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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2018

Investments in Associates and Joint Ventures [Abstract]

Investments in Associates and Joint Ventures

20.

Investments in Associates and Joint Ventures

(1)

Investments in associates and joint ventures as of December 31, 2017 and 2018 are as follows:


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.(*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 LLC	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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is less than 20%. However, 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 effective percentage of ownership is 100%. However, 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.

(*6)	The effective percentage of ownership is more than 100%. However, 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 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)

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.

(*12)

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.

(*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.


2018
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		1,701,848
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		40,338
Cheongna Energy Co., Ltd.	Generating and distributing vapor and hot/cold water		KOREA		43.90	%			48,353		3,465
Gangwon Wind Power Co., Ltd.(*2)	Power generation		KOREA		15.00	%			5,725		13,220
Hyundai Green Power Co., Ltd.	Power generation		KOREA		29.00	%			88,885		127,160
Korea Power Exchange(*5)	Management of power market and others		KOREA		100.00	%			127,839		251,802
AMEC Partners Korea Ltd.(*3)	Resources development		KOREA		19.00	%			707		209
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		5,665
Taeback Guinemi Wind Power Co., Ltd.	Power generation		KOREA		25.00	%			3,420		2,569
Pyeongchang Wind Power Co., Ltd.	Power generation		KOREA		25.00	%			3,875		5,419
Daeryun Power Co., Ltd.(*3)	Power generation		KOREA		9.34	%			40,854		26,099
Changjuk Wind Power Co., Ltd.	Power generation		KOREA		30.00	%			3,801		8,086
KNH Solar Co., Ltd.	Power generation		KOREA		27.00	%			1,296		2,337
SPC Power Corporation	Power generation		PHILIPPINES		38.00	%			20,635		57,558
Gemeng International Energy Co., Ltd.	Power generation		CHINA		34.00	%			413,153		647,010
PT. Cirebon Electric Power	Power generation		INDONESIA		27.50	%			40,365		108,628
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		31,097
PT. Bayan Resources TBK	Resources development		INDONESIA		20.00	%			615,860		511,646
S-Power Co., Ltd.	Power generation		KOREA		49.00	%			132,300		114,566
Pioneer Gas Power Limited(*7)	Power generation		INDIA		38.50	%			49,831		20,395
Eurasia Energy Holdings	Power generation and resources development		RUSSIA		40.00	%			461		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		LAOS		25.00	%			84,374		77,165
Hadong Mineral Fiber Co., Ltd.(*3)	Recycling fly ashes		KOREA		8.33	%			50		—
Green Biomass Co., Ltd.(*10)	Power generation		KOREA		8.80	%			714		115
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal		INDONESIA		29.00	%			2,978		365
Samcheok Eco Materials Co., Ltd.(*9)	Recycling fly ashes		KOREA		2.35	%			686		—
Noeul Green Energy Co., Ltd.	Power generation		KOREA		29.00	%			1,740		8,015
Naepo Green Energy Co., Ltd.	Power generation		KOREA		41.67	%			29,200		—
Goseong Green Energy Co., Ltd.(*2)	Power generation		KOREA		1.12	%			2,900		2,459
Gangneung Eco Power Co., Ltd.(*2)	Power generation		KOREA		1.61	%			2,900		2,495
Shin Pyeongtaek Power Co., Ltd.	Power generation		KOREA		40.00	%			72,000		67,600
Heang Bok Do Si Photovoltaic Power Co., Ltd.	Power generation		KOREA		28.00	%			194		202
Dongducheon Dream Power Co., Ltd.(*14)	Power generation		KOREA		33.61	%			148,105		76,386
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		3,366
Daegu Photovoltaic Co., Ltd.	Power generation		KOREA		29.00	%			1,230		2,002
Jeongam Wind Power Co., Ltd.	Power generation		KOREA		40.00	%			5,580		4,589
Korea Power Engineering Service Co., Ltd.	Construction and service		KOREA		29.00	%			290		4,333
Busan Green Energy Co., Ltd.	Power generation		KOREA		29.00	%			5,243		12,537
Gunsan Bio Energy Co., Ltd.(*2)	Power generation		KOREA		18.87	%			1,000		—
Korea Electric Vehicle Charging Service	Electric vehicle charge service		KOREA		28.00	%			2,800		1,593
Ulleungdo Natural Energy Co., Ltd.	Renewable power generation		KOREA		29.85	%	￦		8,000		4,628
Korea Nuclear Partners Co., Ltd.	Electric material agency		KOREA		29.00	%			290		175
Tamra Offshore Wind Power Co., Ltd.	Power generation		KOREA		27.00	%			8,910		10,401
Korea Electric Power Corporation Fund(*11)	Developing electric enterprises		KOREA		98.09	%			51,500		47,189
Energy Infra Asset Management Co., Ltd.(*3)	Asset management		KOREA		9.90	%			297		665
Daegu clean Energy Co., Ltd.	Renewable power generation		KOREA		28.00	%			140		17
YaksuESS Co., Ltd	Installing ESS related equipment		KOREA		29.00	%			210		460
Nepal Water & Energy Development Company Private Limited(*13)	Construction and operation of utility plant		NEPAL		57.67	%			33,577		30,961
Gwangyang Green Energy Co., Ltd.	Power generation		KOREA		20.00	%			2,000		1,206
PND solar., Ltd	Power generation		KOREA		29.00	%			1,250		1,020
Hyundai Eco Energy Co., Ltd.(*2)	Power generation		KOREA		19.00	%			3,610		3,388
YeongGwang Yaksu Wind Electric. Co., Ltd(*2)	Power generation		KOREA		9.63	%			533		533

