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Consolidated Subsidiaries

12 Months Ended

Dec. 31, 2019

Consolidated Subsidiaries [Abstract]

Consolidated Subsidiaries

16.

Consolidated Subsidiaries

(1)

Consolidated subsidiaries as of December 31, 2018 and 2019 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2018			2019
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc.(*1)	Architectural engineering for utility plant and others	KOREA		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	KOREA		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	KOREA		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	KOREA		100.00	%		100.00	%
Garolim Tidal Power Plant Co., Ltd.(*6)	Power generation	KOREA		49.00	%		—
KEPCO International HongKong Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	PHILIPPINES		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	PHILIPPINES		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	LEBANON		100.00	%		100.00	%
KEPCO Neimenggu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	SINGAPORE		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
KOREA Imouraren Uranium Investment Corp.	Holding company	FRANCE		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	BAHRAIN		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	JORDAN		80.00	%		80.00	%
KHNP Canada Energy, Ltd.	Holding company	CANADA		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	CANADA		80.00	%		80.00	%
Korea Electric Power Nigeria Ltd.(*7)	Operation of utility plant	NIGERIA		100.00	%		—
KEPCO Holdings de Mexico	Holding company	MEXICO		100.00	%		100.00	%
KST Electric Power Company	Construction and operation of utility plant	MEXICO		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	MEXICO		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	INDONESIA		51.00	%		51.00	%
PT. Cirebon Power Service(*2)	Operation of utility plant	INDONESIA		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	PHILIPPINES		99.99	%		99.99	%
KOSPO Jordan, LLC	Operation of utility plant	JORDAN		100.00	%		100.00	%
EWP Philippines Corporation	Holding company	PHILIPPINES		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
DG Fairhaven Power, LLC	Power generation	USA		100.00	%		100.00	%
DG Whitefield, LLC	Power generation	USA		100.00	%		100.00	%
Springfield Power, LLC	Power generation	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	CANADA		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	BARBADOS		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	KOREA		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	INDONESIA		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	KOREA		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
EWPRC Biomass Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOSEP USA, INC.	Power generation	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	INDONESIA		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Mira Power Limited(*3)	Power generation	PAKISTAN		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	KOREA		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd.(*4)	Power generation	KOREA		59.03	%		85.00	%
KEPCO Singapore Holdings Pte., Ltd.(*7)	Holding company	SINGAPORE		100.00	%		—
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	PHILIPPINES		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	CHILE		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
HeeMang Sunlight Power Co., Ltd.	Operation of utility plant	KOREA		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	JORDAN		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	KOREA		50.00	%		50.00	%
VI Carbon Professional Private Special Asset Investment Trust 1	Holding company	KOREA		96.67	%		96.67	%
Chitose Solar Power Plant LLC	Power generation	JAPAN		80.10	%		80.10	%
KEPCO Energy Solution Co. Ltd.	Energy service	KOREA		100.00	%		100.00	%
Solar School Plant Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
KOSPO Power Services Limitada	Utility plant maintenance and others	CHILE		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	KOREA		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	LAOS		100.00	%		100.00	%
KEPCO US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Alamosa LLC	Holding company	USA		50.10	%		50.10	%
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)	Power generation	USA		100.00	%		100.00	%
KEPCO-LG CNS Mangilao Holdings LLC(*8)	Holding company	USA		70.00	%		70.00	%
Mangilao Investment LLC	Holding company	USA		100.00	%		100.00	%
KEPCO-LG CNS Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	KOREA		75.99	%		75.99	%
PT. Siborpa Eco Power	Construction and operation of utility plant	INDONESIA		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	KOREA		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	KOREA		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	KOREA		80.65	%		80.65	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	CHILE		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	KOREA		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance	KOREA		—			100.00	%
KOSPO USA Inc.	Holding company	USA		—			100.00	%
Nambu USA LLC	Holding company	USA		—			100.00	%
Tamra Offshore Wind Power Co., Ltd.(*5)	Power generation	KOREA		—			63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	KOREA		—			100.00	%
KEPCO FMS Co., Ltd.	Security service and others	KOREA		—			100.00	%
Firstkeepers Co., Ltd.	Facility maintenance	KOREA		—			100.00	%
Secutec Co., Ltd.	Security service	KOREA		—			100.00	%
SE Green Energy Co., Ltd.(*5)	Power generation	KOREA		—			84.80	%
KEPCO Mangilao America LLC	Holding company	USA		—			100.00	%
Mangilao Intermediate Holdings LLC	Holding company	USA		—			100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance	KOREA		—			100.00	%
KOAK Power Limited	Facility maintenance	PAKISTAN		—			100.00	%
KOMIPO Europe B.V.	Holding company	SWEDEN		—			100.00	%
Haenanum Energy Fund	Holding company	KOREA		—			99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	KOREA		—			89.00	%

