韩国电力公社（KEPCO）提交2026年半季度业务报告6-K：上半年营收微增、营业利润同比下滑约17%

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6-K
1
d33857d6k.htm
FORM 6-K
Form 6-K
UNITED STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM
6-K
REPORT OF FOREIGN PRIVATE ISSUER
Pursuant to Rule
13a-16
or
15d-16
under the Securities Exchange Act of 1934
For the Month of September 2026
Commission File Number
001-13372
KOREA ELECTRIC POWER CORPORATION
(Translation of registrant’s name into English)
55
Jeollyeok-ro,
Naju-si,
Jeonnam-Gwangju, 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 ☐
QUARTERLY BUSINESS REPORT
(For the period from January 1, 2026 to June 30, 2026)
THIS IS A SUMMARY IN ENGLISH OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE FINANCIAL SERVICES
COMMISSION OF KOREA.
IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS.
NON-MATERIAL
OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.
UNLESS EXPRESSLY STATED OTHERWISE, ALL
INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA, OR
K-IFRS,
WHICH DIFFER IN CERTAIN RESPECTS FROM
GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.
I.
Company Overview
1.
Name of the company: Korea Electric Power Corporation (“KEPCO”)
2.
Information of the company
(Address) 55
Jeollyeok-ro,
Naju-si, Jeonnam-Gwangju, 58322, Korea
(Phone number)
82-61-345-4218
(Website)
http://www.kepco.co.kr
3.
Major businesses
KEPCO, as the parent company, is engaged in the following activities:
•
development of electric power resources;
•
generation, transmission, transformation and distribution of electricity and other related activities;
•
research and development of technology related to the businesses mentioned above;
•
overseas business related to the businesses mentioned above;
•
investment or contributions related to the businesses mentioned above;
•
development and operation of certain real estate holdings; and
•
other businesses entrusted by the government.
Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power
generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering &
Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and
investments related to the businesses mentioned above.
4.
Consolidated subsidiaries
(As of June 30, 2026)
Listed
Unlisted
Total
2
167
169
5.
Major changes in management
A.
On April 27, 2026, Mr. Kim,
Jae-Koon
was appointed as a standing
director for a term of two years in replacement of Mr. Seo,
Chul-Soo
whose term of office expired.
B.
On May 8, 2026, Mr. Lee,
Kyung-Sup,
was appointed as a independent
director for a term of two years in replacement of Mr. Kim,
Sung-Eun
whose term of office expired.
C.
On May 8, 2026, Mr. Moon,
Jae-Do
was appointed as a independent
director for a term of two years in replacement of Mr. Lee,
Sung-Ho
whose term of office expired.
D.
On May 8, 2026, Ms. Hwang,
Jeong-Hwa
was appointed as a
independent director for a term of two years in replacement of Mr. Han,
Jin-Hyun
whose term of office expired.
E.
On May 8, 2026, Mr. Kim, Jong-Wook was appointed as a independent director for a term of two years in
replacement of Mr. Kim, Jong-Woon whose term of office expired.
F.
On May 8, 2026, Mr. Jung,
Do-Jin
was appointed as a independent
director for a term of two years in replacement of Mr. Kim,
Jun-Ki
whose term of office expired.
G.
On May 8, 2026, Mr. Song,
Jae-Do
was appointed as a independent
director for a term of two years in replacement of Mr. Cho,
Seong-Jin
whose term of office expired.
H.
On May 27, 2026, Mr. Kim,
Tae-Ok
was appointed as a
Comptroller & Auditor General and member of the Audit Committee for a term of two years in replacement of Mr. Jun, Young-Sang whose term of office expired.
I.
On June 17, 2026, Mr. Baek,
Woo-Ki
was appointed as a standing
director for a term of two years in replacement of Mr. Oh,
Heung-Bok
whose term of office expired.
J.
On June 17, 2026, Mr. Chun, Chan-Hyuk was appointed as a standing director for a term of two years.
K.
On June 17, 2026, Mr. Jung,
Do-Jin
was appointed as a independent
member of the Audit Committee for a term of two years in replacement of Mr. Lee,
Sung-Ho
whose term of office expired.
L.
On June 17, 2026, Ms. Hwang,
Jeong-Hwa
was appointed as a
independent member of the Audit Committee for a term of two years in replacement of Mr. Kim,
Sung-Eun
whose term of office expired.
6.
Changes in major shareholders
There is no change in major shareholders in the last 5 years.
7.
Information regarding KEPCO shares
A.
Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)
B.
Total number of issued shares: 641,964,077
(Total number of authorized shares for issuance: 1,200,000,000)
C.
Dividends: Dividend payments for fiscal year 2025 was Won 1,542 per share and Won 989.9billion as a total.
II.
Business Overview
1.
Consolidated financial results by segment for a six-month period ended June 30, 2025 and 2026
(In billions of Won)
January to June 2025
January to June 2026
Sales
Operating
profit
Sales
Operating
profit
Electricity sales
45,462
2,857
44,996
2,123
Nuclear generation
8,206
2,396
8,152
3,089
Thermal generation
13,052
565
13,479
-246
Plant maintenance & engineering service
1,518
121
1,604
142
Others
(1)
1,085
40
1,123
43
Subtotal
69,323
5,979
69,354
5,151
Adjustment for related-party transactions
-23,149
-90
-23,037
-239
Total
46,174
5,889
46,317
4,913
*
Figures are presented in billions of Korean won and may contain rounding differences.
Note:
(1)
Others relate to business areas including overseas businesses, etc.
2.
Changes in unit prices of major products for a six-month period ended June 30, 2025 and 2026
(In Won per kWh)
Business sector
Company
January to
June 2025
January to
June 2026
Electricity sold
Residential
KEPCO
155.22
156.69
Commercial
169.93
169.55
Educational
139.70
139.57
Industrial
179.23
179.01
Agricultural
87.92
90.42
Street lighting
160.76
159.42
Overnight usage
107.74
108.24
Electricity from nuclear generation
Nuclear Generation
KHNP
82.87
96.47
Electricity from thermal generation
Thermal generation
KOSEP
139.48
128.37
KOMIPO
161.40
142.99
KOWEPO
160.30
139.93
KOSPO
175.84
149.65
EWP
161.63
141.29
3.
Power purchase from generation subsidiaries for a six-month period ended June 30, 2026
Company
Volume
(GWh)
Expense
(In billions of Won)
KHNP
79,577
7,681
KOSEP
17,885
2,293
KOMIPO
17,449
2,491
KOWEPO
18,037
2,518
KOSPO
16,655
2,486
EWP
17,536
2,413
Others
107,483
14,742
Closing adjustment
—
3,128
Total
274,623
37,750
*
Figures are presented in GWh and billions of Korean won, figures may contain rounding differences.
4.
Intellectual property as of June 30, 2026
Patents
Utility models
Designs
Trademarks
Total
KEPCO
6,376
35
136
57
6,604
Generation subsidiaries
4,644
30
93
260
5,027
Total
11,020
65
229
317
11,631
III.
Financial Information
1.
Condensed consolidated financial results as of and for a six-month period ended June 30, 2025 and 2026
(In billions of Won)
Consolidated statements of
comprehensive income
Consolidated statements of
financial position
January to
June 2025
January to
June 2026
Change
December 31,
2025
June 30,
2026
Change
Sales
46,174
46,317
143
Total assets
254,927
262,561
7,634
Operating profit (loss)
5,889
4,913
-976
Total liabilities
205,605
210,716
5,111
Net income (loss)
3,538
2,797
-741
Total equity
49,323
51,845
2,522
*
Figures are presented in billions of Korean won and may contain rounding differences.
2.
Condensed separate financial results as of and for a six-month period ended June 30, 2025 and 2026
(In billions of Won)
Separate statements of
comprehensive income
Separate statements of
financial position
January to
June 2025
January to
June 2026
Change
December 31,
2025
June 30,
2026
Change
Sales
45,461
44,996
-465
Total assets
144,616
146,742
2,126
Operating profit (loss)
2,857
2,123
-734
Total liabilities
118,046
118,295
249
Net income (loss)
3,085
2,877
-208
Total equity
26,571
28,447
1,876
*
Figures are presented in billions of Korean won and may contain rounding differences.
IV. Board of Directors (KEPCO on a separate basis)
1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be
more than seven standing directors including the president, and more than eight
independent(non-standing)
directors. The number of independent
(non-standing)
directors
must exceed the number of standing directors, including our president.
*
Subcommittees under the board of directors: The Audit Committee consists of one standing director and two
independent
(non-standing)
directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial
Act and the New York Stock Exchange listing standards. The ESG Committee consists of three independent
(non-standing)
directors and one standing director. The Power System Committee consists of three
independent(non-standing)
directors and one standing director.
2. Board meetings and agenda for a
six-month period ended June 30, 2026
Number of meetings
Number of agendas
Classification
Resolutions
Reports
Confidential
12
38
32
5
1
*
The audit committee held 8 meetings with 27 agenda (of which, 15 were approved as proposed and 12 were accepted
as reported).
3. Major activities of the Board of Directors for a six-month period ended June 30, 2026
Date
Agenda
Results
Type
January 23, 2026
Approval of amendment to the Rules on Employment
Approved as
proposed
Resolution
January 29, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
Deferred
Resolution
January 30, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
Approved as
proposed
Resolution
February 26, 2026
Approval of the maximum aggregate amount of remuneration for directors in 2026
Approved as
proposed
Resolution
Approval of amendment to the Articles of Incorporation
Approved as
proposed
Resolution
Approval to call for the annual general meeting of shareholders for the fiscal year 2025
Approved as
proposed
Resolution
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
Approved as
proposed
Resolution
Approval of consolidated and separate financial statements for the fiscal year 2025
Approved as
proposed
Resolution
Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters
Approved as
proposed
Resolution
Approval of amendment to the Management Performance Agreement
Approved as
proposed
Resolution
Report on internal control over financial reporting for the fiscal year 2025
Accepted as
reported
Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2025
Accepted as
reported
Report
Report on audit results for 2025
Accepted as
reported
Report
March 12, 2026
Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation
Approved as
proposed
Resolution
March 27, 2026
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
Approved as
proposed
Resolution
Approval of amendments to Operational Regulations of ESG Committee
Approved as
proposed
Resolution
Approval of contribution to Korea Institute of Energy Technology in 2026
Approved as
amended
Resolution
Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project
Accepted as
reported
Report
April 10, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
Approved as
proposed
Resolution
April 17, 2026
Approval of amendments to the Regulation for Employee Remuneration and Welfare
Approved as
proposed
Resolution
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
Approved as
proposed
Resolution
May 6, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
Approved as
proposed
Resolution
May 22, 2026
Approval of amendment to the Regulation of the Board of Directors
Approved as
proposed
Resolution
Approval of forming Director Nomination Committee and evaluation standards for the candidates of a
non-standing
director
Approved as
proposed
Resolution
Approval of amendment to the Terms and Condition for Electricity Supply
Approved as
proposed
Resolution
Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities
Approved as
proposed
Resolution
Confidential
(Article 9 (1) 7 of the Official
Information Disclosure Act)
Confidential
Confidential
Approval of nomination of the candidate of a member of Audit Committee
Approved as
proposed
Resolution
Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses
Approved as
proposed
Resolution
Approval of amendment to the Master Investment Agreement for the New Energy Business Fund
Approved as
proposed
Resolution
Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.
Accepted as
reported
Report
June 2, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
Approved as
proposed
Resolution
June 19, 2026
Approval of personnel increase
Approved as
proposed
Resolution
Approval of establishment and operation plan for the AI Committee
Approved as
proposed
Resolution
Approval of appointment of a member of Power System Committee
Approved as
proposed
Resolution
Approval of appointment of a member of ESG Committee
Approved as
proposed
Resolution
Approval of the
mid-to-long
term financial management plan(2026-2030)
Approved as
proposed
Resolution
Approval of forming Director Nomination Committee and evaluation standards for candidates
Approved as
proposed
Resolution
4. Attendance Status of independent
(non-standing)
directors and
Voting Results by Agenda Items for a six-month period ended June 30, 2026
Date
Agenda
Han,
Jin-Hyun
Kim,
Jong-
Woon
Kim,
Jun-Ki
Kim,
Sung-Eun
Lee,
Sung-Ho
Cho,
Seong-Jin
Kang,
Hoon
Lee,
Heung-
Ryul
Lee,
Kyung-Sup
Moon,
Jae-Do
Hwang,
Jeong-Hwa
Kim, Jong-
Wook
Jung,
Do-Jin
Song,
Jae-Do
January 23, 2026
Approval of amendment to the Rules on Employment
For
For
For
For
For
For
For
For
Before Appointment
Before Appointment
Before Appointment
Before Appointment
Before Appointment
Before
Appointment
January 29, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
Deferred
Absent
Deferred
Absent
Deferred
Deferred
Deferred
Deferred
January 30, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
For
For
For
Absent
For
For
For
For
February 26, 2026
Approval of the maximum aggregate amount of remuneration for directors in 2026
For
For
For
For
For
For
For
For
Approval of amendment to the Articles of Incorporation
For
For
For
For
For
For
For
For
Approval to call for the annual general meeting of shareholders for the fiscal year 2025
For
For
For
For
For
For
For
For
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
For
For
For
For
For
Approval of consolidated and separate financial statements for the fiscal year 2025
For
For
For
For
Absent
For
For
For
Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters
For
For
For
For
For
For
For
For
Approval of amendment to the Management Performance Agreement
For
For
For
For
For
For
For
For
Report on internal control over financial reporting for the fiscal year 2025
Agenda for Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2025
Agenda for Report
Report on audit results for 2025
Agenda for Report
March 12, 2026
Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation
For
For
For
For
For
For
For
For
March 27, 2026
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
Absent
Absent
For
For
For
Approval of amendments to Operational Regulations of ESG Committee
For
For
For
Absent
Absent
For
For
For
Approval of contribution to Korea Institute of Energy Technology in 2026
For
For
For
Absent
Absent
For
For
For
Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project
Agenda for Report
April 10, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
For
For
For
Absent
For
For
For
April 17, 2026
Approval of amendments to the Regulation for Employee Remuneration and Welfare
For
For
For
For
Absent
For
For
For
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
For
Absent
For
For
For
May 6, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
For
For
For
Absent
For
For
For
May 22, 2026
Approval of amendment to the Regulation of the Board of Directors
Retired
Retired
Retired
Retired
Retired
Retired
For
For
For
For
For
For
Absent
For
Approval of forming Director Nomination Committee and evaluation standards for the candidates of a
non-standing
director
For
For
For
For
For
For
Absent
For
Approval of amendment to the Terms and Condition for Electricity Supply
For
Against
For
For
Against
For
Absent
Against
Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities
For
For
For
For
For
For
Absent
For
Confidential (Article 9 (1) 7 of the Official Information Disclosure Act)
—
—
—
—
—
—
Absent
—
Approval of nomination of the candidate of a member of Audit Committee
For
For
For
For
For
For
Absent
For
Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses
For
For
For
For
For
For
Absent
For
Approval of amendment to the Master Investment Agreement for the New Energy Business Fund
For
For
For
For
For
For
Absent
For
Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.
For
For
For
For
For
For
Absent
For
June 2, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
For
For
For
For
For
For
For
June 19, 2026
Approval of personnel increase
For
For
For
For
For
For
For
For
Approval of establishment and operation plan for the AI Committee
For
For
For
For
For
For
For
For
Approval of appointment of a member of Power System Committee
For
For
For
For
For
For
For
For
Approval of appointment of a member of ESG Committee
For
For
For
For
For
For
For
For
Approval of the
mid-to-long
term financial management plan(2026-2030)
For
For
For
For
For
For
For
For
Approval of forming Director Nomination Committee and evaluation standards for candidates
For
For
For
For
For
For
For
For
Attendance Rate
100%
89%
100%
67%
56%
100%
100%
100%
100%
100%
100%
100%
67%
100%
5. Attendance Status of Standing directors for a six-month period ended June 30, 2026
Date
Agenda
Kim, Dong-
Cheol
Jun, Young-
Sang
Oh,
Heung-Bok
Jung, Chi-Gyo
Ahn,
Jung-Eun
Seo,
Chul-Soo
Kim,
Jae-Koon
Kim,
Tae-Ok
Baek,
Woo-Ki
Chun,
Chan-Hyuk
January 23, 2026
Approval of amendment to the Rules on Employment
For
For
For
For
Absent
For
Before
Appointment
Before
Appointment
Before
Appointment
Before
Appointment
January 29, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
Deferred
Deferred
Deferred
Deferred
Deferred
Deferred
January 30, 2026
Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia
For
Against
For
For
For
For
February 26, 2026
Approval of the maximum aggregate amount of remuneration for directors in 2026
For
For
For
For
For
For
Approval of amendment to the Articles of Incorporation
For
For
For
For
For
For
Approval to call for the annual general meeting of shareholders for the fiscal year 2025
For
For
For
For
For
For
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
For
For
For
Approval of consolidated and separate financial statements for the fiscal year 2025
For
For
For
For
For
For
Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters
For
For
For
For
For
For
Approval of amendment to the Management Performance Agreement
For
For
For
For
For
For
Report on internal control over financial reporting for the fiscal year 2025
Agenda for Report
Report on the evaluation of internal control over financial reporting for the fiscal year 2025
Agenda for Report
Report on audit results for 2025
Agenda for Report
March 12, 2026
Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation
For
For
For
For
For
For
March 27, 2026
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
For
For
For
Approval of amendments to Operational Regulations of ESG Committee
For
For
For
For
For
For
Approval of contribution to Korea Institute of Energy Technology in 2026
Abstent
For
For
For
For
For
Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project
Agenda for Report
April 10, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
For
For
For
For
For
April 17, 2026
Approval of amendments to the Regulation for Employee Remuneration and Welfare
For
For
For
For
Absent
For
Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders
For
For
For
For
Absent
For
May 6, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
Against
For
For
For
For
May 22, 2026
Approval of amendment to the Regulation of the Board of Directors
For
For
For
For
For
For
Approval of forming Director Nomination Committee and evaluation standards for the candidates of a
non-standing
director
For
For
For
For
For
For
Approval of amendment to the Terms and Condition for Electricity Supply
For
For
For
For
For
For
Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities
For
For
For
For
For
For
Confidential (Article 9 (1) 7 of the Official Information Disclosure Act)
—
—
—
—
—
—
Approval of nomination of the candidate of a member of Audit Committee
For
For
For
For
For
For
Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses
For
For
For
For
For
For
Approval of amendment to the Master Investment Agreement for the New Energy Business Fund
For
For
For
For
For
For
Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.
Agenda for Report
Agenda
for
Report
June 2, 2026
Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026
For
Retired
For
For
For
For
For
June 19, 2026
Approval of personnel increase
For
Retired
For
For
For
For
For
For
Approval of establishment and operation plan for the AI Committee
For
For
For
For
For
For
For
Approval of appointment of a member of Power System Committee
For
For
For
For
For
For
For
Approval of appointment of a member of ESG Committee
For
For
For
For
For
For
For
Approval of the
mid-to-long
term financial management
plan(2026-2030)
For
For
For
For
For
For
For
Approval of forming Director Nomination Committee and evaluation standards for candidates
For
For
For
For
For
For
For
Attendance Rate
100%
100%
100%
100%
83%
100%
100%
100%
100%
100%
6. Major activities of the Audit Committee for a six-month period ended June 30, 2026
Date
Agenda
Results
Type
January 22, 2026
Approval of appointment of independent auditors of subsidiaries
Approved as proposed
Resolution
Approval of annual audit plans for 2026
Approved as proposed
Resolution
Approval of amendments to guidelines of internal audit regulations
Approved as proposed
Resolution
Approval of amendments to guidelines for demanding disciplinary measures
Approved as proposed
Resolution
Amendments to the standards for voluntary reporting of drunk driving and audit processing
Approved as proposed
Resolution
Report on independence of independent auditors
Accepted as reported
Report
Report on audit education plans in 2026
Accepted as reported
Report
Report on audit results for December of 2025
Accepted as reported
Report
February 25, 2026
Approval of the consolidated and separate financial statements and business report for the fiscal year 2025
Approved as proposed
Resolution
Report on internal control over financial reporting for the fiscal year 2025
Accepted as reported
Report
Report on the evaluation on internal control over financial reporting for the fiscal year 2025
Accepted as reported
Report
Report on the progress of the
year-end
financial statement audit by the independent auditor for the
fiscal year 2025
Accepted as reported
Report
Report on audit results for 2025
Accepted as reported
Report
March 13, 2026
Approval of amendments to guideline for parctice for KEPCO executives and staff members
Approved as proposed
Resolution
Approval of auditor’s report for the annual general meeting of shareholders
Approved as proposed
Resolution
Report on audit results by the independent auditor for the fiscal year 2025
Accepted as reported
Report
Report on audit results for January and February of 2026
Accepted as reported
Report
April 17, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
Approved as proposed
Resolution
Prior approval for
non-audit
service for subsidiaries by the independent auditor
Approved as proposed
Resolution
Approval of appointment of independent auditors of subsidiaries
Approved as proposed
Resolution
Report on the Form
20-F
for the fiscal year 2025 to be filed with the U.S. Securities and
Exchange
Accepted as reported
Report
Report on audit progress by independent auditor on the Form
20-F
for the fiscal year 2025 to be filed
with the U.S. Securities and Exchange
Accepted as reported
Report
May 8, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
Accepted as amended
Resolution
May 22, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
Approved as proposed
Resolution
June 5, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
Approved as proposed
Resolution
June 19, 2026
Approval to appoint the chairman of the Audit Committee
Approved as proposed
Resolution
Report on auditor’s review for the first quarter of fiscal year 2025
Accepted as reported
Report
*
The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the
entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.
7. Attendance Status of the Audit Committee for a six-month period ended June 30, 2026
Date
Agenda
Kim,
Sung-Eun
Lee,
Sung-Ho
Jun,
Young-Sang
Jung,
Do-Jin
Hwang,
Jeong-Hwa
Kim,
Tae-Ok
January 22, 2026
Approval of appointment of independent auditors of subsidiaries
—
Attended
Attended
Before
Appointment
Before
Appointment
Before
Appointment
Approval of annual audit plans for 2026
Approval of amendments to guidelines of internal audit regulations
Approval of amendments to guidelines for demanding disciplinary measures
Amendments to the standards for voluntary reporting of drunk driving and audit processing
Report on independence of independent auditors
Report on audit education plans in 2026
Report on audit results for December of 2025
February 25, 2026
Approval of the consolidated and separate financial statements and business report for the fiscal year 2025
—
Attended
Attended
Report on internal control over financial reporting for the fiscal year 2025
Report on the evaluation on internal control over financial reporting for the fiscal year 2025
Report on the progress of the
year-end
financial statement audit by the independent auditor for the
fiscal year 2025
Report on audit results for 2025
March 13, 2026
Approval of amendments to guideline for parctice for KEPCO executives and staff members
—
Attended
Attended
Approval of auditor’s report for the annual general meeting of shareholders
Report on audit results by the independent auditor for the fiscal year 2025
Report on audit results for January and February of 2026
April 17, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
—
Attended
Attended
Prior approval for
non-audit
service for subsidiaries by the independent auditor
Approval of appointment of independent auditors of subsidiaries
Report on the Form
20-F
for the fiscal year 2025 to be filed with the U.S. Securities and
Exchange
Report on audit progress by independent auditor on the Form
20-F
for the fiscal year 2025 to be filed with the U.S. Securities and Exchange
May 8, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
—
Attended
Attended
May 22, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
—
Attended
Attended
June 5, 2026
Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
—
Attended
Retired
Attended
June 19, 2026
Approval to appoint the chairman of the Audit Committee
Retired
Retired
Attended
Attended
Attended
Report on auditor’s review for the first quarter of fiscal year 2025
Attendance Rate
0%
100%
100%
100%
100%
100%
V. Shareholder’s Meetings
1. Summary of shareholder’s meetings for a six-month period ended June 30, 2026
Type
Agenda
Results
Annual General Meeting held on March 25, 2026
Approval of the consolidated and separate financial statements for the fiscal year 2025
Approved as proposed
Approval of the maximum aggregate amount of remuneration for directors in 2026
Approved as proposed
Approval of amendment to the Articles of Incorporation
Approved as proposed
Extraordinary General Meeting held on April 27, 2026
Election of a Standing Director
Approved as proposed
Extraordinary General Meeting held on May 21, 2026
Election of Standing Director as a Member of the Audit Committee
Approved as proposed
Extraordinary General Meeting held on June 17, 2026
Election of two Standing Directors
Approved as proposed
Election of two
Non-Standing
Directors as a Member of the Audit Committee
Approved as proposed
VI. Shareholders
1. List
of shareholders as of June 30, 2026
Number of
shareholders
Shares owned
Percentage of
total (%)
Government of the Republic of Korea
1
116,841,794
18.20
Korea Development Bank
1
211,235,264
32.90
Subtotal
2
328,077,058
51.10
National Pension Service
1
44,346,355
6.91
Public
(Non-Koreans)
Common Shares
2,091
114,767,796
17.88
American depositary shares (ADS)
1
16,454,393
2.56
Public (Koreans)
915,025
138,318,475
21.55
Total
917,120
641,964,077
100.00
•
Percentages are based on issued shares of common stock.
•
All of our shareholder have equal voting rights.
•
Citibank, N.A. is our depositary bank and each ADS represents
one-half
of
one share of our common stock.
VII. Directors and employees as of and for a six-month period ended June 30, 2026
(KEPCO on a separate basis)
1. Directors
(In thousands of Won)
Type
Number of
directors
Total
remuneration
Average
remuneration
per person
Remarks
Standing director
6
504,256
84,042
Excluding members of the Audit Committee
Independent
(Non-standing)
director
6
90,000
15,000
Member of Audit Committee
Standing director
1
111,019
111,019
—
Independent (Non-standing
director)
2
30,000
15,000
—
Total
15
735,276
49,018
—
* Figures are presented in thousands of Korean won and may contain rounding differences.
2. Employees
(In thousands of Won)
Type
Number of employees
Average
continuous
service year
Total
salaries
Average
salaries
per person
Regular
Non-regular
Total
Male
17,446
93
17,539
14.9
816,597,043
47,070
Female
5,318
92
5,410
14.4
220,628,179
41,223
Total
22,764
185
22,949
14.8
1,037,225,222
45,691
* Figures are presented in thousands of Korean won and may contain rounding differences.
VIII. Other Information Necessary for the Protection of Investors
1. Pending legal proceedings as of June 30, 2026
(In billions of Won)
Type
Number of
lawsuits
Amount
claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants
716
842
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs
267
522
2. Sanctions
as of June 30, 2026(Korea Hydro & Nuclear Power CO, Ltd.)
Sanctions by Law Enforcement and Judicial Authorities
Prosecution Date
Subject
Sanctions
Relevant
laws (charges)
Proceedings
Position
Tenure
June 30, 2021
CEO(Former)
4yrs
Prosecution with detention
The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act
In the progress in the district court
April 9, 2024
The head of a power plant(Former)
29yrs
Prosecution with detention
Occupational embezzlement, The Criminal Act
In the progress in the high court
January 3, 2025
KHNP
Prosecution with detention
Nuclear Safety Act(Vicarious Liability Provision)
In the progress in the district court
September 18, 2025
KHNP
Administrative Fine
(4 million
Won)
The Act on the Protection and Investigation of Buried Cultural Heritage (Vicarious Liability Provision)
Fine Payment
Sanctions by Administrative Authorities
Date
Subject
Sanctions
Grounds and Applicable Laws
Proceedings
January 15, 2025
KHNP
HANBIT Nuclear Power Site
Administrative Fine
(10 million
Won)
Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)
Fine Payment
January 15, 2025
KHNP
HANUL Nuclear Power Site
Administrative Fine
(8 million
Won)
Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)
Fine Payment
March 6, 2025
KHNP
Corrective Action
Act on the Fairness of Subcontract Transactions Article
3-4
Paragraph(1) Prohibition of unfair contractual terms
Implementation of Corrective Actions to prevent recurrence
June 16, 2025
KHNP
HANUL Nuclear Power Site
Administrative Fine
(0.25 million
Won)
Groundwater Act Article 9
Failure to conduct a
geotechnical investigation
Fine Payment
June 26, 2025
KHNP
Administrative Fine
(144 million
Won)
Nuclear Safety Act
Article 70 and 119
The Enforcement Decree of Nuclear Safety ACT Article 107 and 178
Fine Payment
July 10, 2025
KHNP
HANUL Nuclear Power Site
Administrative Fine
(8 million
Won)
Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)
Fine Payment
December 16, 2025
KHNP
HANUL Nuclear Power Site
Administrative Fine
(12 million
Won)
Nuclear Safety Act
Article 25
Fine Payment
January 2, 2026
KHNP
Penalty Surcharge
(10.5 billion
Won)
Nuclear Safety Act
Article 20, 21 and
26
Surcharge Payment
May 14, 2026
KHNP
Penalty Surcharge
(5 million Won)
Electric Utility Act Article 61
Surcharge Payment
May 15, 2026
KHNP
HANBIT
Nuclear Power Site
Administrative Fine
(12 million
Won)
Nuclear Safety Act
Article 15-2
Fine Payment
May 15, 2026
KHNP
HANUL Nuclear Power Site
Administrative Fine
(6 million
Won)
Nuclear Safety Act
Article
15-2
Fine Payment
3. Sanctions
as of September 30, 2025(KEPCO KDN)
Date
Sanction Authorities
Resolution Number
Case Name
Proceedings
Febrary 20, 2025
Korea Fair Trade Commission
Resolution2025-029
Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO
Corrective Actions and fine(39 million Won)
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: Sep 15, 2026
KOREA ELECTRIC POWER CORPORATION
AND ITS SUBSIDIARIES
Condensed consolidated interim financial statements
June 30, 2026 and 2025
(Unaudited)
with the
independent auditors’ review report
TABLE OF CONTENTS
Page
Independent auditors’ review report
1
Condensed consolidated interim statements of financial
position
3
Condensed consolidated interim statements of comprehensive
income
5
Condensed consolidated interim statements of changes in
equity
7
Condensed consolidated interim statements of cash flows
9
Notes to the condensed consolidated interim financial
statements
11
Independent Auditors’ Review Report
(English translation of a report originally issued in Korean)
To the Board of Directors and Shareholders of
Korea Electric
Power Corporation
Reviewed Financial Statements
We
have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position
as of June 30, 2026, the condensed consolidated interim statements of comprehensive income for the three-month and
six-month
periods ended June 30, 2026 and 2025, the condensed consolidated interim
statements of changes in equity and cash flows for the six-month periods ended June 30, 2026 and 2025 and notes, including material accounting policy information and other explanatory information.
Management’s Responsibility
Management is
responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards
(“K-IFRS”)
No. 1034, ‘Interim Financial Reporting’ and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
Auditors’ Review Responsibility
Our
responsibility is to issue a report on these condensed consolidated interim financial statements based on our reviews.
We conducted our reviews in
accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial statements consists of making inquiries, primarily of
persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not
enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.
Conclusion
Based on our reviews, nothing has come to our
attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with
K-IFRS
No. 1034, ‘Interim Financial Reporting’.
Other Matters
The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those
generally accepted and applied in other countries.
The consolidated statement of financial position as of December 31, 2025, and the related
consolidated statements of comprehensive
income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were
audited by us in
accordance with Korean Standards on Auditing and our report thereon, dated March 10, 2026, expressed an unqualified opinion. The
accompanying consolidated statement of financial position as of December 31, 2025, presented for comparative purposes, is not
different from that audited by us from which it was derived in all material respects.
Seoul, Korea
August 14,
2026
This report is effective as of August 14, 2026, the review report date. Certain subsequent events or circumstances, which
may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report
should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.
1
KOREA ELECTRIC POWER CORPORATION
AND ITS SUBSIDIARIES
Condensed consolidated interim financial statements
For each of the six-month periods ended June 30, 2026 and 2025
“The accompanying condensed consolidated interim 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
2
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of financial position
As of June 30, 2026 and December 31, 2025 (Unaudited)
In millions of won
Note
June 30, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
5,6,7,44
W
2,622,064
2,240,811
Current financial assets, net
5,6,9,11,12,13,44,45,46
4,567,211
4,250,164
Trade and other receivables, net
5,8,20,24,44,45,46
12,144,289
12,618,480
Inventories, net
14
11,139,739
10,152,724
Current income tax assets
77,340
91,579
Current
non-financial
assets
15
1,789,485
1,361,630
Total current assets
32,340,128
30,715,388
Non-current
assets
Non-current
financial assets, net
5,6,9,10,11,12,13,44,46
4,976,872
4,565,561
Non-current
trade and other receivables, net
5,8,20,44,45,46
3,209,795
3,124,185
Property, plant and equipment, net
18,24,27,48
192,398,264
187,751,538
Investment properties, net
19,27
185,596
238,772
Goodwill, net
16
99,393
99,303
Intangible assets other than goodwill, net
21,27
1,041,364
1,001,295
Investments in associates
4,17
7,192,084
6,851,456
Investments in joint ventures
4,17
7,018,364
6,512,332
Defined benefit assets, net
25
179,051
104,344
Deferred tax assets
12,895,235
12,950,032
Non-current
non-financial
assets
15
1,025,218
1,013,251
Total
non-current
assets
230,221,236
224,212,069
Total assets
4
W
262,561,364
254,927,457
(Continued)
3
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of financial position, Continued
As of June 30, 2026 and December 31, 2025 (Unaudited)
In millions of won
Note
June 30, 2026
December 31, 2025
Liabilities
Current liabilities
Trade and other payables
5,22,24,44,46
W
10,066,126
8,621,671
Current financial liabilities
5,12,23,44,46
50,707,759
45,939,089
Current income tax liabilities
1,193,655
1,571,143
Current
non-financial
liabilities
20,28,29
6,745,611
6,805,171
Current provisions
26,44
4,276,428
4,170,243
Total current liabilities
72,989,579
67,107,317
Non-current
liabilities
Non-current
trade and other payables
5,22,24,44,46
4,057,453
4,028,808
Non-current
financial liabilities
5,12,23,44,46
82,735,285
83,995,702
Non-current
non-financial
liabilities
28,29
14,241,426
13,726,159
Employee benefits liabilities, net
25,44
1,026,156
1,381,852
Deferred tax liabilities
6,516,435
6,500,975
Non-current
provisions
26,44
29,149,823
28,863,700
Total
non-current
liabilities
137,726,578
138,497,196
Total liabilities
4
W
210,716,157
205,604,513
Equity
Contributed capital
1,30,44
Share capital
W
3,209,820
3,209,820
Share premium
843,758
843,758
4,053,578
4,053,578
Retained earnings
31
Legal reserves
1,604,910
1,604,910
Voluntary reserves
6,807,034
567,469
Unappropriated retained earnings
22,000,850
26,328,205
30,412,794
28,500,584
Other components of equity
33
Other capital surplus
1,568,699
1,566,635
Accumulated other comprehensive income
1,932,167
1,340,560
Other equity
12,708,585
12,708,585
16,209,451
15,615,780
Equity attributable to owners of the controlling company
50,675,823
48,169,942
Non-controlling
interests
16,32
1,169,384
1,153,002
Total equity
W
51,845,207
49,322,944
Total liabilities and equity
W
262,561,364
254,927,457
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
4
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of comprehensive income
For each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of Won, except per share information
June 30, 2026
June 30, 2025
Note
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Sales
4,34,44,46
Sale of goods
2
W
21,268,065
45,042,990
21,392,996
45,202,445
Sales of services
180,711
353,174
156,882
303,574
Sales of construction services
20
244,740
470,018
181,271
237,468
Revenue related to transfer of assets from customers
28
225,336
451,157
218,989
430,635
21,918,852
46,317,339
21,950,138
46,174,122
Cost of sales
14,25,42,46
Cost of sale of goods
(19,597,437
)
(39,080,586
)
(18,588,673
)
(37,783,716
)
Cost of sales of services
(251,649
)
(375,462
)
(144,919
)
(286,024
)
Cost of sales of construction services
(157,407
)
(448,716
)
(285,950
)
(706,746
)
(20,006,493
)
(39,904,764
)
(19,019,542
)
(38,776,486
)
Gross profit
1,912,359
6,412,575
2,930,596
7,397,636
Selling and administrative expenses
25,35,42,46
(783,807
)
(1,499,854
)
(794,724
)
(1,508,157
)
Operating profit
4
1,128,552
4,912,721
2,135,872
5,889,479
Other income
36
60,403
217,038
93,373
186,180
Other expenses
36
(90,394
)
(168,434
)
(75,220
)
(95,098
)
Other gains, net
37
56,731
68,435
20,611
119,183
Finance income
5,12,38
513,166
1,810,245
1,785,966
2,150,192
Finance expenses
5,12,39
(1,442,732
)
(3,521,217
)
(2,463,698
)
(3,646,278
)
Profit (loss) related to associates, joint ventures and subsidiaries
4,16,17
Share of profit of associates and joint ventures
258,201
637,767
166,283
484,739
Gain on disposal of investments in associates and joint ventures
3,368
3,391
3,838
3,879
Share of loss of associates and joint ventures
(50,874
)
(127,416
)
(1,846
)
(195,223
)
Loss on impairment of investments in associates and joint ventures
(10,304
)
(11,381
)
—
—
W
200,391
502,361
168,275
293,395
(Continued)
5
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of comprehensive income, Continued
For each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of Won, except per share information
June 30, 2026
June 30, 2025
Note
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Profit before income tax
W
426,117
3,821,149
1,665,179
4,897,053
Income tax expense
40
(148,580)
(1,024,605
)
(488,822
)
(1,358,988
)
Profit for the period
277,537
2,796,544
1,176,357
3,538,065
Other comprehensive income (loss), net of tax
5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
13,342
156,404
84,494
(55,645
)
Remeasurements of defined benefit plans
25,31
50,433
121,423
2,037
(98,100
)
Share of other comprehensive income of associates and joint ventures
31
14,890
25,390
258
10
Net change in fair value of financial assets at fair value through other comprehensive
income
33
(51,981)
9,591
82,199
42,445
Items that may be reclassified subsequently to profit or loss:
149,766
627,783
(703,252
)
(720,651
)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting
5,12,33
5,180
14,230
(994
)
9,469
Foreign currency translation of foreign operations
33
(4,546)
79,504
(174,393
)
(149,836
)
Share of other comprehensive income (loss) of associates and joint ventures
33
149,132
534,049
(527,865
)
(580,284
)
Other comprehensive income (loss) for the period
163,108
784,187
(618,758
)
(776,296
)
Total comprehensive income for the period
W
440,645
3,580,731
557,599
2,761,769
Profit attributable to:
Owners of the controlling company
43
W
267,306
2,760,052
1,136,712
3,464,958
Non-controlling
interests
10,231
36,492
39,645
73,107
W
277,537
2,796,544
1,176,357
3,538,065
Total comprehensive income (loss)
attributable to:
Owners of the controlling company
W
413,635
3,493,726
560,245
2,738,012
Non-controlling
interests
27,010
87,005
(2,646
)
23,757
W
440,645
3,580,731
557,599
2,761,769
Earnings per share (in won)
43
Basic earnings per share
W
416
4,299
1,771
5,397
Diluted earnings per share
416
4,299
1,771
5,397
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
6
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of changes in equity
For the six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of won
Equity attributable to owners of the controlling company
Non-
controlling
interests
Contributed
capital
Retained
earnings
Other
components
of equity
Subtotal
Total
equity
Balance as of January 1, 2025
W
4,053,578
20,128,247
15,733,411
39,915,236
1,447,597
41,362,833
Total comprehensive income (loss) for the period
Profit for the period
—
3,464,958
—
3,464,958
73,107
3,538,065
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax
—
(88,189
)
—
(88,189
)
(9,911
)
(98,100
)
Share of other comprehensive income of associates and joint ventures, net of tax
—
10
—
10
—
10
Net change in fair value of financial assets at fair value through other comprehensive income, net
of tax
—
—
42,447
42,447
(2
)
42,445
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
—
—
10,295
10,295
(826
)
9,469
Foreign currency translation of foreign operations, net of tax
—
—
(111,225
)
(111,225
)
(38,611
)
(149,836
)
Share of other comprehensive income of associates and joint ventures, net of tax
—
—
(580,284
)
(580,284
)
—
(580,284
)
Transactions with owners of the Group, recognized directly in equity
Dividends paid
—
(136,738
)
—
(136,738
)
(74,714
)
(211,452
)
Additional
paid-in
capital and others
—
—
127
127
(6,826
)
(6,699
)
Equity transaction within the consolidated entity
—
—
5,187
5,187
(12,171
)
(6,984
)
Dividends paid for hybrid bonds
—
—
—
—
(2,128
)
(2,128
)
Repayment of hybrid bond
—
—
—
—
(230,000
)
(230,000
)
Balance as of June 30, 2025
W
4,053,578
23,368,288
15,099,958
42,521,824
1,145,515
43,667,339
(Continued)
7
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of changes in equity, Continued
For the six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of won
Equity attributable to owners of the controlling company
Non-
controlling
interests
Contributed
capital
Retained
earnings
Other
components
of equity
Subtotal
Total
equity
Balance as of January 1, 2026
W
4,053,578
28,500,584
15,615,780
48,169,942
1,153,002
49,322,944
Total comprehensive income (loss) for the period
Profit for the period
—
2,760,052
—
2,760,052
36,492
2,796,544
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax
—
116,677
—
116,677
4,746
121,423
Share of other comprehensive income of associates and joint ventures, net of tax
—
25,390
—
25,390
—
25,390
Net change in fair value of financial assets at fair value through other comprehensive income, net
of tax
—
—
9,590
9,590
1
9,591
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
—
—
13,848
13,848
382
14,230
Foreign currency translation of foreign operations, net of tax
—
—
34,120
34,120
45,384
79,504
Share of other comprehensive income of associates and joint ventures, net of tax
—
—
534,049
534,049
—
534,049
Transactions with owners of the Group, recognized directly in equity
Dividends paid
—
(989,909
)
—
(989,909
)
(62,946
)
(1,052,855
)
Additional
paid-in
capital and others
—
—
(64
)
(64
)
55
(9
)
Equity transaction within the consolidated entity
—
—
2,128
2,128
(7,732
)
(5,604
)
Balance as of June 30, 2026
W
4,053,578
30,412,794
16,209,451
50,675,823
1,169,384
51,845,207
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
8
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of cash flows
For
the six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of won
June 30, 2026
June 30, 2025
Cash flows from operating activities
Profit for the period
W
2,796,544
3,538,065
Adjustments to reconcile profit for the period to net cash provided by operating
activities:
Income tax expense
1,024,605
1,358,988
Depreciation
6,763,349
6,911,418
Amortization
74,319
82,466
Retirement benefit expenses
218,861
227,929
Bad debt expense
92,107
25,803
Interest expense
2,079,121
2,211,256
Loss on disposal of financial assets
1,211
2,683
Loss on disposal of property, plant and equipment
39,202
50,140
Loss on abandonment of property, plant and equipment
64,776
70,001
Loss on impairment of property, plant and equipment
825
—
Loss on impairment of intangible assets
1,115
30
Loss on disposal of intangible assets
1
13
Increase in provisions, net
720,507
1,009,317
Loss (gain) on foreign currency translation, net
1,134,458
(1,263,030
)
Gain on valuation of financial assets at fair value through profit or loss
(40,525
)
(34,789
)
Loss on valuation of financial assets at fair value through profit or loss
28,890
387
Loss (gain) on valuation and transaction of derivative instruments, net
(1,338,143
)
1,115,023
Share of profit of investments in associates and joint ventures, net
(510,351
)
(289,516
)
Gain on disposal of financial assets
(28,109
)
(19,496
)
Reversal of impairment loss on intangible assets
(47
)
(40
)
Gain on disposal of property, plant and equipment
(3,627
)
(8,075
)
Gain on disposal of intangible assets
—
(16
)
Gain on disposal of associates and joint ventures
(3,391
)
(3,879
)
Loss on impairment of investments in associates and joint ventures
11,381
—
Interest income
(194,405
)
(215,046
)
Dividends income
(25,962
)
(23,321
)
Others, net
73,773
(311,770
)
10,183,941
10,896,476
Changes in:
Trade receivables
878,518
696,551
Non-trade
receivables
160,521
392,070
Accrued income
(96,923
)
(52,232
)
Other receivables
69,794
66,819
Other current assets
(662,476
)
(352,446
)
Inventories
(1,965,344
)
(527,713
)
Other
non-current
assets
64,412
(128,890
)
Trade payables
851,156
(760,931
)
Non-trade
payables
321,072
323,957
Accrued expenses
(186,718
)
121,391
Other current liabilities
36,512
150,807
Other
non-current
liabilities
475,233
672,458
Investments in associates and joint ventures (dividends received)
501,724
142,745
Provisions
(942,197
)
(644,872
)
Payments of employee benefit obligations
(478,183
)
(145,537
)
Plan assets
(22,892
)
(1,240
)
W
(995,791
)
(47,063
)
(Continued)
9
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Condensed consolidated interim statements of cash flows, Continued
For the six-month periods ended June 30, 2026 and 2025 (Unaudited)
In millions of won
June 30, 2026
June 30, 2025
Cash generated from operating activities
W
11,984,694
14,387,478
Dividends received
25,962
23,321
Interest paid
(2,044,732
)
(2,247,651
)
Interest received
161,094
183,180
Income taxes paid
(1,581,451
)
(999,742
)
Net cash flows provided by operating activities
8,545,567
11,346,586
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures
10,468
12,097
Acquisition of investments in associates and joint ventures
(159,251
)
(1,966,262
)
Proceeds from disposals of property, plant and equipment
133,270
113,294
Acquisition of property, plant and equipment
(9,571,309
)
(8,920,625
)
Proceeds from disposals of intangible assets
171
1,430
Acquisition of intangible assets
(69,878
)
(42,668
)
Proceeds from disposals of financial assets
2,141,327
8,478,049
Acquisition of financial assets
(1,958,724
)
(9,929,595
)
Increase in loans
(101,574
)
(90,047
)
Collection of loans
39,476
177,106
Increase in deposits
(82,169
)
(85,179
)
Decrease in deposits
80,638
71,894
Proceeds from disposals of assets
held-for-sale
—
14,363
Receipt of government grants
8,905
5,931
Other cash outflow from investing activities, net
(211,687
)
(64,513
)
Net cash flows used in investing activities
(9,740,337
)
(12,224,725
)
Cash flows from financing activities
Proceeds of short-term borrowings, net
1,319,064
3,159,911
Proceeds from long-term borrowings
1,443,235
1,122,664
Proceeds from debt securities
13,175,160
15,434,199
Repayment of long-term borrowings
(221,336
)
(235,025
)
Repayment of debt securities
(13,438,165
)
(18,749,783
)
Payment of lease liabilities
(287,247
)
(329,894
)
Settlement of derivative instruments, net
583,316
539,303
Change in
non-controlling
interests
(5,594
)
(41,363
)
Repayment of hybrid bond
—
(230,000
)
Dividends paid for hybrid bond
—
(2,128
)
Dividends paid
(1,052,853
)
(211,452
)
Other cash outflow from financing activities, net
(5,200
)
(1,267
)
Net cash flows provided by financing activities
1,510,380
455,165
Net increase (decrease) in cash and cash equivalents before effect of exchange rate
fluctuations
315,610
(422,974
)
Effect of exchange rate fluctuations on cash held
65,643
(34,256
)
Net increase (decrease) in cash and cash equivalents
381,253
(457,230
)
Cash and cash equivalents as of January 1, 2026 and 2025
2,240,811
2,382,979
Cash and cash equivalents as of June 30, 2026 and 2025
W
2,622,064
1,925,749
The accompanying notes are an integral part of the condensed consolidated interim financial statements.
