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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2017

Investments in Associates and Joint Ventures [Abstract]

Investments in Associates and Joint Ventures

17.

Investments in Associates and Joint Ventures

(1)

Investments in associates and joint ventures as of December 31, 2016 and 2017 are as follows:


2016
Investees	Key operation activities	Location	Percentage of ownership				Acquisition cost		Book value
							In millions of won
<Associates>
Korea Gas Corporation(*1)	Importing and wholesaling LNG	KOREA		20.47	%	￦		94,500		1,933,877
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others	KOREA		29.00	%			4,727		20,475
YTN Co., Ltd.	Broadcasting	KOREA		21.43	%			59,000		38,156
Cheongna Energy Co., Ltd.	Generating and distributing vapor and hot/cold water	KOREA		43.90	%			48,353		12,373
Gangwon Wind Power Co., Ltd.(*2)	Power generation	KOREA		15.00	%			5,725		13,069
Hyundai Green Power Co., Ltd.	Power generation	KOREA		29.00	%			88,885		115,998
Korea Power Exchange(*6)	Management of power market and others	KOREA		100.00	%			127,839		223,238
AMEC Partners Korea Ltd.(*3)	Resources development	KOREA		19.00	%			707		225
Hyundai Energy Co., Ltd.(*9)	Power generation	KOREA		30.66	%			71,070		1,031
Ecollite Co., Ltd.	Artificial light-weight aggregate	KOREA		36.10	%			1,516		—
Taebaek Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,810		4,750
Taeback Guinemi Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,420		3,131
Pyeongchang Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,875		3,383
Daeryun Power Co., Ltd.(*3, 10)	Power generation	KOREA		13.13	%			25,477		29,873
Changjuk Wind Power Co., Ltd.	Power generation	KOREA		30.00	%			3,801		6,930
KNH Solar Co., Ltd.	Power generation	KOREA		27.00	%			1,296		2,073
SPC Power Corporation	Power generation	PHILIPPINES		38.00	%			20,635		56,818
Gemeng International Energy Co., Ltd.	Power generation	CHINA		34.00	%			413,153		680,065
PT. Cirebon Electric Power	Power generation	INDONESIA		27.50	%			40,365		96,658
KNOC Nigerian East Oil Co., Ltd.(*4)	Resources development	NIGERIA		14.63	%			12		—
KNOC Nigerian West Oil Co., Ltd.(*4)	Resources development	NIGERIA		14.63	%			12		—
PT Wampu Electric Power	Power generation	INDONESIA		46.00	%			21,292		23,188
PT. Bayan Resources TBK	Resources development	INDONESIA		20.00	%			615,860		402,667
S-Power Co., Ltd.	Power generation	KOREA		49.00	%			132,300		123,912
Pioneer Gas Power Limited(*8)	Power generation	INDIA		40.00	%			49,831		50,740
Eurasia Energy Holdings	Power generation and resources development	RUSSIA		40.00	%			461		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation	LAOS		25.00	%			49,119		51,544
Hadong Mineral Fiber Co., Ltd.(*17)	Recycling fly ashes	KOREA		8.33	%			50		—
Green Biomass Co., Ltd.(*12)	Power generation	KOREA		14.00	%			714		47
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal	INDONESIA		29.00	%			2,978		—
Samcheok Eco Materials Co., Ltd.(*3, 11)	Recycling fly ashes	KOREA		2.35	%			686		—
Noeul Green Energy Co., Ltd.	Power generation	KOREA		29.00	%			1,740		1,217
Naepo Green Energy Co., Ltd.	Power generation	KOREA		25.00	%			29,200		25,438
Goseong Green Energy Co., Ltd.(*2)	Power generation	KOREA		1.12	%			2,900		2,663
Gangneung Eco Power Co., Ltd.(*2)	Power generation	KOREA		1.61	%			2,900		2,646
Shin Pyeongtaek Power Co., Ltd.	Power generation	KOREA		40.00	%			40		—
Heang Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	KOREA		28.00	%			194		181
DS POWER Co., Ltd.(*2)	Power generation	KOREA		14.44	%			17,900		7,190
Dongducheon Dream Power Co., Ltd.	Power generation	KOREA		33.61	%			61,535		46,876
KS Solar Co., Ltd.(*3)	Power generation	KOREA		19.00	%			637		604
Yeongwol Energy Station Co., Ltd.(*2)	Power generation	KOREA		10.00	%			1,400		—
Jinbhuvish Power Generation Pvt. Ltd.(*2)	Power generation	INDIA		5.16	%	￦		9,000		—
SE Green Energy Co., Ltd.	Power generation support	KOREA		47.76	%			3,821		3,525
Daegu Photovoltaic Co., Ltd.	Power generation	KOREA		29.00	%			1,230		1,700
Jeongam Wind Power Co., Ltd.	Power generation	KOREA		40.00	%			5,580		4,000
Korea Power Engineering Service Co., Ltd.	Construction and service	KOREA		29.00	%			290		2,810
Busan Green Energy Co., Ltd.	Power generation	KOREA		29.00	%			14,564		13,803
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)(*2)	Power generation	KOREA		18.87	%			1,000		—
Korea Electric Vehicle Charging Service	Electric vehicle charge service	KOREA		28.00	%			1,596		1,103
Ulleungdo Natural Energy Co., Ltd.	Renewable power generation	KOREA		29.85	%			8,000		6,894
Korea Nuclear Partners Co., Ltd.	Electric material agency	KOREA		29.00	%			290		248
Tamra Offshore Wind Power Co., Ltd.	Power generation	KOREA		27.00	%			8,910		7,015
Korea Electric Power Corporation Fund(*13)	Developing electric enterprises	KOREA		98.09	%			51,500		50,856
Energy Infra Asset Management Co., Ltd.(*3)	Asset management	KOREA		9.90	%			297		259
Daegu clean Energy Co., Ltd.	Renewable power generation	KOREA		28.00	%			140		140
YaksuESS Co., Ltd	Installing ESS related equipment	KOREA		29.00	%			210		196
Nepal Water & Energy Development Company Private Limited(*14)	Construction and operation of utility plant	NEPAL		52.77	%			18,568		18,667

								2,134,911		4,092,252

<Joint ventures>
KEPCO-Uhde Inc.(*7)	Power generation	KOREA		52.8	%			11,355		301
Eco Biomass Energy Sdn. Bhd.(*7)	Power generation	MALAYSIA		61.53	%			9,661		—
Datang Chaoyang Renewable Power Co., Ltd.	Power generation	CHINA		40.00	%			27,660		28,239
Shuweihat Asia Power Investment B.V.	Holding company	NETHERLANDS		49.00	%			46,037		—
Shuweihat Asia Operation & Maintenance Company(*7)	Maintenance of utility plant	CAYMAN		55.00	%			30		450
Waterbury Lake Uranium L.P.	Resources development	CANADA		36.97	%			26,602		21,314
ASM-BG Investicii AD	Power generation	BULGARIA		50.00	%			16,101		21,488
RES Technology AD	Power generation	BULGARIA		50.00	%			15,595		13,582
KV Holdings, Inc.	Power generation	PHILIPPINES		40.00	%			2,103		2,098
KEPCO SPC Power Corporation(*7)	Construction and operation of utility plant	PHILIPPINES		75.20	%			94,579		245,367
Canada Korea Uranium Limited Partnership(*5)	Resources development	CANADA		12.50	%			5,404		—
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation	CHINA		40.00	%			16,621		12,821
Datang Chifeng Renewable Power Co., Ltd.	Power generation	CHINA		40.00	%			121,928		166,535
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	CHINA		40.00	%			10,858		10,843
Rabigh Electricity Company	Power generation	SAUDI ARABIA		40.00	%			109,743		97,802
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant	SAUDI ARABIA		40.00	%			70		4,427
Jamaica Public Service Company Limited	Power generation	JAMAICA		40.00	%			301,910		249,453
KW Nuclear Components Co., Ltd.	Manufacturing	KOREA		45.00	%			833		7,133
Busan Shinho Solar Power Co., Ltd.	Power generation	KOREA		25.00	%			2,100		3,814
GS Donghae Electric Power Co., Ltd.	Power generation	KOREA		34.00	%			204,000		205,948
Global Trade Of Power System Co., Ltd.	Exporting products and technology of small or medium business by proxy	KOREA		29.00	%	￦		290		477
Expressway Solar-light Power Generation Co., Ltd.	Power generation	KOREA		29.00	%			1,856		2,343
KODE NOVUS I LLC	Power generation	USA		50.00	%			19,213		—
KODE NOVUS II LLC	Power generation	USA		50.00	%			12,756		—
Daejung Offshore Wind Power Co., Ltd.	Power generation	KOREA		49.90	%			4,990		3,015
Amman Asia Electric Power Company(*7)	Power generation	JORDAN		60.00	%			111,476		153,857
KAPES, Inc.(*7)	R&D	KOREA		51.00	%			5,629		4,758
Dangjin Eco Power Co., Ltd.	Power generation	KOREA		34.00	%			56,100		53,253
Honam Wind Power Co., Ltd.	Power generation	KOREA		29.00	%			3,480		4,451
Chun-cheon Energy Co., Ltd.	Power generation	KOREA		29.90	%			52,700		50,592
Yeonggwangbaeksu Wind Power Co., Ltd.(*3)	Power generation	KOREA		15.00	%			3,000		2,689
Nghi Son 2 Power Ltd.	Power generation	VIETNAM		50.00	%			1,788		229
Kelar S.A(*7)	Power generation	CHILE		65.00	%			4,180		—
PT. Tanjung Power Indonesia	Power generation	INDONESIA		35.00	%			746		1,946
Incheon New Power Co., Ltd.	Power generation	KOREA		29.00	%			461		563
Seokmun Energy Co., Ltd.	Power generation	KOREA		29.00	%			580		391
Daehan Wind Power PSC	Power generation	JORDAN		50.00	%			285		16
Barakah One Company(*16)	Power generation	UAE		18.00	%			118		116
Nawah Energy Company(*16)	Operation of utility plant	UAE		18.00	%			296		290
MOMENTUM	International thermonuclear experimental reactor construction management	FRANCE		33.33	%			1		67
Daegu Green Power Co., Ltd.(*15)	Power generation	KOREA		29.00	%			46,225		47,528

								1,349,360		1,418,196

						￦		3,484,271		5,510,448

(*1)	The effective percentage of ownership is 21.57% considering treasury stocks.

(*2)	The Company 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 Company’s financial and operating policy of the board of directors.

(*3)	The Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity.

(*4)	The Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its influence on the entity.

(*5)	The Company has joint control over the entity by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.

(*6)

The Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. The Company can exercise significant influence by its right to nominate directors to the board of directors of the entity.

(*7)	According to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For these reasons, the entities are classified as joint ventures.

(*8)	As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31.

(*9)

As of December 31, 2016, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership.