(*1)	Considering treasury stocks, the effective percentage of ownership is 66.08%.

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

(*3)	As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power Limited which is November 30.

(*4)

The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.

(*5)	The entity was reclassified from an associate to a subsidiary due to additional acquisition of interest during the year ended December 31, 2019.

(*6)	The liquidation process is in progress by the appointment of a liquidator, and the Company has been reclassified the invested amount as assets held for sale as of December 31, 2019.

(*7)	The liquidation process has been completed during the year ended December 31, 2019.

(*8)	The Company does not hold a stake, but it is included in subsidiaries because the Company has control over KEPCO-LG CNS Mangilao Holdings LLC with nomination rights among 4 out of 6 board members.

(2)

Subsidiaries newly included in or excluded from consolidation for the year ended December 31, 2019 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2019.


Subsidiary		Reason
KNF Partners Co., Ltd.		Newly established
KOSPO USA Inc.		Newly established
Nambu USA LLC		Newly established
Tamra Offshore Wind Power Co., Ltd.		Additional acquisition
KEPCO MCS Co., Ltd.		Newly established
KEPCO FMS Co., Ltd.		Newly established
Firstkeepers Co., Ltd.		Newly established
Secutec Co., Ltd.		Newly established
SE Green Energy Co., Ltd.		Additional acquisition
KEPCO Mangilao America LLC		Newly established
Mangilao Intermediate Holdings LLC		Newly established
KEPCO CSC Co., Ltd.		Newly established
KOAK Power Limited		Newly established
KOMIPO Europe B.V.		Newly established
Haenanum Energy Fund		Newly established
Paju Ecoenergy Co., Ltd.		Newly established

Subsidiaries excluded from consolidation during the year ended December 31, 2019.


Subsidiary		Reason
KEPCO Singapore Holdings Pte., Ltd.		Liquidated
Korea Electric Power Nigeria Ltd.		Liquidated
Garolim Tidal Power Plant Co., Ltd.		Under liquidation process

(3)

Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2018 and 2019 are as follows:


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		55,792,704		30,484,104		8,858,717		(137,613	)
Korea South-East Power Co., Ltd.			9,997,758		4,948,553		5,521,038		25,736
Korea Midland Power Co., Ltd.			10,839,218		7,088,013		4,368,467		(38,142	)
Korea Western Power Co., Ltd.			9,902,752		5,965,410		4,841,261		(28,157	)
Korea Southern Power Co., Ltd.			9,810,985		5,463,721		5,539,793		55,439
Korea East-West Power Co., Ltd.			8,744,380		4,092,460		4,933,525		3,345
KEPCO Engineering & Construction Company, Inc.			771,480		310,100		433,701		12,937
KEPCO Plant Service & Engineering Co., Ltd.			1,275,365		296,428		1,239,604		160,791
KEPCO Nuclear Fuel Co., Ltd.			817,416		434,439		230,667		15,835
KEPCO KDN Co., Ltd.			566,807		159,423		622,154		60,016