10
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
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. With the enforcement of the Act on the Management of Public Institutions on April 1, 2007, KEPCO was designated as a
public institution (market-oriented public corporation). 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-si, Jeonnam-Gwangju Special Metropolitan City.
As of June 30, 2026, KEPCO’s share
capital amounts to
W
3,209,820 million and KEPCO’s shareholders are as follows:
Number of shares
(in 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 (*1)
313,887,019
48.90
%
641,964,077
100.00
%
(*1)
As of the most recent closing date of the shareholders’ register (May 4, 2026), the number of shares held
by foreign shareholders is 135,481,515 shares (21.10%).
In accordance with the Restructuring Plan enacted on
January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.
2.
Basis of Preparation
(1)
Statement of compliance
These condensed consolidated financial statements have been prepared in accordance with KIFRS 1034
Interim Financial Reporting
, 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 language 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 condensed 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 instruments at fair value through profit or loss;
•
financial instruments at fair value through other comprehensive income;
•
derivative financial instruments are measured at fair value; and
•
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 condensed 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.
11
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
2.
Basis of Preparation, Continued
(4)
Use of estimates and judgments
The preparation of the condensed 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 following are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, which 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,
intangible assets other than goodwill at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.
The Group records the present 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.
12
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
2.
Basis of Preparation, Continued
(4)
Use of estimates and judgments, Continued
(iii)
Valuations of financial instruments at fair values, Continued
If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy,
then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value
hierarchy at the end of the reporting period during which the change has occurred.
(iv)
Defined employee benefit liabilities
The Group offers its employees defined benefit plans. The cost of providing benefits is determined by 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 their 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 estimated volume of electricity delivered
and the estimated selling price, which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized at the end of the
six-month
periods ended June 30, 2026 and 2025 is
W
2,046,875 million and
W
2,063,977 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 total contractual amount; however, it can also be
affected by uncertainties resulting from unexpected future events.
(vii)
Impairment of non-financial assets other than goodwill
The Group reviews, at the end of each reporting period, whether there is any indication that property, plant and equipment or intangible assets
other than goodwill may be impaired. When such indication exists, the Group estimates the recoverable amount of the asset (or a CGU) to determine the amount of impairment loss that should be recognized, if any. The Group measures value in use of a
CGU based on discounted cash flows. In determining value in use, key assumptions applied in discounted cash flow model include the discount rate, forecasted future sales volumes, unit sales prices, and cost of purchased power.
13
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
2.
Basis of Preparation, Continued
(5)
Changes in accounting policies
The Group has applied the following new accounting standards and amendments for its annual reporting period commencing January 1, 2026.
The 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 have been issued but are not yet effective.
1) Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures” -
Classification and Measurement of Financial Instruments
The amendments to KIFRS 1109 and KIFRS 1107 regarding the classification and
measurement of financial instruments include the following:
- Clarification of the requirements for recognition and derecognition of
financial assets and financial liabilities. In particular, although a financial liability is derecognized on its settlement date, the amendments introduce an accounting policy option that permits an entity to derecognize a financial liability that
is settled through an electronic payment system before the settlement date, provided that specified criteria are met;
- Additional
guidance for assessing the contractual cash flow characteristics of financial assets with ESG and other similar features;
- Clarification
of what constitutes a
non-recourse
feature and of the characteristics of contractually linked instruments; and
- Introduction of disclosure requirements for financial instruments with contingent features and additional disclosure requirements for equity
instruments measured at fair value through other comprehensive income (FVOCI).
These amendments are not expected to have a material impact
on the Group’s condensed consolidated interim financial statements.
2) Annual Improvements to KIFRS Accounting Standards - Volume 11
Annual Improvements to KIFRS Volume 11 have been issued to enhance consistency among the requirements of accounting standards, to clarify
ambiguous matters and to improve understandability. The improvements affect the following standards:
- KIFRS 1101, “First-time
Adoption of Korean International Financial Reporting Standards”: Application of hedge accounting by a first-time adopter;
- KIFRS
1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation guidance;
- KIFRS 1109,
“Financial Instruments”: Derecognition accounting for lease liabilities and the definition of transaction price;
- KIFRS 1110,
“Consolidated Financial Statements”: Determination of a “de facto” agent; and
- KIFRS 1007, “Statement of
Cash Flows”: Cost method.
These amendments are not expected to have a material impact on the Group’s condensed consolidated
interim financial statements.
3) Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial
Instruments: Disclosures” - Contracts Referencing Nature-dependent Electricity
The amendments to KIFRS 1109 and KIFRS 1107 regarding
contracts referencing nature-dependent electricity have been issued, the key elements of which are as follows:
- Clarification of the
application of the
“own-use”
requirements to contracts within the scope of the amendments;
- Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts within the scope of the
amendments; and
- Introduction of new disclosure requirements to enable investors to understand the impact of such contracts on the
entity’s financial performance and cash flows.
These amendments are not expected to have a material impact on the Group’s
condensed consolidated interim financial statements.
14
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
2.
Basis of Preparation, Continued
(6)
New accounting standards and interpretations not yet adopted
1) KIFRS 1118, “Presentation and Disclosure in Financial Statements”
KIFRS 1118, “Presentation and Disclosure in Financial Statements,” replaces KIFRS 1001, “Presentation of Financial
Statements.” The standard is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted; however, the Group has not early adopted the standard.
KIFRS 1118 requires a more structured statement of profit or loss and greater disaggregation of information. The Group is currently analyzing
the anticipated impact of the adoption of KIFRS 1118 on the consolidated financial statements.
The expected impacts upon initial
application are described below; however, the actual impact of applying the new standard on January 1, 2027 may differ because:
- The
Group has not yet completed the design and assessment of the changes to its processes and controls; and
- The new accounting policies are
subject to change until the Group issues its first annual financial statements that include the date of initial application of this standard.
① Structure of the statement of profit or loss
KIFRS 1118 requires all income and expenses to be classified into one of five categories: operating, investing, financing, income taxes and
discontinued operations. The classification of income and expenses into the categories depends on an entity’s main business activities. The Group has not assessed any of its specified business activities, such as investing in assets or
providing financing to customers, as main business activities.
The application of KIFRS 1118 will not change the Group’s profit or
loss for the period or net assets. However, the Group will be required to present two newly defined subtotals - “Operating profit” and “Profit before financing and income taxes” - and the “Operating profit”
subtotal will differ from the operating profit currently presented by the Group. Based on currently available information, the Group is performing an overall preliminary assessment of the impact of applying KIFRS 1118. Examples of items expected to
have a material impact on the Group’s financial statements upon initial application are as follows:
a. Income and expenses arising
from investments accounted for using the equity method are always classified in the investing category in accordance with KIFRS 1118. Accordingly, the Group’s share of profit (loss) of associates, joint ventures and subsidiaries will be
presented in the investing category.
b. Interest income and interest expense are, under the Group’s current accounting policies,
generally included in finance income and finance expenses and presented as the subtotals “Finance income” and “Finance expenses.” KIFRS 1118 provides specific guidance on income and expenses classified in the investing and
financing categories, and in accordance with such guidance the Group will classify and present its interest income and interest expense in the operating, investing and financing categories.
c. Foreign exchange differences are currently included in other income, other expenses, finance income or finance expenses, depending on their
nature. Under KIFRS 1118, foreign exchange differences are required to be classified in the same category as the income and expenses arising from the item that gave rise to the foreign exchange differences; accordingly, the Group will classify
foreign exchange differences into the operating, investing and financing categories based on the source of such differences.
②
Management-defined Performance Measures (MPMs)
Management-defined Performance Measures (MPMs) are subtotals of income and expenses, other
than those listed or required by KIFRS Accounting Standards, that an entity uses in public communications outside the financial statements and that communicate management’s view of an aspect of the financial performance of the entity as a
whole to users of the financial statements. The Group will be required to disclose specific information about its MPMs in a single note to the financial statements. The Group is currently reviewing the process for determining which public
communications are relevant in identifying its MPMs.
15
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements
June 30, 2026 and 2025 (unaudited)
2.
Basis of Preparation, Continued
(6)
New accounting standards and interpretations not yet adopted, continued
③ Principles of aggregation and disaggregation
KIFRS 1118 provides enhanced principles on how to group items of information by type for presentation in the financial statements (i.e., the
primary financial statements and the notes). The standard also introduces guidance on how to label and describe items presented in the primary financial statements or disclosed in the notes. The Group is currently performing an assessment to
aggregate and disaggregate items based on similar or dissimilar characteristics.
④ Amendments to other standards
The issuance of KIFRS 1118 resulted in amendments to KIFRS 1007, “Statement of Cash Flows.” When presenting cash flows from
operating activities using the indirect method, the newly defined “Operating profit” subtotal is required to be used as the starting point of the indirect method. The Group currently uses “profit or loss for the period” as
the starting point for cash flows from operating activities.
As a result, certain of the reconciling items to the indirect-method starting
point will change. For example, the Group’s share of profit (loss) of equity-accounted investees is not included in the new starting point of operating profit and accordingly is no longer a reconciling item. Cash dividends received from such
investees are presented in cash flows from investing activities.
In addition, the amendments to KIFRS 1007 provide specific guidance on
the classification of cash flows arising from interest and dividends. In accordance with such guidance, the Group will classify cash flows from interest paid as financing activities rather than operating activities; interest received and dividends
received will be classified as investing activities; and dividends paid will be classified as financing activities.
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, 2025, except for the changes described in Note 2.(5).
16
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
4.
Segment, Geographic and Other Information
(1)
Segment determination and explanation of the measurements
The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly
reviewed by chief operating decision maker of the Group 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), which is the measure for segment profit or loss, is determined in the same way that condensed 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 condensed 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 condensed consolidated financial statements.
17
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
4.
Segment, Geographic and Other Information, Continued
(2)
The financial information of the segments for each of the three and six-month periods ended June 30, 2026
and 2025, respectively, is as follows:
In millions of won
For the three and
six-month
period ended June 30, 2026
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
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Transmission and distribution
W
21,286,981
44,996,140
600,519
1,076,315
20,686,462
43,919,825
36,079
2,122,808
1,188,038
2,358,969
23,271
45,998
597,011
1,200,385
175,918
405,309
Electric power generation (Nuclear)
4,235,237
8,151,625
4,024,110
7,673,995
211,127
477,630
1,626,731
3,089,234
1,127,888
2,225,646
14,958
31,388
205,660
411,335
(6,420
)
(7,889
)
Electric power generation
(Non-nuclear)
6,321,842
13,478,888
5,633,465
12,221,013
688,377
1,257,875
(505,834
)
(245,653
)
1,092,297
2,132,769
13,392
23,080
182,594
352,902
30,604
104,558
Plant maintenance & engineering service
816,620
1,604,001
688,358
1,319,406
128,262
284,595
67,996
141,913
43,451
85,283
5,348
11,552
758
2,362
289
383
Others
541,913
1,123,436
337,289
746,022
204,624
377,414
15,672
43,093
59,341
118,746
56,490
113,367
86,028
156,329
—
—
Consolidation adjustments
(11,283,741
)
(23,036,751
)
(11,283,741
)
(23,036,751
)
—
—
(112,092
)
(238,674
)
(43,640
)
(83,745
)
(16,009
)
(30,980
)
(22,656
)
(44,192
)
—
—
W
21,918,852
46,317,339
—
—
21,918,852
46,317,339
1,128,552
4,912,721
3,467,375
6,837,668
97,450
194,405
1,049,395
2,079,121
200,391
502,361
In millions of won
For the three and
six-month
period ended June 30, 2025
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
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Transmission and distribution
W
21,600,000
45,461,484
555,450
1,128,495
21,044,550
44,332,989
956,576
2,857,492
1,131,481
2,242,319
19,336
50,543
665,582
1,351,119
117,151
161,590
Electric power generation (Nuclear)
3,931,460
8,206,340
3,846,685
8,111,620
84,775
94,720
1,110,554
2,396,048
1,236,933
2,568,976
22,059
35,209
191,582
399,529
4,497
(9,684
)
Electric power generation
(Non-nuclear)
6,023,117
13,052,147
5,559,259
11,931,118
463,858
1,121,029
(11,119
)
565,483
1,039,245
2,073,290
12,411
22,763
173,698
339,047
46,835
141,481
Plant maintenance & engineering service
848,404
1,518,012
703,242
1,262,161
145,162
255,851
90,014
120,773
42,618
84,988
7,162
15,917
1,108
3,129
(208
)
8
Others
521,913
1,084,917
310,120
715,384
211,793
369,533
16,620
39,582
54,678
117,121
56,871
119,984
84,011
162,164
—
—
Consolidation adjustments
(10,974,756
)
(23,148,778
)
(10,974,756
)
(23,148,778
)
—
—
(26,773
)
(89,899
)
(44,532
)
(92,810
)
(14,782
)
(29,370
)
(21,849
)
(43,732
)
—
—
W
21,950,138
46,174,122
—
—
21,950,138
46,174,122
2,135,872
5,889,479
3,460,423
6,993,884
103,057
215,046
1,094,132
2,211,256
168,275
293,395
18
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
4.
Segment, Geographic and Other Information, Continued
(3)
The information related to segment assets and segment liabilities as of June 30, 2026 and
December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
Segment
Segment
assets
Investments in
associates and
joint ventures
Acquisition of
non-current assets
Segment
liabilities
Transmission and distribution
W
146,742,208
9,203,342
5,451,063
118,295,435
Electric power generation (Nuclear)
78,653,448
224,703
1,539,314
50,835,377
Electric power generation
(Non-nuclear)
63,681,180
4,780,965
2,989,081
38,589,072
Plant maintenance & engineering service
4,280,548
1,438
76,639
1,311,259
Others
17,802,728
—
59,357
7,049,728
Consolidation adjustments
(48,598,748
)
—
(74,421
)
(5,364,714
)
W
262,561,364
14,210,448
10,041,033
210,716,157
In millions of won
As of December 31, 2025
Segment
Segment
assets
Investments in
associates and
joint ventures
Acquisition of
non-current assets
Segment
liabilities
Transmission and distribution
W
144,616,479
8,606,616
9,077,814
118,045,718
Electric power generation (Nuclear)
76,378,365
169,728
2,532,322
49,741,461
Electric power generation
(Non-nuclear)
63,352,471
4,585,612
4,634,208
35,395,912
Plant maintenance & engineering service
4,363,345
1,832
202,142
1,346,629
Others
17,125,478
—
254,262
6,885,650
Consolidation adjustments
(50,908,681
)
—
(111,689
)
(5,810,857
)
W
254,927,457
13,363,788
16,589,059
205,604,513
19
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
4.
Segment, Geographic and Other Information, Continued
(4)
Geographic information
Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external
customers and
non-current
assets is determined by the location of the customers and of the assets:
In millions of won
Revenue from external customers
Non-current
assets (*2)
June 30, 2026
June 30, 2025
June 30,
2026
December 31,
2025
Geographical unit
Three-
month period
ended
Six-
month period
ended
Three-
month period
ended
Six-
month period
ended
Domestic
W
21,583,355
45,587,161
21,698,359
45,715,418
202,604,898
196,736,382
Overseas (*1)
335,497
730,178
251,779
458,704
6,355,385
6,731,565
W
21,918,852
46,317,339
21,950,138
46,174,122
208,960,283
203,467,947
(*1)
Middle East, Asia and the Americas 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 six-month periods ended June 30,
2026 and 2025.
20
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
5.
Classification of Financial Instruments
(1)
The classification of financial assets as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
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
—
—
2,622,064
—
2,622,064
Current financial assets
Current financial assets at fair value through profit or loss
1,791,646
—
—
—
1,791,646
Current financial assets at amortized costs
—
—
22,480
—
22,480
Current derivative assets
857,183
—
—
279,789
1,136,972
Loans
—
—
259,820
—
259,820
Other financial assets and others
—
—
1,356,293
—
1,356,293
Trade and other receivables
—
—
12,144,289
—
12,144,289
2,648,829
—
16,404,946
279,789
19,333,564
Non-current
assets
Non-current
financial assets
Non-current
financial assets at fair value through profit
or loss
710,320
—
—
—
710,320
Non-current
financial assets at fair value through other
comprehensive income
—
881,210
—
—
881,210
Non-current
financial assets at amortized costs
—
—
8,306
—
8,306
Non-current
derivative assets
1,470,828
—
—
181,381
1,652,209
Loans
—
—
828,335
—
828,335
Other financial assets and others
—
—
896,492
—
896,492
Trade and other receivables
—
—
3,209,795
—
3,209,795
2,181,148
881,210
4,942,928
181,381
8,186,667
W
4,829,977
881,210
21,347,874
461,170
27,520,231
21
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
5.
Classification of Financial Instruments, Continued
(1)
The classification of financial assets as of June 30, 2026 and December 31, 2025 is as follows,
continued:
In millions of won
As of December 31, 2025
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
—
—
2,240,811
—
2,240,811
Current financial assets
Current financial assets at fair value through profit or loss
1,299,027
—
—
—
1,299,027
Current financial assets at amortized costs
—
—
21,663
—
21,663
Current derivative assets
492,028
—
—
344,204
836,232
Loans
—
—
95,598
—
95,598
Other financial assets and others
—
—
1,997,644
—
1,997,644
Trade and other receivables
—
—
12,618,480
—
12,618,480
1,791,055
—
16,974,196
344,204
19,109,455
Non-current
assets
Non-current
financial assets
Non-current
financial assets at fair value through profit
or loss
696,199
—
—
—
696,199
Non-current
financial assets at fair value through other
comprehensive income
—
885,173
—
—
885,173
Non-current
financial assets at amortized costs
—
—
9,454
—
9,454
Non-current
derivative assets
1,055,987
—
—
143,331
1,199,318
Loans
—
—
890,930
—
890,930
Other financial assets and others
—
—
884,487
—
884,487
Trade and other receivables
—
—
3,124,185
—
3,124,185
1,752,186
885,173
4,909,056
143,331
7,689,746
W
3,543,241
885,173
21,883,252
487,535
26,799,201
22
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
5.
Classification of Financial Instruments, Continued
(2)
The classification of financial liabilities as of June 30, 2026 and December 31, 2025 is as
follows:
In millions of won
As of June 30, 2026
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
—
21,373,116
—
21,373,116
Debt securities
—
29,286,724
—
29,286,724
Derivative liabilities
47,919
—
—
47,919
Trade and other payables
—
10,066,126
—
10,066,126
47,919
60,725,966
—
60,773,885
Non-current
liabilities
Borrowings
—
3,206,373
—
3,206,373
Debt securities
—
79,450,730
—
79,450,730
Derivative liabilities
78,048
—
134
78,182
Trade and other payables
—
4,057,453
—
4,057,453
78,048
86,714,556
134
86,792,738
W
125,967
147,440,522
134
147,566,623
In millions of won
As of December 31, 2025
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
—
18,721,522
—
18,721,522
Debt securities
—
27,165,448
—
27,165,448
Derivative liabilities
52,119
—
—
52,119
Trade and other payables
—
8,621,671
—
8,621,671
52,119
54,508,641
—
54,560,760
Non-current
liabilities
Borrowings
—
3,274,774
—
3,274,774
Debt securities
—
80,607,548
—
80,607,548
Derivative liabilities
113,254
—
126
113,380
Trade and other payables
—
4,028,808
—
4,028,808
113,254
87,911,130
126
88,024,510
W
165,373
142,419,771
126
142,585,270
23
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
5.
Classification of Financial Instruments, Continued
(3)
The classification of comprehensive income (loss) from financial instruments for each of the three and
six-month periods ended June 30, 2026 and 2025 is as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Cash and cash equivalents
Interest income
W
17,030
34,377
23,134
52,064
Gain (loss) on foreign currency
transactions
and translations
9,378
9,904
(11,860
)
(18,549
)
Financial assets at fair value through profit or loss
Interest income
9,969
18,403
12,081
19,720
Dividends income
3,037
3,193
3,066
3,128
Gain on valuation of financial assets
24,205
40,525
20,008
34,402
Gain on disposal of financial assets
13,063
28,109
6,984
16,813
Financial assets at fair value through other comprehensive income
Dividends income
2,850
22,769
6,704
20,193
Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)
(67,413
)
3,420
105,260
52,179
Financial assets at amortized cost
Interest income
70,451
141,625
67,843
143,262
Gain (loss) on disposal of financial assets
(29
)
(30
)
1
—
Bad debt expense (Reversal of bad debt allowance)
101,794
92,107
14,929
25,804
Gain (loss) on foreign currency transactions and translations
46,466
103,392
(50,319
)
(44,327
)
Derivatives
Gain (loss) on valuation of derivatives (profit or loss)
226,844
1,175,953
(1,029,015
)
(992,007
)
Gain (loss) on valuation of derivatives
(equity, before tax)
8,825
24,906
(1,271
)
18,630
Gain (loss) on transaction of derivatives
59,595
162,190
(167,697
)
(123,016
)
Financial liabilities carried at amortized cost
Interest expense of borrowings
and debt
securities
804,599
1,593,363
882,896
1,787,080
Interest expense of trade and other
Payables
43,554
66,550
41,637
85,166
Interest expense of others
201,242
419,208
169,599
339,010
Other finance income
569
1,351
679
1,510
Other finance expenses
13,301
24,590
354
796
Gain (loss) on foreign currency
transactions
and translations
(351,429
)
(1,356,709
)
1,523,362
1,612,879
24
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
6.
Restricted Deposits
Restricted deposits as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June30, 2026
As of December 31, 2025
Cash and cash equivalents
Escrow accounts
W
3,111
3,082
Deposits for government project and others
27,984
27,023
Collateral provided for borrowings
335,888
263,685
Collateral provided for lawsuit
2
2
Deposits for transmission regional support program
7,405
3,498
Deposits for other business purposes
38,296
22,064
Short-term financial instruments
Restriction on withdrawal related to
‘win-win
growth
program’ for small and medium enterprises and others
296,500
292,500
Collateral provided for borrowings
23,614
23,614
Bid bonds
74,070
68,010
Non-current
financial assets at fair value through profit
or loss
Decommissioning costs of nuclear power plants
259,067
257,649
Long-term financial instruments
Guarantee deposits for bank accounts
at
overseas branches
1
1
Collateral provided for borrowings
26,153
18,245
Long-term financial instruments Collateral for other business purposes
181
—
Decommissioning costs of nuclear power plants
750,000
730,004
Small and Medium Enterprise Development Fund
—
4,000
Long-term deposit
Court Deposit
4,588
4,588
Other
non-current
financial assets
Deposits for other business purposes
6,531
6,359
W
1,853,391
1,724,324
7.
Cash and Cash Equivalents
Cash and cash equivalents as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Cash
W
11,529
10,982
Other demand deposits
1,864,794
1,562,485
Short-term deposits classified as cash equivalents
731,327
558,775
Short-term investments classified as cash equivalents
14,414
108,569
W
2,622,064
2,240,811
25
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
8.
Trade and Other Receivables
(1)
Trade and other receivables as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Gross
amount
Allowance for
doubtful accounts
Present value
discount
Book
value
Current assets
Trade receivables
W
11,000,390
(204,031
)
—
10,796,359
Other receivables
1,435,139
(83,399
)
(3,810
)
1,347,930
12,435,529
(287,430
)
(3,810
)
12,144,289
Non-current
assets
Trade receivables
1,091,594
(93,574
)
(79,141
)
918,879
Other receivables
2,430,346
(122,381
)
(17,049
)
2,290,916
3,521,940
(215,955
)
(96,190
)
3,209,795
W
15,957,469
(503,385
)
(100,000
)
15,354,084
In millions of won
As of December 31, 2025
Gross
amount
Allowance for
doubtful accounts
Present value
discount
Book
value
Current assets
Trade receivables
W
11,811,493
(186,596
)
—
11,624,897
Other receivables
1,039,679
(42,415
)
(3,681
)
993,583
12,851,172
(229,011
)
(3,681
)
12,618,480
Non-current
assets
Trade receivables
1,037,726
(93,718
)
(83,101
)
860,907
Other receivables
2,395,952
(118,479
)
(14,195
)
2,263,278
3,433,678
(212,197
)
(97,296
)
3,124,185
W
16,284,850
(441,208
)
(100,977
)
15,742,665
26
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
8.
Trade and Other Receivables, Continued
(2)
Other receivables as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Gross
amount
Allowance for
doubtful accounts
Present value
discount
Book
value
Current assets
Non-trade
receivables
W
743,159
(36,408
)
(424
)
706,327
Accrued income
100,972
(11,702
)
—
89,270
Deposits
273,880
—
(3,386
)
270,494
Finance lease receivables (*1)
121,624
(5,594
)
—
116,030
Others
195,504
(29,695
)
—
165,809
1,435,139
(83,399
)
(3,810
)
1,347,930
Non-current
assets
Non-trade
receivables
338,568
(49,769
)
(5,546
)
283,253
Accrued income
60,119
(6,627
)
—
53,492
Deposits
515,364
(414
)
(11,503
)
503,447
Finance lease receivables (*2)
1,217,294
(1,435
)
—
1,215,859
Others
299,001
(64,136
)
—
234,865
2,430,346
(122,381
)
(17,049
)
2,290,916
W
3,865,485
(205,780
)
(20,859
)
3,638,846
(*1)
The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income
of
W
116,388 million.
(*2)
The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income
of
W
813,223 million.
In millions of won
As of December 31, 2025
Gross
amount
Allowance for
doubtful accounts
Present value
discount
Book
value
Current assets
Non-trade
receivables
W
478,822
(36,074
)
(474
)
442,274
Accrued income
43,123
—
—
43,123
Deposits
268,090
—
(3,207
)
264,883
Finance lease receivables (*1)
104,600
(5,048
)
—
99,552
Others
145,044
(1,293
)
—
143,751
1,039,679
(42,415
)
(3,681
)
993,583
Non-current
assets
Non-trade
receivables
401,390
(76,770
)
(5,096
)
319,524
Accrued income
65,615
(6,320
)
—
59,295
Deposits
516,519
(414
)
(9,099
)
507,006
Finance lease receivables (*2)
1,172,687
(1,954
)
—
1,170,733
Others
239,741
(33,021
)
—
206,720
2,395,952
(118,479
)
(14,195
)
2,263,278
W
3,435,631
(160,894
)
(17,876
)
3,256,861
(*1)
The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income
of
W
113,272 million.
(*2)
The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income
of
W
818,800 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%, calculated on a daily basis, on the overdue trade receivables for the first month and the following month. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and
customers whose contracts have been cancelled due to delinquent payments.
27
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
8.
Trade and Other Receivables, Continued
(4)
The aging analysis of trade receivables as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Trade receivables not overdue
W
11,701,826
12,472,407
Trade receivables overdue and impairment - reviewed:
390,158
376,812
Less than 60 days
5,282
15,256
60 ~ 90 days
48,277
54,093
90 ~ 120 days
17,559
21,317
120 days ~ 1 year
77,178
65,435
More than 1 year
241,862
220,711
12,091,984
12,849,219
Less: allowance for doubtful accounts
(297,605
)
(280,314
)
Less: present value discount
(79,141
)
(83,101
)
W
11,715,238
12,485,804
At the end of each reporting period, the Group assesses whether the credit to trade receivables is impaired.
The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade
receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an expected credit loss (ECL) model.
(5)
Changes in the allowance for doubtful accounts for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
For the year ended December 31, 2025
Trade receivables
Other receivables
Trade receivables
Other receivables
Beginning balance
W
280,314
160,894
260,774
140,168
Bad debts expense
32,078
68,272
84,625
8,155
Write-off
(12,205
)
(313
)
(37,639
)
(14,675
)
Reversal
(6,587
)
(2,659
)
(2,223
)
(4,101
)
Others
4,005
(20,414
)
(25,223
)
31,347
Ending balance
W
297,605
205,780
280,314
160,894
28
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
9.
Financial Assets at Fair Value through Profit or Loss
Financial assets at fair value through profit or loss as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate
W
10,455
150,013
320
125,837
Cooperative
—
6,559
—
6,413
Others (*1)
1,781,191
422,655
1,298,707
428,389
1,791,646
579,227
1,299,027
560,639
Financial assets designated as at fair value
through profit or loss
Debt with embedded derivatives and others
—
131,093
—
135,560
W
1,791,646
710,320
1,299,027
696,199
(*1)
Others consist of MMT, equity securities and others.
29
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
10.
Financial Assets at Fair Value through Other Comprehensive Income
(1)
Changes in financial assets at fair value through other comprehensive income for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Acquisition
Disposal
Valuation
Others
Ending
balance
Equity securities
Listed
W
517,251
—
—
176
20
517,447
Unlisted
363,128
—
(8,805
)
3,245
1,401
358,969
880,379
—
(8,805
)
3,421
1,421
876,416
Debt securities
Corporate bond
4,794
—
—
—
—
4,794
W
885,173
—
(8,805
)
3,421
1,421
881,210
Current financial assets at fair value through other comprehensive income
W
—
—
—
—
—
—
Non-current financial assets at fair value through other comprehensive income
885,173
—
(8,805
)
3,421
1,421
881,210
In millions of won
For the year ended December 31, 2025
Beginning
balance
Acquisition
Disposal
Valuation
Others
Ending
balance
Equity securities
Listed
W
360,096
—
(3,091
)
160,245
1
517,251
Unlisted
309,709
—
(10
)
52,343
1,086
363,128
669,805
—
(3,101
)
212,588
1,087
880,379
Debt securities
Corporate bond
5,045
—
—
(251
)
—
4,794
W
674,850
—
(3,101
)
212,337
1,087
885,173
Current financial assets at fair value through other comprehensive income
W
—
—
—
—
—
—
Non-current financial assets at fair value through other comprehensive income
674,850
—
(3,101
)
212,337
1,087
885,173
30
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)
Financial assets at fair value through other comprehensive income as of June 30, 2026 and
December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Shares (in shares)
Ownership
Acquisition cost
Book value
Fair value
Listed
Korea District Heating Corp.
2,264,068
19.55
%
W
173,201
146,259
146,259
KG Mobility Co., Ltd.
12,205
0.01
%
428
34
34
SM Korea Line Corp.
180
—
1
—
—
Namkwang Engineering & Construction Co., Ltd.
121
—
15
1
1
Bumyang Construction Co., Ltd.
35
—
2
—
—
ELCOMTEC Co., Ltd.
6,575
0.04
%
217
19
19
PAN Ocean Co., Ltd.
1,492
—
14
7
7
Codes Combine Co., Ltd.
291
—
1
1
1
PT Almatri Resources Indonesia
480,000,000
1.60
%
65,028
93,727
93,727
Denison Mines Corp.
58,284,000
7.46
%
84,134
275,104
275,104
Paladin Energy
10,760
0.01
%
41
110
110
KS Industry Co., Ltd
1,457
0.01
%
38
1
1
Vitzrosys Co., Ltd.
79
—
2
—
—
EMnI Co., Ltd.
628
—
25
1
1
Vissem electronics, Co., Ltd.
301
—
11
2
2
KC Industry Co., Ltd.
139
—
6
—
—
Ihsung CNI Co., Ltd.
142,860
4.43
%
1,500
804
804
A One Cubetech Co., Ltd. (formerly Aone Alform Co., Ltd.)
2,672
0.04
%
19
2
2
Kodaco Co., Ltd.
131,698
0.85
%
1,317
1,354
1,354
Q-Aid Co., Ltd. (formerly Winia Aid Co., Ltd.)
4,826
0.01
%
22
20
20
EONE-DIAGNOMICS Co., Ltd.
1,518
—
1
1
1
326,023
517,447
517,447
Unlisted
(*1)
Set Holding (*2)
1,100,220
2.50
%
229,255
310,808
310,808
SGC Greenpower Co., Ltd.
580,000
5.00
%
2,900
5,806
5,806
Le Soleil KHNP LLC
137,600
19.00
%
1,376
1,376
1,376
Ihsung CNI Co., Ltd.
127,660
3.96
%
1,500
2,144
2,144
H Robotics Co., Ltd.
903,601
7.05
%
4,000
400
400
Good Tcells Co., Ltd.
11,364
0.33
%
500
630
630
IPS Bio Co., Ltd.
1,975
3.13
%
1,000
873
873
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
862
862
Fine Powerex Co., Ltd.
72,633
4.45
%
1,500
1,714
1,714
Agencore Co., Ltd.
175,779
6.31
%
2,200
2,934
2,934
SamHong Machinery Co., Ltd.
992,601
6.05
%
4,685
9,775
9,775
Aloha Factory Co., Ltd.
2,970
3.70
%
1,000
639
639
Dailyshot Co., Ltd.
1,695
1.64
%
1,001
1,205
1,205
Mediquitous Co., Ltd.
5,080
0.48
%
1,250
1,546
1,546
Black Materials Co., Ltd.
37,038
8.31
%
500
431
431
Monit Co., Ltd.
333,334
14.29
%
1,000
853
853
3i Powergen Inc.(*6)
—
15.00
%
1,482
—
—
Enersys Co., Ltd.
9,763
19.62
%
2,050
337
337
Kalman Co., Ltd.
23,172
9.54
%
1,000
821
821
Himet Co., Ltd.
1,754,386
13.93
%
5,000
4,182
4,182
PT.KedapSayaaq
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
%
—
—
—
Suwon New Power Co., Ltd. and others (*7,8)
12,795
8,598
8,598
348,437
358,969
358,969
31
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)
Financial assets at fair value through other comprehensive income as of June 30, 2026 and
December 31, 2025 are as follows, continued:
In millions of won
As of June 30, 2026
Shares (in shares)
Ownership
Acquisition cost
Book value
Fair value
Debt securities
(*1)
Aron Flying Ship Co., Ltd. (*9)
—
—
W
491
—
—
Ino Platech Co., Ltd.
—
—
1,080
1,278
1,278
Daebon Tech Co., Ltd.
—
—
3,000
3,516
3,516
4,571
4,794
4,794
W
679,031
881,210
881,210
(*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, and cost represents the best estimate of fair value within that range.
(*2)
The Group has estimated the fair value of Set Holding by using the income approach 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 six-month period ended June 30, 2026.
(*3)
The Group acquired shares in the entity through conversion of investments performed in accordance with
corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold significant influence over the entity until the
corporate rehabilitation procedures are completed.
(*4)
Prior to the year ended December 31, 2025, 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 commenced corporate rehabilitation procedures prior to the year ended December 31, 2025, 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. As
of June 30, 2026, liquidation procedures are in progress, and the carrying amount was measured at nil considering its recoverability.
(*6)
The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount
and the recoverable amount, due to the discontinuation of its operations.
(*7)
During the six-month period ended June 30, 2026, KEPCO Engineering & Construction Company, Inc.,
a subsidiary of the Group, disposed of its equity interest in Suwon New Power Co., Ltd. Accordingly, the remaining shares held by the Group were reclassified as financial assets at fair value through other comprehensive income.
(*8)
Equity securities acquired through debt-to-equity swaps of electricity receivables and others, consisting of
Suwon New Power Co., Ltd. and 533 other companies.
(*9)
For Aron Flying Ship Industrial Co., Ltd., the valuation amount arising from the fair value estimated using the
market approach was recognized in accumulated other comprehensive income as net change in fair value of financial assets at fair value through other comprehensive income.
32
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)
Financial assets at fair value through other comprehensive income as of June 30, 2026 and
December 31, 2025 are as follows, continued:
In millions of won
As of December 31, 2025
Shares (in shares)
Ownership
Acquisition cost
Book value
Fair value
Listed
Korea District Heating Corp.
2,264,068
19.55
%
W
173,201
218,255
218,255
KG Mobility Co., Ltd.
12,205
0.01
%
428
43
43
SM Korea Line Corp.
180
—
1
—
—
Namkwang Engineering & Construction Co., Ltd.
46
—
15
—
—
Bumyang Construction Co., Ltd.
35
—
2
—
—
ELCOMTEC Co., Ltd.
32,875
0.04
%
217
26
26
PAN Ocean Co., Ltd.
1,492
—
14
6
6
Codes Combine Co., Ltd.
291
—
1
1
1
PT Almatri Resources Indonesia
480,000,000
1.60
%
65,028
74,369
74,369
Denison Mines Corp.
58,284,000
7.46
%
84,134
222,278
222,278
Paladin Energy
10,760
0.01
%
41
98
98
KS Industry Co., Ltd
1,457
0.01
%
38
1
1
Vitzrosys Co., Ltd.
399
—
2
—
—
EMnI Co., Ltd.
628
—
25
1
1
Vissem electronics, Co., Ltd.
301
—
11
2
2
KC Industry Co., Ltd.
139
—
6
—
—
Ihsung CNI Co., Ltd.
142,860
4.43
%
1,500
813
813
Aone Alform Co., Ltd.
2,672
0.04
%
19
3
3
Kodaco Co., Ltd.
131,698
0.85
%
1,317
1,354
1,354
Q-Aid Co., Ltd. (formerly Winia Aid Co., Ltd.)
129
—
1
1
1
326,001
517,251
517,251
Unlisted
(*1)
Set Holding (*2)
1,100,220
2.50
%
229,255
310,808
310,808
SGC Greenpower Co., Ltd.
580,000
5.00
%
2,900
5,807
5,807
Le Soleil KHNP LLC
137,600
19.00
%
1,376
1,376
1,376
Ihsung CNI Co., Ltd.
127,660
3.96
%
1,500
2,144
2,144
H Robotics Co., Ltd.
903,601
7.05
%
4,000
399
399
Good Tcells Co., Ltd.
11,364
0.33
%
500
630
630
IPS Bio Co., Ltd.
1,975
3.13
%
1,000
873
873
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
862
862
Fine Powerex Co., Ltd.
72,633
4.45
%
1,500
1,714
1,714
Agencore Co., Ltd.
175,779
6.31
%
2,200
2,934
2,934
SamHong Machinery Co., Ltd.
1,543,837
9.13
%
7,000
15,099
15,099
Aloha Factory Co., Ltd.
2,970
3.70
%
1,000
639
639
Dailyshot Co., Ltd.
1,695
1.64
%
1,001
1,205
1,205
Mediquitous Co., Ltd.
5,080
0.48
%
1,250
1,546
1,546
Black Materials Co., Ltd.
37,038
8.31
%
500
431
431
Monit Co., Ltd.
333,334
14.29
%
1,000
853
853
3i Powergen Inc.(*6)
—
15.00
%
1,482
—
—
Enersys Co., Ltd.
9,763
19.62
%
2,050
337
337
Kalman Co., Ltd.
23,172
9.54
%
1,000
821
821
Himet Co., Ltd.
1,754,386
13.93
%
5,000
4,182
4,182
PT.KedapSayaaq
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. and others (*7)
—
—
11,631
7,433
7,433
349,588
363,128
363,128
33
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
(2)
Financial assets at fair value through other comprehensive income as of June 30, 2026 and
December 31, 2025 are as follows, continued:
In millions of won
As of December 31, 2025
Shares (in shares)
Ownership
Acquisition cost
Book value
Fair value
Debt securities
(*1)
Aron Flying Ship Co., Ltd.
—
—
W
491
—
—
Ino Platech Co., Ltd.
—
—
1,080
1,278
1,278
Daebon Tech Co., Ltd.
—
—
3,000
3,516
3,516
4,571
4,794
4,794
W
680,160
885,173
885,173
(*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, and cost represents the best estimate of fair value within that range.
(*2)
The Group has estimated the fair value of Set Holding by using the income approach 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, 2025.
(*3)
The Group acquired shares in the entity through conversion of investments performed in accordance with
corporate rehabilitation procedures before the prior year, and classified the investments 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, 2025, 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 commenced corporate rehabilitation procedures during the year ended December 31, 2025, 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. As of
December 31, 2025, liquidation procedures were in progress, and the carrying amount was measured at nil considering its recoverability.
