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Consolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2020

Consolidated Subsidiaries [Abstract]

Consolidated subsidiaries as of December 31, 2019 and 2020 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2019			2020
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc.(*1)	Engineering and construction for utility plant and others	KOREA		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	KOREA		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	KOREA		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	KOREA		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	PHILIPPINES		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	PHILIPPINES		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	PHILIPPINES		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	LEBANON		100.00	%		100.00	%
KEPCO Neimenggu International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	HONG KONG		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	SINGAPORE		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Korea Imouraren Uranium Investment Corp.	Holding company	FRANCE		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	BAHRAIN		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	JORDAN		80.00	%		80.00	%
KHNP Canada Energy, Ltd.	Holding company	CANADA		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	CANADA		80.00	%		80.00	%
KEPCO Holdings de Mexico	Holding company	MEXICO		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	MEXICO		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	MEXICO		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	INDONESIA		51.00	%		51.00	%
PT. Cirebon Power Service(*2)	Operation of utility plant	INDONESIA		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	PHILIPPINES		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	JORDAN		100.00	%		100.00	%
EWP Philippines Corporation	Holding company	PHILIPPINES		100.00	%		—
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
DG Fairhaven Power, LLC(*7)	Power generation	USA		100.00	%		100.00	%
DG Whitefield, LLC	Power generation	USA		100.00	%		—
Springfield Power, LLC	Power generation	USA		100.00	%		—
KNF Canada Energy Limited	Holding company	CANADA		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	BARBADOS		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	KOREA		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	INDONESIA		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	KOREA		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
EWPRC Biomass Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOSEP USA, Inc.	Power generation	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	INDONESIA		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	KOREA		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Mira Power Limited(*3)	Power generation	PAKISTAN		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	KOREA		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd.(*4)	Power generation	KOREA		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	PHILIPPINES		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	CHILE		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
Hee mang sunlight Power Co., Ltd.	Operation of utility plant	KOREA		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	JORDAN		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	KOREA		50.00	%		50.00	%
VI Carbon Professional Private Special Asset Investment Trust 1	Holding company	KOREA		96.67	%		96.67	%
Chitose Solar Power Plant LLC	Power generation	JAPAN		80.10	%		80.10	%
KEPCO Energy Solution Co., Ltd.	Energy service	KOREA		100.00	%		100.00	%
KEPCO Solar Co., Ltd. (formerly, Solar School Plant Co., Ltd.)	Power generation	KOREA		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	CHILE		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	KOREA		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	AUSTRALIA		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	LAOS		100.00	%		100.00	%
KEPCO US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Alamosa LLC	Holding company	USA		50.10	%		50.10	%
KEPCO Solar of Alamosa, LLC	Power generation	USA		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC (formerly, KEPCO-LG CNS Mangilao Holdings LLC)(*5)	Holding company	USA		70.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mangilao Solar, LLC (formerly, KEPCO-LG CNS Mangilao Solar, LLC)	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	KOREA		75.99	%		75.99	%
PT. Siborpa Eco Power	Construction and operation of utility plant	INDONESIA		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	KOREA		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	KOREA		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	KOREA		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	KOREA		—			66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	CHILE		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	KOREA		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	INDONESIA		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance	KOREA		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
Nambu USA LLC	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	KOREA		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	KOREA		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	KOREA		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance	KOREA		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	KOREA		100.00	%		100.00	%
SE Green Energy Co., Ltd.	Power generation	KOREA		84.80	%		84.80	%
KEPCO Mangilao America LLC(*6)	Holding company	USA		100.00	%		100.00	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	KOREA		100.00	%		100.00	%
KOAK Power Limited	Facility maintenance	PAKISTAN		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	NETHERLANDS		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	KOREA		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	KOREA		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		—			100.00	%
TS Energy No. 25 Co., Ltd.	Power generation	KOREA		—			90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	KOREA		—			100.00	%
Moha Solar Co., Ltd.	Power generation	KOREA		—			100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	KOREA		—			70.00	%
KHNP USA LLC	Holding company	USA		—			100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	VIETNAM		—			100.00	%
Energy Innovation Fund I	Holding company	KOREA		—			71.91	%

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

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

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

(*4)

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

(*5)	As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate all 4 members of the board of directors.

(*6)	As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate the CEO and key management members.

