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Investments in Associates and Joint Ventures

12 Months Ended

Dec. 31, 2021

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, 2020 and 2021 are as follows:

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

2020
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
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

2020
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
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.A. 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

2020
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
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) The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.

(*3) The effective percentage of ownership is 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) 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 significant influence on the entity.

(*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) 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.

(*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.

2021
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				1,815,513
Korea Electric Power Industrial Development Co., Ltd.		Electricity metering and others		Korea			29.00	%							4,727				24,617
YTN Co., Ltd.		Broadcasting		Korea			21.43	%							59,000				51,828
Gangwon Wind Power Co., Ltd.(*2)		Power generation		Korea			15.00	%							5,725				10,554
Hyundai Green Power Co., Ltd.		Power generation equipment consignment and operation service		Korea			29.00	%							88,885				121,955
Korea Power Exchange(*3)		Management of power market and others		Korea			100.00	%							127,839				269,728
Taebaek Wind Power Co., Ltd.		Power generation		Korea			25.00	%							3,810				6,800
Taebaek Guinemi Wind Power Co., Ltd.		Power generation		Korea			25.00	%							3,420				3,357
Pyeongchang Wind Power Co., Ltd.		Power generation		Korea			25.00	%							3,875				5,411
Daeryun Power Co., Ltd.(*2)		Power generation		Korea			9.34	%							40,854				25,426
Changjuk Wind Power Co., Ltd.		Power generation		Korea			30.00	%							3,801				8,355
KNH Solar Co., Ltd.		Power generation		Korea			27.00	%							1,296				2,278
SPC Power Corporation		Power generation		Philippines			38.00	%							20,635				65,046
Gemeng International Energy Co., Ltd.		Power generation		China			34.00	%							413,153				595,218
PT. Cirebon Electric Power		Power generation		Indonesia			27.50	%							40,365				121,969
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				35,077
PT. Bayan Resources TBK		Resources development		Indonesia			20.00	%							615,860				661,289
S-Power Co., Ltd.		Power generation		Korea			49.00	%							132,300				122,786
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				92,441
PT. Mutiara Jawa		Manufacturing and operating floating coal terminal		Indonesia			29.00	%							2,978				2,569
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				3,808
Goseong Green Power Co., Ltd.		Power generation		Korea			29.00	%							262,740				260,858
Gangneung Eco Power Co., Ltd.(*2)		Power generation		Korea			1.61	%							2,900				2,288
Shin Pyeongtaek Power Co., Ltd.		Power generation		Korea			40.00	%							72,000				93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Power generation		Korea			28.00	%							194				223
Dongducheon Dream Power Co., Ltd.(*6)		Power generation		Korea			33.61	%							148,105				74,198
Jinbhuvish Power Generation Pvt. Ltd.(*2)		Power generation		India			5.16	%							9,000				—
Daejung Offshore Wind Power Co., Ltd.		Power generation		Korea			46.59	%							5,190				1,704
GS Donghae Electric Power Co., Ltd.		Power generation		Korea			34.00	%							204,000				243,772
Daegu Photovoltaic Co., Ltd.		Power generation		Korea			29.00	%							1,230				2,342
Busan Green Energy Co., Ltd.		Power generation		Korea			29.00	%							5,243				5,032
Gunsan Bio Energy Co., Ltd.(*2)		Power generation		Korea			18.87	%							1,000				—
Korea Electric Vehicle Charging Service(*2)		Electric vehicle charge service		Korea			17.50	%							2,800				1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)		Electric material agency		Korea			28.98	%							537				219
Korea Electric Power Corporation Fund(*7)		Developing electric enterprises		Korea			98.09	%							48,410				47,983
Energy Infra Asset Management Co., Ltd.(*2)		Asset management		Korea			9.90	%							297				1,066
Daegu clean Energy Co., Ltd.		Renewable power generation		Korea			28.00	%							140				12
YaksuESS Co., Ltd.		Installing ESS related equipment		Korea			29.00	%							210				716
Nepal Water & Energy Development Company Private Limited (*8)		Construction and operation of utility plant		Nepal			69.06	%							70,228				66,333
Gwangyang Green Energy Co., Ltd.		Power generation		Korea			20.00	%							26,800				25,466
PND Solar Co., Ltd.		Power generation		Korea			29.00	%							1,250				1,229
Hyundai Eco Energy Co., Ltd.(*2)		Power generation		Korea			19.00	%							3,610				5,572
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)		Power generation		Korea			9.63	%							533				233
Green Energy Electricity Generation Co., Ltd.		Power generation		Korea			29.00	%							1,189				1,713
Korea Energy Solutions Co., Ltd.		R & D		Korea			20.00	%							300				123
ITR Co., Ltd.		R & D		Korea			20.00	%							50				32
Structure test network Co., Ltd.		Technical testing and consulting		Korea			20.00	%							25				306
Namjeongsusang Solar Power Operation Co., Ltd.(*9)		Power generation		Korea			15.00	%							969				361