(*6)
The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount
and the recoverable amount, due to the discontinuation of its operations.
(*7)
Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of Hwan
Young Steel Co., Ltd. and 505 other companies.
34
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
11.
Financial Assets at Amortized Cost
Financial assets at amortized cost as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Financial assets
at amortized cost
Book
value
Government bonds
W
1,397
1,397
Others
29,389
29,389
W
30,786
30,786
Current
W
22,480
22,480
Non-current
8,306
8,306
In millions of won
As of December 31, 2025
Financial assets
at amortized cost
Book
value
Government bonds
W
1,423
1,423
Others
29,694
29,694
W
31,117
31,117
Current
W
21,663
21,663
Non-current
9,454
9,454
35
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives
(1)
Derivatives as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Derivative assets
Currency forward
W
4,939
—
76
—
Currency swap
1,119,619
1,326,290
833,715
927,127
Interest rate swap
12,414
221,028
2,441
174,195
Others (*2,3)
—
104,891
—
97,996
W
1,136,972
1,652,209
836,232
1,199,318
Derivative liabilities
Currency forward
W
4,038
—
9,078
—
Currency swap
4,797
3,788
4,786
23,761
Interest rate swap
830
19,606
—
37,560
Others (*1,2,4)
38,254
54,788
38,255
52,059
W
47,919
78,182
52,119
113,380
(*1)
In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint
venture of the Group, the performance obligation as of June 30, 2026 which amounts to W23,494 million (W23,494 million as of December 31, 2025) 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 assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative
liabilities.
(*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 derivative assets.
(*4)
The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its
joint venture, Wadi Noor Solar Power, as other derivative liabilities.
36
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(2)
Currency forward contracts which are not designated as hedging instruments as of June 30, 2026 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
JP Morgan
2026.06.18
2026.07.16
W
15,230
USD 10,000
W
1,522.95
Nonghyup Bank
2026.06.15
2026.07.09
12,048
USD 8,000
1,506.05
Nonghyup Bank
2026.06.26
2026.07.21
15,457
USD 10,000
1,545.70
Morgan Stanley
2026.06.17
2026.07.14
15,124
USD 10,000
1,512.40
Mizuho Bank
2026.06.26
2026.07.23
15,492
USD 10,000
1,549.20
Shinhan Bank
2026.06.16
2026.07.10
15,125
USD 10,000
1,512.50
Woori Bank
2026.06.26
2026.07.20
15,459
USD 10,000
1,545.85
MUFG
2026.06.11
2026.07.07
15,262
USD 10,000
1,526.20
Kookmin Bank
2026.06.11
2026.07.07
15,263
USD 10,000
1,526.30
Mizuho Bank
2026.06.11
2026.07.07
15,264
USD 10,000
1,526.40
Korea Development Bank
2026.06.16
2026.07.07
13,615
USD 9,000
1,512.78
MUFG
2026.06.16
2026.07.07
12,103
USD 8,000
1,512.90
JP Morgan
2026.06.16
2026.07.07
12,104
USD 8,000
1,513.05
Korea Development Bank
2026.06.29
2026.07.23
10,791
USD 7,000
1,541.62
Deutsche Bank
2026.06.29
2026.07.23
10,793
USD 7,000
1,541.84
MUFG
2026.04.23
2026.07.01
USD 16,826
24,834
1,475.90
MUFG
2026.05.19
2026.07.01
USD 500
753
1,505.80
Nonghyup Bank
2026.06.15
2026.07.20
15,038
USD 10,000
1,503.80
MUFG
2026.06.29
2026.07.02
15,388
USD 10,000
1,538.83
JP Morgan
2026.06.29
2026.07.31
USD 7,452
11,433
1,534.30
MUFG
2026.06.30
2026.07.31
USD 16,826
25,943
1,541.80
MUFG
2026.06.30
2026.07.31
USD 500
771
1,541.80
Bank of America
2026.05.12
2026.07.31
USD 11,985
17,619
1,470.15
JP Morgan
2026.06.11
2026.10.30
USD 9,646
14,674
1,521.32
JP Morgan
2026.06.15
2026.07.02
66,743
USD 44,220
1,509.35
SMBC
2026.06.29
2026.07.28
10,765
USD 7,000
1,537.84
Kyongnam Bank
2026.04.01
2026.07.31
USD 34,445
51,709
1,501.20
Mizuho Bank
2026.06.08
2026.07.07
7,707
USD 5,000
1,541.40
Mizuho Bank
2026.06.29
2026.07.28
10,779
USD 7,000
1,539.85
Busan Bank
2026.06.01
2026.07.07
7,524
USD 5,000
1,504.70
Busan Bank
2026.06.08
2026.07.07
10,835
USD 7,000
1,547.90
Shinhan Bank
2026.06.08
2026.07.07
6,132
USD 4,000
1,533.00
Hana Bank
2026.06.08
2026.07.07
7,768
USD 5,000
1,553.55
MUFG
2026.06.08
2026.09.09
10,750
USD 7,000
1,535.75
Woori Bank
2026.06.26
2026.10.08
4,094
USD 2,670
1,533.50
Shinhan Bank
2026.06.26
2026.09.28
7,668
USD 5,000
1,533.57
Hana Bank
2026.06.26
2026.10.08
7,671
USD 5,000
1,534.19
MUFG
2026.06.29
2026.09.28
9,248
USD 6,000
1,541.40
(3)
Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 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
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
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
2022~2028
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
37
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(3)
Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 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
Kookmin Bank
2023~2026
W
128,000
USD 100,000
4.03
%
5.38
%
W
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
Kookmin Bank
2025~2028
292,640
USD 200,000
2.99
%
Compounded Daily SOFR + 0.62
%
1,463.20
Bank of America
2025~2028
219,480
USD 150,000
2.99
%
Compounded Daily SOFR + 0.62
%
1,463.20
Hana Bank
2025~2028
146,320
USD 100,000
3.00
%
Compounded Daily SOFR + 0.62
%
1,463.20
Korea Development Bank
2025~2028
73,160
USD  50,000
3.02
%
Compounded Daily SOFR + 0.62
%
1,463.20
Shinhan Bank
2025~2028
146,320
USD 100,000
3.02
%
Compounded Daily SOFR + 0.62
%
1,463.20
Shinhan Bank
2025~2030
146,320
USD 100,000
3.18
%
4.13
%
1,463.20
Hana Bank
2025~2030
438,960
USD 300,000
3.21
%
4.13
%
1,463.20
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
38
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(3)
Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 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
Woori Bank
2022~2027
W
262,000
USD 200,000
3.62
%
4.25
%
W
1,310.00
Export-Import Bank of Korea
2022~2027
131,000
USD 100,000
3.63
%
4.25
%
1,310.00
Kookmin Bank
2022~2027
131,000
USD 100,000
3.62
%
4.25
%
1,310.00
Hana Bank
2022~2027
131,000
USD 100,000
3.61
%
4.25
%
1,310.00
Korea Development Bank
2022~2027
262,000
USD 200,000
3.63
%
4.25
%
1,310.00
Export-Import Bank of Korea
2022~2032
349,829
HKD 1,935,000
4.87
%
5.16
%
180.79
JP Morgan
2022~2032
75,194
HKD 415,000
5.00
%
5.16
%
181.19
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
Credit Agricole
2025~2028
218,963
HKD 1,166,000
2.85
%
4.10
%
187.79
Korea Development Bank
2025~2030
556,560
USD 400,000
2.75
%
SOFR + 0.79
%
1,391.40
Hana Bank
2025~2030
139,140
USD 100,000
2.76
%
SOFR + 0.79
%
1,391.40
Kookmin Bank
2026~2031
302,000
USD 200,000
4.08
%
4.50
%
1,510.00
Hana Bank
2026~2031
151,000
USD 100,000
4.08
%
4.50
%
1,510.00
Korea Development Bank
2026~2031
302,000
USD 200,000
4.09
%
4.50
%
1,510.00
39
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(4)
Currency swap contracts which are designated as hedging instruments as of June 30, 2026 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
Nomura
2017~2037
W
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
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
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
Woori Bank
2025~2031
142,900
USD
100,000
2.93
%
4.00
%
1,429.00
Hana Bank
2025~2031
142,900
USD
100,000
2.93
%
4.00
%
1,429.00
Shinhan Bank
2025~2031
71,450
USD
50,000
2.94
%
4.00
%
1,429.00
Bank of America
2025~2031
71,450
USD
50,000
2.94
%
4.00
%
1,429.00
40
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(5)
Interest rate swap contracts which are not designated as hedging instruments as of June 30, 2026 are as
follows:
In millions of won and thousands of foreign currencies
Counterparty
Contract
year
Contract amount
Contract interest rate per annum
Pay
Receive
Nomura (*1)
2018~2038
W
30,000
3M CD + 0.10
%
3.75
%
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
%
Nomura
2024~2027
200,000
3.38%
3M CD + 0.50
%
Hana Bank
2024~2027
300,000
3.18%
3M CD + 0.53
%
Hana Bank
2025~2028
200,000
2.86%
3M CD + 0.45
%
Hana Bank
2025~2028
200,000
2.85%
3M CD + 0.25
%
Shinhan Bank
2025~2026
100,000
3.30%
3M CD + 0.45
%
Hana Bank
2025~2030
200,000
3.28%
3M CD + 0.57
%
Hana Bank
2025~2030
200,000
3.28%
3M CD + 0.62
%
Shinhan Bank
2025~2030
200,000
2.82%
3M CD + 0.50
%
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
3M CMT + 0.35%
2.60
%
Nomura (*3)
2021~2041
50,000
3M CMT + 0.35%
2.38
%
MUFG
2022~2048
USD
155,941
3M SOFR
3.71
%
Mizuho Capital Markets LLC
2022~2048
USD
155,941
3M SOFR
1.05
%
NORD LB Bank
2022~2036
USD
16,121
1.83%
6M SOFR
Rabobank
2022~2036
USD
19,619
1.83%
6M SOFR
Mizuho Capital Markets LLC
2024~2045
USD
76,168
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.
41
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
12.
Derivatives, Continued
(6)
Interest rate swap contracts which are designated as hedging instruments as of June 30, 2026 are as
follows:
In thousands of foreign currencies
Counterparty
Contract year
Contract
amount
Contract interest rate per annum
Pay
Receive
Export-Import Bank of Korea
2015~2031
USD 11,021
2.67
%
SOFR + 0.43
%
ING Bank
2015~2031
USD 27,178
2.67
%
SOFR + 0.43
%
BNP Paribas
2015~2031
USD 28,994
2.67
%
SOFR + 0.43
%
BNP Paribas
2009~2027
USD 10,021
4.16
%
6M USD Synthetic Libor
KFW
2009~2027
USD 10,021
4.16
%
6M USD Synthetic Libor
Export-Import Bank of Korea
2016~2036
USD 48,323
3.00
%
6M USD Synthetic Libor
SMTB
2025~2036
JPY 3,431,220
1.82
%
6M TIBOR + 0.55
%
(7)
Gains and losses on valuation and transaction of derivatives for each of the three and six-month periods
ended June 30, 2026 and 2025 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) (*1)
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Currency forward
W
(3,324
)
721
(4,555
)
(1,221
)
15,065
37,086
(17,438
)
(27,107
)
—
—
—
—
Currency swap
231,867
1,113,960
(1,018,448
)
(970,626
)
48,264
134,473
(173,221
)
(127,568
)
8,065
23,346
147
22,721
Interest rate swap
(1,699
)
61,272
(6,012
)
(28,515
)
(3,734
)
(9,369
)
(5,132
)
(5,924
)
760
1,560
(1,418
)
(4,091
)
Other derivatives (*2)
—
—
—
8,355
—
—
28,094
37,583
—
—
—
—
W
226,844
1,175,953
(1,029,015
)
(992,007
)
59,595
162,190
(167,697
)
(123,016
)
8,825
24,906
(1,271
)
18,630
(*1)
For each of the six-month periods ended June 30, 2026 and 2025, the net gain on valuation of derivatives
applying cash flow hedge accounting of
W
14,230 million and
W
9,469 million, net of tax, are included in other comprehensive income (loss), respectively.
(*2)
The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations
in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and in relation to this transaction, the Group recognized a
gain on valuation of derivative instruments of
W
8,355 million and a gain on transaction of derivative instruments of
W
3,572 million for the six-month period ended June 30, 2025.
42
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
13.
Loans and Other Financial Instruments
(1)
Other financial assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Loans
W
265,842
891,042
101,773
992,012
Less: allowance for doubtful accounts
(5,156
)
(26,207
)
(5,191
)
(66,807
)
Less: present value discount
(866
)
(36,500
)
(984
)
(34,275
)
259,820
828,335
95,598
890,930
Long-term / short-term financial instruments
1,356,293
896,492
1,997,644
884,487
W
1,616,113
1,724,827
2,093,242
1,775,417
(2)
Loans as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Face value
Allowance for
doubtful accounts
Present value
discount
Carrying value
Short-term loans
Loans for tuition
W
32,978
(5,155
)
(866
)
26,957
Loans for housing
44,590
—
—
44,590
Other loans
188,274
(1
)
—
188,273
265,842
(5,156
)
(866
)
259,820
Long-term loans
Loans for tuition
317,651
(930
)
(36,500
)
280,221
Loans for housing
231,225
—
—
231,225
Loans for related parties
327,319
(25,277
)
—
302,042
Other loans
14,847
—
—
14,847
891,042
(26,207
)
(36,500
)
828,335
W
1,156,884
(31,363
)
(37,366
)
1,088,155
In millions of won
As of December 31, 2025
Face value
Allowance for
doubtful accounts
Present value
discount
Carrying value
Short-term loans
Loans for tuition
W
34,290
(5,155
)
(984
)
28,151
Loans for housing
40,515
—
—
40,515
Other loans
26,968
(36
)
—
26,932
101,773
(5,191
)
(984
)
95,598
Long-term loans
Loans for tuition
326,941
(983
)
(34,275
)
291,683
Loans for housing
243,651
—
—
243,651
Loans for related parties
359,519
(24,218
)
—
335,301
Other loans
61,901
(41,606
)
—
20,295
992,012
(66,807
)
(34,275
)
890,930
W
1,093,785
(71,998
)
(35,259
)
986,528
43
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
13.
Loans and Other Financial Instruments, Continued
(3)
Changes in the allowance for doubtful accounts of loans for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month
period ended
June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
71,998
71,994
Bad debts expense
1,003
(3,455
)
Write-off
(41,638
)
(447
)
Others
—
3,906
Ending balance
W
31,363
71,998
(4)
Long-term and short-term financial instruments as of June 30, 2026 and December 31, 2025 are as
follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Time deposits
W
985,646
117,734
1,602,572
155,487
CD
51,621
—
40,000
—
Others
319,026
778,758
355,072
729,000
W
1,356,293
896,492
1,997,644
884,487
44
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
14.
Inventories
Inventories as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Acquisition cost
Valuation allowance
Book value
Raw materials
W
5,626,886
(670
)
5,626,216
Merchandises
2,734
—
2,734
Work-in-progress
233,774
—
233,774
Finished goods
59,280
—
59,280
Supplies
3,662,780
—
3,662,780
Inventories-in-transit
1,532,452
—
1,532,452
Other inventories
22,503
—
22,503
W
11,140,409
(670
)
11,139,739
In millions of won
As of December 31, 2025
Acquisition cost
Valuation allowance
Book value
Raw materials
W
5,299,493
(670
)
5,298,823
Merchandises
3,447
—
3,447
Work-in-progress
213,919
—
213,919
Finished goods
93,379
—
93,379
Supplies
3,564,892
—
3,564,892
Inventories-in-transit
962,337
—
962,337
Other inventories
15,927
—
15,927
W
10,153,394
(670
)
10,152,724
The reversal of the allowance for loss on inventory valuation included in cost of sales for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 amounts to
W
4,719 million and
W
6,477 million, respectively. The amounts of loss
from inventory valuation included in other gains or losses for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 were
W
4,719 million and
W
4,944 million, respectively.
15.
Non-Financial
Assets
Non-financial
assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Advanced payments
W
653,286
658,998
632,235
634,986
Prepaid expenses
467,397
207,572
416,297
236,141
Others (*1)
668,802
158,648
313,098
142,124
W
1,789,485
1,025,218
1,361,630
1,013,251
(*1)
Details of others in
non-financial
assets as of June 30, 2026 and
December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Greenhouse gas emissions rights
W
264,898
—
107,550
—
Other quick assets
403,904
158,648
205,548
142,124
W
668,802
158,648
313,098
142,124
45
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries
(1)
Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows:
Subsidiaries
Key operation activities
Location
Percentage of ownership (%)
As of June 30,
2026
As of December 31,
2025
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
Netherlands
100.00
%
100.00
%
KEPCO Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
KOSEP Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
KOMIPO Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
KOWEPO Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
KOSPO Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
KEPCO Middle East Holding Company
Holding company
Bahrain
100.00
%
100.00
%
Qatrana Electric Power Company
Construction and operation of utility plant
Jordan
80.00
%
80.00
%
KHNP Canada Energy Ltd.
Holding company
Canada
100.00
%
100.00
%
KEPCO Bylong Australia Pty., Ltd.
Resources development
Australia
100.00
%
100.00
%
Korea Waterbury Uranium Limited Partnership (*8)
Holding company
Canada
83.76
%
80.82
%
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. (*9)
Power generation
Korea
82.40
%
70.00
%
KOMIPO America Inc.
Holding company
USA
100.00
%
100.00
%
PT. EWP Indonesia
Holding company
Indonesia
99.99
%
99.99
%
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
%
46
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(1)
Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:
Subsidiaries
Key operation activities
Location
Percentage of ownership (%)
As of June 30,
2026
As of December 31,
2025
KEPCO KPS Philippines Corp.
Utility plant maintenance and others
Philippines
99.99
%
99.99
%
KOSPO Chile SpA
Holding company
Chile
100.00
%
100.00
%
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 (*5)
Holding company
USA
69.21
%
69.21
%
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 (*7)
Holding company
Korea
—
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. (*6)
Power generation
Korea
100.00
%
100.00
%
Mangilao Intermediate Holdings LLC
Holding company
USA
100.00
%
100.00
%
KEPCO CSC Co., Ltd.
Facility maintenance and service
Korea
100.00
%
100.00
%
KOAK Power Limited
Hydro power facility maintenance
Pakistan
100.00
%
100.00
%
KOMIPO Europe B.V.
Holding company
Netherlands
100.00
%
100.00
%
Haenanum Energy Fund
Holding company
Korea
99.64
%
99.64
%
Paju Ecoenergy Co., Ltd. (*6)
Power generation
Korea
93.68
%
93.68
%
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
%
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
%
47
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(1)
Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:
Subsidiaries
Key operation activities
Location
Percentage of ownership (%)
As of June 30,
2026
As of December 31,
2025
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
%
99.99
%
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 (*4)
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
%
61.62
%
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
%
80.96
%
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
%
62.62
%
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. (*3,5)
Power generation
Australia
74.04
%
74.04
%
Digital Innovation Growth Fund
Holding company
Korea
76.92
%
76.92
%
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
%
98.96
%
KOWEPO Holding Limited
Holding company
United Arab Emirates
100.00
%
100.00
%
Magna Energy New Industrial Fund
Holding company
Korea
71.30
%
71.30
%
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
%
100.00
%
KEPCO Yona America LLC
Holding company
USA
100.00
%
100.00
%
KEPCO SADAWI – FZCO
Holding company
United Arab Emirates
100.00
%
100.00
%
EWP Yona America LLC
Holding company
USA
100.00
%
100.00
%
KOMIPO Middle East Energy
L.L.C-FZ
Holding company
United Arab Emirates
100.00
%
100.00
%
Nuclear Energy Industry Growth Fund II
Holding company
Korea
99.99
%
99.99
%
UI Carbon-Neutrality Fund II
Holding company
Korea
79.80
%
—
48
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(1)
Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:
(*1)
Considering treasury stocks, the effective percentage of ownership is 51.24%.
(*2)
The effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed
consolidated financial statements as the Group obtained the majority of the voting power under the shareholders’ agreement.
(*3)
As of June 30, 2026, 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 effective percentage of ownership is less than 50%. However, this subsidiary is included in the condensed
consolidated financial statements as the Group has control over the board of directors under the shareholders’ agreement.
(*5)
Excluding preferred stocks, the percentage of ownership with voting rights is 100%.
(*6)
The ownership interest changed due to a disproportionate capital reduction with consideration during the year
ended December 31, 2025.
(*7)
This entity was liquidated during the
six-month
period ended
June 30, 2026.
(*8)
The ownership interest changed due to a disproportionate
paid-in
capital increase during the
six-month
period ended June 30, 2026.
(*9)
The ownership interest changed due to a disproportionate capital reduction with consideration during the
six-month
period ended June 30, 2026.
(2)
Subsidiaries newly included in the scope of consolidation and subsidiaries excluded from the scope of
consolidation during the
six-month
period ended June 30, 2026 are as follows:
<Subsidiaries included in consolidation during the
six-month
period ended June 30, 2026>
Subsidiaries
Reason
UI Carbon-Neutrality Fund II
New investment
<Subsidiaries excluded from consolidation during the
six-month
period ended June 30, 2026>
Subsidiaries
Reason
Songhyun
e-New
Industry Fund
Liquidation
49
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:
In millions of won
As of and for the six-month period ended
June 30, 2026
Subsidiaries
Total
assets
Total
liabilities
Sales
Profit (loss)
for the period
Korea Hydro & Nuclear Power Co., Ltd.
W
78,653,448
50,835,377
8,151,625
2,055,129
Korea South-East Power Co., Ltd.
12,307,538
6,863,341
2,948,417
(58,648
)
Korea Midland Power Co., Ltd.
13,926,199
9,659,984
2,600,670
(164,394
)
Korea Western Power Co., Ltd.
12,929,653
8,440,345
2,760,959
(53,668
)
Korea Southern Power Co., Ltd.
12,465,199
7,327,153
2,612,025
(8,448
)
Korea East-West Power Co., Ltd.
12,052,591
6,298,249
2,556,817
56,420
KEPCO Engineering & Construction Company, Inc.
791,895
199,185
216,618
16,829
KEPCO Plant Service & Engineering Co., Ltd.
1,668,619
331,974
770,089
67,138
KEPCO Nuclear Fuel Co., Ltd.
1,073,998
551,699
255,697
30,536
KEPCO KDN Co., Ltd.
753,821
228,401
361,597
12,626
KEPCO International HongKong Ltd.
158,515
—
—
3,712
KEPCO International Philippines Inc.
14,586
—
—
203
KEPCO Gansu International Ltd.
7,739
429
—
661
KEPCO Philippines Holdings Inc.
201,481
1,062
—
11,698
KEPCO Philippines Corporation
3,143
—
—
59
KEPCO Ilijan Corporation
32,867
290
—
(377
)
KEPCO Neimenggu International Ltd.
251,205
867
—
12,835
KEPCO Shanxi International Ltd.
865,342
365,736
—
35,755
KOMIPO Global Pte Ltd.
432,393
2,669
—
10,323
KEPCO Netherlands B.V.
154,249
100
—
(44
)
KEPCO Australia Pty., Ltd.
365
163
—
(35
)
KOSEP Australia Pty., Ltd.
61,631
2,386
—
(311
)
KOMIPO Australia Pty., Ltd.
61,508
4,914
12,922
(2,680
)
KOWEPO Australia Pty., Ltd.
51,823
16
—
1,668
KOSPO Australia Pty., Ltd.
42,266
16
—
1,518
KEPCO Middle East Holding Company
150,605
155,736
—
(2,692
)
Qatrana Electric Power Company
549,514
151,686
15,632
12,277
KHNP Canada Energy Ltd.
300,364
31,105
—
94
KEPCO Bylong Australia Pty., Ltd.
52,430
618,139
—
3,721
Korea Waterbury Uranium Limited Partnership
25,005
91
—
(66
)
KEPCO Holdings de Mexico
577
3,457
—
21
KST Electric Power Company, S.A.P.I. de C.V.
674,624
526,679
46,990
6,077
KEPCO Energy Service Company
3,600
1,865
6,600
552
KEPCO Netherlands S3 B.V.
57,847
167
—
673
PT. KOMIPO Pembangkitan Jawa Bali
22,693
3,876
14,572
5,199
PT. Cirebon Power Service
4,120
1,124
5,369
47
KOWEPO International Corporation
—
11
—
—
KOSPO Jordan LLC
36,508
13,789
24,087
5,307
EWP America Inc. (*1)
72,920
3,129
13,717
8,144
KNF Canada Energy Limited
2,627
43
—
(34
)
EWP Barbados 1 SRL
533,443
369
—
17,921
Gyeonggi Green Energy Co., Ltd.
264,604
344,961
52,957
(9,946
)
PT. Tanggamus Electric Power
224,686
129,348
4,101
5,291
Gyeongju Wind Power Co., Ltd.
76,144
30,538
9,115
1,448
KOMIPO America Inc. (*2)
618,695
288,813
8,701
4,681
PT. EWP Indonesia
110,931
15
—
4,040
KEPCO Netherlands J3 B.V.
171,660
6,019
—
29,304
Korea Offshore Wind Power Co., Ltd.
341,324
127,088
17,553
804
Global One Pioneer B.V.
1,887,457
136
—
35,598
Global Energy Pioneer B.V.
566
92
—
(55
)
Mira Power Limited
435,552
265,419
1,265
16,326
KOSEP Material Co., Ltd.
7,525
577
2,075
75
KEPCO KPS Philippines Corp.
7,176
1,621
1,201
(1,171
)
KOSPO Chile SpA
207,967
96,007
—
(981
)
50
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the
six-month
period ended June 30, 2026
Subsidiaries
Total
assets
Total
liabilities
Sales
Profit (loss)
for the period
Hee Mang Sunlight Power Co., Ltd.
W
5,935
2,331
286
45
Fujeij Wind Power Company
243,819
151,938
—
10,825
KOSPO Youngnam Power Co., Ltd.
326,979
213,247
169,608
5,627
Chitose Solar Power Plant LLC
87,552
78,521
7,509
1,321
KEPCO ES Co., Ltd.
336,425
23,454
4,781
3,228
KEPCO Solar Co., Ltd.
245,921
30,278
12,914
4,832
KOSPO Power Services Ltda.
13,618
9,484
9,329
1,694
Energy New Industry Specialized Investment Private
Investment Trust (*3)
481,805
10,273
12,324
(16,120
)
KOEN Bylong Pty., Ltd.
20
223
—
—
KOMIPO Bylong Pty., Ltd.
20
226
—
(7
)
KOWEPO Bylong Pty., Ltd.
20
225
—
—
KOSPO Bylong Pty., Ltd.
12
341
—
(41
)
EWP Bylong Pty., Ltd.
19
23
—
—
KOWEPO Lao International
14,980
1,031
6,332
2,725
KEPCO Mangilao Holdings LLC
104,122
53,539
438
(218
)
Mangilao Investment LLC
218,705
13,968
—
6,846
KEPCO Mangilao Solar, LLC
235,531
10,142
8,952
1,712
Jeju Hanlim Offshore Wind Co., Ltd.
634,797
556,873
36,379
1,869
PT. Siborpa Eco Power
21,652
7,204
—
(33
)
PT. Korea Energy Indonesia
14,385
5,686
8,883
4,330
KOLAT SpA
56,485
374
1,690
342
KEPCO California, LLC
54,222
7,859
355
(419
)
KEPCO Mojave Holdings, LLC
101,505
94,905
—
(2,407
)
Incheon Fuel Cell Co., Ltd.
213,329
223,727
33,927
(5,963
)
KOEN Service Co., Ltd.
9,431
5,325
20,127
461
KOMIPO Service Co., Ltd.
12,230
5,575
22,071
1,591
KOWEPO Service Co., Ltd.
10,635
6,302
23,834
903
KOSPO Service Co., Ltd.
9,015
4,960
17,930
899
EWP Service Co., Ltd.
7,362
4,216
15,460
692
PT. KOMIPO Energy Indonesia
5,589
131
2,570
1,180
KNF Partners Co., Ltd.
3,008
902
3,335
104
KOSPO USA Inc.
937,726
21,748
—
(319
)
KOSPO Niles LLC (formerly, Nambu USA LLC)
346,221
1,205
48
125,028
Tamra Offshore Wind Power Co., Ltd.
103,251
59,749
9,539
2,167
KEPCO MCS Co., Ltd.
55,257
57,334
128,494
(9,085
)
KEPCO FMS Co., Ltd.
25,025
22,286
58,127
318
Firstkeepers Co., Ltd.
32,608
16,811
53,759
1,971
Secutec Co., Ltd.
20,957
12,793
41,422
330
SE Green Energy Co., Ltd.
111,361
83,266
19,392
2
Mangilao Intermediate Holdings LLC
223,664
126,443
—
(2,229
)
KEPCO CSC Co., Ltd.
19,133
10,095
23,254
1,385
KOAK Power Limited
17,384
259
—
(142
)
KOMIPO Europe B.V.
97,247
133
351
2,129
Hangang Haenanum Seobu Power Energy Private Special Asset Investment Trust (Haenanum Energy
Fund)
7,464
3
594
575
Paju Ecoenergy Co., Ltd.
47,655
2,811
6,423
(1,141
)
Guam Ukudu Power LLC
992,895
871,340
22,083
(25,395
)
K-SOLAR
SHINAN Co., Ltd.
263,504
243,363
18,592
2,522
KPS Partners Co., Ltd.
5,085
2,589
7,820
474
KEPCO E&C Service Co., Ltd.
10,619
1,865
8,945
639
51
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the
six-month
period ended June 30, 2026
Subsidiaries
Total
assets
Total
liabilities
Sales
Profit (loss)
for the period
Moha solar Co., Ltd.
W
24,332
25,668
—
20
Ogiri Solar Power Co., Ltd.
1,035
21
—
(17
)
KHNP USA LLC
61,425
373
649
122
KOMIPO Vanphong Power Service LLC
44,252
2,229
18,942
9,065
Energy Innovation Fund I
41,035
2,325
—
(467
)
KHNP Chile SpA
4,953
3,665
—
81
Yeong Yang Apollon Photovoltaic Co., Ltd.
1,389
1,193
100
54
Yeong Yang Corporation Co., Ltd.
1,365
1,183
98
52
SolarVader Co., Ltd.
1,378
1,186
100
54
Yeong Yang Innovation Co., Ltd.
1,359
1,183
94
47
Yeong Yang Horus Photovoltaic Co., Ltd.
1,337
1,183
90
45
Yeong Yang Solar Management Co., Ltd.
1,389
1,186
102
57
LSG Hydro Power Limited
298
3
—
(75
)
KOEN Bio Co., Ltd.
1,983
1,468
1,261
69
KOMIPO Iberian Solar Group, S.L.U.
89,739
78,716
—
4,207
Jeongam Wind Power Co., Ltd.
66,229
57,266
4,290
(555
)
KOWEPO Europe B.V.
32
4,302
—
(105
)
Yeongdeok Sunrise Wind Power Co., Ltd.
107,989
83,548
7,229
1,368
KA Power Limited
6,760
3,471
—
(78
)
Western Power Changgi Solar Co., Ltd.
38,900
31,155
4,385
1,399
EWP Australia Pty., Ltd.
57,844
768
491
(2,182
)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)
382,846
276,319
9,777
(2,584
)
Digital Innovation Growth Fund
8,173
77
—
(1,195
)
KEPCO Holding Company
103,221
95,015
—
(668
)
KEPCO for Maintenance Company
5,390
10,070
3,292
444
KOSPO Trumbull LLC
501,448
56
—
(13
)
Changjuk Wind Power Co., Ltd.
27,494
2,575
3,232
2,143
Chile Solar JV SpA
90,362
75,216
5,004
(1,007
)
KEPCO KPS South Africa Pty., Ltd.
17,553
9,481
20,911
(1,521
)
KOWEPO Holding Limited
61,108
39,710
—
(89
)
KOSPO Rutile, LLC
55,691
388
979
1,120
KEPCO Yona America LLC
—
—
—
—
KEPCO SADAWI – FZCO
201
7
—
(179
)
EWP Yona America LLC
—
1
—
(1
)
KOMIPO Middle East Energy
L.L.C-FZ
1,425
420
—
(11
)
Nuclear Energy Industry Growth Fund II
14,040
50
—
(8
)
(*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, UI Carbon-Neutrality Fund II, 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.
52
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the year ended
December 31, 2025
Subsidiaries
Total assets
Total
liabilities
Sales
Profit (loss)
for the period
Korea Hydro & Nuclear Power Co., Ltd.
W
76,378,365
49,741,461
15,346,722
1,579,701
Korea South-East Power Co., Ltd.
12,476,339
6,456,780
6,509,651
290,916
Korea Midland Power Co., Ltd.
13,811,313
8,879,106
5,652,535
253,721
Korea Western Power Co., Ltd.
12,912,790
7,923,730
5,464,991
140,365
Korea Southern Power Co., Ltd.
12,392,402
6,686,458
6,100,647
338,992
Korea East-West Power Co., Ltd.
11,759,627
5,449,839
4,983,146
433,932
KEPCO Engineering & Construction Company, Inc.
883,518
258,552
518,768
85,368
KEPCO Plant Service & Engineering Co., Ltd.
1,687,760
350,731
1,545,256
123,796
KEPCO Nuclear Fuel Co., Ltd.
1,077,308
558,433
488,251
50,601
KEPCO KDN Co., Ltd.
721,868
178,913
773,511
54,656
KEPCO International HongKong Ltd.
143,964
—
—
6,256
KEPCO International Philippines Inc.
13,382
1
—
64
KEPCO Gansu International Ltd.
8,347
1,046
—
(58
)
KEPCO Philippines Holdings Inc.
224,385
321
—
63,550
KEPCO Philippines Corporation
2,987
4
—
120
KEPCO Ilijan Corporation
30,998
201
—
(2,228
)
KEPCO Neimenggu International Ltd.
220,764
119
—
(266
)
KEPCO Shanxi International Ltd.
779,800
350,253
—
(5,502
)
KOMIPO Global Pte Ltd.
393,031
3,992
—
9,259
KEPCO Netherlands B.V.
143,789
57
—
2,936
KEPCO Australia Pty., Ltd.
389
174
—
(22
)
KOSEP Australia Pty., Ltd.
57,023
1,117
19,672
7,192
KOMIPO Australia Pty., Ltd.
58,960
5,264
25,387
9,358
KOWEPO Australia Pty., Ltd.
100,454
38
17,109
4,864
KOSPO Australia Pty., Ltd.
42,150
5,311
17,109
3,666
KEPCO Middle East Holding Company
138,608
138,829
—
(7,010
)
Qatrana Electric Power Company
528,581
170,136
30,432
22,596
KHNP Canada Energy Ltd.
247,213
24,175
—
316
KEPCO Bylong Australia Pty., Ltd.
47,486
562,939
—
17,442
Korea Waterbury Uranium Limited Partnership
25,002
64
—
(122
)
KEPCO Holdings de Mexico
1,366
3,986
—
154
KST Electric Power Company, S.A.P.I. de C.V.
629,930
498,093
91,552
16,287
KEPCO Energy Service Company
4,733
3,683
15,711
328
KEPCO Netherlands S3 B.V.
77,919
18,595
—
1,706
PT. KOMIPO Pembangkitan Jawa Bali
17,032
3,540
21,982
1,074
PT. Cirebon Power Service
3,724
980
10,612
674
KOWEPO International Corporation
—
11
—
—
KOSPO Jordan LLC
43,705
26,213
14,446
3,446
EWP America Inc. (*1)
60,246
2,993
25,064
11,990
KNF Canada Energy Limited
2,445
32
—
(70
)
EWP Barbados 1 SRL
479,658
777
—
17,314
Gyeonggi Green Energy Co., Ltd.
236,006
306,417
71,149
(3,822
)
PT. Tanggamus Electric Power
213,263
129,988
3,876
7,737
Gyeongju Wind Power Co., Ltd.
84,225
33,877
16,636
3,889
KOMIPO America Inc. (*2)
594,895
286,998
25,586
14,841
PT. EWP Indonesia
103,086
48
—
7,007
KEPCO Netherlands J3 B.V.
173,301
19,880
—
(1,183
)
Korea Offshore Wind Power Co., Ltd.
342,516
129,083
43,562
8,209
Global One Pioneer B.V.
1,755,583
99
—
(261
)
Global Energy Pioneer B.V.
398
99
—
(184
)
Mira Power Limited
404,476
262,983
2,651
33,464
KOSEP Material Co., Ltd.
7,596
555
5,453
1,583
KEPCO KPS Philippines Corp.
7,853
1,326
8,123
967
KOSPO Chile SpA
191,746
86,580
—
5,074
53
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the year ended
December 31, 2025
Subsidiaries
Total
assets
Total
liabilities
Sales
Profit (loss)
for the period
Hee Mang Sunlight Power Co., Ltd.
W
5,882
2,323
559
39
Fujeij Wind Power Company
232,988
146,500
—
15,343
KOSPO Youngnam Power Co., Ltd.
330,664
220,060
315,616
3,322
Chitose Solar Power Plant LLC
84,332
77,481
15,122
2,674
KEPCO ES Co., Ltd.
336,045
23,142
9,516
6,320
KEPCO Solar Co., Ltd.
243,087
28,763
23,412
7,023
KOSPO Power Services Ltda.
12,674
10,361
16,919
403
Energy New Industry Specialized Investment Private Investment Trust (*3)
543,694
5,879
—
49,341
KOEN Bylong Pty., Ltd.
17
201
—
(18
)
KOMIPO Bylong Pty., Ltd.
18
197
—
(8
)
KOWEPO Bylong Pty., Ltd.
18
203
—
(24
)
KOSPO Bylong Pty., Ltd.
193
453
—
(24
)
EWP Bylong Pty., Ltd.
18
21
—
(4
)
KOWEPO Lao International
21,202
1,085
12,712
5,021
KEPCO Mangilao Holdings LLC
97,123
49,828
844
1,764
Mangilao Investment LLC
208,610
19,622
—
(19,432
)
KEPCO Mangilao Solar, LLC
213,916
741
17,346
2,961
Jeju Hanlim Offshore Wind Co., Ltd.
633,525
555,268
80,467
12,289
PT. Siborpa Eco Power
17,564
4,083
—
(62
)
PT. Korea Energy Indonesia
8,462
5,142
8,227
760
KOLAT SpA
53,759
377
2,963
1,061
KEPCO California, LLC
50,809
7,248
672
(518
)
KEPCO Mojave Holdings, LLC
95,077
88,595
—
(4,491
)
Incheon Fuel Cell Co., Ltd.
212,662
217,098
75,963
(20,384
)
KOEN Service Co., Ltd.
8,055
4,959
41,138
171
KOMIPO Service Co., Ltd.
11,114
6,010
40,652
1,560
KOWEPO Service Co., Ltd.
10,223
6,762
44,485
271
KOSPO Service Co., Ltd.
7,875
4,718
34,049
593
EWP Service Co., Ltd.
7,234
4,462
29,819
1,296
PT. KOMIPO Energy Indonesia
5,855
1,616
5,425
1,421
54
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16. Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the year ended
December 31, 2025
Subsidiaries
Total assets
Total
liabilities
Sales
Profit (loss)
for the period
KNF Partners Co., Ltd.
W
3,222
1,220
7,416
429
KOSPO USA Inc.
853,452
509
—
(5,976
)
KOSPO Niles LLC
353,430
1,077
532
33,255
Tamra Offshore Wind Power Co., Ltd.
102,795
64,577
16,720
281
KEPCO MCS Co., Ltd.
63,700
54,752
280,479
(19,492
)
KEPCO FMS Co., Ltd.
23,883
21,889
117,234
220
Firstkeepers Co., Ltd.
27,337
14,052
102,366
4,563
Secutec Co., Ltd.
18,000
12,273
81,175
431
SE Green Energy Co., Ltd.
120,726
92,633
38,335
(407
)
Mangilao Intermediate Holdings LLC
212,243
119,591
—
(8,057
)
KEPCO CSC Co., Ltd.
20,227
12,573
50,773
2,084
KOAK Power Limited
16,089
126
—
(170
)
KOMIPO Europe B.V.
91,488
89
1,214
(3,124
)
Hangang Haenanum Seobu Power Energy Private Special Asset Investment Trust (Haenanum Energy
Fund)
7,416
3
951
902
Paju Ecoenergy Co., Ltd.
60,776
2,791
16,199
1,477
Guam Ukudu Power LLC
922,687
793,769
31,801
(34,266
)
K-SOLAR
SHINAN Co., Ltd.
265,222
248,630
33,441
746
KPS Partners Co., Ltd.
4,300
2,422
14,787
238
KEPCO E&C Service Co., Ltd.
10,278
2,208
16,789
1,321
Moha solar Co., Ltd.
25,401
26,861
—
985
Ogiri Solar Power Co., Ltd.
1,052
21
—
(22
)
KHNP USA LLC
59,782
391
1,244
157
KOMIPO Vanphong Power Service LLC
35,596
5,201
30,289
7,091
Energy Innovation Fund I
43,596
1,194
—
(790
)
KHNP Chile SpA
4,650
3,433
—
(48
)
Yeong Yang Apollon Photovoltaic Co., Ltd.
1,379
1,237
208
44
Yeong Yang Corporation Co., Ltd.
1,356
1,227
204
40
SolarVader Co., Ltd.
1,368
1,230
206
42
Yeong Yang Innovation Co., Ltd.
1,356
1,227
200
36
Yeong Yang Horus Photovoltaic Co., Ltd.
1,337
1,228
192
28
55
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(3)
The summarized financial information of consolidated subsidiaries as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the year ended
December 31, 2025
Subsidiaries
Total
assets
Total
liabilities
Sales
Profit (loss)
for the period
Yeong Yang Solar Management Co., Ltd.
W
1,376
1,230
213
49
LSG Hydro Power Limited
350
4
—
(250
)
KOEN Bio Co., Ltd.
1,371
925
1,872
(35
)
KOMIPO Iberian Solar Group, S.L.U.
76,791
74,519
—
(6,552
)
Jeongam Wind Power Co., Ltd.
68,826
59,308
8,189
(1,084
)
KOWEPO Europe B.V.
51
4,036
—
(145
)
Yeongdeok Sunrise Wind Power Co., Ltd.
109,860
84,334
11,908
(617
)
KA Power Limited
6,373
3,258
—
(31
)
Western Power Changgi Solar Co., Ltd.
38,918
32,572
6,485
(109
)
EWP Australia Pty., Ltd.
54,134
461
—
(16,420
)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)
348,779
247,899
12,210
(22,288
)
Digital Innovation Growth Fund
9,506
215
—
1,650
KEPCO Holding Company
201,433
197,847
—
(56
)
KEPCO for Maintenance Company
4,522
1,307
8,920
3,889
KOSPO Trumbull LLC
466,732
—
—
359
Changjuk Wind Power Co., Ltd.
25,394
2,618
6,921
657
Chile Solar JV SpA
91,608
73,301
8,079
2,419
KEPCO KPS South Africa Pty., Ltd.
18,991
10,106
30,900
1,979
KOWEPO Holding Limited
21,077
1,072
—
11,875
KOSPO Rutile, LLC
50,508
112
373
557
KEPCO Yona America LLC
—
—
—
—
KEPCO SADAWI – FZCO
389
—
—
(83
)
EWP Yona America LLC
—
—
—
—
KOMIPO Middle East Energy
L.L.C-FZ
1,327
380
—
(7
)
Nuclear Energy Industry Growth Fund II
7,004
7
—
(3
)
(*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.
