SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

the Securities Exchange Act of 1934

For the Month of June 2022

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F

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

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

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

Yes  ☐             No  ☒

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

This Report of Foreign Private Issuer on Form 6-K is deemed filed for all purposes under the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended.

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2022 to March 31, 2022)

THIS IS A SUMMARY IN ENGLISH OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE FINANCIAL SERVICES COMMISSION OF KOREA.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS. NON-MATERIAL OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA, OR K-IFRS, WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

I. Company Overview

1. Name of the company: Korea Electric Power Corporation (KEPCO)

2. Information of the company

(Address) 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Phone number) 82-61-345-4213

(Website) http://www.kepco.co.kr

3. Major businesses

KEPCO, as the parent company, is engaged in the following activities:

• development of electric power resources;

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

• research and development of technology related to the businesses mentioned above;

• overseas business related to the businesses mentioned above;

• investment or contributions related to the businesses mentioned above;

• development and operation of certain real estate holdings; and

• other businesses entrusted by the government.

Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF) and other overseas businesses and related investments.

4. Consolidated subsidiaries

(As of March 31, 2022)

Listed	Unlisted	Total
2	150	152

5. Major changes in management

A. On January 27, 2022, Mr. Park, Jong-Bae, whose term of office expired, was reappointed as a non-standing director for a term of a year beginning on January 31, 2022.

6. Changes in major shareholders

There is no change in major shareholders in the last 5 years.

7. Information regarding KEPCO shares

A. Issued share capital: Won 3.2 trillion (Authorized capital: Won 6 trillion)

B. Total number of issued shares: 641,964,077

(Total number of shares authorized to for issuance: 1,200,000,000)

C. Dividends: KEPCO did not pay any dividend for fiscal year 2021. Dividend payments for fiscal year 2020 was Won 1,216 per share and Won 780.6 billion as a total.

II. Business Overview

1. Consolidated financial results by segment for a three-month period ended March 31, 2021 and 2022

(In billions of Won)

	January to March 2021				January to March 2022
	Sales		Operating profit		Sales		Operating profit
Electricity sales		14,828		-972		16,016		-9,162
Nuclear generation		2,957		875		2,991		650
Thermal generation		5,780		538		9,941		718
Supporting businesses(1)		569		66		623		32
Others(2)		456		41		607		81
Subtotal		24,590		548		30,178		-7,681
Adjustment for related-party transactions		-9,499		17		-13,714		-106
Total		15,091		566		16,464		-7,787

Note:

(1) Supporting businesses relate to business areas including maintenance and repair of power plants, etc..

(2) Others relate to business areas including overseas businesses, etc..

2. Changes in unit prices of major products

(In Won per kWh)

Business sector		Company	January to March 2021		January to March 2022
Electricity sold	Residential	KEPCO		111.15		116.06
	Commercial			128.22		129.79
	Educational			96.52		99.20
	Industrial			105.76		108.05
	Agricultural			45.43		48.35
	Street lighting			108.37		111.71
	Overnight usage			70.22		72.94
Electricity from nuclear generation	Nuclear Generation	KHNP		72.69		68.18
Electricity from thermal generation	Thermal generation	KOSEP		89.83		151.74
		KOMIPO		90.16		169.91
		KOWEPO		101.45		163.91
		KOSPO		106.05		184.62
		EWP		102.99		170.88

3. Power purchase from generation companies for a three-month period ended March 31, 2022

Company	Volume (GWh)		Expense (In billions of Won)
KHNP		42,983		29,345
KOSEP		11,072		16,699
KOMIPO		12,180		20,622
KOWEPO		11,043		18,033
KOSPO		11,670		21,400
EWP		9,437		16,017
Others		48,890		99,454
Total		147,275		221,570

4. Intellectual property as of March 31, 2022

	Patents		Utility models		Designs		Trademarks		Total
KEPCO		2,559		16		104		72		2,751
Generation subsidiaries		3,290		76		64		235		3,665
Total		5,849		92		168		307		6,416

III. Financial Information

1. Condensed consolidated financial results as of and for a three-month period March 31, 2021 and 2022

(In billions of Won)

Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to March 2021(1)		January to March 2022		Change     (%)			December 31, 2021		March 31, 2022		Change (%)
Sales		15,091		16,464		9.1	Total assets		211,115		216,280		2.4
Operating profit		566		-7,787		n/m	Total liabilities		145,797		156,535		7.4
Net income		112		-5,926		n/m	Total equity		65,318		59,745		-8.5

Note:

(1) The figures for the first three-month period ended March 31, 2021 were changed from the Form 6-K dated June 4, 2021 due to the amendment of K-IFRS 1016, effective since January 1, 2022.

2. Condensed separate financial results as of and for a three-month period March 31, 2021 and 2022

(In billions of Won)

Separate statements of comprehensive income							Separate statements of financial position
	January to March 2021		January to March 2022		Change (%)			December 31, 2021		March 31, 2022		Change (%)
Sales		14,828		16,016		8.0	Total assets		115,579		118,971		2.9
Operating profit		-972		-9,162		-842.6	Total liabilities		68,532		78,341		14.3
Net income		-400		-6,477		-1,519.3	Total equity		47,047		40,630		-13.6

IV. Board of Directors (KEPCO Only)

1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight non-standing directors. The number of non-standing directors must exceed the number of standing directors, including our president.

* Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. 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. The ESG Committee consists of three non-standing directors.

2. Board meetings and agenda for a three-month period ended March 31, 2022

Number of meetings	Number of agendas	Classification
		Resolutions	Reports
3	12	8	4

* The audit committee held 3 meetings with 17 agenda (of which, 10 were approved as proposed and 7 were accepted as reported).

3. Major activities of the Board of Directors

Date	Agenda	Results	Type
January 26, 2022	Approval of the safety management plan of 2022	Approved as proposed	Resolution
	Approval of a debt guarantee on the financing agreement of Jeju Hanlim Offshore Wind Co., Ltd.	Approved as proposed	Resolution
February 24, 2022	Approval to call for the annual general meeting of shareholders for the fiscal year 2021	Approved as proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2021	Approved as proposed	Resolution
	Approval of the maximum aggregate amount of remuneration for directors in 2022	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2021	Accepted as reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2021	Accepted as reported	Report
	Report on audit results for 2021	Accepted as reported	Report
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2022-2023)	Accepted as reported	Report
March 18, 2022	Approval of establishment of research-based spin-off companies of KEPCO	Approved as proposed	Resolution
	Approval to provide a guarantee for tax equity investors of the Guam Mangilao Solar Power project in the United States	Approved as proposed	Resolution
	Approval of plans for sales of the remainder of real estate holdings within a substation in Uijeongbu	Approved as proposed	Resolution

4. Attendance Status of Non-standing directors

Date	Agenda	Seong, Si- Heon	Park, Jong- Bae	Bang, Su- Ran	Park, Hyo- Sung	Lee, Kee- Man	Hwang, Cheol- Ho	Lee, Kye- Sung	Kim, Jae- Shin
January 26, 2022	Approval of the safety management plan of 2022	For	For	For	For	For	For	For	For
	Approval of a debt guarantee on the financing agreement of Jeju Hanlim Offshore Wind Co., Ltd.	For	For	For	For	For	For	For	For
February 24, 2022	Approval to call for the annual general meeting of shareholders for the fiscal year 2021	For	For	For	For	For	For	For	For
	Approval of consolidated and separate financial statements for the fiscal year 2021	For	For	For	For	For	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2022	For	For	For	For	For	For	For	For
	Report on internal control over financial reporting for the fiscal year 2021	Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2021	Agenda for Report
	Report on audit results for 2021	Agenda for Report
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2022-2023)	Agenda for Report
March 18, 2022	Approval of establishment of research-based spin-off companies of KEPCO	For	For	For	For	For	For	For	For
	Approval to provide a guarantee for tax equity investors of the Guam Mangilao Solar Power project in the United States	For	For	For	For	For	For	For	For
	Approval of plans for sales of the remainder of real estate holdings within a substation in Uijeongbu	For	For	For	For	For	For	For	For
	Attendance Rate	100%	100%	100%	100%	100%	100%	100%	100%

5. Attendance Status of Standing directors

Date	Agenda	Cheong, Seung-Il	Choi, Young -Ho	Lee, Heyn- Bin	Lee, Jong- Hwan	Park, Heon- Gyu	Kim, Tae- Ok	Lee, Heung- Joo
January 26, 2022	Approval of the safety management plan of 2022	For	For	For	For	For	For	For
	Approval of a debt guarantee on the financing agreement of Jeju Hanlim Offshore Wind Co., Ltd.	For	For	For	For	For	For	For
February 24, 2022	Approval to call for the annual general meeting of shareholders for the fiscal year 2021	For	For	For	For	For	For	For
	Approval of consolidated and separate financial statements for the fiscal year 2021	For	For	For	For	For	For	For
	Approval of the maximum aggregate amount of remuneration for directors in 2022	For	For	For	For	For	For	For
	Report on internal control over financial reporting for the fiscal year 2021	Agenda for Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2021	Agenda for Report
	Report on audit results for 2021	Agenda for Report
	Report on operating plan of the Act on the Control and Supervision on Nuclear Power Suppliers, etc. for the Prevention of Corruption in the Nuclear Power Industry (2022-2023)	Agenda for Report
March 18, 2022	Approval of establishment of research-based spin-off companies of KEPCO	For	For	For	For	For	For	For
	Approval to provide a guarantee for tax equity investors of the Guam Mangilao Solar Power project in the United States	For	For	For	For	For	For	For
	Approval of plans for sales of the remainder of real estate holdings within a substation in Uijeongbu	For	For	For	For	For	For	For
	Attendance Rate	100%	100%	100%	100%	100%	100%	100%

6. Major activities of the Audit Committee

Date	Agenda	Results	Type
January 26, 2022	Approval of Audit plans for 2022	Approved as proposed	Resolution
	Approval of Amendments to Code of Conduct and Guidelines for Practice of KEPCO executives and staff members	Approved as proposed	Resolution
	Approval of plans on KEPCO Integrity Certification awards	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Report on audit education plans in 2022	Accepted as reported	Report
	Report on audit progress by independent auditors for fiscal year 2021	Accepted as reported	Report
February 24, 2022	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2021	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2021	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2021	Accepted as reported	Report
	Report on audit results for 2021	Accepted as reported	Report
March 18, 2022	Approval of investigation result on the agenda for the annual general meeting of shareholders	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2021	Accepted as reported	Report

* The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.

7. Attendance Status of the Audit Committee

Date	Agenda	Kim, Jae-Shin	Park, Hyo-Sung	Choi, Young-Ho
January 26, 2022	Approval of Audit plans for 2022	Attended	Attended	Attended
	Approval of Amendments to Code of Conduct and Guidelines for Practice of KEPCO executives and staff members
	Approval of plans on KEPCO Integrity Certification awards
	Approval of appointment of independent auditors of subsidiaries
	Prior approval for non-audit service for subsidiaries by the independent auditor
	Report on audit education plans in 2022
	Report on audit progress by independent auditors for fiscal year 2021
February 24, 2022	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2021	Attended	Attended	Attended
	Approval of appointment of independent auditors of subsidiaries
	Prior approval for non-audit service for subsidiaries by the independent auditor
	Report on internal control over financial reporting for the fiscal year 2021
	Report on the evaluation on internal control over financial reporting for the fiscal year 2021
	Report on audit results for 2021
March 18, 2022	Approval of investigation result on the agenda for the annual general meeting of shareholders	Attended	Attended	Attended
	Approval of auditor’s report for the annual general meeting of shareholders
	Report on audit results by the independent auditor for the fiscal year 2021
	Attendance Rate	100%	100%	100%

V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a three-month period ended March 31, 2022

Type	Agenda	Results
Annual General Meeting held on March 28, 2022	Approval of the consolidated and separate financial statements for the fiscal year 2021	Approved as proposed
	Approval of the maximum aggregate amount of remuneration for directors in 2022	Approved as proposed

VI. Shareholders

1. List of shareholders as of March 31, 2022

		Number of shareholders		Shares owned		Percentage of total (%)
Government of the Republic of Korea			1		116,841,794		18.20
Korea Development Bank			1		211,235,264		32.90
Subtotal			2		328,077,058		51.10
National Pension Service			1		40,739,651		6.35
Public (Non-Koreans)	Common Shares		1,192		79,931,380		12.45
	American depositary shares (ADS)		1		11,186,903		1.74
Public (Koreans)			726,871		182,029,085		28.36
Total			728,067		641,964,077		100.00

• Percentages are based on issued shares of common stock.

• All of our shareholder have equal voting rights.

• Citibank, N.A. is our depositary bank and each ADS represents one-half of one share of our common stock.

VII. Directors and employees as of and for a three-month period ended March 31, 2022 (KEPCO Only)

1. Directors

		(In thousands of Won)
Type		Number of directors		Total remuneration		Average remuneration per person		Remarks
Standing director			6		199,936		33,322	Excluding members of the Audit Committee
Non-standing director			6		45,000		7,500
Member of Audit Committee	Standing director		1		32,208		32,208	—
	Non-standing director		2		15,000		7,500	—
Total			15		292,144		19,476	—

2. Employees

	(In thousands of Won)
Type	Number of employees						Average continuous service year		Total salaries		Average salaries per person
	Regular		Non-regular		Total
Male		18,066		67		18,133		14.9		403,634,323		22,260
Female		5,279		46		5,325		12.8		96,603,117		18,141
Total		23,345		113		23,458		14.4		500,237,440		21,325

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of March 31, 2022

(In billions of Won)
Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		678		774
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		288		786

2. Sanctions as of March 31, 2022

Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
	Position	Tenure
June 30, 2021	CEO of Korea Hydro & Nuclear Power Co., Ltd. (Currently)	4yrs	Prosecution without detention	The Act on the Aggravated Punishment, etc. of specific economic crimes (Occupational breach of trust), The Criminal Act (Interference with business)	In the progress in the district court

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:	/s/ Sim, Kwang-sub
Name:	Sim, Kwang-sub
Title:	Corporate Vice President

Date: June 13, 2022

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Interim Financial Statements

For the three-month periods ended March 31, 2022 and 2021

(With Independent Auditor’s Review Report Thereon)

INDEX TO FINANCIAL STATEMENTS

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

Ernst & Young Han Young Taeyoung Building, 111, Yeouigongwon-ro, Yeongdeungpo-gu, Seoul 150-777 Korea   Tel: +82 2 3787 6600 Fax: +82 2 783 5890 ey.com/kr

Independent Auditor’s Review Report

Based on a report originally issued in Korean

The Board of Directors and Shareholders

Korea Electric Power Corporation:

We have reviewed the accompanying consolidated interim financial statements of Korea Electric Power Corporation (the “Company”) and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated interim statement of financial position as of March 31, 2022, and the related consolidated interim statements of comprehensive income (loss) for the three-month ended March 31, 2022 and 2021, consolidated interim statements of changes in equity and consolidated interim statements of cash flows for the three-month periods then ended March 31, 2022 and 2021, and a summary of significant accounting policies and other explanatory information.

Management’s Responsibility for the Consolidated Interim Financial Statements

Management is responsible for the preparation and presentation of these consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“KIFRS”) 1034 ‘Interim Financial Reporting’, and for such internal control as management determines is necessary to enable the preparation of interim financial statements that are free from material misstatement, whether due to fraud or error.

Auditor’s Responsibility

Our responsibility is to express a conclusion on these consolidated interim financial statements based on our review. We conducted our review in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Auditing Standards (KGAAS) and, consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated interim financial statements are not prepared, in all material respects, in accordance with KIFRS 1034 ‘Interim Financial Reporting’.

Other Matter

We have audited the consolidated statement of financial position of the Group as of December 31, 2021, and the related consolidated statement of comprehensive income (loss), consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KGAAS, and our report dated March 14, 2021 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2021 presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

May 16, 2022

This review report is effective as of May 16, 2022, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor’s review report date to the time this review report is used. Such events and circumstances could significantly affect the accompanying consolidated interim financial statements and may result in modifications to this review report.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Financial Position

As of March 31, 2022 (Unaudited) and December 31, 2021

In millions of won	Note	March 31, 2022		December 31, 2021
Assets
Current assets
Cash and cash equivalents	5,6,7,44	W	3,415,562		2,635,238
Current financial assets, net	5,6,9,11,12,13,44,46		3,326,618		1,868,796
Trade and other receivables, net	5,8,20,24,44,45,46		7,573,832		8,122,415
Inventories, net	14		7,817,879		7,608,182
Income tax receivables			41,083		41,344
Current non-financial assets	15		2,363,867		1,758,991
Assets held-for-sale	16,41		15,879		15,879
Total current assets			24,554,720		22,050,845
Non-current assets
Non-current financial assets, net	5,6,9,10,11,12,13,44,46		3,088,950		2,909,810
Non-current trade and other receivables, net	5,8,20,44,45,46		1,947,476		1,906,861
Property, plant and equipment, net	2,18,24,27,48		172,893,962		173,125,649
Investment properties, net	19,27		208,566		212,784
Goodwill	16		105,773		105,647
Intangible assets other than goodwill, net	21,27,45		1,039,372		1,044,077
Investments in associates	4,17		5,532,283		5,232,373
Investments in joint ventures	4,17		2,447,934		2,239,011
Defined benefit assets, net	25		38,927		20,871
Deferred tax assets			4,128,631		1,901,992
Non-current non-financial assets	15		293,842		364,818
Total non-current assets			191,725,716		189,063,893
Total Assets	2,4	W	216,280,436		211,114,738

(Continued)

1

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Financial Position, Continued

As of March 31, 2022 (Unaudited) and December 31, 2021

In millions of won	Note	March 31, 2022		December 31, 2021
Liabilities
Current liabilities
Trade and other payables, net	5,22,24,44,46	W	9,279,797		8,153,426
Current financial liabilities, net	5,12,23,44,46		16,424,350		14,037,125
Income tax payables			432,304		229,460
Current non-financial liabilities	20,28,29		6,876,902		6,466,333
Current provisions	26,44		3,073,602		2,845,876
Total current liabilities			36,086,955		31,732,220
Non-current liabilities
Non-current trade and other payables, net	5,22,24,44,46		5,984,563		5,996,498
Non-current financial liabilities, net	5,12,23,44,46		73,077,943		66,570,419
Non-current non-financial liabilities	28,29		10,430,428		10,216,364
Employee benefits liabilities, net	25,44		1,526,431		1,679,158
Deferred tax liabilities			6,908,789		7,100,938
Non-current provisions	26,44		22,520,123		22,501,424
Total non-current liabilities			120,448,277		114,064,801
Total Liabilities	4	W	156,535,232		145,797,021
Equity
Contributed capital	1,30,44
Share capital		W	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			27,782,969		33,282,817
Unappropriated retained earnings			10,054,140		10,365,123
			39,442,019		45,252,850
Other components of equity	33
Other capital surplus			1,230,590		1,231,109
Accumulated other comprehensive loss			163,206		(57,632	)
Other equity			13,294,973		13,294,973
			14,688,769		14,468,450
Equity attributable to owners of the controlling company			58,184,366		63,774,878
Non-controlling interests	16,32		1,560,838		1,542,839
Total Equity	2	W	59,745,204		65,317,717
Total Liabilities and Equity		W	216,280,436		211,114,738

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

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Comprehensive Income (Loss)

For the three-month periods ended March 31, 2022 and 2021 (Unaudited)

In millions of won, except per share information	Note		March 31, 2022			March 31, 2021
Sales		2,4,34,44,46
Sales of goods			W	16,037,796			14,701,075
Sales of services				111,074			97,675
Sales of construction services		20		140,794			131,091
Revenue related to transfer of assets from customers		28		174,406			161,314
				16,464,070			15,091,155
Cost of sales		2,14,25,42,46
Cost of sales of goods				(23,329,638	)		(13,690,206	)
Cost of sales of services				(140,822	)		(107,781	)
Cost of sales of construction services				(132,378	)		(113,719	)
				(23,602,838	)		(13,911,706	)
Gross profit (loss)				(7,138,768	)		1,179,449
Selling and administrative expenses		25,35,42,46		(648,154	)		(613,820	)
Operating profit (loss)		4		(7,786,922	)		565,629
Other income		36		75,288			99,909
Other expenses		36		(49,244	)		(19,156	)
Other gains (losses), net		37		(9,847	)		19,510
Finance income		5,12,38		286,235			508,855
Finance expenses		5,12,39		(928,164	)		(1,044,856	)
Profit related to associates, joint ventures and subsidiaries		4,16,17
Share in profit of associates and joint ventures				391,681			265,998
Gain on disposal of investments in associates and joint ventures				4,538			—
Share in loss of associates and joint ventures				(88,564	)		(66,848	)
Loss on disposal of investments in associates and joint ventures				(315	)		(78	)
Loss on disposal of investments in subsidiaries				—			(102	)
				307,340			198,970
Profit (loss) before income tax				(8,105,314	)		328,861
Income tax benefit (expense)		40		2,179,390			(216,463	)
Profit (loss) for the period			W	(5,925,924	)		112,398

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Comprehensive Income (Loss), Continued

For the three-month periods ended March 31, 2022 and 2021 (Unaudited)

In millions of won, except per share information	Note		March 31, 2022			March 31, 2021
Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability		25,31	W	148,328			66,229
Share in other comprehensive income (loss) of associates and joint ventures		31		1,487			(1,552	)
Net change in fair value of equity investments at fair value through other comprehensive income		33		21,354			18,735
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		(34,744	)		(3,324	)
Foreign currency translation of foreign operations		33		77,235			21,250
Share in other comprehensive income of associates and joint ventures		33		165,314			138,539
Other comprehensive income for the period				378,974			239,877
Total comprehensive income (loss) for the period			W	(5,546,950	)		352,275
Profit (loss) attributable to:
Owners of the controlling company			W	(5,952,856	)		79,698
Non-controlling interests				26,932			32,700
		43	W	(5,925,924	)		112,398
Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	(5,590,146	)		299,100
Non-controlling interests				43,196			53,175
			W	(5,546,950	)		352,275
Earnings (loss) per share (in won)
Basic and diluted earnings (loss) per share		43	W	(9,273	)		124

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

4

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Changes in Equity

For the three-month periods ended March 31, 2022 and 2021 (Unaudited)

In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance at January 1, 2021	W	4,053,578		51,133,601			14,109,501			69,296,680			1,370,166			70,666,846
Total comprehensive income (loss) for the period
Profit for the period		—		79,698			—			79,698			32,700			112,398
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		62,330			—			62,330			3,899			66,229
Share in other comprehensive loss of associates and joint ventures, net of tax		—		(1,552	)		—			(1,552	)		—			(1,552	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			18,734			18,734			1			18,735
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(5,734	)		(5,734	)		2,410			(3,324	)
Foreign currency translation of foreign operations, net of tax		—		—			7,085			7,085			14,165			21,250
Share in other comprehensive income of associates and joint ventures, net of tax		—		—			138,539			138,539			—			138,539
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		(780,628	)		—			(780,628	)		(30,620	)		(811,248	)
Issuance of shares of capital by subsidiaries and others		—		—			(389	)		(389	)		2,843			2,454
Dividends paid (hybrid bond)		—		—			—			—			(3,346	)		(3,346	)
Others		—		4,455			(4,455	)		—			—			—
Balance at March 31, 2021	W	4,053,578		50,497,904			14,263,281			68,814,763			1,392,218			70,206,981

(Continued)

5

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Changes in Equity, Continued

For the three-month periods ended March 31, 2022 and 2021 (Unaudited

In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal						Total equity
Balance at January 1, 2022	W	4,053,578		45,252,850			14,468,450			63,774,878			1,542,839			65,317,717
Total comprehensive income (loss) for the period
Profit (loss) for the period		—		(5,952,856	)		—			(5,952,856	)		26,932			(5,925,924	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		140,385			—			140,385			7,943			148,328
Share in other comprehensive income of associates and joint ventures, net of tax		—		1,487			—			1,487			—			1,487
Net change in fair value of equity investments at fair value through other comprehensive income, net of tax		—		—			21,353			21,353			1			21,354
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(37,627	)		(37,627	)		2,883			(34,744	)
Foreign currency translation of foreign operations, net of tax		—		—			71,798			71,798			5,437			77,235
Share in other comprehensive income of associates and joint ventures, net of tax		—		—			165,314			165,314			—			165,314
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		—			—			—			(32,520	)		(32,520	)
Issuance of shares of capital by subsidiaries and others		—		153			(519	)		(366	)		8,891			8,525
Transactions between consolidated entities		—		—			—			—			1,778			1,778
Dividends paid (hybrid bond)		—		—			—			—			(3,346	)		(3,346	)
Balance at March 31, 2022	W	4,053,578		39,442,019			14,688,769			58,184,366			1,560,838			59,745,204

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

6

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Cash Flows

For the three-month periods ended March 31, 2022 and 2021 (Unaudited)

In millions of won	March 31, 2022			March 31, 2021
Cash flows from operating activities
Profit (loss) for the period	W	(5,925,924	)		112,398
Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expense (benefit)		(2,179,390	)		216,463
Depreciation		3,087,741			2,902,643
Amortization		35,274			43,477
Employee benefit expense		116,884			123,552
Bad debt expense		10,823			(1,319	)
Interest expense		563,911			462,813
Loss on disposal of financial assets		234			84
Loss on disposal of property, plant and equipment		29,976			8,420
Loss on abandonment of property, plant, and equipment		45,479			55,111
Loss on disposal of intangible assets		19			37
Increase in provisions		670,394			685,220
Loss on foreign currency translation, net		267,572			452,235
Gain on valuation of financial assets at fair value through profit or loss		(1,612	)		(2,047	)
Loss on valuation of financial assets at fair value through profit or loss		11,138			2,059
Valuation and transaction gain on derivative instruments, net		(144,392	)		(337,620	)
Share in profit of associates and joint ventures, net		(303,117	)		(199,150	)
Gain on disposal of financial assets		(940	)		(580	)
Gain on disposal of property, plant and equipment		(7,040	)		(9,146	)
Gain on disposal of associates and joint ventures		(4,538	)		—
Loss on disposal of associates and joint ventures		315			78
Loss on disposal of subsidiaries		—			102
Interest income		(61,269	)		(53,983	)
Dividend income		(8,455	)		(2,363	)
Others, net		7,442			3,554
		2,136,449			4,349,640
Changes in operating assets and liabilities:
Trade receivables		922,365			1,183,606
Non-trade receivables		(303,920	)		(68,583	)
Accrued income		(164,675	)		52,792
Other receivables		(5,152	)		9,736
Other current assets		(641,058	)		(54,043	)
Inventories		(475,161	)		(202,733	)
Other non-current assets		15,444			40,459
Trade payables		1,304,649			135,461
Non-trade payables		(13,910	)		(386,256	)
Accrued expenses		(74,041	)		(136,424	)
Other payables		(2	)		—
Other current liabilities		378,066			323,955
Other non-current liabilities		215,604			119,817
Investments in associates and joint ventures (dividends received)		71,790			28,267
Provisions		(255,580	)		(260,168	)
Payments of employee benefit obligations		(64,179	)		(41,934	)
Plan assets		—			(673	)
	W	910,240			743,279

(Continued)

7

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Interim Statements of Cash Flows Continued

For the three-month periods ended March 31, 2022 and 2021 (Unaudited

In millions of won	March 31, 2022			March 31, 2021
Cash generated from operating activities	W	(2,879,235	)		5,205,317
Dividends received		8,455			2,363
Interest paid		(554,817	)		(500,124	)
Interest received		63,819			40,933
Income taxes paid		(140,721	)		(180,265	)
Net cash provided by (used in) operating activities		(3,502,499	)		4,568,224
Cash flows from investing activities
Proceeds from disposals of associates and joint ventures		2,706			262
Acquisition of investments in associates and joint ventures		(61,702	)		(132,612	)
Proceeds from disposals of property, plant and equipment		72,222			62,352
Acquisition of property, plant and equipment		(2,668,746	)		(2,576,108	)
Acquisition of intangible assets		(10,010	)		(12,458	)
Proceeds from disposals of financial assets		970,698			1,696,958
Acquisition of financial assets		(2,486,554	)		(2,914,567	)
Increase in loans		(76,828	)		(59,071	)
Collection of loans		15,769			22,904
Increase in deposits		(73,163	)		(167,322	)
Decrease in deposits		39,699			141,638
Proceeds from disposals of assets held-for-sale		—			947
Receipt of government grants		10,106			16,757
Net cash outflow from changes in consolidation scope		—			2,895
Other cash outflow from investing activities, net		(30,546	)		(48,033	)
Net cash used in investing activities		(4,296,349	)		(3,965,458	)
Cash flows from financing activities
Proceeds from short-term borrowings, net		2,742,414			186,531
Proceeds from long-term borrowings and debt securities		8,316,127			804,983
Repayment of long-term borrowings and debt securities		(2,400,026	)		(1,547,570	)
Payment of lease liabilities		(158,608	)		(174,075	)
Settlement of derivative instruments, net		42,938			25,896
Change in non-controlling interest		10,341			3,656
Dividends paid (hybrid bond)		(4,415	)		(3,346	)
Dividends paid		—			(9	)
Other cash outflow from financing activities, net		(1,079	)		(82	)
Net cash provided by (used in) financing activities		8,547,692			(704,016	)
Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		748,844			(101,250	)
Effect of exchange rate fluctuations on cash held		31,480			25,389
Net increase (decrease) in cash and cash equivalents		780,324			(75,861	)
Cash and cash equivalents at January 1		2,635,238			2,029,584
Cash and cash equivalents at March 31	W	3,415,562			1,953,723

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

8

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements

March 31, 2022 and 2021 (Unaudited)

1. Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”) was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO 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 headquarter is located in Naju, Jeollanam-do.

