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Investments in Associates and Joint Ventures (Tables)

12 Months Ended

Dec. 31, 2019

Investments in Associates and Joint Ventures [Abstract]

Investments in Associates and Joint Ventures

Investments in associates and joint ventures as of December 31, 2018 and 2019 are as follows:

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) 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 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) 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.

(*11) 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.

(*12) 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.

(*13) 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.

(*14) The effective percentage of ownership is 34.01% considering redeemable convertible preferred stock.

2019
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				1,693,967
Korea Electric Power Industrial Development Co., Ltd.		Electricity metering and others		KOREA			29.00	%							4,727				25,393
YTN Co., Ltd.		Broadcasting		KOREA			21.43	%							59,000				39,747
Cheongna Energy Co., Ltd.		Generating and distributing vapor and hot/cold water		KOREA			43.90	%							48,353				1,411
Gangwon Wind Power Co., Ltd.(*2)		Power generation		KOREA			15.00	%							5,725				12,327
Hyundai Green Power Co., Ltd.		Power generation		KOREA			29.00	%							88,885				124,253
Korea Power Exchange(*5)		Management of power market and others		KOREA			100.00	%							127,839				258,899
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				7,039
Taeback Guinemi Wind Power Co., Ltd.		Power generation		KOREA			25.00	%							3,420				2,553
Pyeongchang Wind Power Co., Ltd.		Power generation		KOREA			25.00	%							3,875				5,877
Daeryun Power Co., Ltd.(*3)		Power generation		KOREA			9.34	%							40,854				26,247
Changjuk Wind Power Co., Ltd.		Power generation		KOREA			30.00	%							3,801				8,520
KNH Solar Co., Ltd.		Power generation		KOREA			27.00	%							1,296				2,382
SPC Power Corporation		Power generation		PHILIPPINES			38.00	%							20,635				63,583
Gemeng International Energy Co., Ltd.		Power generation		CHINA			34.00	%							413,153				670,896
PT. Cirebon Electric Power		Power generation		INDONESIA			27.50	%							40,365				123,425
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				29,355
PT. Bayan Resources TBK		Resources development		INDONESIA			20.00	%							615,860				445,141
S-Power Co., Ltd.		Power generation		KOREA			49.00	%							132,300				115,784
Pioneer Gas Power Limited(*7)		Power generation		INDIA			38.50	%							49,831				—
Eurasia Energy Holdings		Power generation and resources development		RUSSIA			40.00	%							461				—
Xe-Pian Xe-Namnoy Power Co., Ltd.		Power generation		LAOS			25.00	%							87,426				72,935
Hadong Mineral Fiber Co., Ltd.(*3)		Recycling fly ashes		KOREA			8.33	%							50				—
Green Biomass Co., Ltd.(*10)		Power generation		KOREA			7.85	%							714				108
PT. Mutiara Jawa		Manufacturing and operating floating coal terminal		INDONESIA			29.00	%							2,978				1,438
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				6,610
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				2,340
Gangneung Eco Power Co., Ltd.(*2)		Power generation		KOREA			1.61	%		￦					2,900				2,430
Shin Pyeongtaek Power Co., Ltd.		Power generation		KOREA			40.00	%							72,000				66,956
Heang Bok Do Si Photovoltaic Power Co., Ltd.		Power generation		KOREA			28.00	%							194				215
Dongducheon Dream Power Co., Ltd.(*14)		Power generation		KOREA			33.61	%							148,105				76,547
Jinbhuvish Power Generation Pvt. Ltd.(*2)		Power generation		INDIA			5.16	%							9,000				—
Daejung Offshore Wind Power Co., Ltd.(*16)		Power generation		KOREA			49.90	%							5,190				2,361
GS Donghae Electric Power Co., Ltd.(*16)		Power generation		KOREA			34.00	%							204,000				255,983
Daegu Photovoltaic Co., Ltd.		Power generation		KOREA			29.00	%							1,230				2,060
Busan Green Energy Co., Ltd.		Power generation		KOREA			29.00	%							5,243				10,637
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				1,063
Korea Nuclear Partners Co., Ltd.		Electric material agency		KOREA			29.00	%							290				—
Korea Electric Power Corporation Fund(*11)		Developing electric enterprises		KOREA			98.09	%							51,500				41,126
Energy Infra Asset Management Co., Ltd.(*3)		Asset management		KOREA			9.90	%							297				791
Daegu clean Energy Co., Ltd.		Renewable power generation		KOREA			28.00	%							140				13
YaksuESS Co., Ltd		Installing ESS related equipment		KOREA			29.00	%							210				516
Nepal Water & Energy Development Company Private Limited(*13)		Construction and operation of utility plant		NEPAL			57.76	%							35,571				31,145
Gwangyang Green Energy Co., Ltd.		Power generation		KOREA			20.00	%							2,000				948
PND solar., Ltd		Power generation		KOREA			29.00	%							1,250				1,144
Hyundai Eco Energy Co., Ltd.(*2)		Power generation		KOREA			19.00	%							3,610				3,781
YeongGwang Yaksu Wind Electric. Co., Ltd(*2)		Power generation		KOREA			9.63	%							533				386
Green Energy Electricity Generation Co., Ltd.		Power generation		KOREA			29.00	%							1,189				163
Korea Energy Solutions Co., Ltd.		R & D		KOREA			20.00	%							300				259
ITR Co., Ltd.		R & D		KOREA			20.00	%							50				33
Structure test network Co., Ltd.		Technical testing and consulting		KOREA			20.00	%							25				21
Namjeongsusang Solar Power Operation Co., Ltd.(*18)		Power generation		KOREA			15.00	%							969				812
Indeck Niles Development, LLC(*23)		Power generation		USA			50.00	%							—				—
Indeck Niles Asset Management, LLC		Power generation		USA			33.33	%							—				87
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Holding company		KOREA			49.00	%							7,105				7,126
Suwon New Power Co., Ltd.		Power generation		KOREA			39.90	%							798				798
KPGE Inc.		Power generation materials business		KOREA			29.00	%		￦					287				287
Gwangbaek Solar Power Investment Co., Ltd.(*21)		Power generation		KOREA			19.00	%							2,054				2,054
Goduk Clean Energy Co., Ltd.(*20)		Fuel cell generation		KOREA			61.00	%							1,830				1,830
															2,539,956				4,251,802
<Joint ventures>
KEPCO-Uhde Inc.(*6)		Power generation		KOREA			52.80	%							11,355				134
Shuweihat Asia Power Investment B.V.		Holding company		NETHERLANDS			49.00	%							44,405				18,318
Shuweihat Asia Operation & Maintenance Company(*6)		Maintenance of utility plant		CAYMAN			55.00	%							30				1,408
Waterbury Lake Uranium L.P.		Resources development		CANADA			33.48	%							26,602				20,562
ASM-BG Investicii AD		Power generation		BULGARIA			50.00	%							16,101				19,376
RES Technology AD		Power generation		BULGARIA			50.00	%							15,595				16,248
KV Holdings, Inc.		Power generation		PHILIPPINES			40.00	%							2,103				2,441
KEPCO SPC Power Corporation(*6)		Construction and operation of utility plant		PHILIPPINES			75.20	%							94,579				214,794
Gansu Datang Yumen Wind Power Co., Ltd.		Power generation		CHINA			40.00	%							16,621				8,149
Datang Chifeng Renewable Power Co., Ltd.		Power generation		CHINA			40.00	%							121,928				185,307
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		Power generation		CHINA			40.00	%							10,858				41,024
Rabigh Electricity Company		Power generation		SAUDI ARABIA			40.00	%							109,743				109,096
Rabigh Operation & Maintenance Company Limited		Maintenance of utility plant		SAUDI ARABIA			40.00	%							70				6,879
Jamaica Public Service Company Limited		Power generation		JAMAICA			40.00	%							301,910				253,607
KW Nuclear Components Co., Ltd.		Manufacturing		KOREA			45.00	%							833				9,052
Busan Shinho Solar Power Co., Ltd.		Power generation		KOREA			25.00	%							2,100				5,045
Global Trade Of Power System Co., Ltd.		Exporting products and technology of small or medium business by proxy		KOREA			29.00	%							290				571
Expressway Solar-light Power Generation Co., Ltd.		Power generation		KOREA			29.00	%							1,856				2,883
Amman Asia Electric Power Company(*6)		Power generation		JORDAN			60.00	%							111,476				192,164
KAPES, Inc.(*6)		R&D		KOREA			51.00	%							5,629				10,832
Honam Wind Power Co., Ltd.		Power generation		KOREA			29.00	%							3,480				4,375
Jeongam Wind Power Co., Ltd.(*16)		Power generation		KOREA			40.00	%							5,580				4,437
Korea Power Engineering Service Co., Ltd.(*16)		Construction and service		KOREA			29.00	%							290				4,902
Chun-cheon Energy Co., Ltd.		Power generation		KOREA			29.90	%							52,700				34,872
Yeonggwangbaeksu Wind Power Co., Ltd.(*3)		Power generation		KOREA			15.00	%							3,000				3,040
Nghi Son 2 Power LLC		Power generation		VIETNAM			50.00	%							2,781				—
Kelar S.A(*6)		Power generation		CHILE			65.00	%		￦					78,060				70,462
PT. Tanjung Power Indonesia		Power generation		INDONESIA			35.00	%							26,892				34,327
Incheon New Power Co., Ltd.		Power generation		KOREA			29.00	%							461				—
Seokmun Energy Co., Ltd.		Power generation		KOREA			29.00	%							15,370				17,342
Daehan Wind Power PSC		Power generation		JORDAN			50.00	%							3,191				1,757
Barakah One Company(*12)		Power generation		UAE			18.00	%							118				—
Nawah Energy Company(*12)		Operation of utility plant		UAE			18.00	%							296				285
MOMENTUM		International thermonuclear experimental reactor construction management		FRANCE			33.33	%							1				553
Daegu Green Power Co., Ltd.		Power generation		KOREA			29.00	%							46,225				22,824
Yeonggwang Wind Power Co., Ltd.		Power generation		KOREA			46.00	%							17,475				17,627
Chester Solar IV SpA		Power generation		CHILE			45.00	%							1,700				672
Chester Solar V SpA		Power generation		CHILE			45.00	%							525				146
Diego de Almagro Solar SpA		Power generation		CHILE			45.00	%							2,091				1,035
South Jamaica Power Company Limited		Power generation		JAMAICA			20.00	%							20,521				13,863
Daesan Green Energy Co., Ltd.		Power generation		KOREA			35.00	%							17,850				17,182
RE Holiday Holdings LLC		Power generation		USA			50.00	%							42,948				42,070
RE Pioneer Holdings LLC		Power generation		USA			50.00	%							27,891				31,156
RE Barren Ridge 1 Holdings LLC		Power generation		USA			50.00	%							28,021				42,916
RE Astoria 2 LandCo LLC		Power generation		USA			50.00	%							5,188				5,602
RE Barren Ridge LandCo LLC		Power generation		USA			50.00	%							2,187				1,966
Laurel SpA		Power generation		CHILE			45.00	%							1,222				595
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*3)		Power generation		AUSTRALIA			12.37	%							4,095				4,024
Chile Solar JV SpA		Power generation		CHILE			50.00	%							37,689				34,859
Taebaek Gadeoksan Wind Power Co., Ltd.		Power generation		KOREA			37.78	%							8,500				7,846
Cheong-Song Noraesan Wind Power Co., Ltd.		Power generation		KOREA			29.01	%							3,200				3,043
Chester Solar I SpA		Power generation		CHILE			45.00	%							1,181				1,157
Solar Philippines Calatagan Corporation		Power generation		PHILIPPINES			38.00	%							47,903				48,930
Saemangeum Solar Power Co., Ltd.(*22)		Power generation		KOREA			81.00	%							10,000				8,324
Chungsongmeon BongSan wind power Co., Ltd.		Power generation		KOREA			29.00	%							2,900				2,764
Jaeun Resident Wind Power Plant Co., Ltd.		Power generation		KOREA			29.00	%							2,494				2,198
DE Energia SpA		Power generation		CHILE			49.00	%							8,364				8,665
Dangjin Eco Power Co., Ltd. (newly)(*15)		Power generation		KOREA			34.00	%							25,661				25,661
Haemodum Solar Co., Ltd.		Power generation		KOREA			49.00	%							2,940				2,940
Yangyang Wind Power Co., Ltd.(*17)		Power generation		KOREA			99.54	%							10,800				10,800
HORUS SOLAR, S.A. DE C.V.(*19)		Renewable power generation		MEXICO			14.95	%							3,403				3,403
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.(*19)		Renewable power generation		MEXICO			14.95	%		￦					672				672
SUNMEX RENOVABLES, S.A. DE C.V.(*19)		Renewable power generation		MEXICO			14.95	%							222				222
Stavro Holding II AB		Holding company		SWEDEN			20.00	%							5,524				5,625
															1,475,696				1,663,029
										￦					4,015,652				5,914,831