56
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(4)
Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2026 are as
follows:
Company
Nature and extent of any significant
restrictions
Gyeonggi Green Energy Co., Ltd.
Acquisition or disposal of assets of more than
W
10 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
W
20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require
unanimous consent of all directors of the 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.
57
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(4)
Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2026 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 may not be made without the prior written consent of the majority of the lenders, and dividends can be paid 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 without the lender’s prior written consent is restricted. 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 June 30, 2026, 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.
58
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(6)
Details of
non-controlling
interests prior to intra-company
eliminations as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
As of and for the
six-month
period ended June 30, 2026
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
32,091
996,764
456,811
1,428,746
2,914,412
Non-current
assets
776
671,855
335,084
4,570,361
5,578,076
Current liabilities
(290
)
(326,489
)
(195,027
)
(1,099,400
)
(1,621,206
)
Non-current
liabilities
—
(5,485
)
(4,158
)
(2,600,279
)
(2,609,922
)
Net assets
32,577
1,336,645
592,710
2,299,428
4,261,360
Book value of
non-controlling
interests
15,963
654,956
289,006
209,459
1,169,384
Sales
—
770,089
216,618
621,754
1,608,461
Profit for the period
(377
)
67,138
16,829
89,044
172,634
Profit for the period attributable to
non-controlling
interests
(185
)
32,898
8,206
(4,427
)
36,492
Cash flows from operating activities
(292
)
(17,927
)
(23,462
)
472,196
430,515
Cash flows from investing activities
(2
)
122,348
70,304
(27,353
)
165,297
Cash flows from financing activities before dividends to
non-controlling
interests
—
(46,918
)
(26,749
)
(314,444
)
(388,111
)
Dividends to
non-controlling
interests
—
(36,405
)
(24,987
)
(1,103
)
(62,495
)
Effect of exchange rate fluctuation
2,186
1,751
102
15,312
19,351
Net increase (decrease) in cash and cash equivalents
1,892
22,849
(4,792
)
144,608
164,557
In millions of won
As of and for the year ended
December 31, 2025
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
30,284
987,560
540,208
1,285,167
2,843,219
Non-current
assets
714
700,200
343,310
4,508,792
5,553,016
Current liabilities
(201
)
(344,162
)
(253,981
)
(1,025,572
)
(1,623,916
)
Non-current
liabilities
—
(6,569
)
(4,571
)
(2,594,928
)
(2,606,068
)
Net assets
30,797
1,337,029
624,966
2,173,459
4,166,251
Book value of
non-controlling
interests
15,091
655,144
304,734
178,033
1,153,002
Sales
—
1,545,256
518,768
1,157,679
3,221,703
Profit for the period
(2,228
)
123,796
85,368
108,860
315,796
Profit for the period attributable to
non-controlling
interests
(1,092
)
60,660
41,625
20,545
121,738
Cash flows from operating activities
(1,752
)
136,753
26,999
378,589
540,589
Cash flows from investing activities
22
30,866
(7,722
)
(111,354
)
(88,188
)
Cash flows from financing activities before dividends to
non-controlling
interests
(24,464
)
(70,264
)
(20,479
)
(202,212
)
(317,419
)
Dividends to
non-controlling
interests
—
(54,441
)
(18,530
)
(9,342
)
(82,313
)
Effect of exchange rate fluctuation
(1,603
)
(670
)
(35
)
(4,794
)
(7,102
)
Net increase (decrease) in cash and cash equivalents
(27,797
)
42,244
(19,767
)
50,887
45,567
59
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
16.
Consolidated Subsidiaries, Continued
(7)
Changes in goodwill
(i)
Details of goodwill as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Acquisition cost
W
101,975
101,885
Less: accumulated impairment
(2,582
)
(2,582
)
Carrying book value
W
99,393
99,303
(ii)
Changes in goodwill for the
six-month
period ended June 30, 2026
and for the year ended December 31, 2025 are as follows:
In millions of won
For the
six-month
period ended June 30, 2026
Beginning
Increase
Decrease
Impairment
Others
Ending
Acquisition cost
W
101,885
—
—
—
90
101,975
Less: accumulated impairment
(2,582
)
—
—
—
—
(2,582
)
Carrying book value
W
99,303
—
—
—
90
99,393
In millions of won
For the year ended December 31, 2025
Beginning
Increase
Decrease
Impairment
Others
Ending
Acquisition cost
W
101,761
—
—
—
124
101,885
Less: accumulated impairment
(2,582
)
—
—
—
—
(2,582
)
Carrying book value
W
99,179
—
—
—
124
99,303
(8)
Disposals of subsidiaries
The Group completed the liquidation of Songhyun
e-New
Industry Fund during the
six-month
period ended June 30, 2026. In addition, the Group disposed of a portion of its equity interest in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate during
the year ended December 31, 2025. Also, the Group completed the liquidation of J Wind First, LLC and Sprott Chile Solar I SpA during the year ended December 31, 2025.
60
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures
(1)
Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as
follows:
In millions of won
As of June 30, 2026
Investees
Key operation activities
Location
Percentage
of ownership
Acquisition
cost
Book
value
<Associates>
Korea Gas Corporation (*1)
Importing and wholesaling LNG
Korea
20.47
%
W
94,500
2,491,023
Hyundai Green Power Co., Ltd.
Power generation equipment consignment and operation service
Korea
29.00
%
88,885
83,816
Korea Power Exchange (*2)
Management of power market and others
Korea
100.00
%
127,839
264,247
Daeryun Power Co., Ltd. (*3)
Power generation
Korea
6.85
%
46,373
36,803
SPC Power Corporation (*4)
Power generation
Philippines
38.00
%
20,635
117,455
Gemeng International Energy Co., Ltd.
Power generation
China
42.00
%
516,007
909,752
PT. Cirebon Electric Power
Power generation
Indonesia
27.50
%
40,365
177,198
PT Wampu Electric Power
Power generation
Indonesia
46.00
%
21,292
37,500
PT. Bayan Resources TBK
Resources development
Indonesia
20.00
%
615,860
720,023
S-Power
Co., Ltd.
Power generation
Korea
49.00
%
132,300
209,834
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
Power generation
Laos
25.00
%
87,426
80,452
Goseong Green Power Co., Ltd.
Power generation
Korea
29.00
%
262,740
266,316
Gangneung Eco Power Co., Ltd.
Power generation
Korea
29.00
%
261,000
228,099
Shin Pyeongtaek Power Co., Ltd. (*16)
Power generation
Korea
48.60
%
72,000
136,802
Dongducheon Dream Power Co., Ltd. (*5)
Power generation
Korea
33.61
%
148,105
104,219
GS Donghae Electric Power Co., Ltd.
Power generation
Korea
34.00
%
204,000
296,081
Nepal Water & Energy Development Company Private Limited (*6,19)
Construction and operation of utility plant
Nepal
55.67
%
110,332
193,164
Indeck Niles Development, LLC
Overseas investment business
USA
50.00
%
249,274
264,730
Saemangeum Sebit Power Plant Co., Ltd. (*7)
Power generation
Korea
55.14
%
21,037
38,657
PT. Cirebon Energi Prasarana (*8)
Power generation
Indonesia
10.00
%
26,710
105,244
Shinan-Ui
Offshore Wind Power Co., Ltd. (*8)
Power generation
Korea
18.84
%
96,100
92,678
Others (Taebaek Guinemi Wind Power Co., Ltd. and 88 others)
268,218
337,991
3,510,998
7,192,084
<Joint ventures>
Shuweihat Asia Power Investment B.V.
Overseas investment business
Netherlands
49.00
%
44,405
94,616
KEPCO SPC Power Corporation (*4,10)
Construction and operation of utility plant
Philippines
60.00
%
94,579
121,337
Datang Chifeng Renewable Power Co., Ltd.
Power generation
China
40.00
%
121,928
237,991
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
Power generation
China
40.00
%
39,872
55,950
Rabigh Electricity Company (*9)
Power generation
Saudi
Arabia
40.00
%
109,743
307,832
Jamaica Public Service Company Limited
Power generation
Jamaica
40.00
%
301,910
459,688
Amman Asia Electric Power Company (*10)
Power generation
Jordan
60.00
%
111,476
277,264
Chun-cheon Energy Co., Ltd.
Power generation
Korea
29.90
%
52,700
36,669
Nghi Son 2 Power LLC
Power generation
Vietnam
50.00
%
175,261
663,795
Kelar S.A. (*14)
Power generation
Chile
65.00
%
78,060
174,581
PT. Tanjung Power Indonesia
Power generation
Indonesia
35.00
%
57,039
105,495
Barakah One Company (*11)
Power generation
UAE
18.00
%
1,794,166
1,737,112
Daegu Green Power Co., Ltd. (*12)
Power generation
Korea
29.00
%
46,225
32,962
Yeonggwang Wind Power Co., Ltd.
Power generation
Korea
46.00
%
17,475
27,958
South Jamaica Power Company Limited
Power generation
Jamaica
20.00
%
20,430
53,378
RE Holiday Holdings LLC
Power generation
USA
50.00
%
42,948
81,422
RE Pioneer Holdings LLC
Power generation
USA
50.00
%
27,891
48,958
RE Barren Ridge 1 Holdings LLC
Power generation
USA
50.00
%
28,021
55,401
Solar Philippines Calatagan Corporation
Power generation
Philippines
38.00
%
47,903
59,934
PT Barito Wahana Tenaga
Power generation
Indonesia
30.61
%
59,574
263,409
Cheongna Energy Co., Ltd. (*13)
Generating and distributing vapor and hot/cold water
Korea
50.10
%
49,344
79,437
Naepo Green Energy Co., Ltd. (*17)
Power generation
Korea
29.20
%
29,200
70,984
OneEnergy Asia Limited
Power generation
Vietnam
40.00
%
296,872
556,723
Prime Swedish Holding AB
Overseas investment business
Sweden
45.00
%
35,410
41,964
Namyangju Combined Heat and Power Co., Ltd. (*14)
Generating and distributing vapor and hot/cold water
Korea
70.10
%
149,313
146,592
61
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(1)
Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as
follows, continued:
In millions of won
As of June 30, 2026
Investees
Key operation activities
Location
Percentage
of ownership
Acquisition
cost
Book
value
<Joint ventures>
Trumbull Development Partners, LLC (*15)
Overseas investment business
USA
56.23
%
W
442,880
461,983
Grove Energy Capital IV, LLC (*18)
Overseas investment business
USA
16.00
%
58,900
51,768
Others (Dangjin Ecopower Co., Ltd. and 99 others)
697,415
713,161
5,030,940
7,018,364
W
8,541,938
14,210,448
(*1)
The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
(*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 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.
(*4)
The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or
proceeds of sales are not specified as of June 30, 2026.
(*5)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred
stock into ordinary stock.
(*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 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 less than 20%. However, the entity is classified as an associate
because the Group exercises significant influence over the critical decisions related to finance and operation.
(*9)
The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions
must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
(*10)
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.
(*11)
The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions
must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
(*12)
Although the nominal percentage of ownership of Daegu Green Power Co., Ltd. is 29.00%, the effective percentage
of ownership is 54.2%, considering the interest of financial investors as a liability component. In addition, the entity was classified as a joint venture considering the minimum board voting-right requirement for decisions on significant financial
and operating policies under the joint shareholders’ agreement.
(*13)
Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a
joint venture because decisions on relevant activities require the unanimous consent of all parties.
(*14)
Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a
joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.
(*15)
Although the Group’s ownership interest exceeds 50%, the investee is classified as a joint venture
considering the minimum required board voting rights for significant financial and operating policies under the joint agreement between shareholders.
(*16)
The nominal ownership percentage of Shin Pyeongtaek Power Co., Ltd. is 48.6%, and the effective ownership
percentage considering redeemable convertible preferred shares is 40%.
(*17)
Although the Group’s ownership percentage is less than 50%, it is classified as a joint venture
considering the minimum required voting rights at the board of directors for significant financial and operating policies under the joint agreement between shareholders.
(*18)
Although the Group’s ownership percentage is less than 50%, it is classified as a joint venture as
unanimous consent is required for decisions on relevant activities.
(*19)
The Group’s ownership percentage changed due to a disproportionate capital increase by a financial
investor during the
six-month
period ended June 30, 2026.
62
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(1)
Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as
follows, continued:
In millions of won
As of December 31, 2025
Investees
Key operation activities
Location
Percentage
of ownership
Acquisition
cost
Book
value
<Associates>
Korea Gas Corporation (*1)
Importing and wholesaling LNG
Korea
20.47
%
W
94,500
2,283,535
Hyundai Green Power Co., Ltd.
Power generation equipment consignment and operation service
Korea
29.00
%
88,885
86,549
Korea Power Exchange (*2)
Management of power market
and others
Korea
100.00
%
127,839
262,069
Daeryun Power Co., Ltd. (*3)
Power generation
Korea
6.85
%
46,373
34,475
SPC Power Corporation (*4)
Power generation
Philippines
38.00
%
20,635
107,067
Gemeng International Energy Co., Ltd.
Power generation
China
42.00
%
516,007
812,292
PT. Cirebon Electric Power
Power generation
Indonesia
27.50
%
40,365
162,112
PT Wampu Electric Power
Power generation
Indonesia
46.00
%
21,292
36,516
PT. Bayan Resources TBK
Resources development
Indonesia
20.00
%
615,860
731,714
S-Power
Co., Ltd.
Power generation
Korea
49.00
%
132,300
200,335
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
Power generation
Laos
25.00
%
87,426
65,612
Goseong Green Power Co., Ltd.
Power generation
Korea
29.00
%
262,740
276,085
Gangneung Eco Power Co., Ltd.
Power generation
Korea
29.00
%
261,000
227,683
Shin Pyeongtaek Power Co., Ltd. (*16)
Power generation
Korea
48.60
%
72,000
148,586
Dongducheon Dream Power Co., Ltd. (*5)
Power generation
Korea
33.61
%
148,105
102,321
GS Donghae Electric Power Co., Ltd.
Power generation
Korea
34.00
%
204,000
286,796
Nepal Water & Energy Development Company Private Limited (*6,18)
Construction and operation of
utility plant
Nepal
66.10
%
110,332
192,705
Indeck Niles Development, LLC
Holding company
USA
50.00
%
249,274
363,675
Saemangeum Sebit Power Plant Co., Ltd. (*7)
Power generation
Korea
55.14
%
21,037
37,662
PT. Cirebon Energi Prasarana (*8)
Power generation
Indonesia
10.00
%
26,710
94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)
261,969
339,662
W
3,408,649
6,851,456
63
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(1)
Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as
follows, continued:
In millions of won
As of December 31, 2025
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
82,230
KEPCO SPC Power Corporation (*4,10)
Construction and operation of utility plant
Philippines
60.00
%
94,579
119,443
Datang Chifeng Renewable Power Co., Ltd.
Power generation
China
40.00
%
121,928
212,130
Datang KEPCO Chaoyang Renewable Power Co.,
Ltd.
Power generation
China
40.00
%
39,872
49,501
Rabigh Electricity Company (*9)
Power generation
Saudi
Arabia
40.00
%
109,743
285,805
Jamaica Public Service Company Limited
Power generation
Jamaica
40.00
%
301,910
412,277
Amman Asia Electric Power Company (*10)
Power generation
Jordan
60.00
%
111,476
274,751
Chun-cheon Energy Co., Ltd.
Power generation
Korea
29.90
%
52,700
36,703
Nghi Son 2 Power LLC
Power generation
Vietnam
50.00
%
175,261
566,700
Kelar S.A. (*14)
Power generation
Chile
65.00
%
78,060
153,294
PT. Tanjung Power Indonesia
Power generation
Indonesia
35.00
%
57,039
98,221
Barakah One Company (*11)
Power generation
UAE
18.00
%
1,794,166
1,672,507
Daegu Green Power Co., Ltd. (*12)
Power generation
Korea
29.00
%
46,225
31,119
Yeonggwang Wind Power Co., Ltd.
Power generation
Korea
46.00
%
17,475
29,258
South Jamaica Power Company Limited
Power generation
Jamaica
20.00
%
20,430
48,675
RE Holiday Holdings LLC
Power generation
USA
50.00
%
42,948
80,631
RE Pioneer Holdings LLC
Power generation
USA
50.00
%
27,891
48,831
RE Barren Ridge 1 Holdings LLC
Power generation
USA
50.00
%
28,021
54,825
Solar Philippines Calatagan Corporation
Power generation
Philippines
38.00
%
47,903
61,113
PT Barito Wahana Tenaga
Power generation
Indonesia
30.61
%
59,574
225,828
Cheongna Energy Co., Ltd. (*13)
Generating and distributing vapor
and hot/cold water
Korea
50.10
%
49,344
67,846
Naepo Green Energy Co., Ltd. (*17)
Power generation
Korea
29.20
%
29,200
59,242
OneEnergy Asia Limited
Power generation
Vietnam
40.00
%
296,872
494,403
Prime Swedish Holding AB
Holding company
Sweden
45.00
%
35,410
38,664
Namyangju Combined Heat and Power Co., Ltd. (*14)
Generating and distributing vapor
and hot/cold water
Korea
70.10
%
149,313
147,146
Trumbull Development Partners, LLC (*15)
Holding company
USA
56.23
%
415,467
439,268
Others (Dangjin Eco Power Co., Ltd. and 95 others)
703,432
721,921
4,950,644
6,512,332
W
8,359,293
13,363,788
(*1)
The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.
(*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 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.
(*4)
The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or
proceeds of sales are not specified as of December 31, 2025.
(*5)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred
stock into ordinary stock.
(*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 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 less than 20%. However, the entity is classified as an associate
because the Group exercises significant influence over the critical decisions related to finance and operation.
(*9)
The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions
must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
(*10)
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.
64
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(1)
Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as
follows, continued:
(*11)
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 a joint venture.
(*12)
Although the nominal percentage of ownership of Daegu Green Power Co., Ltd. is 29.00%, the effective percentage
of ownership is 54.2%, considering the interest of financial investors as a liability component. In addition, the entity was classified as a joint venture considering the minimum board voting-right requirement for decisions on significant financial
and operating policies under the joint shareholders’ agreement.
(*13)
Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant
activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.
(*14)
Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a
joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.
(*15)
Although the Group’s ownership interest exceeds 50%, the investee is classified as a joint venture
considering the minimum required board voting rights for significant financial and operating policies under the joint agreement between shareholders.
(*16)
The nominal ownership percentage of Shin Pyeongtaek Power Co., Ltd. is 48.6%, and the effective ownership
percentage considering redeemable convertible preferred shares is 40%.
(*17)
Although the Group’s ownership percentage is less than 50%, it is classified as a joint venture
considering the minimum required voting rights at the board of directors for significant financial and operating policies under the joint agreement between shareholders.
(*18)
The Group’s ownership percentage changed due to a disproportionate capital increase by a financial
investor during the year ended December 31, 2025.
65
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
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 June 30,
2026 and December 31, 2025 are as follows:
In millions of won
Investees
As of June 30, 2026
As of December 31, 2025
<Associates>
Korea Electric Power Industrial Development Co., Ltd.
W
109,855
98,511
Korea Gas Corporation
603,855
742,770
SPC Power Corporation
152,896
134,901
PT. Bayan Resources TBK
6,580,800
8,959,467
66
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(3)
Changes in investments in associates and joint ventures for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended
June 30, 2026
Investees
Beginning
balance
Acquisition
Disposals
Dividends
received
Share of
income
(loss)
Other
comprehen-
sive income
(loss)
Others
Ending
balance
<Associates>
Korea Gas Corporation
W
2,283,535
—
—
(21,811
)
192,284
35,967
1,048
2,491,023
Hyundai Green Power Co., Ltd.
86,549
—
—
(3,555
)
822
—
—
83,816
Korea Power Exchange
262,069
—
—
—
2,178
—
—
264,247
Daeryun Power Co., Ltd.
34,475
—
—
—
2,327
—
1
36,803
SPC Power Corporation
107,067
—
—
—
6,657
3,731
—
117,455
Gemeng International Energy Co., Ltd.
812,292
—
—
(40,867
)
46,552
91,775
—
909,752
PT. Cirebon Electric Power
162,112
—
—
—
2,928
12,158
—
177,198
PT Wampu Electric Power
36,516
—
—
(2,048
)
555
2,477
—
37,500
PT. Bayan Resources TBK
731,714
—
—
(153,194
)
82,955
58,600
(52
)
720,023
S-Power
Co., Ltd.
200,335
—
—
—
9,499
—
—
209,834
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
65,612
—
—
—
9,306
5,534
—
80,452
Goseong Green Power Co., Ltd.
276,085
—
—
—
(9,769
)
—
—
266,316
Gangneung Eco Power Co., Ltd.
227,683
—
—
—
416
—
—
228,099
Shin Pyeongtaek Power Co., Ltd.
148,586
—
—
(8,000
)
(3,784
)
—
—
136,802
Dongducheon Dream Power Co., Ltd.
102,321
—
—
—
1,898
—
—
104,219
GS Donghae Electric Power Co., Ltd.
286,796
—
—
—
9,285
—
—
296,081
Nepal Water & Energy Development Company
Private Limited
192,705
—
—
—
(13,554
)
14,013
—
193,164
Indeck Niles Development, LLC
363,675
—
—
(125,149
)
46,362
(20,158
)
—
264,730
Saemangeum Sebit Power Plant Co., Ltd.
37,662
—
—
—
995
—
—
38,657
PT. Cirebon Energi Prasarana
94,005
—
—
—
2,904
8,335
—
105,244
Shinan-Ui
Offshore Wind Power Co., Ltd.
—
96,100
—
—
(6,407
)
—
2,985
92,678
Others (Taebaek Guinemi Wind Power Co., Ltd. and 89 others)
339,662
9,516
(2,868
)
(19,226
)
5,993
5,377
(463
)
337,991
6,851,456
105,616
(2,868
)
(373,850
)
390,402
217,809
3,519
7,192,084
<Joint ventures>
Shuweihat Asia Power Investment B.V.
82,230
—
—
—
1,944
10,442
—
94,616
KEPCO SPC Power Corporation
119,443
—
—
(5,942
)
3,842
3,994
—
121,337
Datang Chifeng Renewable Power Co., Ltd.
212,130
—
—
(13,830
)
2,365
37,326
—
237,991
Datang KEPCO Chaoyang Renewable Power
Co., Ltd.
49,501
—
—
—
927
5,522
—
55,950
Rabigh Electricity Company
285,805
—
—
—
(1,293
)
23,320
—
307,832
Jamaica Public Service Company Limited
412,277
—
—
—
16,155
31,256
—
459,688
Amman Asia Electric Power Company
274,751
—
—
(28,450
)
10,163
20,800
—
277,264
Chun-cheon Energy Co., Ltd.
36,703
—
—
—
(34
)
—
—
36,669
Nghi Son 2 Power LLC
566,700
—
—
—
40,996
56,099
—
663,795
Kelar S.A.
153,294
—
—
—
9,528
11,513
246
174,581
PT. Tanjung Power Indonesia
98,221
—
—
(4,620
)
4,129
8,932
(1,167
)
105,495
Barakah One Company
1,672,507
—
—
(35,691
)
(6,473
)
106,769
—
1,737,112
Daegu Green Power Co., Ltd.
31,119
—
—
—
1,843
—
—
32,962
Yeonggwang Wind Power Co., Ltd.
29,258
—
—
—
(1,300
)
—
—
27,958
South Jamaica Power Company Limited
48,675
—
—
(1,155
)
2,241
3,617
—
53,378
RE Holiday Holdings LLC
80,631
—
—
—
(4,843
)
5,634
—
81,422
RE Pioneer Holdings LLC
48,831
—
—
—
(3,422
)
3,549
—
48,958
RE Barren Ridge 1 Holdings LLC
54,825
—
—
(1,484
)
(1,919
)
3,979
—
55,401
Solar Philippines Calatagan Corporation
61,113
—
—
(6,351
)
3,176
1,996
—
59,934
PT Barito Wahana Tenaga
225,828
—
—
—
18,505
19,076
—
263,409
67
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(3)
Changes in investments in associates and joint ventures for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:
In millions of won
For the six-month period ended
June 30, 2026
Investees
Beginning
balance
Acquisition
Disposals
Dividends
received
Share of
income
(loss)
Other
comprehen-
sive income
(loss)
Others
Ending
balance
<Joint ventures>
Cheongna Energy Co., Ltd.
W
67,846
—
—
—
11,591
—
—
79,437
Naepo Green Energy Co., Ltd.
59,242
—
—
(11,972
)
23,714
—
—
70,984
OneEnergy Asia Limited
494,403
—
—
—
22,500
39,820
—
556,723
Prime Swedish Holding AB
38,664
—
—
—
2,310
990
—
41,964
Namyangju Combined Heat and Power Co., Ltd.
147,146
—
—
—
(554
)
—
—
146,592
Trumbull Development Partners, LLC
439,268
27,413
—
—
(39,200
)
34,502
—
461,983
Grove Energy Capital IV, LLC
—
58,900
—
—
(8,588
)
1,456
—
51,768
Others (Dangjin Ecopower Co., Ltd. and 101 others)
721,921
27,560
(3,159
)
(18,403
)
11,646
19,111
(45,515
)
713,161
6,512,332
113,873
(3,159
)
(127,898
)
119,949
449,703
(46,436
)
7,018,364
W
13,363,788
219,489
(6,027
)
(501,748
)
510,351
667,512
(42,917
)
14,210,448
68
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(3)
Changes in investments in associates and joint ventures for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:
In millions of won
For the year ended December 31,
2025
Investees
Beginning
balance
Acquisition
Disposals
Dividends
received
Share of
income
(loss)
Other
comprehen-
sive income
(loss)
Others
Ending
balance
<Associates>
Korea Gas Corporation
W
2,289,304
—
—
(27,500
)
28,811
(5,964
)
(1,116
)
2,283,535
Hyundai Green Power Co., Ltd.
87,393
—
—
(3,555
)
2,678
—
33
86,549
Korea Power Exchange
273,962
—
—
—
(5,173
)
—
(6,720
)
262,069
Daeryun Power Co., Ltd.
31,093
—
—
—
3,381
—
1
34,475
SPC Power Corporation
107,574
—
—
(16,876
)
20,767
(4,398
)
—
107,067
Gemeng International Energy Co., Ltd.
728,338
—
—
(19,510
)
87,732
15,732
—
812,292
PT. Cirebon Electric Power
157,530
—
—
—
8,270
(3,688
)
—
162,112
PT Wampu Electric Power
39,268
—
—
(3,928
)
1,699
(523
)
—
36,516
PT. Bayan Resources TBK
717,376
—
—
(109,528
)
142,742
(18,784
)
(92
)
731,714
S-Power
Co., Ltd.
180,372
—
—
—
19,962
1
—
200,335
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
73,065
—
—
—
(4,845
)
(2,608
)
—
65,612
Goseong Green Power Co., Ltd.
284,542
—
—
—
(8,457
)
—
—
276,085
Gangneung Eco Power Co., Ltd.
241,814
—
—
—
(14,131
)
—
—
227,683
Shin Pyeongtaek Power Co., Ltd.
139,059
—
—
—
9,523
—
4
148,586
Dongducheon Dream Power Co., Ltd.
91,351
—
—
—
10,975
—
(5
)
102,321
GS Donghae Electric Power Co., Ltd.
279,432
—
—
(12,029
)
19,675
—
(282
)
286,796
Nepal Water & Energy Development Company Private Limited
170,955
—
—
—
25,028
(3,278
)
—
192,705
Indeck Niles Development, LLC
370,970
—
—
(37,126
)
60,484
(30,653
)
—
363,675
Saemangeum Sebit Power Plant Co., Ltd.
37,110
—
—
—
552
—
—
37,662
PT. Cirebon Energi Prasarana
96,846
—
—
—
3,341
(6,182
)
—
94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)
307,400
15,109
(1,791
)
(15,384
)
32,434
11
1,883
339,662
6,704,754
15,109
(1,791
)
(245,436
)
445,448
(60,334
)
(6,294
)
6,851,456
<Joint ventures>
Shuweihat Asia Power Investment B.V.
86,450
—
—
(1,087
)
1,699
(4,832
)
—
82,230
KEPCO SPC Power Corporation
159,139
—
—
(39,832
)
6,106
(5,970
)
—
119,443
Datang Chifeng Renewable Power Co., Ltd.
204,516
—
—
—
3,974
3,640
—
212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
48,325
—
—
—
330
846
—
49,501
Rabigh Electricity Company
269,893
—
—
(1,696
)
28,441
(10,833
)
—
285,805
Jamaica Public Service Company Limited
412,616
—
—
(9,700
)
14,193
(5,435
)
603
412,277
Amman Asia Electric Power Company
268,864
—
—
—
17,500
(11,613
)
—
274,751
Chun-cheon Energy Co., Ltd.
36,599
—
—
—
104
—
—
36,703
Nghi Son 2 Power LLC
563,079
—
—
—
44,061
(40,440
)
—
566,700
Kelar S.A.
152,367
—
—
—
7,027
(6,100
)
—
153,294
PT. Tanjung Power Indonesia
100,580
—
—
(4,785
)
7,202
(4,229
)
(547
)
98,221
Barakah One Company
—
1,794,047
—
—
(92,162
)
(29,378
)
—
1,672,507
Daegu Green Power Co., Ltd.
30,513
—
—
—
583
—
23
31,119
Yeonggwang Wind Power Co., Ltd.
26,146
—
—
—
3,112
—
—
29,258
South Jamaica Power Company Limited
48,760
—
—
(3,618
)
4,568
(1,035
)
—
48,675
RE Holiday Holdings LLC
89,780
—
—
—
(6,460
)
(2,689
)
—
80,631
RE Pioneer Holdings LLC
55,622
—
—
—
(5,430
)
(1,361
)
—
48,831
RE Barren Ridge 1 Holdings LLC
59,806
—
—
(1,663
)
(1,781
)
(1,537
)
—
54,825
Solar Philippines Calatagan Corporation
63,695
—
—
(6,480
)
6,258
(2,360
)
—
61,113
PT Barito Wahana Tenaga
207,565
—
—
—
37,915
(19,652
)
—
225,828
Cheongna Energy Co., Ltd.
46,158
—
—
—
21,688
—
—
67,846
69
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(3)
Changes in investments in associates and joint ventures for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:
In millions of won
For the year ended December 31,
2025
Investees
Beginning
balance
Acquisition
Disposals
Dividends
received
Share of
income
(loss)
Other
comprehen-
sive income
(loss)
Others
Ending
balance
<Joint ventures>
Naepo Green Energy Co., Ltd.
W
48,031
—
—
(13,432
)
24,643
—
—
59,242
OneEnergy Asia Limited
465,349
38,861
—
—
26,030
(35,837
)
—
494,403
Prime Swedish Holding AB
37,559
—
—
(203
)
(2,301
)
3,609
—
38,664
Namyangju Combined Heat and Power Co., Ltd.
51,768
95,336
—
—
36
6
—
147,146
Trumbull Development Partners, LLC
355,379
110,631
—
—
(11,696
)
(15,046
)
—
439,268
Others (Dangjin Ecopower Co., Ltd. and 98 others)
692,781
52,542
(11,708
)
(18,271
)
19,587
(23,183
)
10,173
721,921
4,581,340
2,091,417
(11,708
)
(100,767
)
155,227
(213,429
)
10,252
6,512,332
W
11,286,094
2,106,526
(13,499
)
(346,203
)
600,675
(273,763
)
3,958
13,363,788
70
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(4)
The summarized financial information of associates and joint ventures as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:
In millions of won
As of and for the
six-month
period ended June 30, 2026
Investees
Total assets
Total liabilities
Sales
Profit (loss) for
the period
<Associates>
Korea Gas Corporation
W
52,346,044
40,589,801
19,310,167
887,143
Hyundai Green Power Co., Ltd.
628,599
237,370
54,979
5,024
Korea Power Exchange
348,327
84,080
55,340
2,519
Daeryun Power Co., Ltd.
1,114,337
565,101
234,449
31,751
SPC Power Corporation
354,707
45,618
31,772
17,614
Gemeng International Energy Co., Ltd.
9,172,831
5,975,568
1,509,824
94,999
PT. Cirebon Electric Power
765,459
121,105
155,651
10,646
PT Wampu Electric Power
193,317
111,798
1,511
1,206
PT. Bayan Resources TBK
5,669,214
1,843,643
2,582,073
608,763
S-Power
Co., Ltd.
663,994
233,898
323,478
19,275
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
1,636,518
1,171,403
113,614
37,140
Goseong Green Power Co., Ltd.
4,794,170
3,839,575
550,189
(32,423
)
Gangneung Eco Power Co., Ltd.
5,290,910
4,626,276
378,951
(9,699
)
Shin Pyeongtaek Power Co., Ltd.
1,002,924
637,144
214,491
(10,288
)
Dongducheon Dream Power Co., Ltd.
1,309,595
967,361
517,809
2,069
GS Donghae Electric Power Co., Ltd.
1,832,288
961,462
275,828
27,307
Nepal Water & Energy Development Company Private Limited
932,029
586,297
27,767
(2,109
)
Indeck Niles Development, LLC
1,304,746
993,029
362,334
94,214
Saemangeum Sebit Power Plant Co., Ltd.
143,500
73,549
11,605
1,809
PT. Cirebon Energi Prasarana
3,730,453
2,678,010
290,582
29,049
Shinan-Ui
Offshore Wind Power Co., Ltd.
865,566
382,000
—
(20,398
)
<Joint ventures>
Shuweihat Asia Power Investment B.V.
193,186
91
—
(85
)
KEPCO SPC Power Corporation
242,807
40,577
82,423
4,655
Datang Chifeng Renewable Power Co., Ltd.
910,003
315,022
59,945
5,925
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
192,449
52,572
15,511
2,307
Rabigh Electricity Company
2,543,613
1,688,661
146,799
(9,625
)
Jamaica Public Service Company Limited
3,035,760
1,927,003
757,930
44,302
Amman Asia Electric Power Company
756,045
293,939
21,268
17,467
Chun-cheon Energy Co., Ltd.
507,855
384,397
190,073
116
Nghi Son 2 Power LLC
4,657,505
3,329,915
513,489
82,040
Kelar S.A.
740,310
477,189
59,466
11,729
PT. Tanjung Power Indonesia
740,543
439,129
57,247
11,692
Barakah One Company
47,362,215
38,852,885
4,494,025
6,730
Daegu Green Power Co., Ltd.
452,818
354,626
137,133
3,195
Yeonggwang Wind Power Co., Ltd.
200,463
140,755
10,513
(2,015
)
South Jamaica Power Company Limited
546,129
279,221
148,643
11,722
RE Holiday Holdings LLC
343,582
180,739
3,466
(3,619
)
RE Pioneer Holdings LLC
261,585
163,670
3,452
(2,197
)
RE Barren Ridge 1 Holdings LLC
212,322
101,520
3,118
(1,833
)
Solar Philippines Calatagan Corporation
177,940
54,066
10,195
5,738
PT Barito Wahana Tenaga
860,469
—
—
79,696
Cheongna Energy Co., Ltd.
492,108
337,469
94,471
23,115
Naepo Green Energy Co., Ltd.
781,139
549,828
190,221
50,996
OneEnergy Asia Limited
4,067,029
2,739,003
329,376
56,198
Prime Swedish Holding AB
159,829
70,317
8,012
5,134
71
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(4)
The summarized financial information of associates and joint ventures as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the
six-month
period ended June 30, 2026
Investees
Total assets
Total liabilities
Sales
Profit (loss) for
the period
Namyangju Combined Heat and Power Co., Ltd.
W
340,617
131,774
—
(790
)
Trumbull Development Partners, LLC
2,014,826
1,290,376
134,442
(69,715
)
Grove Energy Capital IV, LLC
185,122
694
(50,701
)
(53,670
)
In millions of won
As of and for the year ended
December 31, 2025
Investees
Total assets
Total liabilities
Sales
Profit (loss) for
the period
<Associates>
Korea Gas Corporation
W
53,627,847
42,828,922
35,727,336
132,251
Hyundai Green Power Co., Ltd.
656,989
256,336
111,887
9,787
Korea Power Exchange
350,477
88,408
126,117
2,817
Daeryun Power Co., Ltd.
1,102,566
587,322
393,540
48,372
SPC Power Corporation
313,540
31,783
73,796
55,063
Gemeng International Energy Co., Ltd.
8,504,351
5,688,462
3,149,333
222,146
PT. Cirebon Electric Power
724,772
135,272
304,258
30,071
PT Wampu Electric Power
190,896
111,514
19,113
3,694
PT. Bayan Resources TBK
4,842,617
1,149,228
4,874,768
1,118,309
S-Power
Co., Ltd.
664,275
253,454
660,755
40,452
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
1,533,443
1,127,607
213,673
(23,055
)
Goseong Green Power Co., Ltd.
4,953,795
3,966,676
1,307,686
(17,519
)
Gangneung Eco Power Co., Ltd.
5,413,851
4,752,300
932,084
(27,205
)
Shin Pyeongtaek Power Co., Ltd.
1,021,409
625,341
697,349
22,149
Dongducheon Dream Power Co., Ltd.
1,266,052
928,870
1,123,208
31,456
GS Donghae Electric Power Co., Ltd.
1,794,220
950,702
544,701
57,866
Nepal Water & Energy Development Company Private Limited
868,222
578,041
146,768
25,127
Indeck Niles Development, LLC
1,208,801
685,577
456,748
123,823
Saemangeum Sebit Power Plant Co., Ltd.
143,281
75,139
20,428
1,003
PT. Cirebon Energi Prasarana
3,650,107
2,710,061
525,647
33,411
<Joint ventures>
Shuweihat Asia Power Investment B.V.
167,992
177
—
(405
)
KEPCO SPC Power Corporation
234,570
35,498
159,381
10,392
Datang Chifeng Renewable Power Co., Ltd.
827,575
297,251
111,688
13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
179,775
56,023
27,350
986
Rabigh Electricity Company
2,473,573
1,667,517
367,680
66,776
Jamaica Public Service Company Limited
2,903,070
1,910,042
1,530,704
41,735
Amman Asia Electric Power Company
758,903
300,985
30,651
29,223
Chun-cheon Energy Co., Ltd.
499,150
375,580
363,995
325
Nghi Son 2 Power LLC
4,243,607
3,110,208
824,849
87,686
Kelar S.A.
678,813
448,065
114,267
15,295
PT. Tanjung Power Indonesia
695,407
414,774
105,871
20,516
Barakah One Company
45,516,321
37,236,879
2,373,596
171,548
Daegu Green Power Co., Ltd.
450,953
356,158
258,151
1,309
Yeonggwang Wind Power Co., Ltd.
210,262
147,728
31,232
7,664
South Jamaica Power Company Limited
522,505
279,114
287,408
22,842
RE Holiday Holdings LLC
334,702
173,439
16,417
(7,622
)
RE Pioneer Holdings LLC
251,486
153,824
14,708
(7,711
)
RE Barren Ridge 1 Holdings LLC
206,966
97,315
12,685
(1,673
)
72
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(4)
The summarized financial information of associates and joint ventures as of and for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:
In millions of won
As of and for the year ended
December 31, 2025
Investees
Total assets
Total liabilities
Sales
Profit (loss) for
the period
Solar Philippines Calatagan Corporation
W
162,588
46,665
22,752
11,978
PT Barito Wahana Tenaga
737,706
—
—
100,948
Cheongna Energy Co., Ltd.
495,919
364,410
160,101
43,278
Naepo Green Energy Co., Ltd.
759,180
568,084
427,122
80,207
OneEnergy Asia Limited
3,529,252
2,357,026
139,025
61,186
Prime Swedish Holding AB
151,330
69,152
10,691
(5,114
)
Namyangju Combined Heat and Power Co., Ltd.
211,193
1,559
—
51
Trumbull Development Partners, LLC
1,812,101
1,121,329
10,137
(20,709
)
(5)
The financial information of associates and joint ventures reconciled to the Group’s investments in
condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
Investees
Net assets
Percentage of
ownership (*)
Share in
net assets
Investment
differential
Intercompany
transaction
Others
Book
value
<Associates>
Korea Gas Corporation
W
11,756,243
21.66
%
2,546,402
—
—
(55,379
)
2,491,023
Hyundai Green Power Co., Ltd.
391,229
29.00
%
113,456
—
—
(29,640
)
83,816
Korea Power Exchange
264,247
100.00
%
264,247
—
—
—
264,247
Daeryun Power Co., Ltd.
549,236
6.85
%
37,623
—
—
(820
)
36,803
SPC Power Corporation
309,089
38.00
%
117,455
—
—
—
117,455
Gemeng International Energy Co., Ltd.
3,197,263
42.00
%
1,342,852
—
—
(433,100
)
909,752
PT. Cirebon Electric Power
644,354
27.50
%
177,198
—
—
—
177,198
PT Wampu Electric Power
81,519
46.00
%
37,500
—
—
—
37,500
PT. Bayan Resources TBK
3,825,571
20.00
%
765,114
31,289
—
(76,380
)
720,023
S-Power
Co., Ltd.
430,096
49.00
%
210,747
—
(913
)
—
209,834
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
465,115
25.00
%
116,278
305
(884
)
(35,247
)
80,452
Goseong Green Power Co., Ltd.
954,595
29.00
%
276,832
—
(10,516
)
—
266,316
Gangneung Eco Power Co., Ltd.
664,634
29.00
%
192,744
44,383
(9,028
)
—
228,099
Shin Pyeongtaek Power Co., Ltd.
365,780
40.00
%
146,312
3,559
(13,069
)
—
136,802
Dongducheon Dream Power Co., Ltd.
342,234
34.01
%
116,394
1,757
(1,350
)
(12,582
)
104,219
GS Donghae Electric Power Co., Ltd.
870,826
34.00
%
296,081
—
—
—
296,081
Nepal Water & Energy Development Company Private Limited
345,732
55.67
%
192,459
705
—
—
193,164
Indeck Niles Development, LLC
311,717
50.00
%
155,858
104,201
—
4,671
264,730
Saemangeum Sebit Power Plant Co., Ltd.
69,951
55.00
%
38,475
182
—
—
38,657
PT. Cirebon Energi Prasarana
1,052,443
10.00
%
105,244
—
—
—
105,244
Shinan-Ui
Offshore Wind Power Co., Ltd.
483,566
18.84
%
91,104
1,574
—
—
92,678
<Joint ventures>
Shuweihat Asia Power Investment B.V.
193,095
49.00
%
94,616
—
—
—
94,616
KEPCO SPC Power Corporation
202,230
60.00
%
121,337
—
—
—
121,337
Datang Chifeng Renewable Power Co., Ltd.
594,981
40.00
%
237,991
—
—
—
237,991
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
139,877
40.00
%
55,950
—
—
—
55,950
Rabigh Electricity Company
854,952
40.00
%
341,980
—
(33,343
)
(805
)
307,832
Jamaica Public Service Company Limited
1,108,757
40.00
%
443,503
29,357
—
(13,172
)
459,688
Amman Asia Electric Power Company
462,106
60.00
%
277,264
—
—
—
277,264
Chun-cheon Energy Co., Ltd.
123,458
29.90
%
36,914
3
—
(248
)
36,669
Nghi Son 2 Power LLC
1,327,590
50.00
%
663,795
—
—
—
663,795
Kelar S.A.
263,121
65.00
%
171,028
3,553
—
—
174,581
PT. Tanjung Power Indonesia
301,414
35.00
%
105,495
—
—
—
105,495
Barakah One Company
8,509,330
18.00
%
1,531,679
—
205,433
—
1,737,112
Daegu Green Power Co., Ltd.