(*10)

The Company’s percentage of ownership has decreased due to the acquisition of Daeryun Power Co., Ltd. and the effective percentage of ownership is 19.45% considering stock purchase options.

(*11)

The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%.

(*12)

The effective percentage of ownership is less than 20% but the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity and the fact that the dominant portion of the investee’s sales transactions is generated from the Company.

(*13)

The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. For this reason, the entity is classified as an associate.

(*14)

The effective percentage of ownership is more than 50%, but the Company does not control the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate.

(*15)

The entity is reclassified from associates to joint ventures since the terms of the shareholders’ agreement had been amended.

(*16)

The effective percentage of ownership is less than 20%, but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity.

(*17)

Although the percentage of ownership temporarily decreased to 8.33% from the difference in timing of capital payment by shareholders, the Company can exercise significant influence by virtue of its right to appoint a director to the board of directors of the entity based on the shareholders’ agreement. The percentage of ownership is 25.00% at the time of completion of capital payment.


2017
Investees	Key operation activities	Location		Percentage of ownership				Acquisition cost		Book value
								In millions of won
<Associates>
Korea Gas Corporation(*1)	Importing and wholesaling LNG		KOREA		20.47	%	￦		94,500		1,618,868
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others		KOREA		29.00	%			4,727		21,838
YTN Co., Ltd.	Broadcasting		KOREA		21.43	%			59,000		40,606
Cheongna Energy Co., Ltd.	Generating and distributing vapor and hot/cold water		KOREA		43.90	%			48,353		8,337
Gangwon Wind Power Co., Ltd.(*2)	Power generation		KOREA		15.00	%			5,725		13,855
Hyundai Green Power Co., Ltd.	Power generation		KOREA		29.00	%			88,885		114,806
Korea Power Exchange(*5)	Management of power market and others		KOREA		100.00	%			127,839		237,631
AMEC Partners Korea Ltd.(*3)	Resources development		KOREA		19.00	%			707		215
Hyundai Energy Co., Ltd.(*8)	Power generation		KOREA		30.66	%			71,070		—
Ecollite Co., Ltd.	Artificial light-weight aggregate		KOREA		36.10	%			1,516		—
Taebaek Wind Power Co., Ltd.	Power generation		KOREA		25.00	%			3,810		5,319
Taeback Guinemi Wind Power Co., Ltd.	Power generation		KOREA		25.00	%			3,420		3,089
Pyeongchang Wind Power Co., Ltd.	Power generation		KOREA		25.00	%			3,875		4,136
Daeryun Power Co., Ltd.(*3, 9)	Power generation		KOREA		13.13	%			25,477		25,113
Changjuk Wind Power Co., Ltd.	Power generation		KOREA		30.00	%			3,801		7,515
KNH Solar Co., Ltd.	Power generation		KOREA		27.00	%			1,296		2,218
SPC Power Corporation	Power generation		PHILIPPINES		38.00	%			20,635		52,283
Gemeng International Energy Co., Ltd.	Power generation		CHINA		34.00	%			413,153		649,973
PT. Cirebon Electric Power	Power generation		INDONESIA		27.50	%			40,365		97,410
KNOC Nigerian East Oil Co., Ltd.(*4)	Resources development		NIGERIA		14.63	%			12		—
KNOC Nigerian West Oil Co., Ltd.(*4)	Resources development		NIGERIA		14.63	%			12		—
PT Wampu Electric Power	Power generation		INDONESIA		46.00	%			21,292		29,403
PT. Bayan Resources TBK	Resources development		INDONESIA		20.00	%			615,860		451,831
S-Power Co., Ltd.	Power generation		KOREA		49.00	%			132,300		116,945
Pioneer Gas Power Limited(*7)	Power generation		INDIA		38.50	%			49,831		38,659
Eurasia Energy Holdings	Power generation and resources development		RUSSIA		40.00	%			461		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		LAOS		25.00	%			71,481		61,779
Hadong Mineral Fiber Co., Ltd.(*3)	Recycling fly ashes		KOREA		8.33	%			50		—
Green Biomass Co., Ltd.(*11, 14)	Power generation		KOREA		8.80	%			714		208
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal		INDONESIA		29.00	%			2,978		—
Samcheok Eco Materials Co., Ltd.(*10)	Recycling fly ashes		KOREA		2.35	%			686		—
Noeul Green Energy Co., Ltd.	Power generation		KOREA		29.00	%			1,740		2,067
Naepo Green Energy Co., Ltd.	Power generation		KOREA		41.67	%	￦		29,200		20,598
Goseong Green Energy Co., Ltd.(*2)	Power generation		KOREA		1.12	%			2,900		2,597
Gangneung Eco Power Co., Ltd.(*2)	Power generation		KOREA		1.61	%			2,900		2,583
Shin Pyeongtaek Power Co., Ltd.	Power generation		KOREA		40.00	%			43,920		34,903
Heang Bok Do Si Photovoltaic Power Co., Ltd.	Power generation		KOREA		28.00	%			194		187
Dongducheon Dream Power Co., Ltd.	Power generation		KOREA		33.61	%			111,134		53,233
Jinbhuvish Power Generation Pvt. Ltd.(*2)	Power generation		INDIA		5.16	%			9,000		—
SE Green Energy Co., Ltd.	Power generation		KOREA		47.76	%			3,821		3,476
Daegu Photovoltaic Co., Ltd.	Power generation		KOREA		29.00	%			1,230		1,718
Jeongam Wind Power Co., Ltd.	Power generation		KOREA		40.00	%			5,580		3,763
Korea Power Engineering Service Co., Ltd.	Construction and service		KOREA		29.00	%			290		3,659
Busan Green Energy Co., Ltd.	Power generation		KOREA		29.00	%			5,243		7,363
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)(*2)	Power generation		KOREA		18.87	%			1,000		—
Korea Electric Vehicle Charging Service	Electric vehicle charge service		KOREA		28.00	%			2,604		1,749
Ulleungdo Natural Energy Co., Ltd.	Renewable power generation		KOREA		29.85	%			8,000		6,370
Korea Nuclear Partners Co., Ltd.	Electric material agency		KOREA		29.00	%			290		383
Tamra Offshore Wind Power Co., Ltd.	Power generation		KOREA		27.00	%			8,910		8,560
Korea Electric Power Corporation Fund(*12)	Developing electric enterprises		KOREA		98.09	%			51,500		47,974
Energy Infra Asset Management Co., Ltd.(*3)	Asset management		KOREA		9.90	%			297		476
Daegu clean Energy Co., Ltd.	Renewable power generation		KOREA		28.00	%			140		11
YaksuESS Co., Ltd	Installing ESS related equipment		KOREA		29.00	%			210		194
Nepal Water & Energy Development Company Private Limited(*15)	Construction and operation of utility plant		NEPAL		62.13	%			33,577		30,498
Gwangyang Green Energy Co., Ltd.	Power generation		KOREA		20.00	%			2,000		1,772
PND solar., Ltd	Power generation		KOREA		29.00	%			1,250		1,250

									2,240,761		3,837,421

<Joint ventures>
KEPCO-Uhde Inc.(*6)	Power generation		KOREA		52.80	%			11,355		258
Eco Biomass Energy Sdn. Bhd.(*6)	Power generation		MALAYSIA		61.53	%			14,439		—
Datang Chaoyang Renewable Power Co., Ltd.	Power generation		CHINA		40.00	%			27,660		27,262
Shuweihat Asia Power Investment B.V.	Holding company		NETHERLANDS		49.00	%			46,037		15,675
Shuweihat Asia Operation & Maintenance Company(*6)	Maintenance of utility plant		CAYMAN		55.00	%			30		663
Waterbury Lake Uranium L.P.	Resources development		CANADA		35.76	%			26,602		19,781
ASM-BG Investicii AD	Power generation		BULGARIA		50.00	%			16,101		21,202
RES Technology AD	Power generation		BULGARIA		50.00	%			15,595		14,375
KV Holdings, Inc.	Power generation		PHILIPPINES		40.00	%			2,103		1,918
KEPCO SPC Power Corporation(*6)	Construction and operation of utility plant		PHILIPPINES		75.20	%			94,579		217,094
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		CHINA		40.00	%			16,621		10,840
Datang Chifeng Renewable Power Co., Ltd.	Power generation		CHINA		40.00	%			121,928		171,055
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		CHINA		40.00	%			10,858		11,060
Rabigh Electricity Company	Power generation		SAUDI ARABIA		40.00	%			109,743		99,356
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		SAUDI ARABIA		40.00	%			70		3,987
Jamaica Public Service Company Limited	Power generation		JAMAICA		40.00	%	￦		301,910		221,153
KW Nuclear Components Co., Ltd.	Manufacturing		KOREA		45.00	%			833		6,703
Busan Shinho Solar Power Co., Ltd.	Power generation		KOREA		25.00	%			2,100		4,346
GS Donghae Electric Power Co., Ltd.	Power generation		KOREA		34.00	%			204,000		220,727
Global Trade Of Power System Co., Ltd.	Exporting products and technology of small or medium business by proxy		KOREA		29.00	%			290		577
Expressway Solar-light Power Generation Co., Ltd.	Power generation		KOREA		29.00	%			1,856		2,463
KODE NOVUS I LLC	Power generation		USA		50.00	%			19,213		—
KODE NOVUS II LLC	Power generation		USA		50.00	%			12,756		—
Daejung Offshore Wind Power Co., Ltd.	Power generation		KOREA		49.90	%			5,190		2,969
Amman Asia Electric Power Company(*6)	Power generation		JORDAN		60.00	%			111,476		145,676
KAPES, Inc.(*6)	R&D		KOREA		51.00	%			5,629		7,476
Dangjin Eco Power Co., Ltd.	Power generation		KOREA		34.00	%			61,540		57,928
Honam Wind Power Co., Ltd.	Power generation		KOREA		29.00	%			3,480		4,302
Chun-cheon Energy Co., Ltd.	Power generation		KOREA		29.90	%			52,700		48,118
Yeonggwangbaeksu Wind Power Co., Ltd.(*3)	Power generation		KOREA		15.00	%			3,000		2,734
Nghi Son 2 Power Ltd.	Power generation		VIETNAM		50.00	%			2,781		183
Kelar S.A(*6)	Power generation		CHILE		65.00	%			77,220		67,233
PT. Tanjung Power Indonesia	Power generation		INDONESIA		35.00	%			746		1,776
Incheon New Power Co., Ltd.	Power generation		KOREA		29.00	%			461		619
Seokmun Energy Co., Ltd.	Power generation		KOREA		29.00	%			15,370		13,786
Daehan Wind Power PSC	Power generation		JORDAN		50.00	%			285		—
Barakah One Company(*13)	Power generation		UAE		18.00	%			118		626
Nawah Energy Company(*13)	Operation of utility plant		UAE		18.00	%			296		258
MOMENTUM	International thermonuclear experimental reactor construction management		FRANCE		33.33	%			1		391
Daegu Green Power Co., Ltd.	Power generation		KOREA		29.00	%			46,225		42,391
Yeonggwang Wind Power Co., Ltd.	Power generation		KOREA		41.00	%			15,375		15,294
Chester Solar IV SpA(*6)	Power generation		CHILE		81.82	%			1,700		1,700
Chester Solar V SpA(*6)	Power generation		CHILE		81.82	%			525		525
Diego de Almagro Solar SpA(*6)	Power generation		CHILE		81.82	%			2,091		2,091
South Jamaica Power Company Limited	Power generation		JAMAICA		20.00	%			7,090		6,704

									1,469,978		1,493,275

							￦		3,710,739		5,330,696

(*1)	The effective percentage of ownership is 21.57% considering treasury stocks.