2021
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
Indeck Niles Development, LLC(*10)		Power generation		USA			56.25	%		￦					268,113				246,273
Indeck Niles Asset Management, LLC		Power generation		USA			33.33	%							—				111
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Holding company		Korea			49.00	%							7,112				7,138
Suwon New Power Co., Ltd.		Power generation		Korea			39.90	%							798				1,035
KPGE Inc.		Power generation materials business		Korea			29.00	%							287				309
Gwangbaek Solar Power Investment Co., Ltd.		Power generation		Korea			44.00	%							4,757				4,806
Go deok Clean Energy Co., Ltd.		Fuel cell generation		Korea			40.00	%							5,560				4,302
SureDataLab Co., Ltd.		R & D		Korea			23.95	%							126				128
SEP Co., Ltd.		R & D		Korea			21.26	%							27				7
Hankook Electric Power Information Co., Ltd.		R & D		Korea			25.25	%							38				161
Tronix Co., Ltd.		R & D		Korea			20.00	%							75				109
O2&B Global Co., Ltd.		R & D		Korea			20.00	%							25				35
Muan Sunshine Solar Power Plant Co., Ltd.		Power generation		Korea			20.00	%							1,570				1,268
Bigeum Resident Photovoltaic Power Co., Ltd.		Power generation		Korea			29.90	%							1				—
Goesan Solar Park Co., Ltd.		Power generation		Korea			29.00	%							1,276				1,927
Saemangeum Heemang Photovoltaic Co., Ltd.		Power generation		Korea			35.00	%							11,022				10,238
Bitgoel Eco Energy Co., Ltd.		Power generation		Korea			29.00	%							4,640				4,356
Jeju Gimnyeong Wind Power Co., Ltd.		Power generation		Korea			30.00	%							714				911
Seoroseoro Sunny Power Plant Co., Ltd.		Power generation		Korea			42.58	%							706				721
Muan Solar Park Co., Ltd.		Power generation		Korea			20.00	%							4,400				6,083
YuDang Solar Co., Ltd.		Power generation		Korea			20.00	%							360				565
Anjwa Smart Farm & Solar City Co., Ltd.		Power generation		Korea			20.00	%							5,651				6,784
Daewon Green Energy Co., Ltd.		Power generation		Korea			25.36	%							3,910				3,877
G.GURU Co., Ltd.		R & D		Korea			24.65	%							493				403
UD4M Co., Ltd.(*2)		R & D		Korea			12.50	%							75				144
Dongbu Highway Solar Co., Ltd.		Power generation		Korea			20.00	%							190				265
Seobu Highway Solar Co., Ltd.		Power generation		Korea			20.00	%							195				289
Korea Energy Data Co., Ltd.		R & D		Korea			29.37	%							60				62
Gangneung Sacheon Fuel Cell Co., Ltd.(*7)		Power generation		Korea			65.00	%							1,950				1,878
Kosture Co., Ltd.(*2)		Coal recycling business		Korea			0.26	%							—				—
Digital Innovation Growth Fund(*7)		Holding company		Korea			76.92	%							10,000				9,890
Taebaek Gadeoksan Wind Power Co., Ltd.(*18)		Power generation		Korea			39.65	%							12,570				16,495
Chuncheon Green Energy Co., Ltd.(*7)		Power generation		Korea			68.00	%							3,400				3,372
Yeomsubong Wind Power Co., Ltd.		Power generation		Korea			48.72	%							95				95
Yeongyang Wind Power Corporation II		Power generation		Korea			30.00	%							7,965				7,965
Haeparang Energy Co., Ltd.		Power generation		Korea			25.00	%							2,241				2,241
Saemangeum Sebit Power Plant Co., Ltd.(*7)		Power generation		Korea			69.55	%							6,000				6,000
															3,059,835				5,232,373
<Joint ventures>
KEPCO-Uhde Inc.(*11)		Power generation		Korea			52.80	%							11,355				58
Shuweihat Asia Power Investment B.V.		Holding company		Netherlands			49.00	%							44,405				37,069
Shuweihat Asia Operation & Maintenance Company(*11)		Maintenance of utility plant		Cayman			55.00	%							30				1,380
Waterbury Lake Uranium L.P.		Resources development		Canada			33.10	%							26,602				21,590
ASM-BG Investicii AD		Power generation		Bulgaria			50.00	%							16,101				18,692
RES Technology AD		Power generation		Bulgaria			50.00	%							15,595				16,703
KV Holdings, Inc.		Power generation		Philippines			40.00	%							2,103				2,527
KEPCO SPC Power Corporation(*11)		Construction and operation of utility plant		Philippines			75.20	%							94,579				198,979
Gansu Datang Yumen Wind Power Co., Ltd.		Power generation		China			40.00	%							16,621				6,635
Datang Chifeng Renewable Power Co., Ltd.		Power generation		China			40.00	%							121,928				204,587
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		Power generation		China			40.00	%							39,872				44,217
Rabigh Electricity Company		Power generation		Saudi Arabia			40.00	%							109,743				143,678
Rabigh Operation & Maintenance Company Limited		Maintenance of utility plant		Saudi Arabia			40.00	%							70				4,071
Jamaica Public Service Company Limited		Power generation		Jamaica			40.00	%							301,910				294,649
KW Nuclear Components Co., Ltd.		Manufacturing		Korea			45.00	%							833				15,734
Busan Shinho Solar Power Co., Ltd.		Power generation		Korea			25.00	%							2,100				5,841

