KEPCOADRの適時開示

Number of meetings

Number of agendas

Classification

Number of meetings

Number of agendas

Resolutions

6-K 1 d613524d6k.htm FORM 6-K Form 6-K Table of Contents

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 December 2023

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

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

(Address of principal executive offices)

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

Form 20-F ☒ Form 40-F ☐

Table of Contents

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2023 to September 30, 2023)

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.

Table of Contents

I.	Company Overview

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

2.	Information of the company

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

(Phone number) 82-61-345-4213

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

3.	Major businesses

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

•

development of electric power resources;

•

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

•

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

•

overseas business related to the businesses mentioned above;

•

investment or contributions related to the businesses mentioned above;

•

development and operation of certain real estate holdings; and

•

other businesses entrusted by the government.

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

4.	Consolidated subsidiaries


	(As of September 30, 2023)

Listed	Unlisted	Total
2	163	165

Table of Contents

5.	Major changes in management

On February 27, 2023, Mr. Lee, Jung-Bok and Mr. Lee, Jun-Ho were appointed as standing directors for a term of two years in replacement of Mr. Lee, Heyn-Bin and Mr. Lee, Jong-Hwan whose term of office expired.

On March 7, 2023, Mr. Jun, Young-Sang was appointed as a Comptroller & Auditor General and member of the Audit Committee for a term of two years in replacement of Mr. Choi, Young-Ho whose term of office expired.

On May 2, 2023, Mr. Kim, Jun-Ki and Mr. Park, Chung-Kun were appointed as non-standing directors in replacement of Mr. Seong, Si-Heon and Ms. Bang, Su-Ran whose term of office expired.

On May 19, 2023, Mr. Cheong, Seung-Il, President & Chief Executive Officer and standing director, resigned from all his positions. Pursuant to KEPCO’s Articles of Incorporation, Mr. Lee, Jung-Bok, a standing director of KEPCO, will serve as the interim President & Chief Executive Officer.

On June 26, 2023, Mr. Seo, Guen-Bae was appointed as a standing director for a term of two years in replacement of Mr. Park, Heon-Gyu whose term of office expired.

On August 30, 2023, Mr. Han, Jin-Hyun was appointed as a non-standing director in replacement of Mr. Park, Jong-Bae whose term of office expired.

On September 18, 2023, Mr. Kim, Dong-Cheol was appointed as the President & Chief Executive Officer.

On November 8, 2023, Ms. Kim, Sung-Eun and Mr. Lee, Sung-Ho were appointed as non-standing directors in replacement of Mr. Park, Hyo-Sung and Mr. Lee. Kee-Man whose term of office expired.

On December 4, 2023, Mr. Cho, Seong-Jin was appointed as a non-standing director in replacement of Mr. Lee, Kye-Sung 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

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

Total number of issued shares: 641,964,077

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

Dividends: KEPCO did not pay any dividend for fiscal year 2022.

Table of Contents

II.	Business Overview

1.	Consolidated financial results by segment for a nine-month period ended September 30, 2022 and 2023

(In billions of Won)


	January to September 2022				January to September 2023
	Sales		Operating profit		Sales		Operating profit
Electricity sales		50,119		-23,948		63,893		-7,906
Nuclear generation		7,885		1,164		7,343		-162
Thermal generation		29,850		804		28,505		1,483
Plant maintenance & engineering service		2,096		148		2,173		242
Others(1)		1,895		237		1,722		127
Subtotal		91,845		-21,595		103,636		-6,216
Adjustment for related- party transactions		-40,080		-239		-37,950		-237

Total		51,765		-21,834		65,686		-6,453

Note:

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

2.	Changes in unit prices of major products for a nine-month period ended September 30, 2022 and 2023


					(In Won per kWh)

Business sector		Company	January to September 2022		January to September 2023
Electricity sold	Residential	KEPCO		119.30		149.65
	Commercial			135.99		168.59
	Educational			109.31		138.24
	Industrial			113.22		150.94
	Agricultural			53.96		74.68
	Street lighting			123.48		154.00
	Overnight usage			70.41		99.61
Electricity from nuclear generation	Nuclear Generation	KHNP		59.26		54.85
Electricity from thermal generation	Thermal generation	KOSEP		164.70		157.86
		KOMIPO		177.93		181.13
		KOWEPO		174.03		179.70
		KOSPO		178.30		194.48
		EWP		178.36		175.39

Table of Contents

3.	Power purchase from generation subsidiaries for a nine-month period ended September 30, 2023


Company	Volume (GWh)		Expense (In billions of Won)
KHNP		130,489		7,171
KOSEP		28,971		4,497
KOMIPO		34,165		6,109
KOWEPO		30,119		5,403
KOSPO		29,778		5,789
EWP		25,993		4,455
Others		146,619		28,675

Total		426,134		62,099

4.	Intellectual property as of September 30, 2023


	Patents		Utility models		Designs		Trademarks		Total
KEPCO		3,353		15		126		63		3,557
Generation subsidiaries		3,745		67		89		253		4,154

Total		7,098		82		215		316		7,711

Table of Contents

III.	Financial Information

1.	Condensed consolidated financial results as of and for a nine-month period September 30, 2022 and 2023

(In billions of Won)


Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to September 2022		January to September 2023		Change			December 31, 2022		September 30, 2023		Change
Sales		51,765		65,686		13,921	Total assets		234,805		240,244		5,439
Operating profit (loss)		-21,834		-6,453		15,381	Total liabilities		192,805		204,063		11,258
Net income (loss)		-16,646		-5,982		10,664	Total equity		42,000		36,181		-5,819

2.	Condensed separate financial results as of and for a nine-month period September 30, 2022 and 2023

(In billions of Won)


Separate statements of comprehensive income							Separate statements of financial position
	January to September 2022		January to September 2023		Change			December 31, 2022		September 30, 2023		Change
Sales		50,119		63,893		13,774	Total assets		131,024		133,315		2,291
Operating profit (loss)		-23,948		-7,906		16,042	Total liabilities		108,963		118,287		9,324
Net income (loss)		-17,387		-7,007		10,380	Total equity		22,061		15,028		-7,033

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IV. Board of Directors (KEPCO Only)

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

* Subcommittees under the board of directors: The Audit Committee consists of one standing director and two non-standing directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards. The ESG Committee consists of three non-standing directors.

2. Board meetings and agenda for a nine-month period ended September 30, 2023

* The audit committee held 9 meetings with 37 agenda (of which, 18 were approved as proposed and 19 were accepted as reported).

3. Major activities of the Board of Directors for a nine-month period ended September 30, 2023


Date	Agenda	Results	Type
January 19, 2023	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Approved as proposed	Resolution
January 19, 2023	Approval of the safety management plan of 2023	Approved as proposed	Resolution

February 10, 2023	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023	Approved as proposed	Resolution

February 24, 2023	Approval of amendment to the Rules on Employment	Approved as proposed	Resolution
	Approval of the maximum aggregate amount of remuneration for directors in 2023	Approved as proposed	Resolution
	Approval to call for the annual general meeting of shareholders for the fiscal year 2022	Accepted as proposed	Resolution
	Approval of consolidated and separate financial statements for the fiscal year 2022	Accepted as proposed	Resolution
	Report on the results of collective agreement	Accepted as reported	Report
	Report on the annual management of commercial papers in 2022	Accepted as reported	Report
	Report on internal control over financial reporting for the fiscal year 2022	Accepted as reported	Report
	Report on the evaluation of internal control over financial reporting for the fiscal year 2022	Accepted as reported	Report
	Report on audit results for 2022	Accepted as reported	Report

Table of Contents



March 24, 2023	Approval of establishment of research-based spin-off companies of KEPCO	Accepted as proposed	Resolution
March 24, 2023	Approval of liquidation of the KEPCO-Uhde Inc.	Accepted as proposed	Resolution

April 21, 2023	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Accepted as proposed	Resolution
	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Accepted as proposed	Resolution
	Approval of amendments to the Regulation for Employee Remuneration and Welfare	Deferred	Resolution
	Approval of the 10th long-term plan for power transmission and substation facilities	Accepted as amended	Resolution

May 15, 2023	Approval of amendment to the Terms and Condition for Electricity Supply	Accepted as proposed	Resolution

June 2, 2023	Approval of forming Director Nomination Committee and evaluation standards for the candidates of the President & CEO	Accepted as proposed	Resolution
June 2, 2023	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023	Accepted as proposed	Resolution

June 23, 2023	Approval of appointment of a member of ESG Committee	Accepted as proposed	Resolution
	Approval of Agreement on Management Performance Assessment for the President & CEO	Accepted as proposed	Resolution
	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Accepted as proposed	Resolution
	Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation	Accepted as proposed	Resolution
	Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2023	Accepted as proposed	Resolution
	Approval of the mid-to long-term financial management plan (2023-2027)	Accepted as proposed	Resolution

June 28, 2023	Approval of additional contribution to Korea Institute of Energy Technology in 2023	Accepted as proposed	Resolution

July 21, 2023	Approval of establishment of research-based spin-off companies of KEPCO	Accepted as proposed	Resolution

September 1, 2023	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023	Accepted as proposed	Resolution

September 15, 2023	Approval of amendments to the Regulation for Operation of ESG Committee	Accepted as proposed	Resolution
	Report on financial statements for the first half of 2023	Accepted as reported	Report
	Report on audit results for the first half of 2023	Accepted as reported	Report

Table of Contents

4. Attendance Status of Non-standing directors for a nine-month period ended September 30, 2023

Date

Agenda

Park,
Jong-
Bae

Bang,
Su-
Ran

Park,
Hyo-
Sung

Lee,
Kee-
Man

Lee,
Kye-
Sung

Kim,
Jae-
Shin

Kim,
Jong-
Woon

Kim,
Jun-
Ki

Park,
Chung-
Kun

Han,
Jin-
Hyun

January 19, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Absent

Before

Appointment

Before

Appointment

Before

Appointment

Approval of the safety management plan of 2023

For

Absent

February 10, 2023

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

For

Before

Appointment

Before

Appointment

Before

Appointment

February 24, 2023

Approval of amendment to the Rules on Employment

For

Before

Appointment

Before

Appointment

Before

Appointment

Approval of the maximum aggregate amount of remuneration for directors in 2023

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2022

For

Approval of consolidated and separate financial statements for the fiscal year 2022

For

Report on the results of collective agreement

Agenda for Report

Report on the annual management of commercial papers in 2022

Agenda for Report

Report on internal control over financial reporting for the fiscal year 2022

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2022

Agenda for Report

Report on audit results for 2022

Agenda for Report

Table of Contents

March 24, 2023

Approval of establishment of research-based spin-off companies of KEPCO

For

Before

Appointment

Before

Appointment

Before

Appointment

Approval of liquidation of the KEPCO-Uhde Inc.

For

April 21, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Before

Appointment

Before

Appointment

Before

Appointment

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

Deferred

Approval of the 10th long-term plan for power transmission and substation facilities

For

May 15, 2023

Approval of amendment to the Terms and Condition for Electricity Supply

For

Retired

For

Before

Appointment

June 2, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of the President & CEO

For

Retired

For

Before

Appointment

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

For

Table of Contents

June 23, 2023

Approval of appointment of a member of ESG Committee

For

Retired

For

Before

Appointment

Approval of Agreement on Management Performance Assessment for the President & CEO

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation

For

Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2023

For

Approval of the mid-to long-term financial management plan (2023-2027)

For

June 28, 2023

Approval of additional contribution to Korea Institute of Energy Technology in 2023

For

Retired

For

Before

Appointment

July 21,

2023

Approval of establishment of research-based spin-off companies of KEPCO

For

Retired

For

Absent

For

Before

Appointment

September 1,

2023

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

Retired

For

September 15,

2023

Approval of amendments to the Regulation for Operation of ESG Committee

Retired

For

Report on financial statements for the first half of 2023

Agenda for Report

Report on audit results for the first half of 2023

Agenda for Report

Attendance Rate

100%

83.3%

100%

Table of Contents

5. Attendance Status of Standing directors for a nine-month period ended September 30, 2023

Date

Agenda

Kim,
Dong-Cheol

Cheong,
Seung-
Il

Choi,
Young-Ho

Lee,
Heyn-Bin

Lee,
Jong-
Hwan

Park,
Heon-Gyu

Kim,
Tae-Ok

Lee,
Heung-
Joo

Jun,
Young-
Sang

Lee,
Jung-Bok

Lee,
Jun-
Ho

Seo,
Guen—
Bae

January 19, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Before

Appoint

ment

For

Before
Appointment

Approval of the safety management plan of 2023

For

February 10, 2023

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

Before
Appointment

For

Retired

For

Before
Appointment

February 24, 2023

Approval of amendment to the Rules on Employment

Before
Appointment

For

Retired

For

Absent

Before
Appointment

Approval of the maximum aggregate amount of remuneration for directors in 2023

For

Absent

Approval to call for the annual general meeting of shareholders for the fiscal year 2022

For

Absent

Approval of consolidated and separate financial statements for the fiscal year 2022

For

Absent

Report on the results of collective agreement

Agenda
for
Report

Agenda for Report

Report on the annual management of commercial papers in 2022

Agenda
for
Report

Agenda for Report

Report on internal control over financial reporting for the fiscal year 2022

Agenda
for
Report

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2022

Agenda
for
Report

Agenda for Report

Report on audit results for 2022

Agenda
for
Report

Agenda for Report

March 24, 2023

Approval of establishment of research-based spin-off companies of KEPCO

Before
Appointment

For

Retired

Absent

For

Before
Appointment

Approval of liquidation of the KEPCO-Uhde Inc.

For

Absent

For

April 21, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

Before
Appointment

For

Retired

For

Before
Appointment

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendments to the Regulation for Employee Remuneration and Welfare

Deferred

Approval of the 10th long-term plan for power transmission and substation facilities

For

Table of Contents

May 15, 2023

Approval of amendment to the Terms and Condition for Electricity Supply

Before
Appointment

For

Retired

For

Before
Appointment

June 2, 2023

Approval of forming Director Nomination Committee and evaluation standards for the candidates of the President & CEO

Before
Appointment

Retired

For

Before
Appointment

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

For

June 23, 2023

Approval of appointment of a member of ESG Committee

Before
Appointment

Retired

For

Absent

For

Before
Appointment

Approval of Agreement on Management Performance Assessment for the President & CEO

For

Absent

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

Approval of amendment to the Terms and Condition for Electricity Supply and Rules for Operation

For

Absent

For

Approval of contribution to the fund for mutually beneficial cooperation between large enterprises and small and medium enterprises in 2023

For

Absent

For

Approval of the mid-to long-term financial management plan (2023-2027)

For

Absent

For

June 28, 2023

Approval of additional contribution to Korea Institute of Energy Technology in 2023

Before
Appointment

Retired

For

July 21,

2023

Approval of establishment of research-based spin-off companies of KEPCO

Before
Appointment

Retired

For

Absent

For

September 1,

2023

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2023

Before
Appointment

Retired

For

September 15,

2023

Approval of amendments to the Regulation for Operation of ESG Committee

Before
Appointment

Retired

For

Absent

For

Report on financial statements for the first half of 2023

Agenda for Report

Report on audit results for the first half of 2023

Agenda for Report

Attendance Rate

—

100%

87.5%

100%

66.7%

100%

Table of Contents

6. Major activities of the Audit Committee for a nine-month period ended September 30, 2023


Date	Agenda	Results	Type
January 19, 2023	Approval of audit plans for 2023	Approved as proposed	Resolution
	Approval of amendments to Internal Audit Regulations and Guidelines for Legal Support on Auditors	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Report on audit education plans in 2023	Accepted as reported	Report
	Report on independence of independent auditors	Accepted as reported	Report

February 9, 2023	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

February 24, 2023	Approval of amendments to the Guidelines for Preventing Conflict of Interests of KEPCO Executives and Employees	Approved as proposed	Resolution
	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2022	Approved as proposed	Resolution
	Report on internal control over financial reporting for the fiscal year 2022	Accepted as reported	Report
	Report on the evaluation on internal control over financial reporting for the fiscal year 2022	Accepted as reported	Report
	Report on audit progress by independent auditors for fiscal year 2022	Accepted as reported	Report
	Report on audit results for 2022	Accepted as reported	Report

March 17, 2023	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of investigation result on the agenda for the annual general meeting of shareholders	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2022	Accepted as reported	Report

April 21, 2023	Approval of amendments to the Internal Audit Guidelines	Approved as proposed	Resolution
	Prior approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Prior approval for non-audit for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Report on the Form 20-F for the fiscal year 2022 to be filed with the U.S. Securities and Exchange Commission	Accepted as reported	Report
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2022 to be filed with the U.S. Securities and Exchange Commission	Accepted as reported	Report
	Report on audit results for the first quarter of 2023	Accepted as reported	Report

Table of Contents


June 23, 2023	Prior approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Independent auditor’s report on the audit plans for the fiscal year 2023	Accepted as reported	Report
	Auditor’s review report for the first quarter of 2023	Accepted as reported	Report
	Report on audit results for April and May of 2023	Accepted as reported	Report

July 21, 2023	Auditor’s review report for the fiscal year of 2022	Accepted as reported	Report
July 21, 2023	Report on audit results for June of 2023	Accepted as reported	Report

September 1, 2023	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

September 15, 2023	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of amendments to Internal Audit Regulations	Approved as proposed	Resolution
	Report on amendments to audit education plans in 2023	Accepted as reported	Report
	Auditor’s review report for the first half of 2023	Accepted as reported	Report
	Report on audit results for the first half of 2023	Accepted as reported	Report
	Report on audit results for July and August of 2023	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.

Table of Contents

9. Attendance Status of the Audit Committee for a nine-month period ended September 30, 2023


Date	Agenda	Kim, Jae-Shin	Park, Hyo-Sung	Choi, Young-Ho	Jun, Young-Sang
January 19, 2023	Approval of audit plans for 2023	Attended	Attended	Attended	Before Appointment
	Approval of amendments to Internal Audit Regulations and Guidelines for Legal Support on auditors
	Approval of appointment of independent auditors of subsidiaries
	Prior approval for non-audit service for subsidiaries by the independent auditor
	Report on audit education plans in 2023
	Report on independence of independent auditors

February 9, 2023	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Attended	Retired	Before Appointment

February 24, 2023	Approval of amendments to the Guidelines for Preventing Conflict of Interests of KEPCO Executives and Employees	Attended	Attended	Retired	Before Appointment
	Approval of for the consolidated and separate financial statements and business report for the fiscal year 2022
	Report on internal control over financial reporting for the fiscal year 2022
	Report on the evaluation on internal control over financial reporting for the fiscal year 2022
	Report on audit progress by independent auditors for fiscal year 2022
	Report on audit results for 2022

Table of Contents


March 17, 2023	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Retired	Attended
	Approval of investigation result on the agenda for the annual general meeting of shareholders
	Approval of auditor’s report for the annual general meeting of shareholders
	Report on audit results by the independent auditor for the fiscal year 2022

April 21, 2023	Approval of amendments to the Internal Audit Guidelines	Attended	Attended	Retired	Attended
	Prior approval of appointment of independent auditors of subsidiaries
	Prior approval for non-audit for subsidiaries by the independent auditor
	Report on the Form 20-F for the fiscal year 2022 to be filed with the U.S. Securities and Exchange Commission
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2022 to be filed with the U.S. Securities and Exchange Commission
	Report on audit results for the first quarter of 2023
June 23, 2023	Prior approval of appointment of independent auditors of subsidiaries	Attended	Attended	Retired	Attended
	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders
	Independent auditor’s report on the audit plans for the fiscal year 2023
	Auditor’s review report for the first quarter of 2023
	Report on audit results for April and May of 2023

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July 21, 2023	Auditor’s review report for the fiscal year of 2022	Attended	Attended	Retired	Attended
	Report on audit results for June of 2023

September 1, 2023	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Attended	Attended	Retired	Attended

September 15, 2023	Approval of appointment of independent auditors of subsidiaries	Attended	Attended	Retired	Attended
	Approval of amendments to Internal Audit Regulations
	Report on amendments to audit education plans in 2023
	Auditor’s review report for the first half of 2023
	Report on audit results for the first half of 2023
	Report on audit results for July and August of 2023

Attendance Rate		100%	100%	100%	100%

*	Mr. Jun, Young-Sang was appointed as a Comptroller & Auditor General and member of the Audit Committee on March 7, 2023, in replacement of Mr. Choi, Young-Ho who retired on February 6, 2023.

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V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a nine-month period ended September 30, 2023


Type	Agenda	Results
Extraordinary General Meeting held on February 27, 2023	Election of two Standing Directors	Approved as proposed
Extraordinary General Meeting held on February 27, 2023	Election of a Standing Director as a Comptroller & Auditor General and Member of the Audit Committee	Approved as proposed

Annual General Meeting held on March 28, 2023	Approval of the consolidated and separate financial statements for the fiscal year 2022	Approved as proposed
Annual General Meeting held on March 28, 2023	Approval of the maximum aggregate amount of remuneration for directors in 2023	Approved as proposed

Extraordinary General Meeting held on June 26, 2023	Election of a Standing Director	Approved as proposed

Extraordinary General Meeting held on September 18, 2023	Election of the President & Chief Executive Officer	Approved as proposed

VI. Shareholders

1. List of shareholders as of September 30, 2023


		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		41,795,468		6.51
Public (Non-Koreans)	Common Shares		1,046		78,974,223		12.30
Public (Non-Koreans)	American depositary shares (ADS)		1		10,516,680		1.64
Public (Koreans)			669,086		182,600,648		28.45
Total			670,136		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.

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VII.	Directors and employees as of and for a nine-month period ended September 30, 2023 (KEPCO Only)

Directors

(In thousands of Won)


Type		Number of directors		Total remuneration		Average remuneration per person		Remarks
Standing director			6		609,107		101,517		Excluding members of the Audit Committee
Non-standing director			6		135,000		22,500		Excluding members of the Audit Committee
Member of Audit Committee	Standing director		1		97,975		97,975		—
Member of Audit Committee	Non-standing director		2		45,000		22,500		—
Total			15		887,082		59,139		—

2. Employees

(In thousands of Won)


Type	Number of employees						Average continuous service year		Total salaries		Average salaries per person
Type	Regular		Non-regular		Total		Average continuous service year		Total salaries		Average salaries per person
Male		17,815		88		17,903		14.8		1,159,427,870		64,245
Female		5,309		57		5,366		13.3		287,229,211		53,253
Total		23,124		145		23,269		14.5		1,446,657,081		61,716

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VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of September 30, 2023

(In billions of Won)


Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		675		837
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		278		461

2. Sanctions as of September 30, 2023


Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
Prosecution Date	Position	Tenure	Sanctions	Relevant laws (charges)	Proceedings
June 30, 2021	CEO of Korea Hydro & Nuclear Power Co., Ltd. (Former)	4yrs	Prosecution without 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

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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/ Park, WooGun
Name:		Park, WooGun
Title:		Vice President

Date: December 7, 2023

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Interim Consolidated Financial Statements

For the nine-month periods ended September 30, 2023 and 2022

(With Independent Auditor’s Review Report Thereon)

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TABLE OF CONTENTS


	Page

Report on review of interim consolidated financial statements		3

Interim Consolidated Statements of Financial Position		5

Interim Consolidated Statements of Comprehensive Income (Loss)		7

Interim Consolidated Statements of Changes in Equity		9

Interim Consolidated Statements of Cash Flows		11

Notes to the Interim Consolidated Financial Statements		13

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LOGO

Report on review of interim consolidated financial statements

(English Translation of a Report Originally Issued in Korean)

To the Shareholders and Board of Directors

Korea Electric Power Corporation:

We have reviewed the accompanying interim consolidated financial statements of Korea Electric Power Corporation (the “Company”) and its subsidiaries (collectively referred to as the “Group”), which comprise the interim consolidated statement of financial position as of September 30, 2023, and the related interim consolidated statements of comprehensive income (loss) for the three-month and nine-month periods ended September 30, 2023 and 2022, interim consolidated statements of changes in equity and interim consolidated statements of cash flows for the nine-month periods then ended, and a summary of material accounting policy information and other explanatory information.

Management’s responsibility for the interim consolidated financial statements

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

Auditor’s responsibility

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

Conclusion

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

Other matter

We have audited the consolidated statement of financial position of the Group as of December 31, 2022, and the related consolidated statement of comprehensive income (loss), consolidated statement of changes in equity and consolidated statement of cash flows for the year then ended (not presented herein) in accordance with KSA, and our report dated March 13, 2023 expressed an unqualified opinion thereon. The accompanying consolidated statement of financial position as of December 31, 2022 presented for comparative purposes, is not different, in all material respects, from the above audited consolidated statement of financial position.

LOGO

November 14, 2023

This review report is effective as of November 14, 2023, the independent auditor’s review report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor’s review report date to the time this review report is used. Such events and circumstances could significantly affect the accompanying interim consolidated financial statements and may result in modifications to this review report.

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Interim Consolidated Financial Statements

For the nine-month periods ended September 30, 2023 and 2022

“The accompanying interim consolidated financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Group.”

Dong-Cheol Kim

President/CEO

Korea Electric Power Corporation

Corporate Address: #55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, KOREA

Phone Number: 061-345-3114(day) / 061-345-3203(night)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Financial Position

As of September 30, 2023 (Unaudited) and December 31, 2022


In millions of won	Note		September 30, 2023		December 31, 2022
Assets
Current assets
Cash and cash equivalents		5,6,7,44		4,494,474		3,234,780
Current financial assets, net		5,6,9,11,12,13,44,46		3,890,763		4,286,975
Trade and other receivables, net		5,8,20,24,44,45,46		10,665,934		10,461,822
Inventories, net		14		8,618,419		9,930,732
Income tax receivables				64,417		46,619
Current non-financial assets		15		1,195,590		1,744,869
Assets held-for-sale		41		45,648		44,748

Total current assets				28,975,245		29,750,545

Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,44,46		3,886,972		3,336,835
Non-current trade and other receivables, net		5,8,20,44,45,46		2,250,714		2,153,080
Property, plant and equipment, net		18,24,27,48		179,717,455		177,865,308
Investment properties, net		19,27		186,320		208,286
Goodwill		16		125,525		100,093
Intangible assets other than goodwill, net		21,27,45		936,065		956,664
Investments in associates		4,17		6,384,470		5,844,464
Investments in joint ventures		4,17		3,693,089		3,147,584
Defined benefit assets, net		25		124,027		198,626
Deferred tax assets				13,701,209		10,934,375
Non-current non-financial assets		15		263,217		309,134

Total non-current assets				211,269,063		205,054,449

Total Assets		4		240,244,308		234,804,994

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Financial Position, Continued

As of September 30, 2023 (Unaudited) and December 31, 2022


In millions of won	Note		September 30, 2023		December 31, 2022
Liabilities
Current liabilities
Trade and other payables, net		5,22,24,44,46		8,696,007		11,983,549
Current financial liabilities, net		5,12,23,44,46		31,997,374		22,703,996
Income tax payables				400,575		429,604
Current non-financial liabilities		20,28,29		8,263,319		6,974,377
Current provisions		26,44		2,164,724		2,427,051

Total current liabilities				51,521,999		44,518,577

Non-current liabilities
Non-current trade and other payables, net		5,22,24,44,46		5,519,480		5,638,914
Non-current financial liabilities, net		5,12,23,44,46		102,278,799		98,334,120
Non-current non-financial liabilities		28,29		11,035,388		10,662,661
Employee benefits liabilities, net		25,44		869,592		828,721
Deferred tax liabilities				6,275,353		6,457,103
Non-current provisions		26,44		26,562,234		26,364,642

Total non-current liabilities				152,540,846		148,286,161

Total Liabilities		4		204,062,845		192,804,738

Equity
Contributed capital		1,30,44
Share capital				3,209,820		3,209,820
Share premium				843,758		843,758

				4,053,578		4,053,578

Retained earnings		31
Legal reserves				1,604,910		1,604,910
Voluntary reserves				2,812,313		27,782,969
Unappropriated retained earnings (undisposed deficit)				10,907,481		(7,956,579	)

				15,324,704		21,431,300

Other components of equity		33
Other capital surplus				1,283,831		1,268,569
Accumulated other comprehensive income				837,652		496,976
Other equity				13,294,972		13,294,973

				15,416,455		15,060,518

Equity attributable to owners of the controlling company				34,794,737		40,545,396
Non-controlling interests		16,32		1,386,726		1,454,860

Total Equity				36,181,463		42,000,256

Total Liabilities and Equity				240,244,308		234,804,994

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Comprehensive Income (Loss)

For the three and nine-month periods ended September 30, 2023 and 2022 (Unaudited)


In millions of won, except per share information			September 30, 2023						September 30, 2022
	Note		Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Sales		4,34,44,46
Sales of goods		2		23,869,022			64,100,951			19,176,859			50,104,404
Sales of services				185,521			490,793			177,365			460,940
Sales of construction services		20		228,329			542,102			241,233			670,692
Revenue related to transfer of assets from customers		28		187,102			552,645			177,501			529,027

				24,469,974			65,686,491			19,772,958			51,765,063

Cost of sales		14,25,42,46
Cost of sales of goods				(21,294,414	)		(68,890,695	)		(26,222,290	)		(70,408,529	)
Cost of sales of services				(171,339	)		(413,569	)		(171,600	)		(465,688	)
Cost of sales of construction services				(265,683	)		(676,229	)		(208,150	)		(605,649	)

				(21,731,436	)		(69,980,493	)		(26,602,040	)		(71,479,866	)

Gross profit (loss)				2,738,538			(4,294,002	)		(6,829,082	)		(19,714,803	)
Selling and administrative expenses		25,35,42,46		(741,966	)		(2,159,383	)		(701,859	)		(2,119,408	)

Operating income (loss)		4		1,996,572			(6,453,385	)		(7,530,941	)		(21,834,211	)
Other income		36		107,533			332,253			96,782			265,363
Other expenses		36		(20,556	)		(150,015	)		(76,066	)		(161,258	)
Other gains (losses), net		37		70,313			73,251			(15,193	)		34,938
Finance income		5,12,38		658,406			1,637,028			1,720,492			2,979,199
Finance expenses		5,12,39		(1,678,500	)		(4,600,749	)		(2,662,680	)		(5,250,698	)
Profit (Loss) related to associates, joint ventures and subsidiaries		4,16,17
Gain on valuation of investments in associates and joint ventures				130,974			641,586			315,770			1,028,487
Gain on disposal of investments in associates and joint ventures				93			17,071			4,830			9,761
Loss on valuation of investments in associates and joint ventures				(17,492	)		(59,038	)		24,941			(79,026	)
Loss on disposal of investments in associates and joint ventures				—			—			(1,294	)		(1,676	)
Loss on impairment of investments in associates and joint ventures				—			(7	)		—			—
Loss on disposal of investments in subsidiaries				—			(564	)		—			(31,532	)

				113,575			599,048			344,247			926,014

Income (Loss) before income tax				1,247,343			(8,562,569	)		(8,123,359	)		(23,040,653	)
Income tax benefit (expense)		40		(414,058	)		2,580,270			2,239,146			6,394,696

Income (Loss) for the period				833,285			(5,982,299	)		(5,884,213	)		(16,645,957	)

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Comprehensive Income (Loss), Continued

For the three and nine-month periods ended September 30, 2023 and 2022 (Unaudited)


In millions of won, except per share information			September 30, 2023						September 30, 2022
	Note		Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:
Remeasurements of defined benefit liability		25,31		81,486			(55,037	)		169,621			518,215
Share of other comprehensive income (loss) of associates and joint ventures		31		(1,153	)		(1,947	)		(4,015	)		(1,647	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss)		33		43,513			(24,798	)		52,680			32,237
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		6,237			(5,710	)		(36,095	)		(43,541	)
Foreign currency translation of foreign operations		33		(9,351	)		20,609			149,339			242,816
Share of other comprehensive income of associates and joint ventures		33		165,809			367,535			457,379			920,833

Other comprehensive income for the period				286,541			300,652			788,909			1,668,913

Total comprehensive income (loss) for the period				1,119,826			(5,681,647	)		(5,095,304	)		(14,977,044	)

Profit (Loss) attributable to:
Owners of the controlling company		43		793,947			(6,055,340	)		(5,905,386	)		(16,695,435	)
Non-controlling interests				39,338			73,041			21,173			49,478

				833,285			(5,982,299	)		(5,884,213	)		(16,645,957	)

Total comprehensive income (loss) attributable to:
Owners of the controlling company				1,072,118			(5,765,920	)		(5,176,519	)		(15,131,160	)
Non-controlling interests				47,708			84,273			81,215			154,116

				1,119,826			(5,681,647	)		(5,095,304	)		(14,977,044	)

Earnings (Loss) per share (in won)		43
Basic and diluted Earnings (loss) per share				1,237			(9,433	)		(9,199	)		(26,007	)

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Changes in Equity

For the nine-month periods ended September 30, 2023 and 2022 (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			Non- controlling interests			Total equity
Balance as of January 1, 2022		4,053,578		45,258,244			14,468,450			63,780,272			1,546,434			65,326,706
Total comprehensive income (loss) for the period
Profit (Loss) for the period		—		(16,695,435	)		—			(16,695,435	)		49,478			(16,645,957	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		486,143			—			486,143			32,072			518,215
Share of other comprehensive income (loss) of associates and joint ventures, net of tax		—		(1,647	)		—			(1,647	)		—			(1,647	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax		—		—			32,238			32,238			(1	)		32,237
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		—		—			(48,282	)		(48,282	)		4,741			(43,541	)
Foreign currency translation of foreign operations, net of tax		—		—			174,990			174,990			67,826			242,816
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			920,833			920,833			—			920,833
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(33,882	)		(33,882	)
Additional paid-in capital and others		—		846			256			1,102			104,054			105,156
Transactions between consolidated entities		—		—			(515	)		(515	)		(2,413	)		(2,928	)
Changes in consolidation scope		—		—			(585	)		(585	)		22,961			22,376
Dividends paid for hybrid bonds		—		—			—			—			(10,039	)		(10,039	)

Balance as of September 30, 2022		4,053,578		29,048,151			15,547,385			48,649,114			1,781,231			50,430,345

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Changes in Equity, Continued

For the nine-month periods ended September 30, 2023 and 2022 (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			Non- controlling interests			Total equity
Balance as of January 1, 2023		4,053,578		21,431,300			15,060,518			40,545,396			1,454,860			42,000,256
Total comprehensive income (loss) for the period
Profit (Loss) for the period		—		(6,055,340	)		—			(6,055,340	)		73,041			(5,982,299	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax		—		(49,309	)		—			(49,309	)		(5,728	)		(55,037	)
Share of other comprehensive income (loss) of associates and joint ventures, net of tax		—		(1,947	)		—			(1,947	)		—			(1,947	)
Net change in fair value of financial assets at fair value through other comprehensive income (loss), net of tax		—		—			(24,797	)		(24,797	)		(1	)		(24,798	)
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		—		—			(8,847	)		(8,847	)		3,137			(5,710	)
Foreign currency translation of foreign operations, net of tax		—		—			6,785			6,785			13,824			20,609
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			367,535			367,535			—			367,535
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		—			—			—			(42,911	)		(42,911	)
Additional paid-in capital and others		—		—			14			14			4,011			4,025
Transactions between consolidated entities		—		—			15,259			15,259			(106,232	)		(90,973	)
Changes in consolidation scope		—		—			(12	)		(12	)		384			372
Dividends paid for hybrid bonds		—		—			—			—			(7,659	)		(7,659	)

