UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K/A

REPORT OF FOREIGN PRIVATE ISSUER

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

under the Securities Exchange Act of 1934

For the Month of March 2025

Commission File Number 001-13372

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 ☐

This Form 6-K/A is an amendment to the Form 6-K of Korea Electric Power Corporation (“KEPCO”), dated March 11, 2025, relating to KEPCO’s financial statements for the fiscal year 2024 as attached therein (the “Financial Statements”). To fix a clerical error and without changing anything else in the Financial Statements, the table included in Note 27(3) of the Financial Statements that shows “Changes in governmental grants for specific business projects for each of the two years in the period ended December 31, 2024” shall be replaced with the following table in this Form 6-K/A. In addition, to fix a clerical error, the external auditor’s “Audit opinion on internal control over financial reporting” has been newly added as the last four pages of the Financial Statements. Except as expressly amended herein, all other terms of the Financial Statements shall remain the same. The full amended version of the Financial Statements is also attached to this Form 6-K/A.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2024 are as follows:

In millions of Won					2023
	Business				Beginning												Ending
Department	Name	Description	Period	Budget	Balance		Received		Used			Return			Others		Balance
Ministry of Trade, Industry and Energy	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners	2021.04.01 ~ 2022.06.30	211,235		1,120		—		(51	)		—			—		1,069
Ministry of Trade, Industry and Energy	Construction of the Integrated Control System for Renewable Energy in Transmission Area	Construction of the Integrated Control System for Renewable Energy in Transmission Area	2021.01.01 ~ 2022.08.31	940		—		1,033		(798	)		—			—		998
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (New Electricity Supply Construction Fees)	Electricity supply business in rural areas ((New Electricity Supply Construction Fees)	2023.01.01 ~ 2024.01.31	2		—		35		(35	)		—			—		(130	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Reservation of Financial Loans)	Electricity supply business in rural areas (Reservation of Financial Loans)	2023.01.01 ~ 2024.01.31	166		—		166		(166	)		—			—		(149,093	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Support for operational deficits of electricity providers)	Electricity supply business in rural areas (Support for operational deficits of electricity providers)	2023.01.01 ~ 2024.01.31	158,275		—		149,259		(149,259	)		—			—		147,397
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Technical support for local governments and residents)	Electricity supply business in rural areas (Technical support for local governments and residents)	2023.01.01 ~ 2024.01.31	1,176		—		1,862		(1,862	)		—			—		(6,758	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Support for Losses in Local Government Operations)	Electricity supply business in rural areas (Support for Losses in Local Government Operations)	2023.01.01 ~ 2024.01.31	12,036		—		8,619		(8,619	)		—			—		(17,472	)
Ministry of Trade, Industry and Energy	2023 Establishment of eco-friendly microgrid in island areas	Establishment of eco-friendly microgrid in island areas	2023.01.01 ~ 2024.01.31	3,871		—		26,091		(26,091	)		—			—		26,040
Ministry of Trade, Industry and Energy	2023 Operating expenses for regional projects around the power plant	Operating expenses for regional projects around the power plant	2023.01.01 ~ 2023.12.31	361		—		51		(51	)		—			—		(75,079	)
Ministry of Trade, Industry and Energy	2023 Renewable Energy Generation Difference Support	Renewable Energy Generation Difference Support	2023.01.01 ~ 2023.12.31	78,311		—		69,599		(69,599	)		—			—		69,570
Ministry of Trade, Industry and Energy	Energy Cashback	Energy Cashback	2023.07.01 ~ 2023.12.31	2,560		—		2,560		(2,560	)		—			—		2,524
Ministry of Trade, Industry and Energy	Safety inspection of general electrical equipment	Safety inspection of general electrical equipment	2023.01.01 ~ 2023.04.18	495		—		635		(635	)		—			—		—
Ministry of Trade, Industry and Energy	Establishment of Integrated Control System for Renewable Energy in the power distribution sector	Establishment of Integrated Control System for Renewable Energy in the Power Distribution Sector	2023.01.01 ~ 2023.12.31	3		—		680		(680	)		(1,832	)		1,832		2
Ministry of Employment and Labor	Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers	2023.01.01 ~ 2023.12.31	1,490		—		270		(270	)		—			—		(528	)

Audit opinion on internal control over financial reporting

The accompanying independent auditor’s audit report on internal control over financial reporting is attached as a result of auditing the internal control over financial reporting of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) and the consolidated financial statements of the Group for the year ended December 31, 2024 in accordance with the Article 8 of the Act on External Audit of Stock Companies.

Attachments:

1. Independent auditor’s report on internal control over financial reporting

2. Management’s annual report on internal control over financial reporting

Ernst & Young Han Young 2-3F, 7-8F, Taeyoung Building, 111, Yeouigongwon-ro, Yeongdeungpo-gu, Seoul 07241 Korea   Tel: +82-23787 6600 Fax: +822783 5890 ey.com/kr

Independent auditor’s report on internal control over financial reporting

(English translation of a report originally issued in Korean)

Korea Electric Power Corporation

The Shareholders and Board of Directors

Opinion on Internal control over financial reporting

We have audited the internal control over financial reporting (“ICFR”) of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) based on the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as of December 31, 2024.

In our opinion, the Group’s ICFR has been effectively designed and operated, in all material respects, as of December 31, 2024, in accordance with Conceptual Framework for Design and Operation of ICFR.

We also have audited, in accordance with Korean Standards on Auditing (“KSA”), the consolidated statement of financial position as of December 31, 2024, and the consolidated statement of comprehensive income (Boss), consolidated statement of changes in equity, and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting policy information, of the Group, and our report dated March 11, 2025 expressed an unqualified opinion thereon.

Basis for opinion on ]CFR

We conducted our audit in accordance with KSA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of ICFR section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of ICFR in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of management and those charged with governance for ICFR

Management is responsible for designing, impimenting, and maintaining an effective ICFR, and for assessing the effectiveness of the ICFR included in the accompanying Management’s annual report on internal control over financial reporting.

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

Auditor’s responsibilities for the audit of ICFR

Our responsibility is to express an opinion of the Group’s ICFR based on our audit. We conducted our audit in accordance with KSA. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective ICFR was maintained in all material respects.

An audit of the ICFR involves performing procedures to obtain audit evidence as to whether a material weakness exists. The procedures selected depend on the auditor’s judgment, including the assessment of the risks that a material weakness exists. An audit also includes testing and evaluating the design and operation of ICFR based on obtaining an understanding of ICFR and the assessed risk.

ICFR definition and inherent limitations

A company’s ICFR is implemented by those charged with governance, management, and other employees and is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”). A company’s ICFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with KIFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, ICFR may not prevent or detect misstatements of the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that ICFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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

March 11, 2025

This audit report is effective as of March 11, 2025, the independent auditor’s report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s report to the time this report is used. Such events and circumstances could significantly affect the Group’s ICFR and may result in modifications to this report.

Management’s annual report on internal control over financial reporting

(English translation of a report originally issued in Korean)

To the Shareholders, Board of Directors, and Audit Committee of Korea Electric Power Corporation

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting (“ICFR”) Officer of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), assessed the status of the design and operation of the Group’s ICFR for the year ended December 31, 2024.

The Group’s management including the CEO and ICFR Officer is responsible for designing and operating ICFR. We, as the CEO and ICFR Officer (collectively, “We”, “Our” or “Us”), evaluated whether the ICFR has been effectively designed and operated to prevent and detect error or fraud which may cause material misstatement of the consolidated financial statements to ensure preparation and disclosure of reliable financial information.

We used the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee” as the criteria for the design and operation of the Group’s ICFR. We also conducted an evaluation of ICFR based on the Management Guideline for Evaluation and Reporting of ICFR established by the ICFR Committee.

Based on our assessment of ICFR operation, we concluded that the Group’s ICFR has been appropriately designed and is operating effectively in all material respects as of December 31, 2024, in accordance with the Conceptual Framework for Design and Operation of ICFR.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.

February 17, 2025

/s/ Dong-Cheol Kim

Presidesnt/CEO

/s/ Heung-Bok Oh

Internal Control over Financial Reporting Officer

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/ Joo, Hwa-Sik
Name:	Joo, Hwa-Sik
Title:	Vice President

Date: March 12, 2025

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated financial statements

For each of the two years in the period ended December 31, 2024

(With independent auditor’s report thereon)

TABLE OF CONTENTS

	Page
Independent auditor’s report
Consolidated financial statements
Consolidated statements of financial position		1
Consolidated statements of comprehensive income (loss)		3
Consolidated statements of changes in equity		5
Consolidated statements of cash flows		7
Notes to the consolidated financial statements		9
Audit opinion on internal control over financial reporting		245
Independent auditor’s report on the internal control over financial reporting		246
Management’s annual report on internal control over financial reporting		248

Independent auditor’s report

(English translation of a report originally issued in Korean)

Korea Electric Power Corporation

The Shareholders and Board of Directors

Opinion

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statements of financial position as of December 31, 2024 and 2023, and the consolidated statements of comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows for each of the two years in the period ended December 31, 2024, and the notes to the consolidated financial statements, including material accounting policy information.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2024 and 2023, and its consolidated financial performance and its consolidated cash flows for each of the two years in the period ended December 31, 2024 in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”).

We have audited the Group’s internal control over financial reporting (“ICFR”) as of December 31, 2024 based on the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea in accordance with Korean Standards on Auditing (“KSA”), and our report dated March 11, 2025 expressed an unqualified opinion thereon.

Basis for opinion

We conducted our audit in accordance with KSA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the consolidated financial statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key audit matter

A key audit matter is the matter that, in our professional judgment, was of most significance in our audit of the consolidated financial statements of the current period. This matter was addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on this matter.

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

As discussed in Note 3.(18) to the consolidated financial statements, at each reporting date, management assesses if there is any indication that its PP&E may be impaired. If there is any sign indicating that a cash-generating unit (“CGU”) is impaired, management compares the recoverable amount of the CGU with its carrying value to determine if each item of PP&E allocated to the respective CGU is impaired.

Based on the significant difference between the Group’s market capitalization and the carrying amount of net assets in its consolidated statement of financial position, management determined that there is a sign indicating the impairment of the Group’s PP&E allocated to the Group’s electricity transmission and distribution business CGU as of December 31, 2024.

Management performed an impairment assessment for PP&E allocated to the CGU held by the Group by comparing the carrying amount of the CGU with its value-in-use (VIU) which is determined based on discounted cash flow forecasts. Significant judgment of management is required for determining key assumptions which have material impact on the estimation of VIU, such as future sales volume estimates, unit sales price, cost of power purchase, and discount rate. We have identified the impairment assessment of PP&E allocated to electricity transmission and distribution business as a key audit matter, due to the significance of carrying value of these assets in the consolidated financial statements, complexity of estimation using a discounted cash flow forecast and inherent uncertainty and probability of management bias caused by the involvement of significant management judgment required in estimating the variable inputs.

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

• Identify and test key internal controls relating to the Group’s assessment of impairment of PP&E;

• Assess the CGUs identified by the Group’s management and obtain an understanding of the Group’s business;

• Compare the estimates including the discounted cash flow forecasts made in the prior year to the actual performance for the current year in order to assess whether the estimation is appropriate;

• Involve an internal valuation specialist to assist us in assessing the discount rate applied by management in comparison with the discount rate recalculated by us based on market and entity-specific information;

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

• Observe the management’s sensitivity analyses on the discount rate applied to the discounted cash flow forecasts and assess the impact of changes in the key assumptions on the conclusion of the impairment assessments made by management and whether there were any indicators of management bias.

Responsibilities of management and those charged with governance for the consolidated financial statements

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

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

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

Auditor’s responsibilities for the audit of the consolidated financial statements

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

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

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

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances.

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

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

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

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

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

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

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

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

March 11, 2025

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

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated financial statements

For each of the two years in the period ended December 31, 2024

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

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position

As of December 31, 2024 and 2023

In millions of won	Note		2024		2023
Assets
Current assets
Cash and cash equivalents		5,6,7,45	W	2,382,979		4,342,887
Current financial assets, net		5,6,9,11,12,13,45,47		3,494,717		3,107,397
Trade and other receivables, net		5,8,20,24,45,46,47		12,216,216		11,985,735
Inventories, net		14		9,769,236		8,875,615
Income tax receivables		41		78,495		69,612
Current non-financial assets		15		1,267,914		1,109,321
Assets held-for-sale		16,42		45,648		45,648
Total current assets				29,255,205		29,536,215
Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,45,47		4,945,990		3,546,214
Non-current trade and other receivables, net		5,8,20,45,46,47		3,157,409		2,193,587
Property, plant and equipment, net		4,18,24,27,49		182,982,763		179,875,535
Investment properties, net		4,19,27		228,984		185,527
Goodwill		4,16		99,179		99,156
Intangible assets other than goodwill, net		4,21,27,46		1,046,918		1,033,984
Investments in associates		4,17		6,704,754		6,176,889
Investments in joint ventures		4,17		4,581,340		3,485,699
Defined benefit assets, net		25		40,425		70,187
Deferred tax assets		41		13,436,624		13,161,802
Non-current non-financial assets		4,15		328,204		350,170
Total non-current assets				217,552,590		210,178,750
Total assets		4	W	246,807,795		239,714,965

(Continued)

1

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of financial position, Continued

As of December 31, 2024 and 2023

In millions of won	Note		2024		2023
Liabilities
Current liabilities
Trade and other payables, net		5,22,24,45,47	W	9,411,315		9,089,973
Current financial liabilities, net		5,12,23,45,47		44,465,866		41,139,726
Income tax payables		41		970,496		482,934
Current non-financial liabilities		20,28,29		6,327,141		7,881,663
Current provisions		26,45		2,793,971		2,654,125
Total current liabilities				63,968,789		61,248,421
Non-current liabilities
Non-current trade and other payables, net		5,22,24,45,47		4,609,241		4,981,957
Non-current financial liabilities, net		5,12,23,45,47		88,352,359		92,944,338
Non-current non-financial liabilities		28,29		13,281,520		11,196,000
Employee benefits liabilities, net		25,45		1,451,547		1,035,320
Deferred tax liabilities		41		5,944,472		5,163,135
Non-current provisions		26,45		27,837,034		25,881,044
Total non-current liabilities				141,476,173		141,201,794
Total liabilities		4	W	205,444,962		202,450,215
Equity
Contributed capital		1,30,45
Share capital			W	3,209,820		3,209,820
Share premium				843,758		843,758
				4,053,578		4,053,578
Retained earnings		31
Legal reserves				1,604,910		1,604,910
Voluntary reserves				—		2,812,313
Unappropriated retained earnings				18,523,337		11,921,039
				20,128,247		16,338,262
Other components of equity		34
Other capital surplus				1,600,812		1,600,801
Accumulated other comprehensive income				1,424,014		557,430
Other equity				12,708,585		13,294,972
				15,733,411		15,453,203
Equity attributable to owners of the controlling company				39,915,236		35,845,043
Non-controlling interests		16,33		1,447,597		1,419,707
Total equity			W	41,362,833		37,264,750
Total liabilities and equity			W	246,807,795		239,714,965

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

2

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income (loss)

For each of the two years in the period ended December 31, 2024

In millions of won, except per share information	Note		2024			2023
Sales		4,35,45,47
Sales of goods		2	W	91,018,712			85,940,137
Sales of services				710,445			750,878
Sales of construction services		20		849,108			785,395
Revenue related to transfer of assets from customers		28		820,631			743,051
				93,398,896			88,219,461
Cost of sales		14,25,43,47
Cost of sales of goods				(80,221,013	)		(88,066,120	)
Cost of sales of services				(557,261	)		(629,806	)
Cost of sales of construction services				(1,185,886	)		(1,003,601	)
				(81,964,160	)		(89,699,527	)
Gross profit (loss)				11,434,736			(1,480,066	)
Selling and administrative expenses		25,36,43,47		(3,070,026	)		(3,061,582	)
Operating profit (loss)		4		8,364,710			(4,541,648	)
Other income		37		477,354			532,851
Other expenses		37		(465,688	)		(258,905	)
Other gains, net		38		84,884			22,686
Finance income		5,12,39		3,448,177			1,425,031
Finance expenses		5,12,40		(7,535,228	)		(5,347,018	)
Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Gain on valuation of investments in associates and joint ventures				937,959			804,141
Gain on disposal of investments in associates and joint ventures				186,066			18,204
Reversal of impairment loss on investments in associates and joint ventures				10,527			347
Gain on disposal of investments in subsidiaries				98			2
Loss on valuation of investments in associates and joint ventures				(182,507	)		(209,085	)
Loss on disposal of investments in associates and joint ventures				(650	)		—
Loss on impairment of investments in associates and joint ventures				(69,173	)		(19	)
Loss on disposal of investments in subsidiaries				—			(564	)
				882,320			613,026
Profit (loss) before income tax				5,256,529			(7,553,977	)
Income tax benefit (expense)		41		(1,634,561	)		2,837,833
Profit (loss) for the year			W	3,621,968			(4,716,144	)

(Continued)

3

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of comprehensive income (loss), Continued

For each of the two years in the period ended December 31, 2024

In millions of won, except per share information	Note		2024			2023
Other comprehensive income (loss), net of tax		5,12,25,31,34
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability		25,31	W	(296,135	)		(271,724	)
Share in other comprehensive loss of associates and joint ventures		31		(6,346	)		(27,349	)
Net change in fair value of equity investments at fair value through other comprehensive income (loss)		34		100,759			(31,665	)
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,34		11,870			(3,654	)
Foreign currency translation of foreign operations		34		164,628			(17,274	)
Share in other comprehensive income of associates and joint ventures		34		654,225			122,994
Other comprehensive income (loss) for the year				629,001			(228,672	)
Total comprehensive income (loss) for the year			W	4,250,969			(4,944,816	)
Profit (loss) attributable to:
Owners of the controlling company		44	W	3,491,698			(4,822,549	)
Non-controlling interests				130,270			106,405
			W	3,621,968			(4,716,144	)
Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	4,070,175			(5,032,584	)
Non-controlling interests				180,794			87,768
			W	4,250,969			(4,944,816	)
Earnings (losses) per share (in won)		44
Basic and diluted earnings (losses) per share			W	5,439			(7,512	)

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity

For each of the two years in the period ended December 31, 2024

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 as of January 1, 2023	W	4,053,578		21,431,300			15,060,518			40,545,396			1,454,860			42,000,256
Total comprehensive income (loss) for the period
Profit (loss) for the period		—		(4,822,549	)		—			(4,822,549	)		106,405			(4,716,144	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(242,987	)		—			(242,987	)		(28,737	)		(271,724	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(27,349	)		—			(27,349	)		—			(27,349	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			(31,665	)		(31,665	)		—			(31,665	)
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			(5,078	)		(5,078	)		1,424			(3,654	)
Foreign currency translation of foreign operations, net of tax		—		—			(25,950	)		(25,950	)		8,676			(17,274	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			122,994			122,994			—			122,994
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(45,322	)		(45,322	)
Additional paid-in capital and others		—		—			(1	)		(1	)		6,024			6,023
Transactions between consolidated entities		—		—			332,280			332,280			(73,795	)		258,485
Changes in consolidation scope		—		—			(48	)		(48	)		384			336
Dividends paid for hybrid bonds		—		—			—			—			(10,212	)		(10,212	)
Others		—		(153	)		153			—			—			—
Balance as of December 31, 2023	W	4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of changes in equity, Continued

For each of the two years in the period ended December 31, 2024

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 as of January 1, 2024	W	4,053,578		16,338,262			15,453,203			35,845,043			1,419,707			37,264,750
Total comprehensive income for the period
Profit for the period		—		3,491,698			—			3,491,698			130,270			3,621,968
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(281,761	)		—			(281,761	)		(14,374	)		(296,135	)
Share of other comprehensive loss of associates and joint ventures, net of tax		—		(6,346	)		—			(6,346	)		—			(6,346	)
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			100,759			100,759			—			100,759
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			11,976			11,976			(106	)		11,870
Foreign currency translation of foreign operations, net of tax		—		—			99,624			99,624			65,004			164,628
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			654,225			654,225			—			654,225
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(126,900	)		(126,900	)
Additional paid-in capital and others		—		—			—			—			(1,819	)		(1,819	)
Transactions between consolidated entities		—		—			18			18			(13,878	)		(13,860	)
Changes in consolidation scope		—		—			—			—			9			9
Dividends paid for hybrid bonds		—		—			—			—			(10,316	)		(10,316	)
Others
Transfer of revaluation reserve		—		586,394			(586,394	)		—			—			—
Balance as of December 31, 2024	W	4,053,578		20,128,247			15,733,411			39,915,236			1,447,597			41,362,833

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows

For each of the two years in the period ended December 31, 2024

In millions of won	2024			2023
Cash flows from operating activities
Profit(loss) for the year	W	3,621,968			(4,716,144	)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expenses (benefits)		1,634,561			(2,837,833	)
Depreciation		13,833,788			12,869,089
Amortization		163,567			163,174
Retirement benefit expenses		427,980			358,730
Bad debt expense		60,309			101,550
Interest expense		4,665,095			4,451,659
Loss on disposal of financial assets		434			1
Loss on disposal of property, plant and equipment		112,018			98,120
Loss on abandonment of property, plant and equipment		195,697			196,697
Loss on impairment of property, plant and equipment		11,240			17,031
Loss on impairment of intangible assets		902			2,865
Loss on disposal of intangible assets		111			71
Increase in provisions, net		1,762,526			1,611,082
Loss on foreign currency translation, net		2,366,830			363,659
Gain on valuation of financial assets at fair value through profit or loss		(83,408	)		(152,322	)
Loss on valuation of financial assets at fair value through profit or loss		14,247			24,015
Gain on valuation and transaction of derivative instruments, net		(2,406,368	)		(323,858	)
Gain on valuation of investments in associates and joint ventures, net		(755,452	)		(595,056	)
Gain on disposal of financial assets		(45,493	)		(13,162	)
Gain on disposal of property, plant and equipment		(85,990	)		(32,196	)
Gain on disposal of intangible assets		(41	)		(136	)
Gain on disposal of associates and joint ventures		(186,066	)		(18,204	)
Loss on disposal of associates and joint ventures		650			—
Loss on impairment investments in associates and joint ventures		69,173			19
Reversal of impairment loss on investments in associates and joint ventures		(10,527	)		(347	)
Gain on disposal of subsidiaries		(98	)		(2	)
Loss on disposal of subsidiaries		—			564
Interest income		(467,525	)		(429,620	)
Dividends income		(70,601	)		(25,941	)
Others, net		(76,125	)		6,910
		21,131,434			15,836,559
Changes in working capital:
Trade receivables		2,702			(1,484,134	)
Non-trade receivables		(191,526	)		625,993
Accrued income		(189,995	)		(258,993	)
Other receivables		101,042			56,460
Other current assets		(656,588	)		251,842
Inventories		(1,412,713	)		147,798
Other non-current assets		108,625			(101,576	)
Trade payables		109,214			(3,154,822	)
Non-trade payables		(97,540	)		(960,450	)
Accrued expenses		(508,199	)		(228,464	)
Other current liabilities		(2,261,294	)		901,692
Other non-current liabilities		2,892,947			437,809
Investments in associates and joint ventures (dividends received)		364,287			592,812
Provisions		(1,588,396	)		(1,497,699	)
Payments of employee benefit obligations		(208,248	)		(281,383	)
Plan assets		(254,763	)		(188,566	)
	W	(3,790,445	)		(5,141,681	)

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated statements of cash flows, Continued

For each of the two years in the period ended December 31, 2024

In millions of won	2024			2023
Cash generated from operating activities	W	20,962,957			5,978,734
Dividends received		12,243			25,941
Interest paid		(4,697,442	)		(4,245,838	)
Interest received		390,671			329,740
Income taxes paid		(792,313	)		(566,415	)
Net cash flows provided by operating activities		15,876,116			1,522,162
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		236,624			5,806
Acquisition of investments in associates and joint ventures		(451,813	)		(497,634	)
Proceeds from disposals of property, plant and equipment		402,603			309,627
Acquisition of property, plant and equipment		(14,216,037	)		(13,908,373	)
Proceeds from disposals of intangible assets		428			153
Acquisition of intangible assets		(91,851	)		(74,832	)
Proceeds from disposals of financial assets		2,615,341			4,389,228
Acquisition of financial assets		(2,536,994	)		(3,141,906	)
Increase in loans		(172,849	)		(212,994	)
Collection of loans		226,935			124,386
Increase in deposits		(154,503	)		(138,205	)
Decrease in deposits		152,803			130,221
Proceeds from disposals of assets held-for-sale		28,727			28,727
Receipt of government grants		59,503			57,207
Net cash outflow from changes in consolidation scope		(2,740	)		(25,849	)
Other cash outflow from investing activities, net		(189,284	)		(119,319	)
Net cash flows used in investing activities		(14,093,107	)		(13,073,757	)
Cash flows from financing activities
Proceeds from (Repayment of) short-term borrowings, net		(1,536,401	)		1,842,517
Proceeds from long-term borrowings		2,795,823			3,434,452
Proceeds from debt securities		20,476,245			18,402,589
Repayment of long-term borrowings		(654,581	)		(870,586	)
Repayment of debt securities		(24,687,409	)		(10,116,048	)
Payment of lease liabilities		(612,828	)		(574,239	)
Settlement of derivative instruments, net		545,483			332,263
Change in non-controlling interests		(35,986	)		218,766
Dividends paid for hybrid bond		(10,316	)		(10,212	)
Dividends paid		(126,903	)		(45,323	)
Other cash inflow (outflow) from financing activities, net		(2,428	)		47,703
Net cash flows provided by (used in) financing activities		(3,849,301	)		12,661,882
Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		(2,066,292	)		1,110,287
Effect of exchange rate fluctuations on cash held		106,384			(2,180	)
Net increase (decrease) in cash and cash equivalents		(1,959,908	)		1,108,107
Cash and cash equivalents as of January 1, 2024 and 2023		4,342,887			3,234,780
Cash and cash equivalents as of December 31, 2024 and 2023	W	2,382,979			4,342,887

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements

December 31, 2024 and 2023

1. Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”) 1110 Consolidated Financial Statements, was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO’s stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO’s head office is located in Naju, Jeollanam-do.

As of December 31, 2024, 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 is 97,414,248 shares (15.17%) as of December 31, 2024, the most recent closing date of the 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

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) were authorized for issuance by the Board of Directors on February 28, 2025, which will be submitted for final approval at the shareholders’ meeting held on March 26, 2025.

(1) Statement of compliance

These consolidated financial statements have been prepared in accordance with KIFRS, as prescribed in the Act on External Audit of Stock companies in the Republic of Korea. The accompanying consolidated financial statements have been translated into English from Korean financial statements. In the event of any differences in interpreting the financial statements or the independent auditor’s report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(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; or

• 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,” “W” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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.

Meanwhile, the Group considers climate-related risks resulting from climate change and the establishment of a global greenhouse gas reduction implementation system in its estimates and assumptions. Climate-related risks increase the uncertainty of the estimates and assumptions considered in various items of the financial statements, and the Group carefully monitors climate-related changes and developments, such as new climate-related legislation, even if it does not have a material impact on current measurements.

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, Intangible assets other than goodwill 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(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).

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of December 31, 2024 and 2023 are W2,492,898 million and W2,504,479 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.

11

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

2. Basis of Preparation, Continued

(5) Changes in accounting policies

Changes in accounting standards effective from January 1, 2024 are as follows. The Group believes that these amendments have no significant impact on the Group’s consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that has been issued but is not yet effective.

Amendments to KIFRS 1116 – Lease Liability in a Sale and Leaseback

The amendments to KIFRS 1116 specify the requirements that a seller-lessee uses in measuring the lease liability arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognize any amount of the gain or loss that relates to the right of use it retains.

Amendments to KIFRS 1001 – Classification of Liabilities as Current or Non-current

The amendments to KIFRS 1001 specify the requirements for classifying liabilities as current or non-current. The amendments clarify:

• what is meant by a right to defer settlement;

• that a right to defer must exist at the end of the reporting period;

• that classification is unaffected by the likelihood that an entity will exercise its deferral right; and

• that if under the condition that an entity settles the liability by transferring its equity instruments, the option is classified as equity instrument and the option is recognized separate from the liability as a component of equity for hybrid financial instrument, there is no impact on current or non-current classification.

In addition, an entity is required to disclose when a liability arising from a loan agreement is classified as non-current and the entity’s right to defer settlement is contingent on compliance with future covenants within twelve months.

Amendments to KIFRS 1007 and KIFRS 1107 – Supplier Finance Arrangements

The amendments to KIFRS 1007 Statement of Cash Flows and KIFRS 1107 Financial Instruments: Disclosures clarify the characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s liabilities, cash flows and exposure to liquidity risk.

12

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2023, except for the changes described in Note 2.(5).

(1) Basis of consolidation

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

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

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

Transactions within the Group are eliminated during the consolidation.

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

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

(2) Business combinations

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(2) Business combinations, continued

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

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

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

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

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

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(3) Investments in associates

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

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

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

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(4) Joint arrangements

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

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

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

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

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

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

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

(6) Goodwill

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(7) Revenue from Contracts with Customers

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation), in accordance with KIFRS 1115. The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 95.17% of consolidated revenue for the year ended December 31, 2024.

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

(ii) Variable consideration

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

(iii) Performance obligations satisfied over time

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

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

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

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

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

(iv) Adoption of cost pass-through tariff system

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(8) Leases

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

(i) The Group as a lessor

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

(ii) The Group as a lessee

(a) Right-of-use assets

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

(b) Lease liabilities

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(9) Foreign currencies

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

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

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

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

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

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

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

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

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

(10) Borrowing costs

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(11) Government grants

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

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

(i) If the Group received grants related to assets

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

(ii) If the Group received grants related to income

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

(12) Retirement benefit expenses

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(13) Income taxes

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

(i) Current tax

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

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

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

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

(ii) Deferred tax

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

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

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

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

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

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

(iii) Current and deferred tax for the year

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

21

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(14) Property, plant and equipment

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

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

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

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(15) Investment property

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

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

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

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

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

(16) Intangible assets

(i) Intangible assets acquired separately

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

(ii) Research and development

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

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

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

• the ability to use or sell the intangible asset;

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

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

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

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(16) Intangible assets, continued

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

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

Mining right is amortized using the unit-of-production method to reflect the pattern in which the asset’s economic benefits are consumed.

(iii) Intangible assets acquired in a business combination

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

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

(iv) Derecognition of intangible assets

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

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

In connection with Act on the Allocation and Trading of Greenhouse Gas Emissions Permits of the Republic of Korea, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

(i) Greenhouse gas emissions rights

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

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

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

(ii) Greenhouse gas emissions obligations

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

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

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

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

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

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

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

The Group determined that there were indications of impairment for the cash-generating unit (CGU) related to electricity sales, as the carrying amount of net assets exceeded the market capitalization. Accordingly, an impairment assessment was conducted for the CGU. The Group estimated the value-in-use based on discounted cash flow forecasts, applying key assumptions such as the discount rate, future sales volume estimates, sales price, and costs of electricity purchased. As a result of the impairment assessment, the recoverable amount exceeded the carrying amount of the CGU.

(19) Inventories

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

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

(20) Provisions

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(20) Provisions, continued

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

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

(i) Provision for employment benefits

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

(ii) Provision for decommissioning costs of nuclear power plants

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

(iii) Provision for disposal of spent nuclear fuel

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

(iv) Provision for low and intermediate radioactive wastes

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

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

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

(vi) Provisions for power plant regional support program

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

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

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

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

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

26

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(21) Financial instruments

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

(i) Classification and measurement of financial assets

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

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

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

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

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

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

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

(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

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

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

27

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(21) Financial instruments, continued

(iii) Impairment: Financial assets and contract assets

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

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

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

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

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

(iv) Derecognition

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

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

(22) Service Concession Arrangements

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting

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

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

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

(i) Separable embedded derivatives

A derivative embedded in a hybrid contract, with a financial liability host or host not in the scope of KIFRS 1109, is separated from the host and accounted for as a separate derivative if: the economic characteristics and risks are not closely related to the host; a separate instrument with the same terms as the embedded derivative would meet the definition of a derivative; and the hybrid contract is not measured at fair value through profit or loss.

(ii) Hedge accounting

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

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

(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income. However, changes in the fair value of hedging instrument and hedged item of equity instruments for which changes in fair value have been elected to be presented in other comprehensive income at the time of initial recognition are recognized in other comprehensive income.

If a hedging relationship no longer meets the objective of the hedge effectiveness related to the hedge ratio but the risk management objective for that designated hedging relationship remains the same, the hedge ratio of the hedging relationship should be rebalanced so that the hedging relationship again meets the criteria. Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

(iv) Cash flow hedges

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

29

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

3. Material Accounting Policies, Continued

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

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

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

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 classified in accordance with KIFRS 1108 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 in the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

4. Segment, Geographic and Other Information, Continued

(2) The financial information of the segments for each of the two years in the period ended December 31, 2024, respectively, is as follows:

In millions of won
For the year ended December 31, 2024
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution	W	91,646,581			2,217,014			89,429,567		3,166,658			4,368,806			86,889			2,946,080			578,973
Electric power generation (Nuclear)		13,447,880			13,118,098			329,782		1,577,798			5,182,841			72,760			786,491			(20,548	)
Electric power generation (Non-nuclear)		31,563,589			29,186,796			2,376,793		2,805,997			4,252,872			67,835			704,678			138,347
Plant maintenance & engineering service		3,266,873			2,765,640			501,233		405,389			164,749			26,262			7,144			185,548
Others		2,283,458			1,521,937			761,521		60,344			218,505			271,709			336,718			—
Consolidation adjustments		(48,809,485	)		(48,809,485	)		—		348,524			(190,418	)		(57,930	)		(116,016	)		—
	W	93,398,896			—			93,398,896		8,364,710			13,997,355			467,525			4,665,095			882,320
In millions of won
For the year ended December 31, 2023
Segment	Total segment revenue			Intersegment revenue			Revenue from external customers		Operating profit (loss)			Depreciation and amortization			Interest income			Interest expense			Profit (loss) related to associates, joint ventures and subsidiaries
Transmission and distribution	W	85,825,593			1,728,602			84,096,991		(6,503,917	)		4,258,909			92,380			2,826,916			314,373
Electric power generation (Nuclear)		10,798,378			10,666,260			132,118		797,309			4,403,610			69,209			687,743			(2,639	)
Electric power generation (Non-nuclear)		35,159,641			32,253,979			2,905,662		951,217			4,180,939			65,403			741,282			301,681
Plant maintenance & engineering service		3,091,022			2,626,190			464,832		330,957			129,628			23,638			1,270			(389	)
Others		2,175,972			1,556,114			619,858		93,427			204,322			226,243			258,877			—
Consolidation adjustments		(48,831,145	)		(48,831,145	)		—		(210,641	)		(145,145	)		(47,253	)		(64,429	)		—
	W	88,219,461			—			88,219,461		(4,541,648	)		13,032,263			429,620			4,451,659			613,026

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

4. Segment, Geographic and Other Information, Continued

(3) The information related to segment assets and segment liabilities as of December 31, 2024 and 2023 is as follows:

In millions of won
As of December 31, 2024
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	139,472,103			6,839,513		8,417,992			120,083,068
Electric power generation (Nuclear)		72,508,359			171,956		2,629,626			47,082,862
Electric power generation (Non-nuclear)		66,834,569			4,272,928		3,862,287			36,363,754
Plant maintenance & engineering service		4,522,610			1,697		160,978			1,508,112
Others		14,977,126			—		195,451			7,073,716
Consolidation adjustments		(51,506,972	)		—		(185,981	)		(6,666,550	)
	W	246,807,795			11,286,094		15,080,353			205,444,962
In millions of won
As of December 31, 2023
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	138,838,342			5,872,000		7,636,677			120,181,250
Electric power generation (Nuclear)		70,535,018			169,155		3,070,528			45,660,916
Electric power generation (Non-nuclear)		66,265,884			3,567,345		3,490,863			38,415,202
Plant maintenance & engineering service		4,271,409			54,088		203,352			1,549,863
Others		13,378,229			—		736,155			6,480,959
Consolidation adjustments		(53,573,917	)		—		(390,686	)		(9,837,975	)
	W	239,714,965			9,662,588		14,746,889			202,450,215

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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	For the year ended December 31, 2024		For the year ended December 31, 2023		As of December 31, 2024		As of December 31, 2023
Domestic	W	92,107,468		86,985,859		191,214,679		186,384,115
Overseas (*1)		1,291,428		1,233,602		4,757,463		4,822,845
	W	93,398,896		88,219,461		195,972,142		191,206,960

(*1) Middle East, America 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 who accounts for 10% or more of the Group’s revenue for each of the two years in the period ended December 31, 2024.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

5. Classification of Financial Instruments

(1) The classification of financial assets as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024
	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	—		—		2,382,979		—		2,382,979
Current financial assets
Current financial assets at fair value through profit or loss		1,456,895		—		—		—		1,456,895
Current financial assets at amortized costs		—		—		20,418		—		20,418
Current derivative assets		396,477		—		—		364,077		760,554
Other financial assets		—		—		1,256,850		—		1,256,850
Trade and other receivables		—		—		12,216,216		—		12,216,216
		1,853,372		—		15,876,463		364,077		18,093,912
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		719,277		—		—		—		719,277
Non-current financial assets at fair value through other comprehensive income		—		674,850		—		—		674,850
Non-current financial assets at amortized costs		—		—		9,815		—		9,815
Non-current derivative assets		1,450,050		—		—		480,560		1,930,610
Other financial assets		—		—		1,611,438		—		1,611,438
Trade and other receivables		—		—		3,157,409		—		3,157,409
		2,169,327		674,850		4,778,662		480,560		8,103,399
	W	4,022,699		674,850		20,655,125		844,637		26,197,311

34

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

5. Classification of Financial Instruments, Continued

(1) The classification of financial assets as of December 31, 2024 and 2023 is as follows, continued:

In millions of won	As of December 31, 2023
	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	—		—		4,342,887		—		4,342,887
Current financial assets
Current financial assets at fair value through profit or loss		2,054,021		—		—		—		2,054,021
Current financial assets at amortized costs		—		—		28,905		—		28,905
Current derivative assets		227,434		—		—		80,298		307,732
Other financial assets		—		—		716,739		—		716,739
Trade and other receivables		—		—		11,985,735		—		11,985,735
		2,281,455		—		17,074,266		80,298		19,436,019
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		657,264		—		—		—		657,264
Non-current financial assets at fair value through other comprehensive income		—		502,443		—		—		502,443
Non-current financial assets at amortized costs		—		—		9,938		—		9,938
Non-current derivative assets		503,514		—		—		189,148		692,662
Other financial assets		—		—		1,683,907		—		1,683,907
Trade and other receivables		—		—		2,193,587		—		2,193,587
		1,160,778		502,443		3,887,432		189,148		5,739,801
	W	3,442,233		502,443		20,961,698		269,446		25,175,820

35

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

5. The classification of Financial Instruments, Continued

(2) The classification of financial liabilities as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024
	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	—		17,540,585		—		17,540,585
Debt securities		—		26,901,367		—		26,901,367
Derivative liabilities		23,914		—		—		23,914
Trade and other payables		—		9,411,315		—		9,411,315
		23,914		53,853,267		—		53,877,181
Non-current liabilities
Borrowings		—		3,118,796		—		3,118,796
Debt securities		—		84,972,652		—		84,972,652
Derivative liabilities		256,018		—		4,893		260,911
Trade and other payables		—		4,609,241		—		4,609,241
		256,018		92,700,689		4,893		92,961,600
	W	279,932		146,553,956		4,893		146,838,781
In millions of won	As of December 31, 2023
	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	—		16,446,821		—		16,446,821
Debt securities		—		24,674,526		—		24,674,526
Derivative liabilities		18,379		—		—		18,379
Trade and other payables		—		9,089,973		—		9,089,973
		18,379		50,211,320		—		50,229,699
Non-current liabilities
Borrowings		—		3,392,831		—		3,392,831
Debt securities		—		89,117,652		—		89,117,652
Derivative liabilities		410,291		—		23,564		433,855
Trade and other payables		—		4,981,957		—		4,981,957
		410,291		97,492,440		23,564		97,926,295
	W	428,670		147,703,760		23,564		148,155,994

36

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

5. The classification of Financial Instruments, Continued

(3) The classification of comprehensive income (loss) from financial instruments for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won		For the year ended December 31, 2024			For the year ended December 31, 2023
Cash and cash equivalents	Interest income	W	102,505			100,205
	Gain (loss) on foreign currency transactions and translations		17,498			(2,073	)
Financial assets at fair value through profit or loss	Interest income		54,385			65,470
	Dividends income		4,813			4,193
	Gain on valuation of derivatives		1,396,350			144,797
	Gain on transaction of derivatives		129,471			130,230
	Gain on valuation of financial assets		69,161			128,307
	Gain on disposal of financial assets		45,059			13,161
Financial assets at fair value through other comprehensive income	Dividends income		65,788			21,748
Financial assets at amortized cost	Interest income		2,859			2,929
	Gain (loss) on foreign currency transactions and translations		5,568			(1,774	)
Loans	Interest income		45,511			44,029
	Gain on foreign currency transactions and translations		3,685			127
Trade and other receivables	Interest income		209,675			168,303
	Gain on foreign currency transactions and translations		121,193			27,363
Short-term financial instruments	Interest income		31,766			34,260
Long-term financial instruments	Interest income		20,562			14,183
	Gain on foreign currency transactions and translations		3			—
Other financial assets	Interest income		262			241
Derivatives (applying hedge accounting)	Gain on valuation of derivatives (profit or loss)		410,088			76,814
	Gain (loss) on valuation of derivatives (equity, before tax)		21,443			(10,539	)
	Gain on transaction of derivatives		14,801			19,604
Financial liabilities at fair value through profit or loss	Gain on valuation of derivatives		52,515			961
	Gain (loss) on transaction of derivatives		146,417			(80,640	)
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		3,805,062			3,636,887
	Interest expense of trade and other payables		191,918			200,440
	Interest expense of others		668,115			614,332
	Other finance income		8,882			4,971
	Other finance expenses		4,177			1,796
	Loss on foreign currency transactions and translations		(2,643,230	)		(420,203	)
Derivatives (applying hedge accounting)	Gain on valuation of derivatives (profit or loss)		244,758			11,627
	Gain (loss) on valuation of derivatives (equity, before tax)		(1,137	)		2,021
	Gain on transaction of derivatives		11,968			20,465

37

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

6. Restricted Deposits

Restricted deposits as of December 31, 2024 and 2023 are as follows:

In millions of won		As of December 31, 2024		As of December 31, 2023
Cash and cash equivalents	Escrow accounts	W	3,280		3,010
	Deposits for government project and others		30,812		26,969
	Collateral provided for borrowings		211,522		190,525
	Collateral provided for lawsuit		54		54
	Deposits for transmission regional support program		8,959		9,481
	Deposits for other business purposes		4,187		5,550
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		83,520		80,500
	Collateral provided for borrowings		85,569		24,728
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		296,496		271,047
Long-term financial instruments	Guarantee deposits for banking accounts at oversea branches		22		36
	Collateral provided for borrowings		6,500		28,245
	Decommissioning costs of nuclear power plants		660,000		655,030
Other non-current assets	Deposits for other business purposes		9,150		7,558
		W	1,400,071		1,302,733

7. Cash and Cash Equivalents

Cash and cash equivalents as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Cash	W	17,941		14,070
Other demand deposits		1,712,130		1,780,548
Short-term deposits classified as cash equivalents		548,611		1,107,687
Short-term investments classified as cash equivalents		104,297		1,440,582
	W	2,382,979		4,342,887

38

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

8. Trade and Other Receivables

(1) Trade and other receivables as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,266,202		(167,028	)		—			11,099,174
Other receivables		1,160,945		(39,817	)		(4,086	)		1,117,042
		12,427,147		(206,845	)		(4,086	)		12,216,216
Non-current assets
Trade receivables		1,089,787		(93,746	)		—			996,041
Other receivables		2,272,127		(100,351	)		(10,408	)		2,161,368
		3,361,914		(194,097	)		(10,408	)		3,157,409
	W	15,789,061		(400,942	)		(14,494	)		15,373,625

In millions of won	As of December 31, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,239,601		(230,058	)		—			11,009,543
Other receivables		1,034,655		(53,683	)		(4,780	)		976,192
		12,274,256		(283,741	)		(4,780	)		11,985,735
Non-current assets
Trade receivables		207,668		(2,587	)		—			205,081
Other receivables		2,080,830		(80,270	)		(12,054	)		1,988,506
		2,288,498		(82,857	)		(12,054	)		2,193,587
	W	14,562,754		(366,598	)		(16,834	)		14,179,322

39

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

8. Trade and Other Receivables, Continued

(2) Other receivables as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	403,248		(35,041	)		(21	)		368,186
Accrued income		112,941		—			—			112,941
Deposits		293,712		(4	)		(4,065	)		289,643
Finance lease receivables (*1)		92,130		(3,480	)		—			88,650
Others		258,914		(1,292	)		—			257,622
		1,160,945		(39,817	)		(4,086	)		1,117,042
Non-current assets
Non-trade receivables		243,813		(62,222	)		(41	)		181,550
Accrued income		21,395		—			—			21,395
Deposits		486,868		(414	)		(10,367	)		476,087
Finance lease receivables (*2)		1,264,269		(1,775	)		—			1,262,494
Others		255,782		(35,940	)		—			219,842
		2,272,127		(100,351	)		(10,408	)		2,161,368
	W	3,433,072		(140,168	)		(14,494	)		3,278,410

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W121,170 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W956,968 million.

In millions of won	As of December 31, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	393,859		(49,626	)		(53	)		344,180
Accrued income		133,033		—			—			133,033
Deposits		317,541		(4	)		(4,727	)		312,810
Finance lease receivables (*1)		75,661		(2,761	)		—			72,900
Others		114,561		(1,292	)		—			113,269
		1,034,655		(53,683	)		(4,780	)		976,192
Non-current assets
Non-trade receivables		198,453		(54,182	)		(102	)		144,169
Accrued income		7,342		—			—			7,342
Deposits		441,721		(263	)		(11,952	)		429,506
Finance lease receivables (*2)		1,173,500		(2,495	)		—			1,171,005
Others		259,814		(23,330	)		—			236,484
		2,080,830		(80,270	)		(12,054	)		1,988,506
	W	3,115,485		(133,953	)		(16,834	)		2,964,698

(*1) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W114,118 million.

(*2) The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W943,316 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.

40

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

8. Trade and Other Receivables, Continued

(4) The aging analysis of trade receivables as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Trade receivables not overdue	W	12,010,590			11,120,582
Trade receivables overdue and impairment-reviewed:		345,399			326,687
Less than 60 days		12,289			6,403
60 ~ 90 days		59,427			55,802
90 ~ 120 days		21,642			20,535
120 days ~ 1 year		56,107			58,350
More than 1 year		195,934			185,597
		12,355,989			11,447,269
Less: allowance for doubtful accounts		(260,774	)		(232,645	)
	W	12,095,215			11,214,624

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) The aging analysis of other receivables as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Other receivables not overdue	W	3,212,146			2,857,337
Other receivables overdue and impairment-reviewed:		220,926			258,148
Less than 60 days		318			5
60 ~ 90 days		34,267			27,634
90 ~ 120 days		1,786			727
120 days ~ 1 year		59,567			69,651
More than 1 year		124,988			160,131
		3,433,072			3,115,485
Less: allowance for doubtful accounts		(140,168	)		(133,953	)
Less: present value discount		(14,494	)		(16,834	)
	W	3,278,410			2,964,698

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

41

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

8. Trade and Other Receivables, Continued

(6) Changes in the allowance for doubtful accounts for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024						For the year ended December 31, 2023
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	232,645			133,953			199,000			109,453
Bad debts expense		48,160			21,937			68,385			24,290
Write-off		(17,157	)		(23,177	)		(26,109	)		(4,472	)
Reversal		(12,928	)		(587	)		(5,577	)		(1,942	)
Others		10,054			8,042			(3,054	)		6,624
Ending balance	W	260,774			140,168			232,645			133,953

42

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

9. Financial Assets at Fair Value through Profit or Loss

(1) Financial assets at fair value through profit or loss as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	W	313		152,054		130,363		107,252
Cooperative		—		6,872		—		6,735
Others (*)		1,456,582		405,309		1,923,658		376,602
		1,456,895		564,235		2,054,021		490,589
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		155,042		—		166,675
	W	1,456,895		719,277		2,054,021		657,264

(*) Others include MMT, MMF etc.

(2) Details of income (loss) from financial assets at fair value through profit or loss for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Beneficiary certificate	W	34,481		(59	)
Cooperative		118		272
Debt with embedded derivatives		2,435		2,934
Others		136,383		207,984
	W	173,417		211,131

43

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Acquisition		Disposal			Valuation		Others		Ending balance
Equity securities
Listed	W	285,054		—		(170	)		73,891		1,321		360,096
Unlisted		212,762		4,000		—			88,256		4,691		309,709
		497,816		4,000		(170	)		162,147		6,012		669,805
Debt securities
Corporate bond		4,627		—		—			418		—		5,045
	W	502,443		4,000		(170	)		162,565		6,012		674,850
Current financial assets at fair value through other comprehensive income	W	—		—		—			—		—		—
Non-current financial assets at fair value through other comprehensive income		502,443		4,000		(170	)		162,565		6,012		674,850

In millions of won	For the year ended December 31, 2023
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	300,057		430		—			(15,433	)		—		285,054
Unlisted		202,243		9,550		(5,332	)		5,445			856		212,762
		502,300		9,980		(5,332	)		(9,988	)		856		497,816
Debt securities
Corporate bond		529		4,080		—			18			—		4,627
	W	502,829		14,060		(5,332	)		(9,970	)		856		502,443
Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,829		14,060		(5,332	)		(9,970	)		856		502,443

44

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		93,733		93,733
KG Mobility Co., Ltd.		12,205		0.01	%		428		46		46
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		34		34
PAN Ocean Co., Ltd.		1,492		0.00	%		14		5		5
HD Hyundai Marine Engine Co., Ltd. (formerly, STX Heavy Industries Co., Ltd.		61,455		0.22	%		430		1,503		1,503
Codes Combine Co., Ltd.		291		0.00	%		1		—		—
PT Almatri Resources Indonesia (formerly, PT Adaro Energy Tbk.)		480,000,000		1.60	%		65,028		106,259		106,259
Denison Mines Corp.		58,284,000		7.46	%		84,134		155,766		155,766
Paladin Energy (formerly, Fission Uranium Corp.		100,000		0.01	%		41		74		74
KS Industry Co., Ltd (formerly, SangSangin Industry Co., Ltd.)		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		1,314		1,314
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
							326,430		360,096		360,096
Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%	W	229,255		258,974		258,974
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,570		5,570
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd. (Unlisted)		127,660		3.96	%		1,500		2,160		2,160
H Robotics Co., Ltd.		903,601		7.05	%		4,000		331		331
Good Tcells Co., Ltd.		11,364		0.33	%		500		571		571
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		896		896
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		1.64	%		1,000		1,189		1,189
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,610		1,610
Agencore Co., Ltd.		175,779		8.08	%		2,200		2,514		2,514
SamHong Machinery Co., Ltd.		617,535		11.06	%		7,000		8,318		8,318
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		552		552
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,250		1,250
Mediquitous Co., Ltd.		5,080		0.58	%		1,250		1,442		1,442
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Monit Co., Ltd.		166,667		7.14	%		1,000		1,000		1,000
3i Powergen Inc.		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		9.54	%		1,000		1,000		1,000
Himet Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
PT. Kedap Sayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd.		10,916		0.14	%		1,092		97		97

45

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
SAMBO AUTO. Co., Ltd.		15,066		0.02	%	W	38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Miju Steel Mfg. Co., Ltd.		1,097		0.23	%		50		50		50
Sungwon Co., Ltd.		117		0.07	%		29		29		29
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
Sungkwang Timber Co., Ltd.		3		0.08	%		5		5		5
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Pyungsan SI Co., Ltd.		434		0.01	%		4		4		4
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
Newasia Co., Ltd.		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		30		30
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		110		2		2
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2
Biwang Industry Co., Ltd.		406		0.04	%		2		2		2
Young Sung Co., Ltd.		89		0.40	%		27		27		27
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		16		16		16
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		23		23
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		31		31
Seen Business and Technology co., Ltd.		29,424		0.73	%		147		7		7
Woobang Construction Co., Ltd.		8		0.00	%		8		8		8
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		6		6
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		25		25
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7

46

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
B CON Co., Ltd.		96		1.16	%	W	6		6		6
Ace Integration Co., Ltd.		105		0.09	%		23		23		23
AceInti Agricultural Co., Ltd.		16		0.02	%		5		5		5
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		135		1		1
HyoDong Development Co., Ltd.		128		0.16	%		25		1		1
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co., Ltd.		41		0.05	%		1		1		1
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Sevenvalley JC		24		0.02	%		12		12		12
Han Young Technology Company Co., Ltd.		35		0.00	%		—		—		—
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
Hyundaitech Co., Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co., Ltd.		47		0.21	%		2		2		2
Samdo Industry Electric Co.,Ltd.		48		0.02	%		—		—		—
Shinsei Trading Co., Ltd.		64		0.72	%		5		5		5
Dynamic Co., Ltd.		111		0.19	%		3		3		3
Green Alchemy Co.,Ltd.		38,202		1.48	%		191		17		17
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co.,Ltd.		555		0.80	%		3		3		3
Sewon Bus Co.,Ltd.		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
Choheung packing Co., Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		12		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		13		13
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		17		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
NTS Co., Ltd.		143		0.22	%		36		36		36
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		32		32
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Doosung Heavy Industries Co., Ltd.		53		0.06	%		5		5		5
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		—		—
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22
Puruen Environment Co., Ltd.		967		1.34	%		20		20		20
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23

47

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
Ilwoo Steel Co., Ltd.		41		0.28	%	W	16		17		17
Dong-un Tech Co., Ltd.		1,159		6.28	%		81		34		34
Wongwang Door Corp.		575		1.00	%		29		29		29
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sungchang Tech Co., Ltd.		159		0.31	%		10		19		19
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		2		2
Caffe Bene Co.,Ltd.		1,908		0.03	%		9		9		9
Jinhung Packaging Co., Ltd.		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Daeji Product Co., Ltd.		15		0.05	%		1		—		—
SSET Co., Ltd.		181		0.30	%		18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Dawon Yuhwa Co., Ltd.		506		1.94	%		25		25		25
Ewon materials Co., Ltd.		834		0.51	%		83		6		6
KMLC Co., Ltd.		281		0.14	%		22		22		22
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
S.I.T. Co.,Ltd		2,213		0.44	%		22		22		22
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Road Solar Co., Ltd.		12		0.00	%		—		—		—
Han Mi Flexible Co., Ltd.		143		0.20	%		43		43		43
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23

48

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
TK Co., Ltd.		307		0.70	%	W	15		15		15
Arari Co., Ltd.		14		0.05	%		1		1		1
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Wenex Co., Ltd.		373		0.53	%		19		19		19
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Woosung I.B. Co., Ltd.		7,071		0.07	%		14		14		14
CAP Korea Co., Ltd.		16		0.30	%		3		3		3
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		—		—		—
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
Newko Co., Ltd.		331		0.06	%		10		10		10
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		—		—		—
Coco Food Co., Ltd.		648		1.24	%		32		32		32
Woori Industry Co., Ltd.		102		1.05	%		20		20		20
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		1		1
SH Co., Ltd.		39		0.20	%		8		8		8
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Getron Co., Ltd.		7,259		0.20	%		36		4		4
Jungmun Co., Ltd.		19		0.26	%		2		2		2
JM Tech Co., Ltd.		403		0.67	%		81		10		10
Choigang-gujo Co., Ltd.		61		0.45	%		6		1		1
Hosungsteel Co., Ltd.		323		0.26	%		14		3		3
Uktae IND. Co., Ltd.		140		0.12	%		7		1		1
JFC Co., Ltd.		16		0.01	%		2		2		2
Hyundai Tech Co., Ltd.		28		0.69	%		10		10		10
Daeil Co., Ltd.		301		0.42	%		15		2		2
Daehyeon Recycle Co., Ltd.		59		0.61	%		12		12		12
Metal Link Inc. Co., Ltd.		709		0.17	%		35		4		4
Pipetec Korea Co., Ltd.		50		0.07	%		10		1		1
SungJin Tech Co., Ltd.		803		1.20	%		24		8		8
Yujin E&C Co., Ltd.		29		0.18	%		6		—		—
Daishin Logistics Co., Ltd.		13		0.09	%		1		1		1
JinSung Engineering Co., Ltd.		18		0.30	%		18		18		18
Yongho Industry Co., Ltd.		157		0.22	%		32		2		2
Wow tech Co., Ltd.		369		0.75	%		11		11		11

49

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
World Power Tech Co., Ltd.		16		0.28	%	W	24		24		24
PBM Auto Co., Ltd.		1,001		1.06	%		10		10		10
K2 Motors Co., Ltd.		54		0.28	%		1		1		1
CL Tech Co., Ltd.		801		2.25	%		40		40		40
Mirae Industry Co., Ltd.		39		0.04	%		6		6		6
Gentak Korea Co., Ltd.		301		0.31	%		8		8		8
Sungjin Chemical Co., Ltd.		118		0.36	%		4		4		4
LMAT Co., Ltd.		198		0.04	%		20		20		20
Poong Lim Industrial Co., Ltd.		25		0.00	%		38		38		38
Dae Sung GeoTech Co., Ltd.		631		1.28	%		32		32		32
Saeheemang Co., Ltd.		756		0.60	%		15		15		15
Vornech Co., Ltd.		431		0.37	%		11		2		2
Woojin Formtech Co., Ltd.		76		0.08	%		8		1		1
Korea Engineer Manufacturing Co., Ltd.		114		0.26	%		6		1		1
Sinwa J&K Co., Ltd.		476		0.28	%		5		5		5
Owon E&G Co., Ltd.		132		0.20	%		4		4		4
Guseong Co., Ltd.		141		0.20	%		4		4		4
Irefarm Co., Ltd.		45		0.30	%		3		3		3
Haenarae Agricultural Corp.		15		0.03	%		2		2		2
DECO&E Co., Ltd.		1,261		0.00	%		2		2		2
Design Beyond Co., Ltd.		17		0.19	%		2		2		2
LBK Co., Ltd.		8		0.05	%		2		2		2
Duckwon industrial Co., Ltd.		32		0.43	%		13		13		13
ASPT Co., Ltd.		64		0.82	%		19		19		19
SIMA Co., Ltd.		29		0.05	%		3		3		3
Jingkang Resources Co., Ltd.		90		1.57	%		13		13		13
CIC Tech Co., Ltd.		96		0.54	%		10		10		10
Fourever Co., Ltd.		44		0.10	%		4		4		4
Myungil Metal Co., Ltd.		80		0.10	%		4		4		4
Daeshin ECM Co., Ltd.		182		0.30	%		9		9		9
Greencarbon Co., Ltd.		79		0.06	%		1		1		1
Sunkoo Co., Ltd.		4		0.10	%		2		2		2
Jians Construction Co., Ltd.		45		0.01	%		2		4		4
DH trading Co., Ltd.		891		0.04	%		178		—		—
Sangsin Co., Ltd.		29		0.09	%		16		16		16
Steel focus Co., Ltd.		154		0.20	%		5		5		5
Kamada Korea Co., Ltd.		437		0.33	%		23		23		23
Fosys Co., Ltd.		19		0.08	%		4		4		4
GB precision Co., Ltd.		137		0.57	%		1		1		1
Ewon Art Co., Ltd.		185		0.61	%		9		9		9
DI Tech Co., Ltd.		3		0.00	%		1		—		—
Hans AD Co., Ltd.		33		0.35	%		2		2		2
Chaegim Environment Development Co., Ltd.		158		0.01	%		4		3		3
Daesung Stain Co., Ltd.		32		0.32	%		2		1		1
U&I Co., Ltd.		50		0.22	%		5		5		5
World One Co., Ltd.		401		0.58	%		10		10		10
Yewon Co., Ltd.		24		0.02	%		1		1		1
TSNT Co., Ltd.		119		0.00	%		24		24		24
Shinsung Tech Co., Ltd.		314		0.01	%		16		16		16
Loft Garden Co., Ltd.		1		0.04	%		—		—		—
Handon Co., Ltd.		74		0.25	%		11		11		11
GH Tech Co., Ltd.		82		0.22	%		3		3		3
Daeo Co., Ltd.		13		0.23	%		4		4		4