2021
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
Global Trade Of Power System Co., Ltd.(*12)		Exporting products and technology of small or medium business by proxy		Korea			29.00	%		￦					290				597
Expressway Solar-light Power Generation Co., Ltd.(*12)		Power generation		Korea			29.00	%							1,856				3,084
Amman Asia Electric Power Company(*11)		Power generation		Jordan			60.00	%							111,476				178,679
KAPES, Inc.(*11)		R & D		Korea			51.00	%							5,629				—
Honam Wind Power Co., Ltd.		Power generation		Korea			29.00	%							3,480				4,041
Korea Power Engineering Service Co., Ltd.		Construction and service		Korea			29.00	%							290				5,415
Chun-cheon Energy Co., Ltd.		Power generation		Korea			29.90	%							52,700				25,896
Yeonggwangbaeksu Wind Power Co., Ltd.(*12)		Power generation		Korea			15.00	%							3,000				2,728
Nghi Son 2 Power LLC		Power generation		Vietnam			50.00	%							2,781				—
Kelar S.A. (*11)		Power generation		Chile			65.00	%							78,060				86,695
PT. Tanjung Power Indonesia		Power generation		Indonesia			35.00	%							26,892				46,546
Incheon New Power Co., Ltd.(*13)		Power generation		Korea			29.00	%							461				—
Seokmun Energy Co., Ltd.		Power generation		Korea			29.00	%							15,370				13,842
Daehan Wind Power PSC		Power generation		Jordan			50.00	%							7,493				5,154
Barakah One Company(*14)		Power generation		UAE			18.00	%							118				—
Nawah Energy Company(*14)		Operation of utility plant		UAE			18.00	%							296				294
Momentum		International thermonuclear experimental reactor construction management		France			33.33	%							1				368
Daegu Green Power Co., Ltd.(*15)		Power generation		Korea			29.00	%							46,225				24,054
Yeonggwang Wind Power Co., Ltd.		Power generation		Korea			46.00	%							17,475				17,646
Chester Solar IV SpA		Power generation		Chile			45.00	%							1,700				—
Chester Solar V SpA		Power generation		Chile			45.00	%							525				25
Diego de Almagro Solar SpA		Power generation		Chile			45.00	%							2,091				362
South Jamaica Power Company Limited		Power generation		Jamaica			20.00	%							20,430				37,360
Daesan Green Energy Co., Ltd.		Power generation		Korea			35.00	%							17,850				21,244
RE Holiday Holdings LLC		Power generation		USA			50.00	%							42,948				73,167
RE Pioneer Holdings LLC		Power generation		USA			50.00	%							27,891				47,015
RE Barren Ridge 1 Holdings LLC		Power generation		USA			50.00	%							28,021				1,883
RE Astoria 2 LandCo LLC		Power generation		USA			50.00	%							5,188				5,998
RE Barren Ridge LandCo LLC		Power generation		USA			50.00	%							2,187				2,120
Laurel SpA		Power generation		Chile			45.00	%							1,222				290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.(*12)		Power generation		Australia			12.37	%							4,095				3,625
Chile Solar JV SpA		Power generation		Chile			50.00	%							37,689				32,457
Cheong-Song Noraesan Wind Power Co., Ltd.		Power generation		Korea			29.01	%							3,200				4,106
Chester Solar I SpA		Power generation		Chile			45.00	%							1,181				1,120
Solar Philippines Calatagan Corporation		Power generation		Philippines			38.00	%							47,903				58,231
Saemangeum Solar Power Co., Ltd. (*16)		Power generation		Korea			81.01	%							26,400				23,939
Chungsongmeon BongSan wind power Co., Ltd.(*12)		Power generation		Korea			29.00	%							2,900				3,808
Jaeun Resident Wind Power Plant Co., Ltd.		Power generation		Korea			29.00	%							2,494				1,958
DE Energia SpA		Power generation		Chile			49.00	%							8,364				8,921
Dangjin Eco Power Co., Ltd.		Power generation		Korea			34.00	%							25,661				26,109
Haemodum Solar Co., Ltd.		Power generation		Korea			49.00	%							2,940				3,081
Yangyang Wind Power Co., Ltd.		Power generation		Korea			50.00	%							12,000				11,191
Horus Solar, S.A. De C.V.(*17)		Renewable power generation		Mexico			14.95	%							5,068				5,842
Recursos Solares PV De Mexico II, S.A. De C.V.(*17)		Renewable power generation		Mexico			14.95	%							3,678				4,536
Sunmex Renovables, S.A. De C.V.(*17)		Renewable power generation		Mexico			14.95	%							1,678				1,610
Stavro Holding II A.B.		Holding company		Sweden			20.00	%							17,615				17,627
Solaseado Solar Power Co., Ltd.		Power generation		Korea			38.90	%							7,020				9,891
Yeongam Solar Power Co., Ltd.(*12)		Power generation		Korea			19.00	%							6,460				6,838
Samsu Wind Power Co., Ltd.(*12)		Power generation		Korea			19.00	%							2,637				2,828
Pulau Indah Power Plant Sdn. Bhd.		Power generation		Malaysia			25.00	%							23,833				22,099
Sam-Yang Photovoltaic Power Co., Ltd.		Power generation		Korea			49.00	%							5,245				4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		Holding company		Korea			29.53	%							19,983				21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream(*11)		Holding company		Korea			90.00	%							15,699				16,288

2021
Investees		Key operation activities		Location		Percentage of ownership								Acquisition cost				Book value
		In millions of won
PT Barito Wahana Tenaga		Power generation		Indonesia			30.61	%		￦					59,535				81,595
Cheongna Energy Co., Ltd.(*16)		Generating and distributing vapor and hot/cold water		Korea			50.10	%							49,344				11,198
Naepo Green Energy Co., Ltd.		Power generation		Korea			29.20	%							29,200				—
Dayone Energy Co., Ltd.(*19)		Power generation		Korea			30.66	%							71,070				—
OneEnergy Asia Limited		Power generation		Vietnam			40.00	%							76,916				79,700
KAS Investment I LLC		Holding company		USA			29.89	%							23,437				15,273
KAS Investment II LLC		Holding company		USA			29.89	%							23,343				15,213
Energyco Co., Ltd. (formerly, Energyco LLC)		Power generation		Korea			29.00	%							1,659				1,535
CAES, LLC		Holding company		USA			36.00	%							19,414				18,435
Hapcheon Floating Photovoltaic Power Plant Inc.(*12)		Power generation		Korea			49.00	%							7,512				6,971
Busan Industrial Solar Power Co., Ltd.		Power generation		Korea			28.02	%							510				612
Bitsolar Energy Co., Ltd.		Power generation		Korea			27.10	%							352				352
Pulau Indah O&M Sdn. Bhd.(*20)		Power generation		Malaysia			60.00	%							—				—
Guadalupe Solar SpA(*20)		Power generation		Chile			60.00	%							1,397				659
Omisan Wind Power Co., Ltd.		Power generation		Korea			42.00	%							10,752				10,633
Foresight Iberian Solar Group Holding, S.L.(*20)		Power generation		Spain			75.00	%							9,697				9,743
Yeongwol Eco Wind Co., Ltd.		Power generation		Korea			29.00	%							3,089				3,196
Gurae Resident Power Co., Ltd.		Power generation		Korea			29.00	%							386				395
Cheongju Eco Park Co., Ltd.		Power generation		Korea			29.00	%							5,858				5,465
Enel X Midland Photovoltaic, LLC		Power generation		Korea			20.00	%							1,695				1,688
Geumsungsan Wind Power Co., Ltd.		Power generation		Korea			29.00	%							6,531				6,053
KEPCO KPS Carabao Corp.		Utility plant maintenance		Philippines			40.00	%							93				386
Prime Swedish Holding AB		Holding company		Sweden			45.00	%							14,514				15,441
Goheung New Energy Co., Ltd.		Power generation		Korea			46.15	%							12,959				11,708
Gunsan Land Solar Co., Ltd.(*20)		Power generation		Korea			75.29	%							19,091				19,317
CapMan Lynx SCA, SICAR		Holding company		Luxembourg			50.00	%							9,601				9,976
International Offshore Power Transmission Holding Company Limited		Undersea transmission network operation		UAE			35.00	%							—				—
															2,069,491				2,239,011
										￦					5,129,326				7,471,384

(*1) Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.

(*2) The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.

(*3) The effective percentage of ownership is 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) 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 significant influence on the entity.

(*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 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.

(*8) 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.

(*9) 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.

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

(*11) 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.

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

(*13) 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.

(*14) The effective percentage of ownership is less than 20%. However, decisions in relevant actitvities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.

(*15) Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.

(*16) The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*17) 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.

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

(*19) According to the Dayone 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. 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.

