-----BEGIN PRIVACY-ENHANCED MESSAGE-----
Proc-Type: 2001,MIC-CLEAR
Originator-Name: webmaster@www.sec.gov
Originator-Key-Asymmetric:
 MFgwCgYEVQgBAQICAf8DSgAwRwJAW2sNKK9AVtBzYZmr6aGjlWyK3XmZv3dTINen
 TWSM7vrzLADbmYQaionwg5sDW3P6oaM5D3tdezXMm7z1T+B+twIDAQAB
MIC-Info: RSA-MD5,RSA,
 DzacFVySWbIPVvXMWe10uy3LDdkPzmq+vKPXtdaCESXPTtJPH6wNCSfraA206dZb
 Fk+bhF2SR466R1ItrSOy6A==

<SEC-DOCUMENT>0001193125-08-248256.txt : 20090202
<SEC-HEADER>0001193125-08-248256.hdr.sgml : 20090202
<ACCEPTANCE-DATETIME>20081205061710
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001193125-08-248256
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20081205

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KOREA ELECTRIC POWER CORP
		CENTRAL INDEX KEY:			0000887225
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRIC SERVICES [4911]
		IRS NUMBER:				133442428
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		167, SAMSEONG-DONG
		STREET 2:		GANGNAM-GU
		CITY:			SEOUL
		STATE:			M5
		ZIP:			135-791
		BUSINESS PHONE:		2018948855

	MAIL ADDRESS:	
		STREET 1:		400 KELBY STREET
		STREET 2:		16TH FLOOR
		CITY:			FORT LEE
		STATE:			NJ
		ZIP:			07024
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
<FILENAME>filename1.htm
<TEXT>
<HTML><HEAD>
<TITLE>The SEC response letter</TITLE>
</HEAD>
 <BODY BGCOLOR="WHITE">

 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2"><B>KOREA ELECTRIC POWER CORPORATION </B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"
ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">167 Samseong-Dong, Gangnam-Gu, Seoul 135-791, Korea </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">Phone: (822)&nbsp;3456-4261~4268
Fax: (822)&nbsp;556-3694 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; margin-left:56%" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">December&nbsp;5, 2008 </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2"><U>VIA EDGAR </U></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Mr.&nbsp;H. Christopher Owings </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Assistant Director </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Division of Corporation Finance </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Securities and Exchange Commission </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">100 F Street, N.E. </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
FACE="Times New Roman" SIZE="2">Washington, D.C. 20549 </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="92%" BORDER="0" ALIGN="center">

<TR>
<TD WIDTH="3%"></TD>
<TD VALIGN="bottom" WIDTH="2%"></TD>
<TD WIDTH="95%"></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B>Re:</B></FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Korea Electric Power Corporation</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Annual Report on Form 20-F for Fiscal Year</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Ended December&nbsp;31, 2007</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>Filed June&nbsp;30, 2008</B></FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2"><B>File No. 000-13372</B></FONT></TD></TR>
</TABLE> <P STYLE="margin-top:12px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2">Dear Mr.&nbsp;Owings: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">We are writing in response to your letter, dated November&nbsp;24, 2008, containing the comments of the Staff of the Securities and Exchange Commission (the &#147;Commission&#148;) with respect to the annual report on
Form 20-F filed with the Commission on June&nbsp;30, 2008 with respect to the fiscal year ended December&nbsp;31, 2007 (the &#147;2007 Annual Report&#148;). </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%"><FONT
FACE="Times New Roman" SIZE="2">Our responses to the Staff&#146;s comments are set forth in this letter and each response follows the text of the paragraph of the comment letter to which it relates. </FONT></P> <P
STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="3"><B>*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </B></FONT></P>