							￦		2,338,421		4,064,820

<Joint ventures>
KEPCO-Uhde Inc.(*6)	Power generation		KOREA		52.80	%	￦		11,355		188
Eco Biomass Energy Sdn. Bhd.(*6)	Power generation		MALAYSIA		61.53	%			14,439		—
Shuweihat Asia Power Investment B.V.	Holding company		NETHERLANDS		49.00	%			44,405		27,251
Shuweihat Asia Operation & Maintenance Company(*6)	Maintenance of utility plant		CAYMAN		55.00	%			30		792
Waterbury Lake Uranium L.P.	Resources development		CANADA		34.07	%			26,602		19,032
ASM-BG Investicii AD	Power generation		BULGARIA		50.00	%			16,101		21,379
RES Technology AD	Power generation		BULGARIA		50.00	%			15,595		15,209
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		208,306
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation		CHINA		40.00	%			16,621		9,981
Datang Chifeng Renewable Power Co., Ltd.	Power generation		CHINA		40.00	%			121,928		166,162
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		CHINA		40.00	%			10,858		39,442
Rabigh Electricity Company	Power generation		SAUDI ARABIA		40.00	%			109,743		105,328
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant		SAUDI ARABIA		40.00	%			70		5,834
Jamaica Public Service Company Limited	Power generation		JAMAICA		40.00	%			301,910		239,632
KW Nuclear Components Co., Ltd.	Manufacturing		KOREA		45.00	%			833		7,708
Busan Shinho Solar Power Co., Ltd.	Power generation		KOREA		25.00	%			2,100		4,761
GS Donghae Electric Power Co., Ltd.	Power generation		KOREA		34.00	%			204,000		240,591
Global Trade Of Power System Co., Ltd.	Exporting products and technology of small or medium business by proxy		KOREA		29.00	%			290		515
Expressway Solar-light Power Generation Co., Ltd.	Power generation		KOREA		29.00	%			1,856		2,676
Daejung Offshore Wind Power Co., Ltd.	Power generation		KOREA		49.90	%			5,190		2,669
Amman Asia Electric Power Company(*6)	Power generation		JORDAN		60.00	%			111,476		177,357
KAPES, Inc.(*6)	R&D		KOREA		51.00	%			5,629		9,079
Dangjin Eco Power Co., Ltd.	Power generation		KOREA		34.00	%			61,540		19,912
Honam Wind Power Co., Ltd.	Power generation		KOREA		29.00	%	￦		3,480		4,860
Chun-cheon Energy Co., Ltd.	Power generation		KOREA		29.90	%			52,700		42,505
Yeonggwangbaeksu Wind Power Co., Ltd.(*3)	Power generation		KOREA		15.00	%			3,000		2,843
Nghi Son 2 Power LLC	Power generation		VIETNAM		50.00	%			2,781		—
Kelar S.A(*6)	Power generation		CHILE		65.00	%			78,060		72,824
PT. Tanjung Power Indonesia	Power generation		INDONESIA		35.00	%			746		7,081
Incheon New Power Co., Ltd.	Power generation		KOREA		29.00	%			461		579
Seokmun Energy Co., Ltd.	Power generation		KOREA		29.00	%			15,370		16,751
Daehan Wind Power PSC	Power generation		JORDAN		50.00	%			3,191		1,632
Barakah One Company(*12)	Power generation		UAE		18.00	%			118		3,807
Nawah Energy Company(*12)	Operation of utility plant		UAE		18.00	%			296		274
MOMENTUM	International thermonuclear experimental reactor construction management		FRANCE		33.33	%			1		582
Daegu Green Power Co., Ltd.	Power generation		KOREA		29.00	%			46,225		41,110
Yeonggwang Wind Power Co., Ltd.	Power generation		KOREA		41.00	%			15,375		15,304
Chester Solar IV SpA(*6)	Power generation		CHILE		81.82	%			1,700		1,851
Chester Solar V SpA(*6)	Power generation		CHILE		81.82	%			525		474
Diego de Almagro Solar SpA(*6)	Power generation		CHILE		81.82	%			2,091		1,663
South Jamaica Power Company Limited	Power generation		JAMAICA		20.00	%			16,231		16,124
Daesan Green Energy Co., Ltd.	Power generation		KOREA		35.00	%			17,850		17,433
RE Holiday Holdings LLC	Power generation		USA		50.00	%			42,948		51,094
RE Pioneer Holdings LLC	Power generation		USA		50.00	%			27,891		38,898
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%			28,021		41,415
RE Astoria 2 LandCo LLC	Power generation		USA		50.00	%			5,188		5,410
RE Barren Ridge LandCo LLC	Power generation		USA		50.00	%			2,187		1,898
Laurel SpA(*6)	Power generation		CHILE		81.82	%			1,222		921
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*3)	Power generation		AUSTRALIA		12.37	%			4,095		3,940
Chile Solar JV SpA	Power generation		CHILE		50.00	%			36,654		36,865
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation		KOREA		46.58	%			8,500		8,508
Cheong-Song Noraesan Wind Power Co., Ltd.	Power generation		KOREA		24.76	%			2,073		2,073
Chester Solar I SpA(*6)	Power generation		CHILE		81.82	%			1,181		1,181
Solar Philippines Calatagan Corporation	Power generation		PHILIPPINES		38.00	%			47,903		47,903

									1,647,317		1,813,525

							￦		3,985,738		5,878,345

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

(*2)

(*3)	The effective percentage of ownership is less than 20%. However, 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)

(*5)

(*6)	The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. For this reason, 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, 2018, 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 effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%.

(*10)

(*11)

(*12)

(*13)

(*14)

The effective percentage of ownership is 34.01% considering redeemable convertible preferred stock.

(2)

The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2017 and 2018 are as follows:


Investees		2017		2018
		In millions of won
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	￦		38,667		33,609
Korea Gas Corporation(*)			804,195		910,980
YTN Co., Ltd.			18,855		18,900
SPC Power Corporation			72,616		72,710
PT. Bayan Resources TBK			558,267		1,017,601

(*)

The carrying amount of Korea Gas Corporation (“KOGAS”) is ￦1,701,848 million as of December 31, 2018 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 4.80%.