Balance as of September 30, 2023		4,053,578		15,324,704			15,416,455			34,794,737			1,386,726			36,181,463

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Cash Flows

For the nine-month periods ended September 30, 2023 and 2022 (Unaudited)


In millions of won	September 30, 2023			September 30, 2022
Cash flows from operating activities
Loss for the period		(5,982,299	)		(16,645,957	)

Adjustments to reconcile loss for the period to net cash provided by operating activities:
Income tax benefit		(2,580,270	)		(6,394,696	)
Depreciation		9,720,463			9,290,943
Amortization		123,286			117,107
Employee benefits expense		262,823			356,140
Bad debt expense		47,596			3,103
Interest expense		3,310,430			1,925,955
Loss on disposal of financial assets		1			1,018
Loss on disposal of property, plant and equipment		38,800			68,574
Loss on abandonment of property, plant and equipment		148,669			124,941
(Reversal of) Loss on impairment of property, plant and equipment		6,167			(4,659	)
Loss on impairment of intangible assets		283			14
Loss on disposal of intangible assets		71			48
Increase in provisions		905,231			1,010,626
Loss on foreign currency translation, net		974,221			2,665,455
Gain on valuation of financial assets at fair value through profit or loss		(27,126	)		(5,808	)
Loss on valuation of financial assets at fair value through profit or loss		3,499			27,389
Valuation and transaction gain on derivative instruments, net		(975,882	)		(2,368,029	)
Gain on valuation of investments in associates and joint ventures, net		(582,548	)		(949,461	)
Gain on disposal of financial assets		(7,915	)		(9,104	)
Gain on disposal of property, plant and equipment		(26,120	)		(132,845	)
Gain on disposal of intangible assets		(100	)		(41	)
Gain on disposal of associates and joint ventures		(17,071	)		(9,761	)
Loss on disposal of associates and joint ventures		—			1,676
Impairment loss of investments in associates and joint ventures		7			—
Loss on disposal of subsidiaries		564			31,532
Interest income		(311,371	)		(228,421	)
Dividends income		(16,587	)		(18,138	)
Others, net		147,779			201,250

		11,144,900			5,704,808

Changes in working capital:
Trade receivables		(217,812	)		(21,890	)
Non-trade receivables		303,576			57,647
Accrued income		(104,573	)		35,609
Other receivables		59,697			67,064
Other current assets		196,008			(421,607	)
Inventories		483,915			(2,628,383	)
Other non-current assets		(152,044	)		50,144
Trade payables		(3,069,682	)		2,171,177
Non-trade payables		(89,524	)		(111,039	)
Accrued expenses		(291,099	)		(31,698	)
Other current liabilities		402,333			709,021
Other non-current liabilities		1,068,273			370,499
Investments in associates and joint ventures (dividends received)		358,229			382,890
Provisions		(1,104,537	)		(1,175,676	)
Payments of employee benefit obligations		(251,297	)		(156,264	)
Plan assets		(23,507	)		(35,877	)

		(2,432,044	)		(738,383	)

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Interim Consolidated Statements of Cash Flows, Continued

For the nine-month periods ended September 30, 2023 and 2022 (Unaudited)


In millions of won	September 30, 2023			September 30, 2022
Cash generated from operating activities		2,730,557			(11,679,532	)
Dividends received		16,587			18,138
Interest paid		(3,143,837	)		(1,744,315	)
Interest received		268,092			139,562
Income taxes paid		(508,124	)		(393,037	)

Net cash flows used in operating activities		(636,725	)		(13,659,184	)

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		5,373			41,875
Acquisition of investments in associates and joint ventures		(349,277	)		(328,386	)
Proceeds from disposals of property, plant and equipment		212,449			355,968
Acquisition of property, plant and equipment		(10,223,124	)		(8,853,462	)
Proceeds from disposals of intangible assets		22			115
Acquisition of intangible assets		(49,117	)		(55,711	)
Proceeds from disposals of financial assets		3,305,719			13,843,713
Acquisition of financial assets		(2,975,990	)		(14,044,373	)
Increase in loans		(104,871	)		(336,653	)
Collection of loans		89,446			62,439
Increase in deposits		(107,672	)		(164,784	)
Decrease in deposits		94,541			89,717
Proceeds from disposals of assets held-for-sale		14,363			9,665
Receipt of government grants		29,812			34,110
Use of government grants		(32	)		—
Net cash outflow from changes in consolidation scope		(26,178	)		3,203
Other cash outflow from investing activities, net		(59,959	)		(156,483	)

Net cash flows used in investing activities		(10,144,495	)		(9,499,047	)

Cash flows from financing activities
Proceeds from short-term borrowings, net		901,392			3,928,031
Proceeds from long-term borrowings and debt securities		21,661,828			30,592,865
Repayment of long-term borrowings and debt securities		(10,173,311	)		(8,372,768	)
Payment of lease liabilities		(455,846	)		(442,645	)
Settlement of derivative instruments, net		152,568			489,503
Change in non-controlling interests		(136,351	)		99,516
Dividends paid for hybrid bonds		(7,659	)		(10,039	)
Dividends paid		(42,912	)		(33,882	)
Other cash outflow from financing activities, net		46,061			(13,449	)

Net cash flows provided by financing activities		11,945,770			26,237,132

Net increase in cash and cash equivalents before effect of exchange rate fluctuations		1,164,550			3,078,901
Effect of exchange rate fluctuations on cash held		95,144			159,224

Net increase in cash and cash equivalents		1,259,694			3,238,125
Cash and cash equivalents as of January 1		3,234,780			2,635,238

Cash and cash equivalents as of September 30		4,494,474			5,873,363

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements

September 30, 2023 and 2022 (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. KEPCO’s stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO’s head office is located in Naju, Jeollanam-do.

As of September 30, 2023, KEPCO’s share capital amounts to 3,209,820 million and KEPCO’s shareholders are as follows:


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

		641,964,077		100.00	%

(*)	The number of shares held by foreign shareholders are 90,379,749 shares (14.08%) as of July 10, 2023, the most recent closing date of shareholder list.

In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

2.	Basis of Preparation

(1)	Statement of compliance

These interim consolidated financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, enacted by the Act on External Audits of Stock Companies in the Republic of Korea. The accompanying interim consolidated financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor’s review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2)	Basis of measurement

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

•

financial assets at fair value through profit or loss

•

financial assets at fair value through other comprehensive income or loss

•

derivative financial instruments are measured at fair value

•

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

(3)	Functional and presentation currency

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

2.	Basis of Preparation, Continued

(4)	Use of estimates and judgments

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

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

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

(i)

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

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

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

(ii)

Deferred tax

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

(iii)

Valuations of financial instruments at fair values

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

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

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

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

(iv)

Defined employee benefit liabilities

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

2.	Basis of Preparation, Continued

(4)	Use of estimates and judgments, continued

(v)

Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of September 30, 2023 and 2022 are 1,885,288 million and 1,543,724 million, respectively.

(vi)

Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group’s progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

2.	Basis of Preparation, Continued

(5)	Changes in accounting policies

Changes in accounting standards effective from January 1, 2023 are as follows. The Group believes that these amendments have no significant impact on the Group’s interim consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that has been issued but is not yet effective.

Amendments to KIFRS 1117 – Insurance Contracts

The amendments provide a comprehensive new accounting standard for insurance contracts covering recognition and measurement, presentation and disclosure. KIFRS 1117 replaces KIFRS 1104 that was issued in 2005. KIFRS 1117 applies to all types of insurance contracts (i.e., life, non-life, direct insurance and re-insurance), regardless of the type of entities that issue them, as well as to certain guarantees and financial instruments with discretionary participation features. A few scope exceptions will apply. The overall objective of KIFRS 1117 is to provide an accounting model for insurance contracts that is more useful and consistent for insurers. In contrast to the requirements in KIFRS 1104, which are largely based on grandfathering previous local accounting policies, KIFRS 1117 provides a comprehensive model for insurance contracts, covering all relevant accounting aspects. KIFRS 1117 is based on a general model, supplemented by:

•

A specific adaptation for contracts with direct participation features (the variable fee approach)

•

A simplified approach (the premium allocation approach) mainly for short-duration contracts.

Amendments to KIFRS 1008 – Definition of Accounting Estimates

The amendments to KIFRS 1008 clarify the distinction between changes in accounting estimates, and changes in accounting policies and the correction of errors. They also clarify how entities use measurement techniques and inputs to develop accounting estimates.

Amendments to KIFRS 1001 – Disclosure of Accounting Policies

The amendments to KIFRS 1001 provide guidance and examples to help entities apply materiality judgements to accounting policy disclosures. The amendments aim to help entities provide accounting policy disclosures that are more useful by replacing the requirement for entities to disclose their ‘significant’ accounting policies with a requirement to disclose their ‘material’ accounting policies and adding guidance on how entities apply the concept of materiality in making decisions about accounting policy disclosures.

Amendments to KIFRS 1012 – Deferred Tax related to Assets and Liabilities arising from a Single Transaction

The amendments KIFRS 1012 Income Taxes narrow the scope of the initial recognition exception, so that it no longer applies to transactions that give rise to equal taxable and deductible temporary differences such as leases and decommissioning liabilities.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

3.	Material Accounting Policies

The accounting policies applied by the Group in these interim 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, 2022, except for the changes described in Note 2.(5).

4.	Segment, Geographic and Other Information

(1)	Segment determination and explanation of the measurements

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

4.	Segment, Geographic and Other Information, Continued

(2)	Financial information of the segments for the three and nine-month periods ended September 30, 2023 and 2022, respectively, are as follows:


In millions of won
September 30, 2023
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related associates, joint ventures and subsidiaries
	Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended		Nine- month period ended		Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Transmission and distribution		23,893,276			63,893,249			433,934			1,342,959			23,459,342		62,550,290		(679,946	)		(7,906,018	)		1,062,529			3,181,623			21,301			67,845			731,354			2,072,994			33,050			302,313
Electric power generation (Nuclear)		3,255,330			7,342,810			3,213,948			7,244,975			41,382		97,835		893,702			(161,874	)		1,110,684			3,315,794			16,855			44,154			172,008			515,948			(12,644	)		(4,303	)
Electric power generation (Non-nuclear)		10,083,948			28,504,606			9,421,413			26,273,630			662,535		2,230,976		1,664,082			1,483,222			1,124,473			3,196,505			14,170			40,387			207,605			573,116			93,665			302,795
Plant maintenance & engineering service		731,975			2,173,168			623,037			1,852,376			108,938		320,792		76,317			242,278			33,232			95,390			5,824			17,110			306			971			(496	)		(1,757	)
Others		557,684			1,721,887			359,907			1,235,289			197,777		486,598		69,615			126,881			48,432			158,764			60,853			175,462			59,404			192,140			—			—
Consolidation adjustments		(14,052,239	)		(37,949,229	)		(14,052,239	)		(37,949,229	)		—		—		(27,198	)		(237,874	)		(34,925	)		(104,327	)		(11,540	)		(33,587	)		(17,458	)		(44,739	)		—			—

		24,469,974			65,686,491			—			—			24,469,974		65,686,491		1,996,572			(6,453,385	)		3,344,425			9,843,749			107,463			311,371			1,153,219			3,310,430			113,575			599,048


In millions of won
September 30, 2022
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related associates, joint ventures and subsidiaries
	Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended		Nine- month period ended		Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Transmission and distribution		19,247,360			50,118,847			492,966			1,312,771			18,754,394		48,806,076		(8,942,513	)		(23,947,575	)		1,032,300			3,089,222			20,579			44,614			374,938			894,874			184,099			583,570
Electric power generation (Nuclear)		2,854,428			7,884,651			2,819,843			7,780,138			34,585		104,513		576,108			1,163,698			1,031,671			3,048,937			12,432			26,891			139,069			417,083			(1,662	)		6,334
Electric power generation (Non-nuclear)		12,003,164			29,850,362			11,365,891			28,005,911			637,273		1,844,451		838,382			803,741			1,057,054			3,131,389			13,666			35,284			184,063			513,472			161,101			334,732
Plant maintenance & engineering service		753,326			2,095,566			644,722			1,781,931			108,604		313,635		66,588			147,994			31,094			92,526			2,957			9,116			296			979			709			1,378
Others		696,832			1,895,167			458,730			1,198,779			238,102		696,388		95,836			236,933			43,723			135,105			50,665			137,628			41,613			135,809			—			—
Consolidation adjustments		(15,782,152	)		(40,079,530	)		(15,782,152	)		(40,079,530	)		—		—		(165,342	)		(239,002	)		(33,269	)		(89,129	)		(10,149	)		(25,112	)		(17,679	)		(36,262	)		—			—

		19,772,958			51,765,063			—			—			19,772,958		51,765,063		(7,530,941	)		(21,834,211	)		3,162,573			9,408,050			90,150			228,421			722,300			1,925,955			344,247			926,014

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

4.	Segment, Geographic and Other Information, Continued

(3)	Information related to segment assets and segment liabilities as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won
September 30, 2023
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution		133,314,551			6,164,583		5,311,121			118,286,421
Electric power generation (Nuclear)		70,278,080			152,060		2,274,402			44,470,472
Electric power generation (Non-nuclear)		67,548,161			3,706,805		2,360,865			38,023,102
Plant maintenance & engineering service		4,210,021			54,111		132,983			1,351,054
Others		13,596,083			—		534,824			6,194,836
Consolidation adjustments		(48,702,588	)		—		(303,640	)		(4,263,040	)

		240,244,308			10,077,559		10,310,555			204,062,845


In millions of won
December 31, 2022
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution		131,023,727			5,678,141		6,055,179			108,963,058
Electric power generation (Nuclear)		69,129,625			143,304		2,008,409			42,843,974
Electric power generation (Non-nuclear)		69,468,039			3,113,918		3,547,815			40,428,907
Plant maintenance & engineering service		4,051,157			56,685		200,338			1,272,408
Others		12,895,981			—		839,885			5,796,718
Consolidation adjustments		(51,763,535	)		—		(38,633	)		(6,500,327	)

		234,804,994			8,992,048		12,612,993			192,804,738

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (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)
	September 30, 2023				September 30, 2022				September 30, 2023		December 31, 2022
Geographical unit	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		September 30, 2023		December 31, 2022
Domestic		24,086,928		64,785,365		19,317,163		50,533,212		186,236,428		183,707,117
Overseas (*1)		383,046		901,126		455,795		1,231,851		5,069,713		4,724,416

		24,469,974		65,686,491		19,772,958		51,765,063		191,306,141		188,431,533

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

(*2)	The amounts exclude financial assets, 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 the nine-month periods ended September 30, 2023 and 2022.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

5.	Classification of Financial Instruments

(1)	Classification of financial assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents		—		—		4,494,474		—		4,494,474
Current financial assets
Current financial assets at fair value through profit or loss		2,768,047		—		—		—		2,768,047
Current financial assets at amortized costs		—		—		18,480		—		18,480
Current derivative assets		183,458		—		—		71,958		255,416
Other financial assets		—		—		848,820		—		848,820
Trade and other receivables		—		—		10,665,934		—		10,665,934

		2,951,505		—		16,027,708		71,958		19,051,171

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		493,572		—		—		—		493,572
Non-current financial assets at fair value through other comprehensive income		—		515,283		—		—		515,283
Non-current financial assets at amortized costs		—		—		10,290		—		10,290
Non-current derivative assets		863,793		—		—		342,838		1,206,631
Other financial assets		—		—		1,661,196		—		1,661,196
Trade and other receivables		—		—		2,250,714		—		2,250,714

		1,357,365		515,283		3,922,200		342,838		6,137,686

		4,308,870		515,283		19,949,908		414,796		25,188,857

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

5.	Classification of Financial Instruments, Continued

(1)	Classification of financial assets as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won	December 31, 2022
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents		—		—		3,234,780		—		3,234,780
Current financial assets
Current financial assets at fair value through profit or loss		3,181,791		—		—		—		3,181,791
Current financial assets at amortized costs		—		—		16,762		—		16,762
Current derivative assets		154,730		—		—		134,873		289,603
Other financial assets		—		—		798,819		—		798,819
Trade and other receivables		—		—		10,461,822		—		10,461,822

		3,336,521		—		14,512,183		134,873		17,983,577

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		527,717		—		—		—		527,717
Non-current financial assets at fair value through other comprehensive income		—		502,829		—		—		502,829
Non-current financial assets at amortized costs		—		—		10,236		—		10,236
Non-current derivative assets		538,342		—		—		190,079		728,421
Other financial assets		—		—		1,567,632		—		1,567,632
Trade and other receivables		—		—		2,153,080		—		2,153,080

		1,066,059		502,829		3,730,948		190,079		5,489,915

		4,402,580		502,829		18,243,131		324,952		23,473,492

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

5.	Classification of Financial Instruments, Continued

(2)	Classification of financial liabilities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings		—		15,639,212		—		15,639,212
Debt securities		—		16,338,907		—		16,338,907
Derivative liabilities		19,255		—		—		19,255
Trade and other payables		—		8,696,007		—		8,696,007

		19,255		40,674,126		—		40,693,381

Non-current liabilities
Borrowings		—		3,269,803		—		3,269,803
Debt securities		—		98,788,728		—		98,788,728
Derivative liabilities		213,613		—		6,655		220,268
Trade and other payables		—		5,519,480		—		5,519,480

		213,613		107,578,011		6,655		107,798,279

		232,868		148,252,137		6,655		148,491,660


In millions of won	December 31, 2022
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings		—		12,457,853		—		12,457,853
Debt securities		—		10,201,149		—		10,201,149
Derivative liabilities		44,994		—		—		44,994
Trade and other payables		—		11,983,549		—		11,983,549

		44,994		34,642,551		—		34,687,545

Non-current liabilities
Borrowings		—		2,962,323		—		2,962,323
Debt securities		—		94,984,040		—		94,984,040
Derivative liabilities		362,252		—		25,505		387,757
Trade and other payables		—		5,638,914		—		5,638,914

		362,252		103,585,277		25,505		103,973,034

		407,246		138,227,828		25,505		138,660,579

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

5.	Classification of Financial Instruments, Continued

(3)	Classification of comprehensive income (loss) from financial instruments for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won		September 30, 2023						September 30, 2022
		Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Cash and cash equivalents	Interest income		32,240			73,313			10,165			24,598
	Gain on foreign currency transactions and translations		17,530			28,880			43,515			89,342
Financial assets at fair value through profit or loss	Interest income		12,716			43,486			16,558			36,181
	Dividends income		1,764			2,791			2,822			3,880
	Gain (Loss) on valuation of financial assets		8,809			23,627			(10,077	)		(21,581	)
	Gain on disposal of financial assets		1,345			7,914			7,886			8,086
Financial assets at fair value through other comprehensive income	Dividends income		3,411			13,796			38			14,258
Financial assets at amortized cost	Interest income		672			1,772			747			1,392
	Gain on foreign currency transactions and translations		2,867			1,576			9,205			12,430
Loans	Interest income		11,742			35,612			15,305			26,316
	Gain on foreign currency transactions and translations		183			444			882			1,555
Trade and other receivables	Interest income		41,239			124,798			37,192			117,192
	Gain (Loss) on foreign currency transactions and translations		17,719			38,904			(61,990	)		(2,700	)
Short-term financial instruments	Interest income		4,404			18,472			4,726			10,577
	Gain on foreign currency transactions and translations		—			—			—			3,513
Long-term financial instruments	Interest income		4,198			13,333			5,369			11,963
	Gain on foreign currency transactions and translations		—			1			2			4
Other financial assets	Interest income		253			585			88			202
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		949,774			2,709,776			560,849			1,431,109
	Loss on repayment of financial liabilities		—			—			—			(15	)
	Interest expense of trade and other payables		49,145			141,429			21,371			119,746
	Interest expense of others		154,298			459,225			140,080			375,100
	Other finance income		2,928			4,312			578			897
	Other finance expenses		40			572			92			1,406
	Loss on foreign currency transactions and translations		(452,134	)		(1,105,526	)		(1,861,582	)		(3,196,170	)
Derivative assets (trading)	Gain on valuation of derivatives		283,349			600,548			722,537			1,170,378
	Gain on transaction of derivatives		27,954			71,627			160,008			196,632
Derivatives (applying hedge accounting)	Gain on valuation of derivatives (profit or loss)		95,528			272,362			525,102			884,996
	Gain (Loss) on valuation of derivatives (equity, before tax)		7,035			(16,830	)		(68,139	)		(94,765	)
	Gain on transaction of derivatives		3,738			31,345			48,203			116,023

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

6.	Restricted Deposits

Restricted deposits as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won		September 30, 2023		December 31, 2022
Cash and cash equivalents	Escrow accounts		3,125		2,912
	Deposits for government project and others		28,354		30,586
	Collateral provided for borrowings		184,201		250,346
	Collateral provided for lawsuit		1,311		57
	Deposits for transmission regional support program		12,246		8,626
	Deposits for other business purposes		42,759		3,825
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		95,500		101,500
	Collateral provided for borrowings		25,410		1,000
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		344,264		386,220
Long-term financial instruments	Escrow accounts		—		1,603
	Guarantee deposits for banking accounts at oversea branches		19		18
	Collateral provided for borrowings		28,245		21,745
	Decommissioning costs of nuclear power plants		575,000		497,609
Other non-current assets	Deposits for other business purposes		1,735		4,355

			1,342,169		1,310,402

7.	Cash and Cash Equivalents

Cash and cash equivalents as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Cash		13,866		21,113
Other demand deposits		2,962,021		1,906,248
Short-term deposits classified as cash equivalents		1,223,494		1,063,290
Short-term investments classified as cash equivalents		295,093		244,129

		4,494,474		3,234,780

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

8.	Trade and Other Receivables

(1)	Trade and other receivables as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables		10,061,895		(217,058	)		—			9,844,837
Other receivables		883,841		(59,264	)		(3,480	)		821,097

		10,945,736		(276,322	)		(3,480	)		10,665,934

Non-current assets
Trade receivables		215,314		(2,075	)		—			213,239
Other receivables		2,125,815		(75,539	)		(12,801	)		2,037,475

		2,341,129		(77,614	)		(12,801	)		2,250,714

		13,286,865		(353,936	)		(16,281	)		12,916,648


In millions of won	December 31, 2022
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables		9,700,880		(196,829	)		—			9,504,051
Other receivables		1,004,528		(44,388	)		(2,369	)		957,771

		10,705,408		(241,217	)		(2,369	)		10,461,822

Non-current assets
Trade receivables		197,955		(2,171	)		—			195,784
Other receivables		2,033,705		(65,065	)		(11,344	)		1,957,296

		2,231,660		(67,236	)		(11,344	)		2,153,080

		12,937,068		(308,453	)		(13,713	)		12,614,902

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

8.	Trade and Other Receivables, Continued

(2)	Other receivables as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables		231,829		(56,111	)		(85	)		175,633
Accrued income		125,833		—			—			125,833
Deposits		336,545		—			(3,395	)		333,150
Finance lease receivables (*1)		74,934		(1,860	)		—			73,074
Others		114,700		(1,293	)		—			113,407

		883,841		(59,264	)		(3,480	)		821,097

Non-current assets
Non-trade receivables		198,831		(56,662	)		(214	)		141,955
Accrued income		5,573		—			—			5,573
Deposits		437,697		—			(12,587	)		425,110
Finance lease receivables (*2)		1,215,779		(3,111	)		—			1,212,668
Others		267,935		(15,766	)		—			252,169

		2,125,815		(75,539	)		(12,801	)		2,037,475

		3,009,656		(134,803	)		(16,281	)		2,858,572

(*1)	Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of 120,777 million.

(*2)	Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of 1,010,455 million.


In millions of won	December 31, 2022
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables		459,245		(41,293	)		(21	)		417,931
Accrued income		109,267		—			—			109,267
Deposits		289,580		—			(2,348	)		287,232
Finance lease receivables (*1)		67,583		(1,802	)		—			65,781
Others		78,853		(1,293	)		—			77,560

		1,004,528		(44,388	)		(2,369	)		957,771

Non-current assets
Non-trade receivables		140,128		(52,696	)		(182	)		87,250
Accrued income		2,004		—			—			2,004
Deposits		459,861		—			(11,162	)		448,699
Finance lease receivables (*2)		1,171,807		(2,703	)		—			1,169,104
Others		259,905		(9,666	)		—			250,239

		2,033,705		(65,065	)		(11,344	)		1,957,296

		3,038,233		(109,453	)		(13,713	)		2,915,067

(*1)	Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of 114,347 million.

(*2)	Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of 1,024,927 million.

(3)

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

8.	Trade and Other Receivables, Continued

(4)	Aging analysis of trade receivables as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Trade receivables: (not overdue)		9,972,917			9,509,775

Trade receivables: (impairment reviewed)		304,292			389,060

Less than 60 days		6,596			5,592
60 ~ 90 days		56,149			36,389
90 ~ 120 days		11,319			31,442
120 days ~ 1 year		47,324			99,655
Over 1 year		182,904			215,982

		10,277,209			9,898,835
Less: allowance for doubtful accounts		(219,133	)		(199,000	)

		10,058,076			9,699,835

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 nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023						December 31, 2022
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance		199,000			109,453			205,339			82,710
Bad debts expense		44,778			8,097			27,078			4,220
Write-off		(18,913	)		(532	)		(26,319	)		(1,103	)
Reversal		(5,279	)		—			(3,444	)		(37	)
Others		(453	)		17,785			(3,654	)		23,663

Ending balance		219,133			134,803			199,000			109,453

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary Certificate		302		113,395		294		121,406
Cooperative		—		6,104		—		6,329
Others (*)		2,767,745		217,346		3,181,497		173,386

		2,768,047		336,845		3,181,791		301,121

Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives		—		156,727		—		226,596

		2,768,047		493,572		3,181,791		527,717

(*)	‘Others’ include MMT which consist of government bond, RP, CP and others.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (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 nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed		300,057		430		—			5,497			—		305,984
Unlisted		202,243		2,060		(31	)		(84	)		503		204,691

		502,300		2,490		(31	)		5,413			503		510,675

Debt securities
Corporate bond		529		4,079		—			—			—		4,608

		502,829		6,569		(31	)		5,413			503		515,283

Current financial assets at fair value through other comprehensive income		—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		502,829		6,569		(31	)		5,413			503		515,283


In millions of won	December 31, 2022
	Beginning balance		Acquisition		Disposal		Valuation		Others			Ending balance
Equity securities
Listed		273,826		—		—		28,585		(2,354	)		300,057
Unlisted		160,790		9,451		—		33,237		(1,235	)		202,243

		434,616		9,451		—		61,822		(3,589	)		502,300

Debt securities
Corporate bond		491		—		—		38		—			529

		435,107		9,451		—		61,860		(3,589	)		502,829

Current financial assets at fair value through other comprehensive income		—		—		—		—		—			—
Non-current financial assets at fair value through other comprehensive income		435,107		9,451		—		61,860		(3,589	)		502,829

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

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

(2)	Financial assets at fair value through other comprehensive income as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%		173,201		55,809		55,809
KG Mobility Co., Ltd. (formerly, Ssangyong Motor Co., Ltd.)		12,205		0.01	%		428		105		105
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		39		39
PAN Ocean Co., Ltd.		1,492		0.00	%		14		8		8
STX Heavy Industries Co., Ltd.		68,874		0.24	%		537		655		655
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		118,742		118,742
Denison Mines Corp.		58,284,000		6.97	%		84,134		129,266		129,266
Fission Uranium Corp.		100,000		0.01	%		41		91		91
SangSangin Industry Co., Ltd.		1,457		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		2		2
Vissem electronics, Co., Ltd.		301		0.00	%		11		2		2
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.81	%		1,500		1,257		1,257
Aone Alform Co., Ltd.		2,672		0.04	%		19		4		4
BDI Co., Ltd. (*3)		6,390,478		32.53	%		—		—		—

							325,220		305,984		305,984

Unlisted (*1)
Intellectual Discovery Co., Ltd.		200,000		6.00	%		5,000		954		954
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
Set Holding (*2)		1,100,220		2.50	%		229,255		163,580		163,580
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		7,855		7,855
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		4.30	%		1,500		2,017		2,017
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,639		5,639
Good Tcells Co., Ltd.		11,364		0.34	%		500		348		348
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		843		843
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		1,000		1,000
Fine Powerex Co., Ltd.		72,633		4.58	%		1,500		1,500		1,500
Agencore Co., Ltd.		104,350		5.24	%		1,200		1,200		1,200
SamHong Machinery Co., Ltd.		476,192		8.98	%		5,000		5,000		5,000
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		1,000		1,000
Dailyshot Co., Ltd.		1,695		1.85	%		1,001		1,001		1,001
Mediquitous Co., Ltd.		5,080		0.66	%		1,250		1,250		1,250
Black Materials Co., Ltd.		37,038		8.31	%		500		500		500
Jeongeup Green Power Co., Ltd.		56,000		8.84	%		560		560		560
Monit Co., Ltd.		166,667		14.29	%		1,000		1,000		1,000
3i Powergen Inc.		—		15.00	%		1,482		—		—
PT. Kedap Sayaaq		671		10.00	%		18,540		—		—
Hwan Young Steel Co., Ltd. and others (*4)		—		—			10,751		6,868		6,868

							291,515		204,691		204,691

Debt securities (*1)
Aron Flying Ship Co., Ltd		—		—			491		528		528
Ino Platech Co., Ltd.		—		—			1,080		1,080		1,080
Daebon Tech Co., Ltd.		—		—			3,000		3,000		3,000

							4,571		4,608		4,608

							621,306		515,283		515,283

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

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

(2)	Financial assets at fair value through other comprehensive income as of September 30, 2023 and December 31, 2022 are as follows, continued:

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

(*2)

The Group has estimated the fair value of Set Holding by using the 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 nine-month period ended September 30, 2023.

(*3)

During the nine-month period ended September 30, 2023, shares were acquired through investment-equity conversion following the corporate rehabilitation procedure of BDI Co., Ltd. As the Group does not have significant influence until the corporate rehabilitation procedure is terminated, the Group classified the investment as financial assets at fair value through other comprehensive income.

(*4)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 413 companies including Hwan Young Steel Co., Ltd.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

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

(2)	Financial assets at fair value through other comprehensive income as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won	December 31, 2022
	Shares		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%		173,201		64,526		64,526
KG Mobility Co., Ltd. (formerly, Ssangyong Motor Co., Ltd.)		12,205		0.03	%		428		107		107
SM Korea Line Corp.		180		0.00	%		1		—		—
Namkwang Engineering & Construction Co., Ltd.		121		0.00	%		15		—		—
Bumyang Construction Co., Ltd.		35		0.00	%		2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		34		34
PAN Ocean Co., Ltd.		1,492		0.00	%		14		9		9
STX Heavy Industries Co., Ltd.		7,419		0.03	%		107		54		54
Codes Combine Co., Ltd.		291		0.00	%		1		1		1
PT Adaro Energy Tbk.		480,000,000		1.50	%		65,028		149,503		149,503
Denison Mines Corp.		58,284,000		7.09	%		84,134		84,502		84,502
Fission Uranium Corp.		100,000		1.73	%		41		75		75
SangSangin Industry Co., Ltd.		5,831		0.01	%		38		3		3
Vitzrosys Co., Ltd.		399		0.00	%		2		—		—
EMnI Co., Ltd.		628		0.00	%		25		3		3
Vissem electronics, Co., Ltd.		229		0.00	%		11		1		1
KC Industry Co., Ltd.		139		0.00	%		6		—		—
Ihsung CNI Co., Ltd.		142,860		4.81	%		1,500		1,229		1,229
Aone Alform Co., Ltd.		2,672		0.04	%		19		10		10

							324,790		300,057		300,057

Unlisted (*1)
Intellectual Discovery Co., Ltd.		200,000		6.00	%		5,000		954		954
Smart Power Co., Ltd.		133,333		4.14	%		200		200		200
Set Holding (*2)		1,100,220		2.50	%		229,255		163,580		163,580
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		7,856		7,856
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		4.30	%		1,500		2,016		2,016
H Robotics Co., Ltd.		903,601		8.05	%		4,000		5,638		5,638
Good Tcells Co., Ltd.		11,364		0.34	%		500		347		347
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		843		843
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.87	%		1,000		1,000		1,000
Fine Powerex Co., Ltd.		72,633		4.92	%		1,500		1,500		1,500
Electric Contractors’ Financial Cooperative Co., Ltd.		—		—			39		39		39
Information & Communication Financial Cooperative Co., Ltd.		—		—			15		15		15
Agencore Co., Ltd.		104,350		5.67	%		1,200		1,200		1,200
SamHong Machinery Co., Ltd.		476,192		19.23	%		5,000		5,000		5,000
Aloha Factory Co., Ltd.		2,970		3.61	%		1,000		1,000		1,000
Dailyshot Co., Ltd.		339		1.85	%		1,001		1,001		1,001
Mediquitous Co., Ltd.		5,080		0.69	%		1,250		1,250		1,250
Hwan Young Steel Co., Ltd. and others (*3)		—		—			10,329		6,428		6,428

							269,065		202,243		202,243

Debt securities
Aron Flying Ship Co., Ltd. (*1)		—		—			500		529		529

							594,355		502,829		502,829

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

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

(2)	Financial assets at fair value through other comprehensive income as of September 30, 2023 and December 31, 2022 are as follows, continued:

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

(*2)	The Group has estimated the fair value of Set Holding by using the 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, 2022.

(*3)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of 405 companies including Hwan Young Steel Co., Ltd.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

11.	Financial Assets at Amortized Cost

Financial assets at amortized cost as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Financial assets at amortized cost		Book value
Government bonds		1,515		1,515
Others		27,255		27,255

		28,770		28,770

Current		18,480		18,480
Non-current		10,290		10,290


In millions of won	December 31, 2022
	Financial assets at amortized cost		Book value
Government bonds		1,920		1,920
Others		25,078		25,078

		26,998		26,998

Current		16,762		16,762
Non-current		10,236		10,236

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives

(1)	Derivatives as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward		11,100		22,455		648		17,432
Currency swap		224,122		934,179		236,470		589,300
Interest rate swap		18,854		214,486		52,485		81,188
Others (*3)		1,340		35,511		—		40,501

		255,416		1,206,631		289,603		728,421

Derivative liabilities
Currency forward		186		—		32,660		—
Currency swap		5,171		171,879		6,319		328,995
Interest rate swap		946		4,934		—		2,735
Others (*1,2,3)		12,952		43,455		6,015		56,027

		19,255		220,268		44,994		387,757

(*1)	The Group has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’ (See note 46).

