              60.00
KEPCO for Maintenance Company
  Utility plant maintenance and others   Saudi Arabia              100.00
KOSPO Trumbull LLC
  Holding company   USA              100.00
Changjuk Wind Power Co., Ltd.(*9)
  Power generation   Korea              73.00
 
(*1)
Considering treasury stocks, the effective percentage of ownership is 66.08%. The Company is planning to sell part of its shares (14.77%) based on the resolution of the board of directors on June 24, 2022.
 
(*2)
The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Company 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.
 
F-8
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2021 and 2022 are as follows, continued:
 
(*4)
The Company 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 Company which can be exercised 36 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 Company owns 50%+1 stake and has the ability to appoint a majority of the board members under the shareholders’ agreement.
 
(*6)
The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Company has control over the board of directors under the shareholders’ agreement.
 
(*7)
For the year ended December 31, 2022, the Company included Western Power Changgi Solar Co., Ltd. as a subsidiary, considering that it acquired control over the entity after the entity undertook selective reduction of capital.
 
(*8)
Excluding preferred stocks, the percentage of ownership with voting rights is 100%.
 
(*9)
The entity was transferred from an associate to a subsidiary due to changes in the consolidated scope during the year ended December 31, 2022.
 
(*10)
Although the Company does not hold a stake as of December 31, 2022, considering the purpose and design of the structured entity, the Company is exposed to volatility in the profits of the structured entity. In addition, Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Company has control over the entity.
 
(*11)
The Company is planning to sell its investment in KEPCO Philippines Holdings Inc., but time or proceeds of sales are not specified as of December 31, 2022.
 
(2)
Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2022 are as follows:
Subsidiaries included in consolidation during the year ended December 31, 2022.
 
Subsidiaries
  
Reason
UI Carbon-Neutrality Fund
   Newly established
KA Power Limited
   Newly established
Seobusambo highway photovoltaics Co., Ltd.
   Newly established
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)
   Change in the scope of consolidation
EWP Australia Pty., Ltd.
   Newly established
Columboola Solar Farm Hold Co Pty., Ltd.
   New investment
Digital Innovation Growth Fund
  
Change in the scope of consolidation
J Wind First, LLC
   Newly established
KEPCO Holding Company
   Newly established
KEPCO for Power Company
   Newly established
KEPCO for Maintenance Company
   Newly established
KOSPO Trumbull LLC
   Newly established
Changjuk Wind Power Co., Ltd.
   Change in the scope of consolidation
Subsidiaries excluded from consolidation during the year ended December 31, 2022.
 
Subsidiaries
  
Reason
EWPRC Biomass Holdings, LLC
   Liquidation
KEPCO Solar of Alamosa LLC
   Disposal
KEPCO Alamosa LLC
   Liquidation
KEPCO Mangilao America LLC
   Liquidation
Seobusambo highway photovoltaics Co., Ltd.
   Change in the scope of consolidation
 
F-8
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows:
 
2021
 
Subsidiaries
         
Total
assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
            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.
              13,761,908        9,912,907        5,353,915        60,737  
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  
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
 
F-8
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Subsidiaries
         
Total
assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
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
PT. KOWEPO Sumsel Operation And Maintenance Services
              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.
              268,100        236,901        54,188        8,738  
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
 
F-
8
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Subsidiaries
         
Total
assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
KOMIPO Europe B.V.
            70,431        97        402        (503
Haenanum Energy Fund
              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
K-SOLAR SHINAN Co., Ltd. (formerly, 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.
 
F-
89

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Subsidiaries
         
Total

assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
            69,129,625        42,843,974        10,386,091        (16,382
Korea South-East Power Co., Ltd.
              13,855,071        7,410,881        8,972,991        71,662  
Korea Midland Power Co., Ltd.
              16,062,605        10,776,943        8,629,165        (58,173
Korea Western Power Co., Ltd.
              13,459,054        8,125,312        8,112,727        106,361  
Korea Southern Power Co., Ltd.
              14,011,354        8,296,983        9,304,362        (68,315
Korea East-West Power Co., Ltd.
              12,079,954        5,818,789        6,925,094        2,888  
KEPCO Engineering & Construction Company, Inc.
              815,533        272,119        505,291        17,954  
KEPCO Plant Service & Engineering Co., Ltd.
              1,555,453        344,702        1,425,913        97,881  
KEPCO Nuclear Fuel Co., Ltd.
              949,455        490,215        304,405        31,508  
KEPCO KDN Co., Ltd.
              734,439        166,272        739,453        42,584  
KEPCO International HongKong Ltd.
              128,784                            (216
KEPCO International Philippines Inc.
              127,744        101                  9,976  
KEPCO Gansu International Ltd.
              7,125        598                  (22
KEPCO Philippines Holdings Inc.
              191,634        129                  39,346  
KEPCO Philippines Corporation
              3,799        14                  102  
KEPCO Ilijan Corporation
              231,132        3,642        23,263        16,455  
KEPCO Lebanon SARL
              1,890        10,482                  20  
KEPCO Neimenggu International Ltd.
              269,582        3,917                  9,938  
KEPCO Shanxi International Ltd.
              597,635        222,186                  (11,312
KOMIPO Global Pte Ltd.
              388,071        1,817                  58,030  
KEPCO Netherlands B.V.
              137,454        64                  8,570  
KEPCO Australia Pty., Ltd.
              579        11                  102  
KOSEP Australia Pty., Ltd.
              74,180        13,097        52,271        24,443  
KOMIPO Australia Pty., Ltd.
              81,216        10,327        52,272        23,368  
KOWEPO Australia Pty., Ltd.
              81,696        10,184        52,271        22,745  
KOSPO Australia Pty., Ltd.
              41,872        10,174        52,271        24,362  
KEPCO Middle East Holding Company
              116,731        102,054                  (634
Qatrana Electric Power Company
              513,277        247,027        24,354        22,578  
KHNP Canada Energy Ltd.
              107,200        6,218                  149  
KEPCO Bylong Australia Pty., Ltd.
              44,034        437,852                  (45,880
Korea Waterbury Uranium Limited Partnership
              20,934        224                  (116
KEPCO Holdings de Mexico
              728        1,974                  (1,363
KST Electric Power Company, S.A.P.I. de C.V.
              653,830        528,315        232,893        23,122  
KEPCO Energy Service Company
              2,238        2,173        7,015        (211
KEPCO Netherlands S3 B.V.
              71,326        16,419                  4,465  
PT. KOMIPO Pembangkitan Jawa Bali
              15,753        3,232        22,488        3,668  
PT. Cirebon Power Service
              2,316        784        9,602        355  
KOWEPO International Corporation
                        10                      
KOSPO Jordan LLC
              22,854        6,964        45,009        7,657  
EWP America Inc.(*1)
              47,775        2,595        21,717        4,337  
KNF Canada Energy Limited
              2,116        34                  (59
EWP Barbados 1 SRL
              395,067        901        3,230        34,260  
Gyeonggi Green Energy Co., Ltd.
              220,414        226,517        112,524        (26,004
PT. Tanggamus Electric Power
              227,638        163,106        3,781        5,778  
Gyeongju Wind Power Co., Ltd.
              98,513        55,579        24,888        9,711  
KOMIPO America Inc.(*2)
              571,200        317,903        34,059        (3,293
PT. EWP Indonesia
              93,390        5                  4,100  
KEPCO Netherlands J3 B.V.
              135,213        63                  19,396  
Korea Offshore Wind Power Co., Ltd.
              376,449        192,335        52,526        13,083  
Global One Pioneer B.V.
              135        41                  (68
Global Energy Pioneer B.V.
              320        40                  (64
Mira Power Limited
              416,750        310,529        57,135        12,394  
KOSEP Material Co., Ltd.
              3,985        662        4,589        775  
Commerce and Industry Energy Co., Ltd.
              79,172        32,147        31,068        (3,730
KEPCO KPS Philippines Corp.
              5,294        600        5,232        1,004  
KOSPO Chile SpA
              159,500        70,037                  (2,811
PT. KOWEPO Sumsel Operation And Maintenance Services
              25        252                  (94
 
F-9
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Subsidiaries
         
Total

assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
Hee Mang Sunlight Power Co., Ltd.
            5,877        2,606        862        304  
Fujeij Wind Power Company
              213,113        163,690                  16,564  
KOSPO Youngnam Power Co., Ltd.
              425,000        312,831        568,224        10,878  
Chitose Solar Power Plant LLC
              109,964        94,366        14,384        1,615  
KEPCO Energy Solution Co., Ltd.
              317,392        6,147        33,638        138  
KEPCO Solar Co., Ltd.
              243,221        25,405        24,778        9,305  
KOSPO Power Services Ltda.
              6,722        4,762        17,911        (358
Energy New Industry Specialized Investment Private Investment Trust(*3)
              451,762        4,338        24,725        7,093  
KOEN Bylong Pty., Ltd.
              11        119                  (12
KOMIPO Bylong Pty., Ltd.
              11        122                  (33
KOWEPO Bylong Pty., Ltd.
              8        94                  (7
KOSPO Bylong Pty., Ltd.
              25        148                  (17
EWP Bylong Pty., Ltd.
              8        54                  1  
KOWEPO Lao International
              8,248        87        10,010        11,185  
KEPCO US Inc.
              91                            (19,181
KEPCO Mangilao Holdings LLC
              112,948        40,558        21,743        21,166  
Mangilao Investment LLC
              258,674        4                  (1
KEPCO Mangilao Solar, LLC
              240,736        373        8,870        (14,818
Jeju Hanlim Offshore Wind Co., Ltd.
              185,357        111,343                  (3,546
PT. Siborpa Eco Power
              12,050        3                  (39
PT. Korea Energy Indonesia
              1,675        80        1,937        (104
KOLAT SpA
              48,787        3,701        1,647        1,888  
KEPCO California, LLC
              46,151        4,768        596        (670
KEPCO Mojave Holdings, LLC
              95,550        75,846                  (4,705
Incheon Fuel Cell Co., Ltd.
              268,063        242,176        107,193        (5,323
KOEN Service Co., Ltd.
              9,353        7,035        36,340        356  
KOMIPO Service Co., Ltd.
              6,597        4,503        35,031        905  
KOWEPO Service Co., Ltd.
              6,266        3,130        34,031        171  
KOSPO Service Co., Ltd.
              6,672        5,048        28,321        60  
EWP Service Co., Ltd.
              3,756        2,507        24,526        581  
PT. KOMIPO Energy Indonesia
              2,978        368        1,698        83  
KNF partners Co., Ltd.
              2,285        1,053        5,997        293  
KOSPO USA Inc.
              315,018        430                  5,024  
Nambu USA LLC
              297,516                            670  
Tamra Offshore Wind Power Co., Ltd.
              133,598        93,639        18,332        5,316  
KEPCO MCS Co., Ltd.
              114,316        52,241        363,627        8,468  
KEPCO FMS Co., Ltd.
              16,852        11,667        105,339        2,176  
Firstkeepers Co., Ltd.
              16,448        12,912        84,620        2,482  
Secutec Co., Ltd.
              12,578        9,209        69,383        690  
SE Green Energy Co., Ltd.
              149,189        114,241        49,873        1,304  
Mangilao Intermediate Holdings LLC
              236,266        116,426                  (4,709
KEPCO CSC Co., Ltd.
              10,668        8,937        46,559        (2,134
KOAK Power Limited
              12,626        839                  49  
KOMIPO Europe B.V.
              81,364        54        1,195        1,134  
Haenanum Energy Fund
              7,416        3                  (48
Paju Ecoenergy Co., Ltd.
              61,930        3,066        20,718        1,290  
Guam Ukudu Power LLC
              293,422        323,292                  (31,410
K-SOLAR
SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)
              320,227        296,141        16,980        3,690  
KPS Partners Co., Ltd.
              3,619        2,007        12,417        487  
KEPCO E&C Service Co., Ltd.
              5,676        1,897        16,180        1,493  
Moha solar Co., Ltd.
              29,096        31,359        169        (1,137
Ogiri Solar Power Co., Ltd.
              1,033        23                  (30
KHNP USA LLC
              1,290        97        1,127        392  
KOMIPO Vanphong Power Service LLC
              15,940        3,333        20,233        9,871  
Energy Innovation Fund I
              35,310        445                  (961
KHNP Chile SpA
              5,547        4,147                  (16
Yeong Yang Apollon Photovoltaic Co., Ltd.
              1,566        1,507        254        (82
 
F-9
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Subsidiaries
         
Total

assets
    
Total

liabilities
    
Sales
    
Profit (loss)

for the year
 
           
In millions of won
 
Yeong Yang Corporation Co., Ltd.
            1,559        1,497        251        (91
SolarVader Co., Ltd.
              1,568        1,500        256        (78
Yeong Yang Innovation Co., Ltd.
              1,557        1,497        244        (91
Yeong Yang Horus Photovoltaic Co., Ltd.
              1,552        1,498        243        (93
Yeong Yang Solar Management Co., Ltd.
              1,573        1,500        262        (75
LSG Hydro Power Limited
              1,144        1,159                  (18
KOEN Bio Co., Ltd.
              261        219        639        (150
KOMIPO Iberian Solar Group, S.L.U.
              78,094        65,012                  (1,304
Jeongam Wind Power Co., Ltd.
              81,800        68,317        10,722        892  
KOWEPO Europe B.V.
              42,865        2,422                  1,668  
Yeongdeok Sunrise Wind Power Co., Ltd.
              42,187        22,031                  (328
KHNP Spain, S.L.
              3                            (1
KA Power Limited
              3,937        418                  442  
Western Power Changgi Solar Co., Ltd. (formerly,
Sam-Yang
Photovoltaic Power Co., Ltd.)
              48,770        44,647        3,447        (354
EWP Australia Pty., Ltd.
              51,105                            15,203  
Columboola Solar Farm Hold Co Pty., Ltd.
              310,271        214,792        2,228        2,884  
Digital Innovation Growth Fund
              12,594        100                  (363
J Wind First, LLC
              33,611        33,611        450            
KEPCO Holding Company
              3,273        17                  (18
KEPCO for Power Company
              57,501        58,441                  (960
KEPCO for Maintenance Company
                                                
KOSPO Trumbull LLC
              37        3                      
Changjuk Wind Power Co., Ltd.
              29,208        3,137        9,027        3,503  
 
  (*1)
Financial information of EWP America Inc. includes that of two other subsidiaries, EWP Renewable Corporation, and California Power 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 five other subsidiaries, BSK
E-New
Industry Fund VII,
e-New
Industry LB Fund 1, Songhyun
e-New
Industry Fund, BSK
E-New
Industry Fund X, and UI Carbon-Neutrality Fund.
 
F-9
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(4)
Significant restrictions on abilities to subsidiaries are as follows:
 
Company
  
Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.
   Acquisition or disposal of assets of more than ₩35 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 Company.
   
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 ₩20 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 Company.
   
Gyeongju Wind Power Co., Ltd.
   Dividends and settlement amounts for O&M and 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.
   
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.
   
Jeju Hanlim Offshore Wind Co., Ltd.
   Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
   
Yeongdeok Sunrise Wind Power Co., Ltd.
   Dividends can only be paid when all conditions of the loan agreement are satisfied.
   
Columboola Solar Farm Hold Co Pty., Ltd.
   Dividends can only be paid when all conditions of the loan agreement are satisfied.
 
(5)
As of December 31, 2022, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:
 
Company
  
Unrecognized Commitments
   
Jeongam Wind Power Co., Ltd.
   When the Company requests other shareholders to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares at fair value.
   
Changjuk Wind Power Co., Ltd.
   When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Company has an obligation to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking in to account financial conditions, business conditions, and other circumstances.
   
Columboola Solar Farm Hold Co Pty., Ltd.
   The Company holds a call option to purchase the shares held by another shareholder at
80
% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.
 
F-9
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(6)
Details of
non-controlling
interests prior to intra-Company eliminations as of and for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
2020
 
Description
         
KEPCO Ilijan
Corporation
   
KEPCO Plant
Service &
Engineering
Co., Ltd.
   
KEPCO
Engineering &

Construction
Company, Inc.
   
Others
   
Total
 
                                       
           
In millions of won
 
Percentage of ownership
              49.00     49.00     33.92                
Current assets
            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       552,519       1,370,650  
Sales
              81,400       1,299,186       431,723       956,692       2,769,001  
Profit for the period
              39,443       85,916       20,160       107,661       253,180  
Profit for the period attributable to
non-controlling
interests
              19,327       42,099       6,838       33,342       101,606  
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
 
2021
 
Description
         
KEPCO Ilijan
Corporation
   
KEPCO Plant
Service &
Engineering
Co., Ltd.
   
KEPCO
Engineering &

Construction
Company, Inc.
   
Others
   
Total
 
           
In millions of won
 
Percentage of ownership
              49.00     49.00     33.92                
Current assets
            234,224       793,995       253,958       1,030,049       2,312,226  
Non-current
assets
              24,845       626,710       451,085       3,838,233       4,940,873  
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       1,602,564       3,445,627  
Book value of
non-controlling
interests
              108,052       543,458       174,163       720,761       1,546,434  
Sales
              60,532       1,375,668       433,127       1,286,002       3,155,329  
Profit for the year
              12,981       98,132       16,452       128,264       255,829  
Profit for the year attributable to
non-controlling
interests
              6,361       48,085       5,581       28,914       88,941  
Cash flows from operating activities
              116,440       133,160       (16,270     303,577       536,907  
Cash flows from investing activities
              2,216       (39,444     19,061       (309,447     (327,614
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  
 
F-9
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(6)
Details of
non-controlling
interests prior to intra-Company eliminations as of and for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
 
2022
 
Description
         
KEPCO Ilijan
Corporation
   
KEPCO Plant
Service &
Engineering
Co., Ltd.
   
KEPCO
Engineering &

Construction
Company, Inc.
   
Others
   
Total
 
                                       
           
In millions of won
 
Percentage of ownership
              49.00     49.00     33.92                
Current assets
            230,031       861,705       372,031       1,147,973       2,611,740  
Non-current
assets
              1,101       693,748       443,502       4,942,229       6,080,580  
Current liabilities
              (3,642     (316,497     (243,796     (841,521     (1,405,456
Non-current
liabilities
                       (28,205     (28,323     (2,944,145     (3,000,673
Net assets
              227,490       1,210,751       543,414       2,304,536       4,286,191  
Book value of
non-controlling
interests
              111,470       593,268       184,326       565,796       1,454,860  
Sales
              23,263       1,425,913       505,291       1,709,390       3,663,857  
Profit for the year
              16,455       97,881       17,954       91,566       223,856  
Profit for the year attributable to
non-controlling
interests
              8,063       47,962       6,090       (24,370     37,745  
Cash flows from operating activities
              68,475       81,419       4,918       231,653       386,465  
Cash flows from investing activities
              22,604       27,372       18,712       (747,507     (678,819
Cash flows from financing activities before dividends to
non-controlling
interests
              (9,609     (33,187     (7,260     582,580       532,524  
Dividends to
non-controlling
interests
              (8,834     (26,438     (3,071     (4,001     (42,344
Effect of exchange rate fluctuation
              8,807       (486     5       (11,023     (2,697
Net increase of cash and cash equivalents
              81,443       48,680       13,304       51,702       195,129  
 
(7)
Changes in goodwill
 
  (i)
Details of goodwill as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
In millions of won
 
Acquisition cost
            105,647        100,093  
Less: Accumulated impairment
                            
             
 
 
    
 
 
 
Carrying book value
            105,647        100,093  
             
 
 
    
 
 
 
 
  (ii)
Changes in goodwill for the years ended December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Beginning
    
Increase
    
Decrease
    
Others
   
Ending
 
          
In millions of won
 
Acquisition cost
           98,166        7,481                           105,647  
Less: Accumulated impairment
                                                        
            
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Carrying book value
           98,166        7,481                           105,647  
            
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
     
          
2022
 
          
Beginning
    
Increase
    
Decrease
    
Others
   
Ending
 
          
In millions of won
 
Acquisition cost
           105,647                            (5,554     100,093  
Less: Accumulated impairment
                                                        
            
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
Carrying book value
           105,647                            (5,554     100,093  
            
 
 
    
 
 
    
 
 
    
 
 
   
 
 
 
 
F-9
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
16.
Consolidated Subsidiaries, Continued
 
(8)
Disposals of subsidiaries
The Company has completed the liquidation process of EWPRC Biomass Holdings, LLC, KEPCO Alamosa LLC, and KEPCO Mangilao America LLC, and has disposed of shares of KEPCO Solar of Alamosa LLC during the year ended December 31, 2022. The Company had completed the liquidation process of VI Carbon Professional Private Special Asset Investment Trust 1, KOSEP USA, Inc., and Korea Imouraren Uranium Investment Corp. and had disposed of shares of DG Fairhaven Power, LLC during the year ended December 31, 2021.
 
(9)
Cash dividends received from subsidiaries for the years ended December 31, 2020, 2021 and 2022, respectively, are as follows:
 
Subsidiaries
         
2020
    
2021
    
2022
 
           
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
            106,675        279,779        136,010  
Korea South-East Power Co., Ltd.
              11,905                  4,808  
Korea Midland Power Co., Ltd.
                                  24,694  
Korea East-West Power Co., Ltd.
              17,959                  4,866  
KEPCO Engineering & Construction Company, Inc.
              7,793        7,089        5,983  
KEPCO Plant Service & Engineering Co., Ltd.
              44,068        26,301        27,517  
KEPCO Nuclear Fuel Co., Ltd.
              7,270        5,206        11,184  
KEPCO KDN Co., Ltd.
              14,720        18,854        36,986  
KEPCO Energy Solution Co., Ltd.
                                  1,707  
KEPCO Solar Co., Ltd.
                                  1,409  
KEPCO International HongKong Ltd.
              11,858                  9,044  
KEPCO Philippines Corporation
                                  2,375  
KEPCO Ilijan Corporation
              34,502        7,955        9,195  
KEPCO Philippines Holdings Inc.
              70,876        60,520        34,913  
KOSEP Australia Pty., Ltd.
              1,856                      
KOSPO Australia Pty., Ltd.
                        3,095        31,386  
KEPCO Netherlands B.V.
              11,098                  16,795  
Qatrana Electric Power Company
                        2,615        2,751  
KEPCO KPS Philippines Corp.
              1,215                  302  
Tamra Offshore Wind Power Co., Ltd.
              2,640                  2,877  
KEPCO Netherlands S3 B.V.
              6,981                  4,005  
PT. KOMIPO Pembangkitan Jawa Bali
                        153        859  
PT. EWP Indonesia
                                  4,262  
Gyeongju Wind Power Co., Ltd.
              2,800        2,800        2,100  
VI Carbon Professional Private Special Asset Investment Trust 1
              7                      
KOSPO Power Services Limitada
                                  305  
KEPCO Netherlands J3 B.V.
                        27,237        46,510  
PT. Cirebon Power Service
              221                  241  
Chitose Solar Power Plant LLC
              858                  639  
Fujeij Wind Power Company
              6,306        11,920        15,102  
KOSPO Jordan LLC
              535        731        11,450  
EWP America Inc.
                                  3,887  
KOWEPO Lao International
                                  12,106  
Energy Innovation Fund I
              19                      
             
 
 
    
 
 
    
 
 
 
              362,162        454,255        466,268  
             
 
 
    
 
 
    
 
 
 
 
F-9
6

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows:
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Associates>
                               
Korea Gas Corporation(*1)
  Importing and wholesaling LNG   Korea     20.47           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.
  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  
 
F-9
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Associates>
                               
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  
Indeck Niles Development, LLC(*10)
  Power generation   USA     56.25             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  
 
F-
98

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Joint ventures>
                               
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  
Global Trade Of Power System Co., Ltd.(*12)
  Exporting products and technology of small or medium business by proxy   Korea     29.00             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  
 
F-
99

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Joint ventures>
                               
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  
PT Barito Wahana Tenaga
  Power generation   Indonesia     30.61             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.
  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  
                           
 
 
   
 
 
 
                            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 Company 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 Company’s financial and operating policy of the board of directors.
 
F-10
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company 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 Company 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 Company 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 Company 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 Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*9)
The effective percentage of ownership is less than 20%. However, the Company 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 Company 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 Company 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 Company 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 Company 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 Company 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.
 
F-10
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Associates>
                               
Korea Gas Corporation
  Importing and wholesaling LNG   KOREA     20.47           94,500       2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
  Electricity metering and others  
KOREA
    29.00             4,727       31,078  
YTN Co., Ltd.(*1)
  Broadcasting   KOREA     21.43             59,000       55,027  
Gangwon Wind Power Co., Ltd.(*2)
  Power generation   KOREA     15.00             5,725       12,158  
Hyundai Green Power Co., Ltd.
  Power generation equipment consignment and operation service   KOREA     29.00             88,885       119,791  
Korea Power Exchange(*3)
  Management of power market and others  
KOREA
    100.00             127,839       275,126  
Taebaek Wind Power Co., Ltd.(*29)
  Power generation   KOREA     60.00             11,494       14,501  
Taebaek Guinemi Wind Power Co., Ltd.(*29)
  Power generation  
KOREA
    67.25             12,637       13,049  
Daeryun Power Co., Ltd.(*2)
  Power generation   KOREA     6.85             40,854       26,727  
KNH Solar Co., Ltd.
  Power generation   KOREA     27.00             1,296       2,883  
SPC Power Corporation(*30)
  Power generation   PHILIPPINES     38.00             20,635       70,868  
Gemeng International Energy Co., Ltd.
  Power generation   CHINA     34.00             413,153       578,821  
PT. Cirebon Electric Power
  Power generation   INDONESIA     27.50             40,365       135,114  
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       37,743  
PT. Bayan Resources TBK
  Resources development   INDONESIA     20.00             615,860       684,719  
S-Power Co., Ltd.
  Power generation   KOREA     49.00             132,300       141,128  
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       115,584  
PT. Mutiara Jawa
  Manufacturing and operating floating coal terminal  
INDONESIA
    29.00             2,978       3,597  
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           
Goseong Green Power Co., Ltd.
  Power generation  
KOREA
    29.00             262,740       288,893  
Gangneung Eco Power Co., Ltd.(*2)
  Power generation  
KOREA
    1.61             2,900           
Shin Pyeongtaek Power Co., Ltd.
  Power generation  
KOREA
    40.00             72,000       133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
  Power generation  
KOREA
    28.00             194       278  
Dongducheon Dream Power Co., Ltd.(*6)
  Power generation   KOREA     33.61             148,105       89,300  
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       1,555  
GS Donghae Electric Power Co., Ltd.
  Power generation  
KOREA
    34.00             204,000       260,145  
Daegu Photovoltaic Co., Ltd.
  Power generation  
KOREA
    29.00             1,230       2,849  
Busan Green Energy Co., Ltd.
  Power generation  
KOREA
    29.00             5,243       4,395  
Gunsan Bio Energy Co., Ltd.(*2)
  Power generation  
KOREA
    18.87             1,000           
Hansuwon KNP Co., Ltd.
  Electric material agency  
KOREA
    28.98             537       280  
Korea Electric Power Corporation Fund(*7)
  Developing electric enterprises  
KOREA
    98.09             23,113       28,842  
Energy Infra Asset Management Co., Ltd.(*2)
  Asset management  
KOREA
    9.90             297       1,184  
Daegu clean Energy Co., Ltd.
  Renewable power generation  
KOREA
    28.00             140       12  
YaksuESS Co., Ltd.
  Installing ESS related equipment  
KOREA
    29.00             210       486  
Nepal Water & Energy Development Company Private Limited (*8)
  Construction and operation of utility plant   NEPAL     69.06             70,228       69,940  
Gwangyang Green Energy Co., Ltd.
  Power generation  
KOREA
    20.00             26,800       25,044  
PND solar Co., Ltd.
  Power generation  
KOREA
    29.00             1,250       1,403  
Hyundai Eco Energy Co., Ltd.(*2)
  Power generation  
KOREA
    19.00             3,610       7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)
  Power generation  
KOREA
    9.63             533       156  
Green Energy Electricity Generation Co., Ltd.
  Power generation  
KOREA
    29.00             1,189       1,571  
 
F-10
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Associates>
                               
Korea Energy Solutions Co., Ltd.
  R & D  
KOREA
    20.00           300       93  
ITR Co., Ltd.
  R & D  
KOREA
    20.00             50           
Structure test network Co., Ltd.
  Technical testing and consulting  
KOREA
    20.00             25       366  
Namjeongsusang Solar Power Operation Co., Ltd.(*9)
  Power generation  
KOREA
    15.00             969       373  
Indeck Niles Development, LLC
  Power generation   USA     50.00             263,825       302,038  
Indeck Niles Asset Management, LLC
  Power generation   USA     33.33                      94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
  Holding company  
KOREA
    49.00             6,910       6,932  
Suwon New Power Co., Ltd.
  Power generation  
KOREA
    39.90             798       919  
Gwangbaek Solar Power Investment Co., Ltd.
  Power generation  
KOREA
    44.00             4,757       5,133  
Go deok Clean Energy Co., Ltd.
  Fuel cell generation  
KOREA
    40.00             5,560       4,420  
SureDataLab Co., Ltd.
  R & D  
KOREA
    23.95             126       177  
SEP Co., Ltd.
  R & D  
KOREA
    21.26             27           
Hankook Electric Power Information Co., Ltd. (*13)
  R & D  
KOREA
    16.49             38       220  
Tronix Co., Ltd. (*13)
  R & D  
KOREA
    12.50             75       66  
O2&B Global Co., Ltd.
  R & D  
KOREA
    20.00             25       36  
Muan Sunshine Solar Power Plant Co., Ltd.
  Power generation  
KOREA
    20.00             1,570       2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
  Power generation  
KOREA
    29.90             1           
Goesan Solar Park Co., Ltd.
  Power generation  
KOREA
    29.00             1,276       2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
  Power generation  
KOREA
    35.00             11,022       13,010  
Bitgoel Eco Energy Co., Ltd.
  Power generation  
KOREA
    49.25             7,880       8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
  Power generation  
KOREA
    30.00             714       872  
Seoroseoro Sunny Power Plant Co., Ltd.
  Power generation  
KOREA
    42.58             706       859  
Muan Solar park Co., Ltd.
  Power generation  
KOREA
    20.00             4,400       7,838  
YuDang Solar Co., Ltd.
  Power generation  
KOREA
    20.00             360       586  
Anjwa Smart Farm & Solar City Co., Ltd.
  Power generation  
KOREA
    20.00             5,651       8,662  
Daewon Green Energy Co., Ltd.
  Power generation  
KOREA
    25.36             3,910       4,485  
G.GURU Co., Ltd.
  R & D  
KOREA
    24.65             493       300  
UD4M Co., Ltd.(*10)
  R & D  
KOREA
    12.50             75       161  
Dongbu Highway Solar Co., Ltd.
  Power generation  
KOREA
    20.00             190       352  
Seobu Highway Solar Co., Ltd.
  Power generation  
KOREA
    20.00             195       316  
Korea Energy Data Co., Ltd.
  R & D  
KOREA
    29.37             60       62  
Gangneung Sacheon Fuel Cell Co., Ltd.
  Power generation  
KOREA
    41.00             5,695       4,277  
KOSTURE Co., Ltd.(*2)
  Coal recycling business  
KOREA
    0.82             1       1  
Taebaek Gadeoksan Wind Power Co., Ltd.
  Power generation  
KOREA
    34.00             12,570       20,040  
Chuncheon Green Energy Co., Ltd.
  Power generation  
KOREA
    45.00             9,540       9,155  
Yeomsubong Wind Power Co., Ltd. (*11)
  Power generation  
KOREA
    3.81             95       62  
Yeongyang Wind Power Corporation II
  Power generation  
KOREA
    30.00             7,965       7,461  
Haeparang Energy Co., Ltd.
  Power generation  
KOREA
    25.00             2,241       2,188  
Saemangeum Sebit Power Plant Co., Ltd.(*12)
  Power generation  
KOREA
    63.33             13,788       23,199  
Boulder Solar III, LLC
  Power generation   USA     30.00             715       744  
PlatformN. Co., Ltd.
  R & D   KOREA     29.58             105       84  
PT. Cirebon Energi Prasarana (*9)
  Power generation   INDONESIA     10.00             26,710       69,035  
Green Radiation Co., Ltd. (*13)
  R & D   KOREA     10.00             20       11  
Future Convergence Technology Laboratory. Co., Ltd.
  R & D   KOREA     20.12             76       50  
SC E&G. Co,. Ltd.
  R & D   KOREA     20.00             90       214  
Wang San Engineering. Co,. Ltd.
  R & D   KOREA     20.00             81       166  
ACE
  R & D   KOREA     20.00             20       20  
Environment and Energy Co., Ltd. (*13)
  R & D   KOREA     10.54             11       10  
Santiago Solar Power SpA
  Power generation   CHILE     50.00             13,851       13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
  Power generation   KOREA     29.00             904       903  
                           
 
 
   
 
 
 
                              3,089,683       5,844,464  
                           
 
 
   
 
 
 
 
F-10
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Joint ventures>
                               
KEPCO-Uhde Inc.(*14)
  Power generation   KOREA     52.80           11,355       17  
Shuweihat Asia Power Investment B.V.
  Holding company   NETHERLANDS     49.00             44,405       66,452  
Shuweihat Asia Operation & Maintenance Company(*14)
  Maintenance of utility plant   CAYMAN     55.00             30       1,631  
Waterbury Lake Uranium L.P. (*15)
  Resources development   CANADA     32.59             26,602       21,750  
ASM-BG Investicii AD
  Power generation   BULGARIA     50.00             9,846       14,555  
RES Technology AD
  Power generation   BULGARIA     50.00             11,922       15,133  
KV Holdings, Inc. (*30)
  Power generation   PHILIPPINES     40.00             2,103       9,659  
KEPCO SPC Power Corporation(*14,30)
  Construction and operation of utility plant   PHILIPPINES     75.20             94,579       179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
  Power generation   CHINA     40.00             16,621       6,024  
Datang Chifeng Renewable Power Co., Ltd.
  Power generation   CHINA     40.00             121,928       191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
  Power generation   CHINA     40.00             39,872       44,398  
Rabigh Electricity Company
  Power generation   SAUDI ARABIA     40.00             109,743       214,607  
Rabigh Operation & Maintenance Company Limited
  Maintenance of utility plant   SAUDI ARABIA     40.00             70       5,113  
Jamaica Public Service Company Limited
  Power generation   JAMAICA     40.00             301,910       331,407  
KW Nuclear Components Co., Ltd.
  Manufacturing   KOREA     45.00             833       17,090  
Busan Shinho Solar Power Co., Ltd.
  Power generation   KOREA     25.00             2,100       6,719  
Global Trade Of Power System Co., Ltd.(*16)
  Exporting products and technology of small or medium business by proxy  
KOREA
    29.00             290       698  
Expressway Solar-light Power Generation Co., Ltd.(*17)
  Power generation  
KOREA
    50.00             1,856       4,754  
Amman Asia Electric Power Company(*14)
  Power generation  
JORDAN
    60.00             111,476       220,254  
KAPES, Inc.(*14)
  R & D  
KOREA
    51.00             5,629           
Honam Wind Power Co., Ltd.
  Power generation  
KOREA
    29.00             3,480       4,819  
Korea Power Engineering Service Co., Ltd.
  Construction and service  
KOREA
    29.00             290       5,543  
Chun-cheon Energy Co., Ltd.
  Power generation  
KOREA
    29.90             52,700       32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.(*16)
  Power generation  
KOREA
    15.00             3,000       3,151  
Nghi Son 2 Power LLC
  Power generation  
VIETNAM
    50.00             175,261       408,839  
Kelar S.A.(*14)
  Power generation  
CHILE
    65.00             78,060       117,137  
PT. Tanjung Power Indonesia
  Power generation  
INDONESIA
    35.00             57,039       92,907  
Incheon New Power Co., Ltd.(*18)
  Power generation  
KOREA
    29.00             461       198  
Seokmun Energy Co., Ltd.
  Power generation  
KOREA
    29.00             15,370       17,336  
Daehan Wind Power PSC
  Power generation  
JORDAN
    50.00             7,493       13,923  
Barakah One Company(*19)
  Power generation   UAE     18.00             118           
Nawah Energy Company(*19)
  Operation of utility plant   UAE     18.00             296       315  
Momentum
  International thermonuclear experimental reactor construction management  
FRANCE
    33.33             1       345  
Daegu Green Power Co., Ltd.(*20)
  Power generation  
KOREA
    29.00             46,225       29,360  
Yeonggwang Wind Power Co., Ltd.
  Power generation  
KOREA
    46.00             17,475       20,713  
Chester Solar IV SpA
  Power generation  
CHILE
    45.00             1,700       181  
Chester Solar V SpA
  Power generation  
CHILE
    45.00             525       156  
Diego de Almagro Solar SpA
  Power generation  
CHILE
    45.00             2,091       540  
South Jamaica Power Company Limited
  Power generation  
JAMAICA
    20.00             20,430       46,437  
Daesan Green Energy Co., Ltd.
  Power generation  
KOREA
    35.00             17,850       19,218  
RE Holiday Holdings LLC
  Power generation   USA     50.00             42,948       85,370  
RE Pioneer Holdings LLC
  Power generation   USA     50.00             27,891       55,172  
RE Barren Ridge 1 Holdings LLC
  Power generation   USA     50.00             28,021       3,350  
RE Astoria 2 LandCo LLC
  Power generation   USA     50.00             5,188       6,599  
RE Barren Ridge LandCo LLC
  Power generation   USA     50.00             2,187       2,333  
Laurel SpA
  Power generation  
CHILE
    45.00             1,222       554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16)
  Power generation  
AUSTRALIA
    12.37             4,095       3,651  
Chile Solar JV SpA
  Power generation  
CHILE
    50.00             12,674       9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.(*15)
  Power generation  
KOREA
    29.01             3,200       4,263  
Chester Solar I SpA
  Power generation  
CHILE
    45.00             1,181       1,314  
Solar Philippines Calatagan Corporation
  Power generation  
PHILIPPINES
    38.00             47,903       56,902  
Saemangeum Solar Power Co., Ltd.(*21)
  Power generation  
KOREA
    81.01             26,400       23,551  
Chungsongmeon BongSan wind power Co., Ltd.(*16)
  Power generation  
KOREA
    29.00             2,900       3,470  
 