(3)

Changes in investments in associates and joint ventures for the years ended December 31, 2017 and 2018 are as follows:


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.			—		—		—			—			—			—			—			—
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 LLC			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 45).

(*4)	‘Others’ include ￦4,438 million of assets held-for-sale (note 45), and also include ￦1,439 million of available-for-sale financial assets which is reclassified due to loss of significant influence.


2018
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	￦		1,618,868		—		—			—			107,952			(24,843	)		(129	)		1,701,848
Korea Electric Power Industrial Development Co., Ltd.			21,838		—		—			(1,872	)		2,584			(102	)		(610	)		21,838
YTN Co., Ltd.			40,606		—		—			(180	)		545			(186	)		(447	)		40,338
Cheongna Energy Co., Ltd.			8,337		—		—			—			(4,872	)		—			—			3,465
Gangwon Wind Power Co., Ltd.			13,855		—		—			(2,272	)		1,637			—			—			13,220
Hyundai Green Power Co., Ltd.			114,806		—		—			(8,889	)		21,243			—			—			127,160
Korea Power Exchange			237,631		—		—			—			16,031			—			(1,860	)		251,802
AMEC Partners Korea Ltd.			215		—		—			—			(6	)		—			—			209
Hyundai Energy Co., Ltd.			—		—		—			—			—			—			—			—
Ecollite Co., Ltd.			—		—		—			—			—			—			—			—
Taebaek Wind Power Co., Ltd.			5,319		—		—			(196	)		542			—			—			5,665
Taeback Guinemi Wind Power Co., Ltd.			3,089		—		—			—			(520	)		—			—			2,569
Pyeongchang Wind Power Co., Ltd.			4,136		—		—			—			1,283			—			—			5,419
Daeryun Power Co., Ltd.(*5)			25,113		—		—			—			(189	)		184			991			26,099
Changjuk Wind Power Co., Ltd.			7,515		—		—			(416	)		987			—			—			8,086
KNH Solar Co., Ltd.			2,218		—		—			—			119			—			—			2,337
SPC Power Corporation			52,283		—		—			(9,549	)		4,235			10,578			11			57,558
Gemeng International Energy Co., Ltd.			649,973		—		—			(11,246	)		15,156			(6,873	)		—			647,010
PT. Cirebon Electric Power			97,410		—		—			(4,432	)		9,385			6,265			—			108,628
KNOC Nigerian East Oil Co., Ltd.			—		—		—			—			2,615			(471	)		(2,144	)		—
KNOC Nigerian West Oil Co., Ltd.			—		—		—			—			2,342			(414	)		(1,928	)		—
PT Wampu Electric Power			29,403		—		—			—			408			1,286			—			31,097
PT. Bayan Resources TBK			451,831		—		—			(33,651	)		74,776			18,690			—			511,646
S-Power Co., Ltd.			116,945		—		—			—			(2,326	)		—			(53	)		114,566
Pioneer Gas Power Limited			38,659		—		—			—			(17,684	)		(580	)		—			20,395
Eurasia Energy Holdings			—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			61,779		12,893		—			—			(479	)		2,972			—			77,165
Hadong Mineral Fiber Co., Ltd.			—		—		—			—			—			—			—			—
Green Biomass Co., Ltd.			208		—		—			—			(93	)		—			—			115
PT. Mutiara Jawa			—		—		—			—			349			16			—			365
Samcheok Eco Materials Co., Ltd.			—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.			2,067		—		—			—			5,687			—			261			8,015
Naepo Green Energy Co., Ltd.(*4)			20,598		—		—			—			(13,511	)		—			(7,087	)		—
Goseong Green Energy Co., Ltd.			2,597		—		—			—			(138	)		—			—			2,459
Gangneung Eco Power Co., Ltd.			2,583		—		—			—			(88	)		—			—			2,495
Shin Pyeongtaek Power Co., Ltd.			34,903		28,080		—			—			(2,946	)		6,673			890			67,600
Heang Bok Do Si Photovoltaic Power Co., Ltd.			187		—		—			—			15			—			—			202
Dongducheon Dream Power Co., Ltd.			53,233		36,971		—			—			(13,824	)		—			6			76,386
Jinbhuvish Power Generation Pvt. Ltd.			—		—		—			—			—			—			—			—
SE Green Energy Co., Ltd.			3,476		—		—			—			(110	)		—			—			3,366
Daegu Photovoltaic Co., Ltd.			1,718		—		—			(128	)		412			—			—			2,002
Jeongam Wind Power Co., Ltd.			3,763		—		—			—			826			—			—			4,589
Korea Power Engineering Service Co., Ltd.			3,659		—		—			(218	)		929			—			(37	)		4,333
Busan Green Energy Co., Ltd.			7,363		—		—			—			5,037			—			137			12,537
Gunsan Bio Energy Co., Ltd.			—		—		—			—			—			—			—			—
Korea Electric Vehicle Charging Service			1,749		196		—			—			(352	)		—			—			1,593
Ulleungdo Natural Energy Co., Ltd.	￦		6,370		—		—			—			(1,749	)		—			7			4,628
Korea Nuclear Partners Co., Ltd.			383		—		—			—			(208	)		—			—			175
Tamra Offshore Wind Power Co., Ltd.			8,560		—		—			—			1,841			—			—			10,401
Korea Electric Power Corporation Fund			47,974		—		—			—			(505	)		(280	)		—			47,189
Energy Infra Asset Management Co., Ltd.			476		—		—			—			189			—			—			665
Daegu clean Energy Co., Ltd.			11		—		—			—			6			—			—			17
YaksuESS Co., Ltd			194		—		—			—			266			—			—			460
Nepal Water & Energy Development Company Private Limited			30,498		—		—			—			(770	)		1,233			—			30,961
Gwangyang Green Energy Co., Ltd.			1,772		—		—			—			(566	)		—			—			1,206
PND solar., Ltd			1,250		—		—			—			(230	)		—			—			1,020
Hyundai Eco Energy Co., Ltd.			—		3,610		—			—			(222	)		—						3,388
YeongGwang Yaksu Wind Electric. Co., Ltd			—		533		—			—			—			—			—			533