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

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(2)	Currency forward contracts which are not designated as hedging instruments as of September 30, 2023 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)
Counterparty	Contract date		Maturity date		Pay		Receive		Contract exchange rate (in won)
Standard Chartered		2023.08.25		2023.10.04		6,094	USD	4,600		1,324.90
Morgan Stanley		2023.08.30		2023.10.05		19,773	USD	15,000		1,318.20
Hana Bank		2023.08.30		2023.10.10		13,199	USD	10,000		1,319.90
JP Morgan		2023.09.04		2023.10.11		9,219	USD	7,000		1,317.00
Busan Bank		2023.09.11		2023.10.16		13,314	USD	10,000		1,331.40
Kookmin Bank		2023.09.12		2023.10.18		14,551	USD	11,000		1,322.90
Woori Bank		2023.09.14		2023.10.23		10,594	USD	8,000		1,324.20
Woori Bank		2023.09.15		2023.10.25		10,612	USD	8,000		1,326.60
Nonghyup Bank		2023.09.18		2023.10.27		15,864	USD	12,000		1,322.00
Mizuho Bank		2023.09.20		2023.10.31		15,919	USD	12,000		1,326.60
Standard Chartered		2023.09.21		2023.10.20		16,054	USD	12,000		1,337.90
Hana Bank		2023.09.21		2023.11.02		16,039	USD	12,000		1,336.60
MUFG		2023.05.30		2023.10.05		13,125	USD	10,000		1,312.50
SMBC		2023.05.30		2023.10.13		13,119	USD	10,000		1,311.85
JP Morgan		2023.06.12		2023.10.23		7,687	USD	6,000		1,281.10
Korea Development Bank		2023.06.12		2023.10.26		7,687	USD	6,000		1,281.10
Busan Bank		2023.06.12		2023.11.07		4,479	USD	3,500		1,279.75
Mizuho Bank		2023.06.12		2023.11.07		4,480	USD	3,500		1,279.90
SMBC		2023.06.16		2023.11.14		12,621	USD	10,000		1,262.10
Mizuho Bank		2023.06.16		2023.11.23		12,617	USD	10,000		1,261.70
Busan Bank		2023.06.16		2023.11.28		11,350	USD	9,000		1,261.15
MUFG		2023.06.19		2023.11.07		6,344	USD	5,000		1,268.85
Kookmin Bank		2023.06.19		2023.11.23		8,879	USD	7,000		1,268.45
JP Morgan		2023.08.29		2023.10.23		17,135	USD	13,000		1,318.10
SMBC		2023.09.05		2023.10.05		10,581	USD	8,000		1,322.63
JP Morgan		2023.09.08		2023.10.23		3,327	USD	2,500		1,330.95
Mizuho Bank		2023.09.11		2023.11.07		17,274	USD	13,000		1,328.75
JP Morgan		2023.09.14		2023.11.07		18,321	USD	13,850		1,322.85
MUFG		2023.09.14		2023.11.14		18,511	USD	14,000		1,322.20
Deutsche Bank		2023.09.14		2023.11.23		18,505	USD	14,000		1,321.80
MUFG		2023.09.21		2023.10.05		13,384	USD	10,000		1,338.42
Busan Bank		2023.09.21		2023.11.07		5,345	USD	4,000		1,336.25
Korea Development Bank		2023.09.26		2023.10.26		13,436	USD	10,000		1,343.55
Mizuho Bank		2023.09.26		2023.11.14		5,369	USD	4,000		1,342.35
JP Morgan		2023.09.26		2023.10.05		10,759	USD	8,000		1,344.90
Hana Bank		2023.09.26		2023.10.04		8,191	EUR	5,773		1,418.90
Morgan Stanley		2023.09.27		2023.10.13		12,159	USD	9,000		1,351.00
MUFG		2023.09.27		2023.10.13		9,456	USD	7,000		1,350.90
JP Morgan		2023.09.27		2023.10.13		8,106	USD	6,000		1,351.05
Korea Development Bank		2023.09.27		2023.10.26		12,152	USD	9,000		1,350.25
Korea Development Bank		2023.09.27		2023.10.05		46	EUR	32		1,428.60
Woori Bank		2023.09.11		2023.10.06		13,306	USD	10,000		1,330.55
Woori Bank		2023.09.25		2023.10.25		6,655	USD	5,000		1,331.00
Nonghyup Bank		2023.09.11		2023.10.11		7,978	USD	6,000		1,329.65
Standard Chartered		2023.09.18		2023.10.18		6,630	USD	5,000		1,325.90
Mizuho Bank		2023.09.18		2023.10.18		6,614	USD	5,000		1,322.86
SMBC		2023.06.13		2023.10.24		46	USD	37		1,263.00
HSBC		2020.10.19		2024.10.29		140,913	USD	125,000		1,127.30
Nonghyup Bank		2023.09.18		2023.10.23		2,442	USD	1,847		1,322.30
Hana Bank		2023.09.25		2023.10.13		15,967	USD	12,000		1,330.62

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(2)	Currency forward contracts which are not designated as hedging instruments as of September 30, 2023 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information



Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
Counterparty	Contract date		Maturity date		Pay		Receive		Contract exchange rate (in won)
HSBC		2023.09.11		2023.10.26		10,628	USD	8,000		1,328.55
HSBC		2023.08.22		2023.10.13		5,141	USD	3,862		1,331.45
JP Morgan		2023.08.23		2023.10.13		2,666	USD	2,000		1,332.80
Hana Bank		2023.08.31		2023.10.13		6,600	USD	5,000		1,319.95
Standard Chartered		2023.09.06		2023.11.07		13,255	USD	10,000		1,325.50
MUFG		2023.09.12		2023.11.07		6,605	USD	5,000		1,321.05
Shinhan Bank		2023.09.13		2023.11.07		13,238	USD	10,000		1,323.75
Woori Bank		2023.09.14		2023.11.23		6,601	USD	5,000		1,320.25
JP Morgan		2023.08.23		2023.12.29		7,966	USD	6,000		1,327.70

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(3)	Currency swap contracts which are not designated as hedging instruments as of September 30, 2023 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year		Contract amount				Contract interest rate						Contract exchange rate (in won, USD)
Counterparty	Contract year		Pay		Receive		Pay			Receive			Contract exchange rate (in won, USD)
Standard Chartered		2014~2029		102,470	USD	100,000		3.14	%		3.57	%		1,024.70
Societe Generale		2014~2024		105,017	USD	100,000		4.92	%		5.13	%		1,050.17
Hana Bank		2015~2024		107,970	USD	100,000		4.75	%		5.13	%		1,079.70
Credit Agricole		2015~2024		94,219	USD	86,920		4.85	%		5.13	%		1,083.97
Woori Bank		2019~2027		21,708	USD	19,417		5.04	%		6.75	%		1,118.00
Woori Bank		2019~2024		296,000	USD	250,000		1.21	%		2.50	%		1,184.00
Korea Development Bank		2019~2024		177,600	USD	150,000		1.24	%		2.50	%		1,184.00
Hana Bank		2019~2024		118,400	USD	100,000		1.24	%		2.50	%		1,184.00
Woori Bank		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Korea Development Bank		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
Kookmin Bank		2020~2025		120,660	USD	100,000		0.54	%		1.13	%		1,206.60
Kookmin Bank		2020~2026		76,355	USD	70,445		5.83	%		6.00	%		1,083.90
Woori Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
Hana Bank		2022~2025		385,800	USD	300,000		3.11	%		3.63	%		1,286.00
Woori Bank		2022~2025		257,200	USD	200,000		3.12	%		3.63	%		1,286.00
JP Morgan		2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Woori Bank		2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank		2022~2027		128,600	USD	100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank		2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
Hana Bank		2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
JP Morgan		2022~2026		141,910	USD	100,000		4.69	%		5.38	%		1,419.10
Woori Bank		2022~2026		141,910	USD	100,000		4.68	%		5.38	%		1,419.10
Korea Development Bank		2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
Woori Bank		2022~2028		141,910	USD	100,000		5.13	%		5.50	%		1,419.10
Hana Bank		2023~2026		256,000	USD	200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank		2023~2026		192,000	USD	150,000		3.99	%		5.38	%		1,280.00
Kookmin Bank		2023~2026		128,000	USD	100,000		4.03	%		5.38	%		1,280.00
Korea Development Bank		2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
Bank of America		2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Standard Chartered		2023~2026		128,000	USD	100,000		4.04	%		5.38	%		1,280.00
Woori Bank		2023~2026		192,000	USD	150,000		4.05	%		5.38	%		1,280.00
Nomura		2015~2025		111,190	USD	100,000		2.60	%		3.25	%		1,111.90
Korea Development Bank		2015~2025		111,190	USD	100,000		2.62	%		3.25	%		1,111.90
Woori Bank		2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Hana Bank		2015~2025		55,595	USD	50,000		2.62	%		3.25	%		1,111.90
Woori Bank		2017~2027		111,610	USD	100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Hana Bank		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
Shinhan Bank		2018~2028		115,387	HKD	850,000		2.66	%		3.35	%		135.75
Korea Citi Bank		2019~2024		239,956	CHF	200,000		1.44	%		0.00	%		1,199.78
Korea Development Bank		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
Woori Bank		2021~2026		222,800	USD	200,000		0.93	%		1.25	%		1,114.00
Shinhan Bank		2021~2026		111,400	USD	100,000		0.92	%		1.25	%		1,114.00
Korea Development Bank		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Nonghyup Bank		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
Woori Bank		2022~2027		262,000	USD	200,000		3.62	%		4.25	%		1,310.00
Export-Import Bank of Korea		2022~2027		131,000	USD	100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank		2022~2027		131,000	USD	100,000		3.62	%		4.25	%		1,310.00
Hana Bank		2022~2027		131,000	USD	100,000		3.61	%		4.25	%		1,310.00
Korea Development Bank		2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea		2022~2032		349,829	HKD	1,935,000		4.87	%		5.16	%		180.79
JP Morgan		2022~2032		75,194	HKD	415,000		5.00	%		5.16	%		181.19
Export-Import Bank of Korea		2023~2030		172,982	HKD	1,037,000		4.25	%		4.51	%		166.81
HSBC		2019~2024		USD 205,500	AUD	300,000		3M SOFR + 1.04	%		3M BBSW + 0.97	%		USD 0.69

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(4)	Currency swap contracts which are designated as hedging instruments as of September 30, 2023 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)
Counterparty	Contract year		Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Kookmin Bank		2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Shinhan Bank		2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Hana Bank		2020~2025		118,780	USD	100,000		1.29	%		2.13	%		1,187.80
Korea Development Bank		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Hana Bank		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
Woori Bank		2020~2026		118,910	USD	100,000		0.62	%		1.00	%		1,189.10
Nomura		2017~2037		52,457	EUR	40,000		2.60	%		1.70	%		1,311.42
Nomura		2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
JP Morgan		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
BNP Paribas		2019~2024		111,841	CHF	100,000		1.78	%		0.13	%		1,118.41
Kookmin Bank		2019~2024		111,841	CHF	100,000		1.78	%		0.13	%		1,118.41
Korea Development Bank		2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Woori Bank		2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Kookmin Bank		2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
Woori Bank		2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Shinhan Bank		2021~2026		220,600	USD	200,000		0.47	%		0.75	%		1,103.00
Hana Bank		2021~2026		55,150	USD	50,000		0.48	%		0.75	%		1,103.00
Shinhan Bank		2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank		2023~2026		132,930	USD	100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank		2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Woori Bank		2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Hana Bank		2020~2025		245,560	USD	200,000		0.93	%		1.75	%		1,227.80
Korea Development Bank		2020~2025		122,780	USD	100,000		0.93	%		1.75	%		1,227.80
JP Morgan		2022~2025		126,180	USD	100,000		2.80	%		3.60	%		1,261.80
Hana Bank		2022~2025		126,180	USD	100,000		2.80	%		3.60	%		1,261.80
Korea Development Bank		2022~2025		252,360	USD	200,000		2.83	%		3.60	%		1,261.80
Woori Bank		2022~2025		126,180	USD	100,000		2.85	%		3.60	%		1,261.80
Woori Bank		2023~2028		259,000	USD	200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank		2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00
Bank of America		2023~2028		64,750	USD	50,000		3.85	%		4.88	%		1,295.00

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(5)	Interest rate swap contracts which are not designated as hedging instruments as of September 30, 2023 are as follows:


In millions of won and thousands of foreign currencies
Counterparty	Contract year		Contract		Contract interest rate per annum
Counterparty	Contract year		amount		Pay	Receive
Nomura (*1)		2018~2038		30,000	3M CD + 0.10%		3.75	%
Hana Bank		2018~2023		200,000	2.17%		3M CD + 0.19	%
Hana Bank		2018~2023		150,000	2.03%		3M CD + 0.21	%
Hana Bank		2019~2024		200,000	1.87%		3M CD + 0.13	%
Shinhan Bank		2021~2025		100,000	2.32%		3M CD + 0.43	%
Hana Bank		2022~2027		200,000	3.02%		3M CD + 0.61	%
Hana Bank		2022~2027		200,000	3.04%		3M CD + 0.58	%
Hana Bank		2022~2027		250,000	3.38%		3M CD + 0.59	%
Nomura		2022~2027		200,000	3.55%		3M CD + 0.60	%
Shinhan Bank		2022~2027		150,000	3.53%		3M CD + 0.55	%
Hana Bank		2022~2027		200,000	3.70%		3M CD + 0.59	%
Nomura		2022~2027		300,000	3.89%		3M CD + 0.67	%
Hana Bank		2022~2027		200,000	3.93%		3M CD + 0.67	%
Nomura		2022~2027		200,000	3.80%		3M CD + 0.68	%
Nomura		2022~2027		300,000	4.04%		3M CD + 0.60	%
Hana Bank		2022~2027		100,000	4.68%		3M CD + 1.04	%
Hana Bank		2022~2027		100,000	5.45%		3M CD + 1.20	%
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	%
Nomura		2017~2032		52,457	2.55% + Floating rate		2.60	%
Nomura		2017~2032		59,423	2.57% + Floating rate		2.62	%
Nomura (*2)		2021~2041		30,000	1.84%		2.60	%
Nomura (*3)		2021~2041		50,000	1.87%		2.38	%
ANZ		2022~2025	AUD	865	0.48%		3.33	%
DBS Bank		2022~2025	AUD	865	0.48%		3.33	%
Societe Generale		2022~2025	AUD	865	0.48%		3.28	%
MUFG		2022~2048	USD	155,941	SOFR(3M)		3.71	%
Mizuho Bank		2022~2048	USD	155,941	SOFR(3M)		1.05	%
Mizuho Bank		2022~2024	USD	112,194	SOFR(1M)		1.80	%

(*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.

(6)	Interest rate swap contracts which are designated as hedging instruments as of September 30, 2023 are as follows:

In thousands of USD

Counterparty

Contract year

Contract
amount

Contract interest rate per annum

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD

15,893

2.67

6M USD Libor

ING Bank

2015~2031

USD

7,861

2.67

6M USD Libor

BNP Paribas

2015~2031

USD

7,861

2.67

6M USD Libor

BNP Paribas

2009~2027

USD

46,712

4.16

6M USD Libor

KFW

2009~2027

USD

46,712

4.16

6M USD Libor

Export-Import Bank of Korea

2016~2036

USD

63,461

3.00

6M USD Libor

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

12.	Derivatives, Continued

(7)	Gain and loss on valuation and transaction of derivatives for the three and nine-month periods ended September 30, 2023 and 2022 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):


In millions of won	Net income effects of valuation gain (loss)								Net income effects of transaction gain (loss)											Accumulated other comprehensive income (loss) (*)
	September 30, 2023				September 30, 2022				September 30, 2023					September 30, 2022						September 30, 2023					September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		Three- month period ended			Nine- month period ended		Three- month period ended			Nine- month period ended			Three- month period ended		Nine- month period ended			Three- month period ended			Nine- month period ended
Currency forward		5,083		20,615		21,986		44,504		36,931			54,022		75,062			107,172			—		—			—			—
Currency swap		336,666		759,251		1,178,727		1,888,889		(10,553	)		27,907		137,352			216,948			231		(27,407	)		(73,080	)		(116,149	)
Interest rate swap		37,128		93,044		46,926		121,981		5,314			21,043		(4,203	)		(11,465	)		6,804		10,577			4,941			21,384

		378,877		872,910		1,247,639		2,055,374		31,692			102,972		208,211			312,655			7,035		(16,830	)		(68,139	)		(94,765	)

(*)	For the nine-month periods ended September 30, 2023 and 2022, the net loss on valuation of derivatives applying cash flow hedge accounting of 5,710 and 43,541 million, net of tax, are included in other comprehensive loss, respectively.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

13.	Other Financial Assets

(1)	Other financial assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023						December 31, 2022
	Current			Non-current			Current			Non-current
Loans		116,961			996,172			132,890			968,468
Less: allowance for doubtful accounts		—			(54,824	)		(13	)		(54,824	)
Less: present value discount		(1,020	)		(37,021	)		(816	)		(32,334	)

		115,941			904,327			132,061			881,310

Long-term / short-term financial instruments		732,879			756,869			666,758			686,322

		848,820			1,661,196			798,819			1,567,632

(2)	Loans as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition		29,086		—			(1,020	)		28,066
Loans for housing		34,577		—			—			34,577
Other loans		53,298		—			—			53,298

		116,961		—			(1,020	)		115,941

Long-term loans
Loans for tuition		441,470		(37,783	)		(37,021	)		366,666
Loans for housing		307,614		—			—			307,614
Loans for related parties		239,505		(17,041	)		—			222,464
Other loans		7,583		—			—			7,583

		996,172		(54,824	)		(37,021	)		904,327

		1,113,133		(54,824	)		(38,041	)		1,020,268


In millions of won	December 31, 2022
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition		30,261		—			(816	)		29,445
Loans for housing		29,630		—			—			29,630
Other loans		72,999		(13	)		—			72,986

		132,890		(13	)		(816	)		132,061

Long-term loans
Loans for tuition		436,131		(37,783	)		(32,334	)		366,014
Loans for housing		309,446		—			—			309,446
Loans for related parties		187,728		(17,041	)		—			170,687
Other loans		35,163		—			—			35,163

		968,468		(54,824	)		(32,334	)		881,310

		1,101,358		(54,837	)		(33,150	)		1,013,371

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

13.	Other Financial Assets, Continued

(3)	Changes in the allowance for doubtful accounts of loans for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		54,837			52,677
Bad debts expense		—			2,180
Others		(13	)		(20	)

Ending balance		54,824			54,837

(4)	Long-term and short-term financial instruments as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Time deposits		486,646		135,395		428,813		130,570
CD		—		—		30,000		—
Others		246,233		621,474		207,945		555,752

		732,879		756,869		666,758		686,322

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

14.	Inventories

Inventories as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Acquisition cost		Valuation allowance			Book value
Raw materials		4,584,312		(1,342	)		4,582,970
Merchandises		2,582		—			2,582
Work-in-progress		192,042		—			192,042
Finished goods		45,866		(57	)		45,809
Supplies		2,879,211		—			2,879,211
Inventories-in-transit		899,949		—			899,949
Other inventories		15,856		—			15,856

		8,619,818		(1,399	)		8,618,419


In millions of won	December 31, 2022
	Acquisition cost		Valuation allowance			Book value
Raw materials		4,522,171		(1,350	)		4,520,821
Merchandises		1,001		—			1,001
Work-in-progress		172,089		(75	)		172,014
Finished goods		52,642		(57	)		52,585
Supplies		2,814,377		—			2,814,377
Inventories-in-transit		2,356,444		—			2,356,444
Other inventories		13,490		—			13,490

		9,932,214		(1,482	)		9,930,732

The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 amounts to 8,192 million and 18,162 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 were 8,109 million and 14,528 million, respectively.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

15.	Non-Financial Assets

Non-financial assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Advanced payments		428,940		58,800		160,596		51,425
Prepaid expenses		372,206		150,909		366,532		153,830
Others (*)		394,444		53,508		1,217,741		103,879

		1,195,590		263,217		1,744,869		309,134

(*)	Details of others as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights		81,168		—		192,005		—
Other quick assets		313,276		53,508		1,025,736		103,879

		394,444		53,508		1,217,741		103,879

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries

(1)	Consolidated subsidiaries as of September 30, 2023 and December 31, 2022 are as follows:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	September 30, 2023			December 31, 2022
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	Lebanon		—			100.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.03	%		80.00	%
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service (*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(1)	Consolidated subsidiaries as of September 30, 2023 and December 31, 2022 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	September 30, 2023			December 31, 2022
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		50.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO Energy Solution Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		80.06	%		80.06	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
Nambu USA LLC	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd.	Power generation	Korea		84.80	%		84.80	%
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	%

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(1)	Consolidated subsidiaries as of September 30, 2023 and December 31, 2022 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	September 30, 2023			December 31, 2022
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.80	%		99.80	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*5)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC (*5)	Holding company	USA		43.94	%		43.94	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		81.34	%		81.34	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		70.79	%		70.79	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP Spain, S.L.	Holding company	Spain		—			100.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Power Company	Power generation	Saudi Arabia		—			60.00	%
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	%		—
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		100.00	%		—
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		—
Magna Energy New Industrial Fund	Holding company	Korea		82.00	%		—
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		—
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		—
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		—

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(1)	Consolidated subsidiaries as of September 30, 2023 and December 31, 2022 are as follows, continued:

(*1)	Considering treasury stocks, the effective percentage of ownership is 66.08%. The Group is planning to sell part of its shares (14.77%) based on the resolution of the board of directors on June 24, 2022.

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

(*3)	As of September 30, 2023, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4)

The Group guarantees a certain return on investments in Commerce and Industry Energy Co., Ltd. for the financial investors holding such investments. The financial investors have a right to claim the Group to sell its shares in the entity, which can be exercised 36 months after the date of acquisition. Accordingly, the purchase price including the return on investment is classified as a borrowing.

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

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

(*7)

Although the Group does not hold a stake as of September 30, 2023, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, Company has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.

(2)	Subsidiaries included in and excluded from consolidation during the nine-month period ended September 30, 2023 are as follows:

Subsidiaries included in consolidation during the nine-month period ended September 30, 2023.


Subsidiaries		Reason
Chile Solar JV SpA		Change in the scope of consolidation
KEPCO KPS South Africa Pty., Ltd.		New investment
KOWEPO Holding Limited		New investment
Magna Energy New Industrial Fund		New investment
Columboola Solar Farm Nominees Pty., Ltd.		New investment
Columboola Solar Farm Op Trust		New investment
Columboola Solar Farm Fin Co Pty., Ltd.		New investment

Subsidiaries excluded from consolidation during the nine-month period ended September 30, 2023.


Subsidiaries		Reason
KHNP Spain, S.L.		Liquidation
KEPCO for Power Company		Change in the scope of consolidation
KEPCO Lebanon SARL		Under liquidation process

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won
September 30, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.		70,278,080		44,470,472		7,342,810		(457,367	)
Korea South-East Power Co., Ltd.		13,425,422		6,913,441		6,184,710		206,313
Korea Midland Power Co., Ltd.		15,341,056		9,916,809		6,284,139		213,156
Korea Western Power Co., Ltd.		13,046,301		7,661,980		5,558,049		169,267
Korea Southern Power Co., Ltd.		13,780,417		8,009,765		5,861,060		127,998
Korea East-West Power Co., Ltd.		11,954,964		5,521,108		4,616,648		232,156
KEPCO Engineering & Construction Company, Inc.		879,219		326,155		347,878		25,367
KEPCO Plant Service & Engineering Co., Ltd.		1,560,827		300,622		1,091,696		116,401
KEPCO Nuclear Fuel Co., Ltd.		1,045,710		559,905		255,149		42,496
KEPCO KDN Co., Ltd.		727,764		164,372		478,445		23,927
KEPCO International HongKong Ltd.		142,695		—		—		5,835
KEPCO International Philippines Inc.		139,561		2		—		3,952
KEPCO Gansu International Ltd.		7,542		634		—		(18	)
KEPCO Philippines Holdings Inc.		180,579		102		—		6,059
KEPCO Philippines Corporation		2,605		—		—		85
KEPCO Ilijan Corporation		147,995		1,074		—		2,653
KEPCO Neimenggu International Ltd.		285,870		4,156		—		(191	)
KEPCO Shanxi International Ltd.		635,435		235,868		—		1,381
KOMIPO Global Pte Ltd.		432,179		2,247		—		11,846
KEPCO Netherlands B.V.		146,464		37		—		67
KEPCO Australia Pty., Ltd.		680		11		—		101
KOSEP Australia Pty., Ltd.		73,927		6,431		22,216		8,477
KOMIPO Australia Pty., Ltd.		82,414		4,653		21,223		6,819
KOWEPO Australia Pty., Ltd.		84,289		4,814		20,805		7,875
KOSPO Australia Pty., Ltd.		42,689		4,227		22,216		8,372
KEPCO Middle East Holding Company		128,529		116,600		—		(3,526	)
Qatrana Electric Power Company		541,120		245,781		20,139		15,315
KHNP Canada Energy Ltd.		152,807		11,921		—		285
KEPCO Bylong Australia Pty., Ltd.		43,503		475,487		—		(37,866	)
Korea Waterbury Uranium Limited Partnership		20,775		63		—		(67	)
KEPCO Holdings de Mexico		1,484		2,809		—		10
KST Electric Power Company, S.A.P.I. de C.V.		653,714		512,998		70,483		14,098
KEPCO Energy Service Company		1,666		528		7,195		71
KEPCO Netherlands S3 B.V.		75,565		17,437		—		1,137
PT. KOMIPO Pembangkitan Jawa Bali		23,779		8,827		18,695		2,644
PT. Cirebon Power Service		3,105		1,012		6,638		451
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		24,787		4,340		12,096		5,116
EWP America Inc. (*1)		52,295		3,577		11,112		812
KNF Canada Energy Limited		2,301		31		—		(39	)
EWP Barbados 1 SRL		446,707		1,011		2,438		26,518
Gyeonggi Green Energy Co., Ltd.		197,837		222,942		64,678		(19,057	)
PT. Tanggamus Electric Power		228,307		154,786		1,984		511
Gyeongju Wind Power Co., Ltd.		91,502		50,385		13,867		4,183
KOMIPO America Inc. (*2)		608,477		308,840		23,027		29,983
PT. EWP Indonesia		105,728		152		—		4,823
KEPCO Netherlands J3 B.V.		157,589		14,457		—		7,553
Korea Offshore Wind Power Co., Ltd.		330,468		142,283		28,920		4,065
Global One Pioneer B.V.		211		72		—		(50	)
Global Energy Pioneer B.V.		408		91		—		(69	)
Mira Power Limited		419,454		326,833		41,749		3,297
KOSEP Material Co., Ltd.		4,658		597		3,554		658
Commerce and Industry Energy Co., Ltd.		72,799		30,790		21,560		(5,016	)
KEPCO KPS Philippines Corp.		5,822		752		2,913		202
KOSPO Chile SpA		171,671		77,734		—		(964	)

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won
September 30, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the period
PT. KOWEPO Sumsel Operation And Maintenance Services		27		270		—		—
Hee Mang Sunlight Power Co., Ltd.		5,882		2,426		541		184
Fujeij Wind Power Company		235,284		171,939		—		11,010
KOSPO Youngnam Power Co., Ltd.		401,254		287,568		393,331		1,517
Chitose Solar Power Plant LLC		98,413		83,778		11,782		2,212
KEPCO Energy Solution Co., Ltd.		317,839		2,603		11,263		3,991
KEPCO Solar Co., Ltd.		244,861		25,171		18,776		7,457
KOSPO Power Services Ltda.		6,406		4,692		13,312		1,735
Energy New Industry Specialized Investment Private Investment Trust (*3)		447,327		3,159		11,335		4,261
KOEN Bylong Pty., Ltd.		11		125		—		—
KOMIPO Bylong Pty., Ltd.		11		131		—		(8	)
KOWEPO Bylong Pty., Ltd.		11		126		—		(31	)
KOSPO Bylong Pty., Ltd.		378		512		—		(5	)
EWP Bylong Pty., Ltd.		8		54		—		—
KOWEPO Lao International		12,166		236		7,677		4,720
KEPCO US Inc.		96		—		—		(7	)
KEPCO Mangilao Holdings LLC		94,030		44,888		385		(1,326	)
Mangilao Investment LLC		222,549		28		—		—
KEPCO Mangilao Solar, LLC		223,455		1,160		9,674		2,636
Jeju Hanlim Offshore Wind Co., Ltd.		343,711		272,053		—		(2,444	)
PT. Siborpa Eco Power		12,755		7		—		(35	)
PT. Korea Energy Indonesia		2,128		125		1,477		289
KOLAT SpA		48,179		542		1,636		1,934
KEPCO California, LLC		48,915		7,031		611		(5	)
KEPCO Mojave Holdings, LLC		98,325		80,421		—		(2,907	)
Incheon Fuel Cell Co., Ltd.		267,350		243,691		75,739		(2,227	)
KOEN Service Co., Ltd.		10,992		6,548		28,120		662
KOMIPO Service Co., Ltd.		6,856		4,346		27,472		415
KOWEPO Service Co., Ltd.		7,999		4,018		26,525		915
KOSPO Service Co., Ltd.		6,144		4,226		21,690		491
EWP Service Co., Ltd.		5,536		2,980		19,821		1,035
PT. KOMIPO Energy Indonesia		1,713		35		127		(1,113	)
KNF partners Co., Ltd.		2,306		911		4,120		162
KOSPO USA Inc.		329,130		387		—		(4,915	)
Nambu USA LLC		311,610		269		—		(383	)
Tamra Offshore Wind Power Co., Ltd.		121,787		85,583		12,417		(6	)
KEPCO MCS Co., Ltd.		123,969		68,638		219,161		(1,664	)
KEPCO FMS Co., Ltd.		27,386		16,046		81,311		6,155
Firstkeepers Co., Ltd.		22,472		14,645		67,445		3,485
Secutec Co., Ltd.		15,351		10,427		53,308		560
SE Green Energy Co., Ltd.		150,758		117,323		31,227		(384	)
Mangilao Intermediate Holdings LLC		223,506		125,691		—		(3,287	)
KEPCO CSC Co., Ltd.		10,780		8,410		31,602		638
KOAK Power Limited		16,092		890		—		1,032
KOMIPO Europe B.V.		84,833		78		886		4
Haenanum Energy Fund		7,435		3		47		19
Paju Ecoenergy Co., Ltd.		62,956		2,624		13,893		1,469
Guam Ukudu Power LLC		641,327		600,158		—		(9,308	)
K-SOLAR SHINAN Co., Ltd.		300,663		285,205		27,825		(8,627	)

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won
September 30, 2023
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the period
KPS Partners Co., Ltd.		4,792		2,777		9,868		399
KEPCO E&C Service Co., Ltd.		9,501		4,631		12,189		1,091
Moha solar Co., Ltd.		27,489		29,587		—		164
Ogiri Solar Power Co., Ltd.		1,032		31		—		(8	)
KHNP USA LLC		1,867		461		753		136
KOMIPO Vanphong Power Service LLC		24,297		2,599		15,469		8,746
Energy Innovation Fund I		43,428		222		—		(587	)
KHNP Chile SpA		5,768		4,410		—		(42	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,610		1,448		178		103
Yeong Yang Corporation Co., Ltd.		1,600		1,438		176		100
SolarVader Co., Ltd.		1,611		1,441		178		102
Yeong Yang Innovation Co., Ltd.		1,595		1,438		172		97
Yeong Yang Horus Photovoltaic Co., Ltd.		1,587		1,439		169		94
Yeong Yang Solar Management Co., Ltd.		1,619		1,441		182		105
LSG Hydro Power Limited		808		20		—		(161	)
KOEN Bio Co., Ltd.		979		320		1,878		592
KOMIPO Iberian Solar Group, S.L.U.		83,073		68,188		—		1,184
Jeongam Wind Power Co., Ltd.		76,209		63,909		5,913		(1,182	)
KOWEPO Europe B.V.		44,910		3,114		—		(751	)
Yeongdeok Sunrise Wind Power Co., Ltd.		70,105		50,502		—		(553	)
KA Power Limited		3,555		364		—		342
Western Power Changgi Solar Co., Ltd.		46,799		41,944		5,042		731
EWP Australia Pty., Ltd.		62,783		29		326		11,673
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		325,045		211,591		7,080		7,405
Digital Innovation Growth Fund		12,291		100		—		(303	)
J Wind First, LLC		51,212		51,212		1,829		—
KEPCO Holding Company		3,481		18		—		—
KEPCO for Maintenance Company		140		—		—		(38	)
KOSPO Trumbull LLC		29		3		—		(10	)
Changjuk Wind Power Co., Ltd.		23,555		2,289		4,263		694
Chile Solar JV SpA		77,167		56,327		5,529		(5,885	)
KEPCO KPS South Africa Pty., Ltd.		3,038		—		—		—
KOWEPO Holding Limited		1,381		1,413		—		(32	)

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

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

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of six 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 three other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won
December 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.		69,129,625		42,843,974		10,386,091		(16,382	)
Korea South-East Power Co., Ltd.		13,855,071		7,410,881		8,972,991		71,662
Korea Midland Power Co., Ltd.		16,062,605		10,776,943		8,629,165		(58,173	)
Korea Western Power Co., Ltd.		13,459,054		8,125,312		8,112,727		106,361
Korea Southern Power Co., Ltd.		14,011,354		8,296,983		9,304,362		(68,315	)
Korea East-West Power Co., Ltd.		12,079,954		5,818,789		6,925,094		2,888
KEPCO Engineering & Construction Company, Inc.		815,533		272,119		505,291		17,954
KEPCO Plant Service & Engineering Co., Ltd.		1,555,453		344,702		1,425,913		97,881
KEPCO Nuclear Fuel Co., Ltd.		949,455		490,215		304,405		31,508
KEPCO KDN Co., Ltd.		734,439		166,272		739,453		42,584
KEPCO International HongKong Ltd.		128,784		—		—		(216	)
KEPCO International Philippines Inc.		127,744		101		—		9,976
KEPCO Gansu International Ltd.		7,125		598		—		(22	)
KEPCO Philippines Holdings Inc.		191,634		129		—		39,346
KEPCO Philippines Corporation		3,799		14		—		102
KEPCO Ilijan Corporation		231,132		3,642		23,263		16,455
KEPCO Lebanon SARL		1,890		10,482		—		20
KEPCO Neimenggu International Ltd.		269,582		3,917		—		9,938
KEPCO Shanxi International Ltd.		597,635		222,186		—		(11,312	)
KOMIPO Global Pte Ltd.		388,071		1,817		—		58,030
KEPCO Netherlands B.V.		137,454		64		—		8,570
KEPCO Australia Pty., Ltd.		579		11		—		102
KOSEP Australia Pty., Ltd.		74,180		13,097		52,271		24,443
KOMIPO Australia Pty., Ltd.		81,216		10,327		52,272		23,368
KOWEPO Australia Pty., Ltd.		81,696		10,184		52,271		22,745
KOSPO Australia Pty., Ltd.		41,872		10,174		52,271		24,362
KEPCO Middle East Holding Company		116,731		102,054		—		(634	)
Qatrana Electric Power Company		513,277		247,027		24,354		22,578
KHNP Canada Energy Ltd.		107,200		6,218		—		149
KEPCO Bylong Australia Pty., Ltd.		44,034		437,852		—		(45,880	)
Korea Waterbury Uranium Limited Partnership		20,934		224		—		(116	)
KEPCO Holdings de Mexico		728		1,974		—		(1,363	)
KST Electric Power Company, S.A.P.I. de C.V.		653,830		528,315		232,893		23,122
KEPCO Energy Service Company		2,238		2,173		7,015		(211	)
KEPCO Netherlands S3 B.V.		71,326		16,419		—		4,465
PT. KOMIPO Pembangkitan Jawa Bali		15,753		3,232		22,488		3,668
PT. Cirebon Power Service		2,316		784		9,602		355
KOWEPO International Corporation		—		10		—		—
KOSPO Jordan LLC		22,854		6,964		45,009		7,657
EWP America Inc. (*1)		47,775		2,595		21,717		4,337
KNF Canada Energy Limited		2,116		34		—		(59	)
EWP Barbados 1 SRL		395,067		901		3,230		34,260
Gyeonggi Green Energy Co., Ltd.		220,414		226,517		112,524		(26,004	)
PT. Tanggamus Electric Power		227,638		163,106		3,781		5,778
Gyeongju Wind Power Co., Ltd.		98,513		55,579		24,888		9,711
KOMIPO America Inc. (*2)		571,200		317,903		34,059		(3,293	)
PT. EWP Indonesia		93,390		5		—		4,100
KEPCO Netherlands J3 B.V.		135,213		63		—		19,396
Korea Offshore Wind Power Co., Ltd.		376,449		192,335		52,526		13,083
Global One Pioneer B.V.		135		41		—		(68	)
Global Energy Pioneer B.V.		320		40		—		(64	)
Mira Power Limited		416,750		310,529		57,135		12,394
KOSEP Material Co., Ltd.		3,985		662		4,589		775
Commerce and Industry Energy Co., Ltd.		79,172		32,147		31,068		(3,730	)
KEPCO KPS Philippines Corp.		5,294		600		5,232		1,004
KOSPO Chile SpA		159,500		70,037		—		(2,811	)