(*20) The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(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, 2020 and 2021 are as follows:

Investees						2020				2021
						In millions of won
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		￦					45,048				115,339
Korea Gas Corporation(*)							584,010				738,990
YTN Co., Ltd.							27,000				26,550
SPC Power Corporation							139,698				203,589
PT. Bayan Resources TBK							798,510				1,495,801

(*) An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2020 and 2021 as management determined that the carrying amount of the investment in KOGAS at ￦1,647,325 million and ￦1,815,513 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, 2020 and 2021 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2020 and 2021.

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 4.60% and 4.90% was applied to post-tax cash flows respectively as at December 31, 2020 and 2021.

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, 2020 and 2021 are as follows:

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.							—				—				—				—				—				—				—				—
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

2020
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
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
YaksuESS 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
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

2020
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
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
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

2020
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
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
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.							—				—				—				—				—				—				—				—
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 a 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.

2021
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		￦					1,647,325				—				—				—				209,357				13,017				(54,186	)			1,815,513
Korea Electric Power Industrial Development Co., Ltd.							25,630				—				—				(1,966	)			378				—				575				24,617
YTN Co., Ltd.							40,549				—				—				(270	)			11,192				22				335				51,828
Gangwon Wind Power Co., Ltd.							11,443				—				—				(1,703	)			814				—				—				10,554
Hyundai Green Power Co., Ltd.							132,774				—				—				(8,888	)			(562	)			(1,346	)			(23	)			121,955
Korea Power Exchange							269,122				—				—				—				(10	)			—				616				269,728
Taebaek Wind Power Co., Ltd.							6,392				—				—				—				408				—				—				6,800
Taebaek Guinemi Wind Power Co., Ltd.							3,087				—				—				—				270				—				—				3,357
Pyeongchang Wind Power Co., Ltd.							5,027				—				—				—				384				—				—				5,411
Daeryun Power Co., Ltd.							26,353				—				—				—				(927	)			—				—				25,426
Changjuk Wind Power Co., Ltd.							7,867				—				—				(449	)			937				—				—				8,355
KNH Solar Co., Ltd.							2,436				—				—				—				(158	)			—				—				2,278
SPC Power Corporation							69,912				—				—				(20,468	)			5,311				10,291				—				65,046
Gemeng International Energy Co., Ltd.							679,708				—				—				(11,886	)			(154,930	)			82,326				—				595,218
PT. Cirebon Electric Power							117,811				—				—				(18,253	)			10,679				1,396				10,336				121,969
KNOC Nigerian East Oil Co., Ltd.							—				—				—				—				(14	)			(938	)			952				—
KNOC Nigerian West Oil Co., Ltd.							—				—				—				—				(15	)			(862	)			877				—
PT Wampu Electric Power							27,865				—				—				—				3,196				1,355				2,661				35,077
PT. Bayan Resources TBK							425,234				—				—				(68,666	)			267,874				36,885				(38	)			661,289
S-Power Co., Ltd.							110,292				—				—				—				12,437				57				—				122,786
Pioneer Gas Power Limited							—				—				—				—				—				—				—				—
Eurasia Energy Holdings							—				—				—				—				—				—				—				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							64,570				—				—				—				19,306				8,565				—				92,441
Hadong Mineral Fiber Co., Ltd.							—				—				—				—				—				—				—				—
PT. Mutiara Jawa							1,780				—				—				—				630				159				—				2,569
Samcheok Eco Materials Co., Ltd.							—				—				—				—				—				—				—				—
Noeul Green Energy Co., Ltd.							4,197				—				—				—				(389	)			—				—				3,808
Goseong Green Power Co., Ltd.							2,186				259,840				—				—				(1,168	)			—				—				260,858
Gangneung Eco Power Co., Ltd.							2,368				—				—				—				(80	)			—				—				2,288
Shin Pyeongtaek Power Co., Ltd.							69,591				—				—				—				23,476				—				7				93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.							210				—				—				—				13				—				—				223
Dongducheon Dream Power Co., Ltd.							80,637				—				—				—				(6,439	)			—				—				74,198
Jinbhuvish Power Generation Pvt. Ltd.							—				—				—				—				—				—				—				—
Daejung Offshore Wind Power Co., Ltd.							2,165				—				—				—				(461	)			—				—				1,704
GS Donghae Electric Power Co., Ltd.							244,426				—				—				(15,640	)			14,972				—				14				243,772
Daegu Photovoltaic Co., Ltd.							2,066				—				—				(206	)			482				—				—				2,342
Busan Green Energy Co., Ltd.							8,778				—				—				—				(3,750	)			—				4				5,032
Gunsan Bio Energy Co., Ltd.							—				—				—				—				—				—				—				—
Korea Electric Vehicle Charging Service							576				—				—				—				(283	)			—				957				1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)							200				—				—				—				19				—				—				219
Korea Electric Power Corporation Fund							41,926				—				(3,090	)			—				9,065				82				—				47,983
Energy Infra Asset Management Co., Ltd.							938				—				—				—				128				—				—				1,066
Daegu clean Energy Co., Ltd.							12				—				—				—				—				—				—				12
YaksuESS Co., Ltd.							454				—				—				—				262				—				—				716
Nepal Water & Energy Development Company Private Limited							42,677				19,960				—				—				(616	)			4,312				—				66,333
Gwangyang Green Energy Co., Ltd.							926				24,800				—				—				(138	)			(122	)			—				25,466
PND Solar Co., Ltd.							1,149				—				—				—				80				—				—				1,229
Hyundai Eco Energy Co., Ltd.							4,250				—				—				—				1,322				—				—				5,572
YeongGwang Yaksu Wind Electric Co., Ltd.							312				—				—				—				(79	)			—				—				233
Green Energy Electricity Generation Co., Ltd.							25				—				—				—				1,688				—				—				1,713
Korea Energy Solutions Co., Ltd.							197				—				—				—				(74	)			—				—				123
ITR Co., Ltd.							40				—				—				—				(8	)			—				—				32
Structure test network Co., Ltd.							27				—				—				—				279				—				—				306
Namjeongsusang Solar Power Operation Co., Ltd.							103				—				—				—				258				—				—				361
Indeck Niles Development, LLC							20,627				222,551				—				—				(13,160	)			6,652				9,603				246,273
Indeck Niles Asset Management, LLC							101				—				—				—				567				—				(557	)			111