As of March 31, 2022, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:

	Number of shares		Percentage of ownership
The Government of the Republic of Korea		116,841,794		18.20	%
Korea Development Bank		211,235,264		32.90	%
Other (*)		313,887,019		48.90	%
		641,964,077		100.00	%

(*) The number of shares held by foreign shareholders are 91,105,897 shares (14.19%) as of December 31, 2021, the most recent closing date of shareholder list.

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

(1) Statement of compliance

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

(2) Basis of measurement

These consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:

• financial assets at fair value through profit or loss

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

• derivative financial instruments are measured at fair value

• liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets

(3) Functional and presentation currency

These consolidated financial statements are presented in Korean won (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

9

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(i) Useful lives of property, plant and equipment, and estimations on provision for decommissioning costs

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

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

(ii) Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

(iii) Valuations of financial instruments at fair values

The Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

(iv) Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

10

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of March 31, 2022 and 2021 are W1,392,211 million and W 1,326,640 million, respectively.

(vi) Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group’s progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group’s efforts or inputs expected to be incurred. 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 Group 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, decided to shut down Wolsong Unit 1 on the grounds that its deficit was increasing and its economic efficiency was low due to the nonoptimal utilization rate. On December 24, 2019, NSSC approved permanent shutdown of Unit 1.

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

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

In relation to the Korean government’s nuclear phase-out plan pursuant to its energy transformation policy, the Korean government has established a legal basis and relevant procedures to make up for the Group’s losses relating to the decommissioning of the nuclear power plants to be achieved in stages.

As of March 31, 2022, there is no indication that the above-mentioned impairment has ceased to exist or reduced.

11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

2. Basis of Preparation, Continued

(5) Changes in accounting policies

(i) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to KIFRS ‘1016’

The amendment prohibits 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 Group 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 Group’s consolidated financial statements on the date of initial application (January 1, 2022) are as follows:

① The impacts on the Group’s consolidated statements of financial position as of December 31, 2021 are as follows:

In millions of won	Original carrying amount		Adjustment		New carrying amount
Current assets	W	22,050,845		—		22,050,845
Non-current assets		189,058,025		5,868		189,063,893
Total Assets		211,108,870		5,868		211,114,738
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		5,868		45,252,850
Other components of equity		14,468,450		—		14,468,450
Non-controlling interests		1,542,839		—		1,542,839
Total Equity		65,311,849		5,868		65,317,717
Total Liabilities and Equity	W	211,108,870		5,868		211,114,738

12

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

2. Basis of Preparation, Continued

(5) Changes in accounting policies, continued

② The impacts on the Group’s consolidated interim statements of comprehensive income (loss) for the three-month period ended March 31, 2021 are as follows:

In millions of won except per share information	Original carrying amount		Adjustment			New carrying amount
Sales	W	15,075,300		15,855			15,091,155
Cost of sales		13,889,833		21,873			13,911,706
Gross profit		1,185,467		(6,018	)		1,179,449
Selling and administrative expenses		613,820		—			613,820
Operating Profit		571,647		(6,018	)		565,629
Other non-operating income		99,909		—			99,909
Other non-operating expense		19,156		—			19,156
Other gains (losses), net		19,510		—			19,510
Finance income		508,855		—			508,855
Finance expenses		1,044,856		—			1,044,856
Profit (loss) related to associates, joint ventures and subsidiaries		198,970		—			198,970
Profit before income tax		334,879		(6,018	)		328,861
Income tax expense		216,463		—			216,463
Net Income for the period		118,416		(6,018	)		112,398
Other comprehensive income (loss)		239,877		—			239,877
Total comprehensive income (loss) for the period		358,293		(6,018	)		352,275
Earnings per share (in won)	W	134		(10	)		124

③ The impacts on the Group’s consolidated interim statements of cash flows for the three-month period ended March 31, 2021 are as follows:

In millions of won	Original carrying amount			Adjustment			New carrying amount
Cash flows from operating activities	W	4,574,105			(5,881	)		4,568,224
Cash flows from investing activities		(3,971,339	)		5,881			(3,965,458	)
Cash flows from financing activities		(704,016	)		—			(704,016	)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

2. Basis of Preparation, Continued

(5) Changes in accounting policies, continued

(ii) Other changes in accounting standards effective from January 1, 2022 are as follows. The Group believes that these amendments have no significant impact on the Group’s consolidated interim financial statements. The Group has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2022, even though the early adoption of these standards is possible.

Onerous Contracts – Costs of Fulfilling a Contract – Amendments to KIFRS 1037

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 Group will apply the amendment to contracts for which all obligations have not been fulfilled at the date of initial application.

Reference to the Conceptual Framework – Amendments to KIFRS 1103

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 KIFRS 1103 to avoid ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of KIFRS 1037 or KIFRS 2121 Levies. It requires an entity to apply criteria in KIFRS 1037 and IFRS 2121 respectively to determine whether a present obligation exists at the acquisition date. The amendment added a new paragraph to KIFRS 1103 to clarify that the contingent assets should not be recognized at the date of acquisition.

KIFRS 1101 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 KIFRS 1101 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to KIFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of KIFRS 1101.

KIFRS 1109 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 KIFRS 1039.

KIFRS 1041 Agriculture – Taxation in fair value measurements

The amendments remove the requirement in paragraph 22 of KIFRS 1041 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of KIFRS 1041.

3. Significant Accounting Policies

The accounting policies applied by the Group in these consolidated interim financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2021, except for the changes described in Note 2.(5).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

4. Segment, Geographic and Other Information

(1) Segment determination and explanation of the measurements

The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision makers of the Group including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments are ‘Transmission and distribution’, ‘Electric power generation (Nuclear)’, ‘Electric power generation (Non-nuclear)’, ‘Plant maintenance & engineering service’ and ‘Others’; others mainly represent the business Unit that manages the Group’s foreign operations.

Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.

15

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

4. Segment, Geographic and Other Information, Continued

(2) Financial information of the segments for the three-month periods ended March 31, 2022 and 2021, respectively, are as follows:

In millions of won
March 31, 2022
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution	W	16,015,549			481,812			15,533,737		(9,162,365	)		1,020,728			10,451			223,707			205,426
Electric power generation (Nuclear)		2,991,466			2,972,700			18,766		650,357			1,013,053			5,190			138,529			1,758
Electric power generation (Non-nuclear)		9,941,278			9,326,481			614,797		718,526			1,041,897			8,079			158,488			100,394
Plant maintenance & engineering service		623,238			532,839			90,399		32,251			30,507			2,834			343			(238	)
Others		606,460			400,089			206,371		80,644			39,551			41,743			50,096			—
Consolidation adjustments		(13,713,921	)		(13,713,921	)		—		(106,335	)		(22,721	)		(7,028	)		(7,252	)		—
	W	16,464,070			—			16,464,070		(7,786,922	)		3,123,015			61,269			563,911			307,340
In millions of won
March 31, 2021
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution	W	14,827,694			328,672			14,499,022		(971,744	)		981,923			8,736			162,462			163,566
Electric power generation (Nuclear)		2,956,671			2,934,309			22,362		875,404			906,429			4,968			118,839			1,926
Electric power generation (Non-nuclear)		5,780,220			5,463,745			316,475		538,222			1,022,952			4,274			150,761			33,923
Plant maintenance & engineering service		569,412			489,983			79,429		65,931			30,578			2,069			607			(445	)
Others		456,016			282,149			173,867		40,682			32,905			40,728			36,769			—
Consolidation adjustments		(9,498,858	)		(9,498,858	)		—		17,134			(28,667	)		(6,792	)		(6,625	)		—
	W	15,091,155			—			15,091,155		565,629			2,946,120			53,983			462,813			198,970

16

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

4. Segment, Geographic and Other Information, Continued

(3) Information related to segment assets and segment liabilities as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
March 31, 2022
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	118,971,315			5,014,319		1,201,874			78,340,985
Electric power generation (Nuclear)		65,144,768			148,544		682,174			38,637,021
Electric power generation (Non-nuclear)		58,767,144			2,764,428		610,860			36,200,853
Plant maintenance & engineering service		3,911,683			52,926		33,251			1,388,059
Others		11,132,313			—		141,792			5,052,378
Consolidation adjustments		(41,646,787	)		—		(39,876	)		(3,084,064	)
	W216,280,436			7,980,217		2,630,075			156,535,232

In millions of won
December 31, 2021
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	115,578,517			4,700,863		6,754,298			68,531,927
Electric power generation (Nuclear)		64,628,651			141,885		1,959,479			38,361,337
Electric power generation (Non-nuclear)		57,310,164			2,575,019		3,337,681			35,803,289
Plant maintenance & engineering service		3,672,366			53,617		110,330			1,086,926
Others		10,861,823			—		637,715			4,961,880
Consolidation adjustments		(40,936,783	)		—		(12,001	)		(2,948,338	)
	W211,114,738			7,471,384		12,787,502			145,797,021

17

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

4. Segment, Geographic and Other Information, Continued

(4) Geographic information

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:

In millions of won	Revenue from external customers				Non-current assets (*2)
Geographical unit	March 31, 2022		March 31, 2021		March 31, 2022		December 31, 2021
Domestic	W	16,183,995		14,826,196		178,742,364		178,751,575
Overseas (*1)		280,075		264,959		3,779,368		3,572,784
	W16,464,070		15,091,155		182,521,732		182,324,359

(*1) Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

(*2) The amounts exclude financial assets, deferred tax assets and defined benefit assets.

(5) Information on significant customers

There is no single customer which accounts for 10% or more of the Group’s revenue for the three-month periods ended March 31, 2022 and 2021.

18

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

5. Classification of Financial Instruments

(1) Classification of financial assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 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
Current assets
Cash and cash equivalents	W	—		—		3,415,562		—		3,415,562
Current financial assets
Current financial assets at fair value through profit or loss		1,717,512		—		—		—		1,717,512
Current financial assets at amortized costs		—		—		15,562		—		15,562
Current derivative assets		88,578		—		—		17,676		106,254
Other financial assets		—		—		1,487,290		—		1,487,290
Trade and other receivables		—		—		7,573,832		—		7,573,832
		1,806,090		—		12,492,246		17,676		14,316,012
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		663,728		—		—		—		663,728
Non-current financial assets at fair value through other comprehensive income		—		494,097		—		—		494,097
Non-current financial assets at amortized costs		—		—		9,995		—		9,995
Non-current derivative assets		390,051		—		—		177,688		567,739
Other financial assets		—		—		1,353,391		—		1,353,391
Trade and other receivables		—		—		1,947,476		—		1,947,476
		1,053,779		494,097		3,310,862		177,688		5,036,426
	W	2,859,869		494,097		15,803,108		195,364		19,352,438

19

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

5. Classification of Financial Instruments, Continued

(1) Classification of financial assets as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won	December 31, 2021
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,635,238		—		2,635,238
Current financial assets
Current financial assets at fair value through profit or loss		360,833		—		—		—		360,833
Current financial assets at amortized costs		—		—		15,422		—		15,422
Current derivative assets		93,374		—		—		33,564		126,938
Other financial assets		—		—		1,365,603		—		1,365,603
Trade and other receivables		—		—		8,122,415		—		8,122,415
		454,207		—		12,138,678		33,564		12,626,449
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		672,031		—		—		—		672,031
Non-current financial assets at fair value through other comprehensive income		—		435,107		—		—		435,107
Non-current financial assets at amortized costs		—		—		9,851		—		9,851
Non-current derivative assets		349,653		—		—		171,192		520,845
Other financial assets		—		—		1,271,976		—		1,271,976
Trade and other receivables		—		—		1,906,861		—		1,906,861
		1,021,684		435,107		3,188,688		171,192		4,816,671
	W	1,475,891		435,107		15,327,366		204,756		17,443,120

20

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

5. Classification of Financial Instruments, Continued

(2) Classification of financial liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		7,587,963		—		7,587,963
Debt securities		—		8,822,487		—		8,822,487
Derivative liabilities		13,900		—		—		13,900
Trade and other payables		—		9,279,797		—		9,279,797
		13,900		25,690,247		—		25,704,147
Non-current liabilities
Borrowings		—		2,290,666		—		2,290,666
Debt securities		—		70,727,484		—		70,727,484
Derivative liabilities		41,155		—		18,638		59,793
Trade and other payables		—		5,984,563		—		5,984,563
		41,155		79,002,713		18,638		79,062,506
	W	55,055		104,692,960		18,638		104,766,653

In millions of won	December 31, 2021
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		4,382,218		—		4,382,218
Debt securities		—		9,647,616		—		9,647,616
Derivative liabilities		6,838		—		453		7,291
Trade and other payables		—		8,153,426		—		8,153,426
		6,838		22,183,260		453		22,190,551
Non-current liabilities
Borrowings		—		2,265,624		—		2,265,624
Debt securities		—		64,234,055		—		64,234,055
Derivative liabilities		49,418		—		21,322		70,740
Trade and other payables		—		5,996,498		—		5,996,498
		49,418		72,496,177		21,322		72,566,917
	W	56,256		94,679,437		21,775		94,757,468

21

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

5. Classification of Financial Instruments, Continued

(3) Classification of comprehensive income (loss) from financial instruments for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won		March 31, 2022			March 31, 2021
Cash and cash equivalents	Interest income	W	6,744			1,572
	Gain on foreign currency transactions and translations		10,921			11,798
Financial assets at fair value through profit or loss	Interest income		4,237			3,434
	Dividends income		253			138
	Loss on valuation of financial assets		(9,526	)		(12	)
	Gain on disposal of financial assets		706			496
Financial assets at fair value through other comprehensive income	Dividends income		8,202			2,225
Financial assets at amortized cost	Interest income		255			247
	Gain (loss) on foreign currency transactions and translations		(299	)		866
Loans	Interest income		5,286			4,433
	Gain on foreign currency transactions and translations		194			336
Trade and other receivables	Interest income		39,518			38,834
	Loss on foreign currency transactions and translations		(2,698	)		(12,387	)
Short-term financial instruments	Interest income		2,001			3,256
	Gain on foreign currency transactions and translations		3,513			19,506
Long-term financial instruments	Interest income		3,119			2,168
Other financial assets	Interest income		109			39
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		399,926			314,350
	Loss on repayment of financial liabilities		(15	)		—
	Interest expense of trade and other payables		46,828			42,632
	Interest expense of others		117,157			105,831
	Other finance income		202			863
	Other finance expenses		633			616
	Loss on foreign currency transactions and translations		(299,541	)		(487,241	)
Derivative assets (trading)	Gain on valuation of derivatives		29,366			156,756
	Gain on transaction of derivatives		15,490			10,563
Derivatives (applying hedge accounting)	Gain on valuation of derivatives (profit or loss)		90,211			156,701
	Loss on valuation of derivatives (equity, before tax)		(72,093	)		(13,956	)
	Gain on transaction of derivatives		9,325			13,600

22

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

6. Restricted Deposits

Restricted deposits as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won		March 31, 2022		December 31,   2021
Cash and cash equivalents	Deposits for government project and others	W	21,951		22,286
	Collateral provided for borrowings		218,274		264,813
	Collateral provided for lawsuit		57		42
	Deposits for transmission regional support program		11,178		5,921
	Deposits for other business purposes		6,050		3,050
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		114,000		114,000
	Collateral provided for borrowings		11,744		11,745
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		525,378		531,720
Long-term financial instruments	Escrow accounts		70		70
	Guarantee deposits for banking accounts at oversea branches		18		333
	Decommissioning costs of nuclear power plants		354,609		324,609
	Funds for developing small and medium enterprises		10,000		10,000
		W	1,273,329		1,288,589

23

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

7. Cash and Cash Equivalents

Cash and cash equivalents as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Cash	W	23,725		19,623
Other demand deposits		1,746,315		1,825,751
Short-term deposits classified as cash equivalents		776,734		407,921
Short-term investments classified as cash equivalents		868,788		381,943
	W	3,415,562		2,635,238

24

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

8. Trade and Other Receivables

(1) Trade and other receivables as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	6,804,694		(210,039	)		—			6,594,655
Other receivables		1,000,868		(20,317	)		(1,374	)		979,177
		7,805,562		(230,356	)		(1,374	)		7,573,832
Non-current assets
Trade receivables		187,111		(1,371	)		—			185,740
Other receivables		1,835,408		(65,610	)		(8,062	)		1,761,736
		2,022,519		(66,981	)		(8,062	)		1,947,476
	W	9,828,081		(297,337	)		(9,436	)		9,521,308

In millions of won	December 31, 2021
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	7,743,735		(203,838	)		—			7,539,897
Other receivables		602,113		(18,555	)		(1,040	)		582,518
		8,345,848		(222,393	)		(1,040	)		8,122,415
Non-current assets
Trade receivables		185,512		(1,501	)		—			184,011
Other receivables		1,792,895		(64,155	)		(5,890	)		1,722,850
		1,978,407		(65,656	)		(5,890	)		1,906,861
	W	10,324,255		(288,049	)		(6,930	)		10,029,276

25

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

8. Trade and Other Receivables, Continued

(2) Other receivables as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	603,536		(18,764	)		(9	)		584,763
Accrued income		45,902		—			—			45,902
Deposits		238,803		—			(1,365	)		237,438
Finance lease receivables (*1)		64,477		(261	)		—			64,216
Others		48,150		(1,292	)		—			46,858
		1,000,868		(20,317	)		(1,374	)		979,177
Non-current assets
Non-trade receivables		128,331		(56,730	)		(281	)		71,320
Accrued income		1,941		—			—			1,941
Deposits		461,236		—			(7,781	)		453,455
Finance lease receivables (*2)		1,151,049		(730	)		—			1,150,319
Others		92,851		(8,150	)		—			84,701
		1,835,408		(65,610	)		(8,062	)		1,761,736
	W	2,836,276		(85,927	)		(9,436	)		2,740,913

(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W113,954 million.

(*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,078,382 million.

In millions of won	December 31, 2021
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	232,172		(17,084	)		(9	)		215,079
Accrued income		57,300		—			—			57,300
Deposits		212,666		—			(1,031	)		211,635
Finance lease receivables (*1)		60,613		(178	)		—			60,435
Others		39,362		(1,293	)		—			38,069
		602,113		(18,555	)		(1,040	)		582,518
Non-current assets
Non-trade receivables		123,537		(56,407	)		(281	)		66,849
Accrued income		1,828		—			—			1,828
Deposits		441,393		—			(5,609	)		435,784
Finance lease receivables (*2)		1,140,080		(590	)		—			1,139,490
Others		86,057		(7,158	)		—			78,899
		1,792,895		(64,155	)		(5,890	)		1,722,850
	W	2,395,008		(82,710	)		(6,930	)		2,305,368

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

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

(3) Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Group imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.

26

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

8. Trade and Other Receivables, Continued

(4) Aging analysis of trade receivables as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Trade receivables: (not overdue)	W	6,666,309			7,603,472
Trade receivables: (impairment reviewed)		325,496			325,775
Less than 60 days		18,906			11,577
60 ~ 90 days		36,227			27,201
90 ~ 120 days		12,982			28,230
120 days ~ 1 year		46,369			51,945
Over 1 year		211,012			206,822
		6,991,805			7,929,247
Less: allowance for doubtful accounts		(211,410	)		(205,339	)
	W	6,780,395			7,723,908

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

(5) Changes in the allowance for doubtful accounts for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022						December 31, 2021
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	205,339			82,710			208,990			132,379
Bad debts expense		8,734			2,407			19,039			18,411
Write-off		(2,123	)		(248	)		(21,809	)		(58,762	)
Reversal		(318	)		—			(1,071	)		(79	)
Others		(222	)		1,058			190			(9,239	)
Ending balance	W	211,410			85,927			205,339			82,710

27

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

9. Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary Certificate	W	120,091		147,622		629		206,160
Cooperative		—		5,919		—		5,797
Others (*)		1,597,421		215,269		360,204		202,003
		1,717,512		368,810		360,833		413,960
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives		—		294,918		—		258,071
	W	1,717,512		663,728		360,833		672,031

(*) ‘Others’ include MMT, etc.

28

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Acquisition		Disposal			Valuation			Others			Ending balance
Equity securities
Listed	W	273,826		—		—			30,753			4,292			308,871
Unlisted		160,790		23,506		—			(318	)		757			184,735
		434,616		23,506		—			30,435			5,049			493,606
Debt securities
Corporate bond		491		—		—			—			—			491
		435,107		23,506		—			30,435			5,049			494,097
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—			—
Non-current financial assets at fair value through other comprehensive income		435,107		23,506		—			30,435			5,049			494,097
In millions of won	December 31, 2021
	Beginning balance		Acquisition		Disposal			Valuation			Others			Ending balance
Equity securities
Listed	W	194,669		1,500		(8,208	)		81,112			4,753			273,826
Unlisted		163,890		8,929		(13	)		(12,335	)		319			160,790
		358,559		10,429		(8,221	)		68,777			5,072			434,616
Debt securities
Corporate bond		—		500		—			—			(9	)		491
		358,559		10,929		(8,221	)		68,777			5,063			435,107
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—			—
Non-current financial assets at fair value through other comprehensive income		358,559		10,929		(8,221	)		68,777			5,063			435,107

29

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		82,525		82,525
Ssangyong Motor Co., Ltd.		38,568		0.03	%		428		107		107
SM Korea Line Corp.		180		0.00	%		1		1		1
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		1		1
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		49		49
PAN Ocean Co., Ltd.		1,492		0.00	%		14		10		10
STX Heavy Industries Co., Ltd.		7,419		0.03	%		107		36		36
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk		480,000,000		1.50	%		65,028		108,977		108,977
Denison Mines Corp.		58,284,000		9.76	%		84,134		115,350		115,350
Fission Uranium Corp.		100,000		0.02	%		41		91		91
SangSangin Industry Co., Ltd.		5,831		0.01	%		38		6		6
Vitzrosys 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		1,643		1,643
Aone Alform Co., Ltd.		2,672		0.08	%		19		66		66
							324,790		308,870		308,870
Unlisted (*1)
Intellectual Discovery Co., Ltd.		1,000,000		6.00	%		5,000		954		954
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
Set Holding (*2)		1,100,220		2.50	%		229,255		131,037		131,037
PT. Cirebon Energi Prasarana		22,420		10.00	%		26,118		26,335		26,335
SGC Greenpower		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		2,617		2,617
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,638		5,638
Good Tcells Co., Ltd.		11,364		0.34	%		500		456		456
IPSbio 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
Orano Expansion		5,742,405		4.72	%		—		—		—
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
Electric Contractors’ Financial Cooperative Co., Ltd.		—		—			38		38		38
Information&Communication Financial Cooperative Co., Ltd.		—		—			15		15		15
Hwan Young Steel Co., Ltd.and others (*3)		—		—			12,414		8,670		8,670
							287,816		184,736		184,736
Debt securities
Aron Flying Ship Co., Ltd. (*1)							500		491		491
						W	613,106		494,097		494,097

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the three-month period ended March 31, 2022.

(*3) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 387 companies including Hwan Young Steel Co., Ltd.

30

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

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

(2) Financial assets at fair value through other comprehensive income as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won	December 31, 2021
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		87,733		87,733
Ssangyong Motor Co., Ltd.		38,568		0.03	%		428		—		—
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		1		1
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		42		42
PAN Ocean Co., Ltd.		1,492		0.00	%		14		8		8
STX Heavy Industries Co., Ltd.		7,419		0.03	%		107		35		35
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk		480,000,000		1.50	%		65,028		89,747		89,747
Denison Mines Corp.		58,284,000		9.76	%		84,134		94,376		94,376
Fission Uranium Corp.		100,000		0.02	%		41		73		73
SangSangin Industry Co., Ltd.		5,831		0.01	%		38		6		6
Vitzrosys 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
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
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
SGC Greenpower		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
IPSbio 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
Orano Expansion		5,742,405		4.72	%		—		—		—
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
Electric Contractors’ Financial Cooperative Co., Ltd.		—		—			38		38		38
Information&Communication Financial Cooperative Co., Ltd.		—		—			15		15		15
Hwan Young Steel Co., Ltd.and others (*3)		—		—			12,008		8,399		8,399
							263,904		160,790		160,790
Debt securities
Aron Flying Ship Co., Ltd. (*1)							500		491		491
						W	589,194		435,107		435,107

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2021.

(*3) Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 372 companies including Hwan Young Steel Co., Ltd.

31

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Financial assets at amortized cost		Government grants		Allowance for doubtful accounts		Others		Book value
Government bonds	W	1,537		—		—		—		1,537
Others		24,020		—		—		—		24,020
	W	25,557		—		—		—		25,557
Current	W	15,562		—		—		—		15,562
Non-current		9,995		—		—		—		9,995
In millions of won	December 31, 2021
	Financial assets at amortized cost		Government grants		Allowance for doubtful accounts		Others		Book value
Government bonds	W	1,308		—		—		—		1,308
Others		23,965		—		—		—		23,965
	W	25,273		—		—		—		25,273
Current	W	15,422		—		—		—		15,422
Non-current		9,851		—		—		—		9,851

32

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives

(1) Derivatives as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	157		8,069		559		6,899
Currency swap		106,005		531,457		125,877		506,957
Interest rate swap		92		28,204		502		6,980
Others		—		9		—		9
	W	106,254		567,739		126,938		520,845
Derivative liabilities
Currency forward	W	5,921		—		301		—
Currency swap		5,131		17,297		4,446		16,708
Interest rate swap		2,848		16,580		2,544		28,138
Others (*1,2,3)		—		25,916		—		25,894
	W	13,900		59,793		7,291		70,740

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

(*2) The Group has granted stock option to Chester Solar IV SpA, a joint venture of the Group, and 4 other third party investors, and recognized its fair value as other derivative liabilities.