F-10
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
         
Acquisition
cost
   
Book

value
 
   
In millions of won
 
<Joint ventures>
                               
Jaeun Resident Wind Power Plant Co., Ltd.(*16)
  Power generation  
KOREA
    29.00           2,494       2,236  
DE Energia SpA
  Power generation  
CHILE
    49.00             8,364       9,536  
Dangjin Eco Power Co., Ltd.
  Power generation  
KOREA
    34.00             25,661       26,859  
Haemodum Solar Co., Ltd.
  Power generation  
KOREA
    49.00             2,940       3,367  
Yangyang Wind Power Co., Ltd.
  Power generation  
KOREA
    50.00             12,000       10,864  
HORUS SOLAR, S.A. DE C.V. (*22)
  Renewable power generation   MEXICO     14.95             5,068       6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*22)
  Renewable power generation   MEXICO     14.95             3,678       4,899  
SUNMEX RENOVABLES, S.A. DE C.V. (*22)
  Renewable power generation   MEXICO     14.95             1,678       1,657  
Stavro Holding II A.B.
  Holding company   SWEDEN     20.00             18,566       17,171  
Solaseado Solar Power Co., Ltd.
  Power generation   KOREA     39.00             7,020       16,233  
Yeongam Solar Power Co., Ltd. (*16)
  Power generation   KOREA     19.00             6,460       9,879  
Samsu Wind Power Co., Ltd. (*16)
  Power generation   KOREA     19.00             2,637       3,205  
Pulau Indah Power Plant Sdn. Bhd.
  Power generation   MALAYSIA     25.00             23,833       26,814  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
  Holding company   KOREA     29.53             20,061       21,723  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream (*14)
  Holding company   KOREA     90.00             15,012       15,587  
PT Barito Wahana Tenaga
  Power generation  
INDONESIA
    30.61             59,574       137,047  
Cheongna Energy Co., Ltd.(*21)
  Generating and distributing vapor and hot/cold water  
KOREA
    50.10             49,344       10,758  
Naepo Green Energy Co., Ltd.
  Power generation  
KOREA
    29.20             29,200           
Dayone Energy Co., Ltd.(*23)
  Power generation  
KOREA
    30.66             71,070           
OneEnergy Asia Limited
  Power generation  
VIETNAM
    40.00             115,949       172,218  
KAS Investment I LLC(*15)
  Holding company  
USA
    29.89             23,437       18,247  
KAS Investment II LLC(*15)
  Holding company  
USA
    29.89             23,343       18,173  
Energyco Co., Ltd.
  Power generation  
KOREA
    29.00             1,659       2,190  
CAES, LLC
  Holding company  
USA
    36.00             19,414       20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.(*16)
  Power generation  
KOREA
    49.00             7,512       8,471  
Busan Industrial Solar Power Co., Ltd.
  Power generation  
KOREA
    28.02             510       1,168  
Bitsolar Energy Co., Ltd.
  Power generation  
KOREA
    27.10             352       352  
Pulau Indah O&M Sdn. Bhd.(*24)
  Power generation  
MALAYSIA
    60.00                          
Guadalupe Solar SpA(*24)
  Power generation  
CHILE
    60.00             1,397       913  
Omisan Wind Power Co., Ltd.
  Power generation  
KOREA
    42.00             10,752       10,411  
Foresight Iberian Solar Group Holding, S.L.(*24)
  Power generation  
SPAIN
    75.00             11,465       10,565  
Yeongwol Eco Wind Co., Ltd.
  Power generation  
KOREA
    29.00             3,089       3,155  
Gurae Resident Power Co., Ltd.
  Power generation  
KOREA
    29.00             386       391  
Cheongju Eco Park Co., Ltd.
  Power generation  
KOREA
    29.00             5,858       10,490  
Enel X Midland Photovoltaic, LLC
  Power generation  
KOREA
    20.00             1,695       1,856  
Geumsungsan Wind Power Co., Ltd.
  Power generation  
KOREA
    29.00             6,531       3,493  
KEPCO KPS CARABAO Corp.(*18)
  Utility plant maintenance  
PHILIPPINES
    40.00             93       177  
Prime Swedish Holding AB
  Holding company  
SWEDEN
    45.00             35,410       36,245  
Goheung New Energy Co., Ltd.
  Power generation  
KOREA
    46.15             12,959       11,832  
Gunsan Land Solar Co., Ltd.(*24)
  Power generation  
KOREA
    75.29             19,091       27,544  
CapMan Lynx SCA, SICAR
  Holding company  
LUXEMBOURG
    50.00             9,601           
International Offshore Power Transmission Holding Company Limited
  Undersea transmission network operation   UAE     35.00                          
Pyeongchang Wind Power Co., Ltd. (*28)
  Power generation   KOREA     58.00             9,329       14,464  
Eumseong Eco Park Co., Ltd.
  Power generation   KOREA     29.00             5,741       5,557  
Songsan Green Energy Co., Ltd. (*15)
  Fuel cell generation   KOREA     25.00             1,400       1,387  
Changwon
Nu-ri
Energy Co., Ltd. (*15)
  Fuel cell generation   KOREA     33.33             500       497  
Hasami Wind Farm Corporation
  Power generation   KOREA     29.00             1,596       1,589  
PungBack Wind Farm Corporation (*26)
  Power generation   KOREA     32.89             7,885       6,743  
Trumbull Asset Management, LLC (*27)
  Holding company   USA     78.00                      246  
S-Power
Chile SpA
  Power generation   CHILE     50.00             127       127  
Seungmun Green Energy
  Power generation   KOREA     33.00             8,973       9,054  
Seobusambo highway photovoltaics Co., Ltd. (*25)
  Power generation   KOREA     80.00             3,020       3,066  
                              2,332,579       3,147,584  
                           
 
 
   
 
 
 
                            5,422,262       8,992,048  
                           
 
 
   
 
 
 
 
F-10
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
(*1)
The Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the Company hasn’t started the active selling procedures as of December 31, 2022.
 
(*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.
 
(*9)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group excercises significant influence over the decisions related to finance and operation.
 
(*10)
The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group excercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.
 
(*11)
The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, the Group excercises significant influence over all decisions related to finance and operation.
 
(*12)
The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. 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.
 
(*13)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group excercises significant influence over the entity.
 
(*14)
The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.
 
(*15)
The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.
 
(*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 effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.
 
(*18)
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.
 
(*19)
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.
 
F-10
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows, continued:
 
(*20)
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.
 
(*21)
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.
 
(*22)
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.
 
(*23)
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.
 
(*24)
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.
 
(*25)
Due to the changes in the agreement, the Group lost its control over the entity. Accordingly, the entity is reclassified to a joint venture from a subsidiary. Although the effective percentage of ownership is more than 50%, decisions in relevant actitvities must be agreed by all members of the board of directors.
 
(*26)
The effective percentage of ownership is 37%, considering potential common stock.
 
(*27)
The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*28)
After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*29)
After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Group does not hold control over relevant business while it exercises significant influence by participating in the board of directors by the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*30)
The Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, KV Holdings, Inc. and time or proceeds of sales are not specified as of December 31, 2022.
 
(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 2022 are as follows:
 
Investees
         
2021
    
2022
 
           
In millions of won
 
<Associates>
                          
Korea Electric Power Industrial Development Co., Ltd.
            115,339        80,454  
Korea Gas Corporation(*)
              738,990        684,180  
YTN Co., Ltd.
              26,550        50,220  
SPC Power Corporation
              203,589        134,814  
PT. Bayan Resources TBK
              1,495,801        1,132,601  
 
  (*)
An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2021 and 2022 as management determined that the carrying amount of the investment in KOGAS at ₩1,815,513 million and ₩2,085,296 million respectively were significantly higher than its fair value. Accordingly, management has assessed the recoverable amount of the investment by estimating the Company’s share of the present value of the estimated future cash flows expected to be generated by KOGAS. The carrying amount of KOGAS as at December 31, 2021 and 2022 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2021 and 2022.
 
F-10
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(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 2022 are as follows, continued:
 
The recoverable amount estimate is most sensitive to assumptions regarding long-term revenue forecasts as well as the discount rate:
 
   
Revenue forecasts: price and volume of gas sold are based on the long-term natural gas supply and demand programs approved by the Ministry of Trade, Industry & Energy.
 
   
Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows. A real post-tax discount rate of 4.90% and 5.20% was applied to post-tax cash flows respectively as at December 31, 2021 and 2022.
Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates.
 
F-10
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
2021
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Associates>
                                                     
Korea Gas Corporation
          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.
            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  
 
F-1
09

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Associates>
                                                     
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  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
            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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
<Joint ventures>
                                                     
KEPCO-Uhde Inc.
            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  
 
F-11
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Joint ventures>
                                                     
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  
Chungsongmeon BongSan wind power Co., Ltd.
            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  
 
F-11
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Joint ventures>
                                                     
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.
            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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            6,170,533       703,612       (15,194     (288,242     557,056       352,056       (8,437     7,471,384  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-11
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Associates>
                                                     
Korea Gas Corporation
          1,815,513                         (51,559     305,638       7,746       7,958       2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
            24,617                         (1,872     3,807                4,526       31,078  
YTN Co., Ltd.
            51,828                         (450     1,565       (34     2,118       55,027  
Gangwon Wind Power Co., Ltd.
            10,554                         (1,420     3,024                         12,158  
Hyundai Green Power Co., Ltd.
            121,955                         (4,008     1,770       1,345       (1,271     119,791  
Korea Power Exchange
            269,728                                  772                4,626       275,126  
Taebaek Wind Power Co., Ltd.
            6,800       7,684                (825     842                         14,501  
Taebaek Guinemi Wind Power Co., Ltd.
            3,357       9,217                         475                         13,049  
Pyeongchang Wind Power Co., Ltd.
            5,411       5,454                (100     3,695                (14,460         
Daeryun Power Co., Ltd.
            25,426                                  429       1       871       26,727  
Changjuk Wind Power Co., Ltd.
            8,355       11,862                (1,350     817                (19,684         
KNH Solar Co., Ltd.
            2,278                                  606       (1              2,883  
SPC Power Corporation
            65,046                         (2,694     1,188       7,330       (2     70,868  
Gemeng International Energy Co., Ltd.
            595,218                                  (233     (16,164              578,821  
PT. Cirebon Electric Power
            121,969                         (10,659     14,776       704       8,324       135,114  
KNOC Nigerian East Oil Co., Ltd.
                                                (11     (787     798           
KNOC Nigerian West Oil Co., Ltd.
                                                (10     (724     734           
PT Wampu Electric Power
            35,077                         (5,551     5,848       54       2,315       37,743  
PT. Bayan Resources TBK
            661,289                         (515,139     531,528       7,041                684,719  
S-Power Co., Ltd.
            122,786                                  18,342                         141,128  
Pioneer Gas Power Limited
                                                                               
Eurasia Energy Holdings
                                                                               
Xe-Pian Xe-Namnoy Power Co., Ltd.
            92,441                                  15,582       7,561                115,584  
PT. Mutiara Jawa
            2,569                                  1,197       (169              3,597  
Samcheok Eco Materials Co., Ltd.
                                                                               
Noeul Green Energy Co., Ltd.
            3,808                                  (3,824              16           
Goseong Green Power Co., Ltd.
            260,858                                  27,992                43       288,893  
Gangneung Eco Power Co., Ltd.
            2,288                                  (2,288                           
Shin Pyeongtaek Power Co., Ltd.
            93,074                                  40,713                36       133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
            223                                  55                         278  
Dongducheon Dream Power Co., Ltd.
            74,198                                  15,086                16       89,300  
Jinbhuvish Power Generation Pvt. Ltd.
                                                                               
Daejung Offshore Wind Power Co., Ltd.
            1,704                                  (149                       1,555  
GS Donghae Electric Power Co., Ltd.
            243,772                                  15,717                656       260,145  
Daegu Photovoltaic Co., Ltd.
            2,342                         (268     775                         2,849  
Busan Green Energy Co., Ltd.
            5,032                                  (667              30       4,395  
Gunsan Bio Energy Co., Ltd.
                                                                               
Korea Electric Vehicle Charging Service
            1,250                (1,293              43                             
Hansuwon KNP Co., Ltd.
            219                                  61                         280  
Korea Electric Power Corporation Fund
            47,983                (25,297              7,966       (1,810              28,842  
Energy Infra Asset Management Co., Ltd.
            1,066                                  118                         1,184  
Daegu clean Energy Co., Ltd.
            12                                                             12  
YaksuESS Co., Ltd.
            716                                  (230                       486  
Nepal Water & Energy Development Company Private Limited
            66,333                                  (923     4,530                69,940  
Gwangyang Green Energy Co., Ltd.
            25,466                                  (422                       25,044  
PND solar Co., Ltd.
            1,229                                  174                         1,403  
Hyundai Eco Energy Co., Ltd.
            5,572                                  2,058       1                7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.
            233                                  143                (220     156  
Green Energy Electricity Generation Co., Ltd.
            1,713                                  (142                       1,571  
Korea Energy Solutions Co., Ltd.
            123                                  (30                       93  
ITR Co., Ltd.
            32                                  (32                           
Structure test network Co., Ltd.
            306                                  60                         366  
 
F-11
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Associates>
                                                     
Namjeongsusang Solar Power Operation Co., Ltd.
          361                                  12                         373  
Indeck Niles Development, LLC
            246,273                (4,289              21,975       21,840       16,239       302,038  
Indeck Niles Asset Management, LLC
            111                         (497     472                8       94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
            7,138                (202     (392     389       (1              6,932  
Suwon New Power Co., Ltd.
            1,035                                  (116                       919  
KPGE Inc.
            309                (317              8                             
Gwangbaek Solar Power Investment Co., Ltd.
            4,806                                  327                         5,133  
Go deok Clean Energy Co., Ltd.
            4,302                                  118                         4,420  
SureDataLab Co., Ltd.
            128                                  49                         177  
SEP Co., Ltd.
            7                                  (7                           
Hankook Electric Power Information Co., Ltd.
            161                                  121                (62     220  
Tronix Co., Ltd.
            109                                  (37              (6     66  
O2&B Global Co., Ltd.
            35                                  1                         36  
Muan Sunshine Solar Power Plant Co., Ltd.
            1,268                                  1,294                         2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
                                                                               
Goesan Solar Park Co., Ltd.
            1,927                                  664                         2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
            10,238                                  2,772                         13,010  
Bitgoel Eco Energy Co., Ltd.
            4,356       3,240                         1,355                         8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
            911                                  (39                       872  
Seoroseoro Sunny Power Plant Co., Ltd.
            721                                  138                         859  
Muan Solar park Co., Ltd.
            6,083                         (600     2,377       (22              7,838  
YuDang Solar Co., Ltd.
            565                         (160     181                         586  
Anjwa Smart Farm & Solar City Co., Ltd.
            6,784                                  1,878                         8,662  
Daewon Green Energy Co., Ltd.
            3,877                                  608                         4,485  
G.GURU Co., Ltd.
            403                                  (103                       300  
UD4M Co., Ltd.
            144                                  17                         161  
Dongbu Highway Solar Co., Ltd.
            265                                  87                         352  
Seobu Highway Solar Co., Ltd.
            289                                  27                         316  
Korea Energy Data Co., Ltd.
            62                                                             62  
Gangneung Sacheon Fuel Cell Co., Ltd.
            1,878       3,745                         (1,310     (36              4,277  
KOSTURE Co., Ltd.
                     1                                                    1  
Digital Innovation Growth Fund
            9,890                                  (204              (9,686         
Taebaek Gadeoksan Wind Power Co., Ltd.
            16,495                         (1,784     5,644                (315     20,040  
Chuncheon Green Energy Co., Ltd.
            3,372       6,140                         (357                       9,155  
Yeomsubong Wind Power Co., Ltd.
            95                                  (40              7       62  
Yeongyang Wind Power Corporation II
            7,965                                  (504                       7,461  
Haeparang Energy Co., Ltd.
            2,241                                  (53                       2,188  
Saemangeum Sebit Power Plant Co., Ltd.
            6,000       7,788                         4,855                4,556       23,199  
Boulder Solar III, LLC
                     715                                           29       744  
PlatformN. Co., Ltd.
                     105                         (21                       84  
PT. Cirebon Energi Prasarana
                     24,052                         35,315       6,963       2,705       69,035  
Green Radiation Co., Ltd.
                                                (9              20       11  
Future Convergence Technology Laboratory. Co., Ltd.
                     76                         (26                       50  
SC E&G. Co,. Ltd.
                     90                         124                         214  
Wang San Engineering. Co,. Ltd.
                     81                         85                         166  
ACE
                     20                                                    20  
Environment and Energy Co., Ltd.
                     11                         (1                       10  
Santiago Solar Power SpA
                     13,853                         (379     (100     (1     13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
                     903                                                    903  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              5,232,373       95,037       (31,398     (599,328     1,091,588       45,268       10,924       5,844,464  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-11
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Joint ventures>
                                                     
KEPCO-Uhde Inc.
          58                                  (43              2       17  
Shuweihat Asia Power Investment B.V.
            37,069                         (3,545     (1,303     34,231                66,452  
Shuweihat Asia Operation & Maintenance Company
            1,380                         (995     1,154       92                1,631  
Waterbury Lake Uranium L.P.
            21,590                                  1       159                21,750  
ASM-BG Investicii AD
            18,692                (6,255     (2,395     2,979       1,534                14,555  
RES Technology AD
            16,703                (3,673     (333     1,427       1,009                15,133  
KV Holdings, Inc.
            2,527                         (394     7,747       (221              9,659  
KEPCO SPC Power Corporation
            198,979                         (34,280     27,591       (12,696              179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
            6,635                                  (464     (147              6,024  
Datang Chifeng Renewable Power Co., Ltd.
            204,587                         (8,732     2,849       (6,722              191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
            44,217                         (2,694     3,936       (1,061              44,398  
Rabigh Electricity Company
            143,678                         (11,447     31,523       50,853                214,607  
Rabigh Operation & Maintenance Company Limited
            4,071                         (2,735     3,866       (89              5,113  
Jamaica Public Service Company Limited
            294,649                         (7,752     28,541       19,494       (3,525     331,407  
KW Nuclear Components Co., Ltd.
            15,734                         (833     2,189                         17,090  
Busan Shinho Solar Power Co., Ltd.
            5,841                         (478     1,356                         6,719  
Global Trade Of Power System Co., Ltd.
            597                                  101                         698  
Expressway Solar-light Power Generation Co., Ltd.
            3,084                                  1,670                         4,754  
Amman Asia Electric Power Company
            178,679                         (19,350     23,442       37,483                220,254  
KAPES, Inc.
                                                                               
Honam Wind Power Co., Ltd.
            4,041                         (174     952                         4,819  
Korea Power Engineering Service Co., Ltd.
            5,415                         (86     145                69       5,543  
Chun-cheon Energy Co., Ltd.
            25,896                                  6,148                         32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.
            2,728                                  423                         3,151  
Nghi Son 2 Power LLC
                     172,480                         51,218       185,141                408,839  
Kelar S.A.
            86,695                                  3,695       21,241       5,506       117,137  
PT. Tanjung Power Indonesia
            46,546       30,147                (6,104     4,645       18,323       (650     92,907  
Incheon New Power Co., Ltd.
                                                198                         198  
Seokmun Energy Co., Ltd.
            13,842                                  3,494                         17,336  
Daehan Wind Power PSC
            5,154                                  2,446       6,323                13,923  
Barakah One Company
                                                                               
Nawah Energy Company
            294                                  1       20                315  
Momentum

            368                         (369     345       1                345  
Daegu Green Power Co., Ltd.
            24,054                                  5,079                227       29,360  
Yeonggwang Wind Power Co., Ltd.
            17,646                                  3,067                         20,713  
Chester Solar IV SpA
                                                202       (17     (4     181  
Chester Solar V SpA
            25                                  129       3       (1     156  
Diego de Almagro Solar SpA
            362                                  154       2       22       540  
South Jamaica Power Company Limited
            37,360                                  6,625       2,452                46,437  
Daesan Green Energy Co., Ltd.
            21,244                                  (2,030              4       19,218  
RE Holiday Holdings LLC
            73,167                         (2,288     2,526       11,965                85,370  
RE Pioneer Holdings LLC
            47,015                         (1,337     (275     9,769                55,172  
RE Barren Ridge 1 Holdings LLC
            1,883                         (1,625     (2,886     5,978                3,350  
RE Astoria 2 LandCo LLC
            5,998                         (388     571       418                6,599  
RE Barren Ridge LandCo LLC
            2,120                         (160     225       148                2,333  
Laurel SpA
            290                                  245       3       16       554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
            3,625                                  26                         3,651  
Chile Solar JV SpA
            32,457                (24,894              159       2,097                9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.
            4,106                         (672     832                (3     4,263  
Chester Solar I SpA
            1,120                                  120       (1     75       1,314  
Solar Philippines Calatagan Corporation
            58,231                         (1,710     6,081       (5,700              56,902  
Saemangeum Solar Power Co., Ltd.
            23,939                                  (388                       23,551  
Chungsongmeon BongSan wind power Co., Ltd.
            3,808                                  (338                       3,470  
Jaeun Resident Wind Power Plant Co., Ltd.
            1,958                                  278                         2,236  
DE Energia SpA
            8,921                                           615                9,536  
 
F-11
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Joint ventures>
                                                     
Dangjin Eco Power Co., Ltd.
          26,109                                  233       513       4       26,859  
Haemodum Solar Co., Ltd.
            3,081                                  286                         3,367  
Yangyang Wind Power Co., Ltd.
            11,191                                  (327                       10,864  
HORUS SOLAR, S.A. DE C.V.
            5,842                                  841       293                6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
            4,536                                  68       295                4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
            1,610                                  (151     198                1,657  
Stavro Holding II A.B.
            17,627       952                         157       (1,687     122       17,171  
Solaseado Solar Power Co., Ltd.
            9,891                                  6,342                         16,233  
Yeongam Solar Power Co., Ltd.
            6,838                                  3,041                         9,879  
Samsu Wind Power Co., Ltd.
            2,828                                  377                         3,205  
Pulau Indah Power Plant Sdn. Bhd.
            22,099                                  1,681       3,034                26,814  
Sam-Yang Photovoltaic Power Co., Ltd.
            4,993                                  (123              (4,870         
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
            21,456       485       (406     (1,415     1,603                         21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream
            16,288                (687              (14                       15,587  
PT Barito Wahana Tenaga
            81,595       39                         13,352       42,061                137,047  
Cheongna Energy Co., Ltd.
            11,198                                  (440                       10,758  
Naepo Green Energy Co., Ltd.
                                                                               
Dayone Energy Co., Ltd.
                                                                               
OneEnergy Asia Limited
            79,700       39,033                         (18,294     71,779                172,218  
KAS Investment I LLC
            15,273                                  2,426       548                18,247  
KAS Investment II LLC
            15,213                                  2,082       878                18,173  
Energyco Co., Ltd.
            1,535                                  655                         2,190  
CAES, LLC
            18,435                         (217     (198     1,756       1,029       20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.
            6,971                                  1,500                         8,471  
Busan Industrial Solar Power Co., Ltd.
            612                                  556                         1,168  
Bitsolar Energy Co., Ltd.
            352                                                             352  
Pulau Indah O&M Sdn. Bhd.
                                                                               
Guadalupe Solar SpA
            659                                  221       33                913  
Omisan Wind Power Co., Ltd.
            10,633                                  (222                       10,411  
Foresight Iberian Solar Group Holding, S.L.
            9,743       1,781                         (1,016     3       54       10,565  
Yeongwol Eco Wind Co., Ltd.
            3,196                                  (41                       3,155  
Gurae Resident Power Co., Ltd.
            395                                  (4                       391  
Cheongju Eco Park Co., Ltd.
            5,465                                  5,025                         10,490  
Enel X Midland Photovoltaic, LLC
            1,688                                  168                         1,856  
Geumsungsan Wind Power Co., Ltd.
            6,053                                  (2,560                       3,493  
KEPCO KPS CARABAO Corp.
            386                         (104     (105                       177  
Prime Swedish Holding AB
            15,441       20,896                         (261              169       36,245  
Goheung New Energy Co., Ltd.
            11,708                                  124                         11,832  
Gunsan Land Solar Co., Ltd.
            19,317                                  8,220       7                27,544  
CapMan Lynx SCA, SICAR
            9,976                                  (10,195     5,173       (4,954         
International Offshore Power Transmission Holding Company Limited
                                                                               
Pyeongchang Wind Power Co., Ltd.
                                                                  14,464       14,464  
Eumseong Eco Park Co., Ltd.
                     5,741                         (184                       5,557  
Songsan Green Energy Co., Ltd.
                     1,400                         (13                       1,387  
 
F-11
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Beginning
balance
   
Acquisitions
   
Disposals
   
Dividends
received
   
Share of
profit

(loss)
   
Other
comprehensive
income

(loss)
   
Others
   
Ending
balance
 
         
In millions of won
 
<Joint ventures>
                                                     
Changwon Nu-ri Energy Co., Ltd.
                   500                         (3                       497  
Hasami Wind Farm Corporation
                     1,596                         (7                       1,589  
PungBack Wind Farm Corporation
                     7,884                         (1,141                       6,743  
Trumbull Asset Management, LLC
                                                252       (1     (5     246  
S-Power Chile SpA
                     127                                                    127  
Seungmun Green Energy
                     8,973                         120       (39              9,054  
Seobusambo highway photovoltaics Co., Ltd.
                     (1                                         3,067       3,066  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              2,239,011       292,033       (35,915     (112,612     246,705       507,544       10,818       3,147,584  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            7,471,384       387,070       (67,313     (711,940     1,338,293       552,812       21,742       8,992,048  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-11
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
2022
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Associates>
                                       
Korea Gas Corporation (*1)
          62,424,983       52,014,243       51,724,287       1,497,008  
Korea Electric Power Industrial Development Co., Ltd.
            148,112       40,946       336,333       15,434  
YTN Co., Ltd.
            364,115       107,324       152,187       7,250  
Gangwon Wind Power Co., Ltd.
            86,758       6,029       40,130       20,163  
Hyundai Green Power Co., Ltd.
            773,998       360,926       105,374       5,010  
Korea Power Exchange
            311,691       36,564       118,501       1,036  
Taebaek Wind Power Co., Ltd.
            27,562       3,394       7,565       551  
Taebaek Guinemi Wind Power Co., Ltd.
            44,036       28,709       6,793       1,906  
Daeryun Power Co., Ltd.
            1,201,510       799,370       472,211       4,999  
KNH Solar Co., Ltd.
            13,584       2,905       4,348       2,173  
SPC Power Corporation
            254,951       26,417       80,630       25,614  
Gemeng International Energy Co., Ltd.
            7,796,180       5,460,183       3,183,398       11,637  
PT. Cirebon Electric Power
            691,311       199,987       287,261       53,730  
KNOC Nigerian East Oil Co., Ltd.
            26,491       109,974                (72
KNOC Nigerian West Oil Co., Ltd.
            28,537       105,292                (72
PT Wampu Electric Power
            209,815       127,764       21,773       12,713  
PT. Bayan Resources TBK
            4,994,538       2,518,129       6,076,844       3,042,123  
S-Power
Co., Ltd.
            937,067       646,411       1,091,425       37,104  
Pioneer Gas Power Limited
            271,340       477,127                (46,290
Eurasia Energy Holdings
            648       1,156                    
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
            1,371,292       904,907       174,693       61,020  
PT. Mutiara Jawa
            26,024       13,622       15,421       4,912  
Samcheok Eco Materials Co., Ltd.
            24,952       1,609       11,907       (1,127
Noeul Green Energy Co., Ltd.
            82,611       101,472       23,493       (31,970
Goseong Green Power Co., Ltd.
            5,518,258       4,516,607       1,999,825       26,981  
Gangneung Eco Power Co., Ltd.
            4,907,872       4,900,408       435,755       (142,387
Shin Pyeongtaek Power Co., Ltd.
            1,203,406       839,568       957,062       100,554  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
            1,788       802       558       200  
Dongducheon Dream Power Co., Ltd.
            1,521,089       1,219,018       2,240,175       43,072  
Jinbhuvish Power Generation Pvt. Ltd.
            60,477       12,489                    
Daejung Offshore Wind Power Co., Ltd.
            5,350       2,013                (228
GS Donghae Electric Power Co., Ltd.
            2,130,287       1,365,156       1,053,112       46,226  
Daegu Photovoltaic Co., Ltd.
            13,254       3,431       4,755       2,914  
Busan Green Energy Co., Ltd.
            168,588       153,432       72,290       (7,409
Gunsan Bio Energy Co., Ltd.
            8,397       29,524                (649
Hansuwon KNP Co., Ltd.
            1,887       368       2,149       210  
Korea Electric Power Corporation Fund
            29,530       130       8,034       7,854  
Energy Infra Asset Management Co., Ltd.
            12,874       918       4,954       1,354  
Daegu clean Energy Co., Ltd.
            368       324                (1
YaksuESS Co., Ltd.
            5,984       4,314       851       (146
Nepal Water & Energy Development Company Private Limited
            241,061       141,199       70,923       (1,364
Gwangyang Green Energy Co., Ltd.
            170,390       45,260                (1,923
PND solar Co., Ltd.
            36,174       31,868       5,940       217  
Hyundai Eco Energy Co., Ltd.
            181,566       142,533       29,209       10,270  
YeongGwang Yaksu Wind Electric Co., Ltd.
            40,712       39,924       6,628       1,480  
Green Energy Electricity Generation Co., Ltd.
            75,033       72,300       1,404       (488
Korea Energy Solutions Co., Ltd.
            843       377       437       (185
ITR Co., Ltd.
            446       472       188       (190
Structure test network Co., Ltd.
            1,948       383       732       202  
Namjeongsusang Solar Power Operation Co., Ltd.
            55,616       53,261       7,724       83  
Indeck Niles Development, LLC
            1,178,303       762,139       302,041       (22,541
Indeck Niles Asset Management, LLC
            299       16       1,863       1,136  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
            14,356       210       826       796  
Suwon New Power Co., Ltd.
            2,142       164                11  
 
F-1
18

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Associates>
                                       
Gwangbaek Solar Power Investment Co., Ltd.
          307,864       296,915       10,270       743  
Go deok Clean Energy Co., Ltd.
            71,431       60,382                (1,101
SureDataLab Co., Ltd.
            879       140       938       203  
SEP Co., Ltd.
            38       103                (98
Hankook Electric Power Information Co., Ltd.
            2,334       997       1,797       392  
Tronix Co., Ltd.
            2,880       2,354       1,938       (226
O2&B Global Co., Ltd.
            419       238       220       5  
Muan Sunshine Solar Power Plant Co., Ltd.
            142,911       132,573       19,591       6,467  
Bigeum Resident Photovoltaic Power Co., Ltd.
            107,690       109,229                (537
Goesan Solar Park Co., Ltd.
            52,235       43,299       7,642       2,292  
Saemangeum Heemang Photovoltaic Co., Ltd.
            160,695       125,635       29,543       6,481  
Bitgoel Eco Energy Co., Ltd.
            85,236       66,987       10,054       3,229  
Jeju Gimnyeong Wind Power Co., Ltd.
            63,471       60,564       12,231       (130
Seoroseoro Sunny Power Plant Co., Ltd.
            7,015       5,045       1,157       247  
Muan Solar park Co., Ltd.
            225,894       188,329       36,081       11,339  
YuDang Solar Co., Ltd.
            22,073       19,144       3,997       957  
Anjwa Smart Farm & Solar City Co., Ltd.
            278,806       239,581       42,477       9,672  
Daewon Green Energy Co., Ltd.
            141,974       124,460       45,095       4,037  
G.GURU Co., Ltd.
            1,228       12       478       (423
UD4M Co., Ltd.
            1,322       197       1,109       59  
Dongbu Highway Solar Co., Ltd.
            17,935       16,426       2,901       439  
Seobu Highway Solar Co., Ltd.
            18,236       16,655       3,052       138  
Korea Energy Data Co., Ltd.
            339       128       308       5  
Gangneung Sacheon Fuel Cell Co., Ltd.
            108,688       98,470                (2,720
KOSTURE Co., Ltd.
            180       24       293       32  
Taebaek Gadeoksan Wind Power Co., Ltd.
            197,944       139,004       31,534       19,406  
Chuncheon Green Energy Co., Ltd.
            159,151       138,925                (858
Yeomsubong Wind Power Co., Ltd.
            4,369       2,829                (859
Yeongyang Wind Power Corporation II
            104,821       86,984                (1,678
Haeparang Energy Co., Ltd.
            19,394       10,721                (211
Saemangeum Sebit Power Plant Co., Ltd.
            167,822       131,383       23,159       7,742  
Boulder Solar III, LLC
            1,896                             
PlatformN. Co., Ltd.
            379       94       486       (70
PT. Cirebon Energi Prasarana
            3,361,288       2,670,941       319,986       36,451  
Green Radiation Co., Ltd.
            111       34       89       (93
Future Convergence Technology Laboratory. Co., Ltd.
            551       302       9       (130
SC E&G. Co,. Ltd.
            1,199       131       1,048       609  
Wang San Engineering. Co,. Ltd.
            1,275       447       754       499  
ACE
            100                             
Environment and Energy Co., Ltd.
            93                         (7
Santiago Solar Power SpA
            56,138       29,390                (2,943
Yanggu Floating Photovoltaic Power Plant Inc.
            3,115                             
<Joint ventures>
                                       