2021
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		￦					7,326				—				(188	)			—				399				—				(399	)			7,138
Suwon New Power Co., Ltd.							1,054				—				—				—				(5	)			(14	)			—				1,035
KPGE Inc.							287				—				—				—				22				—				—				309
Gwangbaek Solar Power Investment Co., Ltd.							4,682				—				—				—				124				—				—				4,806
Go deok Clean Energy Co., Ltd.							960				3,730				—				—				(333	)			(55	)			—				4,302
SureDataLab Co., Ltd.							85				—				—				—				43				—				—				128
SEP Co., Ltd.							14				—				—				—				(7	)			—				—				7
Hankook Electric Power Information Co., Ltd.							139				—				—				—				22				—				—				161
Tronix Co., Ltd.							119				—				—				—				(10	)			—				—				109
O2&B Global Co., Ltd.							22				—				—				—				13				—				—				35
Muan Sunshine Solar Power Plant Co., Ltd.							1,096				—				—				—				172				—				—				1,268
Bigeum Resident Photovoltaic Power Co., Ltd.							—				—				—				—				—				—				—				—
Jeju SolarOne Co., Ltd.							159				45				(206	)			—				(1	)			—				3				—
Goesan Solar Park Co., Ltd.							1,684				—				—				—				249				(6	)			—				1,927
Saemangeum Heemang Photovoltaic Co., Ltd.							11,022				—				—				—				(784	)			—				—				10,238
Bitgoel Eco Energy Co., Ltd.							29				4,611				—				—				(261	)			(23	)			—				4,356
Jeju Gimnyeong Wind Power Co., Ltd.							1,578				—				—				—				(665	)			(2	)			—				911
Seoroseoro Sunny Power Plant Co., Ltd.							230				476				—				—				15				—				—				721
Muan Solar Park Co., Ltd.							4,180				220				—				—				1,683				—				—				6,083
YuDang Solar Co., Ltd.							360				—				—				—				205				—				—				565
Anjwa Smart Farm & Solar City Co., Ltd.							5,510				141				—				—				1,133				—				—				6,784
Daewon Green Energy Co., Ltd.							3,910				—				—				—				(33	)			—				—				3,877
G.GURU Co., Ltd.							—				493				—				—				(90	)			—				—				403
UD4M Co., Ltd.							—				75				—				—				217				—				(148	)			144
Dongbu Highway Solar Co., Ltd.							—				—				—				—				74				—				191				265
Seobu Highway Solar Co., Ltd.							—				—				—				—				94				—				195				289
Korea Energy Data Co., Ltd.							—				60				—				—				2				—				—				62
Gangneung Sacheon Fuel Cell Co., Ltd.							—				1,950				—				—				(72	)			—				—				1,878
Kosture Co., Ltd.							—				—				—				—				—				—				—				—
Digital Innovation Growth Fund							—				10,000				—				—				(110	)			—				—				9,890
Taebaek Gadeoksan Wind Power Co., Ltd.							—				—				—				—				2,532				—				13,963				16,495
Chuncheon Green Energy Co., Ltd.							—				3,400				—				—				(28	)			—				—				3,372
Yeomsubong Wind Power Co., Ltd.							—				95				—				—				—				—				—				95
Yeongyang Wind Power Corporation II							—				7,965				—				—				—				—				—				7,965
Haeparang Energy Co., Ltd.							—				2,241				—				—				—				—				—				2,241
Saemangeum Sebit Power Plant Co., Ltd.							—				6,000				—				—				—				—				—				6,000
							4,250,787				568,653				(3,484	)			(148,395	)			417,123				161,751				(14,062	)			5,232,373

2021
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
<Joint ventures>
KEPCO-Uhde Inc.		￦					100				—				—				—				(42	)			—				—				58
Shuweihat Asia Power Investment B.V.							13,264				—				—				(2,467	)			4,564				21,708				—				37,069
Shuweihat Asia Operation & Maintenance Company							1,057				—				—				(881	)			1,101				103				—				1,380
Waterbury Lake Uranium L.P.							19,797				—				—				—				—				1,793				—				21,590
ASM-BG Investicii AD							18,200				—				—				(2,703	)			2,700				495				—				18,692
RES Technology AD							15,930				—				—				(676	)			1,116				333				—				16,703
KV Holdings, Inc.							2,405				—				—				(901	)			962				61				—				2,527
KEPCO SPC Power Corporation							201,663				—				—				(35,763	)			37,073				(3,994	)			—				198,979
Gansu Datang Yumen Wind Power Co., Ltd.							6,530				—				—				—				(619	)			724				—				6,635
Datang Chifeng Renewable Power Co., Ltd.							188,478				—				—				(14,191	)			9,342				20,958				—				204,587
Datang KEPCO Chaoyang Renewable Power Co., Ltd.							42,530				—				—				(2,884	)			1,562				3,009				—				44,217
Rabigh Electricity Company							97,157				—				—				(7,221	)			17,896				35,846				—				143,678
Rabigh Operation & Maintenance Company Limited							3,813				—				—				(4,085	)			3,489				854				—				4,071
Jamaica Public Service Company Limited							266,221				—				—				(4,578	)			12,963				23,820				(3,777	)			294,649
KW Nuclear Components Co., Ltd.							11,171				—				—				(833	)			5,396				—				—				15,734
Busan Shinho Solar Power Co., Ltd.							5,378				—				—				(352	)			815				—				—				5,841
Global Trade Of Power System Co., Ltd.							546				—				—				—				51				—				—				597
Expressway Solar-light Power Generation Co., Ltd.							2,896				—				—				—				188				—				—				3,084
Amman Asia Electric Power Company							161,253				—				—				(27,428	)			18,487				26,367				—				178,679
KAPES, Inc.							—				—				—				—				—				—				—				—
Honam Wind Power Co., Ltd.							3,887				—				—				—				154				—				—				4,041
Jeongam Wind Power Co., Ltd.							4,620				5,808				(10,741	)			—				313				—				—				—
Korea Power Engineering Service Co., Ltd.							5,362				—				—				—				206				—				(153	)			5,415
Chun-cheon Energy Co., Ltd.							27,518				—				—				—				(1,622	)			—				—				25,896
Yeonggwangbaeksu Wind Power Co., Ltd.							3,124				—				—				—				(396	)			—				—				2,728
Nghi Son 2 Power LLC							—				—				—				—				—				—				—				—
Kelar S.A.							71,449				—				—				—				2,121				6,416				6,709				86,695
PT. Tanjung Power Indonesia							33,063				—				—				—				5,027				9,029				(573	)			46,546
Incheon New Power Co., Ltd.							—				—				—				—				—				—				—				—
Seokmun Energy Co., Ltd.							14,814				—				—				—				(972	)			—				—				13,842
Daehan Wind Power PSC							—				—				—				—				3,791				1,363				—				5,154
Barakah One Company							—				—				—				—				—				—				—				—
Nawah Energy Company							270				—				—				—				—				24				—				294
Momentum							565				—				—				(569	)			368				4				—				368
Daegu Green Power Co., Ltd.							23,045				—				—				—				982				—				27				24,054
Yeonggwang Wind Power Co., Ltd.							17,256				—				—				—				390				—				—				17,646
Chester Solar IV SpA							1,064				—				—				—				(1,083	)			(36	)			55				—
Chester Solar V SpA							277				—				—				—				(269	)			2				15				25
Diego de Almagro Solar SpA							1,490				—				—				—				(1,095	)			(123	)			90				362
South Jamaica Power Company Limited							31,897				—				—				—				2,515				2,949				(1	)			37,360
Daesan Green Energy Co., Ltd.							22,552				—				—				—				(1,308	)			—				—				21,244
RE Holiday Holdings LLC							68,809				—				—				(9,577	)			6,299				7,636				—				73,167
RE Pioneer Holdings LLC							49,639				—				—				(14,199	)			5,556				6,019				—				47,015
RE Barren Ridge 1 Holdings LLC							4,466				—				—				(1,365	)			(3,162	)			1,944				—				1,883
RE Astoria 2 LandCo LLC							5,230				—				—				(337	)			619				486				—				5,998
RE Barren Ridge LandCo LLC							1,847				—				—				(140	)			240				173				—				2,120
Laurel SpA							1,092				—				—				—				(798	)			(71	)			67				290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							4,129				—				—				—				(111	)			(393	)			—				3,625
Chile Solar JV SpA							34,883				—				—				—				831				(3,257	)			—				32,457
Cheong-Song Noraesan Wind Power Co., Ltd.							3,453				—				—				—				653				—				—				4,106
Chester Solar I SpA							1,621				—				—				—				(430	)			(195	)			124				1,120
Solar Philippines Calatagan Corporation							49,017				—				—				(5,961	)			5,961				9,214				—				58,231
Saemangeum Solar Power Co., Ltd.							24,292				1				—				—				(354	)			—				—				23,939