(*7)	As 100% of the shares held were sold after the end of the reporting period, the assets of DG Fairhaven Power, LLC were classified as assets held-for-sale.

Subsidiaries newly included in or excluded from consolidation

Subsidiaries included in consolidation during the year ended December 31, 2020.


Subsidiaries		Reason
Guam Ukudu Power LLC		Newly established
TS Energy No. 25 Co., Ltd.		New investment
KPS Partners Co., Ltd.		Newly established
KEPCO E&C Service Co., Ltd.		Newly established
Moha Solar Co., Ltd.		New investment
Ogiri Solar Power Co., Ltd.		Newly established
KHNP USA LLC		Newly established
KOMIPO Vanphong Power Service LLC		Newly established
Energy Innovation Fund I		Additional acquisition
BSK E-New Industry Fund X		Newly established

Subsidiaries excluded from consolidation during the year ended December 31, 2020.


Subsidiaries		Reason
EWP Philippines Corporation		Liquidation
DG Whitefield, LLC		Sale of shares
Springfield Power, LLC		Sale of shares

Summary of financial information of consolidated subsidiaries

Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2019 and 2020 are as follows:


2019
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		59,570,219		33,917,275		8,969,072		306,007
Korea South-East Power Co., Ltd.			10,938,358		5,866,642		5,385,387		41,006
Korea Midland Power Co., Ltd.			12,684,828		8,977,766		4,479,707		(28,449	)
Korea Western Power Co., Ltd.			10,514,438		6,637,451		4,448,992		(46,061	)
Korea Southern Power Co., Ltd.			10,884,799		6,608,301		5,084,907		(41,342	)
Korea East-West Power Co., Ltd.			9,724,311		5,022,921		4,855,964		56,698
KEPCO Engineering & Construction Company, Inc.			735,207		242,994		448,635		26,398
KEPCO Plant Service & Engineering Co., Ltd.			1,356,983		294,757		1,244,613		157,737
KEPCO Nuclear Fuel Co., Ltd.			831,604		429,799		309,055		24,618
KEPCO KDN Co., Ltd.			604,458		159,807		625,567		42,205
KEPCO International HongKong Ltd.			138,942		633		—		3,330
KEPCO International Philippines Inc.			107,224		371		—		67,991
KEPCO Gansu International Ltd.			10,448		545		—		(20	)
KEPCO Philippines Holdings Inc.			200,503		6,656		—		66,200
KEPCO Philippines Corporation			6,706		332		—		(52	)
KEPCO Ilijan Corporation			371,377		56,156		95,072		40,818
KEPCO Lebanon SARL			1,835		9,786		—		255
KEPCO Neimenggu International Ltd.			200,858		—		—		(354	)
KEPCO Shanxi International Ltd.			538,604		208,895		—		151
KOMIPO Global Pte Ltd.			269,302		463		—		10,400
KEPCO Netherlands B.V.			122,577		101		—		948
Korea Imouraren Uranium Investment Corp.			14,173		111		—		(49,716	)
KEPCO Australia Pty., Ltd.			364		14		—		(395,914	)
KOSEP Australia Pty., Ltd.			32,782		2,911		15,514		3,935
KOMIPO Australia Pty., Ltd.			40,898		2,909		15,514		3,766
KOWEPO Australia Pty., Ltd.			44,182		5,772		15,514		2,761
KOSPO Australia Pty., Ltd.			37,254		5,012		15,514		2,638
KEPCO Middle East Holding Company			102,164		87,834		—		5,934
Qatrana Electric Power Company			490,723		322,857		20,773		21,807


