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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2020

Investments in Associates and Joint Ventures [Abstract]

Investments in Associates and Joint Ventures

17.

Investments in Associates and Joint Ventures

(1)

Investments in associates and joint ventures as of December 31, 2019 and 2020 are as follows:


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.(*7)	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
Taebaek 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.(*2)	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	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.(*2)	Recycling fly ashes	KOREA		8.33	%			50		—
Green Biomass Co., Ltd.(*9)	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.(*8)	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 Power 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
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	KOREA		28.00	%			194		215
Dongducheon Dream Power Co., Ltd.(*13)	Power generation	KOREA		33.61	%			148,105		76,547
Jinbhuvish Power Generation Pvt. Ltd.(*2, 23)	Power generation	INDIA		5.16	%	￦		9,000		—
Daejung Offshore Wind Power Co., Ltd. (*15)	Power generation	KOREA		49.90	%			5,190		2,361
GS Donghae Electric Power Co., Ltd.(*15)	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(*10)	Developing electric enterprises	KOREA		98.09	%			51,500		41,126
Energy Infra Asset Management Co., Ltd.(*2)	Asset management	KOREA		9.90	%			297		791
Daegu clean Energy Co., Ltd.	Renewable power generation	KOREA		28.00	%			140		13
Yaksu ESS Co., Ltd.	Installing ESS related equipment	KOREA		29.00	%			210		516
Nepal Water & Energy Development Company Private Limited(*12)	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 Co., 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.(*17)	Power generation	KOREA		15.00	%			969		812
Indeck Niles Development, LLC(*22)	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.(*20)	Power generation	KOREA		19.00	%			2,054		2,054
Go deok Clean Energy Co., Ltd.(*19)	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		33.41	%			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	%			39,872		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.(*15)	Power generation	KOREA		40.00	%			5,580		4,437
Korea Power Engineering Service Co., Ltd.(*15)	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.(*24)	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(*11)	Power generation	UAE		18.00	%			118		—
Nawah Energy Company(*11)	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.(*25)	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.(*21)	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)(*14)	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.(*16)	Power generation	KOREA		99.54	%			10,800		10,800
Horus Solar, S.A. De C.V.(*18)	Renewable power generation	MEXICO		14.95	%			3,403		3,403
Recursos Solares PV De Mexico II, S.A. De C.V.(*18)	Renewable power generation	MEXICO		14.95	%			672		672
Sunmex Renovables, S.A. De C.V.(*18)	Renewable power generation	MEXICO		14.95	%			222		222
Stavro Holding II A.B.	Holding company	SWEDEN		20.00	%			5,524		5,625

								1,504,710		1,663,029

						￦		4,044,666		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)	According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures.

(*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. Accordingly, the entities are classified as joint ventures.

(*7)

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.

(*8)	Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.

(*9)

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.

(*10)

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. Accordingly, the entity is classified as an associate.

(*11)

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.

(*12)

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

(*13)

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

(*14)

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.

(*15)

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.

(*16)

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.

(*17)

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. Accordingly, the entities are classified as an associate.

(*18)

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. Accordingly, the entities are classified as joint ventures.

(*19)

Even though the effective percentage of ownership is more than 50%, the Company does not hold control over the entity according to its proportion to make decisions, which is less than 50%. However 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.

(*20)

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.

(*21)

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. Accordingly, the entity is classified as a joint venture.

(*22)

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.

(*23)

The Company recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Company’s decision to withdraw its business since there is no business activities occurring.

(*24)

The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.

(*25)

Although the nominal percentage of ownership is 29.00%, the effective percentage of ownership is 52.24%, considering the interest of financial investors as a liability component.


2020
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		1,647,325
Korea Electric Power Industrial Development Co., Ltd.	Electricity metering and others	KOREA		29.00	%			4,727		25,630
YTN Co., Ltd.	Broadcasting	KOREA		21.43	%			59,000		40,549
Gangwon Wind Power Co., Ltd.(*2)	Power generation	KOREA		15.00	%			5,725		11,443
Hyundai Green Power Co., Ltd.	Power generation	KOREA		29.00	%			88,885		132,774
Korea Power Exchange(*3)	Management of power market and others	KOREA		100.00	%			127,839		269,122
Taebaek Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,810		6,392
Taebaek Guinemi Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,420		3,087
Pyeongchang Wind Power Co., Ltd.	Power generation	KOREA		25.00	%			3,875		5,027
Daeryun Power Co., Ltd.(*2)	Power generation	KOREA		9.34	%			40,854		26,353
Changjuk Wind Power Co., Ltd.	Power generation	KOREA		30.00	%			3,801		7,867
KNH Solar Co., Ltd.	Power generation	KOREA		27.00	%			1,296		2,436
SPC Power Corporation	Power generation	PHILIPPINES		38.00	%			20,635		69,912
Gemeng International Energy Co., Ltd.	Power generation	CHINA		34.00	%			413,153		679,708
PT. Cirebon Electric Power	Power generation	INDONESIA		27.50	%			40,365		117,811
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		27,865
PT. Bayan Resources TBK	Resources development	INDONESIA		20.00	%			615,860		425,234
S-Power Co., Ltd.	Power generation	KOREA		49.00	%			132,300		110,292
Pioneer Gas Power Limited	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		64,570
Hadong Mineral Fiber Co., Ltd.(*2)	Recycling fly ashes	KOREA		8.33	%			50		—
PT. Mutiara Jawa	Manufacturing and operating floating coal terminal	INDONESIA		29.00	%			2,978		1,780
Samcheok Eco Materials Co., Ltd.(*5)	Recycling fly ashes	KOREA		2.35	%			686		—
Noeul Green Energy Co., Ltd.	Power generation	KOREA		29.00	%			1,740		4,197
Goseong Green Power Co., Ltd.(*2)	Power generation	KOREA		1.12	%			2,900		2,186
Gangneung Eco Power Co., Ltd.(*2)	Power generation	KOREA		1.61	%			2,900		2,368
Shin Pyeongtaek Power Co., Ltd.	Power generation	KOREA		40.00	%			72,000		69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Power generation	KOREA		28.00	%			194		210
Dongducheon Dream Power Co., Ltd.(*6)	Power generation	KOREA		33.61	%			148,105		80,637
Jinbhuvish Power Generation Pvt. Ltd.(*2,7)	Power generation	INDIA		5.16	%			9,000		—
Daejung Offshore Wind Power Co., Ltd.	Power generation	KOREA		46.59	%			5,190		2,165
GS Donghae Electric Power Co., Ltd.	Power generation	KOREA		34.00	%			204,000		244,426
Daegu Photovoltaic Co., Ltd.	Power generation	KOREA		29.00	%			1,230		2,066
Busan Green Energy Co., Ltd.	Power generation	KOREA		29.00	%			5,243		8,778
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		576
Korea Nuclear Partners Co., Ltd.	Electric material agency	KOREA		28.98	%			537		200
Korea Electric Power Corporation Fund(*8)	Developing electric enterprises	KOREA		98.09	%			51,500		41,926
Energy Infra Asset Management Co., Ltd.(*2)	Asset management	KOREA		9.90	%			297		938
Daegu clean Energy Co., Ltd.	Renewable power generation	KOREA		28.00	%			140		12
Yaksu ESS Co., Ltd.	Installing ESS related equipment	KOREA		29.00	%			210		454
Nepal Water & Energy Development Company Private Limited(*9)	Construction and operation of utility plant	NEPAL		60.35	%			50,268		42,677
Gwangyang Green Energy Co., Ltd.	Power generation	KOREA		20.00	%			2,000		926
PND solar Co., Ltd.	Power generation	KOREA		29.00	%			1,250		1,149
Hyundai Eco Energy Co., Ltd.(*2)	Power generation	KOREA		19.00	%			3,610		4,250
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)	Power generation	KOREA		9.63	%			533		312
Green Energy Electricity Generation Co., Ltd.	Power generation	KOREA		29.00	%			1,189		25
Korea Energy Solutions Co., Ltd.	R & D	KOREA		20.00	%			300		197
ITR Co., Ltd.	R & D	KOREA		20.00	%			50		40
Structure test network Co., Ltd.	Technical testing and consulting	KOREA		20.00	%			25		27
Namjeongsusang Solar Power Operation Co., Ltd.(*10)	Power generation	KOREA		15.00	%			969		103
Indeck Niles Development, LLC(*11)	Power generation	USA		24.08	%			45,562		20,627
Indeck Niles Asset Management, LLC	Power generation	USA		33.33	%	￦		—		101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1	Holding company	KOREA		49.00	%			7,300		7,326
Suwon New Power Co., Ltd.	Power generation	KOREA		39.90	%			798		1,054
KPGE Inc.	Power generation materials business	KOREA		29.00	%			287		287
Gwangbaek Solar Power Investment Co., Ltd.	Power generation	KOREA		44.00	%			4,757		4,682
Go deok Clean Energy Co., Ltd.(*12)	Fuel cell generation	KOREA		61.00	%			1,830		960
SureDataLab Co., Ltd.	R & D	KOREA		23.95	%			126		85
SEP Co., Ltd.	R & D	KOREA		21.26	%			27		14
Hankook Electric Power Information Co., Ltd.	R & D	KOREA		25.25	%			38		139
Tronix Co., Ltd.	R & D	KOREA		20.00	%			75		119
O2&B Global Co., Ltd.	R & D	KOREA		20.00	%			25		22
Muan Sunshine Solar Power Plant Co., Ltd.	Power generation	KOREA		20.00	%			1,570		1,096
Bigeum Resident Photovoltaic Power Co., Ltd.	Power generation	KOREA		29.90	%			1		—
Jeju SolarOne Co., Ltd.(*13)	Power generation	KOREA		10.00	%			161		159
Goesan Solar Park Co., Ltd.	Power generation	KOREA		29.00	%			1,276		1,684
Saemangeum Heemang Photovoltaic Co., Ltd.	Power generation	KOREA		35.00	%			11,022		11,022
Bitgoel Eco Energy Co., Ltd.	Power generation	KOREA		29.00	%			29		29
Jeju Gimnyeong Wind Power Co., Ltd.	Power generation	KOREA		30.00	%			714		1,578
Seoroseoro Sunny Power Plant Co., Ltd.(*14)	Power generation	KOREA		19.46	%			230		230
Muan Solar Park Co., Ltd.(*14)	Power generation	KOREA		19.00	%			4,180		4,180
YuDang Solar Co., Ltd.	Power generation	KOREA		20.00	%			360		360
Anjwa Smart Farm & Solar City Co., Ltd.(*14)	Power generation	KOREA		19.50	%			5,510		5,510
Daewon Green Energy Co., Ltd.	Power generation	KOREA		25.36	%			3,910		3,910