98,192
54.24
%
53,259
84
—
(20,381
)
32,962
Yeonggwang Wind Power Co., Ltd.
59,708
46.00
%
27,466
492
—
—
27,958
73
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(5)
The financial information of associates and joint ventures reconciled to the Group’s investments in
condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 is as follows, continued:
In millions of won
As of June 30, 2026
Investees
Net assets
Percentage of
ownership (*)
Share in
net
assets
Investment
differential
Intercompany
transaction
Others
Book
value
South Jamaica Power Company Limited
W
266,908
20.00
%
53,381
—
—
(3
)
53,378
RE Holiday Holdings LLC
162,843
50.00
%
81,422
—
—
—
81,422
RE Pioneer Holdings LLC
97,915
50.00
%
48,958
—
—
—
48,958
RE Barren Ridge 1 Holdings LLC
110,802
50.00
%
55,401
—
—
—
55,401
Solar Philippines Calatagan Corporation
123,874
38.00
%
47,072
—
—
12,862
59,934
PT Barito Wahana Tenaga
860,469
30.61
%
263,409
—
—
—
263,409
Cheongna Energy Co., Ltd.
154,639
50.10
%
77,474
3,137
(1,174
)
—
79,437
Naepo Green Energy Co., Ltd.
231,311
29.20
%
67,542
3,442
—
—
70,984
OneEnergy Asia Limited
1,328,026
40.00
%
531,211
25,512
—
—
556,723
Prime Swedish Holding AB
89,512
45.00
%
40,280
1,684
—
—
41,964
Namyangju Combined Heat and Power Co., Ltd.
208,843
70.10
%
146,400
192
—
—
146,592
Trumbull Development Partners, LLC
724,450
56.23
%
407,358
54,625
—
—
461,983
Grove Energy Capital IV, LLC
184,428
16.00
%
29,508
22,260
—
—
51,768
In millions of won
As of December 31, 2025
Investees
Net assets
Percentage of
ownership (*)
Share in
net assets
Investment
differential
Intercompany
transaction
Others
Book
value
<Associates>
Korea Gas Corporation
W
10,798,925
21.66
%
2,339,047
—
—
(55,512
)
2,283,535
Hyundai Green Power Co., Ltd.
400,653
29.00
%
116,189
—
—
(29,640
)
86,549
Korea Power Exchange
262,069
100.00
%
262,069
—
—
—
262,069
Daeryun Power Co., Ltd.
515,244
6.85
%
35,295
—
—
(820
)
34,475
SPC Power Corporation
281,757
38.00
%
107,067
—
—
—
107,067
Gemeng International Energy Co., Ltd.
2,815,889
42.00
%
1,182,674
—
—
(370,382
)
812,292
PT. Cirebon Electric Power
589,500
27.50
%
162,112
—
—
—
162,112
PT Wampu Electric Power
79,382
46.00
%
36,516
—
—
—
36,516
PT. Bayan Resources TBK
3,693,389
20.00
%
738,678
69,416
—
(76,380
)
731,714
S-Power
Co., Ltd.
410,821
49.00
%
201,302
—
(967
)
—
200,335
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
405,836
25.00
%
101,459
305
(905
)
(35,247
)
65,612
Goseong Green Power Co., Ltd.
987,119
29.00
%
286,264
—
(10,179
)
—
276,085
Gangneung Eco Power Co., Ltd.
661,551
29.00
%
191,850
45,212
(9,379
)
—
227,683
Shin Pyeongtaek Power Co., Ltd.
396,068
40.00
%
158,428
3,559
(13,401
)
—
148,586
Dongducheon Dream Power Co., Ltd.
337,182
34.01
%
114,675
1,757
(1,529
)
(12,582
)
102,321
GS Donghae Electric Power Co., Ltd.
843,518
34.00
%
286,796
—
—
—
286,796
Nepal Water & Energy Development Company Private Limited
290,181
66.12
%
191,868
837
—
—
192,705
Indeck Niles Development, LLC
523,224
50.00
%
261,613
97,643
—
4,419
363,675
Saemangeum Sebit Power Plant Co., Ltd.
68,142
55.00
%
37,480
182
—
—
37,662
PT. Cirebon Energi Prasarana
940,046
10.00
%
94,005
—
—
—
94,005
<Joint ventures>
Shuweihat Asia Power Investment B.V.
167,815
49.00
%
82,230
—
—
—
82,230
KEPCO SPC Power Corporation
199,072
60.00
%
119,443
—
—
—
119,443
Datang Chifeng Renewable Power Co., Ltd.
530,324
40.00
%
212,130
—
—
—
212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
123,752
40.00
%
49,501
—
—
—
49,501
Rabigh Electricity Company
806,056
40.00
%
322,423
—
(35,813
)
(805
)
285,805
Jamaica Public Service Company Limited
993,028
40.00
%
397,211
29,357
—
(14,291
)
412,277
Amman Asia Electric Power Company
457,918
60.00
%
274,751
—
—
—
274,751
Chun-cheon Energy Co., Ltd.
123,570
29.90
%
36,948
3
—
(248
)
36,703
Nghi Son 2 Power LLC
1,133,399
50.00
%
566,700
—
—
—
566,700
Kelar S.A.
230,748
65.00
%
149,986
3,308
—
—
153,294
PT. Tanjung Power Indonesia
280,633
35.00
%
98,221
—
—
—
98,221
Barakah One Company
8,279,442
18.00
%
1,490,300
—
182,207
—
1,672,507
74
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(5)
The financial information of associates and joint ventures reconciled to the Group’s investments in
condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 is as follows, continued:
As of December 31, 2025
Investees
Net assets
Percentage of
ownership (*)
Share in
net
assets
Investment
differential
Intercompany
transaction
Others
Book
value
Daegu Green Power Co., Ltd.
W
94,795
54.24
%
51,416
84
—
(20,381
)
31,119
Yeonggwang Wind Power Co., Ltd.
62,534
46.00
%
28,766
492
—
—
29,258
South Jamaica Power Company Limited
243,391
20.00
%
48,678
—
—
(3
)
48,675
RE Holiday Holdings LLC
161,263
50.00
%
80,631
—
—
—
80,631
RE Pioneer Holdings LLC
97,662
50.00
%
48,831
—
—
—
48,831
RE Barren Ridge 1 Holdings LLC
109,651
50.00
%
54,825
—
—
—
54,825
Solar Philippines Calatagan Corporation
115,923
38.00
%
44,050
—
—
17,063
61,113
PT Barito Wahana Tenaga
737,706
30.61
%
225,828
—
—
—
225,828
Cheongna Energy Co., Ltd.
131,509
50.10
%
65,886
3,137
(1,177
)
—
67,846
Naepo Green Energy Co., Ltd.
191,096
29.20
%
55,800
—
—
3,442
59,242
OneEnergy Asia Limited
1,172,226
40.00
%
468,891
25,512
—
—
494,403
Prime Swedish Holding AB
82,178
45.00
%
36,980
1,684
—
—
38,664
Namyangju Combined Heat and Power Co., Ltd.
209,634
70.10
%
146,953
193
—
—
147,146
Trumbull Development Partners, LLC
690,772
56.23
%
388,421
50,847
—
—
439,268
(*)
The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks
and others.
(6)
The share of losses of associates and joint ventures that has not been recognized due to the discontinuation
of loss recognition as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Unrecognized
equity interest
Accumulated
unrecognized
equity interest
Unrecognized
equity interest
Accumulated
unrecognized
equity interest
Boim Combined Heat and Power Generation Co., Ltd.
W
(5,199
)
25,918
2,394
31,117
Samcheok Eco Materials Co., Ltd.
(3
)
5,318
(5
)
5,321
Barakah One Company
—
—
(174,713
)
—
KAPES, Inc.
1,332
12,140
6,877
10,808
ITR Co., Ltd.
30
31
(14
)
1
SEP Co., Ltd.
—
15
—
15
Noeul Green Energy Co., Ltd.
(895
)
1,506
(1,434
)
2,401
PlatformN. Co., Ltd.
—
20
2
20
KEPCO KPS CARABAO Corp.
8
184
(68
)
176
Bitsolar Energy Co., Ltd.
8
1,628
356
1,620
Green Energy Electricity Generation Co., Ltd.
—
—
(396
)
—
O2&B Global Co., Ltd.
3
23
14
20
Pulau Indah O&M Sdn. Bhd.
—
—
(1
)
—
Foresight Iberian Solar Group Holding (*2)
(3,988
)
5,814
5,407
9,802
Green Radiation Co., Ltd.
—
—
(11
)
—
Hoenggye Renewable Energy Co., Ltd.
—
—
(266
)
—
CapMan Lynx SCA, SICAR (*1)
—
—
(31,090
)
—
G.GURU Co., Ltd.
1
3
2
2
International Offshore Power Transmission Holding Company Limited
(76
)
—
76
76
Jeju Gimnyeong Wind Power Co., Ltd.
(76
)
—
76
76
Korea Energy Data Co., Ltd.
(8
)
—
8
8
Wadi Noor Solar Power Company SAOC
3,559
4,270
711
711
Jaeun Resident Wind Power Plant Co., Ltd.
(759
)
—
759
759
75
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(6)
The share of losses of associates and joint ventures that has not been recognized due to the discontinuation
of loss recognition as of June 30, 2026 and December 31, 2025 is as follows, continued:
In millions of won
As of June 30, 2026
As of December 31, 2025
Unrecognized
equity interest
Accumulated
unrecognized
equity interest
Unrecognized
equity interest
Accumulated
unrecognized
equity interest
Lucy Equity Holdings, LLC
W
(3,538
)
—
3,538
3,538
Remal First Holding Company
(6,008
)
1,524
7,532
7,532
Naseem First Holding Company
(5,837
)
2,333
8,170
8,170
KNOC Nigerian East Oil Co., Ltd. (*2)
1,029
14,876
(333
)
13,847
KNOC Nigerian West Oil Co., Ltd. (*2)
959
13,691
(306
)
12,732
Siraj AlTaqa AlNazifa
106
106
—
—
Luluah SKY Energy Holding Ltd.
633
633
—
—
Chungsongmeon BongSan wind power Co., Ltd.
99
99
—
—
(*1)
The entity was liquidated during the year ended December 31, 2025.
(*2)
The unrecognized losses arising from the discontinuation of recognition are additionally recognized against the
loans that form part of the net investment in the investee.
76
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(7)
As of June 30, 2026, shareholders’ agreements on investments in associates and joint ventures
that may cause future economic resource or cash outflows are as follows:
(i)
HORUS SOLAR, S.A. DE C.V.
Provided that the contractual conditions precedent are satisfied, the Group has the right to acquire the 15.6% equity interest held by Canadian
Solar at the point when two years have elapsed after the commencement of commercial operation.
(ii)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
Provided that the contractual conditions precedent are satisfied, the Group has the right to acquire the 15.6% equity interest held by Canadian
Solar at the point when two years have elapsed after the commencement of commercial operation.
(iii)
SUNMEX RENOVABLES, S.A. DE C.V.
Provided that the contractual conditions precedent are satisfied, the Group has the right to acquire the 15.6% equity interest held by Canadian
Solar at the point when two years have elapsed after the commencement of commercial operation.
(iv)
Noeul Green Energy Co., Ltd.
In accordance with the shareholders’ agreement of Noeul Green Energy Co., Ltd., an associate of the Group, the Group has the right to
purchase all or part of the preferred shares held by the financial investors at 100% of the issue price from the day following the tenth anniversary of the issue date of the preferred shares.
(v)
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 shareholder 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.
(vi)
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.
(vii)
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 consideration of various factors such as financial
status and business situation.
(viii)
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.
(ix)
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.
77
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(7)
As of June 30, 2026, shareholders’ agreements on investments in associates and joint ventures
that may cause future economic resource or cash outflows are as follows, continued:
(x)
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.
(xi)
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. The Group notified the exercise of the right on June 17, 2026, and the purchase price has not been agreed.
(xii)
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.
(xiii)
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.
(xiv)
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.
(xv)
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.
(xvi)
Seokmun Green Energy
According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to
the Group, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the Group, they
may demand that the Group purchase their stakes in the future if certain conditions are met.
78
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates and joint ventures as of June 30,
2026 are as follows:
Company
Nature and extent of any significant
restrictions
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.
Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.
Gangneung Eco Power Co., Ltd.
Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.
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.
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.
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.
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.
Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the prior written
consent of the financial institutions.
79
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,
2026 are as follows, continued:
Company
Nature and extent of any significant
restrictions
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.
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. 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 or prior written consent of financial institutions is obtained. Shares cannot be wholly or
partially transferred without prior written consent of the financial institutions.
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.
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.
80
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,
2026 are as follows, continued:
Company
Nature and extent of any significant
restrictions
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 period of the project, shares cannot be wholly or partially transferred without the consent of other shareholders. Also, dividends can only be paid when the conditions of the
shareholders’ agreement are satisfied.
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 loan 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.
81
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,
2026 are as follows, continued:
Company
Nature and extent of any significant
restrictions
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.
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 and 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.
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 the financial instituitions.
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.
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. 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.
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.
Rutile BESS Holdings, LLC
Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.
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.
Namjeju Bitdream Energy Co., Ltd.
Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Cheonwang Green Energy Co., Ltd.
Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haetbyeotgil Solar 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.
82
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,
2026 are as follows, continued:
Company
Nature and extent of any significant
restrictions
Luluah SKY Energy Holding 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.
Balgeun Jindo Energy Storage 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.
Goheung Naro Energy Storage 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. Unless all conditions of the loan agreement are
satisfied, no payment in violation of the subordination terms, including repayment of subordinated loans, can be made.
Goheung New Energy Co., Ltd.
Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of the financial institutions is obtained.
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.
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.
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 and 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.
83
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
17.
Investments in Associates and Joint Ventures, Continued
(8)
Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30,
2026 are as follows, continued:
Company
Nature and extent of any significant
restrictions
Bitsolar Energy Co., Ltd.
Dividends can only be paid when all conditions of the loan agreement are satisfied.
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.
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.
Seokmun 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.
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.
Busan Shinho Solar Power Co., Ltd.
Dividends can only be paid when all conditions prescribed in the loan agreement entered into with the financial institutions are satisfied.
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.
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.
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.
Amaala Sustainable Company for Energy
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.
Jeju Bukchon BES Power Co., Ltd.
Interest payments on shareholder loans, dividends to investors and capital reduction with consideration are only possible when all conditions of the loan agreement are satisfied or prior written consent of the financial institutions
is obtained.
84
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
18.
Property, Plant and Equipment
(1)
Property, plant and equipment as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Acquisition cost
Government
grants
Accumulated
depreciation
Accumulated
impairment
losses
Book
value
Land
W
15,072,760
(27,391
)
—
(33,980
)
15,011,389
Buildings
28,120,700
(36,143
)
(14,296,389
)
(7,120
)
13,781,048
Structures
95,590,435
(144,448
)
(42,001,917
)
(18,678
)
53,425,392
Machinery
130,098,386
(91,532
)
(73,294,506
)
(546,009
)
56,166,339
Ships
17,870
—
(10,130
)
—
7,740
Vehicles
557,340
(2,790
)
(421,366
)
(164
)
133,020
Equipment
2,740,426
(938
)
(2,273,962
)
(904
)
464,622
Tools
1,523,196
(815
)
(1,339,547
)
(1
)
182,833
Construction-in-progress
39,672,979
(233,939
)
—
(22,795
)
39,416,245
Right-of-use assets
5,485,196
—
(2,956,346
)
(23
)
2,528,827
Asset retirement costs
18,493,381
—
(9,610,558
)
(146,423
)
8,736,400
Others
19,176,921
—
(16,632,356
)
(156
)
2,544,409
W
356,549,590
(537,996
)
(162,837,077
)
(776,253
)
192,398,264
In millions of won
As of December 31, 2025
Acquisition cost
Government
grants
Accumulated
depreciation
Accumulated
impairment
losses
Book
value
Land
W
14,867,112
(27,392
)
—
(30,756
)
14,808,964
Buildings
27,544,929
(38,077
)
(13,779,225
)
(7,119
)
13,720,508
Structures
93,340,759
(149,558
)
(40,552,716
)
(18,678
)
52,619,807
Machinery
126,564,408
(94,337
)
(70,384,493
)
(546,317
)
55,539,261
Ships
17,870
—
(9,199
)
—
8,671
Vehicles
538,604
(2,683
)
(402,753
)
(116
)
133,052
Equipment
2,641,393
(1,868
)
(2,191,439
)
(376
)
447,710
Tools
1,495,250
(982
)
(1,305,965
)
(1
)
188,302
Construction-in-progress
36,779,508
(230,573
)
—
(22,795
)
36,526,140
Right-of-use assets
5,441,389
—
(2,809,452
)
—
2,631,937
Asset retirement costs
18,347,513
—
(9,302,981
)
(146,422
)
8,898,110
Others
18,380,931
—
(16,151,855
)
—
2,229,076
W
345,959,666
(545,470
)
(156,890,078
)
(772,580
)
187,751,538
85
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
18.
Property, Plant and Equipment, Continued
(2)
Changes in property, plant and equipment for the six-month period ended June 30, 2026 and for the year
ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Acquisition
Disposal
Depreciation
Impairment
Others
Ending
balance
Land
W
14,836,356
10,647
(411
)
—
(825
)
193,013
15,038,780
(Government grants)
(27,392
)
—
1
—
—
—
(27,391
)
Buildings
13,758,585
4,158
(5,894
)
(513,638
)
—
573,980
13,817,191
(Government grants)
(38,077
)
—
—
1,934
—
—
(36,143
)
Structures
52,769,365
15,444
(119,410
)
(1,535,071
)
—
2,439,512
53,569,840
(Government grants)
(149,558
)
—
266
4,849
—
(5
)
(144,448
)
Machinery
55,633,598
264,329
(82,356
)
(3,258,158
)
—
3,700,458
56,257,871
(Government grants)
(94,337
)
(272
)
60
6,777
—
(3,760
)
(91,532
)
Ships
8,671
—
—
(931
)
—
—
7,740
Vehicles
135,735
3,381
(19
)
(29,879
)
—
26,592
135,810
(Government grants)
(2,683
)
(162
)
2
691
—
(638
)
(2,790
)
Equipment
449,578
65,610
(523
)
(106,086
)
—
56,981
465,560
(Government grants)
(1,868
)
—
—
1,060
—
(130
)
(938
)
Tools
189,284
8,797
(18
)
(40,694
)
—
26,279
183,648
(Government grants)
(982
)
—
—
227
—
(60
)
(815
)
Construction-in-progress
36,756,713
9,531,359
(23
)
(59
)
—
(6,637,806
)
39,650,184
(Government grants)
(230,573
)
(7,668
)
—
—
—
4,302
(233,939
)
Right-of-use assets
2,631,937
72,587
(10,328
)
(223,134
)
—
57,765
2,528,827
Asset retirement costs
8,898,110
21
—
(582,819
)
—
421,088
8,736,400
Others
2,229,076
3,321
—
(487,945
)
—
799,957
2,544,409
W
187,751,538
9,971,552
(218,653
)
(6,762,876
)
(825
)
1,657,528
192,398,264
86
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
18.
Property, Plant and Equipment, Continued
(2)
Changes in property, plant and equipment for the six-month period ended June 30, 2026 and for the year
ended December 31, 2025 are as follows, continued:
In millions of won
For the year ended December 31, 2025
Beginning
balance
Acquisition
Disposal
Depreciation
Impairment
Others
Ending
balance
Land
W
14,548,055
3,397
(14,757
)
—
—
299,661
14,836,356
(Government grants)
(27,403
)
—
11
—
—
—
(27,392
)
Buildings
13,397,461
29,671
(27,419
)
(1,008,638
)
(16
)
1,367,526
13,758,585
(Government grants)
(41,718
)
—
4
3,937
—
(300
)
(38,077
)
Structures
51,792,939
8,593
(304,274
)
(3,015,461
)
—
4,287,568
52,769,365
(Government grants)
(149,737
)
—
687
9,552
—
(10,060
)
(149,558
)
Machinery
56,955,731
478,592
(238,182
)
(6,371,551
)
(14,246
)
4,823,254
55,633,598
(Government grants)
(105,546
)
(1,150
)
384
15,011
—
(3,036
)
(94,337
)
Ships
10,534
—
—
(1,863
)
—
—
8,671
Vehicles
81,451
5,967
(108
)
(49,732
)
—
98,157
135,735
(Government grants)
(2,745
)
(484
)
6
1,309
—
(769
)
(2,683
)
Equipment
438,096
88,908
(166
)
(212,174
)
—
134,914
449,578
(Government grants)
(3,915
)
(19
)
—
2,119
—
(53
)
(1,868
)
Tools
173,736
36,172
(48
)
(78,791
)
—
58,215
189,284
(Government grants)
(1,306
)
—
—
437
—
(113
)
(982
)
Construction-in-progress
31,284,358
15,755,397
(65
)
—
—
(10,282,977
)
36,756,713
(Government grants)
(223,566
)
(21,758
)
—
—
—
14,751
(230,573
)
Right-of-use assets
3,046,396
100,430
(5,876
)
(477,663
)
—
(31,350
)
2,631,937
Asset retirement costs
9,748,444
—
—
(1,437,687
)
—
587,353
8,898,110
Others
2,061,498
2,850
—
(1,007,904
)
—
1,172,632
2,229,076
W
182,982,763
16,486,566
(589,803
)
(13,629,099
)
(14,262
)
2,515,373
187,751,538
(3)
For the six-month period ended June 30, 2026, the Group’s subsidiaries including Korea
Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result,
W
85,320 million (
W
331 million for the six-month period ended
June 30, 2025) was recognized as revenue and
W
113,853 million (
W
669 million for the six-month period ended June 30, 2025) was recognized as cost of sales in profit or loss, respectively.
87
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2025 and 2024 (unaudited)
19.
Investment Properties
(1)
Investment properties as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Acquisition cost
Government grants
Accumulated
depreciation
Book
value
Land
W
173,627
—
—
173,627
Buildings
28,249
(21
)
(16,259
)
11,969
W
201,876
(21
)
(16,259
)
185,596
In millions of won
As of December 31, 2025
Acquisition cost
Government grants
Accumulated
depreciation
Book
value
Land
W
218,041
—
—
218,041
Buildings
38,311
(22
)
(17,558
)
20,731
W
256,352
(22
)
(17,558
)
238,772
(2)
Changes in investment properties for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning balance
Disposal
Depreciation
Others
Ending
balance
Land
W
218,041
—
—
(44,414
)
173,627
Buildings
20,753
—
(474
)
(8,289
)
11,990
(Government grants)
(22
)
—
1
—
(21
)
W
238,772
—
(473
)
(52,703
)
185,596
In millions of won
For the year ended December 31, 2025
Beginning balance
Disposal
Depreciation
Others
Ending
balance
Land
W
210,509
—
—
7,532
218,041
Buildings
18,497
—
(1,082
)
3,338
20,753
(Government grants)
(22
)
—
—
—
(22
)
W
228,984
—
(1,082
)
10,870
238,772
88
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
19.
Investment Properties, Continued
(3)
Income and expenses related to investment properties for the six-month periods ended June 30, 2026 and
2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Rental income
W
3,282
6,417
2,694
5,478
Operating and maintenance expenses related to rental income
(222
)
(484
)
(317
)
(518
)
W
3,060
5,933
2,377
4,960
(4)   Fair values of investment properties as of June 30,
2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Book value
Fair value
Book value
Fair value
Land
W
173,627
291,433
218,041
363,922
Buildings
11,969
12,515
20,731
24,126
W
185,596
303,948
238,772
388,048
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.
89
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
20.
Construction Contracts
(1)
Changes in the total contract amount in which revenue is not yet recognized for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Increase
(decrease) (*)
Recognized as
revenue
Ending
balance
Nuclear power plant construction in overseas and others
W
34,187,761
1,965,472
(470,018
)
35,683,215
(*)
For the six-month period ended June 30, 2026, the increased balance of contracts from new orders is
W
1,974,311 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is
W
8,839 million.
In millions of won
For the year ended December 31, 2025
Beginning
balance
Increase
(decrease) (*)
Recognized as
revenue
Ending
balance
Nuclear power plant construction in overseas and others
W
6,136,773
28,724,681
(673,693
)
34,187,761
(*)
For the year ended December 31, 2025, the increased balance of contracts from new orders is
W
29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is
W
993,479 million.
(2)
Accumulated earned revenue, expense and others related to the Group’s construction contracts in
progress as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Accumulated
earned revenue
Accumulated
expense
Accumulated
Profit (loss)
Unearned
advance receipts
Nuclear power plant construction in overseas and others
W
24,359,393
25,847,333
(1,487,940
)
108,743
In millions of won
As of December 31, 2025
Accumulated
earned revenue
Accumulated
expense
Accumulated
profit
Unearned
advance receipts
Nuclear power plant construction in overseas and others
W
23,954,612
25,468,062
(1,513,450
)
102,359
90
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
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 June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Contract assets
(*1)
Contract liabilities
(*2)
Contract assets
(*1)
Contract liabilities
(*2)
Nuclear power plant construction in overseas and others
W
764,623
371,097
538,057
363,521
(*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 for the six-month period ended June 30, 2026 from the amounts included in contract liabilities at the end of the prior year was
W
177,051 million.
(4)
The contracts with customers state that the disclosure of information related to the UAE nuclear power plant
project, the Egypt Eldaba nuclear power plant construction project, the Romania Cernavodă Unit 1 refurbishment project and the Czech Dukovany Units 5 and 6 new nuclear power plant project, such as rate of progress, unbilled construction,
impairment losses, etc., is not allowed without consent from the customers. The customers 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 of each project company that those items will not be disclosed in the notes to the condensed consolidated financial
statements.
Contract date
Completion date
Egypt Eldaba nuclear power plant construction projects
August 25, 2022
April 8, 2029
Romania Cernavodă Unit 1 refurbishment project
December 19, 2024
June 15, 2030
Czech Dukovany Units 5 and 6 new nuclear power plant project (*)
June 17, 2025
—
(*)
The completion date of the Czech Dukovany nuclear power plant project is information excluded from disclosure
in accordance with the laws of the relevant country.
(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 June 30, 2026, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.
91
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
20.
Construction Contracts, Continued
(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 six-month period ended June 30, 2026 is as follows:
In millions of won
For the six-month period ended June 30, 2026
Effect from changes in accounting estimates
Contract assets from
construction contracts
Trade receivables from
construction
contracts
Expected
loss on
construction
contracts
The effect on
profit or loss
of changes in
estimates of
contract
revenue and
contract
costs
Amounts
recognized in
current
profit or loss
Amounts to be
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
16,473
(168,024
)
(168,058
)
34
46,794
—
320,732
—
—
—
Electric power generation (Nuclear)
1,270,441
1,186,731
172,448
1,014,283
624,135
—
355,867
—
45,911
—
Plant maintenance & engineering Service and others
1,691
106,076
(1,892
)
107,968
(54,192
)
5,485
80,168
4
34,558
5,600
Others
—
—
—
—
—
—
7,856
—
13,504
50
W
1,288,605
1,124,783
2,498
1,122,285
616,737
5,485
764,623
4
93,973
5,650
92
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
21.
Intangible Assets other than Goodwill
(1)
Intangible assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Acquisition cost
Government
grants
Accumulated
amortization
Accumulated
impairment
losses
Book
value
Software
W
1,271,193
(599
)
(1,103,716
)
(1,134
)
165,744
Copyrights, patents rights and other industrial rights
57,919
—
(43,373
)
—
14,546
Mining rights
689,292
—
(19,009
)
(661,053
)
9,230
Development expenditures
1,041,144
(394
)
(978,607
)
—
62,143
Intangible assets under development
114,208
(5,673
)
—
—
108,535
Usage rights of donated assets and others
622,647
—
(477,042
)
(136
)
145,469
Leasehold rights
28,185
—
(26,265
)
(538
)
1,382
Greenhouse gas emissions rights
127,456
—
—
—
127,456
Others
644,243
(90
)
(225,121
)
(12,173
)
406,859
W
4,596,287
(6,756
)
(2,873,133
)
(675,034
)
1,041,364
In millions of won
As of December 31, 2025
Acquisition cost
Government
grants
Accumulated
amortization
Accumulated
impairment
losses
Book
value
Software
W
1,237,800
(804
)
(1,064,876
)
(19
)
172,101
Copyrights, patents rights and other industrial rights
57,100
—
(42,168
)
—
14,932
Mining rights
626,449
—
(16,125
)
(601,636
)
8,688
Development expenditures
1,033,744
(540
)
(965,175
)
—
68,029
Intangible assets under development
125,687
(5,044
)
—
—
120,643
Usage rights of donated assets and others
602,139
—
(470,762
)
(136
)
131,241
Leasehold rights
28,185
—
(25,959
)
(538
)
1,688
Greenhouse gas emissions rights
108,300
—
—
—
108,300
Others
631,396
(136
)
(243,363
)
(12,224
)
375,673
W
4,450,800
(6,524
)
(2,828,428
)
(614,553
)
1,001,295
93
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
21.
Intangible Assets other than Goodwill, Continued
(2)
Changes in intangible assets for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Acquisition
Disposal
Amortization
Impairment
Others
Ending balance
Software
W
172,905
13,688
(1
)
(41,013
)
(1,115
)
21,879
166,343
(Government grants)
(804
)
—
—
222
—
(17
)
(599
)
Copyrights, patents rights and other industrial rights
14,932
56
—
(1,049
)
—
607
14,546
Mining rights
8,688
—
—
(220
)
—
762
9,230
Development expenditures
68,569
—
—
(13,502
)
—
7,470
62,537
(Government grants)
(540
)
—
—
146
—
—
(394
)
Intangible assets under development
125,687
28,654
—
—
—
(40,133
)
114,208
(Government grants)
(5,044
)
(683
)
—
—
—
54
(5,673
)
Usage rights of donated assets and others
131,241
—
—
(6,308
)
—
20,536
145,469
Leasehold rights
1,688
—
—
(306
)
—
—
1,382
Greenhouse gas emissions rights
108,300
26,131
—
—
—
(6,975
)
127,456
Others
375,809
1,635
(172
)
(12,335
)
47
41,965
406,949
(Government grants)
(136
)
—
—
46
—
—
(90
)
W
1,001,295
69,481
(173
)
(74,319
)
(1,068
)
46,148
1,041,364
In millions of won
For the year ended December 31, 2025
Beginning
balance
Acquisition
Disposal
Amortization
Impairment
Others
Ending balance
Software
W
179,989
23,008
(2,267
)
(89,309
)
40
61,444
172,905
(Government grants)
(844
)
—
—
342
—
(302
)
(804
)
Copyrights, patents rights and other industrial rights
26,631
389
(12
)
(4,937
)
(8,348
)
1,209
14,932
Mining rights
29,422
30
(972
)
(1,569
)
—
(18,223
)
8,688
Development expenditures
73,673
—
—
(27,901
)
—
22,797
68,569
(Government grants)
(939
)
—
—
496
—
(97
)
(540
)
Intangible assets under development
87,641
76,900
—
—
(30
)
(38,824
)
125,687
(Government grants)
(3,473
)
(1,608
)
—
—
—
37
(5,044
)
Usage rights of donated assets and others
133,379
—
—
(11,599
)
—
9,461
131,241
Leasehold rights
2,431
—
—
(743
)
—
—
1,688
Greenhouse gas emissions rights
135,534
1,523
—
—
—
(28,757
)
108,300
Others
383,703
2,251
(1,350
)
(23,483
)
(58
)
14,746
375,809
(Government grants)
(229
)
—
—
93
—
—
(136
)
W
1,046,918
102,493
(4,601
)
(158,610
)
(8,396
)
23,491
1,001,295
94
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
21.
Intangible Assets other than Goodwill, Continued
(3)
Significant specific intangible assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won and thousands of Australian dollars
As of June 30, 2026
Type
Description
Currency
Amount
Remaining useful lives
Software
S/4HANA ERP license
KRW
2,077
1 year and 5 months
Mining rights
Mining rights of Bylong mine
AUD
—
—  (*1)
Usage rights of donated assets and others
Sejong Haengbogdosi sharing channel contributions
KRW
1,891
5 months
Songdo International City sharing channel contributions
KRW
4,217
4 years
Others
Occupancy and use of public waters
KRW
57,272
10 years and 7 months
Greenhouse gas emissions rights
KRW
127,456
—
Business rights
KRW
172,234
29 years and 11 months
(*1)  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,
2025
Type
Description
Currency
Amount
Remaining useful lives
Software
S/4HANA ERP license
KRW
2,810
1 year and 11 months
Mining rights
Mining rights of Bylong mine
AUD
—
—  (*1)
Usage rights of donated assets and others
Sejong Haengbogdosi sharing channel contributions
KRW
4,159
11 months
Songdo International City sharing channel contributions
KRW
4,745
4 years and 6 months
Others
Occupancy and use of public waters
KRW
59,977
11 years and 1 month
Greenhouse gas emissions rights
KRW
108,300
—
Business rights
KRW
143,216
24 years and 11 months
(*1)  The carrying amount of mining rights is nil, because KEPCO Australia
Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.
(4)
For the six-month periods ended June 30, 2026 and 2025, the Group recognized
research and development expenses of
W
349,784 million and
W
357,110 million, respectively.
95
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
22.
Trade and Other Payables
Trade and other payables as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Trade payables
W
4,403,067
—
3,543,008
—
Non-trade payables
2,820,120
1,352,772
2,413,056
1,298,781
Accrued expenses
2,227,319
40,547
2,066,595
39,309
Leasehold deposits received
3,645
2,691
5,448
956
Other deposits received
86,622
43,486
82,116
38,788
Lease liabilities
525,094
2,609,621
510,105
2,640,775
Dividends payable
234
—
1,319
—
Others (*1)
25
8,336
24
10,199
W
10,066,126
4,057,453
8,621,671
4,028,808
(*1)
Details of others in trade and other payables as of June 30, 2026 and December 31, 2025 are as
follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Advance received from local governments
W
—
2,689
—
2,689
Others
25
5,647
24
7,510
W
25
8,336
24
10,199
96
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities
(1)
Borrowings and debt securities as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current liabilities
Short-term borrowings
W
11,302,132
9,979,420
Current portion of long-term borrowings
10,072,961
8,744,156
Current portion of debt securities
29,296,661
27,173,916
Less: current portion of discount on long-term borrowings
(1,977
)
(2,054
)
Less: current portion of discount on debt securities
(9,937
)
(8,468
)
50,659,840
45,886,970
Non-current liabilities
Long-term borrowings
3,243,028
3,317,261
Debt securities
79,619,192
80,769,677
Less: discount on long-term borrowings
(36,655
)
(42,487
)
Less: discount on debt securities
(168,462
)
(162,129
)
82,657,103
83,882,322
W
133,316,943
129,769,292
(2)
Repayment schedules of borrowings and debt securities as of June 30, 2026 and December 31, 2025
are as follows:
In millions of won
As of June 30, 2026
Type
Borrowings
Debt Securities
Less than 1 year
W
21,375,093
29,296,661
1~ 5 years
1,173,806
59,651,193
More than 5 years
2,069,222
19,967,999
W
24,618,121
108,915,853
In millions of won
As of December 31, 2025
Type
Borrowings
Debt Securities
Less than 1 year
W
18,723,576
27,173,916
1~ 5 years
1,268,982
59,991,872
More than 5 years
2,048,279
20,777,805
W
22,040,837
107,943,593
97
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(3)
Short-term borrowings as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won and thousands of USD
As of June 30, 2026
Type
Creditor
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Local short-term borrowings
Yuanta Securities and others
2.81 ~ 4.31
2026.07.01 ~
2027.04.25
—
W
8,256,000
Local short-term borrowings
Nonghyup Bank and others
3M CD + 0.46 ~ 2.90
2026.07.04 ~
2027.06.24
—
2,604,500
Foreign short-term borrowings
Hana Bank and others
SOFR(1M) + 0.40 ~ 0.90
2026.08.11 ~
2026.11.25
USD 49,224
75,879
Local bank overdrafts
Korea Development Bank
3.37
2026.07.01 ~
2026.07.07
—
100,000
Local bank overdrafts
Nonghyup Bank
3.53
2026.07.01
—
195,000
Local bank overdrafts
Nonghyup Bank
MOR + 0.48
3.72
2026.07.01
—
70,753
W
11,302,132
In millions of won and thousands of USD
As of December 31, 2025
Type
Creditor
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Local short-term borrowings
Yuanta Securities and others
2.82 ~ 3.65
2026.01.02 ~
2026.05.18
—
W
7,018,433
Local short-term borrowings
Nonghyup Bank and others
3M CD + 0.62 ~ 0.80
2026.05.27 ~
2026.07.11
—
2,600,000
Local short-term borrowings
Korea Development Bank
short-term loan base rate + 1.03
2026.02.24
—
30,000
Local short-term borrowings
The Export-Import Bank of Korea
2.97 ~ 3.30
2026.09.18 ~
2026.12.29
—
30,000
Foreign short-term borrowings
Hana Bank and others
SOFR(1M) + 0.40 ~ 0.90
2026.08.11 ~
2026.11.25
USD 49,165
70,547
Local bank overdrafts
Nonghyup Bank
3.26
2026.01.08
—
183,300
Local bank overdrafts
Hana Bank
1yr bank debenture rate + 1.07
2026.10.31
—
47,140
W
9,979,420
98
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(4)
Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Type
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Local long-term borrowings
Korea Development Bank
Rural development fund loans
0.50
2026~2044
—
W
940
Facility loans
4.60~4.94
2028~2042
—
44,395
Facility loans
CB rate+0.90
2029
—
6,463
Hana Bank and others
Commercial paper
3M CD + 0.25~1.20
2026~2030
—
9,750,000
Facility loans
4.60
2028
—
2,905
Facility loans
3yr KTB rate-1.25
2026~2028
—
1,495
The Export-Import Bank of Korea
Facility loans
1.32
2027~2028
—
40,000
Operating funds
3M KEXIM bond
rate+0.66
2026
—
50,000
Korea Energy Agency
Development of overseas resources
3yr KTB rate-2.25 1.75
2028
—
6,076
Project loans
0.00
2033
—
1,197
Shinhan Bank and others
Facility loans
CB rate+0.90~1.10
2028~2029
—
8,881
Others
3.95
2034
—
58,778
Others
base rate+1.00
2034
—
58,778
Kookmin Bank
Facility loans
4.58~4.93 91-day CD
rate+1.79
2030~2037
—
156,880
Woori Bank
Facility loans
3M CD+1.90 base
rate+1.60 4.93
2034~2042
—
90,065
IBK
Facility loans
4.00~5.80
2042~2044
—
30,690
Nonghyup Bank
Facility loans
4.58~4.68
2030~2041
—
39,093
Others
Facility loans
3.30~6.80
2028~2042
—
743,777
Facility loans
CB rate+1.10 1.75~4.68
2028~2041
—
18,297
Others
4.40~7.90
2038~2039
—
62,037
Others
2.10~5.41
2031~2034
—
49,817
W
11,220,564
99
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(4)
Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:
In millions of won and thousands of foreign currencies
As of June 30, 2026
Type
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Foreign long-term borrowings
Korea Energy Agency
Project loans
—
2026
USD 8,744
W
13,478
The Export-Import Bank of
Korea and
others
Export-Import Bank
of Korea and others
Fixed+compound SOFR
1.80~3.20
2036
USD 62,064
95,671
Export-Import Bank of Korea and others
6M Synthetic Libor
+2.25~3.70
2027
USD 10,305
15,885
Facility loans
TermSOFR(3M)+
26.161bps(adj)+197.5bps
2028
USD 81,858
126,184
Facility loans
SOFR+0.43~1.83
2029~2031
USD 121,727
187,643
Facility loans
SOFR+0.78
2029
SAR 221,310
90,845
POSCO E&C and others
Shareholder’s Loan
8.00
2026
USD 3,228
4,976
Shareholder’s Loan
8.00
2031
USD 6,845
10,551
NH-Amundi
Syndicated Loan
8.00
2032
JPY 456,419
4,345
SMTB
Syndicated Loan
((0.55%+TIBOR
6M)×40%)+
(1.8225%×60%)
2036
JPY5,605,985
53,368
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V
Senior borrowing
3.90
2029
EUR 36,196
63,744
MUFG Bank and others
Facility loans
SOFR(3M)+1.50
SOFR(6M)+CAS+5.00
5.08~5.53
2027~2049
USD 678,641
1,046,125
Hanwha US Solar Private Fund 1 and others
Facility loans
6.00
2038
USD 61,239
94,400
Shinhan Bank
Facility loans
1M BBSY+1.40~2.25
2026
AUD 223,472
237,280
Nonghyup Bank and others
Facility loans
10.40
2039
USD 33,038
50,930
W
2,095,425
W
13,315,989
Less: discount on long-term borrowings
(38,632
)
Less: current portion of long-term borrowings
(10,072,961
)
Add: current portion of discount on long-term borrowings
1,977
W
3,206,373
100
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(4)
Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:
In millions of won
As of December 31, 2025
Type
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Local long-term borrowings
Korea Development Bank
Rural development fund loans
0.50
2025~2044
—
W
1,097
Facility loans
4.60~4.94
2028~2042
—
46,340
Facility loans
CB rate+0.90
2029
—
7,457
Hana Bank and others
Commercial paper
3M CD + 0.31~1.20
2025~2030
—
8,350,000
Facility loans
4.60
2028
—
3,578
Facility loans
3yr KTB rate-1.25
2025~2028
—
1,827
The Export-Import Bank of Korea
Inter-Korean Cooperation Fund
1.00
2026
—
1,473
Facility loans
1.32
2026~2028
—
48,000
Operating funds
3M KEXIM bond
rate+0.66
2026
—
50,000
Korea Energy Agency
Development of overseas resources
3yr KTB rate-2.25 1.75
2028
—
6,438
Project loans
0.00
2033
—
1,197
Shinhan Bank and others
Facility loans
CB rate+0.90~1.10
2028~2029
—
10,586
Others
3.95
2034
—
61,820
Others
base rate+1.00
2034
—
61,820
Kookmin Bank
Facility loans
4.36~5.93
2030~2037
—
161,114
Woori Bank
Facility loans
3M CD+1.90 4.65~5.20
2034~2042
—
92,963
IBK
Facility loans
4.00~5.80
2042~2044
—
30,690
Nonghyup Bank
Facility loans
5.60~5.70
2030~2041
—
39,093
Others
Facility loans
3.30~6.80
2028~2042
—
768,821
Facility loans
CB rate+1.10 1.75~5.70
2028~2041
—
20,549
Others
4.40~7.90
2038~2039
—
79,296
Others
2.00~5.41
2031~2034
—
49,819
W
9,893,978
101
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(4)
Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:
In millions of won and thousands of foreign currencies
As of December 31, 2025
Type
Interest rate (%)
Maturity
Foreign
currency
Local
currency
Foreign long-term borrowings
Korea Energy Agency
Project loans
—
2026
USD 8,744
W
12,546
The Export-Import Bank of Korea and others
Export-Import Bank of Korea and others
6.72~8.12
2036
USD 65,616
94,152
Export-Import Bank of Korea and others
6M Synthetic Libor
+2.25~3.70
2027
USD 32,621
46,808
Facility loans
SOFR+0.43~1.83
2029~2031
USD 125,556
180,160
Facility loans
SOFR+0.78
2029
SAR 517,167
197,847
POSCO E&C and others
Shareholder’s Loan
8.00
2026
USD 4,086
5,863
Shareholder’s Loan
8.00
2031
USD 6,845
9,822
NH-Amundi
Syndicated Loan
8.00
2032
JPY 491,448
4,510
SMTB
Syndicated Loan
((0.55%+TIBOR
6M)×40%)
+(1.8225%×60%)
2036
JPY 5,792,647
53,155
Kiwoom Solar Power Professional Investor Private Placement Investment Trust V
Senior borrowing
3.90
2029
EUR 36,060
60,786
MUFG Bank and others
Facility loans
SOFR(3M)+1.60~1.99
SOFR(6M)+5.00
5.67~6.18
2026~2032
USD 801,862
1,150,592
Hanwha US Solar Private Fund 1 and others
Facility loans
6.00
2038
USD 60,818
87,267
Shinhan Bank
Facility loans
1M BBSY+1.40~2.25
2026
AUD 223,008
214,315
Nonghyup Bank and others
Facility loans
10.40
2039
USD 34,577
49,616
W
2,167,439
W
12,061,417
Less: discount on long-term borrowings
(44,541
)
Less: current portion of long-term borrowings
(8,744,156
)
Add: current portion of discount on long-term borrowings
2,054
W
3,274,774
102
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(5)
Local debt securities as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
Issue date
Maturity
Interest rate (%)
As of June 30,
2026
As of December 31,
2025
Electricity Bonds
2012.03.27
~2026.06.25
2026.07.04
~2052.04.21
1.48~5.69
W
59,390,000
59,850,000
Corporate Bonds (*)
2009.10.16
~2026.06.25
2026.07.06
~2054.06.28
1.29~10.00
32,007,317
29,957,353
Corporate Bonds
2021.05.26
~2023.12.28
2041.05.25
~2043.09.15
1.75~7.00
41,578
41,578
91,438,895
89,848,931
Less: discount on local debt securities
(57,557
)
(52,559
)
Less: current portion of local debt securities
(22,991,558
)
(21,801,584
)
Add: current portion of discount on local debt securities
4,373
2,163
W
68,394,153
67,996,951
(*)
Each holder of the private placement bonds of Heemangbit Power Co., Ltd. (
W
1,548 million)
among the debt securities may exercise an early redemption right on the date five years from the issuance date (March 31, 2021) and on March 31 of each year thereafter until the year immediately preceding the maturity date.