			3,837,421		82,283		—			(73,049	)		216,009			14,148			(11,992	)		4,064,820

<Joint ventures>
KEPCO-Uhde Inc.			258		—		—			—			(70	)		—			—			188
Eco Biomass Energy Sdn. Bhd.			—		—		—			—			—			—			—			—
Datang Chaoyang Renewable Power Co., Ltd.(*3)			27,262		—		—			—			743			1,009			(29,014	)		—
Shuweihat Asia Power Investment B.V.			15,675		—		(1,632	)		(499	)		3,075			10,632			—			27,251
Shuweihat Asia Operation & Maintenance Company			663		—		—			(859	)		946			42			—			792
Waterbury Lake Uranium L.P.			19,781		—		—			—			(3	)		(746	)		—			19,032
ASM-BG Investicii AD			21,202		—		—			(1,039	)		2,236			(1,020	)		—			21,379
RES Technology AD			14,375		—		—			—			812			22			—			15,209
KV Holdings, Inc.			1,918		—		—			(735	)		772			(37	)		—			1,918
KEPCO SPC Power Corporation			217,094		—		—			(41,601	)		44,909			(12,092	)		(4	)		208,306
Gansu Datang Yumen Wind Power Co., Ltd.			10,840		—		—			—			(818	)		(41	)		—			9,981
Datang Chifeng Renewable Power Co., Ltd.			171,055		—		—			(18,859	)		14,808			(842	)		—			166,162
Datang KEPCO Chaoyang Renewable Power Co., Ltd.(*3)			11,060		—		—			—			582			(1,214	)		29,014			39,442
Rabigh Electricity Company			99,356		—		—			(29,067	)		13,305			22,371			(637	)		105,328
Rabigh Operation & Maintenance Company Limited			3,987		—		—			(1,147	)		2,820			174			—			5,834
Jamaica Public Service Company Limited			221,153		—		—			(4,472	)		13,099			9,852			—			239,632
KW Nuclear Components Co., Ltd.			6,703		—		—			(208	)		1,213			—			—			7,708
Busan Shinho Solar Power Co., Ltd.			4,346		—		—			(340	)		755			—			—			4,761
GS Donghae Electric Power Co., Ltd.			220,727		—		—			—			20,061			—			(197	)		240,591
Global Trade Of Power System Co., Ltd.			577		—		—			—			(62	)		—			—			515
Expressway Solar-light Power Generation Co., Ltd.			2,463		—		—			—			213			—			—			2,676
KODE NOVUS I LLC(*1)			—		—		—			—			—			1,374			(1,374	)		—
KODE NOVUS II LLC(*2)			—		—		—			—			—			810			(810	)		—
Daejung Offshore Wind Power Co., Ltd.			2,969		—		—			—			(300	)		—			—			2,669
Amman Asia Electric Power Company	￦		145,676		—		—			—			19,604			12,077			—			177,357
KAPES, Inc.			7,476		—		—			—			1,543			—			60			9,079
Dangjin Eco Power Co., Ltd.			57,928		—		—			—			(38,042	)		(65	)		91			19,912
Honam Wind Power Co., Ltd.			4,302		—		—			(348	)		906			—			—			4,860
Chun-cheon Energy Co., Ltd.			48,118		—		—			—			(5,613	)		—			—			42,505
Yeonggwangbaeksu Wind Power Co., Ltd.			2,734		—		—			—			109			—			—			2,843
Nghi Son 2 Power LLC			183		—		—			—			2,657			(2,840	)		—			—
Kelar S.A			67,233		—		—			—			2,732			2,859			—			72,824
PT. Tanjung Power Indonesia			1,776		—		—			—			3,373			1,928			4			7,081
Incheon New Power Co., Ltd.			619		—		—			(41	)		1			—			—			579
Seokmun Energy Co., Ltd.			13,786		—		—			—			2,965			—			—			16,751
Daehan Wind Power PSC			—		2,288		—			—			(1,311	)		37			618			1,632
Barakah One Company			626		—		—			—			2,162			1,019			—			3,807
Nawah Energy Company			258		—		—			—			4			12			—			274
MOMENTUM			391		—		—			—			195			(4	)		—			582
Daegu Green Power Co., Ltd.			42,391		—		—			—			(1,283	)		—			2			41,110
Yeonggwang Wind Power Co., Ltd.			15,294		—		—			—			10			—			—			15,304
Chester Solar IV SpA			1,700		—		—			—			301			(150	)		—			1,851
Chester Solar V SpA			525		—		—			—			(21	)		(30	)		—			474
Diego de Almagro Solar SpA			2,091		—		—			—			(299	)		(129	)		—			1,663
South Jamaica Power Company Limited			6,704		9,141		—			—			(184	)		463			—			16,124
Daesan Green Energy Co., Ltd.			—		17,850		—			—			(417	)		—			—			17,433
RE Holiday Holdings LLC			—		42,948		—			(112	)		8,055			203			—			51,094
RE Pioneer Holdings LLC			—		27,891		—			(979	)		11,585			401			—			38,898
RE Barren Ridge 1 Holdings LLC			—		28,021		—			(1,114	)		13,994			514			—			41,415
RE Astoria 2 LandCo LLC			—		5,188		—			(504	)		866			(140	)		—			5,410
RE Barren Ridge LandCo LLC			—		2,187		—			(202	)		(25	)		(62	)		—			1,898
Laurel SpA			—		1,222		—			—			(309	)		8			—			921
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			—		4,095		—			—			(23	)		(132	)		—			3,940
Chile Solar JV SpA			—		36,654		—			—			4,453			(5,278	)		1,036			36,865
Taebaek Gadeoksan Wind Power Co., Ltd.			—		8,500		—			—			8			—			—			8,508
Cheong-Song Noraesan Wind Power Co., Ltd.			—		2,073		—			—			—			—			—			2,073
Chester Solar I SpA			—		1,181		—			—			—			—			—			1,181
Solar Philippines Calatagan Corporation			—		47,903		—			—			—			—			—			47,903

			1,493,275		237,142		(1,632	)		(102,126	)		147,092			40,985			(1,211	)		1,813,525

	￦		5,330,696		319,425		(1,632	)		(175,175	)		363,101			55,133			(13,203	)		5,878,345

(*1)	The Company reclassified its shares of KODE NOVUS I LLC to financial assets at FVOCI during the year ended December 31, 2018 due to non-participation of capital increase that resulted in loss of significant influence.