								2,481,761		4,250,787

<Joint ventures>
KEPCO-Uhde Inc.(*15)	Power generation	KOREA		52.80	%			11,355		100
Shuweihat Asia Power Investment B.V.	Holding company	NETHERLANDS		49.00	%			44,405		13,264
Shuweihat Asia Operation & Maintenance Company(*15)	Maintenance of utility plant	CAYMAN		55.00	%			30		1,057
Waterbury Lake Uranium L.P.	Resources development	CANADA		33.10	%			26,602		19,797
ASM-BG Investicii AD	Power generation	BULGARIA		50.00	%			16,101		18,200
RES Technology AD	Power generation	BULGARIA		50.00	%			15,595		15,930
KV Holdings, Inc.	Power generation	PHILIPPINES		40.00	%			2,103		2,405
KEPCO SPC Power Corporation(*15)	Construction and operation of utility plant	PHILIPPINES		75.20	%			94,579		201,663
Gansu Datang Yumen Wind Power Co., Ltd.	Power generation	CHINA		40.00	%			16,621		6,530
Datang Chifeng Renewable Power Co., Ltd.	Power generation	CHINA		40.00	%	￦		121,928		188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation	CHINA		40.00	%			39,872		42,530
Rabigh Electricity Company	Power generation	SAUDI ARABIA		40.00	%			109,743		97,157
Rabigh Operation & Maintenance Company Limited	Maintenance of utility plant	SAUDI ARABIA		40.00	%			70		3,813
Jamaica Public Service Company Limited	Power generation	JAMAICA		40.00	%			301,910		266,221
KW Nuclear Components Co., Ltd.	Manufacturing	KOREA		45.00	%			833		11,171
Busan Shinho Solar Power Co., Ltd.	Power generation	KOREA		25.00	%			2,100		5,378
Global Trade Of Power System Co., Ltd.(*16)	Exporting products and technology of small or medium business by proxy	KOREA		29.00	%			290		546
Expressway Solar-light Power Generation Co., Ltd.(*16)	Power generation	KOREA		29.00	%			1,856		2,896
Amman Asia Electric Power Company(*15)	Power generation	JORDAN		60.00	%			111,476		161,253
KAPES, Inc.(*15)	R & D	KOREA		51.00	%			5,629		—
Honam Wind Power Co., Ltd.	Power generation	KOREA		29.00	%			3,480		3,887
Jeongam Wind Power Co., Ltd.	Power generation	KOREA		40.00	%			5,580		4,620
Korea Power Engineering Service Co., Ltd.	Construction and service	KOREA		29.00	%			290		5,362
Chun-cheon Energy Co., Ltd.	Power generation	KOREA		29.90	%			52,700		27,518
Yeonggwangbaeksu Wind Power Co., Ltd.(*16)	Power generation	KOREA		15.00	%			3,000		3,124
Nghi Son 2 Power LLC	Power generation	VIETNAM		50.00	%			2,781		—
Kelar S.A.(*15)	Power generation	CHILE		65.00	%			78,060		71,449
PT. Tanjung Power Indonesia	Power generation	INDONESIA		35.00	%			26,892		33,063
Incheon New Power Co., Ltd.(*17)	Power generation	KOREA		29.00	%			461		—
Seokmun Energy Co., Ltd.	Power generation	KOREA		29.00	%			15,370		14,814
Daehan Wind Power PSC	Power generation	JORDAN		50.00	%			7,493		—
Barakah One Company(*18)	Power generation	UAE		18.00	%			118		—
Nawah Energy Company(*18)	Operation of utility plant	UAE		18.00	%			296		270
MOMENTUM	International thermonuclear experimental reactor construction management	FRANCE		33.33	%			1		565
Daegu Green Power Co., Ltd.(*19)	Power generation	KOREA		29.00	%			46,225		23,045
Yeonggwang Wind Power Co., Ltd.	Power generation	KOREA		46.00	%			17,475		17,256
Chester Solar IV SpA	Power generation	CHILE		45.00	%			1,700		1,064
Chester Solar V SpA	Power generation	CHILE		45.00	%			525		277
Diego de Almagro Solar SpA	Power generation	CHILE		45.00	%			2,091		1,490
South Jamaica Power Company Limited	Power generation	JAMAICA		20.00	%			20,521		31,897
Daesan Green Energy Co., Ltd.	Power generation	KOREA		35.00	%			17,850		22,552
RE Holiday Holdings LLC	Power generation	USA		50.00	%			42,948		68,809
RE Pioneer Holdings LLC	Power generation	USA		50.00	%			27,891		49,639
RE Barren Ridge 1 Holdings LLC	Power generation	USA		50.00	%			28,021		4,466
RE Astoria 2 LandCo LLC	Power generation	USA		50.00	%			5,188		5,230
RE Barren Ridge LandCo LLC	Power generation	USA		50.00	%	￦		2,187		1,847
Laurel SpA	Power generation	CHILE		45.00	%			1,222		1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16)	Power generation	AUSTRALIA		12.37	%			4,095		4,129
Chile Solar JV SpA	Power generation	CHILE		50.00	%			37,689		34,883
Taebaek Gadeoksan Wind Power Co., Ltd.	Power generation	KOREA		47.31	%			12,570		13,362
Cheong-Song Noraesan Wind Power Co., Ltd.	Power generation	KOREA		29.01	%			3,200		3,453
Chester Solar I SpA	Power generation	CHILE		45.00	%			1,181		1,621
Solar Philippines Calatagan Corporation	Power generation	PHILIPPINES		38.00	%			47,903		49,017
Saemangeum Solar Power Co., Ltd.(*20)	Power generation	KOREA		81.00	%			26,399		24,292
Chungsongmeon BongSan wind power Co., Ltd.(*16)	Power generation	KOREA		29.00	%			2,900		4,124
Jaeun Resident Wind Power Plant Co., Ltd.(*16)	Power generation	KOREA		29.00	%			2,494		2,195
DE Energia SpA	Power generation	CHILE		49.00	%			8,364		8,187
Dangjin Eco Power Co., Ltd.	Power generation	KOREA		34.00	%			25,661		25,523
Haemodum Solar Co., Ltd.	Power generation	KOREA		49.00	%			2,940		3,065
Yangyang Wind Power Co., Ltd.	Power generation	KOREA		50.00	%			10,800		10,485
Horus Solar S.A. De C.V.(*21)	Renewable power generation	MEXICO		14.95	%			5,068		3,394
Recursos Solares PV De Mexico II, S.S. De C.V.(*21)	Renewable power generation	MEXICO		14.95	%			3,678		3,660
Sunmex Renovables, S.A. De C.V.(*21)	Renewable power generation	MEXICO		14.95	%			307		240
Stavro Holding II A.B.	Holding company	SWEDEN		20.00	%			8,829		9,277
Solaseado Solar Power Co., Ltd.	Power generation	KOREA		38.90	%			7,020		9,915
Yeongam Solar Power Co., Ltd.(*16)	Power generation	KOREA		19.00	%			6,460		6,042
Samsu Wind Power Co., Ltd.(*16)	Power generation	KOREA		19.00	%			2,637		2,607
Pulau Indah Power Plant Sdn. Bhd.	Power generation	MALAYSIA		25.00	%			11,569		11,204
Sam-Yang Photovoltaic Power Co., Ltd.	Power generation	KOREA		49.00	%			5,245		5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21	Holding company	KOREA		29.53	%			20,952		22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(*15)	Holding company	KOREA		90.00	%			15,699		16,129
PT Barito Wahana Tenaga	Power generation	INDONESIA		30.61	%			59,395		63,029
Cheongna Energy Co., Ltd.(*20, 22)	Generating and distributing vapor and hot/cold water	KOREA		50.10	%			49,344		4,940
Naepo Green Energy Co., Ltd.(*23)	Power generation	KOREA		29.20	%			29,200		—
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)(*24)	Power generation	KOREA		30.66	%			71,070		—
OneEnergy Asia Limited	Power generation	VIETNAM		40.00	%			56,654		56,654
KAS Investment I LLC(*25)	Holding company	USA		29.89	%			23,437		23,437
KAS Investment II LLC(*25)	Holding company	USA		29.89	%			23,343		23,343
Energyco LLC	Power generation	KOREA		29.00	%			1,659		1,659
CAES, LLC	Holding company	USA		36.00	%			19,414		17,626
Hapcheon Floating Photovoltaic Power Plant Inc.(*16)	Power generation	KOREA		19.47	%	￦		1,890		1,890
Busan Industrial Solar Power Co., Ltd.	Power generation	KOREA		28.02	%			510		510
Bitsolar Energy Co., Ltd.	Power generation	KOREA		27.10	%			352		352