50

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
Bokwang Co., Ltd.		76		0.00	%	W	15		15		15
Samkum Industry Co., Ltd.		201		0.48	%		40		40		40
Dyntex Korea Co., Ltd.		75		0.28	%		15		15		15
Mirae Engineering Co., Ltd.		66		0.15	%		1		1		1
Ilshin Tech Co., Ltd.		36		0.00	%		7		7		7
Sukwon Co., Ltd.		2,885		0.59	%		29		29		29
White&Clean Foods Co., Ltd.		330		0.00	%		3		3		3
Michang Cable Co., Ltd.		1,096		0.13	%		16		16		16
G.M Foods Co., Ltd.		57		0.16	%		9		9		9
Wecan Global Inc. Co., Ltd.		165		0.08	%		8		8		8
Daeju Steel Co., Ltd.		11		0.20	%		1		—		—
Hyundai Glass Co., Ltd.		860		0.83	%		43		43		43
MEC Co., Ltd.		16,468		1.17	%		41		41		41
Daeyeoneco Co., Ltd.		151		0.00	%		15		15		15
Hyesung Cable&Communication Inc.		762		0.39	%		38		38		38
Sangjin Co., Ltd.		428		0.35	%		21		21		21
Iksan-guwon Co., Ltd.		563		0.00	%		11		11		11
Korea Remicon Co., Ltd.		36		0.03	%		5		5		5
New Tech Co., Ltd.		23		0.15	%		2		2		2
Segeon Co., Ltd.		124		0.00	%		4		4		4
MS Tech Co., Ltd.		9		0.15	%		1		1		1
J.I Steel Co., Ltd.		21		0.00	%		2		2		2
HNT Co., Ltd.		172		0.00	%		9		9		9
Taejin Co., Ltd.		27		0.08	%		3		3		3
Macroad Co., Ltd.		953		0.17	%		10		10		10
Woongjin Energy Co., Ltd.		94		0.00	%		9		9		9
Eunsung Industrial Co., Ltd.		3		0.03	%		—		—		—
KPE Co., Ltd.		51		0.19	%		13		13		13
Dongbangfarms Co., Ltd.		904		0.55	%		40		4		4
Altron Jeonju Co., Ltd.		34,846		1.34	%		697		5		5
K Shipbuilding Co., Ltd.		8,622		0.25	%		1,078		1,078		1,078
Shinjin International Corporation Co., Ltd.		4		0.01	%		1		1		1
RMK Co., Ltd.		63		0.90	%		22		22		22
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
Seokjin E&T Co., Ltd.		81		0.06	%		8		8		8
Seohan Food Co., Ltd.		83		0.19	%		2		2		2
JSL Co., Ltd.		51		0.49	%		3		3		3
Seil Textile Co., Ltd.		16		0.15	%		3		3		3
Sungdo Pack Co., Ltd.		15		0.06	%		1		1		1
Coffeenie Co., Ltd.		2		0.00	%		—		—		—
Medi Pharma Plan Co., Ltd.		1,075		0.26	%		108		7		7
Woori Ascon Co., Ltd.		25		0.34	%		10		10		10
Cheonwoo E.P.S Co., Ltd.		371		1.10	%		19		19		19
Koa Tech Co., Ltd.		1,244		0.77	%		12		12		12
SKE Cable Co., Ltd.		120		0.08	%		6		6		6
Hi Korea Co., Ltd.		1,845		1.94	%		185		21		21
Daeheung Engineering Co., Ltd.		65		0.01	%		1		1		1
Etapol Co., Ltd.		1,361		0.54	%		41		41		41
Yoongwon Korea Co., Ltd.		157		1.47	%		31		31		31
Avoh Ceramic&Bath Co., Ltd.		173		0.14	%		3		3		3
Dongyang R.P.F. Industrial Co., Ltd.		59		0.03	%		2		2		2
Yuil Engineering Co., Ltd.		14		0.03	%		1		1		1
Taesan Co., Ltd.		146		0.69	%		35		35		35

51

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
Thermo Tec Co., Ltd.		446		0.03	%	W	4		4		4
DaeYang Hydro Co., Ltd.		6		0.02	%		1		1		1
SangMoo Steel Co., Ltd.		24		0.04	%		2		2		2
Jungin Distribution Co., Ltd.		17		0.00	%		3		3		3
TheSun Co., Ltd.		77		0.06	%		1		1		1
ChoungHwa Precise Co., Ltd.		428		0.08	%		43		4		4
Snopa Co., Ltd.		458		0.01	%		5		5		5
SKD Korea Co., Ltd.		40		0.28	%		20		20		20
Samhyup Co., Ltd.		376		0.91	%		38		38		38
Gogang Aluminum Co., Ltd.		828		1.52	%		41		41		41
Taekwang Paper Board Co., Ltd.		133		0.49	%		23		23		23
NY Tech Co., Ltd.		33		0.15	%		2		2		2
Dongbang Metal Co., Ltd.		1,985		0.32	%		20		20		20
Samwang Co., Ltd.		170		0.25	%		17		17		17
Guseul Co., Ltd.		89		0.23	%		9		9		9
Gaone International Co., Ltd.		54		0.29	%		14		14		14
Dongyang Pratech Co., Ltd.		265		1.21	%		29		29		29
Samjin Placo Co., Ltd.		661		0.52	%		33		33		33
MS Steel Industrial Co., Ltd.		167		0.40	%		8		8		8
STS Global Co., Ltd.		9		0.04	%		—		—		—
Y Tech Co., Ltd.		855		0.65	%		34		34		34
J&J Tech Co.		14		0.22	%		1		1		1
Shield Board Co., Ltd.		165		0.15	%		3		3		3
SFC International Co., Ltd.		11		0.01	%		1		1		1
Hana ITM Inc.		8,443		0.70	%		84		84		84
Jeuvis Co., Ltd.		191		0.30	%		2		2		2
JBM Co., Ltd.		662		0.34	%		20		20		20
Jungwoo Metal Solution Co., Ltd.		27		0.08	%		2		2		2
MS Precision Co., Ltd.		220		0.16	%		22		22		22
YM Tech Co., Ltd.		2		0.01	%		—		—		—
C&C ENG Co., Ltd.		439		1.59	%		22		22		22
Daejoo E&G Co., Ltd.		133		0.00	%		27		27		27
Taeyoung Precision Co., Ltd.		31		0.22	%		—		—		—
Shin Heung Precision Co., Ltd.		93		4.63	%		4		4		4
TaeGwang P&C Co., Ltd.		530		0.90	%		13		13		13
KyeongGwang Tech Co., Ltd.		244		1.04	%		7		7		7
Wonil Image Maker Inc.		16		0.04	%		—		—		—
Vehicle System Co., Ltd.		225		0.19	%		23		23		23
Moohan Enterprise Co., Ltd.		63		0.12	%		3		3		3
C&A Industries Co., Ltd.		42,062		0.26	%		21		21		21
CH Solution Co., Ltd.		1,456		0.16	%		4		4		4
Value Invest Korea Co., Ltd.		8		0.00	%		2		2		2
HNT Co., Ltd.		8,567		0.09	%		9		9		9
Sunquen Co., Ltd.		4		0.01	%		—		—		—
Shabath Co., Ltd.		48		0.04	%		6		6		6
Woori Elec Co., Ltd.		102		0.17	%		6		6		6
Dong-Yang Special Casting Co., Ltd.		1,027		0.41	%		21		21		21
Haegang Industry Co., Ltd.		1,687		1.13	%		25		25		25
Daone Co., Ltd.		860		0.23	%		9		9		9
Yeowoon Co., Ltd.		3		0.00	%		1		1		1
Evertrue Co., Ltd.		15		0.00	%		—		1		1
Libechen Co., Ltd.		151		0.13	%		8		8		8
Hongin Co., Ltd.		149		0.22	%		45		45		45
Bolim Co., Ltd.		37		0.10	%		5		5		5
Neo Life Co., Ltd.		19		0.04	%		—		—		—
T-Eng Co., Ltd.		123		1.05	%		25		25		25
Badanuri		8		0.10	%		2		2		2
Ki Soo Precision Co., Ltd.		325		0.44	%		98		27		27
DNGV		5,516		0.14	%		11		11		11

52

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
BJ Korea		446		0.81	%	W	40		40		40
R&S Co., Ltd.		291		0.61	%		4		4		4
Daekyoung Co., Ltd.		85		0.66	%		17		17		17
Dongyang Environment		141		0.38	%		7		7		7
KEE Co., Ltd.		64		0.63	%		13		13		13
Asia Platech Co., Ltd.		932		3.59	%		47		47		47
HyoChang Industrial Co., Ltd		10,930		0.59	%		5		5		5
Semin Environmental Design Co., Ltd.		14		0.04	%		—		—		—
JungAng PNA Co., Ltd.		385		0.61	%		8		8		8
CNEGS Co., Ltd.		80		0.07	%		7		7		7
HaeDeuRim Co., Ltd.		70		0.41	%		11		11		11
CMTI Co., Ltd.		65		0.15	%		2		2		2
JMT Co., Ltd.		6,133		0.39	%		15		15		15
SeJung Precision Industrial Co., Ltd.		141		0.43	%		14		14		14
SGTech		30		0.66	%		3		3		3
OhBakSaDatkeom Co., Ltd.		52		0.23	%		3		3		3
GeumChangHwaseom Co., Ltd.		119		1.02	%		12		12		12
SeongMinSusan Co., Ltd.		371		0.09	%		4		4		4
DreamFact Co., Ltd.		77		0.10	%		3		3		3
DonEWorld Co., Ltd.		125		0.68	%		10		10		10
DongSuh Co., Ltd.		18		0.23	%		2		2		2
Dondodam Co., Ltd.		262		0.34	%		13		13		13
Vision Food Co., Ltd.		1,732		1.00	%		87		87		87
A One Metal Co., Ltd.		156		0.89	%		16		16		16
ECO Plus Co., Ltd.		2,786		0.91	%		3		3		3
Seong An Synthetics Co., Ltd.		200,684		2.91	%		2,007		2,007		2,007
DaeWoon Tech Co., Ltd.		106		0.26	%		3		3		3
KoWEEO Co., Ltd.		38		0.05	%		2		2		2
IK Co., Ltd.		14		0.06	%		1		1		1
Eco Join Co., Ltd.		145		0.03	%		2		2		2
Yuk Hwawon Co., Ltd.		567		0.25	%		12		12		12
Yun Hwawon FND Co., Ltd.		496		0.84	%		25		25		25
GoRyeoInSam Co., Ltd.		197		0.41	%		30		30		30
HyeJin IND Co., Ltd.		77		0.26	%		4		4		4
Cheongsong JungAng Aluminum Co., Ltd.		1,300		0.14	%		20		20		20
Easy Tape Co., Ltd.		144		0.30	%		14		14		14
Gyeonganaseukon		51		0.85	%		10		10		10
Biseullo Co., Ltd.		11		0.03	%		1		1		1
Cest Co., Ltd.		152		1.43	%		76		76		76
MDT Co., Ltd.		57		0.30	%		6		6		6
KDP Sieori Co., Ltd.		511		0.50	%		6		6		6
KREMS Co., Ltd.		868		0.81	%		347		347		347
Hanam Industrial Co., Ltd.		87		0.80	%		13		13		13
R Light Co., Ltd.		437		0.41	%		5		5		5
Daewon SNP Co., Ltd.		2,656		0.44	%		93		93		93
Goryeo Filter Co., Ltd.		31		0.07	%		2		2		2
Daehan Special Metal Co., Ltd.		2,326		5.89	%		931		931		931
Hungaforming Co., Ltd.		397		0.64	%		20		20		20
HyeopJin PL Co., Ltd.		7,889		0.72	%		39		39		39
Seun Co., Ltd.		61		0.69	%		3		3		3
AOS Co., Ltd.		25		0.16	%		1		1		1
SamHan Industrial Co., Ltd.		215		0.45	%		3		3		3

53

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024
	Shares		Ownership			Acquisition cost		Book value		Fair value
YangJI EnterPrise Co., Ltd.		16		0.04	%	W	3		3		3
GyungNam Metal Co., Ltd.		698		0.07	%		17		17		17
Yoolim industrial Co., Ltd.		1,560		1.98	%		234		234		234
Haemirae Co., Ltd.		57		0.25	%		4		4		4
KROPC Co., Ltd.		1,297		1.19	%		26		26		26
Mirae Seesco Co. Ltd.		17		0.04	%		2		2		2
SungMin Industrial Co., Ltd.		229		2.80	%		34		34		34
Kunyang Co., Ltd.		44		0.12	%		4		4		4
CAT Co., Ltd.		40		0.27	%		3		3		3
JeongJin Nurimaru Co., Ltd.		218		1.08	%		33		33		33
GeunHo Precision Co., Ltd.		1,770		0.98	%		133		133		133
HwaIn Inemtek Co., Ltd.		327		0.60	%		43		43		43
TS Steel Co., Ltd.		202		0.13	%		20		20		20
SaeHan Food Co., Ltd.		23		0.40	%		5		5		5
SamYeong Engineer Co., Ltd.		501		0.55	%		10		10		10
GumYoung General Co., Ltd.		6,522		0.06	%		13		13		13
SaeUm Global Co., Ltd.		207		0.06	%		5		5		5
Work life balance Co., Ltd.		9		0.92	%		1		1		1
YuJin Hightech Co., Ltd.		152		0.58	%		15		15		15
GOC Co., Ltd.		4,415		0.16	%		44		44		44
Fraijour Queen Co., Ltd.		73		0.56	%		3		3		3
Wnt Co., Ltd.		57		0.19	%		6		6		6
Tae Gwang Engineer Co., Ltd.		406		2.60	%		41		41		41
GSB Co., Ltd.		370		1.03	%		37		37		37
MCI Co., Ltd.		760		0.12	%		23		23		23
Wonchang steel Co., Ltd.		66		0.16	%		7		7		7
GukWon Construction Co., Ltd.		9		0.00	%		—		—		—
Friend Co., Ltd.		2,745		0.46	%		55		55		55
AppleLind Networks Co., Ltd.		2,417		0.12	%		11		11		11
HSC Co., Ltd.		7,174		2.69	%		36		36		36
ChangShin Plant Co., Ltd.		108		1.40	%		22		22		22
PyeongKang Precision Co., Ltd.		3		0.01	%		—		—		—
ShinSung Co., Ltd.		66		0.58	%		13		13		13
DreamHightech Co., Ltd.		137		0.16	%		7		7		7
WooHo Construction Co., Ltd.		35		0.02	%		2		2		2
							352,191		309,709		309,709
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—		W	491		535		535
Ino Platech Co., Ltd.		—		—			1,080		1,194		1,194
Daebon Tech Co., Ltd.		—		—			3,000		3,316		3,316
							4,571		5,045		5,045
						W	683,192		674,850		674,850

54

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(*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 for the year ended December 31, 2024.

(*3) The Group acquired shares in the entity through conversion of investments performed in corporate rehabilitation procedures, and classified the investment in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4) During the year ended December 31, 2024, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5) The entity is undergoing corporate rehabilitation procedures for the year ended December 31, 2024 and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income.

55

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		55,356		55,356
KG Mobility Co., Ltd. (formerly, Ssangyong Motor Co., Ltd.)		12,205		0.01	%		428		106		106
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		43		43
PAN Ocean Co., Ltd.		1,492		0.00	%		14		6		6
STX Heavy Industries Co., Ltd.		68,874		0.24	%		537		806		806
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		95,505		95,505
Denison Mines Corp.		58,284,000		6.54	%		84,134		131,790		131,790
Fission Uranium Corp.		100,000		0.01	%		41		105		105
SangSangin Industry Co., Ltd.		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		1		1
Vissem electronics, Co., Ltd.		301		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Aone Alform Co., Ltd.		2,672		0.04	%		19		4		4
Ihsung CNI Co., Ltd.		142,860		4.81	%		1,500		1,327		1,327
BDI Co., Ltd. (*3)		6,390,478		32.54	%		—		—		—
							325,220		285,054		285,054
Unlisted (*1)
Hwan Young Steel Co., Ltd.		10,916		0.14	%	W	1,092		97		97
SAMBO AUTO. Co., Ltd.		15,066		0.02	%		38		38		38
Mobo Co., Ltd.		504		0.00	%		14		14		14
Dae Kwang Semiconductor Co., Ltd.		589		0.07	%		6		6		6
Sanbon Department Store		828		0.01	%		124		3		3
Miju Steel Mfg. Co., Ltd.		1,097		0.23	%		50		50		50
Sungwon Co., Ltd.		117		0.07	%		29		29		29
IMHWA Corp.		329		0.11	%		5		5		5
DALIM Special Vehicle Co., Ltd.		58		0.08	%		10		10		10
Moonkyung Silica Co., Ltd.		42		0.56	%		—		—		—
Sungkwang Timber Co., Ltd.		3		0.08	%		5		5		5
KS Remicon Co., Ltd.		12		0.04	%		3		3		3
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pyungsan SI Co., Ltd.		434		0.01	%		4		4		4
Samgong Development Co., Ltd.		12		0.01	%		7		7		7
Joongang Development Co., Ltd.		540		0.12	%		8		8		8
Newasia Co., Ltd. (formerly, AJS Co., Ltd.)		12,906		0.23	%		32		32		32
MSE Co., Ltd.		429		0.13	%		9		9		9
Ilrim Nano Tec Co., Ltd.		1,520		0.07	%		15		15		15
Ilsuk Co., Ltd.		152		0.17	%		10		10		10
Zyle Daewoo Motor Sales Co., Ltd.		22		0.00	%		—		—		—
Daewoo Development Co., Ltd.		8		0.00	%		—		—		—
Seyang Inc.		537		0.05	%		27		30		30
Seungri Enterprise Co., Ltd.		93		0.05	%		3		3		3
Shin-E P&C Co., Ltd.		1,569		0.64	%		110		2		2
Ejung Ad Co., Ltd.		132		0.09	%		3		3		3
Solvus Co., Ltd.		1,056		0.04	%		3		3		3
Myung Co., Ltd.		89		0.05	%		2		2		2

56

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Biwang Industry Co., Ltd.		406		0.04	%	W	2		2		2
Young Sung Co., Ltd.		89		0.40	%		26		26		26
Yuil Industrial Electronics Co., Ltd.		804		0.32	%		15		15		15
Woojin Industry Corporation		3		0.00	%		16		16		16
Kwang Sung Industry Co., Ltd.		325		0.35	%		7		7		7
Futech Mold Co., Ltd.		274		0.27	%		14		14		14
Woojoo Environment Ind. Co., Ltd.		101		0.11	%		13		13		13
Hyungji Esquire Co., Ltd.		61		0.02	%		22		22		22
Morado Co., Ltd.		209		0.04	%		2		2		2
Myung Sung Tex Co., Ltd.		20		0.00	%		2		2		2
Kwang Sung Co., Ltd.		610		0.53	%		31		31		31
Seen Business and Technology co., Ltd.		29,424		0.73	%		148		7		7
Woobang Construction Co., Ltd.		8		0.00	%		8		8		8
Shin Pyung Co., Ltd.		6		0.03	%		3		3		3
JMC Heavy Industries Co., Ltd.		2,724		0.10	%		27		2		2
Najin Steel Co., Ltd.		37		0.06	%		5		5		5
Sinkwang Industry Co., Ltd.		1,091		1.68	%		5		5		5
Elephant & Friends Co., Ltd.		563		0.61	%		3		3		3
Mireco Co., Ltd.		109		0.25	%		11		11		11
L&K Industry Co., Ltd.		1,615		0.60	%		24		24		24
JO Tech Co., Ltd.		1,263		0.62	%		25		25		25
Kendae Printing Co., Ltd.		422		0.60	%		21		21		21
Dauning Co., Ltd.		231		0.41	%		6		6		6
Korea Trecision Co., Ltd.		22		0.45	%		5		5		5
Hurim Biocell Co., Ltd.		1,021		0.00	%		5		5		5
Sunjin Power Tech Co., Ltd.		4,941		0.92	%		247		32		32
Beer Yeast Korea Inc.		1,388		0.43	%		7		7		7
B CON Co., Ltd.		96		1.16	%		6		6		6
Ace Integration Co., Ltd.		105		0.09	%		24		24		24
AceInti Agricultural Co., Ltd.		16		0.02	%		5		5		5
KyungDong Co., Ltd.		130		0.01	%		1		1		1
ChunWon Development Co., Ltd.		193		0.19	%		39		39		39
SungLim Industrial Co., Ltd.		29		0.03	%		1		1		1
Korea Minerals Co., Ltd.		191		0.05	%		134		1		1
HyoDong Development Co., Ltd.		128		0.16	%		25		1		1
JoHyun Co., Ltd.		350		1.56	%		18		18		18
KC Co., Ltd.		5,107		0.17	%		26		26		26
SeongJi Industrial Co., Ltd.		41		0.05	%		1		1		1
Seyang Precision Ind.Co., Ltd.		829		0.23	%		41		41		41
Dooriwon Food System Co., Ltd.		13		0.27	%		1		1		1
Sung Kwang Co., Ltd.		23		0.37	%		6		6		6
Shinheung petrol. Co., Ltd.		699		0.14	%		35		35		35
Samsung Tech Co., Ltd.		486		1.28	%		97		36		36
Younil Metal Co., Ltd.		41		0.21	%		21		21		21
Sevenvalley JC (formerly, CJ Paradise Co., Ltd.)		24		0.02	%		12		12		12
Han Young Technology Company Co., Ltd.		35		0.00	%		—		—		—
Ptotronics Co., Ltd.		843		0.42	%		84		6		6
NFT Co., Ltd.		136		0.40	%		8		8		8
Hyundaitech Co., Ltd.		1,363		0.87	%		27		27		27
Dasan Material Co., Ltd.		29		0.04	%		22		22		22
Fish World Co., Ltd.		47		0.21	%		2		2		2

57

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
SG Shinsung Engineering and Construction Co., Ltd.		10		0.00	%	W	6		—		—
Samdo Industry Electric Co.,Ltd.		48		0.02	%		1		1		1
Taejung Industries Co.,Ltd.		9,268		0.30	%		5		5		5
Shinsei Trading Co., Ltd.		64		0.72	%		6		6		6
Dynamic Co., Ltd.		111		0.19	%		3		3		3
Green Alchemy Co.,Ltd.		38,202		1.48	%		191		17		17
KM Leatech Co., Ltd.		1,648		0.98	%		8		8		8
Semist Co.,Ltd.		555		0.80	%		3		3		3
Sewon Bus Co.,Ltd.		12		0.00	%		—		—		—
Enertec Co., Ltd.		7,937		0.19	%		44		44		44
Sangji Co., Ltd.		20		0.26	%		4		4		4
Bellie Doughnuts Co., Ltd.		169		0.19	%		10		10		10
Set Holding (*2)		1,100,220		2.50	%		229,255		165,923		165,923
Choheung packing Co., Ltd.		61		0.13	%		12		12		12
Jaewoo Co., Ltd.		359		0.24	%		11		11		11
Wooyang HC Co., Ltd		1,375		0.01	%		159		13		13
TheYeonriji Co., Ltd.		116		0.10	%		6		6		6
Flusys Co., Ltd.		9		0.08	%		2		2		2
DongSeo Electronics Co., Ltd.		347		0.07	%		17		17		17
Daewoo Display Co., Ltd.		177		0.03	%		5		5		5
NTS Co., Ltd.		143		0.22	%		36		36		36
AID CO., Ltd.		1,212		0.57	%		36		36		36
Changwon Eco-friendly farming Corp.		3		0.01	%		—		—		—
Kumo Hitech Co., Ltd.		6,697		0.53	%		100		32		32
Kyung Pyo Industry Co., Ltd.		186		0.76	%		19		19		19
Doosung Heavy Industries Co., Ltd.		53		0.06	%		5		5		5
Samjoo Hightech Co., Ltd.		522		0.08	%		3		3		3
Samkwang Chemical Co., Ltd.		204		1.27	%		51		51		51
Shinseung Chemical Industy Co., Ltd.		5		0.01	%		60		—		—
KJ Alloy Co., Ltd.		368		0.20	%		7		7		7
SM Hi-tech Co., Ltd.		22		0.39	%		22		22		22
Puruen Environment Co., Ltd.		967		1.34	%		19		19		19
Miretech Co., Ltd.		9,111		0.27	%		18		18		18
Sejin Hightech Co., Ltd.		17,980		0.16	%		18		18		18
Eun Sung Enterprise Co., Ltd.		1,131		0.72	%		17		17		17
Shinyoung Textiles Co., Ltd.		523		1.01	%		52		23		23
Ilwoo Steel Co., Ltd.		41		0.28	%		17		17		17
Dong-un Tech Co., Ltd.		1,159		6.28	%		81		34		34
Wongwang Door Corp.		575		1.00	%		29		29		29
Mansu Co.,Ltd.		344		0.25	%		15		15		15
Eanskorea Co., Ltd.		39		0.05	%		2		2		2
Youngdongseafood Co., Ltd.		165		0.33	%		8		8		8
Hyunwoo Winstar Co., Ltd.		1		0.00	%		—		—		—
Sungchang Tech Co., Ltd.		159		0.31	%		19		19		19
Yuchang Industry Co., Ltd.		90		0.11	%		5		5		5
Jeongpum Co., Ltd.		322		0.35	%		16		16		16
Korea Steel Power Co., Ltd.		2,761		1.88	%		55		2		2
Amanex Co., Ltd.		10		0.02	%		9		9		9
Dae-A Leisure Co., Ltd.		23		0.00	%		4		4		4
Caffe Bene Co.,Ltd.		1,908		0.03	%		9		9		9
Jinhung Packaging Co., Ltd.		4,329		3.02	%		22		22		22
Donglim Eng Co., Ltd.		26		0.11	%		3		3		3
SIP Co., Ltd.		274		0.55	%		7		7		7
Daeji Product Co., Ltd.		15		0.05	%		1		—		—

58

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
SSET Co., Ltd.		181		0.30	%	W	18		18		18
Sewon PM Tech Co., Ltd.		963		1.11	%		48		48		48
Dawon Yuhwa Co., Ltd.		506		1.94	%		25		25		25
Ewon materials Co., Ltd. (formerly, Shinwoo Toptech Co., Ltd.)		834		0.51	%		83		6		6
KMLC Co., Ltd.		281		0.14	%		22		22		22
Seinfood Co., Ltd.		13		0.17	%		7		7		7
TaeSung Eco-Tech. Co., Ltd.		1,368		4.55	%		34		34		34
Kukex Inc.		639		0.05	%		3		3		3
Youngshin Plus Co., Ltd.		104		0.12	%		5		5		5
Chang won Engineering Co., Ltd.		22		0.00	%		4		4		4
Samsung Silup Co., Ltd.		47		0.19	%		5		5		5
Samwon Bio Tech Co., Ltd.		390		0.25	%		6		6		6
IZU KOREA Co., Ltd.		48		0.00	%		2		2		2
Dongdo CNP Co., Ltd.		234		0.36	%		6		6		6
S.I.T. Co.,Ltd		2,213		0.44	%		22		22		22
Taejin Hiech Co., Ltd.		78		0.26	%		3		3		3
Headone Co.,Ltd.		69		0.12	%		7		7		7
E-Won Solutech Co., Ltd.		158		0.16	%		40		40		40
KPL Circuit Co., Ltd.		283		0.08	%		14		14		14
Road Solar Co., Ltd.		12		0.00	%		—		—		—
Han Mi Flexible Co., Ltd.		143		0.20	%		43		43		43
Millennium PNT Co., Ltd.		227		0.37	%		6		6		6
Dae Myung Co., Ltd.		114		0.08	%		3		3		3
Young San Heavy Industries Co., Ltd.		74		0.11	%		7		7		7
Samchungwon Co., Ltd.		15		0.24	%		2		2		2
Wooyang Frozen Foods Co., Ltd.		66		0.82	%		27		27		27
Nanomic Co., Ltd.		94		0.63	%		38		38		38
Samsung Nonferrous Metal Co., Ltd.		89		0.26	%		9		9		9
Daewha Fuel Pump Ind., Ltd.		83		0.05	%		10		10		10
WorldCnM Inc.		131		1.09	%		10		10		10
Superone Co., Ltd.		1,585		1.45	%		8		8		8
Buyoung Panji Co., Ltd.		478		0.44	%		12		12		12
International Paint Korea Co., Ltd.		111		0.48	%		11		11		11
EI Lighting Co., Ltd.		358		0.36	%		18		18		18
Yooseung Co., Ltd.		10		0.08	%		1		1		1
Sungkwang Co., Ltd.		48		0.35	%		2		2		2
Ajin KSB Co., Ltd.		204		0.31	%		18		18		18
Sewon Ceramic Co., Ltd.		530		1.01	%		5		5		5
Choyang Tech Co., Ltd.		465		1.01	%		23		23		23
TK Co., Ltd.		307		0.70	%		15		15		15
Arari Co., Ltd.		14		0.05	%		1		1		1
C&S Corporation Co., Ltd.		1,304		0.01	%		13		13		13
Global The One of Korea Co., Ltd.		62		0.06	%		3		3		3
Steellife Co., Ltd.		85		0.06	%		4		4		4
Geumhan Co., Ltd.		498		0.24	%		7		7		7
Mokgan Co., Ltd.		5		0.02	%		1		1		1
Wenex Co., Ltd.		373		0.53	%		19		19		19
Sulim Co., Ltd.		30		0.20	%		6		6		6
Shinkwang Engineering		24		0.36	%		2		2		2
Ek Cookware Co., Ltd.		60		0.04	%		1		1		1
KTTW Co., Ltd.		28		0.05	%		2		2		2
Avajar Co., Ltd.		1,061		0.01	%		1		1		1
Woosung I.B. Co., Ltd.		7,071		0.07	%		14		14		14

59

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
CAP Korea Co., Ltd.		16		0.30	%	W	3		3		3
MSM Co., Ltd.		25		0.08	%		—		—		—
Ddpopstyle Co., Ltd.		22		0.14	%		1		1		1
Finemetal Co., Ltd.		49		0.08	%		1		1		1
Sungkyeong Co., Ltd.		52		0.24	%		2		2		2
Newko Co., Ltd.		331		0.06	%		10		10		10
Dongsung Mulsan Co., Ltd.		137		0.34	%		14		14		14
Pizzakorea Co., Ltd.		42		0.18	%		9		9		9
Geumdani Co., Ltd.		2,377		1.82	%		36		36		36
Mezzanine I-pack Co., Ltd.		38		0.02	%		1		1		1
Ltop Co., Ltd.		36		0.06	%		7		7		7
Simile Aluminium Co., Ltd.		428		0.31	%		9		9		9
GT Tooling Co., Ltd.		604		0.17	%		6		6		6
Team Korea Co., Ltd.		4,782		0.37	%		24		24		24
Donghwa TCA Co., Ltd.		1,012		0.30	%		25		25		25
Hankook Piaget Co., Ltd.		4		0.01	%		1		1		1
Coco Food Co., Ltd.		648		1.24	%		33		33		33
Woori Industry Co., Ltd.		102		1.05	%		21		21		21
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.		83		0.07	%		4		1		1
SH Co., Ltd.		39		0.20	%		8		8		8
Daeyoung Co., Ltd.		75		0.01	%		8		8		8
Getron Co., Ltd.		7,259		0.20	%		37		4		4
Jungmun Co., Ltd.		19		0.26	%		2		2		2
JM Tech Co., Ltd.		403		0.67	%		82		10		10
SGC Energy Co., Ltd.		580,000		5.00	%		2,900		6,249		6,249
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		4.30	%		1,500		1,937		1,937
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,639		5,639
Good Tcells Co., Ltd.		11,364		0.33	%		500		399		399
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		897		897
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Choigang-gujo Co., Ltd.		61		0.45	%		6		1		1
Hosungsteel Co., Ltd.		323		0.26	%		14		3		3
Uktae IND. Co., Ltd.		140		0.12	%		7		1		1
JFC Co., Ltd.		16		0.01	%		2		2		2
Hyundai Tech Co., Ltd.		28		0.69	%		10		10		10
Daeil Co., Ltd.		301		0.42	%		15		2		2
Daehyeon Recycle Co., Ltd.		59		0.61	%		12		12		12
Metal Link Inc. Co., Ltd.		709		0.17	%		35		4		4
Pipetec Korea Co., Ltd.		50		0.07	%		10		1		1
SungJin Tech Co., Ltd.		803		1.20	%		24		8		8
Yujin E&C Co., Ltd.		29		0.18	%		6		—		—
Daishin Logistics Co., Ltd.		13		0.09	%		1		1		1
JinSung Engineering Co., Ltd.		18		0.30	%		18		18		18
Yongho Industry Co., Ltd.		157		0.22	%		32		1		1
Wow tech Co., Ltd.		369		0.75	%		11		11		11
World Power Tech Co., Ltd.		16		0.28	%		24		24		24
PBM Auto Co., Ltd.		1,001		1.06	%		10		10		10
K2 Motors Co., Ltd.		54		0.28	%		1		1		1
CL Tech Co., Ltd.		801		2.25	%		40		40		40
Mirae Industry Co., Ltd.		39		0.04	%		6		6		6
Gentak Korea Co., Ltd.		301		0.31	%		8		8		8
Sungjin Chemical Co., Ltd.		118		0.36	%		4		4		4

60

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
LMAT Co., Ltd.		198		0.04	%	W	20		20		20
Poong Lim Industrial Co., Ltd.		25		0.00	%		38		38		38
Dae Sung GeoTech Co., Ltd.		631		1.28	%		32		32		32
Saeheemang Co., Ltd.		756		0.60	%		15		15		15
Vornech Co., Ltd.		431		0.37	%		11		2		2
Woojin Formtech Co., Ltd.		76		0.08	%		8		1		1
Korea Engineer Manufacturing Co., Ltd.		114		0.26	%		6		1		1
Sinwa J&K Co., Ltd.		476		0.28	%		5		5		5
Owon E&G Co., Ltd.		132		0.20	%		4		4		4
Guseong Co., Ltd.		141		0.20	%		3		3		3
Irefarm Co., Ltd.		45		0.30	%		3		3		3
Haenarae Agricultural Corp.		15		0.03	%		2		2		2
DECO&E Co., Ltd.		1,261		0.00	%		2		2		2
Design Beyond Co., Ltd.		17		0.19	%		2		2		2
LBK Co., Ltd.		8		0.05	%		1		1		1
Duckwon industrial Co., Ltd.		32		0.43	%		13		13		13
ASPT Co., Ltd.		64		0.82	%		19		19		19
SIMA Co., Ltd.		29		0.05	%		3		3		3
Jingkang Resources Co., Ltd.		90		1.57	%		13		13		13
Eslin Co., Ltd.		39		0.14	%		8		8		8
CIC Tech Co., Ltd.		96		0.54	%		10		10		10
Orano Expansion		5,742,405		4.72	%		—		—		—
Fourever Co., Ltd.		44		0.10	%		4		4		4
Myungil Metal Co., Ltd.		80		0.10	%		4		4		4
Daeshin ECM Co., Ltd.		182		0.30	%		9		9		9
Greencarbon Co., Ltd.		79		0.06	%		1		1		1
Sunkoo Co., Ltd.		4		0.10	%		2		2		2
Jians Construction Co., Ltd.		45		0.01	%		2		4		4
DH trading Co., Ltd.		891		0.04	%		178		—		—
Sangsin Co., Ltd.		29		0.09	%		15		15		15
Steel focus Co., Ltd.		154		0.20	%		4		4		4
Kamada Korea Co., Ltd.		437		0.33	%		22		22		22
Fosys Co., Ltd.		19		0.08	%		4		4		4
GB precision Co., Ltd.		137		0.57	%		1		1		1
Ewon Art Co., Ltd.		185		0.61	%		9		9		9
DI Tech Co., Ltd.		3		0.00	%		—		—		—
Hans AD Co., Ltd.		33		0.35	%		2		2		2
Chaegim Environment Development Co., Ltd.		158		0.01	%		3		3		3
Daesung Stain Co., Ltd.		32		0.32	%		2		2		2
YSM Co., Ltd.		281		2.07	%		14		14		14
U&I Co., Ltd.		50		0.22	%		5		5		5
World One Co., Ltd.		401		0.58	%		10		10		10
Yewon Co., Ltd.		24		0.02	%		1		—		—
TSNT Co., Ltd.		119		0.00	%		24		24		24
Shinsung Tech Co., Ltd.		314		0.01	%		16		16		16
Loft Garden Co., Ltd.		1		0.04	%		—		—		—
Handon Co., Ltd.		74		0.25	%		11		11		11
GH Tech Co., Ltd.		82		0.22	%		3		3		3
Daeo Co., Ltd.		13		0.23	%		4		4		4
Bokwang Co., Ltd.		76		0.00	%		15		15		15
Samkum Industry Co., Ltd.		201		0.48	%		40		40		40
Dyntex Korea Co., Ltd.		75		0.28	%		15		15		15
Mirae Engineering Co., Ltd.		66		0.15	%		1		1		1

61

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Ilshin Tech Co., Ltd.		36		0.00	%	W	7		7		7
Sukwon Co., Ltd.		2,885		0.59	%		29		29		29
Hae-sung Metal Co., Ltd.		159		0.17	%		3		3		3
White&Clean Foods Co., Ltd.		330		0.00	%		3		3		3
Michang Cable Co., Ltd.		1,096		0.13	%		16		16		16
G.M Foods Co., Ltd.		57		0.16	%		9		9		9
Wecan Global Inc. Co., Ltd.		165		0.08	%		8		8		8
Daeju Steel Co., Ltd.		11		0.20	%		1		1		1
Hyundai Glass Co., Ltd.		860		0.83	%		43		43		43
MEC Co., Ltd.		16,468		1.17	%		41		41		41
Daeyeoneco Co., Ltd.		151		0.00	%		15		15		15
Hyesung Cable&Communication Inc.		762		0.39	%		38		38		38
Sangjin Co., Ltd.		428		0.35	%		21		21		21
Topis Co., Ltd.		246		0.71	%		14		14		14
Iksan-guwon Co., Ltd.		563		0.00	%		11		11		11
Korea Remicon Co., Ltd.		36		0.03	%		5		5		5
New Tech Co., Ltd.		23		0.15	%		2		2		2
Segeon Co., Ltd.		124		0.00	%		4		4		4
MS Tech Co., Ltd.		9		0.15	%		1		1		1
J.I Steel Co., Ltd.		21		0.00	%		2		2		2
HNT Co., Ltd.		172		0.00	%		9		9		9
Taejin Co., Ltd.		27		0.08	%		3		3		3
Macroad Co., Ltd.		953		0.17	%		10		10		10
Woongjin Energy Co., Ltd.		94		0.00	%		9		9		9
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,154		1,154
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,772		1,772
Eunsung Industrial Co., Ltd.		3		0.03	%		1		1		1
KPE Co., Ltd.		51		0.19	%		13		13		13
Dongbangfarms Co., Ltd.		904		0.55	%		41		5		5
Sungdo Pack Co., Ltd.		15		0.06	%		1		1		1
Coffeenie Co., Ltd.		2		0.00	%		1		1		1
Medi Pharma Plan Co., Ltd.		1,075		0.26	%		108		8		8
Woori Ascon Co., Ltd.		25		0.34	%		10		10		10
Dong Shin Hydraulies Co., Ltd.		9,460		0.14	%		47		47		47
Cheonwoo E.P.S Co., Ltd.		371		1.10	%		19		19		19
Koa Tech Co., Ltd.		1,244		0.77	%		12		12		12
SKE Cable Co., Ltd.		120		0.08	%		6		6		6
Hi Korea Co., Ltd.		1,845		1.94	%		185		185		185
Daeheung Engineering Co., Ltd.		65		0.01	%		1		1		1
Etapol Co., Ltd.		1,361		0.54	%		41		41		41
Yoongwon Korea Co., Ltd. (formerly, Yoongwon International Co., Ltd.)		157		1.47	%		31		31		31
Avoh Ceramic&Bath Co., Ltd.		173		0.14	%		3		3		3
Dongyang R.P.F. Industrial Co., Ltd.		59		0.03	%		2		2		2
Yuil Engineering Co., Ltd.		14		0.03	%		1		1		1
Taesan Co., Ltd.		146		0.69	%		35		35		35
Seokjin E&T Co., Ltd.		81		0.06	%		8		8		8
Agencore Co., Ltd.		175,779		8.32	%		2,200		2,200		2,200
SamHong Machinery. EMC Co., Ltd.		476,192		8.98	%		5,000		5,000		5,000
Thermo Tec Co., Ltd.		446		0.03	%		4		4		4
DaeYang Hydro Co., Ltd.		6		0.02	%		1		1		1
SangMoo Steel Co., Ltd.		24		0.04	%		2		2		2
Jungin Distribution Co., Ltd.		17		0.00	%		3		3		3
TheSun Co., Ltd.		77		0.06	%		1		1		1

62

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Daewoong and Technology Co., Ltd.		423		1.14	%	W	42		42		42
ChoungHwa Precise Co., Ltd.		428		0.08	%		43		4		4
Snopa Co., Ltd.		458		0.01	%		5		5		5
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		739		739
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,001		1,001
Samhyup Co., Ltd.		376		0.91	%		38		38		38
Gogang Aluminum Co., Ltd.		828		1.52	%		41		41		41
Taekwang Paper Board Co., Ltd.		133		0.49	%		23		23		23
NY Tech Co., Ltd.		33		0.15	%		2		2		2
Dongbang Metal Co., Ltd.		1,985		0.32	%		20		20		20
Samwang Co., Ltd.		170		0.25	%		17		17		17
Yurim CNF Co., Ltd.		15		0.23	%		2		2		2
Guseul Co., Ltd.		89		0.23	%		9		9		9
Gaone International Co., Ltd.		54		0.29	%		14		14		14
Dongyang Pratech Co., Ltd.		265		1.21	%		29		29		29
Samjin Placo Co., Ltd.		661		0.52	%		33		33		33
MS Steel Industrial Co., Ltd.		167		0.40	%		8		8		8
STS Global Co., Ltd.		9		0.04	%		1		1		1
Y Tech Co., Ltd.		855		0.65	%		34		34		34
J&J Tech Co.		14		0.22	%		1		1		1
Shield Board Co., Ltd.		165		0.15	%		3		3		3
SFC International Co., Ltd.		11		0.01	%		1		1		1
Hana ITM Inc.		8,443		0.70	%		84		84		84
Jeuvis Co., Ltd.		191		0.30	%		2		2		2
JBM Co., Ltd.		662		0.34	%		20		20		20
Jungwoo Metal Solution Co., Ltd.		27		0.08	%		2		2		2
MS Precision Co., Ltd.		220		0.16	%		22		22		22
YM Tech Co., Ltd.		2		0.01	%		1		1		1
C&C ENG Co., Ltd.		439		1.59	%		22		22		22
Daejoo E&G Co., Ltd.		133		0.00	%		27		27		27
Taeyoung Precision Co., Ltd.		31		0.22	%		1		1		1
Shin Heung Precision Co., Ltd.		93		4.63	%		4		4		4
TaeGwang P&C Co., Ltd.		530		0.90	%		13		13		13
KyeongGwang Tech Co., Ltd.		244		1.04	%		7		7		7
Altron Jeonju Co., Ltd.		34,846		1.34	%		697		5		5
SKD Korea Co., Ltd.		40		0.28	%		20		20		20
Moohan Enterprise Co., Ltd.		63		0.12	%		3		3		3
Value Invest Korea Co., Ltd.		8		0.00	%		2		2		2
Beomju Co., Ltd.		1,037		0.60	%		42		42		42
C&A Industries Co., Ltd.		42,062		0.26	%		21		21		21
Vehicle System Co., Ltd.		225		0.19	%		23		23		23
CH Solution Co., Ltd.		1,456		0.16	%		4		4		4
HNT Co., Ltd.		8,567		0.09	%		9		9		9
Sunquen Co., Ltd.		4		0.01	%		—		—		—
Hapdong Co., Ltd.		7,096		1.08	%		106		106		106
Shabath Co., Ltd.		48		0.04	%		6		6		6
Woori Elec Co., Ltd.		102		0.17	%		5		5		5
Dong-Yang Special Casting Co., Ltd.		1,027		0.41	%		21		21		21
DYC Co., Ltd.		638		1.73	%		96		96		96
Haegang Industry Co., Ltd.		1,687		1.13	%		25		25		25
Daone Co., Ltd.		860		0.23	%		9		9		9
Yeowoon Co., Ltd.		3		0.00	%		—		—		—
Evertrue Co., Ltd.		15		0.00	%		—		—		—
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
K Shipbuilding Co., Ltd.		8,622		0.25	%		1,078		1,078		1,078
Seohan Food Co., Ltd.		83		0.19	%		2		2		2
Andong Trading Corporation Co., Ltd.		42		0.00	%		2		2		2
RMK Co., Ltd.		63		0.90	%		22		22		22
Shinjin International Corporation Co., Ltd.		4		0.01	%		1		1		1

63

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

(2) Financial assets at fair value through other comprehensive income as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Asan Wood		6,391		1.03	%	W	64		64		64
Seil Textile Co., Ltd.		16		0.15	%		3		3		3
JSL Co., Ltd.		51		0.49	%		3		3		3
3i Powergen Inc.		—		15.00	%		1,482		—		—
PT. Kedap Sayaaq		671		10.00	%		18,540		—		—
Mediquitous Co., Ltd.		5,080		0.64	%		1,250		1,250		1,250
Monit Co., Ltd.		166,667		14.29	%		1,000		1,000		1,000
Enersys Co., Ltd.		9,763		19.62	%		2,050		2,050		2,050
Kalman Co., Ltd.		23,172		10.02	%		1,000		1,000		1,000
HiMet Corporation Co., Ltd.		1,754,386		13.93	%		5,000		5,000		5,000
Wonil Image Maker Inc.		16		0.04	%		—		—		—
Ohbaksa.com Co., Ltd.		52		0.23	%		3		3		3
Hanyang Electric Co., Ltd.		918		3.27	%		92		92		92
Geumchang Synthetic Fiber Co., Ltd.		119		1.02	%		12		12		12
Sung Min Fishery Co., Ltd.		371		0.09	%		4		4		4
Dreamfact Co., Ltd.		77		0.10	%		3		3		3
Donyworld Co., Ltd.		125		0.68	%		10		10		10
Dongsuh Companies Inc.		18		0.23	%		2		2		2
Dondodam Co., Ltd.		262		0.34	%		13		13		13
Vision Food Co., Ltd.		1,732		1.00	%		86		86		86
Aone Metal Co., Ltd.		156		0.89	%		16		16		16
Ecoplus Co., Ltd.		2,786		0.91	%		3		3		3
Libechen Co., Ltd.		151		0.13	%		8		8		8
Hongin Co., Ltd.		18		0.03	%		5		5		5
Bolim Co., Ltd.		37		0.10	%		5		5		5
Neo Life Co., Ltd.		19		0.04	%		—		—		—
Daehong Industry Co., Ltd.		1,152		1.01	%		85		85		85
T-Eng Co., Ltd.		123		1.05	%		25		25		25
Badanuri		8		0.10	%		2		2		2
Daeyoung Co., Ltd.		178		0.56	%		63		63		63
Ki Soo Precision Co., Ltd.		325		0.44	%		98		98		98
DNGV		5,516		0.14	%		11		11		11
BJ Korea		446		0.81	%		40		40		40
R&S Co., Ltd.		291		0.61	%		4		4		4
Daekyoung Co., Ltd.		85		0.66	%		17		17		17
Gunsan Bio Energy Co., Ltd. (*4)		200,000		18.87	%		1,000		—		—
							295,627		212,762		212,762
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—		W	491		547		547
Ino Platech Co., Ltd.		—		—			1,080		1,080		1,080
Daebon Tech Co., Ltd.		—		—			3,000		3,000		3,000
							4,571		4,627		4,627
						W	625,418		502,443		502,443

(*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, 2023.

(*3) The shares were acquired through an equity-to-equity conversion during the year ended December 31, 2023, in accordance with the corporate rehabilitation procedures of BDI Co., Ltd. Since the Group does not have significant influence until the end of the corporate rehabilitation procedures, the Group classified the investment shares as financial assets at fair value through other comprehensive income.

(*4) Bankruptcy was declared during the year ended December 31, 2023. The Group cannot hold significant influence due to the appointment of a bankruptcy trustee, so the entity was reclassified as financial assets at fair value through other comprehensive income.

64

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Financial assets at amortized cost		Book value
Government bonds	W	1,160		1,160
Others		29,073		29,073
	W	30,233		30,233
Current	W	20,418		20,418
Non-current		9,815		9,815
In millions of won	As of December 31, 2023
	Financial assets at amortized cost		Book value
Government bonds	W	1,528		1,528
Others		37,315		37,315
	W	38,843		38,843
Current	W	28,905		28,905
Non-current		9,938		9,938

65

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives

(1) Derivatives as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	12,153		—		18,019		—
Currency swap		733,374		1,630,570		274,782		527,701
Interest rate swap		9,571		176,138		12,124		129,570
Others (*2,3)		5,456		123,902		2,807		35,391
	W	760,554		1,930,610		307,732		692,662
Derivative liabilities
Currency forward	W	132		—		4,755		—
Currency swap		1,640		36,328		6,867		287,824
Interest rate swap		127		76,356		—		48,238
Others (*1,2)		22,015		148,227		6,757		97,793
	W	23,914		260,911		18,379		433,855

(*1) In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., an associate of the Group, the performance obligation as of December 31, 2024 which amounts to W26,422 million (W18,752 million as of December 31, 2023) to the underwriter of the bonds was recorded as other derivative liabilities.

(*2) The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives. Also, the fair value assessment of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivatives.

(*3) The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivatives.

66

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Woori Bank		2024.12.30		2025.01.03	W	8,836		USD 6,000	W	1,472.60
Woori Bank		2024.12.30		2025.01.06		7,363		USD 5,000		1,472.50
Morgan Stanley		2024.12.30		2025.01.10		17,645		USD 12,000		1,470.45
Kookmin Bank		2024.12.30		2025.01.14		17,640		USD 12,000		1,470.00
Busan Bank		2024.12.30		2025.01.16		17,622		USD 12,000		1,468.50
Korea Development Bank		2024.12.30		2025.01.17		17,627		USD 12,000		1,468.95
Shinhan Bank		2024.12.30		2025.01.21		17,619		USD 12,000		1,468.25
SMBC		2024.11.06		2025.01.13		22,201		USD 16,000		1,387.54
SMBC		2024.11.07		2025.01.13		12,559		USD 9,000		1,395.42
SMBC		2024.11.07		2025.01.31		12,551		USD 9,000		1,394.59
SMBC		2024.11.11		2025.01.07		12,529		USD 9,000		1,392.15
SMBC		2024.11.29		2025.02.07		13,917		USD 10,000		1,391.72
SMBC		2024.12.04		2025.01.31		12,692		USD 9,000		1,410.19
MUFG		2024.12.10		2025.02.13		11,395		USD 8,000		1,424.38
Mizuho Bank		2024.12.13		2025.01.07		12,886		USD 9,000		1,431.75
Korea Development Bank		2024.12.16		2025.01.07		27,247		USD 19,000		1,434.04
Hana Bank		2024.12.19		2025.01.23		13,032		USD 9,000		1,448.00
SMBC		2024.12.24		2025.02.07		36,283		USD 25,000		1,451.33
Shinhan Bank		2024.12.26		2025.01.07		10,238		USD 7,000		1,462.63
MUFG		2024.12.30		2025.01.23		11,755		USD 8,000		1,469.36
MUFG		2024.11.29		2025.01.02		1,951		USD 1,400		1,393.35
MUFG		2024.11.29		2025.01.03		3,622		USD 2,600		1,393.15
Kookmin Bank		2024.12.02		2025.01.06		7,001		USD 5,000		1,400.25
Nonghyup Bank		2024.12.03		2025.01.06		7,010		USD 5,000		1,401.90
MUFG		2024.12.03		2025.01.06		7,002		USD 5,000		1,400.35
JP Morgan		2024.12.18		2025.01.21		7,171		USD 5,000		1,434.15
MUFG		2024.12.20		2025.01.24		7,244		USD 5,000		1,448.75
Kookmin Bank		2024.12.20		2025.01.24		7,243		USD 5,000		1,448.60
MUFG		2024.12.23		2025.01.27		7,239		USD 5,000		1,447.80
Mizuho Bank		2024.12.23		2025.01.27		7,239		USD 5,000		1,447.80
JP Morgan		2024.12.24		2025.01.27		7,261		USD 5,000		1,452.15
Nonghyup Bank		2024.12.24		2025.01.27		7,261		USD 5,000		1,452.20
Woori Bank		2024.12.26		2025.01.31		7,309		USD 5,000		1,461.70
Hana Bank		2024.12.26		2025.01.31		7,308		USD 5,000		1,461.55
Nonghyup Bank		2024.12.27		2025.01.31		6,881		USD 4,670		1,473.35
Korea Citi Bank		2024.12.16		2025.01.13		2,865		USD 2,000		1,432.65
Korea Citi Bank		2024.12.19		2025.01.13		11,607		USD 8,000		1,450.88
Korea Citi Bank		2024.12.26		2025.01.27		5,911		USD 4,000		1,477.76
Korea Citi Bank		2024.12.26		2025.01.27		2,956		USD 2,000		1,477.76
Korea Citi Bank		2024.12.26		2025.01.27		2,927		USD 2,000		1,463.66
HSBC		2024.12.19		2025.01.23		4,350		USD 3,000		1,450.05
HSBC		2024.12.19		2025.01.23		4,348		USD 3,000		1,449.35
JP Morgan		2024.12.24		2025.01.24		30,058		USD 20,700		1,452.07
SMBC		2024.12.16		2025.01.13		5,733		USD 4,000		1,433.20
SMBC		2024.12.26		2025.01.27		8,791		USD 6,000		1,465.15
SMBC		2024.12.26		2025.01.27		2,955		USD 2,000		1,477.65
Nonghyup Bank		2024.12.09		2025.01.10		15		USD 10		1,433.60
Nonghyup Bank		2024.12.16		2025.01.13		2,867		USD 2,000		1,433.65
Busan Bank		2024.12.18		2025.01.13		4,515		USD 3,148		1,434.27
Hana Bank		2024.12.19		2025.01.13		8,704		USD 6,000		1,450.70
Woori Bank		2024.11.28		2025.02.03		4,619		USD 3,317		1,392.70
Standard Chartered		2024.11.28		2025.02.03		6,964		USD 5,000		1,392.80
Busan Bank		2024.11.28		2025.02.03		6,965		USD 5,000		1,392.90
JP Morgan		2024.11.28		2025.02.03		6,965		USD 5,000		1,392.90
HSBC		2024.12.20		2025.02.26		10,112		USD 7,000		1,444.50
Bank of America		2024.12.20		2025.02.26		8,667		USD 6,000		1,444.55
Shinhan Bank		2024.12.27		2025.03.05		8,798		USD 6,000		1,466.32
Hana Bank		2024.12.27		2025.03.05		10,264		USD 7,000		1,466.25
Woori Bank		2024.12.30		2025.03.05		7,356		USD 5,000		1,471.10

67

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Hana Bank		2024.12.30		2025.03.05	W	8,797		USD 6,000	W	1,466.18
Shinhan Bank		2024.12.30		2025.03.05		7,325		USD 5,000		1,464.92
Busan Bank		2024.12.30		2025.03.05		4,395		USD 3,000		1,464.85

68

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 2024 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
Standard Chartered		2014~2029	W	102,470		USD 100,000	3.14%	3.57%	W	1,024.70
Woori Bank		2019~2027		21,708		USD 19,417	5.04%	6.75%		1,118.00
Woori Bank		2020~2025		241,320		USD 200,000	0.54%	1.13%		1,206.60
Korea Development Bank		2020~2025		241,320		USD 200,000	0.54%	1.13%		1,206.60
Kookmin Bank		2020~2025		120,660		USD 100,000	0.54%	1.13%		1,206.60
Kookmin Bank		2020~2026		76,355		USD 70,445	5.83%	6.00%		1,083.90
Woori Bank		2021~2026		118,170		USD 100,000	1.11%	1.13%		1,181.70
Korea Development Bank		2021~2026		118,170		USD 100,000	1.11%	1.13%		1,181.70
Hana Bank		2021~2026		118,170		USD 100,000	1.11%	1.13%		1,181.70
Hana Bank		2022~2025		385,800		USD 300,000	3.11%	3.63%		1,286.00
Woori Bank		2022~2025		257,200		USD 200,000	3.12%	3.63%		1,286.00
JP Morgan		2022~2027		128,600		USD 100,000	3.56%	4.00%		1,286.00
Woori Bank		2022~2027		128,600		USD 100,000	3.56%	4.00%		1,286.00
Kookmin Bank		2022~2027		128,600		USD 100,000	3.56%	4.00%		1,286.00
Korea Development Bank		2022~2026		283,820		USD 200,000	4.67%	5.38%		1,419.10
Hana Bank		2022~2026		141,910		USD 100,000	4.68%	5.38%		1,419.10
JP Morgan		2022~2026		141,910		USD 100,000	4.69%	5.38%		1,419.10
Woori Bank		2022~2026		141,910		USD 100,000	4.68%	5.38%		1,419.10
Korea Development Bank		2022~2028		283,820		USD 200,000	5.12%	5.50%		1,419.10
Woori Bank		2022~2028		141,910		USD 100,000	5.13%	5.50%		1,419.10
Hana Bank		2023~2026		256,000		USD 200,000	3.97%	5.38%		1,280.00
Shinhan Bank		2023~2026		192,000		USD 150,000	3.99%	5.38%		1,280.00
Kookmin Bank		2023~2026		128,000		USD 100,000	4.03%	5.38%		1,280.00
Korea Development Bank		2023~2026		256,000		USD 200,000	4.04%	5.38%		1,280.00
Bank of America		2023~2026		128,000		USD 100,000	4.04%	5.38%		1,280.00
Standard Chartered		2023~2026		128,000		USD 100,000	4.04%	5.38%		1,280.00
Woori Bank		2023~2026		192,000		USD 150,000	4.05%	5.38%		1,280.00
Shinhan Bank		2024~2027		133,060		USD 100,000	3.53%	4.88%		1,330.60
Kookmin Bank		2024~2027		133,060		USD 100,000	3.53%	4.88%		1,330.60
Korea Development Bank		2024~2027		864,890		USD 650,000	3.53%	4.88%		1,330.60
Bank of America		2024~2027		133,060		USD 100,000	3.53%	4.88%		1,330.60
Standard Chartered		2024~2027		133,060		USD 100,000	3.53%	4.88%		1,330.60
IBK Securities Co., Ltd.		2024~2027		199,590		USD 150,000	3.53%	4.88%		1,330.60
Shinhan Bank		2024~2034		138,010		USD 100,000	3.64%	5.13%		1,380.10
Hana Bank		2024~2034		138,010		USD 100,000	3.69%	5.13%		1,380.10
Woori Bank		2024~2034		119,958		USD 86,920	3.74%	5.13%		1,380.10
Nomura		2015~2025		111,190		USD 100,000	2.60%	3.25%		1,111.90
Korea Development Bank		2015~2025		111,190		USD 100,000	2.62%	3.25%		1,111.90
Woori Bank		2015~2025		55,595		USD 50,000	2.62%	3.25%		1,111.90
Hana Bank		2015~2025		55,595		USD 50,000	2.62%	3.25%		1,111.90
Woori Bank		2017~2027		111,610		USD 100,000	2.25%	3.13%		1,116.10
Korea Development Bank		2017~2027		111,610		USD 100,000	2.31%	3.13%		1,116.10
Hana Bank		2017~2027		111,610		USD 100,000	2.31%	3.13%		1,116.10
Korea Development Bank		2018~2028		108,600		HKD 800,000	2.69%	3.35%		135.75
Shinhan Bank		2018~2028		115,387		HKD 850,000	2.66%	3.35%		135.75
Korea Development Bank		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
Woori Bank		2022~2027		262,000		USD 200,000	3.62%	4.25%		1,310.00
Export-Import Bank of Korea		2022~2027		131,000		USD 100,000	3.63%	4.25%		1,310.00
Kookmin Bank		2022~2027		131,000		USD 100,000	3.62%	4.25%		1,310.00

69

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 2024 are as follows, continued:

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
Hana Bank		2022~2027	W	131,000		USD 100,000	3.61%	4.25%	W	1,310.00
Korea Development Bank		2022~2027		262,000		USD 200,000	3.63%	4.25%		1,310.00
Export-Import Bank of Korea		2022~2032		349,829		HKD 1,935,000	4.87%	5.16%		180.79
JP Morgan		2022~2032		75,194		HKD 415,000	5.00%	5.16%		181.19
Export-Import Bank of Korea		2023~2030		172,982		HKD 1,037,000	4.25%	4.51%		166.81
Hana Bank		2024~2028		128,940		USD 100,000	3.73%	5.00%		1,289.40
JP Morgan		2024~2028		128,940		USD 100,000	3.85%	5.00%		1,289.40
Korea Development Bank		2024~2028		257,880		USD 200,000	3.80%	5.00%		1,289.40
Korea Development Bank		2024~2028		128,940		USD 100,000	3.69%	5.00%		1,289.40
Hana Bank		2024~2029		138,540		USD 100,000	3.15%	4.63%		1,385.40
Shinhan Bank		2024~2029		138,540		USD 100,000	3.15%	4.63%		1,385.40
Kookmin Bank		2024~2029		138,540		USD 100,000	3.16%	4.63%		1,385.40
Woori Bank		2024~2029		138,540		USD 100,000	3.17%	4.63%		1,385.40
Korea Development Bank		2024~2029		138,540		USD 100,000	3.19%	4.63%		1,385.40

