Form 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

of the Securities Exchange Act of 1934

For the Month of March 2023

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-_______.

Korea Electric Power Corporation (“KEPCO”) hereby calls the annual ordinary general meeting of shareholders (“AGM”) and seeks the attendance of its shareholders.

The following is an English translation of the notice given to the shareholders in connection with the AGM:

To: Shareholders

From: Cheong, Seung-Il, President & CEO of KEPCO

We hereby call the fiscal year 2022 AGM pursuant to Article 18 of the Articles of Incorporation of Korea Electric Power Corporation as follows and seek your attendance. Pursuant to Article 542-4 of the Commercial Act, this notice shall be in lieu of notices to be given to the shareholders.

Date / Time: March 28, 2023 / 11:00 a.m. (Seoul Time)

Location: 55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322

Korea Electric Power Corporation Headquarter

Items to be Reported:

Audit report

Management report on KEPCO’s operation

Operation report on internal accounting control system

Agenda for Shareholder Approval:

Approval of financial statements for the fiscal year 2022

Approval of the ceiling amount of remuneration for directors in 2023

Details on the proposed agenda for the AGM are attached.

KEPCO will disclose its audit report on March 13, 2023 on the SEC and its webpage (https://www.kepco.co.kr). Business report in Korean will be disclosed on March 20, 2023, through Data Analysis, Retrieval and Transfer System (“DART”) of the Financial Supervisory Service. Business report in Korean shall be changed after the AGM or revised to correct any miswriting. KEPCO will disclose the revised report on DART if there is any amendment.

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/ Chang, Nam-yeon
Name:		Chang, Nam-yeon
Title:		Head of Finance & IR Team

Date: March 13, 2023

Attachment

Agenda 1. Approval of Financial Statements for the Fiscal Year 2022

KEPCO seeks to obtain approval for its consolidated financial statements, separate financial statements and accompanying documents for the fiscal year 2022, pursuant to Article 449 of the Commercial Act, Article 43 of the Act on the Management of Public Institutions and Article 50 of the Articles of Incorporation of KEPCO.

Disclaimer: The financial statements for the fiscal year 2022 as presented below is in accordance with the International Financial Reporting Standard adopted in Korea (K-IFRS), and are subject to shareholders’ approval.

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

As of December 31, 2022 and 2021


In millions of won	2022		2021
Assets
Current assets
Cash and cash equivalents	W	3,234,780		2,635,238
Current financial assets, net		4,286,975		1,868,796
Trade and other receivables, net		10,461,822		8,122,415
Inventories, net		9,930,732		7,608,182
Income tax receivables		46,619		41,344
Current non-financial assets		1,744,869		1,758,991
Assets held-for-sale		44,748		15,879

Total current assets		29,750,545		22,050,845

Non-current assets
Non-current financial assets, net		3,336,835		2,909,810
Non-current trade and other receivables, net		2,153,080		1,906,861
Property, plant and equipment, net		177,865,308		173,134,638
Investment properties, net		208,286		212,784
Goodwill		100,093		105,647
Intangible assets other than goodwill, net		956,664		1,044,077
Investments in associates		5,844,464		5,232,373
Investments in joint ventures		3,147,584		2,239,011
Defined benefit assets, net		198,626		20,871
Deferred tax assets		10,934,375		1,901,992
Non-current non-financial assets		309,134		364,818

Total non-current assets		205,054,449		189,072,882

Total Assets	W	234,804,994		211,123,727

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

As of December 31, 2022 and 2021


In millions of won	2022			2021
Liabilities
Current liabilities
Trade and other payables, net	W	11,983,549			8,153,426
Current financial liabilities, net		22,703,996			14,037,125
Income tax payables		429,604			229,460
Current non-financial liabilities		6,974,377			6,466,333
Current provisions		2,427,051			2,845,876

Total current liabilities		44,518,577			31,732,220

Non-current liabilities
Non-current trade and other payables, net		5,638,914			5,996,498
Non-current financial liabilities, net		98,334,120			66,570,419
Non-current non-financial liabilities		10,662,661			10,216,364
Employee benefits liabilities, net		828,721			1,679,158
Deferred tax liabilities		6,457,103			7,100,938
Non-current provisions		26,364,642			22,501,424

Total non-current liabilities		148,286,161			114,064,801

Total Liabilities	W	192,804,738			145,797,021

Equity
Contributed capital
Share capital	W	3,209,820			3,209,820
Share premium		843,758			843,758