								1,943,392		1,919,746

						￦		4,425,153		6,170,533

(*1)	The effective percentage of ownership is 22.02% considering treasury stocks.

(*2)

(*3)

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. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.

(*4)

(*5)	Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.

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

(*7)	The Company recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Company’s decision to withdraw its business since there are no business activities occurring.

(*8)	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. Accordingly, the entity is classified as an associate.

(*9)	The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.

(*10)

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 of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.

(*11)

According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.

(*12)

Even though the effective percentage of ownership is more than 50%, the Company does not hold control over the entity as it has less than 50% of decision-making rights. However 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.

(*13)

It was newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, it is classified as an associate, judging that the Company can exercise significant influence on the entity.

(*14)

The entities were newly invested during the year ended December 31, 2020. 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.

(*15)

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. Accordingly, the entities are classified as joint ventures.

(*16)

According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures.

(*17)

(*18)

The effective percentage of ownership is less than 20%. However, all operation related decisions must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*19)

Although the nominal percentage of ownership is 29.00%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*20)

The effective percentage of ownership is more than 50%. However, all operation related decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*21)

The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Company can exercise significant influence.

(*22)

The classification of the entity was changed from an associate to a joint venture, due to the additional investment during the year ended December 31, 2020.

(*23)

The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from an associate to a joint venture, due to the changes in voting rights.

(*24)

The name of the entity has changed during the current year. According to the Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.

(*25)

The entities were included in the joint ventures due to the new investment during the year ended December 31, 2020. Since the final settlement of the entity was not completed before the Company’s financial statements date, the financial statements of October 7, were used for consolidation.

(2)

The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2019 and 2020 are as follows:


Investees		2019		2020
		In millions of won
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	￦		33,089		45,048
Korea Gas Corporation(*)			715,365		584,010
YTN Co., Ltd.			18,450		27,000
SPC Power Corporation			117,230		139,698
PT. Bayan Resources TBK			880,860		798,510

(*)

An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2019 and 2020 as management determined that the carrying amount of the investment in KOGAS at ￦ 1,693,967 million and ￦ 1,647,325 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, 2019 and 2020 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2019 and 2020.

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 4.70% and 4.60% was applied to post-tax cash flows respectively as at December 31, 2019 and 2020.

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

(3)

Changes in investments in associates and joint ventures for the years ended December 31, 2019 and 2020 are as follows:


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
Taebaek 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 Power 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
Haeng 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
Yaksu ESSYaksu ESS 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 Co., 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
Godeok 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 A.B.			—		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.


2020
Investees		Beginning balance		Acquisitions		Disposals			Dividends received			Share of profit (loss)			Other comprehensive income (loss)			Others			Ending balance
		In millions of won
<Associates>
Korea Gas Corporation	￦		1,693,967		—		—			(7,182	)		(14,104	)		(25,023	)		(333	)		1,647,325
Korea Electric Power Industrial Development Co., Ltd.			25,393		—		—			(2,146	)		3,806			—			(1,423	)		25,630
YTN Co., Ltd.			39,747		—		—			(90	)		1,086			(6	)		(188	)		40,549
Cheongna Energy Co., Ltd.			1,411		990		—			—			2,518			—			(4,919	)		—
Gangwon Wind Power Co., Ltd.			12,327		—		—			(1,988	)		1,104			—			—			11,443
Hyundai Green Power Co., Ltd.			124,253		—		—			(8,889	)		17,410			—			—			132,774
Korea Power Exchange			258,899		—		—			—			1,860			1			8,362			269,122
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)			—		—		—			—			—			—			—			—
Ecollite Co., Ltd.(*1)			—		—		—			—			—			—			—			—
Taebaek Wind Power Co., Ltd.			7,039		—		—			(175	)		(472	)		—			—			6,392
Taebaek Guinemi Wind Power Co., Ltd.			2,553		—		—			—			534			—			—			3,087
Pyeongchang Wind Power Co., Ltd.			5,877		—		—			(813	)		(37	)		—			—			5,027
Daeryun Power Co., Ltd.			26,247		—		—			—			104			—			2			26,353
Changjuk Wind Power Co., Ltd.			8,520		—		—			(750	)		97			—			—			7,867
KNH Solar Co., Ltd.			2,382		—		—			—			54			—			—			2,436
SPC Power Corporation			63,583		—		—			(10,764	)		5,491			11,649			(47	)		69,912
Gemeng International Energy Co., Ltd.			670,896		—		—			(11,620	)		15,965			4,468			(1	)		679,708
PT. Cirebon Electric Power			123,425		—		—			(9,782	)		11,330			434			(7,596	)		117,811
KNOC Nigerian East Oil Co., Ltd.			—		—		—			—			(22	)		671			(649	)		—
KNOC Nigerian West Oil Co., Ltd.			—		—		—			—			(22	)		617			(595	)		—
PT Wampu Electric Power			29,355		—		—			(1,303	)		3,245			(1,639	)		(1,793	)		27,865
PT. Bayan Resources TBK			445,141		—		—			(15,720	)		17,139			(21,256	)		(70	)		425,234
S-Power Co., Ltd.			115,784		—		—			—			(5,429	)		—			(63	)		110,292
Pioneer Gas Power Limited			—		—		—			—			—			—			—			—
Eurasia Energy Holdings			—		—		—			—			—			—			—			—
Xe-Pian Xe-Namnoy Power Co., Ltd.			72,935		—		—			—			(2,896	)		(5,469	)		—			64,570
Hadong Mineral Fiber Co., Ltd.			—		—		—			—			—			—			—			—
Green Biomass Co., Ltd.			108		—		(108	)		—			—			—			—			—
PT. Mutiara Jawa			1,438		—		—			—			459			(117	)		—			1,780
Samcheok Eco Materials Co., Ltd.			—		—		—			—			—			—			—			—
Noeul Green Energy Co., Ltd.			6,610		—		—			—			(2,413	)		—			—			4,197
Naepo Green Energy Co., Ltd.			—		—		—			—			(9,789	)		—			9,789			—
Goseong Green Power Co., Ltd.			2,340		—		—			—			(154	)		—			—			2,186
Gangneung Eco Power Co., Ltd.			2,430		—		—			—			(62	)		—			—			2,368
Shin Pyeongtaek Power Co., Ltd.			66,956		—		—			—			11,877			(3,604	)		(5,638	)		69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			215		—		—			—			(5	)		—			—			210
Dongducheon Dream Power Co., Ltd.			76,547		—		—			—			4,095			—			(5	)		80,637
Jinbhuvish Power Generation Pvt. Ltd.			—		—		—			—			—			—			—			—
Daejung Offshore Wind Power Co., Ltd.	￦		2,361		—		—			—			(411	)		—			215			2,165
GS Donghae Electric Power Co., Ltd.			255,983		—		—			(25,796	)		14,265			—			(26	)		244,426
Daegu Photovoltaic Co., Ltd.			2,060		—		—			(325	)		331			—			—			2,066
Busan Green Energy Co., Ltd.			10,637		—		—			—			(1,862	)		—			3			8,778
Gunsan Bio Energy Co., Ltd.			—		—		—			—			—			—			—			—
Korea Electric Vehicle Charging Service			1,063		—		—			—			(491	)		—			4			576
Korea Nuclear Partners Co., Ltd.			—		247		—			—			(43	)		(4	)		—			200
Korea Electric Power Corporation Fund			41,126		—		—			—			(908	)		1,708			—			41,926
Energy Infra Asset Management Co., Ltd.			791		—		—			—			147			—			—			938
Daegu clean Energy Co., Ltd.			13		—		—			—			(1	)		—			—			12
Yaksu ESS Co., Ltd.			516		—		—			—			(62	)		—			—			454
Nepal Water & Energy Development Company Private Limited			31,145		14,697		—			—			(1,699	)		(1,466	)		—			42,677
Gwangyang Green Energy Co., Ltd.			948		—		—			—			(22	)		—			—			926
PND solar Co., Ltd.			1,144		—		—			—			5			—			—			1,149
Hyundai Eco Energy Co., Ltd.			3,781		—		—			—			469			—			—			4,250
YeongGwang Yaksu Wind Electric Co., Ltd.			386		—		—			—			(74	)		—			—			312
<Associates>
Green Energy Electricity Generation Co., Ltd.			163		—		—			—			(138	)		—			—			25
Korea Energy Solutions Co., Ltd.			259		—		—			—			(62	)		—			—			197
ITR Co., Ltd.			33		—		—			—			7			—			—			40
Structure Test Network Co., Ltd.			21		—		—			—			6			—			—			27
Namjeongsusang Solar Power Operation Co., Ltd.			812		—		—			—			(709	)		—			—			103
Indeck Niles Development, LLC			—		45,562		—			—			(13,344	)		(9,846	)		(1,745	)		20,627
Indeck Niles Asset Management, LLC			87		—		—			(539	)		559			—			(6	)		101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			7,126		294		(99	)		(291	)		296			—			—			7,326
Suwon New Power Co., Ltd.			798		—		—			—			256			—			—			1,054
KPGE Inc.			287		—		—			—			—			—			—			287
Gwangbaek Solar Power Investment Co., Ltd.			2,054		2,703		—			—			(75	)		—			—			4,682
Go deok Clean Energy Co., Ltd.			1,830		—		—			—			(843	)		(27	)		—			960
SureDataLab Co., Ltd.			—		126		—			—			(41	)		—			—			85
SEP Co., Ltd.			—		27		—			—			(13	)		—			—			14
Hankook Electric Power Information Co., Ltd.			—		38		—			—			101			—			—			139
Tronix Co., Ltd.			—		75		—			—			44			—			—			119
O2&B Global Co., Ltd.			—		25		—			—			(3	)		—			—			22
Muan Sunshine Solar Power Plant Co., Ltd.			—		79		—			—			(475	)		—			1,492			1,096
Bigeum Resident Photovoltaic Power Co., Ltd.			—		—		—			—			—			—			—			—
Jeju SolarOne Co., Ltd.	￦		—		161		—			—			—			(2	)		—			159
Energy Innovation Fund I			—		4,000		—			(2	)		(159	)		—			(3,839	)		—
Goesan Solar Park Co., Ltd.			—		1,276		—			—			408			—			—			1,684
Saemangeum Heemang Photovoltaic Co., Ltd.			—		11,022		—			—			—			—			—			11,022
Bitgoel Eco Energy Co., Ltd.			—		29		—			—			—			—			—			29
Jeju Gimnyeong Wind Power Co., Ltd.			—		714		—			—			864			—			—			1,578
Seoroseoro Sunny Power Plant Co., Ltd.			—		230		—			—			—			—			—			230
Muan Solar Park Co., Ltd.			—		4,180		—			—			—			—			—			4,180
YuDang Solar Co., Ltd.			—		360		—			—			—			—			—			360
Anjwa Smart Farm & Solar City Co., Ltd.			—		5,510		—			—			—			—			—			5,510
Daewon Green Energy Co., Ltd.			—		3,910		—			—			—			—			—			3,910