2019
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KHNP Canada Energy, Ltd.	￦		44,639		43		—		(10	)
KEPCO Bylong Australia Pty., Ltd.			45,207		355,163		—		(220,909	)
Korea Waterbury Uranium Limited Partnership			20,717		167		—		(77	)
KEPCO Holdings de Mexico			187		25		—		(14	)
KST Electric Power Company			539,952		449,459		55,783		(20,797	)
KEPCO Energy Service Company			2,262		1,995		5,984		(481	)
KEPCO Netherlands S3 B.V.			50,352		49		—		2,637
PT. KOMIPO Pembangkitan Jawa Bali			12,391		5,719		18,722		4,312
PT. Cirebon Power Service			2,089		313		8,049		406
KOWEPO International Corporation			—		10		—		(2	)
KOSPO Jordan LLC			17,489		1,521		10,878		2,634
EWP Philippines Corporation			1,691		888		—		(111	)
EWP America Inc.(*1)			66,622		2,619		21,719		(6,497	)
KNF Canada Energy Limited			1,933		24		—		(48	)
EWP Barbados 1 SRL			279,295		1,031		2,914		2,368
Gyeonggi Green Energy Co., Ltd.			194,425		159,078		13,717		(73,394	)
PT. Tanggamus Electric Power			228,601		195,826		2,256		(4,529	)
Gyeongju Wind Power Co., Ltd.			113,745		75,427		15,548		3,384
KOMIPO America Inc.			9,424		593		118		(1,033	)
KOSEP USA, Inc.			1		5,147		—		(119	)
PT. EWP Indonesia			34,455		5		—		5,124
KEPCO Netherlands J3 B.V.			120,006		74		—		(79	)
Korea Offshore Wind Power Co., Ltd.			284,495		117,527		—		(12,768	)
Global One Pioneer B.V.			180		73		—		(86	)
Global Energy Pioneer B.V.			348		80		—		(90	)
Mira Power Limited			356,111		285,577		—		(971	)
KOSEP Material Co., Ltd.			2,788		1,186		3,357		22
Commerce and Industry Energy Co., Ltd.			90,637		43,985		32,728		(7,532	)
KEPCO KPS Philippines Corp.			5,198		1,341		6,246		2
KOSPO Chile SpA			134,827		49,183		—		(456	)
PT. KOWEPO Sumsel Operation And Maintenance Services			135		262		—		(1,104	)
Hee mang sunlight Power Co., Ltd.			12,185		8,545		643		75
Fujeij Wind Power Company			218,333		196,964		—		5,515
KOSPO Youngnam Power Co., Ltd.			398,495		307,226		318,338		3,514
VI Carbon Professional Private Special Asset Investment Trust 1			3,002		—		—		12
Chitose Solar Power Plant LLC			121,457		106,254		17,103		5,480
KEPCO Energy Solution Co., Ltd.			308,188		2,142		2,843		2,805


2019
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KEPCO Solar Co., Ltd. (formerly, Solar School Plant Co., Ltd.)	￦		208,730		3,269		1,962		2,553
KOSPO Power Services Ltda.			3,244		1,564		10,013		452
Energy New Industry Specialized Investment Private Investment Trust(*2)			100,116		17,359		2,418		(7,735	)
KOEN Bylong Pty., Ltd.			—		39		—		(14	)
KOMIPO Bylong Pty., Ltd.			4		43		—		(14	)
KOWEPO Bylong Pty., Ltd.			4		40		—		(12	)
KOSPO Bylong Pty., Ltd.			4		40		—		(12	)
EWP Bylong Pty., Ltd.			4		40		—		(12	)
KOWEPO Lao International			5,430		575		4,308		1,584
KEPCO US Inc.			17,231		—		—		—
KEPCO Alamosa LLC			33,515		183		145		(311	)
KEPCO Solar of Alamosa, LLC (formerly, Cogentrix of Alamosa, LLC)			65,468		50,348		8,739		(1,902	)
KEPCO-LG CNS Mangilao Holdings LLC			27,439		30,287		—		(1,240	)
Mangilao Investment LLC			39,972		—		—		—
KEPCO-LG CNS Mangilao Solar, LLC			39,373		11		—		(524	)
Jeju Hanlim Offshore Wind Co., Ltd.			14,328		558		—		(2,459	)
PT. Siborpa Eco Power			11,574		71		—		(1,165	)
PT. Korea Energy Indonesia			1,592		121		2,462		323
KOLAT SpA			31,178		167		656		(296	)
KEPCO California, LLC			44,074		936		358		(513	)
KEPCO Mojave Holdings, LLC			103,815		69,544		—		(4,215	)
Incheon Fuel Cell Co., Ltd.			22,669		475		—		(1,010	)
KOEN Service Co., Ltd.			5,347		4,252		25,890		543
KOMIPO Service Co., Ltd.			3,327		2,622		24,556		146
KOWEPO Service Co., Ltd.			4,228		3,302		23,982		389
KOSPO Service Co., Ltd.			3,493		2,788		18,741		135
EWP Service Co., Ltd.			4,786		4,064		20,837		162
PT. KOMIPO Energy Indonesia			2,647		196		1,392		79
KNF partners Co., Ltd.			1,378		890		3,383		187
KOSPO USA Inc.			5,896		127		—		(1,408	)
Nambu USA LLC			245		1		—		245
Tamra Offshore Wind Power Co., Ltd.			156,708		121,724		19,670		1,154
KEPCO MCS Co., Ltd.			26,510		22,151		129,393		3,408
KEPCO FMS Co., Ltd.			11,336		10,638		37,627		198
Firstkeepers Co., Ltd.			1,552		2,800		121		(2,239	)
Secutec Co., Ltd.			322		229		—		(597	)
SE Green Energy Co., Ltd.			132,727		105,619		—		816