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Garolim Tidal Power Plant Co., Ltd.	￦		608		345		—		(11	)
KEPCO International HongKong Ltd.			140,101		1		—		3,307
KEPCO International Philippines Inc.			107,948		1,475		—		52,539
KEPCO Gansu International Ltd.			12,047		515		—		(24	)
KEPCO Philippines Holdings Inc.			188,551		9,775		—		53,219
KEPCO Philippines Corporation			6,394		213		—		54
KEPCO Ilijan Corporation			431,444		53,413		99,844		49,631
KEPCO Lebanon SARL			1,509		9,686		—		413
KEPCO Neimenggu International Ltd.			194,336		—		—		20,829
KEPCO Shanxi International Ltd.			519,991		201,732		—		290
KOMIPO Global Pte Ltd.			250,456		961		—		11,478
KEPCO Netherlands B.V.			130,460		77		—		26,550
KOREA Imouraren Uranium Investment Corp.			63,517		171		—		(89,852	)
KEPCO Australia Pty., Ltd.			439,719		14		—		49
KOSEP Australia Pty., Ltd.			37,057		2,832		20,294		7,315
KOMIPO Australia Pty., Ltd.			39,066		4,659		20,294		7,193
KOWEPO Australia Pty., Ltd.			39,341		4,702		20,294		7,316
KOSPO Australia Pty., Ltd.			36,525		3,585		20,294		9,520
KEPCO Middle East Holding Company			101,201		92,862		—		3,043
Qatrana Electric Power Company			484,383		326,486		18,766		21,170
KHNP Canada Energy, Ltd.			49,776		35		—		(26	)
KEPCO Bylong Australia Pty., Ltd.			254,398		315,921		—		(29,573	)
Korea Waterbury Uranium Limited Partnership			20,890		142		—		(74	)
Korea Electric Power Nigeria Ltd.			112		39		727		(93	)
KEPCO Holdings de Mexico			248		57		—		(11	)
KST Electric Power Company			535,807		457,867		109,735		10,274
KEPCO Energy Service Company			1,940		1,454		5,117		(232	)
KEPCO Netherlands S3 B.V.			46,518		38		—		1,226
PT. KOMIPO Pembangkitan Jawa Bali			11,405		5,472		20,320		3,925
PT. Cirebon Power Service			1,588		273		7,228		177
KOWEPO International Corporation			—		8		—		—
KOSPO Jordan LLC			16,315		3,432		34,371		1,907
EWP Philippines Corporation			1,684		829		—		(11	)
EWP America Inc.(*1)			72,525		4,903		29,557		(4,483	)
KNF Canada Energy Limited			1,801		20		—		(45	)
EWP Barbados 1 SRL			268,033		1,581		688		11,221
Gyeonggi Green Energy Co., Ltd.			293,812		185,043		96,442		25,121
PT. Tanggamus Electric Power			216,321		187,502		26,832		9,338
Gyeongju Wind Power Co., Ltd.			122,303		83,348		21,906		8,803


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KOMIPO America Inc.	￦		10,092		572		—		(885	)
KOSEP USA, Inc.			1		4,857		—		4,341
PT. EWP Indonesia			7,444		14		—		3,138
KEPCO Netherlands J3 B.V.			115,978		77		—		(104	)
Korea Offshore Wind Power Co., Ltd.			216,114		36,377		—		(8,473	)
Global One Pioneer B.V.			162		87		—		(113	)
Global Energy Pioneer B.V.			325		74		—		(102	)
Mira Power Limited			277,525		213,104		—		(980	)
KOSEP Material Co., Ltd.			2,862		1,249		3,240		377
Commerce and Industry Energy Co., Ltd.			92,872		88,009		27,937		(6,091	)
KEPCO Singapore Holdings Pte., Ltd.			582		9		—		(31	)
KEPCO KPS Philippines Corp.			7,501		358		4,815		766
KOSPO Chile SpA			139,814		57,502		—		1,016
PT. KOWEPO Sumsel Operation And Maintenance Services			1,313		394		4,343		(654	)
HeeMang Sunlight Power Co., Ltd.			10,915		7,626		146		(192	)
Fujeij Wind Power Company			217,796		212,435		—		(1,033	)
KOSPO Youngnam Power Co., Ltd.			413,472		325,589		369,669		8,155
VI Carbon Professional Private Special Asset Investment Trust 1 (formally, HI Carbon Professional Private Special Asset)			3,002		—		—		12
Chitose Solar Power Plant LLC			115,505		105,079		15,022		872
KEPCO Energy Solution Co., Ltd.			304,103		849		5,584		2,532
Solar School Plant Co., Ltd.			204,282		1,366		1,149		2,033
KOSPO Power Services Limitada			3,045		596		9,610		1,132
Energy New Industry Specialized Investment Private Investment Trust(*2)			66,498		1,014		—		(1,140	)
KOEN Bylong Pty., Ltd.			5,544		26		—		(10	)
KOMIPO Bylong Pty., Ltd.			5,544		26		—		(25	)
KOWEPO Bylong Pty., Ltd.			5,544		26		—		—
KOSPO Bylong Pty., Ltd.			5,544		26		—		(25	)
EWP Bylong Pty., Ltd.			5,544		16		—		(15	)
KOWEPO Lao International			3,800		1,015		2,899		895
KEPCO US Inc.			16,640		—		—		6
KEPCO Alamosa LLC			32,346		79		750		(688	)
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)			64,223		48,819		9,015		200
KEPCO-LG CNS Mangilao Holdings LLC			25,642		27,197		—		(1,144	)
Mangilao Investment LLC			25,641		—		—		—
KEPCO-LG CNS Mangilao Solar, LLC			25,406		146		—		(104	)