(*2)	The Company 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 Company’s financial and operating policy of the board of directors.

(*3)	The Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity.

(*4)	The Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its influence on the entity.

(*5)

(*6)	According to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For these reasons, the entities are classified as joint ventures.

(*7)	As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31.

(*8)

As of December 31, 2017, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership.

(*9)	The Company’s percentage of ownership has decreased due to the acquisition of Daeryun Power Co., Ltd. and the effective percentage of ownership is 19.45% considering stock purchase options.

(*10)

The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%.

(*11)

(*12)

(*13)

The effective percentage of ownership is less than 20% but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity

(*14)

The percentage of ownership decreased since the Company did not participate in the capital increase of Green Biomass Co., Ltd. during the period.

(*15)

The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate.

(2)

The fair value of associates which are actively traded on the open market and have a readily available market value as of December 31, 2016 and 2017 are as follows:


Investees		2016		2017
		In millions of won
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	￦		45,474		38,667
Korea Gas Corporation(*)			915,705		804,195
YTN Co., Ltd.			22,320		18,855
SPC Power Corporation			70,253		72,616
PT. Bayan Resources TBK			359,200		558,267

(*)

The carrying amount of Korea Gas Corporation (“KOGAS”) is ￦1,618,868 million as of December 31, 2017 and management has determined that there is objective evidence of impairment. As a result of the impairment test, the Company has not recognized any impairment loss as the value in use is greater than the carrying amount. The recoverable amount of KOGAS based on its value in use is calculated by considering the long-term natural gas supply and demand programs of future cash flows approved by Ministry of Trade, Industry & Energy and the discount rate of 4.94%.

(3)

Changes in investments in associates and joint ventures for the years ended December 31, 2016 and 2017 are as follows:


2016
Investees		Beginning balance		Acquisition		Disposal			Dividends received			Share of income (loss)			Other comprehensive income (loss)			Others			Ending balance
		In millions of won
<Associates>
Daegu Green Power Co., Ltd.	￦		80,267		3,347		(34,422	)		—			(1,814	)		148			(47,526	)		—
Korea Gas Corporation			2,102,813		—		—			(3,213	)		(146,308	)		(14,551	)		(4,864	)		1,933,877
Korea Electric Power Industrial Development Co., Ltd.			18,994		—		—			(1,598	)		4,491			—			(1,412	)		20,475
YTN Co., Ltd.			38,365		—		—			—			(227	)		32			(14	)		38,156
Cheongna Energy Co., Ltd.			19,490		—		—			—			(7,117	)		—			—			12,373
Gangwon Wind Power Co., Ltd.			12,890		—		—			(1,136	)		1,270			45			—			13,069
Hyundai Green Power Co., Ltd.			113,664		—		—			(8,888	)		11,222			—			—			115,998
Korea Power Exchange			208,735		—		—			—			15,847			—			(1,344	)		223,238
AMEC Partners Korea Ltd.			230		—		—			—			(5	)		—			—			225
Hyundai Energy Co., Ltd.			6,990		—		—			—			(21,163	)		—			15,204			1,031
Ecollite Co., Ltd.			—		—		—			—			—			—			—			—
Taebaek Wind Power Co., Ltd.			4,956		—		—			—			(206	)		—			—			4,750
Taeback Guinemi Wind Power Co., Ltd.			2,587		570		—			—			(26	)		—			—			3,131
Pyeongchang Wind Power Co., Ltd.			3,402		—		—			—			(19	)		—			—			3,383
Daeryun Power Co., Ltd.			36,156		—		—			—			(6,282	)		(1	)		—			29,873
JinanJangsu Wind Power Co., Ltd.			77		—		(64	)		—			(13	)		—			—			—
Changjuk Wind Power Co., Ltd.			6,143		—		—			(190	)		977			—			—			6,930
KNH Solar Co., Ltd.			1,924		—		—			—			144			5			—			2,073
SPC Power Corporation			58,033		—		—			(7,151	)		6,416			(477	)		(3	)		56,818
Gemeng International Energy Co., Ltd.			728,396		—		—			(16,476	)		26,714			(58,493	)		(76	)		680,065
PT. Cirebon Electric Power			60,574		—		—			(1,242	)		31,511			2,568			3,247			96,658
KNOC Nigerian East Oil Co., Ltd.			—		—		—			—			(1,346	)		(398	)		1,744			—
KNOC Nigerian West Oil Co., Ltd.			—		—		—			—			(973	)		(356	)		1,329			—
Dolphin Property Limited			61		—		—			(35	)		—			(69	)		43			—
PT Wampu Electric Power			18,963		—		—			—			3,493			(3	)		735			23,188
PT. Bayan Resources TBK(*2)			525,066		—		—			—			(23,257	)		208			(99,350	)		402,667
S-Power Co., Ltd.			130,908		—		—			—			(7,006	)		—			10			123,912
Pioneer Gas Power Limited			51,187		—		—			—			(698	)		251			—			50,740
Eurasia Energy Holdings			—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			31,863		16,402		—			—			1,576			1,703			—			51,544
Busan Solar Co., Ltd.			925		—		(887	)		—			(38	)		—			—			—
Hadong Mineral Fiber Co., Ltd.			—		—		—			—			—			—			—			—
Green Biomass Co., Ltd.			—		—		—			—			(138	)		—			185			47
PT. Mutiara Jawa			—		—		—			—			—			—			—			—
Samcheok Eco Materials Co., Ltd.			—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.			295		1,340		—			—			(418	)		—			—			1,217
Naepo Green Energy Co., Ltd.			26,746		—		—			—			(1,308	)		—			—			25,438
Goseong Green Energy Co., Ltd.			2,670		—		—			—			71			—			(78	)		2,663
Gangneung Eco Power Co., Ltd.			2,688		—		—			—			56			—			(98	)		2,646
Shin Pyeongtaek Power Co., Ltd.			—		—		—			—			—			—			—			—
Heang Bok Do Si Photovoltaic Power Co., Ltd.			189		—		—			—			(10	)		—			2			181
DS POWER Co., Ltd.			10,960		—		—			—			(3,738	)		—			(32	)		7,190
Dongducheon Dream Power Co., Ltd.			55,667		—		—			—			(8,757	)		—			(34	)		46,876
KS Solar Co., Ltd.			618		—		—			—			(14	)		—			—			604
Yeongwol Energy Station Co., Ltd.(*1)			1,290		—		—			—			85			25			(1,400	)		—
Jinbhuvish Power Generation Pvt. Ltd.(*3)	￦		8,350		—		—			—			(49	)		(198	)		(8,103	)		—
SE Green Energy Co., Ltd.			3,575		—		—			—			(50	)		—			—			3,525
Daegu Photovoltaic Co., Ltd.			1,886		—		—			(411	)		225			—			—			1,700
Jeongam Wind Power Co., Ltd.			702		3,900		—			—			(602	)		—			—			4,000
Korea Power Engineering Service Co., Ltd.			1,805		—		—			—			1,005			—			—			2,810
Busan Green Energy Co., Ltd.			14,512		—		—			—			(709	)		—			—			13,803
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			904		—		—			—			(904	)		—			—			—
Korea Electric Vehicle Charging Service			1,446		—		—			—			(343	)		—			—			1,103
Ulleungdo Natural Energy Co., Ltd.			7,417		—		—			—			(516	)		—			(7	)		6,894
Korea Nuclear Partners Co., Ltd.			289		—		—			—			(41	)		—			—			248
Tamra Offshore Wind Power Co., Ltd.			—		8,910		—			—			(1,895	)		—			—			7,015
Korea Electric Power Corporation Fund			—		51,500		—			—			(644	)		—			—			50,856
Energy Infra Asset Management Co., Ltd.			—		297		—			—			(38	)		—			—			259
Daegu clean Energy Co., Ltd.			—		140		—			—			—			—			—			140
YaksuESS Co., Ltd			—		210		—			—			(14	)		—			—			196
Nepal Water & Energy Development Company Private Limited			—		—		—			—			—			—			18,667			18,667

			4,405,668		86,616		(35,373	)		(40,340	)		(131,583	)		(69,561	)		(123,175	)		4,092,252