2019
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KEPCO Mangilao America LLC	￦		—		—		—		—
Mangilao Intermediate Holdings LLC			13,220		12,774		—		(66	)
KEPCO CSC Co., Ltd.			837		51		—		(14	)
KOAK Power Limited			15,930		—		—		—
KOMIPO Europe B.V.			7,362		—		—		(286	)
Haenanum Energy Fund			28,101		1		—		1
Paju Ecoenergy Co., Ltd.			53,839		—		—		—

(*1)

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

(*2)

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


2020
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		61,859,753		35,652,467		9,938,941		647,641
Korea South-East Power Co., Ltd.			10,858,645		5,954,129		4,258,904		(139,149	)
Korea Midland Power Co., Ltd.			13,028,436		9,357,603		4,293,364		(29,880	)
Korea Western Power Co., Ltd.			10,357,023		6,594,779		3,605,986		(108,953	)
Korea Southern Power Co., Ltd.			10,658,015		6,411,524		4,015,941		(17,588	)
Korea East-West Power Co., Ltd.			9,619,485		4,974,645		4,155,416		(65,427	)
KEPCO Engineering & Construction Company, Inc.			699,244		200,169		431,723		20,160
KEPCO Plant Service & Engineering Co., Ltd.			1,345,857		296,515		1,299,186		85,916
KEPCO Nuclear Fuel Co., Ltd.			798,368		390,155		331,228		14,542
KEPCO KDN Co., Ltd.			647,496		174,192		641,308		45,207
KEPCO International HongKong Ltd.			120,213		—		—		1,571
KEPCO International Philippines Inc.			133,215		366		—		35,182
KEPCO Gansu International Ltd.			7,753		512		—		(19	)
KEPCO Philippines Holdings Inc.			187,375		127		—		65,792
KEPCO Philippines Corporation			6,173		17		—		(187	)
KEPCO Ilijan Corporation			322,066		47,234		81,400		39,443
KEPCO Lebanon SARL			1,669		9,195		—		(59	)
KEPCO Neimenggu International Ltd.			213,444		2,492		—		26,593
KEPCO Shanxi International Ltd.			508,363		196,408		—		2,278
KOMIPO Global Pte Ltd.			263,378		656		—		12,460
KEPCO Netherlands B.V.			117,449		71		—		14,503
Korea Imouraren Uranium Investment Corp.			13,955		123		—		(675	)
KEPCO Australia Pty., Ltd.			451		17		—		71
KOSEP Australia Pty., Ltd.			34,249		3,500		14,327		2,150
KOMIPO Australia Pty., Ltd.	￦		45,250		3,782		14,327		2,685
KOWEPO Australia Pty., Ltd.			44,270		2,909		14,327		1,663
KOSPO Australia Pty., Ltd.			38,341		2,750		14,327		2,242
KEPCO Middle East Holding Company			90,601		78,553		—		(1,539	)
Qatrana Electric Power Company			464,507		287,859		21,279		24,717
KHNP Canada Energy, Ltd.			63,794		26		—		(7	)
KEPCO Bylong Australia Pty., Ltd.			44,691		349,542		—		16,897
Korea Waterbury Uranium Limited Partnership			20,908		165		—		(76	)
KEPCO Holdings de Mexico			148		27		—		(14	)
KST Electric Power Company, S.A.P.I. de C.V.			531,367		410,743		65,695		37,899
KEPCO Energy Service Company			2,255		994		5,880		507
KEPCO Netherlands S3 B.V.			44,042		54		—		2,833
PT. KOMIPO Pembangkitan Jawa Bali			12,946		3,298		20,306		4,775
PT. Cirebon Power Service			1,825		550		8,642		344
KOWEPO International Corporation			—		10		—		—
KOSPO Jordan LLC			31,620		15,654		9,356		1,570
EWP America Inc.(*1)			37,681		2,683		14,312		(14,327	)
KNF Canada Energy Limited			1,871		22		—		(50	)
EWP Barbados 1 SRL			313,409		1,170		2,950		44,729
Gyeonggi Green Energy Co., Ltd.			265,768		240,366		64,660		(9,968	)
PT. Tanggamus Electric Power			217,730		184,057		3,491		11,942
Gyeongju Wind Power Co., Ltd.			105,726		68,629		13,939		2,108
KOMIPO America Inc.			105,926		918		342		(1,783	)
KOSEP USA, Inc.			1		4,837		—		—
PT. EWP Indonesia			33,900		1,125		—		7,083
KEPCO Netherlands J3 B.V.			138,824		84		—		28,242
Korea Offshore Wind Power Co., Ltd.			354,643		187,576		26,838		98
Global One Pioneer B.V.			177		60		—		(76	)