70

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of December 31, 2024 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		2022~2027		123,710		USD 100,000	3.41%	3.63%		1,237.10
Woori Bank		2022~2027		123,710		USD 100,000	3.41%	3.63%		1,237.10
JP Morgan		2022~2027		123,710		USD 100,000	3.41%	3.63%		1,237.10
Korea Development Bank		2022~2025		128,560		USD 100,000	3.37%	4.13%		1,285.60
Woori Bank		2022~2025		128,560		USD 100,000	3.37%	4.13%		1,285.60
Kookmin Bank		2022~2025		128,560		USD 100,000	3.37%	4.13%		1,285.60
Woori Bank		2021~2026		220,600		USD 200,000	0.47%	0.75%		1,103.00
Shinhan Bank		2021~2026		220,600		USD 200,000	0.47%	0.75%		1,103.00
Hana Bank		2021~2026		55,150		USD 50,000	0.48%	0.75%		1,103.00
Shinhan Bank		2023~2026		132,930		USD 100,000	4.07%	5.38%		1,329.30
Nonghyup Bank		2023~2026		132,930		USD 100,000	4.05%	5.38%		1,329.30
Kookmin Bank		2023~2026		132,930		USD 100,000	4.07%	5.38%		1,329.30
Woori Bank		2020~2025		245,560		USD 200,000	0.93%	1.75%		1,227.80
Hana Bank		2020~2025		245,560		USD 200,000	0.93%	1.75%		1,227.80
Korea Development Bank		2020~2025		122,780		USD 100,000	0.93%	1.75%		1,227.80
JP Morgan		2022~2025		126,180		USD 100,000	2.80%	3.60%		1,261.80
Hana Bank		2022~2025		126,180		USD 100,000	2.80%	3.60%		1,261.80
Korea Development Bank		2022~2025		252,360		USD 200,000	2.83%	3.60%		1,261.80
Woori Bank		2022~2025		126,180		USD 100,000	2.85%	3.60%		1,261.80
Woori Bank		2023~2028		259,000		USD 200,000	3.83%	4.88%		1,295.00
Korea Development Bank		2023~2028		129,500		USD 100,000	3.85%	4.88%		1,295.00
Bank of America		2023~2028		64,750		USD 50,000	3.85%	4.88%		1,295.00

71

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies					Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay	Receive
Nomura (*1)		2018~2038	W	30,000	3M CD + 0.10%	3.75%
Shinhan Bank		2021~2025		100,000	2.32%	3M CD + 0.43%
Hana Bank		2022~2027		200,000	3.02%	3M CD + 0.61%
Hana Bank		2022~2027		200,000	3.04%	3M CD + 0.58%
Hana Bank		2022~2027		250,000	3.38%	3M CD + 0.59%
Nomura		2022~2027		200,000	3.55%	3M CD + 0.60%
Shinhan Bank		2022~2027		150,000	3.53%	3M CD + 0.55%
Hana Bank		2022~2027		200,000	3.70%	3M CD + 0.59%
Nomura		2022~2027		300,000	3.89%	3M CD + 0.67%
Hana Bank		2022~2027		200,000	3.93%	3M CD + 0.67%
Nomura		2022~2027		200,000	3.80%	3M CD + 0.68%
Nomura		2022~2027		300,000	4.04%	3M CD + 0.60%
Hana Bank		2022~2027		100,000	4.68%	3M CD + 1.04%
Hana Bank		2022~2027		100,000	5.45%	3M CD + 1.20%
Shinhan Bank		2023~2028		200,000	4.27%	3M CD + 0.76%
Shinhan Bank		2023~2028		50,000	4.27%	3M CD + 0.76%
Nomura		2023~2028		250,000	4.13%	3M CD + 0.73%
Hana Bank		2023~2028		200,000	3.74%	3M CD + 0.51%
Hana Bank		2023~2028		100,000	4.19%	3M CD + 0.50%
Shinhan Bank		2023~2028		300,000	3.81%	3M CD + 0.70%
Hana Bank		2023~2028		200,000	3.95%	3M CD + 0.50%
Shinhan Bank		2024~2029		200,000	3.84%	3M CD + 0.50%
Hana Bank		2024~2027		250,000	3.72%	3M CD + 0.34%
Hana Bank		2024~2027		250,000	3.77%	3M CD + 0.31%
Hana Bank		2024~2027		250,000	3.31%	3M CD + 0.31%
Hana Bank		2024~2027		200,000	3.46%	3M CD + 0.53%
Shinhan Bank		2024~2025		200,000	3.53%	3M CD + 0.35%
Nomura		2024~2027		200,000	3.38%	3M CD + 0.50%
Hana Bank		2024~2027		300,000	3.18%	3M CD + 0.53%
Shinhan Bank		2024~2025		100,000	3.29%	3M CD + 0.42%
Nomura		2017~2032		52,457	2.55% + Floating rate	2.60%
Nomura		2017~2032		59,423	2.57% + Floating rate	2.62%
Nomura (*2)		2021~2041		30,000	1.84%	2.60%
Nomura (*3)		2021~2041		50,000	1.87%	2.38%
ANZ		2022~2025		AUD 865	0.48%	3M BBSW + 0.05%
DBS Bank		2022~2025		AUD 865	0.48%	3M BBSW + 0.05%
Societe Generale		2022~2025		AUD 865	0.48%	3M BBSW + 0.05%
MUFG		2022~2048		USD 155,941	3M SOFR	3.71%
Mizuho Capital Markets LLC		2022~2048		USD 155,941	3M SOFR	1.05%
Mizuho Capital Markets LLC		2024~2025		USD 112,194	1M SOFR	4.20%
Rabobank		2022~2036		USD 37,130	1.83%	6M SOFR
Mizuho Capital Markets LLC		2024~2045		USD 80,116	3M USD Synthetic Libor	1.14%

(*1) 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

12. Derivatives, Continued

(6) Interest rate swap contracts which are designated as hedging instruments as of December 31, 2024 are as follows:

In thousands of USD					Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay	Receive
Export-Import Bank of Korea		2015~2031		USD 15,893	2.67%		6M USD Synthetic Libor
ING Bank		2015~2031		USD 7,861	2.67%		6M USD Synthetic Libor
BNP Paribas		2015~2031		USD 7,861	2.67%		6M USD Synthetic Libor
BNP Paribas		2009~2027		USD 35,221	4.16%		6M USD Synthetic Libor
KFW		2009~2027		USD 35,221	4.16%		6M USD Synthetic Libor
Export-Import Bank of Korea		2016~2036		USD 56,175	3.00%		6M USD Synthetic Libor

(7) Gains and losses on valuation and transaction of derivatives for each of the two years in the period ended December 31, 2024 are as follows and they are included as 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) (*)
	For the year ended December 31, 2024		For the year ended December 31, 2023			For the year ended December 31, 2024		For the year ended December 31, 2023		For the year ended December 31, 2024		For the year ended December 31, 2023
Currency forward	W	12,021		510			78,237		34,216		—		—
Currency swap		2,058,411		269,795			190,000		38,282		18,622		(11,411	)
Interest rate swap		21,270		(16,377	)		18,834		10,400		1,684		2,893
Other derivatives		12,009		(19,729	)		15,586		6,761		—		—
	W	2,103,711		234,199			302,657		89,659		20,306		(8,518	)

(*) For each of the two years ended December 31, 2024 and 2023, the net gain(loss) on valuation of derivatives applying cash flow hedge accounting of W11,870 million and W(3,654) million, net of tax, are included in other comprehensive income, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

13. Other Financial Assets

(1) Other financial assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024						As of December 31, 2023
	Current			Non-current			Current			Non-current
Loans	W	115,161			901,953			139,178			966,421
Less: allowance for doubtful accounts		(5,156	)		(66,838	)		(10	)		(80,783	)
Less: present value discount		(1,084	)		(35,888	)		(1,007	)		(35,468	)
		108,921			799,227			138,161			850,170
Long-term / short-term financial instruments		1,147,929			812,211			578,578			833,737
	W	1,256,850			1,611,438			716,739			1,683,907

(2) Loans as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	34,484		(5,156	)		(1,084	)		28,244
Loans for housing		43,171		—			—			43,171
Other loans		37,506		—			—			37,506
		115,161		(5,156	)		(1,084	)		108,921
Long-term loans
Loans for tuition		364,685		(4,888	)		(35,888	)		323,909
Loans for housing		266,208		—			—			266,208
Loans for related parties		260,227		(61,950	)		—			198,277
Other loans		10,833		—			—			10,833
		901,953		(66,838	)		(35,888	)		799,227
	W	1,017,114		(71,994	)		(36,972	)		908,148

In millions of won	As of December 31, 2023
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	30,497		—			(1,007	)		29,490
Loans for housing		35,560		—			—			35,560
Other loans		73,121		(10	)		—			73,111
		139,178		(10	)		(1,007	)		138,161
Long-term loans
Loans for tuition		419,684		(24,745	)		(35,468	)		359,471
Loans for housing		301,840		—			—			301,840
Loans for related parties		222,014		(43,640	)		—			178,374
Other loans		22,883		(12,398	)		—			10,485
		966,421		(80,783	)		(35,468	)		850,170
	W	1,105,599		(80,793	)		(36,475	)		988,331

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	80,793			54,837
Bad debts expense (reversal)		3,727			16,394
Write-off		(12,526	)		—
Others		—			9,562
Ending balance	W	71,994			80,793

(4) Long-term and short-term financial instruments as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Time deposits	W	823,806		135,995		363,286		145,336
CD		40,000		—		—		—
Others		284,123		676,216		215,292		688,401
	W	1,147,929		812,211		578,578		833,737

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

14. Inventories

Inventories as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	4,914,250		(1,573	)		4,912,677
Merchandises		1,733		—			1,733
Work-in-progress		220,110		—			220,110
Finished goods		96,390		(630	)		95,760
Supplies		3,358,831		—			3,358,831
Inventories-in-transit		1,160,238		—			1,160,238
Other inventories		19,887		—			19,887
	W	9,771,439		(2,203	)		9,769,236
In millions of won	As of December 31, 2023
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	4,624,638		(1,387	)		4,623,251
Merchandises		335		—			335
Work-in-progress		187,304		—			187,304
Finished goods		97,272		(57	)		97,215
Supplies		2,930,978		—			2,930,978
Inventories-in-transit		1,021,797		—			1,021,797
Other inventories		14,735		—			14,735
	W	8,877,059		(1,444	)		8,875,615

The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for each of the two years in the period ended December 31, 2024 amounts to W9,182 million and W9,974 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for each of the two years in the period ended December 31, 2024 were W9,941 million and W9,936 million, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

15. Non-Financial Assets

Non-financial assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Advanced payments	W	467,156		66,174		300,350		75,489
Prepaid expenses		431,087		221,922		440,079		214,022
Others (*)		369,671		40,108		368,892		60,659
	W	1,267,914		328,204		1,109,321		350,170

(*) Details of others as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	211,969		—		25,246		—
Other quick assets		157,702		40,108		343,646		60,659
	W	369,671		40,108		368,892		60,659

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries

(1) Consolidated subsidiaries as of December 31, 2024 and 2023 are as follows:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			As of December 31, 2024			As of December 31, 2023
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		51.00	%		51.00	%
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 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	Netherland		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		80.12	%		80.03	%
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service (*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.99	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2024 and 2023 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			As of December 31, 2024			As of December 31, 2023
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	%
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.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES 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 Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		69.55	%		80.06	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
KOSPO Niles LLC (formerly, 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	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	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	%

79

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2024 and 2023 are as follows, continued:

Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
			As of December 31, 2024			As of December 31, 2023
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		99.99	%		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 (*5)	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	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC	Holding company	USA		61.62	%		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		80.96	%		81.34	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		62.62	%		70.79	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		100.00	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		100.00	%		100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		98.96	%		100.00	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		71.30	%		82.00	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		100.00	%		—
Sprott Chile Solar I SpA	Holding company	Chile		100.00	%		—

80

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(1) Consolidated subsidiaries as of December 31, 2024 and 2023 are as follows, continued:

(*1) Considering treasury stocks, the effective percentage of ownership is 51.24%. The Group sold a portion of its stocks in the subsidiary (14.77%) during the year ended December 31, 2023.

(*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 December 31, 2024, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4) The Group guarantees a certain return on investments in Commerce and Industry Energy Co., Ltd. for the financial investors holding such investments. The financial investors have a right to claim the Group to sell its shares in the entity, which can be exercised 36 months after the date of acquisition.

(*5) 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.

(*6) Excluding preferred stocks, the percentage of ownership with voting rights is 100%.

(*7) Although the Group does not hold a stake as of December 31, 2024, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, The Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.

(2) Subsidiaries included in and excluded from consolidation for the year ended December 31, 2024 are as follows:

<Subsidiaries included in consolidation for the year ended December 31, 2024>

Subsidiaries	Reason
KOSPO Rutile, LLC	New investment
Sprott Chile Solar I SpA	New investment

<Subsidiary excluded from consolidation for the year ended December 31, 2024>

Subsidiaries	Reason
PT. KOWEPO Sumsel Operation and Maintenance Services	Liquidation

81

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	72,508,359		47,082,862		13,447,880		567,267
Korea South-East Power Co., Ltd.		13,203,109		6,447,903		6,527,922		382,336
Korea Midland Power Co., Ltd.		14,849,596		9,513,087		7,088,426		225,196
Korea Western Power Co., Ltd.		13,309,836		7,708,730		6,193,922		361,725
Korea Southern Power Co., Ltd.		13,184,059		7,101,465		6,430,487		311,530
Korea East-West Power Co., Ltd.		12,287,969		5,592,569		5,322,832		467,885
KEPCO Engineering & Construction Company, Inc.		945,384		367,910		553,363		58,513
KEPCO Plant Service & Engineering Co., Ltd.		1,675,776		355,479		1,534,269		170,967
KEPCO Nuclear Fuel Co., Ltd.		1,060,367		562,604		397,595		48,061
KEPCO KDN Co., Ltd.		846,361		222,119		781,646		215,791
KEPCO International HongKong Ltd.		149,757		1,611		—		7,596
KEPCO International Philippines Inc.		13,720		78		—		40,427
KEPCO Gansu International Ltd.		8,233		693		—		(5	)
KEPCO Philippines Holdings Inc.		202,810		173		—		49,999
KEPCO Philippines Corporation		2,990		4		—		120
KEPCO Ilijan Corporation		58,752		615		—		4,549
KEPCO Neimenggu International Ltd.		323,519		4,839		—		10,891
KEPCO Shanxi International Ltd.		811,971		366,377		—		13,677
KOMIPO Global Pte Ltd.		454,052		2,716		—		15,618
KEPCO Netherlands B.V.		155,632		109		—		4,237
KEPCO Australia Pty., Ltd.		226		—		—		(4,017	)
KOSEP Australia Pty., Ltd.		55,461		7,847		31,935		10,139
KOMIPO Australia Pty., Ltd.		94,760		3,214		31,935		6,253
KOWEPO Australia Pty., Ltd.		93,353		2,736		31,935		4,978
KOSPO Australia Pty., Ltd.		39,606		3,221		31,935		8,768
KEPCO Middle East Holding Company		136,740		129,721		—		(7,668	)
Qatrana Electric Power Company		554,387		207,773		28,465		24,062
KHNP Canada Energy Ltd.		180,220		20,431		—		506
KEPCO Bylong Australia Pty., Ltd.		45,420		552,861		—		(69,620	)
Korea Waterbury Uranium Limited Partnership		20,773		62		—		(142	)
KEPCO Holdings de Mexico		670		3,025		—		(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.		654,086		532,766		67,656		24,713
KEPCO Energy Service Company		2,257		1,198		9,361		146
KEPCO Netherlands S3 B.V.		81,554		19,084		—		978
PT. KOMIPO Pembangkitan Jawa Bali		18,014		3,684		21,567		969
PT. Cirebon Power Service		3,004		823		10,515		586
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,620		22,271		17,477		4,312
EWP America Inc. (*1)		49,381		3,120		14,888		332
KNF Canada Energy Limited		2,337		30		—		(67	)
EWP Barbados 1 SRL		469,387		1,463		—		28,937
Gyeonggi Green Energy Co., Ltd.		160,060		226,650		60,769		(31,941	)
PT. Tanggamus Electric Power		232,963		155,119		6,136		4,216
Gyeongju Wind Power Co., Ltd.		87,987		41,547		18,550		5,817
KOMIPO America Inc. (*2)		633,218		328,237		18,806		9,662
PT. EWP Indonesia		101,015		84		—		6,115
KEPCO Netherlands J3 B.V.		174,130		15,748		—		7,378
Korea Offshore Wind Power Co., Ltd.		336,687		131,463		41,489		14,607
Global One Pioneer B.V.		150		64		—		(130	)
Global Energy Pioneer B.V.		363		69		—		(131	)
Mira Power Limited		443,556		332,629		4,213		11,499
KOSEP Material Co., Ltd.		6,111		539		5,016		1,108
Commerce and Industry Energy Co., Ltd.		65,954		25,841		35,054		(3,638	)
KEPCO KPS Philippines Corp.		6,403		594		7,372		422
KOSPO Chile SpA		186,200		83,705		—		(1,185	)

82

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,875		2,355		567		46
Fujeij Wind Power Company		245,967		171,610		—		14,962
KOSPO Youngnam Power Co., Ltd.		371,946		257,626		412,037		10,275
Chitose Solar Power Plant LLC		93,435		78,709		14,453		2,553
KEPCO ES Co., Ltd.		318,648		6,087		6,384		8,758
KEPCO Solar Co., Ltd.		240,555		29,240		20,788		6,210
KOSPO Power Services Ltda.		8,118		6,363		17,005		1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)		483,585		3,358		—		22,608
KOEN Bylong Pty., Ltd.		15		165		—		(12	)
KOMIPO Bylong Pty., Ltd.		15		172		—		(17	)
KOWEPO Bylong Pty., Ltd.		15		168		—		(17	)
KOSPO Bylong Pty., Ltd.		202		425		—		(57	)
EWP Bylong Pty., Ltd.		15		13		—		2
KOWEPO Lao International		17,335		2,247		11,891		4,823
KEPCO Mangilao Holdings LLC		99,669		52,732		810		(7,804	)
Mangilao Investment LLC		224,646		18		—		—
KEPCO Mangilao Solar, LLC		226,509		247		16,907		3,634
Jeju Hanlim Offshore Wind Co., Ltd.		590,613		524,640		10,872		(5,067	)
PT. Siborpa Eco Power		13,877		3		—		(38	)
PT. Korea Energy Indonesia		9,146		5,524		4,550		1,171
KOLAT SpA		49,452		406		2,880		1,090
KEPCO California, LLC		52,627		7,464		645		(507	)
KEPCO Mojave Holdings, LLC		101,912		90,646		—		(3,950	)
Incheon Fuel Cell Co., Ltd.		249,022		233,049		91,097		(5,805	)
KOEN Service Co., Ltd.		10,072		7,186		39,482		323
KOMIPO Service Co., Ltd.		8,123		4,728		38,415		657
KOWEPO Service Co., Ltd.		8,422		6,678		40,875		314
KOSPO Service Co., Ltd.		7,199		4,593		32,422		949
EWP Service Co., Ltd.		5,291		3,851		27,101		27
PT. KOMIPO Energy Indonesia		5,177		1,273		6,433		874
KNF partners Co., Ltd.		2,875		1,182		6,700		286
KOSPO USA Inc.		725,984		321		—		(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		326,651		51		—		9,947
Tamra Offshore Wind Power Co., Ltd.		112,747		74,809		19,937		1,551
KEPCO MCS Co., Ltd.		94,305		67,881		292,011		(9,033	)
KEPCO FMS Co., Ltd.		16,330		18,815		108,560		1,126
Firstkeepers Co., Ltd.		24,800		13,930		95,836		4,546
Secutec Co., Ltd.		17,416		11,980		78,011		1,968
SE Green Energy Co., Ltd.		126,012		93,330		41,251		178
Mangilao Intermediate Holdings LLC		230,079		126,833		—		(1,277	)
KEPCO CSC Co., Ltd.		17,430		11,516		49,443		2,944
KOAK Power Limited		16,961		322		—		(75	)
KOMIPO Europe B.V.		84,899		123		890		(6,403	)
Haenanum Energy Fund		7,415		3		493		445
Paju Ecoenergy Co., Ltd.		61,836		2,635		16,306		697
Guam Ukudu Power LLC		940,137		960,812		112,782		(39,280	)
K-SOLAR SHINAN Co., Ltd.		279,204		263,030		34,148		907

83

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KPS Partners Co., Ltd.	W	4,264		2,298		14,053		487
KEPCO E&C Service Co., Ltd.		8,437		1,738		16,861		1,578
Moha solar Co., Ltd.		25,946		28,391		—		(273	)
Ogiri Solar Power Co., Ltd.		1,077		21		77		55
KHNP USA LLC		2,170		400		1,196		186
KOMIPO Vanphong Power Service LLC		39,147		3,592		26,235		9,951
Energy Innovation Fund I		40,554		894		—		(899	)
KHNP Chile SpA		6,081		4,818		—		(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,422		1,324		194		(4	)
Yeong Yang Corporation Co., Ltd.		1,403		1,314		190		(12	)
SolarVader Co., Ltd.		1,413		1,317		195		(12	)
Yeong Yang Innovation Co., Ltd.		1,407		1,314		188		1
Yeong Yang Horus Photovoltaic Co., Ltd.		1,395		1,314		184		(3	)
Yeong Yang Solar Management Co., Ltd.		1,415		1,318		198		(23	)
LSG Hydro Power Limited		629		12		—		(187	)
KOEN Bio Co., Ltd.		1,179		683		1,570		90
KOMIPO Iberian Solar Group, S.L.U.		76,858		69,709		—		(3,786	)
Jeongam Wind Power Co., Ltd.		70,772		60,170		7,094		(2,113	)
KOWEPO Europe B.V.		35		3,511		—		(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.		112,863		87,437		7,717		3,555
KA Power Limited		6,620		3,375		—		(207	)
Western Power Changgi Solar Co., Ltd.		43,393		36,938		6,461		321
EWP Australia Pty., Ltd.		67,756		358		—		12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		342,603		222,480		8,349		20,622
Digital Innovation Growth Fund		11,989		172		—		1,745
J Wind First, LLC		54,456		54,456		2,992		—
KEPCO Holding Company		3,727		—		—		(35	)
KEPCO for Maintenance Company		12,192		10,078		2,726		1,838
KOSPO Trumbull LLC		336,425		—		—		—
Changjuk Wind Power Co., Ltd.		25,434		2,815		5,983		686
Chile Solar JV SpA		96,796		81,288		9,862		(5,411	)
KEPCO KPS South Africa Pty., Ltd.		10,784		4,688		19,713		266
KOWEPO Holding Limited		9,108		888		—		7,679
KOSPO Rutile, LLC		147		—		—		—
Sprott Chile Solar I SpA		8,682		27		—		1

(*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS 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 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

84

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.	W	70,535,018		45,660,916		10,798,378		151,638
Korea South-East Power Co., Ltd.		13,158,245		6,964,695		7,761,713		196,522
Korea Midland Power Co., Ltd.		15,309,205		10,368,698		7,611,821		(1,844	)
Korea Western Power Co., Ltd.		12,710,246		7,648,441		6,915,233		126,519
Korea Southern Power Co., Ltd.		13,405,076		7,807,334		7,298,989		226,811
Korea East-West Power Co., Ltd.		11,683,112		5,626,034		5,571,885		139,013
KEPCO Engineering & Construction Company, Inc.		854,704		307,396		545,092		32,654
KEPCO Plant Service & Engineering Co., Ltd.		1,585,380		318,597		1,523,031		161,849
KEPCO Nuclear Fuel Co., Ltd.		1,101,960		622,157		284,066		43,533
KEPCO KDN Co., Ltd.		733,434		301,713		738,833		65,495
KEPCO International HongKong Ltd.		133,915		—		—		8,795
KEPCO International Philippines Inc.		72,830		—		—		4,891
KEPCO Gansu International Ltd.		7,226		608		—		(23	)
KEPCO Philippines Holdings Inc.		180,592		96		—		8,802
KEPCO Philippines Corporation		2,607		—		—		127
KEPCO Ilijan Corporation		142,711		800		—		3,718
KEPCO Neimenggu International Ltd.		284,280		4,346		—		15,021
KEPCO Shanxi International Ltd.		707,447		329,539		—		(3,875	)
KOMIPO Global Pte Ltd.		411,249		32,900		—		17,174
KEPCO Netherlands B.V.		141,088		45		—		3,856
KEPCO Australia Pty., Ltd.		749		34		—		131
KOSEP Australia Pty., Ltd.		79,308		7,990		29,675		10,665
KOMIPO Australia Pty., Ltd.		86,077		4,014		29,676		9,248
KOWEPO Australia Pty., Ltd.		86,074		3,571		29,675		9,001
KOSPO Australia Pty., Ltd.		32,828		3,923		29,675		10,329
KEPCO Middle East Holding Company		121,015		107,611		—		(1,548	)
Qatrana Electric Power Company		491,627		208,707		26,779		20,949
KHNP Canada Energy Ltd.		155,242		12,379		—		392
KEPCO Bylong Australia Pty., Ltd.		44,557		465,231		—		(16,669	)
Korea Waterbury Uranium Limited Partnership		20,772		44		—		(67	)
KEPCO Holdings de Mexico		1,171		2,621		—		(121	)
KST Electric Power Company, S.A.P.I. de C.V.		631,348		490,470		93,843		19,657
KEPCO Energy Service Company		2,028		716		10,193		251
KEPCO Netherlands S3 B.V.		70,613		16,710		—		1,769
PT. KOMIPO Pembangkitan Jawa Bali		17,303		3,929		23,639		1,579
PT. Cirebon Power Service		2,936		714		9,457		672
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		19,387		3,881		17,665		7,082
EWP America Inc. (*1)		46,954		4,032		14,549		895
KNF Canada Energy Limited		2,261		34		—		(56	)
EWP Barbados 1 SRL		434,690		14,217		2,448		36,566
Gyeonggi Green Energy Co., Ltd.		180,176		214,822		80,630		(28,549	)
PT. Tanggamus Electric Power		214,892		150,483		2,127		(2,230	)
Gyeongju Wind Power Co., Ltd.		90,616		49,982		19,807		6,716
KOMIPO America Inc. (*2)		579,403		318,295		39,323		3,376
PT. EWP Indonesia		90,650		132		—		9,590
KEPCO Netherlands J3 B.V.		153,324		13,634		—		15,289
Korea Offshore Wind Power Co., Ltd.		334,444		143,827		40,313		6,497
Global One Pioneer B.V.		143		44		—		(85	)
Global Energy Pioneer B.V.		336		44		—		(81	)
Mira Power Limited		403,843		318,557		2,683		(1,590	)
KOSEP Material Co., Ltd.		4,974		542		4,834		908
Commerce and Industry Energy Co., Ltd.		73,671		29,611		33,050		(2,901	)
KEPCO KPS Philippines Corp.		5,775		884		4,608		97
KOSPO Chile SpA		166,643		75,619		—		—

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services	W	26		260		—		—
Hee Mang Sunlight Power Co., Ltd.		5,877		2,403		689		202
Fujeij Wind Power Company		216,082		158,081		—		15,067
KOSPO Youngnam Power Co., Ltd.		360,026		255,761		410,173		(7,965	)
Chitose Solar Power Plant LLC		98,911		84,228		14,447		2,059
KEPCO ES Co., Ltd.		322,529		15,367		14,151		5,384
KEPCO Solar Co., Ltd.		246,273		36,127		23,234		8,367
KOSPO Power Services Ltda.		6,976		7,086		17,634		(211	)
Energy New Industry Specialized Investment Private Investment Trust (*3)		454,888		3,364		24,030		10,812
KOEN Bylong Pty., Ltd.		11		128		—		—
KOMIPO Bylong Pty., Ltd.		13		147		—		(20	)
KOWEPO Bylong Pty., Ltd.		12		142		—		(43	)
KOSPO Bylong Pty., Ltd.		388		541		—		(20	)
EWP Bylong Pty., Ltd.		13		13		—		46
KOWEPO Lao International		13,038		223		10,270		6,268
KEPCO Mangilao Holdings LLC		90,445		41,898		775		785
Mangilao Investment LLC		206,714		15		—		(1	)
KEPCO Mangilao Solar, LLC		206,600		1,918		13,593		826
Jeju Hanlim Offshore Wind Co., Ltd.		459,229		388,171		—		(3,032	)
PT. Siborpa Eco Power		12,209		3		—		(52	)
PT. Korea Energy Indonesia		1,878		101		1,897		132
KOLAT SpA		46,958		352		2,237		1,820
KEPCO California, LLC		46,606		6,823		613		(385	)
KEPCO Mojave Holdings, LLC		93,233		78,328		—		(3,901	)
Incheon Fuel Cell Co., Ltd.		259,169		237,409		96,924		(4,112	)
KOEN Service Co., Ltd.		11,470		8,745		38,164		305
KOMIPO Service Co., Ltd.		7,944		4,777		37,525		960
KOWEPO Service Co., Ltd.		10,300		6,584		36,421		264
KOSPO Service Co., Ltd.		6,122		4,182		30,369		703
EWP Service Co., Ltd.		5,487		3,790		26,767		176
PT. KOMIPO Energy Indonesia		2,983		250		2,023		38
KNF partners Co., Ltd.		2,589		1,106		6,380		340
KOSPO USA Inc.		378,732		377		—		(6,351	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		297,370		230		—		(732	)
Tamra Offshore Wind Power Co., Ltd.		120,460		83,161		18,570		1,089
KEPCO MCS Co., Ltd.		111,189		73,940		307,146		(4,757	)
KEPCO FMS Co., Ltd.		21,310		18,142		107,336		1,895
Firstkeepers Co., Ltd.		18,698		12,437		90,575		2,689
Secutec Co., Ltd.		16,038		11,797		72,284		699
SE Green Energy Co., Ltd.		147,251		114,737		40,326		(1,305	)
Mangilao Intermediate Holdings LLC		206,771		114,954		—		(5,293	)
KEPCO CSC Co., Ltd.		15,985		12,170		49,502		2,644
KOAK Power Limited		15,000		528		—		714
KOMIPO Europe B.V.		86,109		69		1,183		109
Haenanum Energy Fund		7,415		3		47		(1	)
Paju Ecoenergy Co., Ltd.		60,653		2,146		15,351		(357	)
Guam Ukudu Power LLC		749,837		720,795		—		(19,904	)
K-SOLAR SHINAN Co., Ltd.		298,866		281,676		37,137		(6,896	)

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(3) The summarized financial information of consolidated subsidiaries as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the year
KPS Partners Co., Ltd.	W	3,503		1,776		12,921		183
KEPCO E&C Service Co., Ltd.		7,167		1,938		16,454		1,505
Moha solar Co., Ltd.		27,213		29,363		—		112
Ogiri Solar Power Co., Ltd.		1,032		31		—		(9	)
KHNP USA LLC		1,517		140		1,142		166
KOMIPO Vanphong Power Service LLC		26,819		3,768		21,396		10,879
Energy Innovation Fund I		43,725		419		—		(766	)
KHNP Chile SpA		5,555		4,219		—		(66	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,529		1,427		219		42
Yeong Yang Corporation Co., Ltd.		1,519		1,418		216		39
SolarVader Co., Ltd.		1,529		1,421		219		40
Yeong Yang Innovation Co., Ltd.		1,510		1,418		210		32
Yeong Yang Horus Photovoltaic Co., Ltd.		1,502		1,418		206		28
Yeong Yang Solar Management Co., Ltd.		1,540		1,420		224		46
LSG Hydro Power Limited		717		8		—		(219	)
KOEN Bio Co., Ltd.		1,010		585		2,467		372
KOMIPO Iberian Solar Group, S.L.U.		79,666		66,874		—		(931	)
Jeongam Wind Power Co., Ltd.		75,744		63,219		8,154		(958	)
KOWEPO Europe B.V.		107		3,177		—		(44,685	)
Yeongdeok Sunrise Wind Power Co., Ltd.		94,615		74,842		—		(383	)
KA Power Limited		3,173		172		—		126
Western Power Changgi Solar Co., Ltd.		46,950		40,815		7,036		2,011
EWP Australia Pty., Ltd.		52,734		—		325		337
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		311,259		213,822		10,072		3,217
Digital Innovation Growth Fund		11,624		96		—		(266	)
J Wind First, LLC		52,304		52,304		2,540		—
KEPCO Holding Company		3,307		—		—		(23	)
KEPCO for Maintenance Company		118		—		—		(45	)
KOSPO Trumbull LLC		25		—		—		(10	)
Changjuk Wind Power Co., Ltd.		24,364		3,049		6,230		744
Chile Solar JV SpA		98,705		75,472		9,050		(2,768	)
KEPCO KPS South Africa Pty., Ltd.		9,222		4,236		8,512		834
KOWEPO Holding Limited		1,323		1,371		—		(49	)

(*1) Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS 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 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4) Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 2024 are as follows:

Company	Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.	Acquisition or disposal of assets of more than W10 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 entity.
KOSPO Youngnam Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The 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 entity.
Gyeongju Wind Power Co., Ltd.	Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.	Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.
Jeju Hanlim Offshore Wind Co., Ltd.	Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC	Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Group’s equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.
Mira Power Limited	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
Chile Solar JV SpA	The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.
K-SOLAR SHINAN Co., Ltd.	Dividends may be payable only when all conditions of the loan agreement are satisfied. The Group’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation.
Western Power Changgi Solar Co., Ltd.	Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Group’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on the Group’s abilities to its subsidiaries as of December 31, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
Chitose Solar Power Plant LLC	Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease.
Mangilao Intermediate Holdings LLC	Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is completed.
Fujeij Wind Power Company	Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule or the EPC contract without the lender’s prior written consent is restricted. Also, commercial operation before acquiring wind turbine is restricted without prior consent from the EPC contractor. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.
Qatrana Electric Power Company	Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.
KST Electric Power Company, S.A.P.I. de C.V.	Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted.

(5) As of December 31, 2024, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders’ agreements:

Company	Unrecognized commitments
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.
Changjuk Wind Power Co., Ltd.	When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has a right to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking into account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.	The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(6) Details of non-controlling interests prior to intra-Company eliminations as of and for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won
As of and for the year ended 2024
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	58,291			1,033,936			568,226			1,284,969			2,945,422
Non-current assets		461			641,840			377,158			4,814,101			5,833,560
Current liabilities		(280	)		(341,918	)		(359,629	)		(1,282,746	)		(1,984,573	)
Non-current liabilities		(335	)		(13,561	)		(8,281	)		(2,578,521	)		(2,600,698	)
Net assets		58,137			1,320,297			577,474			2,237,803			4,193,711
Book value of non-controlling interests		28,487			646,946			281,576			490,588			1,447,597
Sales		—			1,534,269			553,363			1,032,246			3,119,878
Profit for the period		4,549			170,967			58,513			120,682			354,711
Profit for the period attributable to non-controlling interests		2,229			83,774			28,531			15,736			130,270
Cash flows from operating activities		5,034			538,151			46,528			345,168			934,881
Cash flows from investing activities		—			(379,243	)		(31,761	)		(195,587	)		(606,591	)
Cash flows from financing activities before dividends to non-controlling interests		(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests		(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation		12,321			1,362			447			28,762			42,892
Net increase (decrease) in cash and cash equivalents		(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

In millions of won
As of and for the year ended 2023
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	142,023			953,211			446,900			1,193,078			2,735,212
Non-current assets		688			632,169			407,804			4,639,760			5,680,421
Current liabilities		(252	)		(313,249	)		(249,899	)		(1,009,791	)		(1,573,191	)
Non-current liabilities		(548	)		(5,348	)		(57,497	)		(2,737,589	)		(2,800,982	)
Net assets		141,911			1,266,783			547,308			2,085,458			4,041,460
Book value of non-controlling interests		69,536			620,723			266,867			462,581			1,419,707
Sales		—			1,523,031			545,092			1,212,372			3,280,495
Profit for the period		3,718			161,849			32,654			63,145			261,366
Profit for the period attributable to non-controlling interests		1,822			79,306			15,922			9,355			106,405
Cash flows from operating activities		1,086			(35,492	)		39,985			368,415			373,994
Cash flows from investing activities		84			26,915			(19,345	)		(508,844	)		(501,190	)
Cash flows from financing activities before dividends to non-controlling interests		(93,348	)		(36,433	)		(6,687	)		119,109			(17,359	)
Dividends to non-controlling interests		(643	)		(28,775	)		(5,250	)		(20,866	)		(55,534	)
Effect of exchange rate fluctuation		5,135			(454	)		(35	)		2,813			7,459
Net increase (decrease) in cash and cash equivalents		(87,686	)		(74,239	)		8,668			(39,373	)		(192,630	)

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

(i) Details of goodwill as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Acquisition cost	W	101,761			101,738
Less: accumulated impairment		(2,582	)		(2,582	)
Carrying book value	W	99,179			99,156

(ii) Changes in goodwill for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,738			—		—		—		23		101,761
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)
Carrying book value	W	99,156			—		—		—		23		99,179

In millions of won	For the year ended December 31, 2023
	Beginning		Increase		Decrease		Impairment			Others			Ending
Acquisition cost	W	100,093		1,859		—		—			(214	)		101,738
Less: accumulated impairment		—		—		—		(2,582	)		—			(2,582	)
Carrying book value	W	100,093		1,859		—		(2,582	)		(214	)		99,156

(8) Disposals of subsidiaries

The Group has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024. In addition, the Group has completed the liquidation process of its subsidiaries KHNP Spain, S.L. and KEPCO US Inc. for the year ended December 31, 2023.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows:

In millions of won
As of December 31, 2024
Investees	Key operation activities	Location	Percentage of ownership		Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*9)	Importing and wholesaling LNG	Korea		20.47%	W	94,500		2,289,304
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others	Korea		29.00%		4,727		30,177
Gangwon Wind Power Co., Ltd. (*1)	Power generation	Korea		15.00%		5,725		11,693
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00%		88,885		87,393
Korea Power Exchange (*2)	Management of power market and others	Korea		100.00%		127,839		273,962
Taebaek Guinemi Wind Power Co., Ltd. (*26)	Power generation	Korea		67.25%		12,637		13,559
Daeryun Power Co., Ltd. (*1)	Power generation	Korea		6.85%		46,373		31,093
KNH Solar Co., Ltd.	Power generation	Korea		27.00%		1,296		2,165
SPC Power Corporation (*27)	Power generation	Philippines		38.00%		20,635		107,574
Gemeng International Energy Co., Ltd.	Power generation	China		42.00%		516,007		728,338
PT. Cirebon Electric Power	Power generation	Indonesia		27.50%		40,365		157,530
KNOC Nigerian East Oil Co., Ltd. (*3)	Resources development	Nigeria		14.63%		12		—
KNOC Nigerian West Oil Co., Ltd. (*3)	Resources development	Nigeria		14.63%		12		—
PT Wampu Electric Power	Power generation	Indonesia		46.00%		21,292		39,268
PT. Bayan Resources TBK	Resources development	Indonesia		20.00%		615,860		717,376
S-Power Co., Ltd.	Power generation	Korea		49.00%		132,300		180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00%		87,426		73,065
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal	Indonesia		29.00%		2,978		5,735
Noeul Green Energy Co., Ltd.	Power generation	Korea		29.00%		1,740		—
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00%		262,740		284,542
Gangneung Eco Power Co., Ltd.	Power generation	Korea		29.00%		261,000		241,814
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00%		72,000		139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	Korea		28.00%		194		360
Dongducheon Dream Power Co., Ltd. (*4)	Power generation	Korea		33.61%		148,105		91,351
Jinbhuvish Power Generation Pvt. Ltd. (*1)	Power generation	India		5.16%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation	Korea		46.59%		5,190		1,490
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00%		204,000		279,432
Daegu Photovoltaic Co., Ltd.	Power generation	Korea		29.00%		1,230		2,535
Busan Green Energy Co., Ltd.	Power generation	Korea		29.00%		5,243		2,334
Hansuwon KNP Co., Ltd.	Electric material agency	Korea		28.98%		537		674
Korea Electric Power Corporation Fund (*5)	Developing electric enterprises	Korea		98.09%		11,210		13,353
Energy Infra Asset Management Co., Ltd. (*31)	Asset management	Korea		9.90%		297		1,268
YaksuESS Co., Ltd.	Installing ESS related equipment	Korea		29.00%		210		162
Nepal Water & Energy Development Company Private Limited (*6)	Construction and operation of utility plant	Nepal		68.88%		110,332		170,955
Gwangyang Green Energy Co., Ltd.	Power generation	Korea		20.00%		26,800		24,217
PND solar Co., Ltd.	Power generation	Korea		29.00%		1,250		1,735
Hyundai Eco Energy Co., Ltd. (*1)	Power generation	Korea		19.00%		3,610		8,493
YeongGwang Yaksu Wind Electric Co., Ltd. (*1)	Power generation	Korea		9.63%		533		41
Green Energy Electricity Generation Co., Ltd.	Power generation	Korea		29.00%		1,189		—
Korea Energy Solutions Co., Ltd.	R & D	Korea		20.00%		300		197
ITR Co., Ltd. (*30)	R & D	Korea		8.70%		50		—
STN Co., Ltd.	Technical testing and consulting	Korea		20.00%		25		407

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2024
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Associates>
Indeck Niles Development, LLC	Power generation	USA	50.00%	W	249,274		370,970
Indeck Niles Asset Management, LLC	Power generation	USA	33.33%		—		60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Holding company	Korea	49.00%		6,108		6,119
Suwon New Power Co., Ltd.	Power generation	Korea	39.90%		798		914
Gwangbaek Solar Power Investment Co., Ltd.	Power generation	Korea	44.00%		4,757		5,155
Go deok Clean Energy Co., Ltd.	Fuel cell generation	Korea	40.00%		5,560		5,301
SureDataLab Co., Ltd.	R & D	Korea	23.95%		126		48
SEP Co., Ltd.	R & D	Korea	21.26%		27		—
Hankook Electric Power Information Co., Ltd. (*11)	R & D	Korea	16.16%		38		212
Tronix Co., Ltd. (*11)	R & D	Korea	12.50%		75		146
O2&B Global Co., Ltd.	R & D	Korea	20.00%		25		—
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation	Korea	20.00%		1,570		2,772
Bigeum Resident Photovoltaic Power Co., Ltd. (*29)	Power generation	Korea	27.31%		11,214		7,908
Goesan Solar Park Co., Ltd.	Power generation	Korea	29.00%		1,276		3,133
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation	Korea	35.00%		11,022		16,137
Bitgoel Eco Energy Co., Ltd.	Power generation	Korea	49.25%		7,880		13,701
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation	Korea	30.00%		714		250
Seoroseoro Sunny Power Plant Co., Ltd.	Power generation	Korea	42.58%		706		1,030
Muan Solar park Co., Ltd.	Power generation	Korea	20.00%		4,400		6,267
YuDang Solar Co., Ltd.	Power generation	Korea	20.00%		360		617
Anjwa Smart Farm & Solar City Co., Ltd.	Power generation	Korea	20.00%		5,651		8,298
KPE Green Energy Co., Ltd.	Power generation	Korea	25.36%		3,910		8,230
G.GURU Co., Ltd.	R & D	Korea	24.65%		493		34
UD4M Co., Ltd. (*8)	R & D	Korea	12.50%		75		121
Dongbu Highway Solar Co., Ltd.	Power generation	Korea	20.00%		190		512
Seobu Highway Solar Co., Ltd.	Power generation	Korea	20.00%		195		579
Korea Energy Data Co., Ltd.	R & D	Korea	29.37%		60		23
Gangneung Sacheon Fuel Cell Co., Ltd.	Power generation	Korea	41.00%		5,695		9,306
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation	Korea	34.00%		12,570		22,909
Chuncheon Green Energy Co., Ltd.	Power generation	Korea	45.00%		9,540		17,672
Yeomsubong Wind Power Co., Ltd.	Power generation	Korea	29.00%		1,411		603
Yeongyang Wind Power Corporation II	Power generation	Korea	30.00%		7,965		11,301
Haeparang Energy Co., Ltd.	Power generation	Korea	25.00%		2,241		1,950
Saemangeum Sebit Power Plant Co., Ltd. (*10)	Power generation	Korea	55.14%		21,037		37,110
PlatformN. Co., Ltd.	R & D	Korea	29.58%		105		—
PT. Cirebon Energi Prasarana (*7)	Power generation	Indonesia	10.00%		26,710		96,846
Green Radiation Co., Ltd. (*11)	R & D	Korea	9.00%		20		—
Future Convergence Technology Laboratory. Co., Ltd.	R & D	Korea	20.12%		76		22
Eco Motion Co., Ltd.	R & D	Korea	20.00%		90		229
REC’s Innovation Co., Ltd. (*31)	R & D	Korea	11.04%		81		155
ACE	R & D	Korea	20.00%		25		5
Environment and Energy Co., Ltd. (*11)	R & D	Korea	10.54%		11		3
Santiago Solar Power SpA	Power generation	Chile	50.00%		13,851		6,961
Yanggu Floating Photovoltaic Power Plant Inc.	Power generation	Korea	29.00%		904		846
Power Embedded	R & D	Korea	23.33%		70		68
Changwon SG Energy Co., Ltd. (*11)	Power generation	Korea	18.78%		900		682
Donpyung Technology. Co., Ltd.	R & D	Korea	20.00%		125		281
HORANG ENERGY Inc.	Power generation	Korea	40.00%		4,240		3,808
Hoenggye Renewable Energy Co., Ltd	Power generation	Korea	36.12%		2,375		2,375
Haman Green Energy Co., Ltd.	Power generation	Korea	35.00%		4,771		2,810
Songsan Green Energy Co., Ltd. (*6)	Power generation	Korea	60.00%		8,400		7,908
SkyPic Inc.	R & D	Korea	20.00%		26		26
HyChangwon Fuel Cell. Co., Ltd.	Power generation	Korea	40.00%		9,396		9,278
Dreams Co.,Ltd. (*11)	R & D	Korea	11.00%		11		11
DEEPAI Co.,Ltd. (*11, 36)	R & D	Korea	1.20%		11		11
Amaala Sustainable Company for Energy LLC (*7)	Power generation	Saudi Arabia	10.00%		18		18
				W	3,394,833		6,704,754

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2024
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company	Netherlands	49.00%	W	44,405		86,450
Shuweihat Asia Operation & Maintenance Company (*12)	Maintenance of utility plant	Cayman	55.00%		30		2,138
Waterbury Lake Uranium L.P. (*13)	Resources development	Canada	29.68%		20,753		23,756
ASM-BG Investicii AD	Power generation	Bulgaria	50.00%		9,846		16,936
RES Technology AD	Power generation	Bulgaria	50.00%		11,922		15,069
KV Holdings, Inc. (*27)	Power generation	Philippines	40.00%		2,103		6,921
KEPCO SPC Power Corporation (*12,27)	Construction and operation of utility plant	Philippines	60.00%		94,579		159,139
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation	China	40.00%		16,621		7,919
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China	40.00%		121,928		204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China	40.00%		39,872		48,325
Rabigh Electricity Company(*13)	Power generation	Saudi arabia	40.00%		109,743		269,893
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant	Saudi arabia	40.00%		70		8,311
Jamaica Public Service Company Limited	Power generation	Jamaica	40.00%		301,910		412,616
KW Nuclear Components Co., Ltd.	Manufacturing	Korea	45.00%		833		18,758
Busan Shinho Solar Power Co., Ltd.	Power generation	Korea	25.00%		2,100		6,993
Global Trade Of Power System Co., Ltd. (*14)	Exporting products and technology of small or medium business by proxy	Korea	29.00%		290		696
Expressway Solar-light Power Generation Co., Ltd.	Power generation	Korea	50.00%		1,856		5,771
Amman Asia Electric Power Company (*12)	Power generation	Jordan	60.00%		111,476		268,864
KAPES, Inc. (*12)	R & D	Korea	51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation	Korea	29.00%		3,480		4,833
Korea Power Engineering Service Co., Ltd.	Construction and service	Korea	29.00%		290		6,054
Chun-cheon Energy Co., Ltd.	Power generation	Korea	29.90%		52,700		36,599
Yeonggwangbaeksu Wind Power Co., Ltd. (*14)	Power generation	Korea	15.00%		3,000		3,729
Nghi Son 2 Power LLC	Power generation	Vietnam	50.00%		175,261		563,079
Kelar S.A. (*12)	Power generation	Chile	65.00%		78,060		152,367
PT. Tanjung Power Indonesia	Power generation	Indonesia	35.00%		57,039		100,580
Incheon New Power Co., Ltd. (*16)	Power generation	Korea	29.00%		461		302
Seokmun Energy Co., Ltd.	Power generation	Korea	29.00%		15,370		15,456
Daehan Wind Power PSC	Power generation	Jordan	50.00%		7,493		21,327
Barakah One Company (*17)	Power generation	UAE	18.00%		118		—
Nawah Energy Company (*17)	Operation of utility plant	UAE	18.00%		296		392
MOMENTUM	International thermonuclear experimental reactor construction management	France	33.33%		1		195
Daegu Green Power Co., Ltd. (*18)	Power generation	Korea	29.00%		46,225		30,513
Yeonggwang Wind Power Co., Ltd.	Power generation	Korea	46.00%		17,475		26,146
Chester Solar IV SpA (*15)	Power generation	Chile	90.00%		2,776		1,452
Chester Solar V SpA (*15)	Power generation	Chile	90.00%		634		262
Diego de Almagro Solar SpA (*15)	Power generation	Chile	90.00%		2,902		1,700
South Jamaica Power Company Limited	Power generation	Jamaica	20.00%		20,430		48,760
Daesan Green Energy Co., Ltd.	Power generation	Korea	35.00%		17,850		25,331
RE Holiday Holdings LLC	Power generation	USA	50.00%		42,948		89,780
RE Pioneer Holdings LLC	Power generation	USA	50.00%		27,891		55,622
RE Barren Ridge 1 Holdings LLC	Power generation	USA	50.00%		28,021		59,806
RE Astoria 2 LandCo LLC	Power generation	USA	50.00%		5,188		8,119
RE Barren Ridge LandCo LLC	Power generation	USA	50.00%		2,187		2,857
Laurel SpA (*15)	Power generation	Chile	90.00%		2,156		1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14)	Power generation	Australia	12.37%		4,095		1,149
Cheong-Song Noraesan Wind Power Co., Ltd. (*13)	Power generation	Korea	29.01%		3,200		4,317
Chester Solar I SpA (*15)	Power generation	Chile	90.00%		1,316		1,649
Solar Philippines Calatagan Corporation	Power generation	Philippines	38.00%		47,903		63,695
Saemangeum Solar Power Co., Ltd. (*19)	Power generation	Korea	81.01%		26,400		23,277
Chungsongmeon BongSan wind power Co., Ltd. (*14)	Power generation	Korea	29.00%		2,900		2,590
Jaeun Resident Wind Power Plant Co., Ltd. (*14)	Power generation	Korea	29.00%		2,494		2,045
DE Energia SpA	Power generation	Chile	49.00%		8,364		11,062
Dangjin Eco Power Co., Ltd.	Power generation	Korea	34.00%		25,661		26,867

94

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2024
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Joint ventures>
Haemodum Solar Co., Ltd.	Power generation	Korea	49.00%	W	2,940		3,230
Yangyang Wind Power Co., Ltd.	Power generation	Korea	50.00%		12,000		11,640
HORUS SOLAR, S.A. DE C.V. (*20)	Renewable power generation	Mexico	14.95%		5,068		1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20)	Renewable power generation	Mexico	14.95%		3,678		4,452
SUNMEX RENOVABLES, S.A. DE C.V. (*20)	Renewable power generation	Mexico	14.95%		1,678		1,687
Stavro Holding II A.B.	Holding company	Sweden	20.00%		18,566		16,459
Solaseado Solar Power Co., Ltd.	Power generation	Korea	39.00%		7,020		22,793
Yeongam Solar Power Co., Ltd. (*14)	Power generation	Korea	19.00%		6,460		11,828
Samsu Wind Power Co., Ltd. (*14)	Power generation	Korea	19.00%		2,637		2,851
Pulau Indah Power Plant Sdn. Bhd.	Power generation	Malaysia	25.00%		39,052		50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Holding company	Korea	29.53%		20,857		15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*12)	Holding company	Korea	90.00%		14,848		15,496
PT Barito Wahana Tenaga	Power generation	Indonesia	30.61%		59,574		207,565
Cheongna Energy Co., Ltd. (*19)	Generating and distributing vapor and hot/cold water	Korea	50.10%		49,344		46,158
Naepo Green Energy Co., Ltd.	Power generation	Korea	29.20%		29,200		48,031
Boim Combined Heat and Power Generation Co., Ltd. (*21)	Power generation	Korea	30.66%		71,070		—
OneEnergy Asia Limited	Power generation	Vietnam	40.00%		258,011		465,349
KAS INVESTMENT I LLC (*13)	Holding company	USA	29.89%		23,437		6,078
KAS INVESTMENT II LLC (*13)	Holding company	USA	29.89%		23,343		6,040
Energyco Co., Ltd.	Power generation	Korea	29.00%		1,659		2,322
CAES, LLC	Holding company	USA	36.00%		19,414		20,659
Hapcheon Floating Photovoltaic Power Plant Inc. (*14)	Power generation	Korea	49.00%		7,512		11,334
Busan Industrial Solar Power Co., Ltd.	Power generation	Korea	28.02%		510		1,160
Bitsolar Energy Co., Ltd.	Power generation	Korea	27.10%		352		—
Pulau Indah O&M Sdn. Bhd. (*14)	Power generation	Malaysia	40.00%		—		—
Guadalupe Solar SpA (*22)	Power generation	Chile	60.00%		1,397		781
Omisan Wind Power Co., Ltd.	Power generation	Korea	42.00%		10,752		10,859
Foresight Iberian Solar Group Holding, S.L. (*22)	Power generation	Spain	75.00%		10,564		—
Yeongwol Eco Wind Co., Ltd.	Power generation	Korea	29.00%		3,089		890
Gurae Resident Power Co., Ltd.	Power generation	Korea	29.00%		386		333
Cheongju Eco Park Co., Ltd.	Power generation	Korea	29.00%		5,858		10,636
Enel X Midland Photovoltaic, LLC	Power generation	Korea	20.00%		2,211		2,715
Geumsungsan Wind Power Co., Ltd.	Power generation	Korea	29.00%		6,531		7,840
KEPCO KPS CARABAO Corp. (*16)	Utility plant maintenance	Philippines	40.00%		93		—
Prime Swedish Holding AB	Holding company	Sweden	45.00%		35,410		37,559
Goheung New Energy Co., Ltd.	Power generation	Korea	46.15%		12,959		15,768
Gunsan Land Solar Co., Ltd. (*22,28)	Power generation	Korea	75.29%		19,091		23,163
CapMan Lynx SCA, SICAR	Holding company	Luxembourg	50.00%		9,601		—
International Offshore Power Transmission Holding Company Limited	Undersea transmission network operation	UAE	35.00%		—		11,038
Pyeongchang Wind Power Co., Ltd. (*25)	Power generation	Korea	58.00%		9,329		12,147
Eumseong Eco Park Co., Ltd.	Power generation	Korea	29.00%		5,741		11,613
Changwon Nu-ri Energy Co., Ltd. (*14)	Fuel cell generation	Korea	61.00%		8,095		7,658
PungBack Wind Farm Corporation (*24)	Power generation	Korea	32.89%		7,885		7,760
Trumbull Asset Management, LLC (*25)	Holding company	USA	78.00%		1		1,297
S-Power Chile SpA	Power generation	Chile	50.00%		127		159
Seungmun Green Energy	Power generation	Korea	33.00%		8,973		12,745
Seobusambo highway photovoltaics Co., Ltd. (*23)	Power generation	Korea	80.00%		3,020		3,309

95

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2024
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.(*13)	Power generation	Korea	29.00%	W	10,498		8,643
KEPCO for Power Company (*32)	Power generation	Saudi arabia	60.00%		3,083		17,906
Taebaek Wind Power Co., Ltd. (*33)	Power generation	Korea	60.00%		11,494		14,759
Jeonju Bio Green Energy Co., Ltd.(*22)	Power generation	Korea	65.00%		3,250		2,566
Kumyang Eco Park Co., Ltd.	Power generation	Korea	29.00%		3,663		3,841
Jeongeup Green Power Co., Ltd. (*34)	Power generation	Korea	44.86%		9,600		8,846
Hadong E-factory Co., Ltd.(*13)	Power generation	Korea	29.99%		350		344
Namyangju Combined Heat and Power Co., Ltd. (*35)	Generating and distributing vapor and hot/cold water	Korea	70.10%		53,977		51,768
Samcheok Eco Materials Co., Ltd. (*37)	Recycling fly ashes	Korea	25.54%		686		—
Wadi Noor Solar Power Company SAOC	Power generation	Oman	50.00%		847		1,392
Fairhaven Energy Storage LLC	Power generation	USA	35.00%		1,505		—
Rutile BESS Holdings, LLC	Holding company	USA	50.00%		106		1
Trumbull Development Partners, LLC	Holding company	USA	56.23%		304,836		355,379
Imha Floating Photovoltaic Power Plant Inc.(*13)	Power generation	Korea	49.00%		7,174		6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED	Holding company	UAE	50.00%		1		85
Roof One Energy Co., Ltd.	Holding company	Korea	48.00%		2,000		2,000
					2,880,964		4,581,340
				W	6,275,797		11,286,094

(*1) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

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

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

(*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% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(*7) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

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

(*9) The effective percentage of ownership is 21.66%, considering hybrid bonds.

(*10) 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.

(*11) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the entity.

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

96

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

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

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

(*15) Although the Group holds majority of shares in the entities marked above by acquiring additional shares for the year ended December 31, 2024, the entities are classified as joint ventures due to the shareholders’ agreement requiring unanimous approval from the entities’ board of directors for making material decisions on financial and operational policies.

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

(*17) The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*18) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

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

(*20) The effective percentage of ownership is less than 50%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*21) According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

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

(*23) Although the effective percentage of ownership is more than 50%, decisions in relevant activities must be agreed by all members of the board of directors.

(*24) The effective percentage of ownership is 37%, considering potential common stock.

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

(*26) The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, 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.

(*27) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2023.

(*28) The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.

(*29) During the year ended December 31, 2024, the long-term loan to Bigeum Resident Photovoltaic Power Co., Ltd. was converted into equity.

97

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

(*30) Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s directors.

(*31) Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.

(*32) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders’ agreement.

(*33) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies due to the joint shareholders’ agreement.

(*34) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .

(*35) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors.

(*36) The effective ownership interest is 1.32%, considering convertible redeemable preferred shares.

(*37) Although the Group’s effective percentage of ownership is less than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies as the joint shareholders’ agreement revised in the year ended December 31, 2024.