		4,053,578			4,053,578

Retained earnings
Legal reserves		1,604,910			1,604,910
Voluntary reserves		27,782,969			33,282,817
Unappropriated retained earnings (deficit)		(7,956,579	)		10,370,517

		21,431,300			45,258,244

Other components of equity
Other capital surplus		1,268,569			1,231,109
Accumulated other comprehensive income (loss)		496,976			(57,632	)
Other equity		13,294,973			13,294,973

		15,060,518			14,468,450

Equity attributable to owners of the controlling company		40,545,396			63,780,272
Non-controlling interests		1,454,860			1,546,434

Total Equity	W	42,000,256			65,326,706

Total Liabilities and Equity	W	234,804,994			211,123,727

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For the years ended December 31, 2022 and 2021


In millions of won, except per share information	2022			2021
Sales
Sales of goods	W	69,184,469			58,800,977
Sales of services		714,602			456,400
Sales of construction services		646,953			754,998
Revenue related to transfer of assets from customers		711,839			661,212

		71,257,863			60,673,587

Cost of sales
Cost of sales of goods		(99,441,768	)		(62,164,425	)
Cost of sales of services		(520,572	)		(580,902	)
Cost of sales of construction services		(941,254	)		(898,963	)

		(100,903,594	)		(63,644,290	)

Gross loss		(29,645,731	)		(2,970,703	)
Selling and administrative expenses		(3,009,422	)		(2,875,796	)

Operating loss		(32,655,153	)		(5,846,499	)
Other income		383,650			372,921
Other expenses		(212,150	)		(257,932	)
Other gains (losses), net		243,122			8,519
Finance income		1,833,312			1,402,614
Finance expenses		(4,746,791	)		(3,245,777	)
Profit (loss) related to associates, joint ventures and subsidiaries
Gain on valuation of investments in associates and joint ventures		1,393,486			775,588
Gain on disposal of investments in associates and joint ventures		11,091			1,844
Loss on valuation of investments in associates and joint ventures		(55,193	)		(218,532	)
Loss on disposal of investments in associates and joint ventures		(1,675	)		(64,119	)
Loss on impairment of investments in associates and joint ventures		(5,174	)		—
Loss on disposal of investments in subsidiaries		(32,144	)		(197	)

		1,310,391			494,584

Loss before income tax		(33,843,619	)		(7,071,570	)
Income tax benefit		9,414,511			1,855,989

Loss for the year	W	(24,429,108	)		(5,215,581	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss), Continued

For the years ended December 31, 2022 and 2021


In millions of won, except per share information	2022			2021
Other comprehensive income (loss), net of tax
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability	W	663,095			210,409
Share in other comprehensive income of associates and joint ventures		12,305			3,609
Net change in fair value of equity investments at fair value through other comprehensive income (loss)		58,010			59,024
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		(24,415	)		(15,778	)
Foreign currency translation of foreign operations		28,387			41,189
Share in other comprehensive income (loss) of associates and joint ventures		509,487			301,161

Other comprehensive income for the year		1,246,869			599,614

Total comprehensive loss for the year	W	(23,182,239	)		(4,615,967	)

Profit (loss) attributable to:
Owners of the controlling company	W	(24,466,853	)		(5,304,522	)
Non-controlling interests		37,745			88,941

	W	(24,429,108	)		(5,215,581	)

Total comprehensive income (loss) attributable to:
Owners of the controlling company	W	(23,273,171	)		(4,743,513	)
Non-controlling interests		90,932			127,546

	W	(23,182,240	)		(4,615,967	)

Loss per share (in won)
Basic and diluted loss per share	W	(38,112	)		(8,263	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity

For the years ended December 31, 2022 and 2021


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2021	W	4,053,578		51,134,330			14,109,501			69,297,409			1,370,650			70,668,059
Total comprehensive income (loss) for the period
Profit (Loss) for the year		—		(5,304,522	)		—			(5,304,522	)		88,941			(5,215,581	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		201,067			—			201,067			9,342			210,409
Share in other comprehensive income (loss) of associates and joint ventures, net of tax		—		3,609			—			3,609			—			3,609
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			59,022			59,022			2			59,024
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(19,610	)		(19,610	)		3,832			(15,778	)
Foreign currency translation of foreign operations, net of tax		—		—			15,760			15,760			25,429			41,189
Share in other comprehensive income (loss) of associates and joint ventures, net of tax		—		—			301,161			301,161			—			301,161
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		(780,628	)		—			(780,628	)		(31,516	)		(812,144	)
Issuance of shares of capital by subsidiaries and others		—		—			(491	)		(491	)		75,702			75,211
Transactions between consolidated entities		—		—			7,452			7,452			(42,199	)		(34,747	)
Changes in consolidation scope		—		—			43			43			59,636			59,679
Dividends paid (hybrid bond)		—		—			—			—			(13,385	)		(13,385	)
Others		—		4,388			(4,388	)		—			—			—