			4,251,802		96,255		(207	)		(98,175	)		59,092			(48,911	)		(9,069	)		4,250,787

<Joint ventures>
KEPCO-Uhde Inc.			134		—		—			—			(34	)		—			—			100
Shuweihat Asia Power Investment B.V.			18,318		—		—			(4,337	)		5,919			(6,636	)		—			13,264
Shuweihat Asia Operation & Maintenance Company			1,408		—		—			(922	)		1,074			(503	)		—			1,057
Waterbury Lake Uranium L.P.			20,562		—		—			—			4			(769	)		—			19,797
ASM-BG Investicii AD			19,376		—		—			(4,206	)		2,575			455			—			18,200
RES Technology AD			16,248		—		—			(1,981	)		1,051			612			—			15,930
KV Holdings, Inc.			2,441		—		—			(617	)		580			1			—			2,405
KEPCO SPC Power Corporation			214,794		—		—			(48,486	)		48,479			(12,995	)		(129	)		201,663
Gansu Datang Yumen Wind Power Co., Ltd.			8,149		—		—			—			(1,718	)		99			—			6,530
Datang Chifeng Renewable Power Co., Ltd.			185,307		—		—			(13,453	)		15,317			1,307			—			188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			41,024		—		—			—			1,231			275			—			42,530
<Joint ventures>
Rabigh Electricity Company			109,096		—		—			(14,956	)		25,474			(22,458	)		1			97,157
Rabigh Operation & Maintenance Company Limited			6,879		—		—			(5,340	)		2,788			(514	)		—			3,813
Jamaica Public Service Company Limited			253,607		—		—			(4,352	)		24,669			(10,891	)		3,188			266,221
KW Nuclear Components Co., Ltd.			9,052		—		—			(833	)		2,952			—			—			11,171
Busan Shinho Solar Power Co., Ltd.			5,045		—		—			(330	)		663			—			—			5,378
Global Trade Of Power System Co., Ltd.			571		—		—			—			(25	)		—			—			546
Expressway Solar-light Power Generation Co., Ltd.			2,883		—		—			—			13			—			—			2,896
Amman Asia Electric Power Company			192,164		—		—			(28,281	)		20,165			(22,795	)		—			161,253
KAPES, Inc.			10,832		—		—			—			(10,806	)		—			(26	)		—
Honam Wind Power Co., Ltd.			4,375		—		—			(435	)		(53	)		—			—			3,887
Jeongam Wind Power Co., Ltd.			4,437		—		—			—			183			—			—			4,620
Korea Power Engineering Service Co., Ltd.	￦		4,902		—		—			—			446			—			14			5,362
Chun-cheon Energy Co., Ltd.			34,872		—		—			—			(7,354	)		—			—			27,518
Yeonggwangbaeksu Wind Power Co., Ltd.			3,040		—		—			—			84			—			—			3,124
Nghi Son 2 Power LLC			—		—		—			—			—			—			—			—
Kelar S.A.			70,462		—		—			—			14,864			(9,186	)		(4,691	)		71,449
PT. Tanjung Power Indonesia			34,327		—		—			—			7,522			(9,220	)		434			33,063
Incheon New Power Co., Ltd.			—		—		—			—			—			—			—			—
Seokmun Energy Co., Ltd.			17,342		—		—			—			(2,528	)		—			—			14,814
Daehan Wind Power PSC			1,757		4,302		—			—			(626	)		(5,433	)		—			—
Barakah One Company			—		—		—			—			—			—			—			—
Nawah Energy Company			285		—		—			—			2			(17	)		—			270
Momentum			553		—		—			(404	)		399			17			—			565
Daegu Green Power Co., Ltd.			22,824		—		—			—			128			—			93			23,045
Yeonggwang Wind Power Co., Ltd.			17,627		—		—			—			(371	)		—			—			17,256
Chester Solar IV SpA			672		—		—			—			389			80			(77	)		1,064
Chester Solar V SpA			146		—		—			—			135			17			(21	)		277
Diego de Almagro Solar SpA			1,035		—		—			—			455			107			(107	)		1,490
South Jamaica Power Company Limited			13,863		—		—			—			20,468			(2,432	)		(2	)		31,897
Daesan Green Energy Co., Ltd.			17,182		—		—			—			5,371			—			(1	)		22,552
RE Holiday Holdings LLC			42,070		—		—			—			33,072			(6,333	)		—			68,809
RE Pioneer Holdings LLC			31,156		—		—			(1,246	)		24,466			(4,737	)		—			49,639
RE Barren Ridge 1 Holdings LLC			42,916		—		—			(872	)		(35,735	)		(1,843	)		—			4,466
RE Astoria 2 LandCo LLC			5,602		—		—			(249	)		210			(333	)		—			5,230
RE Barren Ridge LandCo LLC			1,966		—		—			(95	)		95			(119	)		—			1,847
Laurel SpA			595		—		—			—			498			80			(81	)		1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			4,024		—		—			—			(24	)		129			—			4,129
Chile Solar JV SpA			34,859		—		—			—			187			(163	)		—			34,883
Taebaek Gadeoksan Wind Power Co., Ltd.			7,846		4,070		—			—			1,468			(22	)		—			13,362
Cheong-Song Noraesan Wind Power Co., Ltd.			3,043		—		—			—			409			—			1			3,453
Chester Solar I SpA			1,157		—		—			—			472			107			(115	)		1,621
Solar Philippines Calatagan Corporation			48,930		—		—			(6,439	)		6,745			(219	)		—			49,017
Saemangeum Solar Power Co., Ltd.			8,324		16,399		—			—			(431	)		—			—			24,292
Chungsongmeon BongSan wind power Co., Ltd.			2,764		—		—			—			(232	)		1,592			—			4,124
Jaeun Resident Wind Power Plant Co., Ltd.			2,198		—		—			—			(3	)		—			—			2,195
DE Energia SpA			8,665		—		—			—			506			572			(1,556	)		8,187
Dangjin Eco Power Co., Ltd.			25,661		—		—			—			96			(237	)		3			25,523
Haemodum Solar Co., Ltd.			2,940		—		—			—			140			(15	)		—			3,065
Yangyang Wind Power Co., Ltd.			10,800		—		—			—			(286	)		(29	)		—			10,485
Horus Solar, S.A. De C.V.			3,403		1,665		—			—			(1,985	)		311			—			3,394
Recursos Solares PV De Mexico II, S.A. De C.V.			672		3,006		—			—			36			(54	)		—			3,660
Sunmex Renovables, S.A. De C.V.			222		85		—			—			(46	)		(21	)		—			240
Stavro Holding II A.B.			5,625		3,305		—			—			(156	)		346			157			9,277
<Joint ventures>
Solaseado Solar Power Co., Ltd.	￦		—		7,020		—			—			2,895			—			—			9,915
Yeongam Solar Power Co., Ltd.			—		6,460		—			—			(418	)		—			—			6,042
Samsu Wind Power Co., Ltd.			—		2,637		—			—			(30	)		—			—			2,607
Pulau Indah Power Plant Sdn. Bhd.			—		11,569		—			—			(144	)		(221	)		—			11,204
Sam-Yang Photovoltaic Power Co., Ltd.			—		5,245		—			—			290			—			—			5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			—		20,952		—			(1,388	)		2,678			—			—			22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			—		15,699		—			—			430			—			—			16,129
PT Barito Wahana Tenaga			—		59,395		—			—			4,923			(1,289	)		—			63,029
Cheongna Energy Co., Ltd.			—		—		—			—			21			—			4,919			4,940
Naepo Green Energy Co., Ltd.			—		—		—			—			—			—			—			—
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)			—		—		—			—			—			—			—			—
OneEnergy Asia Limited			—		56,654		—			—			—			—			—			56,654
KAS Investment I LLC			—		23,437		—			—			—			—			—			23,437
KAS Investment II LLC			—		23,343		—			—			—			—			—			23,343
Energyco LLC			—		1,659		—			—			—			—			—			1,659
CAES, LLC			—		19,414		—			(297	)		—			—			(1,491	)		17,626
Hapcheon Floating Photovoltaic Power Plant Inc.			—		1,890		—			—			—			—			—			1,890
Busan Industrial Solar Power Co., Ltd.			—		510		—			—			—			—			—			510
Bitsolar Energy Co., Ltd.			—		352		—			—			—			—			—			352