98

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
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		1,970,643
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others	Korea		29.00%		4,727		29,500
YTN Co., Ltd. (*1)	Broadcasting	Korea		21.43%		59,000		52,303
Gangwon Wind Power Co., Ltd. (*2)	Power generation	Korea		15.00%		5,725		12,001
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00%		88,885		118,173
Korea Power Exchange (*3)	Management of power market and others	Korea		100.00%		127,839		274,286
Taebaek Guinemi Wind Power Co., Ltd. (*28)	Power generation	Korea		67.25%		12,637		13,530
Daeryun Power Co., Ltd. (*2)	Power generation	Korea		6.85%		46,373		26,834
KNH Solar Co., Ltd.	Power generation	Korea		27.00%		1,296		3,194
SPC Power Corporation (*29)	Power generation	Philippines		38.00%		20,635		78,931
Gemeng International Energy Co., Ltd.	Power generation	China		42.00%		516,007		705,812
PT. Cirebon Electric Power	Power generation	Indonesia		27.50%		40,365		134,259
KNOC Nigerian East Oil Co., Ltd. (*4)	Resources development	Nigeria		14.63%		12		—
KNOC Nigerian West Oil Co., Ltd. (*4)	Resources development	Nigeria		14.63%		12		—
PT Wampu Electric Power	Power generation	Indonesia		46.00%		21,292		34,555
PT. Bayan Resources TBK	Resources development	Indonesia		20.00%		615,860		619,207
S-Power Co., Ltd.	Power generation	Korea		49.00%		132,300		162,765
Pioneer Gas Power Limited	Power generation	India		38.50%		49,831		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00%		87,426		116,378
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal	Indonesia		29.00%		2,978		5,168
Samcheok Eco Materials Co., Ltd. (*5)	Recycling fly ashes	Korea		25.54%		686		—
Noeul Green Energy Co., Ltd.	Power generation	Korea		29.00%		1,740		—
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00%		262,740		287,624
Gangneung Eco Power Co., Ltd. (*17)	Power generation	Korea		29.00%		261,000		254,929
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00%		72,000		145,026
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	Korea		28.00%		194		294
Dongducheon Dream Power Co., Ltd. (*6)	Power generation	Korea		33.61%		148,105		87,203
Jinbhuvish Power Generation Pvt. Ltd. (*2)	Power generation	India		5.16%		9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation	Korea		46.59%		5,190		1,483
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00%		204,000		259,085
Daegu Photovoltaic Co., Ltd.	Power generation	Korea		29.00%		1,230		2,804
Busan Green Energy Co., Ltd.	Power generation	Korea		29.00%		5,243		3,259
Hansuwon KNP Co., Ltd.	Electric material agency	Korea		28.98%		537		467
Korea Electric Power Corporation Fund (*7)	Developing electric enterprises	Korea		98.09%		20,847		23,421
Energy Infra Asset Management Co., Ltd. (*33)	Asset management	Korea		9.90%		297		1,213
Daegu clean Energy Co., Ltd.	Renewable power generation	Korea		28.00%		140		—
YaksuESS Co., Ltd.	Installing ESS related equipment	Korea		29.00%		210		285
Nepal Water & Energy Development Company Private Limited (*8,17)	Construction and operation of utility plant	Nepal		68.88%		110,332		110,573
Gwangyang Green Energy Co., Ltd.	Power generation	Korea		20.00%		26,800		24,638
PND solar Co., Ltd.	Power generation	Korea		29.00%		1,250		1,510
Hyundai Eco Energy Co., Ltd. (*2)	Power generation	Korea		19.00%		3,610		7,947
YeongGwang Yaksu Wind Electric Co., Ltd. (*2)	Power generation	Korea		9.63%		533		133
Green Energy Electricity Generation Co., Ltd.	Power generation	Korea		29.00%		1,189		8
Korea Energy Solutions Co., Ltd.	R & D	Korea		20.00%		300		170
ITR Co., Ltd. (*32)	R & D	Korea		10.00%		50		—
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)	Technical testing and consulting	Korea		20.00%		25		391

99

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
Investees	Key operation activities	Location	Percentage of ownership		Acquisition cost		Book value
<Associates>
Indeck Niles Development, LLC	Power generation	USA		50.00%	W	263,825		335,401
Indeck Niles Asset Management, LLC	Power generation	USA		33.33%		—		93
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Holding company	Korea		49.00%		6,482		6,496
Suwon New Power Co., Ltd.	Power generation	Korea		39.90%		798		1,022
Gwangbaek Solar Power Investment Co., Ltd.	Power generation	Korea		44.00%		4,757		5,155
Go deok Clean Energy Co., Ltd.	Fuel cell generation	Korea		40.00%		5,560		4,723
SureDataLab Co., Ltd.	R & D	Korea		23.95%		126		114
SEP Co., Ltd.	R & D	Korea		21.26%		27		—
Hankook Electric Power Information Co., Ltd. (*13)	R & D	Korea		16.49%		38		214
Tronix Co., Ltd. (*13)	R & D	Korea		12.50%		75		220
O2&B Global Co., Ltd.	R & D	Korea		20.00%		25		21
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation	Korea		20.00%		1,570		2,822
Bigeum Resident Photovoltaic Power Co., Ltd.	Power generation	Korea		29.90%		1		—
Goesan Solar Park Co., Ltd.	Power generation	Korea		29.00%		1,276		2,877
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation	Korea		35.00%		11,022		14,420
Bitgoel Eco Energy Co., Ltd.	Power generation	Korea		49.25%		7,880		12,394
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation	Korea		30.00%		714		246
Seoroseoro Sunny Power Plant Co., Ltd.	Power generation	Korea		42.58%		706		941
Muan Solar park Co., Ltd.	Power generation	Korea		20.00%		4,400		6,830
YuDang Solar Co., Ltd.	Power generation	Korea		20.00%		360		570
Anjwa Smart Farm & Solar City Co., Ltd.	Power generation	Korea		20.00%		5,651		7,665
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)	Power generation	Korea		25.36%		3,910		7,779
G.GURU Co., Ltd.	R & D	Korea		24.65%		493		167
UD4M Co., Ltd. (*10)	R & D	Korea		12.50%		75		150
Dongbu Highway Solar Co., Ltd.	Power generation	Korea		20.00%		190		380
Seobu Highway Solar Co., Ltd.	Power generation	Korea		20.00%		195		406
Korea Energy Data Co., Ltd.	R & D	Korea		29.37%		60		36
Gangneung Sacheon Fuel Cell Co., Ltd.	Power generation	Korea		41.00%		5,695		7,870
KOSTURE Co., Ltd. (*2)	Coal recycling business	Korea		4.42%		7		8
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation	Korea		34.00%		12,570		19,426
Chuncheon Green Energy Co., Ltd.	Power generation	Korea		45.00%		9,540		8,900
Yeomsubong Wind Power Co., Ltd. (*11)	Power generation	Korea		29.00%		1,411		871
Yeongyang Wind Power Corporation II	Power generation	Korea		30.00%		7,965		10,100
Haeparang Energy Co., Ltd.	Power generation	Korea		25.00%		2,241		2,104
Saemangeum Sebit Power Plant Co., Ltd. (*12)	Power generation	Korea		55.14%		21,037		37,191
Boulder Solar III, LLC	Power generation	USA		30.00%		715		754
PlatformN. Co., Ltd.	R & D	Korea		29.58%		105		—
PT. Cirebon Energi Prasarana (*9)	Power generation	Indonesia		10.00%		26,710		76,597
Green Radiation Co., Ltd. (*13)	R & D	Korea		10.00%		20		26
Future Convergence Technology Laboratory. Co., Ltd.	R & D	Korea		20.12%		76		36
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)	R & D	Korea		20.00%		90		267
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) (*33)	R & D	Korea		16.67%		81		120
ACE	R & D	Korea		20.00%		25		2
Environment and Energy Co., Ltd. (*13)	R & D	Korea		10.54%		11		9
Santiago Solar Power SpA	Power generation	Chile		50.00%		13,851		11,769
Yanggu Floating Photovoltaic Power Plant Inc.	Power generation	Korea		29.00%		904		760
Power Embedded	R & D	Korea		23.33%		70		70
Changwon SG Energy Co., Ltd. (*13)	Power generation	Korea		18.78%		900		783
Donpyung Technology. Co., Ltd.	R & D	Korea		20.00%		125		254
HORANG ENERGY Inc.	Power generation	Korea		40.00%		4,240		4,149
Hoenggye Renewable Energy Co., Ltd	Power generation	Korea		36.12%		2,375		2,375
Haman Green Energy Co., Ltd.	Power generation	Korea		35.00%		4,771		2,981
Songsan Green Energy Co., Ltd. (*21)	Power generation	Korea		60.00%		8,400		8,323
					W	3,509,099		6,176,889

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company	Netherlands	49.00%	W	44,405		69,902
Shuweihat Asia Operation & Maintenance Company (*14)	Maintenance of utility plant	Cayman	55.00%		30		1,818
Waterbury Lake Uranium L.P. (*15)	Resources development	Canada	30.65%		26,602		22,612
ASM-BG Investicii AD	Power generation	Bulgaria	50.00%		9,846		14,739
RES Technology AD	Power generation	Bulgaria	50.00%		11,922		14,383
KV Holdings, Inc. (*29)	Power generation	Philippines	40.00%		2,103		5,186
KEPCO SPC Power Corporation (*14,29)	Construction and operation of utility plant	Philippines	75.20%		94,579		196,544
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation	China	40.00%		16,621		6,315
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China	40.00%		121,928		186,739
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China	40.00%		39,872		43,207
Rabigh Electricity Company	Power generation	Saudi arabia	40.00%		109,743		235,051
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant	Saudi arabia	40.00%		70		4,964
Jamaica Public Service Company Limited	Power generation	Jamaica	40.00%		301,910		349,866
KW Nuclear Components Co., Ltd.	Manufacturing	Korea	45.00%		833		18,680
Busan Shinho Solar Power Co., Ltd.	Power generation	Korea	25.00%		2,100		6,669
Global Trade Of Power System Co., Ltd. (*16)	Exporting products and technology of small or medium business by proxy	Korea	29.00%		290		615
Expressway Solar-light Power Generation Co., Ltd.	Power generation	Korea	50.00%		1,856		5,187
Amman Asia Electric Power Company (*14)	Power generation	Jordan	60.00%		111,476		223,424
KAPES, Inc. (*14)	R & D	Korea	51.00%		5,629		—
Honam Wind Power Co., Ltd.	Power generation	Korea	29.00%		3,480		4,743
Korea Power Engineering Service Co., Ltd.	Construction and service	Korea	29.00%		290		5,708
Chun-cheon Energy Co., Ltd.	Power generation	Korea	29.90%		52,700		35,083
Yeonggwangbaeksu Wind Power Co., Ltd. (*16)	Power generation	Korea	15.00%		3,000		3,443
Nghi Son 2 Power LLC	Power generation	Vietnam	50.00%		175,261		417,989
Kelar S.A. (*14)	Power generation	Chile	65.00%		78,060		131,529
PT. Tanjung Power Indonesia	Power generation	Indonesia	35.00%		57,039		90,151
Incheon New Power Co., Ltd. (*18)	Power generation	Korea	29.00%		461		298
Seokmun Energy Co., Ltd.	Power generation	Korea	29.00%		15,370		16,591
Daehan Wind Power PSC	Power generation	Jordan	50.00%		7,493		16,426
Barakah One Company (*19)	Power generation	UAE	18.00%		118		—
Nawah Energy Company (*19)	Operation of utility plant	UAE	18.00%		296		330
MOMENTUM	International thermonuclear experimental reactor construction management	France	33.33%		1		209
Daegu Green Power Co., Ltd. (*20)	Power generation	Korea	29.00%		46,225		26,430
Yeonggwang Wind Power Co., Ltd.	Power generation	Korea	46.00%		17,475		23,380
Chester Solar IV SpA	Power generation	Chile	45.00%		1,700		484
Chester Solar V SpA	Power generation	Chile	45.00%		525		191
Diego de Almagro Solar SpA	Power generation	Chile	45.00%		2,091		954
South Jamaica Power Company Limited	Power generation	Jamaica	20.00%		20,430		43,109
Daesan Green Energy Co., Ltd.	Power generation	Korea	35.00%		17,850		22,191
RE Holiday Holdings LLC	Power generation	USA	50.00%		42,948		84,092
RE Pioneer Holdings LLC	Power generation	USA	50.00%		27,891		54,081
RE Barren Ridge 1 Holdings LLC	Power generation	USA	50.00%		28,021		58,154
RE Astoria 2 LandCo LLC	Power generation	USA	50.00%		5,188		6,937
RE Barren Ridge LandCo LLC	Power generation	USA	50.00%		2,187		2,441
Laurel SpA	Power generation	Chile	45.00%		1,222		613
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*16)	Power generation	Australia	12.37%		4,095		3,719
Cheong-Song Noraesan Wind Power Co., Ltd. (*15)	Power generation	Korea	29.01%		3,200		3,756
Chester Solar I SpA	Power generation	Chile	45.00%		1,181		1,238
Solar Philippines Calatagan Corporation	Power generation	Philippines	38.00%		47,903		58,130
Saemangeum Solar Power Co., Ltd. (*21)	Power generation	Korea	81.01%		26,400		23,419
Chungsongmeon BongSan wind power Co., Ltd. (*16)	Power generation	Korea	29.00%		2,900		2,665

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
Investees	Key operation activities	Location	Percentage of ownership	Acquisition cost		Book value
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd. (*16)	Power generation	Korea	29.00%	W	2,494		2,214
DE Energia SpA	Power generation	Chile	49.00%		8,364		9,703
Dangjin Eco Power Co., Ltd.	Power generation	Korea	34.00%		25,661		26,753
Haemodum Solar Co., Ltd.	Power generation	Korea	49.00%		2,940		3,122
Yangyang Wind Power Co., Ltd.	Power generation	Korea	50.00%		12,000		10,435
HORUS SOLAR, S.A. DE C.V. (*22)	Renewable power generation	Mexico	14.95%		5,068		11,181
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*22)	Renewable power generation	Mexico	14.95%		3,678		10,935
SUNMEX RENOVABLES, S.A. DE C.V. (*22)	Renewable power generation	Mexico	14.95%		1,678		3,541
Stavro Holding II A.B.	Holding company	Sweden	20.00%		18,566		18,263
Solaseado Solar Power Co., Ltd.	Power generation	Korea	39.00%		7,020		17,953
Yeongam Solar Power Co., Ltd. (*16)	Power generation	Korea	19.00%		6,460		9,637
Samsu Wind Power Co., Ltd. (*16)	Power generation	Korea	19.00%		2,637		3,022
Pulau Indah Power Plant Sdn. Bhd.	Power generation	Malaysia	25.00%		24,339		25,603
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Holding company	Korea	29.53%		19,897		21,897
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*14)	Holding company	Korea	90.00%		14,916		15,487
PT Barito Wahana Tenaga	Power generation	Indonesia	30.61%		59,574		156,994
Cheongna Energy Co., Ltd. (*21)	Generating and distributing vapor and hot/cold water	Korea	50.10%		49,344		25,549
Naepo Green Energy Co., Ltd.	Power generation	Korea	29.20%		29,200		5,285
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) (*23)	Power generation	Korea	30.66%		71,070		—
OneEnergy Asia Limited	Power generation	Vietnam	40.00%		195,130		289,966
KAS INVESTMENT I LLC (*15)	Holding company	USA	29.89%		23,437		15,784
KAS INVESTMENT II LLC (*15)	Holding company	USA	29.89%		23,343		15,709
Energyco Co., Ltd.	Power generation	Korea	29.00%		1,659		2,140
CAES, LLC	Holding company	USA	36.00%		19,414		20,380
Hapcheon Floating Photovoltaic Power Plant Inc. (*16)	Power generation	Korea	49.00%		7,512		10,348
Busan Industrial Solar Power Co., Ltd.	Power generation	Korea	28.02%		510		1,058
Bitsolar Energy Co., Ltd.	Power generation	Korea	27.10%		352		352
Pulau Indah O&M Sdn. Bhd. (*24)	Power generation	Malaysia	60.00%		—		—
Guadalupe Solar SpA (*24)	Power generation	Chile	60.00%		1,397		1,200
Omisan Wind Power Co., Ltd.	Power generation	Korea	42.00%		10,752		10,229
Foresight Iberian Solar Group Holding, S.L. (*24)	Power generation	Spain	75.00%		10,564		8,119
Yeongwol Eco Wind Co., Ltd.	Power generation	Korea	29.00%		3,089		4,024
Gurae Resident Power Co., Ltd.	Power generation	Korea	29.00%		386		569
Cheongju Eco Park Co., Ltd.	Power generation	Korea	29.00%		5,858		9,072
Enel X Midland Photovoltaic, LLC	Power generation	Korea	20.00%		2,211		2,542
Geumsungsan Wind Power Co., Ltd.	Power generation	Korea	29.00%		6,531		5,515
KEPCO KPS CARABAO Corp. (*18)	Utility plant maintenance	Philippines	40.00%		93		—
Prime Swedish Holding AB	Holding company	Sweden	45.00%		36,227		38,789
Goheung New Energy Co., Ltd.	Power generation	Korea	46.15%		12,959		15,736
Gunsan Land Solar Co., Ltd. (*24,30)	Power generation	Korea	75.29%		19,091		22,429
CapMan Lynx SCA, SICAR	Holding company	Luxembourg	50.00%		9,601		—
International Offshore Power Transmission Holding Company Limited	Undersea transmission network operation	UAE	35.00%		—		1,423
Pyeongchang Wind Power Co., Ltd. (*27)	Power generation	Korea	58.00%		9,329		12,228
Eumseong Eco Park Co., Ltd.	Power generation	Korea	29.00%		5,741		8,386
Changwon Nu-ri Energy Co., Ltd. (*16)	Fuel cell generation	Korea	61.00%		8,095		8,027
PungBack Wind Farm Corporation (*26)	Power generation	Korea	32.89%		7,885		7,940
Trumbull Asset Management, LLC (*27)	Holding company	USA	78.00%		1		936
S-Power Chile SpA	Power generation	Chile	50.00%		127		64
Seungmun Green Energy	Power generation	Korea	33.00%		8,973		9,757
Seobusambo highway photovoltaics Co., Ltd. (*25)	Power generation	Korea	80.00%		3,020		3,580

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
Investees	Key operation activities	Location		Percentage of ownership		Acquisition cost		Book value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.(*15)	Power generation		Korea		29.00%	W	10,498		9,608
KEPCO for Power Company (*34)	Power generation		Saudi arabia		60.00%		3,083		435
Taebaek Wind Power Co., Ltd. (*35)	Power generation		Korea		60.00%		11,494		13,932
Jeonju Bio Green Energy Co., Ltd.(*24)	Power generation		Korea		65.00%		3,250		3,195
Kumyang Eco Park Co., Ltd.	Power generation		Korea		29.00%		3,663		3,663
Jeongeup Green Power Co., Ltd. (*36)	Power generation		Korea		18.71%		1,560		1,560
Hadong E-factory Co., Ltd.(*15)	Power generation		Korea		29.99%		350		349
Namyangju Combined Heat and Power Co., Ltd. (*37)	Generating and distributing vapor and hot/cold water		Korea		55.00%		3,850		3,850
Wadi Noor Solar Power Company SAOC	Power generation		Oman		50.00%		847		846
Fairhaven Energy Storage LLC (*31)	Power generation		USA		35.00%		—		—
							2,431,604		3,485,699
						W	5,940,703		9,662,588

(*1) the Group is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the group hasn’t started the active selling procedures as of December 31, 2023.

(*2) The effective percentage of ownership is less than 20%. However, the Group can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Group’s financial and operating policy of the board of directors.

(*3) The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

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

(*5) Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component. The redeemable convertible preferred stock has been repaid in the current period.

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

(*7) The effective percentage of ownership is more than 50% but the Group does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.

(*8) The effective percentage of ownership is more than 50% but the Group does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(*9) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the decisions related to finance and operation.

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

(*11) The effective percentage of ownership decreased due to the disproportionate paid-in capital increase.

(*12) The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2023. 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.

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

(*13) The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the entity.

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

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

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

(*17) The effective percentage of ownership changed due to the disproportionate capital reduction of financial investors during the year ended December 31, 2023.

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

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

(*20) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

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

(*22) The effective percentage of ownership is more than 20%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*23) According to the Boim Combined Heat and Power Generation Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group was deemed to have acquired an additional 15.6% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Group has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

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

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

(*26) The effective percentage of ownership is 37%, considering potential common stock.

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

(*28) The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, 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.

(*29) The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2023.

(*30) The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Group has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.

(*31) Although the investment has not yet been paid, commitment to pay 35% of investment in the future has been made.

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2024 and 2023 are as follows, continued:

(*32) Although the Group’s effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Group has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Group has the right to elect the entity’s directors.

(*33) Although the Group’s effective percentage of ownership is less than 20%, the Group can exercise significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.

(*34) Although the Group’s effective percentage of ownership is more than 50%, the entity is reclassified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders’ agreement concluded during the year ended December 31, 2023.

(*35) Although the Group’s effective percentage of ownership is more than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies, as the joint shareholders’ agreement changed during the year ended December 31, 2023.

(*36) Although the Group’s effective percentage of ownership is less than 20%, the entity is reclassified as a joint venture considering the Group can exercise significant influence on the entity due to the Group’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement.

(*37) Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors.

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(2) The fair values of investments in associates which are actively traded in an open market as of December 31, 2024 and 2023 are as follows:

In millions of won
Investees	As of December 31, 2024		As of December 31, 2023
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	88,489		69,298
Korea Gas Corporation		655,830		466,830
YTN Co., Ltd. (*)		—		54,180
SPC Power Corporation		130,063		92,219
PT. Bayan Resources TBK		12,298,501		11,090,934

(*) The Group sold all of its shares in YTN Co., Ltd. for the year ended December 31, 2024.

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won
For the year ended December 31, 2024
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	1,970,643		—		—			—			248,385			36,628			33,648			2,289,304
Korea Electric Power Industrial Development Co., Ltd.		29,500		—		—			(2,801	)		3,124			—			354			30,177
YTN Co., Ltd.		52,303		—		(52,303	)		—			—			—			—			—
Gangwon Wind Power Co., Ltd.		12,001		—		—			(1,420	)		1,112			—			—			11,693
Hyundai Green Power Co., Ltd.		118,173		—		—			(3,555	)		2,712			—			(29,937	)		87,393
Korea Power Exchange		274,286		—		—			—			2,768			(59	)		(3,033	)		273,962
Taebaek Guinemi Wind Power Co., Ltd.		13,530		—		—			—			29			—			—			13,559
Daeryun Power Co., Ltd.		26,834		—		—			—			4,301			—			(42	)		31,093
KNH Solar Co., Ltd.		3,194		—		—			(1,620	)		591			—			—			2,165
SPC Power Corporation		78,931		—		—			(13,529	)		13,412			28,760			—			107,574
Gemeng International Energy Co., Ltd.		705,812		—		—			(22,908	)		(33,472	)		78,870			36			728,338
PT. Cirebon Electric Power		134,259		—		—			—			4,144			—			19,127			157,530
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			(12,334	)		1,621			10,713			—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			1,519			1,475			(2,994	)		—
PT Wampu Electric Power		34,555		—		—			(3,765	)		3,495			152			4,831			39,268
PT. Bayan Resources TBK		619,207		—		—			(168,698	)		187,634			79,332			(99	)		717,376
S-Power Co., Ltd.		162,765		—		—			—			17,607			—			—			180,372
Pioneer Gas Power Limited		—
Xe-Pian Xe-Namnoy Power Co., Ltd.		116,378		—		—			—			(20,217	)		11,861			(34,957	)		73,065
PT. Mutiara Jawa		5,168		—		—			—			103			464			—			5,735
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Goseong Green Power Co., Ltd.		287,624		—		—			—			(3,026	)		—			(56	)		284,542
Gangneung Eco Power Co., Ltd.		254,929		—		—			—			(13,115	)		—			—			241,814
Shin Pyeongtaek Power Co., Ltd.		145,026		—		—			(30,080	)		24,145			—			(32	)		139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		294		—		—			—			66			—			—			360
Dongducheon Dream Power Co., Ltd.		87,203		—		—			—			4,141			—			7			91,351
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		1,483		—		—			—			7			—			—			1,490
GS Donghae Electric Power Co., Ltd.		259,085		—		—			—			20,323			—			24			279,432
Daegu Photovoltaic Co., Ltd.		2,804		—		—			(344	)		75			—			—			2,535
Busan Green Energy Co., Ltd.		3,259		—		—			—			(910	)		—			(15	)		2,334
Hansuwon KNP Co., Ltd.		467		—		—			—			207			—			—			674
Korea Electric Power Corporation Fund		23,421		—		(9,637	)		—			479			(910	)		—			13,353
Energy Infra Asset Management Co., Ltd.		1,213		—		—			(89	)		144			—			—			1,268
Daegu clean Energy Co., Ltd.		—		—		—			—			—			—			—			—
YaksuESS Co., Ltd.		285		—		—			—			(123	)		—			—			162
Nepal Water & Energy Development Company Private Limited		110,573		—		—			—			7,392			52,990			—			170,955
Gwangyang Green Energy Co., Ltd.		24,638		—		—			—			(421	)		—			—			24,217
PND solar Co., Ltd.		1,510		—		—			—			225			—			—			1,735
Hyundai Eco Energy Co., Ltd.		7,947		—		—			(477	)		1,024			—			(1	)		8,493
YeongGwang Yaksu Wind Electric Co., Ltd.		133		—		—			—			(92	)		—			—			41
Green Energy Electricity Generation Co., Ltd.		8		—		—			—			(8	)		—			—			—
Korea Energy Solutions Co., Ltd.		170		—		—			—			27			—			—			197
ITR Co., Ltd.		—		—		—			—			(12	)		—			12			—
STN Co., Ltd.		391		—		—			—			16			—			—			407
Indeck Niles Development, LLC		335,401		—		(14,551	)		(10,591	)		12,909			47,802			—			370,970
Indeck Niles Asset Management, LLC		93		—		—			(416	)		373			10			—			60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		6,496		—		(374	)		(360	)		358			(1	)		—			6,119
Suwon New Power Co., Ltd.		1,022		—		—			—			(108	)		—			—			914
Gwangbaek Solar Power Investment Co., Ltd.		5,155		—		—			(523	)		523			—			—			5,155
Go deok Clean Energy Co., Ltd.		4,723		—		—			—			578			—			—			5,301
SureDataLab Co., Ltd.		114		—		—			—			(66	)		—			—			48

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
SEP Co., Ltd.	W	—		—		—			—			—			—			—			—
Hankook Electric Power Information Co., Ltd.		214		—		—			—			(2	)		—			—			212
Tronix Co., Ltd.		220		—		—			—			(74	)		—			—			146
O2&B Global Co., Ltd.		21		—		—			—			(21	)		—			—			—
Muan Sunshine Solar Power Plant Co., Ltd.		2,822		—		—			(560	)		510			—			—			2,772
Bigeum Resident Photovoltaic Power Co., Ltd.		—		9,525		—			—			(1,560	)		(57	)		—			7,908
Goesan Solar Park Co., Ltd.		2,877		—		—			—			256			—			—			3,133
Saemangeum Heemang Photovoltaic Co., Ltd.		14,420		—		—			—			1,717			—			—			16,137
Bitgoel Eco Energy Co., Ltd.		12,394		—		—			(1,905	)		3,212			13			(13	)		13,701
Jeju Gimnyeong Wind Power Co., Ltd.		246		—		—			—			4			—			—			250
Seoroseoro Sunny Power Plant Co., Ltd.		941		—		—			—			89			—			—			1,030
Muan Solar park Co., Ltd.		6,830		—		—			(1,400	)		837			—			—			6,267
YuDang Solar Co., Ltd.		570		—		—			(60	)		110			—			(3	)		617
Anjwa Smart Farm & Solar City Co., Ltd.		7,665		—		—			—			633			—			—			8,298
KPE Green Energy Co., Ltd.		7,779		—		—			—			451			—			—			8,230
G.GURU Co., Ltd.		167		—		—			—			(133	)		—			—			34
UD4M Co., Ltd.		150		—		—			—			(29	)		—			—			121
Dongbu Highway Solar Co., Ltd.		380		—		—			—			132			—			—			512
Seobu Highway Solar Co., Ltd.		406		—		—			—			173			—			—			579
Korea Energy Data Co., Ltd.		36		—		—			—			(13	)		—			—			23
Gangneung Sacheon Fuel Cell Co., Ltd.		7,870		—		—			—			1,436			—			—			9,306
KOSTURE Co., Ltd.		8		—		(7	)		—			(1	)		—			—			—
Taebaek Gadeoksan Wind Power Co., Ltd.		19,426		—		—			(1,767	)		5,250			—			—			22,909
Chuncheon Green Energy Co., Ltd.		8,900		—		—			—			8,772			—			—			17,672
Yeomsubong Wind Power Co., Ltd.		871		—		—			—			(268	)		—			—			603
Yeongyang Wind Power Corporation II		10,100		—		—			—			1,201			—			—			11,301
Haeparang Energy Co., Ltd.		2,104		—		—			—			(154	)		—			—			1,950
Saemangeum Sebit Power Plant Co., Ltd.		37,191		—		—			—			(81	)		—			—			37,110
Boulder Solar III, LLC		754		—		(754	)		—			—			—			—			—
PlatformN. Co., Ltd.		—		—		—			—			—			—			—			—
PT. Cirebon Energi Prasarana		76,597		—		—			—			6,051			2,782			11,416			96,846
Green Radiation Co., Ltd.		26		—		—			—			(26	)		—			—			—
Future Convergence Technology Laboratory. Co., Ltd.		36		—		—			—			(14	)		—			—			22
Eco Motion Co., Ltd.		267		—		—			—			(38	)		—			—			229
REC’s Innovation Co., Ltd.		120		—		—			—			59			—			(24	)		155
ACE		2		—		—			—			3			—			—			5
Environment and Energy Co., Ltd.		9		—		—			—			(4	)		(2	)		—			3
Santiago Solar Power SpA		11,769		—		—			—			(4,877	)		69			—			6,961
Yanggu Floating Photovoltaic Power Plant Inc.		760		—		—			—			86			—			—			846
Power Embedded		70		—		—			—			(2	)		—			—			68
Changwon SG Energy Co., Ltd.		783		—		—			—			(101	)		—			—			682
Donpyung Technology. Co., Ltd.		254		—		—			—			27			—			—			281
HORANG ENERGY Inc.		4,149		—		—			—			(341	)		—			—			3,808
Hoenggye Renewable Energy Co., Ltd		2,375		—		—			—			—			—			—			2,375
Haman Green Energy Co., Ltd.		2,981		—		—			—			(145	)		(26	)		—			2,810
Songsan Green Energy Co., Ltd.		8,323		—		—			—			(415	)		—			—			7,908
SkyPic Inc.		—		26		—			—			—			—			—			26
HyChangwon Fuel Cell. Co., Ltd.		—		9,396		—			—			(118	)		—			—			9,278
Dreams Co.,Ltd.		—		11		—			—			—			—			—			11
DEEPAI Co.,Ltd.		—		11		—			—			—			—			—			11
Amaala Sustainable Company for Energy LLC		—		18		—			—			—			—			—			18
		6,176,889		18,987		(77,626	)		(266,868	)		502,636			341,774			8,962			6,704,754

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees	Beginning balance		Acquisitions		Disposals		Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
Shuweihat Asia Power Investment B.V.	W	69,902		—		—		—			1,709			14,839			—			86,450
Shuweihat Asia Operation & Maintenance Company		1,818		—		—		(1,200	)		1,262			258			—			2,138
Waterbury Lake Uranium L.P.		22,612		—		—		—			74			1,070			—			23,756
ASM-BG Investicii AD		14,739		—		—		—			1,413			784			—			16,936
RES Technology AD		14,383		—		—		—			(145	)		831			—			15,069
KV Holdings, Inc.		5,186		—		—		(989	)		720			574			1,430			6,921
KEPCO SPC Power Corporation		196,544		—		—		(28,591	)		16,714			(25,528	)		—			159,139
Gansu Datang Yumen Wind Power Co., Ltd.		6,315		—		—		—			812			792			—			7,919
Datang Chifeng Renewable Power Co., Ltd.		186,739		—		—		(10,624	)		7,772			20,629			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		43,207		—		—		(591	)		813			4,896			—			48,325
Rabigh Electricity Company		235,051		—		—		(7,270	)		17,147			24,965			—			269,893
Rabigh Operation & Maintenance Company Limited		4,964		—		—		—			2,461			886			—			8,311
Jamaica Public Service Company Limited		349,866		—		—		(15,215	)		28,849			49,463			(347	)		412,616
KW Nuclear Components Co., Ltd.		18,680		—		—		(833	)		911			—			—			18,758
Busan Shinho Solar Power Co., Ltd.		6,669		—		—		(667	)		991			—			—			6,993
Global Trade Of Power System Co., Ltd.		615		—		—		—			81			—			—			696
Expressway Solar-light Power Generation Co., Ltd.		5,187		—		—		—			584			—			—			5,771
Amman Asia Electric Power Company		223,424		—		—		(8,171	)		20,485			33,126			—			268,864
KAPES, Inc.		—		—		—		(1,095	)		1,095			—			—			—
Honam Wind Power Co., Ltd.		4,743		—		—		(435	)		525			—			—			4,833
Korea Power Engineering Service Co., Ltd.		5,708		—		—		—			419			—			(73	)		6,054
Chun-cheon Energy Co., Ltd.		35,083		—		—		—			1,516			—			—			36,599
Yeonggwangbaeksu Wind Power Co., Ltd.		3,443		—		—		—			286			—			—			3,729
Nghi Son 2 Power LLC		417,989		—		—		—			45,889			99,201			—			563,079
Kelar S.A.		131,529		—		—		—			4,739			(2,498	)		18,597			152,367
PT. Tanjung Power Indonesia		90,151		—		—		(8,349	)		6,138			14,122			(1,482	)		100,580
Incheon New Power Co., Ltd.		298		—		—		—			4			—			—			302
Seokmun Energy Co., Ltd.		16,591		—		—		—			(1,135	)		—			—			15,456
Daehan Wind Power PSC		16,426		—		—		—			1,779			3,122			—			21,327
Barakah One Company		—		—		—		—			—			—			—			—
Nawah Energy Company		330		—		—		—			14			48			—			392
MOMENTUM		209		—		—		(225	)		196			15			—			195
Daegu Green Power Co., Ltd.		26,430		—		—		—			4,103			—			(20	)		30,513
Yeonggwang Wind Power Co., Ltd.		23,380		—		—		—			2,766			—			—			26,146
Chester Solar IV SpA		484		1,076		—		—			(216	)		108			—			1,452
Chester Solar V SpA		191		108		—		—			(66	)		29			—			262
Diego de Almagro Solar SpA		954		810		—		—			(160	)		96			—			1,700
South Jamaica Power Company Limited		43,109		—		—		(2,895	)		2,704			5,842			—			48,760
Daesan Green Energy Co., Ltd.		22,191		—		—		—			3,144			—			(4	)		25,331
RE Holiday Holdings LLC		84,092		—		—		—			(3,139	)		8,827			—			89,780
RE Pioneer Holdings LLC		54,081		—		—		—			(2,910	)		4,451			—			55,622
RE Barren Ridge 1 Holdings LLC		58,154		—		—		(1,966	)		(1,546	)		5,164			—			59,806
RE Astoria 2 LandCo LLC		6,937		—		—		(404	)		594			992			—			8,119
RE Barren Ridge LandCo LLC		2,441		—		—		(170	)		237			349			—			2,857
Laurel SpA		613		934		—		—			(228	)		113			—			1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		3,719		—		—		—			9			435			(3,014	)		1,149
Cheong-Song Noraesan Wind Power Co., Ltd.		3,756		—		—		—			560			—			1			4,317
Chester Solar I SpA		1,238		134		—		—			184			93			—			1,649
Solar Philippines Calatagan Corporation		58,130		—		—		(6,107	)		6,523			5,149			—			63,695
Saemangeum Solar Power Co., Ltd.		23,419		—		—		—			(142	)		—			—			23,277
Chungsongmeon BongSan wind power Co., Ltd.		2,665		—		—		—			(75	)		—			—			2,590
Jaeun Resident Wind Power Plant Co., Ltd.		2,214		—		—		—			(169	)		—			—			2,045
DE Energia SpA		9,703		—		—		—			—			1,359			—			11,062

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.	W	26,753		—		—			—			253			(139	)		—			26,867
Haemodum Solar Co., Ltd.		3,122		—		—			—			108			—			—			3,230
Yangyang Wind Power Co., Ltd.		10,435		—		—			—			1,209			—			(4	)		11,640
HORUS SOLAR, S.A. DE C.V.		11,181		—		—			—			(9,636	)		(57	)		—			1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		10,935		—		—			—			(6,540	)		57			—			4,452
SUNMEX RENOVABLES, S.A. DE C.V.		3,541		—		—			—			(1,724	)		(130	)		—			1,687
Stavro Holding II A.B.		18,263		—		—			—			(2,326	)		(676	)		1,198			16,459
Solaseado Solar Power Co., Ltd.		17,953		—		—			—			4,840			—			—			22,793
Yeongam Solar Power Co., Ltd.		9,637		—		—			—			2,191			—			—			11,828
Samsu Wind Power Co., Ltd.		3,022		—		—			(301	)		130			—			—			2,851
Pulau Indah Power Plant Sdn. Bhd.		25,603		14,713		—			—			(816	)		11,221			—			50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		21,897		959		—			—			(6,896	)		—			(527	)		15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		15,487		—		(68	)		(87	)		164			—			—			15,496
PT Barito Wahana Tenaga		156,994		—		—			—			24,435			26,136			—			207,565
Cheongna Energy Co., Ltd.		25,549		—		—			—			20,609			—			—			46,158
Naepo Green Energy Co., Ltd.		5,285		—		—			—			32,284			—			10,462			48,031
Boim Combined Heat and Power Generation Co., Ltd.		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		289,966		62,880		—			—			47,346			65,157			—			465,349
KAS INVESTMENT I LLC		15,784		—		—			—			(12,916	)		3,210			—			6,078
KAS INVESTMENT II LLC		15,709		—		—			—			(12,867	)		3,198			—			6,040
Energyco Co., Ltd.		2,140		—		—			—			182			—			—			2,322
CAES, LLC		20,380		—		—			(663	)		340			(1,687	)		2,289			20,659
Hapcheon Floating Photovoltaic Power Plant Inc.		10,348		—		—			(661	)		1,647			—			—			11,334
Busan Industrial Solar Power Co., Ltd.		1,058		—		—			—			102			—			—			1,160
Bitsolar Energy Co., Ltd.		352		—		—			—			—			—			(352	)		—
Pulau Indah O&M Sdn. Bhd.		—		—		—			—			—			—			—			—
Guadalupe Solar SpA		1,200		—		—			—			(431	)		12			—			781
Omisan Wind Power Co., Ltd.		10,229		—		—			—			630			—			—			10,859
Foresight Iberian Solar Group Holding, S.L.		8,119		—		—			—			(5,852	)		(2,626	)		359			—
Yeongwol Eco Wind Co., Ltd.		4,024		—		—			—			(3,134	)		—			—			890
Gurae Resident Power Co., Ltd.		569		—		—			—			(236	)		—			—			333
Cheongju Eco Park Co., Ltd.		9,072		—		—			—			1,564			—			—			10,636
Enel X Midland Photovoltaic, LLC		2,542		—		—			—			173			—			—			2,715
Geumsungsan Wind Power Co., Ltd.		5,515		—		—			—			2,325			—			—			7,840
KEPCO KPS CARABAO Corp.		—		—		—			—			—			—			—			—
Prime Swedish Holding AB		38,789		—		—			—			(3,782	)		—			2,552			37,559
Goheung New Energy Co., Ltd.		15,736		—		—			—			32			—			—			15,768
Gunsan Land Solar Co., Ltd.		22,429		—		—			—			734			—			—			23,163
CapMan Lynx SCA, SICAR		—		—		—			—			—			—			—			—
International Offshore Power Transmission Holding Company Limited		1,423		—		—			—			(65	)		9,680			—			11,038
Pyeongchang Wind Power Co., Ltd.		12,228		—		—			—			(81	)		—			—			12,147
Eumseong Eco Park Co., Ltd.		8,386		—		—			—			3,227			—			—			11,613
Changwon Nu-ri Energy Co., Ltd.		8,027		—		—			—			(369	)		—			—			7,658
PungBack Wind Farm Corporation		7,940		—		—			—			(180	)		—			—			7,760
Trumbull Asset Management, LLC		936		—		—			—			212			149			—			1,297
S-Power Chile SpA		64		—		—			—			74			21			—			159
Seungmun Green Energy		9,757		—		—			—			2,988			—			—			12,745
Seobusambo highway photovoltaics Co., Ltd.		3,580		—		—			—			(271	)		—			—			3,309

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	W	9,608		—		—			—			(912	)		(53	)		—			8,643
Kepco for Power Company		435		—		—			—			(570	)		18,041			—			17,906
Taebaek Wind Power Co., Ltd.		13,932		—		—			—			827			—			—			14,759
Jeonju Bio Green Energy Co., Ltd.		3,195		—		—			—			(629	)		—			—			2,566
Kumyang Eco Park Co., Ltd.		3,663		—		—			—			178			—			—			3,841
Jeongeup Green Power Co., Ltd.		1,560		8,040		—			—			(1,473	)		—			719			8,846
Hadong E-factory Co., Ltd.		349		—		—			—			(5	)		—			—			344
Namyangju Combined Heat and Power Co., Ltd.		3,850		50,127		—			—			(1,519	)		(690	)		—			51,768
Wadi Noor Solar Power Company SAOC		846		—		—			—			(5,170	)		5,716			—			1,392
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Fairhaven Energy Storage LLC		—		1,505		—			—			(854	)		29			(680	)		—
Rutile BESS Holdings, LLC		—		106		—			—			(106	)		1			—			1
Trumbull Development Partners, LLC		—		304,836		—			—			7,976			42,567			—			355,379
Imha Floating Photovoltaic Power Plant Inc.		—		7,174		—			—			(823	)		—			—			6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED		—		1		—			—			(72	)		156			—			85
Roof One Energy Co., Ltd.		—		2,000		—			—			—			—			—			2,000
		3,485,699		455,403		(68	)		(97,509	)		252,816			453,895			31,104			4,581,340
	W	9,662,588		474,390		(77,694	)		(364,377	)		755,452			795,669			40,066			11,286,094

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2023
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,085,296		—		—			—			(155,819	)		47,220			(6,054	)		1,970,643
Korea Electric Power Industrial Development Co., Ltd.		31,078		—		—			(2,156	)		1,790			—			(1,212	)		29,500
YTN Co., Ltd.		55,027		—		—			(540	)		(1,147	)		(14	)		(1,023	)		52,303
Gangwon Wind Power Co., Ltd.		12,158		—		—			(2,272	)		2,115			—			—			12,001
Hyundai Green Power Co., Ltd.		119,791		—		—			(3,555	)		2,159			—			(222	)		118,173
Korea Power Exchange		275,126		—		—			—			4,575			—			(5,415	)		274,286
Taebaek Wind Power Co., Ltd.		14,501		—		—			—			—			—			(14,501	)		—
Taebaek Guinemi Wind Power Co., Ltd.		13,049		—		—			—			481			—			—			13,530
Daeryun Power Co., Ltd.		26,727		—		—			—			143			(12	)		(24	)		26,834
KNH Solar Co., Ltd.		2,883		—		—			—			311			—			—			3,194
SPC Power Corporation		70,868		—		—			(2,669	)		9,667			1,065			—			78,931
Gemeng International Energy Co., Ltd.		578,821		102,854		—			(12,527	)		41,280			565			(5,181	)		705,812
PT. Cirebon Electric Power		135,114		—		—			(10,770	)		7,519			—			2,396			134,259
KNOC Nigerian East Oil Co., Ltd.		—		—		—			—			(7	)		(213	)		220			—
KNOC Nigerian West Oil Co., Ltd.		—		—		—			—			(7	)		(196	)		203			—
PT Wampu Electric Power		37,743		—		—			(3,850	)		(268	)		224			706			34,555
PT. Bayan Resources TBK		684,719		—		—			(344,360	)		252,406			26,500			(58	)		619,207
S-Power Co., Ltd.		141,128		—		—			—			21,637			—			—			162,765
Pioneer Gas Power Limited		—		—		—			—			—			—			—			—
Eurasia Energy Holdings		—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		115,584		—		—			—			(848	)		1,642			—			116,378
PT. Mutiara Jawa		3,597		—		—			(459	)		1,936			94			—			5,168
Samcheok Eco Materials Co., Ltd.		—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.		—		—		—			—			—			—			—			—
Goseong Green Power Co., Ltd.		288,893		—		—			—			(1,240	)		—			(29	)		287,624
Gangneung Eco Power Co., Ltd.		—		258,100		—			—			(3,171	)		—			—			254,929
Shin Pyeongtaek Power Co., Ltd.		133,823		—		—			(70,040	)		81,258			—			(15	)		145,026
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		278		—		—			—			16			—			—			294
Dongducheon Dream Power Co., Ltd.		89,300		—		—			—			(2,568	)		—			471			87,203
Jinbhuvish Power Generation Pvt. Ltd.		—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.		1,555		—		—			—			(72	)		—			—			1,483
GS Donghae Electric Power Co., Ltd.		260,145		—		—			(21,846	)		21,240			—			(454	)		259,085
Daegu Photovoltaic Co., Ltd.		2,849		—		—			(408	)		363			—			—			2,804
Busan Green Energy Co., Ltd.		4,395		—		—			—			(1,137	)		—			1			3,259
Gunsan Bio Energy Co., Ltd.		—		—		—			—			—			—			—			—
Hansuwon KNP Co., Ltd.		280		—		—			—			187			—			—			467
Korea Electric Power Corporation Fund		28,842		—		(2,266	)		—			(2,865	)		(290	)		—			23,421
Energy Infra Asset Management Co., Ltd.		1,184		—		—			(89	)		118			—			—			1,213
Daegu clean Energy Co., Ltd.		12		—		—			—			—			—			(12	)		—
YaksuESS Co., Ltd.		486		—		—			—			(201	)		—			—			285
Nepal Water & Energy Development Company Private Limited		69,940		40,103		—			—			(325	)		855			—			110,573
Gwangyang Green Energy Co., Ltd.		25,044		—		—			—			(406	)		—			—			24,638
PND solar Co., Ltd.		1,403		—		—			—			107			—			—			1,510
Hyundai Eco Energy Co., Ltd.		7,631		—		—			(874	)		1,198			(8	)		—			7,947
YeongGwang Yaksu Wind Electric Co., Ltd.		156		—		—			—			(23	)		—			—			133
Green Energy Electricity Generation Co., Ltd.		1,571		—		—			—			(1,563	)		—			—			8
Korea Energy Solutions Co., Ltd.		93		—		—			—			77			—			—			170
ITR Co., Ltd.		—		—		—			—			(33	)		—			33			—
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)		366		—		—			—			25			—			—			391
Namjeongsusang Solar Power Operation Co., Ltd.		373		—		(217	)		—			(156	)		—			—			—
Indeck Niles Development, LLC		302,038		—		—			—			32,067			(3,623	)		4,919			335,401
Indeck Niles Asset Management, LLC		94		—		—			(337	)		334			—			2			93
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		6,932		—		(428	)		(373	)		366			(1	)		—			6,496
Suwon New Power Co., Ltd.		919		—		—			—			103			—			—			1,022
Gwangbaek Solar Power Investment Co., Ltd.		5,133		—		—			(644	)		666			—			—			5,155

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2023
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Go deok Clean Energy Co., Ltd.	W	4,420		—		—			—			303			—			—			4,723
SureDataLab Co., Ltd.		177		—		—			—			(63	)		—			—			114
SEP Co., Ltd.		—		—		—			—			—			—			—			—
Hankook Electric Power Information Co., Ltd.		220		—		—			—			(6	)		—			—			214
Tronix Co., Ltd.		66		—		—			—			154			—			—			220
O2&B Global Co., Ltd.		36		—		—			—			(15	)		—			—			21
Muan Sunshine Solar Power Plant Co., Ltd.		2,562		—		—			(340	)		600			—			—			2,822
Bigeum Resident Photovoltaic Power Co., Ltd.		—		—		—			—			(414	)		414			—			—
Goesan Solar Park Co., Ltd.		2,591		—		—			—			286			—			—			2,877
Saemangeum Heemang Photovoltaic Co., Ltd.		13,010		—		—			—			1,410			—			—			14,420
Bitgoel Eco Energy Co., Ltd.		8,951		—		—			—			3,443			—			—			12,394
Jeju Gimnyeong Wind Power Co., Ltd.		872		—		—			—			(626	)		—			—			246
Seoroseoro Sunny Power Plant Co., Ltd.		859		—		—			—			82			—			—			941
Muan Solar park Co., Ltd.		7,838		—		—			(2,680	)		1,672			—			—			6,830
YuDang Solar Co., Ltd.		586		—		—			(100	)		84			—			—			570
Anjwa Smart Farm & Solar City Co., Ltd.		8,662		—		—			(1,400	)		403			—			—			7,665
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)		4,485		—		—			—			3,294			—			—			7,779
G.GURU Co., Ltd.		300		—		—			—			(133	)		—			—			167
UD4M Co., Ltd.		161		—		—			—			(11	)		—			—			150
Dongbu Highway Solar Co., Ltd.		352		—		—			—			28			—			—			380
Seobu Highway Solar Co., Ltd.		316		—		—			—			90			—			—			406
Korea Energy Data Co., Ltd.		62		—		—			—			(26	)		—			—			36
Gangneung Sacheon Fuel Cell Co., Ltd.		4,277		—		—			—			3,593			—			—			7,870
KOSTURE Co., Ltd.		1		6		—			—			1			—			—			8
Taebaek Gadeoksan Wind Power Co., Ltd.		20,040		—		—			(3,723	)		3,109			—			—			19,426
Chuncheon Green Energy Co., Ltd.		9,155		—		—			—			(204	)		(51	)		—			8,900
Yeomsubong Wind Power Co., Ltd.		62		1,316		—			—			(507	)		—			—			871
Yeongyang Wind Power Corporation II		7,461		—		—			—			2,639			—			—			10,100
Haeparang Energy Co., Ltd.		2,188		—		—			—			(84	)		—			—			2,104
Saemangeum Sebit Power Plant Co., Ltd.		23,199		7,249		—			—			(709	)		—			7,452			37,191
Boulder Solar III, LLC		744		—		—			—			—			—			10			754
PlatformN. Co., Ltd.		84		—		—			—			(84	)		—			—			—
PT. Cirebon Energi Prasarana		69,035		—		—			—			7,328			(891	)		1,125			76,597
Green Radiation Co., Ltd.		11		—		—			—			15			—			—			26
Future Convergence Technology Laboratory. Co., Ltd.		50		—		—			—			(14	)		—			—			36
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)		214		—		—			—			53			—			—			267
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)		166		—		—			—			(72	)		—			26			120
ACE		20		—		—			—			(18	)		—			—			2
Environment and Energy Co., Ltd.		10		—		—			—			(1	)		—			—			9
Santiago Solar Power SpA		13,373		—		—			—			(1,522	)		(82	)		—			11,769
Yanggu Floating Photovoltaic Power Plant Inc.		903		—		—			—			(143	)		—			—			760
Power Embedded		—		70		—			—			—			—			—			70
Changwon SG Energy Co., Ltd.		—		900		—			—			(117	)		—			—			783
Donpyung Technology. Co., Ltd.		—		125		—			—			154			—			(25	)		254
HORANG ENERGY Inc.		—		4,240		—			—			(91	)		—			—			4,149
Hoenggye Renewable Energy Co., Ltd		—		2,375		—			—			—			—			—			2,375
Haman Green Energy Co., Ltd.		—		4,771		—			—			(1,790	)		—			—			2,981
Songsan Green Energy Co., Ltd.		—		—		—			—			—			—			8,323			8,323
		5,844,464		422,109		(2,911	)		(486,012	)		334,379			73,198			(8,338	)		6,176,889

113

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2023
Investees	Beginning balance		Acquisitions		Disposals		Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
KEPCO-Uhde Inc.	W	17		—		—		—			(10	)		—			(7	)		—
Shuweihat Asia Power Investment B.V.		66,452		—		—		(512	)		(440	)		4,402			—			69,902
Shuweihat Asia Operation & Maintenance Company		1,631		—		—		(1,077	)		1,237			27			—			1,818
Waterbury Lake Uranium L.P.		21,750		—		—		—			70			792			—			22,612
ASM-BG Investicii AD		14,555		—		—		(697	)		680			201			—			14,739
RES Technology AD		15,133		—		—		(697	)		(513	)		460			—			14,383
KV Holdings, Inc.		9,659		—		—		—			280			161			(4,914	)		5,186
KEPCO SPC Power Corporation		179,594		—		—		—			13,224			3,726			—			196,544
Gansu Datang Yumen Wind Power Co., Ltd.		6,024		—		—		—			316			(25	)		—			6,315
Datang Chifeng Renewable Power Co., Ltd.		191,982		—		—		(14,293	)		9,012			38			—			186,739
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		44,398		—		—		(1,771	)		639			(59	)		—			43,207
Rabigh Electricity Company		214,607		—		—		(6,263	)		28,456			(1,749	)		—			235,051
Rabigh Operation & Maintenance Company Limited		5,113		—		—		(2,994	)		2,759			86			—			4,964
Jamaica Public Service Company Limited		331,407		—		—		(15,715	)		32,862			7,959			(6,647	)		349,866
KW Nuclear Components Co., Ltd.		17,090		—		—		(833	)		2,423			—			—			18,680
Busan Shinho Solar Power Co., Ltd.		6,719		—		—		(1,169	)		1,119			—			—			6,669
Global Trade Of Power System Co., Ltd.		698		—		—		—			(83	)		—			—			615
Expressway Solar-light Power Generation Co., Ltd.		4,754		—		—		—			433			—			—			5,187
Amman Asia Electric Power Company		220,254		—		—		(15,636	)		17,833			973			—			223,424
KAPES, Inc.		—		—		—		(1,162	)		1,162			—			—			—
Honam Wind Power Co., Ltd.		4,819		—		—		(522	)		446			—			—			4,743
Korea Power Engineering Service Co., Ltd.		5,543		—		—		(44	)		349			—			(140	)		5,708
Chun-cheon Energy Co., Ltd.		32,044		—		—		—			3,039			—			—			35,083
Yeonggwangbaeksu Wind Power Co., Ltd.		3,151		—		—		—			292			—			—			3,443
Nghi Son 2 Power LLC		408,839		—		—		—			14,742			(5,592	)		—			417,989
Kelar S.A.		117,137		—		—		—			11,655			848			1,889			131,529
PT. Tanjung Power Indonesia		92,907		—		—		(12,641	)		9,679			338			(132	)		90,151
Incheon New Power Co., Ltd.		198		—		—		(69	)		147			—			22			298
Seokmun Energy Co., Ltd.		17,336		—		—		—			(745	)		—			—			16,591
Daehan Wind Power PSC		13,923		—		—		—			2,437			66			—			16,426
Barakah One Company		—		—		—		—			—			—			—			—
Nawah Energy Company		315		—		—		—			10			5			—			330
MOMENTUM		345		—		—		(365	)		208			21			—			209
Daegu Green Power Co., Ltd.		29,360		—		—		—			(2,856	)		—			(74	)		26,430
Yeonggwang Wind Power Co., Ltd.		20,713		—		—		(2,688	)		5,355			—			—			23,380
Chester Solar IV SpA		181		—		—		—			324			(21	)		—			484
Chester Solar V SpA		156		—		—		—			35			(3	)		3			191
Diego de Almagro Solar SpA		540		—		—		—			447			(37	)		4			954
South Jamaica Power Company Limited		46,437		—		—		(7,667	)		3,709			630			—			43,109
Daesan Green Energy Co., Ltd.		19,218		—		—		—			2,977			—			(4	)		22,191
RE Holiday Holdings LLC		85,370		—		—		(1,549	)		(1,425	)		1,696			—			84,092
RE Pioneer Holdings LLC		55,172		—		—		(1,162	)		(2,089	)		2,160			—			54,081
RE Barren Ridge 1 Holdings LLC		3,350		—		—		(3,087	)		(1,733	)		59,624			—			58,154
RE Astoria 2 LandCo LLC		6,599		—		—		(354	)		575			117			—			6,937
RE Barren Ridge LandCo LLC		2,333		—		—		(161	)		228			41			—			2,441
Laurel SpA		554		—		—		—			64			(14	)		9			613
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		3,651		—		—		—			(23	)		91			—			3,719
Chile Solar JV SpA		9,819		—		—		—			3,569			1,276			(14,664	)		—
Cheong-Song Noraesan Wind Power Co., Ltd.		4,263		—		—		(865	)		358			—			—			3,756
Chester Solar I SpA		1,314		—		—		—			(71	)		(29	)		24			1,238
Solar Philippines Calatagan Corporation		56,902		—		—		(6,025	)		6,025			1,228			—			58,130
Saemangeum Solar Power Co., Ltd.		23,551		—		—		—			(132	)		—			—			23,419
Chungsongmeon BongSan wind power Co., Ltd.		3,470		—		—		—			(805	)		—			—			2,665
Jaeun Resident Wind Power Plant Co., Ltd.		2,236		—		—		—			(22	)		—			—			2,214
DE Energia SpA		9,536		—		—		—			—			167			—			9,703

114

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2023
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.	W	26,859		—		—			—			212			(318	)		—			26,753
Haemodum Solar Co., Ltd.		3,367		—		—			(392	)		147			—			—			3,122
Yangyang Wind Power Co., Ltd.		10,864		—		—			—			(429	)		—			—			10,435
HORUS SOLAR, S.A. DE C.V.		6,976		—		—			—			3,594			611			—			11,181
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		4,899		—		—			—			4,088			1,948			—			10,935
SUNMEX RENOVABLES, S.A. DE C.V.		1,657		—		—			—			1,482			402			—			3,541
Stavro Holding II A.B.		17,171		—		—			—			(17	)		149			960			18,263
Solaseado Solar Power Co., Ltd.		16,233		—		—			—			1,720			—			—			17,953
Yeongam Solar Power Co., Ltd.		9,879		—		—			(592	)		350			—			—			9,637
Samsu Wind Power Co., Ltd.		3,205		—		—			(514	)		331			—			—			3,022
Pulau Indah Power Plant Sdn. Bhd.		26,814		—		—			(27	)		671			(2,360	)		505			25,603
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		21,723		928		(1,092	)		(1,568	)		1,906			—			—			21,897
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		15,587		—		(96	)		—			(4	)		—			—			15,487
PT Barito Wahana Tenaga		137,047		—		—			—			20,546			(599	)		—			156,994
Cheongna Energy Co., Ltd.		10,758		—		—			—			14,791			—			—			25,549
Naepo Green Energy Co., Ltd.		—		—		—			—			5,285			—			—			5,285
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)		—		—		—			—			—			—			—			—
OneEnergy Asia Limited		172,218		79,182		—			—			39,091			(525	)		—			289,966
KAS INVESTMENT I LLC		18,247		—		—			—			(2,223	)		(240	)		—			15,784
KAS INVESTMENT II LLC		18,173		—		—			—			(2,225	)		(239	)		—			15,709
Energyco Co., Ltd.		2,190		—		—			—			(50	)		—			—			2,140
CAES, LLC		20,805		—		—			—			(860	)		114			321			20,380
Hapcheon Floating Photovoltaic Power Plant Inc.		8,471		—		—			—			1,877			—			—			10,348
Busan Industrial Solar Power Co., Ltd.		1,168		—		—			—			(110	)		—			—			1,058
Bitsolar Energy Co., Ltd.		352		—		—			—			—			—			—			352
Pulau Indah O&M Sdn. Bhd.		—		—		—			—			—			—			—			—
Guadalupe Solar SpA		913		—		—			—			322			(35	)		—			1,200
Omisan Wind Power Co., Ltd.		10,411		—		—			—			(182	)		—			—			10,229
Foresight Iberian Solar Group Holding, S.L.		10,565		—		—			—			(2,034	)		—			(412	)		8,119
Yeongwol Eco Wind Co., Ltd.		3,155		—		—			—			869			—			—			4,024
Gurae Resident Power Co., Ltd.		391		—		—			—			178			—			—			569
Cheongju Eco Park Co., Ltd.		10,490		—		—			—			(1,418	)		—			—			9,072
Enel X Midland Photovoltaic, LLC		1,856		516		—			—			170			—			—			2,542
Geumsungsan Wind Power Co., Ltd.		3,493		—		—			—			2,022			—			—			5,515
KEPCO KPS CARABAO Corp.		177		—		—			—			(184	)		7			—			—
Prime Swedish Holding AB		36,245		820		—			—			(236	)		—			1,960			38,789
Goheung New Energy Co., Ltd.		11,832		—		—			—			3,904			—			—			15,736
Gunsan Land Solar Co., Ltd.		27,544		—		—			—			(5,115	)		—			—			22,429
CapMan Lynx SCA, SICAR		—		—		—			—			—			—			—			—
International Offshore Power Transmission Holding Company Limited		—		—		—			—			338			1,085			—			1,423
Pyeongchang Wind Power Co., Ltd.		14,464		—		—			(870	)		(1,366	)		—			—			12,228
Eumseong Eco Park Co., Ltd.		5,557		—		—			—			2,829			—			—			8,386
Songsan Green Energy Co., Ltd.		1,387		7,000		—			—			(25	)		(39	)		(8,323	)		—
Changwon Nu-ri Energy Co., Ltd.		497		7,595		—			—			(27	)		(38	)		—			8,027
Hasami Wind Farm Corporation		1,589		—		(1,586	)		—			(3	)		—			—			—
PungBack Wind Farm Corporation		6,743		—		—			—			1,197			—			—			7,940
Trumbull Asset Management, LLC		246		1		—			—			693			—			(4	)		936
S-Power Chile SpA		127		—		—			—			(70	)		4			3			64
Seungmun Green Energy		9,054		—		—			—			703			—			—			9,757
Seobusambo highway photovoltaics Co., Ltd.		3,066		—		—			—			514			—			—			3,580