2018
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Jeju Hanlim Offshore Wind Co., Ltd.	￦		16,557		328		—		(925	)
PT. Siborpa Eco Power			12,363		141		—		(1,771	)
PT. Korea Energy Indonesia			1,183		60		1,459		223
KOLAT SpA			38,362		474		585		(186	)
KEPCO California, LLC			42,171		21		—		(332	)
KEPCO Mojave Holdings, LLC			103,189		65,730		—		(3,959	)
Incheon Fuel Cell Co., Ltd.			23,626		415		—		(201	)
KOEN Service Co., Ltd.			583		31		—		(48	)
KOMIPO Service Co., Ltd.			576		17		—		(41	)
KOWEPO Service Co., Ltd.			750		227		—		(77	)
KOSPO Service Co., Ltd.			576		6		—		(30	)
EWP Service Co., Ltd.			667		97		—		(30	)
PT. KOMIPO Energy Indonesia			2,236		—		—		—

(*1)

Financial information of EWP America Inc. includes that of six other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, DG Whitefield, LLC, Springfield Power, LLC, California Power Holdings, LLC, and EWPRC Biomass Holdings, LLC.

(*2)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of three other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1 and Songhyun e-New Industry Fund.


2019
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		59,570,219		33,917,275		8,969,072		306,007
Korea South-East Power Co., Ltd.			10,938,358		5,866,642		5,385,387		41,006
Korea Midland Power Co., Ltd.			12,684,828		8,977,766		4,479,707		(28,449	)
Korea Western Power Co., Ltd.			10,514,438		6,637,451		4,448,992		(46,061	)
Korea Southern Power Co., Ltd.			10,884,799		6,608,301		5,084,907		(41,342	)
Korea East-West Power Co., Ltd.			9,724,311		5,022,921		4,855,964		56,698
KEPCO Engineering & Construction Company, Inc.			735,207		242,994		448,635		26,398
KEPCO Plant Service & Engineering Co., Ltd.			1,356,983		294,757		1,244,613		157,737
KEPCO Nuclear Fuel Co., Ltd.			831,604		429,799		309,055		24,618
KEPCO KDN Co., Ltd.			604,458		159,807		625,567		42,205
KEPCO International HongKong Ltd.			138,942		633		—		3,330
KEPCO International Philippines Inc.			107,224		371		—		67,991
KEPCO Gansu International Ltd.			10,448		545		—		(20	)
KEPCO Philippines Holdings Inc.			200,503		6,656		—		66,200
KEPCO Philippines Corporation			6,706		332		—		(52	)
KEPCO Ilijan Corporation			371,377		56,156		95,072		40,818
KEPCO Lebanon SARL	￦		1,835		9,786		—		255
KEPCO Neimenggu International Ltd.			200,858		—		—		(354	)
KEPCO Shanxi International Ltd.			538,604		208,895		—		151
KOMIPO Global Pte Ltd.			269,302		463		—		10,400
KEPCO Netherlands B.V.			122,577		101		—		948
KOREA Imouraren Uranium Investment Corp.			14,173		111		—		(49,716	)
KEPCO Australia Pty., Ltd.			364		14		—		(395,914	)
KOSEP Australia Pty., Ltd.			32,782		2,911		15,514		3,935
KOMIPO Australia Pty., Ltd.			40,898		2,909		15,514		3,766
KOWEPO Australia Pty., Ltd.			44,182		5,772		15,514		2,761
KOSPO Australia Pty., Ltd.			37,254		5,012		15,514		2,638
KEPCO Middle East Holding Company			102,164		87,834		—		5,934
Qatrana Electric Power Company			490,723		322,857		20,773		21,807
KHNP Canada Energy, Ltd.			44,639		43		—		(10	)
KEPCO Bylong Australia Pty., Ltd.			45,207		355,163		—		(220,909	)
Korea Waterbury Uranium Limited Partnership			20,717		167		—		(77	)
KEPCO Holdings de Mexico			187		25		—		(14	)
KST Electric Power Company			539,952		449,459		55,783		(20,797	)
KEPCO Energy Service Company			2,262		1,995		5,984		(481	)
KEPCO Netherlands S3 B.V.			50,352		49		—		2,637
PT. KOMIPO Pembangkitan Jawa Bali			12,391		5,719		18,722		4,312
PT. Cirebon Power Service			2,089		313		8,049		406
KOWEPO International Corporation			—		10		—		(2	)
KOSPO Jordan, LLC			17,489		1,521		10,878		2,634
EWP Philippines Corporation			1,691		888		—		(111	)