(*2)	The Company sold all of its shares of KODE NOVUS II LLC during the year ended December 31, 2018.

(*3)	Datang Chaoyang Renewable Power Co., Ltd. was merged with Datang KEPCO Chaoyang Renewable Power Co., Ltd. during the year ended December 31, 2018.

(*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 ￦7,087 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018.

(*5)	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 ￦820 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018.

(4)

Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2017 and 2018 are as follows:


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.			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 LLC			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	)


2018
Investees		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
<Associates>
Korea Gas Corporation(*1)	￦		39,689,692		31,186,488		26,185,038		523,480
Korea Electric Power Industrial Development Co., Ltd.			144,425		69,123		325,694		9,987
YTN Co., Ltd.			286,964		98,682		132,382		1,587
Cheongna Energy Co., Ltd.			431,234		428,921		64,594		(11,110	)
Gangwon Wind Power Co., Ltd.			89,614		1,805		25,407		10,926
Hyundai Green Power Co., Ltd.			1,127,220		688,738		501,798		66,925
Korea Power Exchange			304,318		52,516		108,571		16,031
AMEC Partners Korea Ltd.			1,113		14		—		(26	)
Hyundai Energy Co., Ltd.			470,818		527,590		101,998		(33,947	)
Ecollite Co., Ltd.			1,944		312		—		(68	)
Taebaek Wind Power Co., Ltd.			36,986		14,325		8,233		2,170
Taeback Guinemi Wind Power Co., Ltd.			10,929		653		—		(2,082	)
Pyeongchang Wind Power Co., Ltd.			82,038		60,362		12,615		4,249
Daeryun Power Co., Ltd.			798,569		510,358		62,252		(4,958	)
Changjuk Wind Power Co., Ltd.			33,148		6,194		7,929		3,291
KNH Solar Co., Ltd.			22,598		13,942		3,586		439
SPC Power Corporation			225,599		16,819		50,317		37,355
Gemeng International Energy Co., Ltd.			7,155,937		4,420,561		1,921,367		120,558
PT. Cirebon Electric Power			876,069		481,061		274,962		33,144
KNOC Nigerian East Oil Co., Ltd.			78,841		152,017		—		(398	)
KNOC Nigerian West Oil Co., Ltd.			70,437		137,663		—		(400	)
PT Wampu Electric Power			223,009		155,406		13,463		4,624
PT. Bayan Resources TBK			1,388,199		566,890		1,707,387		521,666
S-Power Co., Ltd.			825,354		588,022		551,378		(6,185	)
Pioneer Gas Power Limited			311,742		316,810		—		(45,934	)
Eurasia Energy Holdings			572		1,020		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.	￦		1,015,013		702,187		—		(1,214	)
Hadong Mineral Fiber Co., Ltd.			203		231		—		—
Green Biomass Co., Ltd.			4,411		3,107		909		(1,057	)
PT. Mutiara Jawa			24,022		22,763		14,393		3,917
Samcheok Eco Materials Co., Ltd.			24,391		2,921		4,135		(1,836	)
Noeul Green Energy Co., Ltd.			147,886		120,249		58,686		19,453
Naepo Green Energy Co., Ltd.			93,194		76,190		6,459		(6,623	)
Goseong Green Energy Co., Ltd.			1,891,662		1,659,415		—		(7,323	)
Gangneung Eco Power Co., Ltd.			813,938		651,621		—		(4,194	)
Shin Pyeongtaek Power Co., Ltd.			674,100		511,582		—		682
Heang Bok Do Si Photovoltaic Power Co., Ltd.			2,630		1,915		455		52
Dongducheon Dream Power Co., Ltd.			1,512,510		1,244,178		828,430		(22,864	)
Jinbhuvish Power Generation Pvt. Ltd.			63,163		13,044		—		—
SE Green Energy Co., Ltd.			7,048		—		—		(230	)
Daegu Photovoltaic Co., Ltd.			16,828		9,923		3,695		1,645
Jeongam Wind Power Co., Ltd.			93,444		81,971		1,559		2,154
Korea Power Engineering Service Co., Ltd.			18,609		3,666		20,809		3,207
Busan Green Energy Co., Ltd.			195,227		151,995		77,011		17,370
Gunsan Bio Energy Co., Ltd.			8,990		20,660		—		(4,420	)
Korea Electric Vehicle Charging Service			15,019		9,328		8,615		(1,056	)
Ulleungdo Natural Energy Co., Ltd.			17,134		1,625		—		(5,855	)
Korea Nuclear Partners Co., Ltd.			615		12		80		(707	)
Tamra Offshore Wind Power Co., Ltd.			170,238		131,717		21,701		4,077
Korea Electric Power Corporation Fund			48,280		176		1,315		(649	)
Energy Infra Asset Management Co., Ltd.			7,225		507		5,757		2,193
Daegu clean Energy Co., Ltd.			389		328		—		(190	)
YaksuESS Co., Ltd			7,525		5,944		2,094		1,259
Nepal Water & Energy Development Company Private Limited			55,453		4,249		—		(984	)
Gwangyang Green Energy Co., Ltd.			29,234		23,293		—		(2,831	)
PND solar., Ltd			42,283		39,297		1,094		(795	)
Hyundai Eco Energy Co., Ltd.			165,555		148,852		—		(2,193	)
YeongGwang Yaksu Wind Electric. Co., Ltd			46,027		43,606		7,604		(493	)