115

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won
For the year ended December 31, 2023
Investees	Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehen- sive income (loss)			Others			Ending balance
Yangyang Suri Wind Power Co., Ltd.	W	—		10,498		—			—			(890	)		—			—			9,608
Kepco for Power Company		—		3,083		—			—			(2,109	)		25			(564	)		435
Taebaek Wind Power Co., Ltd.		—		—		—			(2,820	)		2,251			—			14,501			13,932
Jeonju Bio Green Energy Co., Ltd.		—		3,250		—			—			(55	)		—			—			3,195
Kumyang Eco Park Co., Ltd.		—		3,663		—			—			—			—			—			3,663
Jeongeup Green Power Co., Ltd.		—		1,560		—			—			—			—			—			1,560
Hadong E-factory Co., Ltd.		—		350		—			—			—			(1	)		—			349
Namyangju Combined Heat and Power Co., Ltd.		—		3,850		—			—			—			—			—			3,850
Wadi Noor Solar Power Company SAOC		—		847		—			—			—			(1	)		—			846
Fairhaven Energy Storage LLC		—		—		—			—			—			—			—			—
		3,147,584		123,143		(2,774	)		(106,801	)		260,677			79,554			(15,684	)		3,485,699
	W	8,992,048		545,252		(5,685	)		(592,813	)		595,056			152,752			(24,022	)		9,662,588

116

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won
As of and for the year ended December 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation	W	57,669,638		46,843,282		38,388,740		1,148,985
Korea Electric Power Industrial Development Co., Ltd.		213,423		109,367		361,690		14,587
Gangwon Wind Power Co., Ltd.		123,787		46,156		23,400		7,415
Hyundai Green Power Co., Ltd.		698,653		295,095		109,081		9,354
Korea Power Exchange		365,652		91,690		120,586		1,795
Taebaek Guinemi Wind Power Co., Ltd.		35,917		19,831		5,155		213
Daeryun Power Co., Ltd.		1,117,771		651,892		397,332		61,893
KNH Solar Co., Ltd.		8,110		93		2,671		2,359
SPC Power Corporation		301,805		18,716		72,191		35,657
Gemeng International Energy Co., Ltd.		8,301,632		5,803,020		2,907,291		(66,765	)
PT. Cirebon Electric Power		742,634		169,796		281,041		15,070
KNOC Nigerian East Oil Co., Ltd.		30,834		127,760		—		(31	)
KNOC Nigerian West Oil Co., Ltd.		33,230		122,351		—		(31	)
PT Wampu Electric Power		209,724		124,358		19,146		7,598
PT. Bayan Resources TBK		5,338,900		2,100,603		4,700,051		1,285,816
S-Power Co., Ltd.		739,732		369,429		734,607		35,889
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,414,921		979,112		182,433		(81,032	)
PT. Mutiara Jawa		28,266		8,489		13,455		4,094
Noeul Green Energy Co., Ltd.		95,570		108,793		47,999		4,787
Goseong Green Power Co., Ltd.		5,129,641		4,125,053		1,310,775		2,823
Gangneung Eco Power Co., Ltd.		5,359,845		4,667,564		635,026		(10,547	)
Shin Pyeongtaek Power Co., Ltd.		1,052,048		678,140		841,818		58,855
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,666		385		476		135
Dongducheon Dream Power Co., Ltd.		1,350,004		1,044,020		1,360,809		10,453
Jinbhuvish Power Generation Pvt. Ltd.		67,903		14,023		—		—
Daejung Offshore Wind Power Co., Ltd.		5,419		2,220		—		53
GS Donghae Electric Power Co., Ltd.		1,910,960		1,089,101		535,012		59,776
Daegu Photovoltaic Co., Ltd.		11,767		3,025		3,805		908
Busan Green Energy Co., Ltd.		142,943		134,894		66,924		(3,140	)
Hansuwon KNP Co., Ltd.		4,324		1,444		7,949		716
Korea Electric Power Corporation Fund		13,676		67		1,880		488
Energy Infra Asset Management Co., Ltd.		14,037		1,229		5,003		1,450
YaksuESS Co., Ltd.		5,295		4,738		749		(423	)
Nepal Water & Energy Development Company Private Limited		666,316		419,386		123,848		10,732
Gwangyang Green Energy Co., Ltd.		547,208		426,210		—		(2,105	)
PND solar Co., Ltd.		32,025		26,570		5,331		737
Hyundai Eco Energy Co., Ltd.		157,873		114,299		25,081		5,963
YeongGwang Yaksu Wind Electric Co., Ltd.		36,659		37,065		5,194		(953	)
Green Energy Electricity Generation Co., Ltd.		81,798		85,848		1,942		(1,392	)
Korea Energy Solutions Co., Ltd.		1,303		318		1,209		146
ITR Co., Ltd.		720		898		130		(510	)
STN Co., Ltd.		1,870		99		666		108
Indeck Niles Development, LLC		1,234,170		704,296		284,855		32,491
Indeck Niles Asset Management, LLC		211		32		1,157		1,120
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		12,665		178		722		689
Suwon New Power Co., Ltd.		15,427		13,338		5,072		(229	)
Gwangbaek Solar Power Investment Co., Ltd.		260,641		249,642		9,658		1,188
Go deok Clean Energy Co., Ltd.		130,520		117,267		49,187		1,465
SureDataLab Co., Ltd.		660		461		675		(291	)
SEP Co., Ltd.		45		118		—		(1	)
Hankook Electric Power Information Co., Ltd.		2,381		991		2,135		58
Tronix Co., Ltd.		4,824		3,659		2,578		42

117

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
O2&B Global Co., Ltd.	W	453		485		149		(104	)
Muan Sunshine Solar Power Plant Co., Ltd.		128,131		116,742		16,246		2,552
Bigeum Resident Photovoltaic Power Co., Ltd.		441,227		412,276		10,812		(6,845	)
Goesan Solar Park Co., Ltd.		48,924		38,119		6,143		884
Saemangeum Heemang Photovoltaic Co., Ltd.		149,528		105,535		22,600		4,049
Bitgoel Eco Energy Co., Ltd.		79,709		51,776		28,110		6,064
Jeju Gimnyeong Wind Power Co., Ltd.		53,335		52,503		10,889		13
Seoroseoro Sunny Power Plant Co., Ltd.		6,680		4,309		1,035		208
Muan Solar park Co., Ltd.		188,303		158,595		27,641		5,152
YuDang Solar Co., Ltd.		18,321		15,238		3,506		589
Anjwa Smart Farm & Solar City Co., Ltd.		237,359		199,954		36,948		3,530
KPE Green Energy Co., Ltd.		135,307		103,023		41,289		2,131
G.GURU Co., Ltd.		273		133		103		(535	)
UD4M Co., Ltd.		1,076		227		1,142		(170	)
Dongbu Highway Solar Co., Ltd.		16,139		13,833		2,665		656
Seobu Highway Solar Co., Ltd.		16,323		13,428		2,737		863
Korea Energy Data Co., Ltd.		212		134		167		(104	)
Gangneung Sacheon Fuel Cell Co., Ltd.		148,460		125,975		45,534		5,768
Taebaek Gadeoksan Wind Power Co., Ltd.		187,927		120,551		32,534		15,536
Chuncheon Green Energy Co., Ltd.		234,506		195,354		68,010		11,494
Yeomsubong Wind Power Co., Ltd.		45,468		44,236		—		(924	)
Yeongyang Wind Power Corporation II		136,360		105,721		18,376		4,005
Haeparang Energy Co., Ltd.		63,749		56,030		758		(620	)
Saemangeum Sebit Power Plant Co., Ltd.		160,225		93,086		20,376		(147	)
PlatformN. Co., Ltd.		162		223		430		139
PT. Cirebon Energi Prasarana		3,831,992		2,863,534		543,340		60,512
Green Radiation Co., Ltd.		521		663		613		(272	)
Future Convergence Technology Laboratory. Co., Ltd.		384		277		—		(83	)
Eco Motion Co., Ltd.		1,830		684		350		82
REC’s Innovation Co., Ltd.		2,921		1,518		1,010		232
ACE		359		308		27		14
Environment and Energy Co., Ltd.		31		—		—		(36	)
Santiago Solar Power SpA		85,063		71,139		4,862		(9,488	)
Yanggu Floating Photovoltaic Power Plant Inc.		15,300		12,382		2,259		210
Power Embedded		400		112		—		(7	)
Changwon SG Energy Co., Ltd.		4,878		1,328		3,342		(539	)
Donpyung Technology. Co., Ltd.		2,205		673		2,317		135
HORANG ENERGY Inc.		94,637		85,678		—		(947	)
Hoenggye Renewable Energy Co., Ltd		43,206		43,942		—		(62	)
Haman Green Energy Co., Ltd.		122,937		114,908		—		(1,165	)
Songsan Green Energy Co., Ltd.		120,001		106,939		121		(692	)
SkyPic Inc.		167		37		3		(7	)
HyChangwon Fuel Cell. Co., Ltd.		114,580		91,679		—		(309	)
Dreams Co.,Ltd.		233		183		208		(49	)
DEEPAI Co.,Ltd.		813		449		240		(319	)
Amaala Sustainable Company for Energy LLC		697,354		697,158		—		—
<Joint ventures>
Shuweihat Asia Power Investment B.V.		176,569		137		—		(370	)
Shuweihat Asia Operation & Maintenance Company		4,215		328		3,574		2,293
Waterbury Lake Uranium L.P.		80,803		761		—		—
ASM-BG Investicii AD		68,437		34,565		12,815		2,824
RES Technology AD		57,356		27,219		7,395		(292	)
KV Holdings, Inc.		17,304		1		1,778		1,799
KEPCO SPC Power Corporation		291,538		26,307		190,296		28,108
Gansu Datang Yumen Wind Power Co., Ltd.		63,240		43,443		10,721		944
Datang Chifeng Renewable Power Co., Ltd.		900,001		388,711		115,297		17,722

118

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	W	180,827		60,016		26,678		2,031
Rabigh Electricity Company		2,651,843		1,873,439		353,677		63,270
Rabigh Operation & Maintenance Company Limited		40,983		20,205		30,841		5,840
Jamaica Public Service Company Limited		2,649,022		1,656,068		1,490,606		76,611
KW Nuclear Components Co., Ltd.		47,498		5,423		6,919		2,510
Busan Shinho Solar Power Co., Ltd.		28,837		865		8,452		3,963
Global Trade Of Power System Co., Ltd.		2,976		574		3,635		290
Expressway Solar-light Power Generation Co., Ltd.		11,709		168		3,219		1,214
Amman Asia Electric Power Company		791,478		343,371		22,776		34,047
KAPES, Inc.		299,380		257,858		43,699		6,224
Honam Wind Power Co., Ltd.		29,174		12,618		6,508		1,810
Korea Power Engineering Service Co., Ltd.		22,701		1,828		12,983		1,444
Chun-cheon Energy Co., Ltd.		533,211		409,989		430,679		4,890
Yeonggwangbaeksu Wind Power Co., Ltd.		69,249		44,422		12,636		2,156
Nghi Son 2 Power LLC		4,412,970		3,286,814		921,504		91,777
Kelar S.A.		715,489		486,293		112,110		9,733
PT. Tanjung Power Indonesia		754,514		467,144		106,081		17,705
Incheon New Power Co., Ltd.		1,267		227		2,777		36
Seokmun Energy Co., Ltd.		192,083		138,787		51,233		(4,558	)
Daehan Wind Power PSC		173,637		130,982		18,496		3,584
Barakah One Company		43,235,235		45,056,439		1,636,730		(53,778	)
Nawah Energy Company		701,247		699,068		566,077		40
MOMENTUM		7,422		6,836		22,770		586
Daegu Green Power Co., Ltd.		493,595		399,918		338,750		7,344
Yeonggwang Wind Power Co., Ltd.		217,987		162,218		32,114		7,971
Chester Solar IV SpA		12,649		12,309		1,941		(676	)
Chester Solar V SpA		4,260		4,321		631		(176	)
Diego de Almagro Solar SpA		16,301		15,161		2,625		(667	)
South Jamaica Power Company Limited		532,323		288,501		250,519		14,460
Daesan Green Energy Co., Ltd.		225,765		153,391		110,002		5,960
RE Holiday Holdings LLC		363,750		184,188		20,251		(1,413	)
RE Pioneer Holdings LLC		272,900		161,657		13,343		(3,168	)
RE Barren Ridge 1 Holdings LLC		224,922		105,310		12,905		(1,301	)
RE Astoria 2 LandCo LLC		16,514		276		1,060		848
RE Barren Ridge LandCo LLC		5,826		110		411		342
Laurel SpA		10,897		10,471		1,522		(557	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,736		150		—		70
Cheong-Song Noraesan Wind Power Co., Ltd.		53,374		38,705		6,788		1,599
Chester Solar I SpA		12,935		11,454		1,395		(745	)
Solar Philippines Calatagan Corporation		166,126		37,872		19,412		8,733
Saemangeum Solar Power Co., Ltd.		34,377		5,643		—		(176	)
Chungsongmeon BongSan wind power Co., Ltd.		86,708		83,921		—		(399	)
Jaeun Resident Wind Power Plant Co., Ltd.		95,657		88,605		—		(380	)
DE Energia SpA		32,263		24,853		—		3,163
Dangjin Eco Power Co., Ltd.		90,750		12,732		3,645		743
Haemodum Solar Co., Ltd.		21,036		14,444		2,060		232
Yangyang Wind Power Co., Ltd.		146,697		123,504		11,948		2,334
HORUS SOLAR, S.A. DE C.V.		170,018		184,014		35,080		(43,774	)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		238,276		223,019		19,178		(37,720	)
SUNMEX RENOVABLES, S.A. DE C.V.		182,159		170,906		—		(15,771	)
Stavro Holding II A.B.		82,407		114		—		(11,632	)
Solaseado Solar Power Co., Ltd.		347,831		292,737		46,361		12,443
Yeongam Solar Power Co., Ltd.		318,641		260,459		34,509		10,880
Samsu Wind Power Co., Ltd.		61,678		46,675		7,051		682
Pulau Indah Power Plant Sdn. Bhd.		1,054,236		873,923		40,818		(2,896	)
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		52,533		271		3,054		(23,354	)

119

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2024
Investees	Total assets		Total liabilities		Sales			Profit (loss) for the year
<Joint ventures>
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream	W	17,251		33		227			182
PT Barito Wahana Tenaga		678,043		—		—			74,744
Cheongna Energy Co., Ltd.		463,574		375,343		142,400			41,124
Naepo Green Energy Co., Ltd.		738,857		586,152		467,225			124,830
Boim Combined Heat and Power Generation Co., Ltd.		421,954		480,084		139,134			294
OneEnergy Asia Limited		3,237,191		2,137,600		424,036			100,781
KAS INVESTMENT I LLC		20,361		28		(40,343	)		(43,213	)
KAS INVESTMENT II LLC		20,233		28		(40,189	)		(43,048	)
Energyco Co., Ltd.		50,310		45,161		6,221			629
CAES, LLC		49,267		—		—			946
Hapcheon Floating Photovoltaic Power Plant Inc.		76,903		53,853		12,361			3,992
Busan Industrial Solar Power Co., Ltd.		18,236		15,133		2,262			191
Bitsolar Energy Co., Ltd.		68,249		74,213		8,300			(390	)
Pulau Indah O&M Sdn. Bhd.		1		2		—			24
Guadalupe Solar SpA		10,477		9,339		1,408			(574	)
Omisan Wind Power Co., Ltd.		180,001		154,541		4,785			1,480
Foresight Iberian Solar Group Holding, S.L.		187,118		194,881		3,262			(13,206	)
Yeongwol Eco Wind Co., Ltd.		99,288		102,522		7,118			(5,518	)
Gurae Resident Power Co., Ltd.		12,845		11,861		1,490			(101	)
Cheongju Eco Park Co., Ltd.		145,162		109,158		37,392			2,415
Enel X Midland Photovoltaic, LLC		13,694		119		2,470			865
Geumsungsan Wind Power Co., Ltd.		143,725		118,608		21,048			7,349
KEPCO KPS CARABAO Corp.		226		835		—			(513	)
Prime Swedish Holding AB		143,102		62,354		8,911			(8,404	)
Goheung New Energy Co., Ltd.		174,255		142,437		28,059			2,190
Gunsan Land Solar Co., Ltd.		144,887		104,284		22,154			4,939
CapMan Lynx SCA, SICAR		3,319		134,790		—			(4,808	)
International Offshore Power Transmission Holding Company Limited		33,191		1,650		—			(213	)
Pyeongchang Wind Power Co., Ltd.		55,697		34,754		9,261			(536	)
Eumseong Eco Park Co., Ltd.		149,904		111,846		45,239			9,512
Changwon Nu-ri Energy Co., Ltd.		71,179		58,630		333			(606	)
PungBack Wind Farm Corporation		148,157		130,116		—			(536	)
Trumbull Asset Management, LLC		2,572		910		4,501			486
S-Power Chile SpA		2,779		2,778		1,369			108
Seungmun Green Energy		142,213		103,593		46,712			9,026
Seobusambo highway photovoltaics Co., Ltd.		10,245		6,108		1,214			26
Yangyang Suri Wind Power Co., Ltd.		210,853		181,052		—			(5,391	)
KEPCO for Power Company		644,110		614,267		—			(1,058	)
Taebaek Wind Power Co., Ltd.		28,067		3,468		6,431			2,169
Jeonju Bio Green Energy Co., Ltd.		4,130		181		—			(967	)
Kumyang Eco Park Co., Ltd.		125,961		112,910		3,169			615
Jeongeup Green Power Co., Ltd.		22,939		6,960		—			(2,767	)
Hadong E-factory Co., Ltd.		2,331		1,204		—			(17	)
Namyangju Combined Heat and Power Co., Ltd.		75,474		1,899		—			(2,410	)
Samcheok Eco Materials Co., Ltd.		21,109		1,981		3,352			(1,357	)
Wadi Noor Solar Power Company SAOC		492,407		481,139		—			(1,477	)
Fairhaven Energy Storage LLC		2,071		82		—			(14	)
Rutile BESS Holdings, LLC		7,353		7,350		—			(211	)
Trumbull Development Partners, LLC		1,582,082		1,042,712		—			14,174
Imha Floating Photovoltaic Power Plant Inc.		36,412		23,546		—			(1,679	)
EDFR KOWEPO AJBAN PV HOLDING LIMITED		37,776		37,606		—			(143	)
Roof One Energy Co., Ltd.		9,305		5,209		—			(46	)

120

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Korea Gas Corporation	W	57,254,666		47,428,628		44,555,995		(747,428	)
Korea Electric Power Industrial Development Co., Ltd.		174,788		73,065		354,850		21,170
YTN Co., Ltd.		352,188		108,108		130,450		(3,616	)
Gangwon Wind Power Co., Ltd.		83,062		3,380		32,525		14,098
Hyundai Green Power Co., Ltd.		738,107		330,616		107,367		7,446
Korea Power Exchange		366,092		91,806		119,182		4,443
Taebaek Guinemi Wind Power Co., Ltd.		42,243		26,200		5,529		716
Daeryun Power Co., Ltd.		1,120,453		716,752		451,527		4,043
KNH Solar Co., Ltd.		12,142		314		3,535		1,394
SPC Power Corporation		287,249		28,485		106,926		27,946
Gemeng International Energy Co., Ltd.		7,507,274		5,189,729		2,963,614		33,580
PT. Cirebon Electric Power		665,365		177,150		265,054		27,341
KNOC Nigerian East Oil Co., Ltd.		27,029		112,017		—		(50	)
KNOC Nigerian West Oil Co., Ltd.		29,157		107,300		—		(50	)
PT Wampu Electric Power		206,943		131,823		20,155		(582	)
PT. Bayan Resources TBK		4,447,335		2,018,870		4,675,174		1,670,522
S-Power Co., Ltd.		762,398		427,807		1,012,050		44,730
Pioneer Gas Power Limited		274,693		532,005		551		(49,745	)
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,370,110		900,713		171,978		(5,674	)
PT. Mutiara Jawa		27,296		9,474		16,160		7,999
Samcheok Eco Materials Co., Ltd.		22,544		39,895		8,028		(1,776	)
Noeul Green Energy Co., Ltd.		89,861		107,834		24,017		920
Goseong Green Power Co., Ltd.		5,374,233		4,372,531		1,580,545		152
Gangneung Eco Power Co., Ltd.		5,381,984		4,665,083		1,419,436		(7,388	)
Shin Pyeongtaek Power Co., Ltd.		1,222,968		832,633		1,040,219		201,635
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,618		573		575		82
Dongducheon Dream Power Co., Ltd.		1,337,529		1,042,681		1,744,247		(8,608	)
Jinbhuvish Power Generation Pvt. Ltd.		61,227		12,644		—		—
Daejung Offshore Wind Power Co., Ltd.		5,277		2,094		—		(145	)
GS Donghae Electric Power Co., Ltd.		1,932,098		1,170,085		876,826		62,471
Daegu Photovoltaic Co., Ltd.		14,140		4,471		4,225		1,772
Busan Green Energy Co., Ltd.		160,299		149,060		69,108		(3,920	)
Hansuwon KNP Co., Ltd.		3,063		899		7,618		645
Korea Electric Power Corporation Fund		23,981		108		332		(2,921	)
Energy Infra Asset Management Co., Ltd.		13,628		1,371		5,130		1,254
Daegu clean Energy Co., Ltd.		368		324		—		(1	)
YaksuESS Co., Ltd.		5,697		4,717		508		(691	)
Nepal Water & Energy Development Company Private Limited		327,057		167,792		82,720		(3,186	)
Gwangyang Green Energy Co., Ltd.		370,778		247,675		—		(2,034	)
PND solar Co., Ltd.		34,804		30,127		5,413		373
Hyundai Eco Energy Co., Ltd.		169,180		128,481		26,266		7,206
YeongGwang Yaksu Wind Electric Co., Ltd.		38,720		38,173		5,593		(241	)
Green Energy Electricity Generation Co., Ltd.		69,667		72,325		948		(5,392	)
Korea Energy Solutions Co., Ltd.		1,151		303		643		87
ITR Co., Ltd.		480		490		144		(234	)
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)		1,818		127		771		178
Indeck Niles Development, LLC		1,157,838		675,638		318,392		64,813
Indeck Niles Asset Management, LLC		307		29		1,081		1,001
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		13,444		186		820		747
Suwon New Power Co., Ltd.		3,448		1,130		2,318		341
Gwangbaek Solar Power Investment Co., Ltd.		287,838		276,840		11,267		1,513
Go deok Clean Energy Co., Ltd.		139,352		127,545		22,671		2,426
SureDataLab Co., Ltd.		890		416		548		(263	)
SEP Co., Ltd.		45		117		—		(7	)

121

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Associates>
Hankook Electric Power Information Co., Ltd.	W	2,270		974		1,672		223
Tronix Co., Ltd.		4,564		2,807		2,718		578
O2&B Global Co., Ltd.		369		264		242		(73	)
Muan Sunshine Solar Power Plant Co., Ltd.		136,382		124,745		16,360		2,999
Bigeum Resident Photovoltaic Power Co., Ltd.		303,462		309,185		—		(3,031	)
Goesan Solar Park Co., Ltd.		50,659		40,738		6,530		985
Saemangeum Heemang Photovoltaic Co., Ltd.		152,496		113,407		23,448		4,063
Bitgoel Eco Energy Co., Ltd.		85,571		60,302		29,907		7,019
Jeju Gimnyeong Wind Power Co., Ltd.		56,906		56,087		9,261		(2,088	)
Seoroseoro Sunny Power Plant Co., Ltd.		6,813		4,650		1,039		193
Muan Solar park Co., Ltd.		204,168		171,642		31,532		8,648
YuDang Solar Co., Ltd.		20,566		17,717		3,483		420
Anjwa Smart Farm & Solar City Co., Ltd.		258,076		223,831		37,742		3,119
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)		143,157		112,651		58,423		13,407
G.GURU Co., Ltd.		818		142		162		(540	)
UD4M Co., Ltd.		1,242		194		1,066		(59	)
Dongbu Highway Solar Co., Ltd.		16,563		14,913		2,580		140
Seobu Highway Solar Co., Ltd.		16,739		14,707		2,646		451
Korea Energy Data Co., Ltd.		313		191		348		(87	)
Gangneung Sacheon Fuel Cell Co., Ltd.		138,761		119,779		23,523		9,191
KOSTURE Co., Ltd.		196		22		208		16
Taebaek Gadeoksan Wind Power Co., Ltd.		196,810		139,675		35,000		13,138
Chuncheon Green Energy Co., Ltd.		217,335		197,676		6,052		(497	)
Yeomsubong Wind Power Co., Ltd.		32,742		30,586		—		(1,753	)
Yeongyang Wind Power Corporation II		133,053		106,419		15,190		8,797
Haeparang Energy Co., Ltd.		40,698		32,359		—		(335	)
Saemangeum Sebit Power Plant Co., Ltd.		165,283		97,997		22,663		(812	)
Boulder Solar III, LLC		1,929		—		—		—
PlatformN. Co., Ltd.		184		394		404		(566	)
PT. Cirebon Energi Prasarana		3,372,539		2,606,566		434,806		73,285
Green Radiation Co., Ltd.		1,038		812		298		100
Future Convergence Technology Laboratory. Co., Ltd.		479		302		—		(70	)
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)		1,664		329		633		372
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)		1,801		1,081		856		—
ACE		385		348		53		(30	)
Environment and Energy Co., Ltd.		89		—		—		(4	)
Santiago Solar Power SpA		88,687		65,149		—		(2,994	)
Yanggu Floating Photovoltaic Power Plant Inc.		17,092		14,470		135		(495	)
Power Embedded		298		2		—		(2	)
Changwon SG Energy Co., Ltd.		5,738		1,649		436		(703	)
Donpyung Technology. Co., Ltd.		2,039		643		1,664		93
HORANG ENERGY Inc.		64,736		54,923		—		(389	)
Hoenggye Renewable Energy Co., Ltd		24,702		25,730		—		(4,864	)
Haman Green Energy Co., Ltd.		40,801		32,285		—		(5,116	)
Songsan Green Energy Co., Ltd.		46,016		32,262		—		(100	)
<Joint ventures>
Shuweihat Asia Power Investment B.V.		142,680		20		—		897
Shuweihat Asia Operation & Maintenance Company		4,421		1,116		3,194		2,249
Waterbury Lake Uranium L.P.		74,320		550		—		—
ASM-BG Investicii AD		68,837		39,359		10,931		1,359
RES Technology AD		58,152		29,387		5,969		(1,027	)
KV Holdings, Inc.		12,968		2		20		367
KEPCO SPC Power Corporation		288,140		26,778		222,773		17,270
Gansu Datang Yumen Wind Power Co., Ltd.		61,657		45,869		10,684		791
Datang Chifeng Renewable Power Co., Ltd.		812,124		345,277		117,833		25,055

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the year
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	W	166,959		58,942		23,638		1,597
Rabigh Electricity Company		2,556,848		1,855,234		304,727		51,539
Rabigh Operation & Maintenance Company Limited		40,339		27,928		31,301		6,676
Jamaica Public Service Company Limited		2,332,019		1,491,199		1,400,582		87,307
KW Nuclear Components Co., Ltd.		42,363		460		14,344		5,386
Busan Shinho Solar Power Co., Ltd.		31,863		5,188		9,197		4,473
Global Trade Of Power System Co., Ltd.		2,398		277		2,044		(229	)
Expressway Solar-light Power Generation Co., Ltd.		13,065		2,691		3,397		892
Amman Asia Electric Power Company		719,388		347,015		21,772		33,811
KAPES, Inc.		203,066		165,475		32,294		2,150
Honam Wind Power Co., Ltd.		31,183		14,938		6,570		1,540
Korea Power Engineering Service Co., Ltd.		21,534		1,853		11,248		1,203
Chun-cheon Energy Co., Ltd.		565,972		447,820		502,889		10,435
Yeonggwangbaeksu Wind Power Co., Ltd.		73,854		50,936		13,523		1,944
Nghi Son 2 Power LLC		3,775,717		2,939,740		825,701		33,505
Kelar S.A.		691,104		493,325		112,201		12,488
PT. Tanjung Power Indonesia		704,274		446,700		111,138		21,854
Incheon New Power Co., Ltd.		1,404		377		3,781		485
Seokmun Energy Co., Ltd.		201,776		144,565		54,575		(1,581	)
Daehan Wind Power PSC		144,260		111,407		17,880		4,951
Barakah One Company		35,586,640		36,901,367		1,243,735		(230,503	)
Nawah Energy Company		569,982		568,147		555,338		34
MOMENTUM		13,449		12,821		23,160		624
Daegu Green Power Co., Ltd.		515,354		429,204		380,130		(5,146	)
Yeonggwang Wind Power Co., Ltd.		225,286		175,530		36,326		11,672
Chester Solar IV SpA		12,435		11,504		2,119		395
Chester Solar V SpA		4,124		4,002		696		141
Diego de Almagro Solar SpA		15,785		13,907		3,114		931
South Jamaica Power Company Limited		482,866		267,307		240,664		18,833
Daesan Green Energy Co., Ltd.		237,663		174,261		111,225		11,480
RE Holiday Holdings LLC		340,773		172,589		21,178		664
RE Pioneer Holdings LLC		257,091		148,929		14,136		(2,164	)
RE Barren Ridge 1 Holdings LLC		213,491		97,184		11,915		(1,979	)
RE Astoria 2 LandCo LLC		14,116		242		1,014		823
RE Barren Ridge LandCo LLC		4,980		97		393		329
Laurel SpA		10,665		9,768		1,646		169
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		30,081		84		—		(182	)
Cheong-Song Noraesan Wind Power Co., Ltd.		54,086		41,352		6,780		1,240
Chester Solar I SpA		12,846		10,712		1,620		214
Solar Philippines Calatagan Corporation		146,304		37,922		16,420		9,121
Saemangeum Solar Power Co., Ltd.		34,905		5,994		—		(162	)
Chungsongmeon BongSan wind power Co., Ltd.		83,147		80,102		—		(925	)
Jaeun Resident Wind Power Plant Co., Ltd.		95,529		87,893		181		(80	)
DE Energia SpA		28,017		21,416		5,006		21,118
Dangjin Eco Power Co., Ltd.		96,980		19,299		3,789		589
Haemodum Solar Co., Ltd.		21,612		15,241		2,216		299
Yangyang Wind Power Co., Ltd.		124,550		103,766		211		(858	)
HORUS SOLAR, S.A. DE C.V.		210,868		160,006		20,586		26,865
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		239,548		180,912		4,920		24,984
SUNMEX RENOVABLES, S.A. DE C.V.		156,696		133,032		—		6,232
Stavro Holding II A.B.		91,342		28		—		(87	)
Solaseado Solar Power Co., Ltd.		346,793		304,142		39,907		4,823
Yeongam Solar Power Co., Ltd.		326,429		279,779		35,280		4,506
Samsu Wind Power Co., Ltd.		67,150		51,247		8,751		1,741
Pulau Indah Power Plant Sdn. Bhd.		800,300		720,459		431		2,095
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		72,465		97		7,569		7,080

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(4) The summarized financial information of associates and joint ventures as of and for each of the two years in the period ended December 31, 2024 is as follows, continued:

In millions of won
As of and for the year ended December 31, 2023
Investees	Total assets		Total liabilities		Sales			Profit (loss) for the year
<Joint ventures>
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream	W	17,230		22		38			(3	)
PT Barito Wahana Tenaga		512,846		—		—			72,320
Cheongna Energy Co., Ltd.		428,042		380,935		119,530			29,511
Naepo Green Energy Co., Ltd.		695,684		677,583		312,592			53,343
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)		441,975		498,353		212,997			5,544
OneEnergy Asia Limited		2,181,165		1,520,032		1,149,944			94,298
KAS INVESTMENT I LLC		52,806		—		(7,436	)		(7,437	)
KAS INVESTMENT II LLC		52,555		1		(7,444	)		(7,445	)
Energyco Co., Ltd.		54,336		49,816		6,599			(173	)
CAES, LLC		48,495		5		—			(2,388	)
Hapcheon Floating Photovoltaic Power Plant Inc.		79,924		58,887		12,679			4,266
Busan Industrial Solar Power Co., Ltd.		18,636		15,896		2,378			106
Bitsolar Energy Co., Ltd.		73,435		79,367		8,249			(1,125	)
Pulau Indah O&M Sdn. Bhd.		—		—		—			—
Guadalupe Solar SpA		10,646		8,811		1,684			626
Omisan Wind Power Co., Ltd.		150,813		126,853		—			(453	)
Foresight Iberian Solar Group Holding, S.L.		94,972		86,049		—			(2,712	)
Yeongwol Eco Wind Co., Ltd.		109,716		102,143		3,561			2,975
Gurae Resident Power Co., Ltd.		14,096		12,299		652			615
Cheongju Eco Park Co., Ltd.		145,956		115,347		38,907			(4,892	)
Enel X Midland Photovoltaic, LLC		12,825		115		2,128			850
Geumsungsan Wind Power Co., Ltd.		142,703		125,602		13,568			6,570
KEPCO KPS CARABAO Corp.		375		468		—			(467	)
Prime Swedish Holding AB		83,699		218		—			(524	)
Goheung New Energy Co., Ltd.		177,924		146,175		29,246			8,460
Gunsan Land Solar Co., Ltd.		144,435		108,848		23,523			(974	)
CapMan Lynx SCA, SICAR		139,262		132,430		1,427			(12,401	)
International Offshore Power Transmission Holding Company Limited		6,555		2,486		—			(195	)
Pyeongchang Wind Power Co., Ltd.		60,535		39,452		9,361			(2,354	)
Eumseong Eco Park Co., Ltd.		153,927		126,998		46,679			5,609
Changwon Nu-ri Energy Co., Ltd.		13,183		29		—			(44	)
PungBack Wind Farm Corporation		70,330		51,804		—			(255	)
Trumbull Asset Management, LLC		1,697		497		5,955			887
S-Power Chile SpA		2,240		2,390		1,327			(139	)
Seungmun Green Energy		144,600		115,034		10,879			2,127
Seobusambo highway photovoltaics Co., Ltd.		9,838		5,362		1,051			624
Yangyang Suri Wind Power Co., Ltd.		111,682		78,552		—			(3,069	)
KEPCO for Power Company		235,212		234,487		—			(3,610	)
Taebaek Wind Power Co., Ltd.		26,606		3,385		7,384			3,752
Jeonju Bio Green Energy Co., Ltd.		4,916		—		—			(84	)
Kumyang Eco Park Co., Ltd.		13,831		1,395		—			(71	)
Jeongeup Green Power Co., Ltd.		11,243		5,462		—			(1,343	)
Hadong E-factory Co., Ltd.		1,544		399		—			(13	)
Namyangju Combined Heat and Power Co., Ltd.		7,000		—		—			—
Wadi Noor Solar Power Company SAOC		70,963		69,288		—			—
Fairhaven Energy Storage LLC		—		—		—			—

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows:

In millions of won
As of December 31, 2024
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,826,356			21.66	%		2,344,989			—		—			(55,685	)		2,289,304
Korea Electric Power Industrial Development Co., Ltd.		104,056			29.00	%		30,177			—		—			—			30,177
Gangwon Wind Power Co., Ltd.		77,631			15.00	%		11,644			49		—			—			11,693
Hyundai Green Power Co., Ltd.		403,558			29.00	%		117,033			—		—			(29,640	)		87,393
Korea Power Exchange		273,962			100.00	%		273,962			—		—			—			273,962
Taebaek Guinemi Wind Power Co., Ltd.		16,086			67.25	%		10,818			2,741		—			—			13,559
Daeryun Power Co., Ltd.		465,879			6.85	%		31,913			—		—			(820	)		31,093
KNH Solar Co., Ltd.		8,017			27.00	%		2,165			—		—			—			2,165
SPC Power Corporation		283,089			38.00	%		107,574			—		—			—			107,574
Gemeng International Energy Co., Ltd.		2,498,612			42.00	%		1,049,417			—		—			(321,079	)		728,338
PT. Cirebon Electric Power		572,838			27.50	%		157,530			—		—			—			157,530
KNOC Nigerian East Oil Co., Ltd.		(96,926	)		14.63	%		(14,180	)		—		—			14,180			—
KNOC Nigerian West Oil Co., Ltd.		(89,121	)		14.63	%		(13,038	)		—		—			13,038			—
PT Wampu Electric Power		85,366			46.00	%		39,268			—		—			—			39,268
PT. Bayan Resources TBK		3,238,297			20.00	%		647,659			146,097		—			(76,380	)		717,376
S-Power Co., Ltd.		370,303			49.00	%		181,448			—		(1,076	)		—			180,372
Xe-Pian Xe-Namnoy Power Co., Ltd.		435,809			25.00	%		108,953			305		(946	)		(35,247	)		73,065
PT. Mutiara Jawa		19,777			29.00	%		5,735			—		—			—			5,735
Noeul Green Energy Co., Ltd.		(13,223	)		29.00	%		(3,835	)		—		—			3,835			—
Goseong Green Power Co., Ltd.		1,004,588			29.00	%		291,331			—		(6,789	)		—			284,542
Gangneung Eco Power Co., Ltd.		692,281			29.00	%		200,761			46,872		(5,819	)		—			241,814
Shin Pyeongtaek Power Co., Ltd.		373,908			40.00	%		149,563			3,559		(14,064	)		1			139,059
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,281			28.00	%		359			—		—			1			360
Dongducheon Dream Power Co., Ltd.		305,984			34.01	%		104,065			1,757		(1,889	)		(12,582	)		91,351
Jinbhuvish Power Generation Pvt. Ltd.		53,880			5.16	%		2,780			—		—			(2,780	)		—
Daejung Offshore Wind Power Co., Ltd.		3,199			46.59	%		1,490			—		—			—			1,490
GS Donghae Electric Power Co., Ltd.		821,859			34.00	%		279,432			—		—			—			279,432
Daegu Photovoltaic Co., Ltd.		8,742			29.00	%		2,535			—		—			—			2,535
Busan Green Energy Co., Ltd.		8,049			29.00	%		2,334			—		—			—			2,334
Hansuwon KNP Co., Ltd.		2,880			28.98	%		835			—		—			(161	)		674
Korea Electric Power Corporation Fund		13,609			98.09	%		13,349			—		—			4			13,353
Energy Infra Asset Management Co., Ltd.		12,808			9.90	%		1,268			—		—			—			1,268
YaksuESS Co., Ltd.		557			29.00	%		161			1		—			—			162
Nepal Water & Energy Development Company Private Limited		246,930			68.88	%		170,083			872		—			—			170,955
Gwangyang Green Energy Co., Ltd.		120,998			20.00	%		24,199			18		—			—			24,217
PND solar Co., Ltd.		5,455			29.00	%		1,582			154		—			(1	)		1,735
Hyundai Eco Energy Co., Ltd.		43,574			19.00	%		8,279			214		—			—			8,493
YeongGwang Yaksu Wind Electric Co., Ltd.		(406	)		9.63	%		(39	)		300		—			(220	)		41
Green Energy Electricity Generation Co., Ltd.		(4,050	)		29.00	%		(1,175	)		779		—			396			—
Korea Energy Solutions Co., Ltd.		985			20.00	%		197			—		—			—			197
ITR Co., Ltd.		(178	)		8.70	%		(15	)		—		—			15			—
STN Co., Ltd.		1,771			20.00	%		354			53		—			—			407
Indeck Niles Development, LLC		529,874			50.00	%		264,936			101,361		—			4,673			370,970
Indeck Niles Asset Management, LLC		179			33.33	%		60			—		—			—			60
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		12,487			49.00	%		6,119			—		—			—			6,119

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2024
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Suwon New Power Co., Ltd.	W	2,089			30.15	%		630			—		284			—			914
Gwangbaek Solar Power Investment Co., Ltd.		10,999			44.00	%		4,839			316		—			—			5,155
Go deok Clean Energy Co., Ltd.		13,253			40.00	%		5,301			—		—			—			5,301
SureDataLab Co., Ltd.		199			23.95	%		48			—		—			—			48
SEP Co., Ltd.		(73	)		21.26	%		(15	)		—		—			15			—
Hankook Electric Power Information Co., Ltd.		1,390			16.16	%		225			—		—			(13	)		212
Tronix Co., Ltd.		1,165			12.50	%		146			—		—			—			146
O2&B Global Co., Ltd.		(32	)		20.00	%		(6	)		—		—			6			—
Muan Sunshine Solar Power Plant Co., Ltd.		11,389			20.00	%		2,278			494		—			—			2,772
Bigeum Resident Photovoltaic Power Co., Ltd.		28,951			27.31	%		7,908			—		—			—			7,908
Goesan Solar Park Co., Ltd.		10,805			29.00	%		3,133			—		—			—			3,133
Saemangeum Heemang Photovoltaic Co., Ltd.		43,993			35.00	%		15,398			739		—			—			16,137
Bitgoel Eco Energy Co., Ltd.		27,933			49.05	%		13,701			—		—			—			13,701
Jeju Gimnyeong Wind Power Co., Ltd.		832			30.00	%		250			—		—			—			250
Seoroseoro Sunny Power Plant Co., Ltd.		2,371			42.58	%		1,010			20		—			—			1,030
Muan Solar park Co., Ltd.		29,708			20.00	%		5,942			325		—			—			6,267
YuDang Solar Co., Ltd.		3,083			20.00	%		617			—		—			—			617
Anjwa Smart Farm & Solar City Co., Ltd.		37,405			20.00	%		7,482			816		—			—			8,298
KPE Green Energy Co., Ltd.		32,284			25.36	%		8,186			44		—			—			8,230
G.GURU Co., Ltd.		140			24.65	%		34			—		—			—			34
UD4M Co., Ltd.		849			14.29	%		121			—		—			—			121
Dongbu Highway Solar Co., Ltd.		2,306			20.00	%		462			50		—			—			512
Seobu Highway Solar Co., Ltd.		2,895			20.00	%		579			—		—			—			579
Korea Energy Data Co., Ltd.		78			29.37	%		23			—		—			—			23
Gangneung Sacheon Fuel Cell Co., Ltd.		22,485			41.00	%		9,219			87		—			—			9,306
Taebaek Gadeoksan Wind Power Co., Ltd.		67,376			34.00	%		22,909			—		—			—			22,909
Chuncheon Green Energy Co., Ltd.		39,152			45.00	%		17,619			53		—			—			17,672
Yeomsubong Wind Power Co., Ltd.		1,232			29.00	%		357			246		—			—			603
Yeongyang Wind Power Corporation II		30,639			30.00	%		9,191			2,110		—			—			11,301
Haeparang Energy Co., Ltd.		7,719			25.00	%		1,930			20		—			—			1,950
Saemangeum Sebit Power Plant Co., Ltd.		67,139			55.00	%		36,928			182		—			—			37,110
PlatformN. Co., Ltd.		(61	)		29.58	%		(18	)		—		—			18			—
PT. Cirebon Energi Prasarana		968,458			10.00	%		96,846			—		—			—			96,846
Green Radiation Co., Ltd.		(142	)		10.00	%		(14	)		3		—			11			—
Future Convergence Technology Laboratory. Co., Ltd.		107			20.12	%		22			—		—			—			22
Eco motion Co., Ltd.		1,146			20.00	%		229			—		—			—			229
REC’s Innovation Co., Ltd.		1,403			11.04	%		155			—		—			—			155
ACE		51			20.00	%		10			—		(5	)		—			5
Environment and Energy Co., Ltd.		31			10.54	%		3			—		—			—			3
Santiago Solar Power SpA		13,924			50.00	%		6,961			—		—			—			6,961
Yanggu Floating Photovoltaic Power Plant Inc.		2,918			29.00	%		846			—		—			—			846
Power Embedded		288			23.33	%		67			1		—			—			68
Changwon SG Energy Co., Ltd.		3,550			18.78	%		667			15		—			—			682
Donpyung Technology. Co., Ltd.		1,532			20.00	%		306			—		(25	)		—			281
HORANG ENERGY Inc.		8,959			40.00	%		3,584			224		—			—			3,808
Hoenggye Renewable Energy Co., Ltd		(736	)		36.12	%		(266	)		2,375		—			266			2,375
Haman Green Energy Co., Ltd.		8,029			35.00	%		2,810			—		—			—			2,810
Songsan Green Energy Co., Ltd.		13,062			60.00	%		7,837			71		—			—			7,908
SkyPic Inc.		130			20.00	%		26			—		—			—			26
HyChangwon Fuel Cell. Co., Ltd.		22,901			40.00	%		9,161			117		—			—			9,278
Dreams Co.,Ltd.		50			11.00	%		6			5		—			—			11
DEEPAI Co.,Ltd.		364			1.32	%		5			6		—			—			11
Amaala Sustainable Company for Energy LLC		196			10.00	%		20			—		—			(2	)		18

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
For the year ended December 31, 2024
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	W	176,432			49.00	%		86,450			—		—			—			86,450
Shuweihat Asia Operation & Maintenance Company		3,887			55.00	%		2,138			—		—			—			2,138
Waterbury Lake Uranium L.P.		80,042			29.68	%		23,756			—		—			—			23,756
ASM-BG Investicii AD		33,872			50.00	%		16,936			—		—			—			16,936
RES Technology AD		30,137			50.00	%		15,069			—		—			—			15,069
KV Holdings, Inc.		17,303			40.00	%		6,921			—		—			—			6,921
KEPCO SPC Power Corporation		265,231			60.00	%		159,139			—		—			—			159,139
Gansu Datang Yumen Wind Power Co., Ltd.		19,797			40.00	%		7,919			—		—			—			7,919
Datang Chifeng Renewable Power Co., Ltd.		511,290			40.00	%		204,516			—		—			—			204,516
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		120,811			40.00	%		48,325			—		—			—			48,325
Rabigh Electricity Company		778,404			40.00	%		311,362			—		(40,752	)		(717	)		269,893
Rabigh Operation & Maintenance Company Limited		20,778			40.00	%		8,311			—		—			—			8,311
Jamaica Public Service Company Limited		992,954			40.00	%		397,182			29,357		—			(13,923	)		412,616
KW Nuclear Components Co., Ltd.		42,075			45.00	%		18,934			—		—			(176	)		18,758
Busan Shinho Solar Power Co., Ltd.		27,972			25.00	%		6,993			—		—			—			6,993
Global Trade Of Power System Co., Ltd.		2,402			29.00	%		696			—		—			—			696
Expressway Solar-light Power Generation Co., Ltd.		11,541			50.00	%		5,771			—		—			—			5,771
Amman Asia Electric Power Company		448,107			60.00	%		268,864			—		—			—			268,864
KAPES, Inc.		41,522			51.00	%		21,176			—		(25,107	)		3,931			—
Honam Wind Power Co., Ltd.		16,556			29.00	%		4,801			32		—			—			4,833
Korea Power Engineering Service Co., Ltd.		20,873			29.00	%		6,054			—		—			—			6,054
Chun-cheon Energy Co., Ltd.		123,222			29.90	%		36,843			3		—			(247	)		36,599
Yeonggwangbaeksu Wind Power Co., Ltd.		24,827			15.00	%		3,723			6		—			—			3,729
Nghi Son 2 Power LLC		1,126,156			50.00	%		563,079			—		—			—			563,079
Kelar S.A.		229,196			65.00	%		148,978			3,389		—			—			152,367
PT. Tanjung Power Indonesia		287,370			35.00	%		100,580			—		—			—			100,580
Incheon New Power Co., Ltd.		1,040			29.00	%		302			—		—			—			302
Seokmun Energy Co., Ltd.		53,296			29.00	%		15,456			—		—			—			15,456
Daehan Wind Power PSC		42,655			50.00	%		21,327			—		—			—			21,327
Barakah One Company		(1,821,204	)		18.00	%		(327,817	)		—		153,104			174,713			—
Nawah Energy Company		2,179			18.00	%		392			—		—			—			392
MOMENTUM		586			33.33	%		195			—		—			—			195
Daegu Green Power Co., Ltd.		93,677			54.24	%		50,810			84		—			(20,381	)		30,513
Yeonggwang Wind Power Co., Ltd.		55,769			46.00	%		25,654			492		—			—			26,146
Chester Solar IV SpA		340			90.00	%		306			1,146		—			—			1,452
Chester Solar V SpA		(61	)		90.00	%		(55	)		317		—			—			262
Diego de Almagro Solar SpA		1,140			90.00	%		1,026			674		—			—			1,700
South Jamaica Power Company Limited		243,822			20.00	%		48,764			—		—			(4	)		48,760
Daesan Green Energy Co., Ltd.		72,374			35.00	%		25,331			—		—			—			25,331
RE Holiday Holdings LLC		179,562			50.00	%		89,780			—		—			—			89,780
RE Pioneer Holdings LLC		111,243			50.00	%		55,622			—		—			—			55,622
RE Barren Ridge 1 Holdings LLC		119,612			50.00	%		59,806			—		—			—			59,806
RE Astoria 2 LandCo LLC		16,238			50.00	%		8,119			—		—			—			8,119
RE Barren Ridge LandCo LLC		5,716			50.00	%		2,857			—		—			—			2,857
Laurel SpA		426			90.00	%		382			1,050		—			—			1,432
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		33,586			12.37	%		4,155			9		—			(3,015	)		1,149
Cheong-Song Noraesan Wind Power Co., Ltd.		14,669			29.01	%		4,256			61		—			—			4,317
Chester Solar I SpA		1,481			90.00	%		1,333			316		—			—			1,649
Solar Philippines Calatagan Corporation		128,254			38.00	%		48,737			—		—			14,958			63,695
Saemangeum Solar Power Co., Ltd.		28,734			81.01	%		23,277			—		—			—			23,277
Chungsongmeon BongSan wind power Co., Ltd.		2,787			29.00	%		808			1,782		—			—			2,590

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2024
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential			Intercompany transaction			Others			Book value
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.	W	7,052			29.00	%		2,045			—			—			—			2,045
DE Energia SpA		7,410			49.00	%		3,631			—			—			7,431			11,062
Dangjin Eco Power Co., Ltd.		78,018			34.00	%		26,526			341			—			—			26,867
Haemodum Solar Co., Ltd.		6,592			49.00	%		3,230			—			—			—			3,230
Yangyang Wind Power Co., Ltd.		23,193			50.00	%		11,597			43			—			—			11,640
HORUS SOLAR, S.A. DE C.V.		(13,996	)		14.95	%		(2,092	)		3,580			—			—			1,488
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		15,257			14.95	%		2,281			2,171			—			—			4,452
SUNMEX RENOVABLES, S.A. DE C.V.		11,253			14.95	%		1,682			5			—			—			1,687
Stavro Holding II A.B.		82,293			20.00	%		16,459			—			—			—			16,459
Solaseado Solar Power Co., Ltd.		55,094			38.90	%		21,432			1,361			—			—			22,793
Yeongam Solar Power Co., Ltd.		58,182			19.00	%		11,055			773			—			—			11,828
Samsu Wind Power Co., Ltd.		15,003			19.00	%		2,851			—			—			—			2,851
Pulau Indah Power Plant Sdn. Bhd.		180,313			25.00	%		45,078			5,643			—			—			50,721
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		52,262			29.53	%		15,433			527			—			(527	)		15,433
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		17,218			90.00	%		15,496			—			—			—			15,496
PT Barito Wahana Tenaga		678,043			30.61	%		207,565			—			—			—			207,565
Cheongna Energy Co., Ltd.		88,231			50.10	%		44,204			3,137			(1,183	)		—			46,158
Naepo Green Energy Co., Ltd.		152,705			29.20	%		44,590			—			—			3,441			48,031
Boim Combined Heat and Power Generation Co., Ltd.		(58,130	)		46.30	%		(27,938	)		—			(785	)		28,723			—
OneEnergy Asia Limited		1,099,591			40.00	%		439,837			25,512			—			—			465,349
KAS INVESTMENT I LLC		20,333			29.89	%		6,078			—			—			—			6,078
KAS INVESTMENT II LLC		20,205			29.89	%		6,040			—			—			—			6,040
Energyco Co., Ltd.		5,149			29.00	%		1,493			829			—			—			2,322
CAES, LLC		49,267			36.00	%		17,736			2,923			—			—			20,659
Hapcheon Floating Photovoltaic Power Plant Inc.		23,050			49.00	%		11,295			39			—			—			11,334
Busan Industrial Solar Power Co., Ltd.		3,103			28.02	%		870			290			—			—			1,160
Bitsolar Energy Co., Ltd.		(5,964	)		27.10	%		(1,616	)		352			—			1,264			—
Pulau Indah O&M Sdn. Bhd.		(1	)		40.00	%		—			—			—			—			—
Guadalupe Solar SpA		1,138			60.00	%		683			98			—			—			781
Omisan Wind Power Co., Ltd.		25,460			42.00	%		10,693			166			—			—			10,859
Foresight Iberian Solar Group Holding, S.L.		(7,763	)		75.00	%		(5,822	)		1,427			—			4,395			—
Yeongwol Eco Wind Co., Ltd.		(3,234	)		29.00	%		(938	)		1,828			—			—			890
Gurae Resident Power Co., Ltd.		984			29.00	%		285			48			—			—			333
Cheongju Eco Park Co., Ltd.		36,004			29.00	%		10,441			195			—			—			10,636
Enel X Midland Photovoltaic, LLC		13,575			20.00	%		2,715			—			—			—			2,715
Geumsungsan Wind Power Co., Ltd.		25,117			29.00	%		7,284			556			—			—			7,840
KEPCO KPS CARABAO Corp.		(609	)		40.00	%		(244	)		—			—			244			—
Prime Swedish Holding AB		80,748			45.00	%		36,336			1,223			—			—			37,559
Goheung New Energy Co., Ltd.		31,818			46.15	%		14,684			1,084			—			—			15,768
Gunsan Land Solar Co., Ltd.		40,603			51.94	%		21,090			—			—			2,073			23,163
CapMan Lynx SCA, SICAR		(131,471	)		50.00	%		(65,735	)		—			—			65,735			—
International Offshore Power Transmission Holding Company Limited		31,541			35.00	%		11,040			(2	)		—			—			11,038
Pyeongchang Wind Power Co., Ltd.		20,943			58.00	%		12,147			—			—			—			12,147
Eumseong Eco Park Co., Ltd.		38,058			29.00	%		11,036			577			—			—			11,613
Changwon Nu-ri Energy Co., Ltd.		12,549			61.00	%		7,655			3			—			—			7,658
PungBack Wind Farm Corporation		18,041			37.00	%		6,675			1,085			—			—			7,760
Trumbull Asset Management, LLC		1,662			78.00	%		1,297			—			—			—			1,297
S-Power Chile SpA		1			50.00	%		1			158			—			—			159
Seungmun Green Energy		38,620			33.00	%		12,745			—			—			—			12,745
Seobusambo highway photovoltaics Co., Ltd.		4,137			80.00	%		3,309			—			—			—			3,309

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2024
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	W	29,801		29.00	%		8,643		—		—			—			8,643
KEPCO for Power Company		29,843		60.00	%		17,906		—		—			—			17,906
Taebaek Wind Power Co., Ltd.		24,599		60.00	%		14,759		—		—			—			14,759
Jeonju Bio Green Energy Co., Ltd.		3,949		65.00	%		2,566		—		—			—			2,566
Kumyang Eco Park Co., Ltd.		13,051		29.00	%		3,785		56		—			—			3,841
Jeongeup Green Power Co., Ltd.		15,979		44.86	%		7,167		1,679		—			—			8,846
Hadong E-factory Co., Ltd.		1,127		29.99	%		338		6		—			—			344
Namyangju Combined Heat and Power Co., Ltd.		73,575		70.10	%		51,575		193		—			—			51,768
Samchuck		19,128		25.54	%		4,885		—		—			(4,885	)		—
Wadi Noor Solar Power Company SAOC		11,268		50.00	%		5,634		9		(4,251	)		—			1,392
Fairhaven Energy Storage LLC		1,989		35.00	%		696		—		—			(696	)		—
Rutile BESS Holdings, LLC		3		50.00	%		1		—		—			—			1
Trumbull Development Partners, LLC		539,370		56.23	%		303,288		52,091		—			—			355,379
Imha Floating Photovoltaic Power Plant Inc.		12,866		49.00	%		6,305		46		—			—			6,351
EDFR KOWEPO AJBAN PV HOLDING LIMITED		170		50.00	%		85		—		—			—			85
Roof One Energy Co., Ltd.		4,096		48.00	%		1,966		34		—			—			2,000

(*) The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2023
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	9,826,038			20.47	%		2,011,390			—		—			(40,747	)		1,970,643
Korea Electric Power Industrial Development Co., Ltd.		101,723			29.00	%		29,500			—		—			—			29,500
YTN Co., Ltd.		244,080			21.43	%		52,303			—		—			—			52,303
Gangwon Wind Power Co., Ltd.		79,682			15.00	%		11,952			49		—			—			12,001
Hyundai Green Power Co., Ltd.		407,491			29.00	%		118,173			—		—			—			118,173
Korea Power Exchange		274,286			100.00	%		274,286			—		—			—			274,286
Taebaek Guinemi Wind Power Co., Ltd.		16,043			67.25	%		10,788			2,742		—			—			13,530
Daeryun Power Co., Ltd.		403,701			6.85	%		27,654			—		—			(820	)		26,834
KNH Solar Co., Ltd.		11,828			27.00	%		3,194			—		—			—			3,194
SPC Power Corporation		258,764			38.00	%		98,330			—		—			(19,399	)		78,931
Gemeng International Energy Co., Ltd.		2,317,545			42.00	%		973,369			—		—			(267,557	)		705,812
PT. Cirebon Electric Power		488,215			27.50	%		134,259			—		—			—			134,259
KNOC Nigerian East Oil Co., Ltd.		(84,988	)		14.63	%		(12,434	)		—		—			12,434			—
KNOC Nigerian West Oil Co., Ltd.		(78,143	)		14.63	%		(11,432	)		—		—			11,432			—
PT Wampu Electric Power		75,120			46.00	%		34,555			—		—			—			34,555
PT. Bayan Resources TBK		2,428,465			20.00	%		485,693			209,894		—			(76,380	)		619,207
S-Power Co., Ltd.		334,591			49.00	%		163,950			—		(1,185	)		—			162,765
Pioneer Gas Power Limited		(257,311	)		38.50	%		(99,058	)		22,278		—			76,780			—
Xe-Pian Xe-Namnoy Power Co., Ltd.		469,397			25.00	%		117,349			305		(987	)		(289	)		116,378
PT. Mutiara Jawa		17,822			29.00	%		5,168			—		—			—			5,168
Samcheok Eco Materials Co., Ltd.		(17,351	)		25.54	%		(4,431	)		—		—			4,431			—
Noeul Green Energy Co., Ltd.		(17,973	)		29.00	%		(5,212	)		—		—			5,212			—
Goseong Green Power Co., Ltd.		1,001,702			29.00	%		290,494			—		(2,870	)		—			287,624
Gangneung Eco Power Co., Ltd.		716,901			29.00	%		207,901			48,531		(1,503	)		—			254,929
Shin Pyeongtaek Power Co., Ltd.		390,335			40.00	%		156,134			3,559		(14,667	)		—			145,026
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		1,045			28.00	%		293			—		—			1			294
Dongducheon Dream Power Co., Ltd.		294,848			34.01	%		100,278			1,757		(2,249	)		(12,583	)		87,203
Jinbhuvish Power Generation Pvt. Ltd.		48,583			5.16	%		2,526			—		—			(2,526	)		—
Daejung Offshore Wind Power Co., Ltd.		3,183			46.59	%		1,483			—		—			—			1,483
GS Donghae Electric Power Co., Ltd.		762,013			34.00	%		259,085			—		—			—			259,085
Daegu Photovoltaic Co., Ltd.		9,669			29.00	%		2,804			—		—			—			2,804
Busan Green Energy Co., Ltd.		11,239			29.00	%		3,259			—		—			—			3,259
Hansuwon KNP Co., Ltd.		2,164			28.98	%		627			—		—			(160	)		467
Korea Electric Power Corporation Fund		23,873			98.09	%		23,417			—		—			4			23,421
Energy Infra Asset Management Co., Ltd.		12,257			9.90	%		1,213			—		—			—			1,213
Daegu clean Energy Co., Ltd.		44			28.00	%		12			—		—			(12	)		—
YaksuESS Co., Ltd.		980			29.00	%		284			1		—			—			285
Nepal Water & Energy Development Company Private Limited		159,265			68.88	%		109,701			872		—			—			110,573
Gwangyang Green Energy Co., Ltd.		123,103			20.00	%		24,620			18		—			—			24,638
PND solar Co., Ltd.		4,677			29.00	%		1,356			154		—			—			1,510
Hyundai Eco Energy Co., Ltd.		40,699			19.00	%		7,733			214		—			—			7,947
YeongGwang Yaksu Wind Electric Co., Ltd.		547			9.63	%		53			300		—			(220	)		133
Green Energy Electricity Generation Co., Ltd.		(2,658	)		29.00	%		(771	)		779		—			—			8
Korea Energy Solutions Co., Ltd.		848			20.00	%		170			—		—			—			170
ITR Co., Ltd.		(10	)		10.00	%		(1	)		—		—			1			—
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)		1,691			20.00	%		338			53		—			—			391
Indeck Niles Development, LLC		482,200			50.00	%		241,100			90,074		—			4,227			335,401
Indeck Niles Asset Management, LLC		278			33.33	%		93			—		—			—			93
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		13,258			49.00	%		6,496			—		—			—			6,496