<Joint ventures>
KEPCO-Uhde Inc.(*4)			8,549		—		—			—			(159	)		—			(8,089	)		301
Eco Biomass Energy Sdn. Bhd.			—		—		—			—			—			—			—			—
Datang Chaoyang Renewable Power Co., Ltd.			27,640		—		—			—			1,417			(818	)		—			28,239
Shuweihat Asia Power Investment B.V.			20,474		—		(14,154	)		(2,957	)		6,131			(9,494	)		—			—
Shuweihat Asia Operation & Maintenance Company			486		—		—			(931	)		941			(46	)		—			450
Waterbury Lake Uranium L.P.			20,299		—		—			—			—			1,138			(123	)		21,314
ASM-BG Investicii AD			20,203		—		—			—			1,508			(223	)		—			21,488
RES Technology AD			13,789		—		—			—			(68	)		(139	)		—			13,582
KV Holdings, Inc.			2,010		—		—			(302	)		429			(39	)		—			2,098
KEPCO SPC Power Corporation			208,524		—		—			(5,955	)		48,132			(5,308	)		(26	)		245,367
Canada Korea Uranium Limited Partnership			—		—		—			—			—			—			—			—
Gansu Datang Yumen Wind Power Co., Ltd.			16,107		—		—			—			(2,836	)		(450	)		—			12,821
Datang Chifeng Renewable Power Co., Ltd.			171,224		—		—			(7,384	)		7,455			(4,760	)		—			166,535
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			10,580		—		—			(440	)		1,002			(299	)		—			10,843
Rabigh Electricity Company			59,368		—		—			—			18,961			19,473			—			97,802
Rabigh Operation & Maintenance Company Limited			3,586		—		—			(1,934	)		2,253			229			293			4,427
Jamaica Public Service Company Limited			241,918		—		—			—			—			7,535			—			249,453
KW Nuclear Components Co., Ltd.			4,985		—		—			(2,191	)		4,344			—			(5	)		7,133
Busan Shinho Solar Power Co., Ltd.			3,678		—		—			(185	)		321			—			—			3,814
GS Donghae Electric Power Co., Ltd.			200,379		—		—			—			5,575			—			(6	)		205,948
Global Trade Of Power System Co., Ltd.	￦		426		—		—			—			51			—			—			477
Expressway Solar-light Power Generation Co., Ltd.			2,100		—		—			—			243			—			—			2,343
KODE NOVUS I LLC			—		—		—			—			—			—			—			—
KODE NOVUS II LLC			—		258		—			—			(260	)		—			2			—
Daejung Offshore Wind Power Co., Ltd.			3,352		—		—			—			(337	)		—			—			3,015
Amman Asia Electric Power Company			137,668		—		—			(12,684	)		17,811			11,062			—			153,857
KAPES, Inc.			4,501		—		—			—			311			—			(54	)		4,758
Dangjin Eco Power Co., Ltd.			48,281		5,100		—			—			(696	)		(26	)		594			53,253
Honam Wind Power Co., Ltd.			3,926		—		—			(104	)		629			—			—			4,451
Nepal Water & Energy Development Company Private Limited			17,765		—		—			—			359			543			(18,667	)		—
Chun-cheon Energy Co., Ltd.			31,976		19,832		—			—			(1,121	)		(95	)		—			50,592
Yeonggwangbaeksu Wind Power Co., Ltd.			2,668		—		—			—			16			—			5			2,689
Nghi Son 2 Power Ltd.			269		716		—			—			(740	)		(16	)		—			229
Kelar S.A			—		—		—			—			—			—			—			—
PT. Tanjung Power Indonesia			617		—		—			—			1,337			—			(8	)		1,946
Incheon New Power Co., Ltd.			514		—		—			—			41			8			—			563
Seokmun Energy Co., Ltd.			—		—		—			—			(197	)		793			(205	)		391
Daehan Wind Power PSC			—		285		—			—			(261	)		(8	)		—			16
Barakah One Company			—		118		—			—			—			—			(2	)		116
Nawah Energy Company			—		296		—			—			—			—			(6	)		290
MOMENTUM			—		1		—			—			65			—			1			67
Daegu Green Power Co., Ltd.			—		—		—			—			—			—			47,528			47,528

			1,287,862		26,606		(14,154	)		(35,067	)		112,657			19,060			21,232			1,418,196

	￦		5,693,530		113,222		(49,527	)		(75,407	)		(18,926	)		(50,501	)		(101,943	)		5,510,448

(*1)	‘Others’ include ￦1,400 million of assets held-for-sale (note 42).

(*2)	It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ￦99,338 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016.

(*3)	Due to discontinuation of operations during the year ended December 31, 2016, the Company recognized an impairment loss of ￦8,103 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016.

(*4)	It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ￦8,099 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2016.


2017
Investees		Beginning balance		Acquisition		Disposal			Dividends received			Share of income (loss)			Other comprehensive income (loss)			Others			Ending balance
		In millions of won
<Associates>
Korea Gas Corporation	￦		1,933,877		—		—			—			(242,232	)		(72,648	)		(129	)		1,618,868
Korea Electric Power Industrial Development Co., Ltd.			20,475		—		—			(2,061	)		3,428			102			(106	)		21,838
YTN Co., Ltd.			38,156		—		—			(135	)		1,095			929			561			40,606
Cheongna Energy Co., Ltd.			12,373		—		—			—			(4,036	)		—			—			8,337
Gangwon Wind Power Co., Ltd.			13,069		—		—			(852	)		1,638			—			—			13,855
Hyundai Green Power Co., Ltd.			115,998		—		—			(8,889	)		7,697			—			—			114,806
Korea Power Exchange			223,238		—		—			—			8,831			—			5,562			237,631
AMEC Partners Korea Ltd.			225		—		—			—			(10	)		—			—			215
Hyundai Energy Co., Ltd.			1,031		—		—			—			(3,498	)		—			2,467			—
Ecollite Co., Ltd.			—		—		—			—			—			—			—			—
Taebaek Wind Power Co., Ltd.			4,750		—		—			—			569			—			—			5,319
Taeback Guinemi Wind Power Co., Ltd.			3,131		—		—			—			(42	)		—			—			3,089
Pyeongchang Wind Power Co., Ltd.			3,383		—		—			—			753			—			—			4,136
Daeryun Power Co., Ltd.			29,873		—		—			—			(4,762	)		—			2			25,113
Changjuk Wind Power Co., Ltd.			6,930		—		—			(111	)		696			—			—			7,515
KNH Solar Co., Ltd.			2,073		—		—			—			145			—			—			2,218
SPC Power Corporation			56,818		—		—			(5,562	)		4,310			(3,276	)		(7	)		52,283
Gemeng International Energy Co., Ltd.			680,065		—		—			(13,365	)		6,953			(23,680	)		—			649,973
PT. Cirebon Electric Power			96,658		—		—			(550	)		10,685			2,232			(11,615	)		97,410
KNOC Nigerian East Oil Co., Ltd.			—		—		—			—			(1,914	)		1,536			378			—
KNOC Nigerian West Oil Co., Ltd.			—		—		—			—			(1,712	)		1,407			305			—
PT Wampu Electric Power			23,188		—		—			—			9,336			—			(3,121	)		29,403
PT. Bayan Resources TBK			402,667		—		—			—			34,122			14,982			60			451,831
S-Power Co., Ltd.			123,912		—		—			—			(6,982	)		—			15			116,945
Pioneer Gas Power Limited			50,740		—		—			—			(11,119	)		(1,238	)		276			38,659
Eurasia Energy Holdings			—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			51,544		22,362		—			—			(4,264	)		(7,863	)		—			61,779
Hadong Mineral Fiber Co., Ltd.			—		—		—			—			(31	)		—			31			—
Green Biomass Co., Ltd.			47		—		—			—			(112	)		—			273			208
PT. Mutiara Jawa			—		—		—			—			—			—			—			—
Samcheok Eco Materials Co., Ltd.			—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.			1,217		—		—			—			850			—			—			2,067
Naepo Green Energy Co., Ltd.(*2)			25,438		—		—			—			(1,400	)		—			(3,440	)		20,598
Goseong Green Energy Co., Ltd.			2,663		—		—			—			(66	)		—			—			2,597
Gangneung Eco Power Co., Ltd.			2,646		—		—			—			(63	)		—			—			2,583
Shin Pyeongtaek Power Co., Ltd.			—		43,880		—			—			(10,998	)		(3,617	)		5,638			34,903
Heang Bok Do Si Photovoltaic Power Co., Ltd.			181		—		—			—			6			—			—			187
DS POWER Co., Ltd.(*4)			7,190		—		—			—			(1,321	)		—			(5,869	)		—
Dongducheon Dream Power Co., Ltd.(*1,3)			46,876		—		—			—			(10,980	)		—			17,337			53,233
KS Solar Co., Ltd.			604		—		(613	)		—			—			9			—			—
Jinbhuvish Power Generation Pvt. Ltd.			—		—		—			—			—			—			—			—
SE Green Energy Co., Ltd.			3,525		—		—			—			(49	)		—			—			3,476
Daegu Photovoltaic Co., Ltd.			1,700		—		—			(349	)		367			—			—			1,718
Jeongam Wind Power Co., Ltd.			4,000		—		—			—			(237	)		—			—			3,763
Korea Power Engineering Service Co., Ltd.			2,810		—		—			(191	)		1,030			—			10			3,659
Busan Green Energy Co., Ltd.			13,803		—		(9,320	)		—			2,884			—			(4	)		7,363
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)	￦		—		—		—			—			—			—			—			—
Korea Electric Vehicle Charging Service			1,103		1,008		—			—			(362	)		—			—			1,749
Ulleungdo Natural Energy Co., Ltd.			6,894		—		—			—			(524	)		—			—			6,370
Korea Nuclear Partners Co., Ltd.			248		—		—			—			135			—			—			383
Tamra Offshore Wind Power Co., Ltd.			7,015		—		—			—			1,545			—			—			8,560
Korea Electric Power Corporation Fund			50,856		—		—			—			(2,171	)		(711	)		—			47,974
Energy Infra Asset Management Co., Ltd.			259		—		—			—			217			—			—			476
Daegu clean Energy Co., Ltd.			140		—		—			—			(129	)		—			—			11
YaksuESS Co., Ltd			196		—		—			—			(2	)		—			—			194
Nepal Water & Energy Development Company Private Limited			18,667		15,009		—			—			(677	)		(2,501	)		—			30,498
Gwangyang Green Energy Co., Ltd.			—		2,000		—			—			(228	)		—			—			1,772
PND solar., Ltd			—		1,250		—			—			—			—			—			1,250