103
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(6)
Foreign debt securities as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won and thousands of foreign currencies
June 30, 2026
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
429,618
FY-97
1997.01.31~1997.08.04
2027.02.01~2027.08.01
6.75~7.00
USD 314,717
485,136
FY-04
2004.04.23
2034.04.23
5.13
USD 286,920
442,287
FY-14
2014.07.30
2029.07.30
3.57
USD 100,000
154,150
FY-17
2017.07.25
2027.07.25
3.13
USD 300,000
462,450
FY-17
2017.10.30
2037.10.30
1.70
EUR 40,000
70,444
FY-17
2017.11.16
2037.11.16
2.36
SEK 450,000
71,465
FY-18
2018.03.13
2028.03.13
3.35
HKD 1,650,000
324,390
FY-19
2019.07.19
2027.07.19
0.05
CHF 100,000
190,933
FY-19
2019.12.19
2037.12.31
3.30~5.70
USD 300,253
462,840
FY-21
2021.08.09
2026.08.09
1.25
USD 300,000
462,450
FY-21
2021.09.24
2026.09.24
1.13
USD 300,000
462,450
FY-22
2022.04.21
2027.04.21
3.63
USD 300,000
462,450
FY-22
2022.06.14
2027.06.14
4.00
USD 300,000
462,450
FY-22
2022.07.27
2027.07.27
4.25
USD 700,000
1,079,050
FY-22
2022.10.06
2028.04.06
5.50
USD 300,000
462,450
FY-22
2022.10.06~2022.11.01
2032.10.06
5.16
HKD 2,350,000
462,010
FY-23
2023.06.07
2030.06.07
4.51
HKD 1,037,000
203,874
FY-23
2023.07.12
2028.07.12
4.88
USD 350,000
539,525
FY-23
2023.07.18
2028.07.18
5.00
USD 500,000
770,750
FY-23
2023.07.31
2026.07.31
5.38
USD 1,000,000
1,541,500
FY-23
2023.09.21
2026.09.21
5.38
USD 300,000
462,450
FY-24
2024.01.31
2027.01.31
4.88
USD 1,200,000
1,849,800
FY-24
2024.07.29
2029.07.29
4.63
USD 500,000
770,750
FY-25
2025.02.13
2028.02.13
4.75
USD 400,000
616,600
FY-25
2025.03.05
2028.03.05
4.10
HKD 1,166,000
229,236
FY-25
2025.07.30
2030.07.30
SOFR+0.79
USD 500,000
770,750
FY-25
2025.11.04
2031.05.04
4.00
USD 300,000
462,450
FY-25
2025.11.12
2028.11.12
Compounded Daily
SOFR+0.62
USD 600,000
924,900
FY-25
2025.11.12
2030.11.12
4.13
USD 400,000
616,600
FY-26
2026.06.16
2031.06.16
4.50
USD 500,000
770,750
W
17,476,958
Less: discount on foreign debt securities
(120,842
)
Less: current portion of foreign debt securities
(6,305,103
)
Add: current portion of discount on foreign debt securities
5,564
W
11,056,577
104
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
23.
Borrowings and Debt Securities, Continued
(6)
Foreign debt securities as of June 30, 2026 and December 31, 2025 are as follows, continued:
In millions of won and thousands of foreign currencies
As of December 31, 2025
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
399,908
FY-97
1997.01.31~1997.08.04
2027.02.01~2027.08.01
6.75~7.00
USD 314,717
451,587
FY-04
2004.04.23
2034.04.23
5.13
USD 286,920
411,702
FY-14
2014.07.30
2029.07.30
3.57
USD 100,000
143,490
FY-17
2017.07.25
2027.07.25
3.13
USD 300,000
430,470
FY-17
2017.10.30
2037.10.30
1.70
EUR 40,000
67,429
FY-17
2017.11.16
2037.11.16
2.36
SEK 450,000
70,187
FY-18
2018.03.13
2028.03.13
3.35
HKD 1,650,000
304,277
FY-19
2019.07.19
2027.07.19
0.05
CHF 100,000
181,197
FY-19
2019.12.19
2037.12.31
3.30~5.70
USD 310,682
445,798
FY-20
2020.08.03
2026.02.03
0.61
USD 300,000
430,470
FY-21
2021.01.27
2026.01.27
0.75
USD 450,000
645,705
FY-21
2021.04.27
2026.04.27
1.25
USD 500,000
717,450
FY-21
2021.08.09
2026.08.09
1.25
USD 300,000
430,470
FY-21
2021.09.24
2026.09.24
1.13
USD 300,000
430,470
FY-22
2022.04.21
2027.04.21
3.63
USD 300,000
430,470
FY-22
2022.06.14
2027.06.14
4.00
USD 300,000
430,470
FY-22
2022.07.27
2027.07.27
4.25
USD 700,000
1,004,430
FY-22
2022.10.06
2026.04.06~2028.04.06
5.38~5.50
USD 800,000
1,147,920
FY-22
2022.10.06~2022.11.01
2032.10.06
5.16
HKD 2,350,000
433,364
FY-23
2023.06.07
2030.06.07
4.51
HKD 1,037,000
191,233
FY-23
2023.07.12
2028.07.12
4.88
USD 350,000
502,215
FY-23
2023.07.18
2028.07.18
5.00
USD 500,000
717,450
FY-23
2023.07.31
2026.07.31
5.38
USD 1,000,000
1,434,900
FY-23
2023.09.21
2026.09.21
5.38
USD 300,000
430,470
FY-24
2024.01.31
2027.01.31
4.88
USD 1,200,000
1,721,880
FY-24
2024.07.29
2029.07.29
4.63
USD 500,000
717,450
FY-25
2025.02.13
2028.02.13
4.75
USD 400,000
573,960
FY-25
2025.03.05
2028.03.05
4.10
HKD 1,166,000
215,022
FY-25
2025.07.30
2030.07.30
SOFR+0.79
USD 500,000
717,450
FY-25
2025.11.04
2031.05.04
4.00
USD 300,000
430,470
FY-25
2025.11.12
2028.11.12
Compounded Daily
SOFR+0.62
USD 600,000
860,939
FY-25
2025.11.12
2030.11.12
4.13
USD 400,000
573,959
W
18,094,662
Less: discount on foreign debt securities
(118,038
)
Less: current portion of foreign debt securities
(5,372,332
)
Add: current portion of discount on foreign debt securities
6,305
W
12,610,597
(7)
Changes in borrowings and debt securities for the six-month periods ended June 30, 2026 and 2025 are as
follows:
In millions of won
For the six-month period ended June 30, 2026
For the six-month period ended June 30, 2025
Borrowings
Debt
Securities
Total
Borrowings
Debt
Securities
Total
Beginning balance
W
21,996,296
107,772,996
129,769,292
20,659,381
111,874,019
132,533,400
Cash flow
2,540,963
(263,005
)
2,277,958
4,047,550
(3,315,584
)
731,966
Effect of exchange rate fluctuations
36,321
1,235,265
1,271,586
(148,978
)
(1,251,911
)
(1,400,889
)
Others
5,909
(7,802
)
(1,893
)
(19,540
)
16,656
(2,884
)
W
24,579,489
108,737,454
133,316,943
24,538,413
107,323,180
131,861,593
105
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease
1)
Group as a lessee
(1)
Lease contracts
The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the
commencement date, and recognized
W
125,170 million and
W
53,916 million respectively, as expense for the six-month periods ended June 30, 2026 and 2025. The Group also applies the leases of low-value assets
recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than
W
5 million), and recognized
W
1,711 million and
W
1,827 million respectively,
as expense for the six-month periods ended June 30, 2026 and 2025. The Group has lease contracts for various items such as consecutive voyage charter contracts, real estate lease contracts including buildings, switchyard, and land for electric
substation, vehicles, and other equipment.
(2)
Right-of-use assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
Acquisition
Cost
Accumulated
depreciation
Accumulated
impairment
losses
Book
value
Land
W
1,057,684
(429,678
)
—
628,006
Buildings
238,117
(133,978
)
(23
)
104,116
Structures
55,982
(16,742
)
—
39,240
Machinery
56,791
(36,533
)
—
20,258
Ships
3,620,505
(2,170,640
)
—
1,449,865
Vehicles
64,361
(41,532
)
—
22,829
Others
391,756
(127,243
)
—
264,513
W
5,485,196
(2,956,346
)
(23
)
2,528,827
In millions of won
As of December 31, 2025
Acquisition
Cost
Accumulated
depreciation
Book
value
Land
W
1,025,978
(401,002
)
624,976
Buildings
220,277
(126,636
)
93,641
Structures
54,310
(15,125
)
39,185
Machinery
56,211
(33,535
)
22,676
Ships
3,630,728
(2,066,439
)
1,564,289
Vehicles
72,416
(47,670
)
24,746
Others (*)
381,469
(119,045
)
262,424
W
5,441,389
(2,809,452
)
2,631,937
(*)
During the year ended December 31, 2025, the power purchase agreement (“PPA”) with CGN Yulchon
Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.
106
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease, Continued
1)
Group as a lessee, Continued
(3)
Changes in right-of-use assets for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Increase
Decrease
Depreciation
Others
Ending balance
Land
W
624,976
11,633
(29,637
)
(8,907
)
29,941
628,006
Buildings
93,641
25,832
(21,194
)
(1,303
)
7,140
104,116
Structures
39,185
313
(4,162
)
—
3,904
39,240
Machinery
22,676
342
(3,170
)
(7
)
417
20,258
Ships
1,564,289
21,698
(147,014
)
—
10,892
1,449,865
Vehicles
24,746
4,708
(7,094
)
(111
)
580
22,829
Others
262,424
8,061
(10,863
)
—
4,891
264,513
W
2,631,937
72,587
(223,134
)
(10,328
)
57,765
2,528,827
In millions of won
For the year ended December 31, 2025
Beginning
balance
Increase
Decrease
Depreciation
Others
Ending balance
Land
W
677,602
9,402
(59,793
)
(2,035
)
(200
)
624,976
Buildings
105,841
25,783
(41,921
)
(2,282
)
6,220
93,641
Structures
40,859
1,889
(8,433
)
(96
)
4,966
39,185
Machinery
27,060
1,364
(6,515
)
(19
)
786
22,676
Ships
1,931,093
9,688
(316,823
)
—
(59,669
)
1,564,289
Vehicles
20,920
21,280
(15,498
)
(1,444
)
(512
)
24,746
Others
243,021
31,024
(28,680
)
—
17,059
262,424
W
3,046,396
100,430
(477,663
)
(5,876
)
(31,350
)
2,631,937
107
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease, Continued
1)
Group as a lessee, Continued
(4)
Lease liabilities as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Less than 1 year
W
541,120
526,324
1 ~ 5 years
1,720,070
1,614,003
More than 5 years
1,191,029
1,407,310
3,452,219
3,547,637
Less: present value discounts and others
(317,504
)
(396,757
)
Present value of lease payment
W
3,134,715
3,150,880
(5)
Details of the liquidity classification of lease liabilities as of June 30, 2026 and December 31,
2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current lease liabilities
W
525,094
510,105
Non-current lease liabilities
2,609,621
2,640,775
W
3,134,715
3,150,880
(6)
Changes in lease liabilities for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Increase
Decrease
Interest
expenses
Others (*)
Ending balance
Lease liabilities
W
3,150,880
67,712
(322,188
)
34,941
203,370
3,134,715
(*)
Other changes include the effect of translation of lease liabilities denominated in foreign currencies.
In millions of won
For the year ended December 31, 2025
Beginning
balance
Increase
Decrease
Interest
expenses
Others (*)
Ending balance
Lease liabilities
W
3,699,456
90,362
(626,586
)
76,935
(89,287
)
3,150,880
(*)
Other changes include the effect of translation of lease liabilities denominated in foreign currencies.
108
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease, Continued
1)
Group as a lessee, Continued
(7)
Details of expense relating to lease contracts as lessee for the three and six-month periods ended
June 30, 2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Depreciation of right-of-use assets
W
109,701
223,134
126,449
253,460
Interest expenses of lease liabilities
17,508
34,941
19,194
40,015
Lease expenses for short-term leases
68,089
125,170
32,913
53,916
Lease expenses for leases of low-value assets
795
1,711
991
1,827
Variable lease payments
17,518
22,681
(6,454
)
(2,744
)
W
213,611
407,637
173,093
346,474
(8)
The total cash outflow related to the lease contracts amounts to
W
471,750 million and
W
422,908 million, for the six-month periods ended June 30, 2026 and 2025, respectively.
109
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease, Continued
2)
Group as a lessor
(1)
Finance lease contracts
The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas
combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 7 energy storage system installation projects and 317 energy efficiency contracts as finance
leases with a lease term of 3 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 the three and six-month periods ended June 30, 2026
and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Finance income on the net investment in the lease
W
30,569
61,354
30,550
60,379
(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 June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Less than 1 year
W
238,012
217,872
1 ~ 2 years
215,337
206,023
2 ~ 3 years
203,440
194,195
3 ~ 4 years
205,973
184,626
4 ~ 5 years
185,310
187,851
More than 5 years
1,220,457
1,218,793
2,268,529
2,209,360
Less: unearned finance income
(929,611
)
(932,072
)
Net investment in the lease (*1)
W
1,338,918
1,277,288
(*1)
The present value of unguaranteed residual value of
W
38,273 million (December 31, 2025:
W
34,047 million) is included as of June 30, 2026.
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 3.46% up to 17.85% per year as of June 30, 2026 (0.00%~17.37% as of December 31, 2025).
110
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
24.
Lease, Continued
2)
Group as a lessor, Continued
(4)
Changes in the allowance for doubtful accounts of finance lease receivables for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period
ended June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
7,002
5,255
Bad debt expense
26
1,977
Write-off
—
(230
)
Ending balance
W
7,028
7,002
111
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
25.
Employment Benefits
(1)
Employment benefit obligations as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Net defined benefit asset
W
179,051
104,344
Net defined benefit obligations
1,002,579
1,380,352
Other long-term employee benefit obligations
23,577
1,500
(2)
Principal assumptions used for actuarial valuation as of June 30, 2026 and December 31, 2025 are
as follows:
As of June 30, 2026
As of December 31, 2025
Discount rate
3.80% ~ 6.20
%
3.38% ~ 5.44
%
Future salary and benefit levels
4.83
%
4.83
%
Weighted average duration
9.34 years
9.65 years
(3)
Details of expense relating to defined benefit plans for the three and six-month periods ended June 30,
2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Current service cost
W
108,846
220,072
115,824
228,692
Interest cost
44,412
89,983
42,465
83,412
Expected return on plan assets
(34,697
)
(67,939
)
(30,551
)
(59,882
)
W
118,561
242,116
127,738
252,222
Expenses described above are recognized in those items below in the condensed consolidated financial
statements.
In millions of Won
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Cost of sales
W
85,707
174,614
91,058
179,554
Selling and administrative expenses
21,705
44,247
24,428
48,375
Others including construction-in-progress
11,149
23,255
12,252
24,293
W
118,561
242,116
127,738
252,222
In addition, for the six-month periods ended June 30, 2026 and 2025, 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:
W
60,187 million and
W
49,043 million as cost of sales;
W
9,066
million and
W
7,138 million as selling and administrative expenses; and
W
9,910 million and
W
8,589 million as construction-in-progress and others.
112
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
25.
Employment Benefits, Continued
(4)
Details of defined benefit obligations as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Present value of defined benefit obligation from funded plans
W
4,360,579
4,978,795
Fair value of plan assets
(3,537,051
)
(3,702,787
)
Net liabilities incurred from defined benefit plans
W
823,528
1,276,008
(5)
Changes in the present value of defined benefit obligations for the six-month period ended June 30,
2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended
June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
4,978,795
4,960,645
Current service cost
220,072
486,139
Interest cost
89,983
173,362
Remeasurement component
(209,331
)
32,568
Actual payments
(719,078
)
(673,863
)
Others
138
(56
)
Ending balance
W
4,360,579
4,978,795
(6)
Changes in the fair value of plan assets for the six-month period ended June 30, 2026 and for the year
ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended
June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
3,702,787
3,551,233
Expected return
67,939
124,639
Remeasurement component
(15,672
)
(12,236
)
Contributions by the employers
22,892
350,970
Actual payments
(240,895
)
(311,819
)
Ending balance
W
3,537,051
3,702,787
113
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
25.
Employment Benefits, Continued
(7)
Details of the fair value of plan assets as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Equity instruments
W
1,739
879
Debt instruments
506,939
527,278
Bank deposits
227,851
275,590
Others (*)
2,800,522
2,899,040
W
3,537,051
3,702,787
(*)
Other plan assets consist of various financial assets managed by external asset management companies.
For the six-month period ended June 30, 2026 and for the year ended December 31, 2025, actual returns on plan assets amounted
to
W
52,267 million and
W
112,403 million, respectively.
(8)
Remeasurement components recognized in other comprehensive income (loss) for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended
June 30, 2026
For the year ended
December 31, 2025
Actuarial loss from changes in financial assumptions
W
(250,592
)
(172,587
)
Actuarial loss from experience adjustments, etc.
41,261
205,155
Expected loss
15,672
12,236
W
(193,659
)
44,804
Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.
In addition, gain on accumulated remeasurement component amounting to
W
143,091 million and
W
8,027 million have been
recognized as other comprehensive income as of June 30, 2026 and December 31, 2025, respectively.
114
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
26.
Provisions
(1)
Provisions as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Employment benefits
Provisions for employment benefits
W
1,266,932
—
1,145,049
—
Litigation
Litigation provisions
4,563
285,654
10,114
342,213
Decommissioning cost
Nuclear plants
55,874
24,444,628
55,874
24,121,023
Spent fuel
879,085
2,021,986
700,694
2,044,650
Radioactive waste
86,937
1,746,084
72,616
1,699,429
PCBs
—
8,727
—
14,073
Other recovery provisions
—
57,380
—
55,843
Others
Power plant regional support program
166,197
—
132,818
—
Transmission regional support program
223,367
—
344,824
—
Provisions for financial guarantee
17,366
29,361
21,815
28,894
Provisions for RPS
12,973
—
—
—
Provisions for greenhouse gas emissions obligations
194,379
—
151,187
—
Provision for Onerous Contracts
1,288,202
66
1,448,037
1,656
Provision for defects liability
376
99,297
311
111,885
Provision for product warranties
960
—
977
—
Others
79,217
456,640
85,927
444,034
W
4,276,428
29,149,823
4,170,243
28,863,700
(2)
Changes in provisions for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning balance
Increase in
provision
Payment
Reversal
Others
Ending
balance
Employment benefits
Provisions for employment benefits
W
1,145,049
603,059
(481,148
)
(28
)
—
1,266,932
Litigation
Litigation provisions
352,327
16,746
(70,029
)
(5,055
)
(3,772
)
290,217
Decommissioning cost
Nuclear plants
24,176,897
355,577
(31,972
)
—
—
24,500,502
Spent fuel
2,745,344
421,631
(265,904
)
—
—
2,901,071
Radioactive waste
1,772,045
65,346
(4,370
)
—
—
1,833,021
PCBs
14,073
228
(5,574
)
—
—
8,727
Other recovery provisions
55,843
904
—
—
633
57,380
Others
Power plant regional support program
132,818
60,126
(26,747
)
—
—
166,197
Transmission regional support program
344,824
5,367
(126,824
)
—
—
223,367
Provisions for financial guarantee
50,709
3,357
(5,345
)
(2,421
)
427
46,727
Provisions for RPS
—
642,857
(611,849
)
(18,035
)
—
12,973
Provisions for greenhouse gas emissions obligations
151,187
44,307
—
(1,115
)
—
194,379
Provision for Onerous Contracts
1,449,693
7,859
—
(169,284
)
—
1,288,268
Provision for defects liability
112,196
13,929
(26,421
)
(31
)
—
99,673
Provision for product warranties
977
4
(5
)
(16
)
—
960
Others
529,961
62,832
(59,709
)
2,270
503
535,857
W
33,033,943
2,304,129
(1,715,897
)
(193,715
)
(2,209
)
33,426,251
115
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
26.
Provisions, Continued
(2)
Changes in provisions for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows, continued:
In millions of won
For the year ended December 31, 2025
Beginning balance
Increase in
provision
Payment
Reversal
Others
Ending
balance
Employment benefits
Provisions for employment benefits
W
1,093,625
1,364,058
(1,301,555
)
(11,079
)
—
1,145,049
Litigation
Litigation provisions
488,421
44,700
(167,170
)
(13,638
)
14
352,327
Decommissioning cost
Nuclear plants
23,272,373
1,005,286
(63,355
)
(37,407
)
—
24,176,897
Spent fuel
2,923,745
578,601
(411,377
)
(345,625
)
—
2,745,344
Radioactive waste
1,761,791
108,910
(56,879
)
(41,777
)
—
1,772,045
PCBs
39,389
1,144
(19,958
)
(6,502
)
—
14,073
Other recovery provisions
50,407
18,963
(1,290
)
(280
)
(11,957
)
55,843
Others
Power plant regional support program
130,256
59,769
(57,207
)
—
—
132,818
Transmission regional support program
302,631
212,701
(170,508
)
—
—
344,824
Provisions for financial guarantee
30,924
45,864
(22,553
)
(3,347
)
(179
)
50,709
Provisions for RPS
—
1,107,704
(1,101,002
)
(6,702
)
—
—
Provisions for greenhouse gas emissions obligations
156,463
247,135
(241,024
)
(7,204
)
(4,183
)
151,187
Provision for Onerous Contracts
1,767
1,448,691
—
(765
)
—
1,449,693
Provision for defects liability
121,402
30,329
(39,416
)
(119
)
—
112,196
Provision for product warranties
967
50
(9
)
(28
)
(3
)
977
Others
256,844
278,428
(5,195
)
—
(116
)
529,961
W
30,631,005
6,552,333
(3,658,498
)
(474,473
)
(16,424
)
33,033,943
116
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
27.
Government Grants
(1)
Government grants as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Land
W
27,391
27,392
Buildings
36,143
38,077
Structures
144,448
149,558
Machinery
91,532
94,337
Vehicles
2,790
2,683
Equipment
938
1,868
Tools
815
982
Construction-in-progress
233,939
230,573
Investment properties
21
22
Software
599
804
Development expenditures
394
540
Intangible assets under development
5,673
5,044
Other intangible assets
90
136
W
544,773
552,016
117
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
27.
Government Grants, Continued
(2)
Changes in government grants for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Beginning
balance
Receipt
Acquisition
Offset the
items of
depreciation
expense and
others
Disposal
Revenue
Others
Ending
balance
Cash
W
—
8,905
(8,785
)
—
—
(120
)
—
—
Land
27,392
—
—
—
(1
)
—
—
27,391
Buildings
38,077
—
—
(1,934
)
—
—
—
36,143
Structures
149,558
—
—
(4,849
)
(266
)
—
5
144,448
Machinery
94,337
—
272
(6,777
)
(60
)
—
3,760
91,532
Vehicles
2,683
—
162
(691
)
(2
)
—
638
2,790
Equipment
1,868
—
—
(1,060
)
—
—
130
938
Tools
982
—
—
(227
)
—
—
60
815
Construction-in-progress
230,573
—
7,668
—
—
—
(4,302
)
233,939
Investment properties
22
—
—
(1
)
—
—
—
21
Software
804
—
—
(222
)
—
—
17
599
Development expenditures
540
—
—
(146
)
—
—
—
394
Intangible assets under development
5,044
—
683
—
—
—
(54
)
5,673
Other intangible assets
136
—
—
(46
)
—
—
—
90
W
552,016
8,905
—
(15,953
)
(329
)
(120
)
254
544,773
In millions of won
For the year ended December 31, 2025
Beginning
balance
Receipt
Acquisition
Offset the
items of
depreciation
expense and
others
Disposal
Revenue
Others
Ending
balance
Cash
W
—
25,243
(25,019
)
—
—
(224
)
—
—
Land
27,403
—
—
—
(11
)
—
—
27,392
Buildings
41,718
—
—
(3,937
)
(4
)
—
300
38,077
Structures
149,737
—
—
(9,552
)
(687
)
—
10,060
149,558
Machinery
105,546
—
1,150
(15,011
)
(384
)
—
3,036
94,337
Vehicles
2,745
—
484
(1,309
)
(6
)
—
769
2,683
Equipment
3,915
—
19
(2,119
)
—
—
53
1,868
Tools
1,306
—
—
(437
)
—
—
113
982
Construction-in-progress
223,566
—
21,758
—
—
—
(14,751
)
230,573
Investment properties
22
—
—
—
—
—
—
22
Software
844
—
—
(342
)
—
—
302
804
Development expenditures
939
—
—
(496
)
—
—
97
540
Intangible assets under development
3,473
—
1,608
—
—
—
(37
)
5,044
Other intangible assets
229
—
—
(93
)
—
—
—
136
W
561,443
25,243
—
(33,296
)
(1,092
)
(224
)
(58
)
552,016
118
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
28.
Deferred Revenue
Changes in deferred revenues for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 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
For the six-month period ended
June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
14,099,143
13,652,565
Increase
777,322
1,308,338
Recognized as revenue
(451,157
)
(861,760
)
Ending balance
W
14,425,308
14,099,143
29.
Non-financial Liabilities
Non-financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Current
Non-current
Current
Non-current
Advance received
W
3,765,681
643,228
3,742,661
423,445
Unearned revenue
62,731
14,786
56,306
18,364
Deferred revenue
853,949
13,571,359
826,003
13,273,140
Withholdings
382,825
1,024
300,016
1,024
Others
1,680,425
11,029
1,880,185
10,186
W
6,745,611
14,241,426
6,805,171
13,726,159
119
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
30.
Contributed Capital
(1)
Details of share capital as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won except share information
As of June 30, 2026
Shares
authorized
(in shares)
Shares issued
(in shares)
Par value
per share
(in won)
Owned by
government (*1)
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
(*1)
Equity of
W
1,056,176 million held by Korea Development Bank is included.
In millions of won except share information
As of December 31, 2025
Shares
authorized
(in shares)
Shares issued
(in shares)
Par value
per share
(in won)
Owned by
government (*1)
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
(*1)
Equity of
W
1,056,176 million held by Korea Development Bank is included.
(2)
Details in the number of floating capital stock for the six-month period ended June 30, 2026 and for
the year ended December 31, 2025 are as follows:
Number of shares
For the six-month period
ended June 30, 2026
For the year ended
December 31, 2025
Beginning balance
641,964,077
641,964,077
Ending balance
641,964,077
641,964,077
(3)
Details of share premium as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Share premium
W
843,758
843,758
120
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
31.
Retained Earnings and Dividends Paid
(1)
Details of retained earnings as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Legal reserve (*1)
W
1,604,910
1,604,910
Voluntary reserves
6,807,034
567,469
Retained earnings before appropriations
22,000,850
26,328,205
Retained earnings
W
30,412,794
28,500,584
(*1)
In accordance with Article 14 of the Korea Electric Power Corporation Act, the Group is required to appropriate
at least 20% of its net income as a legal reserve each year until the reserve reaches 50% of its share capital. The legal reserve may not be distributed as cash dividends and may only be used to offset accumulated deficits or be transferred to
capital through a resolution of the shareholders’ meeting.
(2)
Details of voluntary reserves as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Reserve for business expansion
W
6,807,034
567,469
(3)
Changes in retained earnings for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period
ended June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
28,500,584
20,128,247
Profit for the year attributed to owners of the controlling company
2,760,052
8,544,918
Changes in equity method retained earnings
25,390
(5,944
)
Remeasurements of defined benefit liability, net of tax
116,677
(29,899
)
Dividend paid
(989,909
)
(136,738
)
Ending balance
W
30,412,794
28,500,584
121
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
31.
Retained Earnings and Dividends Paid, Continued
(4)
Dividends paid for the six-month period ended June 30, 2026 and for the year ended December 31,
2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
Number of
shares issued
(in shares)
Number of
treasury stocks
(in shares)
Number of
shares eligible for
dividends (in shares)
Dividends paid
per share
(in won)
Dividends
paid
Common shares
641,964,077
—
641,964,077
W
1,542
989,909
In millions of won
For the year ended December 31, 2025
Number of
shares issued
(in shares)
Number of
treasury stocks
(in shares)
Number of
shares eligible for
dividends (in shares)
Dividends paid
per share
(in won)
Dividends
paid
Common shares
641,964,077
—
641,964,077
W
213
136,738
(5)
Changes in retained earnings of investments in associates and joint ventures for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period
ended June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
(23,364
)
(17,420
)
Changes
25,390
(5,944
)
Ending balance
W
2,026
(23,364
)
(6)
Changes in remeasurement components related to defined benefit liability for the six-month period ended
June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period
ended June 30, 2026
For the year ended
December 31, 2025
Beginning balance
W
8,027
(95,694
)
Changes
188,913
(47,266
)
Income tax effect
(72,236
)
17,367
Transfer to reserve for business expansion
18,387
133,620
Ending balance
W
143,091
8,027
122
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
32.
Hybrid Bonds
The 2nd hybrid bond issued by Korea South-East Power Co., Ltd., a subsidiary of the Group,
was fully redeemed during the year ended December 31, 2025. Accordingly, there are no outstanding hybrid bonds classified as non-controlling interests as of June 30, 2026 and December 31, 2025.
33.
Other Components of Equity
(1)
Other components of equity as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Other capital surplus
W
1,568,699
1,566,635
Accumulated other comprehensive income
1,932,167
1,340,560
Other equity
12,708,585
12,708,585
W
16,209,451
15,615,780
(2)
Changes in other capital surplus for the six-month period ended June 30, 2026 and for the year ended
December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
For the year ended December 31, 2025
Gains on
disposal of
treasury
stocks
Others
Total
Gains on
disposal of
treasury
stocks
Others
Total
Beginning balance
W
387,524
1,179,111
1,566,635
387,524
1,213,288
1,600,812
Additional paid-in capital of subsidiaries
—
(64
)
(64
)
—
(855
)
(855
)
Equity transaction within the consolidated entity
—
2,128
2,128
—
(33,322
)
(33,322
)
Ending balance
W
387,524
1,181,175
1,568,699
387,524
1,179,111
1,566,635
123
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
33.
Other Components of Equity, Continued
(3)
Changes in accumulated other comprehensive income (loss) for the six-month period ended June 30, 2026
and for the year ended December 31, 2025 are as follows:
In millions of won
For the six-month period ended June 30, 2026
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
224,645
1,340,165
(236,978
)
12,728
1,340,560
Changes in the unrealized fair value of financial assets at FVOCI, net of tax
9,590
—
—
—
9,590
Shares of other comprehensive loss of associates and joint ventures, net of tax
—
534,049
—
—
534,049
Foreign currency translation of foreign operations, net of tax
—
—
34,120
—
34,120
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of
tax
—
—
—
13,848
13,848
Ending balance
W
234,235
1,874,214
(202,858
)
26,576
1,932,167
In millions of won
For the year ended December 31, 2025
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
80,757
1,597,958
(231,946
)
(22,755
)
1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax
143,888
—
—
—
143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax
—
(257,793
)
—
—
(257,793
)
Foreign currency translation of foreign operations, net of tax
—
—
(5,032
)
—
(5,032
)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of
tax
—
—
—
35,483
35,483
Ending balance
W
224,645
1,340,165
(236,978
)
12,728
1,340,560
(4)
Other equity as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Statutory revaluation reserve
W
12,708,704
12,708,704
Changes in other equity
(119
)
(119
)
W
12,708,585
12,708,585
124
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
34.
Sales
Details of sales for each of the three and six-month periods ended June 30, 2026 and
2025 are as follows:
In millions of Won
June 30, 2026
Domestic
Overseas
Total
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
[Type of goods and services]
Sale of goods
W
21,188,212
44,847,073
79,853
195,917
21,268,065
45,042,990
Electricity
20,740,787
43,964,066
—
—
20,740,787
43,964,066
Heat supply
27,435
180,212
—
—
27,435
180,212
Others
419,990
702,795
79,853
195,917
499,843
898,712
Sales related to rendering of services
121,747
196,367
58,964
156,807
180,711
353,174
Sales related to construction services
48,060
92,564
196,680
377,454
244,740
470,018
Revenue related to transfer of assets from customers
225,336
451,157
—
—
225,336
451,157
W
21,583,355
45,587,161
335,497
730,178
21,918,852
46,317,339
[Timing of revenue recognition]
Performance obligations satisfied at a point in time
W
21,188,212
44,847,073
79,853
195,917
21,268,065
45,042,990
Performance obligations satisfied over time
395,143
740,088
255,644
534,261
650,787
1,274,349
W
21,583,355
45,587,161
335,497
730,178
21,918,852
46,317,339
In millions of Won
June 30, 2025
Domestic
Overseas
Total
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
[Type of goods and services]
Sale of goods
W
21,295,111
44,994,678
97,885
207,767
21,392,996
45,202,445
Electricity
20,946,333
44,157,533
—
—
20,946,333
44,157,533
Heat supply
54,495
241,183
—
—
54,495
241,183
Others
294,283
595,962
97,885
207,767
392,168
803,729
Sales related to rendering of services
112,928
199,518
43,954
104,056
156,882
303,574
Sales related to construction services
71,331
90,587
109,940
146,881
181,271
237,468
Revenue related to transfer of assets from customers
218,989
430,635
—
—
218,989
430,635
W
21,698,359
45,715,418
251,779
458,704
21,950,138
46,174,122
[Timing of revenue recognition]
Performance obligations satisfied at a point in time
W
21,295,111
44,994,678
97,885
207,767
21,392,996
45,202,445
Performance obligations satisfied over time
403,248
720,740
153,894
250,937
557,142
971,677
W
21,698,359
45,715,418
251,779
458,704
21,950,138
46,174,122
125
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
35.
Selling and Administrative Expenses
Selling and administrative expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Salaries
W
294,100
587,259
293,934
579,663
Retirement benefit expense
25,941
53,313
27,406
55,513
Contributions to employee welfare fund
5
5
4
4
Welfare and benefit expense
41,606
82,851
40,915
73,739
Insurance expense
2,383
15,498
8,499
16,215
Depreciation
60,998
121,547
58,753
116,264
Amortization of intangible assets
17,082
37,287
23,072
45,390
Bad debt expense
9,609
25,491
14,171
31,544
Commission
107,419
213,614
99,019
205,026
Advertising expense
7,673
17,957
6,292
16,776
Training expense
2,530
4,656
2,329
4,315
Vehicle maintenance expense
2,619
4,580
2,280
4,318
Publishing expense
781
1,464
805
1,516
Business promotion expense
726
1,486
679
1,387
Rent expense
13,914
26,470
14,393
26,165
Telecommunication expense
2,321
5,312
2,309
5,147
Transportation expense
307
661
297
542
Taxes and dues
80,509
90,289
74,296
84,447
Expendable supplies expense
2,933
5,438
2,376
4,228
Water, light and heating expense
3,358
7,776
3,316
7,941
Repairs and maintenance expense
21,297
38,033
37,771
66,832
Ordinary development expense
43,269
76,295
47,363
90,963
Travel expense
5,957
11,785
5,821
10,728
Clothing expense
3,265
3,709
2,326
2,872
Survey and analysis expense
212
409
211
397
Membership fee
801
1,370
790
1,423
Others
32,192
65,299
25,297
54,802
W
783,807
1,499,854
794,724
1,508,157
126
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
36.
Other Income and Expenses Continued
(1)
Other income for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Reversal of other provisions
W
3,675
5,906
970
4,083
Reversal of other bad debt allowance
(22,910
)
2,659
(757
)
5,743
Gains on government grants
58
120
55
102
Gains on assets contributed
71
2,894
1,332
1,513
Gains on liabilities exempted
929
981
427
707
Compensation and reparations revenue
20,561
46,204
25,688
45,895
Revenue from foundation fund
25
36
9
163
Rental income
50,223
103,078
52,340
105,189
Others
7,771
55,160
13,309
22,785
W
60,403
217,038
93,373
186,180
(2)
Other expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Compensation and indemnification expense
W
—
—
1,309
1,310
Accretion expenses of other provisions
625
672
315
755
Depreciation expenses on investment properties
217
473
313
508
Depreciation expenses on idle assets
896
1,797
903
1,807
Other bad debt expense
69,275
69,275
—
2
Donations
11,692
84,764
64,634
76,745
Others
7,689
11,453
7,746
13,971
W
90,394
168,434
75,220
95,098
127
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
37.
Other Gains (Losses)
Composition of other gains (losses) for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Other gains
Gains on disposal of property, plant and equipment
W
1,926
3,627
2,712
8,075
Gains on disposal of intangible assets
—
—
16
16
Reversal of impairment loss on property, plant and equipment
—
1
—
—
Reversal of impairment loss on intangible assets
47
47
40
40
Gains on foreign currency translation
16,634
57,417
9,677
13,839
Gains on foreign currency transactions
27,726
47,812
31,125
75,738
Gains on insurance proceeds
1,281
2,081
1,015
1,015
Others
92,376
192,363
109,052
281,516
Other losses
Losses on disposal of property, plant and equipment
(19,253
)
(39,202
)
(12,982
)
(50,140
)
Losses on disposal of intangible assets
(1
)
(1
)
—
(13
)
Loss on impairment of property, plant and equipment
—
(825
)
—
—
Loss on impairment of intangible assets
—
(1,115
)
(30
)
(30
)
Losses on foreign currency translation
(4,176
)
(31,100
)
(36,974
)
(47,056
)
Losses on foreign currency transactions
(44,916
)
(85,578
)
(17,706
)
(37,394
)
Others
(14,913
)
(77,092
)
(65,334
)
(126,423
)
W
56,731
68,435
20,611
119,183
128
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
38.
Finance Income
Finance income for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Interest income
W
97,450
194,405
103,058
215,046
Dividends income
5,887
25,962
9,770
23,321
Gains on disposal of financial assets
13,063
28,109
8,932
19,496
Gains on valuation of financial assets at fair value through profit or loss
24,204
40,525
20,180
34,789
Gains on valuation of derivatives
236,210
1,189,821
—
31,735
Gains on transaction of derivatives
95,197
209,464
60,048
139,178
Gains on foreign currency translation
36,399
111,934
1,329,479
1,391,376
Gains on foreign currency transactions
4,185
8,673
253,818
293,741
Others
571
1,352
681
1,510
W
513,166
1,810,245
1,785,966
2,150,192
129
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
39.
Finance Expenses
Finance expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of Won
June 30, 2026
June 30, 2025
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Interest expense
W
1,049,395
2,079,121
1,094,132
2,211,256
Losses on valuation of derivatives
9,366
13,868
1,029,015
1,023,742
Losses on transaction of derivatives
35,602
47,274
227,745
262,194
Losses on foreign currency translation
268,797
1,272,709
65,639
95,129
Losses on foreign currency transactions
62,640
79,862
42,597
45,112
Others
16,932
28,383
4,570
8,845
W
1,442,732
3,521,217
2,463,698
3,646,278
Capitalization rates for the six-month periods ended June 30, 2026 and 2025
are 2.27%~5.80% and 2.31%~3.29%,
respectively.
130
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
40.
Income Taxes
(1)
Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and
liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for each of the six-month periods ended June 30, 2026 and 2025 is 26.81% and
27.75%, respectively.
(2)
Pillar two model rules
The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. 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
six-month
period ended June 30, 2026 in relation
with the additional Pillar Two income taxes amounts to
W
3,363 million (
W
1,421 million for the
six-month
period ended June 30, 2025). The Group has applied the
mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.
41.
Assets
Held-for-Sale
A
lthough the Group entered into a contract to sell the site of the Majang Materials Center during the year
ended December 31, 2025, the asset was not classified as assets
held-for-sale
as of June 30, 2026, as it was not considered highly probable that the sale would
be completed within one year.
131
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
42.
Expenses Classified by Nature
Expenses classified by nature for the six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of won
For the
six-month
period ended June 30, 2026
Selling and
administrative
expenses
Cost of sales
Total
Raw materials used
W
—
9,837,734
9,837,734
Power purchase
—
17,206,862
17,206,862
Salaries
587,259
2,393,280
2,980,539
Retirement benefit expense
53,313
234,801
288,114
Contributions to employee welfare fund
5
100
105
Welfare and benefit expense
82,851
313,699
396,550
Insurance expense
15,498
71,349
86,847
Depreciation
121,547
6,639,532
6,761,079
Amortization of intangible assets
37,287
37,032
74,319
Bad debt expense
25,491
—
25,491
Commission
213,614
181,306
394,920
Advertising expense
17,957
4,942
22,899
Training expense
4,656
7,740
12,396
Vehicle maintenance expense
4,580
4,203
8,783
Publishing expense
1,464
1,215
2,679
Business promotion expense
1,486
1,328
2,814
Rent expense
26,470
84,961
111,431
Telecommunication expense
5,312
5,326
10,638
Transportation expense
661
23,922
24,583
Taxes and dues
90,289
401,274
491,563
Expendable supplies expense
5,438
25,878
31,316
Water, light and heating expense
7,776
19,086
26,862
Repairs and maintenance expense
38,033
1,402,031
1,440,064
Ordinary development expense
76,295
273,489
349,784
Travel expense
11,785
36,923
48,708
Clothing expense
3,709
3,463
7,172
Survey and analysis expense
409
2,193
2,602
Membership fee
1,370
5,857
7,227
Others
65,299
685,238
750,537
W
1,499,854
39,904,764
41,404,618
132
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
42.