(*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 virtue of right to nominate directors to the board of directors of the entity.

(*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, 2019, 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) 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.

(*11) 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.

(*12) 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.

(*13) 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.

(*14) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*15) Eumseong Natural Gas Power Co., Ltd. and Dangjin Eco Solar Power Co., Ltd. were established by spin-off from Dangjin Eco Power Co., Ltd. After the spin-off, Eumseong Natural Gas Power Co., Ltd. was merged and absorbed by the Company during December 2019.

(*16) Daejung Offshore Wind Power Co., Ltd. and GS Donghae Electric Power Co., Ltd. are reclassified from joint ventures to associates, and Jeongam Wind Power Co., Ltd. and Korea Power Engineering Service Co., Ltd. are reclassified from associates to joint ventures during the year ended December 31, 2019.

(*17) The temporary percentage of ownership is more than 50% due to differences in the timing of the payment. The Company is expected to exert significant influence after payment is completed in the first quarter of 2020.

(*18) The effective percentage of ownership is less than 20%. However, the Company considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors. For this reason, the entities are classified as an associate.

(*19) The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions on the major activities must be agreed to by all ownership parties. For this reason, the entities are classified as joint ventures.

(*20) The effective percentage of ownership is 61%. However, it seems the Company doesn’t have power on the Goduk Clean Energy Co., Ltd. due to its proportion to make decisions, which is less than 50%. The Company can exercise significant influence on the entity by participating in the board of directors and others. Therefore, the entity is classified as an associate.

(*21) 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.

(*22) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all operation related decisions must be agreed by all ownership parties. For this reason, the entity is classified as a joint venture.