EWP America Inc.(*1)			66,622		2,619		21,719		(6,497	)
KNF Canada Energy Limited			1,933		24		—		(48	)
EWP Barbados 1 SRL			279,295		1,031		2,914		2,368
Gyeonggi Green Energy Co., Ltd.			194,425		159,078		13,717		(73,394	)
PT. Tanggamus Electric Power			228,601		195,826		2,256		(4,529	)
Gyeongju Wind Power Co., Ltd.			113,745		75,427		15,548		3,384
KOMIPO America Inc.			9,424		593		118		(1,033	)
KOSEP USA, Inc.			1		5,147		—		(119	)
PT. EWP Indonesia			34,455		5		—		5,124
KEPCO Netherlands J3 B.V.			120,006		74		—		(79	)
Korea Offshore Wind Power Co., Ltd.			284,495		117,527		—		(12,768	)
Global One Pioneer B.V.			180		73		—		(86	)
Global Energy Pioneer B.V.			348		80		—		(90	)
Mira Power Limited			356,111		285,577		—		(971	)
KOSEP Material Co., Ltd.			2,788		1,186		3,357		22
Commerce and Industry Energy Co., Ltd.			90,637		43,985		32,728		(7,532	)
KEPCO KPS Philippines Corp.			5,198		1,341		6,246		2
KOSPO Chile SpA	￦		134,827		49,183		—		(456	)
PT. KOWEPO Sumsel Operation And Maintenance Services			135		262		—		(1,104	)
HeeMang Sunlight Power Co., Ltd.			12,185		8,545		643		75
Fujeij Wind Power Company			218,333		196,964		—		5,515
KOSPO Youngnam Power Co., Ltd.			398,495		307,226		318,338		3,514
VI Carbon Professional Private Special Asset Investment Trust 1			3,002		—		—		12
Chitose Solar Power Plant LLC			121,457		106,254		17,103		5,480
KEPCO Energy Solution Co., Ltd.			308,188		2,142		2,843		2,805
Solar School Plant Co., Ltd.			208,730		3,269		1,962		2,553
KOSPO Power Services Limitada			3,244		1,564		10,013		452
Energy New Industry Specialized Investment Private Investment Trust(*2)			100,116		17,359		2,418		(7,735	)
KOEN Bylong Pty., Ltd.			—		39		—		(14	)
KOMIPO Bylong Pty., Ltd.			4		43		—		(14	)
KOWEPO Bylong Pty., Ltd.			4		40		—		(12	)
KOSPO Bylong Pty., Ltd.			4		40		—		(12	)
EWP Bylong Pty., Ltd.			4		40		—		(12	)
KOWEPO Lao International			5,430		575		4,308		1,584
KEPCO US Inc.			17,231		—		—		—
KEPCO Alamosa LLC			33,515		183		145		(311	)
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)			65,468		50,348		8,739		(1,902	)
KEPCO-LG CNS Mangilao Holdings LLC			27,439		30,287		—		(1,240	)
Mangilao Investment LLC			39,972		—		—		—
KEPCO-LG CNS Mangilao Solar, LLC			39,373		11		—		(524	)
Jeju Hanlim Offshore Wind Co., Ltd.			14,328		558		—		(2,459	)
PT. Siborpa Eco Power			11,574		71		—		(1,165	)
PT. Korea Energy Indonesia			1,592		121		2,462		323
KOLAT SpA			31,178		167		656		(296	)
KEPCO California, LLC			44,074		936		358		(513	)
KEPCO Mojave Holdings, LLC			103,815		69,544		—		(4,215	)
Incheon Fuel Cell Co., Ltd.			22,669		475		—		(1,010	)
KOEN Service Co., Ltd.			5,347		4,252		25,890		543
KOMIPO Service Co., Ltd.			3,327		2,622		24,556		146
KOWEPO Service Co., Ltd.			4,228		3,302		23,982		389
KOSPO Service Co., Ltd.			3,493		2,788		18,741		135
EWP Service Co., Ltd.			4,786		4,064		20,837		162
PT. KOMIPO Energy Indonesia			2,647		196		1,392		79
KNF partners Co., Ltd.			1,378		890		3,383		187
KOSPO USA Inc.			5,896		127		—		(1,408	)
Nambu USA LLC	￦		245		1		—		245
Tamra Offshore Wind Power Co., Ltd.			156,708		121,724		19,670		1,154
KEPCO MCS Co., Ltd.			26,510		22,151		129,393		3,408
KEPCO FMS Co., Ltd.			11,336		10,638		37,627		198
Firstkeepers Co., Ltd.			1,552		2,800		121		(2,239	)
Secutec Co., Ltd.			322		229		—		(597	)
SE Green Energy Co., Ltd.			132,727		105,619		—		816
KEPCO Mangilao America LLC			—		—		—		—
Mangilao Intermediate Holdings LLC			13,220		12,774		—		(66	)
KEPCO CSC Co., Ltd.			837		51		—		(14	)
KOAK Power Limited			15,930		—		—		—
KOMIPO Europe B.V.			7,362		—		—		(286	)
Haenanum Energy Fund			28,101		1		—		1
Paju Ecoenergy Co., Ltd.			53,839		—		—		—