KEPCO-Uhde Inc.
            48       15                (84
Shuweihat Asia Power Investment B.V.
            135,646       29                (2,660
Shuweihat Asia Operation & Maintenance Company
            3,037       71       3,013       2,099  
Waterbury Lake Uranium L.P.
            66,706       117                    
ASM-BG
Investicii AD
            72,999       43,889       16,056       6,230  
RES Technology AD
            62,345       32,079       11,205       3,018  
KV Holdings, Inc.
            24,149       1       1       353  
KEPCO SPC Power Corporation
            267,904       29,082       253,145       44,751  
Gansu Datang Yumen Wind Power Co., Ltd.
            67,651       52,592       10,048       (1,161
Datang Chifeng Renewable Power Co., Ltd.
            835,331       355,377       140,343       42,889  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
            168,680       57,685       29,459       4,919  
 
F-1
19

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Joint ventures>
                                       
Rabigh Electricity Company
          2,520,946       1,855,836       322,108       65,550  
Rabigh Operation & Maintenance Company Limited
            23,664       10,882       32,572       9,176  
Jamaica Public Service Company Limited
            2,310,611       1,515,361       1,499,897       69,458  
KW Nuclear Components Co., Ltd.
            40,381       2,013       16,968       6,755  
Busan Shinho Solar Power Co., Ltd.
            36,868       9,991       10,543       5,424  
Global Trade Of Power System Co., Ltd.
            5,628       3,222       8,434       351  
Expressway Solar-light Power Generation Co., Ltd.
            14,248       4,740       3,711       1,654  
Amman Asia Electric Power Company
            759,885       392,795       28,665       39,090  
KAPES, Inc.
            82,943       45,068       20,006       3,797  
Honam Wind Power Co., Ltd.
            34,028       17,522       8,781       3,283  
Korea Power Engineering Service Co., Ltd.
            20,931       1,817       9,176       500  
Chun-cheon Energy Co., Ltd.
            629,202       521,212       585,223       19,940  
Yeonggwangbaeksu Wind Power Co., Ltd.
            80,042       59,070       14,150       2,764  
Nghi Son 2 Power LLC
            3,652,801       2,835,123       589,023       102,436  
Kelar S.A.
            689,802       514,085       107,577       943  
PT. Tanjung Power Indonesia
            730,239       464,791       99,169       13,619  
Incheon New Power Co., Ltd.
            2,633       755       4,497       1,244  
Seokmun Energy Co., Ltd.
            212,509       152,731       61,513       12,064  
Daehan Wind Power PSC
            145,065       117,219       17,958       5,524  
Barakah One Company
            33,587,352       34,422,965       498,129       (444,338
Nawah Energy Company
            338,883       337,134       395,580       3  
Momentum

            7,315       6,280       30,864       1,036  
Daegu Green Power Co., Ltd.
            551,431       459,881       516,254       9,364  
Yeonggwang Wind Power Co., Ltd.
            233,695       189,737       31,221       6,700  
Chester Solar IV SpA
            12,728       12,469       1,521       (174
Chester Solar V SpA
            4,364       4,315       520       83  
Diego de Almagro Solar SpA
            15,908       14,946       1,877       (288
South Jamaica Power Company Limited
            521,558       289,359       314,064       33,348  
Daesan Green Energy Co., Ltd.
            245,826       190,918       101,689       (6,641
RE Holiday Holdings LLC
            351,243       180,503       22,671       3,022  
RE Pioneer Holdings LLC
            263,232       152,888       15,701       369  
RE Barren Ridge 1 Holdings LLC
            226,504       100,436       11,740       (903
RE Astoria 2 LandCo LLC
            13,517       319       1,004       913  
RE Barren Ridge LandCo LLC
            4,761       95       389       357  
Laurel SpA
            11,221       10,447       1,424       54  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
            29,517       74                (260
Chile Solar JV SpA
            75,246       55,609       7,842       6,425  
Cheong-Song Noraesan Wind Power Co., Ltd.
            55,948       41,464       7,988       1,916  
Chester Solar I SpA
            13,246       10,933       1,094       (221
Solar Philippines Calatagan Corporation
            113,327       36,756       17,728       10,194  
Saemangeum Solar Power Co., Ltd.
            35,890       6,817                (479
Chungsongmeon BongSan wind power Co., Ltd.
            81,030       75,207                (1,120
Jaeun Resident Wind Power Plant Co., Ltd.
            89,756       82,047                (190
DE Energia SpA
            48,350       62,481       5,959       (1,109
Dangjin Eco Power Co., Ltd.
            98,714       20,721       4,185       700  
Haemodum Solar Co., Ltd.
            22,974       16,103       2,556       581  
Yangyang Wind Power Co., Ltd.
            107,471       85,829                (634
HORUS SOLAR, S.A. DE C.V.
            156,436       133,714       5,568       5,628  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
            173,262       155,009       468       457  
SUNMEX RENOVABLES, S.A. DE C.V.
            129,502       118,449                (1,008
Stavro Holding II A.B.
            85,883       27                61  
Solaseado Solar Power Co., Ltd.
            363,492       325,262       51,198       16,301  
Yeongam Solar Power Co., Ltd.
            329,714       281,791       44,568       8,563  
Samsu Wind Power Co., Ltd.
            71,123       54,254       10,118       1,987  
 
F-12
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2022
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Joint ventures>
                                       
Pulau Indah Power Plant Sdn. Bhd.
          760,536       675,853       797       6,723  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
            71,851       74       4,850       5,431  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
            17,341       22       38       (10
PT Barito Wahana Tenaga
            447,688                         49,471  
Cheongna Energy Co., Ltd.
            385,935       368,340       100,200       (889
Naepo Green Energy Co., Ltd.
            448,309       499,528       8,905       (34,347
Dayone Energy Co., Ltd.
            470,677       530,304       278,363       (12,893
OneEnergy Asia Limited
            1,039,987       673,223                16,041  
KAS Investment I LLC
            61,907       861       1,603       6,998  
KAS Investment II LLC
            61,661       861       1,592       6,967  
Energyco Co., Ltd.
            56,996       52,304       7,898       2,258  
CAES, LLC
            49,676       6                (547
Hapcheon Floating Photovoltaic Power Plant Inc.
            78,768       61,561       12,705       3,061  
Busan Industrial Solar Power Co., Ltd.
            21,149       18,016       3,190       901  
Bitsolar Energy Co., Ltd.
            78,779       83,324       9,557       261  
Pulau Indah O&M Sdn. Bhd.
                                           
Guadalupe Solar SpA
            10,148       8,790       924       (43
Omisan Wind Power Co., Ltd.
            142,274       117,881                (519
Foresight Iberian Solar Group Holding, S.L.
            94,181       81,997                (1,365
Yeongwol Eco Wind Co., Ltd.
            87,856       83,281                (144
Gurae Resident Power Co., Ltd.
            11,649       10,467                (19
Cheongju Eco Park Co., Ltd.
            152,139       116,639       66,260       17,319  
Enel X Midland Photovoltaic, LLC
            10,289       1,010       1,684       837  
Geumsungsan Wind Power Co., Ltd.
            125,324       115,196                (1,770
KEPCO KPS CARABAO Corp.
            2,025       1,582       611       (327
Prime Swedish Holding AB
            77,942       114                (577
Goheung New Energy Co., Ltd.
            136,682       113,393                (1,591
Gunsan Land Solar Co., Ltd.
            158,371       121,785       28,828       12,154  
CapMan Lynx SCA, SICAR
            112,718       102,810       504       (16,780
International Offshore Power Transmission Holding Company Limited
            4,680       71,468                (68,093
Pyeongchang Wind Power Co., Ltd.
            70,599       45,661       14,524       3,693  
Eumseong Eco Park Co., Ltd.
            136,909       119,736                (636
Songsan Green Energy Co., Ltd.
            5,500                         (69
Changwon
Nu-ri
Energy Co., Ltd.
            1,490                         (10
Hasami Wind Farm Corporation
            3,100                         (23
PungBack Wind Farm Corporation
            46,957       31,667                (3,089
Trumbull Asset Management, LLC
            316                656       323  
S-Power
Chile SpA
            2,430       2,450       1,334       22  
Seungmun Green Energy
            46,283       18,843                367  
Seobusambo highway photovoltaics Co., Ltd.
            8,286       4,453       217       265  
 
(*1)
The profit for the year ended December 31, 2022 is reduced by the associate entity’s net income (loss) attributable to
non-controlling
interests.
 
F-12
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Associates>
                                       
Korea Gas Corporation (*1)
          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.
            5,483,090       4,508,569       988,933       124,639  
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.
            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  
 
F-12
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Associates>
                                       
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
          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  
 
F-12
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Joint ventures>
                                       
KAPES, Inc.
          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  
 
F-12
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows, continued:
 
2021
 
Investees
       
Total assets
   
Total liabilities
   
Sales
   
Profit (loss) for

the year
 
         
In millions of won
 
<Joint ventures>
                                       
OneEnergy Asia Limited
               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.
            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.
 
F-12
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows:
 
2021
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Associates>
                                               
Korea Gas Corporation
              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.
            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  
 
F-12
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Associates>
                                               
Namjeongsusang Solar Power Operation Co., Ltd.
          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  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
            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  
 
F-12
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Joint ventures>
                                               
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  
Stavro Holding II A.B.
            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  
 
F-1
28

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2021
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Joint ventures>
                                               
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.
            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.
 
 
F-1
29

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Associates>
                                               
Korea Gas Corporation
          10,410,740       20.47     2,131,078                         (45,782     2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
            107,166       29.00     31,078                                  31,078  
YTN Co., Ltd.
            256,791       21.43     55,027                                  55,027  
Gangwon Wind Power Co., Ltd.
            80,729       15.00     12,109       49                         12,158  
Hyundai Green Power Co., Ltd.
            413,072       29.00     119,791                                  119,791  
Korea Power Exchange
            275,126       100.00     275,126                                  275,126  
Taebaek Wind Power Co., Ltd.
            24,168       60.00     14,501                                  14,501  
Taebaek Guinemi Wind Power Co., Ltd.
            15,327       67.25     10,307                         2,742       13,049  
Daeryun Power Co., Ltd.
            402,140       6.85     27,547                         (820     26,727  
KNH Solar Co., Ltd.
            10,679       27.00     2,883                                  2,883  
SPC Power Corporation
            228,534       38.00     86,843                         (15,975     70,868  
Gemeng International Energy Co., Ltd.
            2,335,997       34.00     794,239                         (215,418     578,821  
PT. Cirebon Electric Power
            491,324       27.50     135,114                                  135,114  
KNOC Nigerian East Oil Co., Ltd.
            (83,483     14.63     (12,214                       12,214           
KNOC Nigerian West Oil Co., Ltd.
            (76,755     14.63     (11,229                       11,229           
PT Wampu Electric Power
            82,051       46.00     37,743                                  37,743  
PT. Bayan Resources TBK
            2,476,409       20.00     495,282       265,817                (76,380     684,719  
S-Power Co., Ltd.
            290,656       49.00     142,421                (1,293              141,128  
Pioneer Gas Power Limited
            (205,787     38.50     (79,223     22,278                56,945           
Eurasia Energy Holdings
            (508     40.00     (203                       203           
Xe-Pian Xe-Namnoy Power Co., Ltd.
            466,385       25.00     116,596       305       (1,028     (289     115,584  
PT. Mutiara Jawa
            12,402       29.00     3,597                                  3,597  
Samcheok Eco Materials Co., Ltd.
            23,343       25.54     5,962                         (5,962         
Noeul Green Energy Co., Ltd.
            (18,861     29.00     (5,470                       5,470           
Goseong Green Power Co., Ltd.
            1,001,651       29.00     290,479                (1,586              288,893  
Gangneung Eco Power Co., Ltd.
            7,464       1.61     120                (134     14           
Shin Pyeongtaek Power Co., Ltd.
            363,838       40.00     145,535       3,559       (15,271              133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
            986       28.00     276                         2       278  
Dongducheon Dream Power Co., Ltd.
            302,071       34.01     102,734       1,757       (2,609     (12,582     89,300  
Jinbhuvish Power Generation Pvt. Ltd.
            47,988       5.16     2,496                         (2,496         
Daejung Offshore Wind Power Co., Ltd.
            3,337       46.59     1,555                                  1,555  
GS Donghae Electric Power Co., Ltd.
            765,131       34.00     260,145                                  260,145  
Daegu Photovoltaic Co., Ltd.
            9,823       29.00     2,849                                  2,849  
Busan Green Energy Co., Ltd.
            15,156       29.00     4,395                                  4,395  
Gunsan Bio Energy Co., Ltd.
            (21,127     18.87     (3,986                       3,986           
Hansuwon KNP Co., Ltd.
            1,519       28.98     440                         (160     280  
Korea Electric Power Corporation Fund
            29,400       98.09     28,838                         4       28,842  
Energy Infra Asset Management Co., Ltd.
            11,956       9.90     1,184                                  1,184  
Daegu clean Energy Co., Ltd.
            44       28.00     12                                  12  
YaksuESS Co., Ltd.
            1,670       29.00     484       2                         486  
Nepal Water & Energy Development Company Private Limited
            99,862       69.06     68,968       972                         69,940  
Gwangyang Green Energy Co., Ltd.
            125,130       20.00     25,026       18                         25,044  
PND solar Co., Ltd.
            4,306       29.00     1,249       154                         1,403  
Hyundai Eco Energy Co., Ltd.
            39,033       19.00     7,416       215                         7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.
            788       9.63     76       300                (220     156  
Green Energy Electricity Generation Co., Ltd.
            2,733       29.00     793       778                         1,571  
Korea Energy Solutions Co., Ltd.
            466       20.00     93                                  93  
 
F-13
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Associates>
                                               
ITR Co., Ltd.
          (26     20.00     (5     1                4           
Structure test network Co., Ltd.
            1,565       20.00     313       53                         366  
Namjeongsusang Solar Power Operation Co., Ltd.
            2,355       15.00     353       20                         373  
Indeck Niles Development, LLC
            416,164       50.00     208,082       93,956                         302,038  
Indeck Niles Asset Management, LLC
            283       33.33     94                                  94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
            14,146       49.00     6,932                                  6,932  
Suwon New Power Co., Ltd.
            1,978       33.05     654                265                919  
Gwangbaek Solar Power Investment Co., Ltd.
            10,949       44.00     4,818       315                         5,133  
Go deok Clean Energy Co., Ltd.
            11,049       40.00     4,420                                  4,420  
SureDataLab Co., Ltd.
            739       23.95     177                                  177  
SEP Co., Ltd.
            (65     21.26     (14                       14           
Hankook Electric Power Information Co., Ltd.
            1,337       16.49     220                                  220  
Tronix Co., Ltd.
            526       12.50     66                                  66  
O2&B Global Co., Ltd.
            181       20.00     36                                  36  
Muan Sunshine Solar Power Plant Co., Ltd.
            10,338       20.00     2,068       494                         2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
            (1,539     29.90     (460     24                436           
Goesan Solar Park Co., Ltd.
            8,936       29.00     2,591                                  2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
            35,060       35.00     12,271       739                         13,010  
Bitgoel Eco Energy Co., Ltd.
            18,249       49.05     8,951                                  8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
            2,907       30.00     872                                  872  
Seoroseoro Sunny Power Plant Co., Ltd.
            1,970       42.58     839       20                         859  
Muan Solar park Co., Ltd.
            37,565       20.00     7,513       325                         7,838  
YuDang Solar Co., Ltd.
            2,929       20.00     586                                  586  
Anjwa Smart Farm & Solar City Co., Ltd.
            39,225       20.00     7,845       817                         8,662  
Daewon Green Energy Co., Ltd.
            17,514       25.36     4,441       44                         4,485  
G.GURU Co., Ltd.
            1,216       24.65     300                                  300  
UD4M Co., Ltd.
            1,125       14.29     161                                  161  
Dongbu Highway Solar Co., Ltd.
            1,509       20.00     302       50                         352  
Seobu Highway Solar Co., Ltd.
            1,581       20.00     316                                  316  
Korea Energy Data Co., Ltd.
            211       29.37     62                                  62  
Gangneung Sacheon Fuel Cell Co., Ltd.
            10,218       41.00     4,189       88                         4,277  
KOSTURE Co., Ltd.
            156       0.82     1                                  1  
Taebaek Gadeoksan Wind Power Co., Ltd.
            58,940       34.00     20,040                                  20,040  
Chuncheon Green Energy Co., Ltd.
            20,226       45.00     9,102       53                         9,155  
Yeomsubong Wind Power Co., Ltd.
            1,540       3.81     59       3                         62  
Yeongyang Wind Power Corporation II
            17,837       30.00     5,351       2,110                         7,461  
Haeparang Energy Co., Ltd.
            8,673       25.00     2,168       20                         2,188  
Saemangeum Sebit Power Plant Co., Ltd.
            36,439       63.09     22,990       209                         23,199  
Boulder Solar III, LLC
            1,896       30.00     569       175                         744  
PlatformN. Co., Ltd.
            285       29.58     84                                  84  
PT. Cirebon Energi Prasarana
            690,347       10.00     69,035                                  69,035  
Green Radiation Co., Ltd.
            77       10.00     8       3                         11  
Future Convergence Technology Laboratory. Co., Ltd.
            249       20.12     50                                  50  
SC E&G. Co,. Ltd.
            1,068       20.00     214                                  214  
Wang San Engineering. Co,. Ltd.
            828       20.00     166                                  166  
ACE
            100       20.00     20                                  20  
Environment and Energy Co., Ltd.
            93       10.54     10                                  10  
Santiago Solar Power SpA
            26,748       50.00     13,373                                  13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
            3,115       29.00     903                                  903  
<Joint ventures>
                                               
KEPCO-Uhde Inc.
            33       50.85     17                                  17  
Shuweihat Asia Power Investment B.V.
            135,617       49.00     66,452                                  66,452  
Shuweihat Asia Operation & Maintenance Company
            2,966       55.00     1,631                                  1,631  
Waterbury Lake Uranium L.P.
            66,589       32.59     21,701       49                         21,750  
ASM-BG Investicii AD
            29,110       50.00     14,555                                  14,555  
RES Technology AD
            30,266       50.00     15,133                                  15,133  
KV Holdings, Inc.
            24,148       40.00     9,659                                  9,659  
KEPCO SPC Power Corporation
            238,822       75.20     179,594                                  179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
            15,059       40.00     6,024                                  6,024  
 
F-13
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Joint ventures>
                                               
Datang Chifeng Renewable Power Co., Ltd.
          479,954       40.00     191,982                                  191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
            110,995       40.00     44,398                                  44,398  
Rabigh Electricity Company
            665,110       40.00     266,044                (50,632     (805     214,607  
Rabigh Operation & Maintenance Company Limited
            12,782       40.00     5,113                                  5,113  
Jamaica Public Service Company Limited
            795,250       40.00     318,100       29,357                (16,050     331,407  
KW Nuclear Components Co., Ltd.
            38,368       45.00     17,266                         (176     17,090  
Busan Shinho Solar Power Co., Ltd.
            26,877       25.00     6,719                                  6,719  
Global Trade Of Power System Co., Ltd.
            2,406       29.00     698                                  698  
Expressway Solar-light Power Generation Co., Ltd.
            9,508       50.00     4,754                                  4,754  
Amman Asia Electric Power Company
            367,090       60.00     220,254                                  220,254  
KAPES, Inc.
            37,875       51.00     19,316                (22,451     3,135           
Honam Wind Power Co., Ltd.
            16,506       29.00     4,787       32                         4,819  
Korea Power Engineering Service Co., Ltd.
            19,114       29.00     5,543                                  5,543  
Chun-cheon Energy Co., Ltd.
            107,990       29.90     32,289       3                (248     32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.
            20,972       15.00     3,146       5                         3,151  
Nghi Son 2 Power LLC
            817,678       50.00     408,839                                  408,839  
Kelar S.A.
            175,717       65.00     114,216       2,921                         117,137  
PT. Tanjung Power Indonesia
            265,448       35.00     92,907                                  92,907  
Incheon New Power Co., Ltd.
            1,878       29.00     545                         (347     198  
Seokmun Energy Co., Ltd.
            59,778       29.00     17,336                                  17,336  
Daehan Wind Power PSC
            27,846       50.00     13,923                                  13,923  
Barakah One Company
            (835,613     18.00     (150,410              56,437       93,973           
Nawah Energy Company
            1,749       18.00     315                                  315  
Momentum
            1,035       33.33     345                                  345  
Daegu Green Power Co., Ltd.
            91,550       54.24     49,657       84                (20,381     29,360  
Yeonggwang Wind Power Co., Ltd.
            43,958       46.00     20,221       492                         20,713  
Chester Solar IV SpA
            259       45.00     117       64                         181  
Chester Solar V SpA
            49       45.00     22       134                         156  
Diego de Almagro Solar SpA
            962       45.00     433       107                         540  
South Jamaica Power Company Limited
            232,199       20.00     46,440                         (3     46,437  
Daesan Green Energy Co., Ltd.
            54,908       35.00     19,218                                  19,218  
RE Holiday Holdings LLC
            170,740       50.00     85,370                                  85,370  
RE Pioneer Holdings LLC
            110,344       50.00     55,172                                  55,172  
RE Barren Ridge 1 Holdings LLC
            126,068       50.00     63,034                         (59,684     3,350  
RE Astoria 2 LandCo LLC
            13,198       50.00     6,599                                  6,599  
RE Barren Ridge LandCo LLC
            4,666       50.00     2,333                                  2,333  
Laurel SpA
            774       45.00     348       206                         554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
            29,443       12.37     3,642       9                         3,651  
Chile Solar JV SpA
            19,637       50.00     9,819                                  9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.
            14,484       29.01     4,202       61                         4,263  
Chester Solar I SpA
            2,313       45.00     1,041       273                         1,314  
Solar Philippines Calatagan Corporation
            76,571       38.00     29,097                         27,805       56,902  
Saemangeum Solar Power Co., Ltd.
            29,073       81.01     23,551                                  23,551  
Chungsongmeon BongSan wind power Co., Ltd.
            5,823       29.00     1,689       1,781                         3,470  
Jaeun Resident Wind Power Plant Co., Ltd.
            7,709       29.00     2,236                                  2,236  
DE Energia SpA
            (14,131     49.00     (6,924                       16,460       9,536  
Dangjin Eco Power Co., Ltd.
            77,993       34.00     26,518       341                         26,859  
Haemodum Solar Co., Ltd.
            6,871       49.00     3,367                                  3,367  
Yangyang Wind Power Co., Ltd.
            21,642       50.00     10,821       43                         10,864  
HORUS SOLAR, S.A. DE C.V.
            22,722       14.95     3,396       3,580                         6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
            18,253       14.95     2,728       2,171                         4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
            11,053       14.95     1,652       5                         1,657  
Stavro Holding II A.B.
            85,856       20.00     17,171                                  17,171  
Solaseado Solar Power Co., Ltd.
            38,230       38.90     14,872       1,361                         16,233  
 
F-13
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Investees
       
Net assets
   
Percentage
of ownership(*)
   
Share in

net

assets
   
Investment

differential
   
Intercompany

transaction
   
Others
   
Book value
 
         
In millions of won
 
<Joint ventures>
                                               
Yeongam Solar Power Co., Ltd.
          47,923       19.00     9,105       774                         9,879  
Samsu Wind Power Co., Ltd.
            16,869       19.00     3,205                                  3,205  
Pulau Indah Power Plant Sdn. Bhd.
            84,683       25.00     21,171       5,643                         26,814  
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
            71,777       29.53     21,196       527                         21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream
            17,319       90.00     15,587                                  15,587  
PT Barito Wahana Tenaga
            447,688       30.61     137,047                                  137,047  
Cheongna Energy Co., Ltd.
            17,595       50.10     8,815       3,137       (1,194              10,758  
Naepo Green Energy Co., Ltd.
            (51,219     29.20     (14,956                       14,956           
Dayone Energy Co., Ltd.
            (59,627     46.30     (27,607              (868     28,475           
OneEnergy Asia Limited
            366,764       40.00     146,706       25,512                         172,218  
KAS Investment I LLC
            61,046       29.89     18,247                                  18,247  
KAS Investment II LLC
            60,800       29.89     18,173                                  18,173  
Energyco Co., Ltd.
            4,692       29.00     1,361       829                         2,190  
CAES, LLC
            49,670       36.00     17,881       2,924                         20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.
            17,207       49.00     8,432       39                         8,471  
Busan Industrial Solar Power Co., Ltd.
            3,133       28.02     878       290                         1,168  
Bitsolar Energy Co., Ltd.
            (4,545     27.10     (1,232     352                1,232       352  
Pulau Indah O&M Sdn. Bhd.
                     60.00                                             
Guadalupe Solar SpA
            1,358       60.00     815       98                         913  
Omisan Wind Power Co., Ltd.
            24,393       42.00     10,245       166                         10,411  
Foresight Iberian Solar Group Holding, S.L.
            12,184       75.00     9,138       1,427                         10,565  
Yeongwol Eco Wind Co., Ltd.
            4,575       29.00     1,327       1,828                         3,155  
Gurae Resident Power Co., Ltd.
            1,182       29.00     343       48                         391  
Cheongju Eco Park Co., Ltd.
            35,500       29.00     10,295       195                         10,490  
Enel X Midland Photovoltaic, LLC
            9,279       20.00     1,856                                  1,856  
Geumsungsan Wind Power Co., Ltd.
            10,128       29.00     2,937       556                         3,493  
KEPCO KPS CARABAO Corp.
            443       40.00     177                                  177  
Prime Swedish Holding AB
            77,828       45.00     35,023       1,222                         36,245  
Goheung New Energy Co., Ltd.
            23,289       46.15     10,748       1,084                         11,832  
Gunsan Land Solar Co., Ltd.
            36,586       75.29     27,544                                  27,544  
CapMan Lynx SCA, SICAR
            9,908       50.00     4,954                         (4,954         
International Offshore Power Transmission Holding Company Limited
            (66,788     35.00     (23,376     (2              23,378           
Pyeongchang Wind Power Co., Ltd.
            24,938       58.00     14,464                                  14,464  
Eumseong Eco Park Co., Ltd.
            17,173       29.00     4,980       577                         5,557  
Songsan Green Energy Co., Ltd.
            5,500       25.00     1,375       12                         1,387  
Changwon Nu-ri Energy Co., Ltd.
            1,490       33.33     497                                  497  
Hasami Wind Farm Corporation
            3,100       29.00     899       690                         1,589  
PungBack Wind Farm Corporation
            15,290       37.00     5,657       1,086                         6,743  
Trumbull Asset Management, LLC
            316       78.00     246                                  246  
S-Power Chile SpA
            (20     50.00     (10                       137       127  
Seungmun Green Energy
            27,440       33.00     9,054                                  9,054  
Seobusambo highway photovoltaics Co., Ltd.
            3,833       80.00     3,066                                  3,066  
 
(*)
The percentage of ownership shown above is after considering the treasury stocks and others.
 
F-13
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
(6)
As of December 31, 2021, and 2022, 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:
 
           
2021
    
2022
 
           
Unrecognized
equity interest
   
Accumulated

unrecognized
equity interest
    
Unrecognized
equity interest
   
Accumulated

unrecognized
equity interest
 
                                  
           
In millions of won
 
Eurasia Energy Holdings
            15       190        13       203  
Gunsan Bio Energy Co., Ltd.
              282       3,864        122       3,986  
Dayone Energy Co., Ltd.
              (1,244     23,452        3,565       27,017  
Nghi Son 2 Power LLC
              (114,340     18,940        (18,940         
Samcheok Eco Materials Co., Ltd.
              (323     462        344       806  
Naepo Green Energy Co., Ltd.
              5,469       7,747        7,209       14,956  
Barakah One Company
              (26,502     42,836        51,137       93,973  
Pioneer Gas Power Limited
              21,691       37,629        19,248       56,877  
Incheon New Power Co., Ltd.
              (31     163        (163         
Bigeum Resident Photovoltaic Power Co., Ltd.
              182       298        162       460  
KAPES, Inc.
              317       3,515        (355     3,160  
Chester Solar IV SpA
              21       21        (21         
ITR Co., Ltd.
                                 5       5  
SEP Co., Ltd.
                                 14       14  
International Offshore Power Transmission Holding Company Limited
                                 23,378       23,378  
Noeul Green Energy Co., Ltd.
                                 5,470       5,470  
Gangneung Eco Power Co., Ltd.
                                 14       14  
 
(7)
As of December 31, 2022, 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 Company 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 Company 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 Company 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 Company 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 Company 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 Company can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Company 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.
 
F-13
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(7)
As of December 31, 2022, 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 Company 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 Company.
 
  (vii)
Chester Solar I SpA
According to the shareholders’ agreement, the Company 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 Company 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 Company 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 Company 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 Company 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)
Hyundai Green Power Co., Ltd.
As of December 31, 2022, the Company 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 Company 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.
 
  (xiii)
Kosture Co., Ltd.
The Company 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.
 
  (xiv)
Omisan Wind Power Co., Ltd.
When the Company requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares or transfer them to others at fair value.
 
  (xv)
Geumsungsan Wind Power Co., Ltd.
The Company 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.
 
  (xvi)
Seungmun Green Energy
According to the special conditions of the REC trading contract, a connected entity may demand the sale of ownership stakes held by other investors to the connected entity, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the connected entity, they may demand that the connected entity purchase their stakes in the future if certain conditions are met.
 
F-13
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2022 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.
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.
 
F-13
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
17.
Investments in Associates and Joint Ventures, Continued
 
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2022 are as follows, continued:
 
Company
  
Nature and extent of any significant restrictions
Seokmun Energy Co., Ltd.
   Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.
   Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.
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.
Seungmun Green Energy
   Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
 
F-13
7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
18.
Property, Plant and Equipment
 
(1)
Property, plant and equipment as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Acquisition

cost
    
Government

grants
   
Accumulated

depreciation
   
Accumulated
impairment

losses
   
Book

value
 
                                        
           
In millions of won
 
Land
            14,135,452        (23,474              (27,487     14,084,491  
Buildings
              22,974,569        (52,122     (10,041,270     (7,073     12,874,104  
Structures
              78,474,620        (172,021     (30,171,363     (13,205     48,118,031  
Machinery
              101,062,220              (140,082     (48,791,847     (514,991     51,615,300  
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  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
              287,628,367               (501,409     (113,125,414            (866,906     173,134,638  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
           
2022
 
           
Acquisition

cost
    
Government

grants
   
Accumulated

depreciation
   
Accumulated
impairment

losses
   
Book

value
 
                                        
           
In millions of won
 
Land
            14,298,409        (27,405              (27,472     14,243,532  
Buildings
              24,230,827        (50,437     (10,931,672     (6,955     13,241,763  
Structures
              83,055,890        (165,608     (32,596,265     (10,390     50,283,627  
Machinery
              108,749,243              (127,126)       (54,015,594     (541,864     54,064,659  
Ships
              17,264                 (3,788              13,476  
Vehicles
              393,046        (2,045     (305,242     (117     85,642  
Equipment
              2,168,348        (6,608     (1,732,564     (43     429,133  
Tools
              1,306,509        (99     (1,128,002     (6     178,402  
Construction-in-progress
              28,064,266        (135,926              (22,795     27,905,545  
Right-of-use
assets
              5,992,724                 (2,281,599              3,711,125  
Asset retirement costs
              17,620,603                 (6,185,214     (146,422     11,288,967  
Others
              15,520,160                 (13,100,723              2,419,437  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
              301,417,289               (515,254)       (122,280,663            (756,064)       177,865,308  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
F-1
38

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
18.
Property, Plant and Equipment, Continued
 
(2)
Changes in property, plant and equipment for the years ended December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Beginning
balance
   
Acquisition
   
Disposal
   
Depreciation
   
Impairment
   
Others
   
Ending

balance
 
                                                  
          
In millions of won
 
Land
           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              1,210,171       12,926,226  
(Government grants)
             (57,231                       5,174                (65     (52,122
Structures
             46,258,855       630       (319,287     (2,582,488     (741     4,933,083       48,290,052  
(Government grants)
             (180,009              1,811       9,517                (3,340     (172,021
Machinery
             50,038,787       268,126       (135,803     (5,759,425              7,343,697       51,755,382  
(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
             30,964,938       12,183,430       (66,965              (3,315     (12,921,994     30,156,094  
(Government grants)
             (79,126     5,027                                  (37,723     (111,822
Right-of-use
assets
             4,542,166       78,213       (11,787     (558,565              9,370       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  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             168,710,600           12,638,471            (613,515       (11,774,945             (4,056         4,178,083       173,134,638  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
          
2022
 
          
Beginning
balance
   
Acquisition
    
Disposal
   
Depreciation
   
Impairment
   
Others
   
Ending

balance
 
                                                   
          
In millions of won
 
Land
           14,107,965       9,535        (49,377                       202,814       14,270,937  
(Government grants)
             (23,474               1                         (3,932     (27,405
Buildings
             12,926,226       3,202        (19,918     (906,528     (449     1,289,667       13,292,200  
(Government grants)
             (52,122                        5,360                (3,675     (50,437
Structures
             48,290,052       217,450        (277,308     (2,677,395     (3,669     4,900,105       50,449,235  
(Government grants)
             (172,021               1,250       9,568                (4,405     (165,608
Machinery
             51,755,382       248,932        (188,924     (5,748,407     (33,191     8,157,993       54,191,785  
(Government grants)
             (140,082               405       17,283                (4,732     (127,126
Ships
             177                          (1,053              14,352       13,476  
Vehicles
             89,257       1,813        (88     (41,907              38,612       87,687  
(Government grants)
             (1,675                        663                (1,033     (2,045
Equipment
             397,183       79,369        (183     (205,908     (1     165,281       435,741  
(Government grants)
             (149                        494                (6,953     (6,608
Tools
             183,065       25,291        (180     (77,902              48,227       178,501  
(Government grants)
             (64                        32                (67     (99
Construction-in-progress
             30,156,094       11,671,907        (197,293              134,735       (13,723,972     28,041,471  
(Government grants)
             (111,822     23,155        17                         (47,276     (135,926
Right-of-use
assets
             4,059,397       197,016        (2,838     (509,068              (33,382     3,711,125  
Asset retirement costs
             8,925,388                          (1,133,866              3,497,445       11,288,967  
Others
             2,745,861       9,028        (22,531     (1,036,132              723,211       2,419,437  
            
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             173,134,638           12,486,698           (756,967)         (12,304,766)               97,425           5,208,280       177,865,308  
            
 
 
   
 
 
    
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(3)
The Company’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds and costs from selling items produced before its intended use, by accounting ₩94,264 million as revenue and ₩63,405 as expense in profit or loss for the year ended December 31, 2022.
 