Expenses Classified by Nature, Continued
Expenses classified by nature for the six-month periods ended June 30, 2026 and 2025 are as follows, continued:
In millions of won
For the
six-month
period ended June 30, 2025
Selling and
administrative
expenses
Cost of sales
Total
Raw materials used
W
—
8,718,869
8,718,869
Power purchase
—
17,357,843
17,357,843
Salaries
579,663
2,349,931
2,929,594
Retirement benefit expense
55,513
228,597
284,110
Contributions to employee welfare fund
4
122
126
Welfare and benefit expense
73,739
271,721
345,460
Insurance expense
16,215
71,501
87,716
Depreciation
116,264
6,792,839
6,909,103
Amortization of intangible assets
45,390
37,076
82,466
Bad debt expense
31,544
—
31,544
Commission
205,026
153,795
358,821
Advertising expense
16,776
4,299
21,075
Training expense
4,315
7,119
11,434
Vehicle maintenance expense
4,318
4,255
8,573
Publishing expense
1,516
1,245
2,761
Business promotion expense
1,387
1,238
2,625
Rent expense
26,165
80,351
106,516
Telecommunication expense
5,147
5,433
10,580
Transportation expense
542
34,168
34,710
Taxes and dues
84,447
377,524
461,971
Expendable supplies expense
4,228
23,246
27,474
Water, light and heating expense
7,941
18,810
26,751
Repairs and maintenance expense
66,832
1,221,685
1,288,517
Ordinary development expense
90,963
266,147
357,110
Travel expense
10,728
37,291
48,019
Clothing expense
2,872
2,482
5,354
Survey and analysis expense
397
1,965
2,362
Membership fee
1,423
12,799
14,222
Others
54,802
694,135
748,937
W
1,508,157
38,776,486
40,284,643
133
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
43.
Earnings Per Share
(1)
Basic earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025 are
as follows:
In Won
June 30, 2026
June 30, 2025
Type
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Basic earnings per share
W
416
4,299
1,771
5,397
(2)
Profits for the periods and the weighted average number of common shares used in the calculation of basic
earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:
In millions of Won except number of shares
June 30, 2026
June 30, 2025
Type
Three-
month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
Profit attributable to controlling interest
W
267,306
2,760,052
1,136,712
3,464,958
Profit used in the calculation of total basic earnings per share
267,306
2,760,052
1,136,712
3,464,958
Weighted average number of common shares (in shares)
641,964,077
641,964,077
641,964,077
641,964,077
(3)
The weighted average number of common shares used in the calculation of basic earnings per share for each of
the three and six-month periods ended June 30, 2026 and 2025 is as follows:
In number of shares
June 30, 2026
June 30, 2025
Type
Three-
Month
period
ended
Six-
month
period
ended
Three-
month
period
ended
Six-
month
period
ended
The number of common shares issued at beginning of the year
641,964,077
641,964,077
641,964,077
641,964,077
Weighted average number of common shares
641,964,077
641,964,077
641,964,077
641,964,077
(4)
There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per
share for each of the three and six-month periods ended June 30, 2026 and 2025.
134
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management
The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk,
and liquidity risk. These risks are identified, measured, controlled, and reported in accordance with the Group’s established basic policy for risk management.
(1)
Capital risk management
The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns
to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as
borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.
Details of the Group’s capital management accounts as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Total borrowings and debt securities
W
133,316,943
129,769,292
Cash and cash equivalents
2,622,064
2,240,811
Net borrowings and debt securities
130,694,879
127,528,481
Total equity
51,845,207
49,322,944
Ratio of net borrowings and debt securities to total equity
252.09
%
258.56
%
(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’s policies, individual financial assets over the materiality threshold are reviewed on a regular basis.
Allowances for doubtful accounts on individually reviewed trade receivables are determined by assessing, on a
case-by-case
basis, whether an incurred loss exists at the
end of the reporting period, and this applies to all individually material trade receivables. The assessments usually include the collateral obtained on the individual accounts (including reconfirmation of its enforceability) and the expected
collections.
Allowances for doubtful accounts assessed on a collective basis are established for (i) groups of homogeneous assets
that are individually below the materiality threshold, and (ii) losses that have been incurred but not yet identified, by overdue period based on the due dates, using available historical experience, judgment and statistical techniques.
135
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
Book values of the financial assets represent the maximum exposed amounts of the credit risk.
Details of the Group’s level of maximum exposure to credit risk as of June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Cash and cash equivalents
W
2,622,064
2,240,811
Financial assets at fair value through profit or loss (*1)
2,319,012
1,800,539
Derivative assets (trading)
2,328,011
1,548,015
Financial assets at fair value through other comprehensive income (debt securities)
4,794
4,794
Financial assets at amortized cost
30,786
31,117
Loans
1,088,155
986,528
Long-term/short-term financial instruments
2,252,785
2,882,131
Derivative assets (applying hedge accounting)
461,170
487,535
Trade and other receivables
15,354,084
15,742,665
Financial guarantee contracts (*2)
3,743,906
4,091,813
(*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
six-month
period ended June 30, 2026, 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.
136
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
(iii)
Sensitivity analysis
Significant assets and liabilities with uncertainties in underlying assumptions.
①
Defined benefit obligation
A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of
June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Type
Accounts
1%p
Increase
1%p
Decrease
1%p
Increase
1%p
Decrease
Future salary increases
Increase (decrease) in defined benefit obligation
W
415,270
(366,388
)
460,237
(412,611
)
Discount rate
Increase (decrease) in defined benefit obligation
(360,452
)
420,524
(427,236
)
491,119
Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for
the six-month periods ended June 30, 2026 and 2025 are
W
17,337 million and
W
16,506 million, respectively.
②
Provisions
The underlying assumptions to estimate provisions as of June 30, 2026 and December 31, 2025 are as follows:
Accounts
Type
As of June 30, 2026
As of December 31, 2025
PCBs
Inflation rate
3.29
%
3.29
%
Discount rate
3.24
%
3.24
%
Nuclear plants
Inflation rate
2.04
%
2.04
%
Discount rate
2.89
%
2.89
%
Spent fuel
Inflation rate
2.04
%
2.04
%
Discount rate
2.47
%
2.47
%
Radioactive waste
Inflation rate
2.45
%
2.45
%
Discount rate
4.03
%
4.03
%
A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as
of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Type
Accounts
0.1%p
Increase
0.1%p
Decrease
0.1%p
Increase
0.1%p
Decrease
Discount rate
PCBs
W
(14
)
14
(17
)
17
Nuclear plants
(473,738
)
490,380
(478,760
)
495,645
Spent fuel
(155,392
)
166,417
(147,517
)
157,989
Radioactive waste
(13,454
)
14,762
(13,625
)
14,951
Inflation rate
PCBs
14
(14
)
17
(17
)
Nuclear plants
531,471
(514,058
)
523,954
(506,787
)
Spent fuel
166,982
(156,177
)
158,525
(148,263
)
Radioactive waste
15,501
(14,203
)
14,868
(13,625
)
137
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
Management judgment effected by uncertainties in underlying assumptions.
①
Foreign currency risk
The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying
amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of June 30, 2026 and December 31, 2025 are as follows:
In thousands of foreign currencies
Assets
Liabilities
Type
As of June 30, 2026
As of December 31, 2025
As of June 30, 2026
As of December 31, 2025
AED
52,882
51,617
3,452
4,927
AUD
30
49
—
—
BDT
2,247
2,251
—
—
BWP
725
726
—
—
CAD
1
579
—
—
CHF
—
—
99,995
99,946
CZK
605
—
—
—
DOP
4,783
6,378
—
—
EGP
1,878,455
759,561
—
—
EUR
209,877
89,734
87,450
44,482
GBP
143
90
—
—
HKD
—
—
6,300,061
6,286,899
IDR
70,662,548
37,788,922
2,361,755
49,014,235
INR
1,045,332
1,175,785
148,977
161,578
JOD
1,472
646
198
433
JPY
986,070
60,443
837,942
746,066
KZT
—
1,485
—
—
MGA
6,346,981
7,038,637
360,566
577,908
MMK
188,021
188,021
—
—
MYR
1,202
2,805
—
—
PHP
94,772
71,400
—
—
PKR
63,777,268
64,839,210
10,418
10,418
RON
1,463
748
4
—
SAR
1,034
1,069
—
—
SEK
—
—
449,372
449,349
SGD
268
1,783
—
—
USD
1,398,053
1,356,230
12,362,370
13,851,077
UYU
223,889
93,414
789
1,285
VND
1,168,489
772,198
—
—
ZAR
65,736
84,167
—
—
A sensitivity analysis on the Group’s profit before income tax and equity assuming a 10% increase and
decrease in currency exchange rates as of June 30, 2026 and December 31, 2025 is as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Type
10% Increase
10% Decrease
10% Increase
10% Decrease
Increase (decrease) of profit before income tax
W
(1,770,526)
1,770,526
(1,885,349
)
1,885,349
Increase (decrease) of shareholder’s equity (*1)
(1,770,526
)
1,770,526
(1,885,349
)
1,885,349
(*1)
The effect on the shareholder’s equity excluding the impact of income taxes.
138
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
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 June 30, 2026 and December 31, 2025.
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 June 30, 2026, 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 June 30, 2026 and December 31, 2025 are as
follows:
In millions of won
Type
As of June 30, 2026
As of December 31, 2025
Short-term borrowings
W
2,851,132
2,747,687
Long-term borrowings
12,088,846
10,787,203
Debt securities
1,737,228
1,619,967
W
16,677,206
15,154,857
A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and
decrease in interest rates for the
six-month
period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:
In millions of won
For the
six-month
period ended
June 30, 2026
For the year ended
December 31, 2025
Type
1%p Increase
1%p Decrease
1%p Increase
1%p Decrease
Increase (decrease) of profit before income tax
W
(83,386)
83,386
(151,549
)
151,549
Increase (decrease) of shareholder’s equity (*1)
(83,386)
83,386
(151,549
)
151,549
(*1)
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.
139
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
③
Electricity rates risk
The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and
electricity billing rates, in consideration of the national economy.
A sensitivity analysis on the Group’s profit before income tax
and equity assuming a 1% increase and decrease in price of electricity for the
six-month
periods ended June 30, 2026 and 2025 is as follows:
In millions of won
For the
six-month
period ended
June 30, 2026
For the six-month period ended
June 30, 2025
Type
1% Increase
1% Decrease
1% Increase
1% Decrease
Increase (decrease) of profit before income tax
W
439,641
(439,641
)
441,575
(441,575
)
Increase (decrease) of shareholder’s equity (*1)
439,641
(439,641
)
441,575
(441,575
)
(*1)
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 June 30, 2026 and
December 31, 2025 in detail are as follows:
In millions of won
As of June 30, 2026
Type
Less than
1 year
1~2 Years
2~5 Years
More than
5 years
Total
Borrowings
W
22,998,986
574,485
745,549
2,756,745
27,075,765
Debt securities
31,522,365
26,805,295
39,382,873
26,810,411
124,520,944
Lease liabilities
541,120
516,425
1,203,645
1,191,029
3,452,219
Trade and other payables (*1)
9,541,031
380,883
531,466
535,484
10,988,864
Financial guarantee contracts (*2)
3,743,906
—
—
—
3,743,906
W
68,347,408
28,277,088
41,863,533
31,293,669
169,781,698
(*1)
Excludes lease liabilities.
(*2)
The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a
financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of June 30, 2026, the Group has recognized
W
46,727 million as a provision for financial guarantee contracts.
140
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(2)
Financial risk management, continued
In millions of won
As of December 31, 2025
Type
Less than
1 year
1~2 Years
2~5 Years
More than
5 years
Total
Borrowings
W
20,100,531
597,717
792,513
2,512,018
24,002,779
Debt securities
29,172,320
28,897,889
37,383,870
24,539,981
119,994,060
Lease liabilities
526,324
473,319
1,140,684
1,407,310
3,547,637
Trade and other payables (*1)
8,111,566
343,906
618,231
425,896
9,499,599
Financial guarantee contracts (*2)
4,091,813
—
—
—
4,091,813
W
62,002,554
30,312,831
39,935,298
28,885,205
161,135,888
(*1)
Excludes lease liabilities.
(*2)
The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a
financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized
W
50,709 million as a provision for financial guarantee
contracts.
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 June 30, 2026 and
December 31, 2025 in detail are as follows:
In millions of won
As of June 30, 2026
Type
Less than
1 year
1~5 Years
More than
5 years
Other (*)
Total
Cash and cash equivalents
W
2,622,064
—
—
—
2,622,064
Financial assets at fair value through other comprehensive income
—
—
—
881,210
881,210
Financial assets at amortized cost
22,480
8,306
—
—
30,786
Loans and receivables
260,686
381,273
339,135
144,427
1,125,521
Long-term/short-term financial Instruments
1,356,293
15,035
9,322
872,135
2,252,785
Financial assets at fair value through profit or loss
1,798,808
328,544
661,954
495,547
3,284,853
Trade and other receivables
12,333,289
2,099,444
4,912,377
—
19,345,110
W
18,393,620
2,832,602
5,922,788
2,393,319
29,542,329
(*)
The maturities cannot be presently determined.
In millions of won
As of December 31, 2025
Type
Less than
1 year
1~5 Years
More than
5 years
Other (*)
Total
Cash and cash equivalents
W
2,240,811
—
—
—
2,240,811
Financial assets at fair value through other comprehensive income
—
—
—
885,173
885,173
Financial assets at amortized cost
21,663
9,454
—
—
31,117
Loans and receivables
96,582
420,903
344,853
159,449
1,021,787
Long-term/short-term financial Instruments
1,997,644
19,423
—
865,064
2,882,131
Financial assets at fair value through profit or loss
1,309,159
325,496
681,967
487,841
2,804,463
Trade and other receivables
12,840,965
2,063,420
4,768,062
—
19,672,447
W
18,506,824
2,838,696
5,794,882
2,397,527
29,537,929
(*)
The maturities cannot be presently determined.
141
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
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 June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
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
(48,846
)
(18,987
)
15,747
(57,924
)
(110,010
)
- Hedging
—
—
—
(135
)
(135
)
W
(48,846)
(18,987
)
15,747
(58,059
)
(110,145
)
In millions of won
As of December 31, 2025
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
(53,973
)
(14,327
)
(10,395
)
(89,024
)
(167,719
)
- Hedging
—
—
—
(126
)
(126
)
W
(53,973)
(14,327
)
(10,395
)
(89,150
)
(167,845
)
142
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(3)
Fair value measurement
The fair value of financial instruments traded in active markets (such as financial assets at fair value through profit or loss and financial
assets at fair value through other comprehensive income) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price.
The fair value of financial instruments that are not traded in an active market (e.g.,
over-the-counter
derivatives) is determined by using valuation techniques. The Group uses a variety of valuation techniques and makes assumptions that are based on market conditions existing at the end of
each reporting period.
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 June 30, 2026 and December 31,
2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Type
Book value
Fair value
Book value
Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income
W
881,210
881,210
885,173
885,173
Derivative assets (trading)
2,328,011
2,328,011
1,548,015
1,548,015
Derivative assets (applying hedge accounting)
461,170
461,170
487,535
487,535
Financial assets at fair value through profit or loss
2,501,966
2,501,966
1,995,226
1,995,226
W
6,172,357
6,172,357
4,915,949
4,915,949
Assets carried at amortized cost
Financial assets at amortized cost
W
30,786
30,786
31,117
31,117
Loans and receivables
1,088,155
1,088,155
986,528
986,528
Trade and other receivables
15,354,084
15,354,084
15,742,665
15,742,665
Long-term financial instruments
896,492
896,492
884,487
884,487
Short-term financial instruments
1,356,293
1,356,293
1,997,644
1,997,644
Cash and cash equivalents
2,622,064
2,622,064
2,240,811
2,240,811
W
21,347,874
21,347,874
21,883,252
21,883,252
Liabilities recognized at fair value
Derivative liabilities (trading)
W
125,967
125,967
165,373
165,373
Derivative liabilities (applying hedge accounting)
134
134
126
126
W
126,101
126,101
165,499
165,499
Liabilities carried at amortized cost
Secured borrowings
W
1,265,717
1,265,717
1,245,289
1,245,289
Unsecured bond
108,737,454
108,814,599
107,772,996
106,751,304
Lease liabilities
3,134,715
3,134,715
3,150,880
3,150,880
Unsecured borrowings
22,948,019
22,892,482
20,520,567
20,473,189
Trade and other payables (*1)
10,988,864
10,988,864
9,499,599
9,499,599
Overdraft
365,753
365,753
230,440
230,440
W
147,440,522
147,462,130
142,419,771
141,350,701
(*1)
Excludes lease liabilities
143
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(3)
Fair value measurement, 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 June 30, 2026 and December 31, 2025 are as
follows:
Type
As of June 30, 2026
As of December 31, 2025
Derivatives
0.00% ~ 5.02%
0.00% ~ 4.88%
Borrowings and debt securities
0.39% ~ 5.84%
0.33% ~ 5.50%
Leases
3.46% ~ 17.85%
0.00% ~ 17.37%
(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 June 30, 2026 and December 31,
2025 are as follows:
In millions of won
As of June 30, 2026
Type
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income
W
517,447
—
363,763
881,210
Derivative assets
—
2,684,290
104,891
2,789,181
Financial assets at fair value through profit or loss
19,667
2,300,544
181,755
2,501,966
W
537,114
4,984,834
650,409
6,172,357
Financial liabilities at fair value
Derivative liabilities
W
—
33,059
93,042
126,101
In millions of won
As of December 31, 2025
Type
Level 1
Level 2
Level 3
Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income
W
517,251
—
367,922
885,173
Derivative assets
—
1,937,554
97,996
2,035,550
Financial assets at fair value through profit or loss
—
1,988,813
6,413
1,995,226
W
517,251
3,926,367
472,331
4,915,949
Financial liabilities at fair value
Derivative liabilities
W
—
75,185
90,314
165,499
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.
144
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
44.
Risk Management, Continued
(3)
Fair value measurement, continued
Changes in financial assets and liabilities which are classified as level 3 for the
six-month
period
ended June 30, 2026 and for the year ended December 31, 2025 are as follows:
In millions of won
For the
six-month
period ended June 30, 2026
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
6,413
—
—
167
(21
)
—
6,559
Unlisted securities
—
3,323
35,501
5,802
(15,209
)
19,098
48,515
Debt securities
—
7,000
4,909
—
—
—
11,909
Compound financial instruments
—
7,500
108,272
—
(1,000
)
—
114,772
Financial assets at fair value through other comprehensive income
Unlisted securities
363,128
—
—
3,244
(8,805
)
1,402
358,969
Debt securities
4,794
—
—
—
—
—
4,794
Derivatives
Other derivative assets
97,996
—
—
—
—
6,896
104,892
Financial liabilities at fair value:
Derivatives
Other derivative liabilities
90,314
—
—
—
—
2,729
93,043
In millions of won
For the year ended December 31, 2025
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
6,872
—
—
(459
)
—
—
6,413
Financial assets at fair value through other comprehensive income
Unlisted securities
309,709
—
—
52,343
(10
)
1,086
363,128
Debt securities
5,045
—
—
(251
)
—
—
4,794
Derivatives
Other derivative assets
—
7,496
129,359
8,293
(53,373
)
6,221
97,996
Financial liabilities at fair value:
Derivatives
Other derivative liabilities
—
3
170,244
(11,282
)
(67,752
)
(899
)
90,314
145
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
45.
Service Concession Arrangements
(1)
Hydroelectric Power Generation at Semangka, Indonesia
(i)
Significant terms and concession period of the arrangement
Regarding Semangka hydroelectric power-generation business 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) subsequent to the completion of plant construction and shall receive tariffs consisting of capital cost recovery tariff,
fixed O&M cost recovery tariff, river water usage fee recovery tariff, variable O&M cost recovery tariff and transmission-line investment recovery tariff during the concession period.
(ii)
Rights to use the specified assets
The Group has the rights to use, own and operate 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 concession period.
(iv)
The Group’s expected future collections of service concession arrangements as of June 30, 2026 are
as follows:
In millions of won
Type
Amounts
Less than 1 year
W
35,596
1 ~ 2 years
35,596
2 ~ 3 years
35,596
Over 3 years
521,725
W
628,513
146
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
45.
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 tariffs consisting of capital cost recovery tariff, borrowing cost recovery tariff, variable O&M cost
recovery tariff, fixed O&M cost recovery tariff, water usage fee recovery tariff and insurance cost recovery tariff during the contract period.
(ii)
Rights to use the specified assets
The Group has the rights to use, own and operate 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 concession period.
(iv)
The Group’s expected future collections of service concession arrangements as of June 30, 2026 are
as follows:
In millions of won
Type
Amounts
Less than 1 year
W
81,654
1 ~ 2 years
81,654
2 ~ 3 years
81,654
Over 3 years
824,430
W
1,069,392
147
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
45.
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 to use the specified assets
The Group has the rights to use, own and operate the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes
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 concession period.
(iv)
The Group’s expected future collections of service concession arrangements as of June 30, 2026 are
as follows:
In millions of won
Type
Amounts
Less than 1 year
W
123,806
1 ~ 2 years
124,938
2 ~ 3 years
115,494
Over 3 years
2,946,779
W
3,311,017
148
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties
(1)
The Group’s related parties as of June 30, 2026 are as follows:
Type
Related party
Parent
Republic of Korea government
Subsidiaries
(169 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, 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, 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., EWP Australia Pty., Ltd., Columboola Solar
Farm Hold Co Pty., Ltd., Digital Innovation Growth Fund, 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, KEPCO Yona America LLC, EWP Yona
America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy
L.L.C-FZ,
Nuclear Energy Industry Growth Fund II, UI Carbon-Neutrality Fund II
149
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(1)
The Group’s related parties as of June 30, 2026 are as follows, continued:
Type
Related party
Associates
(110 entities)
(*1)
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, Gwangbaek Solar Power Investment Co., Ltd., Godeok 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 LLC, Remal First Holding Company, Naseem First Holding Company, Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd., Gunsan
Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund,
Shinan-Ui
Offshore Wind Power Co., Ltd., Daebul Green Power Co., Ltd., Hapcheon Floating Photovoltaic Power Plant II
Inc., VL Gustav Private Equity Limited Partnership
Joint ventures
(127 entities)
(*1)
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., 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., 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., Seokmun 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, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, 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, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun
Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC, Grove Energy Capital IV, LLC, Gwangju Solarlink Co., Ltd., Solarlink Inverter Co., Ltd., Balgeun Jindo Energy Storage Co., Ltd., Goheung Naro
Energy Storage Co., Ltd., Coastal Power SAOC, EDFPS KOWEPO ZARRAF PV HOLDING LIMITED
Others
(1 entity)
Korea Development Bank
(*1)
Subsidiaries of associates and joint ventures are included
.
150
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(2)
Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not
disclosed in notes.
(3)
The related party transactions for the
six-month
periods ended
June 30, 2026 and 2025 are as follows:
<Sales and Others>
In millions of won
Sales and others
Company name
Transaction type
June 30, 2026
June 30, 2025
<Associates>
Korea Gas Corporation
Fuel purchase and others
W
172,395
109,605
Goseong Green Power Co., Ltd.
Electricity sales
264,654
224,912
Dongducheon Dream Power Co., Ltd.
Electricity sales
5,096
12,062
S-Power
Co., Ltd.
Service
1,257
1,022
GS Donghae Electric Power Co., Ltd.
Electricity sales
4,990
17,537
Shin Pyeongtaek Power Co., Ltd.
Electricity sales
28,459
11,799
Gangneung Eco Power Co., Ltd.
Fuel sales
228,517
223,458
Korea Electric Power Industrial Development Co., Ltd.
Service
6,614
6,729
PT. Bayan Resources TBK
Dividends income and others
153,194
—
Indeck Niles Development, LLC
Dividends income
125,149
5,871
Korea Power Exchange
Service
15,101
16,943
Gemeng International Energy Co., Ltd.
Dividends income
40,867
20,644
Chuncheon Green Energy Co., Ltd.
Electricity sales
11,927
10,447
Gangneung Sacheon Fuel Cell Co., Ltd.
Electricity sales
6,968
6,039
Taebaek Gadeoksan Wind Power Co., Ltd.
Electricity sales
5,904
3,411
KPE Green Energy Co., Ltd.
Others
108
100
Yeongyang Wind Power Corporation II
Commission
2,405
—
Gangwon Wind Power Co., Ltd.
Electricity sales
1,512
1,480
Godeok Clean Energy Co., Ltd.
Electricity sales
1,889
615
Bitgoel Eco Energy Co., Ltd.
Service and others
577
1,069
Noeul Green Energy Co., Ltd.
REC purchase and others
3,768
3,725
Others (Hyundai Eco Energy Co., Ltd. and 56 others)
Electricity sales
30,430
33,546
151
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(3)
The related party transactions for the
six-month
periods ended
June 30, 2026 and 2025 are as follows, continued:
In millions of won
Sales and others
Company name
Transaction type
June 30, 2026
June 30, 2025
<Joint ventures>
Chun-cheon Energy Co., Ltd.
Electricity sales
W
1,460
482
Daegu Green Power Co., Ltd.
Electricity sales
973
999
Daesan Green Energy Co., Ltd.
Electricity sales
227
81
KAPES, Inc.
Others
134
2,060
Amman Asia Electric Power Company
Construction revenue and others
44,289
12,729
Solaseado Solar Power Co., Ltd.
Electricity sales
8,705
502
Seokmun Energy Co., Ltd.
REC purchase and others
1,099
1,031
Cheongju Eco Park Co., Ltd.
Electricity sales
89
93
Yeongam Solar Power Co., Ltd.
Electricity sales
1,422
245
Datang Chifeng Renewable Power Co., Ltd.
Dividends income
13,830
—
Naepo Green Energy Co., Ltd.
Electricity sales
13,791
15,122
Yeonggwang Wind Power Co., Ltd.
Electricity sales
543
534
Cheongna Energy Co., Ltd.
Others
12,787
26,031
Kelar S.A.
Service and interest income
12,122
10,070
Boim Combined Heat and Power Generation Co., Ltd.
Power generation service revenue and others
5,074
1,363
Eumseong Eco Park Co., Ltd.
Electricity sales
10
10
Seokmun Green Energy Co., Ltd.
Electricity sales
31
30
Goheung New Energy Co., Ltd.
Electricity sales
3,189
108
Yeonggwangbaeksu Wind Power Co., Ltd.
Electricity sales
1,037
1,009
KEPCO SPC Power Corporation
Dividends income and others
7,828
818
Others (Namyangju Combined Heat and Power Co., Ltd. and 61 others)
Electricity sales
123,568
144,883
<Others>
Korea Development Bank
Electricity fees and others
2,653
2,544
Interest income
1,961
3,728
W
1,368,603
935,486
152
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(3)
The related party transactions for each of the
six-month
periods
ended June 30, 2026 and 2025 are as follows, continued:
<Purchase and Others>
In millions of won
Purchase and others
Company name
Transaction type
June 30, 2026
June 30, 2025
<Associates>
Korea Gas Corporation
Fuel purchase and others
W
2,808,452
2,834,688
Goseong Green Power Co., Ltd.
Electricity sales
546,763
504,481
Dongducheon Dream Power Co., Ltd.
Electricity sales
517,812
614,531
S-Power
Co., Ltd.
Service
306,920
344,711
GS Donghae Electric Power Co., Ltd.
Electricity sales
268,252
244,817
Shin Pyeongtaek Power Co., Ltd.
Electricity sales
215,453
368,957
Gangneung Eco Power Co., Ltd.
Fuel sales
106
70
Korea Electric Power Industrial Development Co., Ltd.
Service
186,915
162,675
PT. Bayan Resources TBK
Dividends income and others
39,237
34,835
Daeryun Power Co., Ltd.
Electricity sales
156,627
143,442
Korea Power Exchange
Service
78,126
10,687
Chuncheon Green Energy Co., Ltd.
Electricity sales
26,487
35,812
Gangneung Sacheon Fuel Cell Co., Ltd.
Electricity sales
17,391
24,014
Taebaek Gadeoksan Wind Power Co., Ltd.
Electricity sales
14,138
16,928
KPE Green Energy Co., Ltd.
Others
18,702
20,525
Yeongyang Wind Power Corporation II
Commission
12,000
12,367
Gangwon Wind Power Co., Ltd.
Electricity sales
13,064
15,463
Godeok Clean Energy Co., Ltd.
Electricity sales
12,336
14,988
Bitgoel Eco Energy Co., Ltd.
Service and others
13,275
6,533
Noeul Green Energy Co., Ltd.
REC purchase and others
9,967
14,008
Haman Green Energy Co., Ltd.
REC purchase
13,596
4,408
Others (Hyundai Eco Energy Co., Ltd. and 56 others)
Electricity sales
136,549
141,757
153
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(3)
The related party transactions for each of the
six-month
periods
ended June 30, 2026 and 2025 are as follows, Continued
In millions of won
Purchase and others
Company name
Transaction type
June 30, 2026
June 30, 2025
< Joint ventures >
Chun-cheon Energy Co., Ltd.
Electricity sales
W
190,083
190,770
Daegu Green Power Co., Ltd.
Electricity sales
131,578
152,187
Daesan Green Energy Co., Ltd.
Electricity sales
83,299
87,046
KAPES, Inc.
Others
46,892
102,054
Solaseado Solar Power Co., Ltd.
Electricity sales
17,098
16,564
Seokmun Energy Co., Ltd.
REC purchase and others
24,314
28,504
Cheongju Eco Park Co., Ltd.
Electricity sales
19,842
20,200
Yeongam Solar Power Co., Ltd.
Electricity sales
15,379
16,201
Datang Chifeng Renewable Power Co., Ltd.
Dividends income
—
—
Yeonggwang Wind Power Co., Ltd.
Electricity sales
12,785
16,779
Cheongna Energy Co., Ltd.
Others
63
63
Boim Combined Heat and Power Generation Co., Ltd.
Power generation service
revenue and others
6,232
2,062
Eumseong Eco Park Co., Ltd.
Electricity sales
10,736
11,446
Seokmun Green Energy Co., Ltd.
Electricity sales
10,524
14,883
Goheung New Energy Co., Ltd.
Electricity sales
7,152
5,805
Yeonggwangbaeksu Wind Power Co., Ltd.
Electricity sales
7,100
6,380
KEPCO SPC Power Corporation
Dividends income and others
—
—
Others (Namyangju Combined Heat and Power Co., Ltd. and 61 others)
Electricity sales
55,351
79,081
<Others>
Korea Development Bank
Electricity fees and others
—
—
Interest income
—
—
Interest expense
1,374
4,862
Dividends paid
325,725
—
W
6,377,695
6,325,584
154
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(4)
Receivables and payables arising from the related party transactions as of June 30, 2026 and
December 31, 2025 are as follows:
In millions of won
Receivables
Payables
Company name
Type
June 30,
2026
December 31,
2025
June 30,
2026
December 31,
2025
<Associates>
Korea Gas Corporation
Trade receivables
W
110,498
15,486
—
—
Non-trade
receivables and others
21,811
447
—
—
Trade payables
—
—
415,596
381,353
Non-trade
payables and others
—
—
60
466
Goseong Green Power Co., Ltd.
Trade receivables
25,083
69,535
—
—
Non-trade
receivables and others
719
16
—
—
Trade payables
—
—
81,928
112,314
Non-trade
payables and others
—
—
39,388
41,070
GS Donghae Electric Power Co., Ltd.
Trade receivables
702
975
—
—
Non-trade
receivables and others
101
109
—
—
Trade payables
—
—
191,115
154,984
Non-trade
payables and others
—
—
55
17
Dongducheon Dream Power Co., Ltd.
Trade receivables
609
1,254
—
—
Non-trade
receivables and others
413
637
—
—
Trade payables
—
—
96,788
58,610
PT. Bayan Resources TBK
Non-trade
receivables and others
82,634
—
—
—
Trade payables
—
—
7,737
5,899
S-Power
Co., Ltd.
Trade receivables
112
360
—
—
Non-trade
receivables and others
64
60
—
—
Trade payables
—
—
58,002
49,089
Busan Green Energy Co., Ltd.
Trade receivables
1
2
—
—
Non-trade
receivables and others
53,429
50,846
—
—
Non-trade
payables and others
—
—
4,051
3,688
Chuncheon Green Energy Co., Ltd.
Non-trade
receivables and others
43,302
31,676
—
—
Non-trade
payables and others
—
—
9,415
14,305
Gangneung Eco Power Co., Ltd.
Trade receivables
29,223
29,354
—
—
Trade payables
—
—
13,936
—
Non-trade
payables and others
—
—
271
1,071
Others (Noeul Green Energy Co., Ltd. and 50 others)
Trade receivables
14,297
13,572
—
—
Non-trade
receivables and others
124,712
96,771
—
—
Trade payables
—
—
72,514
106,174
Non-trade
payables and others
—
—
64,585
38,017
155
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(4)
Receivables and payables arising from the related party transactions as of June 30, 2026 and
December 31, 2025 are as follows, continued:
In millions of won
Receivables
Payables
Company name
Type
June 30,
2026
December 31,
2025
June 30,
2026
December 31,
2025
<Joint ventures>
KEPCO for Power Company
Non-trade
receivables and others
W
60,392
1,011
—
—
Kelar S.A.
Trade receivables
3,845
3,504
—
—
Non-trade
receivables and others
43,935
38,193
—
—
Chun-cheon Energy Co., Ltd.
Trade receivables
138
307
—
—
Non-trade
receivables and others
165
222
—
—
Trade payables
—
—
34,853
23,654
Non-trade
payables and others
—
—
2
—
Boim Combined Heat and Power Generation Co., Ltd.
Trade receivables
46
46
—
—
Non-trade
receivables and others
4,132
5,045
—
—
Trade payables
—
—
1,182
861
Non-trade
payables and others
—
—
27,449
27,834
SUNMEX RENOVABLES, S.A. DE C.V.
Non-trade
receivables and others
29,673
3,856
—
—
Others (Daegu Green Power Co., Ltd. and 66 others)
Trade receivables
315,351
363,580
—
—
Non-trade
receivables and others
77,880
218,113
—
—
Trade payables
—
—
50,655
41,392
Non-trade
payables and others
—
—
74,360
63,207
<Others>
Korea Development Bank
Accrued Interest Receivable
243
1,642
—
—
Non-trade
receivables and others
32,984
32,354
—
—
Non-trade
payables and others
—
—
325,769
44
Derivatives
298,375
183,662
—
1,085
W
1,374,869
1,162,635
1,569,711
1,125,134
156
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(5)
Loans and others arising from the related party transactions as of June 30, 2026 and December 31,
2025 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
33,776
597
—
—
34,373
(Allowance for doubtful accounts)
(33,776
)
(597
)
—
—
(34,373
)
Associates
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
25,971
—
—
1,929
27,900
Associates
PT. Cirebon Energi Prasarana
50,674
3,043
(17,956
)
3,754
39,515
Associates
Daejung Offshore Wind Power Co., Ltd.
1,000
—
—
—
1,000
Associates
Bitgoel Eco Energy Co., Ltd.
22,507
—
(1,953
)
—
20,554
Associates
Saemangeum Sebit Power Plant Co., Ltd.
21,802
—
(760
)
—
21,042
Associates
Remal First Holding Company
1
—
—
—
1
Associates
Naseem First Holding Company
1
—
—
—
1
Associates
Jeju Bukchon BES Power Co., Ltd.
7,380
—
—
—
7,380
Associates
Gunsan Green Energy Co., Ltd.
627
—
—
—
627
Associates
Hoenggye Renewable Energy Co., Ltd.
—
2,407
—
—
2,407
Joint ventures
Solaseado Solar Power Co., Ltd.
33,930
—
(509
)
—
33,421
Joint ventures
Recursos Solares PV de Mexico II, S.A. de C.V.
15,550
—
—
1,156
16,706
(Allowance for doubtful accounts)
—
(16,706
)
—
—
(16,706
)
Joint ventures
Horus Solar, S.A. de C.V.
16,794
—
(3,600
)
1,160
14,354
(Allowance for doubtful accounts)
—
(14,343
)
—
—
(14,343
)
Joint ventures
Sunmex Renovables, S.A. de C.V.
23,859
—
—
1,773
25,632
(Allowance for doubtful accounts)
—
(25,632
)
—
—
(25,632
)
Joint ventures
Kelar S.A.
18,320
—
—
1,919
20,239
Joint ventures
Daehan Wind Power PSC
14,778
—
(1,773
)
966
13,971
Joint ventures
Bitsolar Energy Co., Ltd.
3,165
—
—
—
3,165
Joint ventures
Daesan Green Energy Co., Ltd.
3,302
—
—
—
3,302
Joint ventures
Yangyang Wind Power Co., Ltd.
3,257
—
—
—
3,257
Joint ventures
Nghi Son 2 Power LLC
144,927
—
(10,799
)
9,913
144,041
Joint ventures
Guadalupe Solar SpA
3,073
—
(97
)
325
3,301
Joint ventures
Foresight Iberian Solar Group Holding,
S.L.
72,211
2,729
—
1,941
76,881
Joint ventures
S-Power
Chile SpA
287
—
—
21
308
Joint ventures
Omisan Wind Power Co., Ltd.
8,894
—
—
—
8,894
Joint ventures
Gurae Resident Power Co., Ltd.
106
—
—
—
106
Joint ventures
Yeongwol Eco Wind Co., Ltd.
2,178
—
—
—
2,178
Joint ventures
KAS Investment I LLC
7,333
6,163
—
878
14,374
Joint ventures
KAS Investment II LLC
7,391
6,213
—
885
14,489
Joint ventures
Chungsongmeon BongSan wind power Co., Ltd.
5,563
—
—
—
5,563
Joint ventures
KEPCO for Power Company
—
58,077
—
2,350
60,427
Joint ventures
Luluah SKY Energy Holding Ltd.
—
84,319
—
2,122
86,441
W
514,881
106,270
(37,447
)
31,092
614,796
157
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(6)
Borrowings arising from the related party transactions as of June 30, 2026 and December 31, 2025
are as follows:
In millions of won
Related parties
Type
Beginning
balance
Borrowings
Repayment
Others
Ending
balance
Korea Development
Facility
W
74,942
—
(3,459
)
4,432
75,915
Bank
Others
1,097
—
(157
)
—
940
Operating funds
130,000
782,137
(812,137
)
—
100,000
EBL and others
99,690
5,174
(2,052
)
4,751
107,563
W
305,729
787,311
(817,805
)
9,183
284,418
158
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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
Rabigh Electricity Company
Performance guarantees
SAR 4,151
Hana Bank
Korea Electric Power Corporation
Nghi Son 2 Power LLC
Certification of payment on L/C
USD 44,350
SMBC Singapore and others
Korea Electric Power Corporation
Barakah One Company
Performance guarantees and others
USD 3,691,065
First Abu Dhabi Bank 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
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 12,000
Hana Bank
Korea Electric Power Corporation
Horus Solar S.A. De C.V.
Other performance guarantees
USD 1,331
CENACE
Korea Electric Power Corporation
Other performance guarantees
MXN 17,362
CFE Transmission and others
Korea Electric Power Corporation
Recursos Solares PV de Mexico II S.A. de C.V.
Other performance guarantees
MXN 1,518
SEMARNAT
Korea Electric Power Corporation
Sunmex Renovables S.A. de C.V.
Other performance guarantees
USD 9,078
CENACE
Korea Electric Power Corporation
Other performance guarantees
MXN 3,666
CFE Transmission and others
Korea Electric Power Corporation
International Offshore Power Transmission Holding Company Limited
Performance guarantees
USD 52,500
Mizuho bank
Korea Electric Power Corporation
Other performance guarantees
USD 7,000
Credit Agricole
Korea Electric Power Corporation
Pulau Indah Power Plant Sdn. Bhd.
Other guarantees
MYR 30,889
Mizuho Bank
Korea Electric Power Corporation
KEPCO for Power Company
Debt guarantees
USD 108,000
Shinhan Bank
159
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:
In millions of won and thousands of foreign currencies
Primary guarantor
Principal obligor
Type of guarantees
Credit limit
Creditor
Korea Electric Power Corporation
Other performance guarantees
USD 70,000
SMBC Seoul
Korea Electric Power Corporation
Remal Energy Company
Debt guarantees (*16)
USD 146,400
DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation
Naseem Energy Company
Debt guarantees (*17)
USD 146,400
DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation
Yona Intermediate Holdings LLC
Debt guarantees (*19)
USD 69,460
KEXIM, DBS Bank Ltd.
Korea Western Power Co., Ltd.
Cheongna Energy Co., Ltd.
Collateralized money invested
KRW 28,202
Kookmin Bank and others
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
Dongducheon Dream Power Co., Ltd.
Collateralized money invested (*5)
KRW 53,233
Kookmin Bank and others
Korea Western Power Co., Ltd.
Loan payment guarantee
KRW 18,200
HY Seobu Jeilcha Co., Ltd.
Korea Western Power Co., Ltd.
PT.Mutiara Jawa
Collateralized money invested
—
Woori Bank
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.
Xe-Pian
Xe-Namnoy
Power Co.,Ltd
Collateralized money invested
KRW 80,452
Krung Thai Bank
Korea Western Power Co., Ltd.
Impounding bonus guarantees (*10)
USD 5,000
SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
Collateralized money invested
KRW 194
Nonghyup Bank
Korea Western Power Co., Ltd.
Shin Pyeongtaek Power Co., Ltd.
Collateralized money invested
KRW 72,000
Kookmin Bank and others
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
Haemodum Solar Co., Ltd.
Collateralized money invested
KRW 1,225
Nonghyup Bank
Korea Western Power Co., Ltd.
Seoroseoro Sunny Power Plant Co., Ltd.
Collateralized money invested
KRW 706
Hana Bank and others
Korea Western Power Co., Ltd.
Muan Solar Park Co., Ltd.
Collateralized money invested
KRW 4,400
IBK and others
160
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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 360
Hana Bank and others
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
Anjwa Smart Farm & Solar City Co., Ltd.
Collateralized money invested
KRW 5,651
Hana Bank and others
Korea Western Power Co., Ltd.
Hapcheon Floating Photovoltaic Power Plant Inc.
Collateralized money invested
KRW 7,512
Nonghyup Bank
Korea Western Power Co., Ltd.
Gurae Resident Power Co., Ltd.
Collateralized money invested
KRW 386
Hana Bank and others
Korea Western Power Co., Ltd.
Yeongwol Eco Wind Co., Ltd.
Collateralized money invested
KRW 3,089
Hana Bank and others
Korea Western Power Co., Ltd.
Gunsan Land Solar Co., Ltd.
Collateralized money invested
KRW 19,091
Hana Bank and others
Korea Western Power Co., Ltd.
Seobusambo highway photovoltaics Co., Ltd.
Collateralized money invested
KRW 3,020
Hana Bank and others
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
Eumseong Eco Park Co., Ltd.
Collateralized money invested
KRW 5,741
Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.
PungBack Wind Farm Corporation
Collateralized money invested
KRW 7,885
Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.
Wadi Noor Solar Power
Loan payment guarantee
USD 54,855
DBS Bank
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
EDFR KOWEPO Ajban PV Holding Limited
Loan payment guarantee
USD 57,090
First Abu Dhabi Bank
Korea Western Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Western Power Co., Ltd.
Taean Haetdeulwon Solar Co., Ltd.
Collateralized money invested
KRW 7,992
Kookmin Bank and others
Korea Western Power Co., Ltd.
Hapcheon Floating Photovoltaic Power Plant 2nd Inc.
Collateralized money invested
KRW 1,811
Woori Bank and others
Korea Western Power Co., Ltd.
Coastal Power SAOC
Loan payment guarantee
USD 73,150
DBS Bank
161
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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.
Seokmun Energy Co., Ltd.