(*23) Although the investment amount is not paid as of December 31, 2019, the Company has an investment agreement on 50% of the interests. the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity.

The fair value of associates

The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2018 and 2019 are as follows:

Investees						2018				2019
						In millions of won
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		￦					33,609				33,089
Korea Gas Corporation(*)							910,980				715,365
YTN Co., Ltd.							18,900				18,450
SPC Power Corporation							72,710				117,230
PT. Bayan Resources TBK							1,017,601				880,860

(*) An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (‘‘KOGAS’’) for the years ended December 31, 2018 and 2019 as management determined that the carrying amount of the investment in KOGAS at ￦1,701,848 million and ￦1,693,967 million respectively were significantly higher than its fair value. Accordingly, management has assessed the recoverable amount of the investment by estimating the Company’s share of the present value of the estimated future cash flows expected to be generated by KOGAS. The carrying amount of KOGAS as at December 31, 2018 and 2019 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2018 and 2019.

The recoverable amount estimate is most sensitive to assumptions regarding long-term revenue forecasts as well as the discount rate:

• Revenue forecasts: price and volume of gas sold are based on the long-term natural gas supply and demand programs approved by the Ministry of Trade, Industry & Energy.

• Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows. A real post-tax discount rate of 4.80% and 4.70% was applied to post-tax cash flows respectively as at December 31, 2018 and 2019.

Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates.

Changes in investments in associates and joint ventures

Changes in investments in associates and joint ventures for the years ended December 31, 2018 and 2019 are as follows:

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.