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won
December 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services		25		252		—		(94	)
Hee Mang Sunlight Power Co., Ltd.		5,877		2,606		862		304
Fujeij Wind Power Company		213,113		163,690		—		16,564
KOSPO Youngnam Power Co., Ltd.		425,000		312,831		568,224		10,878
Chitose Solar Power Plant LLC		109,964		94,366		14,384		1,615
KEPCO Energy Solution Co., Ltd.		317,392		6,147		33,638		138
KEPCO Solar Co., Ltd.		243,221		25,405		24,778		9,305
KOSPO Power Services Ltda.		6,722		4,762		17,911		(358	)
Energy New Industry Specialized Investment Private Investment Trust (*3)		451,762		4,338		24,725		7,093
KOEN Bylong Pty., Ltd.		11		119		—		(12	)
KOMIPO Bylong Pty., Ltd.		11		122		—		(33	)
KOWEPO Bylong Pty., Ltd.		8		94		—		(7	)
KOSPO Bylong Pty., Ltd.		25		148		—		(17	)
EWP Bylong Pty., Ltd.		8		54		—		1
KOWEPO Lao International		8,248		87		10,010		11,185
KEPCO US Inc.		91		—		—		(19,181	)
KEPCO Mangilao Holdings LLC		112,948		40,558		21,743		21,166
Mangilao Investment LLC		258,674		4		—		(1	)
KEPCO Mangilao Solar, LLC		240,736		373		8,870		(14,818	)
Jeju Hanlim Offshore Wind Co., Ltd.		185,357		111,343		—		(3,546	)
PT. Siborpa Eco Power		12,050		3		—		(39	)
PT. Korea Energy Indonesia		1,675		80		1,937		(104	)
KOLAT SpA		48,787		3,701		1,647		1,888
KEPCO California, LLC		46,151		4,768		596		(670	)
KEPCO Mojave Holdings, LLC		95,550		75,846		—		(4,705	)
Incheon Fuel Cell Co., Ltd.		268,063		242,176		107,193		(5,323	)
KOEN Service Co., Ltd.		9,353		7,035		36,340		356
KOMIPO Service Co., Ltd.		6,597		4,503		35,031		905
KOWEPO Service Co., Ltd.		6,266		3,130		34,031		171
KOSPO Service Co., Ltd.		6,672		5,048		28,321		60
EWP Service Co., Ltd.		3,756		2,507		24,526		581
PT. KOMIPO Energy Indonesia		2,978		368		1,698		83
KNF partners Co., Ltd.		2,285		1,053		5,997		293
KOSPO USA Inc.		315,018		430		—		5,024
Nambu USA LLC		297,516		—		—		670
Tamra Offshore Wind Power Co., Ltd.		133,598		93,639		18,332		5,316
KEPCO MCS Co., Ltd.		114,316		52,241		363,627		8,468
KEPCO FMS Co., Ltd.		16,852		11,667		105,339		2,176
Firstkeepers Co., Ltd.		16,448		12,912		84,620		2,482
Secutec Co., Ltd.		12,578		9,209		69,383		690
SE Green Energy Co., Ltd.		149,189		114,241		49,873		1,304
Mangilao Intermediate Holdings LLC		236,266		116,426		—		(4,709	)
KEPCO CSC Co., Ltd.		10,668		8,937		46,559		(2,134	)
KOAK Power Limited		12,626		839		—		49
KOMIPO Europe B.V.		81,364		54		1,195		1,134

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(3)	Summary of financial information of consolidated subsidiaries as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won
December 31, 2022
Subsidiaries	Total assets		Total liabilities		Sales		Profit (Loss) for the year
Haenanum Energy Fund		7,416		3		—		(48	)
Paju Ecoenergy Co., Ltd.		61,930		3,066		20,718		1,290
Guam Ukudu Power LLC		293,422		323,292		—		(31,410	)
K-SOLAR SHINAN Co., Ltd.		320,227		296,141		16,980		3,690
KPS Partners Co., Ltd.		3,619		2,007		12,417		487
KEPCO E&C Service Co., Ltd.		5,676		1,897		16,180		1,493
Moha solar Co., Ltd.		29,096		31,359		169		(1,137	)
Ogiri Solar Power Co., Ltd.		1,033		23		—		(30	)
KHNP USA LLC		1,290		97		1,127		392
KOMIPO Vanphong Power Service LLC		15,940		3,333		20,233		9,871
Energy Innovation Fund I		35,310		445		—		(961	)
KHNP Chile SpA		5,547		4,147		—		(16	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,566		1,507		254		(82	)
Yeong Yang Corporation Co., Ltd.		1,559		1,497		251		(91	)
SolarVader Co., Ltd.		1,568		1,500		256		(78	)
Yeong Yang Innovation Co., Ltd.		1,557		1,497		244		(91	)
Yeong Yang Horus Photovoltaic Co., Ltd.		1,552		1,498		243		(93	)
Yeong Yang Solar Management Co., Ltd.		1,573		1,500		262		(75	)
LSG Hydro Power Limited		1,144		1,159		—		(18	)
KOEN Bio Co., Ltd.		261		219		639		(150	)
KOMIPO Iberian Solar Group, S.L.U.		78,094		65,012		—		(1,304	)
Jeongam Wind Power Co., Ltd.		81,800		68,317		10,722		892
KOWEPO Europe B.V.		42,865		2,422		—		1,668
Yeongdeok Sunrise Wind Power Co., Ltd.		42,187		22,031		—		(328	)
KHNP Spain, S.L.		3		—		—		(1	)
KA Power Limited		3,937		418		—		442
Western Power Changgi Solar Co., Ltd.		48,770		44,647		3,447		(354	)
EWP Australia Pty., Ltd.		51,105		—		—		15,203
Columboola Solar Farm Hold Co Pty., Ltd.		310,271		214,792		2,228		2,884
Digital Innovation Growth Fund		12,594		100		—		(363	)
J Wind First, LLC		33,611		33,611		450		—
KEPCO Holding Company		3,273		17		—		(18	)
KEPCO for Power Company		57,501		58,441		—		(960	)
KEPCO for Maintenance Company		—		—		—		—
KOSPO Trumbull LLC		37		3		—		—
Changjuk Wind Power Co., Ltd.		29,208		3,137		9,027		3,503

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

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

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(4)	Significant restrictions on abilities to subsidiaries as of September 30, 2023 are as follows:


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than 35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group.
KOSPO Youngnam Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than 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 Group.
Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.		Principals and interest payments on subordinated loans or dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Guam Ukudu Power LLC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Disposal of whole or part of assets is restricted, and the Group’s shares cannot be either wholly or partially transferred without prior consent of other stakeholders including financial institutions and others.
KOSPO Trumbull LLC		The Group’s shares cannot be wholly or partially transferred without prior consent of other shareholders.

(5)	As of September 30, 2023, the Group has following entitlements 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 an obligation to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking in to account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.		The 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.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(6)	Details of non-controlling interests prior to intra-Company eliminations as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:

In millions of won


September 30, 2023
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		33.92	%
Current assets		147,194			914,993			464,987			1,095,197			2,622,371
Non-current assets		801			645,834			414,232			4,740,736			5,801,603
Current liabilities		(441	)		(290,505	)		(282,735	)		(994,263	)		(1,567,944	)
Non-current liabilities		(633	)		(10,117	)		(43,420	)		(2,644,601	)		(2,698,771	)
Net assets		146,921			1,260,205			553,064			2,197,069			4,157,259
Book value of non-controlling interests		71,991			617,501			187,599			509,635			1,386,726
Sales		—			1,091,696			347,878			1,061,001			2,500,575
Profit for the period		2,653			116,401			25,367			68,521			212,942
Profit for the period attributable to non-controlling interests		1,300			57,036			8,604			6,101			73,041
Cash flows from operating activities		(684	)		30,000			102,059			425,971			557,346
Cash flows from investing activities		72			(8,513	)		(63,686	)		(430,488	)		(502,615	)
Cash flows from financing activities before dividends to non-controlling interests		(92,925	)		(34,830	)		(8,926	)		(2,994	)		(139,675	)
Dividends to non-controlling interests		(640	)		(28,775	)		(3,652	)		(17,503	)		(50,570	)
Effect of exchange rate fluctuation		10,794			(70	)		41			4,769			15,534
Net increase of cash and cash equivalents		(83,383	)		(42,188	)		25,836			(20,245	)		(119,980	)

In millions of won


December 31, 2022
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		33.92	%
Current assets		230,031			861,705			372,031			1,147,973			2,611,740
Non-current assets		1,101			693,748			443,502			4,942,229			6,080,580
Current liabilities		(3,642	)		(316,497	)		(243,796	)		(841,521	)		(1,405,456	)
Non-current liabilities		—			(28,205	)		(28,323	)		(2,944,145	)		(3,000,673	)
Net assets		227,490			1,210,751			543,414			2,304,536			4,286,191
Book value of non-controlling interests		111,470			593,268			184,326			565,796			1,454,860
Sales		23,263			1,425,913			505,291			1,709,390			3,663,857
Profit for the year		16,455			97,881			17,954			91,566			223,856
Profit for the year attributable to non-controlling interests		8,063			47,962			6,090			(24,370	)		37,745
Cash flows from operating activities		68,475			81,419			4,918			231,653			386,465
Cash flows from investing activities		22,604			27,372			18,712			(747,507	)		(678,819	)
Cash flows from financing activities before dividends to non-controlling interests		(9,609	)		(33,187	)		(7,260	)		582,580			532,524
Dividends to non-controlling interests		(8,834	)		(26,438	)		(3,071	)		(4,001	)		(42,344	)
Effect of exchange rate fluctuation		8,807			(486	)		5			(11,023	)		(2,697	)
Net increase of cash and cash equivalents		81,443			48,680			13,304			51,702			195,129

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

16.	Consolidated Subsidiaries, Continued

(7)	Changes in goodwill

(i)

Details of goodwill as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Acquisition cost		125,525		100,093
Less: accumulated impairment		—		—

Carrying book value		125,525		100,093

(ii)

Changes in goodwill for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning		Increase (*)		Decrease		Others		Ending
Acquisition cost		100,093		25,432		—		—		125,525
Less: accumulated impairment		—		—		—		—		—

Carrying book value		100,093		25,432		—		—		125,525

(*)

The Group recorded 25,432 of increase for the nine-month period ended September 30, 2023 as an entity, Chile Solar JV SpA, was newly included in the scope of consolidation due to the Group’s additional acquisition of shares in the entity, and adjustments to the amounts for the period before March 31, 2024, the date after one year passed from the end of the transaction, will be reflected in goodwill.


In millions of won	December 31, 2022
	Beginning		Increase		Decrease		Others			Ending
Acquisition cost		105,647		—		—		(5,554	)		100,093
Less: accumulated impairment		—		—		—		—			—

Carrying book value		105,647		—		—		(5,554	)		100,093

(8)	Disposals of subsidiaries

The Group is proceeding the liquidation process of KEPCO Lebanon SARL, its subsidiary, and has completed the liquidation process of other subsidiary, KHNP Spain, S.L. during the nine-month period ended September 30, 2023. The Group has completed the liquidation process of EWPRC Biomass Holdings, LLC, KEPCO Alamosa LLC, and KEPCO Mangilao America LLC, and has disposed of shares of KEPCO Solar of Alamosa LLC during the year ended December 31, 2022.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures

(1)	Investments in associates and joint ventures as of September 30, 2023 and December 31, 2022 are as follows:

In millions of won


September 30, 2023
Investees	Key operation activities	Location	Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation	Importing and wholesaling LNG	Korea		20.47	%		94,500		2,097,754
YTN Co., Ltd. (*1)	Broadcasting	Korea		21.43	%		59,000		52,658
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00	%		88,885		117,754
Korea Power Exchange (*2)	Management of power market and others	Korea		100.00	%		127,839		276,114
SPC Power Corporation (*3)	Power generation	Philippines		38.00	%		20,635		79,533
Gemeng International Energy Co., Ltd.	Power generation	China		34.00	%		413,153		584,167
PT. Cirebon Electric Power	Power generation	Indonesia		27.50	%		40,365		138,788
PT Wampu Electric Power	Power generation	Indonesia		46.00	%		21,292		38,259
PT. Bayan Resources TBK	Resources development	Indonesia		20.00	%		615,860		702,529
S-Power Co., Ltd.	Power generation	Korea		49.00	%		132,300		159,377
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00	%		87,426		124,460
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00	%		262,740		301,629
Gangneung Eco Power Co., Ltd.	Power generation	Korea		29.00	%		261,000		288,107
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00	%		72,000		192,060
Dongducheon Dream Power Co., Ltd. (*4)	Power generation	Korea		33.61	%		148,105		90,843
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00	%		204,000		267,551
Nepal Water & Energy Development Company Private Limited (*5)	Construction and operation of utility plant	Nepal		76.73	%		101,549		108,155
Indeck Niles Development, LLC	Holding company	USA		50.00	%		263,825		342,995
PT. Cirebon Energi Prasarana (*6)	Power generation	Indonesia		10.00	%		26,710		84,734
Others (Gangwon Wind Power Co., Ltd. and 79 others)							345,155		337,003

							3,386,339		6,384,470

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company	Netherland		49.00	%		44,405		80,885
KEPCO SPC Power Corporation (*3,7)	Construction and operation of utility plant	Philippines		75.20	%		94,579		201,207
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China		40.00	%		121,928		203,035
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China		40.00	%		39,872		46,354
Rabigh Electricity Company	Power generation	Saudi Arabia		40.00	%		109,743		257,048
Jamaica Public Service Company Limited	Power generation	Jamaica		40.00	%		301,910		364,778
Amman Asia Electric Power Company (*7)	Power generation	Jordan		60.00	%		111,476		242,337
Chun-cheon Energy Co., Ltd.	Power generation	Korea		29.90	%		52,700		38,367
Nghi Son 2 Power LLC	Power generation	Vietnam		50.00	%		175,261		492,667
Kelar S.A. (*7)	Power generation	Chile		65.00	%		78,060		138,849
PT. Tanjung Power Indonesia	Power generation	Indonesia		35.00	%		57,039		91,865
South Jamaica Power Company Limited	Power generation	Jamaica		20.00	%		20,430		44,856
RE Holiday Holdings LLC	Power generation	USA		50.00	%		42,948		85,421
RE Pioneer Holdings LLC	Power generation	USA		50.00	%		27,891		55,208
Solar Philippines Calatagan Corporation	Power generation	Philippines		38.00	%		47,903		57,497
PT Barito Wahana Tenaga	Power generation	Indonesia		30.61	%		59,574		172,043
OneEnergy Asia Limited	Power generation	Vietnam		40.00	%		182,220		302,995
Prime Swedish Holding AB	Holding company	Sweden		45.00	%		35,410		38,715
Others (Dangjin Eco Power Co., Ltd. and 87 others)							809,451		778,962

							2,412,800		3,693,089

							5,799,139		10,077,559

(*1)

The Group planned to sell its investments in YTN Co., Ltd. following the resolution made at the Board of Directors’ meeting held on November 23, 2022, but since the final sale will be subject to approval by the Korea Communications Commission and the Fair Trade Commission, the Group is planning to classify the shares as assets-held-for-sale after the approval.

(*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.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(1)	Investments in associates and joint ventures as of September 30, 2023 and December 31, 2022 are as follows, continued:

(*3)	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 September 30, 2023.

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

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

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

(*7)

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.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(1)	Investments in associates and joint ventures as of September 30, 2023 and December 31, 2022 are as follows, continued:

In millions of won


December 31, 2022
Investees	Key operation activities	Location	Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation	Importing and wholesaling LNG	Korea		20.47	%		94,500		2,085,296
YTN Co., Ltd. (*1)	Broadcasting	Korea		21.43	%		59,000		55,027
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service	Korea		29.00	%		88,885		119,791
Korea Power Exchange (*2)	Management of power market and others	Korea		100.00	%		127,839		275,126
SPC Power Corporation (*3)	Power generation	Philippines		38.00	%		20,635		70,868
Gemeng International Energy Co., Ltd.	Power generation	China		34.00	%		413,153		578,821
PT. Cirebon Electric Power	Power generation	Indonesia		27.50	%		40,365		135,114
PT Wampu Electric Power	Power generation	Indonesia		46.00	%		21,292		37,743
PT. Bayan Resources TBK	Resources development	Indonesia		20.00	%		615,860		684,719
S-Power Co., Ltd.	Power generation	Korea		49.00	%		132,300		141,128
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	Laos		25.00	%		87,426		115,584
Goseong Green Power Co., Ltd.	Power generation	Korea		29.00	%		262,740		288,893
Gangneung Eco Power Co., Ltd. (*8)	Power generation	Korea		1.61	%		2,900		—
Shin Pyeongtaek Power Co., Ltd.	Power generation	Korea		40.00	%		72,000		133,823
Dongducheon Dream Power Co., Ltd. (*4)	Power generation	Korea		33.61	%		148,105		89,300
GS Donghae Electric Power Co., Ltd.	Power generation	Korea		34.00	%		204,000		260,145
Nepal Water & Energy Development Company Private Limited (*5)	Construction and operation of utility plant	Nepal		69.06	%		70,228		69,940
Indeck Niles Development, LLC	Power generation	USA		50.00	%		263,825		302,038
PT. Cirebon Energi Prasarana (*6)	Power generation	Indonesia		10.00	%		26,710		69,035
Others (Gangwon Wind Power Co., Ltd. and 77 others)							337,920		332,073

							3,089,683		5,844,464

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company	Netherland		49.00	%		44,405		66,452
KEPCO SPC Power Corporation (*3,7)	Construction and operation of utility plant	Philippines		75.20	%		94,579		179,594
Datang Chifeng Renewable Power Co., Ltd.	Power generation	China		40.00	%		121,928		191,982
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	China		40.00	%		39,872		44,398
Rabigh Electricity Company	Power generation	Saudi Arabia		40.00	%		109,743		214,607
Jamaica Public Service Company Limited	Power generation	Jamaica		40.00	%		301,910		331,407
Amman Asia Electric Power Company (*7)	Power generation	Jordan		60.00	%		111,476		220,254
Chun-cheon Energy Co., Ltd.	Power generation	Korea		29.90	%		52,700		32,044
Nghi Son 2 Power LLC	Power generation	Vietnam		50.00	%		175,261		408,839
Kelar S.A. (*7)	Power generation	Chile		65.00	%		78,060		117,137
PT. Tanjung Power Indonesia	Power generation	Indonesia		35.00	%		57,039		92,907
South Jamaica Power Company Limited	Power generation	Jamaica		20.00	%		20,430		46,437
RE Holiday Holdings LLC	Power generation	USA		50.00	%		42,948		85,370
RE Pioneer Holdings LLC	Power generation	USA		50.00	%		27,891		55,172
Solar Philippines Calatagan Corporation	Power generation	Philippines		38.00	%		47,903		56,902
PT Barito Wahana Tenaga	Power generation	Indonesia		30.61	%		59,574		137,047
OneEnergy Asia Limited	Power generation	Vietnam		40.00	%		115,949		172,218
Prime Swedish Holding AB	Holding company	Sweden		45.00	%		35,410		36,245
Others (Dangjin Eco Power Co., Ltd. and 88 others)							795,501		658,572

							2,332,579		3,147,584

							5,422,262		8,992,048

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

(*2)

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(1)	Investments in associates and joint ventures as of September 30, 2023 and December 31, 2022 are as follows, continued:

(*3)	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, 2022.

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

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

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

(*7)

(*8)

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

(2)	The fair value of associates which are actively traded on an open market and have a readily available market value as of September 30, 2023 and December 31, 2022 are as follows:

In millions of won


Investees	September 30, 2023		December 31, 2022
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		71,661		80,454
Korea Gas Corporation		451,710		684,180
YTN Co., Ltd.		67,770		50,220
SPC Power Corporation		106,717		121,995
PT. Bayan Resources TBK		10,922,334		11,326,001

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(3)	Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:

In millions of won


September 30, 2023
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation		2,085,296		—		—			—			(20,728	)		32,919			267			2,097,754
YTN Co., Ltd.		55,027		—		—			(540	)		(1,857	)		(5	)		33			52,658
Hyundai Green Power Co., Ltd.		119,791		—		—			(3,555	)		1,518			—			—			117,754
Korea Power Exchange		275,126		—		—			—			1,189			—			(201	)		276,114
SPC Power Corporation		70,868		—		—			(2,666	)		9,377			1,954			—			79,533
Gemeng International Energy Co., Ltd.		578,821		—		—			(12,566	)		5,865			14,713			(2,666	)		584,167
PT. Cirebon Electric Power		135,114		—		—			(10,728	)		6,291			—			8,111			138,788
PT Wampu Electric Power		37,743		—		—			(1,443	)		(2,878	)		2,588			2,249			38,259
PT. Bayan Resources TBK		684,719		—		—			(213,968	)		179,946			51,892			(60	)		702,529
S-Power Co., Ltd.		141,128		—		—			—			18,249			—			—			159,377
Xe-Pian Xe-Namnoy Power Co., Ltd.		115,584		—		—			—			1,359			7,517			—			124,460
Goseong Green Power Co., Ltd.		288,893		—		—			—			12,751			—			(15	)		301,629
Gangneung Eco Power Co., Ltd.		—		258,100		—			—			30,007			—			—			288,107
Shin Pyeongtaek Power Co., Ltd.		133,823		—		—			(26,880	)		85,117			—			—			192,060
Dongducheon Dream Power Co., Ltd.		89,300		—		—			—			1,025			—			518			90,843
GS Donghae Electric Power Co., Ltd.		260,145		—		—			(9,249	)		16,655			—			—			267,551
Nepal Water & Energy Development Company Private Limited		69,940		31,321		—			—			1,642			5,252			—			108,155
Indeck Niles Development, LLC		302,038		—		—			—			20,017			1,726			19,214			342,995
PT. Cirebon Energi Prasarana		69,035		—		—			—			6,138			4,960			4,601			84,734
Others (Gangwon Wind Power Co., Ltd. and 81 others)		332,073		16,256		(2,587	)		(15,203	)		13,223			(1,016	)		(5,743	)		337,003

		5,844,464		305,677		(2,587	)		(296,798	)		384,906			122,500			26,308			6,384,470

<Joint ventures>
Shuweihat Asia Power Investment B.V.		66,452		—		—			(510	)		(661	)		15,604			—			80,885
KEPCO SPC Power Corporation		179,594		—		—			—			14,897			6,716			—			201,207
Datang Chifeng Renewable Power Co., Ltd.		191,982		—		—			—			7,825			3,228			—			203,035
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		44,398		—		—			—			1,268			688			—			46,354
Rabigh Electricity Company		214,607		—		—			—			26,172			16,269			—			257,048
Jamaica Public Service Company Limited		331,407		—		—			(10,138	)		23,074			19,980			455			364,778
Amman Asia Electric Power Company		220,254		—		—			(7,788	)		12,868			17,003			—			242,337
Chun-cheon Energy Co., Ltd.		32,044		—		—			—			6,323			—			—			38,367
Nghi Son 2 Power LLC		408,839		—		—			—			8,571			75,257			—			492,667
Kelar S.A.		117,137		—		—			—			13,223			844			7,645			138,849
PT. Tanjung Power Indonesia		92,907		—		—			(12,641	)		5,027			7,036			(464	)		91,865
South Jamaica Power Company Limited		46,437		—		—			(7,133	)		3,045			2,507			—			44,856
RE Holiday Holdings LLC		85,370		—		—			(1,555	)		(3,023	)		4,629			—			85,421
RE Pioneer Holdings LLC		55,172		—		—			(1,162	)		(1,965	)		3,163			—			55,208
Solar Philippines Calatagan Corporation		56,902		—		—			(6,017	)		4,514			2,098			—			57,497
PT Barito Wahana Tenaga		137,047		—		—			—			14,592			20,404			—			172,043
OneEnergy Asia Limited		172,218		66,271		—			—			24,828			39,678			—			302,995
Prime Swedish Holding AB		36,245		818		—			—			(181	)		—			1,833			38,715
Others (Dangjin Eco Power Co., Ltd. and 90 others)		658,572		18,276		(2,774	)		(14,487	)		37,245			86,831			(4,701	)		778,962

		3,147,584		85,365		(2,774	)		(61,431	)		197,642			321,935			4,768			3,693,089

		8,992,048		391,042		(5,361	)		(358,229	)		582,548			444,435			31,076			10,077,559

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(3)	Changes in investments in associates and joint ventures for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:

In millions of won


December 31, 2022
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation		1,815,513		—		—			(51,559	)		305,638			7,746			7,958			2,085,296
YTN Co., Ltd.		51,828		—		—			(450	)		1,565			(34	)		2,118			55,027
Hyundai Green Power Co., Ltd.		121,955		—		—			(4,008	)		1,770			1,345			(1,271	)		119,791
Korea Power Exchange		269,728		—		—			—			772			—			4,626			275,126
SPC Power Corporation		65,046		—		—			(2,694	)		1,188			7,330			(2	)		70,868
Gemeng International Energy Co., Ltd.		595,218		—		—			—			(233	)		(16,164	)		—			578,821
PT. Cirebon Electric Power		121,969		—		—			(10,659	)		14,776			704			8,324			135,114
PT Wampu Electric Power		35,077		—		—			(5,551	)		5,848			54			2,315			37,743
PT. Bayan Resources TBK		661,289		—		—			(515,139	)		531,528			7,041			—			684,719
S-Power Co., Ltd.		122,786		—		—			—			18,342			—			—			141,128
Xe-Pian Xe-Namnoy Power Co., Ltd.		92,441		—		—			—			15,582			7,561			—			115,584
Goseong Green Power Co., Ltd.		260,858		—		—			—			27,992			—			43			288,893
Gangneung Eco Power Co., Ltd.		2,288		—		—			—			(2,288	)		—			—			—
Shin Pyeongtaek Power Co., Ltd.		93,074		—		—			—			40,713			—			36			133,823
Dongducheon Dream Power Co., Ltd.		74,198		—		—			—			15,086			—			16			89,300
GS Donghae Electric Power Co., Ltd.		243,772		—		—			—			15,717			—			656			260,145
Nepal Water & Energy Development Company Private Limited		66,333		—		—			—			(923	)		4,530			—			69,940
Indeck Niles Development, LLC		246,273		—		(4,289	)		—			21,975			21,840			16,239			302,038
PT. Cirebon Energi Prasarana		—		24,052		—			—			35,315			6,963			2,705			69,035
Others (Gangwon Wind Power Co., Ltd. and 82 others)		292,727		70,985		(27,109	)		(9,268	)		41,225			(3,648	)		(32,839	)		332,073

		5,232,373		95,037		(31,398	)		(599,328	)		1,091,588			45,268			10,924			5,844,464

<Joint ventures>
Shuweihat Asia Power Investment B.V.		37,069		—		—			(3,545	)		(1,303	)		34,231			—			66,452
KEPCO SPC Power Corporation		198,979		—		—			(34,280	)		27,591			(12,696	)		—			179,594
Datang Chifeng Renewable Power Co., Ltd.		204,587		—		—			(8,732	)		2,849			(6,722	)		—			191,982
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		44,217		—		—			(2,694	)		3,936			(1,061	)		—			44,398
Rabigh Electricity Company		143,678		—		—			(11,447	)		31,523			50,853			—			214,607
Jamaica Public Service Company Limited		294,649		—		—			(7,752	)		28,541			19,494			(3,525	)		331,407
Amman Asia Electric Power Company		178,679		—		—			(19,350	)		23,442			37,483			—			220,254
Chun-cheon Energy Co., Ltd.		25,896		—		—			—			6,148			—			—			32,044
Nghi Son 2 Power LLC		—		172,480		—			—			51,218			185,141			—			408,839
Kelar S.A.		86,695		—		—			—			3,695			21,241			5,506			117,137
PT. Tanjung Power Indonesia		46,546		30,147		—			(6,104	)		4,645			18,323			(650	)		92,907
South Jamaica Power Company Limited		37,360		—		—			—			6,625			2,452			—			46,437
RE Holiday Holdings LLC		73,167		—		—			(2,288	)		2,526			11,965			—			85,370
RE Pioneer Holdings LLC		47,015		—		—			(1,337	)		(275	)		9,769			—			55,172
Solar Philippines Calatagan Corporation		58,231		—		—			(1,710	)		6,081			(5,700	)		—			56,902
PT Barito Wahana Tenaga		81,595		39		—			—			13,352			42,061			—			137,047
OneEnergy Asia Limited		79,700		39,033		—			—			(18,294	)		71,779			—			172,218
Prime Swedish Holding AB		15,441		20,896		—			—			(261	)		—			169			36,245
Others (Dangjin Eco Power Co., Ltd. and 87 others)		585,507		29,438		(35,915	)		(13,373	)		54,666			28,931			9,318			658,572

		2,239,011		292,033		(35,915	)		(112,612	)		246,705			507,544			10,818			3,147,584

		7,471,384		387,070		(67,313	)		(711,940	)		1,338,293			552,812			21,742			8,992,048

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(4)	Summary of financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:

In millions of won


September 30, 2023
Investees	Total assets		Total liabilities		Sales		Profit (Loss) for the period
<Associates>
Korea Gas Corporation (*)		56,490,167		46,035,537		33,946,829		(101,261	)
YTN Co., Ltd.		345,945		100,208		90,203		(6,929	)
Hyundai Green Power Co., Ltd.		739,677		333,630		76,065		5,235
Korea Power Exchange		424,580		148,466		95,601		1,056
SPC Power Corporation		294,090		31,259		83,510		28,072
Gemeng International Energy Co., Ltd.		7,781,756		5,400,609		2,238,973		25,127
PT. Cirebon Electric Power		681,059		176,375		193,532		22,814
PT Wampu Electric Power		215,751		132,580		14,503		5,960
PT. Bayan Resources TBK		3,806,927		1,032,699		3,585,132		1,237,024
S-Power Co., Ltd.		782,695		454,962		796,366		37,935
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,420,793		919,029		126,940		3,197
Goseong Green Power Co., Ltd.		5,566,455		4,515,598		1,286,840		49,261
Gangneung Eco Power Co., Ltd.		5,498,352		4,667,238		1,211,937		106,824
Shin Pyeongtaek Power Co., Ltd.		1,373,932		865,255		829,260		212,039
Dongducheon Dream Power Co., Ltd.		1,392,289		1,086,475		1,404,503		2,223
GS Donghae Electric Power Co., Ltd.		2,074,638		1,287,722		699,148		48,988
Nepal Water & Energy Development Company Private Limited		309,406		169,721		57,912		(1,759	)
Indeck Niles Development, LLC		1,224,510		735,899		246,668		40,058
PT. Cirebon Energi Prasarana		3,840,624		2,993,282		311,835		57,731

<Joint ventures>
Shuweihat Asia Power Investment B.V.		165,072		—		—		(1,348	)
KEPCO SPC Power Corporation		294,869		27,306		181,658		19,494
Datang Chifeng Renewable Power Co., Ltd.		835,544		327,955		86,686		19,824
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		171,576		55,690		18,855		3,169
Rabigh Electricity Company		2,698,386		1,936,435		240,316		50,239
Jamaica Public Service Company Limited		2,386,592		1,509,948		1,024,421		61,333
Amman Asia Electric Power Company		757,254		353,359		16,043		25,535
Chun-cheon Energy Co., Ltd.		610,688		481,553		459,597		21,419
Nghi Son 2 Power LLC		3,850,708		2,865,375		579,200		20,993
Kelar S.A.		713,417		504,573		87,698		14,922
PT. Tanjung Power Indonesia		752,366		489,893		75,113		8,587
South Jamaica Power Company Limited		508,365		284,074		180,040		15,509
RE Holiday Holdings LLC		352,997		182,155		11,027		(2,523	)
RE Pioneer Holdings LLC		266,228		155,813		8,719		(1,908	)
Solar Philippines Calatagan Corporation		150,264		42,625		12,294		6,741
PT Barito Wahana Tenaga		562,007		—		—		52,870
OneEnergy Asia Limited		2,166,794		1,473,087		718,877		58,641
Prime Swedish Holding AB		83,438		121		—		(402	)

(*)	The loss for the nine-month period ended September 30, 2023 is reduced by the associate entity’s net profit (loss) attributable to non-controlling interests.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(4)	Summary of financial information of associates and joint ventures as of and for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:

In millions of won


December 31, 2022
Investees	Total assets		Total liabilities		Sales		Profit (Loss) for the year
<Associates>
Korea Gas Corporation (*)		62,424,983		52,014,243		51,724,287		1,497,008
YTN Co., Ltd.		364,115		107,324		152,187		7,250
Hyundai Green Power Co., Ltd.		773,998		360,926		105,374		5,010
Korea Power Exchange		311,690		36,564		118,501		1,036
SPC Power Corporation		254,951		26,417		80,630		25,614
Gemeng International Energy Co., Ltd.		7,796,180		5,460,183		3,183,398		11,637
PT. Cirebon Electric Power		691,311		199,987		287,261		53,730
PT Wampu Electric Power		209,815		127,764		21,773		12,713
PT. Bayan Resources TBK		4,994,538		2,518,129		6,076,844		3,042,123
S-Power Co., Ltd.		937,067		646,411		1,091,425		37,104
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,371,292		904,907		174,693		61,020
Goseong Green Power Co., Ltd.		5,518,258		4,516,607		1,999,825		26,981
Gangneung Eco Power Co., Ltd.		4,907,872		4,900,408		435,755		(142,387	)
Shin Pyeongtaek Power Co., Ltd.		1,203,406		839,568		957,062		100,554
Dongducheon Dream Power Co., Ltd.		1,521,089		1,219,018		2,240,175		43,072
GS Donghae Electric Power Co., Ltd.		2,130,287		1,365,156		1,053,112		46,226
Nepal Water & Energy Development Company Private Limited		241,061		141,199		70,923		(1,364	)
Indeck Niles Development, LLC		1,178,303		762,139		302,041		(22,541	)
PT. Cirebon Energi Prasarana		3,361,288		2,670,941		319,986		36,451