F-1
39

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
19.
Investment Properties
 
(1)
Investment properties as of December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Acquisition
cost
   
Government
grants
   
Accumulated
depreciation
   
Book

value
 
                                
          
In millions of won
 
Land
           201,605                         201,605  
Buildings
             19,543        (30     (8,334     11,179   
            
 
 
   
 
 
   
 
 
   
 
 
 
                     221,148                     (30               (8,334            212,784  
            
 
 
   
 
 
   
 
 
   
 
 
 
 
          
2022
 
          
Acquisition
cost
    
Government
grants
   
Accumulated
depreciation
   
Book

value
 
                                 
          
In millions of won
 
Land
           194,417                          194,417  
Buildings
             20,241        (21     (6,351     13,869  
            
 
 
    
 
 
   
 
 
   
 
 
 
                     214,658                      (21               (6,351            208,286  
            
 
 
    
 
 
   
 
 
   
 
 
 
 
(2)
Changes in investment properties for the years ended December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Beginning
balance
   
Depreciation
   
Others
   
Ending
balance
 
                                
          
In millions of won
 
Land
           200,391                1,214       201,605  
Buildings
             24,833       (1,387     (12,237     11,209  
(Government grants)
             (29     1       (2     (30
            
 
 
   
 
 
   
 
 
   
 
 
 
                    225,195                (1,386             (11,025            212,784  
            
 
 
   
 
 
   
 
 
   
 
 
 
 
          
2022
 
          
Beginning
balance
   
Disposal
   
Depreciation
   
Others
   
Ending
balance
 
                                      
          
In millions of won
 
Land
           201,605       (208              (6,980     194,417  
Buildings
             11,209                (487     3,168       13,890  
(Government grants)
             (30              1       8       (21
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                     212,784                    (208                   (486               (3,804            208,286  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(3)
Income and expenses related to investment properties for the years ended December 31, 2021 and 2022 are as follows:
 
 
  
 
 
 
2021
 
 
2022
 
 
  
 
 
 
 
 
 
 
 
 
  
 
 
 
In millions of won
 
Rental income
           10,118       9,775  
Operating and maintenance expenses related to rental income
             (1,386     (587
            
 
 
   
 
 
 
             8,732         9,188  
            
 
 
   
 
 
 
 
F-14
0

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
19.
Investment Properties, Continued
 
(4)
Fair value of investment properties as of December 31, 2021 and 2022 are as follows:
 
 
  
 
 
 
2021
 
  
2022
 
 
  
 
 
 
Book value
 
  
Fair value
 
  
Book value
 
  
Fair value
 
 
  
 
 
 
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
 
In millions of won
 
Land
           201,605        268,702        194,417        292,827  
Buildings
             11,179        13,636        13,869        15,626  
            
 
 
    
 
 
    
 
 
    
 
 
 
             212,784        282,338        208,286        308,453  
            
 
 
    
 
 
    
 
 
    
 
 
 
The Company 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 Company. 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 IFRS transition date (January 1, 2010).
 
(5)
All of the Company’s investment properties are held under freehold interests.
 
20.
Construction Contracts
 
(1)
Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
          
2020
 
          
Beginning

balance
    
Increase
(decrease)(*)
    
Recognized as

revenue
    
Ending
balance
 
                                   
          
In millions of won
 
Nuclear power plant construction in UAE and others
               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 ₩1,512,460 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ₩282,701 million.
 
          
2021
 
          
Beginning

balance
    
Increase
(decrease)(*)
    
Recognized as

revenue
    
Ending
balance
 
                                   
          
In millions of won
 
Nuclear power plant construction in UAE and others
               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 ₩458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ₩72,427 million.
 
          
2022
 
          
Beginning

balance
    
Increase
(decrease)(*)
    
Recognized as

revenue
    
Ending
balance
 
                                   
          
In millions of won
 
Nuclear power plant construction in
overseas
and others
               2,783,935            3,457,964               (646,953          5,594,946  
 
  (*)
For the year ended December 31, 2022, the increased balance of contracts from new orders is ₩3,578,599 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ₩81,401 million.
 
F-141

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
20.
Construction Contracts, Continued
 
(2)
Accumulated earned revenue, expense and others related to the Company’s construction contracts in progress as of December 31, 2021 and 2022 are as follows:
 
          
2021
 
          
Accumulated

earned revenue
    
Accumulated

expense
    
Accumulated

profit
    
Unearned

advance receipts
 
                                   
          
In millions of won
 
Nuclear power plant construction in UAE and others
             22,051,129          20,967,097            1,084,032                 23,238  
 
          
2022
 
          
Accumulated

earned revenue
    
Accumulated

expense
    
Accumulated

profit
    
Unearned

advance receipts
 
                                   
          
In millions of won
 
Nuclear power plant construction in overseas and others
             22,507,004          21,666,552               840,452                 29,877  
 
(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 2022 are as follows:
 
           
2021
    
2022
 
           
Contract
assets(*1)
    
Contract
liabilities(*2)
    
Contract
assets(*1)
    
Contract
liabilities(*2)
 
                                    
           
In millions of won
 
Nuclear power plant construction in overseas and others
            82,306        5,330        118,983        120,952  
 
  (*1)
Included in trade and other receivables, net, in the consolidated statements of financial position.
 
The balance of trade receivables from construction contracts are ₩57,639 million and ₩85,757 million, as of December 31, 2021 and 2022, respectively. 
 
  (*2)
Included in
non-financial
liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2022 from the amounts included in contract liabilities at the end of the prior year is ₩5,051 million.
Revenue recognized for the year ended December 31, 2022 from performance obligations satisfied in previous periods is ₩15,663 million.
 
21.
Intangible Assets other than Goodwill
 
(1)
Intangible assets as of December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Acquisition
cost
    
Government
grants
   
Accumulated
amortization
   
Accumulated
impairment
losses
   
Book

value
 
                                        
           
In millions of won
 
Software
            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  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
                  3,940,927             (11,308         (2,310,088          (575,454         1,044,077  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
 
F-14
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
21.
Intangible Assets other than Goodwill, Continued
 
(1)
Intangible assets as of December 31, 2021 and 2022 are as follows, continued:

           
2022
 
           
Acquisition
cost
    
Government
grants
   
Accumulated
amortization
   
Accumulated
impairment
losses
   
Book

value
 
                                        
           
In millions of won
 
Software
            1,002,040        (174     (799,013     (20     202,833  
Copyrights, patents rights and other industrial rights
              104,559                 (67,368     (9,178     28,013  
Mining rights
              625,845                 (46,187     (541,133     38,525  
Development expenditures
              938,032        (3,477     (883,527              51,028  
Intangible assets under development
              76,625        (2,108              (8,903     65,614  
Usage rights of donated assets and others
              592,797                 (435,518     (136     157,143  
Leasehold rights
              28,185                 (23,297              4,888  
Greenhouse gas emissions rights
              43,960                                   43,960  
Others
              551,396        (67     (174,714     (11,955     364,660  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
                  3,963,439               (5,826         (2,429,624          (571,325            956,664  
             
 
 
    
 
 
   
 
 
   
 
 
   
 
 
 
 
(2)
Changes in intangible assets for the years ended December 31, 2021 and 2022 are as follows:
 
         
2021
 
         
Beginning
balance
   
Acquisition
   
Disposal
   
Amortization
   
Reversal
   
Others
   
Ending
balance
 
                                                 
         
In millions of won
 
Software
          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
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                1,055,730              152,639                  (132           (166,161                     14                  1,987           1,044,077  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-14
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
21.
Intangible Assets other than Goodwill, Continued
 
(2)
Changes in intangible assets for the years ended December 31, 2021 and 2022 are as follows, continued:

         
2022
 
         
Beginning
balance
   
Acquisition
   
Disposal
   
Amortization
   
Impairment
   
Others
   
Ending
balance
 
                                                 
         
In millions of won
 
Software
                 162,596                22,532       (57     (84,649              102,585       203,007  
(Government grants)
            (91                       60                (143     (174
Copyrights, patents rights and other industrial rights
            35,187       270       (37     (7,136              (271     28,013  
Mining rights
            41,902       2,395                (4,296              (1,476     38,525  
Development expenditures
            72,944                         (24,238              5,799       54,505  
(Government grants)
            (3,820                       1,466                (1,123     (3,477
Intangible assets under development
            81,430       39,559                         (14     (53,253     67,722  
(Government grants)
            (7,326                                         5,218       (2,108
Usage rights of donated assets and others
            169,783                         (11,394     (150     (1,096     157,143  
Leasehold rights
            5,848                         (960                       4,888  
Greenhouse gas emissions rights
            78,137       57,466                                              (91,643     43,960  
Others
            407,558       4,073       (260     (25,017              (21,627     364,727  
(Government grants)
            (71                       4                                      (67
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            1,044,077       126,295       (354     (156,160     (164     (57,030            956,664  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(3)
Significant specific intangible assets as of December 31, 2021 and 2022 are as follows: 
 
2021
Type
  
Description
  
Currency
  
Amount
    
Remaining useful lives
                       
    
In millions of won and thousands of Australian dollars
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 AP
R
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 and 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.
 
F-14
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
21.
Intangible Assets other than Goodwill, Continued
 
(3)
Significant specific intangible assets as of December 31, 2021 and 2022 are as follows, continued:

2022
Type
  
Description
  
Currency
  
Amount
    
Remaining useful lives
                       
    
In millions of won and thousands of Australian dollars
Software
   ORACLE license for SDIS integrated DB    KRW      5,509      3 years and 4 months
Copyrights, patents rights and other industrial rights
  
Contributions to APR NRC DC
  
KRW
     20,871     
5 years
Mining rights
   Mining rights of Bylong mine    AUD              —  (*)
Usage rights of donated assets and others
  
Sejong Haengbogdosi sharing charge
  
KRW
  
 
17,772
 
  
3 years and 11 months
     Right of use electricity and gas supply facility (Community district of Songdo)   
KRW
  
 
7,908
 
  
7 years and 6 months
Others
   Occupancy and use of public waters    KRW      76,212      14 years and 1 month
     Greenhouse gas emissions rights    KRW      43,960        
     Business rights    KRW      154,712      26 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, 2020, 2021 and 2022, the Company recognized research and development expenses of
700,642 million,
689,397 million and
727,810 
million, respectively.
 
 
22.
Trade and Other Payables
Trade and other payables as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
                                    
           
In millions of won
 
Trade payables
            4,780,260                  7,529,857            
Non-trade
payables
              1,536,976        2,032,260        2,132,838        2,023,985  
Accrued expenses
              1,174,765        8,095        1,605,118        6,351  
Leasehold deposits received
              1,699        741        2,479        35  
Other deposits received
              72,063        68,050        97,408        47,863  
Lease liabilities
              583,558        3,826,945        614,037        3,549,106  
Dividends payable
              4,105                  1,812            
Others(*)
                        60,407                  11,574  
             
 
 
    
 
 
    
 
 
    
 
 
 
                8,153,426        5,996,498        11,983,549        5,638,914  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
  (*)
Details of others as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
                                    
           
In millions of won
 
Advance received from local governments
                      3,477                  3,477  
Others
                        56,930                  8,097  
             
 
 
    
 
 
    
 
 
    
 
 
 
                                             60,407                                       11,574  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
F-14
5

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities
 
(1)
Borrowings and debt securities as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Current liabilities
                          
Short-term borrowings
            2,920,563        8,820,425  
Current portion of long-term borrowings
              1,463,703        3,638,202  
Current portion of debt securities
              9,652,986        10,205,395  
Less : Current portion of discount on long-term borrowings
              (2,048      (774
Less : Current portion of discount on debt securities
              (5,370      (4,246
             
 
 
    
 
 
 
                  14,029,834          22,659,002  
             
 
 
    
 
 
 
Non-current
liabilities
                          
Long-term borrowings
              2,278,481        2,977,268  
Debt securities
              64,385,784        95,160,920  
Less : Discount on long-term borrowings
              (12,857      (14,945
Less : Discount on debt securities
              (152,760      (177,543
Add: Premium on debt securities
              1,031        663  
             
 
 
    
 
 
 
                66,499,679        97,946,363  
             
 
 
    
 
 
 
                80,529,513          120,605,365  
             
 
 
    
 
 
 
 
(2)
Repayment schedule of borrowings and debt securities as of December 31, 2021 and 2022 are as follows:
 
2021
 
Type
         
Borrowings
    
Debt Securities  
 
                      
           
In millions of won
 
Less than 1 year
            4,384,266        9,652,986  
1~ 5 years
              1,013,500        34,156,038  
Over 5 years
              1,264,981        30,229,746  
             
 
 
    
 
 
 
                  6,662,747          74,038,770  
             
 
 
    
 
 
 
 
2022
 
Type
         
Borrowings
    
Debt Securities  
 
                      
           
In millions of won
 
Less than 1 year
            12,458,627        10,205,395  
1~ 5 years
              1,472,655        65,278,587  
Over 5 years
              1,504,613        29,882,333  
             
 
 
    
 
 
 
              15,435,895        105,366,315  
             
 
 
    
 
 
 
 
F-1
4
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(3)
Short-term borrowings as of December 31, 2021 and 2022 are as follows:
 
2021
 
Type
 
Creditor
 
Interest rate (%)
   
Maturity
   
Foreign

currency
         
Local

currency
 
                                   
   
In millions of won and thousands of foreign currencies
 
Local short-term borrowings
  DB financial investment and others     1.96~4.60      
2022.01.07
~2022.12.31
 
 
                   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  
                                       
 
 
 
                                        2,920,563  
                                       
 
 
 
 
2022
 
Type
 
Creditor
 
Interest rate (%)
   
Maturity
   
Foreign

currency
         
Local

currency
 
                                   
   
In millions of won and thousands of USD
 
Local short-term borrowings
  DB financial investment and others     3.21~5.80      
2023.01.02 
~2023.12.31
 
 
                   5,549,120  
Local short-term borrowings
  Nonghyup Bank and others     3M CD + 1.11~1.70      
2023.05.25 
~2023.11.24
 
 
                     3,000,000  
Local short-term borrowings
  Shinhan Bank    
 
6M Bank
Debenture
Rate + 1.77
 
 
 
    2023.11.17                        50,000  
Local short-term borrowings
  Korea Development Bank     4.15       2023.01.06                        3,400  
Foreign short-term borrowings
  Shinhan Bank     5.19       2023.02.28       USD 12,045               15,264  
Foreign short-term borrowings
  Shinhan Bank     SOFR(1M) + 0.65       2023.02.27       USD 40,000               50,692  
Foreign short-term borrowings
  Kookmin Bank and others     3.32~5.88      
2023.01.09 
~2023.06.12
 
 
    USD 91,796               116,333  
Local bank overdraft
  Woori Bank and others    
 
Standard overdraft
rate + 1.32
4.83
 
 
 
   
2023.01.06 
~2023.02.24
 
 
                     35,616  
                                       
 
 
 
                                        8,820,425  
                                       
 
 
 
 
F-1
4
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(4)
Long-term borrowings as of December 31, 2021 and 2022 are as follows:
 
2021
 
Type
 
Interest rate (%)
 
Maturity
 
 
Foreign

currency
 
 
Local

currency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won and thousands of foreign currencies
 
                           
Local long-term borrowings
 
Korea Development Bank
  Others   0.50     2023~2044       —       2,509  
  Facility   2.50~4.60     2022~2028       —         39,430  
  Operating funds   2.33     2022       —         20,000  
    Operating funds  
1yr KDB 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  
                           
 
 
 
                     2,265,624  
                   
 
 
 
 
F-1
4
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(4)
Long-term borrowings as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Type
 
Interest rate (%)
 
Maturity
 
 
Foreign

currency
 
 
Local

currency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won and thousands of foreign currencies
 
Local long-term borrowings
 
Korea Development Bank
  Others   0.50     2023~2044       —       2,133  
    Facility  
2.50~4.60
    2023~2028       —         28,420  
    Facility   CB rate+0.90     2029       —         9,985  
    Operating funds   1yr KDB rate+0.81~0.91     2023~2024       —         54,300  
Hana Bank and others
  Commercial Paper   3M CD+0.13~1.20     2023~2027       —         3,250,000  
    Facility   4.60     2028       —         8,137  
    Facility   3yr KTB rate-1.50     2028       —         3,821  
Export-Import Bank of Korea
  Project loans   1.50     2026       —         10,312  
    Facility   1.32     2028       —         58,100  
    Operating funds   1.78     2023       —         15,700  
Korea Energy Agency
  Development of power resources   3yr KTB rate-2.25 1.50~1.75     2023~2028       —         11,175  
    Facility   3yr KTB rate-2.50     2023~2024       —         393  
    Project loans       2023~2027       —         1,197  
Shinhan Bank and others
  Facility   CB rate+0.90~1.10     2028~2029       —         19,195  
    Commercial Paper   3M CD+0.38     2025       —         150,000  
    Others   3.95     2034       —         78,905  
    Others   Standard overdraft rate+1.00     2034       —         78,905  
Kookmin Bank
  Facility   MOR+0.79
3M CD+1.79
5.04
    2023~2035       —         105,155  
    Others   4.00     2025       —         20,700  
Woori Bank
  Facility  
3M Libor+1.90
5.04
    2035~2042       —         48,823  
Others
  Facility  
3.50~6.80
    2028~2044       —         690,259  
    Facility  
CB rate+1.10
1.75~4.56
    2024~2036       —         103,131  
    PF Refinancing   CB rate+1.25     2030       —         7,634  
    PF Refinancing   4.10     2030       —         21,206  
    Securitized debts (*)   3M CD+1.80     2025       —         33,476  
    Others  
4.40~7.90
    2023~2039       —         120,217  
    Others   1.80~4.50     2031~2034       —         49,929  
                           
 
 
 
                              4,981,208  
                           
 
 
 
Foreign long-term borrowings
 
 
 
 
 
Korea Energy Agency
  Project loans       2026       USD 8,744       11,081  
Export-Import Bank of Korea and others
  Direct Loan and others   6M Libor+3.20     2036       USD 78.094       98,969  
  Direct Loan and others   3M Libor+2.25~3.70     2027       JOD 91,051       162,692  
  Facility   6M Libor+1.70~2.50 SOFR(3M) +1.83     2039~2032       USD 132,168       167,496  
Kookmin Bank and others
  EBL   SOFR(1M)+0.11~0.75     2024       USD 149,592       189,578  
Riyad Bank
  EBL   SOFR(3M)+1.20     2025       USD 49,870       63,201  
POSCO and others
  Shareholder’s loan   8.00     2025       USD 10,005       12,680  
    Shareholder’s loan   8.00     2031       JOD 4,853       8,671  
Samsung Life Insurance and others
  Syndicated Loan   3.10~8.00     2032       JPY 4,752,934       45,304  
Woori Bank and others
  Syndicated Loan   JPY 6M Libor+1.84     2032       JPY 2,613,385       24,910  
Solar Construction Lendings, LLC
  Facility   5.00     2025       USD 31,140       39,464  
KiwoomSolar Power Professional Investor Private Placement
Investment Trust V
  Senior borrowing   3.90     2029       EUR 40,531       54,765  
IFC and others
  Others   6M Libor+5.00 SOFR(3M)+1.83~1.99 5.41~6.19     2028~2031       USD 408,408       517,575  
 
F-1
49

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(4)
Long-term borrowings as of December 31, 2021 and 2022 are as follows, continued:
 
2022
 
Type
 
Interest rate (%)
 
Maturity
 
 
Foreign

currency
 
 
Local

currency
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won and thousands of foreign currencies
 
Hanwha US Solar Private Fund and others
  PF Refinancing   3.00     2038       USD 58,308       73,894  
DBS Bank and others
  Facility   1M BBSY+1.40~2.25     2025       AUD 190,860       163,836  
Others
  Others             USD 116       146  
                           
 
 
 
                              1,634,262  
                           
 
 
 
                              6,615,470  
Less: Discount on long-term borrowings
                    (15,719
Less: Current portion of long-term borrowings
                    (3,638,202
Add: Current portion of discount on long-term borrowings
                    774  
                   
 
 
 
                    2,962,323  
                           
 
 
 
(*)
The main reasons for early repayment of securitized debts as of December 31, 2022 are as follows:
 
Type
 
Details
Non-payment of proceeds
  Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding
  Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation
  Where the consignor fails to fulfill the additional trust obligation
Event of default
  In case the event of default occurs under the ABL loan agreement
The consolidated entity is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.
 
(5)
Local debt securities as of December 31, 2021 and 2022 are as follows:
 
    
Issue date
    
Maturity
    
Interest rate (%)
         
2021
   
2022
 
                                        
    
In millions of won
 
                                                  
Electricity Bonds
     2012.03.27~2022.12.28        2023.01.11~2052.04.21      1.14~5.99             34,080,000       61,190,000  
Corporate Bonds (*)
     2009.10.16~2022.12.20        2023.01.11~2052.08.24      1.01~6.06               28,194,472       29,293,188  
Corporate Bonds
     2021.05.26        2041.05.25      2.00                     11,578  
                                    
 
 
   
 
 
 
                62,274,472       90,494,766  
Less: Discount on local debt securities
              (52,723     (56,924
Less: Current portion of local debt securities
              (7,432,647     (8,401,619
Add: Current portion of discount on local debt securities
              2,510       2,344  
                                    
 
 
   
 
 
 
              54,791,612       82,038,567  
                                    
 
 
   
 
 
 
(*)
Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to ₩1,619 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.
 
F-15
0

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(6)
Foreign debt securities as of December 31, 2021 and 2022 are as follows:
 
    
2021
 
Type
  
Issue date
  
Maturity
  
Interest rate (%)
  
Foreign currency
         
Local currency
 
                                   
    
In millions of won and thousands of foreign currencies
 
FY-96
   1996.04.01~1996.12.06    2026.12.01~2096.04.01    6.00~7.95      USD 278,701             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  
                    
 
 
 
                     9,442,443  
                    
 
 
 
 
F-15
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
23.
Borrowings and Debt Securities, Continued
 
(6)
Foreign debt securities as of December 31, 2021 and 2022 are as follows, continued:
 
    
2022
 
Type
  
Issue date
  
Maturity
  
Interest rate (%)
  
Foreign currency
         
Local currency
 
                                   
    
In millions of won and thousands of foreign currencies
 
FY-96
   1996.04.01~ 1996.12.06    2026.12.012096.04.01    6.00~7.95      USD 278,701             353,198  
FY-97
   1997.01.31~1997.08.04    2027.02.01~2027.08.01    6.75~7.00      USD 314,717               398,841  
FY-04
   2004.04.23    2034.04.23    5.13      USD 286,920               363,614  
FY-14
   2014.07.30    2029.07.30    3.57      USD 100,000               126,730  
FY-15
   2015.06.15    2025.06.15    3.25      USD 300,000               380,190  
FY-17
   2017.07.25    2027.07.25    3.13      USD 300,000               380,190  
FY-17
   2017.10.30    2037.10.30    1.70      EUR 40,000               54,048  
FY-17
   2017.11.16    2037.11.16    2.36      SEK 450,000               54,527  
FY-18
   2018.03.13    2028.03.13    3.35      HKD 1,650,000               268,208  
FY-18
   2018.06.07~2018.07.25    2023.06.07~2023.07.25    3.75~3.88      USD 1,400,000               1,774,220  
FY-19
   2019.02.27    2024.02.27    0.13      CHF 200,000               274,574  
FY-19
   2019.06.24    2024.06.24    2.50      USD 500,000               633,650  
FY-19
   2019.07.19    2024.07.19~2027.07.19    0.00~0.05      CHF 300,000               411,861  
FY-19
   2019.10.30    2024.10.30    3M BBSW+0.97      AUD 300,000               257,523  
FY-19
   2019.12.19    2037.12.31    3.30~5.70      USD 360,899               457,368  
FY-20
   2020.02.03    2025.02.03    2.13      USD 300,000               380,190  
FY-20
   2020.05.06    2025.05.06    1.75      USD 500,000               633,650  
FY-20
   2020.06.15    2025.06.15    1.13      USD 500,000               633,650  
FY-20
   2020.08.03    2026.02.03    1.00      USD 300,000               380,190  
FY-21
   2021.01.27    2026.01.27    0.75      USD 450,000               570,285  
FY-21
   2021.04.27    2026.04.27    1.25      USD 500,000               633,650  
FY-21
   2021.08.09    2026.08.09    1.25      USD 300,000               380,190  
FY-21
   2021.09.24    2026.09.24    1.13      USD 300,000               380,190  
FY-22
   2022.04.21    2027.04.21    3.63      USD 300,000               380,190  
FY-22
   2022.05.06    2025.05.06    3.60      USD 500,000               633,650  
FY-22
   2022.06.14    2025.06.14~2027.06.14    3.63~4.00      USD 800,000               1,013,840  
FY-22
   2022.06.28    2025.06.28    4.13      USD 300,000               380,190  
FY-22
   2022.07.27    2027.07.27    4.25      USD 700,000               887,110  
FY-22
   2022.10.06    2026.04.06~2028.04.06    5.38~5.50      USD 800,000               1,013,840  
FY-22
   2022.10.06~2022.11.01    2032.10.06    5.16      HKD 2,350,000               381,992  
                                   
 
 
 
                       14,871,549  
Less: Discount on foreign debt securities
                     (124,865
Add: Premium on foreign debt securities
                     663  
Less: Current portion of foreign debt securities
                     (1,803,776
Add: Current portion of discount on foreign debt securities
                     1,902  
                    
 
 
 
                     12,945,473  
                    
 
 
 
 
(7)
Changes in borrowings and debt securities for the years ended December 31, 2021 and 2022 are as follows:
 
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
            69,724,581        80,529,513  
Cash flow
              9,653,394        39,193,816  
Effect of exchange rate fluctuations
              1,001,493        906,877  
Others
              150,045        (24,841
             
 
 
    
 
 
 
Ending balance
            80,529,513        120,605,365  
             
 
 
    
 
 
 
 
F-15
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
24.
Leases
Company as a lessee
 
(1)
Lease contracts
The Company 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 ₩199,490 million and ₩235,473 million respectively, as expense for the years ended December 31, 2021 and 2022. The Company 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 ₩5 million), and recognized ₩2,349 million and ₩3,147 million respectively, as expense for the years ended December 31, 2021 and 2022. The Company 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 2022 are as follows:
 
           
2021
 
           
Acquisition

cost
    
Accumulated

depreciation
    
Book

value
 
                             
           
In millions of won
 
Land
            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  
             
 
 
    
 
 
    
 
 
 
                  7,848,138            (3,788,741          4,059,397  
             
 
 
    
 
 
    
 
 
 
 
  (*)
Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.
 
           
2022
 
           
Acquisition

cost
    
Accumulated

depreciation
    
Book

value
 
                             
           
In millions of won
 
Land
            886,076        (224,277      661,799  
Buildings
              135,290        (60,434      74,856  
Structures
              30,879        (6,914      23,965  
Machinery
              1,737        (902      835  
Ships
              4,151,460        (1,554,597      2,596,863  
Vehicles
              35,712        (20,996      14,716  
Others(*)
              751,570        (413,479      338,091  
             
 
 
    
 
 
    
 
 
 
                  5,992,724            (2,281,599)            3,711,125  
             
 
 
    
 
 
    
 
 
 
 
  (*)
Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.
 
F-15
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
24.
Leases, Continued
 
(3)
Changes in
right-of-use
assets for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Beginning
balance
    
Increase
    
Depreciation
    
Decrease
    
Others
    
Ending
balance
 
                                                  
           
In millions of won
 
Land
            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        (54,435      (10,311      528        279,168  
             
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
              4,542,166        78,213        (558,565      (11,787      9,370        4,059,397  
             
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
     
           
2022
 
           
Beginning
balance
    
Increase
    
Depreciation
    
Decrease
    
Others
    
Ending
balance
 
                                                  
           
In millions of won
 
Land
            652,795        63,654        (41,260                (13,390      661,799  
Buildings
              62,884        42,399        (30,243      (1,042      858        74,856  
Structures
              21,148        4,256        (1,758                319        23,965  
Machinery
              565        429        (159                          835  
Ships
              3,029,219                  (393,677                (38,679      2,596,863  
Vehicles
              13,618        13,475        (8,673      (962      (2,742      14,716  
Others
              279,168        72,803        (33,298      (834      20,252        338,091  
             
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
              4,059,397        197,016        (509,068      (2,838      (33,382      3,711,125  
             
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
 
 
(4)
Lease liabilities as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Less than 1 year
            620,121        639,756  
1 ~ 5 years
              2,158,145        2,047,584  
More than 5 years
              2,150,722        1,925,012  
             
 
 
    
 
 
 
                4,928,988        4,612,352  
Less : Discount
              (518,485      (449,209
             
 
 
    
 
 
 
Present value of lease payment
              4,410,503        4,163,143  
             
 
 
    
 
 
 
 
(5)
The details of the liquidity classification of lease liabilities as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Current lease liabilities
            583,558        614,037  
Non-current
lease liabilities
              3,826,945        3,549,106  
             
 
 
    
 
 
 
              4,410,503        4,163,143  
             
 
 
    
 
 
 
 
F-15
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
24.
Leases, Continued
 
(6)
Changes in lease liabilities for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
 
           
Beginning
balance
    
Increase
    
Decrease
    
Interest
expenses
    
Others(*)
    
Ending
balance
 
                                                  
           
In millions of won
 
Lease liabilities
                4,621,096                 73,090               (665,687               93,651               288,353            4,410,503  
 
           
2022
 
           
Beginning
balance
    
Increase
    
Decrease
    
Interest
expenses
    
Others(*)
    
Ending
balance
 
                                                  
           
In millions of won
 
Lease liabilities
                4,410,503               109,019               (654,236               91,590               206,267            4,163,143  
 
  (*)
Including translation effect of foreign currency lease liabilities and others.
 
(7)
Details of expense relating to lease contracts as lessee for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Depreciation of
right-of-use
assets
            558,565        509,068  
Interest expenses of lease liabilities
              93,651        91,590  
Leases expenses for short-term leases
              199,490        235,473  
Leases expenses for leases of
low-value
assets
              2,349        3,147  
Variable lease payments
              54,675        112,158  
             
 
 
    
 
 
 
                  908,730             951,436  
             
 
 
    
 
 
 
 
(8)
The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of
low-value
assets, amounts to
922,200 million and
1,005,014 million, for the years ended December 31, 2021 and 2022, respectively.
Company as a lessor
 
(1)
Finance lease contracts
The Company entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a
25-year
lease term, and an 89.1MW level Fujeij wind power plant over a
20-year
lease term. In addition, the Company provides 27 energy storage system installation projects and 133 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Company 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
2022
are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Finance income on the net investment in the lease
                111,569             122,355  
 
F-15
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
24.
Leases, Continued
 
(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 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Less than 1 year
            172,528        181,930  
1 ~ 2 years
              163,937        169,693  
2 ~ 3 years
              158,933        166,787  
3 ~ 4 years
              156,450        166,196  
4 ~ 5 years
              155,068        166,965  
More than 5 years
              1,588,403        1,527,093  
             
 
 
    
 
 
 
                2,395,319        2,378,664  
Less : Unearned finance income
              (1,194,627      (1,139,274
             
 
 
    
 
 
 
Net investment in the lease(*)
             1,200,692         1,239,390  
             
 
 
    
 
 
 
 
  (*)
Including the present value of unguaranteed residual value amounting to ₩19,574 million and ₩22,910 million, as of December 31, 2021 and 2022, respectively.
The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.08% per year as of December 31, 2022. (prior year : 0.00% ~ 16.83%)
 
(4)
Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
     ₩                   990                 768  
Bad debt expense
                        3,737  
Reversal of allowance for doubtful accounts
              (222          
             
 
 
    
 
 
 
Ending balance
     ₩          768        4,505  
             
 
 
    
 
 
 
 
25.
Employment Benefits
 
(1)
Employment benefit obligations as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Net defined benefit asset
            20,871         198,626  
Net defined benefit obligations
              1,675,741        825,927  
Other long-term employee benefit obligations
              3,417        2,794  
 
(2)
Principal assumptions used for actuarial valuation as of December 31, 2021 and 2022 are as follows:
 
    
2021
  
2022
           
Discount rate
   2.51%~2.60%    5.16%~5.19%
Future salary and benefit levels
   4.28%    4.55%
Weighted average duration
   10.39 years    8.84 years
 
F-1
5
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
25.
Employment Benefits, Continued
 
(3)
Details of expense relating to defined benefit plans for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
    
2021
    
2022
 
                             
           
In millions of won
 
Current service cost
            509,520        524,942        496,722  
Interest cost
              83,248        91,877        116,256  
Expected return on plan assets
              (42,742      (52,782      (73,484
Past service cost
              (2,027      5,483        125  
Loss from settlement
                                     
             
 
 
    
 
 
    
 
 
 
              547,999        569,520        539,619  
             
 
 
    
 
 
    
 
 
 
Expenses described above are recognized in those items below in the consolidated financial statements.
 
           
2020
    
2021
    
2022
 
                             
           
In millions of won
 
Cost of sales
            397,442        416,287        404,243  
Selling and administrative expenses
              94,846        95,983        81,457  
Others
(Construction-in-progress
and others)
              55,711         57,250         53,919  
             
 
 
    
 
 
    
 
 
 
              547,999        569,520        539,619  
             
 
 
    
 
 
    
 
 
 
In addition, for the years ended December 31, 2020, 2021 and 2022, employee benefit obligations expenses of, ₩60,587 million, ₩71,976 million and ₩101,369 million, respectively, are recognized as cost of sales, and ₩9,121 million, ₩17,144 million and, ₩28,301 million, respectively, are recognized as selling and administrative expenses, and ₩11,861 million, ₩13,025 million and ₩14,827 million, respectively, are recognized as
construction-in-progress
and others, relates to the Company’s defined contribution plans.
 
(4)
Details of defined benefit obligations as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Present value of defined benefit obligation from funded plans
            4,564,417        3,776,715  
Fair value of plan assets
              (2,909,547      (3,149,414
             
 
 
    
 
 
 
Net liabilities incurred from defined benefit plans
            1,654,870        627,301  
             
 
 
    
 
 
 
 
(5)
Changes in the present value of defined benefit obligations for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
            4,570,614        4,564,417  
Current service cost
              524,942        496,722  
Interest cost
              91,877        116,256  
Remeasurement component
              (345,755      (1,012,727
Past service cost
              5,483        125  
Actual payments
              (282,794      (388,105
Others
              50        27  
             
 
 
    
 
 
 
Ending balance
             4,564,417        3,776,715  
             
 
 
    
 
 
 
 
F-1
5
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
25.
Employment Benefits, Continued
 
(6)
Changes in the fair value of plan assets for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
            2,670,832        2,909,547  
Expected return
              52,782        73,484  
Remeasurement component
              (8,457      (11,609
Contributions by the employers
              317,707        347,778  
Actual payments
              (123,317      (169,786
             
 
 
    
 
 
 
Ending balance
             2,909,547         3,149,414  
             
 
 
    
 
 
 
In addition, gain on accumulated remeasurement component amounting to ₩98,844 million and gain on accumulated remeasurement component amounting to ₩614,805 million have been recognized as other comprehensive income or loss for the years ended December 31, 2021 and 2022, respectively.
 
(7)
Details of the fair value of plan assets as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Equity instruments
            344,002        171,301  
Debt instruments
              744,167        854,640  
Bank deposits
              407,809        590,103  
Others
 (*)
              1,413,569        1,533,370  
             
 
 
    
 
 
 
               2,909,547         3,149,414  
             
 
 
    
 
 
 

(*)
‘Others’ consist of various financial assets managed by external asset management companies.
For the years ended December 31, 2021 and 2022, actual returns on plan assets amounted to ₩44,325 and ₩61,875 million, respectively.
 
(8)
Remeasurement components recognized in other comprehensive income (loss) for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Actuarial gain from changes in financial assumptions
            (258,194      (967,366
Experience adjustments, etc.
              (87,561      (45,361
Expected return
                     8,457        11,609  
             
 
 
    
 
 
 
              (337,298      (1,001,118
             
 
 
    
 
 
 
Remeasurement components recognized as other comprehensive income or loss are included in retained earnings.
 