2021
Investees						Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehensive income (loss)				Others				Ending balance
						In millions of won
Chungsongmeon BongSan wind power Co., Ltd.		￦					4,124				—				—				—				(316	)			—				—				3,808
Jaeun Resident Wind Power Plant Co., Ltd.							2,195				—				—				—				(237	)			—				—				1,958
DE Energia SpA							8,187				—				—				—				—				734				—				8,921
Dangjin Eco Power Co., Ltd.							25,523				—				—				—				274				312				—				26,109
Haemodum Solar Co., Ltd.							3,065				—				—				—				16				—				—				3,081
Yangyang Wind Power Co., Ltd.							10,485				1,200				—				—				(488	)			(6	)			—				11,191
Horus Solar, S.A. De C.V.							3,394				—				—				—				2,396				52				—				5,842
Recursos Solares PV De Mexico II, S.A. DE C.V.							3,660				—				—				—				766				110				—				4,536
Sunmex Renovables, S.A. De C.V.							240				1,371				—				—				(49	)			48				—				1,610
Stavro Holding II A.B.							9,277				8,684				—				—				(55	)			(271	)			(8	)			17,627
Solaseado Solar Power Co., Ltd.							9,915				—				—				—				(24	)			—				—				9,891
Yeongam Solar Power Co., Ltd.							6,042				—				—				—				796				—				—				6,838
Samsu Wind Power Co., Ltd.							2,607				—				—				—				221				—				—				2,828
Pulau Indah Power Plant Sdn. Bhd.							11,204				12,264				—				—				(519	)			(850	)			—				22,099
Sam-Yang Photovoltaic Power Co., Ltd.							5,535				—				—				—				(542	)			—				—				4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21							22,242				—				(969	)			(1,727	)			1,910				—				—				21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream							16,129				—				—				—				159				—				—				16,288
PT Barito Wahana Tenaga							63,029				140				—				—				4,194				14,232				—				81,595
Cheongna Energy Co., Ltd.							4,940				—				—				—				6,258				—				—				11,198
Naepo Green Energy Co., Ltd.							—				—				—				—				—				—				—				—
Dayone Energy Co., Ltd.							—				—				—				—				—				—				—				—
OneEnergy Asia Limited							56,654				20,262				—				—				(1,138	)			3,922				—				79,700
KAS Investment I LLC							23,437				—				—				—				(6,876	)			(1,288	)			—				15,273
KAS Investment II LLC							23,343				—				—				—				(6,515	)			(1,615	)			—				15,213
Energyco Co., Ltd. (formerly, Energyco LLC)							1,659				—				—				—				(60	)			(64	)			—				1,535
CAES, LLC							17,626				—				—				(1,009	)			(331	)			850				1,299				18,435
Hapcheon Floating Photovoltaic Power Plant Inc.							1,890				5,622				—				—				(541	)			—				—				6,971
Busan Industrial Solar Power Co., Ltd.							510				—				—				—				102				—				—				612
Bitsolar Energy Co., Ltd.							352				—				—				—				—				—				—				352
Pulau Indah O&M Sdn. Bhd.							—				—				—				—				—				—				—				—
Guadalupe Solar SpA							—				1,397				—				—				(672	)			(66	)			—				659
Omisan Wind Power Co., Ltd.							—				10,752				—				—				(119	)			—				—				10,633
Foresight Iberian Solar Group Holding, S.L.							—				—				—				—				72				—				9,671				9,743
Yeongwol Eco Wind Co., Ltd.							—				3,089				—				—				122				(15	)			—				3,196
Gurae Resident Power Co., Ltd.							—				386				—				—				12				(3	)			—				395
Cheongju Eco Park Co., Ltd.							—				5,858				—				—				(393	)			—				—				5,465
Enel X Midland Photovoltaic, LLC							—				1,695				—				—				(7	)			—				—				1,688
Geumsungsan Wind Power Co., Ltd.							—				6,531				—				—				(478	)			—				—				6,053
KEPCO KPS Carabao Corp.							—				93				—				—				293				—				—				386
Prime Swedish Holding AB							—				8,155				—				—				22				1,060				6,204				15,441
Taebaek Gadeoksan Wind Power Co., Ltd.							13,362				—				—				—				762				—				(14,124	)			—
Goheung New Energy Co., Ltd.							—				12,959				—				—				(1,251	)			—				—				11,708
Gunsan Land Solar Co., Ltd.							—				19,091				—				—				324				(98	)			—				19,317
CapMan Lynx SCA, SICAR							—				9,601				—				—				375				—				—				9,976
International Offshore Power Transmission Holding Company Limited							—				—				—				—				—				—				—				—
							1,919,746				134,959				(11,710	)			(139,847	)			139,933				190,305				5,625				2,239,011
		￦					6,170,533				703,612				(15,194	)			(288,242	)			557,056				352,056				(8,437	)			7,471,384

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows:

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

2020
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the period
						In millions of won
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	)

2020
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the period
						In millions of won
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.