<Joint ventures>
Shuweihat Asia Power Investment B.V.		135,646		29		—		(2,660	)
KEPCO SPC Power Corporation		267,904		29,082		253,145		44,751
Datang Chifeng Renewable Power Co., Ltd.		835,331		355,377		140,343		42,889
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		168,680		57,685		29,459		4,919
Rabigh Electricity Company		2,520,946		1,855,836		322,108		65,550
Jamaica Public Service Company Limited		2,310,611		1,515,361		1,499,897		69,458
Amman Asia Electric Power Company		759,885		392,795		28,665		39,090
Chun-cheon Energy Co., Ltd.		629,202		521,212		585,641		19,940
Nghi Son 2 Power LLC		3,652,801		2,835,123		589,023		102,436
Kelar S.A.		689,802		514,085		107,577		943
PT. Tanjung Power Indonesia		730,239		464,791		99,169		13,619
South Jamaica Power Company Limited		521,558		289,359		314,064		33,348
RE Holiday Holdings LLC		351,243		180,503		22,671		3,022
RE Pioneer Holdings LLC		263,232		152,888		15,701		369
Solar Philippines Calatagan Corporation		113,327		36,756		17,728		10,194
PT Barito Wahana Tenaga		447,688		—		—		49,471
OneEnergy Asia Limited		1,039,987		673,223		—		16,041
Prime Swedish Holding AB		77,942		114		—		(577	)

(*)	The profit for the year ended December 31, 2022 is reduced by the associate entity’s net profit (loss) attributable to non-controlling interests.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(5)	Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won
September 30, 2023
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation		10,454,630		20.47	%		2,140,063		—		—			(42,309	)		2,097,754
YTN Co., Ltd.		245,737		21.43	%		52,658		—		—			—			52,658
Hyundai Green Power Co., Ltd.		406,047		29.00	%		117,754		—		—			—			117,754
Korea Power Exchange		276,114		100.00	%		276,114		—		—			—			276,114
SPC Power Corporation		262,831		38.00	%		99,876		—		—			(20,343	)		79,533
Gemeng International Energy Co., Ltd.		2,381,147		34.00	%		809,590		—		—			(225,423	)		584,167
PT. Cirebon Electric Power		504,684		27.50	%		138,788		—		—			—			138,788
PT Wampu Electric Power		83,171		46.00	%		38,259		—		—			—			38,259
PT. Bayan Resources TBK		2,774,228		20.00	%		554,846		224,063		—			(76,380	)		702,529
S-Power Co., Ltd.		327,733		49.00	%		160,589		—		(1,212	)		—			159,377
Xe-Pian Xe-Namnoy Power Co., Ltd.		501,764		25.00	%		125,441		305		(997	)		(289	)		124,460
Goseong Green Power Co., Ltd.		1,050,857		29.00	%		304,749		—		(3,120	)		—			301,629
Gangneung Eco Power Co., Ltd.		831,114		29.00	%		241,023		48,663		(1,579	)		—			288,107
Shin Pyeongtaek Power Co., Ltd.		508,677		40.00	%		203,471		3,559		(14,970	)		—			192,060
Dongducheon Dream Power Co., Ltd.		305,814		34.01	%		104,007		1,757		(2,339	)		(12,582	)		90,843
GS Donghae Electric Power Co., Ltd.		786,916		34.00	%		267,551		—		—			—			267,551
Nepal Water & Energy Development Company Private Limited		139,685		76.73	%		107,183		972		—			—			108,155
Indeck Niles Development, LLC		488,611		50.00	%		244,306		94,247		—			4,442			342,995
PT. Cirebon Energi Prasarana		847,342		10.00	%		84,734		—		—			—			84,734

<Joint ventures>
Shuweihat Asia Power Investment B.V.		165,072		49.00	%		80,885		—		—			—			80,885
KEPCO SPC Power Corporation		267,563		75.20	%		201,207		—		—			—			201,207
Datang Chifeng Renewable Power Co., Ltd.		507,589		40.00	%		203,035		—		—			—			203,035
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		115,886		40.00	%		46,354		—		—			—			46,354
Rabigh Electricity Company		761,951		40.00	%		304,780		—		(46,927	)		(805	)		257,048
Jamaica Public Service Company Limited		876,644		40.00	%		350,658		29,356		—			(15,236	)		364,778
Amman Asia Electric Power Company		403,895		60.00	%		242,337		—		—			—			242,337
Chun-cheon Energy Co., Ltd.		129,135		29.90	%		38,611		4		—			(248	)		38,367
Nghi Son 2 Power LLC		985,333		50.00	%		492,667		—		—			—			492,667
Kelar S.A.		208,844		65.00	%		135,749		3,100		—			—			138,849
PT. Tanjung Power Indonesia		262,473		35.00	%		91,865		—		—			—			91,865
South Jamaica Power Company Limited		224,291		20.00	%		44,858		—		—			(2	)		44,856
RE Holiday Holdings LLC		170,842		50.00	%		85,421		—		—			—			85,421
RE Pioneer Holdings LLC		110,415		50.00	%		55,208		—		—			—			55,208
Solar Philippines Calatagan Corporation		107,639		38.00	%		40,903		—		—			16,594			57,497
PT Barito Wahana Tenaga		562,007		30.61	%		172,043		—		—			—			172,043
OneEnergy Asia Limited		693,707		40.00	%		277,483		25,512		—			—			302,995
Prime Swedish Holding AB		83,317		45.00	%		37,493		1,222		—			—			38,715

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(5)	Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won
December 31, 2022
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation		10,410,740		20.47	%		2,131,078		—		—			(45,782	)		2,085,296
YTN Co., Ltd.		256,791		21.43	%		55,027		—		—			—			55,027
Hyundai Green Power Co., Ltd.		413,072		29.00	%		119,791		—		—			—			119,791
Korea Power Exchange		275,126		100.00	%		275,126		—		—			—			275,126
SPC Power Corporation		228,534		38.00	%		86,843		—		—			(15,975	)		70,868
Gemeng International Energy Co., Ltd.		2,335,997		34.00	%		794,239		—		—			(215,418	)		578,821
PT. Cirebon Electric Power		491,324		27.50	%		135,114		—		—			—			135,114
PT Wampu Electric Power		82,051		46.00	%		37,743		—		—			—			37,743
PT. Bayan Resources TBK		2,476,409		20.00	%		495,282		265,817		—			(76,380	)		684,719
S-Power Co., Ltd.		290,656		49.00	%		142,421		—		(1,293	)		—			141,128
Xe-Pian Xe-Namnoy Power Co., Ltd.		466,385		25.00	%		116,596		305		(1,028	)		(289	)		115,584
Goseong Green Power Co., Ltd.		1,001,651		29.00	%		290,479		—		(1,586	)		—			288,893
Gangneung Eco Power Co., Ltd.		7,464		1.61	%		120		—		(134	)		14			—
Shin Pyeongtaek Power Co., Ltd.		363,838		40.00	%		145,535		3,559		(15,271	)		—			133,823
Dongducheon Dream Power Co., Ltd.		302,071		34.01	%		102,734		1,757		(2,609	)		(12,582	)		89,300
GS Donghae Electric Power Co., Ltd.		765,131		34.00	%		260,145		—		—			—			260,145
Nepal Water & Energy Development Company Private Limited		99,862		69.06	%		68,968		972		—			—			69,940
Indeck Niles Development, LLC		416,164		50.00	%		208,082		93,956		—			—			302,038
PT. Cirebon Energi Prasarana		690,347		10.00	%		69,035		—		—			—			69,035

<Joint ventures>
Shuweihat Asia Power Investment B.V.		135,617		49.00	%		66,452		—		—			—			66,452
KEPCO SPC Power Corporation		238,822		75.20	%		179,594		—		—			—			179,594
Datang Chifeng Renewable Power Co., Ltd.		479,954		40.00	%		191,982		—		—			—			191,982
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		110,995		40.00	%		44,398		—		—			—			44,398
Rabigh Electricity Company		665,110		40.00	%		266,044		—		(50,632	)		(805	)		214,607
Jamaica Public Service Company Limited		795,250		40.00	%		318,100		29,357		—			(16,050	)		331,407
Amman Asia Electric Power Company		367,090		60.00	%		220,254		—		—			—			220,254
Chun-cheon Energy Co., Ltd.		107,990		29.90	%		32,289		3		—			(248	)		32,044
Nghi Son 2 Power LLC		817,678		50.00	%		408,839		—		—			—			408,839
Kelar S.A.		175,717		65.00	%		114,216		2,921		—			—			117,137
PT. Tanjung Power Indonesia		265,448		35.00	%		92,907		—		—			—			92,907
South Jamaica Power Company Limited		232,199		20.00	%		46,440		—		—			(3	)		46,437
RE Holiday Holdings LLC		170,740		50.00	%		85,370		—		—			—			85,370
RE Pioneer Holdings LLC		110,344		50.00	%		55,172		—		—			—			55,172
Solar Philippines Calatagan Corporation		76,571		38.00	%		29,097		—		—			27,805			56,902
PT Barito Wahana Tenaga		447,688		30.61	%		137,047		—		—			—			137,047
OneEnergy Asia Limited		366,764		40.00	%		146,706		25,512		—			—			172,218
Prime Swedish Holding AB		77,828		45.00	%		35,023		1,222		—			—			36,245

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(6)	As of September 30, 2023 and December 31, 2022, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:


In millions of won	September 30, 2023					December 31, 2022
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Eurasia Energy Holdings		(203	)		—		13			203
Gunsan Bio Energy Co., Ltd.		55			4,041		122			3,986
Dayone Energy Co., Ltd.		(1,473	)		25,544		3,565			27,017
Nghi Son 2 Power LLC		—			—		(18,940	)		—
Samcheok Eco Materials Co., Ltd.		295			1,101		344			806
Naepo Green Energy Co., Ltd.		(14,956	)		—		7,209			14,956
Barakah One Company		71,969			165,942		51,137			93,973
Pioneer Gas Power Limited		217			57,094		19,248			56,877
Incheon New Power Co., Ltd.		—			—		(163	)		—
Bigeum Resident Photovoltaic Power Co., Ltd.		(460	)		—		162			460
KAPES, Inc.		(56	)		3,104		(355	)		3,160
Chester Solar IV SpA		—			—		(21	)		—
ITR Co., Ltd.		(5	)		—		5			5
SEP Co., Ltd.		1			15		14			14
International Offshore Power Transmission Holding Company Limited		(23,378	)		—		23,378			23,378
Noeul Green Energy Co., Ltd.		2,740			8,210		5,470			5,470
Gangneung Eco Power Co., Ltd.		(14	)		—		14			14
PlatformN. Co., Ltd.		47			47		—			—
Kepco for Power Company		8,892			8,892		—			—

(7)	As of September 30, 2023, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i)

Gemeng International Energy Co., Ltd.

Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa PEF). If the investment fund is not collected until the maturity date (December 25, 2023, two years extension is possible), PEF can exercise the option at strike price which is the same as a principal investment price (including operating fees ratio of below 1% per annum), and also, the Group provided a performance guarantee on this agreement.

(ii)

Taebaek Wind Power Co., Ltd.

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

(iii)

Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with the careful consideration of various factors such as financial status and business situation.

(iv)

Daeryun Power Co., Ltd.

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(7)	As of September 30, 2023, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(v)

Daegu Green Power Co., Ltd.

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

(vi)

Yeonggwang Wind Power Co., Ltd.

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

(vii)

Hyundai Green Power Co., Ltd.

As of September 30, 2023, the Group has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when the financial investors holding the shares (i.e., IBK and others) claim to sell the Group’s shares at a certain point of time in the future. The Group also has the right to request Hyundai Steel Company, another operating investor of Hyundai Green Power Co., Ltd., to sell its’ shares at a certain point of time in the future, and is obliged to sell the Group’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Group to sell its shares.

(viii)

Kosture Co., Ltd.

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

(ix)

Omisan Wind Power Co., Ltd.

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

(x)

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.

(xi)

Seungmun Green Energy

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

(xii)

Taebaek Guinemi Wind Power Co., Ltd.

If shareholders other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract is completed, the Group has preferential right to other parties and third parties to take over the shares of the other investors at fair value of the shares, 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 3 years after the date of commencing the operations by the unanimous agreement of all shareholders. The Group also has an obligation to sell all or partial shares of HORANG ENERGY Inc. to CNcore Co., Ltd. 3 years after the date of commencing the operations upon request of CNcore Co., Ltd., by the unanimous agreement of all shareholders.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(8)	Significant restrictions on the Group’s abilities on associates and joint ventures as of September 30, 2023 are as follows:


Company		Nature and extent of any significant restrictions

Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.

Daeryun Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders.

KNH Solar Co., Ltd.		Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other shareholders.

Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.

Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied. 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.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

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 consent of the stakeholders.

Taebaek Guinemi Wind Power 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 consent of the stakeholders.

Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Diego de Almagro Solar Spa		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Busan Shinho Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.

Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

17.	Investments in Associates and Joint Ventures, Continued

(8)	Significant restrictions on the Group’s abilities on associates or joint ventures as of September 30, 2023 are as follows, continued:



Company		Nature and extent of any significant restrictions

Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.

DE Energia SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.

Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.

Yangyang Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Busan Industrial Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Kosture Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

KPE green energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Cheongju Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.

Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Seungmun Green Energy		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Trumbull Asset Management, LLC		Shares cannot be 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 wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Hoenggye Renewable 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.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

18.	Property, Plant and Equipment

(1)	Property, plant and equipment as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land		14,410,161		(27,404	)		—			(27,523	)		14,355,234
Buildings		24,821,775		(46,648	)		(11,625,760	)		(5,730	)		13,143,637
Structures		85,140,533		(157,684	)		(34,463,909	)		(9,358	)		50,509,582
Machinery		112,480,312		(114,264	)		(58,150,763	)		(540,447	)		53,674,838
Ships		17,582		—			(5,104	)		—			12,478
Vehicles		401,034		(2,536	)		(330,753	)		(116	)		67,629
Equipment		2,264,312		(5,901	)		(1,867,546	)		(50	)		390,815
Tools		1,339,203		(72	)		(1,183,153	)		(6	)		155,972
Construction-in-progress		31,058,304		(162,688	)		—			(22,795	)		30,872,821
Right-of-use assets		6,044,379		—			(2,589,258	)		—			3,455,121
Asset retirement costs		17,584,921		—			(6,832,430	)		(146,423	)		10,606,068
Others		16,340,332		—			(13,867,072	)		—			2,473,260

		311,902,848		(517,197	)		(130,915,748	)		(752,448	)		179,717,455


In millions of won	December 31, 2022
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land		14,298,409		(27,405	)		—			(27,472	)		14,243,532
Buildings		24,230,827		(50,437	)		(10,931,672	)		(6,955	)		13,241,763
Structures		83,055,890		(165,608	)		(32,596,265	)		(10,390	)		50,283,627
Machinery		108,749,243		(127,126	)		(54,015,594	)		(541,864	)		54,064,659
Ships		17,264		—			(3,788	)		—			13,476
Vehicles		393,046		(2,045	)		(305,242	)		(117	)		85,642
Equipment		2,168,348		(6,608	)		(1,732,564	)		(43	)		429,133
Tools		1,306,509		(99	)		(1,128,002	)		(6	)		178,402
Construction-in-progress		28,064,266		(135,926	)		—			(22,795	)		27,905,545
Right-of-use assets		5,992,724		—			(2,281,599	)		—			3,711,125
Asset retirement costs		17,620,603		—			(6,185,214	)		(146,422	)		11,288,967
Others		15,520,160		—			(13,100,723	)		—			2,419,437

		301,417,289		(515,254	)		(122,280,663	)		(756,064	)		177,865,308

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

18.	Property, Plant and Equipment, Continued

(2)	Changes in property, plant and equipment for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment (*)			Others			Ending balance
Land		14,270,937			3,848		(12,785	)		—			—			120,638			14,382,638
(Government grants)		(27,405	)		—		1			—			—			—			(27,404	)
Buildings		13,292,200			2,891		(4,818	)		(690,931	)		—			590,943			13,190,285
(Government grants)		(50,437	)		—		—			3,788			—			1			(46,648	)
Structures		50,449,235			4,806		(240,013	)		(2,129,248	)		—			2,582,486			50,667,266
(Government grants)		(165,608	)		—		1,065			7,179			—			(320	)		(157,684	)
Machinery		54,191,785			171,289		(132,304	)		(4,628,963	)		(6,167	)		4,193,462			53,789,102
(Government grants)		(127,126	)		—		219			12,667			—			(24	)		(114,264	)
Ships		13,476			—		—			(1,352	)		—			354			12,478
Vehicles		87,687			811		—			(28,728	)		—			10,395			70,165
(Government grants)		(2,045	)		—		—			674			—			(1,165	)		(2,536	)
Equipment		435,741			33,200		(275	)		(156,214	)		—			84,264			396,716
(Government grants)		(6,608	)		—		—			1,482			—			(775	)		(5,901	)
Tools		178,501			16,244		(350	)		(58,770	)		—			20,419			156,044
(Government grants)		(99	)		—		—			28			—			(1	)		(72	)
Construction-in-progress		28,041,471			9,768,304		(2	)		—			—			(6,774,264	)		31,035,509
(Government grants)		(135,926	)		1,291		—			—			—			(28,053	)		(162,688	)
Right-of-use assets		3,711,125			253,495		(2,280	)		(403,244	)		—			(103,975	)		3,455,121
Asset retirement costs		11,288,967			—		—			(938,872	)		—			255,973			10,606,068
Others		2,419,437			627		—			(709,590	)		—			762,786			2,473,260

		177,865,308			10,256,806		(391,542	)		(9,720,094	)		(6,167	)		1,713,144			179,717,455

(*)

The Group is in the process of calculating the actual damage in relation to the Taean IGCC gas refinery fire incident in January 2023. For the nine-month period ended September 30, 2023, 6,167 million of estimated damage to the Group’s PP&E due to the fire incident has been recognized as impairment loss, and the estimated damage may change depending on future investigations.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

18.	Property, Plant and Equipment, Continued

(2)	Changes in property, plant and equipment for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won	December 31, 2022
	Beginning balance			Acquisition		Disposal			Depreciation			Impairment			Others			Ending balance
Land		14,107,965			9,535		(49,377	)		—			—			202,814			14,270,937
(Government grants)		(23,474	)		—		1			—			—			(3,932	)		(27,405	)
Buildings		12,926,226			3,202		(19,918	)		(906,528	)		(449	)		1,289,667			13,292,200
(Government grants)		(52,122	)		—		—			5,360			—			(3,675	)		(50,437	)
Structures		48,290,052			217,450		(277,308	)		(2,677,395	)		(3,669	)		4,900,105			50,449,235
(Government grants)		(172,021	)		—		1,250			9,568			—			(4,405	)		(165,608	)
Machinery		51,755,382			248,932		(188,924	)		(5,748,407	)		(33,191	)		8,157,993			54,191,785
(Government grants)		(140,082	)		—		405			17,283			—			(4,732	)		(127,126	)
Ships		177			—		—			(1,053	)		—			14,352			13,476
Vehicles		89,257			1,813		(88	)		(41,907	)		—			38,612			87,687
(Government grants)		(1,675	)		—		—			663			—			(1,033	)		(2,045	)
Equipment		397,183			79,369		(183	)		(205,908	)		(1	)		165,281			435,741
(Government grants)		(149	)		—		—			494			—			(6,953	)		(6,608	)
Tools		183,065			25,291		(180	)		(77,902	)		—			48,227			178,501
(Government grants)		(64	)		—		—			32			—			(67	)		(99	)
Construction-in-progress		30,156,094			11,671,907		(197,293	)		—			134,735			(13,723,972	)		28,041,471
(Government grants)		(111,822	)		23,155		17			—			—			(47,276	)		(135,926	)
Right-of-use assets		4,059,397			197,016		(2,838	)		(509,068	)		—			(33,382	)		3,711,125
Asset retirement costs		8,925,388			—		—			(1,133,866	)		—			3,497,445			11,288,967
Others		2,745,861			9,028		(22,531	)		(1,036,132	)		—			723,211			2,419,437

		173,134,638			12,486,698		(756,967	)		(12,304,766	)		97,425			5,208,280			177,865,308

(3)

The Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds and costs from selling items produced before its intended use, by accounting 30,578 million and 94,264 million as revenue and 33,403 million and 63,405 million as expense in profit or loss for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022, respectively.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

19.	Investment Properties

(1)	Investment properties as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land		173,089		—			—			173,089
Buildings		20,492		(23	)		(7,238	)		13,231

		193,581		(23	)		(7,238	)		186,320


In millions of won	December 31, 2022
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land		194,417		—			—			194,417
Buildings		20,241		(21	)		(6,351	)		13,869

		214,658		(21	)		(6,351	)		208,286

(2)	Changes in investment properties for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land		194,417			—		—			(21,328	)		173,089
Buildings		13,890			—		(370	)		(266	)		13,254
(Government grants)		(21	)		—		1			(3	)		(23	)

		208,286			—		(369	)		(21,597	)		186,320


In millions of won	December 31, 2022
	Beginning balance			Disposal			Depreciation			Others			Ending balance
Land		201,605			(208	)		—			(6,980	)		194,417
Buildings		11,209			—			(487	)		3,168			13,890
(Government grants)		(30	)		—			1			8			(21	)

		212,784			(208	)		(486	)		(3,804	)		208,286

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

19.	Investment Properties, Continued

(3)	Income and expenses related to investment properties for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023						September 30, 2022
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Rental income		2,873			8,032			2,647			7,610
Operating and maintenance expenses related to rental income		(79	)		(380	)		(139	)		(394	)

		2,794			7,652			2,508			7,216

(4)	Fair value of investment properties as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Book value		Fair value		Book value		Fair value
Land		173,089		243,103		194,417		292,827
Buildings		13,231		13,773		13,869		15,626

		186,320		256,876		208,286		308,453

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.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

20.	Construction Contracts

(1)	Changes in total contract amount in which revenue is not yet recognized for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others		5,594,946		1,047,904		(542,102	)		6,100,748

(*)	For the nine-month period ended September 30, 2023, the increased balance of contracts from new orders is 1,089,956 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is 42,052 million.


In millions of won	December 31, 2022
	Beginning balance		Increase (decrease) (*)		Recognized as revenue			Ending balance
Nuclear power plant construction in overseas and others		2,783,935		3,457,964		(646,953	)		5,594,946

(*)	For the year ended December 31, 2022, the increased balance of contracts from new orders is 3,578,599 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is 81,401 million.

(2)	Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of September 30, 2023 and December 31, 2022 are as follows:

In millions of won

September 30, 2023

Accumulated
earned revenue

Accumulated
expense

Accumulated
profit

Unearned
advance receipts

Nuclear power plant construction in overseas and others

22,855,421

22,152,258

703,163

65,602

In millions of won

December 31, 2022

Accumulated
earned revenue

Accumulated
expense

Accumulated
profit

Unearned
advance receipts

Nuclear power plant construction in overseas and others

22,507,004

21,666,552

840,452

29,877

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

20.	Construction Contracts, Continued

(3)	Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of September 30, 2023 and December 31, 2022 are as follows:

In millions of won

September 30, 2023

December 31, 2022

Contract assets
(*1)

Contract liabilities
(*2)

Contract assets
(*1)

Contract liabilities
(*2)

Nuclear power plant construction in overseas and others

106,145

350,953

118,983

120,952

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

(*2)	Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on September 30, 2023 from the amounts included in contract liabilities at the end of the prior year is 116,174 million.

(4)

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


	Contract date		Completion date
Egypt Eldaba nuclear power plant construction projects		2022.08.25		2029.04.08

(5)	Operating segments information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the nine-month period ended September 30, 2023 are as follows:


In millions of won	September 30, 2023
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		Changes in estimates of contract revenue and costs			Amounts recognized in current profit or loss			Amounts recognized in future profit or loss			Changes in estimated total contract costs		Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution		—		(156,622	)		(149,488	)		(7,134	)		205,688		—		13,476		—		—		—
Electric power generation (Nuclear)		—		51,813			323			51,490			139,404		—		—		—		137,805		—
Plant maintenance & engineering Service		3,412		4,839			4,602			237			26,895		17,717		88,261		3		51,799		5,755
Others		—		(60	)		(60	)		—			—		—		4,408		—		—		—

		3,412		(100,030	)		(144,623	)		44,593			371,987		17,717		106,145		3		189,604		5,755

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

21.	Intangible Assets other than Goodwill

(1)	Intangible assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software		1,058,171		(263	)		(867,329	)		(20	)		190,559
Copyrights, patents rights and other industrial rights		105,630		—			(71,783	)		(9,177	)		24,670
Mining rights		629,739		—			(56,263	)		(542,072	)		31,404
Development expenditures		962,362		(2,460	)		(904,322	)		—			55,580
Intangible assets under development		84,151		(2,333	)		—			(8,903	)		72,915
Usage rights of donated assets and others		592,753		—			(444,162	)		(126	)		148,465
Leasehold rights		28,185		—			(24,016	)		—			4,169
Greenhouse gas emissions rights		57,066		—			—			—			57,066
Others		556,731		(345	)		(192,911	)		(12,238	)		351,237

		4,074,788		(5,401	)		(2,560,786	)		(572,536	)		936,065


In millions of won	December 31, 2022
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software		1,002,040		(174	)		(799,013	)		(20	)		202,833
Copyrights, patents rights and other industrial rights		104,559		—			(67,368	)		(9,178	)		28,013
Mining rights		625,845		—			(46,187	)		(541,133	)		38,525
Development expenditures		938,032		(3,477	)		(883,527	)		—			51,028
Intangible assets under development		76,625		(2,108	)		—			(8,903	)		65,614
Usage rights of donated assets and others		592,797		—			(435,518	)		(136	)		157,143
Leasehold rights		28,185		—			(23,297	)		—			4,888
Greenhouse gas emissions rights		43,960		—			—			—			43,960
Others		551,396		(67	)		(174,714	)		(11,955	)		364,660

		3,963,439		(5,826	)		(2,429,624	)		(571,325	)		956,664

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

21.	Intangible Assets other than Goodwill, Continued

(2)	Changes in intangible assets for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software		203,007			8,632		(18	)		(66,061	)		—			45,262			190,822
(Government grants)		(174	)		—		—			58			—			(147	)		(263	)
Copyrights, patents rights and other industrial rights		28,013			211		(70	)		(3,833	)		—			349			24,670
Mining rights		38,525			2,175		—			(8,873	)		—			(423	)		31,404
Development expenditures		54,505			—		—			(19,119	)		—			22,654			58,040
(Government grants)		(3,477	)		—		—			1,017			—			—			(2,460	)
Intangible assets under development		67,722			32,384		—			—			—			(24,858	)		75,248
(Government grants)		(2,108	)		—		—			—			—			(225	)		(2,333	)
Usage rights of donated assets and others		157,143			—		—			(7,865	)		—			(813	)		148,465
Leasehold rights		4,888			—		—			(719	)		—			—			4,169
Greenhouse gas emissions rights		43,960			8,576		—			—			—			4,530			57,066
Others		364,727			1,771		(142	)		(17,961	)		(283	)		3,470			351,582
(Government grants)		(67	)		—		—			70			—			(348	)		(345	)

		956,664			53,749		(230	)		(123,286	)		(283	)		49,451			936,065


In millions of won	December 31, 2022
	Beginning balance			Acquisition		Disposal			Amortization			Impairment			Others			Ending balance
Software		162,596			22,532		(57	)		(84,649	)		—			102,585			203,007
(Government grants)		(91	)		—		—			60			—			(143	)		(174	)
Copyrights, patents rights and other industrial rights		35,187			270		(37	)		(7,136	)		—			(271	)		28,013
Mining rights		41,902			2,395		—			(4,296	)		—			(1,476	)		38,525
Development expenditures		72,944			—		—			(24,238	)		—			5,799			54,505
(Government grants)		(3,820	)		—		—			1,466			—			(1,123	)		(3,477	)
Intangible assets under development		81,430			39,559		—			—			(14	)		(53,253	)		67,722
(Government grants)		(7,326	)		—		—			—			—			5,218			(2,108	)
Usage rights of donated assets and others		169,783			—		—			(11,394	)		(150	)		(1,096	)		157,143
Leasehold rights		5,848			—		—			(960	)		—			—			4,888
Greenhouse gas emissions rights		78,137			57,466		—			—			—			(91,643	)		43,960
Others		407,558			4,073		(260	)		(25,017	)		—			(21,627	)		364,727
(Government grants)		(71	)		—		—			4			—			—			(67	)

		1,044,077			126,295		(354	)		(156,160	)		(164	)		(57,030	)		956,664

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

21.	Intangible Assets other than Goodwill, Continued

(3)	Significant specific intangible assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won and thousands of Australian dollars
September 30, 2023
Type	Description	Currency	Amount		Remaining useful lives
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		17,740	4 years and 3 months
Mining rights	Mining rights of Bylong mine	AUD		-	— (*)
Development expenditures	Establishment of asset management system for electricity facilities	KRW		4,936	4 years and 6 months
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		14,369	3 years and 2 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		7,117	6 years 9 months
Others	Occupancy and use of public waters	KRW		72,153	13 years and 4 months
	Greenhouse gas emissions rights	KRW		57,066	—
	Business rights	KRW		150,401	26 years and 2 months

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


In millions of won and thousands of Australian dollars
December 31, 2022
Type	Description	Currency	Amount		Remaining useful lives
Software	ORACLE license for SDIS integrated DB	KRW		5,509	3 years and 4 months
Copyrights, patents rights and other industrial rights	Contributions to APR NRC DC	KRW		20,871	5 years
Mining rights	Mining rights of Bylong mine	AUD		-	— (*)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing charge	KRW		17,772	3 years and 11 months
	Right of use electricity and gas supply facility (Community district of Songdo)	KRW		7,908	7 years and 6 months
Others	Occupancy and use of public waters	KRW		76,212	14 years and 1 month
	Greenhouse gas emissions rights	KRW		43,960	—
	Business rights	KRW		154,712	26 years and 11 months

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

(4)	For the nine-month periods ended September 30, 2023 and 2022, the Group recognized research and development expenses of 497,731 million and 488,514 million, respectively.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

22.	Trade and Other Payables

Trade

and other payables as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Trade payables		4,396,030		—		7,529,857		—
Non-trade payables		1,862,536		2,032,194		2,132,838		2,023,985
Accrued expenses		1,737,469		8,477		1,605,118		6,351
Leasehold deposits received		2,910		741		2,479		35
Other deposits received		98,848		49,175		97,408		47,863
Lease liabilities		596,282		3,416,302		614,037		3,549,106
Dividends payable		1,932		—		1,812		—
Others (*)		—		12,591		—		11,574

		8,696,007		5,519,480		11,983,549		5,638,914

(*)	Details of others as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Advance received from local governments		—		3,069		—		3,477
Others		—		9,522		—		8,097

		—		12,591		—		11,574

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities

(1)	Borrowings and debt securities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Current liabilities
Short-term borrowings		9,724,096			8,820,425
Current portion of long-term borrowings		5,916,206			3,638,202
Current portion of debt securities		16,345,344			10,205,395
Less: current portion of discount on long-term borrowings		(1,090	)		(774	)
Less: current portion of discount on debt securities		(6,437	)		(4,246	)

		31,978,119			22,659,002

Non-current liabilities
Long-term borrowings		3,328,166			2,977,268
Debt securities		98,978,107			95,160,920
Less: discount on long-term borrowings		(58,363	)		(14,945	)
Less: discount on debt securities		(189,379	)		(177,543	)
Add: premium on debt securities		—			663

		102,058,531			97,946,363

		134,036,650			120,605,365

(2)	Repayment schedule of borrowings and debt securities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won
September 30, 2023
Type	Borrowings		Debt Securities
Less than 1 year		15,640,302		16,345,344
1~ 5 years		1,739,089		71,198,875
Over 5 years		1,589,077		27,779,232

		18,968,468		115,323,451


In millions of won
December 31, 2022
Type	Borrowings		Debt Securities
Less than 1 year		12,458,627		10,205,395
1~ 5 years		1,472,655		65,278,587
Over 5 years		1,504,613		29,882,333

		15,435,895		105,366,315

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(3)	Short-term borrowings as of September 30, 2023 and December 31, 2022 are as follows:

In millions of won and thousands of USD

September 30, 2023

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

DB financial investment and others

3.75~4.60

2023.10.05

~2023.12.31

—

5,620,415

Local short-term borrowings

Nonghyup Bank and others

3M CD + 1.04~1.65

2023.11.18

~2024.07.04

—

3,630,000

Foreign short-term borrowings

Korea Development Bank

5.83

2023.11.24

USD 15,484

20,823

Foreign short-term borrowings

Shinhan Bank

5.96

2024.03.05

USD 17,367

23,356

Foreign short-term borrowings

Export-Import Bank of Korea

5.93

2024.03.22

USD 22,686

30,509

Foreign short-term borrowings

Kookmin Bank

5.67

2023.10.24

USD 5,377

7,230

Foreign short-term borrowings

Kookmin Bank

SOFR(1M) + 0.95

2024.02.16

USD 40,000

53,792

Electronic short-term bonds

Kyobo Securities and others

3.96~4.04

2023.10.05

~2023.10.26

—

310,000

Local bank overdraft

Woori Bank

Standard overdraft rate + 1.37

2024.02.23

—

27,971

9,724,096

In millions of won and thousands of USD

December 31, 2022

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

DB financial investment and others

3.21~5.80

2023.01.02

~2023.12.31

—

5,549,120

Local short-term borrowings

Nonghyup Bank and others

3M CD + 1.11~1.70

2023.05.25

~2023.11.24

—

3,000,000

Local short-term borrowings

Shinhan Bank

6M bank debenture rate + 1.77

2023.11.17

—

50,000

Local short-term borrowings

Korea Development Bank

4.15

2023.01.06

—

3,400

Foreign short-term borrowings

Shinhan Bank

5.19

2023.02.28

USD 12,045

15,264

Foreign short-term borrowings

Shinhan Bank

SOFR(1M) + 0.65

2023.02.27

USD 40,000

50,692

Foreign short-term borrowings

Kookmin Bank and others

3.32~5.88

2023.01.09

~2023.06.12

USD 91,796

116,333

Local bank overdraft

Woori Bank and others

Standard overdraft rate + 1.32

4.83

2023.01.06

~2023.02.24

—

35,616

8,820,425

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(4)	Long-term borrowings as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won and thousands of foreign currencies
September 30, 2023
Type		Interest rate (%)	Maturity		Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50		2023~2044		—		1,931
	Facility	2.60~4.94		2023~2042		—		45,308
	Facility	CB rate+0.90		2029		—		9,985
	Operating funds	1yr KDB rate+0.91		2024		—		40,000
Hana Bank and others	Commercial Paper	3M CD+0.13~1.20		2023~2028		—		5,500,000
	Facility	4.60		2028		—		6,959
	Facility	3yr KTB rate-2.50		2028		—		3,322
Export-Import Bank of Korea	Project loans	1.00		2026		—		8,838
	Facility	1.32		2028		—		80,000
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 2.25		2024~2028		—		9,615
	Facility	3yr KTB rate-1.50		2024		—		218
	Project loans	-		2033		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10		2028~2029		—		17,428
	Commercial Paper	3M CD+0.38		2025		—		150,000
	Others	3.95		2034		—		74,814
	Others	Standard overdraft rate+1.00		2034		—		74,814
Kookmin Bank	Facility	3M CD+1.79 2.10~6.13		2030~2038		—		159,219
	Facility	4.00		2045		—		30,000
Woori Bank	Facility	3M Libor+1.90 5.22~6.13		2034~2042		—		92,426
Others	Facility	3.50~6.80		2028~2044		—		692,016
	Facility	CB rate+1.10 1.75~3.30		2024~2041		—		61,793
	PF Refinancing	CB rate+1.25		2030		—		6,919
	PF Refinancing	4.10		2030		—		19,218
	Securitized debts (*)	3M CD+1.80		2025		—		50,981
	Others	4.40~7.90		2025~2039		—		114,084
	Others	1.80~7.24		2031~2034		—		49,929