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

33

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of March 31, 2022 are as follows:

In millions of won and thousands of USD except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Kookmin Bank		2022.03.11		2022.04.04	W	12,331	USD	10,000	W	1,233.07
Kookmin Bank		2022.03.17		2022.04.14		12,200	USD	10,000		1,220.03
Kookmin Bank		2022.03.24		2022.04.22		12,195	USD	10,000		1,219.45
Kookmin Bank		2022.03.30		2022.04.26		12,127	USD	10,000		1,212.70
Korea Development Bank		2022.03.11		2022.04.01		12,332	USD	10,000		1,233.20
Korea Development Bank		2022.03.17		2022.04.13		12,252	USD	10,000		1,225.15
Korea Development Bank		2022.03.23		2022.04.21		12,135	USD	10,000		1,213.45
Korea Development Bank		2022.03.29		2022.04.29		12,204	USD	10,000		1,220.40
Korea Development Bank		2022.03.31		2022.04.29		9,700	USD	8,000		1,212.50
Mizuho Bank		2022.03.16		2022.04.11		12,380	USD	10,000		1,238.02
Mizuho Bank		2022.03.22		2022.04.19		12,216	USD	10,000		1,221.55
Mizuho Bank		2022.03.29		2022.04.27		12,206	USD	10,000		1,220.55
Mizuho Bank		2022.03.31		2022.04.27		12,101	USD	10,000		1,210.08
Morgan Stanley		2022.03.15		2022.04.05		12,423	USD	10,000		1,242.30
Morgan Stanley		2022.03.31		2022.04.20		12,106	USD	10,000		1,210.62
Morgan Stanley		2022.03.29		2022.04.26		12,206	USD	10,000		1,220.60
Nonghyup Bank		2022.03.18		2022.04.05		12,130	USD	10,000		1,213.00
Nonghyup Bank		2022.03.16		2022.04.08		12,416	USD	10,000		1,241.55
Nonghyup Bank		2022.03.29		2022.04.15		12,216	USD	10,000		1,221.60
Nonghyup Bank		2022.03.30		2022.04.21		12,090	USD	10,000		1,209.00
Woori Bank		2022.03.16		2022.04.12		6,183	USD	5,000		1,236.50
Woori Bank		2022.03.22		2022.04.20		12,211	USD	10,000		1,221.05
Woori Bank		2022.03.29		2022.04.28		12,211	USD	10,000		1,221.10
Hana Bank		2022.03.16		2022.04.07		12,422	USD	10,000		1,242.15
Hana Bank		2022.03.18		2022.04.18		12,144	USD	10,000		1,214.40
Hana Bank		2022.03.25		2022.04.25		12,191	USD	10,000		1,219.13
Hana Bank		2022.03.30		2022.05.02		12,170	USD	10,000		1,216.95
Hana Bank		2022.03.30		2022.05.03		12,140	USD	10,000		1,213.96
Hana Bank		2022.03.25		2022.04.14		1,912	JPY	191,100		10
HSBC		2022.03.22		2022.04.05		29,318	USD	24,000		1,221.60
MUFG		2022.03.24		2022.04.05		6,708	USD	5,500		1,219.64
JP Morgan		2022.03.28		2022.04.05		13,486	USD	11,000		1,225.96
MUFG		2022.03.31		2022.04.13		13,322	USD	11,000		1,211.10
JP Morgan		2022.03.16		2022.04.18		9,910	USD	8,000		1,238.72
Mizuho Bank		2022.03.16		2022.04.19		6,188	USD	5,000		1,237.63
JP Morgan		2022.03.17		2022.04.07		12,205	USD	10,000		1,220.50
MUFG		2022.03.17		2022.04.13		12,227	USD	10,000		1,222.65
Mizuho Bank		2022.03.17		2022.04.15		12,237	USD	10,000		1,223.68

34

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of March 31, 2022 are as follows, continued:

In millions of won and thousands of USD except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Mizuho Bank		2022.03.22		2022.04.25	W	8,541	USD	7,000	W	1,220.10
JP Morgan		2022.03.25		2022.04.21		3,659	USD	3,000		1,219.80
Standard Chartered		2022.03.29		2022.04.14		12,205	USD	10,000		1,220.51
JP Morgan		2022.03.29		2022.04.12		8,543	USD	7,000		1,220.45
MUFG		2022.03.29		2022.04.20		12,206	USD	10,000		1,220.60
JP Morgan		2022.03.30		2022.04.22		12,128	USD	10,000		1,212.80
Standard Chartered		2022.03.30		2022.04.21		12,130	USD	10,000		1,212.95
MUFG		2022.03.30		2022.04.25		12,128	USD	10,000		1,212.75
Nonghyup Bank		2022.03.30		2022.04.22		12,127	USD	10,000		1,212.65
Kookmin Bank		2022.03.30		2022.04.25		12,123	USD	10,000		1,212.25
Mizuho Bank		2022.03.30		2022.04.19		12,116	USD	10,000		1,211.60
Mizuho Bank		2022.03.30		2022.04.26		12,122	USD	10,000		1,212.20
MUFG		2022.03.30		2022.04.18		12,086	USD	10,000		1,208.60
Kookmin Bank		2022.03.31		2022.04.27		12,097	USD	10,000		1,209.73
HSBC		2022.03.16		2022.04.20		2,461	USD	2,000		1,230.72
HSBC		2022.03.22		2022.04.12		12,192	USD	10,000		1,219.20
HSBC		2022.03.25		2022.04.14		3,655	USD	3,000		1,218.43
HSBC		2022.03.29		2022.04.18		12,175	USD	10,000		1,217.54
Shinhan Bank		2022.03.25		2022.04.14		6,087	USD	5,000		1,217.48
MUFG		2022.03.29		2022.04.18		12,202	USD	10,000		1,220.15
Busan Bank		2022.03.31		2022.04.04		3,635	USD	3,000		1,211.65
HSBC		2020.10.19		2024.10.29		140,913	USD	125,000		1,127.30
Hana Bank		2022.03.10		2022.04.22		12,311	USD	10,000		1,231.10
MUFG		2022.03.16		2022.04.22		8,670	USD	7,000		1,238.50
Woori bank		2022.03.17		2022.04.22		12,284	USD	10,000		1,228.40
Hana Bank		2022.03.17		2022.04.22		12,252	USD	10,000		1,225.20
MUFG		2022.03.17		2022.04.22		12,198	USD	10,000		1,219.75
Woori bank		2022.03.17		2022.04.22		12,178	USD	10,000		1,217.80
MUFG		2022.03.21		2022.05.13		6,073	USD	5,000		1,214.55
HSBC		2022.03.22		2022.05.13		6,082	USD	5,000		1,216.45
MUFG		2022.03.23		2022.05.13		6,071	USD	5,000		1,214.25
MUFG		2022.03.23		2022.05.13		2,238	USD	1,844		1,213.35
Busan Bank		2022.03.23		2022.05.13		12,126	USD	10,000		1,212.55
Hana Bank		2022.03.08		2022.06.20		8,058	EUR	5,970		1,349.70
Hana Bank		2022.03.08		2022.07.20		301	EUR	223		1,351.40
Hana Bank		2022.03.08		2022.09.29		342	EUR	253		1,355.00
Hana Bank		2022.03.08		2022.09.30		2,022	EUR	1,493		1,355.00
Hana Bank		2022.03.08		2022.10.07		2,023	EUR	1,493		1,355.60

35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of March 31, 2022 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract year		Contract amount				Contract interest rate						Contract exchange rate (in won, USD)
			Pay		Receive		Pay			Receive
Standard Chartered		2014~2029	W	102,470	USD	100,000		3.14	%		3.57	%	W	1,024.70
Societe Generale		2014~2024		105,017	USD	100,000		4.92	%		5.13	%		1,050.17
Hana Bank		2015~2024		107,970	USD	100,000		4.75	%		5.13	%		1,079.70
Credit Agricole		2015~2024		94,219	USD	86,920		4.85	%		5.13	%		1,083.97
Woori Bank		2019~2027		21,708	USD	19,417		5.04	%		6.75	%		1,118.00
Woori Bank		2019~2024		296,000	USD	250,000		1.21	%		2.50	%		1,184.00
Korea Development Bank		2019~2024		177,600	USD	150,000		1.24	%		2.50	%		1,184.00
Hana Bank		2019~2024		118,400	USD	100,000		1.24	%		2.50	%		1,184.00
Woori Bank		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Korea Development Bank		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Kookmin Bank		2020~2025		120,660	USD	100,000		0.54	%		1.13	%		1,206.60
Kookmin Bank		2020~2026		76,355	USD	70,445		5.83	%		6.00	%		1,083.90
Woori Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Citibank		2012~2022		112,930	USD	100,000		2.79	%		3.00	%		1,129.30
JP Morgan		2012~2022		112,930	USD	100,000		2.79	%		3.00	%		1,129.30
Bank of America		2012~2022		112,930	USD	100,000		2.79	%		3.00	%		1,129.30
Shinhan Bank		2016~2022		112,930	USD	100,000		2.79	%		3.00	%		1,129.30
HSBC		2012~2022		111,770	USD	100,000		2.89	%		3.00	%		1,117.70
Hana Bank		2012~2022		111,770	USD	100,000		2.87	%		3.00	%		1,117.70
Standard Chartered		2012~2022		111,770	USD	100,000		2.89	%		3.00	%		1,117.70
Deutsche Bank		2012~2022		55,885	USD	50,000		2.79	%		3.00	%		1,117.70
Nomura		2015~2025		111,190	USD	100,000		2.60	%		3.25	%		1,111.90
Korea Development Bank		2015~2025		111,190	USD	100,000		2.62	%		3.25	%		1,111.90
Woori Bank		2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Hana Bank		2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Woori Bank		2017~2027		111,610	USD	100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Hana Bank		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
Shinhan Bank		2018~2028		115,387	HKD	850,000		2.66	%		3.35	%		135.75
Korea Development Bank		2018~2023		170,280	USD	150,000		2.15	%		3.75	%		1,135.20
Woori Bank		2018~2023		170,280	USD	150,000		2.18	%		3.75	%		1,135.20
Hana Bank		2018~2023		113,520	USD	100,000		2.17	%		3.75	%		1,135.20
Shinhan Bank		2018~2023		227,040	USD	200,000		2.17	%		3.75	%		1,135.20
Citibank		2019~2024		239,956	CHF	200,000		1.44	%		0.00	%		1,199.78
Korea Development Bank		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
Woori Bank		2021~2026		222,800	USD	200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank		2021~2026		111,400	USD	100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
HSBC		2019~2024	USD	205,500	AUD	300,000		3M Libor + 0.78	%		3M BBSW + 0.97	%	USD	0.69

36

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of March 31, 2022 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract year		Contract amount				Contract interest rate						Contract exchange rate (in won)
			Pay		Receive		Pay			Receive
Kookmin Bank		2020~2025	W	118,780	USD	100,000		1.29	%		2.13	%	W	1,187.80
Shinhan Bank		2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Hana Bank		2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Korea Development Bank		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Hana Bank		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Woori Bank		2020~2026		118,910	USD	100,000		0.62	%		1.00	%		1,189.10
Nomura		2017~2037		52,457	EUR	40,000		2.60	%		1.70	%		1,311.42
Nomura		2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2018~2023		320,880	USD	300,000		2.03	%		3.75	%		1,069.60
BNP Paribas		2019~2024		111,841	CHF	100,000		1.78	%		0.13	%		1,118.41
Kookmin Bank		2019~2024		111,841	CHF	100,000		1.78	%		0.13	%		1,118.41
Korea Development Bank		2019~2022		117,340	USD	100,000		1.06	%		2.38	%		1,173.40
Hana Bank		2019~2022		117,340	USD	100,000		1.06	%		2.38	%		1,173.40
Kookmin Bank		2019~2022		117,340	USD	100,000		1.06	%		2.38	%		1,173.40
Woori Bank		2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank		2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Hana Bank		2021~2026		55,150	USD	50,000		0.48	%		0.75	%		1,103.00
Hana Bank		2017~2022		226,600	USD	200,000		1.94	%		2.63	%		1,133.00
Korea Development Bank		2017~2022		113,300	USD	100,000		1.94	%		2.63	%		1,133.00
Nomura		2017~2022		113,300	USD	100,000		1.95	%		2.63	%		1,133.00
Woori Bank		2017~2022		56,650	USD	50,000		1.95	%		2.63	%		1,133.00
Kookmin Bank		2017~2022		56,650	USD	50,000		1.95	%		2.63	%		1,133.00
Korea Development Bank		2018~2023		169,335	USD	150,000		2.26	%		3.88	%		1,128.90
Woori Bank		2018~2023		169,335	USD	150,000		2.26	%		3.88	%		1,128.90
Credit Agricole		2018~2023		112,890	USD	100,000		2.26	%		3.88	%		1,128.90
Hana Bank		2018~2023		56,445	USD	50,000		2.26	%		3.88	%		1,128.90
Kookmin Bank		2018~2023		56,445	USD	50,000		2.26	%		3.88	%		1,128.90
Woori Bank		2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Hana Bank		2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Korea Development Bank		2020~2025		122,780	USD	100,000		0.93	%		1.75	%		1,227.80

37

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of March 31, 2022 are as follows:

In millions of won
Counterparty	Contract year		Contract amount		Contract interest rate per annum
					Pay	Receive
Hana Bank		2017~2022	W	100,000	2.01%	3M CD + 0.24%
Hana Bank		2017~2022		100,000	2.06%	3M CD + 0.27%
Nomura (*1)		2018~2038		30,000	2.56%	3.75%
Hana Bank		2018~2023		200,000	2.15%	3M CD + 0.19%
Hana Bank		2018~2023		200,000	2.17%	3M CD + 0.19%
Hana Bank		2018~2023		150,000	2.03%	3M CD + 0.21%
Hana Bank		2019~2024		200,000	1.87%	3M CD + 0.13%
Shinhan Bank		2021~2025		100,000	2.32%	3M CD + 0.43%
Hana Bank		2022~2027		200,000	3.02%	3M CD + 0.61%
Hana Bank		2022~2027		200,000	3.04%	3M CD + 0.58%
Societe Generale		2017~2022		200,000	3M Libor + 3.44%	3.77%
Nomura		2017~2032		52,457	3M Libor + 2.22%	2.60%
Nomura		2017~2032		59,423	3M Libor + 2.24%	2.62%
Nomura (*2)		2021~2041		30,000	1.84%	2.60%
Nomura (*3)		2021~2041		50,000	1.87%	2.38%

(*1) 2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

(*2) 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

(*3) 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

(6) Interest rate swap contracts which are designated as hedging instruments as of March 31, 2022 are as follows:

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

(7) Gain and loss on valuation and transaction of derivatives for the three-month periods ended March 31, 2022 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):

In millions of won	Net income effects of valuation gain (loss)					Net income effects of transaction gain (loss)						Accumulated other comprehensive income (loss) (*)
	March 31, 2022			March 31, 2021		March 31, 2022			March 31, 2021			March 31, 2022			March 31, 2021
Currency forward	W	(4,613	)		29,090		8,369			7,672			—			—
Currency swap		103,935			275,546		18,318			19,944			(82,914	)		(23,602	)
Interest rate swap		20,255			8,821		(1,872	)		(3,453	)		10,821			9,646
	W	119,577			313,457		24,815			24,163			(72,093	)		(13,956	)

(*) For the three-month period ended March 31, 2022, the net loss on valuation of derivatives applying cash flow hedge accounting of W34,744 million, net of tax, is included in other comprehensive income (loss).

38

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

13. Other Financial Assets

(1) Other financial assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022						December 31, 2021
	Current			Non-current			Current			Non-current
Loans	W	91,974			960,093			88,406			903,397
Less: Allowance for doubtful accounts		(27	)		(52,650	)		(10	)		(52,667	)
Less: Present value discount		(839	)		(31,068	)		(807	)		(29,248	)
		91,108			876,375			87,589			821,482
Long-term / short-term financial instruments		1,396,182			477,016			1,278,014			450,494
	W	1,487,290			1,353,391			1,365,603			1,271,976

(2) Loans as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	30,249		—			(839	)		29,410
Loans for housing		27,201		—			—			27,201
Other loans		34,524		(27	)		—			34,497
		91,974		(27	)		(839	)		91,108
Long-term loans
Loans for tuition		441,951		(37,783	)		(31,068	)		373,100
Loans for housing		293,417		—			—			293,417
Loans for related parties		187,142		(14,861	)		—			172,281
Other loans		37,583		(6	)		—			37,577
		960,093		(52,650	)		(31,068	)		876,375
	W	1,052,067		(52,677	)		(31,907	)		967,483
In millions of won	December 31, 2021
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	28,975		—			(807	)		28,168
Loans for housing		25,750		—			—			25,750
Other loans		33,681		(10	)		—			33,671
		88,406		(10	)		(807	)		87,589
Long-term loans
Loans for tuition		431,002		(37,783	)		(29,248	)		363,971
Loans for housing		282,833		—			—			282,833
Loans for related parties		150,541		(14,861	)		—			135,680
Fisheries loan		203		—			—			203
Other loans		38,818		(23	)		—			38,795
		903,397		(52,667	)		(29,248	)		821,482
	W	991,803		(52,677	)		(30,055	)		909,071

39

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Beginning balance	W	52,677		20,267
Bad debts expense		—		30,942
Others		—		1,468
Ending balance	W	52,677		52,677

(4) Long-term and short-term financial instruments as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Time deposits	W	443,057		105,222		976,899		103,607
Others		953,125		371,794		301,115		346,887
	W	1,396,182		477,016		1,278,014		450,494

40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

14. Inventories

Inventories as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	3,930,095		(1,247	)		3,928,848
Merchandises		1,066		—			1,066
Work-in-progress		171,481		—			171,481
Finished goods		48,383		—			48,383
Supplies		2,643,874		(10,694	)		2,633,180
Inventories-in-transit		1,021,035		—			1,021,035
Other inventories		13,886		—			13,886
	W	7,829,820		(11,941	)		7,817,879
In millions of won	December 31, 2021
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	3,655,588		(1,247	)		3,654,341
Merchandises		512		—			512
Work-in-progress		180,220		—			180,220
Finished goods		27,254		—			27,254
Supplies		2,541,028		(3,869	)		2,537,159
Inventories-in-transit		1,195,148		—			1,195,148
Other inventories		13,548		—			13,548
	W	7,613,298		(5,116	)		7,608,182

The loss on inventory valuation due to decrease in the net realizable value of inventories included in cost of sales for the three-month period ended March 31, 2022 was W5,623 million and the reversal of the allowance for loss on inventory valuation deducted from cost of sales for the year ended December 31, 2021 was W11,422 million.

The amounts of loss from inventory valuation included in other gains or losses for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 were W1,202 million and W7,761 million, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

15. Non-Financial Assets

Non-financial assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Advanced payments	W	222,966		44,749		161,466		124,305
Prepaid expenses		629,090		158,948		756,729		151,095
Others (*)		1,511,811		90,145		840,796		89,418
	W	2,363,867		293,842		1,758,991		364,818

(*) Details of others as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	553,763		—		524,658		—
Other quick assets		958,048		90,145		316,138		89,418
	W	1,511,811		90,145		840,796		89,418

42

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries

(1) Consolidated subsidiaries as of March 31, 2022 and December 31, 2021 are as follows:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			March 31, 2022			December 31, 2021
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	Lebanon		100.00	%		100.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
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	Barabados		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	%

43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of March 31, 2022 and December 31, 2021 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			March 31, 2022			December 31, 2021
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd. (*5)	Operation of utility plant	Korea		50.00	%		50.00	%
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	%		50.10	%
KEPCO Solar of Alamosa LLC	Power generation	USA		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		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	%		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	%

44

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of March 31, 2022 and December 31, 2021 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			March 31, 2022			December 31, 2021
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
TS Energy No. 25 Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		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	%		100.00	%
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	%		100.00	%
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	%

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

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

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

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

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

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

45

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(2) Subsidiaries newly included in and excluded from consolidation for the three-month period ended March 31, 2022 are as follows:

Subsidiaries excluded from consolidation during the three-month period ended March 31, 2022.

Subsidiaries	Reason
EWPRC Biomass Holdings, LLC	Liquidation

46

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
March 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	65,154,712		38,637,021		2,991,466		328,690
Korea South-East Power Co., Ltd.		11,460,977		6,367,992		2,033,374		(40,293	)
Korea Midland Power Co., Ltd.		14,080,136		9,962,103		2,155,194		149,624
Korea Western Power Co., Ltd.		11,334,283		7,414,765		1,864,929		69,962
Korea Southern Power Co., Ltd.		11,847,196		7,326,471		2,185,833		125,698
Korea East-West Power Co., Ltd.		10,060,889		5,129,521		1,701,948		94,333
KEPCO Engineering & Construction Company, Inc.		733,257		226,294		92,936		(1,668	)
KEPCO Plant Service & Engineering Co., Ltd.		1,465,747		376,657		302,212		20,707
KEPCO Nuclear Fuel Co., Ltd.		997,556		576,196		51,944		6,953
KEPCO KDN Co., Ltd.		711,390		203,281		176,146		6,997
KEPCO International HongKong Ltd.		132,010		—		—		288
KEPCO International Philippines Inc.		113,102		493		—		5
KEPCO Gansu International Ltd.		7,019		571		—		(5	)
KEPCO Philippines Holdings Inc.		172,278		84		—		(362	)
KEPCO Philippines Corporation		6,096		22		—		(44	)
KEPCO Ilijan Corporation		257,110		31,667		12,954		6,598
KEPCO Lebanon SARL		1,918		10,004		—		141
KEPCO Neimenggu International Ltd.		247,541		3,231		—		1,030
KEPCO Shanxi International Ltd.		563,178		214,313		—		(2,020	)
KOMIPO Global Pte Ltd.		314,107		1,293		—		4,988
KEPCO Netherlands B.V.		130,333		781		—		(5	)
KEPCO Australia Pty., Ltd.		532		12		—		21
KOSEP Australia Pty., Ltd.		52,689		7,468		9,365		3,454
KOMIPO Australia Pty., Ltd.		64,093		8,009		9,365		4,555
KOWEPO Australia Pty., Ltd.		63,890		6,451		9,365		4,549
KOSPO Australia Pty., Ltd.		52,401		6,168		9,365		4,373
KEPCO Middle East Holding Company		106,950		92,781		—		(447	)
Qatrana Electric Power Company		501,325		273,650		5,709		5,049
KHNP Canada Energy Ltd.		128,069		22		—		7
KEPCO Bylong Australia Pty., Ltd.		47,209		409,291		—		8,048
Korea Waterbury Uranium Limited Partnership		20,925		190		—		(35	)
KEPCO Holdings de Mexico		1,368		1,244		—		(2	)
KST Electric Power Company, S.A.P.I. de C.V.		611,743		449,494		43,562		10,194
KEPCO Energy Service Company		2,230		689		1,369		108
KEPCO Netherlands S3 B.V.		53,018		59		—		977
PT. KOMIPO Pembangkitan Jawa Bali		14,850		3,059		4,676		1,440
PT. Cirebon Power Service		3,147		1,137		1,966		55
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		37,697		17,416		3,446		2,412
EWP America Inc. (*1)		50,277		3,226		3,266		669
KNF Canada Energy Limited		2,206		21		—		(13	)
EWP Barbados 1 SRL		367,336		1,728		753		5,201
Gyeonggi Green Energy Co., Ltd.		237,817		218,172		30,128		(200	)
PT. Tanggamus Electric Power		217,119		162,548		3,008		2,731
Gyeongju Wind Power Co., Ltd.		100,291		62,882		8,179		4,174
KOMIPO America Inc. (*2)		418,196		125,751		1,711		2,892
PT. EWP Indonesia		84,565		1,252		—		619
KEPCO Netherlands J3 B.V.		129,219		89		—		(44	)
Korea Offshore Wind Power Co., Ltd.		370,151		191,737		16,257		7,383
Global One Pioneer B.V.		166		59		—		55
Global Energy Pioneer B.V.		343		58		—		63
Mira Power Limited		438,806		320,323		13,840		5,614
KOSEP Material Co., Ltd.		3,530		728		1,084		170
Commerce and Industry Energy Co., Ltd.		82,607		33,912		6,645		(1,077	)
KEPCO KPS Philippines Corp.		6,859		2,102		1,320		348
KOSPO Chile SpA		146,811		59,034		—		(330	)

47

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
March 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
PT. KOWEPO Sumsel Operation And Maintenance Services	W	117		263		—		—
Hee Mang Sunlight Power Co., Ltd.		5,682		2,664		196		50
Fujeij Wind Power Company		212,295		170,307		—		4,727
KOSPO Youngnam Power Co., Ltd.		414,846		307,042		131,217		6,823
Chitose Solar Power Plant LLC		113,694		99,073		2,077		(1,029	)
KEPCO Energy Solution Co., Ltd.		316,491		5,081		9,189		379
KEPCO Solar Co., Ltd.		234,062		22,986		6,313		2,581
KOSPO Power Services Ltda.		7,684		4,454		5,221		339
Energy New Industry Specialized Investment Private Investment Trust (*3)		358,160		1,466		—		382
KOEN Bylong Pty., Ltd.		9		104		—		—
KOMIPO Bylong Pty., Ltd.		8		92		—		—
KOWEPO Bylong Pty., Ltd.		8		91		—		—
KOSPO Bylong Pty., Ltd.		77		178		—		—
EWP Bylong Pty., Ltd.		8		57		—		—
KOWEPO Lao International		14,229		68		2,322		1,635
KEPCO US Inc.		17,977		—		—		—
KEPCO Alamosa LLC		34,816		268		33		24
KEPCO Solar of Alamosa LLC		58,103		43,217		1,862		(601	)
KEPCO Mangilao Holdings LLC		29,113		33,195		—		—
Mangilao Investment LLC		45,064		707		—		—
KEPCO Mangilao Solar, LLC		210,753		169,985		—		(607	)
Jeju Hanlim Offshore Wind Co., Ltd.		79,923		4,511		—		(2,204	)
PT. Siborpa Eco Power		11,538		2		—		(11	)
PT. Korea Energy Indonesia		1,659		79		444		(214	)
KOLAT SpA		49,097		19,390		150		(755	)
KEPCO California, LLC		44,364		4,195		—		(293	)
KEPCO Mojave Holdings, LLC		95,031		71,660		—		(1,071	)
Incheon Fuel Cell Co., Ltd.		258,895		234,057		27,890		2,636
KOEN Service Co., Ltd.		6,950		5,087		8,685		(100	)
KOMIPO Service Co., Ltd.		4,327		5,949		7,812		(1,531	)
KOWEPO Service Co., Ltd.		6,557		5,552		7,982		(404	)
KOSPO Service Co., Ltd.		2,194		4,000		4,441		(2,575	)
EWP Service Co., Ltd.		4,422		3,901		6,146		(147	)
PT. KOMIPO Energy Indonesia		2,461		151		—		(329	)
KNF partners Co., Ltd.		1,604		765		1,171		7
KOSPO USA Inc.		291,532		477		—		(828	)
Nambu USA LLC		283,625		—		—		1
Tamra Offshore Wind Power Co., Ltd.		144,270		108,742		4,869		885
KEPCO MCS Co., Ltd.		91,087		44,461		80,723		5,488
KEPCO FMS Co., Ltd.		11,423		13,786		20,696		(3,975	)
Firstkeepers Co., Ltd.		19,971		17,678		19,360		810
Secutec Co., Ltd.		13,281		10,211		16,893		556
SE Green Energy Co., Ltd.		153,823		119,233		13,127		945
KEPCO Mangilao America LLC		2,219		1		—		—
Mangilao Intermediate Holdings LLC		227,910		213,316		—		(997	)
KEPCO CSC Co., Ltd.		7,246		6,900		10,268		(948	)
KOAK Power Limited		14,769		1,022		—		(185	)
KOMIPO Europe B.V.		70,650		96		101		70

48

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
March 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Haenanum Energy Fund	W	7,454		3		—		(9	)
Paju Ecoenergy Co., Ltd.		57,929		1,854		4,516		80
Guam Ukudu Power LLC		64,602		74,906		—		(11,148	)
TS Energy No. 25 Co., Ltd.		311,286		291,062		509		(170	)
KPS Partners Co., Ltd.		3,200		1,764		3,099		191
KEPCO E&C Service Co., Ltd.		4,683		2,175		3,936		342
Moha solar Co., Ltd.		32,121		33,051		59		195
Ogiri Solar Power Co., Ltd.		1,035		7		—		(12	)
KHNP USA LLC		977		75		260		129
KOMIPO Vanphong Power Service LLC		6,360		1,140		4,163		2,268
Energy Innovation Fund I		27,936		2		—		(245	)
KHNP Chile SpA		5,369		3,952		—		2
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,739		1,577		49		20
Yeong Yang Corporation Co., Ltd.		1,733		1,567		48		13
SolarVader Co., Ltd.		1,750		1,570		51		34
Yeong Yang Innovation Co., Ltd.		1,732		1,567		44		15
Yeong Yang Horus Photovoltaic Co., Ltd.		1,724		1,568		44		9
Yeong Yang Solar Management Co., Ltd.		1,756		1,572		54		35
LSG Hydro Power Limited		1		10		—		(10	)
KOEN Bio Co., Ltd.		325		202		91		(71	)
KOMIPO Iberian Solar Group, S.L.U.		81,253		66,751		—		135
Jeongam Wind Power Co., Ltd.		85,883		72,624		3,013		669
KOWEPO Europe B.V.		40,757		1,653		—		328
Yeongdeok Sunrise Wind Power Co., Ltd.		20,452		—		—		(33	)
KHNP Spain, S.L.		5		1		—		(1	)

(*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 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.