(*1)

(*2)

(4)

Significant restrictions on abilities to subsidiaries are as follows:


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than ￦35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the company.

KOSPO Youngnam Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. Company’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than ￦20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the company.

(5)

As of December 31, 2019, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:


Company		Nature and extent of any significant restrictions
KOSPO Youngnam Power Co., Ltd.		The Company holds the right to purchase all shares held by the financial investors of KOSPO Youngnam Power Co., Ltd., a subsidiary of the Company, at face value of the issued shares on the 7th and 12th years from the Company’s establishment date.

(6)

Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2017, 2018 and 2019 are as follows:


2017
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		160,588			623,934			257,529			1,269,175			2,311,226
Non-current assets			314,036			571,152			504,637			2,588,833			3,978,658
Current liabilities			(21,546	)		(278,562	)		(221,860	)		(394,320	)		(916,288	)
Non-current liabilities			(36,255	)		(16,127	)		(83,274	)		(2,014,925	)		(2,150,581	)
Net assets			416,823			900,397			457,032			1,448,763			3,223,015
Book value of non-controlling interests			204,243			441,194			155,025			612,245			1,412,707
Sales			109,183			1,232,113			490,193			719,087			2,550,576
Profit for the period			66,320			135,482			21,222			66,419			289,443
Profit for the period attributable to non-controlling interest			32,497			66,386			7,199			20,447			126,529
Cash flows from operating activities			123,534			129,801			62,578			60,021			375,934
Cash flows from investing activities			(5,276	)		(193,408	)		(8,622	)		(409,353	)		(616,659	)
Cash flows from financing activities before dividends to non-controlling interests			(44,442	)		(15,606	)		(55,504	)		339,432			223,880
Dividends to non-controlling interests			(48,855	)		(14,994	)		(1,419	)		(20,840	)		(86,108	)
Effect of exchange rate fluctuation			(7,432	)		(1,267	)		(101	)		(24,206	)		(33,006	)
Net increase (decrease) of cash and cash equivalents			17,529			(95,474	)		(3,068	)		(54,946	)		(135,959	)