F-1
5
8

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
26.
Provisions
 
(1)
Provisions as of December 31, 2021 and 2022 are as follows:
 
          
2021
   
2022
 
        
Current
   
Non-current
   
Current
   
Non-current
 
                                
          
In millions of won
 
Employment benefits
                                        
Provisions for employment benefits
           1,048,939                1,045,058           
Litigation
                                        
Litigation provisions
             26,269       88,449       26,974       154,205  
Decommissioning cost
                                        
Nuclear plants
                      19,461,461                23,035,427  
Spent fuel
             457,466       893,196       415,890       1,011,028  
Radioactive waste
             137,342       1,695,193       94,158       1,895,849  
PCBs
                      103,665                88,359  
Other recovery provisions
                      30,231                32,770  
Others
                                        
Power plant regional support program
             146,588                144,504           
Transmission regional support program
             250,288                239,235           
Provisions for financial guarantee
             21,032       59,809       22,895       44,345  
Provisions for RPS
                               24,339           
Provisions for greenhouse gas emissions
obligations
             655,544                298,876           
Others
             102,408       169,420       115,122       102,659  
            
 
 
   
 
 
   
 
 
   
 
 
 
             2,845,876       22,501,424       2,427,051       26,364,642  
            
 
 
   
 
 
   
 
 
   
 
 
 
 
F-1
59

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
26.
Provisions, Continued
 
(2)
Changes in provisions for the years ended December 31, 2021 and 2022 are as follows:
 
 
 
 
 
 
202
1
 
 
 
 
 
 
Beginning
balance
 
 
Increase

in

provision
 
 
Payment
 
 
Reversal
 
 
Others
 
 
Ending

balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
                                           
Employment benefits
                                                       
Provisions for employment benefits
          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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              22,527,236           5,659,564           (2,686,288              (93,662              (59,550       25,347,300  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-16
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
26.
Provisions, Continued
 
(2)
Changes in provisions for the years ended December 31, 2021 and 2022 are as follows, continued:
 
 
 
 
 
 
2022
 
 
 
 
 
 
Beginning
balance
 
 
Increase

in

provision
 
 
Payment
 
 
Reversal
 
 
Others
 
 
Ending

balance
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Employment benefits
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Provisions for employment benefits
 
 
 
 
 
1,048,939
 
 
 
997,281
 
 
 
(1,001,283
 
 
  
 
 
 
121
 
 
 
1,045,058
 
Litigation
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Litigation provisions
 
     
 
 
114,718
 
 
 
112,797
 
 
 
(39,633
 
 
(6,360
 
 
(343
 
 
181,179
 
Decommissioning cost
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Nuclear plants
 
     
 
 
19,461,461
 
 
 
3,630,830
 
 
 
(56,813
 
 
  
 
 
 
(51
 
 
23,035,427
 
Spent fuel
 
     
 
 
1,350,662
 
 
 
493,943
 
 
 
(417,687
 
 
  
 
 
 
  
 
 
 
1,426,918
 
Radioactive waste
 
     
 
 
1,832,535
 
 
 
221,629
 
 
 
(64,157
 
 
  
 
 
 
  
 
 
 
1,990,007
 
PCBs
 
     
 
 
103,665
 
 
 
1,949
 
 
 
(17,156
 
 
(99
 
 
  
 
 
 
88,359
 
Other recovery provisions
 
     
 
 
30,231
 
 
 
2,093
 
 
 
(165
 
 
(751
 
 
1,362
 
 
 
32,770
 
Others
 
     
 
     
 
     
 
     
 
     
 
     
 
     
Power plant regional support program
 
     
 
 
146,588
 
 
 
52,470
 
 
 
(54,554
 
 
  
 
 
 
  
 
 
 
144,504
 
Transmission regional support program
 
     
 
 
250,288
 
 
 
176,424
 
 
 
(187,477
 
 
  
 
 
 
  
 
 
 
239,235
 
Provisions for financial guarantee
 
     
 
 
80,841
 
 
 
4,738
 
 
 
(17,789
 
 
  
 
 
 
(550
 
 
67,240
 
Provisions for RPS
 
     
 
 
  
 
 
 
587,586
 
 
 
(556,993
 
 
(6,254
 
 
  
 
 
 
24,339
 
Provisions for greenhouse gas emissions obligations
 
     
 
 
655,544
 
 
 
387,299
 
 
 
(590,172
 
 
(33,596
 
 
(120,199
 
 
298,876
 
Others
 
     
 
 
271,828
 
 
 
4,447
 
 
 
(39,566
 
 
(19,853
 
 
925
 
 
 
217,781
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  25,347,300
 
 
 
    6,673,486
 
 
 
    (3,043,445
 
 
         (66,913
 
 
       (118,735
 
 
  28,791,693
 
 
 
     
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(3)
Greenhouse gas emissions rights and obligations:
 
  (i)
Allowances received free of charge from the government for each planned period as of December 31, 2022 are as follows:
 
    
3rd planned period
 
    
2021
    
2022
    
2023
    
2024
    
2025
    
Total
 
                                           
    
In ten thousands of
tons(tCO2-eq)
 
Allowances received free of charge from the government
     15,085        14,789        14,784        4,928        4,928        54,514  
 
F-16
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
   
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
 
                                                                                     
   
In ten thousands
tons(tCO2-eq),
millions of Won
       
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  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
   
2022
 
   
3rd planned period
 
 
2021
   
2022
   
2023
   
2024
   
2025
   
Total
 
 
Quantity
   
Amount
   
Quantity
   
Amount
   
Quantity
   
Amount
   
Quantity
   
Amount
   
Quantity
   
Amount
   
Quantity
   
Amount
 
                                                                         
   
In ten thousands
tons(tCO2-eq),
millions of Won
 
Beginning (*)
    16,433       524,658       14,942       62,735       11,166       8,529       3,671                3,696       6,873       49,908       602,795  
Purchase (Sell)
    1,191       267,433       1,343       272,824       32       6,315       35       7,185                         2,601       553,757  
Government submission
    (17,602     (580,807     (838     (173,145              245                                           (18,440     (753,707
Borrowing (carryforward)
    (22     (3,298     286       45,847       48       12,225       22       5,699                         334       60,473  
Others
             (207,986              (16,256              (8,529                                5,419                (227,352
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ending
                      15,733       192,005       11,246       18,785       3,728       12,884       3,696       12,292       34,403       235,966  
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*)
Changes such as additional allowances or cancellation of allowances are reflected.
 
  (iii)
The Company does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2022.
 
  (iv)
The Company does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term fluctuations in price as of December 31, 2022.
 
  (v)
Estimated greenhouse gas emission of the Company for the year ended December 31, 2022 is 13,167 ten thousand tons.
 
F-16
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
 
27.
Government Grants
 
(1)
Government grants as of December 31, 2021 and 2022 are as follows:
 
          
2021
    
2022
 
                     
          
In millions of won
 
Land
           (23,474      (27,405
Buildings
             (52,122      (50,437
Structures
             (172,021      (165,608
Machinery
             (140,082      (127,126
Vehicles
             (1,675      (2,045
Equipment
             (149      (6,608
Tools
             (64      (99
Construction-in-progress
             (111,822      (135,926
Investment properties
             (30      (21
Software
             (91      (174
Development expenditures
             (3,820      (3,477
Intangible assets under development
             (7,326      (2,108
Other intangible assets
             (71      (67
            
 
 
    
 
 
 
             (512,747      (521,101
            
 
 
    
 
 
 
 
(2)
Changes in government grants for the years ended December 31, 2021 and 2022 are as follows:
 
 
  
 
 
 
2021
 
 
  
 
 
 
Beginning
balance
 
 
Receipt
 
 
Acquisition
 
 
Offset the
items of
depreciation
expense and
others
 
 
Disposal
 
 
Others
 
 
Ending
balance
 
 
  
 
 
 
In millions of won
 
Cash
                    (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
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             (511,210     (37,920     5,001       34,482       2,343       (5,443     (512,747
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
F-16
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
27.
Government Grants, Continued
 
(2)
Changes in government grants for the years ended December 31, 2021 and 2022 are as follows, continued:
 

 
  
 
 
 
2022
 
 
  
 
 
 
Beginning
balance
 
 
Receipt
 
 
Acquisition
 
 
Offset the
items of
depreciation
expense and
others
 
 
Disposal
 
 
Others
 
 
Ending
balance
 
 
  
 
 
 
In millions of won
 
Cash
                    (50,755                                50,755           
Land
             (23,474                                1       (3,932     (27,405
Buildings
             (52,122                       5,360                (3,675     (50,437
Structures
             (172,021                       9,568       1,250       (4,405     (165,608
Machinery
             (140,082                       17,283       405       (4,732     (127,126
Vehicles
             (1,675                       663                (1,033     (2,045
Equipment
             (149                       494                (6,953     (6,608
Tools
             (64                       32                (67     (99
Construction-in-progress
             (111,822              23,155                17       (47,276     (135,926
Investment properties
             (30                       1                8       (21
Software
             (91                       60                (143     (174
Development expenditures
             (3,820                       1,466                (1,123     (3,477
Intangible assets under development
             (7,326                                         5,218       (2,108
Other intangible assets
             (71                       4                         (67
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             (512,747     (50,755     23,155       34,931       1,673       (17,358     (521,101
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-16
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
27.
Government Grants, Continued
 
(3)
Changes in government grants for specific business projects for the years ended December 31, 2021 and 2022 are as follows:
 
     
2021
 
                           
Increase
   
Decrease
             
                           
Received
   
Interests
   
Used
   
Return
             
Department
 
Business
Name
 
Description
 
Period
 
Budget
   
Beginning
Balance
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Others
   
Ending
Balance
 
               
In millions of won
 
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  
 
     
2022
 
                           
Increase
   
Decrease
             
                           
Received
   
Interests
   
Used
   
Return
             
Department
 
Business
Name
 
Description
 
Period
 
Budget
   
Beginning
Balance
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Self-
Payment
   
Local
Government
   
Subsidies
   
Others
   
Ending
Balance
 
               
In millions of won
 
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       17,735                         71,685                                                    (88,300                                         1,120  
 
F-16
5

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
28.
Deferred Revenues
Deferred revenue for the years ended December 31, 2021 and 2022 are as follows which included in current and
non-current
non-financial
liabilities in the consolidated statements of financial position:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
            9,868,189        10,356,555  
Increase
              1,149,578        1,330,129  
Recognized as revenue
              (661,212      (711,839
             
 
 
    
 
 
 
Ending balance
            10,356,555        10,974,845  
             
 
 
    
 
 
 
 
29.
Non-financial
Liabilities
Non-financial
liabilities as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
           
Current
    
Non-current
    
Current
    
Non-current
 
                                    
           
In millions of won
 
Advance received
            4,157,916        398,056        4,544,206        284,618  
Unearned revenue
              40,187        6,517        86,584        7,200  
Deferred revenue
              659,397        9,697,158        702,430        10,272,415  
Withholdings
              345,892        5,171        207,217        2,408  
Others
              1,262,941        109,462        1,433,940        96,020  
             
 
 
    
 
 
    
 
 
    
 
 
 
              6,466,333        10,216,364        6,974,377        10,662,661  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
30.
Contributed Capital
 
(1)
Details of shares issued as of December 31, 2021 and 2022 are as follows:
 
   
2021
 
   
Shares

authorized
   
Shares
issued
         
Par value

per share

(in won)
   
Owned by
government(*)
   
Owned by
others
   
Total
 
                                           
   
In millions of won except share information
       
Common shares
    1,200,000,000       641,964,077             5,000       1,640,385       1,569,435       3,209,820  
 
  (*)
Korea Development Bank’s interest of ₩1,056,176 million is included.
 
   
2022
 
   
Shares

authorized
   
Shares
issued
         
Par value

per share

(in won)
   
Owned by
government(*)
   
Owned by
others
   
Total
 
                                           
   
In millions of won except share information
       
Common shares
    1,200,000,000       641,964,077             5,000       1,640,385       1,569,435       3,209,820  
 
  (*)
Korea Development Bank’s interest of ₩1,056,176 million is included.
 
F-1
6
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
30.
Contributed Capital, Continued
 
(2)
Details in number of outstanding capital stock for the years ended December 31, 2021 and 2022 are as follows.
 
    
2021
    
2022
 
               
    
Number of shares
 
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 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Share premium
                   843,758                843,758   
 
31.
Retained Earnings and Dividends Paid
 
(1)
Details of retained earnings as of December 31, 2021 and 2022 are as follows:
 
 
           
2021
    
2022
 
                      
           
In millions of won
 
Legal reserve (*)
            1,604,910        1,604,910  
Voluntary reserves
              33,282,817          27,782,969  
Retained earnings
(Undisposed deficit) 
before appropriations
              10,370,517        (7,956,579
             
 
 
    
 
 
 
Retained earnings
              45,258,244         21,431,300   
             
 
 
    
 
 
 
 
  (*)
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 2022 are as follows:
 
 
           
2021
    
2022
 
                      
           
In millions of won
 
Reserve for investment on social overhead capital
            5,277,449        5,277,449  
Reserve for research and human development (*)
              330,000        330,000  
Reserve for business expansion
              27,465,368          21,965,520  
Reserve for equalizing dividends
              210,000        210,000  
             
 
 
    
 
 
 
                33,282,817         27,782,969   
             
 
 
    
 
 
 
 
  (*)
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.
 
F-1
6
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
31.
Retained Earnings and Dividends Paid, Continued
 
(3)
Changes in retained earnings for the years ended December 31, 2021 and 2022 are as follows:
 
         
2021
    
2022
 
                    
         
In millions of won
 
Beginning balance
        51,134,330        45,258,244  
Loss for the year attributed to owners of the controlling company
          (5,304,522      (24,466,853
Changes in equity method retained earnings
          3,609        12,305  
Remeasurements of defined benefit liability, net of tax
          201,067        626,769  
Transfer of gain or loss on valuation of financial assets at FVOCI
          4,388            
Dividends paid
          (780,628          
Additional paid-in capital and others
                    835  
         
 
 
    
 
 
 
Ending balance
          45,258,244        21,431,300  
         
 
 
    
 
 
 
 
(4)
Dividends paid for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
   
2020
 
In millions of won
 
Number of

shares issued
   
Number of

treasury stocks
   
Number of

shares eligible for

dividends
         
Dividends paid

per share
   
Dividends

paid
 
                                     
                           
(In won)
       
Common shares
    641,964,077                641,964,077                                    
 
   
2021
 
In millions of won
 
Number of

shares issued
   
Number of

treasury stocks
   
Number of

shares eligible for

dividends
         
Dividends paid

per share
   
Dividends

paid
 
                                     
                           
(In won)
       
Common shares
    641,964,077                641,964,077             1,216       780,628  
 
   
2022
 
In millions of won
 
Number of

shares issued
   
Number of

treasury stocks
   
Number of

shares eligible for

dividends
         
Dividends paid

per share
   
Dividends

paid
 
                                     
                           
(In won)
       
Common shares
    641,964,077                641,964,077                                    
 
(5)
Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Beginning balance
            361        3,970  
Changes
              3,609        12,305   
             
 
 
    
 
 
 
Ending balance
                       3,970                16,275  
             
 
 
    
 
 
 
 
F-1
6
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
31.
Retained Earnings and Dividends Paid, Continued
 
(6)
Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2021 and 2022 are as follows:
 
        
2021
    
2022
 
                   
        
In millions of won
 
Beginning balance
       (169,234      98,844  
Changes
         327,957        964,791  
Income tax effect
         (126,890      (338,022
Transfer to reserve for business expansion
         67,011        (110,808
        
 
 
    
 
 
 
Ending balance
                98,844              614,805  
        
 
 
    
 
 
 
 
32.
Statements of Appropriation of Retained Earnings (Disposition of Deficit)
For the year ended December 31, 2021, KEPCO’s Deficit was disposed on March 29, 2022. For the year ended December 31, 2022, KEPCO’s deficits are expected to be disposed on March 28, 2023. Statements of disposition of deficit of KEPCO, the controlling company, for the years ended December 31, 2021 and 2022, respectively, are as follows:
 
          
2021
    
2022
 
                     
          
In millions of won except for
dividends per share
 
I.   Deficit before disposition
                         
Undisposed deficit carried over from prior years
                         
Net loss
             (5,607,732      (25,297,713
Remeasurement of the defined benefit plan
                    107,884        327,056  
            
 
 
    
 
 
 
               (5,499,848      (24,970,657
            
 
 
    
 
 
 
II. Transfer from voluntary reserves
             5,499,848        24,970,657  
            
 
 
    
 
 
 
III.  Subtotal ( I+II )
                           
            
 
 
    
 
 
 
IV.  Disposition of deficit
                         
            
 
 
    
 
 
 
V. Undisposed deficit to be carried over forward to subsequent year
                           
            
 
 
    
 
 
 
 
33.
Hybrid Bonds
Hybrid bonds classified as equity
(non-controlling
interest) as of December 31, 2021 and 2022 are as follows:
 
Issuer
 
Hybrid bond
 
Issued date
   
Maturity
   
Yield (%)
         
2021
    
2022
 
                                          
   
In millions of won
 
Korea South-East Power Co., Ltd. (*1)
  1st hybrid bond     2012.12.07       2042.12.06       4.38             170,000            
Korea South-East Power Co., Ltd. (*2)
  2nd hybrid bond     2012.12.07       2042.12.06       4.44               230,000        230,000  
Expense of issuance
 
            (1,090      (627
                                       
 
 
    
 
 
 
                                        398,910        229,373  
                                       
 
 
    
 
 
 
 
  (*1)
The call option was exercised for the 1st hybrid bond during the current period.
  (*2)
Bondholders may not require prepayment in any case, and the Company has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow 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 Company decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
34.
Other Components of Equity
 
(1)
Other components of equity of the parent as of December 31, 2021 and 2022 are as follows:
 
         
2021
    
2022
 
         
In millions of won
 
Other capital surplus
          1,231,109        1,268,569  
Accumulated other comprehensive income (loss)
            (57,632      496,976  
Other equity
            13,294,973        13,294,973  
           
 
 
    
 
 
 
              14,468,450        15,060,518  
           
 
 
    
 
 
 
 
(2)
Changes in other capital surplus for the years ended December 31, 2021 and 2022 are as follows:
 
         
2021
   
2022
 
       
Gains on
disposal of

treasury

stocks
   
Others
   
Subtotal
   
Gains on

disposal of

treasury

stocks
   
Others
   
Subtotal
 
         
In millions of won
 
Beginning balance
          387,524       836,581       1,224,105       387,524       843,585       1,231,109  
Changes in consolidation scope
                     43       43                (597     (597
Additional paid-in capital and others
                     (491     (491              39,641       39,641  
Transactions between consolidated entities
                     7,452       7,452                (1,584     (1,584
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ending balance
              387,524           843,585           1,231,109       387,524       881,045       1,268,569  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-17
0

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
34.
Other Components of Equity, Continued
 
(3)
Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2021 and 2022 are as follows:
 
 
         
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
 
         
In millions of won
 
Beginning balance
          (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
          (46,498     311,252       (325,170     2,784       (57,632
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     
         
2022
 
         
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
 
         
In millions of won
 
Beginning balance
          (46,498     311,252       (325,170     2,784       (57,632
Changes in the unrealized fair value of financial assets at FVOCI, net of
tax
            58,008                                  58,008  
Shares in other comprehensive income of associates and joint ventures, net of tax
                     509,487                         509,487  
Foreign currency translation of foreign operations, net of tax
                              19,550                19,550  
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
                                       (32,437     (32,437
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Ending balance
          11,510       820,739       (305,620     (29,653     496,976  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(4)
Other equity as of December 31, 2021 and 2022 are as follows:
 
         
2021
   
2022
 
         
In millions of won
 
Statutory revaluation reserve
          13,295,098       13,295,098  
Changes in other equity
            (125     (125
           
 
 
   
 
 
 
            13,294,973       13,294,973  
           
 
 
   
 
 
 
 
F-17
1

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
35.
Sales
Details of sales for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
         
2020
   
2021
   
2022
 
         
Domestic
   
Overseas
   
Domestic
   
Overseas
   
Domestic
   
Overseas
 
         
In millions of won
 
[Type of goods and services]
                                                       
Sales of goods
          56,381,405       303,704       58,359,774       441,203       68,578,390       606,079  
Electricity
            55,731,782                57,308,555                66,198,964           
Heat supply
            198,715                232,738                489,629           
Others
            450,908       303,704       818,481       441,203       1,889,797       606,079  
Sales related to rendering of services
            223,075       206,275       252,216       204,184       370,799       343,803  
Sales related to construction services
            170,895       641,280       159,262       595,736       193,541       453,412  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            56,775,375       1,151,259       58,771,252       1,241,123       69,142,730       1,403,294  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
[Timing of revenue recognition]
 
Performance obligations satisfied at a point in time
          56,381,405       303,704       58,359,774       441,203       68,578,390       606,079  
Performance obligations satisfied over time
            393,970       847,555       411,478       799,920       564,340       797,215  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            56,775,375       1,151,259       58,771,252       1,241,123       69,142,730       1,403,294  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-17
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
36.
Selling and Administrative Expenses
 
(1)
Selling and administrative expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Salaries
               1,095,183            1,121,188        1,142,360  
Retirement benefit expense
             103,967        113,127        109,758  
Welfare and benefit expense
             155,071        155,558        155,781  
Insurance expense
             10,178        17,909        20,835  
Depreciation
             218,103        219,427        244,676  
Amortization of intangible assets
             87,086        91,428        85,661  
Bad debt expense
             20,648        17,968        23,634  
Commission
             368,275        410,287        420,390  
Advertising expense
             29,559        29,230        33,739  
Training expense
             5,196        4,923        7,327  
Vehicle maintenance expense
             9,435        8,849        10,749  
Publishing expense
             3,677        3,568        3,732  
Business promotion expense
             3,614        3,522        3,198  
Rent expense
             36,337        43,650        47,680  
Telecommunication expense
             8,686        8,569        7,945  
Transportation expense
             1,007        870        1,012  
Taxes and dues
             62,828        93,446        122,177  
Expendable supplies expense
             8,029        9,052        9,617  
Water, light and heating expense
             11,749        12,351        17,950  
Repairs and maintenance expense
             79,185        123,134        152,449  
Ordinary development expense
             197,436        213,936        213,932  
Travel expense
             10,793        11,099        16,062  
Clothing expense
             14,834        10,540        13,044  
Survey and analysis expense
             826        889        1,126  
Membership fee
             1,274        1,331        1,469  
Others
             135,467        149,945        143,119  
            
 
 
    
 
 
    
 
 
 
             2,678,443        2,875,796        3,009,422  
            
 
 
    
 
 
    
 
 
 
 
(2)
Details of “others” included in selling and administrative expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Accommodation development expenses
                    30,889                 57,815        56,038  
Miscellaneous wages
             45,887        47,221        31,910  
Litigation and filing expenses
             19,341        16,383        14,876  
Compensation for damages
             8,374        3,303        3,116  
Outsourcing expenses
             3,610        3,799        3,635  
Reward expenses
             3,228        3,006        2,740  
Overseas market development expenses
             1,218        1,192        1,376  
Others
             22,920        17,226        29,428  
            
 
 
    
 
 
    
 
 
 
             135,467        149,945             143,119  
            
 
 
    
 
 
    
 
 
 
 
F-17
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
37.
Other Income and Expenses
 
(1)
Other income for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Reversal of other provisions
           25,826        15,548        15,265  
Reversal of other allowance for doubtful accounts
             2,465        98        37  
Gains on government grants
             269        458        301  
Gains on assets contributed
             24,324        9,347        1,953  
Gains on liabilities exempted
             1,314        1,830        1,181  
Compensation and reparations revenue
             95,407               104,826        89,638  
Revenue from foundation fund
                       1        3  
Revenue from research contracts
             4,001        5,996        8,191  
Income related to transfer of assets from customers
                    643,477        661,212        711,839  
Rental income
             193,567        204,123        208,064  
Others
             45,798        30,694        59,017  
            
 
 
    
 
 
    
 
 
 
             1,036,448        1,034,133        1,095,489  
            
 
 
    
 
 
    
 
 
 
 
(2)
Details of “others” included in other income for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Refund of claim for rectification
           11,880        7,274        701  
Adjustment of research project
             2,150        7,638            
Maintenance expenses on lease building
             2,785        160        125  
Training expenses
             3,852        1,739        1,684  
Deposit redemption
             314        378        12  
Reversal of expenses on litigation
             620        991        1,920  
Revenue on royalty fee
                       173        455  
Reimbursement of insurance fee
             22        1            
Gains on guarantee contracts
             134        27        22  
Others
             24,041        12,313        54,098  
            
 
 
    
 
 
    
 
 
 
                      45,798                 30,694             59,017  
            
 
 
    
 
 
    
 
 
 
 
(3)
Other expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Compensation and indemnification expense
           11,959        663        36  
Accretion expenses of other provisions
             17,991        2,711        1,138  
Depreciation expenses on investment properties
             1,453        1,386        486  
Depreciation expenses on idle assets
             6,604        3,621        3,635  
Other bad debt expense
             32,503        49,372        6,400  
Donations
             316,981        152,456        131,037  
Others
             30,229        47,723        69,418  
            
 
 
    
 
 
    
 
 
 
                    417,720               257,932           212,150  
            
 
 
    
 
 
    
 
 
 
 
F-17
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
37.
Other Income and Expenses, Continued
 
(4)
Details of “others” included in other expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Operating expenses related to the idle assets
           46        44        1,683  
Research grants
             91        109        562  
Expenses related to farming and fishing village supports
             16,115        17,065        11,272  
Expenses related to Operating of a fitness center
             5,101        6,948        8,370  
Expenses on adjustment of research and development grants
             720        2,241        260  
Taxes and dues
             253        119        31,985  
Expenses on R&D supports
             242        861        48  
Others
             7,661        20,336        15,238  
            
 
 
    
 
 
    
 
 
 
                      30,229                 47,723            69,418  
            
 
 
    
 
 
    
 
 
 
 
38.
Other Gains (Losses)
 
 
(1)
Composition of other gains (losses) for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
          
In millions of won
 
Other gains
                                  
Gains on disposal of property, plant and equipment
           93,195        56,284        148,667  
Gains on disposal of intangible assets
             1,556        1        41  
Reversal of impairment loss on property, plant and equipment
             7,805                  134,735  
Reversal of impairment loss on intangible assets
                       14            
Gains on foreign currency translation
             8,917        20,598        36,097  
Gains on foreign currency transaction
             61,865        48,671        235,221  
Gains on insurance proceeds
             43,800        144        43,497  
Others
             322,379        250,174        294,091  
         
Other losses
                                  
Losses on disposal of property, plant and equipment
             (162,725      (92,622      (100,066
Losses on disposal of intangible assets
             (392      (145      (116
Losses on valuation of other non-current assets
             (241                    
Impairment loss on property, plant and equipment
             (80,413      (4,056      (37,311
Impairment loss on intangible assets
             (3,599                (164
Impairment loss on other
non-current
assets
                       (16,035          
Losses on foreign currency translation
             (17,664      (4,732      (14,738
Losses on foreign currency transaction
             (49,694      (67,990      (299,117
Others
             (189,695      (181,787      (197,715
            
 
 
    
 
 
    
 
 
 
                      35,094                   8,519        243,122  
            
 
 
    
 
 
    
 
 
 
 
F-17
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
38.
Other Gains (Losses), Continued
 
(2)
Details of “others” included in other gains for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
                            
          
In millions of won
 
Gains on disposal of inventories
           3,373        4,446        11,091  
Gains on proxy collection of TV license fee
                      41,438                 42,271        42,286  
Gains on compensation of impaired electric poles
             978        812        768  
Gains on harbor facilities dues
             2,231        3,281        4,198  
Gains on technical fees
             4,826        3,968        2,972  
Reversal of occupation development training fees
             352        229        525  
Gains on disposal of waste
             6,927        4,272        7,749  
Gains on insurance
                       690            
Gains on tax rebate
             772        685        548  
Gains on other commission
             1,643        1,822        2,097  
Gains on disposal of greenhouse gas emissions rights
                       8,739            
Gains on disposal of assets
held-for-sale
                       160        236  
Others
             259,839        178,799        221,621  
            
 
 
    
 
 
    
 
 
 
             322,379        250,174           294,091  
            
 
 
    
 
 
    
 
 
 
 
(3)
Details of “others” included in other losses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
                            
          
In millions of won
 
Losses on valuation of inventories
           4,998        7,761        14,528  
Losses on disposal of inventories
             37,644        8,874        8,324  
Losses due to disaster
             16,814        6,238        5,068  
Losses on rounding adjustment of electric charge surtax
             1,276        1,283        1,317  
Loss on disposal of greenhouse gas emissions rights
                       11,282            
Others
             128,963        146,349        168,478  
            
 
 
    
 
 
    
 
 
 
                    189,695               181,787           197,715  
            
 
 
    
 
 
    
 
 
 
 
39.
Finance Income
 
(1)
Finance income for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
                            
          
In millions of won
 
Interest income
           242,586        221,874        340,753  
Dividends income
             7,316        10,522        28,875  
Gains on disposal of financial assets
             11,992        7,718        11,199  
Gains on valuation of financial assets at fair value through profit or loss
             12,904        14,338        7,099  
Gains on valuation of derivatives
             57,563        860,011        595,256  
Gains on transaction of derivatives
             146,448        124,900        429,847  
Gains on foreign currency translation
             1,005,961        146,349        389,361  
Gains on foreign currency transactions
             24,009        15,618        29,997  
Other financial income
             1,470        1,284        925  
            
 
 
    
 
 
    
 
 
 
                 1,510,249            1,402,614        1,833,312  
            
 
 
    
 
 
    
 
 
 
 
F-1
7
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
39.
Finance Income, Continued
 
(2)
Details of interest income included in finance income for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
           
2020
    
2021
    
2022
 
                             
           
In millions of won
 
Cash and cash equivalents
            9,419        12,692        51,872  
Financial assets at fair value through profit or loss
              19,114        18,415        58,540  
Financial assets at amortized cost
              612        797        1,308  
Loans
              26,232        25,196        33,545  
Short-term financial instruments
              25,540        7,531        15,827  
Long-term financial instruments
              10,406        12,470        14,371   
Other financial assets
              228        230        637  
Trade and other receivables
              151,035        144,543        164,653  
             
 
 
    
 
 
    
 
 
 
                 242,586           221,874           340,753  
             
 
 
    
 
 
    
 
 
 
 
40.
Finance Expenses
 
(1)
Finance expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
          
2020
    
2021
    
2022
 
                            
          
In millions of won
 
Interest expense
           1,995,425        1,914,457        2,818,546  
Losses on sale of financial assets
             648        1,045        1,841  
Losses on valuation of financial assets at fair value through profit or loss
             7,396        5,480        44,329  
Losses on valuation of derivatives
             513,278        37,017        371,038  
Losses on transaction of derivatives
             81,055        40,818        205,162  
Losses on foreign currency translation
             215,047        1,159,334        934,005  
Losses on foreign currency transaction
             79,103        83,558        346,711  
Losses on repayment of financial liabilities
             35        10        15  
Others
             4,456        4,058        25,144  
            
 
 
    
 
 
    
 
 
 
             2,896,443        3,245,777        4,746,791  
            
 
 
    
 
 
    
 
 
 
 
(2)
Details of interest expense included in finance expenses for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
          
2020
    
2021
    
2022
 
                            
          
In millions of won
 
Trade and other payables
           88,757        213,765        204,078  
Short-term borrowings
             29,358        42,371        145,201  
Long-term borrowings
             118,678        115,141        204,037  
Debt securities
             1,805,253        1,728,588        2,388,517  
Other financial liabilities
             540,867        384,423        472,248  
            
 
 
    
 
 
    
 
 
 
               2,582,913        2,484,288        3,414,081  
Less: Capitalized borrowing costs
             (587,488      (569,831      (595,535
            
 
 
    
 
 
    
 
 
 
             1,995,425        1,914,457        2,818,546  
            
 
 
    
 
 
    
 
 
 
Capitalization rates for the years ended December 31, 2020, 2021 and 2022 are 2.14%~4.84%, 2.02%~4.33% and 2.25%~3.86%, respectively.
 
F-1
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7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
41.
Income Taxes
 
(1)
Income tax expense (benefit) for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
 
           
2020
    
2021
    
2022
 
                             
           
In millions of won
 
Current income tax expense
                                   
Payment of income tax
            671,179        357,767        563,681  
Adjustment in respect of prior years due to change in estimate
              (63,756      153,113        48,374  
Current income tax directly recognized in equity
              51,486        (198,714      (350,348
             
 
 
    
 
 
    
 
 
 
                658,909        312,166        261,707  
             
 
 
    
 
 
    
 
 
 
Deferred tax expense (benefit)
                                   
Generation and realization of temporary differences
              (77,985      (489,411      (564,801
Reclassified from equity to profit (loss)
                                  (4,964
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods
              (10,471      (43,653      (38,708
Changes in deferred tax on tax losses carryforwards
              296,070        (1,641,823      (9,175,755
Tax credit carryforwards
              32,541        (12,199      34,019  
Amount due to change in tax rate or regulations
                        18,931        73,991  
             
 
 
    
 
 
    
 
 
 
                240,155        (2,168,155      (9,676,218
             
 
 
    
 
 
    
 
 
 
Income tax expense (benefit)
               899,064        (1,855,989        (9,414,511
             
 
 
    
 
 
    
 
 
 
 
(2)
Reconciliation between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to profit (loss) before income taxes for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
   
2021
    
2022
 
                            
           
In millions of won
 
Profit (loss) before income tax
            2,991,533       (7,071,570      (33,843,619
             
 
 
   
 
 
    
 
 
 
Income tax expense (benefit) computed at applicable tax rate (*1)
              822,672       (1,944,682      (9,306,995
Adjustments
                                  
Effect of applying gradual tax rate
              (10,362     (10,362      (10,362
Effect of
non-taxable
income
              (13,593     (4,983      (9,471
Effect of
non-deductible
expenses
              46,776       78,814        39,663  
Effect of tax losses that are not recognized as deferred tax asset
                       1,351        19,275  
Effects of tax credits and deduction
              (63,753     (43,931      (98,684
Reversal of unrecognized deferred tax asset, net
              (10,471     (43,641      (38,708
Effect of change in deferred tax due to change in tax rate
              (17,590     18,931        393,416  
Deduction of deferred tax assets
              55,682       73,887        (85,514
Deferred tax related to investments in subsidiaries, associates and joint ventures
              102,137       (135,878      (375,064
Others, net
              51,322       1,392        9,559  
             
 
 
   
 
 
    
 
 
 
                140,148       (64,420      (155,890
Adjustment in respect of prior years due to change in estimate
              (63,756     153,113        48,374  
             
 
 
   
 
 
    
 
 
 
Income tax expense (benefit)
            899,064       (1,855,989      (9,414,511
             
 
 
   
 
 
    
 
 
 
Effective tax rate
              30.05     (*2      (*2
 
  (*1)
Applicable tax rate is 27.5% as of December 31, 2020, 2021 and 2022.
 
  (*2)
The effective tax rate for the year ended December 31, 2020 is
30.05
% and the effective tax rate for the years ended December 31, 2021 and 2022 is not calculated due to income tax benefit.
 