<Joint ventures>
KEPCO-Uhde Inc.			403		34		18		(139	)
Eco Biomass Energy Sdn. Bhd.			—		—		—		—
Shuweihat Asia Power Investment B.V.			55,614		—		—		(187	)
Shuweihat Asia Operation & Maintenance Company			1,472		31		2,391		1,719
Waterbury Lake Uranium L.P.			55,933		64		—		—
ASM-BG Investicii AD			84,924		42,166		12,745		4,406
RES Technology AD			69,609		39,192		7,879		1,567
KV Holdings, Inc.			4,795		—		8		1,257
KEPCO SPC Power Corporation			312,093		35,091		184,046		59,543
Gansu Datang Yumen Wind Power Co., Ltd.			79,354		54,402		8,323		(2,046	)
Datang Chifeng Renewable Power Co., Ltd.			751,551		336,024		117,270		37,159
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			190,951		92,347		18,824		2,557
Rabigh Electricity Company			2,448,690		2,003,050		274,184		38,789
Rabigh Operation & Maintenance Company Limited	￦		26,172		11,587		26,387		7,173
Jamaica Public Service Company Limited			1,396,421		827,837		992,677		32,507
KW Nuclear Components Co., Ltd.			24,598		7,077		6,031		2,543
Busan Shinho Solar Power Co., Ltd.			45,538		26,494		7,901		3,018
GS Donghae Electric Power Co., Ltd.			2,259,129		1,551,509		787,425		58,976
Global Trade Of Power System Co., Ltd.			2,039		263		1,368		(134	)
Expressway Solar-light Power Generation Co., Ltd.			18,443		9,215		2,986		692
Daejung Offshore Wind Power Co., Ltd.			6,440		1,091		—		(590	)
Amman Asia Electric Power Company			792,532		496,791		23,676		32,674
KAPES, Inc.			82,494		64,691		57,047		4,710
Dangjin Eco Power Co., Ltd.			51,125		260		—		(111,789	)
Honam Wind Power Co., Ltd.			43,713		27,066		7,700		3,122
Chun-cheon Energy Co., Ltd.			666,050		523,904		320,950		(19,133	)
Yeonggwangbaeksu Wind Power Co., Ltd.			99,368		80,450		11,366		734
Nghi Son 2 Power LLC			477,947		561,266		144,381		8,979
Kelar S.A			626,206		518,135		87,507		8,587
PT. Tanjung Power Indonesia			505,551		485,321		109,029		9,717
Incheon New Power Co., Ltd.			6,559		4,563		2,687		3
Seokmun Energy Co., Ltd.			253,544		195,782		50,052		10,224
Daehan Wind Power PSC			33,081		29,817		—		(1,799	)
Barakah One Company			21,480,187		21,459,035		—		(3,062	)
Nawah Energy Company			70,386		68,864		—		—
MOMENTUM			7,476		5,730		16,933		520
Daegu Green Power Co., Ltd.			591,263		523,972		291,734		(4,424	)
Yeonggwang Wind Power Co., Ltd.			255,777		219,013		—		(145	)
Chester Solar IV SpA			15,307		13,114		1,415		609
Chester Solar V SpA			4,759		4,324		298		(19	)
Diego de Almagro Solar SpA			21,317		19,399		78		(340	)
South Jamaica Power Company Limited			294,341		213,723		—		(932	)
Daesan Green Energy Co., Ltd.			52,582		2,774		—		(1,192	)
RE Holiday Holdings LLC			334,742		232,553		9,451		1,319
RE Pioneer Holdings LLC			252,512		174,717		12,364		6,544
RE Barren Ridge 1 Holdings LLC			221,304		138,473		10,567		8,625
RE Astoria 2 Land Co LLC			11,030		210		619		583
RE Barren Ridge Land Co LLC			3,881		84		248		230
Laurel SpA			5,475		4,572		—		(369	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			31,958		173		—		(222	)
Chile Solar JV SpA			73,740		10		73		8,906
Taebaek Gadeoksan Wind Power Co., Ltd.			18,766		499		—		18
Cheong-Song Noraesan Wind Power Co., Ltd.			8,221		24		—		—
Chester Solar I SpA			1,712		562		—		(81	)
Solar Philippines Calatagan Corporation			121,650		51,219		16,689		8,732

(*1)	The profit for the year ended December 31, 2018 is net of net income attributable to non-controlling interests.

(5)

Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2017 and 2018 are as follows:


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.			(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 LLC			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.