			4,092,252		85,509		(9,933	)		(32,065	)		(212,629	)		(94,337	)		8,624			3,837,421

<Joint ventures>
KEPCO-Uhde Inc.			301		—		—			—			(43	)		—			—			258
Eco Biomass Energy Sdn. Bhd.			—		—		—			—			—			—			—			—
Datang Chaoyang Renewable Power Co., Ltd.			28,239		—		—			(839	)		840			(978	)		—			27,262
Shuweihat Asia Power Investment B.V.			—		—		—			(1,707	)		4,275			12,457			650			15,675
Shuweihat Asia Operation & Maintenance Company			450		—		—			(770	)		1,055			(172	)		100			663
Waterbury Lake Uranium L.P.			21,314		—		—			—			(23	)		(949	)		(561	)		19,781
ASM-BG Investicii AD			21,488		—		—			(946	)		(150	)		810			—			21,202
RES Technology AD			13,582		—		—			—			1,053			(260	)		—			14,375
KV Holdings, Inc.			2,098		—		—			—			61			(241	)		—			1,918
KEPCO SPC Power Corporation			245,367		—		—			(37,443	)		42,359			(33,230	)		41			217,094
Canada Korea Uranium Limited partnership			—		—		—			—			—			—			—			—
Gansu Datang Yumen Wind Power Co., Ltd.			12,821		—		—			—			(1,299	)		(682	)		—			10,840
Datang Chifeng Renewable Power Co., Ltd.			166,535		—		—			—			14,079			(9,559	)		—			171,055
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			10,843		—		—			—			837			(620	)		—			11,060
Rabigh Electricity Company			97,802		—		—			(18,112	)		35,769			(15,227	)		(876	)		99,356
Rabigh Operation & Maintenance Company Limited			4,427		—		—			(2,130	)		2,236			(546	)		—			3,987
Jamaica Public Service Company Limited			249,453		—		—			—			—			(28,300	)		—			221,153
KW Nuclear Components Co., Ltd.			7,133		—		—			(208	)		(222	)		—			—			6,703
Busan Shinho Solar Power Co., Ltd.			3,814		—		—			(63	)		595			—			—			4,346
GS Donghae Electric Power Co., Ltd.			205,948		—		—			—			14,714			—			65			220,727
Global Trade Of Power System Co., Ltd.			477		—		—			—			100			—			—			577
Expressway Solar-light Power Generation Co., Ltd.			2,343		—		—			—			120			—			—			2,463
KODE NOVUS I LLC	￦		—		—		—			—			—			—			—			—
KODE NOVUS II LLC			—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.			3,015		200		—			—			(246	)		—			—			2,969
Amman Asia Electric Power Company			153,857		—		—			(12,213	)		19,957			(15,925	)		—			145,676
KAPES, Inc.			4,758		—		—			—			2,752			—			(34	)		7,476
Dangjin Eco Power Co., Ltd.			53,253		5,440		—			—			(752	)		(3	)		(10	)		57,928
Honam Wind Power Co., Ltd.			4,451		—		—			(487	)		338			—			—			4,302
Chun-cheon Energy Co., Ltd.			50,592		—		—			—			(2,474	)		—			—			48,118
Yeonggwangbaeksu Wind Power Co., Ltd.			2,689		—		—			—			45			—			—			2,734
Nghi Son 2 Power Ltd.			229		993		—			—			(1,039	)		—			—			183
Kelar S.A			—		73,040		—			—			(633	)		(5,175	)		1			67,233
PT. Tanjung Power Indonesia			1,946		—		—			—			2,112			(2,281	)		(1	)		1,776
Incheon New Power Co., Ltd.			563		—		—			—			56			—			—			619
Seokmun Energy Co., Ltd.			391		14,790		—			—			(1,219	)		(176	)		—			13,786
Daehan Wind Power PSC			16		—		—			—			(40	)		22			2			—
Barakah One Company			116		—		—			—			570			(60	)		—			626
Nawah Energy Company			290		—		—			—			(5	)		(27	)		—			258
MOMENTUM			67		—		—			—			321			3			—			391
Daegu Green Power Co., Ltd.			47,528		—		—			—			(5,133	)		—			(4	)		42,391
Yeonggwang Wind Power Co., Ltd.			—		15,375		—			—			(25	)		(56	)		—			15,294
Chester Solar IV SpA			—		1,700		—			—			—			—			—			1,700
Chester Solar V SpA			—		525		—			—			—			—			—			525
Diego de Almagro Solar SpA			—		2,091		—			—			—			—			—			2,091
South Jamaica Power Company Limited			—		7,090		—			—			—			—			(386	)		6,704

			1,418,196		121,244		—			(74,918	)		130,941			(101,175	)		(1,013	)		1,493,275

	￦		5,510,448		206,753		(9,933	)		(106,983	)		(81,688	)		(195,512	)		7,611			5,330,696

(*1)	It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ￦23,798 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2017.

(*2)	It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ￦3,440 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2017.

(*3)	‘Others’ include ￦41,170 million of assets held-for-sale (note 42).

(*4)	‘Others’ include ￦4,438 million of assets held-for-sale (note 42), and also include ￦1,439 million of available-for-sale financial assets which is reclassified due to loss of significant influence.

(4)

Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2016 and 2017 are as follows:


2016
Investees		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
<Associates>
Korea Gas Corporation	￦		39,927,836		30,541,350		21,108,116		(673,558	)
Korea Electric Power Industrial Development Co., Ltd.			144,346		73,742		304,067		17,187
YTN Co., Ltd.			304,536		126,324		130,690		2,051
Cheongna Energy Co., Ltd.			469,843		447,216		46,484		(16,127	)
Gangwon Wind Power Co., Ltd.			102,550		15,753		22,774		8,133
Hyundai Green Power Co., Ltd.			1,151,975		751,981		469,547		38,743
Korea Power Exchange			255,533		32,295		101,222		15,087
AMEC Partners Korea Ltd.			1,216		32		103		(25	)
Hyundai Energy Co., Ltd.			505,979		499,205		61,813		(45,800	)
Ecollite Co., Ltd.			2,157		336		—		(105	)
Taebaek Wind Power Co., Ltd.			43,162		24,162		5,741		(2,796	)
Taeback Guinemi Wind Power Co., Ltd.			12,523		1		—		(106	)
Pyeongchang Wind Power Co., Ltd.			75,440		61,909		3,997		(45	)
Daeryun Power Co., Ltd.			793,283		644,930		249,558		(32,291	)
Changjuk Wind Power Co., Ltd.			37,878		15,162		5,782		1,739
KNH Solar Co., Ltd.			25,878		18,199		4,006		638
SPC Power Corporation			191,562		42,042		73,674		42,617
Gemeng International Energy Co., Ltd.			5,822,879		3,821,905		1,233,972		66,370
PT. Cirebon Electric Power			988,975		637,491		265,813		114,653
KNOC Nigerian East Oil Co., Ltd.			272,964		358,211		—		(7,051	)
KNOC Nigerian West Oil Co., Ltd.			165,396		243,713		—		(6,562	)
PT Wampu Electric Power			222,004		171,595		19,260		7,550
PT. Bayan Resources TBK			945,436		845,963		593,441		402
S-Power Co., Ltd.			886,841		629,992		453,606		(14,885	)
Pioneer Gas Power Limited			345,791		276,978		14,353		396
Eurasia Energy Holdings			618		1,103		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.			772,699		543,472		—		6,458
Hadong Mineral Fiber Co., Ltd.			—		20		—		—
Green Biomass Co., Ltd.			9,336		9,001		2,892		(972	)
PT. Mutiara Jawa			28,104		34,671		7,175		(1,361	)
Samcheok Eco Materials Co., Ltd.			24,143		254		—		(1,945	)
Noeul Green Energy Co., Ltd.			115,062		110,866		203		(1,155	)
Naepo Green Energy Co., Ltd.			104,029		2,276		4,912		(5,230	)
Goseong Green Energy Co., Ltd.			356,546		110,753		—		(5,489	)
Gangneung Eco Power Co., Ltd.			176,805		6,503		—		(3,494	)
Shin Pyeongtaek Power Co., Ltd.			54,174		60,518		—		(3,291	)
Heang Bok Do Si Photovoltaic Power Co., Ltd.			2,937		2,297		427		(47	)
DS POWER Co., Ltd.			726,699		618,793		276,324		(10,031	)
Dongducheon Dream Power Co., Ltd.			1,670,945		1,427,773		946,379		(27,936	)
KS Solar Co., Ltd.			27,213		24,035		4,152		(79	)
Jinbhuvish Power Generation Pvt. Ltd.			70,273		14,513		—		(950	)
SE Green Energy Co., Ltd.			7,381		—		—		(103	)
Daegu Photovoltaic Co., Ltd.			18,909		13,047		3,317		739
Jeongam Wind Power Co., Ltd.	￦		13,199		3,199		—		(1,496	)
Korea Power Engineering Service Co., Ltd.			13,401		3,713		27,394		3,463
Busan Green Energy Co., Ltd.			147,843		100,247		—		(2,444	)
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			11,340		12,037		—		(5,489	)
Korea Electric Vehicle Charging Service			10,545		6,604		5,177		(1,225	)
Ulleungdo Natural Energy Co., Ltd.			24,836		1,738		—		(1,730	)
Korea Nuclear Partners Co., Ltd.			1,363		507		372		(140	)
Tamra Offshore Wind Power Co., Ltd.			127,880		101,900		983		(6,307	)
Korea Electric Power Corporation Fund			51,970		128		3		(647	)
Energy Infra Asset Management Co., Ltd.			2,779		160		32		(381	)
Daegu clean Energy Co., Ltd.			500		—		—		—
YaksuESS Co., Ltd			6,474		5,801		—		(48	)
Nepal Water & Energy Development Company Private Limited			43,788		10,477		—		(703	)

<Joint ventures>
KEPCO-Uhde Inc.			624		33		—		(16,855	)
Eco Biomass Energy Sdn. Bhd.			—		—		—		—
Datang Chaoyang Renewable Power Co., Ltd.			142,684		72,086		18,628		3,462
Shuweihat Asia Power Investment B.V.			282		4		—		12,380
Shuweihat Asia Operation & Maintenance Company			1,016		13		2,388		1,723
Waterbury Lake Uranium L.P.			56,181		47		—		—
ASM-BG Investicii AD			79,898		36,921		12,604		3,105
RES Technology AD			68,553		41,389		7,798		(139	)
KV Holdings, Inc.			5,245		1		—		1,072
KEPCO SPC Power Corporation			448,069		121,783		165,046		63,689
Canada Korea Uranium Limited Partnership			285		144		—		(59	)
Gansu Datang Yumen Wind Power Co., Ltd.			89,517		57,464		4,263		(6,815	)
Datang Chifeng Renewable Power Co., Ltd.			813,804		397,344		99,795		19,042
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			62,600		35,493		8,742		2,505
Rabigh Electricity Company			2,691,654		2,258,772		278,431		37,791
Rabigh Operation & Maintenance Company Limited			25,032		13,965		25,607		4,870
Jamaica Public Service Company Limited			1,291,008		659,296		827,298		25,324
KW Nuclear Components Co., Ltd.			26,417		11,990		26,481		9,452
Busan Shinho Solar Power Co., Ltd.			47,789		32,533		6,770		1,247
GS Donghae Electric Power Co., Ltd.			1,952,297		1,346,568		19,851		16,396
Global Trade Of Power System Co., Ltd.			1,661		18		2,667		205
Expressway Solar-light Power Generation Co., Ltd.			20,790		12,710		3,395		960
KODE NOVUS I LLC			14,286		104,252		2,362		(50,151	)
KODE NOVUS II LLC			3,236		50,267		810		(22,582	)
Daejung Offshore Wind Power Co., Ltd.			6,076		34		—		(675	)
Amman Asia Electric Power Company			881,164		624,590		13,631		29,684
KAPES, Inc.			145,576		136,247		31,852		456
Dangjin Eco Power Co., Ltd.			149,926		1,001		—		(2,023	)
Honam Wind Power Co., Ltd.	￦		41,614		26,375		6,776		2,171
Chun-cheon Energy Co., Ltd.			548,306		379,113		—		(3,684	)
Yeonggwangbaeksu Wind Power Co., Ltd.			99,773		81,881		11,208		(26	)
Nghi Son 2 Power Ltd.			757		302		—		(1,481	)
Kelar S.A			617,803		712,124		—		(4,109	)
PT. Tanjung Power Indonesia			203,051		197,491		122,583		3,821
Incheon New Power Co., Ltd.			7,902		5,961		2,985		168
Seokmun Energy Co., Ltd.			235,905		234,556		—		(543	)
Daehan Wind Power PSC			750		714		—		(523	)
Barakah One Company			17,117,338		17,116,680		—		—
Nawah Energy Company			1,645		—		—		—
MOMENTUM			2,749		2,547		2,886		194
Daegu Green Power Co., Ltd.			636,438		547,017		265,621		(3,981	)