2019
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		￦					1,701,848				—				—				(25,704	)			8,511				12,687				(3,375	)			1,693,967
Korea Electric Power Industrial Development Co., Ltd.							21,838				—				—				(1,598	)			5,002				—				151				25,393
YTN Co., Ltd.							40,338				—				—				(180	)			(449	)			5				33				39,747
Cheongna Energy Co., Ltd.							3,465				—				—				—				(2,054	)			—				—				1,411
Gangwon Wind Power Co., Ltd.							13,220				—				—				(2,272	)			1,379				—				—				12,327
Hyundai Green Power Co., Ltd.							127,160				—				—				(8,889	)			5,982				—				—				124,253
Korea Power Exchange							251,802				—				—				—				10,907				—				(3,810	)			258,899
AMEC Partners Korea Ltd.							209				—				—				—				—				3				(212	)			—
Hyundai Energy Co., Ltd.							—				—				—				—				—				—				—				—
Ecollite Co., Ltd.							—				—				—				—				—				—				—				—
Taebaek Wind Power Co., Ltd.							5,665				—				—				—				1,374				—				—				7,039
Taeback Guinemi Wind Power Co., Ltd.							2,569				—				—				—				(16	)			—				—				2,553
Pyeongchang Wind Power Co., Ltd.							5,419				—				—				—				458				—				—				5,877
Daeryun Power Co., Ltd.							26,099				—				—				—				173				—				(25	)			26,247
Changjuk Wind Power Co., Ltd.							8,086				—				—				—				434				—				—				8,520
KNH Solar Co., Ltd.							2,337				—				—				—				45				—				—				2,382
SPC Power Corporation							57,558				—				—				(14,229	)			5,929				14,286				39				63,583
Gemeng International Energy Co., Ltd.							647,010				—				—				(11,468	)			26,300				9,209				(155	)			670,896
PT. Cirebon Electric Power							108,628				—				—				—				11,079				(65	)			3,783				123,425
KNOC Nigerian East Oil Co., Ltd.							—				—				—				—				(27	)			(380	)			407				—
KNOC Nigerian West Oil Co., Ltd.							—				—				—				—				(29	)			(349	)			378				—
PT Wampu Electric Power							31,097				—				—				—				(2,867	)			2				1,123				29,355
PT. Bayan Resources TBK							511,646				—				—				(71,100	)			6,181				(1,586	)			—				445,141
S-Power Co., Ltd.							114,566				—				—				—				1,218				—				—				115,784
Pioneer Gas Power Limited							20,395				—				—				—				(20,784	)			389				—				—
Eurasia Energy Holdings							—				—				—				—				—				—				—				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							77,165				3,052				—				—				(10,210	)			2,928				—				72,935
Hadong Mineral Fiber Co., Ltd.							—				—				—				—				—				—				—				—
Green Biomass Co., Ltd.							115				—				—				—				(73	)			—				66				108
PT. Mutiara Jawa							365				—				—				—				1,031				42				—				1,438
Samcheok Eco Materials Co., Ltd.							—				—				—				—				—				—				—				—
Noeul Green Energy Co., Ltd.							8,015				—				—				—				(1,395	)			—				(10	)			6,610
Naepo Green Energy Co., Ltd.							—				—				—				—				—				—				—				—
Goseong Green Energy Co., Ltd.							2,459				—				—				—				(119	)			—				—				2,340
Gangneung Eco Power Co., Ltd.							2,495				—				—				—				(65	)			—				—				2,430
Shin Pyeongtaek Power Co., Ltd.							67,600				—				—				—				(827	)			198				(15	)			66,956
Heang Bok Do Si Photovoltaic Power Co., Ltd.							202				—				—				—				13				—				—				215
Dongducheon Dream Power Co., Ltd.							76,386				—				—				—				441				—				(280	)			76,547
Jinbhuvish Power Generation Pvt. Ltd.							—				—				—				—				—				—				—				—
Daejung Offshore Wind Power Co., Ltd.		￦					—				—				—				—				—				—				2,361				2,361
GS Donghae Electric Power Co., Ltd.							—				—				—				—				—				—				255,983				255,983
SE Green Energy Co., Ltd.							3,366				—				—				—				—				(75	)			(3,291	)			—
Daegu Photovoltaic Co., Ltd.							2,002				—				—				(327	)			385				—				—				2,060
Jeongam Wind Power Co., Ltd.							4,589				—				—				—				(152	)			—				(4,437	)			—
Korea Power Engineering Service Co., Ltd.							4,333				—				—				—				508				—				(4,841	)			—
Busan Green Energy Co., Ltd.							12,537				—				—				—				(1,884	)			—				(16	)			10,637
Gunsan Bio Energy Co., Ltd.							—				—				—				—				—				—				—				—
Korea Electric Vehicle Charging Service							1,593				—				—				—				(515	)			—				(15	)			1,063
Ulleungdo Natural Energy Co., Ltd.							4,628				—				—				—				(1	)			—				(4,627	)			—
Korea Nuclear Partners Co., Ltd.(*1)							175				—				—				—				(79	)			—				(96	)			—
Tamra Offshore Wind Power Co., Ltd.							10,401				—				—				—				—				—				(10,401	)			—
Korea Electric Power Corporation Fund							47,189				—				—				—				(6,931	)			868				—				41,126
Energy Infra Asset Management Co., Ltd.							665				—				—				—				126				—				—				791
Daegu clean Energy Co., Ltd.							17				—				—				—				(4	)			—				—				13
YaksuESS Co., Ltd							460				—				—				—				56				—				—				516
Nepal Water & Energy Development Company Private Limited							30,961				—				—				—				(854	)			1,038				—				31,145
Gwangyang Green Energy Co., Ltd.							1,206				—				—				—				(258	)			—				—				948
PND solar., Ltd							1,020				—				—				—				124				—				—				1,144
Hyundai Eco Energy Co., Ltd.							3,388				—				—				—				393				—				—				3,781
YeongGwang Yaksu Wind Electric. Co., Ltd							533				—				—				—				(147	)			—				—				386
Green Energy Electricity Generation Co., Ltd.							—				1,189				—				—				(1,026	)			—				—				163
Korea Energy Solutions Co., Ltd.							—				300				—				—				(41	)			—				—				259
ITR Co., Ltd.							—				50				—				—				(17	)			—				—				33
Structure test network Co., Ltd.							—				25				—				—				(4	)			—				—				21
Namjeongsusang Solar Power Operation Co., Ltd.							—				969				—				—				(157	)			—				—				812
Indeck Niles Development, LLC							—				—				—				—				—				—				—				—
Indeck Niles Asset Management, LLC							—				—				—				(245	)			333				(1	)			—				87
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1							—				7,105				—				—				21				—				—				7,126
Suwon New Power Co., Ltd.							—				798				—				—				—				—				—				798
KPGE Inc.							—				287				—				—				—				—				—				287
Gwangbaek Solar Power Investment Co., Ltd.							—				2,054				—				—				—				—				—				2,054
Goduk Clean Energy Co., Ltd.							—				1,830				—				—				—				—				—				1,830
		￦					4,064,820				17,659				—				(136,012	)			37,418				39,199				228,718				4,251,802
<Joint ventures>