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2023
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others		Book value
<Associates>
Suwon New Power Co., Ltd.	W	2,318			33.05	%		766			—		256			—		1,022
Gwangbaek Solar Power Investment Co., Ltd.		10,998			44.00	%		4,839			316		—			—		5,155
Go deok Clean Energy Co., Ltd.		11,807			40.00	%		4,723			—		—			—		4,723
SureDataLab Co., Ltd.		474			23.95	%		114			—		—			—		114
SEP Co., Ltd.		(72	)		21.26	%		(15	)		—		—			15		—
Hankook Electric Power Information Co., Ltd.		1,296			16.49	%		214			—		—			—		214
Tronix Co., Ltd.		1,757			12.50	%		220			—		—			—		220
O2&B Global Co., Ltd.		105			20.00	%		21			—		—			—		21
Muan Sunshine Solar Power Plant Co., Ltd.		11,637			20.00	%		2,328			494		—			—		2,822
Bigeum Resident Photovoltaic Power Co., Ltd.		(5,723	)		29.90	%		(1,711	)		24		—			1,687		—
Goesan Solar Park Co., Ltd.		9,921			29.00	%		2,877			—		—			—		2,877
Saemangeum Heemang Photovoltaic Co., Ltd.		39,089			35.00	%		13,681			739		—			—		14,420
Bitgoel Eco Energy Co., Ltd.		25,269			49.05	%		12,394			—		—			—		12,394
Jeju Gimnyeong Wind Power Co., Ltd.		819			30.00	%		246			—		—			—		246
Seoroseoro Sunny Power Plant Co., Ltd.		2,163			42.58	%		921			20		—			—		941
Muan Solar park Co., Ltd.		32,526			20.00	%		6,505			325		—			—		6,830
YuDang Solar Co., Ltd.		2,849			20.00	%		570			—		—			—		570
Anjwa Smart Farm & Solar City Co., Ltd.		34,245			20.00	%		6,849			816		—			—		7,665
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)		30,506			25.36	%		7,735			44		—			—		7,779
G.GURU Co., Ltd.		676			24.65	%		167			—		—			—		167
UD4M Co., Ltd.		1,048			14.29	%		150			—		—			—		150
Dongbu Highway Solar Co., Ltd.		1,650			20.00	%		330			50		—			—		380
Seobu Highway Solar Co., Ltd.		2,032			20.00	%		406			—		—			—		406
Korea Energy Data Co., Ltd.		122			29.37	%		36			—		—			—		36
Gangneung Sacheon Fuel Cell Co., Ltd.		18,982			41.00	%		7,783			87		—			—		7,870
KOSTURE Co., Ltd.		174			4.42	%		8			—		—			—		8
Taebaek Gadeoksan Wind Power Co., Ltd.		57,135			34.00	%		19,426			—		—			—		19,426
Chuncheon Green Energy Co., Ltd.		19,659			45.00	%		8,847			53		—			—		8,900
Yeomsubong Wind Power Co., Ltd.		2,156			29.00	%		625			246		—			—		871
Yeongyang Wind Power Corporation II		26,634			30.00	%		7,990			2,110		—			—		10,100
Haeparang Energy Co., Ltd.		8,339			25.00	%		2,084			20		—			—		2,104
Saemangeum Sebit Power Plant Co., Ltd.		67,286			55.00	%		37,009			182		—			—		37,191
Boulder Solar III, LLC		1,929			30.00	%		579			175		—			—		754
PlatformN. Co., Ltd.		(210	)		29.58	%		(62	)		—		—			62		—
PT. Cirebon Energi Prasarana		765,973			10.00	%		76,597			—		—			—		76,597
Green Radiation Co., Ltd.		226			10.00	%		23			3		—			—		26
Future Convergence Technology Laboratory. Co., Ltd.		177			20.12	%		36			—		—			—		36
Eco motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)		1,335			20.00	%		267			—		—			—		267
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)		720			16.67	%		120			—		—			—		120
ACE		37			20.00	%		7			—		(5	)		—		2
Environment and Energy Co., Ltd.		89			10.54	%		9			—		—			—		9
Santiago Solar Power SpA		23,538			50.00	%		11,769			—		—			—		11,769
Yanggu Floating Photovoltaic Power Plant Inc.		2,622			29.00	%		760			—		—			—		760
Power Embedded		296			23.33	%		69			1		—			—		70
Changwon SG Energy Co., Ltd.		4,089			18.78	%		768			15		—			—		783
Donpyung Technology. Co., Ltd.		1,396			20.00	%		279			—		(25	)		—		254
HORANG ENERGY Inc.		9,813			40.00	%		3,925			224		—			—		4,149
Hoenggye Renewable Energy Co., Ltd		(1,028	)		36.10	%		(370	)		2,270		—			475		2,375
Haman Green Energy Co., Ltd.		8,516			35.00	%		2,981			—		—			—		2,981
Songsan Green Energy Co., Ltd.		13,754			60.00	%		8,252			71		—			—		8,323

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5). The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2023
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential		Intercompany transaction			Others			Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	W	142,660			49.00	%		69,902			—		—			—			69,902
Shuweihat Asia Operation & Maintenance Company		3,305			55.00	%		1,818			—		—			—			1,818
Waterbury Lake Uranium L.P.		73,770			30.65	%		22,612			—		—			—			22,612
ASM-BG Investicii AD		29,478			50.00	%		14,739			—		—			—			14,739
RES Technology AD		28,765			50.00	%		14,383			—		—			—			14,383
KV Holdings, Inc.		12,966			40.00	%		5,186			—		—			—			5,186
KEPCO SPC Power Corporation		261,362			75.20	%		196,544			—		—			—			196,544
Gansu Datang Yumen Wind Power Co., Ltd.		15,788			40.00	%		6,315			—		—			—			6,315
Datang Chifeng Renewable Power Co., Ltd.		466,847			40.00	%		186,739			—		—			—			186,739
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		108,017			40.00	%		43,207			—		—			—			43,207
Rabigh Electricity Company		701,614			40.00	%		280,646			—		(45,692	)		97			235,051
Rabigh Operation & Maintenance Company Limited		12,411			40.00	%		4,964			—		—			—			4,964
Jamaica Public Service Company Limited		840,820			40.00	%		336,328			29,357		—			(15,819	)		349,866
KW Nuclear Components Co., Ltd.		41,903			45.00	%		18,856			—		—			(176	)		18,680
Busan Shinho Solar Power Co., Ltd.		26,675			25.00	%		6,669			—		—			—			6,669
Global Trade Of Power System Co., Ltd.		2,121			29.00	%		615			—		—			—			615
Expressway Solar-light Power Generation Co., Ltd.		10,374			50.00	%		5,187			—		—			—			5,187
Amman Asia Electric Power Company		372,373			60.00	%		223,424			—		—			—			223,424
KAPES, Inc.		37,591			51.00	%		19,171			—		(22,186	)		3,015			—
Honam Wind Power Co., Ltd.		16,245			29.00	%		4,711			32		—			—			4,743
Korea Power Engineering Service Co., Ltd.		19,681			29.00	%		5,708			—		—			—			5,708
Chun-cheon Energy Co., Ltd.		118,152			29.90	%		35,327			3		—			(247	)		35,083
Yeonggwangbaeksu Wind Power Co., Ltd.		22,918			15.00	%		3,437			6		—			—			3,443
Nghi Son 2 Power LLC		835,977			50.00	%		417,989			—		—			—			417,989
Kelar S.A.		197,779			65.00	%		128,557			2,972		—			—			131,529
PT. Tanjung Power Indonesia		257,574			35.00	%		90,151			—		—			—			90,151
Incheon New Power Co., Ltd.		1,027			29.00	%		298			—		—			—			298
Seokmun Energy Co., Ltd.		57,211			29.00	%		16,591			—		—			—			16,591
Daehan Wind Power PSC		32,853			50.00	%		16,426			—		—			—			16,426
Barakah One Company		(1,314,727	)		18.00	%		(236,651	)		—		95,932			140,719			—
Nawah Energy Company		1,835			18.00	%		330			—		—			—			330
MOMENTUM		628			33.33	%		209			—		—			—			209
Daegu Green Power Co., Ltd.		86,150			54.24	%		46,728			84		—			(20,382	)		26,430
Yeonggwang Wind Power Co., Ltd.		49,756			46.00	%		22,888			492		—			—			23,380
Chester Solar IV SpA		931			45.00	%		419			65		—			—			484
Chester Solar V SpA		122			45.00	%		55			136		—			—			191
Diego de Almagro Solar SpA		1,878			45.00	%		846			108		—			—			954
South Jamaica Power Company Limited		215,559			20.00	%		43,112			—		—			(3	)		43,109
Daesan Green Energy Co., Ltd.		63,402			35.00	%		22,191			—		—			—			22,191
RE Holiday Holdings LLC		168,184			50.00	%		84,092			—		—			—			84,092
RE Pioneer Holdings LLC		108,162			50.00	%		54,081			—		—			—			54,081
RE Barren Ridge 1 Holdings LLC		116,307			50.00	%		58,154			—		—			—			58,154
RE Astoria 2 LandCo LLC		13,874			50.00	%		6,937			—		—			—			6,937
RE Barren Ridge LandCo LLC		4,883			50.00	%		2,441			—		—			—			2,441
Laurel SpA		897			45.00	%		403			210		—			—			613
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd		29,997			12.37	%		3,710			9		—			—			3,719
Cheong-Song Noraesan Wind Power Co., Ltd.		12,734			29.01	%		3,695			61		—			—			3,756
Chester Solar I SpA		2,134			45.00	%		960			278		—			—			1,238
Solar Philippines Calatagan Corporation		108,382			38.00	%		41,185			—		—			16,945			58,130
Saemangeum Solar Power Co., Ltd.		28,911			81.01	%		23,419			—		—			—			23,419
Chungsongmeon BongSan wind power Co., Ltd.		3,045			29.00	%		883			1,782		—			—			2,665

132

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2023
Investees	Net assets			Percentage of ownership (*)			Share in net assets			Investment differential			Intercompany transaction			Others			Book value
<Joint ventures>
Jaeun Resident Wind Power Plant Co., Ltd.	W	7,636			29.00	%		2,214			—			—			—			2,214
DE Energia SpA		6,601			49.00	%		3,235			—			—			6,468			9,703
Dangjin Eco Power Co., Ltd.		77,681			34.00	%		26,412			341			—			—			26,753
Haemodum Solar Co., Ltd.		6,371			49.00	%		3,122			—			—			—			3,122
Yangyang Wind Power Co., Ltd.		20,784			50.00	%		10,392			43			—			—			10,435
HORUS SOLAR, S.A. DE C.V.		50,862			14.95	%		7,601			3,580			—			—			11,181
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.		58,636			14.95	%		8,764			2,171			—			—			10,935
SUNMEX RENOVABLES, S.A. DE C.V.		23,664			14.95	%		3,536			5			—			—			3,541
Stavro Holding II A.B.		91,314			20.00	%		18,263			—			—			—			18,263
Solaseado Solar Power Co., Ltd.		42,651			38.90	%		16,592			1,361			—			—			17,953
Yeongam Solar Power Co., Ltd.		46,650			19.00	%		8,864			773			—			—			9,637
Samsu Wind Power Co., Ltd.		15,903			19.00	%		3,022			—			—			—			3,022
Pulau Indah Power Plant Sdn. Bhd.		79,841			25.00	%		19,960			5,643			—			—			25,603
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		72,368			29.53	%		21,370			527			—			—			21,897
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream		17,208			90.00	%		15,487			—			—			—			15,487
PT Barito Wahana Tenaga		512,846			30.61	%		156,994			—			—			—			156,994
Cheongna Energy Co., Ltd.		47,107			50.10	%		23,601			3,137			(1,189	)		—			25,549
Naepo Green Energy Co., Ltd.		18,101			29.20	%		5,285			—			—			—			5,285
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)		(56,378	)		46.30	%		(26,103	)		—			(826	)		26,929			—
OneEnergy Asia Limited		661,133			40.00	%		264,454			25,512			—			—			289,966
KAS INVESTMENT I LLC		52,806			29.89	%		15,784			—			—			—			15,784
KAS INVESTMENT II LLC		52,554			29.89	%		15,709			—			—			—			15,709
Energyco Co., Ltd.		4,520			29.00	%		1,311			829			—			—			2,140
CAES, LLC		48,490			36.00	%		17,457			2,923			—			—			20,380
Hapcheon Floating Photovoltaic Power Plant Inc.		21,037			49.00	%		10,309			39			—			—			10,348
Busan Industrial Solar Power Co., Ltd.		2,740			28.02	%		768			290			—			—			1,058
Bitsolar Energy Co., Ltd.		(5,932	)		27.10	%		(1,607	)		352			—			1,607			352
Pulau Indah O&M Sdn. Bhd.		—			60.00	%		—			—			—			—			—
Guadalupe Solar SpA		1,835			60.00	%		1,102			98			—			—			1,200
Omisan Wind Power Co., Ltd.		23,960			42.00	%		10,063			166			—			—			10,229
Foresight Iberian Solar Group Holding, S.L.		8,923			75.00	%		6,692			1,427			—			—			8,119
Yeongwol Eco Wind Co., Ltd.		7,573			29.00	%		2,196			1,828			—			—			4,024
Gurae Resident Power Co., Ltd.		1,797			29.00	%		521			48			—			—			569
Cheongju Eco Park Co., Ltd.		30,609			29.00	%		8,877			195			—			—			9,072
Enel X Midland Photovoltaic, LLC		12,710			20.00	%		2,542			—			—			—			2,542
Geumsungsan Wind Power Co., Ltd.		17,101			29.00	%		4,959			556			—			—			5,515
KEPCO KPS CARABAO Corp.		(93	)		40.00	%		(37	)		—			—			37			—
Prime Swedish Holding AB		83,481			45.00	%		37,566			1,223			—			—			38,789
Goheung New Energy Co., Ltd.		31,749			46.15	%		14,652			1,084			—			—			15,736
Gunsan Land Solar Co., Ltd.		35,587			56.91	%		20,251			—			—			2,178			22,429
CapMan Lynx SCA, SICAR		6,832			50.00	%		3,416			—			—			(3,416	)		—
International Offshore Power Transmission Holding Company Limited		4,069			35.00	%		1,425			(2	)		—			—			1,423
Pyeongchang Wind Power Co., Ltd.		21,083			58.00	%		12,228			—			—			—			12,228
Eumseong Eco Park Co., Ltd.		26,929			29.00	%		7,809			577			—			—			8,386
Changwon Nu-ri Energy Co., Ltd.		13,154			61.00	%		8,024			3			—			—			8,027
PungBack Wind Farm Corporation		18,526			37.00	%		6,855			1,085			—			—			7,940
Trumbull Asset Management, LLC		1,200			78.00	%		936			—			—			—			936
S-Power Chile SpA		(150	)		50.00	%		(75	)		139			—			—			64
Seungmun Green Energy		29,566			33.00	%		9,757			—			—			—			9,757
Seobusambo highway photovoltaics Co., Ltd.		4,476			80.00	%		3,580			—			—			—			3,580

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(5) The financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2024 and 2023 is as follows, continued:

In millions of won
As of December 31, 2023
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction		Others		Book value
<Joint ventures>
Yangyang Suri Wind Power Co., Ltd.	W	33,130		29.00	%		9,608		—		—		—		9,608
KEPCO for Power Company		725		60.00	%		435		—		—		—		435
Taebaek Wind Power Co., Ltd.		23,221		60.00	%		13,932		—		—		—		13,932
Jeonju Bio Green Energy Co., Ltd.		4,916		65.00	%		3,195		—		—		—		3,195
Kumyang Eco Park Co., Ltd.		12,436		29.00	%		3,607		56		—		—		3,663
Jeongeup Green Power Co., Ltd.		5,781		18.71	%		1,082		478		—		—		1,560
Hadong E-factory Co., Ltd.		1,145		29.99	%		343		6		—		—		349
Namyangju Combined Heat and Power Co., Ltd.		7,000		55.00	%		3,850		—		—		—		3,850
Wadi Noor Solar Power Company SAOC		1,675		50.00	%		837		9		—		—		846
Fairhaven Energy Storage LLC		—		35.00	%		—		—		—		—		—

(*) The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(6) As of December 31, 2024 and 2023, investments in associates and joint ventures unrecognized of which the book value has be come nil due to the accumulated losses of associates and joint ventures are as follows:

In millions of won	As of December 31, 2024					As of December 31, 2023
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Eurasia Energy Holdings	W	—			—		(203	)		—
Boim Combined Heat and Power Generation Co., Ltd.		769			28,723		937			27,954
Samcheok Eco Materials Co., Ltd.		895			5,326		3,625			4,431
Naepo Green Energy Co., Ltd.		—			—		(14,956	)		—
Barakah One Company		33,994			174,713		46,746			140,719
Pioneer Gas Power Limited (*)		—			—		19,835			76,712
Bigeum Resident Photovoltaic Power Co., Ltd.		—			—		(460	)		—
KAPES, Inc.		916			3,931		(145	)		3,015
ITR Co., Ltd.		14			15		(4	)		1
SEP Co., Ltd.		—			15		1			15
International Offshore Power Transmission Holding Company Limited		—			—		(23,378	)		—
Noeul Green Energy Co., Ltd.		(1,377	)		3,835		(258	)		5,212
Gangneung Eco Power Co., Ltd.		—			—		(14	)		—
PlatformN. Co., Ltd.		(44	)		18		62			62
KEPCO KPS CARABAO Corp.		207			244		37			37
Bitsolar Energy Co., Ltd.		1,264			1,264		—			—
Green Energy Electricity Generation Co., Ltd.		396			396		—			—
O2&B Global Co., Ltd.		6			6		—			—
Pulau Indah O&M Sdn. Bhd.		1			1		—			—
Foresight Iberian Solar Group Holding, S.L.		4,395			4,395		—			—
Green Radiation Co., Ltd.,		11			11		—			—
Hoenggye Renewable Energy Co., Ltd.,		266			266		—			—
CapMan Lynx SCA, SICAR		31,090			31,090		—			—

(*) For the year ended December 31, 2024, the investment therein was reclassified from investment in an associate to a financial asset measured at fair value through other comprehensive income.

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 2024, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i) 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 in the EPC contract 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.

(ii) 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.

(iii) 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.

(iv) 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. Also, 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.

(v) 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.

(vi) Hyundai Green Power Co., Ltd.

The Group has an obligation to purchase certain shares in Hyundai Green Power Co., Ltd. from financial investors holding certain shares in Hyundai Green Power Co., Ltd. (i.e., IBK and others) when any of the financial investors claim to sell the Group’s shares at a certain point of time in the future. The Group also has the right to claim Hyundai Steel Company, another operating investor of Hyundai Green Power Co., Ltd., to sell its shares at a certain point of time in the future, and is obliged to sell the Group’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Group to sell its shares.

(vii) Omisan Wind Power Co., Ltd.

The Group has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Group exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Group or a third party designated by the Group.

(viii) 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.

(ix) Seungmun Green Energy

According to the special conditions of the REC trading contract, a connected entity may demand the sale of ownership stakes held by other investors to the connected entity, or the investors may acquire new stakes or modify business documents through a capital increase in Seungmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the connected entity, they may demand that the connected entity purchase their stakes in the future if certain conditions are met.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(7) As of December 31, 2024, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

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

If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Group has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.

(xi) HORANG ENERGY Inc.

The Group has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Group also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.

(xii) Namyangju Combined Heat and Power Co., Ltd.

The Group has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest equity holder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Group is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.

(xiii) Jeongeup Green Power Co., Ltd.

The Group has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the entity holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Group’s right to acquire shares from M Eco Co., Ltd.

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and joint ventures as of December 31, 2024 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 and 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 written consent of the financial institutions.
Daeryun Power Co., Ltd.	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 financial institutions.
KNH Solar Co., Ltd.	Shares cannot be wholly or partially transferred without the prior written 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 prior written consent of other shareholders.
Naepo Green Energy Co., Ltd.	Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.
Solaseado Solar Power Co., Ltd.	Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.
Samcheok Eco Materials Co., Ltd.	Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.
Taebaek Guinemi Wind Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.
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.
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 payment conditions are satisfied.

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2019 and 2018 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, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, 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 become 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.
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.
KPE 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 amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.
Goheung New Energy Co., Ltd.	Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.
Seungmun Green Energy	Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Trumbull Asset Management, LLC	Shares cannot be either wholly or partially transferred without the consent of the stakeholders.
HORANG ENERGY Inc.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed 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.
Yanggu Floating Photovoltaic Power Plant Inc.	Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Hoenggye Renewable Energy Co., Ltd.	Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.
Daegu Photovoltaic Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of financial institutions is obtained.
Dongducheon Dream Power Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.
Shin Pyeongtaek Power Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Seoroseoro Sunny Power Plant Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Anjwa Smart Farm & Solar City Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
YuDang Solar Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haemodum Solar Co., Ltd.	Principals and interest payments 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 written consent of the financial institutions is obtained.
Cheongna Energy Co., Ltd.	Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
Hapcheon Floating Photovoltaic Power Plant Inc.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Yeongwol Eco Wind Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gurae Resident Power Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gunsan Land Solar Co., Ltd.	Principals and interest payments 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 written consent of the financial institutions is obtained. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.
Eumseong 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 and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
PungBack Wind Farm Corporation	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Seobusambo highway photovoltaics Co., Ltd.	Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 2024 are as follows, continued:

Company	Nature and extent of any significant restrictions
Haman 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 or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
Jeongeup Green Power Co., Ltd.	Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.
Nepal Water & Energy Development Company Private Limited	The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.
Goseong Green Power Co., Ltd.	The Group cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business.
Gangneung Eco Power Co., Ltd.	The Group cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business.
S-Power Co., Ltd.	Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders is obtained.
South Jamaica Power Company Limited	Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Rutile BESS Holdings, LLC	Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.
Kumyang Eco Park Co., Ltd.	Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.
HyChangwon Fuel Cell. 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. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.
Roof One Energy Co., Ltd.	Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders thereof.
Amaala Sustainable Company for Energy LLC	Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

18. Property, Plant and Equipment

(1) Property, plant and equipment as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,577,296		(27,403	)		—			(29,241	)		14,520,652
Buildings		26,217,223		(41,718	)		(12,812,659	)		(7,103	)		13,355,743
Structures		89,573,695		(149,737	)		(37,762,078	)		(18,678	)		51,643,202
Machinery		122,610,077		(105,546	)		(65,120,941	)		(533,405	)		56,850,185
Ships		17,870		—			(7,336	)		—			10,534
Vehicles		452,812		(2,745	)		(371,245	)		(116	)		78,706
Equipment		2,512,223		(3,915	)		(2,073,752	)		(375	)		434,181
Tools		1,428,994		(1,306	)		(1,255,257	)		(1	)		172,430
Construction-in-progress		31,307,153		(223,566	)		—			(22,795	)		31,060,792
Right-of-use assets		6,031,076		—			(2,984,680	)		—			3,046,396
Asset retirement costs		18,283,796		—			(8,388,929	)		(146,423	)		9,748,444
Others		17,198,254		—			(15,136,756	)		—			2,061,498
	W	330,210,469		(555,936	)		(145,913,633	)		(758,137	)		182,982,763

In millions of won	As of December 31, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,426,253		(27,404	)		—			(28,165	)		14,370,684
Buildings		25,236,830		(46,227	)		(11,870,875	)		(5,751	)		13,313,977
Structures		86,010,823		(157,881	)		(35,111,297	)		(9,525	)		50,732,120
Machinery		113,735,035		(119,824	)		(59,381,603	)		(536,386	)		53,697,222
Ships		17,845		—			(5,480	)		—			12,365
Vehicles		421,349		(2,837	)		(337,859	)		(116	)		80,537
Equipment		2,341,242		(5,932	)		(1,909,992	)		(375	)		424,943
Tools		1,354,532		(62	)		(1,190,057	)		(1	)		164,412
Construction-in-progress		32,031,297		(173,474	)		—			(22,795	)		31,835,028
Right-of-use assets		6,041,794		—			(2,678,051	)		—			3,363,743
Asset retirement costs		17,007,088		—			(7,127,091	)		(146,423	)		9,733,574
Others		16,255,667		—			(14,108,737	)		—			2,146,930
	W	314,879,755		(533,641	)		(133,721,042	)		(749,537	)		179,875,535

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,398,088			28,390		(38,162	)		—			—			159,739			14,548,055
(Government grants)		(27,404	)		—		1			—			—			—			(27,403	)
Buildings		13,360,204			3,767		(13,366	)		(984,288	)		(1,351	)		1,032,495			13,397,461
(Government grants)		(46,227	)		—		—			4,508			—			1			(41,718	)
Structures		50,890,001			16,201		(303,046	)		(2,873,012	)		(9,154	)		4,071,949			51,792,939
(Government grants)		(157,881	)		—		1,330			9,458			—			(2,644	)		(149,737	)
Machinery		53,817,046			341,652		(199,670	)		(6,311,423	)		(735	)		9,308,861			56,955,731
(Government grants)		(119,824	)		—		522			16,076			—			(2,320	)		(105,546	)
Ships		12,365			—		—			(1,865	)		—			34			10,534
Vehicles		83,374			4,311		(223	)		(43,837	)		—			37,826			81,451
(Government grants)		(2,837	)		—		8			1,233			—			(1,149	)		(2,745	)
Equipment		430,875			84,020		(236	)		(210,376	)		—			133,813			438,096
(Government grants)		(5,932	)		—		—			2,118			—			(101	)		(3,915	)
Tools		164,474			32,825		(68	)		(82,603	)		—			59,108			173,736
(Government grants)		(62	)		—		—			341			—			(1,585	)		(1,306	)
Construction-in-progress		32,008,502			14,335,323		—			—			—			(15,059,467	)		31,284,358
(Government grants)		(173,474	)		6,806		75			—			—			(56,973	)		(223,566	)
Right-of-use assets		3,363,743			132,495		(2,252	)		(538,995	)		—			91,405			3,046,396
Asset retirement costs		9,733,574			—		—			(1,809,280	)		—			1,824,150			9,748,444
Others		2,146,930			1,704		—			(1,011,161	)		—			924,025			2,061,498
	W	179,875,535			14,987,494		(555,087	)		(13,833,106	)		(11,240	)		2,519,167			182,982,763

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won	For the year ended December 31, 2023
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment (*)			Others			Ending balance
Land	W	14,270,937			23,519		(15,302	)		—			—			118,934			14,398,088
(Government grants)		(27,405	)		—		1			—			—			—			(27,404	)
Buildings		13,292,200			3,706		(6,221	)		(938,549	)		—			1,009,068			13,360,204
(Government grants)		(50,437	)		—		—			5,070			—			(860	)		(46,227	)
Structures		50,449,235			18,486		(311,877	)		(2,828,065	)		—			3,562,222			50,890,001
(Government grants)		(165,608	)		—		1,611			9,562			—			(3,446	)		(157,881	)
Machinery		54,191,785			184,532		(195,673	)		(6,062,471	)		(6,331	)		5,705,204			53,817,046
(Government grants)		(127,126	)		—		1,230			17,413			—			(11,341	)		(119,824	)
Ships		13,476			—		—			(1,812	)		—			701			12,365
Vehicles		87,687			5,778		(76	)		(40,760	)		—			30,745			83,374
(Government grants)		(2,045	)		—		—			960			—			(1,752	)		(2,837	)
Equipment		435,741			62,291		(264	)		(206,894	)		—			140,001			430,875
(Government grants)		(6,608	)		—		—			2,011			—			(1,335	)		(5,932	)
Tools		178,501			30,598		(364	)		(78,487	)		—			34,226			164,474
(Government grants)		(99	)		—		—			38			—			(1	)		(62	)
Construction-in-progress		28,041,471			14,069,968		(1,511	)		—			(10,700	)		(10,090,726	)		32,008,502
(Government grants)		(135,926	)		5,544		—			—			—			(43,092	)		(173,474	)
Right-of-use assets		3,711,125			261,862		(2,613	)		(536,517	)		—			(70,114	)		3,363,743
Asset retirement costs		11,288,967			—		—			(1,251,446	)		—			(303,947	)		9,733,574
Others		2,419,437			1,290		—			(958,649	)		—			684,852			2,146,930
W		177,865,308			14,667,574		(531,059	)		(12,868,596	)		(17,031	)		759,339			179,875,535

(*) The Group calculated the actual damage in relation to the fire incident at Taean IGCC gas refinery in January 2023, and recognized W6,331 million as an impairment loss. In addition, as the recoverable amount of construction-in-progress of Guam Ukudu Power LLC, a subsidiary of the Group, is less than the book value, W10,700 million was recognized as an impairment loss for the year ended December 31, 2023.

(3) For the year ended December 31, 2024, the Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds and costs from selling items produced before its intended use, by accounting W101,609 million (W38,149 million for the year ended December 31, 2023) as revenue and W77,549 million (W45,578 million for the year ended December 31, 2023) as expense in profit or loss.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

19. Investment Properties

(1) Investment properties as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	210,509		—			—			210,509
Buildings		32,517		(22	)		(14,020	)		18,475
	W	243,026		(22	)		(14,020	)		228,984

In millions of won	As of December 31, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	172,594		—			—			172,594
Buildings		20,043		(22	)		(7,088	)		12,933
	W	192,637		(22	)		(7,088	)		185,527

(2) Changes in investment properties for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	172,594			—		—			37,915			210,509
Buildings		12,955			—		(683	)		6,225			18,497
(Government grants)		(22	)		—		1			(1	)		(22	)
	W	185,527			—		(682	)		44,139			228,984

In millions of won	For the year ended December 31, 2023
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	194,417			—		—			(21,823	)		172,594
Buildings		13,890			—		(494	)		(441	)		12,955
(Government grants)		(21	)		—		1			(2	)		(22	)
	W	208,286			—		(493	)		(22,266	)		185,527

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Rental income	W	11,594			10,519
Operating and maintenance expenses related to rental income		(716	)		(507	)
	W	10,878			10,012

(4) Fair values of investment properties as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Book value		Fair value		Book value		Fair value
Land	W	210,509		337,379		172,594		258,478
Buildings		18,475		19,094		12,933		13,437
	W	228,984		356,473		185,527		271,915

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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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

20. Construction Contracts

(1) Changes in the total contract amount in which revenue is not yet recognized for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others	W	5,795,600		1,190,281		(849,108	)		6,136,773

(*) For the year ended December 31, 2024, the increased balance of contracts from new orders is W1,299,281 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W109,000 million.

In millions of won	For the year ended December 31, 2023
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others	W	5,594,946		986,049		(785,395	)		5,795,600

(*) For the year ended December 31, 2023, the increased balance of contracts from new orders is W1,029,165 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W43,116 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in overseas and others	W	24,255,432		24,008,579		246,853		80,069

In millions of won	As of December 31, 2023
	Accumulated earned revenue		Accumulated expense		Accumulated profit		Unearned advance receipts
Nuclear power plant construction in overseas and others	W	22,996,785		22,382,628		614,157		74,253

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

20. Construction Contracts, Continued

(3) The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Contract assets (*1)		Contract liabilities (*2)		Contract assets (*1)		Contract liabilities (*2)
Nuclear power plant construction in overseas and others	W	1,159,085		161,778		183,204		270,789

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

(*2) Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2024 from the amounts included in contract liabilities at the end of the prior year is W247,819 million.

(4) The contracts with purchasers state that the disclosure of information related to UAE and Egypt Eldaba nuclear power plant construction projects such as rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the purchasers. The purchasers 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 the purchasers 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.

	Contract date		Completion date
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029

(5) The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for the UAE nuclear power plant project. As of December 31, 2024, the Group recognizes the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

(6) The operating segment information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the year ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024
	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 costs		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	—		(376,333	)		(359,763	)		(16,570	)		466,184		—		289,043		15,427		—		—
Electric power generation (Nuclear)		—		131,828			8,914			122,914			299,168		—		—		—		30,427		—
Plant maintenance & engineering Service and others		1,767		553			(4,298	)		4,851			25,767		17,492		870,042		6		59,862		4,209
	W	1,767		(243,952	)		(355,147	)		111,195			791,119		17,492		1,159,085		15,433		90,289		4,209

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

21. Intangible Assets other than Goodwill

(1) Intangible assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,156,641		(844	)		(976,633	)		(19	)		179,145
Copyrights, patents rights and other industrial rights		107,040		—			(71,231	)		(9,178	)		26,631
Mining rights		670,083		—			(66,938	)		(573,723	)		29,422
Development expenditures		1,011,550		(939	)		(937,877	)		—			72,734
Intangible assets under development		96,544		(3,473	)		—			(8,903	)		84,168
Usage rights of donated assets and others		592,680		—			(459,165	)		(136	)		133,379
Leasehold rights		28,185		—			(25,216	)		(538	)		2,431
Greenhouse gas emissions rights		135,534		—			—			—			135,534
Others		620,366		(229	)		(224,410	)		(12,253	)		383,474
	W	4,418,623		(5,485	)		(2,761,470	)		(604,750	)		1,046,918

In millions of won	As of December 31, 2023
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,083,537		(413	)		(885,677	)		(19	)		197,428
Copyrights, patents rights and other industrial rights		105,827		—			(73,158	)		(9,178	)		23,491
Mining rights		643,625		—			(57,549	)		(553,911	)		32,165
Development expenditures		966,530		(2,121	)		(911,096	)		—			53,313
Intangible assets under development		94,916		(2,458	)		—			(8,903	)		83,555
Usage rights of donated assets and others		592,739		—			(447,352	)		(136	)		145,251
Leasehold rights		28,185		—			(24,256	)		—			3,929
Greenhouse gas emissions rights		107,086		—			—			—			107,086
Others		599,958		(322	)		(199,865	)		(12,005	)		387,766
	W	4,222,403		(5,314	)		(2,598,953	)		(584,152	)		1,033,984

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	197,841			18,249		(4	)		(88,985	)		—			52,888			179,989
(Government grants)		(413	)		—		—			229			—			(660	)		(844	)
Copyrights, patents rights and other industrial rights		23,491			576		(44	)		(4,846	)		—			7,454			26,631
Mining rights		32,165			—		(100	)		(5,798	)		—			3,155			29,422
Development expenditures		55,434			—		—			(25,830	)		—			44,069			73,673
(Government grants)		(2,121	)		—		—			1,364			—			(182	)		(939	)
Intangible assets under development		86,013			69,878		—			(14	)		—			(68,236	)		87,641
(Government grants)		(2,458	)		—		—			—			—			(1,015	)		(3,473	)
Usage rights of donated assets and others		145,251			36		—			(11,903	)		—			(5	)		133,379
Leasehold rights		3,929			—		—			(960	)		(538	)		—			2,431
Greenhouse gas emissions rights		107,086			123		—			(416	)		—			28,741			135,534
Others		388,088			3,997		(394	)		(26,501	)		(364	)		18,877			383,703
(Government grants)		(322	)		—		—			93			—			—			(229	)
	W	1,033,984			92,859		(542	)		(163,567	)		(902	)		85,086			1,046,918

In millions of won	For the year ended December 31, 2023
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software	W	203,007			12,837		(18	)		(86,174	)		—			68,189			197,841
(Government grants)		(174	)		—		—			85			—			(324	)		(413	)
Copyrights, patents rights and other industrial rights		28,013			319		(70	)		(4,918	)		(180	)		327			23,491
Mining rights		38,525			2,164		—			(10,289	)		—			1,765			32,165
Development expenditures		54,505			—		—			(25,614	)		—			26,543			55,434
(Government grants)		(3,477	)		—		—			1,356			—			—			(2,121	)
Intangible assets under development		67,722			51,282		—			—			—			(32,991	)		86,013
(Government grants)		(2,108	)		—		—			—			—			(350	)		(2,458	)
Usage rights of donated assets and others		157,143			—		—			(11,857	)		—			(35	)		145,251
Leasehold rights		4,888			—		—			(959	)		—			—			3,929
Greenhouse gas emissions rights		43,960			8,577		(1	)		(2	)		—			54,552			107,086
Others		364,727			4,136		(119	)		(24,895	)		(103	)		44,342			388,088
(Government grants)		(67	)		—		—			93			—			(348	)		(322	)
	W	956,664			79,315		(208	)		(163,174	)		(283	)		161,670			1,033,984

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

21. Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of December 31, 2024 and 2023 are as follows:

In millions of won and thousands of Australian dollars

As of December 31, 2024
Type	Description	Currency		Amount		Remaining useful lives
Software	S/4HANA ERP license		KRW		4,276	2 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC		KRW		12,523	3 years
Mining rights	Mining rights of Bylong mine		AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		8,697	1 year and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		5,799	5 years and 6 months
Others	Occupancy and use of public waters		KRW		65,389	12 years and 1 month
	Greenhouse gas emissions rights		KRW		135,534	—
	Business rights		KRW		143,216	24 years and 11 months

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

In millions of won and thousands of Australian dollars

As of December 31, 2023
Type	Description	Currency		Amount		Remaining useful lives
Software	S/4HANA ERP license		KRW		5,742	3 years and 11 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC		KRW		16,697	4 years
Mining rights	Mining rights of Bylong mine		AUD		—	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge		KRW		13,235	2 years and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)		KRW		6,853	6 years and 6 months
Others	Occupancy and use of public waters		KRW		70,800	13 years and 1 month
	Greenhouse gas emissions rights		KRW		107,086	—
	Business rights		KRW		148,964	25 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 each of the two years in the period ended December 31, 2024, the Group recognized research and development expenses of W773,931 million and W717,561 million, respectively.

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

22. Trade and Other Payables

Trade and other payables as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Trade payables	W	4,494,504		—		4,341,482		—
Non-trade payables		2,224,036		1,432,421		2,140,906		1,716,345
Accrued expenses		1,983,697		22,259		1,859,765		23,148
Leasehold deposits received		3,211		3,237		2,548		1,042
Other deposits received		97,276		45,012		127,933		33,723
Lease liabilities		603,492		3,095,964		612,765		3,195,115
Dividends payable		5,063		—		4,574		—
Others (*)		36		10,348		—		12,584
	W	9,411,315		4,609,241		9,089,973		4,981,957

(*) Details of others as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		2,689		—		3,069
Others		36		7,659		—		9,515
	W	36		10,348		—		12,584

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Current liabilities
Short-term borrowings	W	9,122,792			10,667,335
Current portion of long-term borrowings		8,434,330			5,780,638
Current portion of debt securities		26,908,467			24,681,439
Less: current portion of discount on long-term borrowings		(16,537	)		(1,152	)
Less: current portion of discount on debt securities		(7,100	)		(7,176	)
Add: current portion of premium on debt securities		—			263
		44,441,952			41,121,347
Non-current liabilities
Long-term borrowings		3,153,867			3,407,514
Debt securities		85,149,391			89,293,561
Less: discount on long-term borrowings		(35,071	)		(14,683	)
Less: discount on debt securities		(176,739	)		(175,909	)
		88,091,448			92,510,483
	W	132,533,400			133,631,830

(2) Repayment schedules of borrowings and debt securities as of December 31, 2024 and 2023 are as follows:

In millions of won
As of December 31, 2024
Type	Borrowings		Debt Securities
Less than 1 year	W	17,557,122		26,908,467
1~ 5 years		1,488,840		63,087,182
More than 5 years		1,665,027		22,062,209
	W	20,710,989		112,057,858

In millions of won
As of December 31, 2023
Type	Borrowings		Debt Securities
Less than 1 year	W	16,447,973		24,681,439
1~ 5 years		1,649,696		64,342,617
More than 5 years		1,757,818		24,950,944
	W	19,855,487		113,975,000

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of December 31, 2024 and 2023 are as follows:

In millions of won and thousands of USD
As of December 31, 2024
Type	Creditor	Interest rate (%)		Maturity	Foreign currency		Local currency
Local short-term borrowings	Yuanta Securities Co., Ltd. and others		3.27 ~ 4.60	2025.01.07 ~ 2025.12.31		—	W	4,953,348
Local short-term borrowings	Nonghyup Bank and others		3M CD + 0.23 ~ 0.65 4.17	2025.01.02 ~ 2025.11.20		—		3,934,600
Foreign short-term borrowings	Hana Bank		SOFR(1M) + 0.90	2025.08.12		USD 40,000		58,800
Local bank overdraft	Korea Development Bank		3.85	2025.04.28		—		100,000
Local bank overdraft	Woori Bank and others		Standard overdraft rate + 1.37 4.20	2025.02.21 ~ 2025.03.28		—		76,044
							W	9,122,792

In millions of won and thousands of USD
As of December 31, 2023
Type	Creditor	Interest rate (%)		Maturity	Foreign currency		Local currency
Local short-term borrowings	DB financial investment and others		4.00~4.84	2024.01.05 ~ 2024.12.31		—	W	6,180,339
Local short-term borrowings	Nonghyup Bank and others		3M CD+0.98~1.12	2024.05.26 ~ 2024.11.20		—		4,300,000
Local short-term borrowings	Korea Development Bank		Standard overdraft rate + 1.06	2024.02.24		—		30,000
Local short-term borrowings	Export-Import Bank of Korea		3M bank debenture rate + 0.34	2024.12.27		—		50,000
Foreign short-term borrowings	Export-Import Bank of Korea		5.49	2024.09.27		USD 40,000		51,576
Foreign short-term borrowings	Kookmin Bank		1M SOFR + 0.95	2024.02.16		USD 40,000		51,576
Local bank overdraft	Woori Bank and others		Standard overdraft rate + 1.37 4.63 ~ 5.34	2024.01.05 ~ 2024.02.23		—		3,844
							W	10,667,335

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2024 and 2023 are as follows:

In millions of won
As of December 31, 2024
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2025~2044		—	W	1,424
	Facility	2.60~4.94	2025~2042		—		51,960
	Facility	CB rate+0.90	2029		—		9,486
Hana Bank and others	Commercial Paper	3M CD+0.31~1.20	2025~2029		—		7,550,000
	Facility	4.60	2028		—		4,904
	Facility	3yr KTB rate-1.25	2028		—		2,492
Export-Import Bank of Korea	Project loans	1.00	2026		—		4,419
	Facility	1.32	2025~2028		—		64,000
	Operating funds	3M bank debenture rate+0.66	2026		—		50,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.75	2025~2028		—		7,494
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		13,995
	Operating funds	6M bank debenture rate+0.93~1.03	2025~2027		—		50,000
	Others	3.95	2034		—		67,733
	Others	Standard overdraft rate+1.00	2034		—		67,733
Kookmin Bank	Facility	3M CD+1.79 5.53~5.63	2030~2037		—		167,945
	Operating funds	1yr bank debenture rate+0.78	2025		—		20,000
Woori Bank	Facility	3M CD+1.90 5.12~5.61	2034~2042		—		100,071
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	5.53~5.63	2030~2041		—		36,351
Others	Facility	3.30~6.80	2028~2042		—		801,687
	Facility	CB rate+1.10 2.25~5.63	2028~2041		—		24,517
	PF Refinancing	CB rate+1.25	2030		—		5,726
	PF Refinancing	4.10	2030		—		15,905
	Securitized debts (*)	3M CD+1.80	2025		—		54,236
	Others	4.40~7.90	2025~2039		—		113,362
	Others	2.00~6.15	2031~2034		—		49,826
						W	9,367,153

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2024 and 2023 are as follows, continued:

In millions of won and thousands of foreign currencies
As of December 31, 2024
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—		2026	USD	8,744	W	12,853
Export-Import Bank of Korea and others	Direct Loan and others	6M Synthetic Libor+1.80~3.20		2036	USD	72,163		106,080
	Direct Loan and others	6M Synthetic Libor+2.25~3.70		2027	JOD	44,126		91,437
	Facility	SOFR+0.43 1M SOFR+1.83		2029~2031	USD	112,672		165,628
Korea Development Bank and others	EBL	1M SOFR+0.86		2025	USD	149,592		219,900
POSCO E&C and others	Shareholder’s loan	5.60~8.00		2025~2026	USD	10,145		14,914
	Shareholder’s loan	8.00		2031	JOD	4,853		10,056
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00		2025~2032	JPY	3,937,987		36,878
Woori Bank and others	Syndicated Loan	JPY 6M Tibor+1.84		2025	JPY	2,178,069		20,397
Solar Construction Lending, LLC	Facility	5.00		2025	USD	28,303		41,605
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90		2029	EUR	38,139		58,304
IFC and others	Facility	3M SOFR+1.60~1.99 6M SOFR+5.00 6.19~7.22		2026~2032	USD	772,852		1,136,092
Hanwha US Solar Private Fund 1 and others	Facility	6.00		2038	USD	60,743		89,292
DBS Bank and others	Facility	1M BBSY+1.40~2.25		2025	AUD	178,729		163,301
Nonghyup Bank and others	Facility	10.40		2039	USD	36,943		54,307
								2,221,044
								11,588,197
Less: discount on long-term borrowings								(51,608	)
Less: current portion of long-term borrowings								(8,434,330	)
Add: current portion of discount on long-term borrowings								16,537
							W	3,118,796

(*) The main reasons for early repayment of securitized debts as of December 31, 2024 are as follows:

Type	Details
Non-payment of proceeds	Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding	Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation	Where the consignor fails to fulfill the additional trust obligation
Event of default	In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2024 and 2023 are as follows, continued:

In millions of won
As of December 31, 2023
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2024~2044		—	W	1,758
	Facility	2.60~4.94	2025~2042		—		53,052
	Facility	CB rate+0.90	2029		—		9,985
	Operating funds	1yr KDB rate+0.91	2024		—		40,000
Hana Bank and others	Commercial Paper	3M CD+0.13~1.20	2024~2028		—		5,350,000
	Facility	4.60	2028		—		6,558
	Facility	3yr KTB rate-2.50	2028		—		3,156
Export-Import Bank of Korea	Project loans	1.00	2026		—		7,365
	Facility	1.32	2028		—		80,000
	Operating funds	3M bank debenture rate+0.66	2026		—		40,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 2.25	2024~2028		—		9,176
	Facility	3yr KTB rate-1.50	2024		—		163
	Project loans	—	2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		16,825
	Operating funds	6M bank debenture rate+0.93	2025		—		20,000
	Commercial Paper	3M CD+0.38	2025		—		150,000
	Others	3.95	2034		—		73,425
	Others	Standard overdraft rate+1.00	2034		—		73,425
Kookmin Bank	Facility	1yr bank debenture rate+0.78 3M CD+1.79~2.10 5.04	2025~2037		—		186,032
Woori Bank	Facility	Standard overdraft rate+1.60 3M CD+1.90 5.04	2034~2042		—		101,172
IBK	Facility	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility	3M CD+2.00~2.10	2030~2041		—		22,517
Others	Facility	3.50~6.80	2028~2042		—		735,722
	Facility	CB rate+1.10 3M CD+2.10 1.75~3.30	2024~2041		—		51,509
	PF Refinancing	CB rate+1.25	2030		—		6,680
	PF Refinancing	4.10	2030		—		18,556
	Securitized debts (*)	3M CD+1.80	2025		—		52,060
	Others	4.40~7.90	2025~2039		—		113,973
	Others	1.80~4.50	2031~2034		—		49,879
						W	7,304,875

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2024 and 2023 are as follows, continued:

In millions of won and thousands of foreign currencies
As of December 31, 2023
Type		Interest rate (%)		Maturity		Foreign currency		Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans		—		2026	USD	8,744	W	11,274
Export-Import Bank of Korea and others	Direct Loan and others		6M Synthetic Libor+1.80~3.20		2036	USD	78,347		101,020
	Direct Loan and others		6M Synthetic Libor+2.25~3.70		2027	JOD	62,385		113,390
	Facility		6M Synthetic Libor+1.70~2.50 1M SOFR+1.83		2029~2031	USD	120,916		155,909
Korea Development Bank and others	EBL		1M SOFR+0.86		2025	USD	142,049		183,157
POSCO E&C and others	Shareholder’s loan		5.60~8.00		2025	USD	10,770		13,887
	Shareholder’s loan		8.00		2031	JOD	5,419		9,850
Samsung Life Insurance and others	Syndicated Loan		3.10~8.00		2032	JPY	4,350,671		39,707
Woori Bank and others	Syndicated Loan		JPY 6M Tibor+1.84		2032	JPY	2,399,088		21,896
Solar Construction Lending, LLC	Facility		5.00		2025	USD	29,894		38,545
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V	Senior borrowing		3.90		2029	EUR	40,478		57,745
IFC and others	Facility		3M SOFR+1.99 6M SOFR+5.00 3M BSBY+1.70 6.05~6.62		2024~2031	USD	655,922		845,746
Hanwha US Solar Private Fund 1 and others	Facility		6.00		2039	USD	60,674		78,233
DBS Bank and others	Facility		1M BBSY+1.40~2.25		2025	AUD	185,086		162,891
Nonghyup Bank and others	Facility		10.40		2039	USD	38,799		50,027
									1,883,277
									9,188,152
Less: discount on long-term borrowings									(15,835	)
Less: current portion of long-term borrowings									(5,780,638	)
Add: current portion of discount on long-term borrowings									1,152
								W	3,392,831

(*) The main reasons for early repayment of securitized debts as of December 31, 2023 are as follows:

Type	Details
Non-payment of proceeds	Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding	Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation	Where the consignor fails to fulfill the additional trust obligation
Event of default	In case the event of default occurs under the ABL loan agreement

The Group is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of December 31, 2024 and 2023 are as follows:

In millions of won
	Issue date		Maturity		Interest rate (%)		As of December 31, 2024			As of December 31, 2023
Electricity Bonds		2012.03.27~2024.12.17		2025.01.03~2052.04.21		1.43~5.99	W	63,960,000			67,730,000
Corporate Bonds (*)		2009.10.16~2024.10.04		2025.01.10~2054.06.28		1.28~10.00		28,727,353			29,887,353
Corporate Bonds		2021.05.26~2023.12.28		2041.05.25~2043.09.15		1.71~3.78		41,578			41,578
								92,728,931			97,658,931
Less: discount on local debt securities								(51,149	)		(54,826	)
Less: current portion of local debt securities								(22,621,584	)		(23,141,584	)
Add: current portion of discount on local debt securities								2,124			4,712
							W	70,058,322			74,467,233

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to W1,584 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.

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of December 31, 2024 and 2023 are as follows:

In millions of won and thousands of foreign currencies
As of December 31, 2024
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	409,690
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		462,634
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		421,772
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		147,000
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		441,000
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		441,000
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		61,149
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		59,954
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		312,345
FY-19	2019.07.19	2027.07.19	0.05	CHF	100,000		162,638
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	326,929		480,586
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		441,000
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		735,000
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		735,000
FY-20	2020.08.03	2026.02.03	1.00	USD	300,000		441,000
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		661,500
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		735,000
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		441,000
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		441,000
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		441,000
FY-22	2022.05.06	2025.05.06	3.60	USD	500,000		735,000
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD	800,000		1,176,000
FY-22	2022.06.28	2025.06.28	4.13	USD	300,000		441,000
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		1,029,000
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,176,000
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		444,855
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		196,304
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		514,500
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		735,000
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,470,000
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		441,000
FY-24	2024.01.31	2027.01.31	4.88	USD	1,200,000		1,764,000
FY-24	2024.07.29	2029.07.29	4.63	USD	500,000		735,000
							19,328,927
Less: discount on foreign debt securities							(132,690	)
Less: current portion of foreign debt securities							(4,286,883	)
Add: current portion of discount on foreign debt securities							4,976
						W	14,914,330

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of December 31, 2024 and 2023 are as follows, continued:

In millions of won and thousands of foreign currencies
As of December 31, 2023
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	359,357
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD	314,717		405,796
FY-04	2004.04.23	2034.04.23	5.13	USD	286,920		369,955
FY-14	2014.07.30	2029.07.30	3.57	USD	100,000		128,940
FY-15	2015.06.15	2025.06.15	3.25	USD	300,000		386,820
FY-17	2017.07.25	2027.07.25	3.13	USD	300,000		386,820
FY-17	2017.10.30	2037.10.30	1.70	EUR	40,000		57,064
FY-17	2017.11.16	2037.11.16	2.36	SEK	450,000		58,050
FY-18	2018.03.13	2028.03.13	3.35	HKD	1,650,000		272,349
FY-19	2019.02.27	2024.02.27	0.13	CHF	200,000		305,364
FY-19	2019.06.24	2024.06.24	2.50	USD	500,000		644,700
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05	CHF	300,000		458,046
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97	AUD	300,000		264,024
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD	342,753		441,946
FY-20	2020.02.03	2025.02.03	2.13	USD	300,000		386,820
FY-20	2020.05.06	2025.05.06	1.75	USD	500,000		644,700
FY-20	2020.06.15	2025.06.15	1.13	USD	500,000		644,700
FY-20	2020.08.03	2026.02.03	1.00	USD	300,000		386,820
FY-21	2021.01.27	2026.01.27	0.75	USD	450,000		580,230
FY-21	2021.04.27	2026.04.27	1.25	USD	500,000		644,700
FY-21	2021.08.09	2026.08.09	1.25	USD	300,000		386,820
FY-21	2021.09.24	2026.09.24	1.13	USD	300,000		386,820
FY-22	2022.04.21	2027.04.21	3.63	USD	300,000		386,820
FY-22	2022.05.06	2025.05.06	3.60	USD	500,000		644,700
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD	800,000		1,031,520
FY-22	2022.06.28	2025.06.28	4.13	USD	300,000		386,820
FY-22	2022.07.27	2027.07.27	4.25	USD	700,000		902,580
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD	800,000		1,031,520
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD	2,350,000		387,891
FY-23	2023.06.07	2030.06.07	4.51	HKD	1,037,000		171,167
FY-23	2023.07.12	2028.07.12	4.88	USD	350,000		451,290
FY-23	2023.07.18	2028.07.18	5.00	USD	500,000		644,700
FY-23	2023.07.31	2026.07.31	5.38	USD	1,000,000		1,289,400
FY-23	2023.09.21	2026.09.21	5.38	USD	300,000		386,820
							16,316,069
Less: discount on foreign debt securities							(128,259	)
Add: addition on foreign debt securities							263
Less: current portion of foreign debt securities							(1,539,855	)
Add: current portion of discount on foreign debt securities							2,464
Less: current portion of addition on foreign debt securities							(263	)
						W	14,650,419

(7) Changes in borrowings and debt securities for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024									For the year ended December 31, 2023
	Borrowings			Debt Securities			Total			Borrowings			Debt Securities			Total
Beginning balance	W	19,839,652			113,792,178			133,631,830			15,420,176			105,185,189			120,605,365
Cash flow		604,841			(4,211,164	)		(3,606,323	)		4,406,382			8,286,542			12,692,924
Effect of exchange rate fluctuations		250,661			2,294,022			2,544,683			13,210			322,143			335,353
Others		(35,773	)		(1,017	)		(36,790	)		(116	)		(1,696	)		(1,812	)
	W	20,659,381			111,874,019			132,533,400			19,839,652			113,792,178			133,631,830

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

24. Lease

1) Group as a lessee

(1) Finance 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 W152,644 million and W172,711 million respectively, as expense for each of the two years in the period ended December 31, 2024. 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 W3,121 million and W4,659 million respectively, as expense for each of the two years in the period ended December 31, 2024. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
	Acquisition Cost		Accumulated depreciation			Book value
Land	W	1,017,114		(339,512	)		677,602
Buildings		214,258		(108,417	)		105,841
Structures		52,983		(12,124	)		40,859
Machinery		54,654		(27,594	)		27,060
Ships		3,946,265		(2,015,172	)		1,931,093
Vehicles		59,402		(38,482	)		20,920
Others (*)		686,400		(443,379	)		243,021
	W	6,031,076		(2,984,680	)		3,046,396

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

In millions of won	As of December 31, 2023
	Acquisition cost		Accumulated depreciation			Book value
Land	W	937,481		(281,621	)		655,860
Buildings		188,017		(97,444	)		90,573
Structures		46,573		(9,217	)		37,356
Machinery		26,453		(20,510	)		5,943
Ships		4,137,168		(1,823,863	)		2,313,305
Vehicles		59,208		(33,717	)		25,491
Others (*)		646,894		(411,679	)		235,215
	W	6,041,794		(2,678,051	)		3,363,743

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

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

24. Lease, Continued

(3) Changes in right-of-use assets for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	655,860		12,369		(65,245	)		(117	)		74,735			677,602
Buildings		90,573		61,397		(48,371	)		(399	)		2,641			105,841
Structures		37,356		4,115		(4,595	)		—			3,983			40,859
Machinery		5,943		26,200		(7,083	)		—			2,000			27,060
Ships		2,313,305		—		(363,032	)		(1,656	)		(17,524	)		1,931,093
Vehicles		25,491		11,042		(14,167	)		(77	)		(1,369	)		20,920
Others		235,215		17,372		(36,502	)		(3	)		26,939			243,021
	W	3,363,743		132,495		(538,995	)		(2,252	)		91,405			3,046,396

In millions of won	For the year ended December 31, 2023
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land	W	661,799		2,696		(57,461	)		(126	)		48,952			655,860
Buildings		74,856		24,622		(32,591	)		(904	)		24,590			90,573
Structures		23,965		49		(2,471	)		(273	)		16,086			37,356
Machinery		835		—		(94	)		—			5,202			5,943
Ships		2,596,863		199,538		(382,298	)		—			(100,798	)		2,313,305
Vehicles		14,716		21,097		(10,464	)		(1,008	)		1,150			25,491
Others		338,091		13,860		(51,138	)		(302	)		(65,296	)		235,215
	W	3,711,125		261,862		(536,517	)		(2,613	)		(70,114	)		3,363,743

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

24. Lease, Continued

(4) Lease liabilities as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Less than 1 year	W	632,878			641,525
1 ~ 5 years		1,817,340			1,898,846
More than 5 years		1,670,416			1,694,729
		4,120,634			4,235,100
Less: present value discounts and others		(421,178	)		(427,220	)
Present value of lease payment	W	3,699,456			3,807,880

(5) Details of the liquidity classification of lease liabilities as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Current lease liabilities	W	603,492		612,765
Non-current lease liabilities		3,095,964		3,195,115
	W	3,699,456		3,807,880

(6) Changes in lease liabilities for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities	W	3,807,880		119,161		(695,466	)		82,638		385,243		3,699,456

(*) Others include the translation effect of foreign currency lease liabilities and others.

In millions of won	For the year ended December 31, 2023
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)			Ending balance
Lease liabilities	W	4,163,143		253,495		(661,665	)		87,426		(34,519	)		3,807,880

(*) Others include the translation effect of foreign currency lease liabilities and others.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

24. Lease, Continued

(7) Details of expense relating to lease contracts as lessee for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Depreciation of right-of-use assets	W	538,995		536,517
Interest expenses of lease liabilities		82,638		87,426
Lease expenses for short-term leases		152,644		172,711
Lease expenses for leases of low-value assets		3,121		4,659
Variable lease payments		12,420		62,006
	W	789,818		863,319

(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 W863,651 million and W901,041 million, for each of the two years in the period ended December 31, 2024 , respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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. In addition, the Group provides 16 energy storage system installation projects and 238 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision 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) Profits and losses related to finance leases for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Finance income on the net investment in the lease	W	120,770		118,695

(3) The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Less than 1 year	W	213,300			189,779
1 ~ 2 years		217,747			182,743
2 ~ 3 years		204,867			179,428
3 ~ 4 years		193,379			178,074
4 ~ 5 years		184,436			168,221
More than 5 years		1,420,807			1,408,350
		2,434,536			2,306,595
Less: unearned finance income		(1,078,138	)		(1,057,434	)
Net investment in the lease (*)	W	1,356,398			1,249,161

(*) Including the present value of unguaranteed residual value amounting to W31,857 million and W25,521 million, as of December 31, 2024 and 2023, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.15% per year as of December 31, 2024 (0.00%~17.03% as of December 31, 2023).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

24. Lease, Continued

(4) Changes in the allowance for doubtful accounts of finance lease receivables for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	5,256			4,505
Bad debt expense		—			751
Reversal		(1	)		—
Ending balance	W	5,255			5,256

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

25. Employment Benefits

(1) Employment benefit obligations as of December 31, 2024 and 2023 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Net defined benefit asset	W	40,425		70,187
Net defined benefit obligations		1,449,837		1,033,409
Other long-term employee benefit obligations		1,710		1,911

(2) Principal assumptions used for actuarial valuation as of December 31, 2024 and 2023 are as follows:

	For the year ended December 31, 2024	For the year ended December 31, 2023
Discount rate	3.38% ~ 5.06%	4.06%~5.44%
Future salary and benefit levels	4.83%	4.82%
Weighted average duration	9.89 years	9.52 years

(3) Details of expense relating to defined benefit plans for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Current service cost	W	430,308			373,802
Interest cost		184,169			190,257
Expected return on plan assets		(141,108	)		(163,074	)
	W	473,369			400,985

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

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Cost of sales	W	340,165		285,209
Selling and administrative expenses		87,815		73,521
Others including construction-in-progress		45,389		42,255
	W	473,369		400,985

In addition, for each of the two years in the period ended December 31, 2024, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: W87,998 million and W85,560 million as cost of sales; W16,221 million and W16,012 million as selling and administrative expenses; and W15,701 million and W15,639 million as construction-in-progress and others.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Present value of defined benefit obligation from funded plans	W	4,960,645			4,312,702
Fair value of plan assets		(3,551,233	)		(3,349,480	)
Net liabilities incurred from defined benefit plans	W	1,409,412			963,222

(5) Changes in the present value of defined benefit obligations for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	4,312,702			3,776,715
Current service cost		430,308			373,802
Interest cost		184,169			190,257
Remeasurement component		425,671			409,635
Past service cost		—			—
Actual payments		(392,336	)		(437,734	)
Others		131			27
Ending balance	W	4,960,645			4,312,702

(6) Changes in the fair value of plan assets for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	3,349,480			3,149,414
Expected return		141,108			163,074
Remeasurement component		(10,030	)		4,777
Contributions by the employers		254,763			188,566
Actual payments		(184,088	)		(156,351	)
Ending balance	W	3,551,233			3,349,480

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Equity instruments	W	2,308		5,326
Debt instruments		413,522		697,907
Bank deposits		452,158		611,821
Others (*)		2,683,245		2,034,426
	W	3,551,233		3,349,480

(*) Others consist of various financial instruments managed by external asset management companies.

