<DOCUMENT>
<TYPE>EX-10.3
<SEQUENCE>5
<FILENAME>u98557exv10w3.txt
<DESCRIPTION>EX-10.3 CONSENT OF AHN KWON & CO.
<TEXT>
<PAGE>
                                                                    Exhibit 10.3



INDEPENDENT AUDITORS' CONSENT



We consent to the incorporation by reference in previously filed Registration
Statements of Korea Electric Power Corporation ("KEPCO") on Form F-3 (No.
33-99550) and No. 333-9180) of our report dated May 3, 2002 (which report
expresses an unqualified opinion and includes explanatory paragraph relating to
the establishment of the Company, related party transactions, uncertainties
surrounding intangible assets and lawsuits in which the Company is a defendant
and the unstable economic conditions in the Republic of Korea and in the Asia
Pacific region) relating to the financial statements of Korea South-East Power
Co., Ltd., appearing in the Annual Report on KEPCO's Form 20-F for the year
ended December 31, 2002.



June 27, 2003                                       Ahn Kwon & Co.
                                                    Seoul, Korea

                                       1

</TEXT>
</DOCUMENT>