KEPCO-Uhde Inc.		￦					188				—				—				—				(54	)			—				—				134
Eco Biomass Energy Sdn. Bhd.							—				—				—				—				—				—				—				—
Shuweihat Asia Power Investment B.V.							27,251				—				—				(2,176	)			5,288				(12,045	)			—				18,318
Shuweihat Asia Operation & Maintenance Company							792				—				—				(907	)			1,040				(1	)			484				1,408
Waterbury Lake Uranium L.P.							19,032				—				—				—				22				1,508				—				20,562
ASM-BG Investicii AD							21,379				—				—				(4,760	)			2,442				315				—				19,376
RES Technology AD							15,209				—				—				—				963				76				—				16,248
KV Holdings, Inc.							1,918				—				—				(372	)			751				144				—				2,441
KEPCO SPC Power Corporation							208,306				—				—				(45,349	)			48,043				3,781				13				214,794
Gansu Datang Yumen Wind Power Co., Ltd.							9,981				—				—				—				(2,050	)			218				—				8,149
Datang Chifeng Renewable Power Co., Ltd.							166,162				—				—				—				16,325				2,820				—				185,307
Datang KEPCO Chaoyang Renewable Power Co., Ltd.							39,442				—				—				—				875				707				—				41,024
Rabigh Electricity Company							105,328				—				—				—				4,355				(1,734	)			1,147				109,096
Rabigh Operation & Maintenance Company Limited							5,834				—				—				(2,222	)			3,070				197				—				6,879
Jamaica Public Service Company Limited							239,632				—				—				(4,631	)			10,166				8,440				—				253,607
KW Nuclear Components Co., Ltd.							7,708				—				—				(208	)			1,552				—				—				9,052
Busan Shinho Solar Power Co., Ltd.							4,761				—				—				(430	)			714				—				—				5,045
GS Donghae Electric Power Co., Ltd.							240,591				—				—				(10,200	)			25,787				—				(256,178	)			—
Global Trade Of Power System Co., Ltd.							515				—				—				—				56				—				—				571
Expressway Solar-light Power Generation Co., Ltd.							2,676				—				—				—				207				—				—				2,883
Daejung Offshore Wind Power Co., Ltd.							2,669				—				—				—				(308	)			—				(2,361	)			—
Amman Asia Electric Power Company							177,357				—				—				—				20,648				(5,841	)			—				192,164
KAPES, Inc.							9,079				—				—				—				1,767				—				(14	)			10,832
Dangjin Eco Power Co., Ltd.							19,912				—				(5,359	)			—				(657	)			16				(13,912	)			—
Honam Wind Power Co., Ltd.							4,860				—				—				(587	)			102				—				—				4,375
Jeongam Wind Power Co., Ltd.							—				—				—				—				—				—				4,437				4,437
Korea Power Engineering Service Co., Ltd.							—				—				—				—				—				—				4,902				4,902
Chun-cheon Energy Co., Ltd.(*3)							42,505				—				—				—				(7,385	)			—				(248	)			34,872
Yeonggwangbaeksu Wind Power Co., Ltd.							2,843				—				—				—				197				—				—				3,040
Nghi Son 2 Power LLC							—				—				—				—				—				—				—				—
Kelar S.A							72,824				—				—				—				3,435				(8,416	)			2,619				70,462
PT. Tanjung Power Indonesia							7,081				26,146				—				—				5,601				(4,489	)			(12	)			34,327
Incheon New Power Co., Ltd.(*4)							579				—				—				—				(232	)			—				(347	)			—
Seokmun Energy Co., Ltd.							16,751				—				—				—				591				—				—				17,342
Daehan Wind Power PSC		￦					1,632				—				—				—				66				59				—				1,757
Barakah One Company							3,807				—				—				—				(2,668	)			(1,139	)			—				—
Nawah Energy Company							274				—				—				—				—				11				—				285
MOMENTUM							582				—				—				(411	)			380				2				—				553
Daegu Green Power Co., Ltd.(*2)							41,110				—				—				—				3,599				—				(21,885	)			22,824
Yeonggwang Wind Power Co., Ltd.							15,304				2,100				—				—				223				—				—				17,627
Chester Solar IV SpA							1,851				—				—				—				(1,746	)			(55	)			622				672
Chester Solar V SpA							474				—				—				—				(619	)			(6	)			297				146
Diego de Almagro Solar SpA							1,663				—				—				—				(1,014	)			(86	)			472				1,035
South Jamaica Power Company Limited							16,124				4,290				—				—				(7,131	)			580				—				13,863
Daesan Green Energy Co., Ltd.							17,433				—				—				—				(251	)			—				—				17,182
RE Holiday Holdings LLC							51,094				—				—				—				(6,525	)			(2,500	)			1				42,070
RE Pioneer Holdings LLC							38,898				—				—				(939	)			(5,507	)			(1,296	)			—				31,156
RE Barren Ridge 1 Holdings LLC							41,415				—				—				(1,152	)			4,609				(1,957	)			1				42,916
RE Astoria 2 LandCo LLC							5,410				—				—				(430	)			430				192				—				5,602
RE Barren Ridge LandCo LLC							1,898				—				—				(194	)			172				90				—				1,966
Laurel SpA							921				—				—				—				(665	)			(82	)			421				595
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							3,940				—				—				—				(28	)			112				—				4,024
Chile Solar JV SpA							36,865				—				—				—				842				(2,849	)			1				34,859
Taebaek Gadeoksan Wind Power Co., Ltd.							8,508				—				—				—				(651	)			(9	)			(2	)			7,846
Cheong-Song Noraesan Wind Power Co., Ltd.							2,073				1,127				—				—				(153	)			(4	)			—				3,043
Chester Solar I SpA							1,181				—				—				—				(112	)			(79	)			167				1,157
Solar Philippines Calatagan Corporation							47,903				—				—				(4,633	)			4,305				1,355				—				48,930
Saemangeum Solar Power Co., Ltd.							—				10,000				—				—				(1,676	)			—				—				8,324
Chungsongmeon BongSan wind power Co., Ltd.							—				2,900				—				—				(136	)			—				—				2,764
Jaeun Resident Wind Power Plant Co., Ltd							—				2,494				—				—				(296	)			—				—				2,198
DE Energia SpA							—				8,364				—				—				647				(346	)			—				8,665
Eumseong Natural Gas Power Co., Ltd.							—				—				—				—				—				—				—				—
Dangjin Eco Power Co., Ltd. (newly)							—				9,180				—				—				—				—				16,481				25,661
Haemodum Solar Co., Ltd.							—				2,940				—				—				—				—				—				2,940
Yangyang Wind Power Co., Ltd.							—				10,800				—				—				—				—				—				10,800
HORUS SOLAR, S.A. DE C.V.							—				3,403				—				—				—				—				—				3,403
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.							—				672				—				—				—				—				—				672
SUNMEX RENOVABLES, S.A. DE C.V.							—				222				—				—				—				—				—				222
Stavro Holding II AB							—				5,524				—				—				(4	)			122				(17	)			5,625
							1,813,525				90,162				(5,359	)			(79,601	)			129,402				(22,189	)			(262,911	)			1,663,029
		￦					5,878,345				107,821				(5,359	)			(215,613	)			166,820				17,010				(34,193	)			5,914,831