49

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Subsidiaries	Total           assets		Total     liabilities		Sales		Profit (loss)     for the year
Korea Hydro & Nuclear Power Co., Ltd.	W	64,638,690		38,361,337		9,324,391		302,232
Korea South-East Power Co., Ltd.		11,487,325		6,510,826		5,188,856		(58,096	)
Korea Midland Power Co., Ltd.		13,756,040		9,912,907		5,263,302		54,869
Korea Western Power Co., Ltd.		10,822,780		7,116,671		4,970,805		(171,562	)
Korea Southern Power Co., Ltd.		11,350,984		7,099,881		5,671,989		(113,352	)
Korea East-West Power Co., Ltd.		9,895,739		5,163,005		4,743,030		10,872
KEPCO Engineering & Construction Company, Inc.		705,043		191,592		433,127		16,452
KEPCO Plant Service & Engineering Co., Ltd.		1,420,705		311,607		1,375,668		98,132
KEPCO Nuclear Fuel Co., Ltd.		837,249		405,614		323,729		25,799
KEPCO KDN Co., Ltd.		721,634		189,242		673,261		67,244
KEPCO International HongKong Ltd.		128,968		—		—		341
KEPCO International Philippines Inc.		154,317		482		—		8,766
KEPCO Gansu International Ltd.		7,151		559		—		(25	)
KEPCO Philippines Holdings Inc.		191,757		128		—		60,192
KEPCO Philippines Corporation		6,122		19		—		(68	)
KEPCO Ilijan Corporation		259,069		38,555		60,532		12,981
KEPCO Lebanon SARL		1,729		9,794		—		(86	)
KEPCO Neimenggu International Ltd.		241,299		3,106		—		16,762
KEPCO Shanxi International Ltd.		551,407		207,844		—		3,526
KOMIPO Global Pte Ltd.		302,340		1,351		—		11,462
KEPCO Netherlands B.V.		133,610		866		—		5,395
KEPCO Australia Pty., Ltd.		481		11		—		25
KOSEP Australia Pty., Ltd.		44,798		5,561		22,013		8,268
KOMIPO Australia Pty., Ltd.		54,162		5,648		22,013		5,942
KOWEPO Australia Pty., Ltd.		54,564		4,766		22,013		7,387
KOSPO Australia Pty., Ltd.		43,886		4,502		22,013		5,940
KEPCO Middle East Holding Company		104,068		89,756		—		1,144
Qatrana Electric Power Company		480,809		262,725		21,368		19,156
KHNP Canada Energy Ltd.		109,326		25		—		29
KEPCO Bylong Australia Pty., Ltd.		44,319		394,349		—		(37,065	)
Korea Waterbury Uranium Limited Partnership		20,920		159		—		(57	)
KEPCO Holdings de Mexico		148		27		—		(8	)
KST Electric Power Company, S.A.P.I. de C.V.		584,625		435,796		151,467		18,499
KEPCO Energy Service Company		2,500		956		12,070		574
KEPCO Netherlands S3 B.V.		51,045		150		—		3,199
PT. KOMIPO Pembangkitan Jawa Bali		13,499		3,314		18,296		885
PT. Cirebon Power Service		2,545		631		8,664		505
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		33,782		16,298		9,698		816
EWP America Inc. (*1)		46,687		1,278		18,335		6,807
KNF Canada Energy Limited		2,101		17		—		(43	)
EWP Barbados 1 SRL		354,024		1,172		2,861		16,168
Gyeonggi Green Energy Co., Ltd.		243,977		224,132		93,794		(5,588	)
PT. Tanggamus Electric Power		212,161		167,409		2,903		3,017
Gyeongju Wind Power Co., Ltd.		96,937		60,702		15,289		3,132
KOMIPO America Inc. (*2)		329,986		56,325		1,715		(1,311	)
PT. EWP Indonesia		47,031		1,226		—		4,615
KEPCO Netherlands J3 B.V.		151,478		172		—		27,365
Korea Offshore Wind Power Co., Ltd.		359,393		188,507		36,020		3,820
Global One Pioneer B.V.		119		116		—		(132	)
Global Energy Pioneer B.V.		293		131		—		(147	)
Mira Power Limited		424,183		311,459		70,287		34,018
KOSEP Material Co., Ltd.		3,405		842		4,518		442
Commerce and Industry Energy Co., Ltd.		85,315		35,543		30,531		1,345
KEPCO KPS Philippines Corp.		8,051		3,652		9,768		1,493
KOSPO Chile SpA		142,956		56,688		—		(851	)

50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

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

51

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(3) Summary of financial information of consolidated subsidiaries as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Subsidiaries	Total           assets		Total     liabilities		Sales		Profit (loss)     for the year
Haenanum Energy Fund	W	7,463		3		40		(74	)
Paju Ecoenergy Co., Ltd.		57,795		2,118		15,425		2,234
Guam Ukudu Power LLC		30,133		30,438		—		(2,030	)
TS Energy No. 25 Co., Ltd.		353,324		318,977		421		(7,525	)
KPS Partners Co., Ltd.		2,809		1,529		9,520		323
KEPCO E&C Service Co., Ltd.		4,054		1,889		15,985		1,242
Moha solar Co., Ltd.		32,808		33,933		48		(706	)
Ogiri Solar Power Co., Ltd.		1,041		1		—		9
KHNP USA LLC		766		10		1,001		267
KOMIPO Vanphong Power Service LLC		3,758		860		3,853		958
Energy Innovation Fund I		22,616		3,202		—		(888	)
KHNP Chile SpA		5,294		3,879		—		17
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,775		1,632		5		(30	)
Yeong Yang Corporation Co., Ltd.		1,776		1,623		9		(19	)
SolarVader Co., Ltd.		1,772		1,627		—		(26	)
Yeong Yang Innovation Co., Ltd.		1,773		1,622		5		(21	)
Yeong Yang Horus Photovoltaic Co., Ltd.		1,771		1,624		9		(24	)
Yeong Yang Solar Management Co., Ltd.		1,774		1,625		—		(23	)
LSG Hydro Power Limited		1		—		—		—
KOEN Bio Co., Ltd.		394		199		51		(305	)
KOMIPO Iberian Solar Group, S.L.U.		70,993		56,707		—		1,354
Jeongam Wind Power Co., Ltd.		86,853		74,267		10,476		1,027
KOWEPO Europe B.V.		39,973		1,449		—		(744	)
Yeongdeok Sunrise Wind Power Co., Ltd.		21,252		768		—		(116	)
KHNP Spain, S.L.		5		—		—		—

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

(*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

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

52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on abilities to subsidiaries as of March 31, 2022 are as follows:

Company	Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.	Acquisition or disposal of assets of more than W35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group.
KOSPO Youngnam Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.	Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group.
Gyeongju Wind Power Co., Ltd.	Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.	Principals and interest payments on subordinated loans or dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

(5) As of March 31, 2022, the Group has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:

Company	Unrecognized Commitments
KOSPO Youngnam Power Co., Ltd.	The Group holds the right to purchase all shares held by the financial investors of KOSPO Youngnam Power Co., Ltd., a subsidiary of the Group, at face value of the issued shares on the 7th and 12th years from the Group’s establishment date.
Jeongam Wind Power Co., Ltd.	When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.

53

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-Group eliminations as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
March 31, 2022
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		33.92	%
Current assets	W	235,043			813,796			280,606			1,208,719			2,538,164
Non-current assets		22,067			651,951			452,651			3,930,886			5,057,555
Current liabilities		(27,626	)		(337,512	)		(212,035	)		(795,886	)		(1,373,059	)
Non-current liabilities		(4,041	)		(39,145	)		(14,259	)		(2,649,443	)		(2,706,888	)
Net assets		225,443			1,089,090			506,963			1,694,276			3,515,772
Book value of non-controlling interests		110,467			533,654			171,962			744,755			1,560,838
Sales		12,954			302,212			92,936			375,485			783,587
Profit for the period		6,598			20,707			(1,668	)		46,406			72,043
Profit for the period attributable to non-controlling interests		3,233			10,146			(566	)		14,119			26,932
Cash flows from operating activities		29,901			71,852			(28,248	)		216,261			289,766
Cash flows from investing activities		3,223			(94,795	)		(3,331	)		(102,605	)		(197,508	)
Cash flows from financing activities before dividends to non-controlling interests		(117	)		(1,336	)		26,180			18,100			42,827
Dividends to non-controlling interests		—			—			—			—			—
Effect of exchange rate fluctuation		3,313			147			123			2,137			5,720
Net increase (decrease) of cash and cash equivalents		36,320			(24,132	)		(5,276	)		133,893			140,805

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

54

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

(i) Details of goodwill as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Acquisition cost	W	105,773		105,647
Less: Accumulated impairment		—		—
Carrying book value	W	105,773		105,647

(ii) Changes in goodwill for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
	March 31, 2022
	Beginning		Increase		Decrease		Ending
Acquisition cost	W	105,647		126		—		105,773
Less: Accumulated impairment		—		—		—		—
Carrying book value	W	105,647		126		—		105,773

In millions of won
	December 31, 2021
	Beginning		Increase		Decrease		Ending
Acquisition cost	W	98,166		7,481		—		105,647
Less: Accumulated impairment		—		—		—		—
Carrying book value	W	98,166		7,481		—		105,647

(8) Disposals of subsidiaries

The Group has completed the liquidation process of EWPRC Biomass Holdings, LLC during the three-month period ended March 31, 2022. The Group 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.

55

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
March 31, 2022
Investees	Key operation activities	Location	Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation	Importing and wholesaling LNG	Korea		20.47	%	W	94,500		1,928,442
PT. Bayan Resources TBK	Resources development	Indonesia		20.00	%		615,860		761,138
Gemeng International Energy Co., Ltd.	Power generation	China		34.00	%		413,153		566,844
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00	%		262,740		284,624
Korea Power Exchange (*1)	Management of power market and others	Korea		100.00	%		127,839		276,340
Indeck Niles Development, LLC	Power generation	USA		50.00	%		268,113		268,640
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00	%		204,000		248,661
S-Power Co., Ltd.	Power generation	Korea		49.00	%		132,300		133,109
PT. Cirebon Electric Power	Power generation	Indonesia		27.50	%		40,365		126,349
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00	%		88,885		118,608
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00	%		72,000		100,940
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00	%		87,426		96,255
Dongducheon Dream Power Co., Ltd. (*2)	Power generation	Korea		33.61	%		148,105		82,866
Nepal Water & Energy Development Company Private Limited (*3)	Construction and operation of utility plant	Nepal		69.06	%		70,228		67,582
SPC Power Corporation	Power generation	Philippines		38.00	%		20,635		63,548
Korea Electric Power Corporation Fund (*4)	Developing electric enterprises	Korea		98.09	%		48,410		53,380
YTN Co., Ltd.	Broadcasting	Korea		21.43	%		59,000		51,188
PT Wampu Electric Power	Power generation	Indonesia		46.00	%		21,292		38,691
Others (Gwangyang Green Energy Co., Ltd. and 73 others)							300,575		265,078
							3,075,426		5,532,283
<Joint ventures>
Jamaica Public Service Company Limited	Power generation	Jamaica		40.00	%		301,910		305,168
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China		40.00	%		121,928		201,216
Amman Asia Electric Power Company (*5)	Power generation	Jordan		60.00	%		111,476		198,440
KEPCO SPC Power Corporation (*5)	Construction and operation of utility plant	Philippines		75.20	%		94,579		198,291
Rabigh Electricity Company	Power generation	Saudi Arabia		40.00	%		109,743		167,501
PT Barito Wahana Tenaga	Power generation	Indonesia		30.61	%		59,573		100,854
Kelar S.A. (*5)	Power generation	Chile		65.00	%		78,060		94,606
PT. Tanjung Power Indonesia	Power generation	Indonesia		35.00	%		57,039		84,185
RE Holiday Holdings LLC	Power generation	USA		50.00	%		42,948		77,656
Nghi Son 2 Power LLC	Power generation	Vietnam		50.00	%		2,781		66,927
Solar Philippines Calatagan Corporation	Power generation	Philippines		38.00	%		47,903		53,897
OneEnergy Asia Limited	Power generation	Vietnam		40.00	%		89,837		50,061
Shuweihat Asia Power Investment B.V.	Holding company	Netherland		49.00	%		44,405		49,771
RE Pioneer Holdings LLC	Power generation	USA		50.00	%		27,891		48,116
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China		40.00	%		39,872		46,580
South Jamaica Power Company Limited	Power generation	Jamaica		20.00	%		20,430		39,041
Chile Solar JV SpA	Power generation	Chile		50.00	%		37,689		36,551
Others (Dangjin Eco Power Co., Ltd. and 78 others)							830,416		629,073
							2,118,480		2,447,934
						W	5,193,906		7,980,217

56

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of March 31, 2022 and December 31, 2021 are as follows, continued:

(*1) 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.

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

(*3) 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.

(*4) 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.

(*5) 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. For this reason, the entities are classified as joint ventures.

57

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Investees	Key operation activities	Location	Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG	Korea		20.47	%	W	94,500		1,815,513
PT. Bayan Resources TBK	Resources development	Indonesia		20.00	%		615,860		661,289
Gemeng International Energy Co., Ltd.	Power generation	China		34.00	%		413,153		595,218
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00	%		262,740		260,858
Korea Power Exchange (*2)	Management of power market and others	Korea		100.00	%		127,839		269,728
Indeck Niles Development, LLC	Power generation	USA		56.25	%		268,113		246,273
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00	%		204,000		243,772
S-Power Co., Ltd.	Power generation	Korea		49.00	%		132,300		122,786
PT. Cirebon Electric Power	Power generation	Indonesia		27.50	%		40,365		121,969
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00	%		88,885		121,955
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00	%		72,000		93,074
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00	%		87,426		92,441
Dongducheon Dream Power Co., Ltd. (*3)	Power generation	Korea		33.61	%		148,105		74,198
Nepal Water & Energy Development Company Private Limited (*4)	Construction and operation of utility plant	Nepal		69.06	%		70,228		66,333
SPC Power Corporation	Power generation	Philippines		38.00	%		20,635		65,046
Korea Electric Power Corporation Fund (*5)	Developing electric enterprises	Korea		98.09	%		48,410		47,983
YTN Co., Ltd.	Broadcasting	Korea		21.43	%		59,000		51,828
PT Wampu Electric Power	Power generation	Indonesia		46.00	%		21,292		35,077
Others (Gwangyang Green Energy Co., Ltd. and 71 others)							284,984		247,032
							3,059,835		5,232,373
<Joint ventures>
Jamaica Public Service Company Limited	Power generation	Jamaica		40.00	%		301,910		294,649
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China		40.00	%		121,928		204,587
Amman Asia Electric Power Company (*6)	Power generation	Jordan		60.00	%		111,476		178,679
KEPCO SPC Power Corporation (*6)	Construction and operation of utility plant	Philippines		75.20	%		94,579		198,979
Rabigh Electricity Company	Power generation	Saudi Arabia		40.00	%		109,743		143,678
PT Barito Wahana Tenaga	Power generation	Indonesia		30.61	%		59,535		81,595
Kelar S.A. (*6)	Power generation	Chile		65.00	%		78,060		86,695
PT. Tanjung Power Indonesia	Power generation	Indonesia		35.00	%		26,892		46,546
RE Holiday Holdings LLC	Power generation	USA		50.00	%		42,948		73,167
Nghi Son 2 Power LLC	Power generation	Vietnam		50.00	%		2,781		—
Solar Philippines Calatagan Corporation	Power generation	Philippines		38.00	%		47,903		58,231
OneEnergy Asia Limited	Power generation	Vietnam		40.00	%		76,916		79,700
Shuweihat Asia Power Investment B.V.	Holding company	Netherland		49.00	%		44,405		37,069
RE Pioneer Holdings LLC	Power generation	USA		50.00	%		27,891		47,015
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China		40.00	%		39,872		44,217
South Jamaica Power Company Limited	Power generation	Jamaica		20.00	%		20,430		37,360
Chile Solar JV SpA	Power generation	Chile		50.00	%		37,689		32,457
Others (Dangjin Eco Power Co., Ltd. and 78 others)							824,533		594,387
							2,069,491		2,239,011
						W	5,129,326		7,471,384

58

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of March 31, 2022 and December 31, 2021 are as follows, continued:

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

(*2) 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.

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

(*4) 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.

(*5) 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.

(*6) 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. For this reason, the entities are classified as joint ventures.

(2) The fair value of associates which are actively traded on an open market and have a readily available market value as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
Investees	March 31, 2022		December 31, 2021
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	144,174		115,339
Korea Gas Corporation		748,440		738,990
YTN Co., Ltd.		32,085		26,550
SPC Power Corporation		216,397		203,589
PT. Bayan Resources TBK		2,439,161		1,495,801

59

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
March 31, 2022
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,815,513		—		—			(51,559	)		150,139			12,347			2,002			1,928,442
PT. Bayan Resources TBK		661,289		—		—			—			79,674			20,186			(11	)		761,138
Gemeng International Energy Co., Ltd.		595,218		—		—			—			(39,127	)		10,753			—			566,844
Goseong Green Power Co., Ltd.		260,858		—		—			—			23,766			—			—			284,624
Korea Power Exchange		269,728		—		—			—			6,612			—			—			276,340
Indeck Niles Development, LLC		246,273		—		—			—			7,323			9,705			5,339			268,640
GS Donghae Electric Power Co., Ltd.		243,772		—		—			—			4,889			—			—			248,661
S-Power Co., Ltd.		122,786		—		—			—			10,323			—			—			133,109
PT. Cirebon Electric Power		121,969		—		—			—			1,455			314			2,611			126,349
Hyundai Green Power Co., Ltd.		121,955		—		—			(4,009	)		656			1,346			(1,340	)		118,608
Shin Pyeongtaek Power Co., Ltd.		93,074		—		—			—			7,850			—			16			100,940
Xe-Pian Xe-Namnoy Power Co., Ltd.		92,441		—		—			—			454			3,360			—			96,255
Dongducheon Dream Power Co., Ltd.		74,198		—		—			—			8,652			—			16			82,866
Nepal Water & Energy Development Company Private Limited		66,333		—		—			—			(144	)		1,393			—			67,582
SPC Power Corporation		65,046		—		—			—			(1,607	)		111			(2	)		63,548
Korea Electric Power Corporation Fund		47,983		—		—			—			7,126			(1,729	)		—			53,380
YTN Co., Ltd.		51,828		—		—			(450	)		(185	)		3			(8	)		51,188
PT Wampu Electric Power		35,077		—		—			—			2,779			72			763			38,691
Others (Gwangyang Green Energy Co., Ltd. and 73 others)		247,032		15,594		(8	)		(8,476	)		6,751			(478	)		4,663			265,078
		5,232,373		15,594		(8	)		(64,494	)		277,386			57,383			14,049			5,532,283
<Joint ventures>
Jamaica Public Service Company Limited		294,649		—		—			—			4,211			6,308			—			305,168
Datang Chifeng Renewable Power Co., Ltd.		204,587		—		—			—			(6,502	)		3,131			—			201,216
Amman Asia Electric Power Company		178,679		—		—			—			4,725			15,036			—			198,440
KEPCO SPC Power Corporation		198,979		—		—			—			(1,169	)		481			—			198,291
Rabigh Electricity Company		143,678		—		—			—			(401	)		24,224			—			167,501
PT Barito Wahana Tenaga		81,595		39		—			—			917			18,303			—			100,854
Kelar S.A.		86,695		—		—			—			2,309			3,723			1,879			94,606
PT. Tanjung Power Indonesia		46,546		30,147		—			—			733			6,906			(147	)		84,185
RE Holiday Holdings LLC		73,167		—		—			—			1,026			3,463			—			77,656
Nghi Son 2 Power LLC		—		—		—			—			16,161			50,766			—			66,927
Solar Philippines Calatagan Corporation		58,231		—		—			—			1,500			(5,834	)		—			53,897
OneEnergy Asia Limited		79,700		12,921		—			—			(26,737	)		(15,823	)		—			50,061
Shuweihat Asia Power Investment B.V.		37,069		—		—			(945	)		(909	)		14,556			—			49,771
RE Pioneer Holdings LLC		47,015		—		—			—			(402	)		1,503			—			48,116
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		44,217		—		—			(1,164	)		2,496			1,031			—			46,580
South Jamaica Power Company Limited		37,360		—		—			—			879			802			—			39,041
Chile Solar JV SpA		32,457		—		—			—			807			3,287			—			36,551
Others (Dangjin Eco Power Co., Ltd. and 78 others)		594,387		5,882		—			(5,187	)		26,087			7,904			—			629,073
		2,239,011		48,989		—			(7,296	)		25,731			139,767			1,732			2,447,934
	W	7,471,384		64,583		(8	)		(71,790	)		303,117			197,150			15,781			7,980,217

60

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,647,325		—		—			—			209,357			13,017			(54,186	)		1,815,513
PT. Bayan Resources TBK		425,234		—		—			(68,666	)		267,874			36,885			(38	)		661,289
Gemeng International Energy Co., Ltd.		679,708		—		—			(11,886	)		(154,930	)		82,326			—			595,218
Goseong Green Power Co., Ltd.		2,186		259,840		—			—			(1,168	)		—			—			260,858
Korea Power Exchange		269,122		—		—			—			(10	)		—			616			269,728
Indeck Niles Development, LLC		20,627		222,551		—			—			(13,160	)		6,652			9,603			246,273
GS Donghae Electric Power Co., Ltd.		244,426		—		—			(15,640	)		14,972			—			14			243,772
S-Power Co., Ltd.		110,292		—		—			—			12,437			57			—			122,786
PT. Cirebon Electric Power		117,811		—		—			(18,253	)		10,679			1,396			10,336			121,969
Hyundai Green Power Co., Ltd.		132,774		—		—			(8,888	)		(562	)		(1,346	)		(23	)		121,955
Shin Pyeongtaek Power Co., Ltd.		69,591		—		—			—			23,476			—			7			93,074
Xe-Pian Xe-Namnoy Power Co., Ltd.		64,570		—		—			—			19,306			8,565			—			92,441
Dongducheon Dream Power Co., Ltd.		80,637		—		—			—			(6,439	)		—			—			74,198
Nepal Water & Energy Development Company Private Limited		42,677		19,960		—			—			(616	)		4,312			—			66,333
SPC Power Corporation		69,912		—		—			(20,468	)		5,311			10,291			—			65,046
Korea Electric Power Corporation Fund		41,926		—		(3,090	)		—			9,065			82			—			47,983
YTN Co., Ltd.		40,549		—		—			(270	)		11,192			22			335			51,828
PT Wampu Electric Power		27,865		—		—			—			3,196			1,355			2,661			35,077
Others (Gwangyang Green Energy Co., Ltd. and 73 others)		163,555		66,302		(394	)		(4,324	)		7,143			(1,863	)		16,613			247,032
		4,250,787		568,653		(3,484	)		(148,395	)		417,123			161,751			(14,062	)		5,232,373
<Joint ventures>
Jamaica Public Service Company Limited		266,221		—		—			(4,578	)		12,963			23,820			(3,777	)		294,649
Datang Chifeng Renewable Power Co., Ltd.		188,478		—		—			(14,191	)		9,342			20,958			—			204,587
Amman Asia Electric Power Company		161,253		—		—			(27,428	)		18,487			26,367			—			178,679
KEPCO SPC Power Corporation		201,663		—		—			(35,763	)		37,073			(3,994	)		—			198,979
Rabigh Electricity Company		97,157		—		—			(7,221	)		17,896			35,846			—			143,678
PT Barito Wahana Tenaga		63,029		140		—			—			4,194			14,232			—			81,595
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
RE Holiday Holdings LLC		68,809		—		—			(9,577	)		6,299			7,636			—			73,167
Nghi Son 2 Power LLC		—		—		—			—			—			—			—			—
Solar Philippines Calatagan Corporation		49,017		—		—			(5,961	)		5,961			9,214			—			58,231
OneEnergy Asia Limited		56,654		20,262		—			—			(1,138	)		3,922			—			79,700
Shuweihat Asia Power Investment B.V.		13,264		—		—			(2,467	)		4,564			21,708			—			37,069
RE Pioneer Holdings LLC		49,639		—		—			(14,199	)		5,556			6,019			—			47,015
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		42,530		—		—			(2,884	)		1,562			3,009			—			44,217
South Jamaica Power Company Limited		31,897		—		—			—			2,515			2,949			(1	)		37,360
Chile Solar JV SpA		34,883		—		—			—			831			(3,257	)		—			32,457
Others (Dangjin Eco Power Co., Ltd. and 80 others)		490,740		114,557		(11,710	)		(15,578	)		6,680			6,431			3,267			594,387
		1,919,746		134,959		(11,710	)		(139,847	)		139,933			190,305			5,625			2,239,011
	W	6,170,533		703,612		(15,194	)		(288,242	)		557,056			352,056			(8,437	)		7,471,384

61

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won
March 31, 2022
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation (*)	W	49,776,688		40,119,169		13,979,499		733,459
PT. Bayan Resources TBK		3,559,422		880,333		944,478		458,087
Gemeng International Energy Co., Ltd.		8,241,615		6,173,447		708,645		(80,249	)
Gosung Green Power Co., Ltd.		5,550,174		4,564,947		492,854		51,330
Korea Power Exchange		335,151		58,811		29,362		5,951
Indeck Niles Development, LLC		1,131,113		719,074		—		4,363
GS Donghae Electric Power Co., Ltd.		2,204,812		1,473,456		283,214		14,379
S-Power Co., Ltd.		927,725		653,269		334,487		21,012
PT. Cirebon Electric Power		681,344		221,891		58,690		5,011
Hyundai Green Power Co., Ltd.		791,233		382,239		23,655		1,130
Shin Pyeongtaek Power Co., Ltd.		1,069,158		786,394		235,456		19,529
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,317,133		927,942		42,097		1,922
Dongducheon Dream Power Co., Ltd.		1,569,351		1,285,406		484,911		25,607
Nepal Water & Energy Development Company Private Limited		181,464		85,016		1,082		(172	)
SPC Power Corporation		243,038		23,824		15,760		2,961
Korea Electric Power Corporation Fund		54,689		273		7,104		6,998
YTN Co., Ltd.		350,215		111,339		30,920		(913	)
PT Wampu Electric Power		208,971		124,859		4,931		2,450
<Joint ventures>
Jamaica Public Service Company Limited		2,209,905		1,478,767		318,782		9,413
Datang Chifeng Renewable Power Co., Ltd.		859,289		356,250		40,427		19,512
Amman Asia Electric Power Company		724,791		394,057		5,910		7,895
KEPCO SPC Power Corporation		291,423		27,739		43,865		6,506
Rabigh Electricity Company		2,459,667		1,903,062		61,054		(1,381	)
PT Barito Wahana Tenaga		329,457		—		—		8,852
Kelar S.A.		652,120		510,867		19,217		(4,161	)
PT. Tanjung Power Indonesia		741,197		500,669		21,248		2,429
RE Holiday Holdings LLC		332,993		177,681		24,045		13,524
Nghi Son 2 Power LLC		3,146,822		3,012,968		153,789		32,322
Solar Philippines Calatagan Corporation		125,322		48,863		4,567		2,625
OneEnergy Asia Limited		498,296		436,926		51,837		(2,759	)
Shuweihat Asia Power Investment B.V.		101,574		—		—		(1,854	)
RE Pioneer Holdings LLC		248,297		152,065		16,628		8,996
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		202,771		86,321		7,108		1,319
South Jamaica Power Company Limited		484,632		289,415		67,286		4,602
Chile Solar JV SpA		78,004		4,902		2,059		1,049

(*) The profit for the three-month period ended March 31, 2022 is reduced by the associate entity’s net income attributable to non-controlling interests.

62

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation (*)	W	43,669,902		34,550,567		27,520,756		950,757
PT. Bayan Resources TBK		2,884,474		743,452		3,264,057		1,456,893
Gemeng International Energy Co., Ltd.		8,151,333		5,976,164		2,511,377		(404,570	)
Gosung Green Power Co., Ltd.		5,412,537		4,509,791		740,028		51,450
Korea Power Exchange		331,640		61,912		110,075		492
Indeck Niles Development, LLC		1,051,557		729,078		—		(25,184	)
GS Donghae Electric Power Co., Ltd.		2,149,060		1,432,083		760,323		44,035
S-Power Co., Ltd.		856,963		603,519		608,259		24,998
PT. Cirebon Electric Power		697,614		254,089		273,650		39,965
Hyundai Green Power Co., Ltd.		812,287		391,754		101,818		(280	)
Shin Pyeongtaek Power Co., Ltd.		1,028,028		764,551		653,117		57,202
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,321,406		947,430		161,686		76,996
Dongducheon Dream Power Co., Ltd.		1,398,244		1,139,521		750,127		(16,685	)
Nepal Water & Energy Development Company Private Limited		153,184		58,545		—		(642	)
SPC Power Corporation		242,058		18,535		54,042		35,441
Korea Electric Power Corporation Fund		49,150		237		9,773		9,534
YTN Co., Ltd.		367,950		126,062		137,439		51,044
PT Wampu Electric Power		209,172		132,917		20,294		7,102
<Joint ventures>
Jamaica Public Service Company Limited		2,174,800		1,469,297		1,113,943		41,277
Datang Chifeng Renewable Power Co., Ltd.		827,213		315,746		120,989		24,398
Amman Asia Electric Power Company		731,745		433,946		17,753		30,815
KEPCO SPC Power Corporation		290,981		26,381		181,443		49,499
Rabigh Electricity Company		2,410,335		1,910,203		266,822		34,268
PT Barito Wahana Tenaga		266,584		39		—		25,839
Kelar S.A.		655,236		526,063		84,504		3,641
PT. Tanjung Power Indonesia		713,715		580,727		89,491		14,511
RE Holiday Holdings LLC		335,130		188,796		19,724		10,897
Nghi Son 2 Power LLC		2,982,805		3,020,684		548,027		84,276
Solar Philippines Calatagan Corporation		117,324		46,759		19,418		11,782
OneEnergy Asia Limited		136,247		777		—		(2,844	)
Shuweihat Asia Power Investment B.V.		75,652		—		—		23,905
RE Pioneer Holdings LLC		220,390		126,361		12,925		9,307
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		198,437		87,895		29,094		3,905
South Jamaica Power Company Limited		474,664		287,852		224,159		5,743
Chile Solar JV SpA		68,445		3,531		3,060		1,408