2017
Investees		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
<Associates>
Korea Gas Corporation	￦		37,139,439		28,999,025		22,172,305		(1,205,110	)
Korea Electric Power Industrial Development Co., Ltd.			155,033		79,730		334,547		16,126
YTN Co., Ltd.			298,122		108,554		131,080		3,638
Cheongna Energy Co., Ltd.			461,958		448,535		56,533		(9,203	)
Gangwon Wind Power Co., Ltd.			94,281		2,243		25,963		11,121
Hyundai Green Power Co., Ltd.			1,150,729		754,846		477,373		26,543
Korea Power Exchange			263,499		25,868		105,107		8,831
AMEC Partners Korea Ltd.			1,135		4		1		(53	)
Hyundai Energy Co., Ltd.			474,939		511,486		92,992		(43,317	)
Ecollite Co., Ltd.			2,052		352		—		(121	)
Taebaek Wind Power Co., Ltd.			39,227		17,953		7,056		2,312
Taeback Guinemi Wind Power Co., Ltd.			12,369		12		—		(140	)
Pyeongchang Wind Power Co., Ltd.			77,152		60,606		11,907		3,038
Daeryun Power Co., Ltd.			779,258		655,377		156,508		(23,978	)
Changjuk Wind Power Co., Ltd.			35,794		10,745		6,981		2,317
KNH Solar Co., Ltd.			24,432		16,215		3,947		628
SPC Power Corporation			137,586		—		68,149		37,395
Gemeng International Energy Co., Ltd.			6,496,294		4,584,608		1,334,833		21,769
PT. Cirebon Electric Power			903,429		549,212		280,452		38,448
KNOC Nigerian East Oil Co., Ltd.			241,808		329,639		—		(10,754	)
KNOC Nigerian West Oil Co., Ltd.			147,185		227,588		—		(9,768	)
PT Wampu Electric Power			212,095		148,177		779		8,114
PT. Bayan Resources TBK			908,106		556,881		811,515		243,621
S-Power Co., Ltd.			859,633		617,224		489,042		(14,470	)
Pioneer Gas Power Limited			339,271		296,898		8,215		(27,796	)
Eurasia Energy Holdings			548		978		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.			858,789		607,462		—		(16,677	)
Hadong Mineral Fiber Co., Ltd.			203		231		—		(260	)
Green Biomass Co., Ltd.			6,379		4,018		2,337		(956	)
PT. Mutiara Jawa	￦		27,098		29,670		13,574		3,455
Samcheok Eco Materials Co., Ltd.			23,729		270		15		(541	)
Noeul Green Energy Co., Ltd.			127,980		120,852		43,099		2,932
Naepo Green Energy Co., Ltd.			121,375		71,945		5,696		(5,603	)
Goseong Green Energy Co., Ltd.			1,081,238		841,330		—		(5,811	)
Gangneung Eco Power Co., Ltd.			186,765		20,344		—		(3,407	)
Shin Pyeongtaek Power Co., Ltd.			175,870		90,662		—		(4,585	)
Heang Bok Do Si Photovoltaic Power Co., Ltd.			2,782		2,120		451		22
Dongducheon Dream Power Co., Ltd.			1,575,175		1,365,845		813,440		(33,740	)
Jinbhuvish Power Generation Pvt. Ltd.			66,047		13,640		—		—
SE Green Energy Co., Ltd.			7,278		—		—		(103	)
Daegu Photovoltaic Co., Ltd.			17,262		11,339		3,714		1,263
Jeongam Wind Power Co., Ltd.			67,427		58,019		—		(580	)
Korea Power Engineering Service Co., Ltd.			15,738		3,121		22,283		3,783
Busan Green Energy Co., Ltd.			193,253		167,864		34,280		9,946
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			9,648		16,462		—		(6,109	)
Korea Electric Vehicle Charging Service			14,650		8,404		8,399		(1,295	)
Ulleungdo Natural Energy Co., Ltd.			25,842		4,501		—		(1,758	)
Korea Nuclear Partners Co., Ltd.			2,033		711		1,345		465
Tamra Offshore Wind Power Co., Ltd.			163,740		132,036		4,392		(191	)
Korea Electric Power Corporation Fund			49,170		265		666		(2,213	)
Energy Infra Asset Management Co., Ltd.			5,240		431		5,807		2,203
Daegu clean Energy Co., Ltd.			252		212		—		(460	)
YaksuESS Co., Ltd			7,105		6,437		381		(6	)
Nepal Water & Energy Development Company Private Limited			58,121		11,670		—		(968	)
Gwangyang Green Energy Co., Ltd.			20,165		11,393		—		(1,139	)
PND solar., Ltd			10,508		6,729		—		(406	)

<Joint ventures>
KEPCO-Uhde Inc.			515		7		—		(86	)
Eco Biomass Energy Sdn. Bhd.			—		—		—		—
Datang Chaoyang Renewable Power Co., Ltd.			138,463		70,309		17,776		2,149
Shuweihat Asia Power Investment B.V.			32,001		10		—		(170	)
Shuweihat Asia Operation & Maintenance Company			1,220		14		2,580		1,918
Waterbury Lake Uranium L.P.			55,563		250		—		—
ASM-BG Investicii AD			87,110		44,706		12,611		(262	)
RES Technology AD			71,595		42,845		7,793		2,164
KV Holdings, Inc.			4,795		—		671		677
KEPCO SPC Power Corporation			318,911		30,222		186,725		57,364
Gansu Datang Yumen Wind Power Co., Ltd.			81,960		54,859		6,938		(3,253	)
Datang Chifeng Renewable Power Co., Ltd.			762,605		334,843		113,329		35,294
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			60,913		33,264		8,442		2,094
Rabigh Electricity Company			2,364,522		1,936,403		287,105		78,948
Rabigh Operation & Maintenance Company Limited			19,992		10,025		22,668		5,668
Jamaica Public Service Company Limited	￦		1,276,279		752,617		946,365		24,601
KW Nuclear Components Co., Ltd.			25,693		10,221		6,486		1,493
Busan Shinho Solar Power Co., Ltd.			47,959		30,573		7,984		2,383
GS Donghae Electric Power Co., Ltd.			2,179,465		1,530,266		351,814		43,180
Global Trade Of Power System Co., Ltd.			3,576		1,586		4,079		365
Expressway Solar-light Power Generation Co., Ltd.			19,143		10,651		3,018		643
KODE NOVUS I LLC			755		108,132		14		(8,117	)
KODE NOVUS II LLC			292		47,683		—		(6,018	)
Daejung Offshore Wind Power Co., Ltd.			6,193		243		—		(493	)
Amman Asia Electric Power Company			759,114		516,174		18,034		33,514
KAPES, Inc.			70,679		56,021		129,962		5,397
Dangjin Eco Power Co., Ltd.			163,197		521		—		(2,182	)
Honam Wind Power Co., Ltd.			39,675		24,951		5,961		1,166
Chun-cheon Energy Co., Ltd.			699,652		538,733		164,294		(8,145	)
Yeonggwangbaeksu Wind Power Co., Ltd.			94,810		76,621		11,124		297
Nghi Son 2 Power Ltd.			741		376		—		(2,068	)
Kelar S.A			613,293		513,101		90,435		17,590
PT. Tanjung Power Indonesia			374,702		369,627		209,923		6,219
Incheon New Power Co., Ltd.			7,194		5,059		2,972		184
Seokmun Energy Co., Ltd.			247,735		200,197		35,135		(3,939	)
Daehan Wind Power PSC			928		1,752		—		(904	)
Barakah One Company			17,574,885		17,571,409		—		(1,358	)
Nawah Energy Company			1,459		23		—		(11	)
MOMENTUM			5,028		3,854		11,555		939
Daegu Green Power Co., Ltd.			602,809		531,103		256,359		(17,700	)
Yeonggwang Wind Power Co., Ltd.			212,802		176,062		—		(62	)
Chester Solar IV SpA			11,660		9,626		331		151
Chester Solar V SpA			2,081		1,569		—		(49	)
Diego de Almagro Solar SpA			8,266		5,830		—		(103	)
South Jamaica Power Company Limited			153,958		120,436		—		(755	)

(5)

Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2016 and 2017 are as follows:


2016
Investees		Net assets			Percentage of ownership(*)			Share in net assets			Investment differential			Intercompany transaction			Others			Book value
		In millions of won
<Associates>
Korea Gas Corporation	￦		9,386,486			21.57	%		2,024,665			—			—			(90,788	)		1,933,877
Korea Electric Power Industrial Development Co., Ltd.			70,604			29.00	%		20,475			—			—			—			20,475
YTN Co., Ltd.			178,212			21.43	%		38,191			—			(30	)		(5	)		38,156
Cheongna Energy Co., Ltd.			22,627			43.90	%		9,933			2,584			(144	)		—			12,373
Gangwon Wind Power Co., Ltd.			86,797			15.00	%		13,020			—			—			49			13,069
Hyundai Green Power Co., Ltd.			399,994			29.00	%		115,998			—			—			—			115,998
Korea Power Exchange			223,238			100.00	%		223,238			—			—			—			223,238
AMEC Partners Korea Ltd.			1,184			19.00	%		225			—			—			—			225
Hyundai Energy Co., Ltd.			6,774			46.30	%		3,136			—			(1,079	)		(1,026	)		1,031
Ecollite Co., Ltd.			1,821			36.10	%		657			—			—			(657	)		—
Taebaek Wind Power Co., Ltd.			19,000			25.00	%		4,750			—			—			—			4,750
Taeback Guinemi Wind Power Co., Ltd.			12,522			25.00	%		3,131			—			—			—			3,131
Pyeongchang Wind Power Co., Ltd.	￦		13,531			25.00	%		3,383			—			—			—			3,383
Daeryun Power Co., Ltd.			148,353			19.45	%		28,855			1,014			—			4			29,873
Changjuk Wind Power Co., Ltd.			22,716			30.00	%		6,815			—			—			115			6,930
KNH Solar Co., Ltd.			7,679			27.00	%		2,073			—			—			—			2,073
SPC Power Corporation			149,520			38.00	%		56,818			—			—			—			56,818
Gemeng International Energy Co., Ltd.			2,000,974			34.00	%		680,331			—			—			(266	)		680,065
PT. Cirebon Electric Power			351,484			27.50	%		96,658			—			—			—			96,658
KNOC Nigerian East Oil Co., Ltd.			(85,247	)		14.63	%		(12,472	)		—			—			12,472			—
KNOC Nigerian West Oil Co., Ltd.			(78,317	)		14.63	%		(11,458	)		—			—			11,458			—
PT Wampu Electric Power			50,409			46.00	%		23,188			—			—			—			23,188
PT. Bayan Resources TBK			99,473			20.00	%		19,895			482,109			—			(99,337	)		402,667
S-Power Co., Ltd.			256,849			49.00	%		125,856			—			(1,944	)		—			123,912
Pioneer Gas Power Limited			68,813			40.00	%		27,525			23,147			—			68			50,740
Eurasia Energy Holdings			(485	)		40.00	%		(194	)		—			—			194			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			229,227			25.00	%		57,307			(4,802	)		(672	)		(289	)		51,544
Hadong Mineral Fiber Co., Ltd.			(20	)		25.00	%		(5	)		—			—			5			—
Green Biomass Co., Ltd.			335			14.00	%		47			—			—			—			47
PT. Mutiara Jawa			(6,567	)		29.00	%		(1,904	)		70			—			1,834			—
Samcheok Eco Materials Co., Ltd.			23,889			2.35	%		561			—			—			(561	)		—
Noeul Green Energy Co., Ltd.			4,196			29.00	%		1,217			—			—			—			1,217
Naepo Green Energy Co., Ltd.			101,753			25.00	%		25,438			—			—			—			25,438
Goseong Green Energy Co., Ltd.			245,793			1.12	%		2,742			—			(79	)		—			2,663
Gangneung Eco Power Co., Ltd.			170,302			1.61	%		2,744			—			(98	)		—			2,646
Shin Pyeongtaek Power Co., Ltd.			(6,344	)		40.00	%		(2,538	)		—			(3,380	)		5,918			—
Heang Bok Do Si Photovoltaic Power Co., Ltd.			640			28.00	%		179			—			—			2			181
DS POWER Co., Ltd.			107,906			14.44	%		15,582			—			(7,302	)		(1,090	)		7,190
Dongducheon Dream Power Co., Ltd.			243,172			33.61	%		81,730			—			(4,768	)		(30,086	)		46,876
KS Solar Co., Ltd.			3,178			19.00	%		604			—			—			—			604
Jinbhuvish Power Generation Pvt. Ltd.			55,760			5.16	%		2,877			—			—			(2,877	)		—
SE Green Energy Co., Ltd.			7,381			47.76	%		3,525			—			—			—			3,525
Daegu Photovoltaic Co., Ltd.			5,862			29.00	%		1,700			—			—			—			1,700
Jeongam Wind Power Co., Ltd.			10,000			40.00	%		4,000			—			—			—			4,000
Korea Power Engineering Service Co., Ltd.			9,688			29.00	%		2,810			—			—			—			2,810
Busan Green Energy Co., Ltd.			47,596			29.00	%		13,803			—			—			—			13,803
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			(697	)		18.87	%		(132	)		—			—			132			—
Korea Electric Vehicle Charging Service			3,941			28.00	%		1,103			—			—			—			1,103
Ulleungdo Natural Energy Co., Ltd.			23,098			29.85	%		6,895			—			—			(1	)		6,894
Korea Nuclear Partners Co., Ltd.			856			29.00	%		248			—			—			—			248
Tamra Offshore Wind Power Co., Ltd.			25,980			27.00	%		7,015			—			—			—			7,015
Korea Electric Power Corporation Fund			51,842			98.09	%		50,852			—			—			4			50,856
Energy Infra Asset Management Co., Ltd.			2,619			9.90	%		259			—			—			—			259
Daegu clean Energy Co., Ltd.			500			28.00	%		140			—			—			—			140
YaksuESS Co., Ltd			673			29.00	%		195			—			—			1			196
Nepal Water & Energy Development Company Private Limited			33,311			52.77	%		17,578			972			—			117			18,667

<Joint ventures>
KEPCO-Uhde Inc.			591			50.85	%		301			—			—			—			301
Eco Biomass Energy Sdn. Bhd.			—			61.53	%		—			—			—			—			—
Datang Chaoyang Renewable Power Co., Ltd.			70,598			40.00	%		28,239			—			—			—			28,239
Shuweihat Asia Power Investment B.V.			278			49.00	%		136			—			—			(136	)		—
Shuweihat Asia Operation & Maintenance Company			1,003			55.00	%		552			—			—			(102	)		450
Waterbury Lake Uranium L.P.			56,134			36.97	%		20,753			—			—			561			21,314
ASM-BG Investicii AD			42,977			50.00	%		21,489			—			—			(1	)		21,488
RES Technology AD			27,164			50.00	%		13,582			—			—			—			13,582
KV Holdings, Inc.			5,244			40.00	%		2,098			—			—			—			2,098
KEPCO SPC Power Corporation			326,286			75.20	%		245,367			—			—			—			245,367
Canada Korea Uranium Limited Partnership			141			12.50	%		18			—			—			(18	)		—
Gansu Datang Yumen Wind Power Co., Ltd.	￦		32,053			40.00	%		12,821			—			—			—			12,821
Datang Chifeng Renewable Power Co., Ltd.			416,460			40.00	%		166,584			—			—			(49	)		166,535
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			27,107			40.00	%		10,843			—			—			—			10,843
Rabigh Electricity Company			432,882			40.00	%		173,153			—			(75,311	)		(40	)		97,802
Rabigh Operation & Maintenance Company Limited			11,067			40.00	%		4,427			—			—			—			4,427
Jamaica Public Service Company Limited			631,712			40.00	%		252,685			(80,161	)		—			76,929			249,453
KW Nuclear Components Co., Ltd.			14,427			45.00	%		6,492			90			—			551			7,133
Busan Shinho Solar Power Co., Ltd.			15,256			25.00	%		3,814			—			—			—			3,814
GS Donghae Electric Power Co., Ltd.			605,729			34.00	%		205,948			—			—			—			205,948
Global Trade Of Power System Co., Ltd.			1,643			29.00	%		476			—			—			1			477
Expressway Solar-light Power Generation Co., Ltd.			8,080			29.00	%		2,343			—			—			—			2,343
KODE NOVUS I LLC			(89,966	)		50.00	%		(44,983	)		4,732			—			40,251			—
KODE NOVUS II LLC			(47,031	)		50.00	%		(23,516	)		—			—			23,516			—
Daejung Offshore Wind Power Co., Ltd.			6,042			49.90	%		3,015			—			—			—			3,015
Amman Asia Electric Power Company			256,574			60.00	%		153,944			—			—			(87	)		153,857
KAPES, Inc.			9,329			51.00	%		4,758			—			—			—			4,758
Dangjin Eco Power Co., Ltd.			148,925			34.00	%		50,635			2,618			—			—			53,253
Honam Wind Power Co., Ltd.			15,239			29.00	%		4,419			32			—			—			4,451
Chun-cheon Energy Co., Ltd.			169,193			29.90	%		50,589			3			—			—			50,592
Yeonggwangbaeksu Wind Power Co., Ltd.			17,892			15.00	%		2,684			5			—			—			2,689
Nghi Son 2 Power Ltd.			455			50.00	%		228			—			—			1			229
Kelar S.A			(94,321	)		65.00	%		(61,309	)		2,424			—			58,885			—
PT. Tanjung Power Indonesia			5,560			35.00	%		1,946			—			—			—			1,946
Incheon New Power Co., Ltd.			1,941			29.00	%		563			—			—			—			563
Seokmun Energy Co., Ltd.			1,349			29.00	%		391			—			—			—			391
Daehan Wind Power PSC			36			50.00	%		18			—			—			(2	)		16
Barakah One Company			658			18.00	%		118			—			—			(2	)		116
Nawah Energy Company			1,645			18.00	%		296			—			—			(6	)		290
MOMENTUM			202			33.33	%		67			—			—			—			67
Daegu Green Power Co., Ltd.			89,421			29.00	%		25,932			84			—			21,512			47,528

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


2017
Investees		Net assets			Percentage of ownership(*)			Share in net assets			Investment differential			Intercompany transaction			Others			Book value
		In millions of won
<Associates>
Korea Gas Corporation	￦		8,140,414			21.57	%		1,755,887			—			—			(137,019	)		1,618,868
Korea Electric Power Industrial Development Co., Ltd.			75,303			29.00	%		21,838			—			—			—			21,838
YTN Co., Ltd.			189,568			21.43	%		40,624			—			(18	)		—			40,606
Cheongna Energy Co., Ltd.			13,423			43.90	%		5,893			2,584			(140	)		—			8,337
Gangwon Wind Power Co., Ltd.			92,038			15.00	%		13,806			—			—			49			13,855
Hyundai Green Power Co., Ltd.			395,883			29.00	%		114,806			—			—			—			114,806
Korea Power Exchange			237,631			100.00	%		237,631			—			—			—			237,631
AMEC Partners Korea Ltd.			1,131			19.00	%		215			—			—			—			215
Hyundai Energy Co., Ltd.			(36,547	)		46.30	%		(16,921	)		—			(1,037	)		17,958			—
Ecollite Co., Ltd.			1,700			36.10	%		614			—			—			(614	)		—
Taebaek Wind Power Co., Ltd.			21,274			25.00	%		5,319			—			—			—			5,319
Taeback Guinemi Wind Power Co., Ltd.			12,357			25.00	%		3,089			—			—			—			3,089
Pyeongchang Wind Power Co., Ltd.			16,546			25.00	%		4,136			—			—			—			4,136
Daeryun Power Co., Ltd.			123,881			19.45	%		24,095			1,014			—			4			25,113
Changjuk Wind Power Co., Ltd.			25,049			30.00	%		7,515			—			—			—			7,515
KNH Solar Co., Ltd.			8,217			27.00	%		2,218			—			—			—			2,218
SPC Power Corporation			137,586			38.00	%		52,283			—			—			—			52,283
Gemeng International Energy Co., Ltd.			1,911,686			34.00	%		649,973			—			—			—			649,973
PT. Cirebon Electric Power			354,217			27.50	%		97,410			—			—			—			97,410
KNOC Nigerian East Oil Co., Ltd.	￦		(87,831	)		14.63	%		(12,850	)		—			—			12,850			—
KNOC Nigerian West Oil Co., Ltd.			(80,403	)		14.63	%		(11,763	)		—			—			11,763			—
PT Wampu Electric Power			63,918			46.00	%		29,403			—			—			—			29,403
PT. Bayan Resources TBK			351,225			20.00	%		70,245			482,109			—			(100,523	)		451,831
S-Power Co., Ltd.			242,409			49.00	%		118,780			—			(1,835	)		—			116,945
Pioneer Gas Power Limited			42,373			38.50	%		16,314			22,278			—			67			38,659
Eurasia Energy Holdings			(430	)		40.00	%		(172	)		—			—			172			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			251,327			25.00	%		62,832			74			(838	)		(289	)		61,779
Hadong Mineral Fiber Co., Ltd.			(28	)		8.33	%		(2	)		—			—			2			—
Green Biomass Co., Ltd.			2,361			8.80	%		208			—			—			—			208
PT. Mutiara Jawa			(2,572	)		29.00	%		(746	)		—			—			746			—
Samcheok Eco Materials Co., Ltd.			23,459			2.35	%		551			—			—			(551	)		—
Noeul Green Energy Co., Ltd.			7,128			29.00	%		2,067			—			—			—			2,067
Naepo Green Energy Co., Ltd.			49,430			41.67	%		20,598			—			—			—			20,598
Goseong Green Energy Co., Ltd.			239,908			1.12	%		2,676			—			(79	)		—			2,597
Gangneung Eco Power Co., Ltd.			166,421			1.61	%		2,681			—			(98	)		—			2,583
Shin Pyeongtaek Power Co., Ltd.			85,208			40.00	%		34,083			7,808			(6,988	)		—			34,903
Heang Bok Do Si Photovoltaic Power Co., Ltd.			662			28.00	%		185			—			—			2			187
Dongducheon Dream Power Co., Ltd.			209,330			33.61	%		70,356			—			(4,409	)		(12,714	)		53,233
Jinbhuvish Power Generation Pvt. Ltd.			52,407			5.16	%		2,704			—			—			(2,704	)		—
SE Green Energy Co., Ltd.			7,278			47.76	%		3,476			—			—			—			3,476
Daegu Photovoltaic Co., Ltd.			5,923			29.00	%		1,718			—			—			—			1,718
Jeongam Wind Power Co., Ltd.			9,408			40.00	%		3,763			—			—			—			3,763
Korea Power Engineering Service Co., Ltd.			12,617			29.00	%		3,659			—			—			—			3,659
Busan Green Energy Co., Ltd.			25,389			29.00	%		7,363			—			—			—			7,363
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			(6,814	)		18.87	%		(1,286	)		—			—			1,286			—
Korea Electric Vehicle Charging Service			6,246			28.00	%		1,749			—			—			—			1,749
Ulleungdo Natural Energy Co., Ltd.			21,341			29.85	%		6,370			—			—			—			6,370
Korea Nuclear Partners Co., Ltd.			1,322			29.00	%		383			—			—			—			383
Tamra Offshore Wind Power Co., Ltd.			31,704			27.00	%		8,560			—			—			—			8,560
Korea Electric Power Corporation Fund			48,905			98.09	%		47,971			—			—			3			47,974
Energy Infra Asset Management Co., Ltd.			4,809			9.90	%		476			—			—			—			476
Daegu clean Energy Co., Ltd.			40			28.00	%		11			—			—			—			11
YaksuESS Co., Ltd			668			29.00	%		193			—			—			1			194
Nepal Water & Energy Development Company Private Limited			46,451			62.13	%		28,860			972			—			666			30,498
Gwangyang Green Energy Co., Ltd.			8,772			20.00	%		1,754			18			—			—			1,772
PND solar., Ltd			3,779			29.00	%		1,096			154			—			—			1,250