For each of the two years in the period ended December 31, 2024, actual returns on plan assets amounted to W131,078 million and W167,851 million, respectively.

(8) Remeasurement components recognized in other comprehensive income (loss) for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Actuarial loss from changes in financial assumptions	W	320,582		429,810
Actuarial loss (gain) from experience adjustments, etc.		105,089		(20,175	)
Expected loss (return)		10,030		(4,777	)
	W	435,701		404,858

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

In addition, loss on accumulated remeasurement component amounting to W95,694 million and gain on accumulated remeasurement component amounting to W29,229 million have been recognized as other comprehensive income or loss as of December 31, 2024 and 2023, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

26. Provisions

(1) Provisions as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,093,625		—		999,691		—
Litigation
Litigation provisions		9,350		479,071		5,299		171,719
Decommissioning cost
Nuclear plants		79,501		23,192,872		81,684		21,565,203
Spent fuel		799,384		2,124,361		940,585		1,985,149
Radioactive waste		84,485		1,677,306		67,572		1,840,513
PCBs		—		39,389		—		57,944
Other recovery provisions		—		50,407		—		36,082
Others
Power plant regional support program		130,256		—		130,034		—
Transmission regional support program (*)		302,631		—		256,006		—
Provisions for financial guarantee		26,440		4,484		25,534		24,458
Provisions for RPS		—		—		36,074		—
Provisions for greenhouse gas emissions obligations		156,463		—		18,672		—
Others		111,836		269,144		92,974		199,976
	W	2,793,971		27,837,034		2,654,125		25,881,044

(*) The Group recognized W46,444 and W38,997 million as of December 31, 2024 and 2023, respectively, as a third-party reimbursement asset in relation to the provisions on the transmission regional support programs.

(2) Changes in provisions for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	999,691		1,226,957		(1,127,746	)		(5,379	)		102			1,093,625
Litigation
Litigation provisions		177,018		373,328		(26,040	)		(35,885	)		—			488,421
Decommissioning cost
Nuclear plants		21,646,887		1,692,508		(66,971	)		—			(51	)		23,272,373
Spent fuel		2,925,734		842,753		(463,388	)		(381,354	)		—			2,923,745
Radioactive waste		1,908,085		113,342		(56,907	)		(202,729	)		—			1,761,791
PCBs		57,944		7,049		(25,604	)		—			—			39,389
Other recovery provisions		36,082		4,479		(879	)		—			10,725			50,407
Others
Power plant regional support program		130,034		55,761		(55,539	)		—			—			130,256
Transmission regional support program		256,006		202,882		(156,257	)		—			—			302,631
Provisions for financial guarantee		49,992		11,347		(25,723	)		(5,086	)		394			30,924
Provisions for RPS		36,074		891,143		(862,039	)		(65,178	)		—			—
Provisions for greenhouse gas emissions obligations		18,672		164,438		(17,659	)		(5,611	)		(3,377	)		156,463
Others		292,950		294,954		(126,693	)		(2,441	)		(77,790	)		380,980
	W	28,535,169		5,880,941		(3,011,445	)		(703,663	)		(69,997	)		30,631,005

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

26. Provisions, Continued

(2) Changes in provisions for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won	For the year ended December 31, 2023
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,045,058		834,102		(877,933	)		(1,536	)		—			999,691
Litigation
Litigation provisions		181,179		151,189		(67,478	)		(87,872	)		—			177,018
Decommissioning cost
Nuclear plants		23,035,427		572,379		(62,035	)		(1,898,935	)		51			21,646,887
Spent fuel		1,426,918		1,877,827		(379,011	)		—			—			2,925,734
Radioactive waste		1,990,007		89,054		(86,823	)		(84,153	)		—			1,908,085
PCBs		88,359		1,699		(17,100	)		(15,014	)		—			57,944
Other recovery provisions		32,770		1,319		(432	)		—			2,425			36,082
Others
Power plant regional support program		144,504		51,814		(66,284	)		—			—			130,034
Transmission regional support program		239,235		177,520		(160,749	)		—			—			256,006
Provisions for financial guarantee		67,240		10,215		(25,174	)		(2,251	)		(38	)		49,992
Provisions for RPS		24,339		620,855		(609,120	)		—			—			36,074
Provisions for greenhouse gas emissions obligations		298,876		77,207		(298,859	)		(58,552	)		—			18,672
Others		217,781		181,756		(101,601	)		(3,816	)		(1,170	)		292,950
	W	28,791,693		4,646,936		(2,752,599	)		(2,152,129	)		1,268			28,535,169

(3) Greenhouse gas emissions rights (allowances) and obligations:

(i) Allowances allocated free of charge from the government for each compliance year in the commitment period as of December 31, 2024 are as follows:

In ten thousands of tons(tCO2-eq)	3rd planned period
	2021		2022		2023		2024		2025		Total
Allowances received free of charge from the government		15,362		14,495		14,729		12,103		12,103		68,792

(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2024 are as follows:

In ten thousands of tons(tCO2-eq), millions of won
	3rd commitment period
	2023						2024						2025				Total
	Quantity			Amount			Quantity			Amount			Quantity		Amount		Quantity			Amount
Beginning (*)		14,829			25,128			11,952			99,968			9,288		6,873		36,069			131,969
Purchase (Sell)		1,536			135,837			1,674			174,991			—		—		3,210			310,828
Government Submission		(14,780	)		(39,968	)		(657	)		(53,727	)		—		—		(15,437	)		(93,695	)
Carry Forward (Borrowing)		(1,585	)		(129,188	)		1,043			44,430			828		128,417		286			43,659
ETC		—			8,191			—			(53,693	)		—		244		—			(45,258	)
Ending		—			—			14,012			211,969			10,116		135,534		24,128			347,503

(*) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

26. Provisions, Continued

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

(ii) Changes in greenhouse gas emissions rights for each of the two years in the period ended December 31, 2024 are as follows, continued:

In ten thousands tons(tCO2-eq), millions of Won
	3rd commitment period
	2022						2023						2024					2025					Total
	Quantity			Amount			Quantity			Amount			Quantity		Amount			Quantity		Amount			Quantity			Amount
Beginning (*)		14,704			192,005			14,204			18,785			8,088		12,884			8,065		12,292			45,061			235,966
Purcahse (Sell)		1,315			135,040			707			67,506			73		14,839			—		—			2,095			217,385
Government Submission		(15,972	)		(302,918	)		(484	)		(39,837	)		—		—			—		—			(16,456	)		(342,755	)
Carry Forward (Borrowing)		(45	)		(24,127	)		(231	)		(28,266	)		568		79,430			—		—			292			27,037
ETC		(2	)		—			—			6,940			—		(7,185	)		—		(5,419	)		(2	)		(5,664	)
Ending		—			—			14,196			25,128			8,729		99,968			8,065		6,873			30,990			131,969

(*) Changes in emission rights due to allowances additionally allocated or cancelled are reflected.

(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2024.

(iv) The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term fluctuations in price as of December 31, 2024.

(v) The estimated greenhouse gas emission of the Group for the year ended December 31, 2024 is 14,432 ten thousand tons.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

27. Government Grants

(1) Government grants as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Land	W	27,403		27,404
Buildings		41,718		46,227
Structures		149,737		157,881
Machinery		105,546		119,824
Vehicles		2,745		2,837
Equipment		3,915		5,932
Tools		1,306		62
Construction-in-progress		223,566		173,474
Investment properties		22		22
Software		844		413
Development expenditures		939		2,121
Intangible assets under development		3,473		2,458
Other intangible assets		229		322
	W	561,443		538,977

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

27. Government Grants, Continued

(2) Changes in government grants for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		59,503		—			—			—			4,789		(64,292	)		—
Land		27,404		—		—			—			(1	)		—		—			27,403
Buildings		46,227		—		—			(4,508	)		—			—		(1	)		41,718
Structures		157,881		—		—			(9,458	)		(1,330	)		—		2,644			149,737
Machinery		119,824		—		—			(16,076	)		(522	)		—		2,320			105,546
Vehicles		2,837		—		—			(1,233	)		(8	)		—		1,149			2,745
Equipment		5,932		—		—			(2,118	)		—			—		101			3,915
Tools		62		—		—			(341	)		—			—		1,585			1,306
Construction-in-progress		173,474		—		(6,806	)		—			(75	)		—		56,973			223,566
Investment properties		22		—		—			(1	)		—			—		1			22
Software		413		—		—			(229	)		—			—		660			844
Development expenditures		2,121		—		—			(1,364	)		—			—		182			939
Intangible assets under development		2,458		—		—			—			—			—		1,015			3,473
Other intangible assets		322		—		—			(93	)		—			—		—			229
	W	538,977		59,503		(6,806	)		(35,421	)		(1,936	)		4,789		2,337			561,443

In millions of won	For the year ended December 31, 2023
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue		Others			Ending balance
Cash	W	—		57,207		—			—			—			239		(57,446	)		—
Land		27,405		—		—			—			(1	)		—		—			27,404
Buildings		50,437		—		—			(5,070	)		—			—		860			46,227
Structures		165,608		—		—			(9,562	)		(1,611	)		—		3,446			157,881
Machinery		127,126		—		—			(17,413	)		(1,230	)		—		11,341			119,824
Vehicles		2,045		—		—			(960	)		—			—		1,752			2,837
Equipment		6,608		—		—			(2,011	)		—			—		1,335			5,932
Tools		99		—		—			(38	)		—			—		1			62
Construction-in-progress		135,926		—		(5,544	)		—			—			—		43,092			173,474
Investment properties		21		—		—			(1	)		—			—		2			22
Software		174		—		—			(85	)		—			—		324			413
Development expenditures		3,477		—		—			(1,356	)		—			—		—			2,121
Intangible assets under development		2,108		—		—			—			—			—		350			2,458
Other intangible assets		67		—		—			(93	)		—			—		348			322
	W	521,101		57,207		(5,544	)		(36,589	)		(2,842	)		239		5,405			538,977

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2024 are as follows:

In millions of Won						2024
Department	Business Name	Description	Period	Budget		Beginning Balance		Received		Used			Return			Others		Ending Balance
Ministry of Trade, Industry and Energy	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners	2021.04.01 ~ 2022.06.30		211,235		1,068		—		(791	)		(277	)		—		—
Ministry of Employment and labor	Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers	2023.01.01 ~ 2023.12.31		1,491		—		—		—			—			2,703		2,730
Ministry of Trade, Industry and Energy	Support for underground power line installation	Daebul Industrial Complex Underground Power Line Project (Phase 1) (Subsidy)	2023.01.01 ~ 2025.12.31		3,492		—		3,492		(3,492	)		—			—		—
Ministry of Trade, Industry and Energy	Construction of the Integrated Control System for Renewable Energy in Transmission Area	Construction of the Integrated Control System for Renewable Energy in Transmission Area	2023.01.01 ~ 2023.12.31		490		—		213		(213	)		—			—		—
Ministry of Trade, Industry and Energy	Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector	Construction of the Integrated Control System for Renewable Energy in Power Distribution Sector	2023.01.01 ~ 2023.12.31		2,510		2		203		(205	)		—			—		—
Ministry of SMEs and Startup	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners (2024)	2024.12.15 ~ 2024.12.31		178,753		—		156,058		(127,984	)		—			—		28,074
Ministry of Trade, Industry and Energy	Electricity supply business in rural areas	Electricity supply business in rural areas (Support for Losses in Local Government Operations)	2024.01.01 ~ 2024.12.31		161,429		—		170,276		(170,276	)		—			—		—
Ministry of Trade, Industry and Energy	Renewable Energy Generation Difference Support	Renewable Energy Generation Difference Support (2024)	2024.01.01 ~ 2024.12.31		52,170		—		51,413		(51,413	)		—			—		—
Ministry of Trade, Industry and Energy	Operating expenses for regional projects around the power plant	Operating expenses for regional projects around the power plant (2024)	2024.01.02 ~ 2024.12.31		428		—		61		(61	)		—			—		—

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for each of the two years in the period ended December 31, 2024 are as follows:

In millions of Won					2023
	Business				Beginning												Ending
Department	Name	Description	Period	Budget	Balance		Received		Used			Return			Others		Balance
Ministry of Trade, Industry and Energy	Temporary electricity bill support for small business owners	Temporary electricity bill support for small business owners	2021.04.01 ~ 2022.06.30	211,235		1,120		—		(51	)		—			—		1,069
Ministry of Trade, Industry and Energy	Construction of the Integrated Control System for Renewable Energy in Transmission Area	Construction of the Integrated Control System for Renewable Energy in Transmission Area	2021.01.01 ~ 2022.08.31	940		—		1,033		(798	)		—			—		998
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (New Electricity Supply Construction Fees)	Electricity supply business in rural areas ((New Electricity Supply Construction Fees)	2023.01.01 ~ 2024.01.31	2		—		35		(35	)		—			—		(130	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Reservation of Financial Loans)	Electricity supply business in rural areas (Reservation of Financial Loans)	2023.01.01 ~ 2024.01.31	166		—		166		(166	)		—			—		(149,093	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Support for operational deficits of electricity providers)	Electricity supply business in rural areas (Support for operational deficits of electricity providers)	2023.01.01 ~ 2024.01.31	158,275		—		149,259		(149,259	)		—			—		147,397
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Technical support for local governments and residents)	Electricity supply business in rural areas (Technical support for local governments and residents)	2023.01.01 ~ 2024.01.31	1,176		—		1,862		(1,862	)		—			—		(6,758	)
Ministry of Trade, Industry and Energy	2023 Electricity supply business in rural areas (Support for Losses in Local Government Operations)	Electricity supply business in rural areas (Support for Losses in Local Government Operations)	2023.01.01 ~ 2024.01.31	12,036		—		8,619		(8,619	)		—			—		(17,472	)
Ministry of Trade, Industry and Energy	2023 Establishment of eco-friendly microgrid in island areas	Establishment of eco-friendly microgrid in island areas	2023.01.01 ~ 2024.01.31	3,871		—		26,091		(26,091	)		—			—		26,040
Ministry of Trade, Industry and Energy	2023 Operating expenses for regional projects around the power plant	Operating expenses for regional projects around the power plant	2023.01.01 ~ 2023.12.31	361		—		51		(51	)		—			—		(75,079	)
Ministry of Trade, Industry and Energy	2023 Renewable Energy Generation Difference Support	Renewable Energy Generation Difference Support	2023.01.01 ~ 2023.12.31	78,311		—		69,599		(69,599	)		—			—		69,570
Ministry of Trade, Industry and Energy	Energy Cashback	Energy Cashback	2023.07.01 ~ 2023.12.31	2,560		—		2,560		(2,560	)		—			—		2,524
Ministry of Trade, Industry and Energy	Safety inspection of general electrical equipment	Safety inspection of general electrical equipment	2023.01.01 ~ 2023.04.18	495		—		635		(635	)		—			—		—
Ministry of Trade, Industry and Energy	Establishment of Integrated Control System for Renewable Energy in the power distribution sector	Establishment of Integrated Control System for Renewable Energy in the Power Distribution Sector	2023.01.01 ~ 2023.12.31	3		—		680		(680	)		(1,832	)		1,832		2
Ministry of Employment and Labor	Support for the installation of workplace daycare centers	Support for the installation of workplace daycare centers	2023.01.01 ~ 2023.12.31	1,490		—		270		(270	)		—			—		(528	)

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

28. Deferred Revenue

Deferred revenues for each of the two years in the period ended December 31, 2024 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	As of December 31, 2024			As of December 31, 2023
Beginning balance	W	11,548,855			10,974,845
Increase		2,924,341			1,317,061
Recognized as revenue		(820,631	)		(743,051	)
Ending balance	W	13,652,565			11,548,855

29. Non-financial Liabilities

Non-financial liabilities as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Current		Non-current		Current		Non-current
Advance received	W	3,531,207		354,218		5,204,113		288,686
Unearned revenue		37,062		14,910		36,716		12,108
Deferred revenue		776,988		12,875,577		734,825		10,814,030
Withholdings		271,425		2,296		259,755		2,369
Others		1,710,459		34,519		1,646,254		78,807
	W	6,327,141		13,281,520		7,881,663		11,196,000

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

30. Contributed Capital

(1) Details of share capital as of December 31, 2024 and 2023 are as follows:

In millions of won except share information

As of December 31, 2024

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

As of December 31, 2023

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 the number of floating capital stock for each of the two years in the period ended December 31, 2024 are as follows:

Number of shares	For the year ended December 31, 2024		For the year ended December 31, 2023
Beginning balance		641,964,077		641,964,077
Ending balance		641,964,077		641,964,077

(3) Details of share premium as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Share premium	W	843,758		843,758

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Legal reserve (*)	W	1,604,910		1,604,910
Voluntary reserves		—		2,812,313
Retained earnings before appropriations		18,523,337		11,921,039
Retained earnings	W	20,128,247		16,338,262

(*) The KEPCO Act (Article 14) requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2) Details of voluntary reserves as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Reserve for investment on social overhead capital	W	—		2,272,313
Reserve for research and human development		—		330,000
Reserve for business expansion		—		—
Reserve for equalizing dividends		—		210,000
	W	—		2,812,313

(3) Changes in retained earnings for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	16,338,262			21,431,300
Profit (loss) for the year attributed to owners of the controlling company		3,491,698			(4,822,549	)
Changes in equity method retained earnings		(6,346	)		(27,349	)
Remeasurements of defined benefit liability, net of tax		(281,761	)		(242,987	)
Transfer of revaluation reserve		586,394			—
Others		—			(153	)
Ending balance	W	20,128,247			16,338,262

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	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	—		—

In millions of won	For the year ended December 31, 2023
	Number of shares issued		Number of treasury stocks		Number of shares eligible for dividends		Dividends paid per share (in won)		Dividends paid
Common shares		641,964,077		—		641,964,077	W	—		—

(5) Changes in retained earnings of investments in associates and joint ventures for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	(11,074	)		16,275
Changes		(6,346	)		(27,349	)
Ending balance	W	(17,420	)		(11,074	)

(6) Changes in remeasurement components related to defined benefit liability for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Beginning balance	W	29,229			614,805
Changes		(421,327	)		(376,121	)
Income tax effect		139,566			133,134
Transfer to reserve for business expansion		156,838			(342,589	)
Ending balance	W	(95,694	)		29,229

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

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

For the year ended December 31, 2023, KEPCO’s accumulated deficits were disposed on March 26, 2024. For the year ended December 31, 2024, KEPCO’s retained earnings are expected to be appropriated on March 26, 2025. The statements of appropriation of retained earnings (disposition of deficit) of KEPCO, the controlling company, for each of the two years in the period ended December 31, 2024, respectively, are as follows:

In millions of won except for dividends per share	For the year ended December 31, 2024			For the year ended December 31, 2023
I. Unappropriated retained earnings (undisposed deficits)
Unappropriated retained earnings (undisposed deficits) carried over from prior years	W	—			—
Net loss		829,339			(3,249,233	)
Remeasurement of the defined benefit plan		(125,132	)		(149,474	)
		704,207			(3,398,707	)
II. Transfer from voluntary reserves		—			3,398,707
III. Subtotal ( I+II )		704,207			—
IV. Appropriation of retained earnings
Dividends		(136,738	)		—
Voluntary reserves		(567,469	)		—
		(704,207	)		—
V.Unappropriated retained earnings (undisposed deficits) to be carried over forward to subsequent year		—			—

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

33. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2024 and 2023 are as follows:

In millions of won
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		As of December 31, 2024			As of December 31, 2023
Korea South-East Power Co., Ltd. (*)		2nd hybrid bond		2012.12.07		2042.12.06		5.10	W	230,000			230,000
Expense of issuance										(627	)		(627	)
									W	229,373			229,373

(*) Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow the Group 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. From December 7, 2024, the date when the call option become exercisable for the first time, the interest rate has increased from 4.44% to 5.10% due to the application of the step-up provision.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

34. Other Components of Equity

(1) Other components of equity as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Other capital surplus	W	1,600,812		1,600,801
Accumulated other comprehensive income		1,424,014		557,430
Other equity		12,708,585		13,294,972
	W	15,733,411		15,453,203

(2) Changes in other capital surplus for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024								For the year ended December 31, 2023
	Gains on disposal of treasury stocks		Others			Subtotal			Gains on disposal of treasury stocks		Others			Subtotal
Beginning balance	W	387,524		1,213,277			1,600,801			387,524		881,045			1,268,569
Changes in consolidation scope		—		—			—			—		(48	)		(48	)
Additional paid-in capital of subsidiaries		—		(7	)		(7	)		—		—			—
Transactions between consolidated entities		—		18			18			—		332,280			332,280
Ending balance	W	387,524		1,213,288			1,600,812			387,524		1,213,277			1,600,801

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

34. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of 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	(20,002	)		943,733		(331,570	)		(34,731	)		557,430
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		100,759			—		—			—			100,759
Shares of other comprehensive income of associates and joint ventures, net of tax		—			654,225		—			—			654,225
Foreign currency translation of foreign operations, net of tax		—			—		99,624			—			99,624
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			11,976			11,976
Ending balance	W	80,757			1,597,958		(231,946	)		(22,755	)		1,424,014

In millions of won	For the year ended December 31, 2023
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of 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	11,510			820,739		(305,620	)		(29,653	)		496,976
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		(31,665	)		—		—			—			(31,665	)
Shares of other comprehensive income of associates and joint ventures, net of tax		—			122,994		—			—			122,994
Foreign currency translation of foreign operations, net of tax		—			—		(25,950	)		—			(25,950	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(5,078	)		(5,078	)
Others		153			—		—			—			153
Ending balance	W	(20,002	)		943,733		(331,570	)		(34,731	)		557,430

(4) Other equity as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Statutory revaluation reserve	W	12,708,704			13,295,098
Changes in other equity		(119	)		(126	)
	W	12,708,585			13,294,972

185

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

35. Sales

Details of sales for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024						For the year ended December 31, 2023
	Domestic		Overseas		Total		Domestic		Overseas		Total
[Type of goods and services]
Sales of goods	W	90,659,090		359,622		91,018,712		85,588,151		351,986		85,940,137
Electricity		88,889,764		—		88,889,764		82,954,778		—		82,954,778
Heat supply		363,154		—		363,154		440,435		—		440,435
Others		1,406,172		359,622		1,765,794		2,192,938		351,986		2,544,924
Sales related to rendering of services		482,251		228,194		710,445		467,661		283,217		750,878
Sales related to construction services		145,496		703,612		849,108		186,996		598,399		785,395
Revenue related to transfer of assets from customers		820,631		—		820,631		743,051		—		743,051
	W	92,107,468		1,291,428		93,398,896		86,985,859		1,233,602		88,219,461
[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	90,659,090		359,622		91,018,712		85,588,151		351,986		85,940,137
Performance obligations satisfied over time		1,448,378		931,806		2,380,184		1,397,708		881,616		2,279,324
	W	92,107,468		1,291,428		93,398,896		86,985,859		1,233,602		88,219,461

186

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

36. Selling and Administrative Expenses

(1) Selling and administrative expenses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Salaries	W	1,180,379		1,098,460
Retirement benefit expense		104,036		89,533
Welfare and benefit expense		151,840		152,836
Insurance expense		30,460		27,726
Depreciation		231,114		241,533
Amortization of intangible assets		88,920		88,648
Bad debt expense		35,232		62,808
Commission		429,977		460,644
Advertising expense		32,205		30,305
Training expense		8,911		7,900
Vehicle maintenance expense		9,218		9,044
Publishing expense		2,857		3,281
Business development expense		2,687		2,559
Rent expense		48,474		44,807
Telecommunication expense		9,406		7,813
Transportation expense		1,108		1,099
Taxes and dues		98,714		112,449
Expendable supplies expense		6,976		7,252
Water, light and heating expense		15,009		16,207
Repairs and maintenance expense		197,942		154,062
Ordinary development expense		217,975		217,319
Travel expense		18,726		16,265
Clothing expense		11,216		10,450
Survey and analysis expense		871		1,068
Membership fee		1,709		1,503
Others		134,064		196,011
	W	3,070,026		3,061,582

(2) Other selling and administrative expenses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Accommodation development expenses	W	48,902		49,988
Miscellaneous wages		33,020		97,474
Litigation and filing expenses		22,578		19,204
Compensation for damages		7,653		4,300
Outsourcing expenses		1,368		3,511
Reward expenses		2,764		2,770
Overseas market development expenses		1,378		1,503
Others		16,401		17,261
	W	134,064		196,011

187

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

37. Other Income and Expenses

(1) Other income for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Reversal of other provisions	W	35,317		79,001
Reversal of other allowance for bad debt		17,699		1,941
Gains on government grants		4,789		239
Gains on assets contributed		29,968		24,183
Gains on liabilities exempted		504		854
Compensation and reparations revenue		84,682		93,785
Revenue from foundation fund		58		60
Rental income		204,277		210,972
Others		100,060		121,816
	W	477,354		532,851

(2) Details of “others” of other income for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Refund of claim for rectification	W	1,512		1,054
Maintenance expenses on lease building		109		124
Training expenses		2,486		1,946
Deposit redemption		252		100
Reversal of expenses on litigation		45,751		44,197
Revenue on royalty fee		—		422
Gains on guarantee contracts		85		16
Others		49,865		73,957
	W	100,060		121,816

188

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

37. Other Income and Expenses, Continued

(3) Other expenses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Compensation and indemnification expense	W	234		34
Accretion expenses of other provisions		5,841		4,962
Depreciation expenses on investment properties		682		493
Depreciation expenses on idle assets		3,642		3,683
Other bad debt expense		42,776		40,683
Donations		324,694		169,748
Others		87,819		39,302
	W	465,688		258,905

(4) Details of “others” of other expense for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Operating expenses related to the idle assets	W	1,741		1,494
Research grants		662		174
Supporting expenses on farming and fishing village		15,344		13,249
Operating expenses on fitness center		10,116		8,921
Expenses on adjustment of research and development grants		392		388
Taxes and dues		18,065		1,935
Expenses on R&D supporting		41		9
Others		41,458		13,132
	W	87,819		39,302

189

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

38. Other Gains (Losses)

(1) Composition of other gains (losses) for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Other gains
Gains on disposal of property, plant and equipment	W	85,990			32,196
Gains on disposal of intangible assets		41			136
Reversal of impairment loss on other current assets		—			16,035
Gains on foreign currency translation		77,269			27,123
Gains on foreign currency transactions		74,520			139,077
Gains on insurance proceeds		3,411			6,785
Others		273,745			346,795
Other losses
Losses on disposal of property, plant and equipment		(112,018	)		(98,120	)
Losses on disposal of intangible assets		(111	)		(71	)
Loss on impairment of property, plant and equipment		(11,240	)		(17,031	)
Loss on impairment of intangible assets		(902	)		(2,865	)
Losses on foreign currency translation		(29,225	)		(3,901	)
Losses on foreign currency transactions		(148,381	)		(165,187	)
Others		(128,215	)		(258,286	)
	W	84,884			22,686

(2) Details of “others” of other gains for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Gains on disposal of inventories	W	18,789		20,447
Gains on proxy collection of TV license fee		33,191		41,372
Gains on compensation of impaired electric poles		688		1,138
Gains on harbor facilities dues		3,710		3,666
Gains on technical fees		1,836		3,071
Reversal of occupation development training fees		1,466		1,452
Gains on disposal of waste		2,950		3,815
Gains on tax rebate		206		374
Gains on other commission		1,945		2,044
Others		208,964		269,416
	W	273,745		346,795

(3) Details of “others” of other losses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Losses on valuation of inventories	W	9,941		9,936
Losses on disposal of inventories		15,494		5,471
Losses due to disaster		5,761		7,138
Losses on rounding adjustment of electric charge surtax		1,351		1,332
Others		95,668		234,409
	W	128,215		258,286

190

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

39. Finance Income

(1) Finance income for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Interest income	W	467,525		429,620
Dividends income		70,601		25,941
Gains on disposal of financial assets		45,493		13,162
Gains on valuation of financial assets at fair value through profit or loss		83,408		152,322
Gains on valuation of derivatives		2,231,533		382,611
Gains on transaction of derivatives		362,119		268,618
Gains on foreign currency translation		142,723		104,901
Gains on foreign currency transactions		35,893		42,886
Others		8,882		4,970
	W	3,448,177		1,425,031

(2) Interest income included in finance income for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Cash and cash equivalents	W	102,505		100,205
Financial assets at fair value through profit or loss		54,385		65,470
Financial assets at amortized cost		2,859		2,929
Loans		45,511		44,029
Short-term financial instrument		31,766		34,260
Long-term financial instrument		20,562		14,183
Other financial assets		262		241
Trade and other receivables		209,675		168,303
	W	467,525		429,620

191

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

40. Finance Expenses

(1) Finance expenses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024		For the year ended December 31, 2023
Interest expense	W	4,665,095		4,451,659
Losses on sale of financial assets		434		1
Losses on valuation of financial assets at fair value through profit or loss		14,247		24,015
Losses on valuation of derivatives		127,822		148,412
Losses on transaction of derivatives		59,462		178,959
Losses on foreign currency translation		2,557,597		491,782
Losses on foreign currency transactions		90,485		49,677
Others		20,086		2,513
	W	7,535,228		5,347,018

(2) Interest expense included in finance expenses for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Trade and other payables	W	191,918			200,440
Short-term borrowings		395,773			376,066
Long-term borrowings		465,352			407,915
Debt securities		3,857,917			3,634,680
Other financial liabilities		668,115			614,332
		5,579,075			5,233,433
Less: Capitalized borrowing costs		(913,980	)		(781,774	)
	W	4,665,095			4,451,659

Capitalization rates for each of the two years in the period ended December 31, 2024 are 2.39%~4.94%and 2.34%~4.28%, respectively

192

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

41. Income Taxes

(1) Income tax expenses (benefits) for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Current income tax expense
Payment of income tax	W	1,301,275			621,957
Adjustment in respect of prior years due to change in estimate		(44,892	)		(32,100	)
Current income tax directly recognized in equity		(128,337	)		93,705
		1,128,046			683,562
Deferred tax expense (benefit)
Generation and realization of temporary differences		(1,561,484	)		(1,845,236	)
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods		(7,740	)		(15,244	)
Changes in deferred tax on tax losses carryforwards		2,012,537			(1,650,017	)
Tax credit carryforwards		72,371			(16,734	)
Amount due to change in tax rate or regulations		(9,169	)		5,836
		506,515			(3,521,395	)
Income tax expense (benefit)	W	1,634,561			(2,837,833	)

(2) Reconciliations between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to income (loss) before income taxes for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Income (loss) before income tax	W	5,256,529			(7,553,977	)
Income tax expense (benefit) at applicable tax rate (2024: 25.93%, 2023: 25.64%)		1,363,018			(1,936,840	)
Adjustments:
Effect of applying gradual tax rate		(10,362	)		(10,362	)
Effect of non-taxable income		(86,442	)		(26,993	)
Effect of non-deductible expenses		28,712			39,411
Effect of tax losses that are not recognized as deferred tax asset		(797	)		—
Effects of tax credits and deduction		(54,364	)		(53,724	)
Reversal of unrecognized deferred tax asset, net		(7,740	)		(15,244	)
Effect of change in deferred tax due to change in tax rate		(11,985	)		211,736
Deduction of deferred tax assets		—			29,095
Deferred income tax related to investments in subsidiaries and associates		447,833			(1,063,007	)
Others, net		11,580			20,195
		316,435			(868,893	)
Adjustment in respect of prior years due to change in estimate		(44,892	)		(32,100	)
Income tax expense (benefit)	W	1,634,561			(2,837,833	)
		(	*)		(	*)

(*) The average effective tax rate for the year ended December 31, 2024 is 31.10% and the average effective tax rate for the year ended December 31, 2023 is not calculated as the income tax benefit incurred for the period.

193

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

41. Income Taxes, Continued

(3) Income tax recognized as other comprehensive income (loss) for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Income tax recognized as other comprehensive income (loss)
Loss on valuation of financial assets at fair value through other comprehensive income	W	(61,807	)		(10,624	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		(8,435	)		4,863
Remeasurement of defined benefit obligations		139,566			133,134
Investments in associates		(134,639	)		(40,213	)
Others		(63,022	)		6,545
	W	(128,337	)		93,705

(4) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Beginning balance			Amounts recognized in profit or loss			Amount recognized in other comprehensive income (loss)			Amounts recognized directly in equity		Ending balance
Deferred tax on temporary differences
Long-term employee benefits	W	339,284			384,503			139,566			—		863,353
Cash flow hedge		(20,855	)		(126,825	)		(8,435	)		—		(156,115	)
Investments in subsidiaries, associates and joint ventures		(7,117,637	)		(597,996	)		(134,639	)		—		(7,850,272	)
Property, plant and equipment		(7,007,277	)		(462,457	)		—			—		(7,469,734	)
Finance lease		(225,696	)		683			—			—		225,013
Intangible assets		(23,405	)		(3,168	)		—			—		(26,573	)
Financial assets at fair value through profit or loss		(1,742	)		1,012			—			—		(730	)
Financial assets at fair value through other comprehensive income		27,358			18,110			(61,807	)		—		(16,339	)
Deferred revenue		156,400			1,705,918			—			—		1,862,318
Provisions		7,041,660			561,988			—			—		7,603,648
Doubtful receivables		2,400			(136	)		—			—		2,264
Other finance liabilities		17,992			(561	)		—			—		17,431
Gains or losses on foreign exchange translation		128,010			87,265			—			—		215,275
Allowance for doubtful accounts		55,743			12,078			—			—		67,821
Accrued income		33,935			(48,467	)		—			—		(14,532	)
Special deduction for property, plant and equipment		(211,860	)		542			—			—		(211,318	)
Others		1,216,228			166,914			(63,022	)		—		1,320,120
		(5,589,462	)		1,699,403			(128,337	)		—		(4,018,396	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		13,338,743			(2,038,156	)		—			—		11,300,587
Excess of donation limit		46,322			(4,112	)		—			—		42,210
Tax credit		203,064			(35,313	)		—			—		167,751
		13,588,129			(2,077,581	)		—			—		11,510,548
	W	7,998,667			(378,178	)		(128,337	)		—		7,492,152

194

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

41. Income Taxes, Continued

(4) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won	For the year ended December 31, 2023
	Beginning balance			Amounts recognized in profit or loss			Amount recognized in other comprehensive income (loss)			Amounts recognized directly in equity		Ending balance
Deferred tax on temporary differences
Long-term employee benefits	W	199,553			6,597			133,134			—		339,284
Cash flow hedge		(55,340	)		29,622			4,863			—		(20,855	)
Investments in subsidiaries, associates and joint ventures		(8,377,687	)		1,300,263			(40,213	)		—		(7,117,637	)
Property, plant and equipment		(7,541,638	)		534,361			—			—		(7,007,277	)
Finance lease		(405,639	)		179,943			—			—		(225,696	)
Intangible assets		(24,931	)		1,526			—			—		(23,405	)
Financial assets at fair value through profit or loss		3,457			(5,199	)		—			—		(1,742	)
Financial assets at fair value through other comprehensive income		21,143			16,839			(10,624	)		—		27,358
Deferred revenue		169,980			(13,580	)		—			—		156,400
Provisions		7,089,344			(47,684	)		—			—		7,041,660
Doubtful receivables		2,474			(74	)		—			—		2,400
Other finance liabilities		21,418			(3,426	)		—			—		17,992
Gains or losses on foreign exchange translation		134,316			(6,306	)		—			—		128,010
Allowance for doubtful accounts		58,235			(2,492	)		—			—		55,743
Accrued income		16,614			17,321			—			—		33,935
Special deduction for property, plant and equipment		(215,159	)		3,299			—			—		(211,860	)
Others		1,487,572			(277,889	)		6,545			—		1,216,228
		(7,416,288	)		1,733,121			93,705			—		(5,589,462	)
Deferred tax on unused tax losses and tax credit
Unused tax losses		11,662,105			1,676,638			—			—		13,338,743
Excess of donation limit		81,046			(34,724	)		—			—		46,322
Tax credit		150,409			52,655			—			—		203,064
		11,893,560			1,694,569			—			—		13,588,129
	W	4,477,272			3,427,690			93,705			—		7,998,667

(5) Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Deferred tax assets	W	13,436,624			13,161,802
Deferred tax liabilities		(5,944,472	)		(5,163,135	)
	W	7,492,152			7,998,667

(6) Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Deductible temporary differences and others	W	1,416,650		1,811,062

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

41. Income Taxes, Continued

(7) Pillar Two Model Rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information for 2024. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the year ended December 31, 2024 in relation with the additional Pillar Two income taxes amounts to approximately W3,727 million. The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

42. Assets Held-for-Sale

Assets held-for-sale as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Land (*1,2)	W	31,766		31,766
Buildings (*1,2)		13,881		13,881
Structures (*1)		1		1
	W	45,648		45,648

(*1) 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, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction. In accordance with the resolution of the Board of Directors on April 1, 2022, a sales contract for the assets scheduled for sale was entered into on April 13, 2022, and the related down payment and interim payment of W81,392 million were recorded as long-term advance received.

(*2) The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction during the year ended December 31, 2022. Although it is expected to take more than a year to complete the sale transaction, the Group decided that the definitive purchase contract is still valid as a result of discussions with the counterparty.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

43. Expenses Classified by Nature

Expenses classified by nature for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		21,070,280		21,070,280
Power purchase		—		34,659,893		34,659,893
Salaries		1,180,379		4,887,006		6,067,385
Retirement benefit expense		104,036		428,163		532,199
Welfare and benefit expense		151,840		546,124		697,964
Insurance expense		30,460		130,904		161,364
Depreciation		231,114		13,598,350		13,829,464
Amortization of intangible assets		88,920		74,647		163,567
Bad debt expense		35,232		—		35,232
Commission		429,977		426,976		856,953
Advertising expense		32,205		11,359		43,564
Training expense		8,911		17,156		26,067
Vehicle maintenance expense		9,218		9,416		18,634
Publishing expense		2,857		2,750		5,607
Business promotion expense		2,687		2,627		5,314
Rent expense		48,474		182,358		230,832
Telecommunication expense		9,406		9,920		19,326
Transportation expense		1,108		52,532		53,640
Taxes and dues		98,714		624,475		723,189
Expendable supplies expense		6,976		50,451		57,427
Water, light and heating expense		15,009		42,180		57,189
Repairs and maintenance expense		197,942		2,750,014		2,947,956
Ordinary development expense		217,975		555,956		773,931
Travel expense		18,726		74,843		93,569
Clothing expense		11,216		9,299		20,515
Survey and analysis expense		871		4,382		5,253
Membership fee		1,709		15,995		17,704
Others		134,064		1,726,104		1,860,168
	W	3,070,026		81,964,160		85,034,186

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

43. Expenses Classified by Nature, Continued

Expenses classified by nature for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won	For the year ended December 31, 2023
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		27,135,770		27,135,770
Power purchase		—		38,304,309		38,304,309
Salaries		1,098,460		4,416,706		5,515,166
Retirement benefit expense		89,533		370,769		460,302
Welfare and benefit expense		152,836		542,367		695,203
Insurance expense		27,726		119,964		147,690
Depreciation		241,533		12,623,380		12,864,913
Amortization of intangible assets		88,648		74,526		163,174
Bad debt expense		62,808		—		62,808
Commission		460,644		341,124		801,768
Advertising expense		30,305		8,856		39,161
Training expense		7,900		16,064		23,964
Vehicle maintenance expense		9,044		9,128		18,172
Publishing expense		3,281		2,879		6,160
Business promotion expense		2,559		2,523		5,082
Rent expense		44,807		161,749		206,556
Telecommunication expense		7,813		9,706		17,519
Transportation expense		1,099		102,502		103,601
Taxes and dues		112,449		574,617		687,066
Expendable supplies expense		7,252		47,252		54,504
Water, light and heating expense		16,207		41,200		57,407
Repairs and maintenance expense		154,062		2,620,200		2,774,262
Ordinary development expense		217,319		500,242		717,561
Travel expense		16,265		77,232		93,497
Clothing expense		10,450		9,490		19,940
Survey and analysis expense		1,068		4,156		5,224
Membership fee		1,503		15,164		16,667
Others		196,011		1,567,652		1,763,663
	W	3,061,582		89,699,527		92,761,109

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

44. Earnings (Losses) Per Share

(1) Basic earnings (losses) per share for each of the two years in the period ended December 31, 2024 are as follows:

In won
Type	For the year ended December 31, 2024		For the year ended December 31, 2023
Basic earnings (losses) per share	W	5,439		(7,512	)

(2) Profits (losses) for the periods and the weighted average number of common shares used in the calculation of basic earnings (losses) per share for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won except number of shares
Type	For the year ended December 31, 2024		For the year ended December 31, 2023
Profit (loss) attributable to controlling interest	W	3,491,698		(4,822,549	)
Profit (loss) used in the calculation of total basic earnings (losses) per share		3,491,698		(4,822,549	)
Weighted average number of common shares		641,964,077		641,964,077

(3) The weighted average number of common shares used in the calculation of basic earnings (losses) per share for each of the two years in the period ended December 31, 2024 is as follows:

In number of shares
Type	For the year ended December 31, 2024		For the year ended December 31, 2023
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

(4) There are no potential dilutive instruments, thus diluted earnings (losses) per share are same as basic earnings (losses) per share for each of the two years in the period ended December 31, 2024.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management

(1) Capital risk management

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

Details of the Group’s capital management accounts as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024			As of December 31, 2023
Total borrowings and debt securities	W	132,533,400			133,631,830
Cash and cash equivalents		2,382,979			4,342,887
Net borrowings and debt securities		130,150,421			129,288,943
Total equity		41,362,833			37,264,750
Debt to equity ratio		314.66	%		346.95	%

(2) Financial risk management

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

(i) Credit risk

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

① Credit risk management

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

② Impairment and allowance account

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

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

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024		As of December 31, 2023
Cash and cash equivalents	W	2,382,979		4,342,887
Financial assets at fair value through profit or loss (*1)		2,013,948		2,590,228
Derivative assets (trading)		1,846,527		730,948
Financial assets at fair value through other comprehensive income (debt securities)		5,045		4,627
Financial assets at amortized cost		30,233		38,843
Loans		908,148		988,331
Long-term/short-term financial instruments		1,960,140		1,412,315
Derivative assets (applying hedge accounting)		844,637		269,446
Trade and other receivables		15,373,625		14,179,322
Financial guarantee contracts (*2)		5,151,554		4,399,189

(*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.

For the year ended December 31, 2024, 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.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of December 31, 2024 and 2023 is as follows:

In millions of won		As of December 31, 2024						As of December 31, 2023
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	473,627			(413,799	)		392,392			(361,359	)
Discount rate	Increase (decrease) in defined benefit obligation		(429,517	)		506,031			(371,103	)		415,361

Changes in retirement benefit costs assuming a 1%p increase and decrease movements in discount rate on plan asset for each of the two years in the period ended December 31, 2024 are W36,602 million and W29,993 million, respectively.

② Provisions

Changes in provisions due to movements in underlying assumptions as of December 31, 2024 and 2023 are as follows:

Type	Accounts	As of December 31, 2024			As of December 31, 2023
PCBs	Inflation rate		2.80	%		2.40	%
	Discount rate		2.90	%		2.12	%
Nuclear plants	Inflation rate		2.02	%		1.91	%
	Discount rate		2.78	%		2.76	%
Spent fuel	Inflation rate		1.91	%		1.91	%
	Discount rate		2.49	%		2.49	%
Radioactive waste	Inflation rate		3.32	%		3.89	%
	Discount rate		4.17	%		3.65	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of December 31, 2024 and 2023 is as follows:

In millions of won		As of December 31, 2024						As of December 31, 2023
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(58	)		58			(123	)		123
	Nuclear plants		(464,727	)		481,899			(418,570	)		432,847
	Spent fuel		(129,983	)		130,679			(130,065	)		130,761
	Radioactive waste		(11,363	)		11,478			(13,538	)		13,683
Inflation rate	PCBs		58			(58	)		123			(123	)
	Nuclear plants		507,814			(490,386	)		458,047			(443,531	)
	Spent fuel		133,847			(128,527	)		133,931			(128,607	)
	Radioactive waste		11,167			(11,075	)		13,291			(13,174	)

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2024 and 2023 are as follows:

In thousands of foreign currencies	Assets				Liabilities
Type	As of December 31, 2024		As of December 31, 2023		As of December 31, 2024		As of December 31, 2023
AED		33,465		24,441		8,795		18,143
AUD		26		4,310		64		299,795
BDT		2,252		2,260		—		—
BWP		768		777		—		—
EGP		203,044		1,665		—		1,941
CAD		2		—		61		—
CHF		—		—		100,686		499,930
DOP		7,772		—		—		—
EUR		20,433		12,259		47,829		81,744
GBP		139		75		4		—
HKD		—		—		5,093,862		5,079,189
IDR		37,830,902		25,567,281		4,027,099		2,118,580
INR		1,037,437		1,663,705		225,042		387,947
JOD		902		569		49,128		68,448
JPY		23,798		921,120		7,483,199		8,692,604
KZT		1,510		1,510		—		—
MGA		5,452,745		3,545,076		248,175		495,288
MMK		188,021		199,518		—		—
MYR		2,805		2,805		—		—
PHP		19,401		98,154		—		6,750
PKR		68,734,242		75,206,354		10,418		55,531
SAR		1,087		937		—		—
SEK		—		—		449,302		452,309
SGD		291		279		110		2,191
USD		1,651,765		1,701,494		15,364,685		14,458,985
UYU		99,189		120,768		1,141		2,028
VND		733,338		848,242		587,003		—
ZAR		79,897		87,780		—		—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2024 and 2023 is as follows:

In millions of won	As of December 31, 2024					As of December 31, 2023
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(2,114,808	)		2,114,808		(1,828,308	)		1,828,308
Increase (decrease) of shareholder’s equity (*)		(2,114,808	)		2,114,808		(1,828,308	)		1,828,308

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

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2024 and 2023.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap 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 item. As of December 31, 2024, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

② Interest rate risk

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

The Group’s borrowings and debt securities with floating interest rates as of December 31, 2024 and 2023 are as follows:

In millions of won
Type	As of December 31, 2024		As of December 31, 2023
Short-term borrowings	W	4,069,444		4,435,420
Long-term borrowings		10,112,707		7,766,588
Debt securities		41,578		305,602
	W	14,223,729		12,507,610

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024					For the year ended December 31, 2023
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(142,237	)		142,237		(125,076	)		125,076
Increase (decrease) of shareholder’s equity (*)		(142,237	)		142,237		(125,076	)		125,076

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

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

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

③ Electricity rates risk

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

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for each of the two years in the period ended December 31, 2024 is as follows:

In millions of won	For the year ended December 31, 2024					For the year ended December 31, 2023
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	888,898		(888,898	)		829,548		(829,548	)
Increase (decrease) of shareholder’s equity (*)		888,898		(888,898	)		829,548		(829,548	)

(*) The effect on the shareholder’s 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 of non-derivative financial liabilities as of December 31, 2024 and 2023 in detail are as follows:

In millions of won	As of December 31, 2024
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	18,887,527		430,883		1,300,087		2,032,303		22,650,800
Debt securities		28,967,125		29,601,867		39,451,207		28,885,833		126,906,032
Lease liabilities		632,878		553,030		1,264,310		1,670,416		4,120,634
Trade and other payables (*1)		8,807,823		354,778		631,653		526,846		10,321,100
Financial guarantee contracts (*2)		3,156,187		1,712,801		270,806		11,760		5,151,554
	W	60,451,540		32,653,359		42,918,063		33,127,158		169,150,120

In millions of won	As of December 31, 2023
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	20,347,945		187,896		627,467		2,779,241		23,942,549
Debt securities		30,530,984		28,858,140		41,793,383		29,999,589		131,182,096
Lease liabilities		641,525		588,850		1,309,995		1,694,730		4,235,100
Trade and other payables (*1)		8,477,209		364,443		833,394		589,004		10,264,050
Financial guarantee contracts (*2)		121,415		2,546,689		1,645,488		85,597		4,399,189
	W	60,119,078		32,546,018		46,209,727		35,148,161		174,022,984

(*1) Excludes lease liabilities.

(*2) This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2024 and 2023 are W30,924 million and W49,992 million, respectively.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of December 31, 2024 and 2023 in detail are as follows:

In millions of won	As of December 31, 2024
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents	W	2,382,979		—		—		—		2,382,979
Financial assets at fair value through other comprehensive income		—		—		—		674,850		674,850
Financial assets at amortized cost		20,418		1,333		8,482		—		30,233
Loans and receivables		110,005		347,251		369,851		118,013		945,120
Long-term/short-term financial Instruments		1,147,929		583		—		811,628		1,960,140
Financial assets at fair value through profit or loss		1,467,954		346,982		780,130		494,710		3,089,776
Trade and other receivables		12,245,159		1,506,085		2,126,928		—		15,878,172
	W	17,374,444		2,202,234		3,285,391		2,099,201		24,961,270

In millions of won	As of December 31, 2023
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents	W	4,342,887		—		—		—		4,342,887
Financial assets at fair value through other comprehensive income		—		—		—		502,443		502,443
Financial assets at amortized cost		28,905		9,938		—		—		38,843
Loans and receivables		139,168		465,666		411,100		8,872		1,024,806
Long-term/short-term financial Instruments		578,578		22		23		833,692		1,412,315
Financial assets at fair value through profit or loss		2,054,021		1,381		6,523		649,360		2,711,285
Trade and other receivables		11,990,515		911,822		1,292,539		1,280		14,196,156
	W	19,134,074		1,388,829		1,710,185		1,995,647		24,228,735

(*) The maturities cannot be presently determined.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(2) Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
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		(46,087	)		(61,259	)		(73,017	)		(31,760	)		(212,123	)
- Hedging		—			—			—			(4,895	)		(4,895	)
	W	(46,087	)		(61,259	)		(73,017	)		(36,655	)		(217,018	)
In millions of won	As of December 31, 2023
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		(22,571	)		(11,566	)		(201,590	)		(130,119	)		(365,846	)
- Hedging		—			(4,680	)		(13,243	)		(5,641	)		(23,564	)
	W	(22,571	)		(16,246	)		(214,833	)		(135,760	)		(389,410	)

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(3) Fair value risk

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

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

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

(i) Fair values and book values of financial assets and liabilities as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	674,850		674,850		502,443		502,443
Derivative assets (trading)		1,846,527		1,846,527		730,948		730,948
Derivative assets (applying hedge accounting)		844,637		844,637		269,446		269,446
Financial assets at fair value through profit or loss		2,176,172		2,176,172		2,711,285		2,711,285
	W	5,542,186		5,542,186		4,214,122		4,214,122
Assets carried at amortized cost
Financial assets at amortized cost	W	30,233		30,233		38,843		38,843
Loans and receivables		908,148		908,148		988,331		988,331
Trade and other receivables		15,373,625		15,373,625		14,179,322		14,179,322
Long-term financial instruments		812,211		812,211		833,737		833,737
Short-term financial instruments		1,147,929		1,147,929		578,578		578,578
Cash and cash equivalents		2,382,979		2,382,979		4,342,887		4,342,887
	W	20,655,125		20,655,125		20,961,698		20,961,698
Liabilities recognized at fair value
Derivative liabilities (trading)	W	279,932		279,932		428,670		428,670
Derivative liabilities (applying hedge accounting)		4,893		4,893		23,564		23,564
	W	284,825		284,825		452,234		452,234
Liabilities carried at amortized cost
Secured borrowings	W	1,443,125		1,443,125		773,646		773,646
Unsecured bond		111,874,019		110,798,858		113,792,178		111,218,771
Lease liabilities		3,699,456		3,699,456		3,807,880		3,807,880
Unsecured borrowings		19,040,213		18,994,676		19,062,162		19,061,348
Trade and other payables (*)		10,321,100		10,321,100		10,264,050		10,264,050
Overdraft		176,043		176,043		3,844		3,844
	W	146,553,956		145,433,258		147,703,760		145,129,539

(*) Excludes lease liabilities.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(3) Fair value risk, continued

(ii) Interest rates used for determining fair value

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

The discount rates used for calculating fair value as of December 31, 2024 and 2023 are as follows:

Type	As of December 31, 2024		As of December 31, 2023
Derivatives		0.03% ~ 4.88%		0.93% ~ 4.76%
Borrowings and debt securities		0.96% ~ 5.84%		0.96% ~ 5.84%
Leases		0.00% ~ 17.15%		0.00% ~ 17.03%

(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

Level 1:	Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2:	Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3:	Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	360,096		—		314,754		674,850
Derivative assets		—		2,691,164		—		2,691,164
Financial assets at fair value through profit or loss		—		2,169,300		6,872		2,176,172
	W	360,096		4,860,464		321,626		5,542,186
Financial liabilities at fair value
Derivative liabilities	W	—		284,825		—		284,825

In millions of won	As of December 31, 2023
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	285,054		—		217,389		502,443
Derivative assets		—		1,000,394		—		1,000,394
Financial assets at fair value through profit or loss		—		2,704,550		6,735		2,711,285
	W	285,054		3,704,944		224,124		4,214,122
Financial liabilities at fair value
Derivative liabilities	W	—		452,234		—		452,234

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

45. Risk Management, Continued

(3) Fair value risk, continued

Changes in non-derivative financial assets and liabilities which are classified as level 3 for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
	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	6,735		—		22		115		—		—		6,872
Financial assets at fair value through other comprehensive income Unlisted securities		212,762		4,000		—		88,256		—		4,691		309,709
Debt securities		4,627		—		—		418		—		—		5,045

In millions of won	For the year ended December 31, 2023
	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	6,329		—		270		136		—			—		6,735
Financial assets at fair value through other comprehensive income Unlisted securities		202,243		9,550		—		5,445		(5,332	)		856		212,762
Debt securities		529		4,080		—		18		—			—		4,627

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

46. Service Concession Arrangements

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

(i) Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business (BOT) in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 – 2048) after subsequent to the completion of plant construction and shall receive 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.

(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) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years contract period.

(iv) The Group’s expected future collections of service concession arrangements as of December 31, 2024 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	36,803
1 ~ 2 years		36,848
2 ~ 3 years		36,894
Over 3 years		562,373
	W	672,918

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

46. Service Concession Arrangements, Continued

(2) Pakistan Gulpur Hydropower Project

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 – 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover capital cost, variable O&M cost, fixed O&M cost, water usage cost, insurance cost and others during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii) Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the contract period.

(iv) The Group’s expected future collections of service concession arrangements as of December 31, 2024 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	86,048
1 ~ 2 years		86,048
2 ~ 3 years		86,048
Over 3 years		952,225
	W	1,210,369

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

46. Service Concession Arrangements, Continued

(3) Guam Ukudu Combined thermal power plant Project

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2020 to 2050. The Guam Power Authority has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii) Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the contract period.