Global Energy Pioneer B.V.			338		64		—		(70	)
Mira Power Limited			348,737		266,565		31,172		(2,960	)
KOSEP Material Co., Ltd.			2,312		429		3,457		189
Commerce and Industry Energy Co., Ltd.			89,681		41,384		31,603		1,623
KEPCO KPS Philippines Corp.			3,119		284		5,151		158
KOSPO Chile SpA			128,795		48,813		—		(542	)
PT. KOWEPO Sumsel Operation And Maintenance Services			108		241		—		(15	)
Hee mang sunlight Power Co., Ltd.			7,261		4,339		423		(142	)
Fujeij Wind Power Company			194,844		174,051		—		13,720
KOSPO Youngnam Power Co., Ltd.			389,071		294,408		254,966		3,405
VI Carbon Professional Private Special Asset Investment Trust 1			3,006		4		—		7
Chitose Solar Power Plant LLC			133,643		118,783		17,073		1,521
KEPCO Energy Solution Co., Ltd.			313,754		4,093		5,585		3,656
KEPCO Solar Co., Ltd. (formerly, Solar School Plant Co., Ltd.)			230,443		23,098		3,933		1,888
KOSPO Power Services Ltda.	￦		4,354		1,644		10,846		1,011
Energy New Industry Specialized Investment Private Investment Trust(*2)			279,489		24,173		23,682		8,248
KOEN Bylong Pty., Ltd.			6		75		—		(11	)
KOMIPO Bylong Pty., Ltd.			7		76		—		(11	)
KOWEPO Bylong Pty., Ltd.			6		64		—		—
KOSPO Bylong Pty., Ltd.			153		213		—		(2	)
EWP Bylong Pty., Ltd.			6		35		—		28
KOWEPO Lao International			8,982		392		8,466		4,706
KEPCO US Inc.			16,154		—		—		(21	)
KEPCO Alamosa LLC			31,353		270		127		(237	)
KEPCO Solar of Alamosa, LLC			68,336		42,910		9,096		(2,052	)
KEPCO Mangilao Holdings LLC (formerly, KEPCO-LG CNS Mangilao Holdings LLC)			25,785		28,924		—		(502	)
Mangilao Investment LLC			38,090		14		—		(15	)
KEPCO Mangilao Solar, LLC (formerly, KEPCO-LG CNS Mangilao Solar, LLC)			69,830		34,029		—		(253	)
Jeju Hanlim Offshore Wind Co., Ltd.			20,525		9,805		—		(3,049	)
PT. Siborpa Eco Power			10,491		14		—		(361	)
PT. Korea Energy Indonesia			1,746		196		2,428		190
KOLAT SpA			31,109		425		243		(216	)
KEPCO California, LLC			41,973		4,683		—		(1,330	)
KEPCO Mojave Holdings, LLC			95,326		67,138		—		(4,358	)
Incheon Fuel Cell Co., Ltd.			192,184		170,976		—		(979	)
KOEN Service Co., Ltd.			6,239		5,598		32,150		129
KOMIPO Service Co., Ltd.			3,381		3,649		28,596		(479	)
KOWEPO Service Co., Ltd.			6,045		4,849		29,559		726
KOSPO Service Co., Ltd.			5,617		4,708		25,103		832
EWP Service Co., Ltd.			4,568		4,074		23,223		(15	)
PT. KOMIPO Energy Indonesia			2,473		154		2,391		52
KNF Partners Co., Ltd.			1,470		743		5,487		256
KOSPO USA Inc.			120,380		266		—		(1,611	)
Nambu USA LLC			42,739		—		—		544
Tamra Offshore Wind Power Co., Ltd.			150,957		112,184		22,200		4,575
KEPCO MCS Co., Ltd.			59,227		36,786		342,053		19,190
KEPCO FMS Co., Ltd.			14,390		12,585		89,228		837
Firstkeepers Co., Ltd.			13,981		12,234		68,538		2,994
Secutec Co., Ltd.			11,473		9,771		62,256		1,609
SE Green Energy Co., Ltd.			152,205		122,606		19,731		2,463
KEPCO Mangilao America LLC			1,793		—		—		—
Mangilao Intermediate Holdings LLC			100,609		80,210		—		(3,708	)
KEPCO CSC Co., Ltd.			8,817		5,551		38,465		2,479
KOAK Power Limited			15,864		1,118		—		607
KOMIPO Europe B.V.			43,198		46		333		(386	)
Haenanum Energy Fund			28,219		132		128		(13	)
Paju Ecoenergy Co., Ltd.	￦		57,320		3,506		3,069		247
Guam Ukudu Power LLC			3,165		3,589		—		(1,577	)
TS Energy No. 25 Co., Ltd.			184,667		142,709		—		(3,779	)
KPS Partners Co., Ltd.			2,139		1,127		3,562		313
KEPCO E&C Service Co., Ltd.			2,514		1,549		4,989		464
Moha Solar Co., Ltd.			7,390		7,809		—		(364	)
Ogiri Solar Power Co., Ltd.			1,032		—		—		—
KHNP USA LLC			464		23		229		119
KOMIPO Vanphong Power Service LLC			1,727		12		—		(34	)
Energy Innovation Fund I			8,412		1		25		(201	)