			1,663,029		289,068		—			(139,519	)		220,032			(113,377	)		513			1,919,746

			5,914,831		385,323		(207	)		(237,694	)		279,124			(162,288	)		(8,556	)		6,170,533

(*1)	The Company recognized an impairment loss for the carrying amount of Ecollite Co., Ltd. during the prior period due to the suspension of operating activities. Ecollite Co., Ltd. has been removed from associates since it is under the process of liquidation as of December 31, 2020.

(4)

Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2019 and 2020 are as follows:


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
Taebaek 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 Power 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
Haeng 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	)
Yaksu ESS 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 Co., 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	)
Godeok 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 A.B.			28,141		13		—		(18	)

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


2020
Investees		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
<Associates>
Korea Gas Corporation(*1)	￦		35,909,775		28,174,619		20,833,722		(172,060	)
Korea Electric Power Industrial Development Co., Ltd.			164,015		75,636		297,962		16,284
YTN Co., Ltd.			295,151		105,923		126,730		7,095
Gangwon Wind Power Co., Ltd.			77,297		1,336		23,350		7,472
Hyundai Green Power Co., Ltd.			874,574		416,732		390,442		55,591
Korea Power Exchange			337,577		68,455		104,698		979
Taebaek Wind Power Co., Ltd.			28,048		2,480		4,364		(561	)
Taebaek Guinemi Wind Power Co., Ltd.			44,434		32,085		5,023		1,368
Pyeongchang Wind Power Co., Ltd.			72,713		52,606		8,387		(154	)
Daeryun Power Co., Ltd.			789,277		498,346		126,343		1,941
Changjuk Wind Power Co., Ltd.			27,515		1,292		4,777		656
KNH Solar Co., Ltd.	￦		18,240		9,219		3,564		728
SPC Power Corporation			255,462		17,705		47,091		39,677
Gemeng International Energy Co., Ltd.			7,427,157		5,428,013		1,955,707		64,077
PT. Cirebon Electric Power			730,020		301,615		246,014		40,676
KNOC Nigerian East Oil Co., Ltd.			22,215		93,736		—		(142	)
KNOC Nigerian West Oil Co., Ltd.			23,999		89,739		—		(142	)
PT Wampu Electric Power			199,841		139,264		20,265		7,372
PT. Bayan Resources TBK			1,544,875		795,131		1,646,390		219,406
S-Power Co., Ltd.			782,561		554,393		421,519		(10,805	)
Pioneer Gas Power Limited			260,344		359,790		—		(44,568	)
Eurasia Energy Holdings			556		993		—		—
Xe-Pian Xe-Namnoy Power Co., Ltd.			1,138,994		876,336		140,069		(11,318	)
Hadong Mineral Fiber Co., Ltd.			203		231		—		—
PT. Mutiara Jawa			23,061		16,923		7,946		2,523
Samcheok Eco Materials Co., Ltd.			24,024		598		10,483		23
Noeul Green Energy Co., Ltd.			116,929		102,457		27,486		(8,303	)
Goseong Green Power Co., Ltd.			4,559,480		4,351,119		—		(12,280	)
Gangneung Eco Power Co., Ltd.			2,630,752		2,475,848		—		(3,623	)
Shin Pyeongtaek Power Co., Ltd.			1,020,650		814,369		520,468		32,002
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			2,001		1,258		387		(11	)
Dongducheon Dream Power Co., Ltd.			1,374,640		1,095,926		524,890		10,982
Jinbhuvish Power Generation Pvt. Ltd.			58,699		12,122		—		—
Daejung Offshore Wind Power Co., Ltd.			6,281		1,634		—		(810	)
GS Donghae Electric Power Co., Ltd.			2,174,835		1,455,935		685,579		41,955
Daegu Photovoltaic Co., Ltd.			13,843		6,718		3,343		1,149
Busan Green Energy Co., Ltd.			170,261		139,995		40,241		(6,422	)
Gunsan Bio Energy Co., Ltd.			9,340		28,322		—		(1,501	)
Korea Electric Vehicle Charging Service			8,173		6,116		10,807		(1,756	)
Korea Nuclear Partners Co., Ltd.			1,350		105		1,062		(150	)
Korea Electric Power Corporation Fund			42,988		249		82		(730	)
Energy Infra Asset Management Co., Ltd.			10,424		946		5,130		1,488
Daegu clean Energy Co., Ltd.			368		324		—		(1	)
Yaksu ESS Co., Ltd.			6,584		5,022		217		(212	)
Nepal Water & Energy Development Company Private Limited			109,321		41,093		—		(444	)
Gwangyang Green Energy Co., Ltd.			28,634		24,095		—		(113	)
PND solar Co., Ltd.			38,997		35,566		5,129		(121	)
Hyundai Eco Energy Co., Ltd.			195,040		173,800		24,166		4,280
YeongGwang Yaksu Wind Electric Co., Ltd.			43,039		42,915		5,802		(637	)
Green Energy Electricity Generation Co., Ltd.			53,934		56,533		—		(920	)
Korea Energy Solutions Co., Ltd.	￦		1,009		25		78		(280	)
ITR Co., Ltd.			418		220		153		(66	)
Structure test network Co., Ltd.			101		234		99		27
Namjeongsusang Solar Power Operation Co., Ltd.			63,041		62,488		1,128		(4,655	)
Indeck Niles Development, LLC			772,124		738,826		—		(29,392	)
Indeck Niles Asset Management, LLC			314		11		2,272		1,139
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			15,157		206		634		603
Suwon New Power Co., Ltd.			1,974		8		—		—
KPGE Inc.			1,021		32		354		5
Gwangbaek Solar Power Investment Co., Ltd.			339,223		329,298		13,192		(329	)
Go deok Clean Energy Co., Ltd.			1,639		65		—		(1,382	)
SureDataLab Co., Ltd.			400		47		303		(108	)
SEP Co., Ltd.			164		100		—		(63	)
Hankook Electric Power Information Co., Ltd.			1,163		613		1,208		390
Tronix Co., Ltd.			942		349		2,030		(6	)
O2&B Global Co., Ltd.			233		125		285		(57	)
Muan Sunshine Solar Power Plant Co., Ltd.			147,908		144,898		6,017		(2,365	)
Bigeum Resident Photovoltaic Power Co., Ltd.			11,164		11,551		—		(309	)
Jeju SolarOne Co., Ltd.			1,608		14		—		(4	)
Goesan Solar Park Co., Ltd.			56,332		50,524		2,809		(262	)
Saemangeum Heemang Photovoltaic Co., Ltd.			35,447		6,070		—		(1,943	)
Bitgoel Eco Energy Co., Ltd.			100		—		—		—
Jeju Gimnyeong Wind Power Co., Ltd.			72,557		67,297		8,927		(1,576	)
Seoroseoro Sunny Power Plant Co., Ltd.			1,182		—		—		—
Muan Solar Park Co., Ltd.			245,431		225,057		14,359		(966	)
YuDang Solar Co., Ltd.			23,360		20,876		1,611		686
Anjwa Smart Farm & Solar City Co., Ltd.			295,570		271,396		1,900		(1,684	)
Daewon Green Energy Co., Ltd.			15,370		122		—		(93	)