								7,301,014

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(4)	Long-term borrowings as of September 30, 2023 and December 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies

September 30, 2023

Type

Interest rate (%)

Maturity

Foreign
currency

Local currency

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

11,759

Export-Import Bank of Korea and others

Direct Loan and others

6M Libor+3.20

2036

USD 80,123

107,750

Direct Loan and others

3M Libor+2.25~3.70

2027

JOD 79,204

150,232

Facility

6M Synthetic Libor

+1.70~2.50

SOFR(1M)+1.83

2029~2031

USD 121,677

163,631

Korea Development Bank and others

EBL

SOFR(1M)+0.86

2024

USD 149,592

201,171

POSCO and others

Shareholder’s loan

5.60~8.00

2025

USD 12,080

16,246

Shareholder’s loan

8.00

2031

JOD 4,853

9,205

Samsung Life Insurance and others

Syndicated Loan

3.10~8.00

2032

JPY 4,385,700

39,569

Woori Bank and others

Syndicated Loan

JPY 6M Tibor+1.84

2032

JPY 2,399,088

21,645

Solar Construction Lendings, LLC

Facility

5.00

2025

USD 31,979

43,005

KiwoomSolar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 41,767

59,381

IFC and others

Facility

SOFR(3M)+1.99
SOFR(6M)+5.00
3M BSBY+1.70
6.05~6.62

2024~2031

USD 614,952

826,988

Hanwha US Solar Private Fund and others

Facility

6.00

2039

USD 59,327

79,783

DBS Bank and others

Facility

1M BBSY+1.40~2.25

2025

AUD 187,049

160,862

Nonghyup Bank and others

Facility

10.40

2039

USD 38,765

52,131

1,943,358

9,244,372

Less: discount on long-term borrowings

(59,453

)

Less: current portion of long-term borrowings

(5,916,206

)

Add: current portion of discount on long-term borrowings

1,090

3,269,803

(*)	The main reasons for early repayment of securitized debts as of September 30, 2023 are as follows:


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

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(4)	Long-term borrowings as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won and thousands of foreign currencies
December 31, 2022
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Others	0.50	2023~2044		—		2,133
	Facility	2.50~4.60	2023~2028		—		28,420
	Facility	CB rate+0.90	2029		—		9,985
	Operating funds	1yr KDB rate +0.81~0.91	2023~2024		—		54,300
Hana Bank and others	Commercial Paper	3M CD+0.13~1.20	2023~2027		—		3,250,000
	Facility	4.60	2028		—		8,137
	Facility	3yr KTB rate-1.50	2028		—		3,821
Export-Import Bank of Korea	Project loans	1.50	2026		—		10,312
	Facility	1.32	2028		—		58,100
	Operating funds	1.78	2023		—		15,700
Korea Energy Agency	Development of power resources	3yr KTB rate-2.25 1.50~1.75	2023~2028		—		11,175
	Facility	3yr KTB rate-2.50	2023~2024		—		393
	Project loans	—	2023~2027		—		1,197
Shinhan Bank and others	Facility	CB rate+0.90~1.10	2028~2029		—		19,195
	Commercial Paper	3M CD+0.38	2025		—		150,000
	Others	3.95	2034		—		78,905
	Others	Standard overdraft rate+1.00	2034		—		78,905
Kookmin Bank	Facility	MOR+0.79 3M CD+1.79 5.04	2023~2035		—		105,155
	Others	4.00	2025		—		20,700
Woori Bank	Facility	3M Libor+1.90 5.04	2035~2042		—		48,823
Others	Facility	3.50~6.80	2028~2044		—		690,259
	Facility	CB rate+1.10 1.75~4.56	2024~2036		—		103,131
	PF Refinancing	CB rate+1.25	2030		—		7,634
	PF Refinancing	4.10	2030		—		21,206
	Securitized debts (*)	3M CD+1.80	2025		—		33,476
	Others	4.40~7.90	2023~2039		—		120,217
	Others	1.80~4.50	2031~2034		—		49,929

							4,981,208

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(4)	Long-term borrowings as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won and thousands of foreign currencies
December 31, 2022
Type		Interest rate (%)	Maturity	Foreign currency	Local currency
Foreign long-term borrowings
Korea Energy Agency	Project loans	—	2026	USD 8,744		11,081
Export-Import Bank of Korea and others	Direct Loan and others	6M Libor+3.20	2036	USD 78,094		98,969
	Direct Loan and others	3M Libor+2.25~3.70	2027	JOD 91,051		162,692
	Facility	6M Libor+1.70~2.50 SOFR(1M)+1.83	2029~2032	USD 132,168		167,496
Kookmin Bank and others	EBL	SOFR(1M)+0.11~0.75	2024	USD 149,592		189,578
Riyad Bank	EBL	SOFR(3M)+1.20	2025	USD 49,870		63,201
POSCO and others	Shareholder’s loan	8.00	2025	USD 10,005		12,680
	Shareholder’s loan	8.00	2031	JOD 4,853		8,671
Samsung Life Insurance and others	Syndicated Loan	3.10~8.00	2032	JPY 4,752,934		45,304
Woori Bank and others	Syndicated Loan	JPY 6M Libor+1.84	2032	JPY 2,613,385		24,910
Solar Construction Lendings, LLC	Facility	5.00	2025	USD 31,140		39,464
KiwoomSolar Power Professional Investor Private Placement Investment Trust V	Senior borrowing	3.90	2029	EUR 40,531		54,765
IFC and others	Facility	6M Libor+5.00 SOFR(3M)+1.83~1.99 5.41~6.19	2028~2031	USD 408,408		517,575
Hanwha US Solar Private Fund and others	Facility	3.00	2038	USD 58,308		73,894
DBS Bank and others	Facility	1M BBSY+1.40~2.25	2025	AUD 190,860		163,836
Others	Others	—	—	USD 116		146

						1,634,262

						6,615,470
Less: discount on long-term borrowings						(15,719	)
Less: current portion of long-term borrowings						(3,638,202	)
Add: current portion of discount on long-term borrowings						774

						2,962,323

(*)	The main reasons for early repayment of securitized debts as of December 31, 2022 are as follows:


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

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(5)	Local debt securities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won
	Issue date	Maturity	Interest rate (%)	September 30, 2023			December 31, 2022
Electricity Bonds	2012.03.27 ~2023.09.11	2023.10.07 ~2052.04.21	1.14~5.99		68,450,000			61,190,000
Corporate Bonds (*)	2009.10.16 ~2023.09.05	2023.10.18 ~2053.06.08	1.13~6.06		29,933,153			29,293,188
Corporate Bonds	2021.05.26	2041.05.25	2.50		11,578			11,578

					98,394,731			90,494,766
Less: discount on local debt securities					(55,985	)		(56,924	)
Less: current portion of local debt securities					(15,071,584	)		(8,401,619	)
Add: current portion of discount on local debt securities					3,989			2,344

					83,271,151			82,038,567

(*)

Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to 1,584 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(6)	Foreign debt securities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won and thousands of foreign currencies
September 30, 2023
Type	Issue date	Maturity	Interest rate (%)	Foreign currency	Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95	USD 278,701		374,797
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00	USD 314,717		423,231
FY-04	2004.04.23	2034.04.23	5.13	USD 286,920		385,850
FY-14	2014.07.30	2029.07.30	3.57	USD 100,000		134,480
FY-15	2015.06.15	2025.06.15	3.25	USD 300,000		403,440
FY-17	2017.07.25	2027.07.25	3.13	USD 300,000		403,440
FY-17	2017.10.30	2037.10.30	1.70	EUR 40,000		56,869
FY-17	2017.11.16	2037.11.16	2.36	SEK 450,000		55,026
FY-18	2018.03.13	2028.03.13	3.35	HKD 1,650,000		283,718
FY-19	2019.02.27	2024.02.27	0.13	CHF 200,000		293,752
FY-19	2019.06.24	2024.06.24	2.50	USD 500,000		672,400
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05	CHF 300,000		440,628
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97	AUD 300,000		258,000
FY-19	2019.12.19	2037.12.31	3.30~5.70	USD 342,753		460,935
FY-20	2020.02.03	2025.02.03	2.13	USD 300,000		403,440
FY-20	2020.05.06	2025.05.06	1.75	USD 500,000		672,400
FY-20	2020.06.15	2025.06.15	1.13	USD 500,000		672,400
FY-20	2020.08.03	2026.02.03	1.00	USD 300,000		403,440
FY-21	2021.01.27	2026.01.27	0.75	USD 450,000		605,160
FY-21	2021.04.27	2026.04.27	1.25	USD 500,000		672,400
FY-21	2021.08.09	2026.08.09	1.25	USD 300,000		403,440
FY-21	2021.09.24	2026.09.24	1.13	USD 300,000		403,440
FY-22	2022.04.21	2027.04.21	3.63	USD 300,000		403,440
FY-22	2022.05.06	2025.05.06	3.60	USD 500,000		672,400
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00	USD 800,000		1,075,840
FY-22	2022.06.28	2025.06.28	4.13	USD 300,000		403,440
FY-22	2022.07.27	2027.07.27	4.25	USD 700,000		941,360
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50	USD 800,000		1,075,840
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16	HKD 2,350,000		404,083
FY-23	2023.06.07	2030.06.07	4.51	HKD 1,037,000		178,312
FY-23	2023.07.12	2028.07.12	4.88	USD 350,000		470,680
FY-23	2023.07.18	2028.07.18	5.00	USD 500,000		672,400
FY-23	2023.07.31	2026.07.31	5.38	USD 1,000,000		1,344,800
FY-23	2023.09.21	2026.09.21	5.38	USD 300,000		403,439

						16,928,720
Less: discount on foreign debt securities						(139,831	)
Less: current portion of foreign debt securities						(1,273,760	)
Add: current portion of discount on foreign debt securities						2,448

						15,517,577

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

23.	Borrowings and Debt Securities, Continued

(6)	Foreign debt securities as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won and thousands of foreign currencies
December 31, 2022
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701		353,198
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		398,841
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		363,614
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		126,730
FY-15	2015.06.15	2025.06.15	3.25		USD 300,000		380,190
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		380,190
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		54,048
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		54,527
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		268,208
FY-18	2018.06.07~2018.07.25	2023.06.07~2023.07.25	3.75~3.88		USD 1,400,000		1,774,220
FY-19	2019.02.27	2024.02.27	0.13		CHF 200,000		274,574
FY-19	2019.06.24	2024.06.24	2.50		USD 500,000		633,650
FY-19	2019.07.19	2024.07.19~2027.07.19	0.00~0.05		CHF 300,000		411,861
FY-19	2019.10.30	2024.10.30	3M BBSW+0.97		AUD 300,000		257,523
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 360,899		457,368
FY-20	2020.02.03	2025.02.03	2.13		USD 300,000		380,190
FY-20	2020.05.06	2025.05.06	1.75		USD 500,000		633,650
FY-20	2020.06.15	2025.06.15	1.13		USD 500,000		633,650
FY-20	2020.08.03	2026.02.03	1.00		USD 300,000		380,190
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		570,285
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		633,650
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		380,190
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		380,190
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		380,190
FY-22	2022.05.06	2025.05.06	3.60		USD 500,000		633,650
FY-22	2022.06.14	2025.06.14~2027.06.14	3.63~4.00		USD 800,000		1,013,840
FY-22	2022.06.28	2025.06.28	4.13		USD 300,000		380,190
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		887,110
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,013,840
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		381,992

							14,871,549
Less: discount on foreign debt securities							(124,865	)
Add: premium on foreign debt securities							663
Less: current portion of foreign debt securities							(1,803,776	)
Add: current portion of discount on foreign debt securities							1,902

							12,945,473

(7)	Changes in borrowings and debt securities for the nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023			September 30, 2022
Beginning balance		120,605,365			80,529,513
Cash flow		12,389,909			26,148,128
Effect of exchange rate fluctuations		1,099,800			2,857,565
Others		(58,424	)		(38,471	)

Ending balance		134,036,650			109,496,735

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

24.

Lease

1)	Group as a lessee

(1)	Finance lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized 112,691 million and 171,857 million respectively, as expense for the nine-month periods ended September 30, 2023 and 2022. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than 5 million), and recognized 1,887 million and 1,637 million respectively, as expense for the nine-month periods ended September 30, 2023 and 2022. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2)	Right-of-use assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	Septemer 30, 2023
	Acquisition cost		Accumulated depreciation			Book value
Land		920,178		(267,367	)		652,811
Buildings		180,943		(92,152	)		88,791
Structures		30,587		(8,311	)		22,276
Machinery		26,451		(18,980	)		7,471
Ships		4,179,475		(1,769,347	)		2,410,128
Vehicles		57,909		(31,018	)		26,891
Others (*)		648,836		(402,083	)		246,753

		6,044,379		(2,589,258	)		3,455,121

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


In millions of won	December 31, 2022
	Acquisition cost		Accumulated depreciation			Book value
Land		886,076		(224,277	)		661,799
Buildings		135,290		(60,434	)		74,856
Structures		30,879		(6,914	)		23,965
Machinery		1,737		(902	)		835
Ships		4,151,460		(1,554,597	)		2,596,863
Vehicles		35,712		(20,996	)		14,716
Others (*)		751,570		(413,479	)		338,091

		5,992,724		(2,281,599	)		3,711,125

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

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

24.	Lease, Continued

(3)	Changes in right-of-use assets for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land		661,799		2,681		(43,496	)		—			31,827			652,811
Buildings		74,856		20,341		(25,730	)		(763	)		20,087			88,791
Structures		23,965		15		(1,414	)		(265	)		(25	)		22,276
Machinery		835		—		(70	)		—			6,706			7,471
Ships		2,596,863		199,868		(287,142	)		—			(99,461	)		2,410,128
Vehicles		14,716		19,021		(7,546	)		(996	)		1,696			26,891
Others		338,091		11,569		(37,846	)		(256	)		(64,805	)		246,753

		3,711,125		253,495		(403,244	)		(2,280	)		(103,975	)		3,455,121


In millions of won	December 31, 2022
	Beginning balance		Increase		Depreciation			Decrease			Others			Ending balance
Land		652,795		63,654		(41,260	)		—			(13,390	)		661,799
Buildings		62,884		42,399		(30,243	)		(1,042	)		858			74,856
Structures		21,148		4,256		(1,758	)		—			319			23,965
Machinery		565		429		(159	)		—			—			835
Ships		3,029,219		—		(393,677	)		—			(38,679	)		2,596,863
Vehicles		13,618		13,475		(8,673	)		(962	)		(2,742	)		14,716
Others		279,168		72,803		(33,298	)		(834	)		20,252			338,091

		4,059,397		197,016		(509,068	)		(2,838	)		(33,382	)		3,711,125

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

24.	Lease, Continued

(4)	Lease liabilities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Less than 1 year		616,954			639,756
1 ~ 5 years		2,033,621			2,047,584
More than 5 years		1,841,625			1,925,012

		4,492,200			4,612,352
Less: discount		(479,616	)		(449,209	)

Present value of lease payment		4,012,584			4,163,143

(5)	The details of the liquidity classification of lease liabilities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Current lease liabilities		596,282		614,037
Non-current lease liabilities		3,416,302		3,549,106

		4,012,584		4,163,143

(6)	Changes in lease liabilities for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities		4,163,143		247,552		(519,962	)		64,116		57,735		4,012,584

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


In millions of won	December 31, 2022
	Beginning balance		Increase		Decrease			Interest expenses		Others (*)		Ending balance
Lease liabilities		4,410,503		109,019		(654,236	)		91,590		206,267		4,163,143

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

24.	Lease, Continued

(7)	Details of expense relating to lease contracts as lessee for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Depreciation of right-of-use assets		135,599		403,244		139,301		409,773
Interest expenses of lease liabilities		22,774		64,116		24,610		71,591
Lease expenses for short-term leases		43,602		112,691		47,519		171,857
Lease expenses for leases of low-value assets		719		1,887		667		1,639
Variable lease payments		19,828		31,149		37,271		91,966

		222,522		613,087		249,368		746,826

(8)	The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts to 665,690 million and 779,698 million, for the nine-month periods ended September 30, 2023 and 2022, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (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 22 energy storage system installation projects and 151 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comision Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2)	Profit and loss related to finance lease for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:

In millions of won

September 30, 2023

September 30, 2022

Three-month
period ended

Nine-month
period ended

Three-month
period ended

Nine-month
period ended

Finance income on the net investment in the lease

29,101

88,191

32,867

93,255

(3)	Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Less than 1 year		195,711			181,930
1 ~ 2 years		186,159			169,693
2 ~ 3 years		181,355			166,787
3 ~ 4 years		182,074			166,196
4 ~ 5 years		173,099			166,965
More than 5 years		1,503,547			1,527,093

		2,421,945			2,378,664
Less: unearned finance income		(1,131,232	)		(1,139,274	)

Net investment in the lease (*)		1,290,713			1,239,390

(*)	Including the present value of unguaranteed residual value amounting to 26,021 million and 22,910 million, as of September 30, 2023 and December 31, 2022, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.17% per year as of September 30, 2023. (prior year : 0.00%~17.08%)

(4)	Changes in the allowance for doubtful accounts of finance lease receivables for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Beginning balance		4,505		768
Bad debt expense		466		3,737

Ending balance		4,971		4,505

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

25.	Employment Benefits

(1)	Employment benefit obligations as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Net defined benefit asset		124,027		198,626
Net defined benefit obligations		867,138		825,927
Other long-term employee benefit obligations		2,454		2,794

(2)	Principal assumptions used for actuarial valuation as of September 30, 2023 and December 31, 2022 are as follows:


	September 30, 2023	December 31, 2022
Discount rate	4.92%~6.31%	5.16%~5.19%
Future salary and benefit levels	4.57%	4.55%
Weighted average duration	8.78 years	8.84 years

(3)	Details of expense relating to defined benefit plans for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023						September 30, 2022
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Current service cost		91,280			272,346			123,273			364,785
Interest cost		45,595			137,905			28,784			84,440
Expected return on plan assets		(38,332	)		(115,880	)		(17,811	)		(52,947	)
Past service cost		—			—			95			95

		98,543			294,371			134,341			396,373

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


In millions of won	September 30, 2023				September 30, 2022
	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Cost of sales		69,512		208,753		100,688		296,479
Selling and administrative expenses		18,584		54,070		20,418		59,661
Others (Construction-in-progress and others)		10,447		31,548		13,235		40,233

		98,543		294,371		134,341		396,373

In addition, for the nine-month periods ended September 30, 2023 and 2022, employee benefit obligations expenses of 68,065 million and 81,345 million, respectively, are recognized as cost of sales, and 11,327 million and 14,745 million, respectively, are recognized as selling and administrative expenses, and 11,371 million and 10,046 million, respectively, are recognized as construction-in-progress and others, relates to the Group’s defined contribution plans.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

25.	Employment Benefits, Continued

(4)	Details of defined benefit obligations as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Present value of defined benefit obligation from funded plans		3,904,612			3,776,715
Fair value of plan assets		(3,161,501	)		(3,149,414	)

Net liabilities incurred from defined benefit plans		743,111			627,301

(5)	Changes in the present value of defined benefit obligations for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		3,776,715			4,564,417
Current service cost		272,346			496,722
Interest cost		137,905			116,256
Remeasurement component		103,629			(1,012,727	)
Past service cost		—			125
Actual payments		(386,059	)		(388,105	)
Others		76			27

Ending balance		3,904,612			3,776,715

(6)	Changes in the fair value of plan assets for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		3,149,414			2,909,547
Expected return		115,880			73,484
Remeasurement component		7,462			(11,609	)
Contributions by the employers		23,507			347,778
Actual payments		(134,762	)		(169,786	)

Ending balance		3,161,501			3,149,414

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

25.	Employment Benefits, Continued

(7)	Details of the fair value of plan assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Equity instruments		152,137		171,301
Debt instruments		717,678		854,640
Bank deposits		589,870		590,103
Others (*)		1,701,816		1,533,370

		3,161,501		3,149,414

(*)	‘Others’ consist of various financial assets managed by external asset management companies.

For the nine-month period ended September 30, 2023 and for the year ended December 31, 2022, actual returns on plan assets amounted to 123,342 million and 61,875 million, respectively.

(8)	Remeasurement component recognized in other comprehensive income (loss) for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Actuarial gain from changes in financial assumptions		18,691			(967,366	)
Experience adjustments, etc.		84,938			(45,361	)
Expected loss (return)		(7,462	)		11,609

		96,167			(1,001,118	)

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

In addition, gain on accumulated remeasurement component amounting to 223,697 million and gain on accumulated remeasurement component amounting to 614,805 million have been recognized as other comprehensive income or loss as of September 30, 2023 and December 31, 2022, respectively.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

26.	Provisions

(1)	Provisions as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits		891,166		—		1,045,058		—
Litigation
Litigation provisions		493		160,862		26,974		154,205
Decommissioning cost
Nuclear plants		—		23,412,626		—		23,035,427
Spent fuel		613,855		888,859		415,890		1,011,028
Radioactive waste		85,121		1,891,249		94,158		1,895,849
PCBs		—		78,398		—		88,359
Other recovery provisions		—		35,752		—		32,770
Others
Power plant regional support program		160,573		—		144,504		—
Transmission regional support program		125,155		—		239,235		—
Provisions for financial guarantee		25,448		30,669		22,895		44,345
Provisions for RPS		162,312		—		24,339		—
Provisions for greenhouse gas emissions obligations		—		—		298,876		—
Others		100,601		63,819		115,122		102,659

		2,164,724		26,562,234		2,427,051		26,364,642

(2)	Changes in provisions for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits		1,045,058		752,517		(727,579	)		(178,727	)		(103	)		891,166
Litigation
Litigation provisions		181,179		70,547		(55,883	)		(34,488	)		—			161,355
Decommissioning cost
Nuclear plants		23,035,427		416,057		(38,820	)		—			(38	)		23,412,626
Spent fuel		1,426,918		368,546		(292,750	)		—			—			1,502,714
Radioactive waste		1,990,007		64,447		(78,084	)		—			—			1,976,370
PCBs		88,359		1,274		(11,235	)		—			—			78,398
Other recovery provisions		32,770		818		(379	)		—			2,543			35,752
Others
Power plant regional support program		144,504		51,814		(35,745	)		—			—			160,573
Transmission regional support program		239,235		11,252		(125,332	)		—			—			125,155
Provisions for financial guarantee		67,240		3,464		(14,065	)		(555	)		33			56,117
Provisions for RPS		24,339		512,194		(374,221	)		—			—			162,312
Provisions for greenhouse gas emissions obligations		298,876		36,768		(181,917	)		(64,627	)		(89,100	)		—
Others		217,781		19,892		(73,594	)		—			341			164,420

		28,791,693		2,309,590		(2,009,604	)		(278,397	)		(86,324	)		28,726,958

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

26.	Provisions, Continued

(2)	Changes in provisions for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows, continued:


In millions of won	December 31, 2022
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits		1,048,939		997,281		(1,001,283	)		—			121			1,045,058
Litigation
Litigation provisions		114,718		112,797		(39,633	)		(6,360	)		(343	)		181,179
Decommissioning cost
Nuclear plants		19,461,461		3,630,830		(56,813	)		—			(51	)		23,035,427
Spent fuel		1,350,662		493,943		(417,687	)		—			—			1,426,918
Radioactive waste		1,832,535		221,629		(64,157	)		—			—			1,990,007
PCBs		103,665		1,949		(17,156	)		(99	)		—			88,359
Other recovery provisions		30,231		2,093		(165	)		(751	)		1,362			32,770
Others
Power plant regional support program		146,588		52,470		(54,554	)		—			—			144,504
Transmission regional support program		250,288		176,424		(187,477	)		—			—			239,235
Provisions for financial guarantee		80,841		4,738		(17,789	)		—			(550	)		67,240
Provisions for RPS		—		587,586		(556,993	)		(6,254	)		—			24,339
Provisions for greenhouse gas emissions obligations		655,544		387,299		(590,172	)		(33,596	)		(120,199	)		298,876
Others		271,828		4,447		(39,566	)		(19,853	)		925			217,781

		25,347,300		6,673,486		(3,043,445	)		(66,913	)		(118,735	)		28,791,693

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

27.	Government Grants

(1)	Government grants as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Land		(27,404	)		(27,405	)
Buildings		(46,648	)		(50,437	)
Structures		(157,684	)		(165,608	)
Machinery		(114,264	)		(127,126	)
Vehicles		(2,536	)		(2,045	)
Equipment		(5,901	)		(6,608	)
Tools		(72	)		(99	)
Construction-in-progress		(162,688	)		(135,926	)
Investment properties		(23	)		(21	)
Software		(263	)		(174	)
Development expenditures		(2,460	)		(3,477	)
Intangible assets under development		(2,333	)		(2,108	)
Other intangible assets		(345	)		(67	)

		(522,621	)		(521,101	)

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

27.	Government Grants, Continued

(2)	Changes in government grants for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance			Receipt			Acquisition		Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash		—			(29,812	)		—		—		—		29,812			—
Land		(27,405	)		—			—		—		1		—			(27,404	)
Buildings		(50,437	)		—			—		3,788		—		1			(46,648	)
Structures		(165,608	)		—			—		7,179		1,065		(320	)		(157,684	)
Machinery		(127,126	)		—			—		12,667		219		(24	)		(114,264	)
Vehicles		(2,045	)		—			—		674		—		(1,165	)		(2,536	)
Equipment		(6,608	)		—			—		1,482		—		(775	)		(5,901	)
Tools		(99	)		—			—		28		—		(1	)		(72	)
Construction-in-progress		(135,926	)		—			1,291		—		—		(28,053	)		(162,688	)
Investment properties		(21	)		—			—		1		—		(3	)		(23	)
Software		(174	)		—			—		58		—		(147	)		(263	)
Development expenditures		(3,477	)		—			—		1,017		—		—			(2,460	)
Intangible assets under development		(2,108	)		—			—		—		—		(225	)		(2,333	)
Other intangible assets		(67	)		—			—		70		—		(348	)		(345	)

		(521,101	)		(29,812	)		1,291		26,964		1,285		(1,248	)		(522,621	)


In millions of won	December 31, 2022
	Beginning balance			Receipt			Acquisition		Offset the items of depreciation expense and others		Disposal		Others			Ending balance
Cash		—			(50,755	)		—		—		—		50,755			—
Land		(23,474	)		—			—		—		1		(3,932	)		(27,405	)
Buildings		(52,122	)		—			—		5,360		—		(3,675	)		(50,437	)
Structures		(172,021	)		—			—		9,568		1,250		(4,405	)		(165,608	)
Machinery		(140,082	)		—			—		17,283		405		(4,732	)		(127,126	)
Vehicles		(1,675	)		—			—		663		—		(1,033	)		(2,045	)
Equipment		(149	)		—			—		494		—		(6,953	)		(6,608	)
Tools		(64	)		—			—		32		—		(67	)		(99	)
Construction-in-progress		(111,822	)		—			23,155		—		17		(47,276	)		(135,926	)
Investment properties		(30	)		—			—		1		—		8			(21	)
Software		(91	)		—			—		60		—		(143	)		(174	)
Development expenditures		(3,820	)		—			—		1,466		—		(1,123	)		(3,477	)
Intangible assets under development		(7,326	)		—			—		—		—		5,218			(2,108	)
Other intangible assets		(71	)		—			—		4		—		—			(67	)

		(512,747	)		(50,755	)		23,155		34,931		1,673		(17,358	)		(521,101	)

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

28.	Deferred Revenue

Deferred revenue for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 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	September 30, 2023			December 31, 2022
Beginning balance		10,974,845			10,356,555
Increase		930,620			1,330,129
Recognized as revenue		(552,645	)		(711,839	)

Ending balance		11,352,820			10,974,845

29.	Non-financial Liabilities

Non-financial liabilities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Current		Non-current		Current		Non-current
Advance received		5,155,677		338,427		4,544,206		284,618
Unearned revenue		50,892		7,642		86,584		7,200
Deferred revenue		723,289		10,629,531		702,430		10,272,415
Withholdings		534,083		2,385		207,217		2,408
Others		1,799,378		57,403		1,433,940		96,020

		8,263,319		11,035,388		6,974,377		10,662,661

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

30.	Contributed Capital

(1)	Details of share capital as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won except share information
	September 30, 2023
	Shares authorized		Shares issued		Par value per share (in won)		Owned by government (*)		Owned by others		Total
Common shares		1,200,000,000		641,964,077		5,000		1,640,385		1,569,435		3,209,820

(*)	Korea Development Bank’s interest of 1,056,176 million is included.


In millions of won except share information
	December 31, 2022
	Shares authorized		Shares issued		Par value per share (in won)		Owned by government (*)		Owned by others		Total
Common shares		1,200,000,000		641,964,077		5,000		1,640,385		1,569,435		3,209,820

(*)	Korea Development Bank’s interest of 1,056,176 million is included.

(2)	Details in number of floating capital stock for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


Number of shares	September 30, 2023		December 31, 2022
Beginning balance		641,964,077		641,964,077

Ending balance		641,964,077		641,964,077

(3)	Details of share premium as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Share premium		843,758		843,758

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September 30, 2023 and 2022 (Unaudited)

31.	Retained Earnings and Dividends Paid

(1)	Details of retained earnings as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Legal reserve (*)		1,604,910		1,604,910
Voluntary reserves		2,812,313		27,782,969
Retained earnings (Undisposed deficit) before appropriations		10,907,481		(7,956,579	)

Retained earnings		15,324,704		21,431,300

(*)

The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2)	Details of voluntary reserves as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Reserve for investment on social overhead capital		2,272,313		5,277,449
Reserve for research and human development (*)		330,000		330,000
Reserve for business expansion		—		21,965,520
Reserve for equalizing dividends		210,000		210,000

		2,812,313		27,782,969

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

(3)	Changes in retained earnings for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		21,431,300			45,258,244
Loss for the year attributed to owners of the controlling company		(6,055,340	)		(24,466,853	)
Changes in equity method retained earnings		(1,947	)		12,305
Remeasurements of defined benefit liability, net of tax		(49,309	)		626,769
Additional paid-in capital and others		—			835

Ending balance		15,324,704			21,431,300

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September 30, 2023 and 2022 (Unaudited)

31.	Retained Earnings and Dividends Paid, Continued

(4)	Dividends paid for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:

In millions of won

September 30, 2023

Number of
shares issued

Number of
treasury stocks

Number of
shares eligible for
dividends

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

—

In millions of won

December 31, 2022

Number of
shares issued

Number of
treasury stocks

Number of
shares eligible for
dividends

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

—

(5)	Changes in retained earnings of investments in associates and joint ventures for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		16,275			3,970
Changes		(1,947	)		12,305

Ending balance		14,328			16,275

(6)	Changes in remeasurement components related to defined benefit liability for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Beginning balance		614,805			98,844
Changes		(90,438	)		964,791
Income tax effect		41,129			(338,022	)
Transfer to reserve for business expansion		(341,799	)		(110,808	)

Ending balance		223,697			614,805

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

32.	Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of September 30, 2023 and December 31, 2022 are as follows:


In millions of wonp
Issuer	Hybrid bond		Issued date		Maturity		Yield (%)		September 30, 2023			December 31, 2022
Korea South-East Power Co., Ltd. (*)		2nd hybrid bond		2012.12.07		2042.12.06		4.44		230,000			230,000
Expense of issuance										(627	)		(627	)

										229,373			229,373

(*)

Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.

33.	Other Components of Equity

(1)	Other components of equity as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Other capital surplus		1,283,831		1,268,569
Accumulated other comprehensive income		837,652		496,976
Other equity		13,294,972		13,294,973

		15,416,455		15,060,518

(2)	Changes in other capital surplus for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023								December 31, 2022
	Gains on disposal of treasury stocks		Others			Subtotal			Gains on disposal of treasury stocks		Others			Subtotal
Beginning balance		387,524		881,045			1,268,569			387,524		843,585			1,231,109
Changes in consolidation scope		—		(12	)		(12	)		—		(597	)		(597	)
Additional paid-in capital and others		—		15			15			—		39,641			39,641
Transactions between consolidated entities		—		15,259			15,259			—		(1,584	)		(1,584	)

Ending balance		387,524		896,307			1,283,831			387,524		881,045			1,268,569

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September 30, 2023 and 2022 (Unaudited)

33.	Other Components of Equity, Continued

(3)	Changes in accumulated other comprehensive income (loss) for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Financial assets at fair value through other comprehensive income valuation reserve			Shares of other comprehensive income of investments in associates and joint ventures		Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance		11,510			820,739		(305,620	)		(29,653	)		496,976
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		(24,797	)		—		—			—			(24,797	)
Shares of other comprehensive income of associates and joint ventures, net of tax		—			367,535		—			—			367,535
Foreign currency translation of foreign operations, net of tax		—			—		6,785			—			6,785
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(8,847	)		(8,847	)

Ending balance		(13,287	)		1,188,274		(298,835	)		(38,500	)		837,652


In millions of won	December 31, 2022
	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		(46,498	)		311,252		(325,170	)		2,784			(57,632	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		58,008			—		—			—			58,008
Shares of other comprehensive income of associates and joint ventures, net of tax		—			509,487		—			—			509,487
Foreign currency translation of foreign operations, net of tax		—			—		19,550			—			19,550
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—			—		—			(32,437	)		(32,437	)

Ending balance		11,510			820,739		(305,620	)		(29,653	)		496,976

(4)	Other equity as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Statutory revaluation reserve		13,295,098			13,295,098
Changes in other equity		(126	)		(125	)

		13,294,972			13,294,973

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September 30, 2023 and 2022 (Unaudited)

34.