2018
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		163,622			628,725			281,390			956,928			2,030,665
Non-current assets			267,822			646,640			490,090			2,760,500			4,165,052
Current liabilities			(16,819	)		(270,097	)		(248,402	)		(559,552	)		(1,094,870	)
Non-current liabilities			(36,594	)		(26,331	)		(61,698	)		(1,933,583	)		(2,058,206	)
Net assets			378,031			978,937			461,380			1,224,293			3,042,641
Book value of non-controlling interests			185,235			479,679			156,500			680,963			1,502,377
Sales			99,844			1,239,604			433,701			966,037			2,739,186
Profit for the period			49,631			160,791			12,937			92,457			315,816
Profit for the period attributable to non-controlling interests			24,319			78,788			4,388			28,475			135,970
Cash flows from operating activities			92,822			129,700			81,042			110,448			414,012
Cash flows from investing activities			(4,452	)		(123,593	)		(50,569	)		35,167			(143,447	)
Cash flows from financing activities before dividends to non-controlling interests			(53,733	)		(33,737	)		(14,591	)		(374,669	)		(476,730	)
Dividends to non-controlling interests			(51,626	)		(32,414	)		(2,839	)		(23,452	)		(110,331	)
Effect of exchange rate fluctuation			2,840			(124	)		31			1,304			4,051
Net increase (decrease) of cash and cash equivalents			(14,149	)		(60,168	)		13,074			(251,202	)		(312,445	)


2019
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		173,931			779,764			257,593			864,596			2,075,884
Non-current assets			197,446			577,219			477,614			3,169,317			4,421,596
Current liabilities			(11,990	)		(247,737	)		(223,522	)		(450,311	)		(933,560	)
Non-current liabilities			(44,166	)		(47,020	)		(19,472	)		(2,193,501	)		(2,304,159	)
Net assets			315,221			1,062,226			492,213			1,390,101			3,259,761
Book value of non-controlling interests			154,458			520,491			166,959			551,423			1,393,331
Sales			95,072			1,244,613			448,635			855,023			2,643,343
Profit for the period			40,818			157,737			26,398			(48,963	)		175,990
Profit for the period attributable to non-controlling interests			20,001			77,291			8,954			(24,264	)		81,982
Cash flows from operating activities			101,707			164,373			27,081			219,450			512,611
Cash flows from investing activities			4,458			(89,159	)		47,219			(356,434	)		(393,916	)
Cash flows from financing activities before dividends to non-controlling interests			(68,678	)		(44,332	)		(34,632	)		223,233			75,591
Dividends to non-controlling interests			(48,750	)		(39,466	)		(1,807	)		(9,233	)		(99,256	)
Effect of exchange rate fluctuation			2,111			(593	)		(14	)		2,501			4,005
Net increase (decrease) of cash and cash equivalents			(9,152	)		(9,177	)		37,847			79,517			99,035

(7)

Changes in goodwill

(i)

Details of goodwill as of December 31, 2018 and 2019 are as follows:


		2018		2019
		In millions of won
Acquisition cost	￦		2,582		97,977
Less: Accumulated impairment			—		—

Carrying book value	￦		2,582		97,977

(ii)

Changes in goodwill for the years ended December 31, 2018 and 2019 are as follows:


		2018
		Beginning		Increase		Decrease		Ending
		In millions of won
Acquisition cost	￦		2,582		—		—		2,582
Less: Accumulated impairment			—		—		—		—
Carrying book value			2,582		—		—		2,582


		2019
		Beginning		Increase		Decrease		Ending
		In millions of won
Acquisition cost	￦		2,582		95,395		—		97,977
Less: Accumulated impairment			—		—		—		—
Carrying book value			2,582		95,395		—		97,977

(8)

Disposals of subsidiaries

The Company has completed liquidation process of KEPCO Singapore Holdings Pte., Ltd., and Korea Electric Power Nigeria Ltd., and is in the process of liquidating Garolim Tidal Power Plant Co., Ltd., as of December 31, 2019.