<Joint ventures>
KEPCO-Uhde Inc.			208		11		—		(66	)
Shuweihat Asia Power Investment B.V.			27,073		4		—		12,080
Shuweihat Asia Operation & Maintenance Company			1,960		38		2,689		1,953
Waterbury Lake Uranium L.P.			59,885		77		—		—
ASM-BG Investicii AD			80,261		43,861		13,355		5,150
RES Technology AD			67,232		35,372		8,381		2,102
KV Holdings, Inc.			6,013		—		27		1,449
KEPCO SPC Power Corporation			289,271		21,102		184,481		66,311
Gansu Datang Yumen Wind Power Co., Ltd.	￦		69,668		53,343		7,157		(4,295	)
Datang Chifeng Renewable Power Co., Ltd.			747,990		276,796		119,955		39,439
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			182,342		76,018		26,378		2,914
Rabigh Electricity Company			2,294,880		1,898,701		293,722		94,927
Rabigh Operation & Maintenance Company Limited			28,666		19,133		26,268		7,318
Jamaica Public Service Company Limited			1,664,412		1,027,418		1,042,422		35,916
KW Nuclear Components Co., Ltd.			44,571		19,354		19,762		7,262
Busan Shinho Solar Power Co., Ltd.			39,266		17,754		7,296		2,652
Global Trade Of Power System Co., Ltd.			2,319		435		4,105		(96	)
Expressway Solar-light Power Generation Co., Ltd.			14,801		4,816		2,298		144
Amman Asia Electric Power Company			725,101		456,346		20,586		33,608
KAPES, Inc.			127,418		95,322		167,201		10,908
Honam Wind Power Co., Ltd.			36,237		22,945		4,433		(220	)
Jeongam Wind Power Co., Ltd.			89,829		78,279		9,757		412
Korea Power Engineering Service Co., Ltd.			24,162		5,674		9,435		1,538
Chun-cheon Energy Co., Ltd.			605,493		512,642		222,066		(24,597	)
Yeonggwangbaeksu Wind Power Co., Ltd.			90,758		69,967		11,232		572
Nghi Son 2 Power LLC			2,207,764		2,474,324		819,706		108,832
Kelar S.A.			598,901		492,838		93,375		16,863
PT. Tanjung Power Indonesia			645,152		550,687		90,255		20,487
Incheon New Power Co., Ltd.			3,439		2,914		1,519		(670	)
Seokmun Energy Co., Ltd.			227,539		176,457		33,677		(8,734	)
Daehan Wind Power PSC			98,544		106,254		—		(765	)
Barakah One Company			24,693,571		24,924,087		—		(4,520	)
Nawah Energy Company			139,286		137,788		—		12
MOMENTUM			10,772		9,076		31,161		1,122
Daegu Green Power Co., Ltd.			549,034		469,126		221,382		290
Yeonggwang Wind Power Co., Ltd.			249,999		213,556		26,535		1,690
Chester Solar IV SpA			14,232		11,990		1,688		485
Chester Solar V SpA			4,674		4,313		588		150
Diego de Almagro Solar SpA			17,916		14,808		1,824		535
South Jamaica Power Company Limited			405,804		246,310		209,596		12,208
Daesan Green Energy Co., Ltd.			275,911		211,476		62,286		15,346
RE Holiday Holdings LLC			320,908		183,290		19,659		13,247
RE Pioneer Holdings LLC			236,565		137,287		12,410		8,821
RE Barren Ridge 1 Holdings LLC			194,643		87,171		10,679		(722	)
RE Astoria 2 LandCo LLC			10,733		274		664		541
RE Barren Ridge LandCo LLC			3,776		82		266		223
Laurel SpA			13,529		11,496		1,704		702
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd	￦		33,930		618		—		(191	)
Chile Solar JV SpA			74,776		5,011		4,390		1,476
Taebaek Gadeoksan Wind Power Co., Ltd.			142,731		114,487		10,587		2,411
Cheong-Song Noraesan Wind Power Co., Ltd.			55,460		43,771		7,411		2,039
Chester Solar I SpA			12,795		9,713		1,111		824
Solar Philippines Calatagan Corporation			97,947		47,098		23,182		15,249
Saemangeum Solar Power Co., Ltd.			34,363		4,180		—		(532	)
Chungsongmeon BongSan wind power Co., Ltd.			64,341		56,264		—		(1,206	)
Jaeun Resident Wind Power Plant Co., Ltd.			63,940		56,371		—		(645	)
DE Energia SpA			48,327		54,934		3,789		(21,087	)
Dangjin Eco Power Co., Ltd.			97,834		23,769		3,953		565
Haemodum Solar Co., Ltd.			19,041		12,786		1,188		286
Yangyang Wind Power Co., Ltd.			20,917		33		—		(572	)
Horus Solar, S.A. De C.V.			181,432		182,674		—		(13,285	)
Recursos Solares PV De Mexico II, S.A. De C.V.			81,257		71,295		—		243
Sunmex Renovables, S.A. De C.V.			7,781		6,204		—		(309	)
Stavro Holding II A.B.			46,394		9		—		(782	)
Solaseado Solar Power Co., Ltd.			349,855		327,865		43,782		7,443
Yeongam Solar Power Co., Ltd.			312,960		285,231		17,347		(3,324	)
Samsu Wind Power Co., Ltd.			59,597		45,877		—		243
Pulau Indah Power Plant Sdn. Bhd.			31,538		9,293		—		(894	)
Sam-Yang Photovoltaic Power Co., Ltd.			55,345		44,049		2,769		592
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			73,573		39		1,770		8,989
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			17,932		11		6		478
PT Barito Wahana Tenaga			205,894		—		—		28,631
Cheongna Energy Co., Ltd.			341,478		335,736		78,387		5,995
Naepo Green Energy Co., Ltd.			152,003		159,805		7,056		(28,043	)
DAYONE ENERGY Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)			441,875		496,355		93,832		30,269
OneEnergy Asia Limited			78,005		150		—		(578	)
KAS INVESTMENT I LLC			78,410		—		—		—
KAS INVESTMENT II LLC			78,096		—		—		—
Energyco LLC			3,425		563		—		(2,856	)
CAES, LLC			40,840		—		—		(1,656	)
Hapcheon Floating Photovoltaic Power Plant Inc.			9,708		—		—		—
Busan Industrial Solar Power Co., Ltd.			15,283		14,499		19		(485	)
Bitsolar Energy Co., Ltd.			144,758		149,561		—		(6,116	)

(*1) The loss for the year ended December 31, 2020 is reduced by the associate entity’s net income (loss) attributable to non-controlling interests.

(5)

Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2019 and 2020 are as follows:


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
Taebaek 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 Power 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
Haeng 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
Yaksu ESS 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 Co., 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			33.11	%		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
Go deok 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 A.B.			28,128			20.00	%		5,625			—			—			—			5,625