2021
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						In millions of won
<Associates>
Korea Gas Corporation(*1)		￦					43,669,902				34,550,567				27,520,756				950,757
Korea Electric Power Industrial Development Co., Ltd.							158,163				73,278				312,705				7,233
YTN Co., Ltd.							367,950				126,062				137,439				51,044
Gangwon Wind Power Co., Ltd.							71,153				1,121				19,623				5,433
Hyundai Green Power Co., Ltd.							812,287				391,754				101,818				(280	)
Korea Power Exchange							331,640				61,912				110,075				492
Taebaek Wind Power Co., Ltd.							30,375				3,176				5,744				1,588
Taebaek Guinemi Wind Power Co., Ltd.							43,411				29,985				5,910				1,371
Pyeongchang Wind Power Co., Ltd.							69,939				48,295				10,087				1,537
Daeryun Power Co., Ltd.							757,157				476,152				188,193				(10,232	)
Changjuk Wind Power Co., Ltd.							29,539				1,690				6,213				3,265
KNH Solar Co., Ltd.							13,859				5,423				3,222				805
SPC Power Corporation							242,058				18,535				54,042				35,441
Gemeng International Energy Co., Ltd.							8,151,333				5,976,164				2,511,377				(404,570	)
PT. Cirebon Electric Power							697,614				254,089				273,650				39,965
KNOC Nigerian East Oil Co., Ltd.							24,693				102,722				—				(99	)
KNOC Nigerian West Oil Co., Ltd.							26,625				98,360				—				(99	)
PT Wampu Electric Power							209,172				132,917				20,294				7,102
PT. Bayan Resources TBK							2,884,474				743,452				3,264,057				1,456,893
S-Power Co., Ltd.							856,963				603,519				608,259				24,998
Pioneer Gas Power Limited							282,577				438,366				—				(36,864	)
Eurasia Energy Holdings							606				1,082				—				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							1,321,406				947,430				161,686				76,996
PT. Mutiara Jawa							24,355				15,498				10,958				2,835
Samcheok Eco Materials Co., Ltd.							26,545				1,854				14,281				1,237
Noeul Green Energy Co., Ltd.							109,354				96,222				36,029				(1,269	)
Goseong Green Power Co., Ltd.							5,412,537				4,509,791				740,028				51,450
Gangneung Eco Power Co., Ltd.							4,001,681				3,851,537				—				(4,188	)
Shin Pyeongtaek Power Co., Ltd.							1,028,028				764,551				653,117				57,202
Haeng Bok Do Si Photovoltaic Power Co., Ltd.							1,823				1,033				426				46
Dongducheon Dream Power Co., Ltd.							1,398,244				1,139,521				750,127				(16,685	)
Jinbhuvish Power Generation Pvt. Ltd.							62,926				12,995				—				—
Daejung Offshore Wind Power Co., Ltd.							5,321				1,664				—				(149	)
GS Donghae Electric Power Co., Ltd.							2,149,060				1,432,083				760,323				44,035
Daegu Photovoltaic Co., Ltd.							13,046				4,970				3,519				1,621
Busan Green Energy Co., Ltd.							163,016				145,664				45,088				(10,843	)
Gunsan Bio Energy Co., Ltd.							8,503				28,981				—				(1,496	)
Korea Electric Vehicle Charging Service							13,351				6,207				13,808				(1,022	)
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)							1,409				100				836				64
Korea Electric Power Corporation Fund							49,150				237				9,773				9,534
Energy Infra Asset Management Co., Ltd.							11,196				426				4,703				1,306
Daegu clean Energy Co., Ltd.							368				324				—				(1	)
YaksuESS Co., Ltd.							6,999				4,535				1,715				903
Nepal Water & Energy Development Company Private Limited							153,184				58,545				—				(642	)
Gwangyang Green Energy Co., Ltd.							128,375				1,136				—				(688	)
PND Solar Co., Ltd.							37,152				33,444				5,078				(128	)
Hyundai Eco Energy Co., Ltd.							186,309				158,111				25,762				6,921
YeongGwang Yaksu Wind Electric Co., Ltd.							40,484				41,176				7,066				(914	)
Green Energy Electricity Generation Co., Ltd.							75,664				72,442				2,796				(58	)
Korea Energy Solutions Co., Ltd.							654				40				228				(347	)
ITR Co., Ltd.							529				372				135				(29	)
Structure test network Co., Ltd.							1,665				400				1,451				1,134
Namjeongsusang Solar Power Operation Co., Ltd.							56,376				54,104				7,095				(1,280	)
Indeck Niles Development, LLC							1,051,557				729,078				—				(25,184	)
Indeck Niles Asset Management, LLC							347				13				2,232				1,135