<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">December 5, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>General </U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>1.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>Please be advised that an authorized company representative, as opposed to outside counsel, must provide a statement in writing acknowledging that:
</I></B></FONT></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>the company is responsible for the adequacy and accuracy of the disclosure in the filings; </I></B></FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filings; and
</I></B></FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="7%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>&#149;</I></B></FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>the company may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the
United States. </I></B></FONT></P></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">We acknowledge the Staff&#146;s comments, and in response thereto, provide the referenced
statement in writing toward the end of this letter and are having this letter executed by a duly authorized officer of Korea Electric Power Corporation (the &#147;Company&#148;). We undertake to do the same in the future with respect to our response
letters to the Staff&#146;s comments on our future filings. </FONT></P> <P STYLE="margin-top:18px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Item&nbsp;4. Information on the Company, page 14 </U></B></FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Business Overview, page 16 </U></B></FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px"><FONT FACE="Times New Roman" SIZE="2"><B><U>Power Purchase, page 19
</U></B></FONT></P> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2"><B><I>2.</I></B></FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><B><I>We note your response to comment one of our letter dated September&nbsp;29, 2008 regarding the relationship between the company and the Korea Power Exchange. The information
you provided us in your supplemental response summarizes the relationship more usefully than does the proposed disclosure you intend to provide in future filings. In future filings, please revise to include the additional information you provided in
the first four paragraphs of your response. Otherwise, there would be insufficient context for your statement that &#147;[you] do not have control or significant influence over KPX or its policies as they are closely supervised and controlled by the
Korean government as required under the articles of incorporation of the KPX and the relevant laws and regulations in Korea.&#148; </I></B></FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2"><B><I>The third paragraph of your response suggests that in practice you do not exercise significant influence over the KPX decision-making process, while the fourth paragraph of your response suggests that there are
statutory or regulatory limitations on your influence. Please also elaborate on the information you provide in the fourth paragraph. In other words, please further clarify how you do not have significant influence or control over the KPX
decision-making process notwithstanding the fact that you and your six generation subsidiaries collectively own 100% of the share capital of the KPX. </I></B></FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#150; 2 &#150; </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">December 5, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">In response to the Staff&#146;s comments, we note, among others, the following limitations on our
influence on the Korea Power Exchange (the &#147;KPX&#148;) or its policies under the relevant laws and regulations and the articles of incorporation of the KPX (the &#147;KPX Articles&#148;): </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">A.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Limitations with respect to the KPX Operations</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The
KPX is a not-for-profit special corporation established by the Korean government pursuant to the Electricity Business Act. Section&nbsp;2 of the KPX Articles stipulates the purpose of establishing the KPX as fostering &#147;fair and efficient
operation of the Korean electricity market.&#148; Therefore, notwithstanding that its entire share capital was funded with contributions from its members, namely us and our six generation subsidiaries, the KPX, as a statutorily created entity
serving a specific public interest, is subject to a host of statutory and regulatory constraints as well as strict government supervision. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman"
SIZE="2">For example, under the Framework Act on the Management of Government-Invested Institutions, the KPX is required to (i)&nbsp;ensure that the selection of its head is fair and transparent and is conducted in compliance with presidential
decrees, (ii)&nbsp;submit annual budgets and business plans to the Ministry of Knowledge and Economy for consultation and adjustment, (iii)&nbsp;be subjected to annual performance reviews by the Ministry of Knowledge and Economy and (iv)&nbsp;be
subjected to periodic reviews by the Ministry of Knowledge and Economy with respect to its public functions and the appropriateness of the governing regulations. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">The KPX also faces strict statutory and regulatory oversight as to its finances. For example, the Enforcement Decree to the Electricity Business Act stipulates the formula for computing the amount that the KPX can
charge the market participants for the trading of electricity, which represents the principal source of the KPX&#146;s revenues, as well as the scope of the specific components of its annual operating expenses. Article 40 of the Electricity Business
Act also restricts the sources of funding for the operating expenses of the KPX. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">In addition, the rules governing the KPX and its
operations cannot be modified without government approval. For example, amending the KPX Articles and dissolving the KPX require, among others, the approval of the Minister of Knowledge and Economy. In addition, under Article 43 of the Electricity
Business Act, the KPX is required to obtain the approval of the Minister of Knowledge and Economy for enacting, amending or repealing any provisions of the rules governing the electricity market. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#150; 3 &#150; </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">December 5, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>