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


2020
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	￦		7,735,156			22.02	%		1,703,281			—			—			(55,956	)		1,647,325
Korea Electric Power Industrial Development Co., Ltd.			88,379			29.00	%		25,630			—			—			—			25,630
YTN Co., Ltd.			189,228			21.43	%		40,549			—			—			—			40,549
Gangwon Wind Power Co., Ltd.			75,961			15.00	%		11,394			49			—			—			11,443
Hyundai Green Power Co., Ltd.			457,842			29.00	%		132,774			—			—			—			132,774
Korea Power Exchange			269,122			100.00	%		269,122			—			—			—			269,122
Taebaek Wind Power Co., Ltd.			25,568			25.00	%		6,392			—			—			—			6,392
Taebaek Guinemi Wind Power Co., Ltd.			12,349			25.00	%		3,087			—			—			—			3,087
Pyeongchang Wind Power Co., Ltd.			20,107			25.00	%		5,027			—			—			—			5,027
Daeryun Power Co., Ltd.			290,931			9.34	%		27,173			—			—			(820	)		26,353
Changjuk Wind Power Co., Ltd.			26,223			30.00	%		7,867			—			—			—			7,867
KNH Solar Co., Ltd.			9,021			27.00	%		2,436			—			—			—			2,436
SPC Power Corporation			237,757			38.00	%		90,348			—			—			(20,436	)		69,912
Gemeng International Energy Co., Ltd.			1,999,144			34.00	%		679,709			—			—			(1	)		679,708
PT. Cirebon Electric Power			428,405			27.50	%		117,811			—			—			—			117,811
KNOC Nigerian East Oil Co., Ltd.			(71,521	)		14.63	%		(10,464	)		—			—			10,464			—
KNOC Nigerian West Oil Co., Ltd.			(65,740	)		14.63	%		(9,618	)		—			—			9,618			—
PT Wampu Electric Power			60,577			46.00	%		27,865			—			—			—			27,865
PT. Bayan Resources TBK			749,744			20.00	%		149,949			351,662			—			(76,377	)		425,234
S-Power Co., Ltd.			228,168			49.00	%		111,802			—			(1,510	)		—			110,292
Pioneer Gas Power Limited			(99,446	)		38.50	%		(38,284	)		22,278			—			16,006			—
Eurasia Energy Holdings			(437	)		40.00	%		(175	)		—			—			175			—
Xe-Pian Xe-Namnoy Power Co., Ltd.	￦		262,658			25.00	%		65,665			305			(1,110	)		(290	)		64,570
Hadong Mineral Fiber Co., Ltd.			(28	)		8.33	%		(2	)		—			—			2			—
PT. Mutiara Jawa			6,138			29.00	%		1,780			—			—			—			1,780
Samcheok Eco Materials Co., Ltd.			23,426			25.54	%		5,983			—			—			(5,983	)		—
Noeul Green Energy Co., Ltd.			14,472			29.00	%		4,197			—			—			—			4,197
Goseong Green Power Co., Ltd.			208,361			1.12	%		2,324			—			(138	)		—			2,186
Gangneung Eco Power Co., Ltd.			154,904			1.61	%		2,496			—			(128	)		—			2,368
Shin Pyeongtaek Power Co., Ltd.			206,281			40.00	%		82,512			3,559			(16,480	)		—			69,591
Haeng Bok Do Si Photovoltaic Power Co., Ltd.			743			28.00	%		208			—			—			2			210
Dongducheon Dream Power Co., Ltd.			278,714			34.01	%		94,791			1,757			(3,329	)		(12,582	)		80,637
Jinbhuvish Power Generation Pvt. Ltd.			46,577			5.16	%		2,403			—			—			(2,403	)		—
Daejung Offshore Wind Power Co., Ltd.			4,647			46.59	%		2,165			—			—			—			2,165
GS Donghae Electric Power Co., Ltd.			718,900			34.00	%		244,426			—			—			—			244,426
Daegu Photovoltaic Co., Ltd.			7,125			29.00	%		2,066			—			—			—			2,066
Busan Green Energy Co., Ltd.			30,266			29.00	%		8,777			—			—			1			8,778
Gunsan Bio Energy Co., Ltd.			(18,982	)		18.87	%		(3,582	)		—			—			3,582			—
Korea Electric Vehicle Charging Service			2,057			28.00	%		576			—			—			—			576
Korea Nuclear Partners Co., Ltd.			1,245			28.98	%		361			—			—			(161	)		200
Korea Electric Power Corporation Fund			42,739			98.09	%		41,923			—			—			3			41,926
Energy Infra Asset Management Co., Ltd.			9,478			9.90	%		938			—			—			—			938
Daegu clean Energy Co., Ltd.			44			28.00	%		12			—			—			—			12
Yaksu ESS Co., Ltd.			1,562			29.00	%		453			1			—			—			454
Nepal Water & Energy Development Company Private Limited			68,228			58.59	%		39,975			971			—			1,731			42,677
Gwangyang Green Energy Co., Ltd.			4,539			20.00	%		908			18			—			—			926
PND solar Co., Ltd.			3,431			29.00	%		995			154			—			—			1,149
Hyundai Eco Energy Co., Ltd.			21,240			19.00	%		4,036			214			—			—			4,250
YeongGwang Yaksu Wind Electric Co., Ltd.			124			9.63	%		12			300			—			—			312
Green Energy Electricity Generation Co., Ltd.			(2,599	)		29.00	%		(754	)		779			—			—			25
Korea Energy Solutions Co., Ltd.			984			20.00	%		197			—			—			—			197
ITR Co., Ltd.			198			20.00	%		40			1			—			(1	)		40
Structure test network Co., Ltd.			(133	)		20.00	%		(27	)		54			—			—			27
Namjeongsusang Solar Power Operation Co., Ltd.			553			15.00	%		83			20			—			—			103
Indeck Niles Development, LLC			33,298			24.08	%		8,017			12,610			—			—			20,627
Indeck Niles Asset Management, LLC			303			33.33	%		101			—			—			—			101
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1			14,951			49.00	%		7,326			—			—			—			7,326
Suwon New Power Co., Ltd.			1,966			33.11	%		651			—			267			136			1,054
KPGE Inc.			989			29.00	%		287			—			—			—			287
Gwangbaek Solar Power Investment Co., Ltd.			9,925			44.00	%		4,367			315			—			—			4,682
Go deok Clean Energy Co., Ltd.			1,574			61.00	%		960			—			—			—			960
SureDataLab Co., Ltd.			353			23.95	%		85			—			—			—			85
SEP Co., Ltd.			64			21.26	%		14			—			—			—			14
Hankook Electric Power Information Co., Ltd.			550			25.25	%		139			—			—			—			139
Tronix Co., Ltd.	￦		593			20.00	%		119			—			—			—			119
O2&B Global Co., Ltd.			108			20.00	%		22			—			—			—			22
Muan Sunshine Solar Power Plant Co., Ltd.			3,010			20.00	%		602			494			—			—			1,096
Bigeum Resident Photovoltaic Power Co., Ltd.			(387	)		29.90	%		(116	)		—			—			116			—
Jeju SolarOne Co., Ltd.			1,594			10.00	%		159			—			—			—			159
Goesan Solar Park Co., Ltd.			5,808			29.00	%		1,684			—			—			—			1,684
Saemangeum Heemang Photovoltaic Co., Ltd.			29,377			35.00	%		10,282			740			—			—			11,022
Bitgoel Eco Energy Co., Ltd.			100			29.00	%		29			—			—			—			29
Jeju Gimnyeong Wind Power Co., Ltd.			5,260			30.00	%		1,578			—			—			—			1,578
Seoroseoro Sunny Power Plant Co., Ltd.			1,182			19.46	%		230			—			—			—			230
Muan Solar Park Co., Ltd.			20,374			19.00	%		3,871			309			—			—			4,180
YuDang Solar Co., Ltd.			2,484			20.00	%		497			—			—			(137	)		360
Anjwa Smart Farm & Solar City Co., Ltd.			24,174			19.50	%		4,714			796			—			—			5,510
Daewon Green Energy Co., Ltd.			15,248			25.36	%		3,866			44			—			—			3,910