(iv) The Group’s expected future collections of service concession arrangements as of December 31, 2024 are as follows:

In millions of won
Type	Amounts
Less than 1 year	W	29,249
1 ~ 2 years		117,545
2 ~ 3 years		118,597
Over 3 years		2,944,947
	W	3,210,338

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties

(1) The Group’s related parties as of December 31, 2024 are as follows:

Type	Related party
Parent	Republic of Korea government
Subsidiaries (167 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 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, 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 ES 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 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., KOSPO Niles LLC (formerly, Nambu USA LLC), Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., 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, 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., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, Sprott Chile Solar I SpA

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(1) The Group’s related parties as of December 31, 2024 are as follows, continued:

Type	Related party
Associates (98 entities)	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., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, 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., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management 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., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE 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., 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., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co.,Ltd., DEEPAI Co.,Ltd., Amaala Sustainable Company for Energy
Joint ventures (117 entities)	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., 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, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Boim Combined Heat and Power Generation Co., Ltd., OneEnergy Asia Limited, KAS INVESTMENT I LLC, KAS INVESTMENT II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd., Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Hadong E-factory Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Fairhaven Energy Storage LLC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED
Others (1 entity)	Korea Development Bank

215

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

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

(3) The related party transactions for each of the two years in the period ended December 31, 2024 are as follows:

<Sales and Others>

In millions of won		Sales and others
Company name	Transaction type	For the year ended December 31, 2024		For the year ended December 31, 2023
<Associates>
Korea Gas Corporation	Electricity sales	W	149,095		140,630
Goseong Green Power Co., Ltd.	Electricity sales		612,327		842,270
Dongducheon Dream Power Co., Ltd.	Electricity sales		17,151		16,138
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		1,693		2,313
Daejung Offshore Wind Power Co., Ltd.	Electricity sales		87		84
Daegu Photovoltaic Co., Ltd.	Electricity sales		344		408
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		3		3
Korea Electric Power Industrial Development Co., Ltd.	Service		11,180		11,115
Gangneung Eco Power Co., Ltd.	Fuel sales		494,428		943,063
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		55,610		91,830
Noeul Green Energy Co., Ltd.	Electricity sales		8,009		8,431
Samcheok Eco Materials Co., Ltd.(*1)	Electricity sales		—		615
YTN Co., Ltd. (*3)	Electricity sales		—		2,908
Busan Green Energy Co., Ltd.	Electricity sales		11,794		10,733
Energy Infra Asset Management Co., Ltd.	Electricity sales		89		89
Gangwon Wind Power Co., Ltd.	Electricity sales		1,736		2,464
Gwangyang Green Energy Co., Ltd.	Electricity sales		1,479		1,492
Bigeum Resident Photovoltaic Power Co., Ltd.	Electricity sales		919		888
Yanggu Floating Photovoltaic Power Plant Inc.	Electricity sales		6		—
Hyundai Green Power Co., Ltd.	Electricity sales and design service		6,659		6,668
Korea Power Exchange	Service		78,346		52,262
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		26		—
Daeryun Power Co., Ltd.	Electricity sales		3,628		3,187
GS Donghae Electric Power Co., Ltd.	Electricity sales		9,284		28,164
KNH Solar Co., Ltd.	Electricity sales		1,635		15
S-Power Co., Ltd.	Service		2,359		4,965
Chuncheon Green Energy Co., Ltd.	Electricity sales		11,010		82
Yeongyang Wind Power Corporation II	Comission		150		150
PND solar Co., Ltd.	Electricity sales		348		547
Hyundai Eco Energy Co., Ltd.	Electricity sales		833		1,236
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		237		96
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		2,464		3,998
Korea Energy Solutions Co., Ltd.	Electricity sales		2		2
ITR Co., Ltd.	Others		—		3
STN Co., Ltd.	Others		1		—
Namjeongsusang Solar Power Operation Co., Ltd. (*2)	Electricity sales		—		31
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Others		360		405
Bitgoel Eco Energy Co., Ltd.	Electricity sales		3,377		1,581
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		458		315
Seoroseoro Sunny Power Plant Co., Ltd.	Electricity sales		2		2
Muan Solar Park Co., Ltd.	Electricity sales		1,797		3,083
YuDang Solar Co., Ltd.	Electricity sales		60		100
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		971		2,479
KPE Green Energy Co., Ltd.	Others		226		163
Saemangeum Heemang Photovoltaic Co., Ltd.	Electricity sales		2,232		3,538
UD4M Co., Ltd.	Electricity sales		8		3
Dongbu Highway Solar Co., Ltd.	Electricity sales		11		11
Seobu Highway Solar Co., Ltd.	Electricity sales		13		12
Songsan Green Energy Co., Ltd.	Interest income/ Dividends income		174		—

216

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won		Sales and others
Company name	Transaction type	For the year ended December 31, 2024			For the year ended December 31, 2023
<Associates>
Gwangbaek Solar Power Investment Co., Ltd.	Electricity sales	W	523			644
Go deok Clean Energy Co., Ltd.	Electricity sales		11,376			4,685
Changwon SG Energy Co., Ltd.	Electricity sales		9			—
Suwon New Power Co., Ltd.	Electricity sales		(102	)		91
SureDataLab Co., Ltd.	Electricity sales		—			1
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		630			403
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		8,343			133
PlatformN. Co., Ltd.	Others		—			16
13 Associates (Overseas)	Others		243,651			386,191
<Joint ventures>
Daegu Green Power Co., Ltd.	Electricity sales		2,385			1,694
Seobusambo highway photovoltaics Co., Ltd.	Electricity sales		20			16
Yangyang Suri Wind Power Co., Ltd.	Service		202			169
KAPES, Inc.	Commission		1,531			1,604
Honam Wind Power Co., Ltd.	Electricity sales		529			610
Korea Power Engineering Service Co., Ltd.	Service		777			159
Seokmun Energy Co., Ltd.	Service		1,774			1,792
Incheon New Power Co., Ltd.	Others		26			458
Naepo Green Energy Co., Ltd.	Electricity sales		3,972			3,462
Chun-cheon Energy Co., Ltd.	Electricity sales		968			2,976
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		2,031			1,962
Cheongna Energy Co., Ltd.	Others		38,349			32,835
Namyangju Combined Heat and Power Co., Ltd.	Service		2,493			—
Yeonggwang Wind Power Co., Ltd.	Electricity sales		943			3,607
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Others		—			1,568
Seungmun Green Energy	Electricity sales		79			—
KW Nuclear Components Co., Ltd.	Service		1,645			1,612
Boim Combined Heat and Power Generation Co., Ltd.	Service		2,073			2,110
Taebaek Wind Power Co., Ltd.	Others		41			2,864
Pyeongchang Wind Power Co., Ltd.	Electricity sales		771			2,087
Busan Shinho Solar Power Co., Ltd.	Electricity sales		699			1,205
Expressway Solar-light Power Generation Co., Ltd.	Electricity sales		—			43
Goheung New Energy Co., Ltd.	Electricity sales		3,106			3,214
Gunsan Land Solar Co., Ltd.	Electricity sales		944			809
Daesan Green Energy Co., Ltd.	Electricity sales		426			760
Cheong-Song Noraesan Wind Power Co., Ltd.	Electricity sales		38			901
Chungsongmeon BongSan wind power Co., Ltd.	Electricity sales		1			1
Dangjin Eco Power Co., Ltd.	Electricity sales		42			40
Yangyang Wind Power Co., Ltd.	Electricity sales		238			13
Energyco Co., Ltd.	Electricity sales		161			457
Hapcheon Floating Photovoltaic Power Plant Inc.	Electricity sales		905			88
Busan Industrial Solar Power Co., Ltd.	Electricity sales		23			22
Bitsolar Energy Co., Ltd.	Electricity sales		464			357
Omisan Wind Power Co., Ltd.	Electricity sales		279			26
Changwon Nu-ri Energy Co., Ltd.	Service		171			—
Jeonju Bio Green Energy Co., Ltd.	Service		170			—
Haemodum Solar Co., Ltd.	Electricity sales		39			431
Yeongam Solar Power Co., Ltd.	Electricity sales		545			1,131
Samsu Wind Power Co., Ltd.	Electricity sales		301			514
Solaseado Solar Power Co., Ltd.	Electricity sales		1,870			1,876
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream	Dividends income		87			—
Yeongwol Eco Wind Co., Ltd.	Electricity sales		—			102

217

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won		Sales and others
Company name	Transaction type	For the year ended December 31, 2024		For the year ended December 31, 2023
<Joint ventures>
Gurae Resident Power Co., Ltd.	Electricity sales		—		8
Cheongju Eco Park Co., Ltd.	Electricity sales		316		6,397
Enel X Midland Photovoltaic, LLC	Electricity sales		11		11
Geumsungsan Wind Power Co., Ltd.	Electricity sales		58		68
Eumseong Eco Park Co., Ltd.	Electricity sales		19		19
43 Joint ventures (Overseas)	Others		518,941		747,301
<Others>
Korea Development Bank	Electricity sales		4,368		5,467
	Interest income		10,324		5,930

218

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2024 are as follows, continued:

<Purchase and Others>

In millions of won		Purchase and others
Company name	Transaction type	For the year ended December 31, 2024		For the year ended December 31, 2023
<Associates>
Korea Gas Corporation	Electricity sales	W	6,623,974		8,873,781
Goseong Green Power Co., Ltd.	Electricity sales		1,301,710		1,572,074
Dongducheon Dream Power Co., Ltd.	Electricity sales		1,360,837		1,744,247
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		19,753		22,365
Daegu Photovoltaic Co., Ltd.	Electricity sales		3,815		4,247
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Electricity sales		427		408
Korea Electric Power Industrial Development Co., Ltd.	Service		317,114		305,105
Gangneung Eco Power Co., Ltd.	Others		1,134		6,996
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		843,056		1,040,965
Noeul Green Energy Co., Ltd.	Electricity sales		20,833		10,466
Samcheok Eco Materials Co., Ltd.(*1)	Electricity sales		—		8,130
YTN Co., Ltd. (*3)	Electricity sales		—		309
Busan Green Energy Co., Ltd.	Electricity sales		28,272		23,211
Energy Infra Asset Management Co., Ltd.	Others		2,631		2,701
Yaksu ESS Co., Ltd.	Electricity sales		749		508
Gangwon Wind Power Co., Ltd.	Electricity sales		23,400		32,525
Bigeum Resident Photovoltaic Power Co., Ltd.	Others		285		—
Yanggu Floating Photovoltaic Power Plant Inc.	Electricity sales		562		—
Goesan Solar park Co., Ltd.	Electricity sales		6,143		6,530
Korea Power Exchange	Service		90,549		82,572
Taebaek Guinemi Wind Power Co., Ltd.	Electricity sales		5,155		5,529
Daeryun Power Co., Ltd.	Electricity sales		282,968		353,371
GS Donghae Electric Power Co., Ltd.	Electricity sales		519,119		1,047,584
KNH Solar Co., Ltd.	Electricity sales		2,671		3,535
S-Power Co., Ltd.	Service		693,948		973,646
Chuncheon Green Energy Co., Ltd.	Electricity sales		39,333		—
Yeongyang Wind Power Corporation II	Comission		17,898		1,457
PND solar Co., Ltd.	Electricity sales		5,231		5,301
Hyundai Eco Energy Co., Ltd.	Electricity sales		26,253		26,266
YeongGwang Yaksu Wind Electric Co., Ltd.	Electricity sales		7,415		6,776
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		32,549		34,940
Korea Energy Solutions Co., Ltd.	Electricity sales		132		128
STN Co., Ltd.	Others		8		10
Green Energy Electricity Generation Co., Ltd.	Electricity sales		1,966		948
Bitgoel Eco Energy Co., Ltd.	Service and others		32,413		28,334
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		10,161		8,635
Seoroseoro Sunny Power Plant Co., Ltd.	REC and others		991		874
Muan Solar Park Co., Ltd.	REC and others		17,825		16,554
YuDang Solar Co., Ltd.	REC and others		2,020		1,860
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		19,494		17,332
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)	Others		41,197		62,212
Saemangeum Heemang Photovoltaic Co., Ltd.	Electricity sales		2,745		440
UD4M Co., Ltd.	Electricity sales		—		117
Dongbu Highway Solar Co., Ltd.	Electricity sales		2,951		2,937
Seobu Highway Solar Co., Ltd.	Electricity sales		2,899		2,880
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)	Interest income/ Dividends income		23		6
Dreams Co.,Ltd.	Others		30		—
DEEPAI Co.,Ltd.	Others		30		—
Green Radiation Co., Ltd.	Ordinary development expense		45		11

219

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(3) Related party transactions for each of the two years in the period ended December 31, 2024 are as follows, continued:

In millions of won		Purchase and others
Company name	Transaction type	For the year ended December 31, 2024		For the year ended December 31, 2023
<Associates>
Gwangbaek Solar Power Investment Co., Ltd.	Electricity sales	W	499		565
Go deok Clean Energy Co., Ltd.	Electricity sales		35,055		11,545
Changwon SG Energy Co., Ltd.	Electricity sales		1,080		—
SureDataLab Co., Ltd.	Others		72		—
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		15,697		16,328
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		32,689		1,324
PlatformN. Co., Ltd.	Others		237		—
13 Associates (Overseas)	Others		98,753		91,233
<Joint ventures>
Daegu Green Power Co., Ltd.	Electricity sales		328,485		370,787
Seobusambo highway photovoltaics Co., Ltd.	Electricity sales		825		502
KAPES, Inc.	Commission		23,924		19,112
Honam Wind Power Co., Ltd.	Electricity sales		7,148		8,643
Korea Power Engineering Service Co., Ltd.	Others		551		812
Seokmun Energy Co., Ltd.	Others		51,924		60,009
Chun-cheon Energy Co., Ltd.	Electricity sales		430,697		585,656
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		12,294		17,228
Samcheok Eco Materials Co., Ltd. (*1)	Electricity sales		3,282		—
Cheongna Energy Co., Ltd.	Service		60		60
Yeonggwang Wind Power Co., Ltd.	Electricity sales		31,712		40,605
Seungmun Green Energy	Electricity sales		25,725		—
KW Nuclear Components Co., Ltd.	Service		6,880		14,114
Boim Combined Heat and Power Generation Co., Ltd.	Service		3,038		8,151
Taebaek Wind Power Co., Ltd.	Service		6,327		7,476
Pyeongchang Wind Power Co., Ltd.	Electricity sales		3,079		3,542
Busan Shinho Solar Power Co., Ltd.	Electricity sales		8,467		10,248
Global Trade Of Power System Co., Ltd.	Service		511		223
Expressway Solar-light Power Generation Co., Ltd.	Electricity sales		3,165		3,362
Goheung New Energy Co., Ltd.	Electricity sales		10,133		5,264
Gunsan Land Solar Co., Ltd.	Electricity sales		2,752		486
Daesan Green Energy Co., Ltd.	Electricity sales		154,623		139,721
Cheong-Song Noraesan Wind Power Co., Ltd.	Electricity sales		2,048		882
Dangjin Eco Power Co., Ltd.	Electricity sales		3,645		5,583
Yangyang Wind Power Co., Ltd.	Service and Electricity sales		3,599		10
Energyco Co., Ltd.	Electricity sales		5,788		6,539
Hapcheon Floating Photovoltaic Power Plant Inc.	Service and REC		4,759		—
Busan Industrial Solar Power Co., Ltd.	Electricity sales		2,493		3,656
Bitsolar Energy Co., Ltd.	Electricity sales		9,072		12,946
Omisan Wind Power Co., Ltd.	Electricity sales		638		—
Haemodum Solar Co., Ltd.	Electricity sales		544		402
Yeongam Solar Power Co., Ltd.	Electricity sales		24,004		34,981
Samsu Wind Power Co., Ltd.	Electricity sales		6,864		8,269
Solaseado Solar Power Co., Ltd.	Electricity sales		24,899		18,259
Yeongwol Eco Wind Co., Ltd.	Electricity sales		2,496		—
Gurae Resident Power Co., Ltd.	Electricity sales		476		1
Cheongju Eco Park Co., Ltd.	Electricity sales		34,601		95,059
Enel X Midland Photovoltaic, LLC	Electricity sales		3,200		2,431
Eumseong Eco Park Co., Ltd.	Electricity sales		26,372		27,765
43 Joint ventures (Overseas)	Others		14,796		17,222
<Others>
Korea Development Bank	Interest expense		7,839		5,559

(*1) Samcheok Eco Materials Co., Ltd. was reclassified from an associate to a joint venture for the year ended December 31, 2024.

(*2) Namjeongsusang Solar Power Operation Co., Ltd. is not a related party of the Group as of December 31, 2024, as the sale of shares was completed for the year ended December 31, 2023.

(*3) YTN Co., Ltd. is not a related party of the Group as of December 31, 2024, as the sale of shares was completed for the year ended December 31, 2024.

220

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(4) Receivables and payables arising from the related party transactions as of December 31, 2024 and 2023 are as follows:

In millions of won		Receivables				Payables
Company name	Type	As of December 31, 2024		As of December 31, 2023		As of December 31, 2024		As of December 31, 2023
<Associates>
Korea Gas Corporation	Trade receivables	W	15,766		14,671		—		—
	Non-trade receivables and others		404		12,513		—		—
	Trade payables		—		—		482,008		480,974
	Non-trade payables and others		—		—		1,486		1,378
Goseong Green Power Co., Ltd.	Trade receivables		30,732		55,719		—		—
	Non-trade receivables and others		1,438		15		—		—
	Trade payables		—		—		162,719		120,270
	Non-trade payables and others		—		—		45,174		48,621
Dongducheon Dream Power Co., Ltd.	Trade receivables		6,350		2,573		—		—
	Non-trade receivables and others		637		478		—		—
	Trade payables		—		—		114,962		117,975
	Non-trade payables and others		—		—		29		—
Saemangeum Sebit Power Plant Co., Ltd.	Trade receivables		156		—		—		—
	Non-trade receivables and others		47		341		—		—
	Trade payables		—		—		1,499		—
Green Radiation Co., Ltd.	Non-trade payables and others		—		—		30		—
Daejung Offshore Wind Power Co., Ltd.	Non-trade receivables and others		349		263		—		—
Daegu Photovoltaic Co., Ltd.	Trade payables		—		—		108		105
Korea Electric Power Industrial	Trade receivables		123		176		—		—
Development Co., Ltd.	Trade payables		—		—		1,291		2,021
	Non-trade payables and others		—		—		8,832		8,077
Gangneung Eco Power Co., Ltd.	Trade receivables		8,142		59,623		—		—
	Non-trade payables and others		—		—		105		94
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,720		1,814		—		—
	Non-trade receivables and others		5,812		4,933		—		—
	Trade payables		—		—		77,222		86,801
	Non-trade payables and others		—		—		2,450		385
Noeul Green Energy Co., Ltd.	Trade receivables		5		6		—		—
	Non-trade receivables and others		27,043		18,356		—		—
	Non-trade payables and others		—		—		3,699		3,005
Samcheok Eco Materials Co., Ltd. (*1)	Trade receivables		—		33		—		—
YTN Co., Ltd. (*2)	Trade receivables		—		133		—		—
Busan Green Energy Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		43,790		32,720		—		—
	Non-trade payables and others		—		—		4,799		3,642
Energy Infra Asset Management Co., Ltd.	Non-trade payables and others		—		—		1		—
Yaksu ESS Co., Ltd.	Trade payables		—		—		923		538
Gangwon Wind Power Co., Ltd.	Trade receivables		10		13		—		—
	Trade payables		—		—		4,023		3,206
Gwangyang Green Energy Co., Ltd.	Trade receivables		1,040		1,069		—		—
	Non-trade receivables and others		1,016		716		—		—
Bigeum Resident Photovoltaic Power Co., Ltd.	Trade receivables		273		406		—		—
	Non-trade receivables and others		1,796		1,316		—		—
Goesan Solar park Co., Ltd.	Trade payables		—		—		—		56
Hyundai Green Power Co., Ltd.	Trade receivables		893		903		—		—
Korea Power Exchange	Trade receivables		2,434		1,583		—		—
	Non-trade receivables and others		—		1		—		—
	Trade payables		—		—		2,688		16,367
	Non-trade payables and others		—		—		1,571		2,520
Taebaek Guinemi Wind Power Co., Ltd.	Trade payables		—		—		840		572
	Non-trade payables and others		—		—		167		286
Daeryun Power Co., Ltd.	Trade receivables		—		326		—		—
	Trade payables		—		—		35,392		32,140

221

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2024 and 2023 are as follows, continued:

In millions of won		Receivables				Payables
Company name	Type	As of December 31, 2024		As of December 31, 2023		As of December 31, 2024		As of December 31, 2023
<Associates>
GS Donghae Electric Power Co., Ltd.	Trade receivables	W	22		159		—		—
	Non-trade receivables and others		109		169		—		—
	Trade payables		—		—		90,468		72,951
	Non-trade payables and others		—		—		—		125
KNH Solar Co., Ltd.	Trade receivables		—		1		—		—
	Trade payables		—		—		—		19
	Non-trade payables and others		—		—		—		1
S-Power Co., Ltd.	Trade receivables		264		213		—		—
	Non-trade receivables and others		54		53		—		—
	Trade payables		—		—		73,377		79,459
	Non-trade payables and others		—		—		19		—
Chuncheon Green Energy Co., Ltd.	Non-trade receivables and others		10,870		—		—		—
	Non-trade payables and others		—		—		8,881		—
Yeongyang Wind Power Corporation II	Non-trade receivables and others		—		165		—		—
	Trade payables		—		—		3,978		—
PND solar Co., Ltd.	Trade payables		—		—		418		296
Hyundai Eco Energy Co., Ltd.	Trade receivables		25		28		—		—
	Trade payables		—		—		647		408
YeongGwang Yaksu Wind Electric Co., Ltd.	Trade receivables		7		10		—		—
	Non-trade receivables and others		2,858		2,294		—		—
	Trade payables		—		—		1,034		828
Taebaek Gadeoksan Wind Power Co., Ltd.	Non-trade receivables and others		62		1,539		—		—
	Trade payables		—		—		9,249		12,739
	Non-trade payables and others		—		—		1		7
Green Energy Electricity Generation Co., Ltd.	Trade payables		—		—		—		62
	Non-trade payables and others		—		—		—		45
Bitgoel Eco Energy Co., Ltd.	Trade payables		—		—		5,394		6,226
	Non-trade receivables and others		2		131		—		—
	Non-trade payables and others		—		—		1,458		—
Jeju Gimnyeong Wind Power Co., Ltd.	Non-trade receivables and others		143		112		—		—
	Trade payables		—		—		2,152		1,467
	Non-trade payables and others		—		—		5		9
Muan Solar Park Co., Ltd.	Non-trade receivables and others		4		4		—		—
Anjwa Smart Farm & Solar City Co., Ltd.	Non-trade payables and others		—		—		1,797		1,296
KPE Green Energy Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		130		—		—		—
	Trade payables		—		—		5,521		5,485
Saemangeum Heemang Photovoltaic Co., Ltd.	Non-trade receivables and others		1		—		—		—
Dongbu Highway Solar Co., Ltd.	Trade receivables		1		1		—		—
	Trade payables		—		—		241		—
	Non-trade payables and others		—		—		1		—
Seobu Highway Solar Co., Ltd.	Trade receivables		1		1		—		—
	Trade payables		—		—		231		—
	Non-trade payables and others		—		—		2		—
Songsan Green Energy Co., Ltd.	Non-trade receivables and others		190		—		—		—
Dreams Co., Ltd.	Non-trade receivables and others		1		—		—		—
	Non-trade payables and others		—		—		30		—
DEEPAI Co., Ltd.	Non-trade receivables and others		1		—		—		—
	Non-trade payables and others		—		—		30		—
Go deok Clean Energy Co., Ltd.	Non-trade receivables and others		10,118		4,562		—		—
	Non-trade payables and others		—		—		3,022		5,288

222

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2024 and 2023 are as follows, continued:

In millions of won		Receivables				Payables
Company name	Type	As of December 31, 2024		As of December 31, 2023		As of December 31, 2024		As of December 31, 2023
<Associates>
Suwon New Power Co., Ltd.	Trade receivables	W	—		876		—		—
	Non-trade receivables and others		—		560		—		—
	Non-trade payables and others		—		—		1		—
Muan Sunshine Solar Power Plant Co., Ltd.	Trade payables		—		—		1,954		1,440
Gangneung Sacheon Fuel Cell Co., Ltd.	Trade receivables		8,343		—		—		—
	Non-trade payables and others		—		—		3,201		—
9 Associates (Overseas)	Trade receivables		59,651		77,814		—		—
	Non-trade payables and others		—		—		—		6,242
<Joint ventures>
Daegu Green Power Co., Ltd.	Trade receivables		182		122		—		—
	Non-trade receivables and others		503		55		—		—
	Trade payables		—		—		25,622		32,222
Seobusambo highway photovoltaics Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		4		4		—		—
Yangyang Suri Wind Power Co., Ltd.	Non-trade receivables and others		55		55		—		—
KAPES, Inc.	Trade receivables		4		4		—		—
	Non-trade receivables and others		90,088		89		—		—
	Non-trade payables and others		—		—		3,041		3,791
Honam Wind Power Co., Ltd.	Trade payables		—		—		515		515
Korea Power Engineering Service Co., Ltd.	Non-trade receivables and others		52		48		—		—
	Non-trade payables and others		—		—		—		76
Seokmun Energy Co., Ltd.	Trade receivables		35		44		—		—
	Non-trade receivables and others		862		199		—		—
	Trade payables		—		—		7,156		7,000
Incheon New Power Co., Ltd.	Trade receivables		9		—		—		—
Naepo Green Energy Co., Ltd.	Trade receivables		325		190		—		—
	Non-trade receivables and others		458		1		—		—
Chun-cheon Energy Co., Ltd.	Trade receivables		—		239		—		—
	Non-trade receivables and others		—		165		—		—
	Trade payables		—		—		35,325		79,117
	Non-trade payables and others		—		—		—		2
Yeonggwangbaeksu Wind Power Co., Ltd.	Trade receivables		9		10		—		—
	Non-trade receivables and others		178		—		—		—
	Trade payables		—		—		962		1,076
Cheongna Energy Co., Ltd.	Trade receivables		7,033		13,898		—		—
	Non-trade receivables and others		3,229		2,160		—		—
	Non-trade payables and others		—		—		8		1
Yeonggwang Wind Power Co., Ltd.	Trade receivables		12		15		—		—
	Non-trade receivables and others		58		56		—		—
	Trade payables		—		—		4,591		2,251
Seungmun Green Energy	Non-trade receivables and others		34		—		—		—
KW Nuclear Components Co., Ltd.	Non-trade receivables and others		—		17		—		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		47		84		—		—
	Non-trade receivables and others		3,208		10,779		—		—
	Trade payables		—		—		445		721
	Non-trade payables and others		—		—		13,824		14,193
Taebaek Wind Power Co., Ltd.	Trade payables		—		—		691		603
	Non-trade payables and others		—		—		184		341
	Trade receivables		—		4		—		—
Busan Shinho Solar Power Co., Ltd.	Trade receivables		3		3		—		—
	Trade payables		—		—		915		304

223

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2024 and 2023 are as follows, continued:

In millions of won		Receivables				Payables
Company name	Type	As of December 31, 2024		As of December 31, 2023		As of December 31, 2024		As of December 31, 2023
<Joint ventures>
Global Trade Of Power System Co., Ltd.	Non-trade payables and others	W	—		—		7		—
Expressway Solar-light Power Generation Co., Ltd.	Trade payables		—		—		432		220
Goheung New Energy Co., Ltd.	Trade receivables		21		—		—		—
	Non-trade receivables and others		8		—		—		—
Gunsan Land Solar Co., Ltd.	Non-trade receivables and others		217		295		—		—
Daesan Green Energy Co., Ltd.	Trade receivables		4		13		—		—
	Non-trade receivables and others		211		170		—		—
	Trade payables		—		—		3,819		4,946
Cheong-Song Noraesan Wind Power Co., Ltd.	Trade receivables		—		2		—		—
Saemangeum Solar Power Co., Ltd.	Non-trade receivables and others		4,368		4,368		—		—
Dangjin Eco Power Co., Ltd.	Trade receivables		4		4		—		—
	Trade payables		—		—		282		222
	Non-trade payables and others		—		—		181		176
Yangyang Wind Power Co., Ltd.	Non-trade receivables and others		163		13		—		—
Energyco Co., Ltd.	Non-trade receivables and others		124		3		—		—
	Trade payables		—		—		432		99
Hapcheon Floating Photovoltaic Power Plant Inc.	Trade receivables		12		10		—		—
	Non-trade receivables and others		59		68		—		—
Busan Industrial Solar Power Co., Ltd.	Trade receivables		2		2		—		—
	Trade payables		—		—		240		—
Bitsolar Energy Co., Ltd.	Trade receivables		12		—		—		—
	Non-trade receivables and others		444		1		—		—
	Trade payables		—		—		207		201
Omisan Wind Power Co., Ltd.	Non-trade receivables and others		146		—		—		—
Changwon Nu-ri Energy Co., Ltd.	Non-trade receivables and others		188		—		—		—
Jeonju Bio Green Energy Co., Ltd.	Non-trade receivables and others		187		—		—		—
Haemodum Solar Co., Ltd.	Trade receivables		1		1		—		—
Yeongam Solar Power Co., Ltd.	Trade receivables		48		56		—		—
	Trade payables		—		—		5,723		3,517
Samsu Wind Power Co., Ltd.	Trade payables		—		—		1,834		1,229
Solaseado Solar Power Co., Ltd.	Non-trade receivables and others		15		24		—		—
Cheongju Eco Park Co., Ltd.	Trade receivables		—		6,899		—		—
	Non-trade receivables and others		13,461		—		—		—
	Trade payables		—		—		9,105		7,994
	Non-trade payables and others		—		—		2,853		—
Enel X Midland Photovoltaic, LLC	Trade receivables		1		1		—		—
	Trade payables		—		—		204		144
	Non-trade payables and others		—		—		59		49
Geumsungsan Wind Power Co., Ltd.	Trade receivables		3		4		—		—
27 Joint ventures (Overseas)	Trade receivables		271,219		160,474		—		—
	Non-trade receivables and others		59,839		55,897		—		—
	Non-trade payables and others		—		—		34,932		22,877
<Others>
Korea Development Bank	Non-trade receivables and others		34,138		33,140		—		—
	Non-trade payables and others		—		—		231		147
	Derivatives and others		273,627		45,898		2,421		72,050

(*1) Samcheok Eco Materials Co., Ltd. was reclassified from an associate to a joint venture for the year ended December 31, 2024.

(*2) YTN Co., Ltd. is not a related party of the Group as of December 31, 2024, as the sale of shares was completed for the year ended December 31, 2024.

224

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(5) Loans and others arising from the related party transactions as of December 31, 2024 and 2023 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	32,153			913			—			—			33,066
	(Allowance for doubtful accounts)		(25,543	)		(913	)		—			(6,610	)		(33,066	)
Associates	Nepal Water & Energy Development Company Private Limited		18,052			—			(18,052	)		—			—
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		23,337			—			—			3,269			26,606
Associates	PT. Cirebon Energi Prasarana		35,542			—			(3,658	)		6,981			38,865
Associates	Bigeum Resident Photovoltaic Power Co., Ltd.		9,525			—			—			(9,525	)		—
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		30,885			—			(4,260	)		—			26,625
Associates	Saemangeum Sebit Power Plant Co., Ltd.		28,970			—			(1,420	)		—			27,550
Joint ventures	Solaseado Solar Power Co., Ltd.		35,000			—			(71	)		—			34,929
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		10,589			2,074			—			1,650			14,313
Joint ventures	Horus Solar, S.A. de C.V.		11,199			798			—			1,680			13,677
Joint ventures	Sunmex Renovables, S.A. de C.V.		17,210			2,018			—			2,565			21,793
Joint ventures	Kelar S.A.		40,985			—			(11,582	)		(10,112	)		19,291
Joint ventures	DE Energia SpA		7,386			—			—			1,034			8,420
Joint ventures	Daehan Wind Power PSC		14,872			—			—			2,084			16,956
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		2,411			80			—			—			2,491
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—			—			—			3,257
Joint ventures	Nghi Son 2 Power LLC		189,991			—			(43,906	)		22,516			168,601
Joint ventures	Pulau Indah Power Plant Sdn. Bhd.		9,963			—			—			(9,963	)		—
Joint ventures	Guadalupe Solar SpA		3,161			—			(232	)		423			3,352
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		64,318			222			—			6,597			71,137
Joint ventures	Capman Lynx SCA, SICAR		35,210			—			—			—			35,210
	(Allowance for doubtful accounts)		(35,210	)		—			—			—			(35,210	)
Joint ventures	S-Power Chile SpA		258			—			—			36			294
Joint ventures	Omisan Wind Power Co., Ltd.		—			8,894			—			—			8,894
		W	567,686			14,086			(83,181	)		12,625			511,216

(6) Borrowings arising from the related party transactions as of December 31, 2024 and 2023 are as follows:

In millions of won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others		Ending balance
Korea Development Bank	Facility	W	85,103		—		(8,469	)		8,019		84,653
	Others		1,758		—		(334	)		—		1,424
	Operating funds		120,000		832,167		(852,167	)		—		100,000
	EBL and others		119,160		20,050		(995	)		11,647		149,862
		W	326,021		852,217		(861,965	)		19,666		335,939

225

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 2024 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		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 42,750	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Debt guarantees		USD 1,223,355	Export-Import Bank of Korea and others
		Performance guarantees and others		USD 3,986,562	FAB and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 203,981	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	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 15,600	ING Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		MXN 14,843	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
				USD 393	CFE Transmission
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
				MXN 4,929	CFE Transmission and others
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 52,500	Mizuho Bank
		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Collateralized money invested (*10)		KRW 13,210	Malaysian Trustee Berhad
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees		USD 60,000	Riyad bank
		Other performance guarantees		USD 70,000	SMBC Seoul
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 46,158	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 73,064	Krung Thai Bank
		Impounding bonus guarantees (*11)		USD 5,000	SK Eco Plant Co., Ltd.
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.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 54,242	Kookmin Bank and others
		Debt guarantees		KRW 20,300	HY western 1st co., Ltd
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested		KRW 5,735
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 361	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 139,059	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 3,230	Nonghyup Bank
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 6,267	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 8,298	Hana Bank and others
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 1,030	Hana Bank and others

226

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 2024 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.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 617	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 11,334	Nonghyup Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 890	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 334	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 23,163	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,310	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 11,613	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,760	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power Company SAOC	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co., Ltd.	EDFR KOWEPO AJBAN HOLDING LIMITED	Loan payment guarantee		USD 57,090	FAB
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 15,456	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 36,599	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 4,833	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 279,432	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,730	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 26,146	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 25,331	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 22,908	Hana Bank and others
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 100,579	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*14)		USD 14,400	Hana Bank
		Collateralized money invested		KRW 48,761	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		—	Mirae Asset Life Insurance Co. Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,636	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,160	Shinhan Bank and others

227

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 11,640	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 8,230	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 4,818	Woori Bank and others
Korea East-West Power Co., Ltd.	Seungmun Green Energy	Collateralized money invested		KRW 12,745	Hana Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 846	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 3,841	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Amaala Sustaninable Company for Energy LLC	Loan payment guarantee (*7)		USD 38,054	FAB
		Collateralized money invested		KRW 18
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 31,093	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 30,513	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 30,030	Hana Bank, MUFG
		Payment guarantees (*12)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees		USD 1,800	Shinhan Bank
		Payment guarantees (*6)		USD 2,000	Hana Bank
		Collateralized money invested		KRW 21,328	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,147	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 13,559	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF the 22nd Co., Ltd.
		Performance guarantees (*15)		—	HC elementary materials
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 16,979	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 48,031	IBK and others
		Performance guarantees and guarantees for supplemental funding (*1)		KRW 30,000
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 10,859	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 7,839	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 3,808	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 2,810	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 8,847	Mirae Asset Securities Co., Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 9,277	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 2,000	Woori Bank
		Guarantees for supplemental funding (*1)		—
KOSPO Power Services Ltda.	Kelar S.A.	Performance guarantees		USD 1,316	Scotia bank
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 152,366	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 1,649	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 1,452	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 262	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 1,700	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 1,432	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 41	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 87,392	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 4,510	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,716	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	PT. Cirebon Energi Prasarana	Debt guarantees		USD 9,290	Mizuho Bank
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		—	IBK
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 163	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,155	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,772	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 3,133	IBK

228

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 2024 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.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 8,035	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,322	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 250	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 512	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 579	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 11,302	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 1,950	Templeton Hana Asset
		Guarantees for supplemental funding (*1)		—	Management Co., Ltd.
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 27,702	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 603	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea South-East Power Co., Ltd.	Boim Combined Heat and Power Generation Co., Ltd.	Collateralized money invested (*3)		—	IBK
		Guarantees for supplemental funding and others (*1,4)		KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested		KRW 15,069	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested		KRW 16,936	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested		KRW 284,543	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested		KRW 241,814	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested		KRW 1,736	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested		KRW 8,493	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested		KRW 2,045	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested		KRW 2,590	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested		KRW 11,828	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested		KRW 2,851	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested		KRW 16,137	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested		USD 97,105	International Finance
		Business reserve payment guarantee		USD 33,333	Corporation and others
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 2,334	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested		KRW 5,301	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 4,316	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 24,217	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 9,306	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 17,672	Hana Bank and others
		Guarantees for supplemental funding (*1)		—

229

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(7) Guarantees provided to the related parties as of December 31, 2024 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 8,643	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 7,908	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 7,908	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 7,658	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 6,351	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT I LLC	Payment guarantees (*13)		USD 9,770	WOORI AMERICA BANK
Korea Hydro & Nuclear Power Co., Ltd.	KAS INVESTMENT II LLC	Payment guarantees (*13)		USD 9,730	WOORI AMERICA BANK

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

(*2) Samcheok Eco Materials Co., Ltd., an associate of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of December 31, 2024, derivative liabilities of W26,422 million were recognized in relation to this obligation.

(*3) The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation 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 W11,804 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 provided a payment guarantee to Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

(*7) The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

(*8) The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9) The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10) The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd. As of December 31, 2024, the book value of the securities is W50,721 million.

(*11) Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*12) The Group provided a payment guarantee to Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*13) The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*14) The payment guarantee related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(*15) The Group has entered into an agreement prescribing the settlement of the estimated loss in case damages occur related to the fulfillment of the mandatory supply volume according to the mandatory supply agreement for coal ash.

230

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(8) Guarantees received from the related parties as of December 31, 2024 are as follows:

In millions of won
Primary Guarantor	Type of guarantees	Credit limit
KAPES, Inc.	Defect guarantees	W	16,281
	Performance guarantees		38,231
	Advance payment guarantee		248,042
	Certification of bidding		79,818

(9) Derivatives transactions with the related parties as of December 31, 2024 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 (in won)
			Pay		Receive		Pay			Receive
Korea Development Bank		2020~2025	W	241,320		USD 200,000		0.54	%		1.13	%	W	1,206.60
		2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
		2022~2026		283,820		USD 200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
		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
		2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400		USD 100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
		2020~2026		118,910		USD 100,000		0.61	%		1.00	%		1,189.10
		2021~2026		114,230		USD 100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710		USD 100,000		3.41	%		3.63	%		1,237.10
		2022~2025		128,560		USD 100,000		3.37	%		4.13	%		1,285.60
		2020~2025		122,780		USD 100,000		0.93	%		1.75	%		1,227.80
		2022~2025		252,360		USD 200,000		2.83	%		3.60	%		1,261.80
		2023~2028		129,500		USD 100,000		3.85	%		4.88	%		1,295.00

231

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

47. Related Parties, Continued

(9) Derivatives transactions with the related parties as of December 31, 2024 are as follows, continued:

(ii) Currency forward

In millions of won and thousands of foreign currencies
Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
					Pay		Receive
Korea Development		2024.12.16		2025.01.07	W	27,247		USD 19,000	W	1,434,04
Bank		2024.12.30		2025.01.17		17,627		USD 12,000		1,468.95

(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. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of won
Type	For the year ended December 31, 2024		For the year ended December 31, 2023
Salaries	W	1,064		866
Retirement benefits		36		33
	W	1,100		899

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

48. Statement of Cash Flows

(1) Significant non-cash transactions for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won
Transactions	For the year ended December 31, 2024		For the year ended December 31, 2023
Transfer from construction-in-progress to other assets	W	15,059,467		10,090,726
Recognition of asset retirement cost and related provision for decommissioning costs		1,821,415		(292,120	)
Transfer from provision for disposal of used nuclear fuel to accrued expenses		463,388		379,011
Transfer from long-term borrowings to current portion of long-term borrowings		8,417,793		5,779,487
Transfer from debt securities to current portion of debt securities		26,901,367		24,674,525
Transfer from inventory to stored nuclear fuel		1,002,036		827,279
Recognition of right-of-use assets and others		132,495		261,862

(2) Changes in liabilities incurred from financing activities for each of the two years in the period ended December 31, 2024 are as follows:

In millions of won	For the year ended December 31, 2024
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	19,839,652			604,841			—		214,888			20,659,381
Debt securities		113,792,178			(4,211,164	)		—		2,293,005			111,874,019
Lease liabilities		3,807,880			(612,828	)		119,161		385,243			3,699,456
Derivative liabilities (assets), net		(554,147	)		545,483			—		(2,397,674	)		(2,406,338	)
	W	136,885,563			(3,673,668	)		119,161		495,462			133,826,518
In millions of won	For the year ended December 31, 2023
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	15,420,176			4,406,382			—		13,094			19,839,652
Debt securities		105,185,189			8,286,542			—		320,447			113,792,178
Lease liabilities		4,163,143			(574,239	)		253,495		(34,519	)		3,807,880
Derivative liabilities (assets), net		(591,471	)		332,263			—		(294,939	)		(554,147	)
		W 124,177,037			12,450,948			253,495		4,083			136,885,563

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

49. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
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	57,226		417		57,226		417
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)		—		—		51,796		20,661
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		15,109		37,168		15,109
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 (Kyungin Construction)		58,271		746		58,271		746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,282		13,476		35,136		20,370
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of GIS (362kV, 6300A, 63kA) Type 19 – Shinyangsan S/S		—		—		32,460		5,635
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,446		1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y		33,057		16,045		32,090		26,742
System stabilization ESS equipment (Bubuk S/S) Type 1		221,939		42,137		222,300		145,014
System stabilization ESS equipment (Shinnamwon S/S) Type 1		—		—		211,500		130,169
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		73,104		18,604
Concrete pole (10M, general purpose, 500KGF) 111,000 ea and four other equipment		—		—		67,996		39,971
Advanced EType low voltage electronic watt-hour meter 1,311,552 ea		—		—		36,103		—
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,403		12,095
System stabilization ESS equipment (Hamyang S/S) Type 1		35,764		11,468		35,609		12,870
Concrete pole (10M, general purpose, 500KGF) 90,000 ea and four other equipment		59,473		36,464		—		—
Purchase of cable (PVC, 1C, 2500SQ) 53,856M and others (Shinchungjuboonki)		31,925		7,756		—		—
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		39,060		39,060		—		—
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		40,933		28,790		—		—
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		40,323		40,323		—		—
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,130		40,130		—		—
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S		39,300		39,300		—		—
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S		37,600		37,600		—		—
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 1,031,728 EA – Annual Unit Price		43,054		38,404		—		—
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S		40,590		40,590		—		—
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S		37,100		37,100		—		—
Construction of Saeul Units (#3,4)		11,718,217		1,748,342		9,800,424		1,113,349
Construction of Shin-Hanul Units (#1,2) (*)		10,765,241		—		10,592,760		—
Construction of Shin-Hanul Units (#3,4)		12,343,245		10,964,638		11,680,361		10,935,737
Other 40 contracts		2,033,913		1,744,217		1,631,574		1,133,467
Purchase of main equipment for Jeju LNG Combined		—		—		166,287		—
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		357,479		241,751		334,932		279,920
Purchase of main machine for Boryeong New Complex Unit 1		286,299		177,988		281,600		228,053
Boryeong New Complex Unit 1 Construction Project		202,552		161,753		186,358		186,358
Haman Combined Power Block Conditional Purchase Agreement		581,790		543,509		—		—
Service of designing Taean Units (#9,10)		—		—		112,909		12,468

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

49. Commitments for Expenditure, Continued

(1) The commitments for acquisition of property, plant and equipment as of December 31, 2024 and 2023 are as follows, continued:

In millions of won	As of December 31, 2024				As of December 31, 2023
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant	W	123,495		15,603		123,495		15,603
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		220,864		101		220,864		214
Construction of Gimpo combined heat & power plant		223,660		8,795		211,372		13,960
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,029		29,417		197,983		193,578
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		12,574		65,918		45,299
Construction of Gumi natural gas power plant		246,110		96,708		210,393		173,350
Installation of natural gas supply facility at Gumi natural gas power plant		83,801		45,019		70,620		61,799
Construction of Gongju natural gas power plant		203,849		190,840		—		—
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		305,829		273,338		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		326,395		5,905		312,150		5,682
Purchase of main equipment for Namjeju		140,144		—		140,144		3
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		2,670		234,392		8,342
Purchase of Hadong thermal power indoor carboniferous plant		167,259		—		167,259		48,495
Purchase of phase 2 power generation facility for Yeongwol fuel cells		88,428		—		86,350		219
Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters		82,395		—		81,960		18,290
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		128,820		90,876		—		—
Construction of Andong Combined Unit 2 Power Plant		181,593		175,029		—		—
Purchase of main equipment for Andong Combined Unit 2		279,773		230,694		—		—
Service of designing Hadong Combined Unit 1		31,593		26,351		—		—

(*) As of December 31, 2024, the commitment amounts include the value of Shin-Hanul Unit #1, construction of which was completed during the year ended December 31, 2022. In addition, Shin-Hanul Unit #2 is in commercial operation as of December 31, 2024.

(2) As of December 31, 2024, details of contracts for inventory purchase commitment are as follows:

Type	Periods		Contracted quantity
Concentrate		2024 ~ 2033	22,282 Ton U3O8
Conversion		2024 ~ 2030	14,391 Ton U
Enrichment		2024 ~ 2035	26,943 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 817 Ton U (contract periods: 2023 ~ 2031).

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments

(1) Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of December 31, 2024 and 2023 are as follows:

In millions of won	As of December 31, 2024				As of December 31, 2023
	Number of cases		Amount		Number of cases		Amount
As the defendant		722	W	884,402		666	W	805,227
As the plaintiff		264		769,772		268		571,593

As of December 31, 2024, there are 3 ongoing litigations and 2 arbitration case between consolidated entities.

1) The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

There are multiple ongoing litigations 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 litigations. Accordingly, the Group recognized W274,043 million as litigation provisions in relation to the litigation as of December 31, 2024.

2) There are 18 arbitration cases pertaining to the Group as of December 31, 2024 and the significant arbitration cases are as follows:

i) Hitachi Energy Sweden filed an arbitration against the Group regarding the request for additional payment due to the increase in capacity of some facilities and the withdrawal of liquidated damage in relation to Shin Young-ju and Shin Jecheon substation TCSC construction projects. The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2024.

ii) During the year ended December 31, 2024, UniTest Co., Ltd. filed an arbitration claim against KEPCO for delay damages arising from the modification of design and contract amount related to the 154kV Yesan S/S 82MW ESS construction project. The amount and timing of resource outflows resulted therefrom cannot be reasonably estimated.

iii) The Group filed an arbitration application with Westinghouse Electric Company LLC to Korean Commercial Arbitration Board, requesting to confirm whether the Group is subject to nuclear power plant export control procedures or not. As of December 31, 2024, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

iv) Samsung C&T consortium (Samsung C&T Co., Ltd., Doosan Enerbility Co., Ltd., and Hanwha Co., Ltd.) filed an arbitration application against the Group to National Contract Dispute Mediation Committee regarding the adjustment of the contract amount related to the main facility construction of Saeul Units 3 and 4 (formerly, Shin-Kori Nuclear Power Units 5 and 6). The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2024

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2024 are as follows:

1) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2024.

2) The Group has outstanding borrowings with a limit of USD 264,800 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. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

3) The Group has provided USD 6,119 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

4) The Group has provided USD 4,716 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

5) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

6) The Group has provided EUR 7,031 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.

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 Nonghyup Bank a debt guarantee up to USD 4,510 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Electric Power in Indonesia.

9) The Group has provided Nonghyup Bank a debt guarantee up to USD 9,290 thousand to guarantee Debt Service Reserve Account (DSRA) for Mizuho bank, related to the Cirebon power plant business of PT. Cirebon Energi Prasarana in Indonesia.

10) 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.

11) The Group has provided USD 30,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

12) 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.

13) The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

14) 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.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2024 are as follows, continued:

15) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

16) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to USD 2,280 thousand for the operation maintenance project in Indonesia siborpa.

17) The Group has provided joint guarantee for W1,641 million guarantee insurance contracted by Haetbyeotgil Sunlight Co., Ltd.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments, Continued

(3) Credit lines provided by financial institutions and others as of December 31, 2024 are as follows:

In millions of won and thousands of foreign currencies
Commitments	Financial institutions	Currency	Credit limit		Used amount
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		1,720,500		119,643
Limit amount available for CP	Hana Bank and others	KRW		7,550,000		7,550,000
General Loan, etc.	Kookmin Bank and others	KRW		3,930,000		3,900,000
Limit amount available for card	Hana Bank and others	KRW		47,524		4,006
Loan limit	Korea Development Bank and others	KRW		3,248,025		1,837,454
	DBS Bank and others	USD		1,086,000		—
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700		4,020
Certification of payment on L/C	Shinhan Bank and others	USD		1,235,937		183,357
	Kookmin Bank and others	EUR		32,035		13,424
	Shinhan Bank	JPY		715,837		—
Certification of Performance guarantee on contract	Hana Bank and others	KRW		160,815		150,648
	First Abu Dhabi Bank and others	USD		1,008,252		950,774
	Korea Development Bank and others	JPY		620,000		620,000
	Hana Bank	EUR		12,106		12,106
	Hana Bank	INR		67,944		67,944
	Hana Bank	OMR		6,250		6,250
	First Abu Dhabi Bank and others	AED		52,500		52,500
	Saudi National Bank and others	SAR		124,151		123,829
Certification of bidding	Korea Software Financial Cooperative	KRW		43,809		43,809
	Hana Bank and others	USD		10,200		5,000
	Export-Import Bank of Korea	EUR		10,000		10,000
	Shinhan Bank	QAR		155,213		155,213
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		83,161		83,161
	Hana Bank and others	USD		702,487		664,191
	Saudi National Bank	SAR		32,500		32,500
	Hana Bank and others	MXN		21,290		21,290
Others (*)	Nonghyup Bank and others	KRW		314,892		56,858
	Nonghyup Bank and others	USD		448,635		USD 228,813
						EUR 51,784
	StandardChartered	AED		50		50
	Kookmin Bank	EUR		7,031		7,031
Secured loan of credit sales	Nonghyup Bank and others	KRW		270,000		—
Inclusive credit	Hana Bank	KRW		8,000		3,735
	Hana Bank and others	USD		35,000		USD 9,362
						INR 332,690
						AED 319
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others	USD		1,764,555		1,376,262
Trade finance	DBS Bank and others	USD		850,000		—

(*) As of December 31, 2024, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank, and Woori Bank as ancillary to currency swap transactions.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments, Continued

(4) As of December 31, 2024, 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		264,800	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 (*1)
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)
Jeongam Wind Power Co., Ltd.	KDB Capital Corporation and others	Cash and cash equivalents and others	KRW		230,716	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		159,000	Collateral for borrowings (*1,2)
Qatrana Electric Power Company	The Islamic Development Bank and others	Finance lease receivable and property, plant and equipment and others	JOD		136,623	Collateral for borrowings (*1)
KST Electric Power Company, S.A.P.I. de C.V.	Export–Import Bank of Korea and others	Finance lease receivable and property, plant and equipment and others	USD		401,277	Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.	Kookmin Bank and others	Cash and cash equivalents and others	KRW		276,960	Collateral for borrowings (*2)
K-SOLAR SHINAN Co., Ltd.	Kyobo Life Insurance Co., Ltd. and others	Property, plant and equipment and others	KRW		329,736	Collateral for borrowings (*1)
KOSPO Youngnam Power Co., Ltd.	Shinhan Bank and others	Cash and cash equivalents and others	KRW		744,120	Collateral for borrowings (*2)
Jeju Hanlim Offshore Wind Co., Ltd.	Kookmin Bank and others	Property, plant and equipment and others	KRW		11,932	Collateral for borrowings (*2)
Western Power Changgi Solar Co., Ltd.	Samsung Life Insurance and others	Property, plant and equipment and others	KRW		54,000	Collateral for borrowings (*2)
Yeongdeok Sunrise Wind Power Co., Ltd.	Korea Development Bank and others	Property, plant and equipment and others	KRW		96,240	Collateral for borrowings (*2)
J Wind First, LLC	Woori Bank	Trade receivable and others	KRW		55,000	Collateral for borrowings (*1,2)
Chitose Solar Power Plant LLC	Korea Development Bank	Property, plant and equipment and others	USD		137,656	Collateral for borrowings (*1,2)
Mangilao Intermediate Holdings LLC	Mizuho Bank	Trade receivable and others	USD		86,132	Collateral for borrowings (*2)

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

(*2) As of December 31, 2024, 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 December 31, 2024. The Group has provided a promissory note as a repayment guarantee.

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Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

50. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W59,313 million as of December 31, 2024, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W1,741 million and depreciation on the idle assets of W3,642 million are recorded in other expenses for the year ended December 31, 2024. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2024.

(6) As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of December 31, 2024. Accordingly, the book value of the facility, amounting to W11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of December 31, 2024, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7) As of December 31, 2024, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W64,371 million.

(8) 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.

(9) 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.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

51. Subsequent Events

(1) Subsequent to December 31, 2024, KEPCO borrowed long-term borrowings for the purposes of operation funding and details related thereto are as follows:

In millions of won
Company	Type	Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation	Local long-term borrowings (Mid- to long-term CP (*))		2025.02.11		2030.02.11		3M CD+0.57	W	200,000
	Local long-term borrowings (Mid- to long-term CP (*))		2025.02.27		2030.02.27		3M CD+0.62		200,000

(*) The maturity of mid- to long-term CPs corresponds to contract period of commercial paper repurchase agreements.

(2) Subsequent to December 31, 2024, KEPCO and its subsidiaries Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-West Power Co., Ltd. issued bonds denominated in Korean won and foreign currency for the purposes of operation and facility funding and details related thereto are as follows:

In millions of won and thousands of USD
Company	Type		Issue date		Maturity		Interest rate (%)		Amount
Korea Electric Power Corporation		#1451 Corporate bond		2025.01.06		2027.01.06		2.88	W	200,000
		#1452 Corporate bond		2025.01.06		2028.01.06		2.86		200,000
		#1453 Corporate bond		2025.01.06		2030.01.06		2.99		100,000
		#1454 Corporate bond		2025.01.14		2027.01.14		2.87		200,000
		#1455 Corporate bond		2025.01.14		2028.01.14		2.92		200,000
		#1456 Corporate bond		2025.01.14		2030.01.14		3.03		100,000
		#1457 Corporate bond		2025.01.22		2027.01.22		2.84		200,000
		#1458 Corporate bond		2025.01.22		2028.01.22		2.89		200,000
		#1459 Corporate bond		2025.01.22		2030.01.22		2.99		100,000
		#1460 Corporate bond		2025.02.06		2027.02.06		2.88		190,000
		#1461 Corporate bond		2025.02.06		2028.02.06		2.86		300,000
		#1462 Corporate bond		2025.02.06		2030.02.06		2.92		210,000
		#1463 Corporate bond		2025.02.12		2027.02.12		2.90		300,000
		#1464 Corporate bond		2025.02.12		2028.02.12		2.92		200,000
		#1465 Corporate bond		2025.02.12		2030.02.12		3.00		200,000
		#1466 Corporate bond		2025.02.17		2028.02.17		2.89		200,000
		#1467 Corporate bond		2025.02.17		2030.02.17		2.98		100,000
		#1468 Corporate bond		2025.02.24		2027.02.24		2.86		300,000
		#1469 Corporate bond		2025.02.24		2028.02.24		2.88		300,000
		#1470 Corporate bond		2025.02.24		2030.02.24		2.98		100,000
		#1471 Corporate bond		2025.03.06		2027.03.05		2.90		200,000
		#1472 Corporate bond		2025.03.06		2028.03.06		2.90		200,000
		#1473 Corporate bond		2025.03.06		2030.03.06		2.97		100,000
		FY25 Global 16th		2025.02.13		2028.02.13		4.75		USD 400,000

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

51. Subsequent Events, Continued

(2) Subsequent to December 31, 2024, KEPCO and its subsidiaries Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-West Power Co., Ltd. issued bonds denominated in Korean won and foreign currency for the purposes of operation and facility funding and details related thereto are as follows, continued:

In millions of won, thousands of USD and thousands of HKD
Company	Type		Issue date		Maturity		Interest rate (%)		Amount
Korea Hydro & Nuclear Power Co., Ltd.		#81 Corporate bond		2025.02.10		2030.02.10		2.96		60,000
		#4 Foreign currency private placement bond		2025.03.05		2028.03.05		4.10		HKD 1,166,000
Korea South-East Power Co., Ltd.		#63-1 Corporate bond		2025.01.24		2027.01.22		2.82		140,000
		#63-2 Corporate bond		2025.01.24		2028.01.24		2.85		110,000
		#63-3 Corporate bond		2025.01.24		2030.01.24		2.95		40,000
		#64-1 Corporate bond		2025.02.18		2027.02.18		2.87		70,000
		#64-2 Corporate bond		2025.02.18		2028.02.18		2.88		60,000
Korea Western Power Co., Ltd.		#64-1 Corporate bond		2025.02.13		2027.02.12		2.89		140,000
		#64-2 Corporate bond		2025.02.13		2028.02.11		2.93		100,000
		#64-3 Corporate bond		2025.02.13		2030.02.13		3.04		20,000
Korea Southern Power Co., Ltd.		#77-1 Corporate bond		2025.01.21		2028.01.21		2.91		60,000
Korea East-West Power Co., Ltd.		#49-1 Corporate bond		2025.03.07		2027.03.05		2.86		170,000
		#49-2 Corporate bond		2025.03.07		2028.03.07		2.89		60,000
		#49-3 Corporate bond		2025.03.07		2030.03.07		2.99		40,000

243

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the consolidated financial statements, Continued

December 31, 2024 and 2023

52. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or 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 interim consolidated statements of comprehensive income or loss prepared in accordance with KIFRS for each of the two years in the period ended December 31, 2024 to the operating profit or loss as presented in the Group’s interim consolidated statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.

In millions of won	For the year ended December 31, 2024			For the year ended December 31, 2023
Operating loss on the consolidated statements of comprehensive income (loss)	W	8,364,710			(4,541,648	)
Add
Other income
Reversal of other provisions		35,317			79,001
Reversal of other allowance for bad debt		17,699			1,941
Gains on government grants		4,789			239
Gains on assets contributed		29,968			24,183
Gains on liabilities exempted		504			854
Compensation and reparations revenue		84,682			93,785
Revenue from foundation fund		58			60
Rental income		204,277			210,972
Others		100,060			121,816
Other gains
Gains on disposal of property, plant and equipment		85,990			32,196
Gains on disposal of intangible assets		41			136
Reversal of impairment losses on other current assets		-			16,035
Gains on foreign currency translation		77,269			27,123
Gains on foreign currency transactions		74,520			139,077
Gains on insurance proceeds		3,411			6,785
Others		273,745			346,795
Deduct
Other expenses
Compensation and indemnification expense		(234	)		(34	)
Accretion expenses of other provisions		(5,841	)		(4,962	)
Depreciation expenses on investment properties		(682	)		(493	)
Depreciation expenses on idle assets		(3,642	)		(3,683	)
Other bad debt expense		(42,776	)		(40,683	)
Donations		(324,694	)		(169,748	)
Others		(87,819	)		(39,302	)
Other losses
Losses on disposal of property, plant and equipment		(112,018	)		(98,120	)
Losses on disposal of intangible assets		(111	)		(71	)
Losses on impairment of property, plant and equipment		(11,240	)		(17,031	)
Losses on impairment of intangible assets		(902	)		(2,865	)
Losses on foreign currency translation		(29,225	)		(3,901	)
Losses on foreign currency transactions		(148,381	)		(165,187	)
Others		(128,215	)		(258,286	)
Adjusted operating gain (loss)	W	8,461,260			(4,245,016	)

244

Audit opinion on internal control over financial reporting

The accompanying independent auditor’s audit report on internal control over financial reporting is attached as a result of auditing the internal control over financial reporting of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) and the consolidated financial statements of the Group for the year ended December 31, 2024 in accordance with the Article 8 of the Act on External Audit of Stock Companies.

Attachments:

1. Independent auditor’s report on internal control over financial reporting

2. Management’s annual report on internal control over financial reporting

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Ernst & Young Han Young 2-3F, 7-8F, Taeyoung Building, 111, Yeouigongwon-ro, Yeongdeungpo-gu, Seoul 07241 Korea   Tel: +82-23787 6600 Fax: +822783 5890 ey.com/kr

Independent auditor’s report on internal control over financial reporting

(English translation of a report originally issued in Korean)

Korea Electric Power Corporation

The Shareholders and Board of Directors

Opinion on Internal control over financial reporting

We have audited the internal control over financial reporting (“ICFR”) of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) based on the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee”) as of December 31, 2024.

In our opinion, the Group’s ICFR has been effectively designed and operated, in all material respects, as of December 31, 2024, in accordance with Conceptual Framework for Design and Operation of ICFR.

We also have audited, in accordance with Korean Standards on Auditing (“KSA”), the consolidated statement of financial position as of December 31, 2024, and the consolidated statement of comprehensive income (Boss), consolidated statement of changes in equity, and consolidated statement of cash flows for the year then ended, and the notes to the consolidated financial statements, including material accounting policy information, of the Group, and our report dated March 11, 2025 expressed an unqualified opinion thereon.

Basis for opinion on ]CFR

We conducted our audit in accordance with KSA. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of ICFR section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of ICFR in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Responsibilities of management and those charged with governance for ICFR

Management is responsible for designing, impimenting, and maintaining an effective ICFR, and for assessing the effectiveness of the ICFR included in the accompanying Management’s annual report on internal control over financial reporting.

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

Auditor’s responsibilities for the audit of ICFR

Our responsibility is to express an opinion of the Group’s ICFR based on our audit. We conducted our audit in accordance with KSA. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective ICFR was maintained in all material respects.

An audit of the ICFR involves performing procedures to obtain audit evidence as to whether a material weakness exists. The procedures selected depend on the auditor’s judgment, including the assessment of the risks that a material weakness exists. An audit also includes testing and evaluating the design and operation of ICFR based on obtaining an understanding of ICFR and the assessed risk.

246

ICFR definition and inherent limitations

A company’s ICFR is implemented by those charged with governance, management, and other employees and is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements for external purposes in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”). A company’s ICFR includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with KIFRS, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the consolidated financial statements.

Because of its inherent limitations, ICFR may not prevent or detect misstatements of the consolidated financial statements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that ICFR may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

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

March 11, 2025

This audit report is effective as of March 11, 2025, the independent auditor’s report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the date of the independent auditor’s report to the time this report is used. Such events and circumstances could significantly affect the Group’s ICFR and may result in modifications to this report.

247

Management’s annual report on internal control over financial reporting

(English translation of a report originally issued in Korean)

To the Shareholders, Board of Directors, and Audit Committee of Korea Electric Power Corporation

We, as the Chief Executive Officer (“CEO”) and Internal Control over Financial Reporting (“ICFR”) Officer of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), assessed the status of the design and operation of the Group’s ICFR for the year ended December 31, 2024.

The Group’s management including the CEO and ICFR Officer is responsible for designing and operating ICFR. We, as the CEO and ICFR Officer (collectively, “We”, “Our” or “Us”), evaluated whether the ICFR has been effectively designed and operated to prevent and detect error or fraud which may cause material misstatement of the consolidated financial statements to ensure preparation and disclosure of reliable financial information.

We used the Conceptual Framework for Design and Operation of ICFR established by the Operating Committee of ICFR in Korea (the “ICFR Committee” as the criteria for the design and operation of the Group’s ICFR. We also conducted an evaluation of ICFR based on the Management Guideline for Evaluation and Reporting of ICFR established by the ICFR Committee.

Based on our assessment of ICFR operation, we concluded that the Group’s ICFR has been appropriately designed and is operating effectively in all material respects as of December 31, 2024, in accordance with the Conceptual Framework for Design and Operation of ICFR.

We certify that this report does not contain any untrue statement of a fact, or omit to state a fact necessary to be presented herein. We also certify that this report does not contain or present any statements which might cause material misunderstandings of the readers, and we have reviewed and verified this report with sufficient care.

February 17, 2025

/s/ Dong-Cheol Kim

Presidesnt/CEO

/s/ Heung-Bok Oh

Internal Control over Financial Reporting Officer

248