Balance as of December 31, 2021	W	4,053,578		45,258,244			14,468,450			63,780,272			1,546,434			65,326,706

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

For the years ended December 31, 2022 and 2021


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2022	W	4,053,578		45,258,244			14,468,450			63,780,272			1,546,434			65,326,706
Total comprehensive income (loss) for the period
Profit (Loss) for the period		—		(24,466,853	)		—			(24,466,853	)		37,745			(24,429,108	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		626,769			—			626,769			36,326			663,095
Share in other comprehensive income (loss) of associates and joint ventures, net of tax		—		12,305			—			12,305			—			12,305
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			58,008			58,008			2			58,010
Items that 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		—		—			(32,437	)		(32,437	)		8,022			(24,415	)
Foreign currency translation of foreign operations, net of tax		—		—			19,550			19,550			8,837			28,387
Share in other comprehensive income (loss) of associates and joint ventures, net of tax		—		—			509,487			509,487			—			509,487
Transactions with owners of the Company, recognized directly in equity
Dividends paid		—		—			—			—			(42,344	)		(42,344	)
Issuance of shares of capital by subsidiaries and others		—		835			39,641			40,476			86,316			126,792
Transactions between consolidated entities		—		—			(1,584	)		(1,584	)		(75,791	)		(77,375	)
Changes in consolidation scope		—		—			(597	)		(597	)		32,311			31,714
Dividends paid (hybrid bond)		—		—			—			—			(13,461	)		(13,461	)
Repayment of hybrid bond		—		—			—			—			(169,537	)		(169,537	)

Balance as of December 31, 2022	W	4,053,578		21,431,300			15,060,518			40,545,396			1,454,860			42,000,256

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

For the years ended December 31, 2022 and 2021


In millions of won	2022			2021
Cash flows from operating activities
Loss for the year	W	(24,429,108	)		(5,215,581	)

Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expense		(9,414,511	)		(1,855,989	)
Depreciation		12,305,252			11,776,331
Amortization		156,160			166,161
Employee benefits expense		485,700			512,270
Bad debt expense		29,997			67,242
Interest expense		2,818,546			1,914,457
Loss on disposal of financial assets		1,841			1,045
Loss on disposal of property, plant and equipment		100,066			92,622
Loss on abandonment of property, plant and equipment		160,909			207,934
Loss on impairment of property, plant and equipment		(97,425	)		4,056
Loss on impairment of intangible assets		164			—
Loss on disposal of intangible assets		116			145
Increase in provisions		2,146,979			2,466,452
Loss on foreign currency translation, net		523,285			997,119
Gain on valuation of financial assets at fair value through profit or loss		(7,099	)		(14,338	)
Loss on valuation of financial assets at fair value through profit or loss		44,329			5,480
Valuation and transaction gain on derivative instruments, net		(448,903	)		(907,076	)
Gain on valuation of investments in associates and joint ventures, net		(1,338,293	)		(557,056	)
Gain on disposal of financial assets		(11,199	)		(7,718	)
Reversal of Impairment loss on intangible assets		—			(14	)
Gain on disposal of property, plant and equipment		(148,667	)		(56,284	)
Gain on disposal of intangible assets		(41	)		(1	)
Gain on disposal of associates and joint ventures		(11,091	)		(1,844	)
Loss on disposal of associates and joint ventures		1,675			64,119
Loss on impairment investments in associates and joint ventures		5,174			—
Loss on disposal of subsidiaries		32,144			197
Interest income		(340,753	)		(221,874	)
Dividends income		(28,875	)		(10,522	)
Others, net		215,943			(169,856	)