2018
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	￦		8,503,204			21.57	%		1,834,141			—			—			(132,293	)		1,701,848
Korea Electric Power Industrial Development Co., Ltd.			75,302			29.00	%		21,838			—			—			—			21,838
YTN Co., Ltd.			188,282			21.43	%		40,346			—			(6	)		(2	)		40,338
Cheongna Energy Co., Ltd.			2,313			43.90	%		1,015			2,584			(134	)		—			3,465
Gangwon Wind Power Co., Ltd.			87,809			15.00	%		13,171			—			—			49			13,220
Hyundai Green Power Co., Ltd.			438,482			29.00	%		127,160			—			—			—			127,160
Korea Power Exchange			251,802			100.00	%		251,802			—			—			—			251,802
AMEC Partners Korea Ltd.			1,099			19.00	%		209			—			—			—			209
Hyundai Energy Co., Ltd.			(56,772	)		46.30	%		(26,285	)		—			(996	)		27,281			—
Ecollite Co., Ltd.			1,632			36.10	%		589			—			—			(589	)		—
Taebaek Wind Power Co., Ltd.			22,661			25.00	%		5,665			—			—			—			5,665
Taeback Guinemi Wind Power Co., Ltd.			10,276			25.00	%		2,569			—			—			—			2,569
Pyeongchang Wind Power Co., Ltd.			21,676			25.00	%		5,419			—			—			—			5,419
Daeryun Power Co., Ltd.			288,211			9.34	%		26,919			—			—			(820	)		26,099
Changjuk Wind Power Co., Ltd.			26,954			30.00	%		8,086			—			—			—			8,086
KNH Solar Co., Ltd.			8,656			27.00	%		2,337			—			—			—			2,337
SPC Power Corporation			208,780			38.00	%		79,336			—			—			(21,778	)		57,558
Gemeng International Energy Co., Ltd.			2,735,376			34.00	%		930,028			—			—			(283,018	)		647,010
PT. Cirebon Electric Power			395,008			27.50	%		108,628			—			—			—			108,628
KNOC Nigerian East Oil Co., Ltd.			(73,176	)		14.63	%		(10,706	)		—			—			10,706			—
KNOC Nigerian West Oil Co., Ltd.			(67,226	)		14.63	%		(9,835	)		—			—			9,835			—
PT Wampu Electric Power			67,603			46.00	%		31,097			—			—			—			31,097
PT. Bayan Resources TBK			821,309			20.00	%		164,262			423,763			—			(76,379	)		511,646
S-Power Co., Ltd.			237,332			49.00	%		116,293			—			(1,727	)		—			114,566
Pioneer Gas Power Limited			(5,068	)		38.50	%		(1,951	)		22,278			—			68			20,395
Eurasia Energy Holdings			(448	)		40.00	%		(179	)		—			—			179			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			312,826			25.00	%		78,207			253			(1,006	)		(289	)		77,165
Hadong Mineral Fiber Co., Ltd.			(28	)		8.33	%		(2	)		—			—			2			—
Green Biomass Co., Ltd.			1,304			8.80	%		115			—			—			—			115
PT. Mutiara Jawa			1,259			29.00	%		365			—			—			—			365
Samcheok Eco Materials Co., Ltd.			21,470			2.35	%		505			—			—			(505	)		—
Noeul Green Energy Co., Ltd.			27,637			29.00	%		8,015			—			—			—			8,015
Naepo Green Energy Co., Ltd.			17,004			41.67	%		7,085			—			—			(7,085	)		—
Goseong Green Energy Co., Ltd.			232,247			1.12	%		2,590			—			(131	)		—			2,459
Gangneung Eco Power Co., Ltd.			162,317			1.61	%		2,615			—			(120	)		—			2,495
Shin Pyeongtaek Power Co., Ltd.			162,518			40.00	%		65,007			12,800			(10,207	)		—			67,600
Heang Bok Do Si Photovoltaic Power Co., Ltd.			715			28.00	%		200			—			—			2			202
Dongducheon Dream Power Co., Ltd.			268,332			34.01	%		91,260			1,757			(4,049	)		(12,582	)		76,386
Jinbhuvish Power Generation Pvt. Ltd.			50,119			5.16	%		2,586			—			—			(2,586	)		—
SE Green Energy Co., Ltd.			7,048			47.76	%		3,366			—			—			—			3,366
Daegu Photovoltaic Co., Ltd.			6,905			29.00	%		2,002			—			—			—			2,002
Jeongam Wind Power Co., Ltd.			11,473			40.00	%		4,589			—			—			—			4,589
Korea Power Engineering Service Co., Ltd.			14,943			29.00	%		4,333			—			—			—			4,333
Busan Green Energy Co., Ltd.			43,232			29.00	%		12,537			—			—			—			12,537
Gunsan Bio Energy Co., Ltd.			(11,670	)		18.87	%		(2,202	)		—			—			2,202			—
Korea Electric Vehicle Charging Service			5,691			28.00	%		1,593			—			—			—			1,593
Ulleungdo Natural Energy Co., Ltd.			15,509			29.85	%		4,629			—			—			(1	)		4,628
Korea Nuclear Partners Co., Ltd.			603			29.00	%		175			—			—			—			175
Tamra Offshore Wind Power Co., Ltd.			38,521			27.00	%		10,401			—			—			—			10,401
Korea Electric Power Corporation Fund			48,104			98.09	%		47,185			—			—			4			47,189
Energy Infra Asset Management Co., Ltd.			6,718			9.90	%		665			—			—			—			665
Daegu clean Energy Co., Ltd.			61			28.00	%		17			—			—			—			17
YaksuESS Co., Ltd			1,581			29.00	%		458			—			—			2			460
Nepal Water & Energy Development Company Private Limited			51,204			57.67	%		29,529			972			—			460			30,961
Gwangyang Green Energy Co., Ltd.			5,941			20.00	%		1,188			18			—			—			1,206
PND solar., Ltd			2,986			29.00	%		866			154			—			—			1,020
Hyundai Eco Energy Co., Ltd.			16,703			19.00	%		3,174			214			—			—			3,388
YeongGwang Yaksu Wind Electric. Co., Ltd			2,421			9.63	%		233			300			—			—			533
<Joint ventures>
KEPCO-Uhde Inc.	￦		369			50.85	%		188			—			—			—			188
Eco Biomass Energy Sdn. Bhd.			—			61.53	%		—			—			—			—			—
Shuweihat Asia Power Investment B.V.			55,614			49.00	%		27,251			—			—			—			27,251
Shuweihat Asia Operation & Maintenance Company			1,441			55.00	%		793			—			—			(1	)		792
Waterbury Lake Uranium L.P.			55,869			34.07	%		19,032			—			—			—			19,032
ASM-BG Investicii AD			42,758			50.00	%		21,379			—			—			—			21,379
RES Technology AD			30,417			50.00	%		15,209			—			—			—			15,209
KV Holdings, Inc.			4,795			40.00	%		1,918			—			—			—			1,918
KEPCO SPC Power Corporation			277,002			75.20	%		208,306			—			—			—			208,306
Gansu Datang Yumen Wind Power Co., Ltd.			24,952			40.00	%		9,981			—			—			—			9,981
Datang Chifeng Renewable Power Co., Ltd.			415,527			40.00	%		166,211			—			—			(49	)		166,162
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			98,604			40.00	%		39,442			—			—			—			39,442
Rabigh Electricity Company			445,640			40.00	%		178,256			—			(70,977	)		(1,951	)		105,328
Rabigh Operation & Maintenance Company Limited			14,585			40.00	%		5,834			—			—			—			5,834
Jamaica Public Service Company Limited			568,584			40.00	%		227,434			(80,161	)		—			92,359			239,632
KW Nuclear Components Co., Ltd.			17,521			45.00	%		7,884			—			—			(176	)		7,708
Busan Shinho Solar Power Co., Ltd.			19,044			25.00	%		4,761			—			—			—			4,761
GS Donghae Electric Power Co., Ltd.			707,620			34.00	%		240,591			—			—			—			240,591
Global Trade Of Power System Co., Ltd.			1,776			29.00	%		515			—			—			—			515
Expressway Solar-light Power Generation Co., Ltd.			9,228			29.00	%		2,676			—			—			—			2,676
Daejung Offshore Wind Power Co., Ltd.			5,349			49.90	%		2,669			—			—			—			2,669
Amman Asia Electric Power Company			295,741			60.00	%		177,445			—			—			(88	)		177,357
KAPES, Inc.			17,803			51.00	%		9,079			—			—			—			9,079
Dangjin Eco Power Co., Ltd.			50,865			34.00	%		17,294			2,618			—			—			19,912
Honam Wind Power Co., Ltd.			16,647			29.00	%		4,828			32			—			—			4,860
Chun-cheon Energy Co., Ltd.			142,146			29.90	%		42,502			3			—			—			42,505
Yeonggwangbaeksu Wind Power Co., Ltd.			18,918			15.00	%		2,837			6			—			—			2,843
Nghi Son 2 Power LLC			(83,319	)		50.00	%		(41,660	)		—			—			41,660			—
Kelar S.A			108,071			65.00	%		70,246			2,470			—			108			72,824
PT. Tanjung Power Indonesia			20,230			35.00	%		7,081			—			—			—			7,081
Incheon New Power Co., Ltd.			1,996			29.00	%		579			—			—			—			579
Seokmun Energy Co., Ltd.			57,762			29.00	%		16,751			—			—			—			16,751
Daehan Wind Power PSC			3,264			50.00	%		1,632			—			—			—			1,632
Barakah One Company			21,152			18.00	%		3,807			—			—			—			3,807
Nawah Energy Company			1,522			18.00	%		274			—			—			—			274
MOMENTUM			1,746			33.33	%		582			—			—			—			582
Daegu Green Power Co., Ltd.			67,291			29.00	%		19,514			84			—			21,512			41,110
Yeonggwang Wind Power Co., Ltd.			36,764			41.00	%		15,074			230			—			—			15,304
Chester Solar IV SpA			2,193			81.82	%		1,794			57			—			—			1,851
Chester Solar V SpA			435			81.82	%		356			118			—			—			474
Diego de Almagro Solar SpA			1,918			81.82	%		1,569			94			—			—			1,663
South Jamaica Power Company Limited			80,618			20.00	%		16,124			—			—			—			16,124
Daesan Green Energy Co., Ltd.			49,808			35.00	%		17,433			—			—			—			17,433
RE Holiday Holdings LLC			102,189			50.00	%		51,094			—			—			—			51,094
RE Pioneer Holdings LLC			77,795			50.00	%		38,898			—			—			—			38,898
RE Barren Ridge 1 Holdings LLC			82,831			50.00	%		41,415			—			—			—			41,415
RE Astoria 2 LandCo LLC			10,820			50.00	%		5,410			—			—			—			5,410
RE Barren Ridge LandCo LLC			3,797			50.00	%		1,898			—			—			—			1,898
Laurel SpA			903			81.82	%		739			182			—			—			921
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			31,785			12.37	%		3,931			9			—			—			3,940
Chile Solar JV SpA			73,730			50.00	%		36,865			—			—			—			36,865
Taebaek Gadeoksan Wind Power Co., Ltd.			18,267			46.58	%		8,508			—			—			—			8,508
Cheong-Song Noraesan Wind Power Co., Ltd.			8,197			24.76	%		2,029			44			—			—			2,073
Chester Solar I SpA			1,150			81.82	%		940			241			—			—			1,181
Solar Philippines Calatagan Corporation			70,431			38.00	%		26,764			21,139			—			—			47,903