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

63

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
March 31, 2022
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	9,657,519		20.47	%		1,976,894		—		—			(48,452	)		1,928,442
PT. Bayan Resources TBK		2,679,089		20.00	%		535,818		301,700		—			(76,380	)		761,138
Gemeng International Energy Co., Ltd.		2,068,167		34.00	%		703,177		—		—			(136,333	)		566,844
Gosung Green Power Co., Ltd.		985,227		29.00	%		285,716		—		(1,092	)		—			284,624
Korea Power Exchange		276,340		100.00	%		276,340		—		—			—			276,340
Indeck Niles Development, LLC		412,039		50.00	%		206,020		62,620		—			—			268,640
GS Donghae Electric Power Co., Ltd.		731,356		34.00	%		248,661		—		—			—			248,661
S-Power Co., Ltd.		274,456		49.00	%		134,483		—		(1,374	)		—			133,109
PT. Cirebon Electric Power		459,452		27.50	%		126,349		—		—			—			126,349
Hyundai Green Power Co., Ltd.		408,994		29.00	%		118,608		—		—			—			118,608
Shin Pyeongtaek Power Co., Ltd.		282,765		40.00	%		113,106		3,559		(15,725	)		—			100,940
Xe-Pian Xe-Namnoy Power Co., Ltd.		389,190		25.00	%		97,298		305		(1,059	)		(289	)		96,255
Dongducheon Dream Power Co., Ltd.		283,946		34.01	%		96,570		1,757		(2,879	)		(12,582	)		82,866
Nepal Water & Energy Development Company Private Limited		96,448		69.06	%		66,610		972		—			—			67,582
SPC Power Corporation		219,214		38.00	%		83,301		—		—			(19,753	)		63,548
Korea Electric Power Corporation Fund		54,416		98.09	%		53,376		—		—			4			53,380
YTN Co., Ltd.		238,875		21.43	%		51,188		—		—			—			51,188
PT Wampu Electric Power		84,112		46.00	%		38,691		—		—			—			38,691
<Joint ventures>
Jamaica Public Service Company Limited		731,137		40.00	%		292,455		29,357		—			(16,644	)		305,168
Datang Chifeng Renewable Power Co., Ltd.		503,039		40.00	%		201,216		—		—			—			201,216
Amman Asia Electric Power Company		330,734		60.00	%		198,440		—		—			—			198,440
KEPCO SPC Power Corporation		263,684		75.20	%		198,291		—		—			—			198,291
Rabigh Electricity Company		556,605		40.00	%		222,642		—		(54,337	)		(804	)		167,501
PT Barito Wahana Tenaga		329,457		30.61	%		100,854		—		—			—			100,854
Kelar S.A.		141,253		65.00	%		91,815		2,791		—			—			94,606
PT. Tanjung Power Indonesia		240,528		35.00	%		84,185		—		—			—			84,185
RE Holiday Holdings LLC		155,312		50.00	%		77,656		—		—			—			77,656
Nghi Son 2 Power LLC		133,853		50.00	%		66,927		—		—			—			66,927
Solar Philippines Calatagan Corporation		76,459		38.00	%		29,055		—		—			24,842			53,897
OneEnergy Asia Limited		61,370		40.00	%		24,549		25,512		—			—			50,061
Shuweihat Asia Power Investment B.V.		101,574		49.00	%		49,771		—		—			—			49,771
RE Pioneer Holdings LLC		96,232		50.00	%		48,116		—		—			—			48,116
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		116,450		40.00	%		46,580		—		—			—			46,580
South Jamaica Power Company Limited		195,217		20.00	%		39,043		—		—			(2	)		39,041
Chile Solar JV SpA		73,102		50.00	%		36,551		—		—			—			36,551

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

64

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won
December 31, 2021
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	9,119,335			20.47	%		1,866,728			—		—			(51,215	)		1,815,513
PT. Bayan Resources TBK		2,141,022			20.00	%		428,204			309,464		—			(76,379	)		661,289
Gemeng International Energy Co., Ltd.		2,175,169			34.00	%		739,557			—		—			(144,339	)		595,218
Gosung Green Power Co., Ltd.		902,746			29.00	%		261,796			—		(938	)		—			260,858
Korea Power Exchange		269,728			100.00	%		269,728			—		—			—			269,728
Indeck Niles Development, LLC		322,479			56.25	%		181,395			64,878		—			—			246,273
GS Donghae Electric Power Co., Ltd.		716,977			34.00	%		243,772			—		—			—			243,772
S-Power Co., Ltd.		253,444			49.00	%		124,188			—		(1,402	)		—			122,786
PT. Cirebon Electric Power		443,525			27.50	%		121,969			—		—			—			121,969
Hyundai Green Power Co., Ltd.		420,533			29.00	%		121,955			—		—			—			121,955
Shin Pyeongtaek Power Co., Ltd.		263,477			40.00	%		105,391			3,559		(15,876	)		—			93,074
Xe-Pian Xe-Namnoy Power Co., Ltd.		373,976			25.00	%		93,494			305		(1,069	)		(289	)		92,441
Dongducheon Dream Power Co., Ltd.		258,723			34.01	%		87,992			1,757		(2,969	)		(12,582	)		74,198
Nepal Water & Energy Development Company Private Limited		94,639			69.06	%		65,361			972		—			—			66,333
SPC Power Corporation		223,523			38.00	%		84,939			—		—			(19,893	)		65,046
Korea Electric Power Corporation Fund		48,913			98.09	%		47,979			—		—			4			47,983
YTN Co., Ltd.		241,863			21.43	%		51,828			—		—			—			51,828
PT Wampu Electric Power		76,255			46.00	%		35,077			—		—			—			35,077
<Joint ventures>
Jamaica Public Service Company Limited		705,503			40.00	%		282,201			29,357		—			(16,909	)		294,649
Datang Chifeng Renewable Power Co., Ltd.		511,467			40.00	%		204,587			—		—			—			204,587
Amman Asia Electric Power Company		297,799			60.00	%		178,679			—		—			—			178,679
KEPCO SPC Power Corporation		264,600			75.20	%		198,979			—		—			—			198,979
Rabigh Electricity Company		500,132			40.00	%		200,053			—		(55,571	)		(804	)		143,678
PT Barito Wahana Tenaga		266,545			30.61	%		81,595			—		—			—			81,595
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
RE Holiday Holdings LLC		146,334			50.00	%		73,167			—		—			—			73,167
Nghi Son 2 Power LLC		(37,879	)		50.00	%		(18,940	)		—		—			18,940			—
Solar Philippines Calatagan Corporation		70,565			38.00	%		26,815			—		—			31,416			58,231
OneEnergy Asia Limited		135,470			40.00	%		54,188			25,512		—			—			79,700
Shuweihat Asia Power Investment B.V.		75,652			49.00	%		37,069			—		—			—			37,069
RE Pioneer Holdings LLC		94,029			50.00	%		47,015			—		—			—			47,015
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		110,542			40.00	%		44,217			—		—			—			44,217
South Jamaica Power Company Limited		186,812			20.00	%		37,362			—		—			(2	)		37,360
Chile Solar JV SpA		64,914			50.00	%		32,457			—		—			—			32,457

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

65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(6) As of March 31, 2022 and December 31, 2021, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:

In millions of won	March 31, 2022					December 31, 2021
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Eurasia Energy Holdings	W	4			194		15			190
Gunsan Bio Energy Co., Ltd.		31			3,895		282			3,864
Daehan Wind Power PSC		—			—		(3,855	)		—
Dayone Energy Co., Ltd.		569			24,021		(1,244	)		23,452
Nghi Son 2 Power LLC		(18,940	)		—		(114,340	)		18,940
Samcheok Eco Materials Co., Ltd.		57			519		(323	)		462
Naepo Green Energy Co., Ltd.		(446	)		7,301		5,469			7,747
Barakah One Company		22,318			65,154		(26,502	)		42,836
Pioneer Gas Power Limited		3,810			41,439		21,691			37,629
Incheon New Power Co., Ltd.		(96	)		67		(31	)		163
Bigeum Resident Photovoltaic Power Co., Ltd.		38			336		182			298
KAPES, Inc.		246			3,761		317			3,515
Chester Solar IV SpA		(21	)		—		21			21

(7) As of March 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 Group provided a performance guarantee on this agreement.

(ii) Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(iii) Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with the careful consideration of various factors such as financial status and business situation. The Group is under agreement of O&M with the entity. Pursuant to the agreement, the Group guarantees a certain level of utilization rate and it is obligated to pay the penalty in the event of suspension in power generating.

(iv) Daeryun Power Co., Ltd.

The Group reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

(v) Daegu Green Power Co., Ltd.

The Group has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Group can exercise its right 5, 10 and 13 years after the date of the investment. The Group has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of March 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 Group intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Group.

(vii) Chester Solar I SpA

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

(viii) Chester Solar IV SpA

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

(ix) Chester Solar V SpA

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

(x) Diego de Almagro Solar SpA

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

(xi) Laurel SpA

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

(xii) Samcheok Eco Materials Co., Ltd.

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

(xiii) Hyundai Green Power Co., Ltd.

As of March 31, 2022, the Group has call option against the financial investors (IBK and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Group has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Group”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares upon request from Hyundai Steel Group.

(xiv) Kosture Co., Ltd.

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

(xv) Omisan Wind Power Co., Ltd.

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(7) As of March 31, 2022, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(xvi) Changjuk Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Changjuk Wind Power Co., Ltd. after the warrant period of defect repair for wind power generator has expired, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.

(xvii) Geumsungsan Wind Power Co., Ltd.

The Group has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of March 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.
KPGE Inc.	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Taebaek Guinemi Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Asset Management, LLC	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Development, LLC	Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar IV SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar V SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Diego de Almagro Solar Spa	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Laurel SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar I SpA	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Kelar S.A.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
GS Donghae Electric Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Busan Shinho Solar Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied.
Honam Wind Power Co., Ltd.	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
Seokmun Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the collateralized debt is fully repaid.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of March 31, 2022 are as follows, continued:

Company	Nature and extent of any significant restrictions
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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

18. Property, Plant and Equipment

(1) Property, plant and equipment as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,167,402		(23,473	)		—			(29,091	)		14,114,838
Buildings		23,148,429		(50,874	)		(10,268,241	)		(7,073	)		12,822,241
Structures		79,146,858		(169,351	)		(30,771,594	)		(13,205	)		48,192,708
Machinery		101,600,134		(135,513	)		(50,112,558	)		(514,970	)		50,837,093
Ships		2,068		—			(1,898	)		—			170
Vehicles		370,602		(1,629	)		(288,821	)		(116	)		80,036
Equipment		2,021,695		(133	)		(1,630,951	)		(43	)		390,568
Tools		1,270,463		(58	)		(1,087,667	)		(38	)		182,700
Construction-in-progress		31,300,979		(121,804	)		—			(157,530	)		31,021,645
Right-of-use assets		7,872,276		—			(3,920,545	)		—			3,951,731
Asset retirement costs		14,297,471		—			(5,486,170	)		(146,423	)		8,664,878
Others		14,996,041		—			(12,360,687	)		—			2,635,354
	W	290,194,418		(502,835	)		(115,929,132	)		(868,489	)		172,893,962

In millions of won	December 31, 2021
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,135,452		(23,474	)		—			(27,487	)		14,084,491
Buildings		22,974,569		(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		101,052,961		(140,082	)		(48,791,577	)		(514,991	)		51,603,311
Ships		2,068		—			(1,891	)		—			177
Vehicles		371,207		(1,675	)		(281,833	)		(117	)		87,582
Equipment		1,989,115		(149	)		(1,591,890	)		(42	)		397,034
Tools		1,256,189		(64	)		(1,073,086	)		(38	)		183,001
Construction-in-progress		30,313,624		(111,822	)		—			(157,530	)		30,044,272
Right-of-use assets		7,848,138		—			(3,788,741	)		—			4,059,397
Asset retirement costs		14,348,920		—			(5,277,109	)		(146,423	)		8,925,388
Others		14,852,245		—			(12,106,384	)		—			2,745,861
	W	287,619,108		(501,409	)		(113,125,144	)		(866,906	)		173,125,649

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance			Acquisition		Disposal			Depreciation			Others			Ending balance
Land	W	14,107,965			2,025		(6,694	)		(21	)		35,036			14,138,311
(Government grants)		(23,474	)		—		1			—			—			(23,473	)
Buildings		12,926,226			807		(1,949	)		(221,427	)		169,458			12,873,115
(Government grants)		(52,122	)		—		—			1,254			(6	)		(50,874	)
Structures		48,290,052			6,717		(72,902	)		(662,656	)		800,848			48,362,059
(Government grants)		(172,021	)		—		293			2,382			(5	)		(169,351	)
Machinery		51,746,393			69,763		(54,834	)		(1,460,606	)		671,890			50,972,606
(Government grants)		(140,082	)		—		69			4,311			189			(135,513	)
Ships		177			—		—			(7	)		—			170
Vehicles		89,257			333		(54	)		(9,192	)		1,321			81,665
(Government grants)		(1,675	)		—		—			145			(99	)		(1,629	)
Equipment		397,183			8,318		(22	)		(49,419	)		34,641			390,701
(Government grants)		(149	)		—		—			16			—			(133	)
Tools		183,065			5,535		(150	)		(18,883	)		13,191			182,758
(Government grants)		(64	)		—		—			6			—			(58	)
Construction-in-progress		30,156,094			2,498,755		(8,629	)		—			(1,502,771	)		31,143,449
(Government grants)		(111,822	)		10		—			—			(9,992	)		(121,804	)
Right-of-use assets		4,059,397			24,412		(300	)		(135,043	)		3,265			3,951,731
Asset retirement costs		8,925,388			—		—			(282,288	)		21,778			8,664,878
Others		2,745,861			13		(6,283	)		(256,212	)		151,975			2,635,354
	W	173,125,649			2,616,688		(151,454	)		(3,087,640	)		390,719			172,893,962

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won	December 31, 2021
	Beginning balance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	13,943,326			9,561			(54,447	)		—			—			209,525			14,107,965
(Government grants)		(23,475	)		—			1			—			—			—			(23,474	)
Buildings		12,616,532			9,036			(19,974	)		(889,539	)		—			1,210,171			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	)		(5,759,155	)		—			7,334,438			51,746,393
(Government grants)		(157,785	)		—			531			17,519			—			(347	)		(140,082	)
Ships		255			—			—			(103	)		—			25			177
Vehicles		78,983			4,807			(4,298	)		(37,980	)		—			47,745			89,257
(Government grants)		(632	)		(26	)		—			460			—			(1,477	)		(1,675	)
Equipment		407,843			54,875			(667	)		(184,007	)		—			119,139			397,183
(Government grants)		(227	)		—			—			95			—			(17	)		(149	)
Tools		192,387			19,389			(89	)		(81,984	)		—			53,362			183,065
(Government grants)		(239	)		—			—			209			—			(34	)		(64	)
Construction-in-progress		30,963,725			12,175,384			(66,965	)		—			(3,315	)		(12,912,735	)		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
	W	168,709,387			12,630,425			(613,515	)		(11,774,675	)		(4,056	)		4,178,083			173,125,649

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

19. Investment Properties

(1) Investment properties as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	194,738		—			—			194,738
Buildings		20,004		(23	)		(6,153	)		13,828
	W	214,742		(23	)		(6,153	)		208,566

In millions of won	December 31, 2021
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	201,605		—			—			201,605
Buildings		19,543		(30	)		(8,334	)		11,179
	W	221,148		(30	)		(8,334	)		212,784

(2) Changes in investment properties for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance			Depreciation			Others			Ending balance
Land	W	201,605			—			(6,867	)		194,738
Buildings		11,209			(101	)		2,743			13,851
(Government grants)		(30	)		—			7			(23	)
	W	212,784			(101	)		(4,117	)		208,566

In millions of won	December 31, 2021
	Beginning balance			Depreciation			Others			Ending balance
Land	W	200,391			—			1,214			201,605
Buildings		24,833			(1,387	)		(12,237	)		11,209
(Government grants)		(29	)		1			(2	)		(30	)
	W	225,195			(1,386	)		(11,025	)		212,784

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for the three-month period ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022			March 31, 2021
Rental income	W	2,537			2,334
Operating and maintenance expenses related to rental income		(101	)		(362	)
	W	2,436			1,972

(4) Fair value of investment properties as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Book value		Fair value		Book value		Fair value
Land	W	194,738		267,333		201,605		268,702
Buildings		13,828		15,442		11,179		13,636
	W	208,566		282,775		212,784		282,338

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

(5) All of the Group’s investment properties are held under freehold interests.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

20. Construction Contracts

(1) Changes in total contract amount in which revenue is not yet recognized for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Increase (decrease) (*)			Recognized as revenue			Ending balance
Nuclear power plant construction in UAE and others	W	2,783,935		(28,460	)		(140,794	)		2,614,681

(*) For the three-month period ended March 31, 2022, the increased balance of contracts from new orders is W54,446 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W82,906 million.

In millions of won	December 31, 2021
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in UAE and others	W	3,152,725		386,208		(754,998	)		2,783,935

(*) For the year ended December 31, 2021, the increased balance of contracts from new orders is W 458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W72,427 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in UAE and others	W	22,085,049		20,983,284		1,101,765		23,092

In millions of won	December 31, 2021
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in UAE and others	W	22,051,129		20,967,097		1,084,032		23,238

76

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

20. Construction Contracts, Continued

(3) Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Contract assets (*1)		Contract liabilities (*2)		Contract assets (*1)		Contract liabilities (*2)
Nuclear power plant construction in UAE and others	W	124,533		50,396		82,306		5,330

(*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2) Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on March 31, 2022 from the amounts included in contract liabilities at the end of the prior year is W2,014 million.

(4) The contract with BOC (purchaser) states that disclosure of information related to UAE nuclear power plant construction projects such as contract date, contractual completion date, completion progress, unbilled construction, impairment losses, etc. are not allowed without consent from the purchaser. BOC did not agree to disclose such information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that BOC may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the consolidated financial statements.

(5) Operating segments information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the three-month period ended March 31, 2022 are as follows:

In millions of won	March 31, 2022
	Effect from changes in accounting estimates													Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		Changes in estimates of contract revenue and costs		Amounts recognized in current profit or loss			Amounts recognized in future profit or loss		Changes in estimated total contract cossts		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	—		10,364		4,885			5,479		14,698		—		30,266		—		—		—
Plant maintenance & engineering service		1,665		2,397		(27,458	)		29,855		9,350		4,169		67,800		4		36,236		6,061
Others		—		—		—			—		—		—		26,467		—		—		—
	W	1,665		12,761		(22,573	)		35,334		24,048		4,169		124,533		4		36,236		6,061

77

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

21. Intangible Assets other than Goodwill

(1) Intangible assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	905,851		(85	)		(749,719	)		(19	)		156,028
Copyrights, patents rights and other industrial rights		103,529		—			(61,301	)		(9,178	)		33,050
Mining rights		657,442		—			(41,183	)		(570,969	)		45,290
Development expenditures		962,876		(3,471	)		(888,222	)		—			71,183
Intangible assets under development		86,336		(7,441	)		—			(12,845	)		66,050
Usage rights of donated assets and others		592,855		—			(426,322	)		—			166,533
Leasehold rights		28,185		—			(22,577	)		—			5,608
Greenhouse gas emissions rights		89,893		—			—			—			89,893
Others		578,128		(70	)		(160,326	)		(11,995	)		405,737
	W	4,005,095		(11,067	)		(2,349,650	)		(605,006	)		1,039,372

In millions of won	December 31, 2021
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	867,185		(91	)		(704,589	)		—			162,505
Copyrights, patents rights and other industrial rights		103,428		—			(59,063	)		(9,178	)		35,187
Mining rights		623,122		—			(39,803	)		(541,417	)		41,902
Development expenditures		978,768		(3,820	)		(905,805	)		(19	)		69,124
Intangible assets under development		94,275		(7,326	)		—			(12,845	)		74,104
Usage rights of donated assets and others		592,870		—			(423,087	)		—			169,783
Leasehold rights		28,185		—			(22,337	)		—			5,848
Greenhouse gas emissions rights		78,137		—			—			—			78,137
Others		574,957		(71	)		(155,404	)		(11,995	)		407,487
	W	3,940,927		(11,308	)		(2,310,088	)		(575,454	)		1,044,077

78

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance			Acquisition		Disposal			Amortization			Others			Ending balance
Software	W	162,596			4,495		—			(17,822	)		6,844			156,113
(Government grants)		(91	)		—		—			14			(8	)		(85	)
Copyrights, patents rights and other industrial rights		35,187			56		—			(1,923	)		(270	)		33,050
Mining rights		41,902			—		—			(722	)		4,110			45,290
Development expenditures		72,944			—		—			(5,717	)		7,427			74,654
(Government grants)		(3,820	)		—		—			349			—			(3,471	)
Intangible assets under development		81,430			5,900		—			—			(13,839	)		73,491
(Government grants)		(7,326	)		—		—			—			(115	)		(7,441	)
Usage rights of donated assets and others		169,783			—		—			(2,976	)		(274	)		166,533
Leasehold rights		5,848			—		—			(240	)		—			5,608
Greenhouse gas emissions rights		78,137			2,872		—			—			8,884			89,893
Others		407,558			64		(19	)		(6,238	)		4,442			405,807
(Government grants)		(71	)		—		—			1			—			(70	)
	W	1,044,077			13,387		(19	)		(35,274	)		17,201			1,039,372

In millions of won	December 31, 2021
	Beginning balance			Acquisition		Disposal			Amortization			Impairment		Others			Ending balance
Software	W	152,163			18,834		(1	)		(77,881	)		—		69,481			162,596
(Government grants)		(136	)		—		—			64			—		(19	)		(91	)
Copyrights, patents rights and other industrial rights		42,916			166		(131	)		(7,771	)		—		7			35,187
Mining rights		42,390			1,022		—			(3,526	)		—		2,016			41,902
Development expenditures		95,166			309		—			(37,033	)		—		14,502			72,944
(Government grants)		(5,043	)		—		—			1,439			—		(216	)		(3,820	)
Intangible assets under development		67,018			51,988		—			—			—		(37,576	)		81,430
(Government grants)		(7,203	)		—		—			—			—		(123	)		(7,326	)
Usage rights of donated assets and others		184,475			—		—			(13,594	)		—		(1,098	)		169,783
Leasehold rights		6,340			—		—			(834	)		—		342			5,848
Greenhouse gas emissions rights		61,373			78,091		—			(31	)		—		(61,296	)		78,137
Others		416,346			2,229		—			(26,998	)		14		15,967			407,558
(Government grants)		(75	)		—		—			4			—		—			(71	)
	W	1,055,730			152,639		(132	)		(166,161	)		14		1,987			1,044,077

79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

21. Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won and thousands of Australian dollars
March 31, 2022
Type	Description	Currency	Amount		Remaining useful lives
Software	DAS MS-SQL CORE license	KRW		3,459	2 years and 5 months
Copyrights, patents rights and other industrial rights	Smart technology verification and standard design project conducting right	KRW		1,234	6 months
	Contributions to ARP NRC DC	KRW		24,002	5 years 9 months
Mining rights	Mining rights of Bylong mine	AUD		—	—(*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		21,175	4 years and 8 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		8,698	8 years 3 months
Others	Occupancy and use of public waters	KRW		80,271	14 years and 10 months
	Greenhouse gas emissions rights	KRW		89,893	—
	Business rights	KRW		159,022	27 years and 8 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

In millions of won and thousands of Australian dollars
December 31, 2021
Type	Description	Currency	Amount		Remaining useful lives
Software	DAS MS-SQL CORE license	KRW		3,817	2 years and 8 months
Copyrights, patents rights and other industrial rights	Smart technology verification and standard design project conducting right	KRW		1,851	9 months
	Contributions to ARP NRC DC	KRW		25,045	6 years
Mining rights	Mining rights of Bylong mine	AUD		—	—(*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		22,310	4 years and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		8,962	8 years 6 months
Others	Occupancy and use of public waters	KRW		81,623	15 years and 1 month
	Greenhouse gas emissions rights	KRW		78,137	—
	Business rights	KRW		160,459	27 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

(4) For the three-month periods ended March 31, 2022 and 2021, the Group recognized research and development expenses of W146,726 million and W151,750 million, respectively.

80

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

22. Trade and Other Payables

Trade and other payables as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Trade payables	W	6,077,912		—		4,780,260		—
Non-trade payables		1,325,180		2,122,425		1,536,976		2,032,260
Accrued expenses		1,132,143		7,811		1,174,765		8,095
Leasehold deposits received		1,691		741		1,699		741
Other deposits received		74,068		68,280		72,063		68,050
Lease liabilities		632,762		3,717,453		583,558		3,826,945
Dividends payable		36,041		—		4,105		—
Others (*)		—		67,853		—		60,407
	W	9,279,797		5,984,563		8,153,426		5,996,498

(*) Details of others as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		3,477		—		3,477
Others		—		64,376		—		56,930
	W	—		67,853		—		60,407

81

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Current liabilities
Short-term borrowings	W	5,710,403			2,920,563
Current portion of long-term borrowings		1,879,436			1,463,703
Current portion of debt securities		8,826,463			9,652,986
Less: Current portion of discount on long-term borrowings		(1,876	)		(2,048	)
Less: Current portion of discount on debt securities		(3,976	)		(5,370	)
		16,410,450			14,029,834
Non-current liabilities
Long-term borrowings		2,303,408			2,278,481
Debt securities		70,879,178			64,385,784
Less: Discount on long-term borrowings		(12,742	)		(12,857	)
Less: Discount on debt securities		(152,634	)		(152,760	)
Add: Premium on debt securities		940			1,031
		73,018,150			66,499,679
	W	89,428,600			80,529,513

(2) Repayment schedule of borrowings and debt securities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
March 31, 2022
Type	Borrowings		Debt Securities
Less than 1 year	W	7,589,839		8,826,463
1~ 5 years		1,036,873		39,873,036
Over 5 years		1,266,535		31,006,142
	W	9,893,247		79,705,641

In millions of won
December 31, 2021
Type	Borrowings		Debt Securities
Less than 1 year	W	4,384,266		9,652,986
1~ 5 years		1,013,500		34,156,038
Over 5 years		1,264,981		30,229,746
	W	6,662,747		74,038,770

82

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won and thousands of foreign currencies
March 31, 2022
Type	Creditor	Interest rate (%)	Maturity	Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others	1.13 ~ 4.60	2022.04.07 ~ 2022.12.31		—	W	4,749,421
Local short-term borrowings	Nonghyup Bank	4.94 ~ 5.04	2023.03.31		—		210
Foreign short-term borrowings	Shinhan Bank and others	0.37 ~ 0.69	2022.04.05 ~ 2022.06.20	USD	140,037		169,557
Foreign short-term borrowings	Korea Development Bank and others	1M Libor + 1.25	2022.04.29	USD	175,942		213,031
Foreign short-term borrowings	Shinhan Bank and others	0.04 ~ 1.44	2022.04.05 ~ 2022.08.31	USD	298,388		361,288
Foreign short-term borrowings	Credit Agricole and others	0.04	2022.06.28	EUR	160,529		216,896
						W	5,710,403
In millions of won and thousands of foreign currencies
December 31, 2021
Type	Creditor	Interest rate (%)	Maturity	Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others	1.96~4.60	2022.01.07 ~ 2022.12.31		—	W	2,030,886
Electronic short-term bonds	BNK Securities and others	1.35~1.77	2022.01.21 ~ 2022.02.08		—		100,000
Foreign short-term borrowings	Shinhan Bank and others	0.34~0.45	2022.01.04 ~ 2022.03.30	USD	157,533		186,755
Foreign short-term borrowings	Korea Development Bank and others	1M Libor + 1.25	2022.04.29	USD	173,042		205,142
Foreign short-term borrowings	Shinhan Bank and others	0.57~0.80	2022.06.17 ~ 2022.08.31	USD	78,319		92,847
Foreign short-term borrowings	Credit Agricole and others	0.04	2022.06.28	EUR	72,199		96,915
Local bank overdraft	Korea Development Bank and others	1.73~2.25	2022.01.07 ~ 2022.02.26		—		208,018
						W	2,920,563

83

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won and thousands of foreign currencies
March 31, 2022
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2023~2044		—	W	2,415
	Facility	2.50~4.60	2022~2028		—		36,691
	Facility	CB rate+0.90	2029		—		9,985
	Operating funds	2.33	2022		—		20,000
	Operating funds	1yr KoFC bond rate + 0.81~0.95	2022~2024		—		64,300
Hana Bank	Commercial Paper	3M CD+0.13~0.61	2022~2027		—		1,350,000
	Facility	4.60	2028		—		9,276
	Facility	3yr KTB rate-1.25	2022~2028		—		4,319
IBK	PF Refinancing	CD+1.25	2030		—		8,324
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		—		8,480
	Facility	3yr KTB rate-2.25	2022~2024		—		862
	Project loans	—	2023		—		1,197
	Others	1.75	2028		—		4,712
Shinhan Bank	Facility	CB rate+0.90~1.10	2028~2029		—		20,903
	Commercial Paper	3M CD+0.38~0.43	2025		—		250,000
	Others	3.95	2034		—		82,880
	Others	Standard overdraft rate+1.00	2034		—		82,880
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79	2022~2031		—		56,268
Others	Facility	2.80~6.80	2024~2039		—		611,193
	Facility	CB rate+1.10 3M CD+1.60 3.37	2028~2036		—		154,388
	PF Refinancing	3.80~5.00	2030~2034		—		70,412
	PF Refinancing	1.75	2029		—		21,475
	Others	4.40~7.90	2022~2039		—		116,730
	Others	1.80~4.50	2031~2034		—		49,928
							3,098,576
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026		USD 8,744		10,587
Export-Import Bank of Korea and others	Direct loan and others	1M Libor+1.80~3.20	2036		USD 89,867		108,811
	Direct loan and others	3M Libor+2.75~3.70	2027		JOD 107,868		184,213
	PF Loan	6M Libor+1.70~2.50	2032		USD 100,331		121,481
POSCO and others	Shareholder’s loan	8.00	2025		USD 12,077		14,622
	Shareholder’s loan	8.00	2031		JOD 4,853		8,288
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00	2032		JPY4,817,616		47,826
Woori Bank and others	Syndicated Loan	JPY 6M Libor+2.00	2032		JPY 2,632,514		26,134
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90	2029		EUR 43,000		58,098
IFC and others	Others	6M Libor+5.00	2031		USD 230,912		279,589
Federal Financing Bank and others	PF Loan	2.39~6.00	2031~2038		USD 94,132		113,975
Others	Others	—	—		USD 90,559		109,648
	Others	—	—		EUR 737		996
							1,084,268
							4,182,844
Less: Discount on long-term borrowings							(14,618	)
Less: Current portion of long-term borrowings							(1,879,436	)
Add: Current portion of discount on long-term borrowings							1,876
						W	2,290,666

84

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
December 31, 2021
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50		2023~2044		—	W	2,509
	Facility	2.50~4.60		2022~2028		—		39,430
	Operating funds	2.33		2022		—		20,000
	Operating funds	1yr KoFC bond rate + 0.81~0.95		2022~2023		—		64,300
Hana Bank	Commercial Paper	3M CD+0.13~0.43		2022~2025		—		1,050,000
	Facility	4.60		2028		—		9,647
	Facility	3yr KTB rate-1.25		2022~2028		—		4,485
IBK	PF Refinancing	CD+1.25		2030		—		8,589
Export-Import Bank of Korea	Project loans	1.50		2026		—		13,258
	Facility	1.32		2028		—		32,000
	Operating funds	1.78		2023		—		15,700
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25		2023~2025		—		8,971
	Facility	3yr KTB rate-2.25		2022~2024		—		995
	Project loans	—		2023		—		1,197
	Others	1.75		2028		—		4,893
Shinhan Bank and others	Facility	CB rate+1.10		2028		—		14,470
	Commercial Paper	3M CD+0.38		2025		—		150,000
	Others	3.95		2034		—		84,179
	Others	Standard overdraft rate+1.00		2034		—		84,179
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79		2022~2031		—		59,333
Others	Facility	2.80~6.80		2024~2039		—		620,185
	Facility	CB rate+0.90~1.10 3M CD+1.60 3.37		2028~2037		—		171,733
	PF Refinancing	3.80~5.00		2030~2034		—		71,742
	PF Refinancing	1.75		2029		—		22,265
	Others	4.40~7.90		2022~2038		—		116,367
	Others	1.80~4.50		2031~2034		—		49,928
								2,720,355
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026		USD 8,744		10,366
Export-Import Bank of Korea and others	Direct loan and others	1M Libor+1.80~3.20		2036		USD 89,823		106,485
	Direct loan and others	3M Libor+2.75~3.70		2027		JOD 107,868		180,363
	PF Loan	6M Libor+1.70~2.50		2032		USD 103,340		122,509
POSCO and others	Shareholder’s loan	8.00		2025		USD 11,953		14,171
	Shareholder’s loan	8.00		2031		JOD 4,853		8,114
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00		2032		JPY 5,144,387		53,000
Woori Bank and others	Syndicated Loan	JPY 6M Libor+2.00		2032		JPY 2,820,708		29,060
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029		EUR 36,311		48,741
IFC and others	Others	6M Libor+5.00		2031		USD 230,018		272,686
Federal Financing Bank and others	PF Loan	2.39~6.00		2031~2038		USD 94,135		111,597
Others	Others	—		—		USD 54,607		64,737
								1,021,829
								3,742,184
Less: Discount on long-term borrowings								(14,905	)
Less: Current portion of long-term borrowings								(1,463,703	)
Add: Current portion of discount on long-term borrowings								2,048
							W	2,265,624

85

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
	Issue date	Maturity	Interest rate (%)	March 31, 2022			December 31, 2021
Electricity Bonds	2012.01.26 ~ 2022.03.30	2022.04.14 ~ 2052.03.28	1.02 ~ 4.20	W	39,600,000			34,080,000
Corporate Bonds (*)	2009.10.16 ~ 2022.03.28	2022.04.14 ~ 2052.03.28	0.86 ~ 6.00		28,453,804			28,194,472
					68,053,804			62,274,472
Less: Discount on local debt securities					(53,755	)		(52,723	)
Less: Current portion of local debt securities					(6,921,979	)		(7,432,647	)
Add: Current portion of discount on local debt securities					2,296			2,510
				W	61,080,366			54,791,612

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to W1,691 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.