(i)

The fair value of proceeds from disposal as of December 31, 2017, 2018 and 2019, respectively, are as follows:


		2017		2018		2019
		In millions of won
Consideration received in cash	￦		—		160		4

	￦		—		160		4

(ii)

The carrying value of assets and liabilities of subsidiaries as of the date the Company lost its control during the years ended December 31, 2017, 2018 and 2019, respectively, are as follows:


		2017		2018			2019
		In millions of won
Assets
Cash and cash equivalents	￦		—		175			97
Trade and other receivables			—		11			—
Other non-financial assets			—		—			1
PP&E and intangible assets			—		—			2
Liabilities
Trade and other payables			—		(28	)		(3	)
Other non-financial liabilities			—		—			(24	)

	￦		—		158			73

(iii)

Gain on disposals of subsidiaries for the years ended December 31, 2017, 2018 and 2019, respectively, are as follows:


		2017		2018			2019
		In millions of won
Fair value of sale price	￦		—		160			4
Net assets disposed			—		(158	)		(73	)
Non-controlling interests			—		—			—
Realization of unrealized gain			—		70			(187	)
Other comprehensive income			—		—			—

Gain (loss) on disposals of subsidiaries(*1)	￦		—		72			(256	)

(*1)

Gain (loss) on disposals of subsidiaries is included in the consolidated statements of comprehensive income (loss).

(iv)

Net cash flow from disposals of subsidiaries for the years ended December 31, 2017, 2018 and 2019, respectively, are as follows:


		2017		2018			2019
		In millions of won
Consideration received in cash	￦		—		160			4
Less: cash held by disposed subsidiaries			—		(175	)		(97	)

Net cash flow	￦		—		(15	)		(93	)

(9)

Cash dividends received from subsidiaries for the years ended December 31, 2017, 2018 and 2019, respectively, are as follows:


Subsidiaries		2017		2018		2019
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		543,072		281,234		—
Korea South-East Power Co., Ltd.			106,546		33,928		7,143
Korea Midland Power Co., Ltd.			54,305		26,581		—
Korea Western Power Co., Ltd.			66,992		28,996		—
Korea Southern Power Co., Ltd.			60,630		25,780		15,277
Korea East-West Power Co., Ltd.			94,430		61,408		985
KEPCO Engineering & Construction Company, Inc.			2,765		5,531		3,519
KEPCO Plant Service & Engineering Co., Ltd.			15,607		33,739		41,084
KEPCO Nuclear Fuel Co., Ltd.			3,231		1,077		4,219
KEPCO KDN Co., Ltd.			4,352		13,888		19,136
KEPCO International HongKong Ltd.			4,304		23,314		10,243
KEPCO International Philippines Inc.			44,906		52,507		70,480
KEPCO Ilijan Corporation			50,849		53,900		65,776
KEPCO Philippines Holdings Inc.			26,023		—		63,522
KOSEP Australia Pty., Ltd.			—		—		8,120
KOSPO Australia Pty., Ltd.			—		—		4,335
Qatrana Electric Power Company			5,939		6,240		10,313
KEPCO KPS Philippines Corp.			—		—		3,854
Tamra Offshore Wind Power Co., Ltd.			—		—		4,823
KEPCO Netherlands S3 B.V.			—		3,115		874
PT. KOMIPO Pembangkitan Jawa Bali			3,188		20,658		1,971
KEPCO Netherlands J3 B.V.			—		12,090		—
Gyeongju Wind Power Co., Ltd.			—		—		2,800
Energy New Industry Specialized Investment Private Investment Trust			291		—		—
HI Carbon Professional Private Special Asset Investment Trust 1			11		11		11
KOSPO Power Services Limitada			425		993		745
Cogentrix Solar Services, LLC			344		—		—
KEPCO Netherlands B.V.			—		17,424		13,266
PT. Cirebon Power Service			—		382		—
Chitose Solar Power Plant LLC			—		1,986		814

	￦		1,088,210		704,782		353,310