<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">B.</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2"><U>Limitations with respect to the Board and Committee Composition</U> </FONT></TD></TR></TABLE> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">Article 35 of the KPX Articles stipulates the requirements for the composition of the KPX board of directors. Under Article 51 of the KPX Articles, the KPX may have up to 15 directors as members of its board. Of such
directors, we and our subsidiaries are entitled to designate in the aggregate up to five non-standing directors (i.e., directors who do not work full-time at the KPX). Our director designees must (i)&nbsp;be executive officers of us or our
generation subsidiaries, (ii)&nbsp;receive recommendations by the KPX&#146;s director nomination committee, (iii)&nbsp;receive an approval by the Public Agency Management Commission which has been established by and is operated under the Act on the
Management of Public Agencies and (iv)&nbsp;receive an appointment by the Minister of Knowledge and Economy. Currently, the KPX board has 10 directors, three of whom are designated by us. </FONT></P> <P
STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT FACE="Times New Roman" SIZE="2">The other members of the KPX&#146;s board of directors consist of (i)&nbsp;the head of the board of directors, who is appointed by the Minister of
Knowledge and Economy among candidates that have received recommendations by the KPX&#146;s director nomination committee, (ii)&nbsp;one government representative serving as a non-standing director, who shall be a public employee and a member of the
Korean government&#146;s Electricity Commission, (iii)&nbsp;up to four public interest representatives serving as non-standing directors, who are appointed by the Minister of Knowledge and Economy among candidates that have received recommendations
by the KPX&#146;s director nomination committee and an approval by the Public Agency Management Commission, and (iv)&nbsp;standing directors, who are full-time employees of the KPX and must in the aggregate comprise less than one-half of the members
of the KPX board. The KPX standing directors cannot engage in any profit-seeking activities and cannot serve as our or our subsidiaries&#146; employees. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:8%"><FONT
FACE="Times New Roman" SIZE="2">The KPX has four key committees for making its policies related to the electricity market: (i)&nbsp;the cost evaluation committee, which is responsible for evaluating the costs of producing electricity, (ii)&nbsp;the
rule-making committee, which is responsible for making rules for the operation of the KPX, (iii)&nbsp;the electricity market oversight committee, which is responsible for overseeing the market for trading electricity, and (iv)&nbsp;the information
disclosure committee, which is responsible for gathering and disclosing information relating to the Korean electricity market. Under the Rules on the Operation of the Electricity Market promulgated by the KPX under Article 43 of the Electricity
Business Act, our or our subsidiaries&#146; designees cannot be members of the electricity market oversight committee. While our or our subsidiaries&#146; designees may become members of the other committees, they must be approved by the head of the
KPX board of directors, and currently we only have one designee serving as a member of each of such other committees, each of which currently has nine members. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT
FACE="Times New Roman" SIZE="2">Given the strict statutory and regulatory limitations on the operations of the KPX and the fact that we may elect no more than one-third of the KPX directors and that we currently have only one member in certain key
committees of the KPX, we reaffirm our position that we do not control or have significant influence over the KPX or its policies, notwithstanding that we and our subsidiaries own 100% of its share capital. </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#150; 4 &#150; </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">December 5, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">As for the Staff&#146;s comment regarding inclusion of the additional information we provided in the
first four paragraphs of our response to the Staff&#146;s comment one in the Staff&#146;s comment letter dated September&nbsp;29, 2008, we undertake to comply with such comment by including a disclosure substantially to the following effect in our
future filings with the Commission: </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">&#147;We have certain relationships with the KPX as follows: (i)&nbsp;we and our six generation
subsidiaries are member corporations of the KPX and collectively own 100% of its share capital; (ii)&nbsp;three of the 10 members of the KPX board of directors are currently our or our subsidiaries&#146; employees; and (iii)&nbsp;one of our
employees is currently a member in three of the key committees of the KPX that are responsible for evaluating the costs of producing electricity, making rules for the KPX and gathering and disclosing information relating to the Korean electricity
market. </FONT></P> <P STYLE="margin-top:6px;margin-bottom:0px; margin-left:4%"><FONT FACE="Times New Roman" SIZE="2">Notwithstanding the foregoing relationships, however, we have neither control nor significant influence over the KPX or its
policies since, among others, (i)&nbsp;the KPX, its personnel, policies, operations and finances are closely supervised and controlled by the Korean government, namely through the Ministry of Knowledge and Economy, and are subject to a host of laws
and regulations, including, among others, the Electricity Business Act and the Framework Act on the Management of Government-Invested Institutions, as well as the KPX articles of incorporation, (ii)&nbsp;we are entitled to elect no more than
one-third of the KPX directors and our representatives represent only a minority of the KPX&#146;s board of directors and committees (with the other members being comprised of representatives of the Ministry of Knowledge and Economy, employees of
the KPX, businesspersons and/or scholars) and (iii)&nbsp;the role of our representatives in the KPX policy making process is primarily advisory based on their technical expertise derived from their employment at us or our generation subsidiaries.
Consistent with this view, the Finance Supervisory Service issued a ruling on April&nbsp;12, 2005 that stated that we are not deemed to have significant influence or control over the KPX&#146;s decision-making process relating to its business or
financial affairs.&#148; </FONT></P> <P STYLE="margin-top:12px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;* </FONT></P> <P
STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#150; 5 &#150; </FONT></P>