Sales

Details of sales for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023
	Domestic				Overseas				Total
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended

[Type of goods and services]
Sales of goods		23,740,697		63,796,832		128,325		304,119		23,869,022		64,100,951
Electricity		23,164,138		61,784,889		—		—		23,164,138		61,784,889
Heat supply		17,173		328,237		—		—		17,173		328,237
Others		559,386		1,683,706		128,325		304,119		687,711		1,987,825
Sales related to rendering of services		117,766		306,581		67,755		184,212		185,521		490,793
Sales related to construction services		41,363		129,307		186,966		412,795		228,329		542,102
Revenue related to transfer of assets from customers		187,102		552,645		—		—		187,102		552,645

		24,086,928		64,785,365		383,046		901,126		24,469,974		65,686,491

[Timing of revenue recognition]
Performance obligations satisfied at a point in time		23,740,697		63,796,832		128,325		304,119		23,869,022		64,100,951
Performance obligations satisfied over time		346,231		988,533		254,721		597,007		600,952		1,585,540

		24,086,928		64,785,365		383,046		901,126		24,469,974		65,686,491


In millions of won	September 30, 2022
	Domestic				Overseas				Total
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended

[Type of goods and services]
Sales of goods		19,008,823		49,637,832		168,036		466,572		19,176,859		50,104,404
Electricity		18,488,240		47,956,796		—		—		18,488,240		47,956,796
Heat supply		20,167		315,936		—		—		20,167		315,936
Others		500,416		1,365,100		168,036		466,572		668,452		1,831,672
Sales related to rendering of services		89,142		239,242		88,223		221,698		177,365		460,940
Sales related to construction services		41,698		127,111		199,535		543,581		241,233		670,692
Revenue related to transfer of assets from customers		177,501		529,027		—		—		177,501		529,027

		19,317,164		50,533,212		455,794		1,231,851		19,772,958		51,765,063

[Timing of revenue recognition]
Performance obligations satisfied at a point in time		19,008,823		49,637,832		168,036		466,572		19,176,859		50,104,404
Performance obligations satisfied over time		308,340		895,380		287,759		765,279		596,099		1,660,659

		19,317,163		50,533,212		455,795		1,231,851		19,772,958		51,765,063

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

35.	Selling and Administrative Expenses

Selling and administrative expenses for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Salaries		276,073		782,968		282,679		830,817
Retirement benefit expense		23,503		65,397		22,615		74,406
Welfare and benefit expense		38,022		109,558		38,214		110,454
Insurance expense		3,710		18,159		3,365		15,152
Depreciation		56,704		184,114		57,330		167,758
Amortization of intangible assets		22,444		67,140		22,608		64,192
Bad debt expense		12,314		39,499		9,566		7,639
Commission		118,977		322,137		89,041		289,215
Advertising expense		5,222		27,302		4,920		23,890
Training expense		2,251		5,951		2,071		4,723
Vehicle maintenance expense		2,246		6,925		3,369		8,393
Publishing expense		385		1,902		385		2,073
Business promotion expense		566		1,963		778		2,389
Rent expense		13,919		34,479		17,386		35,782
Telecommunication expense		1,809		5,965		2,025		6,332
Transportation expense		224		804		263		767
Taxes and dues		7,567		98,975		4,979		98,422
Expendable supplies expense		1,563		5,227		1,326		6,464
Water, light and heating expense		4,045		13,374		4,089		13,776
Repairs and maintenance expense		52,824		112,272		36,196		100,688
Ordinary development expense		55,839		139,705		56,053		143,544
Travel expense		3,993		12,278		3,703		11,960
Clothing expense		2,428		3,561		2,207		4,113
Survey and analysis expense		233		777		247		761
Membership fee		354		1,317		181		1,303
Others		34,751		97,634		36,263		94,395

		741,966		2,159,383		701,859		2,119,408

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September 30, 2023 and 2022 (Unaudited)

36.	Other Income and Expenses

(1)	Other income for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Reversal of other provisions		11,168		34,501		7,712		11,983
Reversal of other allowance for doubtful accounts		487		487		10,168		4,555
Gains on government grants		61		193		71		216
Gains on assets contributed		46		15,840		689		944
Gains on liabilities exempted		80		755		65		1,142
Compensation and reparations revenue		30,535		66,085		20,038		50,597
Revenue from foundation fund		3		3		—		—
Revenue from research contracts		195		2,325		—		4,087
Rental income		51,659		159,417		53,781		156,521
Others		13,299		52,647		4,258		35,318

		107,533		332,253		96,782		265,363

(2)	Other expenses for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Compensation and indemnification expense		—		3		—		11
Accretion expenses of other provisions		1,174		1,645		152		794
Depreciation expenses on investment properties		122		369		124		350
Depreciation expenses on idle assets		914		2,744		911		2,718
Other bad debt expense		—		8,584		—		19
Donations		17,121		118,545		66,614		96,614
Others		1,225		18,125		8,265		60,752

		20,556		150,015		76,066		161,258

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September 30, 2023 and 2022 (Unaudited)

37.	Other Gains (Losses)

Composition of other gains (losses) for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023						September 30, 2022
	Three- month period ended			Nine- month period ended			Three- month period ended			Nine- month period ended
Other gains
Gains on disposal of property, plant and equipment		12,426			26,120			54,870			132,845
Gains on disposal of intangible assets		100			100			—			41
Gains on foreign currency translation		7,061			19,287			51,049			85,218
Gains on foreign currency transactions		30,519			97,863			14,691			51,812
Gains on insurance proceeds		221			221			—			5,154
Others		115,129			283,977			61,380			206,924
Other losses
Losses on disposal of property, plant and equipment		(4,643	)		(38,800	)		(16,804	)		(68,574	)
Losses on disposal of intangible assets		(1	)		(71	)		(100	)		(48	)
Impairment loss on property, plant and equipment		—			(6,167	)		—			—
Impairment loss on intangible assets		—			(283	)		—			(14	)
Losses on foreign currency translation		(2,872	)		(13,236	)		(41,476	)		(67,812	)
Losses on foreign currency transactions		(45,416	)		(147,222	)		(128,445	)		(216,569	)
Others		(42,211	)		(148,538	)		(10,358	)		(94,039	)

		70,313			73,251			(15,193	)		34,938

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

38.	Finance Income

Finance income for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Interest income		107,464		311,371		90,150		228,421
Dividends income		5,175		16,587		2,860		18,138
Gains on disposal of financial assets		1,346		7,915		7,997		9,104
Gains on valuation of financial assets at fair value through profit or loss		10,304		27,126		3,474		5,808
Gains on valuation of derivatives		378,877		904,545		1,265,228		2,092,910
Gains on transaction of derivatives		92,993		225,667		217,770		350,983
Gains on foreign currency translation		43,412		108,188		122,792		246,726
Gains on foreign currency transactions		15,907		31,317		9,643		26,212
Other finance income		2,928		4,312		578		897

		658,406		1,637,028		1,720,492		2,979,199

39.	Finance Expenses

Finance expenses for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023				September 30, 2022
	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- month period ended
Interest expense		1,153,217		3,310,430		722,300		1,925,955
Losses on sale of financial assets		1		1		111		1,018
Losses on valuation of financial assets at fair value through profit or loss		1,495		3,499		13,551		27,389
Losses on valuation of derivatives		—		31,635		17,589		37,536
Losses on transaction of derivatives		61,301		122,695		9,559		38,328
Losses on foreign currency translation		448,312		1,088,460		1,688,881		2,929,587
Losses on foreign currency transactions		14,134		43,458		209,341		288,026
Losses on repayment of financial liabilities		—		—		—		15
Others		40		571		1,348		2,844

		1,678,500		4,600,749		2,662,680		5,250,698

Capitalization rates for the nine-month periods ended September 30, 2023 and 2022 are 2.12%~5.50% and 2.17%~5.80%, respectively.

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September 30, 2023 and 2022 (Unaudited)

40.	Income Taxes

Income tax expense is calculated by adjusting adjustments recognized in the current period, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The Group did not calculate the average effective tax rate for the current and previous periods because income tax benefit occurred for the nine-month periods ended September 30, 2023 and 2022.

41.	Assets Held-for-Sale

Assets held-for-sale as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Land (*1,2)		31,766		31,766
Buildings (*1,2)		13,881		12,981
Structures (*1)		1		1

		45,648		44,748

(*1)

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

(*2)	The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.

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September 30, 2023 and 2022 (Unaudited)

42.	Expenses Classified by Nature

Expenses classified by nature for the nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023
	Selling and administrative expenses		Cost of sales		Total
Raw materials used		—		21,844,702		21,844,702
Power purchase		—		30,343,951		30,343,951
Salaries		782,968		3,173,066		3,956,034
Retirement benefit expense		65,397		276,818		342,215
Welfare and benefit expense		109,558		397,856		507,414
Insurance expense		18,159		91,231		109,390
Depreciation		184,114		9,533,235		9,717,349
Amortization of intangible assets		67,140		56,146		123,286
Bad debt expense		39,499		—		39,499
Commission		322,137		271,256		593,393
Advertising expense		27,302		6,109		33,411
Training expense		5,951		10,548		16,499
Vehicle maintenance expense		6,925		6,623		13,548
Publishing expense		1,902		1,861		3,763
Business promotion expense		1,963		1,870		3,833
Rent expense		34,479		132,974		167,453
Telecommunication expense		5,965		7,393		13,358
Transportation expense		804		86,106		86,910
Taxes and dues		98,975		456,000		554,975
Expendable supplies expense		5,227		30,977		36,204
Water, light and heating expense		13,374		33,431		46,805
Repairs and maintenance expense		112,272		1,888,331		2,000,603
Ordinary development expense		139,705		358,026		497,731
Travel expense		12,278		58,529		70,807
Clothing expense		3,561		5,629		9,190
Survey and analysis expense		777		2,805		3,582
Membership fee		1,317		12,680		13,997
Others		97,634		892,340		989,974

		2,159,383		69,980,493		72,139,876

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

42.	Expenses Classified by Nature, Continued

Expenses classified by nature for the nine-month periods ended September 30, 2023 and 2022 are as follows, continued:


In millions of won	September 30, 2022
	Selling and administrative expenses		Cost of sales		Total
Raw materials used		—		24,335,923		24,335,923
Power purchase		—		30,076,617		30,076,617
Salaries		830,817		3,199,701		4,030,518
Retirement benefit expense		74,406		377,824		452,230
Welfare and benefit expense		110,454		402,054		512,508
Insurance expense		15,152		78,341		93,493
Depreciation		167,758		9,120,116		9,287,874
Amortization of intangible assets		64,192		52,915		117,107
Bad debt expense (reversal of bad debt expense)		7,639		—		7,639
Commission		289,215		220,500		509,715
Advertising expense		23,890		7,026		30,916
Training expense		4,723		8,627		13,350
Vehicle maintenance expense		8,393		7,418		15,811
Publishing expense		2,073		1,949		4,022
Business promotion expense		2,389		2,486		4,875
Rent expense		35,782		128,127		163,909
Telecommunication expense		6,332		7,368		13,700
Transportation expense		767		84,059		84,826
Taxes and dues		98,422		443,174		541,596
Expendable supplies expense		6,464		30,863		37,327
Water, light and heating expense		13,776		43,889		57,665
Repairs and maintenance expense		100,688		1,659,754		1,760,442
Ordinary development expense		143,544		344,970		488,514
Travel expense		11,960		59,022		70,982
Clothing expense		4,113		4,827		8,940
Survey and analysis expense		761		2,948		3,709
Membership fee		1,303		11,669		12,972
Others		94,395		767,699		862,094

		2,119,408		71,479,866		73,599,274

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

43.	Earnings (Loss) Per Share

(1)	Basic earnings (loss) per share for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In won	September 30, 2023					September 30, 2022
Type	Three- month period ended		Nine- month period ended			Three- month period ended			Nine- month period ended
Basic earnings (loss) per share		1,237		(9,433	)		(9,199	)		(26,007	)

(2)	Profit (Loss) for the periods and weighted average number of common shares used in the calculation of basic earnings (loss) per share for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won except number of shares	September 30, 2023					September 30, 2022
Type	Three- month period ended		Nine- month period ended			Three- month period ended			Nine- month period ended
Profit (Loss) attributable to controlling interest		793,947		(6,055,340	)		(5,905,386	)		(16,695,435	)
Profit (Loss) used in the calculation of total basic earnings per share		793,947		(6,055,340	)		(5,905,386	)		(16,695,435	)
Weighted average number of common shares		641,964,077		641,964,077			641,964,077			641,964,077

(3)	Weighted average number of common shares used in the calculation of basic earnings (loss) per share for the three and nine-month periods ended September 30, 2023 and 2022 are as follows:


In number of shares	September 30, 2023				September 30, 2022
Type	Three- month period ended		Nine- month period ended		Three- month period ended		Nine- 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

There are no potential dilutive instruments and diluted earnings (loss) per share are same as basic earnings (loss) per share for the three and nine-month periods ended September 30, 2023 and 2022.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management

(1)	Capital risk management

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

Details of the Group’s capital management accounts as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023			December 31, 2022
Total borrowings and debt securities		134,036,650			120,605,365
Cash and cash equivalents		4,494,474			3,234,780

Net borrowings and debt securities		129,542,176			117,370,585

Total equity		36,181,463			42,000,256

Debt to equity ratio		358.03	%		279.45	%

(2)	Financial risk management

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

(i)

Credit risk

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

①

Credit risk management

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

②

Impairment and allowance account

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

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

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (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 September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023		December 31, 2022
Cash and cash equivalents		4,494,474		3,234,780
Financial assets at fair value through profit or loss (*1)		3,152,764		3,610,408
Derivative assets (trading)		1,047,251		693,072
Financial assets at fair value through other comprehensive income (debt securities)		4,608		529
Financial assets at amortized cost		28,770		26,998
Loans		1,020,268		1,013,371
Long-term/short-term financial instruments		1,489,748		1,353,080
Derivative assets (applying hedge accounting)		414,796		324,952
Trade and other receivables		12,916,648		12,614,902
Financial guarantee contracts (*2)		4,345,360		3,776,060

(*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 nine-month period ended September 30, 2023, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii)

Market risk

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(2)	Financial risk management, continued

(iii)

Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions

①

Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won		September 30, 2023						December 31, 2022
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation		367,454			(323,280	)		321,930			(283,658	)
Discount rate	Increase (decrease) in defined benefit obligation		(304,745	)		354,690			(289,229	)		337,033

Changes of employee benefits assuming a 1%p increase and decrease movements in discount rate on plan asset for the nine-month periods ended September 30, 2023 and 2022 are 21,384 million and 20,638 million, respectively.

②

Provisions

Changes in provisions due to movements in underlying assumptions as of September 30, 2023 and December 31, 2022 are as follows:


Type	Accounts	September 30, 2023			December 31, 2022
PCBs	Inflation rate		1.98	%		1.98	%
	Discount rate		1.92	%		1.92	%
Nuclear plants	Inflation rate		2.25	%		2.25	%
	Discount rate		2.48	%		2.48	%
Spent fuel	Inflation rate		2.93	%		2.93	%
	Discount rate		4.49	%		4.49	%
Radioactive waste	Inflation rate		3.06	%		3.06	%
	Discount rate		2.62	%		2.62	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won		September 30, 2023						December 31, 2022
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs		(104	)		104			(169	)		169
	Nuclear plants		(466,911	)		483,429			(474,432	)		491,360
	Spent fuel		(57,212	)		59,449			(54,330	)		56,453
	Radioactive waste		(14,388	)		14,546			(15,089	)		15,260
Inflation rate	PCBs		104			(104	)		169			(169	)
	Nuclear plants		524,800			(507,480	)		515,262			(498,258	)
	Spent fuel		60,308			(58,118	)		57,269			(55,191	)
	Radioactive waste		14,849			(14,708	)		14,190			(14,056	)

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (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 September 30, 2023 and December 31, 2022 are as follows:


In thousands of foreign currencies	Assets				Liabilities
Type	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
AED		37,159		5,610		15,663		25,597
AUD		4,310		4,448		650,236		299,663
BDT		1,807		7,514		—		—
BWP		815		824		21		—
EGP		18,723		—		739		1,162
CAD		89		89		701		595
CHF		—		—		499,945		500,158
CZK		—		—		58		153
EUR		29,677		1,976		83,050		41,073
GBP		11		—		—		31
HKD		—		—		5,156,006		4,014,446
IDR		27,377,930		598,697		1,350,016		1,323,840
INR		1,658,967		1,592,380		391,476		312,978
JOD		464		1,146		79,963		14
JPY		1,132,181		568,263		6,994,377		1,719,846
KZT		1,510		1,510		—		—
MGA		1,864,909		2,856,045		609,301		347,403
MMK		199,518		199,518		—		—
MYR		38,435		38,177		—		—
PHP		84,951		68,592		8,924		7,493
PKR		2,476,858		533,816		956		219,341
RUB		—		—		1,366		2,881
SAR		1,283		1,713		—		9,710
SEK		—		—		450,123		449,211
SGD		2,139		—		2,279		—
THB		—		—		—		389
USD		1,688,976		1,484,614		13,801,838		13,599,643
UYU		98,088		128,674		1,756		3,106
VND		1,038,675		1,184,670		—		4,495
ZAR		60,512		43,461		294		—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023					December 31, 2022
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax		(1,758,336	)		1,758,336		(1,703,053	)		1,703,053
Increase (decrease) of shareholder’s equity (*)		(1,758,336	)		1,758,336		(1,703,053	)		1,703,053

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

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of September 30, 2023 and December 31, 2022.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(2)	Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency 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 September 30, 2023, 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 September 30, 2023 and December 31, 2022 are as follows:


In millions of won
Type	September 30, 2023		December 31, 2022
Short-term borrowings		3,683,792		3,154,972
Long-term borrowings		7,858,928		5,388,073
Debt securities		269,578		269,101

		11,812,298		8,812,146

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023					December 31, 2022
Type	1%p Increase			1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax		(88,592	)		88,592		(88,121	)		88,121
Increase (decrease) of shareholder’s equity (*)		(88,592	)		88,592		(88,121	)		88,121

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

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

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(2)	Financial risk management, continued

③

Electricity rates risk

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

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the nine-month periods ended September 30, 2023 and 2022 is as follows:


In millions of won	September 30, 2023					September 30, 2022
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax		617,849		(617,849	)		479,568		(479,568	)
Increase (decrease) of shareholder’s equity (*)		617,849		(617,849	)		479,568		(479,568	)

(*)	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 for non-derivative financial liabilities as of September 30, 2023 and December 31, 2022 in detail are as follows:


In millions of won	September 30, 2023
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities		35,521,701		36,201,021		44,628,954		36,173,184		152,524,860
Lease liabilities		616,954		294,784		1,738,837		1,841,625		4,492,200
Trade and other payables (*1)		8,099,725		404,467		1,065,428		633,283		10,202,903
Financial guarantee contracts (*2)		66,979		1,487,564		2,770,646		20,171		4,345,360

		44,305,359		38,387,836		50,203,865		38,668,263		171,565,323


In millions of won	December 31, 2022
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings and debt securities		26,157,747		27,367,577		47,361,676		37,115,832		138,002,832
Lease liabilities		639,756		657,210		1,390,374		1,925,012		4,612,352
Trade and other payables (*1)		11,369,512		347,563		1,008,133		734,112		13,459,320
Financial guarantee contracts (*2)		105,091		54,310		3,495,437		121,222		3,776,060

		38,272,106		28,426,660		53,255,620		39,896,178		159,850,564

(*1)	Excludes lease liabilities.

(*2)	This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of September 30, 2023 and December 31, 2022 are 56,117 million and 67,240 million, respectively.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(2)	Financial risk management, continued

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities for non-derivative financial assets as of September 30, 2023 and December 31, 2022 in detail are as follows:


In millions of won	September 30, 2023
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents		4,494,474		—		—		—		4,494,474
Financial assets at fair value through other comprehensive income		—		—		—		515,283		515,283
Financial assets at amortized cost		18,480		5,294		4,996		—		28,770
Loans and receivables		116,961		502,965		438,383		—		1,058,309
Long-term/short-term financial Instruments		732,879		—		25		756,844		1,489,748
Financial assets at fair value through profit or loss		2,768,047		264		1,243		492,065		3,261,619
Trade and other receivables		10,669,414		1,027,659		1,235,856		—		12,932,929

		18,800,255		1,536,182		1,680,503		1,764,192		23,781,132


In millions of won	December 31, 2022
Type	Less than 1 year		1~5 Years		More than 5 years		Other (*)		Total
Cash and cash equivalents		3,234,780		—		—		—		3,234,780
Financial assets at fair value through other comprehensive income		—		—		—		502,829		502,829
Financial assets at amortized cost		16,762		10,231		5		—		26,998
Loans and receivables		132,877		411,594		502,050		—		1,046,521
Long-term/short-term financial Instruments		666,758		—		25		686,297		1,353,080
Financial assets at fair value through profit or loss		3,181,791		645		3,535		523,537		3,709,508
Trade and other receivables		10,464,191		1,083,593		1,080,831		—		12,628,615

		17,697,159		1,506,063		1,586,446		1,712,663		22,502,331

(*)	The maturities cannot be presently determined.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(2)	Financial risk management, continued

Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading		—			—			—			—			—
Gross settlement
- Trading and others		(17,385	)		(25,889	)		(75,332	)		(6,508	)		(125,114	)
- Hedging		—			—			—			(6,654	)		(6,654	)

		(17,385	)		(25,889	)		(75,332	)		(13,162	)		(131,768	)


In millions of won	December 31, 2022
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading		—			—			—			—			—
Gross settlement
- Trading and others		(42,663	)		(15,225	)		(171,130	)		(84,924	)		(313,942	)
- Hedging		—			(10,064	)		(5,176	)		(10,265	)		(25,505	)

		(42,663	)		(25,289	)		(176,306	)		(95,189	)		(339,447	)

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(3)	Fair value risk

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

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

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

(i)

Fair value and book value of financial assets and liabilities as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income		515,283		515,283		502,829		502,829
Derivative assets (trading)		1,047,251		1,047,251		693,072		693,072
Derivative assets (applying hedge accounting)		414,796		414,796		324,952		324,952
Financial assets at fair value through profit or loss		3,261,619		3,261,619		3,709,508		3,709,508

		5,238,949		5,238,949		5,230,361		5,230,361

Assets carried at amortized cost
Financial assets at amortized cost		28,770		28,770		26,998		26,998
Loans and receivables		1,020,268		1,020,268		1,013,371		1,013,371
Trade and other receivables		12,916,648		12,916,648		12,614,902		12,614,902
Long-term financial instruments		756,869		756,869		686,322		686,322
Short-term financial instruments		732,879		732,879		666,758		666,758
Cash and cash equivalents		4,494,474		4,494,474		3,234,780		3,234,780

		19,949,908		19,949,908		18,243,131		18,243,131

Liabilities recognized at fair value
Derivative liabilities (trading)		232,868		232,868		407,246		407,246
Derivative liabilities (applying hedge accounting)		6,655		6,655		25,505		25,505

		239,523		239,523		432,751		432,751

Liabilities carried at amortized cost
Secured borrowings		456,794		456,794		102,368		102,368
Unsecured bond		115,127,635		109,354,337		105,185,189		96,846,056
Lease liabilities		4,012,584		4,012,584		4,163,143		4,163,143
Unsecured borrowings		18,424,251		18,423,115		15,282,193		15,280,693
Trade and other payables (*)		10,202,903		10,202,903		13,459,320		13,459,320
Overdraft		27,970		27,970		35,615		35,615

		148,252,137		142,477,703		138,227,828		129,887,195

(*)	Excludes lease liabilities.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(3)	Fair value risk, continued

(ii)

Interest rates used for determining fair value

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

The discount rate used for calculating fair value as of September 30, 2023 and December 31, 2022 are as follows:


Type	September 30, 2023		December 31, 2022
Derivatives		0.93%~12.14%		0.60%~7.93%
Borrowings and debt securities		0.96%~5.94%		0.75%~5.84%
Leases		0.00%~17.17%		0.00%~17.08%

(iii)

Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.


Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;

Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and

Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		305,984		—		209,299		515,283
Derivative assets		—		1,462,047		—		1,462,047
Financial assets at fair value through profit or loss		—		3,255,515		6,104		3,261,619

		305,984		4,717,562		215,403		5,238,949

Financial liabilities at fair value
Derivative liabilities		—		239,523		—		239,523

In millions of won	December 31, 2022
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		300,057		—		202,772		502,829
Derivative assets		—		1,018,024		—		1,018,024
Financial assets at fair value through profit or loss		—		3,703,179		6,329		3,709,508

		300,057		4,721,203		209,101		5,230,361

Financial liabilities at fair value
Derivative liabilities		—		432,751		—		432,751

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

44.	Risk Management, Continued

(3)	Fair value risk, continued

Changes of non-derivative financial assets and liabilities which are classified as level 3 for nine-month period ended September 30, 2023 and for the year ended December 31, 2022 are as follows:


In millions of won	September 30, 2023
	Beginning balance		Acquisitions		Reclassified category			Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss
Cooperative		6,329		—		(348	)		123			—			—			6,104
Financial assets at fair value through other comprehensive income
Unlisted securities		202,243		2,060		—			(84	)		(31	)		503			204,691
Debt securities		529		4,079		—			—			—			—			4,608

In millions of won	December 31, 2022
	Beginning balance		Acquisitions		Reclassified category			Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss
Cooperative		5,797		400		—			132			—			—			6,329
Financial assets at fair value through other comprehensive income
Unlisted securities		160,790		9,451		—			33,237			—			(1,235	)		202,243
Debt securities		491		—		—			38			—			—			529

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

45.	Service Concession Arrangements

(i)

Significant terms and concession period of the arrangement

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

(ii)

Rights and classification of the arrangement

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

(iii)

Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years contract period.

(iv)

The Group’s expected future collections of service concession arrangements as of September 30, 2023 are as follows:


In millions of won
Type	Amounts
Less than 1 year		33,734
1 ~ 2 years		33,658
2 ~ 3 years		33,699
Over 3 years		556,912

		658,003

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties

(1)	Related parties of the Group as of September 30, 2023 are as follows:


Type		Related party

Parent		Republic of Korea government

Subsidiaries (165 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, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO Energy Solution Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO US Inc., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(1)	Related parties of the Group as of September 30, 2023 are as follows, continued:


Type		Related party

Associates (99 associates)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., KPE Green Energy Co., Ltd.(formerly, Daewon Green Energy Co., Ltd.), G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., Boulder Solar III, LLC, PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd.(formerly, SC E&G Co., Ltd.), REC’s Innovation Co., Ltd.(formerly, Wang San Engineering. Co., Ltd.), ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(1)	Related parties of the Group as of September 30, 2023 are as follows, continued:


Type		Related party

Joint ventures (106 joint ventures)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Songsan Green Energy Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Jeonju Bio Green Energy Co., Ltd.

Others (2 others)		Korea Development Bank, KEPCO Lebanon SARL

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

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

(3)	Related party transactions for the nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won		Sales and others
Company name	Transaction type	September 30, 2023		September 30, 2022
<Associates>
Korea Gas Corporation	Electricity sales		103,290		623,684
Goseong Green Power Co., Ltd.	Fuel sales		669,373		755,006
Dongducheon Dream Power Co., Ltd.	Electricity sales		10,682		6,932
S-Power Co., Ltd.	Service		3,629		3,282
GS Donghae Electric Power Co., Ltd.	Electricity sales		13,860		3,618
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		45,535		18,677
PT. Bayan Resources TBK	Others		213,968		254,457
Gangneung Eco Power Co., Ltd.	Fuel sales		757,624		16,985
Daeryun Power Co., Ltd.	Electricity sales		2,361		1,386
Korea Electric Power Industrial Development Co., Ltd.	Service		8,740		8,176
Korea Power Exchange	Service		39,594		15,784
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)	Electricity sales		90		87
Gangwon Wind Power Co., Ltd.	Electricity sales		2,424		1,518
Busan Green Energy Co., Ltd.	Electricity sales		7,603		144
Hyundai Eco Energy Co., Ltd.	Electricity sales		1,144		201
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		2,486		1,863
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		1,734		784
Noeul Green Energy Co., Ltd.	Electricity sales		6,799		23
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		361		13
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		2,226		726
Muan Solar Park Co., Ltd.	Electricity sales		2,972		856
PT. Cirebon Electric Power	Others		10,773		8,729
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		223		249
Samcheok Eco Materials Co., Ltd.	Electricity sales		507		416
Others (Bitgoel Eco Energy Co., Ltd. and 43 others)	Electricity sales		37,890		27,301
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales		1,881		1,738
Daegu Green Power Co., Ltd.	Electricity sales		1,252		890
Daesan Green Energy Co., Ltd.	Electricity sales		621		205
Cheongju Eco Park Co., Ltd.	Electricity sales		6,190		43
Seokmun Energy Co., Ltd.	Service		1,390		1,202
Yeongam Solar Power Co., Ltd.	Electricity sales		979		264
Amman Asia Electric Power Company	Others		16,324		14,531
Cheongna Energy Co., Ltd.	Others		16,743		21,128
KEPCO SPC Power Corporation	Others		894		13,014
Yeonggwang Wind Power Co., Ltd.	Electricity sales		704		663
Solaseado Solar Power Co., Ltd.	Electricity sales		1,420		1,377
Kelar S.A.	Service		16,872		16,596
Dayone Energy Co., Ltd.	Electricity sales		1,632		6,921
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		1,463		1,415
Bitsolar Energy Co., Ltd.	Electricity sales		428		414
Rabigh Electricity Company	Others		—		11,552
Jamaica Public Service Company Limited	Others		12,577		4,917
KW Nuclear Components Co., Ltd.	Service		1,320		1,360
Busan Shinho Solar Power Co., Ltd.	Electricity sales		1,195		495
Samsu Wind Power Co., Ltd.	Electricity sales		514		—
Others (Nawah Energy Company P.J.S.C. and 57 others)	Electricity sales		497,880		563,259
<Others>
Korea Development Bank	Electricity sales		4,091		3,125
	Interest income		3,422		1,356

			2,535,680		2,417,362

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(3)	Related party transactions for the nine-month periods ended September 30, 2023 and 2022 are as follows, continued:


In millions of won		Purchase and others
Company name	Transaction type	September 30, 2023		September 30, 2022
<Associates>
Korea Gas Corporation	Fuel purchase		7,348,577		8,198,321
Goseong Green Power Co., Ltd.	Electricity sales		1,278,272		1,442,236
Dongducheon Dream Power Co., Ltd.	Electricity sales		1,404,503		1,394,594
S-Power Co., Ltd.	Service		769,825		780,541
GS Donghae Electric Power Co., Ltd.	Electricity sales		700,628		778,883
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		855,542		801,604
PT. Bayan Resources TBK	Others		64,055		72,858
Gangneung Eco Power Co., Ltd.	Fuel purchase		5,303		—
Daeryun Power Co., Ltd.	Electricity sales		276,218		301,418
Korea Electric Power Industrial Development Co., Ltd.	Service		204,369		184,327
Korea Power Exchange	Service		74,533		74,067
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)	Electricity sales		46,442		40,826
Gangwon Wind Power Co., Ltd.	Electricity sales		24,160		28,940
Busan Green Energy Co., Ltd.	Electricity sales		17,608		12,088
Hyundai Eco Energy Co., Ltd.	Electricity sales		20,094		21,721
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		29,086		18,026
Saemangeum Sebit Power Plant Co., Ltd.	Electricity sales		17,864		14,756
Noeul Green Energy Co., Ltd.	REC purchase		6,556		8,131
Muan Sunshine Solar Power Plant Co., Ltd.	Electricity sales		12,401		14,380
Anjwa Smart Farm & Solar City Co., Ltd.	Electricity sales		11,759		13,648
Muan Solar Park Co., Ltd.	Electricity sales		11,287		13,584
Jeju Gimnyeong Wind Power Co., Ltd.	Electricity sales		6,509		8,299
Samcheok Eco Materials Co., Ltd.	Electricity sales		6,551		9,613
Others (Bitgoel Eco Energy Co., Ltd. and 43 others)	Electricity sales		61,929		64,915
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales		459,613		418,270
Daegu Green Power Co., Ltd.	Electricity sales		274,920		339,713
Daesan Green Energy Co., Ltd.	Electricity sales		104,425		80,980
Cheongju Eco Park Co., Ltd.	Electricity sales		46,564		69,403
Seokmun Energy Co., Ltd.	Service		42,014		46,360
Yeongam Solar Power Co., Ltd.	Electricity sales		39,633		33,265
Cheongna Energy Co., Ltd.	Service		59		78
Yeonggwang Wind Power Co., Ltd.	Electricity sales		27,682		22,674
Solaseado Solar Power Co., Ltd.	Electricity sales		9,333		17,758
Dayone Energy Co., Ltd.	Service		6,898		10,485
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		10,513		9,329
Bitsolar Energy Co., Ltd.	Electricity sales		9,353		10,706
Jamaica Public Service Company Limited	Others		110		178
KW Nuclear Components Co., Ltd.	Service		9,505		—
Busan Shinho Solar Power Co., Ltd.	Electricity sales		7,055		7,906
Samsu Wind Power Co., Ltd.	Electricity sales		6,024		6,601
Others (Nawah Energy Company P.J.S.C. and 57 others)	Electricity sales		85,151		46,124
<Others>
Korea Development Bank	Interest expense		4,955		3,141

			14,397,878		15,420,747

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(4)	Receivables and payables arising from related party transactions as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won		Receivables				Payables
Company name	Type	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
<Associates>
Korea Gas Corporation	Trade receivables		8,388		12,415		—		—
	Non-trade receivables and others		—		54,232		—		—
	Trade payables		—		—		659,461		1,882,607
	Non-trade payables and others		—		—		399		1,294
Goseong Green Power Co., Ltd.	Trade receivables		44,229		76,254		—		—
	Non-trade receivables and others		3		14		—		—
	Trade payables		—		—		117,303		182,095
	Non-trade payables and others		—		—		49,963		52,515
Dongducheon Dream Power Co., Ltd.	Trade receivables		1,033		592		—		—
	Non-trade receivables and others		276		270		—		—
	Trade payables		—		—		117,956		293,256
	Non-trade payables and others		—		—		109		—
S-Power Co., Ltd.	Trade receivables		91		77		—		—
	Non-trade receivables and others		859		44		—		—
	Trade payables		—		—		68,340		135,504
	Non-trade payables and others		—		—		—		11
Shin Pyeongtaek Power Co., Ltd.	Trade receivables		1,442		7,375		—		—
	Non-trade receivables and others		19,895		1,068		—		—
	Trade payables		—		—		83,567		109,274
	Non-trade payables and others		—		—		207		101
GS Donghae Electric Power Co., Ltd.	Trade receivables		494		872		—		—
	Non-trade receivables and others		388		1,558		—		—
	Trade payables		—		—		62,362		72,947
	Non-trade payables and others		—		—		75		14,565
Daeryun Power Co., Ltd.	Trade receivables		195		195		—		—
	Trade payables		—		—		16,024		55,725
PT. Bayan Resources TBK	Non-trade receivables and others		—		43,365		—		—
Busan Green Energy Co., Ltd.	Trade receivables		1		1		—		—
	Non-trade receivables and others		30,741		26,681		—		—
	Non-trade payables and others		—		—		4,340		4,415
Gangneung Eco Power Co., Ltd.	Trade receivables		37,226		19,364		—		—
	Non-trade receivables and others		—		478		—		—
	Non-trade payables and others		—		—		198		94
Taebaek Gadeoksan Wind Power Co., Ltd.	Non-trade receivables and others		21		97		—		—
	Trade payables		—		—		1,350		12,739
	Non-trade payables and others		—		—		186		5
Noeul Green Energy Co., Ltd.	Trade receivables		17		3		—		—
	Non-trade receivables and others		16,743		9,365		—		—
	Non-trade payables and others		—		—		—		2,468
Gunsan Bio Energy Co., Ltd.	Non-trade receivables and others		11,728		11,728		—		—
Others (Korea Power Exchange and 35 others)	Trade receivables		2,773		1,895		—		—
	Non-trade receivables and others		13,576		13,635		—		—
	Trade payables		—		—		37,568		19,259
	Non-trade payables and others		—		—		36,947		18,538