(6) Foreign debt securities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won and thousands of foreign currencies
March 31, 2022
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	337,450
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		381,059
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		347,403
FY-12	2012.09.19	2022.09.19	3.00		USD 750,000		908,100
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		121,080
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		363,240
FY-17	2017.06.19~2017.07.25	2022.06.19~2027.07.25	2.63~3.13		USD 800,000		968,640
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		54,045
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		58,874
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		255,239
FY-18	2018.06.07~2018.07.25	2023.06.07~2023.07.25	3.75~3.88		USD 1,400,000		1,695,120
FY-19	2019.02.27	2024.02.27	0.13		CHF 200,000		262,348
FY-19	2019.06.24	2024.06.24	2.50		USD 500,000		605,400
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05		CHF 300,000		393,522
FY-19	2019.07.22	2022.07.22	2.38		USD 300,000		363,240
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000		272,703
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 371,947		450,354
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		363,240
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		605,400
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		605,400
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		363,240
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		544,860
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		605,400
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		363,240
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		363,240
							11,651,837
Less: Discount on foreign debt securities							(102,855	)
Add: Premium on foreign debt securities							940
Less: Current portion of foreign debt securities							(1,904,484	)
Add: Current portion of discount on foreign debt securities							1,680
						W	9,647,118

86

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
December 31, 2021
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	330,400
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		373,097
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		340,144
FY-12	2012.09.19	2022.09.19	3.00		USD 750,000		889,125
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		118,550
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		355,650
FY-17	2017.06.19~2017.07.25	2022.06.19~2027.07.25	2.63~3.13		USD 800,000		948,400
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		53,694
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		58,968
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		250,850
FY-18	2018.06.07~2018.07.25	2023.06.07~2023.07.25	3.75~3.88		USD 1,400,000		1,659,700
FY-19	2019.01.22~2019.06.24	2022.01.22~2024.06.24	2.50~3.38		USD 800,000		948,400
FY-19	2019.02.27	2024.02.27	0.13		CHF 200,000		259,494
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05		CHF 300,000		389,241
FY-19	2019.07.22	2022.07.22	2.38		USD 300,000		355,650
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000		257,667
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 371,947		440,943
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		355,650
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		592,750
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		592,750
FY-20	2020.08.03	2026.02.03	0.61		USD 300,000		355,650
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		533,475
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		592,750
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		355,650
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		355,650
							11,764,298
Less: Discount on foreign debt securities							(105,407	)
Add: Premium on foreign debt securities							1,031
Less: Current portion of foreign debt securities							(2,220,339	)
Add: Current portion of discount on foreign debt securities							2,860
						W	9,442,443

(7) Changes in borrowings and debt securities for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Beginning balance	W	80,529,513		69,724,581
Cash flow		8,658,515		(556,056	)
Effect of exchange rate fluctuations		238,856		457,016
Others		1,716		(3,484	)
Ending balance	W	89,428,600		69,622,057

87

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

24. Lease

1) Group as a lessee

(1) Lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W55,821 million and W5,917 million respectively, as expense for the three-month periods ended March 31, 2022 and 2021. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W504 million and W423 million respectively, as expense for the three-month periods ended March 31, 2022 and 2021. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Acquisition cost		Accumulated depreciation			Book value
Land	W	815,371		(176,201	)		639,170
Buildings		113,131		(46,646	)		66,485
Structures		26,447		(5,531	)		20,916
Machinery		1,642		(779	)		863
Ships		4,218,505		(1,288,869	)		2,929,636
Vehicles		35,284		(19,017	)		16,267
Others (*)		2,661,896		(2,383,502	)		278,394
	W	7,872,276		(3,920,545	)		3,951,731

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

In millions of won	December 31, 2021
	Acquisition cost		Accumulated depreciation			Book value
Land	W	814,795		(162,000	)		652,795
Buildings		106,823		(43,939	)		62,884
Structures		26,374		(5,226	)		21,148
Machinery		1,308		(743	)		565
Ships		4,217,735		(1,188,516	)		3,029,219
Vehicles		30,375		(16,757	)		13,618
Others (*)		2,650,728		(2,371,560	)		279,168
	W	7,848,138		(3,788,741	)		4,059,397

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

88

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

24. Lease, Continued

(3) Changes in right-of-use assets for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	652,795		884		(14,152	)		—			(357	)		639,170
Buildings		62,884		7,693		(6,283	)		(264	)		2,455			66,485
Structures		21,148		172		(404	)		—			—			20,916
Machinery		565		334		(36	)		—			—			863
Ships		3,029,219		—		(100,353	)		—			770			2,929,636
Vehicles		13,618		5,176		(2,121	)		(36	)		(370	)		16,267
Others		279,168		10,153		(11,694	)		—			767			278,394
	W	4,059,397		24,412		(135,043	)		(300	)		3,265			3,951,731

In millions of won	December 31, 2021
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	706,579		7,312		(57,231	)		—			(3,865	)		652,795
Buildings		47,222		22,336		(25,780	)		(1,469	)		20,575			62,884
Structures		20,486		2,198		(1,536	)		—			—			21,148
Machinery		695		—		(130	)		—			—			565
Ships		3,437,363		9,694		(411,291	)		—			(6,547	)		3,029,219
Vehicles		13,525		9,583		(8,162	)		(7	)		(1,321	)		13,618
Others		316,296		27,090		(54,435	)		(10,311	)		528			279,168
	W	4,542,166		78,213		(558,565	)		(11,787	)		9,370			4,059,397

89

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

24. Lease, Continued

(4) Lease liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Less than 1 year	W	667,513			620,121
1 ~ 5 years		2,132,404			2,158,145
More than 5 years		2,102,662			2,150,722
		4,902,604			4,928,988
Less: Discount		(552,389	)		(518,485	)
Present value of lease payment	W	4,350,215			4,410,503

(5) The details of the liquidity classification of lease liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Current lease liabilities	W	632,762		583,558
Non-current lease liabilities		3,717,453		3,826,945
	W	4,350,215		4,410,503

(6) Changes in lease liabilities for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities	W	4,410,503		21,154		(180,972	)		22,364		77,166		4,350,215

In millions of won	December 31, 2021
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities	W	4,621,096		73,090		(665,687	)		93,651		288,353		4,410,503

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

90

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

24. Lease, Continued

(7) Details of expense relating to lease contracts as lessee for the three-month period ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Depreciation of right-of-use assets	W	135,043		147,012
Interest expenses of lease liabilities		22,364		23,534
Leases expenses for short-term leases		55,821		5,917
Leases expenses for leases of low-value assets		504		423
Variable lease payments		40,342		21,573
	W	254,074		198,459

(8) The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts to W277,640 million and W225,522 million, for the three-month periods ended March 31, 2022 and 2021, respectively.

91

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

24. Lease, Continued

2) Group as a lessor

(1) Finance lease contracts

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. Also, the Group has provided fly-ash pipe conduit as finance leases with an average lease term of 7 years. In addition, the Group provides 26 energy storage system installation projects and 132 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comission Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2) Profit and loss related to finance lease for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Finance income on the net investment in the lease	W	29,604		28,168

(3) Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Less than 1 year	W	178,431			172,528
1 ~ 2 years		165,922			163,937
2 ~ 3 years		162,428			158,933
3 ~ 4 years		159,532			156,450
4 ~ 5 years		159,647			155,068
More than 5 years		1,581,902			1,588,403
		2,407,862			2,395,319
Less: Unearned finance income		(1,192,336	)		(1,194,627	)
Net investment in the lease (*)	W	1,215,526			1,200,692

(*) Including the present value of unguaranteed residual value amounting to W20,450 million and W19,574 million, as of March 31, 2022 and December 31, 2021, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 16.93% per year as of March 31, 2022. (prior year : 0.00% ~ 16.83%)

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Beginning balance	W	768		990
Bad debt expense		223		—
Reversal of allowance of doubtful accounts		—		(222	)
Ending balance	W	991		768

92

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

25. Employment Benefits

(1) Employment benefit obligations as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Net defined benefit asset	W	38,927		20,871
Net defined benefit obligations		1,523,231		1,675,741
Other long-term employee benefit obligations		3,200		3,417

(2) Principal assumptions used for actuarial valuation as of March 31, 2022 and December 31, 2021 are as follows:

	March 31, 2022	December 31, 2021
Discount rate	3.28% ~ 3.30%	2.51% ~ 2.60%
Future salary and benefit levels	4.28%	4.28%
Weighted average duration	9.76 years	10.39 years

(3) Details of expense relating to defined benefit plans for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022			March 31, 2021
Current service cost	W	120,585			128,629
Interest cost		27,449			21,806
Expected return on plan assets		(17,664	)		(12,896	)
	W	130,370			137,539

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

In millions of won	March 31, 2022		March 31, 2021
Cost of sales	W	97,368		101,838
Selling and administrative expenses		19,516		21,714
Others (Construction-in-progress and others)		13,486		13,987
	W	130,370		137,539

In addition, for the three-month periods ended March 31, 2022 and 2021, employee benefit obligations expenses of W27,528 million and W16,424 million, respectively, are recognized as cost of sales, and W7,565 million and W2,984 million, respectively, are recognized as selling and administrative expenses, and W3,739 million and W3,049 million, respectively, are recognized as construction-in-progress and others, relates to the Group’s defined contribution plans.

93

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Present value of defined benefit obligation from funded plans	W	4,353,315			4,564,417
Fair value of plan assets		(2,869,011	)		(2,909,547	)
Net liabilities incurred from defined benefit plans	W	1,484,304			1,654,870

(5) Changes in the present value of defined benefit obligations for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Beginning balance	W	4,564,417			4,570,614
Current service cost		120,585			524,942
Interest cost		27,449			91,877
Remeasurement component		(240,058	)		(345,755	)
Past service cost		—			5,483
Actual payments		(119,096	)		(282,794	)
Others		18			50
Ending balance	W	4,353,315			4,564,417

(6) Changes in the fair value of plan assets for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Beginning balance	W	2,909,547			2,670,832
Expected return		17,664			52,782
Remeasurement component		(3,283	)		(8,457	)
Contributions by the employers		—			317,707
Actual payments		(54,917	)		(123,317	)
Ending balance	W	2,869,011			2,909,547

In addition, gain on accumulated remeasurement component amounting to W128,421 million and loss on accumulated remeasurement component amounting to W98,844 million have been recognized as other comprehensive income or loss for the three-month period ended March 31, 2022 and for the year ended December 31, 2021, respectively.

94

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Equity instruments	W	224,205		344,002
Debt instruments		756,386		744,167
Bank deposits		494,195		407,809
Others		1,394,225		1,413,569
	W	2,869,011		2,909,547

For the three-month period ended March 31, 2022 and for the year ended December 31, 2021, actual returns on plan assets amounted to W14,381 million and W44,325 million, respectively.

(8) Remeasurement component recognized in other comprehensive income (loss) for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Actuarial gain from changes in financial assumptions	W	(314,317	)		(258,194	)
Experience adjustments, etc.		74,260			(87,561	)
Expected return		3,282			8,457
	W	(236,775	)		(337,298	)

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

95

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

26. Provisions

(1) Provisions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,134,526		—		1,048,939		—
Litigation
Litigation provisions		26,486		77,193		26,269		88,449
Decommissioning cost
Nuclear plants		—		19,559,603		—		19,461,461
Spent fuel		500,321		852,081		457,466		893,196
Radioactive waste		121,779		1,678,497		137,342		1,695,193
PCBs		—		100,921		—		103,665
Other recovery provisions		—		30,390		—		30,231
Others
Power plant regional support program		191,504		—		146,588		—
Transmission regional support program		222,738		—		250,288		—
Provisions for financial guarantee		22,919		55,322		21,032		59,809
Provisions for RPS		6,254		—		—		—
Provisions for greenhouse gas emissions obligations		741,565		—		655,544		—
Others		105,510		166,116		102,408		169,420
	W	3,073,602		22,520,123		2,845,876		22,501,424

(2) Changes in provisions for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Increase in provision			Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,048,939		300,194			(204,884	)		(9,724	)		1			1,134,526
Litigation
Litigation provisions		114,718		5,290			(15,258	)		(1,071	)		—			103,679
Decommissioning cost
Nuclear plants		19,461,461		108,035			(9,893	)		—			—			19,559,603
Spent fuel		1,350,662		52,851			(51,111	)		—			—			1,352,402
Radioactive waste		1,832,535		15,097			(47,356	)		—			—			1,800,276
PCBs		103,665		487			(3,231	)		—			—			100,921
Other recovery provisions		30,231		2,672			(2,435	)		—			(78	)		30,390
Others
Power plant regional support program		146,588		52,470			(7,554	)		—			—			191,504
Transmission regional support program		250,288		102			(27,652	)		—			—			222,738
Provisions for financial guarantee		80,841		243			(3,838	)		995			—			78,241
Provisions for RPS		—		165,147			(158,893	)		—			—			6,254
Provisions for greenhouse gas emissions obligations		655,544		105,339			—			(19,318	)		—			741,565
Others		271,828		(8,930	)		(6,634	)		5,311			10,051			271,626
	W	25,347,300		798,997			(538,739	)		(23,807	)		9,974			25,593,725

96

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

26. Provisions, Continued

(2) Changes in provisions for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows, continued:

In millions of won	December 31, 2021
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,024,574		1,048,569		(1,024,212	)		—			8			1,048,939
Litigation
Litigation provisions		113,002		67,443		(44,446	)		(15,763	)		(5,518	)		114,718
Decommissioning cost
Nuclear plants		16,974,884		2,545,803		(59,226	)		—			—			19,461,461
Spent fuel		1,354,001		452,063		(455,402	)		—			—			1,350,662
Radioactive waste		1,891,613		3,862		(51,666	)		(11,274	)		—			1,832,535
PCBs		119,019		2,182		(17,408	)		(128	)		—			103,665
Other recovery provisions		25,840		553		(169	)		—			4,007			30,231
Others
Power plant regional support program		144,272		49,596		(47,280	)		—			—			146,588
Transmission regional support program		96,895		306,409		(153,016	)		—			—			250,288
Provisions for financial guarantee		66,354		85,355		(72,109	)		—			1,241			80,841
Provisions for RPS		9,126		445,402		(430,344	)		(24,184	)		—			—
Provisions for greenhouse gas emissions obligations		393,121		547,911		(235,469	)		(2,174	)		(47,845	)		655,544
Others		314,535		104,416		(95,541	)		(40,139	)		(11,443	)		271,828
	W	22,527,236		5,659,564		(2,686,288	)		(93,662	)		(59,550	)		25,347,300

97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

27. Government Grants

(1) Government grants as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Land	W	(23,473	)		(23,474	)
Buildings		(50,874	)		(52,122	)
Structures		(169,351	)		(172,021	)
Machinery		(135,513	)		(140,082	)
Vehicles		(1,629	)		(1,675	)
Equipment		(133	)		(149	)
Tools		(58	)		(64	)
Construction-in-progress		(121,804	)		(111,822	)
Investment properties		(23	)		(30	)
Software		(85	)		(91	)
Development expenditures		(3,471	)		(3,820	)
Intangible assets under development		(7,441	)		(7,326	)
Other intangible assets		(70	)		(71	)
	W	(513,925	)		(512,747	)

98

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

27. Government Grants, Continued

(2) Changes in government grants for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance			Receipt			Acquisition		Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash	W	—			(10,106	)		—		—		—		10,106			—
Land		(23,474	)		—			—		—		1		—			(23,473	)
Buildings		(52,122	)		—			—		1,254		—		(6	)		(50,874	)
Structures		(172,021	)		—			—		2,382		293		(5	)		(169,351	)
Machinery		(140,082	)		—			—		4,311		69		189			(135,513	)
Vehicles		(1,675	)		—			—		145		—		(99	)		(1,629	)
Equipment		(149	)		—			—		16		—		—			(133	)
Tools		(64	)		—			—		6		—		—			(58	)
Construction-in-progress		(111,822	)		—			10		—		—		(9,992	)		(121,804	)
Investment properties		(30	)		—			—		—		—		7			(23	)
Software		(91	)		—			—		14		—		(8	)		(85	)
Development expenditures		(3,820	)		—			—		349		—		—			(3,471	)
Intangible assets under development		(7,326	)		—			—		—		—		(115	)		(7,441	)
Other intangible assets		(71	)		—			—		1		—		—			(70	)
	W	(512,747	)		(10,106	)		10		8,478		363		77			(513,925	)

In millions of won	December 31, 2021
	Beginning balance			Receipt			Acquisition			Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash	W	—			(37,920	)		—			—		—		37,920			—
Land		(23,475	)		—			—			—		1		—			(23,474	)
Buildings		(57,231	)		—			—			5,174		—		(65	)		(52,122	)
Structures		(180,009	)		—			—			9,517		1,811		(3,340	)		(172,021	)
Machinery		(157,785	)		—			—			17,519		531		(347	)		(140,082	)
Vehicles		(632	)		—			(26	)		460		—		(1,477	)		(1,675	)
Equipment		(227	)		—			—			95		—		(17	)		(149	)
Tools		(239	)		—			—			209		—		(34	)		(64	)
Construction-in-progress		(79,126	)		—			5,027			—		—		(37,723	)		(111,822	)
Investment properties		(29	)		—			—			1		—		(2	)		(30	)
Software		(136	)		—			—			64		—		(19	)		(91	)
Development expenditures		(5,043	)		—			—			1,439		—		(216	)		(3,820	)
Intangible assets under development		(7,203	)		—			—			—		—		(123	)		(7,326	)
Other intangible assets		(75	)		—			—			4		—		—			(71	)
	W	(511,210	)		(37,920	)		5,001			34,482		2,343		(5,443	)		(512,747	)

99

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

28. Deferred Revenue

Deferred revenue for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won	March 31, 2022			December 31, 2021
Beginning balance	W	10,356,555			9,868,189
Increase		367,385			1,149,578
Recognized as revenue		(174,406	)		(661,212	)
Ending balance	W	10,549,534			10,356,555

29. Non-financial Liabilities

Non-financial liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Current		Non-current		Current		Non-current
Advance received	W	4,156,860		428,526		4,157,916		398,056
Unearned revenue		50,553		6,734		40,187		6,517
Deferred revenue		672,966		9,876,568		659,397		9,697,158
Withholdings		374,176		8,904		345,892		5,171
Others		1,622,347		109,696		1,262,941		109,462
	W	6,876,902		10,430,428		6,466,333		10,216,364

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

30. Contributed Capital

(1) Details of share capital as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won except share information

March 31, 2022

Shares authorized

Shares issued

Par value per share (in won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

In millions of won except share information

December 31, 2021

Shares authorized

Shares issued

Par value per share (in won)

Owned by government (*)

Owned by others

Total

Common shares

1,200,000,000

641,964,077

W

5,000

1,640,385

1,569,435

3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

(2) Details in number of floating capital stock for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

Number of shares	March 31, 2022		December 31, 2021
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077

(3) Details of share premium as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Share premium	W	843,758		843,758

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		27,782,969		33,282,817
Retained earnings before appropriations		10,054,140		10,365,123
Retained earnings	W	39,442,019		45,252,850

(*) 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 March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Reserve for investment on social overhead capital	W	5,277,449		5,277,449
Reserve for research and human development (*)		330,000		330,000
Reserve for business expansion		21,965,520		27,465,368
Reserve for equalizing dividends		210,000		210,000
	W	27,782,969		33,282,817

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

(3) Changes in retained earnings for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Beginning balance	W	45,252,850			51,133,601
Loss for the year attributed to owners of the controlling company		(5,952,856	)		(5,309,187	)
Changes in equity method retained earnings		1,487			3,609
Remeasurements of defined benefit liability, net of tax		140,385			201,067
Transfer of gain or loss on valuation of financial assets at FVOCI		—			4,388
Dividends paid		—			(780,628	)
Issuance of shares of capital by subsidiaries and others		153			—
Ending balance	W	39,442,019			45,252,850

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in won)		Dividends paid
Common shares		641,964,077		—		641,964,077		—		—
In millions of won	December 31, 2021
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	1,216		780,628

(5) Changes in retained earnings of investments in associates and joint ventures for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Beginning balance	W	3,970		361
Changes		1,487		3,609
Ending balance	W	5,457		3,970

(6) Changes in remeasurement components related to defined benefit liability for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Beginning balance	W	98,844			(169,234	)
Changes		228,832			327,957
Income tax effect		(88,447	)		(126,890	)
Transfer to reserve for business expansion		(110,808	)		67,011
Ending balance	W	128,421			98,844

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

32. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of March 31, 2022 and December 31, 20021 are as follows:

In millions of won
Issuer	Hybrid bond	Issued date	Maturity	Yield (%)		March 31, 2022			December 31, 2021
Korea South-East Power Co., Ltd.	1st hybrid bond	2012.12.07	2042.12.06		4.38	W	170,000			170,000
Korea South-East Power Co., Ltd.	2nd hybrid bond	2012.12.07	2042.12.06		4.44		230,000			230,000
Expense of issuance							(1,090	)		(1,090	)
						W	398,910			398,910

Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.

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

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

33. Other Components of Equity

(1) Other components of equity as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Other capital surplus	W	1,230,590		1,231,109
Accumulated other comprehensive income (loss)		163,206		(57,632	)
Other equity		13,294,973		13,294,973
	W	14,688,769		14,468,450

(2) Changes in other capital surplus for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022								December 31, 2021
	Gains on disposal of treasury stocks		Others			Subtotal			Gains on disposal of treasury stocks		Others			Subtotal
Beginning balance	W	387,524		843,585			1,231,109			387,524		836,581			1,224,105
Changes in consolidation scope		—		—			—			—		43			43
Issuance of share capital of subsidiary and others		—		(519	)		(519	)		—		(491	)		(491	)
Others		—		—			—			—		7,452			7,452
Ending balance	W	387,524		843,066			1,230,590			387,524		843,585			1,231,109

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

33. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 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
Beginning balance		W  (46,498	)		311,252		(325,170	)		2,784			(57,632	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		21,353			—		—			—			21,353
Shares in other comprehensive income of associates and joint ventures, net of tax		—			165,314		—			—			165,314
Foreign currency translation of foreign operations, net of tax		—			—		71,798			—			71,798
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(37,627	)		(37,627	)
Ending balance	W	(25,145	)		476,566		(253,372	)		(34,843	)		163,206

In millions of won	December 31, 2021
	Financial assets at fair value through other comprehensive income valuation reserve			Shares in other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	(101,132	)		10,091		(340,930	)		22,394			(409,577	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		59,022			—		—			—			59,022
Shares in other comprehensive income of associates and joint ventures, net of tax		—			301,161		—			—			301,161
Foreign currency translation of foreign operations, net of tax		—			—		15,760			—			15,760
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(19,610	)		(19,610	)
Others		(4,388	)		—		—			—			(4,388	)
Ending balance	W	(46,498	)		311,252		(325,170	)		2,784			(57,632	)

(4) Other equity as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Statutory revaluation reserve	W	13,295,098			13,295,098
Changes in other equity		(125	)		(125	)
	W	13,294,973			13,294,973

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

34. Sales

Details of sales for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022						March 31, 2021
	Domestic		Overseas		Total		Domestic		Overseas		Total
[Type of goods and services]
Sales of goods	W	15,913,850		123,946		16,037,796		14,584,956		116,119		14,701,075
Electricity		15,378,358		—		15,378,358		14,293,521		—		14,293,521
Heat supply		232,648		—		232,648		102,592		—		102,592
Others		302,844		123,946		426,790		188,843		116,119		304,962
Sales related to rendering of services		63,792		47,282		111,074		54,122		43,553		97,675
Sales related to construction services		31,947		108,847		140,794		25,804		105,287		131,091
Revenue related to transfer of assets from customers		174,406		—		174,406		161,314		—		161,314
	W	16,183,995		280,075		16,464,070		14,826,196		264,959		15,091,155
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	15,913,850		123,946		16,037,796		14,584,956		116,119		14,701,075
Performance obligations satisfied over time		270,145		156,129		426,274		241,240		148,840		390,080
	W	16,183,995		280,075		16,464,070		14,826,196		264,959		15,091,155

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

35. Selling and Administrative Expenses

Selling and administrative expenses for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Salaries	W	270,859		268,388
Retirement benefit expense		27,081		24,698
Welfare and benefit expense		34,176		31,007
Insurance expense		7,252		4,320
Depreciation		53,092		67,870
Amortization of intangible assets		19,026		23,697
Bad debt expense		8,416		(5,099	)
Commission		82,757		78,655
Advertising expense		13,653		6,523
Training expense		1,034		729
Vehicle maintenance expense		2,130		1,960
Publishing expense		880		859
Business development expense		772		706
Rent expense		9,155		6,412
Telecommunication expense		2,166		2,249
Transportation expense		241		182
Taxes and dues		10,102		9,662
Expendable supplies expense		2,532		1,769
Water, light and heating expense		5,146		3,813
Repairs and maintenance expense		21,612		8,481
Ordinary development expense		42,320		47,203
Travel expense		3,707		2,989
Clothing expense		146		892
Survey and analysis expense		214		166
Membership fee		600		481
Others		29,085		25,208
	W	648,154		613,820

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

36. Other Income and Expenses

(1) Other income for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Reversal of other provisions	W	2,356		2,181
Gains on government grants		75		128
Gains on assets contributed		151		2,905
Gains on liabilities exempted		158		97
Compensation and reparations revenue		15,675		33,664
Revenue from research contracts		1,826		278
Rental income		50,822		50,531
Others		4,225		10,125
	W	75,288		99,909

(2) Other expenses for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Compensation and indemnification expense	W	—		300
Accretion expenses of other provisions		523		364
Depreciation expenses on investment properties		101		362
Depreciation expenses on idle assets		890		976
Other bad debt expense		2,407		3,780
Donations		9,513		6,469
Others		35,810		6,905
	W	49,244		19,156

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

37. Other Gains (Losses)

Composition of other gains (losses) for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022			March 31, 2021
Other gains
Gains on disposal of property, plant and equipment	W	7,040			9,146
Gains on foreign currency translation		11,485			9,456
Gains on foreign currency transaction		12,098			7,926
Gains on insurance proceeds		—			154
Others		56,296			61,768
Other losses
Losses on disposal of property, plant and equipment		(29,976	)		(8,420	)
Losses on disposal of intangible assets		(19	)		(37	)
Losses on foreign currency translation		(2,847	)		(3,615	)
Losses on foreign currency transaction		(25,962	)		(13,537	)
Others		(37,962	)		(43,331	)
	W	(9,847	)		19,510

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

38. Finance Income

Finance income for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Interest income	W	61,269		53,983
Dividends income		8,455		2,363
Gains on disposal of financial assets		940		580
Gains on valuation of financial assets at fair value through profit or loss		1,612		2,047
Gains on valuation of derivatives		144,153		333,164
Gains on transaction of derivatives		36,362		39,675
Gains on foreign currency translation		29,653		72,056
Gains on foreign currency transaction		3,590		4,124
Other finance income		201		863
	W	286,235		508,855

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

39. Finance Expenses

Finance expenses for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022		March 31, 2021
Interest expense	W	563,911		462,813
Losses on sale of financial assets		234		84
Losses on valuation of financial assets at fair value through profit or loss		11,138		2,059
Losses on valuation of derivatives		24,576		19,707
Losses on transaction of derivatives		11,547		15,512
Losses on foreign currency translation		305,863		530,132
Losses on foreign currency transaction		10,064		13,400
Losses on repayment of financial liabilities		15		—
Others		816		1,149
	W	928,164		1,044,856

Capitalization rates for the three-month periods ended March 31, 2022 and 2021 are 2.10%~2.88% and 2.24%~4.36%, respectively.