<Joint ventures>
KEPCO-Uhde Inc.			197			50.80	%		100			—			—			—			100
Shuweihat Asia Power Investment B.V.			27,069			49.00	%		13,264			—			—			—			13,264
Shuweihat Asia Operation & Maintenance Company			1,922			55.00	%		1,057			—			—			—			1,057
Waterbury Lake Uranium L.P.			59,808			33.10	%		19,797			—			—			—			19,797
ASM-BG Investicii AD			36,400			50.00	%		18,200			—			—			—			18,200
RES Technology AD			31,860			50.00	%		15,930			—			—			—			15,930
KV Holdings, Inc.			6,013			40.00	%		2,405			—			—			—			2,405
KEPCO SPC Power Corporation			268,169			75.20	%		201,663			—			—			—			201,663
Gansu Datang Yumen Wind Power Co., Ltd.			16,325			40.00	%		6,530			—			—			—			6,530
Datang Chifeng Renewable Power Co., Ltd.			471,194			40.00	%		188,478			—			—			—			188,478
Datang KEPCO Chaoyang Renewable Power Co., Ltd.			106,324			40.00	%		42,530			—			—			—			42,530
Rabigh Electricity Company			396,179			40.00	%		158,472			—			(60,511	)		(804	)		97,157
Rabigh Operation & Maintenance Company Limited			9,533			40.00	%		3,813			—			—			—			3,813
Jamaica Public Service Company Limited			636,994			40.00	%		254,798			29,357			—			(17,934	)		266,221
KW Nuclear Components Co., Ltd.			25,217			45.00	%		11,348			—			—			(177	)		11,171
Busan Shinho Solar Power Co., Ltd.			21,512			25.00	%		5,378			—			—			—			5,378
Global Trade Of Power System Co., Ltd.			1,884			29.00	%		546			—			—			—			546
Expressway Solar-light Power Generation Co., Ltd.			9,985			29.00	%		2,896			—			—			—			2,896
Amman Asia Electric Power Company			268,755			60.00	%		161,253			—			—			—			161,253
KAPES, Inc.			32,096			51.00	%		16,369			—			(19,567	)		3,198			—
Honam Wind Power Co., Ltd.			13,292			29.00	%		3,855			32			—			—			3,887
Jeongam Wind Power Co., Ltd.			11,550			40.00	%		4,620			—			—			—			4,620
Korea Power Engineering Service Co., Ltd.			18,488			29.00	%		5,362			—			—			—			5,362
Chun-cheon Energy Co., Ltd.			92,851			29.90	%		27,762			3			—			(247	)		27,518
Yeonggwangbaeksu Wind Power Co., Ltd.			20,791			15.00	%		3,119			5			—			—			3,124
Nghi Son 2 Power LLC			(266,560	)		50.00	%		(133,280	)		—			—			133,280			—
Kelar S.A.			106,063			65.00	%		68,941			2,508			—			—			71,449
PT. Tanjung Power Indonesia	￦		94,465			35.00	%		33,063			—			—			—			33,063
Incheon New Power Co., Ltd.			525			29.00	%		152			—			—			(152	)		—
Seokmun Energy Co., Ltd.			51,082			29.00	%		14,814			—			—			—			14,814
Daehan Wind Power PSC			(7,710	)		50.00	%		(3,855	)		—			—			3,855			—
Barakah One Company			(230,516	)		18.00	%		(41,493	)		—			(27,845	)		69,338			—
Nawah Energy Company			1,498			18.00	%		270			—			—			—			270
MOMENTUM			1,696			33.33	%		565			—			—			—			565
Daegu Green Power Co., Ltd.			79,908			54.24	%		43,342			84			—			(20,381	)		23,045
Yeonggwang Wind Power Co., Ltd.			36,443			46.00	%		16,764			492			—			—			17,256
Chester Solar IV SpA			2,242			45.00	%		1,009			55			—			—			1,064
Chester Solar V SpA			361			45.00	%		162			115			—			—			277
Diego de Almagro Solar SpA			3,108			45.00	%		1,399			91			—			—			1,490
South Jamaica Power Company Limited			159,494			20.00	%		31,899			—			—			(2	)		31,897
Daesan Green Energy Co., Ltd.			64,435			35.00	%		22,552			—			—			—			22,552
RE Holiday Holdings LLC			137,618			50.00	%		68,809			—			—			—			68,809
RE Pioneer Holdings LLC			99,278			50.00	%		49,639			—			—			—			49,639
RE Barren Ridge 1 Holdings LLC			107,472			50.00	%		53,736			—			—			(49,270	)		4,466
RE Astoria 2 LandCo LLC			10,459			50.00	%		5,230			—			—			—			5,230
RE Barren Ridge LandCo LLC			3,694			50.00	%		1,847			—			—			—			1,847
Laurel SpA			2,033			45.00	%		915			177			—			—			1,092
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd			33,312			12.37	%		4,121			8			—			—			4,129
Chile Solar JV SpA			69,765			50.00	%		34,883			—			—			—			34,883
Taebaek Gadeoksan Wind Power Co., Ltd.			28,244			47.31	%		13,362			—			—			—			13,362
Cheong-Song Noraesan Wind Power Co., Ltd.			11,689			29.01	%		3,391			61			—			1			3,453
Chester Solar I SpA			3,082			45.00	%		1,387			234			—			—			1,621
Solar Philippines Calatagan Corporation			50,849			38.00	%		19,323			29,694			—			—			49,017
Saemangeum Solar Power Co., Ltd.			30,183			81.00	%		24,450			(158	)		—			—			24,292
Chungsongmeon BongSan wind power Co., Ltd.			8,077			29.00	%		2,342			1,782			—			—			4,124
Jaeun Resident Wind Power Plant Co., Ltd.			7,569			29.00	%		2,195			—			—			—			2,195
DE Energia SpA			(6,607	)		49.00	%		(3,237	)		—			—			11,424			8,187
Dangjin Eco Power Co., Ltd.			74,065			34.00	%		25,182			341			—			—			25,523
Haemodum Solar Co., Ltd.			6,255			49.00	%		3,065			—			—			—			3,065
Yangyang Wind Power Co., Ltd.			20,884			50.00	%		10,442			43			—			—			10,485
Horus Solar, S.A. De C.V.			(1,242	)		14.95	%		(186	)		3,580			—			—			3,394
Recursos Solares PV De Mexico II, S.A. De C.V.			9,962			14.95	%		1,489			2,171			—			—			3,660
Sunmex Renovables, S.A. De C.V.			1,577			14.95	%		236			4			—			—			240
Stavro Holding II A.B.			46,385			20.00	%		9,277			—			—			—			9,277
Solaseado Solar Power Co., Ltd.			21,990			38.90	%		8,554			1,361			—			—			9,915
Yeongam Solar Power Co., Ltd.			27,729			19.00	%		5,269			773			—			—			6,042
Samsu Wind Power Co., Ltd.			13,720			19.00	%		2,607			—			—			—			2,607
Pulau Indah Power Plant Sdn. Bhd.			22,245			25.00	%		5,561			5,643			—			—			11,204
Sam-Yang Photovoltaic Power Co., Ltd.			11,296			49.00	%		5,535			—			—			—			5,535
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			73,534			29.53	%		21,715			—			—			527			22,242
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream	￦		17,921			90.00	%		16,129			—			—			—			16,129
PT Barito Wahana Tenaga			205,894			30.61	%		63,029			—			—			—			63,029
Cheongna Energy Co., Ltd.			5,742			50.10	%		2,877			3,137			(1,074	)		—			4,940
Naepo Green Energy Co., Ltd.			(7,802	)		29.20	%		(2,278	)		—			—			2,278			—
DAYONE ENERGY Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)			(54,480	)		46.30	%		(25,224	)		—			(923	)		26,147			—
OneEnergy Asia Limited			77,855			40.00	%		31,142			25,512			—			—			56,654
KAS INVESTMENT I LLC			78,410			29.89	%		23,437			—			—			—			23,437
KAS INVESTMENT II LLC			78,096			29.89	%		23,343			—			—			—			23,343
Energyco LLC			2,862			29.00	%		830			829			—			—			1,659
CAES, LLC			40,840			36.00	%		14,702			2,924			—			—			17,626
Hapcheon Floating Photovoltaic Power Plant Inc.			9,708			19.47	%		1,890			—			—			—			1,890
Busan Industrial Solar Power Co., Ltd.			784			28.02	%		220			290			—			—			510
Bitsolar Energy Co., Ltd.			(4,803	)		27.10	%		(1,302	)		1,654			—			—			352

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

(6)

As of December 31, 2019, and 2020, 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:


		2019					2020
		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
Eurasia Energy Holdings			6			185		(10	)		175
Gunsan Bio Energy Co., Ltd.			1,090			3,292		290			3,582
Daehan Wind Power PSC			—			—		3,855			3,855
DAYONE Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)			12,890			38,731		(14,035	)		24,696
Nghi Son 2 Power LLC			61,165			102,824		30,456			133,280
Samcheok Eco Materials Co., Ltd.			(497	)		788		(3	)		785
Naepo Green Energy Co., Ltd.			9,281			9,281		(7,003	)		2,278
Barakah One Company			116,096			116,096		(46,758	)		69,338
Pioneer Gas Power Limited			114			114		15,824			15,938
Incheon New Power Co., Ltd.			—			—		194			194
Bigeum Resident Photovoltaic Power Co., Ltd.			—			—		116			116
KAPES, Inc.			—			—		3,198			3,198

(7)

As of December 31, 2020, 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)

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.

(iii)

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. The Company is under agreement of O&M with the entity. Pursuant to the agreement, the Company guarantees a certain level of utilization rate and it is obligated to pay the penalty in the event of suspension in power generating.

(iv)

Daeryun Power Co., Ltd.

The Company reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.

(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)

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.

(viii)

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 and when Sprott Chile Solar I SpA intends to sell its shares.

(ix)

Chester Solar IV SpA

(x)

Chester Solar V SpA

(xi)

Diego de Almagro Solar SpA

(xii)

Laurel SpA

(xiii)

Samcheok Eco Materials Co., Ltd.

For Samcheok Eco Materials Co., Ltd., ordinary shareholders have the right to buy the shares of preferred shareholders if preferred shareholders intend to sell their preferred stock until December 26, 2023, and ordinary shareholders shall guarantee the investment principle of preferred shareholders.

(xiv)

Hyundai Green Power Co., Ltd.

As of December 31, 2020, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Company has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Group”), 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 Group.

(8)

Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2020 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.

Pyeongchang Wind Power Co., Ltd.		Principals and interests 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 consent of the stakeholders.

Daeryun Power Co., Ltd.		Principals and interests 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. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders.

KNH Solar Co., Ltd.		Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other shareholders.

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 the consent of the stakeholders.

Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.

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 the consent of the stakeholders.

Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Naepo Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Solaseado Solar 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 the consent of the stakeholders.

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 the consent of the stakeholders.

KPGE Inc.		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

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 the consent of the stakeholders.

Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Diego de Almagro Solar Spa		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar I SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

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 the consent of the stakeholders.

GS Donghae Electric 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.

Busan Shinho Solar Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy supply certificate can only be paid when all conditions of the loan agreement are satisfied.

Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the collateralized debt is fully repaid.

Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy supply certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy supply certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.

DE Energia SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Daesan Green Energy Co., Ltd.		Dividends and settlement amount for renewable energy supply certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Taebaek Gadeoksan Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy supply certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.