<p Style='page-break-before:always'>
<HR  SIZE="3" COLOR="#999999" WIDTH="100%" ALIGN="CENTER">


 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="right"><FONT FACE="Times New Roman" SIZE="2">December 5, 2008 </FONT></P> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT
SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px; text-indent:4%"><FONT FACE="Times New Roman" SIZE="2">In connection with the above comments, we acknowledge that: </FONT></P> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">we are responsible for the adequacy and accuracy of the disclosure in the filing; </FONT></P></TD></TR></TABLE> <P
STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">staff comments or changes to disclosure in response to staff comments do not foreclose the Commission from taking any action with respect to the filing; and
</FONT></P></TD></TR></TABLE> <P STYLE="font-size:6px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="5%"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD WIDTH="2%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">&#149;</FONT></TD>
<TD WIDTH="1%" VALIGN="top"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD ALIGN="left" VALIGN="top"> <P ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">we may not assert staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States.
</FONT></P></TD></TR></TABLE> <P STYLE="margin-top:12px;margin-bottom:0px; text-indent:4%;padding-bottom:3px;line-height:95%; vertical-align:top"><FONT FACE="Times New Roman" SIZE="2">Please do not hesitate to contact myself at 822-3456-4260 or our
external counsel, Jin Hyuk Park of Simpson Thacher&nbsp;&amp; Bartlett LLP (35</FONT><FONT FACE="Times New Roman" SIZE="1"><SUP>th</SUP></FONT><FONT FACE="Times New Roman" SIZE="2"> floor, ICBC Tower, 3 Garden Road, Central, Hong Kong, telephone
number 852-2514-7665 and fax number 852-2869-7694), if we can be of any assistance to the Staff. </FONT></P> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P><DIV ALIGN="right">
<TABLE CELLSPACING="0" CELLPADDING="0" WIDTH="40%" BORDER="0">

<TR>
<TD WIDTH="12%"></TD>
<TD VALIGN="bottom" WIDTH="1%"></TD>
<TD WIDTH="87%"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"><FONT FACE="Times New Roman" SIZE="2">Very truly yours,</FONT></TD></TR>
<TR>
<TD HEIGHT="16" COLSPAN="3"></TD></TR>
<TR>
<TD VALIGN="top" COLSPAN="3"> <P STYLE="margin-top:0px;margin-bottom:1px;border-bottom:1px solid #000000"><FONT FACE="Times New Roman" SIZE="2">/s/ Kim, Myung-Whan</FONT></P></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Name:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Kim, Myung-Whan</FONT></TD></TR>
<TR>
<TD VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Title:</FONT></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Director, Finance Team</FONT></TD></TR>
<TR>
<TD VALIGN="top"></TD>
<TD VALIGN="bottom"><FONT SIZE="1">&nbsp;</FONT></TD>
<TD VALIGN="bottom"><FONT FACE="Times New Roman" SIZE="2">Korea Electric Power Corporation</FONT></TD></TR>
</TABLE></DIV> <P STYLE="font-size:12px;margin-top:0px;margin-bottom:0px">&nbsp;</P>
<TABLE STYLE="BORDER-COLLAPSE:COLLAPSE" BORDER="0" CELLPADDING="0" CELLSPACING="0" WIDTH="100%">
<TR>
<TD WIDTH="4%" VALIGN="top" ALIGN="left"><FONT FACE="Times New Roman" SIZE="2">cc:</FONT></TD>
<TD ALIGN="left" VALIGN="top"><FONT FACE="Times New Roman" SIZE="2">Jin Hyuk Park, Esq., Simpson Thacher&nbsp;&amp; Bartlett LLP </FONT></TD></TR></TABLE> <P STYLE="margin-top:0px;margin-bottom:0px"><FONT SIZE="1">&nbsp;</FONT></P>
 <P STYLE="margin-top:0px;margin-bottom:0px" ALIGN="center"><FONT FACE="Times New Roman" SIZE="2">&#150; 6 &#150; </FONT></P>

</BODY></HTML>
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
-----END PRIVACY-ENHANCED MESSAGE-----