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

(6)

As of December 31, 2017 and 2018, 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:


		2017					2018
		Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
		In millions of won
Shin Pyeongtaek Power Co., Ltd.	￦		(2,537	)		—		—			—
Kelar S.A			(61,309	)		—		—			—
Hadong Mineral Fiber Co., Ltd.			(3	)		2		—			2
PT. Mutiara Jawa			(1,159	)		746		(746	)		—
Eurasia Energy Holdings			(22	)		172		7			179
KODE NOVUS I LLC			8,706			53,689		—			—
KODE NOVUS II LLC			181			23,696		—			—
Gunsan Bio Energy Co., Ltd.			1,154			1,286		916			2,202
Daehan Wind Power PSC			412			412		(412	)		—
Hyundai Energy Co., Ltd.			—			—		25,841			25,841
Nghi Son 2 Power LLC			—			—		41,659			41,659
Samcheok Eco Materials Co., Ltd.			—			—		1,285			1,285

(7)

As of December 31, 2018, 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)

Hyundai Green Power Co., Ltd.

As of December 31, 2018, 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 ￦852.1 billion with Korea Development Bank and others. At a certain period in the future, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to purchase its shares when claimed by the financial investors. At a certain period in the future, the Company has put option 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 upon request from Hyundai Steel Company.

(viii)

YeongGwang Yaksu Wind Electric. Co., Ltd

As of December 31, 2018, YeongGwang Yaksu Wind Electric. Co., Ltd, an associate of the Company, which engages in the wind power generating business, entered into a project financing agreement with a limit of ￦46.8 billion with Hanwha Life Insurance Co., Ltd. and others.

(8)

Significant restrictions on the Company’s abilities on 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.