Collateralized money invested
KRW 13,959
Kookmin Bank and others
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea East-West Power Co., Ltd.
Chun-cheon Energy Co., Ltd.
Collateralized money invested
KRW 36,669
Kookmin Bank and others
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea East-West Power Co., Ltd.
Honam Wind Power Co., Ltd.
Collateralized money invested
KRW 4,632
Shinhan Bank and others
Korea East-West Power Co., Ltd.
GS Donghae Electric Power Co., Ltd.
Collateralized money invested
KRW 296,081
Korea Development Bank and others
Korea East-West Power Co., Ltd.
Yeonggwangbaeksu Wind Power Co., Ltd.
Collateralized money invested
KRW 3,698
Kookmin Bank and others
Korea East-West Power Co., Ltd.
Daesan Green Energy Co., Ltd.
Collateralized money invested
KRW 23,125
IBK
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
IBK
Korea East-West Power Co., Ltd.
Taebaek Gadeoksan Wind Power Co., Ltd.
Collateralized money invested
KRW 21,491
Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.
PT.Tanjung Power Indonesia
Collateralized money invested
KRW 105,495
MUFG Bank Ltd. and others
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea East-West Power Co., Ltd.
South Jamaica Power Company Limited
Performance guarantees (*13)
USD 14,400
Credit Agricole Corporate and Investment Bank Seoul, Hana Bank
Korea East-West Power Co., Ltd.
Collateralized money invested
KRW 53,378
JCSD Trustee Services Ltd. and others
Korea East-West Power Co., Ltd.
Cheongju Eco Park Co., Ltd.
Collateralized money invested
KRW 10,423
Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.
Busan Industrial Solar Co., Ltd.
Collateralized money invested
KRW 1,341
Shinhan Bank and others
Korea East-West Power Co., Ltd.
Yangyang Wind Power Co., Ltd.
Collateralized money invested
KRW 15,896
Hana Bank and others
162
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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.
Guarantees for supplemental funding (*1)
—
Korea East-West Power Co., Ltd.
Goheung New Energy Co., Ltd.
Collateralized money invested
KRW 5,547
Woori Bank and others
Korea East-West Power Co., Ltd.
Yanggu Floating Photovoltaic Power Co., Ltd.
Collateralized money invested
KRW 940
Korea Development Bank
Korea East-West Power Co., Ltd.
Hoenggye Renewable Energy Co., Ltd.
Collateralized money invested
KRW 2,375
IBK
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
IBK
Korea East-West Power Co., Ltd.
Kumyang Eco Park Co., Ltd.
Collateralized money invested
KRW 6,024
Woori Bank and others
Korea East-West Power Co., Ltd.
Amaala Sustainable Company for Energy LLC
Loan payment guarantee (*7)
USD 38,054
First Abu Dhabi Bank PJSC
Korea East-West Power Co., Ltd.
Collateralized money invested
KRW 7,692
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea East-West Power Co., Ltd.
KPE Green Energy Co., Ltd.
Collateralized money invested
KRW 10,677
Hana Bank and others
Korea East-West Power Co., Ltd.
Yeonggwang Wind Power Co., Ltd.
Collateralized money invested
KRW 27,958
KDB Capital 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.
Jeju Bukchon BES Power Co., Ltd.
Collateralized money invested
KRW 1,696
Woori Bank and others
Korea East-West Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Woori Bank and others
Korea Southern Power Co., Ltd.
Daeryun Power Co., Ltd.
Collateralized money invested
KRW 36,803
Korea Development Bank and others
Korea Southern Power Co., Ltd.
Daegu Green Power Co., Ltd.
Collateralized money invested
KRW 32,962
Shinhan Bank and others
Korea Southern Power Co., Ltd.
Performance guarantees
—
Korea Southern Power Co., Ltd.
Kelar S.A.
Performance guarantees
USD 26,520
Hana Bank and MUFG
Korea Southern Power Co., Ltd.
Payment guarantees (*11)
USD 11,707
Hana Bank
Korea Southern Power Co., Ltd.
Daehan Wind Power PSC
Payment guarantees (*6)
USD 2,000
Hana Bank
Korea Southern Power Co., Ltd.
Performance guarantees (*14)
USD 1,800
Shinhan Bank
Korea Southern Power Co., Ltd.
Collateralized money invested
KRW 28,620
Standard Chartered Bank
Korea Southern Power Co., Ltd.
Pyeongchang Wind Power Co., Ltd.
Collateralized money invested
KRW 12,245
Woori Bank, Shinhan Bank and others
Korea Southern Power Co., Ltd.
Performance guarantees
—
Korea Southern Power Co., Ltd.
Taebaek Guinemi Wind Power Co., Ltd.
Collateralized money invested
KRW 15,202
IBK
Korea Southern Power Co., Ltd.
Samcheok Eco Materials Co., Ltd.
Payment guarantees (*2)
—
KIS SF Jeisipicha Co., Ltd.
Korea Southern Power Co., Ltd.
Performance guarantees
—
HC Base Materials Co., Ltd.
Korea Southern Power Co., Ltd.
Solaseado Solar Power Co., Ltd.
Collateralized money invested
KRW 15,153
Kookmin Bank and others
Korea Southern Power Co., Ltd.
Naepo Green Energy Co., Ltd.
Collateralized money invested
KRW 70,984
IBK and others
163
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:
In millions of won and thousands of foreign currencies
Primary guarantor
Principal obligor
Type of guarantees
Credit limit
Creditor
Korea Southern Power Co., Ltd.
Omisan Wind Power Co., Ltd.
Collateralized money invested
KRW 12,752
Shinhan Bank and others
Korea Southern Power Co., Ltd.
Performance guarantees and guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Geumsungsan Wind Power Co., Ltd.
Collateralized money invested
KRW 8,639
Kookmin Bank and others
Korea Southern Power Co., Ltd.
HORANG ENERGY Inc.
Collateralized money invested
KRW 3,911
Woori Bank and others
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Haman Green Energy Co., Ltd.
Collateralized money invested
KRW 6,729
Hana Bank and others
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Jeongeup Green Power Co., Ltd.
Collateralized money invested
KRW 6,369
Mirae Asset Securities Co., Ltd.
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
HyChangwon Fuel Cell. Co., Ltd.
Collateralized money invested
KRW 8,722
Woori Bank and others
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Roof One Energy Co., Ltd.
Collateralized money invested
KRW 2,332
Woori Bank
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Namjeju Bitdream Energy Co., Ltd.
Collateralized money invested
KRW 4,819
Woori Bank and others
Korea Southern Power Co., Ltd.
Cheonwang Green Energy Co., Ltd.
Collateralized money invested
KRW 492
Samsung Fire & Marine Insurance Co., Ltd. and others
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Haetbyeotgil Sunlight Co., Ltd.
Collateralized money invested
KRW 730
Kyobo Life Insurance Co., Ltd. and Heungkuk Asset Management Co., Ltd.
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Rutile BESS. LLC
Payment guarantees
USD 17,700
Nonghyup Bank and JPMorgan Chase Bank
Korea Southern Power Co., Ltd.
Luluah SKY Energy Holding Ltd
Collateralized money invested
—
Export-Import Bank of Korea and others
Korea Southern Power Co., Ltd.
Goheung Naro Energy Storage Co., Ltd.
Collateralized equity invested
KRW 8,460
Kyobo Life Insurance Co., Ltd. and others
Korea Southern Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Southern Power Co., Ltd.
Balgeun Jindo Energy Storage Co., Ltd.
Collateralized equity invested
KRW 8,040
IBK Asset Management Co., Ltd.
KOSPO Chile SpA
Kelar S.A.
Collateralized money invested
KRW 174,582
Export-Import Bank of Korea and others
KOSPO Chile SpA
Chester Solar I SpA
Collateralized money invested
KRW 3,052
IBK
KOSPO Chile SpA
Chester Solar IV SpA
Collateralized money invested
KRW 6,825
IBK
KOSPO Chile SpA
Chester Solar V SpA
Collateralized money invested
KRW 630
IBK
KOSPO Chile SpA
Diego de Almagro Solar SpA
Collateralized money invested
KRW 4,727
IBK
KOSPO Chile SpA
Laurel SpA
Collateralized money invested
KRW 2,466
IBK
164
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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.
YeongGwang Yaksu Wind Electric Co., Ltd.
Collateralized money invested
KRW 31
IBK and others
Korea Midland Power Co., Ltd.
Hyundai Green Power Co., Ltd.
Collateralized money invested
KRW 83,816
Korea Development Bank and others
Korea Midland Power Co., Ltd.
PT Cirebon Electric Power
Debt guarantees
USD 3,795
Mizuho Bank
Korea Midland Power Co., Ltd.
PT Wampu Electric Power
Debt guarantees
USD 4,253
PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.
Green Energy Power Co., Ltd.
Collateralized money invested
KRW 251
IBK
Korea Midland Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Midland Power Co., Ltd.
Yaksu ESS Co., Ltd.
Collateralized money invested
KRW 57
IBK
Korea Midland Power Co., Ltd.
Gwangbaek Solar Power Investment Co., Ltd.
Collateralized money invested
KRW 5,657
Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.
Muan Haetbit Power Plant Co., Ltd.
Collateralized money invested
KRW 2,745
IBK
Korea Midland Power Co., Ltd.
Goesan Solar park Co., Ltd.
Collateralized money invested
KRW 2,874
IBK
Korea Midland Power Co., Ltd.
Bitgoel Eco Energy Co., Ltd.
Collateralized money invested
KRW 8,045
IBK and others
165
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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.
Guarantees for supplemental funding (*1)
—
Korea Midland Power Co., Ltd.
Energyco Co., Ltd.
Collateralized money invested
KRW 2,622
Nonghyup Bank
Korea Midland Power Co., Ltd.
Jeju Gimnyeong Wind Power Co., Ltd.
Collateralized money invested
KRW 7
Nonghyup Bank
Korea Midland Power Co., Ltd.
Dongbu Highway Solar Co., Ltd.
Collateralized money invested
KRW 603
Shinhan Bank
Korea Midland Power Co., Ltd.
Seobu Highway Solar Co., Ltd.
Collateralized money invested
KRW 745
Shinhan Bank
Korea Midland Power Co., Ltd.
Yeongyang Wind Power Corporation II
Collateralized money invested
KRW 11,931
Korea Development Bank and others
Korea Midland Power Co., Ltd.
Haeparang Energy Co., Ltd.
Collateralized money invested
KRW 2,346
Templeton Hana Asset Management Co., Ltd.
Korea Midland Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Midland Power Co., Ltd.
Saemangeum Sebit Power Plant Co., Ltd.
Collateralized money invested
KRW 28,857
IBK and others
Korea Midland Power Co., Ltd.
Yeomsubong Wind Power Co., Ltd.
Collateralized money invested
KRW 430
Korea Development Bank
Korea Midland Power Co., Ltd.
Guarantees for supplemental funding (*1)
—
Korea Development Bank
Korea Midland Power Co., Ltd.
Commerce and Industry Energy Co., Ltd.
Collateralized money invested
KRW 498
IBK and others
166
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 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.
Nour Ibri Solar Power SAOC
Performance guarantees
OMR 2,750
Oman Power and Water Procurement Company SAOC
Korea Midland Power Co., Ltd.
Loan payment guarantee
USD 17,300
Shinhan Bank
Korea Midland Power Co., Ltd.
Debt guarantees
USD 600
Korea Midland Power Co., Ltd.
Shinan-Ui
Offshore Wind Power Co., Ltd.
Collateralized money invested
KRW 92,678
Korea Development Bank and others
Korea Midland Power Co., Ltd.
Gubbaberget Vindkraft AB
Performance guarantees
EUR 7,031
Microsoft Ireland Operations Limited
Korea Midland Power Co., Ltd.
Concho County Solar 1, LLC
Performance guarantees
USD 15,038
Deutsche Bank Trust Company Americas and others
Korea South-East Power Co., Ltd.
Boim Cogeneration Co., Ltd.
Collateralized money invested (*3,4)
—
IBK
Korea South-East Power Co., Ltd.
Guarantees for supplemental funding and others (*1,15)
KRW 76,800
NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.
RES Technology AD
Collateralized money invested (*4)
EUR 7,210
UniCredit Bulbank and others
Korea South-East Power Co., Ltd.
ASM-BG
investicii AD
Collateralized money invested (*4)
EUR 5,735
UniCredit Bulbank and others
Korea South-East Power Co., Ltd.
Goseong Green Power Co., Ltd.
Collateralized money invested (*4)
KRW 266,317
Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
Gangneung Eco Power Co., Ltd.
Collateralized money invested (*4)
KRW 228,099
Kyobo Life Insurance Co., Ltd. and others
167
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:
In millions of won and thousands of foreign currencies
Primary guarantor
Principal obligor
Type of guarantees
Credit limit
Creditor
Korea South-East Power Co., Ltd.
PND Solar Co., Ltd.
Collateralized money invested (*4)
KRW 1,711
IBK
Korea South-East Power Co., Ltd.
Hyundai Eco Energy Co., Ltd.
Collateralized money invested (*4)
KRW 9,114
Samsung Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
Jaeun Jumin Baram Power Plant Co., Ltd.
Collateralized money invested (*4)
KRW 45
IBK
Korea South-East Power Co., Ltd.
Chungsongmeon BongSan wind power Co., Ltd.
Collateralized money invested (*4)
—
Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.
Yeongam Solar Power Co., Ltd.
Collateralized money invested (*4)
KRW 12,224
Kookmin Bank and others
Korea South-East Power Co., Ltd.
Samsu Wind Power Co., Ltd.
Collateralized money invested (*4)
KRW 3,507
Shinhan Bank and others
Korea South-East Power Co., Ltd.
Saemangeum Heemang Photovoltaic Co., Ltd.
Collateralized money invested (*4)
KRW 17,001
Woori Bank and others
Korea South-East Power Co., Ltd.
Nepal Water & Energy Development Company Pty.,Ltd.
Collateralized money invested (*4)
USD 95,960
International Finance Corporation and others
Korea South-East Power Co., Ltd.
Business reserve payment guarantee
USD 33,333
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 1,392
Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Godeok Clean Energy Co., Ltd.
Collateralized money invested
KRW 5,578
Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Guarantees for supplemental funding (*18)
—
Korea Hydro & Nuclear Power Co., Ltd.
Cheong-Song Noraesan Wind Power Co., Ltd.
Collateralized money invested
KRW 3,742
Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Gwangyang Green Energy Co., Ltd.
Collateralized money invested
KRW 23,526
Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Gangneung Sacheon Fuel Cell Co., Ltd.
Collateralized money invested
KRW 8,994
Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Chuncheon Green Energy Co., Ltd.
Collateralized money invested
KRW 14,917
Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Yangyang Suri Wind Power Co., Ltd.
Collateralized money invested
KRW 9,396
Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Bigeum Jumin Photovoltaic Power Co., Ltd.
Collateralized money invested
KRW 7,106
Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
Songsan Green Energy Co., Ltd.
Collateralized money invested
KRW 11,865
Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.
Changwon
Nu-ri
Energy Co., Ltd.
Collateralized money invested
KRW 9,652
Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.
Imha Floating Photovoltaic Power Co., Ltd.
Collateralized money invested
KRW 7,501
Hana Bank
KHNP USA LLC
KAS INVESTMENT I LLC
Payment guarantees (*12)
USD 9,770
WOORI AMERICA BANK
KHNP USA LLC
KAS INVESTMENT II LLC
Payment guarantees (*12)
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., a joint venture 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 June 30, 2026, derivative liabilities of
W
23,494 million were recognized
in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.
(*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
W
47,067 million.
(*4)
The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount
over the threshold in the event that the
non-recognized
portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.
(*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).
168
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(7)
Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:
(*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)
Xe-Pian
Xe-Namnoy
Power Co.,
Ltd., an associate of the Group, has entered a contract to pay an incentive-type 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.
(*11)
The Group provided a payment guarantee to the Chile Kelar project for opening L/C for Debt Service Reserve
Account (DSRA), and others.
(*12)
The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of
guarantees to their subsidiaries.
(*13)
The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company
Limited, a joint venture of the Group.
(*14)
The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.
(*15)
In accordance with the agreement, as an outflow of cash is probable and the amount required for the fulfillment
of the obligation can be reliably estimated, the Group has recognized the estimated amount as other provisions, amounting to
W
12,093 million.
(*16)
This represents guarantees provided to Remal Energy Company, a subsidiary of Remal First Holding Company, an
associate of the Group, in connection with the gas combined cycle power project.
(*17)
This represents guarantees provided to Naseem Energy Company, a subsidiary of Naseem First Holding Company, an
associate of the Group, in connection with the gas combined cycle power project.
(*18)
The payment guarantee is a supplemental funding agreement for excessive construction costs and others of
Chuncheon Green Energy Co., Ltd. The Group is obligated to pay, in proportion to its equity interest, for the excessive business expenses of the guaranteed company incurred before the completion date, and the debt guarantee is released after the
date of overall completion.
(*19)
This represents guarantees provided to Yona Intermediate Holdings LLC, a joint venture of KEPCO Yona America
LLC, a subsidiary of the Group, in connection with the solar power generation business.
169
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(8)
Guarantees received from the related parties as of June 30, 2026 are as follows:
In millions of won
Primary Guarantor
Type of
guarantees
Credit limit
KAPES, Inc.
Defect guarantees
W
16,106
Performance guarantees
38,231
Advance payment guarantee
241,826
(9)
Derivatives transactions with the related parties as of June 30, 2026 are as follows:
(i) Currency Swap
In millions of won and thousands of foreign currencies except contract exchange rate information
Contract
amounts
Contract interest rate
per annum
Contract
exchange
rate
Counterparty
Contract year
Pay
Receive
Pay
Receive
(in won)
Korea Development Bank
2021~2026
W
118,170
USD 100,000
1.11
%
1.13
%
W
1,181.70
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
2025~2028
73,160
USD 50,000
3.02
%
Compounded
Daily SOFR
+ 0.62
%
1,463.20
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
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
2025~2030
556,560
USD 400,000
2.75
%
SOFR + 0.79
%
1,391.40
2026~2031
302,000
USD 200,000
4.09
%
4.50
%
1,510.00
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
2023~2028
129,500
USD 100,000
3.85
%
4.88
%
1,295.00
(ii) Currency forward
In millions of Won and thousands of foreign currencies except contract exchange rate information
Contract amounts
Contract
exchange
rate
Counterparty
Contract date
Maturity date
Pay
Receive
(in Won)
Korea Development Bank
2026.06.16
2026.07.07
W
13,615
USD 9,000
W
1,512.78
2026.06.29
2026.07.23
10,791
USD 7,000
1,541.62
170
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
46.
Related Parties, Continued
(10)
The Group acquired financial instruments of
W
120,000 million from Korea
Development Bank, an other related party, and disposed of
W
80,000 million of them during the year ended December 31, 2025.
(11)
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
June 30, 2026
June 30, 2025
Type
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Salaries
W
715
932
722
954
Employee benefits
13
30
15
32
W
728
962
737
986
171
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
47.
Statement of Cash Flows
(1)
Significant
non-cash
transactions for each of the
six-month
periods ended June 30, 2026 and 2025 are as follows:
In millions of won
Transactions
For the six-month
period ended
June 30, 2026
For the six-month
period ended
June 30, 2025
Transfer from
construction-in-progress
to other assets
W
6,637,806
3,455,156
Recognition of asset retirement cost and related provision for decommissioning costs
421,072
252,052
Transfer from provision for disposal of used nuclear fuel to accrued expenses
265,905
207,685
Transfer from long-term borrowings to current portion of long-term borrowings
1,456,634
868,639
Transfer from debt securities to current portion of debt securities
15,371,779
12,379,107
Transfer from inventory to stored nuclear fuel
814,931
627,304
Recognition of
right-of-use
assets and others
72,587
43,906
(2)
Changes in liabilities incurred from financing activities for each of the
six-month
periods ended June 30, 2026 and 2025 are as follows:
In millions of won
For the
six-month
period ended June 30, 2026
Non-cash
changes
Beginning
balance
Cash flows
Increase
Effect of exchange rate
fluctuations and others
Ending
balance
Borrowings
W
21,996,296
2,540,963
—
42,230
24,579,489
Debt securities
107,772,996
(263,005
)
—
1,227,463
108,737,454
Lease liabilities
3,150,880
(287,247
)
67,712
203,370
3,134,715
Dividends Payable
1,319
(1,052,853
)
—
1,051,768
234
Derivative liabilities (assets), net
(1,870,050
)
583,316
—
(1,376,346
)
(2,663,080
)
W
131,051,441
1,521,174
67,712
1,148,485
133,788,812
In millions of won
For the
six-month
period ended June 30, 2025
Non-cash
changes
Beginning
balance
Cash flows
Increase
Effect of exchange rate
fluctuations and others
Ending
balance
Borrowings
W
20,659,381
4,047,550
—
(168,518
)
24,538,413
Debt securities
111,874,019
(3,315,584
)
—
(1,235,255
)
107,323,180
Lease liabilities
3,699,456
(329,894
)
37,195
(157,398
)
3,249,359
Dividends Payable
5,063
(211,453
)
—
213,174
6,784
Derivative liabilities (assets), net
(2,406,338
)
539,303
—
1,131,167
(735,868
)
W
133,831,581
729,922
37,195
(216,830
)
134,381,868
172
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
48.
Commitments for Expenditure
(1)
The commitments for acquisition of property, plant and equipment as of June 30, 2026 and
December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
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
57,235
425
57,226
417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S
36,970
—
37,081
8,394
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Gwangyang 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
224
35,282
4,749
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)
35,016
703
35,016
703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)
40,937
654
40,937
654
Purchase of cable (PE, 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
33,057
16,045
System stabilization ESS equipment (Bubuk S/S) Type 1
221,939
42,137
221,939
42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1
72,779
16,975
72,779
16,975
System stabilization ESS equipment (Yesan S/S) Type 1
56,174
11,471
56,174
11,471
System stabilization ESS equipment (Hamyang S/S) Type 1
35,764
11,468
35,764
11,468
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S
39,345
39,275
38,520
38,520
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)
41,249
—
40,933
15,651
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others
39,664
10,644
40,323
31,810
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others
40,059
10,564
40,130
31,505
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon
S/S
39,300
39,300
39,300
39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East
coast #1C/S
37,756
37,756
37,600
37,600
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin
Gapyeong S/S
40,590
40,590
40,590
40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin
Namwon S/S
37,100
37,100
37,100
37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)
32,381
2,261
32,381
11,453
Steel pipe towers (500KV HVDC) 6,143 tons – East Coast-Singapyeong (Section 3)
33,078
12
31,184
14,490
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S
42,535
—
41,000
40,700
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)
—
—
38,086
10,334
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment
—
—
31,838
18,411
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price
(General)
54,544
6,022
40,475
29,546
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price
(General)
47,476
2,133
42,252
12,262
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East
Seoul#2-Tancheon)
31,352
31,352
30,471
30,471
154KV power cable (PE,1C,2500SQ) and 1 other type, 69,720M and accessories
(Saemangeum-Dongbieung)
31,514
11,423
30,607
20,679
Static VAR compensator
(3-phase,
±500MVAR), 1 unit
– East Coast #2 converter station
36,400
36,400
36,400
36,400
GIS (800KV,8000A,50KA), 7 units – Dangjin Thermal Power Plant
65,264
65,264
63,903
63,903
765kV power transformers, 3 banks (15 tanks) – Dangjin Thermal Power Plant
62,332
61,100
61,100
61,100
345KV power cable (PVC,1C,2000SQ) 61,641M and accessories (Singangseo branch)
52,204
52,204
52,204
52,204
Static VAR compensator (STATCOM,
3-phase,
±500MVAR),
2 units – Sinokcheon S/S
61,844
61,844
58,650
58,650
Static VAR compensator (STATCOM,
3-phase,
±500MVAR),
1 unit – Sinjeongeup S/S
31,212
31,212
29,600
29,600
173
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
48.
Commitments for Expenditure, Continued
(1)
The commitments for acquisition of property, plant and equipment as of June 30, 2026 and
December 31, 2025 are as follows, continued:
In millions of won
As of June 30, 2026
As of December 31, 2025
Contracts
Commitment
amounts
Remaining
liability balances
Commitment
amounts
Remaining
liability balances
Insulated vinyl sheathed cable (600V,CV,1C,240SQ) 964,800M (annual unit price)
W
36,981
23,051
—
—
GIS (362KV 6300A/550KV 2000A,63KA), 22 units – East Coast #2 C/S
31,800
31,800
—
—
AMIGO, 1P2W, 60(5)A, electronic type, class 1.0, 220V 1,250,725EA – annual unit price
(general)
34,695
34,695
—
—
[Re-announcement
of remaining quantity] AMIGO, 1P2W,
60(5)A, electronic type, class 1.0, 220V 1,250,725EA – annual unit price (general) / remaining quantity: 750,435EA
34,695
34,695
—
—
Power cable (PVC,1C,2000SQ) 60,438M and accessories (154kV Sani branch)
39,405
39,405
—
—
154kV power cable (PE,1C,2000SQ) and 1 other type, 113,712M and accessories (Gook-Deukryang
underground TL)
72,480
72,480
—
—
HVDC XLPE power cable (HFFR,2500SQ) 86,209M and accessories [Section 2]
133,025
133,025
—
—
HVDC (70kV, XLPE, HFFR 2,500SQ) 86,158M and accessories [Section 3]
82,000
82,000
—
—
HVDC XLPE power cable (HFFR,2500SQ) 86,158M and accessories [Section 1]
132,538
132,538
—
—
GIS (362KV,6300A,63KA), 27 units and 1 other type – Sinhanam S/S (new)
34,200
34,200
—
—
Construction of Saeul Units (#3,4)
11,718,217
122,001
11,718,217
921,006
Construction of Shin-Hanul Units (#3,4)
12,343,245
9,630,709
12,343,245
10,205,627
Other 64 contracts
2,294,689
1,380,127
2,245,116
1,583,953
Purchase of equipment for the construction project of Boryeong indoor coal storage yard
332,681
77,363
371,978
134,735
Purchase of main machine for Boryeong New Complex Unit 1
283,779
25,796
282,623
29,970
Boryeong New Complex Unit 1 Construction Project
238,130
64,831
221,475
93,617
Haman Combined Power Block Conditional Purchase Agreement
579,475
473,963
586,983
514,447
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power
plant
123,989
9,820
123,989
9,820
Construction of Gimpo combined heat & power plant
—
—
223,697
7,184
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant
198,883
710
198,029
18,973
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant
65,961
195
65,918
9,336
Construction of Gumi natural gas power plant
329,321
9,654
301,684
24,569
Construction of Gongju natural gas power plant
236,015
77,362
224,392
120,972
Purchase of natural gas main machine and accessories at Gongju natural gas power plant
308,337
33,576
310,322
257,822
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.
288,250
232,221
288,250
232,221
Purchase of gas turbine and auxiliary facilities for Asan cogeneration power plant
123,000
99,625
123,000
123,000
Construction of Yeosu natural gas power plant
231,659
231,659
—
—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)
327,569
1,170
327,569
2,110
Purchase of main equipment for Shin-Sejong combined thermal power plant
234,392
531
234,392
2,862
Purchase for remaining works of indoor coal storage at Hadong Thermal Power Plant
62,335
30,425
61,859
49,504
Purchase of Samcheok hydrogen compound
co-firing
facility
infrastructure
130,340
42,113
128,820
64,989
Construction of Andong Combined Unit 2 Power Plant
189,470
95,363
185,647
132,297
Purchase of main equipment for Andong Combined Unit 2
279,771
21,106
279,771
125,852
Service of designing Hadong Combined Unit 1
30,179
24,151
32,289
26,988
Purchase of gas turbine for Goyang Changneung
120,945
95,601
—
—
Purchase of gas turbine for Hadong
241,890
191,149
—
—
174
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
48.
Commitments for Expenditure, Continued
(2)
As of June 30, 2026, details of contracts for inventory purchase commitment are as follows:
Type
Periods
Contracted quantity
Concentrate
2026 ~ 2036
24,578 Ton U3O8
Conversion
2026 ~ 2034
20,703 Ton U
Enrichment
2026 ~ 2040
29,880 Ton SWU
In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO
Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,370 Ton U (contract periods: 2024 ~ 2033).
175
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
49.
Contingencies and Commitments
(1)
Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of
June 30, 2026 and December 31, 2025 are as follows:
In millions of won
As of June 30, 2026
As of December 31, 2025
Number of cases
Amount
Number of cases
Amount
As the defendant
716
W
841,815
706
W
799,646
As the plaintiff
267
521,975
244
531,459
The above information has been prepared including the subsidiaries of each entity. As of June 30, 2026,
there are 7 ongoing litigations and 1 arbitration case in which the Group is the plaintiff or the defendant.
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, with an aggregate claim amount of
W
196,569 million as of June 30, 2026. While the ultimate outcomes of these lawsuits cannot be predicted, management believes that their
outcome would not have a material impact on the Group’s operations or financial position.
2)
There are 8 arbitration cases pertaining to the Group as of June 30, 2026 and the significant arbitration cases
are as follows:
i)
During the year ended December 31, 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration claim
with the Korean Commercial Arbitration Board against the Group in connection with the technology development agreement for the 200MW voltage-sourced HVDC facilities and the related acquisition price. The Group cannot reasonably estimate the amount
and timing of resource outflows resulting from the arbitration.
ii)
The Group is in the process of an adjudication by the Electricity Commission of the Ministry of Climate, Energy
and Environment regarding the application for adjudication seeking confirmation of the obligation to pay the installation costs of STATCOM (static synchronous compensator) for Saeul Units 3 and 4 (formerly Shin-Kori Units 5 and 6) and Hanbit Units 1
and 2. As of June 30, 2026, the Group cannot reasonably estimate the possibility of an outflow of economic benefits resulting from the adjudication.
176
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
49.
Contingencies and Commitments, Continued
(2)
Guarantees of payments and commitments provided to other companies as of June 30, 2026 are as follows:
1)
The Group, together with the other shareholders, has provided collateral to the syndicate of lenders of PT Indo
Raya Tenaga, the project company of PT Barito Wahana Tenaga, by establishing a revolving pledge on the shares of PT Barito Wahana Tenaga for the project financing of PT Barito Wahana Tenaga as of June 30, 2026.
2)
The Group has entered into a borrowing agreement with a limit of USD 264,800 thousand with a syndicate of
lenders including 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 6,015 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 4,253 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 up to USD 3,000 thousand regarding weatherization in relation with tax investors for the Concho Valley solar power project in the United States.
6)
The Group has provided Microsoft Ireland Operations Limited a performance guarantee of EUR 7,031 thousand
to guarantee the implementation of the power plant construction during the construction period for the 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 Mizuho Bank, Ltd. a debt guarantee of USD 3,795 thousand to guarantee the Debt
Service Reserve Account (DSRA) related to the Cirebon power generation business of PT. Cirebon Electric Power in Indonesia.
9)
The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand
for the implementation of Tanjung Jati power plant operation project in Indonesia.
10)
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.
11)
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.
12)
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.
13)
The Group has provided Van Phong Power Company, Ltd. a performance guarantee up to USD 5,000 thousand for
the operation maintenance project in Van Phong, Vietnam.
14)
The Group has provided 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.
15)
The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a
guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.
16)
The Group has provided a performance guarantee of USD 10,625 thousand to Deutsche Bank Trust Company
Americas for the U.S. Lucy solar power project performed by Concho County Solar 1, LLC.
17)
The Group has provided a performance guarantee of OMR 2,750 thousand to Oman Power and Water Procurement
Company SAOC for the Ibri 3 solar project in Oman performed by the Consortium of MASDAR, KOMIPO, AL KHADRA and OQAE.
18)
The Group has provided an equity contribution guarantee of USD 17,515 thousand to Natixis for the Ibri 3
solar project in Oman performed by KOMIPO Middle East Energy L.L.C. FZ., a subsidiary of the Group.
19)
The Group has provided a performance guarantee of OMR 667 thousand to Oman Power and Water Procurement
Company SAOC as a bid bond for the Al Kamil solar project in Oman performed by the Consortium of ABU DHABI FUTURE ENERGY COMPANY PJSC MASDAR, KOMIPO and AL KHADRA.
177
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
49.
Contingencies and Commitments, Continued
(3)
Credit lines provided by financial institutions and others as of June 30, 2026 are as follows:
In millions of won and thousands of foreign currencies
Commitments
Financial institutions
Currency
Credit limit
Commitments on Bank-overdraft
Kookmin Bank and others
KRW
1,780,500
Limit amount available for CP
Hana Bank and others
KRW
9,750,000
General Loan, etc.
Nonghyup Bank and others
KRW
2,600,000
Limit amount available for card
Woori Card and others
KRW
48,458
Loan limit
Hana Bank and others
KRW
3,054,695
Kookmin Bank and others
USD
1,640,000
Certification of payment on payables from foreign country
Nonghyup Bank
USD
8,700
Certification of payment on L/C
Kookmin Bank and others
USD
1,317,858
Hana Bank and others
EUR
7,031
Shinhan Bank
JPY
116,773
Certification of Performance guarantee on contract
Hana Bank and others
KRW
188,841
Hana Bank and others
USD
1,696,728
SMTB
JPY
6,500,000
Hana Bank and others
EUR
387,813
Hana Bank
INR
27,117
Hana Bank
OMR
11,286
First Abu Dhabi Bank
AED
52,500
Saudi National Bank and others
SAR
120,000
Certification of bidding
Seoul Guarantee Insurance
KRW
11,880
Abu Dhabi Commercial Bank and others
USD
16,200
Commercial Bank of Kuwait
KWD
870
Advance payment bond, Warranty bond, Retention bond and others
Seoul Guarantee Insurance
KRW
110,226
Deutsche Bank Saudi and others
USD
753,153
Saudi National Bank
SAR
22,505
Bank ABC
BHD
1,375
Shinhan Bank and others
MXN
22,546
Others (*)
Shinhan Bank and others
KRW
621,913
Hana Bank and others
USD
1,073,954
Shinhan Bank
QAR
155,213
Standard Chartered
AED
50
Hana Bank
SAR
4,151
MayBank
MYR
30,889
Secured loan of credit sales
Hana Bank and others
KRW
320,050
Inclusive credit
Hana Bank and others
KRW
28,000
Shinhan Bank and others
USD
35,000
Equity Bridge Loan Guarantee
DBS Bank and others
USD
1,114,398
Trade finance
Kookmin Bank and others
USD
600,000
(*)
As of June 30, 2026, 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.
178
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
49.
Contingencies and Commitments, Continued
(4)
As of June 30, 2026, promissory notes and assets provided as collaterals or pledges to financial
institutions by the Group are as follows:
In millions of won and thousands of foreign currencies
Obligor
Creditor
Assets provided as
security (*2)
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
132,000
Collateral for borrowings
(*1)
Gyeonggi Green Energy Co., Ltd.
Korea Development Bank and others
Cash and cash equivalents and others
KRW
251,600
Collateral for borrowings
(*1)
Jeongam Wind Power Co., Ltd.
KDB Capital Corporation and others
Cash and cash equivalents and others
KRW
230,716
Collateral for borrowings (*1)
Gyeongju Wind Power Co., Ltd.
Shinhan Bank and others
Property, plant and equipment and others
KRW
68,400
Collateral for borrowings (*1)
Korea Offshore Wind Power Co., Ltd.
Woori Bank and others
Property, plant and equipment and others
KRW
244,500
Collateral for borrowings
(*1)
Qatrana Electric Power Company
The Islamic Development Bank and others
Finance lease receivable and property, plant and equipment and others
USD
10,320
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
300,253
Collateral for debt securities (*1)
Incheon Fuel Cell Co., Ltd.
Kookmin Bank and others
Cash and cash equivalents and others
KRW
230,800
Collateral for borrowings
(*1)
K-SOLAR
SHINAN Co., Ltd.
Kyobo Life Insurance Co., Ltd. and others
Property, plant and equipment and others
KRW
274,780
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 (*1)
Jeju Hanlim Offshore Wind Co., Ltd.
Kookmin Bank and others
Property, plant and equipment and others
KRW
98,663
Collateral for borrowings
Western Power Changgi Solar Co., Ltd.
Samsung Life Insurance and others
Property, plant and equipment and others
KRW
45,000
Collateral for borrowings
(*1)
Yeongdeok Sunrise Wind Power Co., Ltd.
Korea Development Bank and others
Property, plant and equipment and others
KRW
96,240
Collateral for borrowings (*1)
Chitose Solar Power Plant LLC
SMTB
Cash and cash equivalents
JPY
515,265
Collateral for borrowings
Mangilao Intermediate Holdings LLC
Mizuho Bank and others
Trade receivables and others
USD
81,858
Collateral for borrowings (*1)
(*1)
This is based on the amount of loan commitment limit.
(*2)
In connection with the above borrowings, an assignment of rights as collateral, a revolving pledge on insurance
claims under insurance contracts, revolving mortgages on factory foundations and revolving pledges on deposits, etc. have been established.
The Group has
W
1,197 million of project loans from the Korea Energy Agency as of June 30, 2026. The Group has
provided one blank check as security for the repayment of the borrowings.
179
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
49.
Contingencies and Commitments, Continued
(5)
The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a
carrying amount of
W
53,909 million as of June 30, 2026, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of
W
226 million and
depreciation on the idle assets of
W
1,797 million are recorded in other expenses for the
six-month
period ended June 30, 2026. 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 June 30, 2026.
(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 June 30, 2026. Accordingly, the book value of the facility, amounting to
W
11,778 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 June 30, 2026, the Group cannot make reasonable
estimation on whether assets will be recovered or utilized in regular way related thereto.
(7)
As of June 30, 2026, 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
W
64,371 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.
(10)
The Group believes that a potential obligation for mutual growth cooperation funds exists in connection with
the nuclear power plants for which continued operation is being pursued as their design lives are close to expiration, considering past practices in the operation of nuclear power plants. As of June 30, 2026, the amount and terms of the payment
have not been agreed upon, and therefore the Group cannot reasonably estimate the possibility of an outflow of economic benefits resulting from the fulfillment of the obligation.
(11)
The armed conflict in the Middle East that began in February 2026 and the related changes in the international
situation may affect companies doing business directly or indirectly with the countries involved in the conflict, as well as companies directly or indirectly exposed to the industries or economies of those countries. The Group cannot reasonably
estimate the future financial impact of the conflict in the Middle East.
180
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
50.
Subsequent Events
(1)
Subsequent to June 30, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea
Midland 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 currencies for the purposes of operating funds and debt repayments.
Details are as follows:
In millions of won and thousands of foreign currencies
Company
Type
Issue date
Maturity
Interest rate
(%)
Amount
Korea Electric Power Corporation
#1600 Corporate bond
2026.07.02
2028.10.10
4.04
W
510,000
#1601 Corporate bond
2026.07.02
2029.04.03
4.09
300,000
#1602 Corporate bond
2026.07.02
2029.07.02
4.12
700,000
#1603 Corporate bond
2026.07.15
2029.07.13
4.24
300,000
#1604 Corporate bond
2026.07.09
2029.05.03
4.17
600,000
#1605 Corporate bond
2026.07.09
2029.07.09
4.26
50,000
#1606 Corporate bond
2026.08.06
2029.05.03
4.07
290,000
#1607 Corporate bond
2026.08.06
2029.08.06
4.11
780,000
#1608 Corporate bond
2026.08.12
2028.08.11
4.00
80,000
#1609 Corporate bond
2026.08.12
2029.08.10
4.22
70,000
#1610 Corporate bond
2026.08.12
2031.08.12
4.41
50,000
#19 Global bond
2026.07.21
2031.07.21
4.75
USD 300,000
#20 Global bond
2026.07.21
2029.07.21
Compounded
Daily SOFR
+ 0.62
%
USD 400,000
Korea South-East Power Co., Ltd.
#74-1
Corporate bond
2026.07.27
2029.07.27
4.45
220,000
#74-2
Corporate bond
2026.07.27
2036.07.25
4.96
40,000
Korea Midland Power Co., Ltd.
#79-1
Corporate bond
2026.07.09
2028.07.09
4.16
30,000
#79-2
Corporate bond
2026.07.09
2029.07.09
4.24
200,000
Debt securities in foreign currencies
2026.07.28
2029.07.28
4.75
USD 300,000
Korea Western Power Co., Ltd.
#80-1
Corporate bond
2026.07.27
2028.07.27
4.34
250,000
#80-2
Corporate bond
2026.07.27
2029.07.27
4.45
330,000
Korea Southern Power Co., Ltd.
#86 Corporate bond
2026.07.14
2029.07.13
4.27
200,000
Korea East-West Power Co., Ltd.
#26-1
Debt securities in foreign currencies
2026.07.13
2032.01.13
4.75
USD 500,000
(2)
On July 2, 2026, KEPCO invested
W
20,000 million in KEPCO Engineering Holdings Co.,
Ltd.
181
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES
Notes to the condensed consolidated interim financial statements, Continued
June 30, 2026 and 2025 (unaudited)
51.
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 Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s
results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and
six-month
periods
ended June 30, 2026 and 2025 to the operating profit or loss as presented in the Group’s consolidated interim 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
June 30, 2026
June 30, 2025
Three-month
period ended
Six-month
period ended
Three-month
period ended
Six-month
period ended
Operating profit on the interim consolidated statements of comprehensive income
(loss)
W
1,128,552
4,912,721
2,135,872
5,889,479
Add
Other income
Reversal of other provisions
3,675
5,906
970
4,083
Reversal of other bad debt allowance
(22,910
)
2,659
(757
)
5,743
Gains on government grants
58
120
55
102
Gains on assets contributed
71
2,894
1,332
1,513
Gains on liabilities exempted
929
981
427
707
Compensation and reparations revenue
20,561
46,204
25,688
45,895
Revenue from foundation fund
25
36
9
163
Rental income
50,223
103,078
52,340
105,189
Others
7,771
55,160
13,309
22,785
Other gains
Gains on disposal of property, plant and equipment
1,926
3,627
2,712
8,075
Gains on disposal of intangible assets
—
—
16
16
Reversal of impairment loss on property, plant and equipment
—
1
—
—
Reversal of impairment loss on intangible assets
47
47
40
40
Gains on foreign currency translation
16,634
57,417
9,677
13,839
Gains on foreign currency transactions
27,726
47,812
31,125
75,738
Gains on insurance proceeds
1,281
2,081
1,015
1,015
Others
92,376
192,363
109,052
281,516
Deduct
Other expenses
Compensation and indemnification expense
—
—
(1,309
)
(1,310
)
Accretion expenses of other provisions
(625
)
(672
)
(315
)
(755
)
Depreciation expenses on investment properties
(217
)
(473
)
(313
)
(508
)
Depreciation expenses on idle assets
(896
)
(1,797
)
(903
)
(1,807
)
Other bad debt expense
(69,275
)
(69,275
)
—
(2
)
Donations
(11,692
)
(84,764
)
(64,634
)
(76,745
)
Others
(7,689
)
(11,453
)
(7,746
)
(13,971
)
Other losses
Losses on disposal of property, plant and equipment
(19,253
)
(39,202
)
(12,982
)
(50,140
)
Losses on disposal of intangible assets
(1
)
(1
)
—
(13
)
Loss on impairment of property, plant and equipment
—
(825
)
—
—
Loss on impairment of intangible assets
—
(1,115
)
(30
)
(30
)
Losses on foreign currency translation
(4,176
)
(31,100
)
(36,974
)
(47,056
)
Losses on foreign currency transactions
(44,916
)
(85,578
)
(17,706
)
(37,394
)
Others
(14,913
)
(77,092
)
(65,334
)
(126,423
)
Adjusted operating profit
W
1,155,292
5,029,760
2,174,636
6,099,744
182