(*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 ￦96 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019.

(*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 ￦21,827 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019.

(*3) 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 ￦248 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019.

(*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 ￦347 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019.

Summary of financial information of associates and joint ventures

Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2018 and 2019 are as follows:

2018
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						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 recognized for the years ended December 31, 2018 and 2019 are reduced by of the associate entity’s net income attributable to non-controlling interests.

2019
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						In millions of won
<Associates>
Korea Gas Corporation(*1)		￦					39,311,855				31,165,334				24,982,640				38,764
Korea Electric Power Industrial Development Co., Ltd.							186,434				98,872				306,026				17,467
YTN Co., Ltd.							281,699				96,211				127,782				(1,230	)
Cheongna Energy Co., Ltd.							383,034				383,288				68,626				(2,567	)
Gangwon Wind Power Co., Ltd.							83,528				1,674				24,116				9,380
Hyundai Green Power Co., Ltd.							1,086,738				658,279				507,653				26,222
Korea Power Exchange							315,683				54,926				107,034				8,268
Hyundai Energy Co., Ltd.							465,238				549,940				91,842				(27,882	)
Ecollite Co., Ltd.							1,838				304				—				(97	)
Taebaek Wind Power Co., Ltd.							36,182				8,027				6,177				5,494
Taeback Guinemi Wind Power Co., Ltd.		￦					35,061				24,847				349				(61	)
Pyeongchang Wind Power Co., Ltd.							79,756				56,248				10,713				2,010
Daeryun Power Co., Ltd.							802,546				512,757				163,129				1,836
Changjuk Wind Power Co., Ltd.							29,875				1,476				6,076				1,447
KNH Solar Co., Ltd.							20,465				11,641				3,377				278
SPC Power Corporation							250,544				22,459				63,218				39,876
Gemeng International Energy Co., Ltd.							6,758,957				4,785,740				2,024,730				95,435
PT. Cirebon Electric Power							852,457				403,639				277,370				39,581
KNOC Nigerian East Oil Co., Ltd.							58,402				134,361				—				(182	)
KNOC Nigerian West Oil Co., Ltd.							54,275				124,086				—				(180	)
PT Wampu Electric Power							222,266				158,451				18,165				(2,315	)
PT. Bayan Resources TBK							1,302,637				622,576				1,707,387				252,855
S-Power Co., Ltd.							805,622				566,025				576,554				2,319
Pioneer Gas Power Limited							309,059				367,399				—				(54,501	)
Eurasia Energy Holdings							592				1,056				—				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							1,194,125				898,023				6,731				(40,437	)
Hadong Mineral Fiber Co., Ltd.							203				231				—				—
Green Biomass Co., Ltd.							3,866				2,487				17				(925	)
PT. Mutiara Jawa							26,109				21,150				11,196				3,396
Samcheok Eco Materials Co., Ltd.							26,625				3,209				10,876				1,946
Noeul Green Energy Co., Ltd.							137,370				114,578				36,435				(4,810	)
Naepo Green Energy Co., Ltd.							77,070				99,345				6,572				(31,577	)
Goseong Green Energy Co., Ltd.							3,399,058				3,177,210				—				(10,276	)
Gangneung Eco Power Co., Ltd.							1,362,692				1,204,202				—				(3,830	)
Shin Pyeongtaek Power Co., Ltd.							981,387				807,107				119,162				11,847
Heang Bok Do Si Photovoltaic Power Co., Ltd.							2,483				1,722				454				47
Dongducheon Dream Power Co., Ltd.							1,474,224				1,206,478				689,414				2,849
Jinbhuvish Power Generation Pvt. Ltd.							64,111				13,240				—				—
Daejung Offshore Wind Power Co., Ltd.							6,181				1,450				—				(617	)
GS Donghae Electric Power Co., Ltd.							2,301,774				1,548,883				688,055				75,842
Daegu Photovoltaic Co., Ltd.							15,486				8,385				3,639				1,442
Busan Green Energy Co., Ltd.							173,537				136,857				52,256				(6,496	)
Gunsan Bio Energy Co., Ltd.							10,614				28,062				—				(5,777	)
Korea Electric Vehicle Charging Service							12,810				9,013				8,428				(1,841	)
Korea Nuclear Partners Co., Ltd.							928				375				1,441				(50	)
Korea Electric Power Corporation Fund							42,162				239				127				(5,430	)
Energy Infra Asset Management Co., Ltd.							8,712				721				5,118				1,415
Daegu clean Energy Co., Ltd.							371				323				—				(14	)
YaksuESS Co., Ltd							7,325				5,551				1,191				363
Nepal Water & Energy Development Company Private Limited		￦					78,309				26,783				—				(1,380	)
Gwangyang Green Energy Co., Ltd.							28,816				24,164				—				(1,007	)
PND solar., Ltd							40,941				37,526				6,908				1,665
Hyundai Eco Energy Co., Ltd.							209,395				190,622				13,343				1,306
YeongGwang Yaksu Wind Electric. Co., Ltd							46,488				45,594				6,511				(1,510	)
Green Energy Electricity Generation Co., Ltd.							33,937				36,060				—				(5,923	)
Korea Energy Solutions Co., Ltd.							1,285				18				134				(233	)
ITR Co., Ltd.							376				214				167				(88	)
Structure test network Co., Ltd.							89				249				76				(72	)
Namjeongsusang Solar Power Operation Co., Ltd.							34,595				29,310				—				(1,149	)
Indeck Niles Development, LLC							49,465				174				—				(25,430	)
Indeck Niles Asset Management, LLC							271				9				1,513				753
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1							14,559				15				59				44
Suwon New Power Co., Ltd.							2,000				—				—				—
KPGE Inc.							984				—				—				(6	)
Gwangbaek Solar Power Investment Co., Ltd.							193,464				183,063				7,635				(355	)
Goduk Clean Energy Co., Ltd.							3,000				—				—				—
<Joint ventures>
KEPCO-Uhde Inc.							270				7				—				(107	)
Shuweihat Asia Power Investment B.V.							37,389				5				—				(159	)
Shuweihat Asia Operation & Maintenance Company							2,605				45				2,570				1,892
Waterbury Lake Uranium L.P.							61,548				4				—				—
ASM-BG Investicii AD							78,191				39,439				13,200				4,894
RES Technology AD							66,821				34,325				8,384				1,914
KV Holdings, Inc.							6,101				—				25				1,876
KEPCO SPC Power Corporation							308,274				22,643				187,867				64,152
Gansu Datang Yumen Wind Power Co., Ltd.							77,313				56,941				6,106				(5,175	)
Datang Chifeng Renewable Power Co., Ltd.							765,598				302,329				122,398				40,371
Datang KEPCO Chaoyang Renewable Power Co., Ltd.							189,157				86,596				23,910				2,188
Rabigh Electricity Company							2,538,719				2,100,347				208,514				1,567
Rabigh Operation & Maintenance Company Limited							36,121				18,923				23,777				7,203
Jamaica Public Service Company Limited							1,543,049				940,609				1,035,399				32,828
KW Nuclear Components Co., Ltd.							31,326				10,820				11,305				3,837
Busan Shinho Solar Power Co., Ltd.							42,318				22,137				7,843				2,856
Global Trade Of Power System Co., Ltd.		￦					2,993				1,025				3,323				134
Expressway Solar-light Power Generation Co., Ltd.							17,653				7,712				2,991				709
Amman Asia Electric Power Company							821,997				501,723				23,866				34,424
KAPES, Inc.							124,396				103,158				93,831				3,465
Honam Wind Power Co., Ltd.							39,680				24,703				5,365				354
Jeongam Wind Power Co., Ltd.							94,134				83,041				11,644				2,005
Korea Power Engineering Service Co., Ltd.							19,052				2,150				12,284				1,749
Chun-cheon Energy Co., Ltd.							607,823				490,375				313,438				(24,490	)
Yeonggwangbaeksu Wind Power Co., Ltd.							99,552				79,322				11,739				1,342
Nghi Son 2 Power LLC							1,589,928				1,795,578				1,008,326				71,803
Kelar S.A							634,633				530,335				86,702				8,867
PT. Tanjung Power Indonesia							654,365				556,287				109,825				16,489
Incheon New Power Co., Ltd.							4,749				3,553				1,951				(800	)
Seokmun Energy Co., Ltd.							242,332				182,533				44,733				2,606
Daehan Wind Power PSC							89,904				86,390				—				(767	)
Barakah One Company							24,330,632				24,546,421				—				(112,114	)
Nawah Energy Company							120,987				119,405				—				3
MOMENTUM							8,904				7,245				21,171				1,099
Daegu Green Power Co., Ltd.							579,593				500,092				301,339				4,899
Yeonggwang Wind Power Co., Ltd.							262,610				225,361				24,256				(2,032	)
Chester Solar IV SpA							13,443				12,079				1,590				(1,057	)
Chester Solar V SpA							4,677				4,625				519				(402	)
Diego de Almagro Solar SpA							18,984				16,901				1,954				(1,104	)
South Jamaica Power Company Limited							364,347				295,029				7,224				(35,650	)
Daesan Green Energy Co., Ltd.							232,170				183,079				—				(717	)
RE Holiday Holdings LLC							331,862				247,722				18,744				(345	)
RE Pioneer Holdings LLC							246,571				184,258				12,207				(1,912	)
RE Barren Ridge 1 Holdings LLC							209,850				124,017				10,384				7,630
RE Astoria 2 Land Co LLC							11,422				217				656				651
RE Barren Ridge Land Co LLC							4,019				87				262				260
Laurel SpA							12,979				12,076				961				(1,130	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							32,883				425				—				(232	)
Chile Solar JV SpA							69,903				186				591				1,686
Taebaek Gadeoksan Wind Power Co., Ltd.							70,270				49,500				—				(1,602	)
Cheong-Song Noraesan Wind Power Co., Ltd.							51,247				40,969				—				(549	)
Chester Solar I SpA							7,859				5,842				—				(204	)
Solar Philippines Calatagan Corporation							98,577				47,956				18,720				11,331
Saemangeum Solar Power Co., Ltd.							13,740				3,270				—				(1,875	)
Chungsongmeon BongSan wind power Co., Ltd.		￦					27,659				24,272				—				(1,365	)
Jaeun Resident Wind Power Plant Co., Ltd							31,402				23,823				—				(844	)
DE Energia SpA							64,959				50,971				1,254				(2,645	)
Dangjin Eco Power Co., Ltd. (newly)							99,907				25,436				107				(737	)
Haemodum Solar Co., Ltd.							7,237				1,237				—				—
Yangyang Wind Power Co., Ltd.							10,764				—				—				(11	)
HORUS SOLAR, S.A. DE C.V.							10,566				8,503				—				(7	)
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.							3,848				2,885				—				22
SUNMEX RENOVABLES, S.A. DE C.V.							3,170				2,171				—				13
Stavro Holding II AB							28,141				13				—				(18	)