F-1
7
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
41.
Income Taxes, Continued
 
(3)
Income tax directly adjusted to equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
   
2021
   
2022
 
                           
           
In millions of won
 
Dividends of hybrid bond
            4,273       4,736       4,149  
Disposal of subsidiaries
                                406  
             
 
 
   
 
 
   
 
 
 
                 4,273              4,736              4,555    
             
 
 
   
 
 
   
 
 
 
 
(4)
Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
           
2020
    
2021
    
2022
 
                             
           
In millions of won
 
Income tax recognized as other comprehensive income (loss)
                                   
Gain (loss) on valuation of financial assets at fair value through other comprehensive income
            19,447        (9,753      (31,416
Net change in the unrealized fair value of derivatives using
cash flow hedge accounting, net of tax
              (47,231      24,220        40,390  
Remeasurement of defined benefit liability
              14,971        (126,890      (322,489
Investments in associates
              35,714        (53,672      (66,677
Others
              24,312        (37,355      25,289  
             
 
 
    
 
 
    
 
 
 
              47,213        (203,450      (354,903
             
 
 
    
 
 
    
 
 
 
 
F-1
79

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
41.
Income Taxes, Continued
 
(5)
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2021 and 2022 are as follows:
 
         
2021
 
         
Beginning

balance
   
Amounts
recognized in
profit or loss
   
Amount
recognized in
other
comprehensive
income (loss)
   
Amounts

recognized

directly

in equity
   
Ending

balance
 
                                     
         
In millions of won
 
Deferred tax on temporary differences
                                               
Employee benefits
          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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            (7,367,101     2,366,869       (203,450     4,736       (5,198,946
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-18
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
41.
Income Taxes, Continued
 
(5)
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2021 and 2022 are as follows, continued:
 
 
         
2022
 
         
Beginning

balance
   
Amounts
recognized in
profit or loss
   
Amount
recognized in
other
comprehensive
income (loss)
   
Amounts

recognized

directly

in equity
   
Ending

balance
 
                                     
         
In millions of won
 
Deferred tax on temporary differences
                                               
Employee benefits
          558,383       (36,341     (322,489              199,553  
Cash flow hedge
            (49,947     (46,188     40,390       405       (55,340
Investments in subsidiaries, associates and joint ventures
            (8,721,320     410,310       (66,677              (8,377,687
Property, plant and equipment
            (7,430,461     (111,177                       (7,541,638
Finance lease
            (415,558     9,919                         (405,639
Intangible assets
            (31,481     6,550                         (24,931
Financial assets at fair value through profit or loss
            12       3,445                         3,457  
Financial assets at fair value through other comprehensive income
            27,381       25,178       (31,416              21,143  
Deferred revenue
            186,391       (16,411                       169,980  
Provisions
            6,494,314       595,030                         7,089,344  
Doubtful receivables
            801       1,673                         2,474  
Other finance liabilities
            31,410       (14,142              4,150       21,418  
Gains or losses on foreign exchange translation
            91,411       42,905                         134,316  
Allowance for doubtful accounts
            64,264       (6,029                       58,235  
Accrued income
            10,002       6,612                         16,614  
Special deduction for property, plant and equipment
            (224,127     8,968                         (215,159
Others
            1,445,827       16,456       25,289                1,487,572  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              (7,962,698     896,758       (354,903     4,555       (7,416,288
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Deferred tax on unused tax losses and tax credit
                                               
Unused tax losses
            2,559,877       9,102,228                         11,662,105  
Excess of donation limit
            69,185       11,861                         81,046  
Tax credit
            134,690       15,719                         150,409  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              2,763,752       9,129,808                         11,893,560  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            (5,198,946     10,026,566       (354,903     4,555       4,477,272  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
(6)
Deferred tax assets (liabilities) recognized in the consolidated statements of financial position as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Deferred tax assets
            1,901,992        10,934,375  
Deferred tax liabilities
              (7,100,938      (6,457,103
             
 
 
    
 
 
 
              (5,198,946      4,477,272  
             
 
 
    
 
 
 
 
F-18
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
41.
Income Taxes, Continued
 
(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 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Deductible temporary differences
            1,539,980        1,381,532  
 
42.
Assets
Held-for-Sale
Assets
held-for-sale
as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
                      
           
In millions of won
 
Land (*1,2)
            2,907        31,766  
Buildings (*1,2)
              12,971        12,981  
Structures (*1)
              1        1  
             
 
 
    
 
 
 
              15,879        44,748  
             
 
 
    
 
 
 
 
  (*1)
The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Company, made a resolution to sell its old office building in
Yongin-si,
Gyeonggi-do
during the year ended December 31, 2022, 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 board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation during the year ended December 31, 2022, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.
 
F-18
2

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
43.
Expenses Classified by Nature
Expenses classified by nature for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
         
2020
 
         
Selling and
administrative
expenses
    
Cost of
sales
    
Total
 
                           
         
In millions of won
 
Raw materials used
                    13,544,410        13,544,410  
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                  20648  
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  
           
 
 
    
 
 
    
 
 
 
            2,678,443        51,804,179        54,482,622  
           
 
 
    
 
 
    
 
 
 
 
F-18
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
43.
Expenses Classified by Nature, Continued
Expenses classified by nature for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
 
         
2021
 
         
Selling and
administrative
expenses
    
Cost of
sales
    
Total
 
                           
         
In millions of won
 
Raw materials used
                    18,660,477        18,660,477  
Salaries
            1,121,188        4,276,494        5,397,682  
Retirement benefit expense
            113,127        488,263        601,390  
Welfare and benefit expense
            155,558        570,440        725,998  
Insurance expense
            17,909        104,544        122,453  
Depreciation
            219,427        11,551,897        11,771,324  
Amortization of intangible assets
            91,428        74,733        166,161  
Bad debt expense
            17,968                  17,968  
Commission
            410,287        307,272        717,559  
Advertising expense
            29,230        9,552        38,782  
Training expense
            4,923        13,283        18,206  
Vehicle maintenance expense
            8,849        8,152        17,001  
Publishing expense
            3,568        3,310        6,878  
Business promotion expense
            3,522        3,777        7,299  
Rent expense
            43,650        194,234        237,884  
Telecommunication expense
            8,569        10,959        19,528  
Transportation expense
            870        53,365        54,235  
Taxes and dues
            93,446        529,380        622,826  
Expendable supplies expense
            9,052        41,414        50,466  
Water, light and heating expense
            12,351        43,025        55,376  
Repairs and maintenance expense
            123,134        2,494,861        2,617,995  
Ordinary development expense
            213,936        475,461        689,397  
Travel expense
            11,099        67,103        78,202  
Clothing expense
            10,540        7,994        18,534  
Survey and analysis expense
            889        3,992        4,881  
Membership fee
            1,331        8,492        9,823  
Power purchase
                      21,619,039        21,619,039  
Others
            149,945        2,022,777        2,172,722  
           
 
 
    
 
 
    
 
 
 
            2,875,796        63,644,290        66,520,086  
           
 
 
    
 
 
    
 
 
 
 
F-18
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
43.
Expenses Classified by Nature, Continued
Expenses classified by nature for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
 
         
2022
 
         
Selling and
administrative
expenses
    
Cost of

sales
    
Total
 
                           
         
In millions of won
 
Raw materials used
                    34,832,581        34,832,581  
Salaries
            1,142,360        4,329,099        5,471,459  
Retirement benefit expense
            109,758        505,612        615,370  
Welfare and benefit expense
            155,781        540,058        695,839  
Insurance expense
            20,835        106,672        127,507  
Depreciation
            244,676        12,056,455        12,301,131  
Amortization of intangible assets
            85,661        70,499        156,160  
Bad debt expense
            23,634                  23,634  
Commission
            420,390        351,557        771,947  
Advertising expense
            33,739        10,552        44,291  
Training expense
            7,327        14,813        22,140  
Vehicle maintenance expense
            10,749        10,275        21,024  
Publishing expense
            3,732        3,014        6,746  
Business promotion expense
            3,198        3,340        6,538  
Rent expense
            47,680        186,439        234,119  
Telecommunication expense
            7,945        9,677        17,622  
Transportation expense
            1,012        113,845        114,857  
Taxes and dues
            122,177        554,320        676,497  
Expendable supplies expense
            9,617        47,159        56,776  
Water, light and heating expense
            17,950        60,002        77,952  
Repairs and maintenance expense
            152,449        2,586,975        2,739,424  
Ordinary development expense
            213,932        513,878        727,810  
Travel expense
            16,062        78,999        95,061  
Clothing expense
            13,044        8,778        21,822  
Survey and analysis expense
            1,126        4,322        5,448  
Membership fee
            1,469        16,912        18,381  
Power purchase
                      41,984,858        41,984,858  
Others
            143,119        1,902,903        2,046,022  
           
 
 
    
 
 
    
 
 
 
            3,009,422        100,903,594        103,913,016  
           
 
 
    
 
 
    
 
 
 
 
44.
Earnings (Loss) Per Share
 
(1)
Basic earnings (loss) per share for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
Type
       
2020
   
2021
   
2022
 
                         
         
In won
 
Basic earnings (loss) per share
   
 
    3,102       (8,263     (38,112
 
(2)
Diluted earnings (loss) per share for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
Type
       
2020
   
2021
   
2022
 
                         
         
In won
 
Diluted earnings (loss) per share
   
 
    3,102       (8,263     (38,112
 
F-18
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
44.
Earnings (Loss) Per Share, Continued
 
(3)
Basic earnings (loss) per share
Profit (loss) for the year and weighted average number of common shares used in the calculation of basic earnings (loss) per share for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
Type
       
2020
   
2021
   
2022
 
                         
         
In millions of won except number of shares
 
Profit (loss) attributable to owners of the controlling company
          1,991,347       (5,304,522     (24,466,853
Profit (loss) used in the calculation of total basic earnings (loss) per share
            1,991,347       (5,304,522     (24,466,853
Weighted average number of common shares
            641,964,077       641,964,077       641,964,077  
 
(4)
Diluted earnings (loss) per share
Diluted earnings (loss) per share is calculated by applying adjusted weighted average number of common shares under the assumption that all dilutive potential common shares are converted to common shares.
Profit (loss) used in the calculation of total diluted earnings (loss) per share for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
Type
       
2020
   
2021
   
2022
 
                         
         
In millions of won
 
Profit (loss) used in the calculation of total diluted earnings (loss) per share
          1,991,347       (5,304,522     (24,466,853
Weighted average number of common shares used in calculating diluted earnings (loss) per share are adjusted from weighted average number of common shares used in calculating basic earnings (loss) per share. Detailed information of the adjustment for the years ended December 31, 2020, 2021 and 2022 are as follows:
 
Type
  
2020
    
2021
    
2022
 
                      
    
In number of shares
 
Weighted average number of common shares
     641,964,077        641,964,077        641,964,077  
Diluted weighted average number of shares
     641,964,077        641,964,077        641,964,077  
 
(5)
There are no potential dilutive instruments, thus diluted earnings (loss) per share are same as basic earnings (loss) per share for the years ended December 31, 2020, 2021 and 2022.
 
45.
Risk Management
 
(1)
Capital risk management
The Company manages its capital to ensure that entities in the Company 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 Company consists of net debt (offset by cash and cash equivalents) and equity. The Company’s overall capital risk management strategy remains consistent with the prior year.
 
F-1
8
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(1)
Capital risk management, continued
 
Details of the Company’s capital management accounts as of December 31, 2021 and 2022 are as follows:
 
           
2021
   
2022
 
                     
           
In millions of won
 
Total borrowings and debt securities
            80,529,513       120,605,365  
Cash and cash equivalents
              2,635,238       3,234,780  
             
 
 
   
 
 
 
Net borrowings and debt securities
              77,894,275       117,370,585  
             
 
 
   
 
 
 
Total equity
              65,326,706       42,000,256  
             
 
 
   
 
 
 
Debt to equity ratio
              119.24     279.45
 
(2)
Financial risk management
The Company is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), credit risk. The Company monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. The Company uses derivative financial instruments to hedge certain risk exposures. The Company’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 Company 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 Company makes transactions with are reputable financial institutions, the credit risk from them are considered limited. The Company 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.
 
 
Credit risk management
Electricity sales, the main operations of the Company are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Company dominates the domestic market supplying electricity to customers. The Company is not exposed to significant credit risk as customers of the Company are diverse and are from various industries and areas. The Company 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.
 
 
Impairment and allowance account
In accordance with the Company 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.
 
F-1
8
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 Company’s level of maximum exposure to credit risk as of December 31, 2021 and 2022 are as follows:
 
         
2021
   
2022
 
                   
         
In millions of won
 
Cash and cash equivalents
          2,635,238       3,234,780  
Financial assets at fair value through profit or loss(*1)
            932,736       3,610,408  
Derivative assets (trading)
            443,027       693,072  
Financial assets at fair value through other comprehensive income (debt securities)
            491       529  
Financial assets at amortized cost
            25,273       26,998  
Loans
            909,071       1,013,371  
Long-term/short-term financial instruments
            1,728,508       1,353,080  
Derivative assets (applying hedge accounting)
            204,756       324,952  
Trade and other receivables
            10,029,276       12,614,902  
Financial guarantee contracts(*2)
            3,718,015       3,776,060  
 
  (*1)
Equity investments held by the Company 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 Company’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, foreign currency risk and other price risk.
 
  (iii)
Sensitivity analysis
Significant assets and liabilities with uncertainties in underlying assumptions
 
 
Defined benefit obligation
A sensitivity analysis of defined benefit obligation assuming a 1% increase and decrease movements in the actuarial valuation assumptions as of December 31, 2021 and 2022 are as follows:
 
             
2021
   
2022
 
Type
 
Accounts
       
1% Increase
   
1% Decrease
   
1%
 
Increase
   
1%
 
Decrease
 
                                   
             
In millions of won
 
Future salary increases
 
Increase (decrease) in
defined benefit obligation
 
 
    466,832       (407,554     321,930       (283,658
Discount rate
  Increase (decrease) in
defined benefit obligation
            (422,290     499,571       (289,229     337,033  
Changes of employee benefits assuming a 1% increase and decrease movements in discount rate on plan asset for the years ended December 31, 2021 and 2022 are ₩25,649 million and ₩27,495 million, respectively.
 
F-1
8
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
 
Provisions
Changes in provisions due to movements in underlying assumptions as of December 31, 2021 and 2022 are as follows:
 
Type
  
Accounts
  
2021
   
2022
 
PCBs
   Inflation rate      1.37     1.98
     Discount rate      1.88     1.92
Nuclear plants
   Inflation rate      1.41     2.25
     Discount rate      2.20     2.48
Spent fuel
   Inflation rate      2.93     2.93
     Discount rate      4.49     4.49
Radioactive waste
   Inflation rate      1.00     3.06
     Discount rate      1.87     2.62
A sensitivity analysis of provisions assuming a 0.1% increase and decrease movements in the underlying assumptions as of December 31, 2021 and 2022 are as follows:
 
               
2021
   
2022
 
Type
  
Accounts
        
0.1% Increase
   
0.1% Decrease
   
0.1% Increase
   
0.1% Decrease
 
                                     
               
In millions of won
 
Discount rate
   PCBs            (222     223       (169     169  
     Nuclear plants              (369,540     381,026       (474,432     491,360  
     Spent fuel              (51,430     53,438       (54,330     56,453  
     Radioactive waste              (11,201     11,306       (15,089     15,260  
Inflation rate
   PCBs              224       (224     169       (169
     Nuclear plants              403,420       (391,754     515,262       (498,258
     Spent fuel              54,210       (52,245     57,269       (55,191
     Radioactive waste              10,366       (10,288     14,190       14,056  
 
F-1
89

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
Management judgment effected by uncertainties in underlying assumptions
 
 
Foreign currency risk
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2021 and 2022 are as follows:
 
 
  
Assets
 
  
Liabilities
 
Type
  
2021
 
  
2022
 
  
2021
 
  
2022
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
In thousands of foreign currencies
 
AED
     6,481        5,610        31,637        25,597  
AUD
     3,733        4,448        926,960        299,663  
BDT
     50,145        7,514        577            
BWP
     939        824                      
EGP
                         595        1,162  
CAD
     582        89        2,266        595  
CHF
                         500,230        500,158  
CZK
                         386        153  
EUR
     1,809        1,976        42,981        41,073  
GBP
                                   31  
HKD
                         1,651,665        4,014,446  
IDR
     768,731        598,697        995,510        1,323,840  
INR
     1,715,900        1,592,380        342,833        312,978  
JOD
     1,852        1,146        118        14  
JPY
     697,747        568,263        153,383        1,719,846  
KZT
     1,510        1,510                      
MGA
     4,262,857        2,856,045        475,807        347,403  
MMK
     210,335        199,518                      
MYR
     1,964        38,177                      
PHP
     164,167        68,592        104,245        7,493  
PKR
     200,844        533,816        74,423        219,341  
RUB
                                   2,881  
SAR
     2,615        1,713                  9,710  
SEK
                         449,167        449,211  
THB
                                   389  
USD
     1,381,441        1,484,614        12,023,085        13,599,643  
UYU
     90,930        128,674        3,097        3,106  
VND
     952,135        1,184,670        262,372        4,495  
ZAR
     31,971        43,461                      
A sensitivity analysis on the Company’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
Type
         
10% Increase
    
10% Decrease
    
10% Increase
    
10% Decrease
 
           
In millions of won
 
                                    
Increase (decrease) of profit before income tax
            (1,439,185      1,439,185        (1,703,053      1,703,053  
Increase (decrease) of equity(*)
              (1,439,185      1,439,185        (1,703,053      1,703,053  
 
  (*)
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 2022.
 
F-19
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Company 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 Company 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, 2022, the hedging instrument (cross-currency swap) hedges the risk of the hedged item(repayment of foreign debt securities and others).
 
 
Interest rate risk
The Company is exposed to interest rate risk due to its borrowing with floating interest rates. A 1% 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 Company’s borrowings and debt securities with floating interest rates as of December 31, 2021 and 2022 are as follows:
 
Type
         
2021
    
2022
 
                      
           
In millions of won
 
Short-term borrowings
            391,897        3,154,972  
Long-term borrowings
              2,405,244        5,388,073  
Debt securities
              257,667        269,101  
             
 
 
    
 
 
 
              3,054,808        8,812,146  
             
 
 
    
 
 
 
A sensitivity analysis on the Company’s long-term borrowings and debt securities assuming a 1% increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2021 and 2022 are as follows:
 
          
2021
   
2022
 
Type
        
1% Increase
   
1% Decrease
   
1%
Increase
   
1%
Decrease
 
                                
          
In millions of won
 
Increase (decrease) of profit before income tax
           (30,548     30,548       (88,121     88,121  
Increase (decrease) of shareholder’s equity(*)
             (30,548     30,548       (88,121     88,121  
 
  (*)
The effect on the shareholders’ equity excluding the impact of income taxes.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Company 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.
 
 
Electricity rates risk
The Company 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.
 
F-19
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
A sensitivity analysis on the Company’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2021 and 2022 is as follows: 
 
 
 
 
 
 
2021
 
 
2022
 
Type
 
 
 
 
1% Increase
 
 
1% Decrease
 
 
1% Increase
 
 
1% Decrease
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Increase (decrease) of profit before income tax
          573,086       (573,086     661,990       (661,990
Increase (decrease) of shareholder’s equity(*)
            573,086       (573,086     661,990       (661,990
 
  (*)
The effect on the equity excluding the impact of income taxes.
 
  (iv)
Liquidity risk
The Company has established an appropriate liquidity risk management framework for the management of the Company’s short, medium and long-term funding and liquidity management requirements. The Company 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 Company 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 Company 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 2022 in detail are as follows:
 
         
2021
 
Type
       
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                     
         
In millions of won
 
Borrowings and debt securities
          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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            24,459,308       12,643,398       34,015,944       39,218,256       110,336,906  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
         
2022
 
Type
       
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                     
         
In millions of won
 
Borrowings and debt securities
          26,157,747       27,367,577       47,361,676       37,115,832       138,002,832  
Lease liabilities
            639,756       657,210       1,390,374       1,925,012       4,612,352  
Trade and other payables
            11,369,512       347,563       1,008,133       734,112       13,459,320  
Financial guarantee contracts(*)
            105,091       54,310       3,495,437       121,222       3,776,060  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            38,272,106       28,426,660       53,255,620       39,896,178       159,850,564  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*)
This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2021 and 2022 are ₩80,841 million and ₩67,240 million, respectively.
 
F-19
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022. 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 2022 in detail are as follows:
 
         
2021
 
Type
       
Less than

1 year
   
1~5 Years
   
More than

5 years
   
Other(*)
   
Total
 
                                     
         
In millions of won
 
Cash and cash equivalents
          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  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            12,501,358       1,858,671       1,090,059       1,382,234       16,832,322  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
         
2022
 
Type
       
Less than

1 year
   
1~5 Years
   
More than

5 years
   
Other(*)
   
Total
 
                                     
         
In millions of won
 
Cash and cash equivalents
          3,234,780                                  3,234,780  
Financial assets at fair value through other comprehensive income
                                      502,829       502,829  
Financial assets at amortized cost
            16,762       10,231       5                26,998  
Loans
            132,877       411,594       502,050                1,046,521  
Long-term/short-term financial instruments
            666,758                25       686,297       1,353,080  
Financial assets at fair value through profit or loss
            3,181,791       645       3,535       523,537       3,709,508  
Trade and other receivables
            10,464,191       1,083,593       1,080,831                12,628,615  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
            17,697,159       1,506,063       1,586,446       1,712,663       22,502,331  
           
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
  (*)
The maturities cannot be presently determined.
 
F-19
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 2022 are as follows:
 
          
2021
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
                                                
—Trading
                                                   
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
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             (9,183     (5,592     (35,549     (25,995     (76,319
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     
          
2022
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
                                                               
—Trading
                                                   
Gross settlement
                                                
—Trading and others
             (42,663     (15,225     (171,130     (84,924     (313,942
—Hedging
                      (10,064     (5,176     (10,265     (25,505
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             (42,663     (25,289     (176,306     (95,189     (339,447
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2021 and 2022 are as follows:
 
          
2021
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
                                                
—Trading
                                                   
Gross settlement
                                                
—Trading
             93,554       54,617       202,663       105,856       456,690  
—Hedging
             33,564       65,198       102,760       3,235       204,757  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
             127,118       119,815       305,423       109,091       661,447  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
     
          
2022
 
Type
        
Less than

1 year
   
1~2 Years
   
2~5 Years
   
More than

5 years
   
Total
 
                                      
          
In millions of won
 
Net settlement
                                                
—Trading
                                                   
Gross settlement
                                                
—Trading
             861,621       160,938       (352,657     65,661       735,563  
—Hedging
             134,390       47,502       131,258                313,150  
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
              996,011         208,440        (221,399      65,661        1,048,713   
            
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-19
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(3)
Fair value risk
The fair value of the Company’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 Company’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 Company uses that technique.
For trade receivables and payables, the Company considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting the future contractual cash flows based on current market interest rates applied to similar financial instruments.
 
  (i)
Fair value and book value of financial assets and liabilities as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
Type
         
Book value
    
Fair value
    
Book value
    
Fair value
 
                                    
           
In millions of won
 
Assets recognized at fair value
                                            
Financial assets at fair value through other comprehensive income
            435,107        435,107        502,829        502,829  
Derivative assets (trading)
              443,027        443,027        693,072        693,072  
Derivative assets (hedge designated)
              204,756        204,756        324,952        324,952  
Financial assets at fair value through profit or loss
              1,032,864        1,032,864        3,709,508        3,709,508  
             
 
 
    
 
 
    
 
 
    
 
 
 
              2,115,754        2,115,754        5,230,361        5,230,361  
             
 
 
    
 
 
    
 
 
    
 
 
 
Assets carried at amortized cost
                                            
Financial assets at amortized cost
            25,273        25,273        26,998        26,998  
Loans and receivables
              909,071        909,071        1,013,371        1,013,371  
Trade and other receivables
              10,029,276        10,029,276        12,614,902        12,614,902  
Long-term financial instruments
              450,494        450,494        686,322        686,322  
Short-term financial instruments
              1,278,014        1,278,014        666,758        666,758  
Cash and cash equivalents
              2,635,238        2,635,238        3,234,780        3,234,780  
             
 
 
    
 
 
    
 
 
    
 
 
 
              15,327,366        15,327,366        18,243,131        18,243,131  
             
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities recognized at fair value
                                            
Derivative liabilities (trading)
            56,256        56,256        407,246        407,246  
Derivative liabilities (hedge designated)
              21,775        21,775        25,505        25,505  
             
 
 
    
 
 
    
 
 
    
 
 
 
              78,031        78,031        432,751        432,751  
             
 
 
    
 
 
    
 
 
    
 
 
 
Liabilities carried at amortized cost
                                            
Secured borrowings
            176,358        176,358        102,368        102,368  
Unsecured bond
              73,881,671        69,803,043        105,185,189        96,846,056  
Lease liabilities
              4,410,503        4,410,503        4,163,143        4,163,143  
Unsecured borrowings
              6,471,484        5,938,613        15,282,193        15,280,693  
Trade and other payables(*)
              9,739,421        9,739,421        13,459,320        13,459,320  
Bank overdraft
                                  35,615        35,615  
             
 
 
    
 
 
    
 
 
    
 
 
 
              94,679,437        90,067,938        138,227,828        129,887,195  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
  (*)
Excludes lease liabilities.
 
F-19
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
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 rates used for calculating fair value as of December 31, 2021 and 2022 are as follows:
 
Type
  
2021
    
2022
 
Derivatives
     (-) 0.63% ~ 3.88%        0.60% ~ 7.93%  
Borrowings and debt securities
     (-) 0.30% ~ 4.38%        0.75% ~ 5.84%  
Finance lease
     0.00% ~ 16.83%        0.00% ~ 17.08%  
 
  (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 2022 are as follows:
 
           
2021
 
Type
         
Level 1
    
Level 2
    
Level 3
    
Total
 
                                    
           
In millions of won
 
Financial assets at fair value
                                            
Financial assets at fair value through other comprehensive income
  
 
 
     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  
             
 
 
    
 
 
    
 
 
    
 
 
 
              273,826        1,674,850        167,078        2,115,754  
             
 
 
    
 
 
    
 
 
    
 
 
 
Financial liabilities at fair value
                                            
Derivative liabilities
                      78,031                  78,031  
             
 
 
    
 
 
    
 
 
    
 
 
 
     
           
2022
 
Type
         
Level 1
    
Level 2
    
Level 3
    
Total
 
                                    
           
In millions of won
 
Financial assets at fair value
                                            
Financial assets at fair value through other comprehensive income
  
 
 
     300,057                  202,772        502,829  
Derivative assets
                        1,018,024                  1,018,024  
Financial assets at fair value through profit or loss
                        3,703,179        6,329        3,709,508  
             
 
 
    
 
 
    
 
 
    
 
 
 
              300,057        4,721,203        209,101        5,230,361  
             
 
 
    
 
 
    
 
 
    
 
 
 
Financial liabilities at fair value
                                            
Derivative liabilities
                      432,751                  432,751  
             
 
 
    
 
 
    
 
 
    
 
 
 
 
F-
19
6

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
45.
Risk Management, Continued
 
(3)
Fair value risk, continued
 
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.
Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2021 and 2022 are as follows:
 
         
2021
 
         
Beginning
balance
   
Acquisitions
   
Reclassified
category
   
Valuation
   
Disposal
   
Foreign
currency
translation
and others
   
Ending
balance
 
         
In millions of won
 
Financial assets at fair value
                                                               
Financial assets at fair value through profit or loss Cooperative
 
 
 
    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  
     
         
2022
 
         
Beginning
balance
   
Acquisitions
   
Reclassified
category
   
Valuation
   
Disposal
   
Foreign
currency
translation
and others
   
Ending
balance
 
         
In millions of won
 
Financial assets at fair value
                                                               
Financial assets at fair value through profit or loss Cooperative
 
 
 
    5,797       400                132                         6,329  
Financial assets at fair value through other comprehensive income
                                                               
Unlisted securities
            160,790       9,451                33,237                (1,235     202,243  
Debt securities
            491                         38                         529  

F-197

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
46.
Service Concession Arrangements
 
  (i)
Significant terms and concession period of the arrangement
The Company has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Company 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 Company 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 Company.

  (iii)
Classification method
This project allows PT PLN to acquire ownership of the plant after the end of the 30-years contract period
 
  (iv)
The Company’s expected future collections of service concession arrangements as of December 31, 2022 are as follows:
 
Type
         
Amounts
 
           
In millions of won
 
Less than 1 year
            31,653  
1 ~ 2 years
              31,800  
2 ~ 3 years
              31,728  
Over 3 years
              548,400  
             
 
 
 
              643,581  
             
 
 
 
 
F-
1
9
8

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties
 
(1)
Related parties of the Company as of December 31, 2022 are as follows:
 
Type
  
Related party
Parent
   Republic of Korea government
   
Subsidiaries
(161 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, 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 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., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd. (formerly, 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, KOMIPO Development, LLC (formerly, 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., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.), Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Power Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd.
   
Associates
(96 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., Daeryun Power Co., Ltd., KNH Solar Co., Ltd.,
S-Power
Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, 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., Hansuwon KNP 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., 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., 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., Boulder Solar III, LLC, PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., SC E&G. Co,. Ltd., Wang San Engineering. Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc.
 
F-
199

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(1)
Related parties of the Company as of December 31, 2022 are as follows, continued:
 
Type
  
Related party
Joint ventures
(105 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 A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd.,
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21,
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Songsan Green Energy Co., Ltd., Changwon Nu-ri Energy Co., Ltd., Hasami Wind Farm Corporation, PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA
   
Other
   Korea Development Bank
 
F-20
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(2)
Transactions between the Company and its subsidiaries are eliminated during the consolidation and are not disclosed in
notes.
 
(3)
Related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows:
<Sales and Others>
 
 
  
 
  
 
 
  
Sales and others
 
Company name
  
Transaction type
  
 
 
  
2020
 
  
2021
 
  
2022
 
 
  
 
  
 
 
  
In millions of won
 
<Associates>
  
  
  
  
  
Dongducheon Dream Power Co., Ltd.
   Electricity sales             7,757        19,923        8,942  
Saemangeum Sebit Power Plant Co., Ltd.
   Electricity sales                                   1,418  
Korea Gas Corporation
   Electricity sales               97,685        96,362        155,309  
Daejung Offshore Wind Power Co., Ltd.
   Electricity sales               32        46        46  
Daegu Photovoltaic Co., Ltd.
   Electricity sales               325        207        268  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
   Electricity sales               2        2        2  
Korea Electric Power Industrial Development Co., Ltd.
   Service               10,833        11,208        10,369  
Goseong Green Power Co., Ltd.
   Fuel sales               47,701        514,470        1,062,108  
Gangneung Eco Power Co., Ltd.
   Fuel sales               10,178        14,200        459,404  
Shin Pyeongtaek Power Co., Ltd.
   Electricity sales               20,791        23,501        27,486  
Noeul Green Energy Co., Ltd.
   Electricity sales               30        30        9,396  
Samcheok Eco Materials Co., Ltd.
   Electricity sales               700        620        546  
YTN Co., Ltd.
   Electricity sales               1,805        1,922        2,180  
Busan Green Energy Co., Ltd.
   Electricity sales               34        49        5,055  
Gunsan Bio Energy Co., Ltd.
   Electricity sales               102        20            
Korea Electric Vehicle Charging Service (*2)
   Electricity sales               1,956        3,039        3,686  
Energy Infra Asset Management Co., Ltd.
   Electricity sales                         4,629            
Gangwon Wind Power Co., Ltd.
   Electricity sales               2,109        1,865        1,549  
Gwangyang Green Energy Co., Ltd.
   Electricity sales               23        486        1,848  
Bigeum Resident Photovoltaic Power Co., Ltd.
   Electricity sales               85        755        660  
Hyundai Green Power Co., Ltd.
   Electricity sales
and design
service
              17,257        11,934        7,063  
Korea Power Exchange
   Service               25,919        39,796        16,596  
Taebaek Wind Power Co., Ltd.
   Service               226        44        861  
Taebaek Guinemi Wind Power Co., Ltd.
   Electricity sales               37        26            
Pyeongchang Wind Power Co., Ltd.
   Electricity sales               2,064        1,180        1,323  
Daeryun Power Co., Ltd.
   Electricity sales               1,947        1,944        2,016  
Changjuk Wind Power Co., Ltd. (*)
   Electricity sales               2,067        463        1,350  
GS Donghae Electric Power Co., Ltd.
   Electricity sales               31,557        21,127        5,238  
KNH Solar Co., Ltd.
   Electricity sales               16        14        13  
S-Power Co., Ltd.
   Service               6,682        5,229        4,588  
Chuncheon Green Energy Co., Ltd.
   Electricity sales                                   2  
PND solar Co., Ltd.
   Electricity sales               409        416        427  
Hyundai Eco Energy Co., Ltd.
   Electricity sales               167        187        277  
YeongGwang Yaksu Wind Electric Co., Ltd.
   Electricity sales               77        78        66  
Taebaek Gadeoksan Wind Power Co., Ltd.
   Electricity sales                         295        1,952  
Korea Energy Solutions Co., Ltd.
   Electricity sales               7        2        2  
ITR Co., Ltd.
   Service                         3        6  
Structure test network Co., Ltd.
   Service                         5        7  
 
F-20
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
<Sales and Others>, continued
 
 
  
 
  
 
 
  
Sales and others
 
Company name
  
Transaction type
  
 
 
  
2020
 
  
2021
 
  
2022
 
 
  
 
  
 
 
  
In millions of won
 
<Associates>
  
  
  
  
  
Namjeongsusang Solar Power Operation Co., Ltd.
   Electricity sales             14        22        21  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
   Service               291        399        394  
Bitgoel Eco Energy Co., Ltd.
   Electricity sales                         282        1,397  
Jeju Gimnyeong Wind Power Co., Ltd.
   Electricity sales                                   367  
Seoroseoro Sunny Power Plant Co., Ltd.
   Electricity sales                                   1  
Muan Solar park Co., Ltd.
   Electricity sales               57        232        950  
YuDang Solar Co., Ltd.
   Electricity sales                                   160  
Anjwa Smart Farm & Solar City Co., Ltd.
   Electricity sales                         624        1,068  
Daewon Green Energy Co., Ltd.
   Electricity sales                         155        185  
Saemangeum Heemang Photovoltaic Co., Ltd.
   Electricity sales                         13        5,740  
UD4M Co., Ltd.
   Electricity sales                         4        2  
Dongbu Highway Solar Co., Ltd.
   Electricity sales                         5        8  
Seobu Highway Solar Co., Ltd.
   Electricity sales                         8        8  
SureDataLab Co., Ltd.
   Electricity sales                         1        1  
Suwon New Power Co., Ltd.
   Electricity sales               2,974        1,820        118  
Hankook Electric Power Information Co., Ltd.
   Electricity sales                         1         
Kosture Co., Ltd.
   Electricity sales                         1        5  
PlatformN. Co., Ltd.
   Others                                   14  
Muan Sunshine Solar Power Plant Co., Ltd.
   Electricity sales               30        52        17  
Gangneung Sacheon Fuel Cell Co., Ltd.
   Electricity sales                                   151  
12 Associates (Overseas)
   Electricity sales               66,755        125,723        548,507  
           
<Joint ventures>
                                        
Seobusambo highway photovoltaics Co., Ltd.
   Electricity sales                                   3  
Naepo Green Energy Co., Ltd.
   Electricity sales               217        467        761  
Cheongna Energy Co., Ltd.
   Others               13,791        16,469        39,802  
Dayone Energy Co., Ltd.
   Service               4,816        8,159        7,761  
Daegu Green Power Co., Ltd.
   Electricity sales               1,285        1,053        1,190  
Prime Swedish Holding AB
   Electricity sales                                   284  
KAPES, Inc.
   Commission               476        413        450  
Honam Wind Power Co., Ltd.
   Electricity sales               502        71        242  
Jeongam Wind Power Co., Ltd.
   Electricity sales
and others
              1,213        588            
Korea Power Engineering Service Co., Ltd.
   Service               203        339        268  
Seokmun Energy Co., Ltd.
   Service               1,932        1,701        1,685  
Incheon New Power Co., Ltd.
   Construction
revenue
              14        14        14  
Chun-cheon Energy Co., Ltd.
   Electricity sales               2,657        2,329        2,505  
Yeonggwangbaeksu Wind Power Co., Ltd.
   Electricity sales               1,788        1,836        1,898  
Yeonggwang Wind Power Co., Ltd.
   Electricity sales               793        818        871  
Western Power Changgi Solar Co., Ltd. (formerly,
Sam-Yang
Photovoltaic Power Co.,
Ltd.) (*1)
   Electricity sales               33        1,920            
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
   Service               1,388        1,727        1,415  
 
F-20
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
<Sales and Others>, continued
 
 
  
 
  
 
 
  
Sales and others
 
Company name
  
Transaction type
  
 
 
  
2020
 
  
2021
 
  
2022
 
 
  
 
  
 
 
  
In millions of won
 
KW Nuclear Components Co., Ltd.
   Service             1,639        2,598        1,624  
KEPCO-Uhde Inc.
   Electricity sales               8        10        12  
Busan Shinho Solar Power Co., Ltd.
   Electricity sales               353        376        502  
Goheung New Energy Co., Ltd.
   Electricity sales                                   141  
Gunsan Land Solar Co., Ltd.
   Electricity sales                                   518  
Daesan Green Energy Co., Ltd.
   Electricity sales               703        523        394  
Cheong-Song Noraesan Wind Power Co., Ltd.
   Electricity sales               29        30        698  
Chungsongmeon BongSan wind power Co., Ltd.
   Electricity sales                         1        1  
Saemangeum Solar Power Co., Ltd.
   Service               2,846        1,141        100  
Dangjin Eco Power Co., Ltd.
  