<Joint ventures>
KEPCO-Uhde Inc.			508			50.85	%		258			—			—			—			258
Eco Biomass Energy Sdn. Bhd.			—			61.53	%		—			—			—			—			—
Datang Chaoyang Renewable Power Co., Ltd.			68,154			40.00	%		27,262			—			—			—			27,262
Shuweihat Asia Power Investment B.V.			31,991			49.00	%		15,675			—			—			—			15,675
Shuweihat Asia Operation & Maintenance Company			1,206			55.00	%		663			—			—			—			663
Waterbury Lake Uranium L.P.			55,313			35.76	%		19,780			—			—			1			19,781
ASM-BG Investicii AD			42,404			50.00	%		21,202			—			—			—			21,202
RES Technology AD			28,750			50.00	%		14,375			—			—			—			14,375
KV Holdings, Inc.			4,795			40.00	%		1,918			—			—			—			1,918
KEPCO SPC Power Corporation			288,689			75.20	%		217,094			—			—			—			217,094
Gansu Datang Yumen Wind Power Co., Ltd.			27,101			40.00	%		10,840			—			—			—			10,840
Datang Chifeng Renewable Power Co., Ltd.			427,762			40.00	%		171,105			—			—			(50	)		171,055
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			27,649			40.00	%		11,060			—			—			—			11,060
Rabigh Electricity Company			428,119			40.00	%		171,248			—			(70,978	)		(914	)		99,356
Rabigh Operation & Maintenance Company Limited	￦		9,967			40.00	%		3,987			—			—			—			3,987
Jamaica Public Service Company Limited			523,662			40.00	%		209,464			(80,161	)		—			91,850			221,153
KW Nuclear Components Co., Ltd.			15,472			45.00	%		6,962			—			—			(259	)		6,703
Busan Shinho Solar Power Co., Ltd.			17,386			25.00	%		4,346			—			—			—			4,346
GS Donghae Electric Power Co., Ltd.			649,199			34.00	%		220,727			—			—			—			220,727
Global Trade Of Power System Co., Ltd.			1,990			29.00	%		577			—			—			—			577
Expressway Solar-light Power Generation Co., Ltd.			8,492			29.00	%		2,463			—			—			—			2,463
KODE NOVUS I LLC			(107,377	)		50.00	%		(53,689	)		—			—			53,689			—
KODE NOVUS II LLC			(47,391	)		50.00	%		(23,696	)		—			—			23,696			—
Daejung Offshore Wind Power Co., Ltd.			5,950			49.90	%		2,969			—			—			—			2,969
Amman Asia Electric Power Company			242,940			60.00	%		145,764			—			—			(88	)		145,676
KAPES, Inc.			14,658			51.00	%		7,476			—			—			—			7,476
Dangjin Eco Power Co., Ltd.			162,676			34.00	%		55,310			2,618			—			—			57,928
Honam Wind Power Co., Ltd.			14,724			29.00	%		4,270			32			—			—			4,302
Chun-cheon Energy Co., Ltd.			160,919			29.90	%		48,115			3			—			—			48,118
Yeonggwangbaeksu Wind Power Co., Ltd.			18,189			15.00	%		2,728			6			—			—			2,734
Nghi Son 2 Power Ltd.			365			50.00	%		183			—			—			—			183
Kelar S.A			100,192			65.00	%		65,125			2,424			—			(316	)		67,233
PT. Tanjung Power Indonesia			5,075			35.00	%		1,776			—			—			—			1,776
Incheon New Power Co., Ltd.			2,135			29.00	%		619			—			—			—			619
Seokmun Energy Co., Ltd.			47,538			29.00	%		13,786			—			—			—			13,786
Daehan Wind Power PSC			(824	)		50.00	%		(412	)		—			—			412			—
Barakah One Company			3,476			18.00	%		626			—			—			—			626
Nawah Energy Company			1,436			18.00	%		258			—			—			—			258
MOMENTUM			1,174			33.33	%		391			—			—			—			391
Daegu Green Power Co., Ltd.			71,706			29.00	%		20,795			—			84			21,512			42,391
Yeonggwang Wind Power Co., Ltd.			36,740			41.00	%		15,063			231			—			—			15,294
Chester Solar IV SpA			2,034			81.82	%		1,664			—			—			36			1,700
Chester Solar V SpA			512			81.82	%		419			—			—			106			525
Diego de Almagro Solar SpA			2,436			81.82	%		1,993			—			—			98			2,091
South Jamaica Power Company Limited			33,522			20.00	%		6,704			—			—			—			6,704

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

(6)

As of December 31, 2016 and 2017, 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:


		2016					2017
		Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
		In millions of won
Shin Pyeongtaek Power Co., Ltd.	￦		1,211			2,537		(2,537	)		—
Seokmun Energy Co., Ltd.			(205	)		—		—			—
Kelar S.A			43,920			61,309		(61,309	)		—
Hadong Mineral Fiber Co., Ltd.			—			5		(3	)		2
PT. Mutiara Jawa			554			1,905		(1,159	)		746
Eurasia Energy Holdings			6			194		(22	)		172
KODE NOVUS I LLC			22,194			44,983		8,706			53,689
KODE NOVUS II LLC			12,340			23,515		181			23,696
Gunsan Bio Energy Co., Ltd. (formerly, Jungbu Bio Energy Co., Ltd.)			132			132		1,154			1,286
Daehan Wind Power PSC			—			—		412			412

(7)

As of December 31, 2017, 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 Company provided a performance guarantee on this agreement.

(ii)

Hyundai Energy Co., Ltd.

The Company had placed guarantees for a fixed return on the investment to NH Power II Co., Ltd. and National Agricultural Cooperative Federation (“NACF”) and had obtained the rights to acquire the investment securities in return preferentially. In addition, NH Power II Co., Ltd. and NACF have a right, which can be exercised for 30 days starting from 2 months to 1 month prior to 17 years after the termination date of the contract to sell their shares to the Company.

(iii)

Taebaek Wind Power Co., Ltd.

In case 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 Company 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.

(iv)

Pyeongchang Wind Power Co., Ltd.

In case 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 Company 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.

(v)

Jeongam Wind Power Co., Ltd.

In case non-controlling shareholders decide to dispose of their shares in Jeongam Wind Power Co., Ltd. after the construction of the power plant has been completed, the Company is obligated to acquire those shares at fair value.

(vi)

Daejung Offshore Wind Power Co., Ltd.

In case Samsung Heavy Industries Co., Ltd., a co-participant of the joint venture agreement, decides to dispose of its shares in Daejung Offshore Wind Power Co., Ltd., the Company is obligated to acquire those shares after evaluating the economic feasibility of the facilities installed by Samsung Heavy Industries Co., Ltd.

(vii)

Samcheok Eco Materials Co., Ltd.

The Company has the rights to purchase the stocks should preferred stockholders elect to sell their stocks on the expected sell date (3 years from preferred stock payment date) and is required to guarantee the promised yield when preferred stockholders sell their stocks.

(viii)

Hyundai Green Power Co., Ltd.

As of December 31, 2017, Hyundai Green Power Co., Ltd., an associate of the Company, which engages in the byproduct gas power generating business, entered into a project financing agreement with a limit of ￦919.2 billion with Korea Development Bank and others. At a certain period in the future, the Company has an appraisal right against the financial investors (Korea Development Bank and others) and also has an obligation to sell its shares when claimed by the financial investors. At a certain period in the future, the Company has an appraisal right against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Company”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares when claimed by Hyundai Steel Company.

(8)

Significant restrictions on its abilities to associates or joint ventures are as follows:


Company		Nature and extent of any significant restrictions
Daeryun Power Co., Ltd.		Principals 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.
Changjuk Wind Power Co., Ltd.		Principals 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.
Taebaek Wind Power Co., Ltd.		Financial institutions can reject or defer an approval with regard to the request for fund executions on subordinated loans of shareholders in order to pay senior loans based on the loan agreement.
Pyeongchang Wind Power Co., Ltd.		Principals 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.
Daegu Green Power Co., Ltd.		Principals on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions is obtained.
KNH Solar Co., Ltd.		Principal and interest, dividends to shareholders cannot be paid without written consent of financial institutions.