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

40. Income Taxes

Income tax expense is calculated by adjusting adjustments recognized in the current period, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The Group did not calculate the average effective tax rate for the current period because income tax benefit occurred, and the average effective tax rate for the previous period is 64.64%.

41. Assets Held-for-Sale

Assets held-for-sale as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Land(*)	W	2,907		2,907
Buildings(*)		12,971		12,971
Structures(*)		1		1
	W	15,879		15,879

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

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

42. Expenses Classified by Nature

Expenses classified by nature for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		7,538,684		7,538,684
Salaries		270,859		1,050,239		1,321,098
Retirement benefit expense		27,081		124,896		151,977
Welfare and benefit expense		34,176		126,283		160,459
Insurance expense		7,252		26,967		34,219
Depreciation		53,092		3,033,658		3,086,750
Amortization of intangible assets		19,026		16,248		35,274
Bad debt expense		8,416		—		8,416
Commission		82,757		77,726		160,483
Advertising expense		13,653		1,560		15,213
Training expense		1,034		1,740		2,774
Vehicle maintenance expense		2,130		2,217		4,347
Publishing expense		880		694		1,574
Business promotion expense		772		833		1,605
Rent expense		9,155		19,967		29,122
Telecommunication expense		2,166		2,385		4,551
Transportation expense		241		15,780		16,021
Taxes and dues		10,102		94,653		104,755
Expendable supplies expense		2,532		10,505		13,037
Water, light and heating expense		5,146		17,507		22,653
Repairs and maintenance expense		21,612		503,380		524,992
Ordinary development expense		42,320		104,406		146,726
Travel expense		3,707		17,770		21,477
Clothing expense		146		501		647
Survey and analysis expense		214		876		1,090
Membership fee		600		6,319		6,919
Power purchase		—		10,582,680		10,582,680
Others		29,085		224,364		253,449
	W	648,154		23,602,838		24,250,992

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

42. Expenses Classified by Nature, Continued

Expenses classified by nature for the three-month periods ended March 31, 2022 and 2021 are as follows, continued:

In millions of won	March 31, 2021
	Selling and administrative expenses			Cost of sales		Total
Raw materials used	W	—			3,702,275		3,702,275
Salaries		268,388			1,028,432		1,296,820
Retirement benefit expense		24,698			118,262		142,960
Welfare and benefit expense		31,007			118,858		149,865
Insurance expense		4,320			25,768		30,088
Depreciation		67,870			2,833,435		2,901,305
Amortization of intangible assets		23,697			19,780		43,477
Bad debt expense		(5,099	)		—		(5,099	)
Commission		78,655			58,828		137,483
Advertising expense		6,523			1,208		7,731
Training expense		729			1,545		2,274
Vehicle maintenance expense		1,960			1,768		3,728
Publishing expense		859			682		1,541
Business promotion expense		706			814		1,520
Rent expense		6,412			25,737		32,149
Telecommunication expense		2,249			2,788		5,037
Transportation expense		182			5,975		6,157
Taxes and dues		9,662			91,704		101,366
Expendable supplies expense		1,769			9,225		10,994
Water, light and heating expense		3,813			10,278		14,091
Repairs and maintenance expense		8,481			475,216		483,697
Ordinary development expense		47,203			104,547		151,750
Travel expense		2,989			16,899		19,888
Clothing expense		892			1,760		2,652
Survey and analysis expense		166			722		888
Membership fee		481			5,296		5,777
Power purchase		—			4,998,938		4,998,938
Others		25,208			250,966		276,174
	W	613,820			13,911,706		14,525,526

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

43. Earnings (Loss) Per Share

(1) Basic earnings (loss) per share for the three-month periods ended March 31, 2022 and 2021 are as follows:

In won
Type	March 31, 2022			March 31, 2021
Basic earnings (loss) per share	W	(9,273	)		124

(2) Profit (loss) for the years and weighted average number of common shares used in the calculation of basic earnings (loss) per share for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won except number of shares
Type	March 31, 2022			March 31, 2021
Profit (loss) attributable to controlling interest	W	(5,952,856	)		79,698
Profit (loss) used in the calculation of total basic earnings per share		(5,952,856	)		79,698
Weighted average number of common shares		641,964,077			641,964,077

(3) Weighted average number of common shares used in the calculation of basic earnings (loss) per share for the three-month periods ended March 31, 2022 and 2021 are as follows:

In number of shares
Type	March 31, 2022		March 31, 2021
The number of common shares issued at beginning of the year		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077

There are no potential dilutive instruments and diluted earnings (loss) per share are same as basic earnings (loss) per share for the three-month periods ended March 31, 2022 and 2021.

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management

(1) Capital risk management

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

Details of the Group’s capital management accounts as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022			December 31, 2021
Total borrowings and debt securities	W	89,428,600			80,529,513
Cash and cash equivalents		3,415,562			2,635,238
Net borrowings and debt securities		86,013,038			77,894,275
Total equity		59,745,204			65,311,849
Debt to equity ratio		143.97	%		119.27	%

(2) Financial risk management

The Group is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i) Credit risk

Credit risk is the risk of finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis, trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022		December 31, 2021
Cash and cash equivalents	W	3,415,562		2,635,238
Financial assets at fair value through profit or loss (*1)		2,283,067		932,736
Derivative assets (trading)		478,629		443,027
Financial assets at fair value through other comprehensive income (debt securities)		491		491
Financial assets at amortized cost		25,557		25,273
Loans		967,483		909,071
Long-term/short-term financial instruments		1,873,198		1,728,508
Derivative assets (applying hedge accounting)		195,364		204,756
Trade and other receivables		9,521,308		10,029,276
Financial guarantee contracts (*2)		3,806,531		3,718,015

(*1) Equity investments held by the Group are excluded.

(*2) Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

As of the reporting date, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii) Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won		March 31, 2022						December 31, 2021
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	429,663			(374,565	)		466,832			(407,554	)
Discount rate	Increase (decrease) in defined benefit obligation		(377,686	)		445,538			(422,290	)		499,571

Changes of employee benefits assuming a 1%p increase and decrease movements in discount rate on plan asset for the three-month periods ended March 31, 2022 and 2021 are W6,971 million and W6,492 million, respectively.

② Provisions

Changes in provisions due to movements in underlying assumptions as of March 31, 2022 and December 31, 2021 are as follows:

Type	Accounts	March 31, 2022			December 31, 2021
PCBs	Inflation rate		1.37	%		1.37	%
	Discount rate		1.88	%		1.88	%
Nuclear plants	Inflation rate		1.41	%		1.41	%
	Discount rate		2.20	%		2.20	%
Spent fuel	Inflation rate		2.93	%		2.93	%
	Discount rate		4.49	%		4.49	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won		March 31, 2022						December 31, 2021
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(66	)		329			(222	)		223
	Nuclear plants		(366,818	)		378,179			(369,540	)		381,026
	Spent fuel		(51,497	)		53,507			(51,430	)		53,438
Inflation rate	PCBs		330			(67	)		224			(224	)
	Nuclear plants		405,621			(393,891	)		403,420			(391,754	)
	Spent fuel		54,281			(52,313	)		54,210			(52,245	)

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In thousands of foreign currencies	Assets				Liabilities
Type	March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
AED		11,455		6,481		29,236		31,637
AUD		4,448		3,733		738,369		926,960
BDT		56,308		50,145		—		577
BWP		922		939		—		—
CAD		515		582		5		2,266
CHF		—		—		500,252		500,230
CZK		—		—		346		386
EGP		—		—		1,664		595
EUR		6,053		1,809		162,190		42,981
GBP		—		—		22		—
HKD		—		—		1,651,853		1,651,665
IDR		479,919		768,731		943,695		995,510
INR		1,884,441		1,715,900		413,473		342,833
JOD		1,792		1,852		304		118
JPY		559,985		697,747		10,005		153,383
KZT		1,510		1,510		—		—
MGA		6,335,608		4,262,857		549,063		475,807
MMK		210,335		210,335		—		—
MYR		1,964		1,964		—		—
PHP		176,128		164,167		34,059		104,245
PKR		443,892		200,844		62,642		74,423
RUB		—		—		4,373		—
SAR		1,517		2,615		—		—
SEK		—		—		2,106		449,167
THB		—		—		2,009		—
USD		1,500,193		1,381,441		12,026,318		12,023,085
UYU		93,184		90,930		3,308		3,097
VND		1,376,042		952,135		218,219		262,372
ZAR		70,142		31,971		1,789		—

A sensitivity analysis on the Group’s income for the years assuming a 10% increase and decrease in currency exchange rates as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022					December 31, 2021
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,449,123	)		1,449,123		(1,439,185	)		1,439,185
Increase (decrease) of equity (*)		(1,449,123	)		1,449,123		(1,439,185	)		1,439,185

(*) 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 March 31, 2022 and December 31, 2021.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency forward agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged instrument. As of March 31, 2022, the hedging instrument (cross-currency swap) hedges the risk of the hedged item(repayment of foreign debt securities and others).

② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
Type	March 31, 2022		December 31, 2021
Short-term borrowings	W	382,798		391,897
Long-term borrowings		2,807,052		2,405,244
Debt securities		272,703		257,667
	W	3,462,553		3,054,808

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022					December 31, 2021
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(8,656	)		8,656		(30,548	)		30,548
Increase (decrease) of shareholder’s equity (*)		(8,656	)		8,656		(30,548	)		30,548

(*) The effect on the shareholders’ equity excluding the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the three-month periods ended March 31, 2022 and 2021 is as follows:

In millions of won	March 31, 2022					March 31, 2021
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	153,784		(153,784	)		142,777		(142,777	)
Increase (decrease) of shareholder’s equity (*)		153,784		(153,784	)		142,777		(142,777	)

(*) The effect on the shareholders’ equity excluding the impact of income taxes.

(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities for non-derivative financial liabilities as of March 31, 2022 and December 31, 2021 in detail are as follows:

In millions of won	March 31, 2022
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	19,985,849		11,870,480		33,639,335		38,364,953		103,860,617
Lease liabilities		667,538		645,947		1,486,457		2,102,662		4,902,604
Trade and other payables		8,647,035		402,173		932,668		932,269		10,914,145
Financial guarantee contracts (*)		365,355		—		3,265,717		175,459		3,806,531
	W	29,665,777		12,918,600		39,324,177		41,575,343		123,483,897
In millions of won	December 31, 2021
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities	W	15,833,589		11,229,657		28,663,693		36,223,543		91,950,482
Lease liabilities		620,121		636,724		1,521,421		2,150,722		4,928,988
Trade and other payables		7,569,869		777,017		725,231		667,304		9,739,421
Financial guarantee contracts (*)		435,729		—		3,105,599		176,687		3,718,015
	W	24,459,308		12,643,398		34,015,944		39,218,256		110,336,906

(*) This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of March 31, 2022 and December 31, 2021 are W78,241 million and W 80,841 million, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(2) Financial risk management, continued

The following table shows the details of maturities of non-derivative financial liabilities as of March 31, 2022 and December 31, 2021. 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 March 31, 2022 and December 31, 2021 in detail are as follows:

In millions of won	March 31, 2022
Type	Less than 1 year		1~5 Years		More than 5 years		Other(*)		Total
Cash and cash equivalents	W	3,415,562		—		—		—		3,415,562
Financial assets at fair value through other comprehensive income		—		—		—		494,097		494,097
Financial assets at amortized cost		15,562		2,094		7,901		—		25,557
Loans		91,947		446,735		460,708		—		999,390
Long-term/short-term financial instruments		1,396,182		—		23		476,993		1,873,198
Financial assets at fair value through profit or loss		1,717,512		476		3,140		660,112		2,381,240
Trade and other receivables		7,575,206		1,258,288		697,250		—		9,530,744
	W	14,211,971		1,707,593		1,169,022		1,631,202		18,719,788
In millions of won	December 31, 2021
Type	Less than 1 year		1~5 Years		More than 5 years		Other(*)		Total
Cash and cash equivalents	W	2,635,238		—		—		—		2,635,238
Financial assets at fair value through other comprehensive income		—		—		—		435,107		435,107
Financial assets at amortized cost		15,422		9,840		11		—		25,273
Loans		88,396		443,146		407,584		—		939,126
Long-term/short-term financial instruments		1,278,014		171,636		286		278,572		1,728,508
Financial assets at fair value through profit or loss		360,833		346		3,130		668,555		1,032,864
Trade and other receivables		8,123,455		1,233,703		679,048		—		10,036,206
	W	12,501,358		1,858,671		1,090,059		1,382,234		16,832,322

(*) The maturities cannot be presently determined.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. 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 March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(10,190	)		(1,320	)		(15,683	)		(754	)		(27,947	)
- Hedging		(284	)		(284	)		(853	)		(17,216	)		(18,637	)
	W	(10,474	)		(1,604	)		(16,536	)		(17,970	)		(46,584	)
In millions of won	December 31, 2021
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(6,628	)		(4,954	)		(33,635	)		(2,291	)		(47,508	)
- Hedging		(2,555	)		(638	)		(1,914	)		(23,704	)		(28,811	)
	W	(9,183	)		(5,592	)		(35,549	)		(25,995	)		(76,319	)

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(3) Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting a financial instruments with similar contractual cash flows based on current market interest rates applied to similar financial instruments.

(i) Fair value and book value of financial assets and liabilities as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	494,097		494,097		435,107		435,107
Derivative assets (trading)		478,629		478,629		443,027		443,027
Derivative assets (applying hedge accounting)		195,364		195,364		204,756		204,756
Financial assets at fair value through profit or loss		2,381,240		2,381,240		1,032,864		1,032,864
	W	3,549,330		3,549,330		2,115,754		2,115,754
Assets carried at amortized cost
Financial assets at amortized cost	W	25,557		25,557		25,273		25,273
Loans and receivables		967,483		967,483		909,071		909,071
Trade and other receivables		9,521,308		9,521,308		10,029,276		10,029,276
Long-term financial instruments		477,016		477,016		450,494		450,494
Short-term financial instruments		1,396,182		1,396,182		1,278,014		1,278,014
Cash and cash equivalents		3,415,562		3,415,562		2,635,238		2,635,238
	W	15,803,108		15,803,108		15,327,366		15,327,366
Liabilities recognized at fair value
Derivative liabilities (trading)	W	55,055		55,055		56,256		56,256
Derivative liabilities (applying hedge accounting)		18,638		18,638		21,775		21,775
	W	73,693		73,693		78,031		78,031
Liabilities carried at amortized cost
Secured borrowings	W	116,689		116,689		176,358		176,358
Unsecured bond		79,549,971		75,246,625		73,881,671		69,803,043
Lease liabilities		4,350,215		4,350,215		4,410,503		4,410,503
Unsecured borrowings		9,761,940		9,854,180		6,471,484		5,938,613
Trade and other payables (*)		10,914,145		10,914,145		9,739,421		9,739,421
	W	104,692,960		100,481,854		94,679,437		90,067,938

(*) Excludes lease liabilities.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rate used for calculating fair value as of March 31, 2022 and December 31, 2021 are as follows:

Type	March 31, 2022		December 31, 2021
Derivatives		(-) 0.38% ~ 4.54%		(-) 0.63% ~ 3.88%
Borrowings and debt securities		0.32% ~ 4.27%		(-) 0.30% ~ 4.38%
Leases		0.00% ~ 16.93%		0.00% ~ 16.83%

(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 March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	308,871		—		185,226		494,097
Derivative assets		—		673,993		—		673,993
Financial assets at fair value through profit or loss		—		2,375,321		5,919		2,381,240
	W	308,871		3,049,314		191,145		3,549,330
Financial liabilities at fair value
Derivative liabilities	W	—		73,693		—		73,693

In millions of won	December 31, 2021
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	273,826		—		161,281		435,107
Derivative assets		—		647,783		—		647,783
Financial assets at fair value through profit or loss		—		1,027,067		5,797		1,032,864
	W	273,826		1,674,850		167,078		2,115,754
Financial liabilities at fair value
Derivative liabilities	W	—		78,031		—		78,031

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.

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

44. Risk Management, Continued

(3) Fair value risk, continued

Changes of financial assets and liabilities which are classified as level 3 for the three-month period ended March 31, 2022 and for the year ended December 31, 2021 are as follows:

In millions of won	March 31, 2022
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal		Foreign currency translation and others		Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	5,797		—		—		122			—		—		5,919
Financial assets at fair value through other comprehensive income
Unlisted securities		160,789		23,620		—		(318	)		—		644		184,735
Debt securities		491		—		—		—			—		—		491

In millions of won	December 31, 2021
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative	W	5,692		—		—		105			—			—			5,797
Financial assets at fair value through other comprehensive income
Unlisted securities		163,889		8,929		—		(12,335	)		(13	)		320			160,790
Debt securities		—		500		—		—			—			(9	)		491

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

45. Service Concession Arrangements

(1) Gas Complex - Thermal Power Plant at Ilijan, Philippines (BOT)

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with National Power Corporation (the “NPC”), based in the Republic of the Philippines whereby the Group can collect the electricity rates which are composed of fixed costs and variable costs during the concession period from 2002 to 2022 after building, rehabilitating, and operating the power plant.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2002 to 2022. At the end of the concession period, the Group has an obligation to transfer its ownership of the power plant to NPC.

(iii) The Group’s expected future collections of service concession arrangements as of March 31, 2022 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	21,079

(2) Hydroelectric Power Generation at Semangka, Indonesia (BOT)

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group provides electricity generated and charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period after building, rehabilitating, and operating the power plant for approximately 30 years (2018~2048) subsequent to the completion of plant construction.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii) The Group’s expected future collections of service concession arrangements as of March 31, 2022 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	30,218
1 ~ 2 years		30,358
2 ~ 3 years		30,289
Over 3 years		544,495
	W	635,360

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties

(1) Related parties of the Group as of March 31, 2022 are as follows:

Type	Related party
Parent	Republic of Korea government
Subsidiaries (152 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 Alamosa LLC, KEPCO Solar of Alamosa LLC, KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., KEPCO Mangilao America LLC, Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, TS Energy No. 25 Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, 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.
Associates (92 associates)	Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Pyeongchang Wind Power Co., Ltd., Daeryun Power Co., Ltd., Changjuk Wind Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Eurasia Energy Holdings, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Korea Electric Vehicle Charging Service, Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., KPGE Inc., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., Daewon Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Digital Innovation Growth Fund, Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., Boulder Solar III, LLC, PlatformN. Co., Ltd.

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(1) Related parties of the Group as of March 31, 2022 are as follows, continued:

Type	Related party
Joint ventures (96 joint ventures)	Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., KEPCO-Uhde Inc., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Chile Solar JV SpA, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II AB, Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., Sam-Yang Photovoltaic Power Co., Ltd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited
Other	Korea Development Bank

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(2) Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3) Related party transactions for the three-month periods ended March 31, 2022 and 2021 are as follows:

<Sales and Others>

In millions of won		Sales and others
Company name	Transaction type	March 31, 2022		March 31, 2021
<Associates>
Korea Gas Corporation	Electricity sales	W	80,520		28,412
GS Donghae Electric Power Co., Ltd.	Electricity sales		1,006		1,457
Dongducheon Dream Power Co., Ltd.	Electricity sales		2,513		1,994
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		7,224		7,589
Hyundai Green Power Co., Ltd.	Electricity sales and design service		4,633		9,513
S-Power Co., Ltd.	Service		1,066		1,199
Korea Electric Power Industrial Development Co., Ltd.	Service		3,735		4,166
Korea Power Exchange	Service		2,489		3,065
Daeryun Power Co., Ltd.	Electricity sales		462		534
Goseong Green Power Co., Ltd.	Electricity sales		203,852		50,474
Gangwon Wind Power Co., Ltd.	Electricity sales		1,447		1,730
PT. Cirebon Electric Power	Others		1,268		9,136
Busan Green Energy Co., Ltd.	Electricity sales		4		16
Hyundai Eco Energy Co., Ltd.	Electricity sales		49		43
Samcheok Eco Materials Co., Ltd.	Electricity sales		151		142
Noeul Green Energy Co., Ltd.	Electricity sales		8		8
Gangneung Eco Power Co., Ltd.	Service		3,393		3,453
Others (YeongGwang Yaksu Wind Electric Co., Ltd. and 39 others)	Electricity sales		10,141		4,263
<Joint ventures>
Barakah One Company	Electricity sales		77,373		81,641
Chun-cheon Energy Co., Ltd.	Electricity sales		731		481
KAPES, Inc.	Others		14		93
Daegu Green Power Co., Ltd.	Electricity sales		245		263
Daesan Green Energy Co., Ltd.	Electricity sales		34		33
Nawah Energy Company	Service		17,019		22,243
KEPCO SPC Power Corporation	Others		345		319
Amman Asia Electric Power Company	Others		5,121		3,056
Seokmun Energy Co., Ltd.	Service		324		325
Yeongam Solar Power Co., Ltd.	Electricity sales		93		88
Solaseado Solar Power Co., Ltd.	Electricity sales		425		—
Yeonggwang Wind Power Co., Ltd.	Electricity sales		269		251
Rabigh Electricity Company	Service		237		191
Kelar S.A.	Service		6,238		3,821
Cheongna Energy Co., Ltd.	Electricity sales		15,642		6,722
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		464		450
Others (Busan Shinho Solar Power Co., Ltd. and 42 others)	Electricity sales		19,026		11,601
<Others>
Korea Development Bank	Electricity sales		940		940
	Interest income		544		379

131

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Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(3) Related party transactions for the three-month periods ended March 31, 2022 and 2021 are as follows, continued:

<Purchase and Others>

In millions of won		Purchase and others
Company name	Transaction type	March 31, 2022		March 31, 2021
<Associates>
Korea Gas Corporation	Electricity sales	W	2,896,582		1,197,960
GS Donghae Electric Power Co., Ltd.	Electricity sales		276,985		173,804
Dongducheon Dream Power Co., Ltd.	Electricity sales		488,991		178,080
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		235,559		161,083
S-Power Co., Ltd.	Service		334,487		136,267
Korea Electric Power Industrial Development Co., Ltd.	Service		56,693		54,220
Korea Power Exchange	Service		25,933		22,762
Daeryun Power Co., Ltd.	Electricity sales		124,627		42,189
Goseong Green Power Co., Ltd.	Electricity sales		465,817		48,491
Gangwon Wind Power Co., Ltd.	Electricity sales		12,248		5,276
Busan Green Energy Co., Ltd.	Electricity sales		2,575		1,819
Hyundai Eco Energy Co., Ltd.	Electricity sales		9,753		4,048
PT. Bayan Resources TBK	Others		24,600		—
Samcheok Eco Materials Co., Ltd.	Electricity sales		4,243		2,467
Noeul Green Energy Co., Ltd.	Electricity sales		2,415		989
Others (YeongGwang Yaksu Wind Electric Co., Ltd. and 39 others)	Electricity sales		55,960		45,503
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales		147,445		76,385
KAPES, Inc.	Others		252		282
Daegu Green Power Co., Ltd.	Electricity sales		137,979		67,505
Daesan Green Energy Co., Ltd.	Electricity sales		21,504		31,101
Seokmun Energy Co., Ltd.	Service		16,515		10,092
Yeongam Solar Power Co., Ltd.	Electricity sales		15,485		1,404
Solaseado Solar Power Co., Ltd.	Electricity sales		8,170		8,201
Yeonggwang Wind Power Co., Ltd.	Electricity sales		10,900		6,491
Cheongna Energy Co., Ltd.	Electricity sales		63		62
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		4,979		3,931
Others (Busan Shinho Solar Power Co., Ltd. and 42 others)	Electricity sales		46,824		11,241
<Others>
Korea Development Bank	Interest expenses		1,070		720

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won			Receivables				Payables
Company name	Type		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
<Associates>
Korea Gas Corporation		Trade receivables	W	242,725		10,015		—		—
		Non-trade receivables and others		51,594		187		—		—
		Trade payables		—		—		1,349,571		800,509
		Non-trade payables and others		—		—		891		759
Goseong Green Power Co., Ltd.		Trade receivables		817		495		—		—
		Non-trade receivables and others		77,084		76,855		—		—
		Trade payables		—		—		56,029		218,627
		Non-trade payables and others		—		—		134		59,987
Dongducheon Dream Power Co., Ltd.		Trade receivables		629		6,282		—		—
		Non-trade receivables and others		270		493		—		—
		Trade payables		—		—		210,117		114,613
		Non-trade payables and others		—		—		4,080		—
GS Donghae Electric Power Co., Ltd.		Trade receivables		161		383		—		—
		Non-trade receivables and others		224		272		—		—
		Trade payables		—		—		120,823		113,529
		Non-trade payables and others		—		—		23		17
S-Power Co., Ltd.		Trade receivables		68		82		—		—
		Non-trade receivables and others		44		48		—		—
		Trade payables		—		—		123,321		91,277
		Non-trade payables and others		—		—		19		—
Shin Pyeongtaek Power Co., Ltd.		Trade receivables		1,758		1,788		—		—
		Non-trade receivables and others		3,454		3,116		—		—
		Trade payables		—		—		132,615		79,828
		Non-trade payables and others		—		—		442		99
Daeryun Power Co., Ltd.		Trade receivables		95		213		—		—
		Trade payables		—		—		59,281		21,362
Busan Green Energy Co., Ltd.		Trade receivables		1		1		—		—
		Non-trade receivables and others		16,970		20,658		—		—
		Non-trade payables and others		—		—		3,317		—
Gunsan Bio Energy Co., Ltd.		Non-trade receivables and others		11,728		11,728		—		—
Taebaek Gadeoksan Wind Power Co., Ltd.		Non-trade receivables and others		1,784		119		—		—
		Trade payables		—		—		4,362		8,397
		Non-trade payables and others		—		—		—		1,571
Others (Korea Electric Power Industrial Development Co., Ltd. and 40 others)		Trade receivables		3,341		3,260		—		—
		Non-trade receivables and others		14,573		8,215		—		—
		Trade payables		—		—		16,107		12,321
		Non-trade payables and others		—		—		61,217		9,421

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of March 31, 2022 and December 31, 2021 are as follows, continued:

In millions of won			Receivables				Payables
Company name	Type		March 31, 2022		December 31, 2021		March 31, 2022		December 31, 2021
<Joint ventures>
Nawah Energy Company		Trade receivables	W	60,487		73,784		—		—
		Non-trade receivables and others		2,234		4,404		—		—
Chun-cheon Energy Co., Ltd.		Trade receivables		102		126		—		—
		Non-trade receivables and others		—		167		—		—
		Trade payables		—		—		53,655		41,410
Daegu Green Power Co., Ltd.		Trade receivables		46		71		—		—
		Non-trade receivables and others		70		55		—		—
		Trade payables		—		—		49,001		35,766
Dayone Energy Co., Ltd.		Trade receivables		52		52		—		—
		Non-trade receivables and others		10,555		13,297		—		—
		Trade payables		—		—		20,359		1,009
		Non-trade payables and others		—		—		9,119		11,306
Amman Asia Electric Power Company		Trade receivables		2,603		2,515		—		—
		Non-trade payables and others		—		—		21,852		21,976
Kelar S.A.		Trade receivables		3,339		5,195		—		—
		Non-trade receivables and others		17,492		16,126		—		—
Others (Daesan Green Energy Co., Ltd. and 38 others)		Trade receivables		9,392		6,967		—		—
		Non-trade receivables and others		17,652		11,584		—		—
		Trade payables		—		—		37,052		20,802
		Non-trade payables and others		—		—		26,999		2,291
<Others>
Korea Development Bank		Accrued interest income		154		154		—		—
		Non-trade receivables and others		29,560		420,732		—		—
		Non-trade payables and others		—		—		151		21,172
		Derivatives		138,223		59,139		—		—