(*1)

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

(*2)

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

Significant restrictions on abilities to subsidiaries

Significant restrictions on abilities to subsidiaries are as follows:


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

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

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

Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts 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.


Company		Nature and extent of any significant restrictions

Korea Offshore Wind Power Co., Ltd.		Principals and interest payments on subordinated loans or payments for dividends and settlement amounts 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 are obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Details of non-controlling interest prior to intra-group eliminations

Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2018, 2019 and 2020 are as follows:


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


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


		2020
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership	￦		49.00	%		49.00	%		33.92	%
Current assets			236,602			755,454			235,805			801,813			2,029,674
Non-current assets			85,464			590,403			463,439			3,499,258			4,638,564
Current liabilities			(12,322	)		(254,495	)		(186,296	)		(414,673	)		(867,786	)
Non-current liabilities			(34,912	)		(42,020	)		(13,873	)		(2,511,848	)		(2,602,653	)
Net assets			274,832			1,049,342			499,075			1,374,550			3,197,799
Book value of non-controlling interests			134,668			514,177			169,286			552,035			1,370,166
Sales			81,400			1,299,186			431,723			956,692			2,769,001
Profit for the period			39,443			85,916			20,160			107,661			253,180
Profit for the period attributable to non-controlling interests			19,327			42,099			6,838			32,858			101,122
Cash flows from operating activities			121,835			74,159			15,225			240,987			452,206
Cash flows from investing activities			7,561			26,748			(34,333	)		(661,820	)		(661,844	)
Cash flows from financing activities before dividends to non-controlling interests			(31,793	)		(47,809	)		(9,165	)		371,448			282,681
Dividends to non-controlling interests			(30,319	)		(42,336	)		(4,000	)		(4,643	)		(81,298	)
Effect of exchange rate fluctuation			(8,153	)		(2,171	)		(22	)		(7,893	)		(18,239	)
Net increase (decrease) of cash and cash equivalents			59,131			8,591			(32,295	)		(61,921	)		(26,494	)

Changes in goodwill

(i)

Details of goodwill as of December 31, 2019 and 2020 are as follows:


		2019		2020
		In millions of won
Acquisition cost	￦		97,977		98,166
Less: Accumulated impairment			—		—

Carrying book value	￦		97,977		98,166

(ii)

Changes in goodwill for the years ended December 31, 2019 and 2020 are as follows:


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


		2020
		Beginning		Increase		Decrease		Ending
		In millions of won
Acquisition cost	￦		97,977		189		—		98,166
Less: Accumulated impairment			—		—		—		—
Carrying book value			97,977		189		—		98,166

Disposals of subsidiaries

(i)

The fair value of proceeds from disposal for the years ended December 31, 2018, 2019 and 2020, respectively, are as follows:


		2018		2019		2020
		In millions of won
Consideration received in cash and cash equivalents	￦		160		4		389
Net assets transferred due to liquidation			—		—		1,084

Total	￦		160		4		1,473

(ii)

The carrying value of assets and liabilities of subsidiaries as of the date the Company lost its control during the years ended December 31, 2018, 2019 and 2020, respectively, are as follows:


		2018			2019			2020
		In millions of won
Assets
Cash and cash equivalents	￦		175			97			1,656
Trade and other receivables			11			—			395
Inventories			—			—			2,801
Other non-financial assets			—			1			98
PP&E and intangible assets			—			2			3,812
Liabilities
Trade and other payables			(28	)		(3	)		(935	)
Other non-financial liabilities			—			(24	)		—

	￦		158			73			7,827

(iii)

Gain on disposals of subsidiaries for the years ended December 31, 2018, 2019 and 2020, respectively, are as follows:


		2018			2019			2020
		In millions of won
Fair value of proceeds from disposal	￦		160			4			1,473
Net assets disposed			(158	)		(73	)		(7,827	)
Realization of unrealized gain (loss)			70			(187	)		—
Other comprehensive income (loss) (cumulative foreign currency translation of foreign operations)			—			—			(256	)

Gain (loss) on disposals of subsidiaries(*)	￦		72			(256	)		(6,610	)

(*)

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

(iv)

Net cash flow from disposals of subsidiaries for the years ended December 31, 2018, 2019 and 2020, respectively, are as follows:


		2018			2019			2020
		In millions of won
Consideration received in cash and cash equivalents	￦		160			4			389
Less: cash and cash equivalents held by disposed subsidiaries			(175	)		(97	)		(1,656	)

Net cash flow	￦		(15	)		(93	)		(1,267	)

Cash dividends received from subsidiaries

Cash dividends received from subsidiaries for the years ended December 31, 2018, 2019 and 2020, respectively, are as follows:


Subsidiaries		2018		2019		2020
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		281,234		—		106,675
Korea South-East Power Co., Ltd.			33,928		7,143		11,905
Korea Midland Power Co., Ltd.			26,581		—		—
Korea Western Power Co., Ltd.			28,996		—		—
Korea Southern Power Co., Ltd.			25,780		15,277		—
Korea East-West Power Co., Ltd.			61,408		985		17,959
KEPCO Engineering & Construction Company, Inc.			5,531		3,519		7,793
KEPCO Plant Service & Engineering Co., Ltd.			33,739		41,084		44,068
KEPCO Nuclear Fuel Co., Ltd.			1,077		4,219		7,270
KEPCO KDN Co., Ltd.			13,888		19,136		14,720
KEPCO International HongKong Ltd.			23,314		10,243		11,858
KEPCO International Philippines Inc.			52,507		70,480		—
KEPCO Ilijan Corporation			53,900		65,776		34,502
KEPCO Philippines Holdings Inc.			—		63,522		70,876
KOSEP Australia Pty., Ltd.			—		8,120		1,856
KOSPO Australia Pty., Ltd.			—		4,335		—
Qatrana Electric Power Company			6,240		10,313		—
KEPCO KPS Philippines Corp.			—		3,854		1,215
Tamra Offshore Wind Power Co., Ltd.			—		4,823		2,640
KEPCO Netherlands S3 B.V.			3,115		874		6,981
PT. KOMIPO Pembangkitan Jawa Bali			20,658		1,971		—
KEPCO Netherlands J3 B.V.			12,090		—		—
Gyeongju Wind Power Co., Ltd.			—		2,800		2,800
VI Carbon Professional Private Special Asset Investment Trust 1			11		11		7
KOSPO Power Services Limitada			993		745		—
KEPCO Netherlands B.V.			17,424		13,266		11,098
PT. Cirebon Power Service			382		—		221
Chitose Solar Power Plant LLC			1,986		814		858
Fujeij Wind Power Company			—		—		6,306
KOSPO Jordan LLC			—		—		535
Energy Innovation Fund I			—		—		19

	￦		704,782		353,310		362,162