		7,181,423			14,473,058

Changes in working capital:
Trade receivables		(1,909,649	)		(216,734	)
Non-trade receivables		80,444			869,870
Accrued income		(34,706	)		(17,918	)
Other receivables		80,236			24,306
Other current assets		(651,926	)		(569,732	)
Inventories		(3,000,669	)		(1,738,000	)
Other non-current assets		58,790			(3,462	)
Trade payables		2,782,474			2,144,561
Non-trade payables		61,737			(571,051	)
Accrued expenses		(191,681	)		(456,992	)
Other current liabilities		446,064			379,378
Other non-current liabilities		422,916			458,007
Investments in associates and joint ventures (dividends received)		473,700			288,242
Provisions		(1,564,243	)		(2,426,017	)
Payments of employee benefit obligations		(218,319	)		(159,477	)
Plan assets		(347,778	)		(317,707	)

	W	(3,512,610	)		(2,312,726	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows, Continued

For the years ended December 31, 2022 and 2021


In millions of won	2022			2021
Cash generated from operating activities	W	(20,760,295	)		6,944,751
Dividends received		28,875			10,522
Interest paid		(2,517,694	)		(1,928,160	)
Interest received		220,471			201,022
Income taxes paid		(448,857	)		(736,757	)

Net cash provided by (used in) operating activities		(23,477,500	)		4,491,378

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		56,171			4,472
Acquisition of investments in associates and joint ventures		(360,962	)		(673,017	)
Proceeds from disposals of property, plant and equipment		629,924			277,998
Acquisition of property, plant and equipment		(12,346,878	)		(12,686,726	)
Proceeds from disposals of intangible assets		279			59
Acquisition of intangible assets		(80,508	)		(113,100	)
Disposal of investment properties		515			—
Proceeds from disposals of financial assets		14,182,348			7,023,674
Acquisition of financial assets		(16,496,258	)		(5,893,404	)
Increase in loans		(401,377	)		(223,950	)
Collection of loans		102,061			218,704
Increase in deposits		(237,266	)		(222,924	)
Decrease in deposits		141,000			166,066
Proceeds from disposals of assets held-for-sale		24,205			1,148
Receipt of government grants		50,755			37,920
Net cash outflow from changes in consolidation scope		(31,350	)		(63,492	)
Other cash outflow from investing activities, net		(186,412	)		(225,948	)

Net cash used in investing activities		(14,953,753	)		(12,372,520	)

Cash flows from financing activities
Proceeds from short-term borrowings, net		5,852,426			1,621,440
Proceeds from long-term borrowings and debt securities		43,594,078			17,392,311
Repayment of long-term borrowings and debt securities		(10,252,688	)		(9,360,357	)
Payment of lease liabilities		(562,646	)		(572,036	)
Settlement of derivative instruments, net		407,627			98,068
Change in non-controlling interests		175,645			90,096
Repayment of hybrid bond		(169,537	)		—
Dividends paid (hybrid bond)		(13,461	)		(13,385	)
Dividends paid		(42,348	)		(812,159	)
Other cash outflow from financing activities, net		8,803			(8,901	)

Net cash provided by financing activities		38,997,899			8,435,077

Net increase in cash and cash equivalents before effect of exchange rate fluctuations		566,646			553,935
Effect of exchange rate fluctuations on cash held		32,896			51,719

Net increase in cash and cash equivalents		599,542			605,654
Cash and cash equivalents at January 1, 2022		2,635,238			2,029,584

Cash and cash equivalents at December 31, 2022	W	3,234,780			2,635,238

Agenda 2. Approval of the ceiling amount of remuneration for directors

KEPCO seeks to obtain approval regarding the ceiling amount of remuneration for directors for the fiscal year 2023, pursuant to Article 388 of the Commercial Act and Article 35 of the Articles of Incorporation of KEPCO.

•

Proposed aggregate ceiling on remuneration for directors:

2,205,048 thousand won in fiscal year 2023 (total number of directors: 15; number of non-standing directors: 8)

2,092,695 thousand won in fiscal year 2022 (total number of directors: 15; number of non-standing directors: 8)

•

The actual remuneration for directors in the fiscal year 2022 was 1,408,648 thousand won.

•

We proposed to increase the maximum aggregate ceiling on remuneration for directors in 2023 by 5.3% compared to 2022 as a result of (i) the notification by the Government to increase the remuneration for directors of government controlled entities by 1.5% (14,121 thousand won), (ii) the assumption of maximum payout rate (100~80%) for performance-based compensation which increases the ceiling by 17,765 thousand won and (iii) the increased severance payments by 80,467 thousand won due to the increase in the average incumbency of our directors.