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(5) Loans and others arising from related party transactions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
Type	Company name		Beginning balance			Loans		Collection			Others			Ending balance
Associates		KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.	W	29,481			—		—			585			30,066
		(Allowance for doubtful accounts)		(8,241	)		—		—			(776	)		(9,017	)
Associates		Xe-Pian Xe-Namnoy Power Co., Ltd.		21,456			—		—			458			21,914
Associates		PT Wampu Electric Power		13,000			231		—			279			13,510
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			1,247		—			—			20,596
Associates		Saemangeum Sebit Power Plant Co., Ltd		—			7,249		—			—			7,249
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			707		—			130			6,971
Joint ventures		Horus Solar, S.A. de C.V.		16,514			—		—			352			16,866
Joint ventures		Sunmex Renovables, S.A. de C.V.		13,571			—		—			290			13,861
Joint ventures		Kelar S.A.		43,167			—		—			921			44,088
Joint ventures		DE Energia SpA		6,791			—		—			145			6,936
Joint ventures		Daehan Wind Power PSC		13,674			—		—			292			13,966
Joint ventures		PT. Tanjung Power Indonesia		1,090			—		—			24			1,114
Joint ventures		Bitsolar Energy Co., Ltd.		3,165			—		—			—			3,165
Joint ventures		Pulau Indah Power Plant Sdn. Bhd.		—			1,732		—			(5	)		1,727
Joint ventures		Guadalupe Solar SpA		3,360			—		(104	)		69			3,325
Joint ventures		Foresight Iberian Solar Group Holding, S.L.		59,333			1,046		—			388			60,767
Joint ventures		Capman Lynx SCA, SICAR		29,770			—		—			610			30,380
			W	318,826			12,212		(104	)		3,762			334,696

(6) Borrowings arising from related party transactions as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won
Related parties	Type		December 31, 2021		Borrowings		Repayment			Others			March 31, 2022
Korea Development Bank		Facility	W	98,020		1,747		(2,738	)		1,046			98,075
		Others		2,509		—		(94	)		—			2,415
		Operating funds		184,300		100,000		(200,000	)		—			84,300
		Syndicated Loan		14,530		—		(975	)		(488	)		13,067
		EBL and others		53,965		—		—			1,152			55,117
			W	353,324		101,747		(203,807	)		1,710			252,974

135

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Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(7) Guarantees provided to related parties as of March 31, 2022 are as follows:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees	USD	11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others	USD	1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Performance guarantees	USD	70,000	SMBC Ho Chi Minh and others
		Debt guarantees	USD	285,000	SMBC Singapore
Korea Electric Power Corporation	Barakah One Company	Debt guarantees	USD	1,223,355	Export-Import Bank of Korea and others
		Performance guarantees and others	USD	4,349,360
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*10)	USD	222,077	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees	USD	106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	RE Barren Ridge 1 Holdings LLC	Performance guarantees (*10)	USD	68,838	Firstar Development, LLC
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees	SAR	1,215	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
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees	USD	9,078	CENACE
Korea Electric Power Corporation			MXN	3,666	SEMARNAT
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Collateralized money invested	KRW	13,210	Malaysian Trustee Berhad
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested	KRW	12,168	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Payment guarantees for business reserve	USD	2,500	Krung Thai Bank
		Collateralized money invested	KRW	96,255
		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	2,217	Korea Development Bank
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)	KRW	46,957	Kookmin Bank and others
		Debt guarantees	KRW	20,300	BNK Securities
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested	KRW	2,671	Woori Bank
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested	KRW	225	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested	KRW	100,940	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested	KRW	3,104	Nonghyup Bank
Korea Western Power Co., Ltd.	Sam-Yang Photovoltaic Power Co., Ltd.	Collateralized money invested	KRW	5,243	Korea Development Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested	KRW	6,176	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested	KRW	6,991	Hana Bank and others

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(7) Guarantees provided to related parties as of March 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested	KRW	797	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested	KRW	463	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested	KRW	6,698	Nonghyup Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested	KRW	3,190	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
		Collateralized money invested	KRW	395	Hana Bank and others
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested	KRW	20,712	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Busan Shinho Solar Power Co., Ltd.	Collateralized money invested	KRW	5,659	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested	KRW	15,123	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested	KRW	28,295	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	4,310	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	248,661	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested	KRW	2,978	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested	KRW	19,923	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested	KRW	18,754	IBK
		Guarantees for supplemental funding (*1)	KRW	18,989
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested	KRW	14,498	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	84,185	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees	USD	14,400	Credit Agricole Corporate & Investment Bank Seoul
		Collateralized money invested	KRW	39,041	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	DE Energia SpA	Collateralized money invested	KRW	9,111	Mirae Asset Daewoo Co., Ltd. and others
		Collateralized loans	USD	5,728
		Payment guarantees (*8)	USD	950	Hana Bank
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested	KRW	352	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested	KRW	8,249	Kyobo Life Insurance Co., Ltd. and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested	KRW	884	Shinhan Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested	KRW	11,147	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
		Collateralized money invested	KRW	3,520	Hana Bank and others
Korea East-West Power Co., Ltd.	Daewon Green Energy Co., Ltd.	Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested	KRW	3,839	Woori Bank and others
		Guarantees for supplemental funding (*1)		—

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(7) Guarantees provided to related parties as of March 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Southern Power Co., Ltd.	KNH Solar Co., Ltd.	Collateralized money invested	KRW	2,341	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested	KRW	25,627	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested	KRW	27,288	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees	USD	54,282	Hana Bank, MUFG
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees	USD	1,500	Shinhan Bank
		Payment guarantees (*7)	USD	1,898	Hana Bank
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested	KRW	5,945	Woori Bank and Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested	KRW	3,637	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	SEM Investment Co., Ltd.
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested	KRW	8,399	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested (*9)		—	IBK and others
		Guarantees for supplemental funding (*1)	KRW	30,000
		Guarantees for other supplemental funding and performance guarantees (*1)		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested	KRW	10,578	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	3,906	Kookmin Bank
		Guarantees for supplemental funding (*1)		—
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested	KRW	94,606	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested	KRW	1,673	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested	KRW	585	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested	KRW	214	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested	KRW	1,036	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested	KRW	886	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested	KRW	367	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested	KRW	118,608	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees	USD	6,243	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	2,250	IBK
		Guarantees for supplemental funding and others (*1)		—	IBK and others
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested	KRW	690	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	4,794	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested	KRW	1,561	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested	KRW	2,204	IBK
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested	KRW	4,318	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested	KRW	1,602	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested	KRW	561	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested	KRW	270	Nonghyup Bank

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(7) Guarantees provided to related parties as of March 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested	KRW	274	Nonghyup Bank
Korea South-East Power Co., Ltd.	Dayone Energy Co., Ltd.	Collateralized money invested (*3)		—	IBK
		Guarantees for supplemental funding and others (*1,4)	KRW	76,800	NH investment & securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested	KRW	16,537	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested	KRW	16,979	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Expressway Solar-light Power Generation Co., Ltd.	Guarantees for supplemental funding and others	KRW	3,819	Woori Bank
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested	KRW	284,624	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested	KRW	2,259	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested	KRW	1,037	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested	KRW	5,947	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested	KRW	2,274	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested	KRW	3,622	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested	KRW	7,287	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested	KRW	3,142	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested	KRW	10,594	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested	KRW	3,366	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested	KRW	6,942	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested	KRW	4,791	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested	KRW	3,667	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested	KRW	25,387	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested	KRW	5,149	Hana Bank and others
KEPCO Plant Service & Engineering Co., Ltd.	Incheon New Power Co., Ltd.	Collateralized money invested (*6)		—	Shinhan Bank
		Guarantees for supplemental funding and others (*1)		—

(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2) Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of March 31, 2022, the Group has recognized derivative liabilities of W6,760 million related to the guarantee. Meanwhile, the Group is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.

(*3) The Group recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4) Pursuant to the guarantee agreement, the Group recognized other provisions of W26,772 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.

(*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6) The Group recognized an impairment loss on all of the equity securities of Incheon New Power Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W461 million.

(*7) The Group provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).

(*8) This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Group.

(*9) The Group recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W29,200 million.

(*10) The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries.

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

46. Related Parties, Continued

(8) As of March 31, 2022, there is no financial guarantee provided by related parties.

(9) Derivatives transactions with related parties as of March 31, 2022 are as follows:

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract year		Contract amounts				Contract interest rate per annum						Contract exchange rate
			Pay		Receive		Pay			Receive
Korea Development Bank		2019~2024	W	177,600	USD	150,000		1.24	%		2.50	%	W	1,184.00
		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
		2015~2025		111,190	USD	100,000		2.62	%		3.25	%		1,111.90
		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
		2018~2023		170,280	USD	150,000		2.15	%		3.75	%		1,135.20
		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
		2018~2023		320,880	USD	300,000		2.03	%		3.75	%		1,069.60
		2019~2022		117,340	USD	100,000		1.06	%		2.38	%		1,173.40
		2017~2022		113,300	USD	100,000		1.94	%		2.63	%		1,133.00
		2018~2023		169,335	USD	150,000		2.26	%		3.88	%		1,128.90
		2020~2025		122,780	USD	100,000		0.93	%		1.75	%		1,227.80

(ii) Currency forward

In millions of won and thousands of USD except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate
					Pay		Receive
Korea Development Bank		2022.03.11		2022.04.01	W	12,332	USD	10,000	W	1,233.20
		2022.03.17		2022.04.13		12,252	USD	10,000		1,225.15
		2022.03.23		2022.04.21		12,135	USD	10,000		1,213.45
		2022.03.29		2022.04.29		12,204	USD	10,000		1,220.40
		2022.03.31		2022.04.29		9,700	USD	8,000		1,212.50

(10) The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of won
Type	March 31, 2022		March 31, 2021
Salaries	W	232		189
Retirement benefits		8		8
	W	240		197

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

47. Statement of Cash Flows

(1) Significant non-cash transactions for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won
Transactions	March 31, 2022		March 31, 2021
Transfer from construction-in-progress to other assets	W	1,458,181		1,867,312
Recognition of asset retirement cost and related provision for decommissioning costs		21,747		39,977
Transfer from provision for disposal of used nuclear fuel to accrued expenses		51,112		84,972
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities		10,700,047		10,121,815
Transfer from inventory to stored nuclear fuel		152,111		147,081
Transfer of right-of-use assets due to change in accounting policy and others		24,413		26,619

(2) Changes in liabilities incurred from financing activities for the three-month periods ended March 31, 2022 and 2021 are as follows:

In millions of won	March 31, 2022
						Non-cash changes
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others		Ending balance
Borrowings and debt securities	W	80,529,513		8,658,515			—		240,572		89,428,600
Lease liabilities		4,410,503		(158,800	)		21,155		77,357		4,350,215
	W	84,940,016		8,499,715			21,155		317,929		93,778,815

In millions of won	March 31, 2021
						Non-cash changes
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others		Ending balance
Borrowings and debt securities	W	69,724,581		(556,056	)		—		453,532		69,622,057
Lease liabilities		4,621,096		(174,075	)		21,077		145,938		4,614,036
	W	74,345,677		(730,131	)		21,077		599,470		74,236,093

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

48. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	W	57,046		13,466		57,046		16,240
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)		46,616		34,102		46,616		34,102
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		36,143		20,548		36,143		25,292
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		20,332		56,860		34,576
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		32,000		23,800		32,000		26,700
Advanced E-Type low-pressure electronic power meter 1,320,000 ea		65,972		15,491		65,972		23,262
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		34,672		6,652		34,423		23,297
Purchase of cable (TR CNCE-W,1C,325SQ) 1,016,000M		66,367		28,184		66,581		40,254
Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M		43,162		29,163		46,194		37,810
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M		82,527		69,954		87,382		83,628
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments		186,543		145,338		188,338		168,456
Purchase of GIS (362KV, 6300A, 63KA) 19 – Shinyangsan S/S		31,464		21,464		31,464		31,464
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		38,082		38,082		—		—
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		33,464		33,464		—		—
Construction of Shin-Kori Units (#5,6)		9,800,424		3,199,695		9,800,424		3,479,667
Construction of Shin-Hanul Units (#1,2)		9,893,732		—		9,745,123		—
Other 32 contracts		813,697		614,443		792,485		620,593
Service of designing Seoul Combined Units (#1,2)		31,148		—		31,841		934
Purchase of furnace for construction of Shin-Seocheon thermal power plant		305,209		6,888		305,209		7,722
Purchase of turbine generator for construction of Shin-Seocheon thermal power plant		105,226		6,301		105,226		6,301
Purchase of main machine for Jeju LNG combined		166,287		10,925		166,287		10,972
Purchase of equipments for the construction project of Boryeong indoor coal storage yard		317,350		317,350		—		—
Service of designing Taean Units (#9,10)		112,909		12,623		112,909		12,623
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		126,302		61,415		126,302		61,735
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		214,926		109,952		214,053		138,244
Construction of Gimpo combined heat & power plant		132,345		85,932		130,015		86,323
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		289,486		6,919		286,571		6,215
Purchase of main equipment for Namjeju		140,144		757		140,144		3
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		200,032		234,392		200,122

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

48. Commitments for Expenditure, Continued

(2) As of March 31, 2022, details of contracts for inventory purchase commitment are as follows:

The Group imports all of its uranium ore concentrates from sources outside Korea (including the United States, United Kingdom, Kazakhstan, France, Russia, South Africa, Canada and Australia) which are paid for with currencies other than Won, primarily in U.S. dollars. In order to ensure stable supply, the Group entered into long-term and medium-term contracts with various suppliers, and supplements such supplies with purchases of fuels on spot markets. The long-term and medium-term contract periods vary among contractors and the stages of fuel manufacturing process. Contract prices for processing of uranium are generally based on market prices. Contract periods for ore concentrates, conversion, enrichment and design and fabrication are as follows:

Type	Periods	Contracted quantity
Concentrate	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 Group, is 1,418 Ton U (contract periods : 2014 ~ 2023).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments

(1) Ongoing litigations and claims related with contingent liabilities and contingent assets as of March 31, 2022 and December 31, 2021 are as follows:

In millions of won	March 31, 2022				December 31, 2021
	Number of cases		Claim amount		Number of cases		Claim amount
As the defendant		678	W	774,117		683	W	689,415
As the plaintiff		288		785,670		284		784,453

As of march 31, 2022, there are 2 ongoing litigations and arbitration case that both defendant and plaintiff are the Group

As of March 31, 2022, in connection with Shin-Hanul Unit 3 & 4, the Group has received communications from a vendor for costs incurred for the preliminary work of the main equipment and associated compensation due to the discontinuation of the construction. The Group does not believe that it has a present obligation to this vendor, and that it is probable that the Group will prevail if a lawsuit is filed against the Group. In addition, the Group cannot reliably estimate the potential economic outflow related to the obligation as of March 31, 2022.

The Group is the defendant against a number of claims. The following is potentially significant ongoing claims pertaining to the Group:

1) There is an ongoing claim against the Group from a group of plaintiffs (consisting of 3,910 individuals) regarding the contribution to plan assets and payment of retirement benefits. The Group recognized W11,730 million as litigation provisions in relation to the lawsuit.

2) There is an ongoing second trial against the Group regarding the completion of the waste oil refining power generation plant of Next energy Co., Ltd. The Group recognized the amount of probable outflow of resources as a provision.

3) There are multiple ongoing claims against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Group recognized W6,667 million as litigation provisions in relation to the lawsuit as of March 31, 2022.

In addition to the abovementioned significant ongoing claims, there are 4 arbitration cases pertaining to the Group as of March 31, 2022 and the significant arbitration cases for the three-month period ended March 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 Group to the Indian Council of Arbitration due to disagreements in the contract, but the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

2) Two companies including GE Energy Products France SNC filed an arbitration against the Group to Korea Commercial Arbitration Board regarding additional payment of construction costs, but the Group has not recognized any provision because the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated.

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of March 31, 2022 are as follows:

1) The Group has outstanding borrowings with a limit of USD 275,600 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. Moreover, for one of the electricity purchasers, Central Power Purchasing Agency Guarantee Ltd., the Group has provided payment guarantee up to USD 2,777 thousand, in case of construction delay or insufficient contract volume after commencement of the construction.

2) The Group has provided PT. Perusahaan Listrik Negara performance guarantee up to USD 2,293 thousand in proportion to its ownership in the electricity purchase contract with PT. Cirebon Energi Prasarana in relation to the second electric power generation business in Cirebon, Indonesia.

3) The Group has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 2,192 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 18,500 thousand of business performance guarantees to AEP Texas, Inc., for the construction, ownership, operation, and related cost-bearing implementation of electric power transmission equipment regarding Concho Valley solar business in the United States.

5) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of March 31, 2022.

6) The Group has provided a guarantee to complete the construction of the waste oil refining power generation plant of Next energy Co.,Ltd. (contract amount : W14,700 million) to the financial institution agents, thus the Group is liable to compensate to financial institution agents for the any damages incurred in the event of incompletion of the construction. Also, the power generation guarantee agreement was concluded in connection with the consignment service for management and operations (the repayment period of the principal of the loan) after the completion of the construction. If the amount of power generated falls short of the contracted power generation amount, the Group will be liable to pay compensation for the shortage. The Group has recognized a provision based on the assessment of expected outflow of resources.

7) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

8) The Group 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.

9) The Group has provided Export-Import Bank of Korea and others a performance guarantee up to USD 12,090 thousand for the excess project costs of hydroelectric power generation project of Tanggamus, Indonesia.

10) The Group has provided Export-Import Bank of Korea and others a borrowing guarantee up to USD 5,911 thousand for the DSRA guarantee of hydroelectric power generation project of Tanggamus, Indonesia.

11) The Group has provided Van Phong Power Company Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

12) The Group has provided Morgan Stanley Capital Group Inc. a performance guarantee up to USD 30,000 thousand for the implementation of photovoltaic power generation project in USA.

13) The Group 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.

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of March 31, 2022 are as follows, continued:

14) The Group has provided EUR 10,000 thousand for a performance guarantee to Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch through Kookmin Bank, to guarantee the opening of VAT payment loan account for Guba Buget wind power project in Sweden.

15) The Group has provided EUR 5,022 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

16) The Group has provided EUR 9,980 thousand of a performance guarantee to Ellevio through Shinhan Bank, to guarantee the performance of the electric power transmission equipment connection construction for Guba Buget wind power project in Sweden.

17) The Group has provided USD 60,000 thousand of a borrowing guarantee to Shinhan Bank(Used amount: USD 10,000 thousand), to guarantee the Equity Bridge Loan (EBL) for the solar power business in USA.

18) The Group has provided USD 9,500 thousand of a performance guarantee regarding power purchase agreement to EDF Energy service, LLC, for the solar power business in USA.

19) The Group has provided USD 76,700 thousand of a performance guarantee to Primoris Renewable Energy, Inc., to guarantee the construction of power plants of the solar power business in USA.

20) The Group has provided USD 54,000 thousand of a performance guarantee to PT. Cirebon Electro Power, for Cirebon coal-fired power plant operation and maintenance project in Indonesia.

21) The Group has provided Kookmin Bank a guarantee up to W 20,000 million for the fulfillment of subscription obligation regarding Jeju wind power project.

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions as of March 31, 2022 are as follows:

In millions of won and thousands of foreign currencies
Commitments	Financial institutions	Currency	Credit limit
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		1,810,500
Commitments on Bank-daylight overdraft	Nonghyup Bank	KRW		280,000
Limit amount available for CP	Hana Bank and others	KRW		1,450,000
Limit amount available for card	Hana Bank and others	KRW		47,504
	Banco de Oro	PHP		5,000
Loan limit	Kookmin Bank and others	KRW		2,455,278
	DBS Bank Ltd and others	USD		1,475,000
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700
Certification of payment on L/C	Shinhan Bank and others	USD		1,010,980
	Shinhan Bank	JPY		707,337
	Hana Bank and others	EUR		48,122
Certification of Performance guarantee on contract	Seoul Guarantee Insurance and others	KRW		142,171
	First Abu Dhabi Bank and others	USD		940,169
	Korea Development Bank and others	JPY		620,000
	Hana Bank and others	EUR		4,675
	Shinhan Bank	INR		44,872
	Hana Bank	SAR		1,215
Certification of bidding	Hana Bank	USD		5,200
	Nonghyup Bank	EUR		230
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		49,874
	Hana Bank and others	USD		330,719
	Hana Bank	SAR		6,508
	Hana Bank and others	MXN		21,597
Others	Nonghyup Bank and others	KRW		660,889
	Export-Import Bank of Korea and others	USD		2,704,827
	Standard Chartered	AED		50
	Hana Bank	EUR		34
Inclusive credit	Hana Bank	KRW		8,000
	Hana Bank and others	USD		135,078
Trade finance	Export-Import Bank of Korea and others	USD		920,000

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments, Continued

(4) As of March 31, 2022, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are follows:

In millions of won and thousands of foreign currencies
Obligor	Creditor	Assets provided as security	Currency	Amount		Description
Mira Power Limited	International Finance Corporation and others	Property, plant and equipment and others	USD		275,600	Collateral for borrowings (*1)
Tamra Offshore Wind Power Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		171,600	Collateral for borrowings (*2)
Gyeonggi Green Energy Co., Ltd.	Korea Development Bank and others	Cash and cash equivalents and others	KRW		327,080	Collateral for borrowings (*2)
Commerce and Industry Energy Co., Ltd.	IBK and others	Property, plant and equipment and others	KRW		110,500	Collateral for borrowings (*2)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW		396,120	Collateral for borrowings (*2)
Gyeongju Wind Power Co., Ltd.	Shinhan Bank and others	Property, plant and equipment and others	KRW		68,400	Collateral for borrowings (*2)
Korea Offshore Wind Power Co., Ltd.	Woori Bank and others	Property, plant and equipment and others	KRW		293,400	Collateral for borrowings (*2)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others	JOD		236,570	Collateral for borrowings (*1)
KST Electric Power Company, S.A.P.I. de C.V.	The Export – Import Bank of Korea and others	Finance lease receivable and property, plant and equipment and others	USD		401,277	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW		276,960	Collateral for borrowings (*2)
TS Energy No. 25 Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		329,736	Collateral for borrowings (*2)
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW		221,631	Collateral for borrowings (*2)

(*1) This is based on the amount of loan commitment limit.

(*2) As of March 31, 2022, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of March 31, 2022. The Group has provided a promissory notes as a repayment guarantee.

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

49. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W67,517 million as of March 31, 2022, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W254 million and depreciation on the idle assets of W890 million are recorded in other expenses for the three-month period ended March 31, 2022. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of March 31, 2022.

(6) Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in the Gaeseong Industrial District as of March 31, 2022. The book value of facility is W13,821 million and trade receivables related to the companies residing in Gaeseong industrial complex has been fully written-off during the three-month period ended March 31, 2022. The outcome of this event cannot be reasonably estimated as of March 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 Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of March 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 Group was unable to reasonably estimate the impact of COVID-19 and the impact of the government support policies on the Group’s consolidated financial statements as of March 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 Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(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 Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

50. Subsequent Events

(1) Subsequent to March 31, 2022, the Company and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-Western Power Co., Ltd. issued corporate bonds for the purposes of repayment of debts and others as follows:

In millions of won and thousands of USD
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation	#1165 Corporate bond		2022.04.01		2024.04.01		3.07	W	150,000
	#1166 Corporate bond		2022.04.01		2025.04.01		3.45		160,000
	#1167 Corporate bond		2022.04.01		2032.04.01		3.50		10,000
	#1168 Corporate bond		2022.04.05		2024.04.05		3.19		130,000
	#1169 Corporate bond		2022.04.05		2025.04.05		3.46		70,000
	#1170 Corporate bond		2022.04.05		2027.04.05		3.61		70,000
	#1171 Corporate bond		2022.04.07		2024.04.07		3.36		100,000
	#1172 Corporate bond		2022.04.07		2025.04.07		3.58		50,000
	#1173 Corporate bond		2022.04.07		2027.04.07		3.70		20,000
	#1174 Corporate bond		2022.04.11		2024.04.11		3.65		160,000
	#1175 Corporate bond		2022.04.11		2025.04.11		3.71		40,000
	#1176 Corporate bond		2022.04.11		2027.04.11		3.84		10,000
	#1177 Corporate bond		2022.04.15		2024.04.15		3.55		230,000
	#1178 Corporate bond		2022.04.15		2025.04.15		3.70		60,000
	#1179 Corporate bond		2022.04.15		2027.04.15		3.72		10,000
	#1180 Corporate bond		2022.04.19		2023.10.19		3.29		230,000
	#1181 Corporate bond		2022.04.19		2025.04.19		3.70		80,000
	#1182 Corporate bond		2022.04.21		2023.10.21		3.19		200,000
	#1183 Corporate bond		2022.04.21		2025.04.21		3.71		150,000
	#1184 Corporate bond		2022.04.21		2052.04.21		3.72		100,000
	#1185 Corporate bond		2022.04.26		2024.04.26		3.30		130,000
	#1186 Corporate bond		2022.04.26		2025.04.26		3.65		130,000
	#1187 Corporate bond		2022.04.26		2027.04.26		3.77		60,000
	#1188 Corporate bond		2022.04.28		2024.04.28		3.35		210,000
	#1189 Corporate bond		2022.04.28		2025.04.28		3.70		260,000
	#1190 Corporate bond		2022.04.28		2027.04.28		3.77		30,000
	#1191 Corporate bond		2022.05.02		2024.05.02		3.50		160,000
	#1192 Corporate bond		2022.05.02		2025.05.02		3.75		140,000
	#1193 Corporate bond		2022.05.04		2024.05.04		3.56		170,000
	#1194 Corporate bond		2022.05.04		2025.05.04		3.80		110,000
	#1195 Corporate bond		2022.05.06		2024.05.06		3.62		160,000
	#1196 Corporate bond		2022.05.06		2025.05.06		3.92		140,000
	#1197 Corporate bond		2022.05.10		2024.05.10		3.50		290,000
	#1198 Corporate bond		2022.05.10		2025.05.10		3.80		170,000
	#1199 Corporate bond		2022.05.10		2027.05.10		3.99		150,000
Korea Hydro & Nuclear Power Co., Ltd.	#65-1 Corporate bond		2022.04.22		2027.04.22		3.68		30,000
	#65-2 Corporate bond		2022.04.22		2042.04.22		3.84		60,000
	#65-3 Corporate bond		2022.04.22		2052.04.22		3.72		20,000
Korea Midland Power Co., Ltd.	#9 Foreign Corporate bond		2022.04.21		2027.04.21		3.63	USD	300,000
Korea Southern Power Co., Ltd.	#65-1 Unsecured public bond		2022.04.26		2025.04.25		3.63		160,000
	#65-2 Unsecured public bond		2022.04.26		2025.04.26		3.63		10,000
	#65-3 Unsecured public bond		2022.04.26		2052.04.26		3.60		20,000
Korea East-West Power Co., Ltd.	Corporate bond (Green bond)		2022.04.22		2025.04.22		3.75		60,000
	Foreign corporate Bond (Green bond)		2022.05.06		2025.05.06		3.60	USD	500,000

(2) On April 14, 2022, the Group signed a performance guarantee contract of W 60,136 million to the Foss Poseidon Fund 2022 LLC to procure project financing of its subsidiary, KEPCO Mangilao Intermediate Holdings LLC’s Mangilao solar energy business in USA.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Interim Financial Statements, Continued

March 31, 2022 and 2021 (Unaudited)

51. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income (loss) prepared in accordance with KIFRS for each of the three-month periods ended March 31, 2022 and 2021 to the operating profit or loss as presented in the Group’s consolidated interim statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

In millions of won	March 31, 2022			March 31, 2021
Operating profit on the consolidated interim statements of comprehensive income (loss)	W	(7,786,922	)		565,629
Add
Other income
Reversal of other provisions		2,356			2,181
Gains on government grants		75			128
Gains on assets contributed		151			2,905
Gains on liabilities exempted		158			97
Compensation and reparations revenue		15,675			33,664
Revenue from research contracts		1,826			278
Rental income		50,822			50,531
Others		4,225			10,125
Other gains
Gains on disposal of property, plant and equipment		7,040			9,146
Gains on foreign currency translation		11,485			9,456
Gains on foreign currency transaction		12,098			7,926
Gains on insurance proceeds		—			154
Others		56,296			61,768
Deduct
Other expense
Compensation and reparations expense		—			(300	)
Accretion expenses of other provisions		(523	)		(364	)
Depreciation expenses on investment properties		(101	)		(362	)
Depreciation expenses on idle assets		(890	)		(976	)
Other bad debts expense		(2,407	)		(3,780	)
Donations		(9,513	)		(6,469	)
Others		(35,810	)		(6,905	)
Other losses
Losses on disposal of property, plant and equipment		(29,976	)		(8,420	)
Losses on disposal of intangible assets		(19	)		(37	)
Losses on foreign currency translation		(2,847	)		(3,615	)
Losses on foreign currency transaction		(25,962	)		(13,537	)
Others		(37,962	)		(43,331	)
Adjusted operating profit (loss)	W	(7,770,725	)		665,892

151