(*1) The profit recognized for the years ended December 31, 2018 and 2019 are reduced by the associate entity’s net income attributable to non-controlling interests.

Financial information of associates and joint ventures in consolidated financial statements

Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2018 and 2019 are as follows:

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.

2019
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		￦					8,146,521				21.57	%			1,757,205				—				—				(63,238	)			1,693,967
Korea Electric Power Industrial Development Co., Ltd.							87,562				29.00	%			25,393				—				—				—				25,393
YTN Co., Ltd.							185,488				21.43	%			39,747				—				—				—				39,747
Cheongna Energy Co., Ltd.							(254	)			43.90	%			(112	)			2,584				(1,061	)			—				1,411
Gangwon Wind Power Co., Ltd.							81,854				15.00	%			12,278				49				—				—				12,327
Hyundai Green Power Co., Ltd.							428,459				29.00	%			124,253				—				—				—				124,253
Korea Power Exchange							260,757				100.00	%			260,757				—				—				(1,858	)			258,899
Hyundai Energy Co., Ltd.							(84,702	)			46.30	%			(39,217	)			—				(954	)			40,171				—
Ecollite Co., Ltd.							1,534				36.10	%			554				—				—				(554	)			—
Taebaek Wind Power Co., Ltd.							28,155				25.00	%			7,039				—				—				—				7,039
Taeback Guinemi Wind Power Co., Ltd.							10,214				25.00	%			2,553				—				—				—				2,553
Pyeongchang Wind Power Co., Ltd.							23,508				25.00	%			5,877				—				—				—				5,877
Daeryun Power Co., Ltd.							289,789				9.34	%			27,066				—				—				(819	)			26,247
Changjuk Wind Power Co., Ltd.							28,399				30.00	%			8,520				—				—				—				8,520
KNH Solar Co., Ltd.							8,824				27.00	%			2,382				—				—				—				2,382
SPC Power Corporation							228,085				38.00	%			86,672				—				—				(23,089	)			63,583
Gemeng International Energy Co., Ltd.							1,973,217				34.00	%			670,896				—				—				—				670,896
PT. Cirebon Electric Power							448,818				27.50	%			123,425				—				—				—				123,425
KNOC Nigerian East Oil Co., Ltd.							(75,959	)			14.63	%			(11,113	)			—				—				11,113				—
KNOC Nigerian West Oil Co., Ltd.							(69,811	)			14.63	%			(10,213	)			—				—				10,213				—
PT Wampu Electric Power							63,815				46.00	%			29,355				—				—				—				29,355
PT. Bayan Resources TBK		￦					680,061				20.00	%			136,012				385,508				—				(76,379	)			445,141
S-Power Co., Ltd.							239,597				49.00	%			117,403				—				(1,619	)			—				115,784
Pioneer Gas Power Limited							(58,340	)			38.50	%			(22,459	)			22,278				—				181				—
Eurasia Energy Holdings							(464	)			40.00	%			(186	)			—				—				186				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							296,102				25.00	%			74,026				305				(1,106	)			(290	)			72,935
Hadong Mineral Fiber Co., Ltd.							(28	)			8.33	%			(2	)			—				—				2				—
Green Biomass Co., Ltd.							1,379				7.85	%			108				—				—				—				108
PT. Mutiara Jawa							4,959				29.00	%			1,438				—				—				—				1,438
Samcheok Eco Materials Co., Ltd.							23,416				25.54	%			5,980				—				—				(5,980	)			—
Noeul Green Energy Co., Ltd.							22,792				29.00	%			6,610				—				—				—				6,610
Naepo Green Energy Co., Ltd.							(22,275	)			41.67	%			(9,281	)			2				—				9,279				—
Goseong Green Energy Co., Ltd.							221,848				1.12	%			2,474				—				(134	)			—				2,340
Gangneung Eco Power Co., Ltd.							158,490				1.61	%			2,553				—				(123	)			—				2,430
Shin Pyeongtaek Power Co., Ltd.							174,280				40.00	%			69,712				12,800				(15,556	)			—				66,956
Heang Bok Do Si Photovoltaic Power Co., Ltd.							761				28.00	%			213				—				—				2				215
Dongducheon Dream Power Co., Ltd.							267,746				34.01	%			91,060				1,757				(3,688	)			(12,582	)			76,547
Jinbhuvish Power Generation Pvt. Ltd.							50,871				5.16	%			2,625				—				—				(2,625	)			—
Daejung Offshore Wind Power Co., Ltd.							4,731				49.90	%			2,361				—				—				—				2,361
GS Donghae Electric Power Co., Ltd.							752,891				34.00	%			255,983				—				—				—				255,983
Daegu Photovoltaic Co., Ltd.							7,101				29.00	%			2,060				—				—				—				2,060
Busan Green Energy Co., Ltd.							36,680				29.00	%			10,637				—				—				—				10,637
Gunsan Bio Energy Co., Ltd.							(17,448	)			18.87	%			(3,292	)			—				—				3,292				—
Korea Electric Vehicle Charging Service							3,797				28.00	%			1,063				—				—				—				1,063
Korea Nuclear Partners Co., Ltd.							553				29.00	%			160				—				—				(160	)			—
Korea Electric Power Corporation Fund							41,923				98.09	%			41,122				—				—				4				41,126
Energy Infra Asset Management Co., Ltd.							7,991				9.90	%			791				—				—				—				791
Daegu clean Energy Co., Ltd.							48				28.00	%			13				—				—				—				13
YaksuESS Co., Ltd							1,774				29.00	%			514				2				—				—				516
Nepal Water & Energy Development Company Private Limited							51,526				58.59	%			30,173				972				—				—				31,145
Gwangyang Green Energy Co., Ltd.							4,652				20.00	%			930				18				—				—				948
PND solar., Ltd							3,415				29.00	%			990				154				—				—				1,144
Hyundai Eco Energy Co., Ltd.							18,773				19.00	%			3,567				214				—				—				3,781
YeongGwang Yaksu Wind Electric. Co., Ltd							894				9.63	%			86				300				—				—				386
Green Energy Electricity Generation Co., Ltd.							(2,123	)			29.00	%			(616	)			779				—				—				163
Korea Energy Solutions Co., Ltd.							1,267				20.00	%			253				6				—				—				259
ITR Co., Ltd.							162				20.00	%			32				1				—				—				33
Structure test network Co., Ltd.							(160	)			20.00	%			(32	)			53				—				—				21
Namjeongsusang Solar Power Operation Co., Ltd.							5,285				15.00	%			793				19				—				—				812
Indeck Niles Development, LLC							49,291				50.00	%			24,646				—				—				(24,646	)			—
Indeck Niles Asset Management, LLC							262				33.33	%			87				—				—				—				87
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1							14,544				49.00	%			7,126				—				—				—				7,126
Suwon New Power Co., Ltd.							2,000				33.10	%			662				—				—				136				798
KPGE Inc.							984				29.00	%			285				—				—				2				287
Gwangbaek Solar Power Investment Co., Ltd.							10,401				19.00	%			1,976				78				—				—				2,054
Goduk Clean Energy Co., Ltd.							3,000				61.00	%			1,830				—				—				—				1,830
<Joint ventures>
KEPCO-Uhde Inc.		￦					263				50.80	%			134				—				—				—				134
Shuweihat Asia Power Investment B.V.							37,384				49.00	%			18,318				—				—				—				18,318
Shuweihat Asia Operation & Maintenance Company							2,560				55.00	%			1,408				—				—				—				1,408
Waterbury Lake Uranium L.P.							61,544				33.41	%			20,562				—				—				—				20,562
ASM-BG Investicii AD							38,752				50.00	%			19,376				—				—				—				19,376
RES Technology AD							32,496				50.00	%			16,248				—				—				—				16,248
KV Holdings, Inc.							6,101				40.00	%			2,441				—				—				—				2,441
KEPCO SPC Power Corporation							285,631				75.20	%			214,794				—				—				—				214,794
Gansu Datang Yumen Wind Power Co., Ltd.							20,372				40.00	%			8,149				—				—				—				8,149
Datang Chifeng Renewable Power Co., Ltd.							463,269				40.00	%			185,307				—				—				—				185,307
Datang KEPCO Chaoyang Renewable Power Co., Ltd.							102,561				40.00	%			41,024				—				—				—				41,024
Rabigh Electricity Company							438,372				40.00	%			175,349				—				(65,450	)			(803	)			109,096
Rabigh Operation & Maintenance Company Limited							17,198				40.00	%			6,879				—				—				—				6,879
Jamaica Public Service Company Limited							602,440				40.00	%			240,976				(80,161	)			—				92,792				253,607
KW Nuclear Components Co., Ltd.							20,506				45.00	%			9,228				—				—				(176	)			9,052
Busan Shinho Solar Power Co., Ltd.							20,181				25.00	%			5,045				—				—				—				5,045
Global Trade Of Power System Co., Ltd.							1,968				29.00	%			571				—				—				—				571
Expressway Solar-light Power Generation Co., Ltd.							9,941				29.00	%			2,883				—				—				—				2,883
Amman Asia Electric Power Company							320,274				60.00	%			192,164				—				—				—				192,164
KAPES, Inc.							21,238				51.00	%			10,832				—				—				—				10,832
Honam Wind Power Co., Ltd.							14,977				29.00	%			4,343				32				—				—				4,375
Jeongam Wind Power Co., Ltd.							11,093				40.00	%			4,437				—				—				—				4,437
Korea Power Engineering Service Co., Ltd.							16,902				29.00	%			4,902				—				—				—				4,902
Chun-cheon Energy Co., Ltd.							117,448				29.90	%			35,117				—				—				(245	)			34,872
Yeonggwangbaeksu Wind Power Co., Ltd.							20,230				15.00	%			3,035				5				—				—				3,040
Nghi Son 2 Power LLC							(205,650	)			50.00	%			(102,825	)			—				—				102,825				—
Kelar S.A							104,298				65.00	%			67,794				2,668				—				—				70,462
PT. Tanjung Power Indonesia							98,078				35.00	%			34,327				—				—				—				34,327
Incheon New Power Co., Ltd.							1,196				29.00	%			347				—				—				(347	)			—
Seokmun Energy Co., Ltd.							59,799				29.00	%			17,342				—				—				—				17,342
Daehan Wind Power PSC							3,514				50.00	%			1,757				—				—				—				1,757
Barakah One Company							(215,789	)			18.00	%			(38,842	)			—				(77,254	)			116,096				—
Nawah Energy Company							1,582				18.00	%			285				—				—				—				285
MOMENTUM							1,659				33.33	%			553				—				—				—				553
Daegu Green Power Co., Ltd.							79,501				54.24	%			43,124				84				—				(20,384	)			22,824
Yeonggwang Wind Power Co., Ltd.							37,249				46.00	%			17,135				492				—				—				17,627
Chester Solar IV SpA							1,364				45.00	%			614				58				—				—				672
Chester Solar V SpA							52				45.00	%			23				123				—				—				146
Diego de Almagro Solar SpA							2,083				45.00	%			937				98				—				—				1,035
South Jamaica Power Company Limited							69,318				20.00	%			13,863				—				—				—				13,863
Daesan Green Energy Co., Ltd.							49,091				35.00	%			17,182				—				—				—				17,182
RE Holiday Holdings LLC							84,140				50.00	%			42,070				—				—				—				42,070
RE Pioneer Holdings LLC							62,313				50.00	%			31,156				—				—				—				31,156
RE Barren Ridge 1 Holdings LLC		￦					85,833				50.00	%			42,916				—				—				—				42,916
RE Astoria 2 LandCo LLC							11,205				50.00	%			5,602				—				—				—				5,602
RE Barren Ridge LandCo LLC							3,932				50.00	%			1,966				—				—				—				1,966
Laurel SpA							903				45.00	%			406				189				—				—				595
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							32,458				12.37	%			4,015				9				—				—				4,024
Chile Solar JV SpA							69,717				50.00	%			34,859				—				—				—				34,859
Taebaek Gadeoksan Wind Power Co., Ltd.							20,770				37.78	%			7,846				—				—				—				7,846
Cheong-Song Noraesan Wind Power Co., Ltd.							10,278				29.01	%			2,982				61				—				—				3,043
Chester Solar I SpA							2,017				45.00	%			908				249				—				—				1,157
Solar Philippines Calatagan Corporation							50,621				38.00	%			19,236				29,694				—				—				48,930
Saemangeum Solar Power Co., Ltd.							10,470				81.00	%			8,481				—				—				(157	)			8,324
Chungsongmeon BongSan wind power Co., Ltd.							3,387				29.00	%			982				1,782				—				—				2,764
Jaeun Resident Wind Power Plant Co., Ltd							7,579				29.00	%			2,198				—				—				—				2,198
DE Energia SpA							13,988				49.00	%			6,854				—				—				1,811				8,665
Dangjin Eco Power Co., Ltd. (newly)							74,471				34.00	%			25,320				341				—				—				25,661
Haemodum Solar Co., Ltd.							6,000				49.00	%			2,940				—				—				—				2,940
Yangyang Wind Power Co., Ltd.							10,764				99.54	%			10,714				86				—				—				10,800
HORUS SOLAR, S.A. DE C.V.							2,063				14.95	%			308				3,095				—				—				3,403
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.							963				14.95	%			144				528				—				—				672
SUNMEX RENOVABLES, S.A. DE C.V.							999				14.95	%			149				73				—				—				222
Stavro Holding II AB							28,128				20.00	%			5,625				—				—				—				5,625