Electricity sales
           
 
33
 
  
 
32
 
  
 
32
 
Energyco Co., Ltd.
  
Electricity sales
           
 
  
 
  
 
1
 
  
 
463
 
Hapcheon Floating Photovoltaic Power Plant Inc.
  
Electricity sales
           
 
  
 
  
 
  
 
  
 
544
 
Busan Industrial Solar Power Co., Ltd.
  
Electricity sales
           
 
  
 
  
 
9
 
  
 
14
 
Bitsolar Energy Co., Ltd.
  
Electricity sales
           
 
42
 
  
 
296
 
  
 
498
 
Omisan Wind Power Co., Ltd.
  
Electricity sales
           
 
  
 
  
 
1
 
  
 
1
 
Haemodum Solar Co., Ltd.
  
Electricity sales
           
 
4
 
  
 
6
 
  
 
42
 
Yeongam Solar Power Co., Ltd.
  
Electricity sales
           
 
165
 
  
 
339
 
  
 
379
 
Solaseado Solar Power Co., Ltd.
  
Electricity sales
           
 
66
 
  
 
2,890
 
  
 
1,851
 
Cheongju Eco Park Co., Ltd.
  
Electricity sales
           
 
  
 
  
 
  
 
  
 
204
 
Enel X Midland Photovoltaic, LLC
  
Electricity sales
           
 
  
 
  
 
  
 
  
 
12
 
Eumseong Eco Park Co., Ltd.
   Electricity sales                                   2  
Geumsungsan Wind Power Co., Ltd.
   Electricity sales                                   7  
37 Joint ventures (Overseas)
  
Electricity sales
           
 
831,596
 
  
 
773,291
 
  
 
606,513
 
           
<Others>
                                        
Korea Development Bank
   Electricity sales               4,248        4,177        4,134  
     Interest income               3,461        756        2,222  
 
F-20
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
 
<Purchase and Others>
 
             
Purchase and others
 
Company name
 
Transaction type
       
2020
   
2021
   
2022
 
             
In millions of won
 
<Associates>
                           
Dongducheon Dream Power Co., Ltd.
 
Electricity sales
          552,692       750,148       2,244,332  
Saemangeum Sebit Power Plant Co., Ltd.
 
Electricity sales
                              23,159  
Korea Gas Corporation
 
Fuel purchase
            3,270,972       5,646,713       11,996,402  
Daegu Photovoltaic Co., Ltd.
 
Electricity sales
            3,313       3,532       4,744  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
 
Electricity sales
            370       393       563  
Korea Electric Power Industrial Development Co., Ltd.
 
Service
            212,366       241,925       251,468  
Goseong Green Power Co., Ltd.
 
Electricity sales
                     987,540       1,905,502  
Shin Pyeongtaek Power Co., Ltd.
 
Electricity sales
            520,737       653,306       957,294  
Noeul Green Energy Co., Ltd.
 
Electricity sales
            10,634       10,014       14,176  
Samcheok Eco Materials Co., Ltd.
 
Electricity sales
            10,713       13,612       12,019  
YTN Co., Ltd.
 
Electricity sales
            353       388       304  
Busan Green Energy Co., Ltd.
 
Electricity sales
            18,678       18,996       26,219  
Korea Electric Vehicle Charging Service (*2)
 
Electricity sales
            581       393           
Energy Infra Asset Management Co., Ltd.
 
Service
                     2,657       2,779  
Yaksu ESS Co., Ltd.
 
Electricity sales
            217       1,715       851  
Gangwon Wind Power Co., Ltd.
 
Electricity sales
            23,350       19,623       40,130  
Goesan Solar park Co., Ltd.
 
Electricity sales
                     6,209       7,642  
Korea Power Exchange
 
Service
            87,361       86,716       93,817  
Taebaek Wind Power Co., Ltd.
 
Service and REC
            4,003       5,930       7,442  
Taebaek Guinemi Wind Power Co., Ltd.
 
Electricity sales
            5,023       5,910       6,793  
Pyeongchang Wind Power Co., Ltd.
 
Design service and others
            3,969       4,099       3,884  
Daeryun Power Co., Ltd.
 
Electricity sales
            99,523       157,234       428,534  
Changjuk Wind Power Co., Ltd. (*1)
 
Electricity sales
            6,084       6,213       9,027  
GS Donghae Electric Power Co., Ltd.
 
Electricity sales
            660,351       760,377       1,035,263  
KNH Solar Co., Ltd.
 
Electricity sales
            3,564       3,222       4,348  
S-Power
Co., Ltd.
 
Service
            293,515       608,530       1,091,741  
PND Solar Co., Ltd.
 
Electricity sales
            5,234       5,502       6,173  
Hyundai Eco Energy Co., Ltd.
 
Electricity sales
            17,777       25,762       29,209  
YeongGwang Yaksu Wind Electric Co., Ltd.
 
Electricity sales
            9,151       11,729       7,382  
Taebaek Gadeoksan Wind Power Co., Ltd.
 
Electricity sales
                     16,360       25,880  
Korea Energy Solutions Co., Ltd.
 
Electricity sales
                              102  
Green Energy Electricity Generation Co., Ltd.
 
Electricity sales
                     1,238       2,962  
Namjeongsusang Solar Power Operation Co., Ltd.
 
Electricity sales
                     14,286       9,491  
Bitgoel Eco Energy Co., Ltd.
 
Service and others
                              930  
Jeju Gimnyeong Wind Power Co., Ltd.
 
Electricity sales
                     12,833       12,364  
Seoroseoro Sunny Power Plant Co., Ltd.
 
REC and others
                     217       1,138  
Muan Solar Park Co., Ltd.
 
REC and others
                     31,017       17,052  
YuDang Solar Co., Ltd.
 
REC and others
                     3,495       1,915  
Anjwa Smart Farm & Solar City Co., Ltd.
 
Electricity sales
                     24,601       16,942  
Daewon Green Energy Co., Ltd.
 
Others
                              42,651  
Saemangeum Heemang Photovoltaic Co., Ltd.
 
Electricity sales
                              1,039  
G.GURU Co., Ltd.
 
Electricity sales
                              452  
UD4M Co., Ltd.
 
Electricity sales
                              313  
Dongbu Highway Solar Co., Ltd.
 
Electricity sales
                     2,605       3,516  
Seobu Highway Solar Co., Ltd.
 
Electricity sales
                     2,936       3,452  
Gwangbaek Solar Power Investment Co., Ltd.
  Electricity sales             373       742       602  
PlatformN. Co., Ltd.
  Others                            475  
 
F-20
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2020, 2021 and 2022 are as follows, continued:
<Purchase and Others>, continued
 
             
Purchase and others
 
Company name
 
Transaction type
       
2020
   
2021
   
2022
 
             
In millions of won
 
<Associates>
                           
Muan Sunshine Solar Power Plant Co., Ltd.
  Electricity sales                    15,900       19,514  
12 Associates (Overseas)
  Electricity sales                      502       101,790  
           
<Joint ventures>
                           
Seobusambo highway photovoltaics Co., Ltd.
  Electricity sales                               103  
Cheongna Energy Co., Ltd.
  Service             66       57       80  
Dayone Energy Co., Ltd.
  Service             1,120       5,409       13,872  
Daegu Green Power Co., Ltd.
  Electricity sales             215,224       289,052       508,601  
KAPES, Inc.
  Commission             219,673       64,140       9,306  
Honam Wind Power Co., Ltd.
  Electricity sales             4,382       4,807       7,662  
Jeongam Wind Power Co., Ltd.
  Electricity sales             5,982       3,145           
Korea Power Engineering Service Co., Ltd.
  Service             1,594       1,315       830  
Seokmun Energy Co., Ltd.
  Service             33,164       44,315       60,799  
Chun-cheon Energy Co., Ltd.
  Electricity sales             222,069       327,536       585,689  
Yeonggwangbaeksu Wind Power Co., Ltd.
  Electricity sales             11,232       9,471       13,990  
Yeonggwang Wind Power Co., Ltd.
  Electricity sales             24,103       21,004       31,221  
Western Power Changgi Solar Co., Ltd. (formerly,
Sam-Yang
Photovoltaic Power Co., Ltd.) (*1)
  Electricity sales             3,848       5,852           
KW Nuclear Components Co., Ltd.
  Service                      96       9,504  
Busan Shinho Solar Power Co., Ltd.
  Electricity sales             7,296       7,895       10,601  
Global Trade Of Power System Co., Ltd.
  Service             337       323       715  
Expressway Solar-light Power Generation Co., Ltd.
  Electricity sales             2,472       3,146       4,016  
Gunsan Land Solar Co., Ltd.
  Electricity sales                               533  
Daesan Green Energy Co., Ltd.
  Electricity sales             104,854       146,776       129,736  
Cheong-Song Noraesan Wind Power Co., Ltd.
  Electricity sales                               980  
Saemangeum Solar Power Co., Ltd.
  Electricity sales                      5       1  
Dangjin Eco Power Co., Ltd.
  Electricity sales             3,953       4,139       5,696  
Energyco Co., Ltd.
  Electricity sales                               7,898  
Hapcheon Floating Photovoltaic Power Plant Inc.
  Service and REC                               2,526  
Busan Industrial Solar Power Co., Ltd.
  Electricity sales             19       2,815       4,575  
Bitsolar Energy Co., Ltd.
  Electricity sales                      5,703       13,030  
Omisan Wind Power Co., Ltd.
  Electricity sales                      7           
Haemodum Solar Co., Ltd.
  Electricity sales             967       1,625       2,168  
Yeongam Solar Power Co., Ltd.
  Electricity sales             32,208       47,805       44,745  
Samsu Wind Power Co., Ltd.
  Electricity sales                      2,800       10,605  
Solaseado Solar Power Co., Ltd.
  Electricity sales             28,516       31,031       28,698  
Cheongju Eco Park Co., Ltd.
  Electricity sales                               94,409  
Enel X Midland Photovoltaic, LLC
  Electricity sales                               1,871  
37 Joint ventures (Overseas)
  Electricity sales             14,767       54,135       16,859  
           
<Others>
                                   
Korea Development Bank
  Interest expense             3,872       2,756       4,208  
    Dividends paid             17       256,862       12  
 
(*1)
Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.
 
(*2)
The Company has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.
 
F-20
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2021 and 2022 are as follows:
 
             
Receivables
   
Payables
 
Company name
 
Type
       
2021
   
2022
   
2021
   
2022
 
                                   
             
In millions of won
 
<Associates>
                                 
Dongducheon Dream Power Co., Ltd.
  Trade receivables           6,282       592       —         —    
   
Non-trade
receivables and others
            493       270       —         —    
    Trade payables             —         —         114,613       293,256  
Saemangeum Sebit Power Plant Co., Ltd.
  Non-trade receivables and others                      653       —         —    
Korea Gas Corporation (*1)
  Trade receivables             10,015       12,415       —         —    
   
Non-trade
receivables and others
            187       54,232       —         —    
    Trade payables             —         —         800,509       1,882,607  
   
Non-trade
payables and others
            —         —         759       1,294  
Daejung Offshore Wind Power Co., Ltd.
 
Non-trade
receivables and others
            77       123       —         —    
Daegu Photovoltaic Co., Ltd.
  Trade payables             —         —         115       135  
    Non-trade payables and others             —         —                  2  
Korea Electric Power Industrial Development Co., Ltd.
  Trade receivables             269       164       —         —    
   
Non-trade
receivables and others
            15       2       —         —    
    Trade payables             —         —         873       150  
   
Non-trade
payables and others
            —         —         5,880       9,588  
Goseong Green Power Co., Ltd.
  Trade receivables             495       76,254       —         —    
   
Non-trade
receivables and others
            76,855       14       —         —    
    Trade payables             —         —         218,627       182,095  
   
Non-trade
payables and others
            —         —         59,987       52,515  
Gangneung Eco Power Co., Ltd.
  Trade receivables             826       19,364       —         —    
   
Non-trade
receivables and others
            465       478       —         —    
   
Non-trade
payables and others
            —         —         97       94  
Shin Pyeongtaek Power Co., Ltd.
  Trade receivables             1,788       7,375       —         —    
   
Non-trade
receivables and others
            3,116       1,068       —         —    
    Trade payables             —         —         79,828       109,274  
   
Non-trade
payables and others
            —         —         99       101  
Noeul Green Energy Co., Ltd.
  Trade receivables             3       3       —         —    
   
Non-trade
receivables and others
            1,169       9,365       —         —    
    Non-trade payables and others             —         —                  2,468  
Samcheok Eco Materials Co., Ltd.
  Trade receivables             52       46       —         —    
YTN Co., Ltd.
  Trade receivables             99       112       —         —    
Busan Green Energy Co., Ltd.
  Trade receivables             1       1       —         —    
   
Non-trade
receivables and others
            20,658       26,681       —         —    
    Non-trade payables and others             —         —                  4,415  
Gunsan Bio Energy Co., Ltd.
 
Non-trade
receivables and others
            11,728       11,728       —         —    
Korea Electric Vehicle Charging Service (*4)
  Trade receivables             193                —         —    
   
Non-trade
receivables and others
            120                —         —    
Yaksu ESS Co., Ltd.
  Trade payables             —         —         1,374           
Gangwon Wind Power Co., Ltd.
  Trade receivables             8       6       —         —    
    Trade payables             —         —         4,293       5,197  
Gwangyang Green Energy Co., Ltd.
 
Non-trade
receivables and others
            532       1,436       —         —    
Bigeum Resident Photovoltaic Power Co., Ltd.
  Trade receivables             922       343       —         —    
    Non-trade receivables and others                      516       —         —    
Goesan Solar park Co., Ltd.
  Trade payables             —         —         73       346  
Hyundai Green Power Co., Ltd.
  Trade receivables             229       839       —         —    
Korea Power Exchange
  Trade receivables             627       223       —         —    
   
Non-trade
receivables and others
            1,300                —         —    
   
Non-trade
payables and others
            —         —         2,189       2,405  
Taebaek Wind Power Co., Ltd.
  Trade payables             —         —         560       680  
   
Non-trade
payables and others
            —         —         262       178  
Taebaek Guinemi Wind Power Co., Ltd.
  Trade payables             —         —         670       885  
Pyeongchang Wind Power Co., Ltd.
  Trade receivables             4       3       —         —    
   
Non-trade
payables and others
            —         —                  211  
Daeryun Power Co., Ltd.
  Trade receivables             213       195       —         —    
    Trade payables             —         —         21,362       55,725  
Changjuk Wind Power Co., Ltd. (*3)
  Trade payables             —         —         724           
   
Non-trade
payables and others
            —         —         295           
 
F-2
0
6

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2021 and 2022 are as follows, continued:
 
             
Receivables
   
Payables
 
Company name
 
Type
       
2021
   
2022
   
2021
   
2022
 
                                   
             
In millions of won
 
<Associates>
                                 
GS Donghae Electric Power Co., Ltd. (*2)
  Trade receivables           383       872       —         —    
    Non-trade receivables and others             272       1,558       —         —    
    Trade payables             —         —         113,529       72,947  
    Non-trade payables and others             —         —         17       14,565  
KNH Solar Co., Ltd.
  Trade receivables             1       1       —         —    
S-Power
Co., Ltd.
  Trade receivables             82       77       —         —    
   
Non-trade
receivables and others
            48       44       —         —    
    Trade payables             —         —         91,277       135,504  
    Non-trade payables and others             —         —                  11  
PND solar Co., Ltd.
  Trade payables             —         —                  210  
Hyundai Eco Energy Co., Ltd.
  Trade receivables             19       22       —         —    
    Trade payables             —         —         732       738  
YeongGwang Yaksu Wind Electric Co., Ltd.
  Trade receivables             6       7       —         —    
    Trade payables             —         —                  589  
    Non-trade payables and others             —         —                  2,050  
Taebaek Gadeoksan Wind Power Co., Ltd.
 
Non-trade receivables and others
            119       97       —         —    
   
Trade payables
            —         —         8,397       12,739  
   
Non-trade payables and others
            —         —         1,571       5  
Korea Energy Solutions Co., Ltd.
 
Non-trade payables and others
            —         —                  94  
Namjeongsusang Solar Power Operation Co., Ltd.
 
Trade receivables
                     2       —         —    
Bitgoel Eco Energy Co., Ltd.
 
Non-trade receivables and others
            27       6       —         —    
   
Non-trade payables and others
            —         —                  1,023  
Jeju Gimnyeong Wind Power Co., Ltd
.
 
Non-trade receivables and others
                     130       —         —    

 
Trade payables
            —         —         885       1,758  
Muan Solar park Co., Ltd.
 
Trade receivables
                     25       —         —    
   
Non-trade receivables and others
            23       9       —         —    
Anjwa Smart Farm & Solar City Co., Ltd.
 
Non-trade payables and others
            —         —                  921  
Daewon Green Energy Co., Ltd.
 
Trade receivables
                     1       —         —    
   
Non-trade receivables and others
            94                —         —    
 
 
Trade payables
 
 
 
 
 
 
—         —                  5,485  
Saemangeum Heemang Photovoltaic Co., Ltd.
 
Non-trade
receivables and others
                     3,435       —         —    
   
Non-trade
payables and others
            —         —                  1  
Dongbu Highway Solar Co., Ltd.
  Trade receivables             1       1       —         —    
    Trade payables             —         —         98       2  
   
Non-trade
payables and others
            —         —         90       2  
Seobu Highway Solar Co., Ltd.
  Trade receivables                      1       —         —    
   
Trade payables
            —         —         177       8  
   
Non-trade payables and others
            —         —         105       3  
Gwangbaek Solar Power Investment Co., Ltd.
 
Non-trade payables and others
            —         —                  61  
Suwon New Power Co., Ltd.
 
Non-trade receivables and others
            1,198       1,280       —         —    
Tronix Co., Ltd.
 
Non-trade
receivables and others
                     1       —         —    
KOSTURE Co., Ltd.
  Trade receivables             1       6       —         —    
Muan Sunshine Solar Power Plant Co., Ltd.
  Trade payables             —         —         1,748       3,076  
   
Non-trade
payables and others
            —         —                  1,265  
PlatformN. Co., Ltd.
  Non-trade payables and others             —         —                  232  
8 Associates (Overseas)
  Trade receivables                      93       —         —    
    Non-trade receivables and others             3,196       49,409       —         —    
    Non-trade payables and others             —         —         502       502  
<Joint ventures>
                                           
Naepo Green Energy Co., Ltd.
  Trade receivables             42       169       —         —    
   
Non-trade
payables and others
            —         —                  3  
Dayone Energy Co., Ltd.
  Trade receivables             52       79       —         —    
   
Non-trade
receivables and others
            13,297       10,218       —         —    
    Trade payables             —         —         1,009       1,027  
   
Non-trade
payables and others
            —         —         11,306       9,119  
Daegu Green Power Co., Ltd.
  Trade receivables             71       53       —         —    
   
Non-trade
receivables and others
            55       56       —         —    
    Trade payables             —         —         35,766       66,715  
 
F-2
0
7

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2021 and 2022 are as follows, continued:
 
             
Receivables
   
Payables
 
Company name
 
Type
       
2021
   
2022
   
2021
   
2022
 
                                   
             
In millions of won
 
<Joint ventures>
                                           
KAPES, Inc.
  Trade receivables           2       2       —         —    
   
Non-trade
payables and others
            —         —         2,121       106  
Honam Wind Power Co., Ltd.
  Trade payables             —         —         575       515  
Korea Power Engineering Service Co., Ltd.
  Non-trade receivables and others             48       47       —         —    
   
Non-trade
payables and others
            —         —                  77  
Seokmun Energy Co., Ltd.
  Trade receivables             34       67       —         —    
   
Non-trade
receivables and others
            149       113       —         —    
    Trade payables             —         —         7,941       7,000  
Chun-cheon Energy Co., Ltd.
  Trade receivables             126       124       —         —    
   
Non-trade
receivables and others
            167       165       —         —    
    Trade payables             —         —         41,410       79,117  
Yeonggwangbaeksu Wind Power Co., Ltd.
  Trade receivables             6       8       —         —    
    Non-trade receivables and others             53       166       —         —    
    Trade payables             —         —         1,099       1,076  
Cheongna Energy Co., Ltd.
  Trade receivables             4,164       17,324       —         —    
    Non-trade receivables and others             1,350       1,654       —         —    
   
Non-trade
payables and others
            —         —         1       1  
Yeonggwang Wind Power Co., Ltd.
  Trade receivables             10       12       —         —    
   
Non-trade
receivables and others
            59       62       —         —    
    Trade payables             —         —         730       2,251  
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (*3)
  Trade receivables             5                —         —    
KW Nuclear Components Co., Ltd.
  Trade receivables                      4       —         —    
   
Non-trade
receivables and others
                     18       —         —    
KEPCO-Uhde Inc.
 
Non-trade
payables and others
            —         —         10       10  
Busan Shinho Solar Power Co., Ltd.
  Trade receivables             2       3       —         —    
    Trade payables             —         —         281       304  
Global Trade Of Power System Co., Ltd.
  Non-trade payables and others             —         —         7           
Expressway Solar-light Power Generation Co., Ltd.
  Trade payables             —         —         102       166  
Gunsan Land Solar Co., Ltd.
  Non-trade receivables and others                      138       —         —    
Daesan Green Energy Co., Ltd.
  Trade receivables             11       18       —         —    
   
Non-trade
receivables and others
            120       218       —         —    
    Trade payables             —         —         5,120       4,946  
Cheong-Song Noraesan Wind Power Co., Ltd.
  Trade receivables             2       2       —         —    
Saemangeum Solar Power Co., Ltd.
 
Non-trade
receivables and others
            4,268       4,368       —         —    
Dangjin Eco Power Co., Ltd.
  Trade receivables             3       3       —         —    
    Trade payables             —         —         276       222  
    Non-trade payables and others             —         —                  105  
Hapcheon Floating Photovoltaic Power Plant Inc.
  Trade receivables                      9       —         —    
Busan Industrial Solar Power Co., Ltd.
  Trade receivables             1       2       —         —    
    Trade payables             —         —         54           
    Non-trade receivables and others             —         —         24           
Bitsolar Energy Co., Ltd.
  Non-trade receivables and others             7       222       —         —    
 
 
Trade payables
 
 
 
 
 
 
—         —         —         201
 
    Non-trade payables and others             —         —         54           
Haemodum Solar Co., Ltd.
  Trade receivables             1       1       —         —    
Yeongam Solar Power Co., Ltd.
  Trade receivables             29       44       —         —    
    Trade payables             —         —         3,324       3,655  
Samsu Wind Power Co., Ltd.
  Trade payables             —         —         1,300       1,303  
Solaseado Solar Power Co., Ltd.
  Non-trade receivables and others                      23       —         —    
    Non-trade payables and others             —         —                  2,911  
Cheongju Eco Park Co., Ltd.
 
Trade payables
 
 
 
 
 
 
—         —                  7,994
 
Enel X Midland Photovoltaic, LLC
  Trade receivables                      1       —         —    
    Trade payables             —         —                  3  
Geumsungsan Wind Power Co., Ltd.
  Trade receivables                      3       —         —    
    Non-trade payables and others             —         —                  1  
22 Joint ventures (Overseas)
  Trade receivables             84,150       73,805       —         —    
    Non-trade receivables and others             26,060       71,661       —         —    
    Non-trade payables and others             —         —         22,050       117,754  
 
F-2
0
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2021 and 2022 are as follows, continued:
 
             
Receivables
   
Payables
 
Company name
 
Type
       
2021
   
2022
   
2021
   
2022
 
                                   
             
In millions of won
 
<Others>
                                           
Korea Development Bank
  Accrued interest income           154       5       —         —    
    Non-trade receivables and others             420,732       30,836       —         —    
    Non-trade payables and others             —         —         21,172       101  
    Derivatives             59,139       67,662                3,759  
 
  (*1)
The balance due to the fuel swap with Korea Midland Power Co., Ltd. is included. The total transaction amount is ₩514,405 million on loans and ₩460,903 million on bororrowings.
 
  (*2)
The balance due to the fuel swap with Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd. is included. The total transaction amount is ₩5,590 million on loans and ₩20,113 million on bororrowings.
 
  (*3)
Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.
 
  (*4)
The Company has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.
 
F-2
09

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(5)
Loans and others arising from related party transactions as of December 31, 2021 and 2022 are as follows:
 
Type
  
Company name
       
Beginning
balance
   
Loans
   
Collection
   
Others
   
Ending

balance
 
                                          
              
In millions of won
 
Associates
  
KNOC Nigerian East Oil Co., Ltd.,
KNOC Nigerian West Oil Co., Ltd.
          29,481       104                1,888       31,473  
     (Allowance for doubtful accounts)             (8,241                       (2,510     (10,751
Associates
   Nepal Water & Energy Development Company Private Limited                      19,914                         19,914  
Associates
  
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
            21,456                         1,480       22,936  
Associates
   PT Wampu Electric Power             13,000                (5,233     1,404       9,171  
Associates
   PT Cirebon Energi Prasarana                      28,100                1,469       29,569  
Associates
   Gunsan Bio Energy Co., Ltd.             12,396                                  12,396  
    
(Allowance for doubtful accounts)
         
 
(12,396
 
 
  
 
 
 
  
 
 
 
  
 
 
 
(12,396
Associates
  
Bigeum Resident Photovoltaic Power
Co., Ltd.
            11,212                                  11,212  
Associates
   Daejung Offshore Wind Power Co., Ltd.             1,000                                  1,000  
Associates
   Bitgoel Eco Energy Co., Ltd.             19,349       16,151       (710              34,790  
Associates
   Saemangeum Sebit Power Plant Co., Ltd                      37,249                         37,249  
Joint ventures
   Solaseado Solar Power Co., Ltd.             35,000                                  35,000  
Joint ventures
   Recursos Solares PV de Mexico II, S.A. de C.V.             6,134       1,899                424       8,457  
Joint ventures
   Horus Solar, S.A. de C.V.             16,514       1,695                1,078       19,287  
Joint ventures
   Sunmex Renovables, S.A. de C.V.             13,571       1,913                899       16,383  
Joint ventures
   Kelar S.A.             43,167                         798       43,965  
Joint ventures
   DE Energia SpA             6,791                         469       7,260  
Joint ventures
   Daehan Wind Power PSC             13,674                         944       14,618  
Joint ventures
   PT. Tanjung Power Indonesia             1,090                (1,114     24           
Joint ventures
   Bitsolar Energy Co., Ltd.             3,165                                  3,165  
Joint ventures
   Daesan Green Energy Co., Ltd.                      3,514                         3,514  
Joint ventures
   Nghi Son 2 Power LLC                      185,306                1,429       186,735  
Joint ventures
   Pulau Indah Power Plant Sdn. Bhd.                      10,475                (268     10,207  
Joint ventures
   Guadalupe Solar SpA             3,360                (253     237       3,344  
Joint ventures
  
Foresight Iberian Solar Group Holding,
S.L.
            59,333                         1,969       61,302  
Joint ventures
   Capman Lynx SCA, SICAR             29,770                         1,858       31,628  
     (Allowance for doubtful accounts)                      (4,467                       (4,467
Joint ventures
   S-Power Chile SpA                      253                         253  
                
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
                 318,826       302,106       (7,310     13,592       627,214  
                
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-2
1
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(6)
Borrowings arising from related party transactions as of December 31, 2021 and 2022 are as follows:
 
Related parties
  
Type
         
Beginning

balance
    
Borrowings
    
Repayment
   
Others
   
Ending

balance
 
                                              
                
In millions of won
 
Korea Development Bank
   Facility             98,020        61,092        (64,875     2,347       96,584  
     Others               2,509                  (376              2,133  
     Operating funds               184,300        164,252        (285,961     (158     62,433  
     Syndicated Loans               14,530                  (1,040     (1,035     12,455  
     EBL and others               53,965        76,878        (85,010     3,059       48,892  
                  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
                   353,324        302,222        (437,262     4,213       222,497  
                  
 
 
    
 
 
    
 
 
   
 
 
   
 
 
 
 
F-21
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to related parties as of December 31, 2022 are as follows:
 
Primary guarantor
 
Principal obligor
 
Type of guarantees
 
Credit limit
   
Creditor
           
In millions of won
and thousands of
foreign currencies
     
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
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 4,197,287      
Korea Electric Power Corporation
  RE Holiday Holdings LLC   Performance guarantees(*9)     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(*9)     USD 68,838     Firstar Development, LLC
Korea Electric Power Corporation
  Rabigh Electricity Company   Performance guarantees     SAR 1,509     Hana Bank
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
    USD 393     CFE Transmission
Korea Electric Power Corporation
  Sunmex Renovables, S.A. de C.V.   Other performance guarantees     USD 9,078     CENACE
    MXN 3,666     SEMARNAT
Korea Electric Power Corporation
  International Offshore Power Transmission Holding Company Limited   Performance guarantees     USD 150,000     Mizuho Bank
        Other performance guarantees     USD 7,000     Credit Agricole
Korea Electric Power Corporation
  Pulau Indah Power Plant Sdn. Bhd.(*11)   Collateralized money invested     KRW 13,210     Malaysian Trustee Berhad
Korea Western Power Co., Ltd.
  Cheongna Energy Co., Ltd.   Collateralized money invested     KRW 10,758     Kookmin Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd.
  Xe-Pian Xe-Namnoy Power Co., Ltd.   Collateralized money invested     KRW 115,584     Krung Thai Bank
        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 2,849     Korea Development Bank
Korea Western Power Co., Ltd.
  Dongducheon Dream Power Co., Ltd.   Collateralized money invested(*5)     KRW 52,476     Kookmin Bank and others
        Debt guarantees     KRW 20,300     BNK Securities
Korea Western Power Co., Ltd.
  PT. Mutiara Jawa   Collateralized money invested     KRW 3,597     Woori Bank
Korea Western Power Co., Ltd.
  Haeng Bok Do Si Photovoltaic Power Co., Ltd.   Collateralized money invested     KRW 278     Nonghyup Bank
Korea Western Power Co., Ltd.
  Shin Pyeongtaek Power Co., Ltd.   Collateralized money invested     KRW 133,823     Kookmin Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd.
  Haemodum Solar Co., Ltd.   Collateralized money invested     KRW 3,367     Nonghyup Bank
Korea Western Power Co., Ltd.
  Muan Solar Park Co., Ltd.   Collateralized money invested     KRW 7,838     IBK and others
Korea Western Power Co., Ltd.
  Anjwa Smart Farm & Solar City Co., Ltd.   Collateralized money invested     KRW 8,662     Hana Bank and others
Korea Western Power Co., Ltd.
  Seoroseoro Sunny Power Plant Co., Ltd.   Collateralized money invested     KRW 859     Hana Bank and others
Korea Western Power Co., Ltd.
  YuDang Solar Co., Ltd.   Collateralized money invested     KRW 586     Hana Bank and others
       
Guarantees for supplemental
funding(*1)
            
Korea Western Power Co., Ltd.
  Hapcheon Floating Photovoltaic Power Plant Inc.   Collateralized money invested     KRW 8,471     Nonghyup Bank and others
Korea Western Power Co., Ltd.
  Yeongwol Eco Wind Co., Ltd.   Collateralized money invested     KRW 3,155     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd.
  Gurae Resident Power Co., Ltd.   Collateralized money invested     KRW 391     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd
  Gunsan Land Solar Co., Ltd.   Collateralized money invested     KRW 27,544     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd
  Seobusambo highway photovoltaics Co., Ltd.   Collateralized money invested     KRW 3,067     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea Western Power Co., Ltd
  Eumseong Eco Park Co., Ltd.   Collateralized money invested     KRW 5,557     Kyobo Life Insurance Co., Ltd. and others
        Guarantees for supplemental funding(*1)             
 
F-21
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to related parties as of December 31, 2022 are as follows, continued:
 
Primary guarantor
 
Principal obligor
 
Type of guarantees
 
Credit limit
   
Creditor
           
In millions of won
and thousands of
foreign currencies
     
Korea Western Power Co., Ltd
  PungBack Wind Farm Corporation   Collateralized money invested     KRW 6,743     Hanwha Life Insurance Co., Ltd and others
Korea East-West Power Co., Ltd.
  Busan Shinho Solar Power Co., Ltd.   Collateralized money invested     KRW 6,719     Korea Development Bank and others
Korea East-West Power Co., Ltd.
  Seokmun Energy Co., Ltd.   Collateralized money invested     KRW 17,336     Kookmin Bank and others
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Chun-cheon Energy Co., Ltd.   Collateralized money invested     KRW 32,044     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 4,819     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 260,145     Korea Development Bank and others
Korea East-West Power Co., Ltd.
  Yeonggwangbaeksu Wind Power Co., Ltd.   Collateralized money invested     KRW 3,151     Kookmin Bank and others
Korea East-West Power Co., Ltd.
  Yeonggwang Wind Power Co., Ltd.   Collateralized money invested     KRW 20,713     KDB Capital Corporation and others
Korea East-West Power Co., Ltd.
  Daesan Green Energy Co., Ltd.   Collateralized money invested     KRW 19,218     IBK
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Taebaek Gadeoksan Wind Power Co., Ltd.   Collateralized money invested     KRW 20,040     Hana Bank and others
        Guarantees for supplemental funding(*1)           
 
Korea East-West Power Co., Ltd.
  PT. Tanjung Power Indonesia   Other guarantees     USD 3,150     PT. Adaro Indonesia
        Guarantees for supplemental funding(*1)            Sumitomo mitsui banking and others
        Collateralized money invested     KRW 92,907     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 and others
        Collateralized money invested     KRW 46,437     JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.
  DE Energia SpA   Collateralized money invested     KRW 9,536     Mirae Asset Daewoo Co., Ltd. and others
        Collateralized loans     USD 5,728  
        Payment guarantees(*7)     USD 943     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 10,490     Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.
  Busan Industrial Solar Power Co., Ltd.   Collateralized money invested     KRW 1,168     Shinhan Bank and others
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Yangyang Wind Power Co., Ltd.   Collateralized money invested     KRW 10,864     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Daewon Green Energy Co., Ltd.   Collateralized money invested     KRW 4,485     Hana Bank and others
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Goheung New Energy Co., Ltd.   Collateralized money invested     KRW 3,615     Woori Bank and others
        Guarantees for supplemental funding(*1)             
Korea East-West Power Co., Ltd.
  Seungmun Green Energy   Collateralized money invested     KRW 9,055     Hana Bank and others
Korea Southern Power Co., Ltd.
  KNH Solar Co., Ltd.   Collateralized money invested     KRW 2,883     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 26,727     Korea Development Bank and others
Korea Southern Power Co., Ltd.
  Daegu Green Power Co., Ltd.   Collateralized money invested     KRW 29,360     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 1,800     Shinhan Bank
        Payment guarantees(*6)     USD 1,900     Hana Bank
        Collateralized money invested     KRW 13,923     Standard Chartered
Korea Southern Power Co., Ltd.
  Pyeongchang Wind Power Co., Ltd.   Collateralized money invested     KRW 14,464     Woori Bank and Shinhan Bank and others
        Performance guarantees         
Korea Southern Power Co., Ltd.
  Taebaek Guinemi Wind Power Co., Ltd.   Collateralized money invested     KRW 13,049     IBK
Korea Southern Power Co., Ltd.
  Samcheok Eco Materials Co., Ltd.   Payment guarantees(*2)            SEM Investment Co., Ltd.
 