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(4)	Receivables and payables arising from related party transactions as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won		Receivables				Payables
Company name	Type	September 30, 2023		December 31, 2022		September 30, 2023		December 31, 2022
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Trade receivables		133		124		—		—
	Non-trade receivables and others		165		165		—		—
	Trade payables		—		—		40,636		79,117
Daegu Green Power Co., Ltd.	Trade receivables		112		53		—		—
	Non-trade receivables and others		71		56		—		—
	Trade payables		—		—		24,465		66,715
Nghi Son 2 Power LLC	Non-trade receivables and others		11,937		30,143		—		—
Amman Asia Electric Power Company	Trade receivables		2,443		4,243		—		—
	Non-trade payables and others		—		—		22,586		21,653
Kelar S.A.	Trade receivables		2,603		3,653		—		—
	Non-trade receivables and others		26,428		21,716		—		—
Dayone Energy Co., Ltd.	Trade receivables		90		79		—		—
	Non-trade receivables and others		10,218		10,218		—		—
	Trade payables		—		—		196		1,027
	Non-trade payables and others		—		—		9,246		9,119
Cheongna Energy Co., Ltd.	Trade receivables		1,029		17,324		—		—
	Non-trade receivables and others		639		1,654		—		—
	Non-trade payables and others		—		—		178		1
Others (Barakah One Company and 51 others)	Trade receivables		104,625		66,257		—		—
	Non-trade receivables and others		24,435		25,177		—		—
	Trade payables		—		—		21,665		29,636
	Non-trade payables and others		—		—		113,117		99,314
<Others>
Korea Development Bank	Accrued interest income		97		5		—		—
	Non-trade receivables and others		44,174		30,836		—		—
	Non-trade payables and others		—		—		238		101
	Derivatives and others		23,553		67,662		49		3,759
KEPCO Lebanon SARL	Trade receivables (*)		75		—		—		—

			442,946		560,943		1,488,731		3,167,854

(*)	The Group recognized bad debt allowance for the trade receivables in entirety.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(5)	Loans and others arising from related party transactions as of September 30, 2023 and December 31, 2022 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.		31,473			150		—			1,792			33,415
	(Allowance for doubtful accounts)		(10,751	)		—		—			(2,372	)		(13,123	)
Associates	Nepal Water & Energy Development Company Private Limited		19,914			—		—			(1,087	)		18,827
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		22,936			—		—			1,404			24,340
Associates	PT Wampu Electric Power		9,171			—		(9,575	)		404			—
Associates	PT Cirebon Energi Prasarana		29,569			—		—			3,369			32,938
Associates	Gunsan Bio Energy Co., Ltd.		12,396			—		—			—			12,396
	(Allowance for doubtful accounts)		(12,396	)		—		—			—			(12,396	)
Associates	Bigeum Resident Photovoltaic Power Co., Ltd.		11,212			—		—			(1,268	)		9,944
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—		—			—			1,000
Associates	Bitgoel Eco Energy Co., Ltd.		34,790			—		(2,840	)		—			31,950
Associates	Saemangeum Sebit Power Plant Co., Ltd		37,249			—		(7,932	)		—			29,317
Joint ventures	Solaseado Solar Power Co., Ltd.		35,000			—		—			—			35,000
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		8,457			1,944		—			643			11,044
Joint ventures	Horus Solar, S.A. de C.V.		19,287			—		—			1,179			20,466
Joint ventures	Sunmex Renovables, S.A. de C.V.		16,383			536		—			1,031			17,950
Joint ventures	Kelar S.A.		43,965			—		—			2,823			46,788
Joint ventures	DE Energia SpA		7,260			—		—			443			7,703
Joint ventures	Daehan Wind Power PSC		14,618			—		—			893			15,511
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—		—			—			3,165
Joint ventures	Daesan Green Energy Co., Ltd.		3,514			190		(1,293	)		—			2,411
Joint ventures	Nghi Son 2 Power LLC		186,735			—		—			11,420			198,155
Joint ventures	Pulau Indah Power Plant Sdn. Bhd.		10,207			—		—			9			10,216
Joint ventures	Guadalupe Solar SpA		3,344			—		(144	)		199			3,399
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		61,302			1,143		—			2,805			65,250
Joint ventures	Capman Lynx SCA, SICAR		31,628			—		—			1,601			33,229
	(Allowance for doubtful accounts)		(4,467	)		—		—			—			(4,467	)
Joint ventures	S-Power Chile SpA		253			—		—			16			269

			627,214			3,963		(21,784	)		25,304			634,697

(6)	Borrowings arising from related party transactions as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others			Ending balance
Korea Development Bank	Facility		96,584		—		(8,999	)		3,536			91,121
	Others		2,133		—		(202	)		—			1,931
	Operating funds		62,433		428,394		(421,486	)		21,482			90,823
	Syndicated Loan		12,455		—		(1,026	)		(606	)		10,823
	EBL and others		48,892		15,701		(1,452	)		2,340			65,481

			222,497		444,095		(433,165	)		26,752			260,179

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(7)	Guarantees provided to related parties as of September 30, 2023 are as follows:


In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation	Shuweihat Asia Operation & Maintenance Company	Performance guarantees		USD 11,000	Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Performance guarantees and others		USD 36,070	SMBC Ho Chi Minh and others
Korea Electric Power Corporation	Barakah One Company	Debt guarantees		USD 1,223,355	Export-Import Bank of Korea and others
		Performance guarantees and others		USD 4,103,269
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 222,077	EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation	RE Pioneer Holdings LLC	Performance guarantees		USD 106,873	EFS Renewables Holdings, LLC
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 3,414	Hana Bank
Korea Electric Power Corporation	Shuweihat Asia Power Investment B.V.	Performance guarantees		USD 9,000	ING Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Performance guarantees		USD 17,400	Shinhan Bank
Korea Electric Power Corporation	Horus Solar, S.A. de C.V.	Other performance guarantees		MXN 16,413	CENACE and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II, S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
				USD 393	CFE Transmission
Korea Electric Power Corporation	Sunmex Renovables, S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
				MXN 3,666	SEMARNAT
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 150,000	Mizuho Bank
		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd. (*10)	Collateralized money invested		KRW 13,210	Malaysian Trustee Berhad
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees		USD 60,000	Riyad bank
		Other performance guarantees		USD 35,000	SMBC Seoul and others
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 16,829	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Xe-Pian Xe-Namnoy Power Co., Ltd.	Collateralized money invested		KRW 124,460	Krung Thai Bank
		Impounding bonus guarantees (*11)		USD 5,000	SK Eco Plant Co., Ltd. (formerly, SK E&C Co., Ltd.)
Korea Western Power Co., Ltd.	Rabigh Operation & Maintenance Company Limited	Performance guarantees and others		SAR 11,200	National Bank of Kuwait
Korea Western Power Co., Ltd.	Daegu Photovoltaic Co., Ltd.	Collateralized money invested		KRW 2,704	Korea Development Bank
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 53,802	Kookmin Bank and others
		Debt guarantees		KRW 20,300	Hanyang Securities
Korea Western Power Co., Ltd.	PT. Mutiara Jawa	Collateralized money invested		KRW 4,785	Woori Bank
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 269	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 190,060	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 3,117	Nonghyup Bank
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 6,687	IBK and others
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 7,832	Hana Bank and others
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 923	Hana Bank and others

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(7)	Guarantees provided to related parties as of September 30, 2023 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 678	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 9,537	Nonghyup Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,570	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 480	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 25,392	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,430	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 10,514	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,966	Hanwha Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Shinho Solar Power Co., Ltd.	Collateralized money invested		KRW 6,441	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 16,978	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 38,367	Kookmin Bank and others
		Guarantees for supplemental funding (*1)		KRW 90,800
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,543	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 267,551	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,497	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 25,283	KDB Capital Corporation and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 21,228	IBK
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 18,925	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	PT. Tanjung Power Indonesia	Other guarantees		USD 3,150	PT. Adaro Indonesia
		Guarantees for supplemental funding (*1)		—	Sumitomo mitsui banking and others
		Collateralized money invested		KRW 91,865	MUFG and others
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees		USD 14,400	Hana Bank
		Collateralized money invested		KRW 44,856	JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.	DE Energia SpA	Collateralized money invested		KRW 10,120	Mirae Asset Securities Co., Ltd. and others
		Collateralized loans		USD 5,728
		Payment guarantees (*7)		USD 943	Hana Bank
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		KRW 352	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,607	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Power Co., Ltd.	Collateralized money invested		KRW 1,111	Shinhan Bank and others

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(7)	Guarantees provided to related parties as of September 30, 2023 are as follows, continued:


In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 10,548	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)	Collateralized money invested		KRW 7,763	Hana Bank and others
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 4,415	Woori Bank and others
Korea East-West Power Co., Ltd.	Seungmun Green Energy	Collateralized money invested		KRW 9,035	Hana Bank and others
		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 887	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	KNH Solar Co., Ltd.	Collateralized money invested		KRW 3,108	Shinhan Bank and others
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 26,665	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 26,150	Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 49,862	Hana Bank, MUFG
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Performance guarantees		USD 1,800	Shinhan Bank
		Payment guarantees (*6)		USD 2,000	Hana Bank
		Collateralized money invested		KRW 17,836	Standard Chartered
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 11,843	Woori Bank, Shinhan Bank and others
		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 13,294	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	SEM Investment Co., Ltd.
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 13,071	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested (*8)		KRW 1,447	IBK and others
		Guarantees for supplemental funding (*1)		KRW 30,000
		Guarantees for other supplemental funding and performance guarantees (*1)		—
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 10,281	Shinhan Bank
		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 4,579	Kookmin Bank
		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 4,240	Woori Bank and others
		Guarantees for supplemental funding (*1)		—
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 138,849	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 1,036	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 185	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 97	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 563	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 421	IBK
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 128	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 117,754	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT. Cirebon Electric Power	Debt guarantees		USD 4,593	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 5,473	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	Green Energy Electricity Generation Co., Ltd.	Collateralized money invested		KRW 202	IBK
		Guarantees for supplemental funding (*1)		—	IBK and others
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 281	IBK
Korea Midland Power Co., Ltd.	Namjeongsusang Solar Power Operation Co., Ltd.	Collateralized money invested		KRW 217	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,764	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Sunshine Solar Power Plant Co., Ltd.	Collateralized money invested		KRW 2,763	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,785	IBK

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(7)	Guarantees provided to related parties as of September 30, 2023 are as follows, continued:


In millions of won and thousands of foreign currencies
Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,481	IBK and others
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,192	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 305	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 373	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 397	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 8,094	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,149	Templeton hana asset management Co. Ltd.
		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 27,629	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 967	Korea Development Bank
		Guarantees for supplemental funding (*1)		—
Korea South-East Power Co., Ltd.	Dayone Energy Co., Ltd.	Collateralized money invested (*3)		—	IBK
		Guarantees for supplemental funding and others (*1,4)		KRW 76,800	NH investment & securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested		KRW 15,062	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG Investicii AD	Collateralized money invested		KRW 15,411	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Expressway Solar-light Power Generation Co., Ltd.	Collateralized money invested		KRW 4,856	Woori Bank
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested		KRW 301,629	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested		KRW 288,107	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested		KRW 1,510	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested		KRW 7,614	Samsung Life Insurance and others
Korea South-East Power Co., Ltd.	Jaeun Resident Wind Power Plant Co., Ltd.	Collateralized money invested		KRW 2,176	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested		KRW 2,587	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested		KRW 9,392	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested		KRW 2,926	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested		KRW 14,871	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Private Limited	Collateralized money invested		USD 97,105	International Finance Corporation and others
		Business reserve payment guarantee		USD 33,333
Korea Hydro & Nuclear Power Co., Ltd.	Noeul Green Energy Co., Ltd.	Collateralized money invested		—	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Busan Green Energy Co., Ltd.	Collateralized money invested		KRW 2,736	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Go deok Clean Energy Co., Ltd.	Collateralized money invested		KRW 3,694	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,396	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 24,859	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 3,461	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 8,775	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,752	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Resident Photovoltaic Power Co., Ltd.	Collateralized money invested		—	Kookmin Bank and others

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(7)	Guarantees provided to related parties as of September 30, 2023 are as follows, continued:

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

(*2)

Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of September 30, 2023, the Group has recognized derivative liabilities of 6,760 million related to the guarantee. Meanwhile, the Group is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.

(*3)	The Group recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is 47,067 million.

(*4)	Pursuant to the guarantee agreement, the Group recognized other provisions of 8,466 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.

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

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

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

(*8)	The Group recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is 29,200 million.

(*9)	The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10)

The Group, together with other shareholders, has provided a guarantee for the project financing of Pulau Indah Power Plant Sdn. Bhd., by establishing the right of pledge on the shares of Pulau Indah Power Plant Sdn. Bhd.

(*11)

Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive type of impounding bonus to SK Eco Plant Co., Ltd. (formerly, SK E&C Co., Ltd.) when the Xe-Pian Xe-Na-mnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd. (formerly, SK E&C Co., Ltd.), the Group guarantees the payment, and the amount is USD 5,000 thousand.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(8)	Guarantees received from related parties as of September 30, 2023 are as follows:

(9)	Derivatives transactions with related parties as of September 30, 2023 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
Counterparty	Contract year		Pay		Receive		Pay			Receive			rate (in won)
Korea Development Bank		2019~2024		177,600	USD	150,000		1.24	%		2.50	%		1,184.00
		2020~2025		241,320	USD	200,000		0.54	%		1.13	%		1,206.60
		2021~2026		118,170	USD	100,000		1.11	%		1.13	%		1,181.70
		2022~2026		283,820	USD	200,000		4.67	%		5.38	%		1,419.10
		2022~2028		283,820	USD	200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000	USD	200,000		4.04	%		5.38	%		1,280.00
		2015~2025		111,190	USD	100,000		2.62	%		3.25	%		1,111.90
		2017~2027		111,610	USD	100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600	HKD	800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978	CHF	100,000		1.43	%		0.05	%		1,199.78
		2021~2026		111,400	USD	100,000		0.93	%		1.25	%		1,114.00
		2022~2027		262,000	USD	200,000		3.63	%		4.25	%		1,310.00
		2020~2026		118,910	USD	100,000		0.61	%		1.00	%		1,189.10
		2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
		2022~2025		128,560	USD	100,000		3.37	%		4.13	%		1,285.60
		2020~2025		122,780	USD	100,000		0.93	%		1.75	%		1,227.80
		2022~2025		252,360	USD	200,000		2.83	%		3.60	%		1,261.80
		2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00

(ii)

Currency forward


In millions of won and thousands of foreign currencies except contract exchange rate information
					Contract amounts				Contract exchange
Counterparty	Contract date		Maturity date		Pay		Receive		rate (in won)
Korea Development Bank		2023.06.12		2023.10.26		7,687	USD	6,000		1,281.10
		2023.09.26		2023.10.26		13,436	USD	10,000		1,343.55
		2023.09.27		2023.10.26		12,152	USD	9,000		1,350.25
		2023.09.27		2023.10.05		46	EUR	32		1,428.60

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

46.	Related Parties, Continued

(10)

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


In millions of won	September 30, 2023				September 30, 2022
Type	Three-month period ended		Nine-month period ended		Three-month period ended		Nine-month period ended
Salaries		202		661		232		794
Retirement benefits		6		31		17		38

		208		692		249		832

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

47.	Statement of Cash Flows

(1)	Significant non-cash transactions for the nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won
Transactions	September 30, 2023		September 30, 2022
Transfer from construction-in-progress to other assets		6,774,264		4,814,007
Recognition of asset retirement cost and related provision for decommissioning costs		256,171		226,748
Transfer from provision for disposal of used nuclear fuel to accrued expenses		292,751		245,916
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities		17,132,084		11,231,689
Transfer from inventory to stored nuclear fuel		715,138		738,720
Recognition of right-of-use assets and other		253,495		129,718

(2)	Changes in liabilities incurred from financing activities for the nine-month periods ended September 30, 2023 and 2022 are as follows:


In millions of won	September 30, 2023
						Non-cash changes
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others		Ending balance
Borrowings and debt securities		120,605,365		12,389,908			—		1,041,377		134,036,650
Lease liabilities		4,163,143		(455,846	)		247,552		57,735		4,012,584

		124,768,508		11,934,062			247,552		1,099,112		138,049,234


In millions of won	September 30, 2022
						Non-cash changes
	Beginning balance		Cash flows			Increase		Effect of exchange rate fluctuations and others		Ending balance
Borrowings and debt securities		80,529,513		26,148,128			—		2,819,094		109,496,735
Lease liabilities		4,410,503		(442,644	)		120,177		592,613		4,680,649

		84,940,016		25,705,484			120,177		3,411,707		114,177,384

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

48.	Commitments for Expenditure

(1)	The commitments for acquisition of property, plant and equipment as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)		57,226		417		57,203		12,595
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)		51,796		29,245		50,151		37,638
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		37,168		15,109		37,168		16,788
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S		37,744		140		37,744		140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)		58,271		746		58,269		3,883
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,136		20,370		33,841		25,641
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,949		3,232
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments (unit price contract)		—		—		202,795		95,428
Purchase of GIS (362KV, 6300A, 63KA) Type 19 – Shinyangsan S/S		32,460		5,635		31,834		17,334
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		3,748
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,155		10,274
Purchase of GIS(362KV,6300A,63KA) Type 18 – Wolsung S/Y		32,090		32,090		32,090		32,090
Purchase of cable (FR CNCO-W,1C,325SQ) 672,300M (unit price contract)		—		—		31,387		19,213
Purchase of cable (TR CNCE-W,1C,325SQ) 1,342,000M (unit price contract)		—		—		75,620		40,497
Purchase of cable (TR CNCE-W,1C,600SQ) 377,000M (unit price contract)		—		—		31,851		17,478
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 2,175,300M (unit price contract)		54,687		—		53,064		29,436
System stabilization ESS equipment (Bubuk S/S) Type 1		222,300		158,455		222,300		222,300
System stabilization ESS equipment (Shinnamwon S/S) Type 1		211,500		151,008		211,500		211,500
System stabilization ESS equipment (Yeongcheon S/S) Type 1		73,104		26,223		73,104		73,104
Concrete pole (10M, general purpose, 500KGF) 111,000 ea and four other equipments		71,117		48,836		—		—
Advanced EType low voltage electronic watt-hour meter 1,311,552 ea		36,103		6,076		—		—
System stabilization ESS equipment (Yesan S/S) Type 1		56,403		56,403		—		—
System stabilization ESS equipment (Hamyang S/S) Type 1		35,609		35,609		—		—
Construction of Saeul Units (#3,4)		9,800,424		1,501,241		9,800,424		2,455,673
Construction of Shin-Hanul Units (#1,2) (*)		10,496,520		—		10,327,372		97,889
Construction of Shin-Hanul Units (#3,4)		11,680,360		11,058,397		11,007,232		10,858,828
Other 30 contracts		953,081		344,434		853,941		425,149
Purchase of furnace for construction of Shin-Seocheon thermal power plant		305,209		5,132		305,209		5,132
Purchase of turbine generator for construction of Shin-Seocheon thermal power plant		107,333		6,214		107,333		6,214
Purchase of main machine for Jeju LNG combined		166,287		9		166,287		10,898
Purchase of equipments for the construction project of Boryeong indoor coal storage yard		334,892		281,373		318,197		287,965
Purchase of main machine for Boryeong New Complex Unit 1		281,600		228,053		—		—
Boryeong New Complex Unit 1 Construction Project		186,358		186,358		—		—
Service of designing Taean Units (#9,10)		112,909		12,468		112,909		12,468
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		125,918		22,802		126,302		32,748
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant		225,236		17,430		221,997		38,714
Construction of Gimpo combined heat & power plant		183,872		58,632		181,798		56,558
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		197,983		193,578		197,983		197,983
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,918		55,718		—		—

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

48.	Commitments for Expenditure, Continued

(1)	The commitments for acquisition of property, plant and equipment as of September 30, 2023 and December 31, 2022 are as follows, continued:


In millions of won	September 30, 2023				December 31, 2022
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Construction of Gumi natural gas power plant		204,094		193,002		204,094		204,094
Installation of natural gas supply facility at Gumi natural gas power plant		70,620		65,620		70,620		70,620
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		339,759		8,881		299,048		6,687
Purchase of main equipment for Namjeju		140,144		3		140,144		3
Purchase of main equipment for Shin-Sejong combined thermal power plant		257,831		23,615		234,392		32,472
Purchase of Hadong thermal power indoor carboniferous plant		180,923		73,779		162,814		105,504
Purchase of phase 2 power generation facility for Yeongwol fuel cells		94,985		20,979		86,100		30,527
Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters		90,156		48,281		81,960		81,960

(*)	As of September 30, 2023, the amount of budget for the contract includes the value of Shin-Hanul Unit #1 construction of which has completed during the year ended December 31, 2022.

(2)	As of September 30, 2023, details of contracts for inventory purchase commitment are as follows:

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


Type	Periods	Contracted quantity
Concentrate	2023 ~ 2033	21,400 Ton U3O8
Conversion	2023 ~ 2030	16,300 Ton U
Enrichment	2023 ~ 2032	18,893 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 1,285 Ton U (contract periods : 2014 ~ 2026).

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

49.	Contingencies and Commitments

(1)	Ongoing litigations and claims related with contingent liabilities and contingent assets as of September 30, 2023 and December 31, 2022 are as follows:


In millions of won	September 30, 2023				December 31, 2022
	Number of cases		Claim amount		Number of cases		Claim amount
As the defendant		675		837,209		653		981,878
As the plaintiff		278		461,496		238		599,809

As of September 30, 2023, there are 5 ongoing litigations and 1 arbitration case between consolidated entities.

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

There are multiple ongoing claims against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Group recognized 39,760 million as litigation provisions in relation to the lawsuit as of September 30, 2023.

In addition to the abovementioned significant ongoing claims, there are 19 arbitration cases pertaining to the Group as of September 30, 2023 and the significant arbitration cases for the nine-month period ended September 30, 2023 are as follows:

In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Group to the Indian Council of Arbitration due to disagreements in the contract, but the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

ii)

During the year ended December 31, 2022, the Group filed an arbitration application with Westinghouse Electric Company LLC to Korean Commercial Arbitration Board, requesting to confirm whether the Group is subject to nuclear power plant export control procedures or not. As of the September 30, 2023, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

iii)

During the nine-month period ended September 30, 2023, Hitachi Energy Sweden filed an arbitration against the Group regarding the request for additional payment due to the capacity increase of some facilities and the withdrawal of liquidated damage in connection with the Shin Young-ju and Shin Jecheon substation TCSC construction projects. The Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

iv)

During the nine-month period ended September 30, 2023, the Group filed a commercial arbitration to request payment of expenses such as monitoring vessel operating expenses for the Jindo-Jeju high-voltage direct current (HVDC) connection project contract, but has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

During the nine-month period ended September 30, 2023, the Group filed an arbitration application to Korean Commercial Arbitration Board in relation to the insufficient operation performance of the Sinseongnam Substation (345kV) STATCOM (reactive power compensation system for voltage stabilization in metropolitan area), but cannot reasonably estimate whether the inflow of economic benefits is probable as a result of the arbitration.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

49.	Contingencies and Commitments, Continued

(2)	Guarantees of payments and commitments provided to other companies as of September 30, 2023 are as follows:

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

The Group has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 6,084 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia.

The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of September 30, 2023.

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.

The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

The Group has provided USD 5,473 thousand for a debt guarantee to PT.Bank KB Bukopin, to guarantee the payment of debt in relation to hydroelectric power business of Wampu, Indonesia.

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.

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC. a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

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

10)

Nonghyup Bank is providing a payment guarantee of USD 4,593 thousand to Mizuho Bank, Ltd., a third party, for the guarantee of debt repayment reserves of PT Cirebon Electric Power’s Indonesia Cirebon power plant project.

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 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.

13)

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

14)

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

15)

The Group has provided Kookmin Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

16)

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.

17)

As of September 30, 2023, Gunsan Land Solar Co., Ltd., a joint venture of the Group, has built and is operating a 99 MW photovoltaic power generation facility in the public water reclamation area in Osikdo-dong, Gunsan-si, Jeollabuk-do. The Group is obligated to ensure that Gunsan Land Solar Co., Ltd. can finance up to 80% of the total project cost with investments from citizen and provide a 7% return on the citizen who invested after the construction period is over according to the Shareholders’ agreement. In addition, when the investment from citizen fails to reach the target percentage of 80% and additional debts are collected for fulfill the target percentage, the Group is obligated to provide Gunsan-si the amount of 7% return on uncollected citizen investments estimated to be collected less the amount of additional debts collected instead.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

49.	Contingencies and Commitments, Continued

(3)	Credit lines provided by financial institutions as of September 30, 2023 are as follows:


In millions of won and thousands of foreign currencies
Commitments	Financial institutions	Currency	Credit limit
Commitments on Bank-overdraft	Nonghyup Bank and others	KRW		2,060,500
Limit amount available for CP	Hana Bank and others	KRW		5,500,000
General Loan, etc.	Hana Bank and others	KRW		3,600,000
Limit amount available for card	Hana Bank and others	KRW		47,424
	Banco de Oro	PHP		5,000
Loan limit	Korea Development Bank and others	KRW		2,208,495
	DBS Bank and others	USD		1,255,000
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700
Certification of payment on L/C	Shinhan Bank and others	USD		1,155,751
	Kookmin Bank and others	EUR		15,022
	Shinhan Bank	JPY		481,785
Certification of Performance guarantee on contract	Hana Bank and others	KRW		125,846
	First Abu Dhabi Bank and others	USD		950,696
	Korea Development Bank and others	JPY		620,000
	Hana Bank	EUR		3,965
	Hana Bank	INR		44,872
	Hana Bank	OMR		6,250
	Hana Bank	SAR		3,414
Certification of bidding	Hana Bank	USD		5,200
	Export-Import Bank of Korea	EUR		10,000
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		63,455
	Hana Bank and others	USD		803,290
	Saudi National Bank	SAR		10,500
	Hana Bank and others	MXN		21,597
Others	Nonghyup Bank and others	KRW		412,571
	Nonghyup Bank and others	USD		392,731
	Standard Chartered	AED		50
	Shinhan Bank	SAR		3,000
Secured loan of credit sales	Nonghyup Bank and others	KRW		296,000
Inclusive credit	Hana Bank	KRW		8,000
	Kookmin Bank and others	USD		135,000
Equity Bridge Loan Guarantee	Export-Import Bank of Korea and others	USD		1,654,555
Trade finance	Export-Import Bank of Korea and others	USD		970,000

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

49.	Contingencies and Commitments, Continued

(4)	As of September 30, 2023, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as
security

Currency

Amount

Description

Mira Power Limited

International Finance Corporation and others

Property, plant and

equipment and others

USD

275,600

Collateral for borrowings

(*1)

Tamra Offshore Wind Power Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and

equipment and others

KRW

171,600

Collateral for borrowings

(*2)

Gyeonggi Green Energy Co., Ltd.

Korea Development Bank and others

Cash and cash

equivalents and others

KRW

327,080

Collateral for borrowings

(*2)

Commerce and Industry Energy Co., Ltd.

IBK and others

Property, plant and

equipment and others

KRW

110,500

Collateral for borrowings

(*2)

Jeongam Wind Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash

equivalents and others

KRW

235,809

Collateral for borrowings

(*2)

Gyeongju Wind Power Co., Ltd.

Shinhan Bank and others

Property, plant and

equipment and others

KRW

68,400

Collateral for borrowings

(*2)

Korea Offshore Wind Power Co., Ltd.

Woori Bank and others

Property, plant and

equipment and others

KRW

293,400

Collateral for borrowings

(*2)

Qatrana Electric Power Company

The Islamic Development Bank and others

Finance lease receivable

and property, plant and

equipment and others

JOD

136,623

Collateral for borrowings

(*1)

KST Electric Power Company, S.A.P.I. de C.V.

Export–Import Bank of Korea and others

Finance lease receivable

and property, plant and

equipment and others

USD

401,277

Collateral for debt securities

(*1)

Incheon Fuel Cell Co., Ltd.

Kookmin Bank and others

Cash and cash equivalents

and others

KRW

276,960

Collateral for borrowings

(*2)

K-SOLAR SHINAN Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and

equipment and others

KRW

329,736

Collateral for borrowings

(*2)

KOSPO Youngnam Power Co., Ltd.

Shinhan Bank and others

Cash and cash

equivalents and others

KRW

744,120

Collateral for borrowings

(*2)

Jeju Hanlim Offshore Wind Co., Ltd.

Kookmin Bank and others

Property, plant and

equipment and others

KRW

1,800

Collateral for borrowings

(*2)

Western Power Changgi Solar Co., Ltd.

Samsung Life Insurance and others

Property, plant and

equipment and others

KRW

58,500

Collateral for borrowings

(*2)

J Wind First, LLC

Woori Bank

Trade receivable and others

KRW

55,000

Collateral for borrowings

(*2)

Chitose Solar Power Plant LLC

Korea Development Bank

Property, plant and

equipment and others

USD

134,289

Collateral for borrowings

(*1)

Mangilao Intermediate Holdings LLC

Mizuho Bank

Trade receivable and others

USD

93,392

Collateral for borrowings

(*1)

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

(*2)	As of September 30, 2023, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group has 1,197 million of project loans from the Korea Energy Agency as of September 30, 2023. The Group has provided a promissory note as a repayment guarantee.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

49.	Contingencies and Commitments, Continued

(5)

The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of 64,176 million as of September 30, 2023, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of 1,098 million and depreciation on the idle assets of 2,744 million are recorded in other expenses for the nine-month period ended September 30, 2023. 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 September 30, 2023.

(6)

Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in the Gaeseong Industrial District as of September 30, 2023. The book value of facility is 12,339 million and trade receivables related to the companies residing in Gaeseong industrial complex had been fully written-off. The outcome of this event cannot be reasonably estimated as of September 30, 2023.

(7)	As of September 30, 2023, 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 64,371 million.

(8)

In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of September 30, 2023.

(9)

The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the “Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(10)

The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

(11)

The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalization of the global economy. Global Minimum Tax (Pillar Two) were released and they apply to Multinational Enterprises (MNEs) with revenue of EUR 750 million or more per their consolidated financial statements. National Assembly of South Korea passed the new Global Minimum Tax rules to align with the OECD BEPS Pillar Two in December 2022. The regulation will be included in the Adjustment of International Taxes Act and will be effective for fiscal years beginning on or after January 1, 2024. However, the Enforcement Decrees that provide further detail on the application of the legislation is only expected to be finalized later in 2023. In South Korea, Pillar Two legislation is not yet considered substantively enacted as of September 30, 2023 for KIFRS 1012 purposes. The Group therefore has not recognized any tax effect arising from the Global Minimum Tax in its consolidated financial statements as of and for the nine-month period ended September 30, 2023.

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

50.	Subsequent Events

(1)	Subsequent to September 30, 2023, KEPCO and KEPCO Nuclear Fuel Co., Ltd. borrowed short-term and long-term borrowings for the purposes of operation as follows:


In millions of won
Company	Type	Creditor	Interest Type	Interest rate (%)	Issue date		Maturity		Amount
Korea Electric Power Corporation	Short-term borrowings	Hanyang Securities	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	Hyundai Motor Securities	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	Hyundai Motor Securities	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	Bookook Securities	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	Bookook Securities	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	DB Financial Investment	Fixed	4.15		2023.10.20		2024.01.19		10,000
	Short-term borrowings	Eugene Investment	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Eugene Investment	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Cape Investment & Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Hyundai Motor Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Hyundai Motor Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Hanyang Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Hanyang Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	Hanyang Securities	Fixed	4.25		2023.10.27		2024.01.26		10,000
	Short-term borrowings	DB Financial Investment	Fixed	4.25		2023.10.27		2024.01.26		10,000
KEPCO Nuclear Fuel Co., Ltd.	Long-term borrowings	Shinhan Bank	Floating	6M Bank Debenture Rate+0.93		2023.10.24		2025.10.24		20,000
	Long-term borrowings	Kookmin Bank	Floating	1yr Bank Debenture Rate+0.78		2023.10.31		2025.10.31		20,000

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

50.	Subsequent Events, Continued

(2)	Subsequent to September 30, 2023, Korea Hydro & Nuclear Power Co., Ltd. and Korea Midland Power Co., Ltd. issued corporate bonds for the purposes of operation and others as follows:


In millions of won
Company	Type		Issue date		Maturity		Interest rate (%)		Amount
Korea Hydro & Nuclear Power Co., Ltd.		#75-1 Corporate bond		2023.10.30		2026.10.30		4.57		70,000
		#75-2 Corporate bond		2023.10.30		2028.10.30		4.75		40,000
		#75-3 Corporate bond		2023.10.30		2053.10.30		4.58		80,000
		#76-1 Corporate bond		2023.11.10		2026.11.10		4.34		80,000
		#76-2 Corporate bond		2023.11.10		2043.11.10		4.29		50,000
		#76-3 Corporate bond		2023.11.10		2053.11.10		4.25		80,000
Korea Midland Power Co., Ltd.		#73-1 Corporate bond		2023.10.24		2024.10.24		4.16		160,000
		#73-2 Corporate bond		2023.10.24		2025.10.24		4.34		40,000
		#73-3 Corporate bond		2023.10.24		2028.10.24		4.77		20,000

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Notes to the Interim Consolidated Financial Statements, Continued

September 30, 2023 and 2022 (Unaudited)

51.	Adjusted Operating Loss

The operating profit (loss) in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s interim consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS for each of the three and nine-month periods ended September 30, 2023 and 2022 to the operating profit or loss as presented in the Group’s interim consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.


In millions of won	September 30, 2023						September 30, 2022
	Three-month period ended			Nine-month period ended			Three-month period ended			Nine-month period ended
Operating profit (loss) on interim consolidated statements of comprehensive income (loss)		1,996,572			(6,453,385	)		(7,530,941	)		(21,834,211	)
Add
Other income
Reversal of other provisions		11,168			34,501			7,712			11,983
Reversal of other allowance for doubtful accounts		487			487			10,168			4,555
Gains on government grants		61			193			71			216
Gains on assets contributed		46			15,840			689			944
Gains on liabilities exempted		80			755			65			1,142
Compensation and reparations revenue		30,535			66,085			20,038			50,597
Revenue from foundation fund		3			3			—			—
Revenue from research contracts		195			2,325			—			4,087
Rental income		51,659			159,417			53,781			156,521
Others		13,299			52,647			4,258			35,318
Other gains
Gains on disposal of property, plant and equipment		12,426			26,120			54,870			132,845
Gains on disposal of intangible assets		100			100			—			41
Gains on foreign currency translation		7,061			19,287			51,049			85,218
Gains on foreign currency transactions		30,519			97,863			14,691			51,812
Gains on insurance proceeds		221			221			—			5,154
Others		115,129			283,977			61,380			206,924
Deduct
Other expenses
Compensation and reparations expenses		—			(3	)		—			(11	)
Accretion expenses of other provisions		(1,174	)		(1,645	)		(152	)		(794	)
Depreciation expenses on investment properties		(122	)		(369	)		(124	)		(350	)
Depreciation expenses on idle assets		(914	)		(2,744	)		(911	)		(2,718	)
Other bad debt expense		—			(8,584	)		—			(19	)
Donations		(17,121	)		(118,545	)		(66,614	)		(96,614	)
Others		(1,225	)		(18,125	)		(8,265	)		(60,752	)
Other losses
Losses on disposal of property, plant and equipment		(4,643	)		(38,800	)		(16,804	)		(68,574	)
Losses on disposal of intangible assets		(1	)		(71	)		(100	)		(48	)
Impairment loss on property, plant and equipment		—			(6,167	)		—			—
Impairment loss on intangible assets		—			(283	)		—			(14	)
Losses on foreign currency translation		(2,872	)		(13,236	)		(41,476	)		(67,812	)
Losses on foreign currency transactions		(45,416	)		(147,222	)		(128,445	)		(216,569	)
Others		(42,211	)		(148,538	)		(10,358	)		(94,039	)

Adjusted operating profit (loss)		2,153,862			(6,197,896	)		(7,525,418	)		(21,695,168	)

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