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

Unrecognized equity interest in investments in associates and joint ventures

As of December 31, 2018, and 2019, 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:

						2018								2019
						Unrecognized equity interest				Accumulated unrecognized equity interest				Unrecognized equity interest				Accumulated unrecognized equity interest
						In millions of won
Hadong Mineral Fiber Co., Ltd.		￦					—				2				—				2
PT. Mutiara Jawa							(746	)			—				—				—
Eurasia Energy Holdings							7				179				6				185
Gunsan Bio Energy Co., Ltd.							916				2,202				1,090				3,292
Daehan Wind Power PSC							(412	)			—				—				—
Hyundai Energy Co., Ltd.							25,841				25,841				12,890				38,731
Nghi Son 2 Power LLC							41,659				41,659				61,165				102,824
Samcheok Eco Materials Co., Ltd.							1,285				1,285				(497	)			788
Naepo Green Energy Co., Ltd.							—				—				9,281				9,281
Barakah One Company							—				—				116,096				116,096
Pioneer Gas Power Limited							—				—				114				114

Shareholders' agreements on investments in associates and joint ventures

As of December 31, 2019, 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 the case where 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 the case where 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 the case where 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) Daegu Green Power Co., Ltd.

The Company has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders.The Company can exercise its right 5, 10 and 13 years after the date of the investment.

The Company has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.

(vii) Taebaek Guinemi Wind Power Co., Ltd.

At the commencement of the operation of the facility, the Company has a right to purchase all or part of the shares from the shareholders at fair value.

(viii) Hyundai Green Power Co., Ltd.

As of December 31, 2019, Hyundai Green Power Co., Ltd., an associate of the Company, which engages in the byproduct gas power generating business, entered into a project financing agreement with a limit of ￦919.2 billion with Korea Development Bank and others. At a certain period in the future, the Company has 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.

(ix) YeongGwang Yaksu Wind Electric. Co., Ltd.

As of December 31, 2019, YeongGwang Yaksu Wind Electric. Co., Ltd., an associate of the Company, which engages in the wind power generating business in YeongGwang, Jeonra-namdo, and entered into a project financing agreement with a limit of ￦46 billion IBK and others. The Company set the shares of YeongGwang Yaksu Wind Electric. Co., Ltd. as a collateral for the project financing to the lenders.

(x) Yeonggwang Wind Power Co., Ltd.

In case the Company intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Company.

(xi) Chester Solar I SpA

According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares.

(xii) Chester Solar IV SpA

According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares.

(xiii) Chester Solar V SpA

According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares.

(xiv) Diego de Almagro Solar SpA

According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares.

(xv) Laurel SpA

According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise. According to the shareholders’ agreement, when Sprott Chile Solar I SpA intends to sell its shares.

Significant restrictions on its abilities to associates or joint ventures

Significant restrictions on the Company’s abilities on associates or joint ventures are as follows:

Company		Nature and extent of any significant restrictions
Daegu Green 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. Shares cannot be wholly or partially transferred without 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. 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.
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. Shares cannot be wholly or partially transferred without prior written consent of financial institutions is obtained.
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 and Shares cannot be wholly or partially transferred without consent of the majority of lenders is obtained.
KNH Solar Co., Ltd.		Principal and interest, dividends to shareholders cannot be paid without written consent of financial institutions. Also, Shares cannot be wholly or partially transferred without consent of other shareholders is obtained.
Jeongam Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and reimbursement to the lender can be restricted depending on the priority of the loans. Also, Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without consent of the board of directors is obtained.
Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Naepo Green Energy Co., Ltd.		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
KPGE Inc.		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Chester Solar IV SpA		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Chester Solar V SpA		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Diego de Almagro Solar Spa		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Laurel SpA		Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.
Kelar S.A.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained.

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