F-21
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to related parties as of December 31, 2022 are as follows, continued:
 
Primary guarantor
 
Principal obligor
 
Type of guarantees
 
Credit limit
   
Creditor
           
In millions of won
and thousands of
foreign currencies
     
Korea Southern Power Co., Ltd.
  Solaseado Solar Power Co., Ltd.   Collateralized money invested     KRW 12,088     Kookmin Bank and others
Korea Southern Power Co., Ltd.
  Naepo Green Energy Co., Ltd.   Collateralized money invested(8)            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 10,411     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 3,493     Kookmin Bank
        Guarantees for supplemental funding(*1)             
KOSPO Chile SpA
  Kelar S.A.   Collateralized money invested     KRW 117,137     Export-Import Bank of Korea and others
KOSPO Chile SpA
  Chester Solar I SpA   Collateralized money invested     KRW 1,314     IBK
KOSPO Chile SpA
  Chester Solar IV SpA   Collateralized money invested     KRW 181     IBK
KOSPO Chile SpA
  Chester Solar V SpA   Collateralized money invested     KRW 156     IBK
KOSPO Chile SpA
  Diego de Almagro Solar SpA   Collateralized money invested     KRW 540     IBK
KOSPO Chile SpA
  Laurel SpA   Collateralized money invested     KRW 554     IBK
Korea Midland Power Co., Ltd.
  YeongGwang Yaksu Wind Electric Co., Ltd.   Collateralized money invested     KRW 156     IBK and others
Korea Midland Power Co., Ltd.
  Hyundai Green Power Co., Ltd.   Collateralized money invested     KRW 119,791     Korea Development Bank and others
Korea Midland Power Co., Ltd.
  PT. Cirebon Electric Power   Debt guarantees     USD 4,785     Mizuho Bank
Korea Midland Power Co., Ltd.
  PT Wampu Electric Power   Debt guarantees     USD 4,401     SMBC
Korea Midland Power Co., Ltd.
  Green Energy Electricity Generation Co., Ltd.   Collateralized money invested     KRW 1,571     IBK
        Guarantees for supplemental funding and others(*1)            IBK and others
Korea Midland Power Co., Ltd.
  Yaksu ESS Co., Ltd.   Collateralized money invested     KRW 486     IBK
Korea Midland Power Co., Ltd.
  Namjeongsusang Solar Power Operation Co., Ltd.   Collateralized money invested     KRW 373     IBK
Korea Midland Power Co., Ltd.
  Gwangbaek Solar Power Investment Co., Ltd.   Collateralized money invested     KRW 5,133     Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.
  Muan Sunshine Solar Power Plant Co., Ltd.   Collateralized money invested     KRW 2,562     IBK
Korea Midland Power Co., Ltd.
  Goesan Solar park Co., Ltd.   Collateralized money invested     KRW 2,591     IBK
Korea Midland Power Co., Ltd.
  Bitgoel Eco Energy Co., Ltd.   Collateralized money invested     KRW 5,292     IBK and others
        Guarantees for supplemental funding(*1)             
Korea Midland Power Co., Ltd.
  Energyco Co., Ltd.  
Collateralized money invested
Debt guarantees
   
KRW 2,190
KRW 2,746
 
 
 
Nonghyup Bank
Shinhan Bank
Korea Midland Power Co., Ltd.
  Jeju Gimnyeong Wind Power Co., Ltd.   Collateralized money invested     KRW 872     Nonghyup Bank
Korea Midland Power Co., Ltd.
  Dongbu Highway Solar Co., Ltd.   Collateralized money invested     KRW 352     Nonghyup Bank
Korea Midland Power Co., Ltd.
  Seobu Highway Solar Co., Ltd.   Collateralized money invested     KRW 316     Nonghyup Bank
Korea Midland Power Co., Ltd.
  Yeongyang Wind Power Corporation II   Collateralized money invested     KRW 7,461     Korea Development Bank and Samsung Fire & Marine Insurance Co., Ltd.
Korea Midland Power Co., Ltd.
  Haeparang Energy Co., Ltd.  
Collateralized money invested
Guarantees for supplemental funding
   
KRW 2,188
  
 
 
  Templeton hana asset management Co. Ltd
Korea Midland Power Co., Ltd.
  Saemangeum Sebit Power Plant Co., Ltd.   Guarantees for supplemental funding(*1)            Kookmin 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 15,133     UniCredit Bulbank and others
Korea South-East Power Co., Ltd.
  ASM-BG Investicii AD   Collateralized money invested     KRW 14,555     UniCredit Bulbank and others
Korea South-East Power Co., Ltd.
  Expressway Solar-light Power Generation Co., Ltd.   Guarantees for supplemental funding and others     KRW 4,754     Woori Bank
Korea South-East Power Co., Ltd.
  Goseong Green Power Co., Ltd.   Collateralized money invested     KRW 288,893     Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
  Gangneung Eco Power Co., Ltd.   Collateralized money invested            Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
  PND Solar Co., Ltd.   Collateralized money invested     KRW 1,403     IBK
 
F-21
4

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to related parties as of December 31, 2022 are as follows, continued:
 
Primary guarantor
 
Principal obligor
 
Type of guarantees
 
Credit limit
   
Creditor
           
In millions of won
and thousands of
foreign currencies
     
Korea South-East Power Co., Ltd.
  Hyundai Eco Energy Co., Ltd.   Collateralized money invested     KRW 7,631     Samsung Life Insurance and others
Korea South-East Power Co., Ltd.
  Jaeun Resident Wind Power Plant Co., Ltd.   Collateralized money invested     KRW 2,236     IBK
Korea South-East Power Co., Ltd.
  Chungsongmeon BongSan wind power Co., Ltd.   Collateralized money invested     KRW 3,470     Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
  Yeongam Solar Power Co., Ltd.   Collateralized money invested     KRW 9,879     Kookmin Bank and others
Korea South-East Power Co., Ltd.
  Samsu Wind Power Co., Ltd.   Collateralized money invested     KRW 3,205     Shinhan Bank and others
Korea South-East Power Co., Ltd.
  Saemangeum Heemang Photovoltaic Co., Ltd.   Collateralized money invested     KRW 13,010     Woori Bank and others
Korea South-East Power Co., Ltd.
  Nepal Water & Energy Development Company Private Limited   Collateralized money invested     USD 97,105     International Finance Corporation and others
        Business reserve payment guarantee     USD 33,333      
Korea Hydro & Nuclear Power Co., Ltd.
  Noeul Green Energy Co., Ltd.   Collateralized money invested            Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Busan Green Energy Co., Ltd.   Collateralized money invested     KRW 4,396     Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Go deok Clean Energy Co., Ltd.   Collateralized money invested     KRW 4,419     Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Cheong-Song Noraesan Wind Power Co., Ltd.   Collateralized money invested     KRW 4,264     Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Gwangyang Green Energy Co., Ltd.   Collateralized money invested     KRW 25,043     Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Gangneung Sacheon Fuel Cell Co., Ltd.   Collateralized money invested     KRW 4,276     Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Chun-cheon Green Energy Co., Ltd.   Collateralized money invested     KRW 9,156     Hana Bank and others
 
(*1)
The Company 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, 2022, the Company has recognized derivative liabilities of ₩6,760 million related to the guarantee. Meanwhile, the Company 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 Company 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 ₩47,067 million.
 
(*4)
Pursuant to the guarantee agreement, the Company recognized other provisions of ₩7,230 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 Company were pledged as collateral.
 
(*6)
The Company provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).
 
(*7)
This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Company.
 
(*8)
The Company 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 ₩29,200 million.
 
(*9)
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.
 
(*10)
Saemangeum Sebit Power Plant Co., Ltd., the Company’s related party as of December 31, 2022, is raising a fund from kookmin bank and others amounting to KRW 99.9 billion (remaining balance as of December 31, 2022 is KRW 36.5 billion) through project financing commitment. The Company is going to provide the lender a guarantee up to KRW 63.4 billion in the commitment except for KRW 36.5 billion which is a senior loan, as shares of Saemangeum Sebit Power Plant Co., Ltd. owned by the Company at the time of fund-raising.
 
(*11)
The Company 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, 2022.
 
F-21
5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
47.
Related Parties, Continued
 
(8)
Guarantees received from related parties as of December 31, 2022 are as follows
 
Primary Guarantor
 
Type of guarantees
  
 
 
  
Credit limit
 
KAPES, Inc.
 
Performance guarantees
  
 
 
  
 
17,225  
 
 
Defect guarantees
  
     
  
 
2,533  
 
(9)
Derivatives transactions with related parties as of December 31, 2022 are as follows:
 
  (i)
Currency Swap
 
Counterparty
  
Contract
year
           
Contract

amounts
    
Contract interest rate

per annum
          
Contract

exchange

rate
(in won)
 
         
Pay
    
Receive
    
Pay
   
Receive
 
    
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Korea Development Bank
     2019~2024               177,600        USD 150,000        1.24     2.50            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  
       2022~2027                 262,000        USD 200,000        3.63     4.25              1,310.00  
       2020~2026                 118,910        USD 100,000        0.61     1.00              1,189.10  
       2021~2026                 114,230        USD 100,000        1.27     1.25              1,142.30  
       2022~2027                 123,710        USD 100,000        3.41     3.63              1,237.10  
       2018~2023                 320,880        USD 300,000        2.03     3.75              1,069.60  
       2022~2025                 128,560        USD 100,000        3.37     4.13              1,285.60  
       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  
       2022~2025                 252,360        USD 200,000        2.83     3.60              1,261.80  
 
  (ii)
Currency forward
 
Counterparty
  
Contract

date
    
Maturity

date
           
Contract amounts
           
Contract

exchange

rate
(in won)
 
         
Pay
    
Receive
 
    
In millions of won and thousands of USD except contract exchange rate information
 
Korea Development Bank
     2022.12.19        2023.01.26               26,010        USD 20,000               1,300.50  
 
(10)
The Company 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 Company recorded salaries and other compensations related to the key management personnel as follows:
 
Type
         
2020
    
2021
    
2022
 
           
In millions of won
 
Salaries
            1,295        1,272        1,026  
Retirement benefits
              58        21        58  
             
 
 
    
 
 
    
 
 
 
                       1,353                 1,293                 1,084  
             
 
 
    
 
 
    
 
 
 
 
F-2
1
6

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
48.
Statement of Cash Flows
 
(1)
Significant
non-cash
transactions for the years ended December 31, 2020, 2021, and 2022 are as follows:
 
Transactions
         
2020
    
2021
    
2022
 
           
In millions of won
 
Transfer from
construction-in-progress
to other assets
            10,189,527        12,902,589        13,723,972  
Recognition of asset retirement cost and related provision for decommissioning costs
              895,507        2,356,805        3,497,866  
Transfer from provision for disposal of spent nuclear fuel to accrued expenses
              395,921        455,401        417,687  
Transfer from long-term borrowings and debt securities to current portion of
long-term
borrowings and debt securities
              9,237,883        11,109,271        13,838,578  
Transfer from inventory to stored nuclear fuel
              1,055,974        908,842        738,720  
Transfer of
right-of-use
assets due to change in accounting policy and others
              291,334        78,213        197,016  
 
(2)
Changes in liabilities incurred from financing activities for the years ended December 31, 2021, and 2022 are as follows:
 
           
2021
 
                        
Non-cash
changes
        
           
Beginning
balance
    
Cash flows
   
Increase
    
Effect of
exchange rate

fluctuations
and others
    
Ending
balance
 
           
In millions of won
 
Borrowings and debt securities
            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  
             
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
              74,345,677        9,081,358       73,090           1,439,891        84,940,016  
             
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
     
           
2022
 
                        
Non-cash
changes
        
           
Beginning
balance
    
Cash flows
   
Increase
    
Effect of
exchange rate

fluctuations
and others
    
Ending
balance
 
           
In millions of won
 
Borrowings and debt securities
            80,529,513        39,193,815                 882,037        120,605,365  
Lease liabilities
              4,410,503        (562,647     109,019        206,268        4,163,143  
             
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
              84,940,016        38,631,168       109,019        1,088,305        124,768,508  
             
 
 
    
 
 
   
 
 
    
 
 
    
 
 
 
 
F-2
1
7

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
49.
Commitments for Expenditure
 
(1)
The commitments related to acquisition of property, plant and equipment as of December 31, 2021 and 2022 are as follows:
 
           
2021
    
2022
 
Contracts
         
Commitment
amounts
    
Remaining

liability balances
    
Commitment
amounts
    
Remaining
liability balances
 
           
In millions of won
 
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)
            57,046        16,240        57,203        12,595  
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)
              46,616        34,102        50,151        37,638  
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S
              36,143        25,292        37,168        16,788  
Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S
              40,010        5,540                      
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S
              37,744        140        37,744        140  
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others
              56,860        34,576        58,269        3,883  
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S
              32,000        26,700        33,841        25,641  
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        35,949        3,232  
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        202,795        95,428  
Purchase of GIS (362KV, 6300A, 63KA) 19 – Shinyangsan S/S
              31,464        31,464        31,834        17,334  
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)
                                  40,937        3,748  
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)
                                  36,155        10,274  
GIS(362KV,6300A,63KA) 18 – Wolsung S/Y
                                  32,090        32,090  
Purchase of cable (FR CNCO-W,1C,325SQ) 672,300M
                                  31,387        19,213  
Purchase of cable (TR CNCE-W,1C,325SQ) 1,342,000M
                                  75,620        40,497  
Purchase of cable (TR CNCE-W,1C,600SQ) 377,000M
                                  31,851        17,478  
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 2,175,300M
                                  53,064        29,436  
System stabilization ESS equipment (Bubuk S/S) 1 Type
                                  222,300        222,300  
System stabilization ESS equipment (Shinnamwon S/S) Type 1
                                  211,500        211,500  
System stabilization ESS equipment (Yeongcheon S/S) Type 1
                                  73,104        73,104  
Construction of Saeul Units (#3,4)
              9,800,424        3,479,667        9,800,424        2,455,673  
Construction of Shin-Hanul Units (#1,2)
              9,745,123                  10,327,372        97,889  
Other 36 contracts
              792,485        620,593        853,941        425,149  
Service of designing Seoul Combined Units (#1,2)
              31,841        934        31,148            
Purchase of furnace for construction of Shin-Seocheon thermal power plant
              305,209        7,722        305,209        5,132  
Purchase of turbine generator for construction of Shin-Seocheon thermal power plant
              105,226        6,301        107,333        6,214  
Purchase of main machine for Jeju LNG combined
              166,287        10,972        166,287        10,898  
Purchase of equipments for the construction project of Boryeong indoor coal storage yard
              317,350        317,350        318,197        287,965  
Service of designing Taean Units (#9,10)
              112,909        12,623        112,909        12,468  
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant
              126,302        61,735        126,302        32,748  
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant
              214,053        138,244        221,997        38,714  
Construction of Gimpo combined heat & power plant
              130,015        86,323        181,798        56,558  
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant
                                  197,983        197,983  
Construction of Gumi natural gas power plant
                                  204,094        204,094  
Installation of natural gas supply facility at Gumi natural gas power plant
                                  70,620        70,620  
Purchase of coal handling machine for construction of Samcheok Units (#1,2)
              286,571        6,215        299,048        6,687  
 
F-2
1
8

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
49.
Commitments for Expenditure, Continued
 
(1)
The commitments related to acquisition of property, plant and equipment as of December 31, 2021 and 2022 are as follows, continued:
 
           
2021
    
2022
 
Contracts
         
Commitment
amounts
    
Remaining

liability balances
    
Commitment
amounts
    
Remaining
liability balances
 
           
In millions of won
 
Purchase of main equipment for Namjeju
              140,144        3        140,144        3  
Purchase of main equipment for Shin-Sejong combined thermal power plant
            234,392        200,122        234,392        32,472  
Purchase of Hadong thermal power indoor carboniferous plant
              148,800        129,042        162,814        105,504  
Purchase of phase 1 power generation facility for Yeongwol fuel cells
              88,449        1,523                      
Purchase of phase 2 power generation facility for Yeongwol fuel cells
                                  86,100        30,527  
Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters
                                  81,960        81,960  
 
(2)
As of December 31, 2022, details of contracts for inventory purchase commitment are as follows:
The Company 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 Company 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
     2022 ~ 2033      26,310 Ton U3O8
Transformed
     2022 ~ 2030      19,012 Ton U
Enrichment
     2022 ~ 2032      21,434 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 Company, is 1,418 Ton U (contract periods :
2014 ~ 2023
).
 
50.
Contingencies and Commitments
 
(1)
Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2021 and 2022 are as follows:
 
    
2021
    
2022
 
    
Number
of cases
    
Claim
amount
    
Number
of cases
    
Claim
amount
 
    
In millions of won
 
As the defendant
     683      689,415        653      981,878  
As the plaintiff
     284        784,453        238        599,809  
As of December 31, 2022, there are 5 ongoing litigations and 1 arbitration case between consolidated entities.
As of December 31, 2022, in connection with Shin-Hanul Unit 3 & 4, the Company 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 Company does not believe that it has a present obligation to this vendor, and that it is probable that the Company will prevail if a lawsuit is filed against the Company. In addition, the Company is unable to reliably estimate the potential economic outflow related to the obligation as of December 31, 2022.
 
F-2
19

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
50.
Contingencies and Commitments, Continued
 
(1)
Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2021 and 2022 are as follows, continued:
 
The Company is the defendant against a number of claims. The following is ongoing claim pertaining to the Company which can potentially be significant:
 
  1)
There are multiple ongoing claims against the Company related to ordinary wages, requesting payment of unpaid wages. The Company believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Company recognized ₩114,937 million as litigation provisions in relation to the lawsuit as of December 31, 2022.
In addition to the abovementioned significant ongoing claims, there are 5 arbitration cases pertaining to the Company as of December 31, 2022 and the significant arbitration cases for the year ended December 31, 2022 are as follows:
 
  1)
In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Company to the Indian Council of Arbitration due to disagreements in the contract, but the Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.
 
(2)
Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows:
 
  1)
The Company has outstanding borrowings with a limit of USD 275,600 thousand from its creditors
including
International Finance Corporation. Regarding the borrowing contract, the Company 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 Company 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 Company has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 5,947 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.
 
  3)
The Company 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.
 
  4)
The Company 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, 2022.
 
  5)
The Company 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.
 
  6)
The Company has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.
 
  7)
The Company has provided the SMBC with the guarantees of mutual investment of USD 4,401 thousand, which is equivalent to the ownership interest of PT Mega Power Mandiri, in order to guarantee the expenses related to hydroelectric power business of Wampu, Indonesia.
 
  8)
The Company has provided USD 50,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.
 
  9)
The Company has provided RBC Community Investments Impact Renewables HoldCo-1, LLC. a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.
 
  10)
The Company has provided USD 54,000 thousand for a performance guarantee to PT. Cirebon Electro Power, to guarantee the Cirebon coal-fired power plant operation and maintenance project in Indonesia.
 
F-22
0

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
50.
Contingencies and Commitments, Continued
 
(2)
Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows, continued:
 
  11)
Nonghyup Bank is providing a payment guarantee of USD 47.85 million to Mizuho Bank, Ltd., a third party, for the guarantee of debt repayment reserves of PT Cirebon Electric Power’s Indonesia Cirebon power plant project.
 
  12)
The Company has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.
 
  13)
The Company 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.
 
  14)
The Company 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.
 
  15)
The Company 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.
 
  16)
The Company has provided Shinhan Bank a debt guarantee up to USD 60,000 thousand (current amount : USD 60,000 thousand) to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.
 
  17)
The Company 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.
 
F-22
1

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
50.
Contingencies and Commitments, Continued
 
(3)
Lines of credit provided by financial institutions as of December 31, 2022 are as follows:
 
Commitments
  
Financial institutions
  
Currency
 
Credit
limit
 
  
Used amount
 
 
  
 
  
 
 
 
 
  
 
 
 
  
In millions of won and thousands of foreign currencies
 
Commitments on Bank-overdraft
   Nonghyup Bank and others    KRW     1,910,500        53,416  
Limit amount available for CP
   Hana Bank and others    KRW     3,250,000        3,250,000  
General Loan, etc.
   Hana Bank and others    KRW     3,000,000        3,000,000  
Limit amount available for card
  
Hana Bank and others
Banco de Oro
  
KRW
PHP
   
47,424
5,000
 
 
    
2,615
3,000
 
 
Loan limit
  
Korea Development Bank and others
DBS Bank Ltd and others
  
KRW
USD
   
2,023,728
1,385,000
 
 
    
1,369,694
143,841
 
 
Certification of payment on payables from foreign country
   Nonghyup Bank    USD     12,028        8,040  
Certification of payment on L/C
   Credit Agricole and others    USD     1,317,245        402,677  
   Kookmin Bank and others    EUR     48,122        31,472  
     Shinhan Bank    JPY     481,785            
Certification of Performance guarantee on contract
s
   Hana Bank and others    KRW     127,606        106,020  
     First Abu Dhabi Bank and others    USD     1,092,590        788,404  
     Korea Development Bank and others    JPY     620,000        620,000  
     Hana Bank and others    EUR     3,965        3,965  
     Shinhan Bank    INR     44,872            
     Hana Bank    SAR     1,509        1,509  
Certification of bidding
   Hana Bank    USD     5,200            
     Export-Import Bank of Korea    EUR     10,000        10,000  
Advance payment bond, Warranty bond, Retention bond and others
   Export-Import Bank of Korea    KRW     106,776        75,900  
     Hana Bank and others    USD     306,251        282,224  
     Hana Bank and others    MXN     21,597        20,027  
Others
   Nonghyup Bank and others    KRW     1,216,250        300,936  
     Export-Import Bank of Korea and others    USD     733,318        510,094  
     Standard Chartered    AED     50        50  
     Shinhan Bank    SAR     3,000        3,000  
Inclusive credit
   Hana Bank    KRW     8,000        667  
     Kookmin Bank    USD     135,000        45,909  
     Hana Bank    INR               323,837  
Equity Bridge Loan Guarantee
   Mizuho Bank and others    USD     1,685,955        1,141,788  
Trade finance
   Export-Import Bank of Korea and others    USD     970,000            
 
F-22
2

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
50.
Contingencies and Commitments, Continued
 
(4)
As of December 31, 2022, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows:
 
Obligor
  
Creditor
  
Assets provided as security
  
Currency
 
Amount
 
  
Description
 
  
 
  
 
  
 
 
 
 
  
 
 
  
In millions of won and thousands of foreign currencies
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
 
 
744,120
 
  
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
 
 
136,623
 
  
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)
K-Solar Shinan Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)
  
Kyobo Life Insurance Co., Ltd. and others
   Property, plant and equipment and others   
KRW
 
    329,736      Collateral for borrowings(*2)
Jeongam Wind Power Co., Ltd.
  
KDB Capital Corporation and others
  
Cash and cash equivalents and others
  
KRW
    235,809      Collateral for borrowings(*2)
 
(*1)
This is based on the amount of loan commitment limit.
 
(*2)
As of December 31, 2022, the Company has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.
The Company has ₩1,197 million of project loans from the Korea Energy Agency as of December 31, 2022. The Company has provided a promissory note as a repayment guarantee.
 
F-22
3

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
50.
Contingencies and Commitments, Continued
 
(4)
As of December 31, 2022, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows, continued:
 
(5)
The Company temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of ₩66,879 million as of December 31, 2022, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ₩1,683 million and depreciation on the idle assets of ₩3,635 million are recorded in other expenses for the year ended December 31, 2022. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Company is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2022.
 
(6)
Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Company can exercise the property rights for the Company’s facility in the Gaeseong Industrial District as of December 31, 2022. The book value of facility is ₩12,967 million and trade receivables related to the companies residing in Gaeseong industrial complex has been fully written-off during the year ended December 31, 2022. The outcome of this event cannot be reasonably estimated as of December 31, 2022.
 
(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 Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2022.
 
(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 Company was unable to reasonably estimate the impact of
COVID-19
and the impact of the government support policies on the Company’s consolidated financial statements as of December 31, 2022, 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 Company, government, and local government may contribute to the fund. The Company will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.
 
(10)
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 Company cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.
 
(11)
The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalization of the global economy. Global Minimum Tax (Pillar Two) were released and they apply to Multinational Enterprises (MNEs) with revenue in excess of EUR 750 million per their consolidated financial statements. National Assembly of South Korea passed the new Global Minimum Tax rules to align with the OECD BEPS Pillar Two in December 2022. The regulation will be included in the Adjustment of International Taxes Act and will be effective for fiscal years beginning on or after January 1, 2024. However, the Enforcement Decrees that provide further detail on the application of the legislation is only expected to be finalized later in 2023. In South Korea, Pillar Two legislation is not yet considered substantively enacted as of December 31, 2022 for
IA
S 1012 purposes. The Company therefore has not recognized any tax effect arising from the Global Minimum Tax in its consolidated financial statements as of December 31, 2022 and for the year then ended.
 
F-22
4

Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
51.
Subsequent Events
 
(1)
Subsequent to December 31, 2022, KEPCO and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., and Korea Southern Power Co., Ltd. issued corporate bonds for the purposes of operation and others as follows:

Company
 
Type
 
Issue date
 
 
Maturity
 
 
Interest rate (%)
 
 
 
 
 
Amount
 
 
 
In millions of won and thousands of foreign currencies
 
Korea Electric Power Corporation
 
#1339 Corporate bond
  
 
2023.01.03
 
  
 
2025.01.03
 
  
 
4.40
 
  
 
 
  
 
200,000
 
 
 
#1340 Corporate bond
  
 
2023.01.03
 
  
 
2026.01.03
 
  
 
4.50
 
  
 
 
 
  
 
320,000
 
 
 
#1341 Corporate bond
  
 
2023.01.05
 
  
 
2025.01.05
 
  
 
4.20
 
  
 
 
 
  
 
140,000
 
 
 
#1342 Corporate bond
  
 
2023.01.05
 
  
 
2026.01.05
 
  
 
4.30
 
  
 
 
 
  
 
240,000
 
 
 
#1343 Corporate bond
  
 
2023.01.09
 
  
 
2025.01.09
 
  
 
4.20
 
  
 
 
 
  
 
130,000
 
 
 
#1344 Corporate bond
  
 
2023.01.09
 
  
 
2026.01.09
 
  
 
4.28
 
  
 
 
 
  
 
280,000
 
 
 
#1345 Corporate bond
  
 
2023.01.12
 
  
 
2025.01.12
 
  
 
4.00
 
  
 
 
 
  
 
110,000
 
 
 
#1346 Corporate bond
  
 
2023.01.12
 
  
 
2026.01.12
 
  
 
4.08
 
  
 
 
 
  
 
330,000
 
 
 
#1347 Corporate bond
  
 
2023.01.16
 
  
 
2025.01.16
 
  
 
4.00
 
  
 
 
 
  
 
190,000
 
 
 
#1348 Corporate bond
  
 
2023.01.16
 
  
 
2026.01.16
 
  
 
4.05
 
  
 
 
 
  
 
220,000
 
 
 
#1349 Corporate bond
  
 
2023.01.19
 
  
 
2025.01.19
 
  
 
3.85
 
  
 
 
 
  
 
180,000
 
 
 
#1350 Corporate bond
  
 
2023.01.19
 
  
 
2026.01.19
 
  
 
3.87
 
  
 
 
 
  
 
320,000
 
 
 
#1351 Corporate bond
  
 
2023.01.25
 
  
 
2025.01.25
 
  
 
3.85
 
  
 
 
 
  
 
140,000
 
 
 
#1352 Corporate bond
  
 
2023.01.25
 
  
 
2026.01.25
 
  
 
3.89
 
  
 
 
 
  
 
410,000
 
 
 
#1353 Corporate bond
  
 
2023.02.03
 
  
 
2025.02.03
 
  
 
3.50
 
  
 
 
 
  
 
220,000
 
 
 
#1354 Corporate bond
  
 
2023.02.03
 
  
 
2026.02.03
 
  
 
3.54
 
  
 
 
 
  
 
280,000
 
 
 
#1355 Corporate bond
  
 
2023.02.06
 
  
 
2025.02.06
 
  
 
3.65
 
  
 
 
 
  
 
210,000
 
 
 
#1356 Corporate bond
  
 
2023.02.06
 
  
 
2026.02.06
 
  
 
3.65
 
  
 
 
 
  
 
320,000
 
 
 
#1357 Corporate bond
  
 
2023.02.10
 
  
 
2025.02.10
 
  
 
3.80
 
  
 
 
 
  
 
100,000
 
 
 
#1358 Corporate bond
  
 
2023.02.10
 
  
 
2026.02.10
 
  
 
3.83
 
  
 
 
 
  
 
340,000
 
 
 
#1359 Corporate bond
  
 
2023.02.13
 
  
 
2025.02.13
 
  
 
3.83
 
  
 
 
 
  
 
180,000
 
 
 
#1360 Corporate bond
  
 
2023.02.13
 
  
 
2026.02.13
 
  
 
3.85
 
  
 
 
 
  
 
320,000
 
 
 
#1361 Corporate bond
  
 
2023.02.17
 
  
 
2025.02.17
 
  
 
3.99
 
  
 
 
 
  
 
110,000
 
 
 
#1362 Corporate bond
  
 
2023.02.17
 
  
 
2026.02.17
 
  
 
4.10
 
  
 
 
 
  
 
320,000
 
 
 
#1363 Corporate bond
  
 
2023.02.20
 
  
 
2025.02.20
 
  
 
4.09
 
  
 
 
 
  
 
150,000
 
 
 
#1364 Corporate bond
  
 
2023.02.20
 
  
 
2026.02.20
 
  
 
4.11
 
  
 
 
 
  
 
160,000
 
 
 
#1365 Corporate bond
  
 
2023.03.03
 
  
 
2025.03.03
 
  
 
4.35
 
  
 
 
 
  
 
100,000
 
 
 
#1366 Corporate bond
  
 
2023.03.03
 
  
 
2026.03.03
 
  
 
4.40
 
  
 
 
 
  
 
110,000
 
 
 
#1367 Corporate bond
  
 
2023.03.06
 
  
 
2025.03.06
 
  
 
4.25
 
  
 
 
 
  
 
180,000
 
 
 
#1368 Corporate bond
  
 
2023.03.06
 
  
 
2026.03.06
 
  
 
4.35
 
  
 
 
 
  
 
210,000
 
 
 
#1369 Corporate bond
  
 
2023.03.10
 
  
 
2025.03.10
 
  
 
4.25
 
  
 
 
 
  
 
230,000
 
 
 
#1370 Corporate bond
  
 
2023.03.10
 
  
 
2026.03.10
 
  
 
4.35
 
  
 
 
 
  
 
230,000
 
 
 
#1371 Corporate bond
  
 
2023.03.13
 
  
 
2025.03.13
 
  
 
4.14
 
  
 
 
 
  
 
140,000
 
 
 
#1372 Corporate bond
  
 
2023.03.13
 
  
 
2026.03.13
 
  
 
4.25
 
  
 
 
 
  
 
260,000
 
    #1373 Corporate bond     2023.03.22       2025.03.22       3.97               160,000  
    #1374 Corporate bond     2023.03.22       2026.03.22       4.00               70,000  
    #1375 Corporate bond     2023.03.30       2025.03.30       3.98               240,000  
    #1376 Corporate bond     2023.03.30       2026.03.30       3.99               160,000  
    #1377 Corporate bond     2023.04.04       2025.04.04       3.99               270,000  
    #1378 Corporate bond     2023.04.04       2026.04.04       4.00               260,000  
    #1379 Corporate bond     2023.04.07       2025.04.07       3.95               210,000  
    #1380 Corporate bond     2023.04.07       2026.04.07       3.95               190,000  
    #1381 Corporate bond     2023.04.12       2025.04.12       3.91               240,000  
    #1382 Corporate bond     2023.04.12       2026.04.12       3.95               170,000  
    #1383 Corporate bond     2023.04.21       2025.04.21       3.89               200,000  
 
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5

KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2021 and 2022
 
51.
Subsequent Events, Continued
 
(1)
Subsequent to December 31, 2022, KEPCO and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., and Korea Southern Power Co., Ltd. issued corporate bonds for the purposes of operation and others as follows, continued:

Company
 
Type
 
Issue date
 
 
Maturity
 
 
Interest rate (%)
 
 
 
 
 
Amount
 
 
 
In millions of won and thousands of foreign currencies
 
Korea Hydro & Nuclear Power Co., Ltd.
 
#70-1 Corporate bond
  
 
2023.02.22
 
  
 
2028.02.22
 
  
 
4.10
 
  
 
 
 
  
 
90,000
 
 
 
#70-2 Corporate bond
  
 
2023.02.22
 
  
 
2033.02.22
 
  
 
4.15
 
  
 
 
 
  
 
40,000
 
 
 
#70-3 Corporate bond
  
 
2023.02.22
 
  
 
2043.02.22
 
  
 
4.08
 
  
 
 
 
  
 
20,000
 
 
 
#71-1 Corporate bond
  
 
2023.03.07
 
  
 
2028.03.07
 
  
 
4.13
 
  
 
 
 
  
 
50,000
 
 
 
#71-2 Corporate bond
  
 
2023.03.07
 
  
 
2033.03.07
 
  
 
4.18
 
  
 
 
 
  
 
30,000
 
    #72-1 Corporate bond     2023.04.26       2028.04.26       3.91               130,000  
    #72-2 Corporate bond     2023.04.26       2043.04.26       4.00               90,000  
Korea South-East Power Co., Ltd.
 
#57-1 Corporate bond
  
 
2023.02.09
 
  
 
2024.02.08
 
  
 
3.56
 
  
 
 
 
  
 
120,000
 
 
 
#57-2 Corporate bond
  
 
2023.02.09
 
  
 
2026.02.09
 
  
 
3.74
 
  
 
 
 
  
 
50,000
 
Korea Western Power Co., Ltd.
 
#57-1 Corporate bond
  
 
2023.01.17
 
  
 
2025.01.17
 
  
 
4.07
 
  
 
 
 
  
 
70,000
 
 
 
#57-2 Corporate bond
  
 
2023.01.17
 
  
 
2026.01.17
 
  
 
4.04
 
  
 
 
 
  
 
30,000
 
    #58-1 Corporate bond     2023.04.20       2026.04.20       3.98               200,000  
    #58-2 Corporate bond     2023.04.20       2028.04.20       4.13               40,000  
    #58-3 Corporate bond     2023.04.20       2043.04.20       3.94               20,000  
Korea Southern Power Co., Ltd.
 
#67-1 Corporate bond
  
 
2023.01.12

 
  
 
2024.01.12

 
  
 
3.97

 
  
 
 
 
  
 
100,000

 
 
 
#67-2 Corporate bond
  
 
2023.01.12
 
  
 
2025.01.10
 
  
 
4.04
 
  
 
 
 
  
 
40,000
 
    #68-1 Corporate bond     2023.04.13       2024.04.12       3.63               150,000  
    #68-2 Corporate bond     2023.04.13       2026.04.13       3.76               50,000  

(2)
On February 14th, 2023, the subsidiary, Korea South-East Power Co., Ltd. invested in Bidiai Co., Ltd., and as a result of the approval of Bidiai’s restructuring plan, on February 17th, 2023, ₩
32
 billion of bonds were converted into shares, making Korea South-East Power Co., Ltd. the largest shareholder of Bidiai Co., Ltd. with a stake of
32.54%.
 
(3)
On January 8th, 2023, a fire broke out in Taean IGCC Gas Refining Plant of the subsidiary, Korea Western Power Co., Ltd., resulting in the suspension of production. The amount of damages caused by the fire is under investigation, and the Company is currently verifying the insurance coverage with the property insurance policy.
 
F-22
6