2021
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						In millions of won
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		￦					14,778				211				848				815
Suwon New Power Co., Ltd.							1,997				30				—				2
KPGE Inc.							1,086				20				709				77
Gwangbaek Solar Power Investment Co., Ltd.							320,001				309,796				14,615				125
Go deok Clean Energy Co., Ltd.							65,566				54,811				—				(2,482	)
SureDataLab Co., Ltd.							612				79				733				205
SEP Co., Ltd.							132				100				—				(2	)
Hankook Electric Power Information Co., Ltd.							1,512				876				1,887				229
Tronix Co., Ltd.							1,002				455				2,228				89
O2&B Global Co., Ltd.							231				54				345				3
Muan Sunshine Solar Power Plant Co., Ltd.							142,858				138,987				15,582				(156	)
Bigeum Resident Photovoltaic Power Co., Ltd.							22,159				23,158				—				(608	)
Goesan Solar Park Co., Ltd.							52,443				45,799				6,388				836
Saemangeum Heemang Photovoltaic Co., Ltd.							157,298				130,158				902				(2,237	)
Bitgoel Eco Energy Co., Ltd.							51,471				36,450				—				(900	)
Jeju Gimnyeong Wind Power Co., Ltd.							65,754				62,716				6,915				(2,085	)
Seoroseoro Sunny Power Plant Co., Ltd.							5,833				4,186				469				36
Muan Solar Park Co., Ltd.							226,920				198,132				30,990				8,639
YuDang Solar Co., Ltd.							22,430				19,604				3,452				626
Anjwa Smart Farm & Solar City Co., Ltd.							278,981				249,143				37,691				5,996
Daewon Green Energy Co., Ltd.							131,218				116,100				18				(130	)
G.GURU Co., Ltd.							1,644				8				58				(346	)
UD4M Co., Ltd.							1,359				205				1,004				196
Dongbu Highway Solar Co., Ltd.							18,794				17,721				2,394				163
Seobu Highway Solar Co., Ltd.							19,828				18,384				2,647				315
Korea Energy Data Co., Ltd.							238				27				86				6
Gangneung Sacheon Fuel Cell Co., Ltd.							2,758				3				—				(123	)
Kosture Co., Ltd.							150				26				166				11
Digital Innovation Growth Fund							12,857				—				4				(143	)
Taebaek Gadeoksan Wind Power Co., Ltd.							166,172				124,570				22,773				8,732
Chuncheon Green Energy Co., Ltd.							4,901				20				—				(101	)
Yeomsubong Wind Power Co., Ltd.							400				396				—				(17	)
Yeongyang Wind Power Corporation II							28,972				9,456				—				(1,233	)
Haeparang Energy Co., Ltd.							9,566				681				—				(2	)
Saemangeum Sebit Power Plant Co., Ltd.							105,259				96,963				—				(190	)
<Joint ventures>
KEPCO-Uhde Inc.							128				14				—				(84	)
Shuweihat Asia Power Investment B.V.							75,652				—				—				23,905
Shuweihat Asia Operation & Maintenance Company							2,586				77				2,821				2,002
Waterbury Lake Uranium L.P.							65,240				14				—				—
ASM-BG Investicii AD							74,977				37,593				13,161				5,365
RES Technology AD							63,495				30,090				8,142				2,220
KV Holdings, Inc.							6,318				1				10				2,405
KEPCO SPC Power Corporation							290,981				26,381				181,443				49,499
Gansu Datang Yumen Wind Power Co., Ltd.							75,268				58,680				9,666				(1,547	)
Datang Chifeng Renewable Power Co., Ltd.							827,213				315,746				120,989				24,398
Datang KEPCO Chaoyang Renewable Power Co., Ltd.							198,437				87,895				29,094				3,905
Rabigh Electricity Company							2,410,335				1,910,203				266,822				34,268
Rabigh Operation & Maintenance Company Limited							29,107				18,930				32,079				9,808
Jamaica Public Service Company Limited							2,174,800				1,469,297				1,113,943				41,277
KW Nuclear Components Co., Ltd.							42,033				6,678				32,938				12,335
Busan Shinho Solar Power Co., Ltd.							37,016				13,653				7,918				3,261
Global Trade Of Power System Co., Ltd.							2,443				385				6,355				76
Expressway Solar-light Power Generation Co., Ltd.							13,747				3,113				2,637				466
Amman Asia Electric Power Company							731,745				433,946				17,753				30,815

2021
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						In millions of won
KAPES, Inc.		￦					92,790				59,099				87,775				1,571
Honam Wind Power Co., Ltd.							33,623				19,800				5,395				531
Korea Power Engineering Service Co., Ltd.							24,068				5,397				11,259				709
Chun-cheon Energy Co., Ltd.							610,650				523,223				327,534				(5,451	)
Yeonggwangbaeksu Wind Power Co., Ltd.							82,439				64,290				8,411				(2,302	)
Nghi Son 2 Power LLC							2,982,805				3,020,684				548,027				84,276
Kelar S.A.							655,236				526,063				84,504				3,641
PT. Tanjung Power Indonesia							713,715				580,727				89,491				14,511
Incheon New Power Co., Ltd.							3,240				2,606				2,336				109
Seokmun Energy Co., Ltd.							219,414				171,682				41,555				(3,434	)
Daehan Wind Power PSC							137,388				127,080				6,794				7,581
Barakah One Company							29,707,801				29,951,656				253,653				4,011
Nawah Energy Company							155,191				153,559				—				—
Momentum							7,546				6,442				34,527				1,105
Daegu Green Power Co., Ltd.							541,304				459,536				295,645				1,796
Yeonggwang Wind Power Co., Ltd.							239,701				202,410				25,892				958
Chester Solar IV SpA							11,966				12,144				1,344				(2,060	)
Chester Solar V SpA							4,034				4,256				440				(601	)
Diego de Almagro Solar SpA							15,155				14,572				1,615				(2,103	)
South Jamaica Power Company Limited							474,664				287,852				224,159				5,743
Daesan Green Energy Co., Ltd.							264,618				203,921				88,147				(3,310	)
RE Holiday Holdings LLC							335,130				188,796				19,724				10,897
RE Pioneer Holdings LLC							220,390				126,361				12,925				9,307
RE Barren Ridge 1 Holdings LLC							201,629				87,291				10,575				(541	)
RE Astoria 2 LandCo LLC							12,294				298				889				799
RE Barren Ridge LandCo LLC							4,328				89				345				315
Laurel SpA							10,566				10,350				1,159				(1,425	)
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							30,809				1,573				—				(916	)
Chile Solar JV SpA							68,445				3,531				3,060				1,408
Cheong-Song Noraesan Wind Power Co., Ltd.							57,047				43,106				7,929				2,309
Chester Solar I SpA							12,965				11,043				1,065				(1,146	)
Solar Philippines Calatagan Corporation							117,324				46,759				19,418				11,782
Saemangeum Solar Power Co., Ltd.							35,323				5,771				—				(631	)
Chungsongmeon BongSan wind power Co., Ltd.							74,683				67,696				—				(1,186	)
Jaeun Resident Wind Power Plant Co., Ltd.							81,477				74,724				—				(1,325	)
DE Energia SpA							49,201				59,587				5,219				(2,954	)
Dangjin Eco Power Co., Ltd.							98,010				22,223				4,139				805
Haemodum Solar Co., Ltd.							23,038				16,750				1,799				45
Yangyang Wind Power Co., Ltd.							53,586				31,291				—				(965	)
Horus Solar, S.A. De C.V.							192,650				177,514				8,392				16,664
Recursos Solares PV De Mexico II, S.A. De C.V.							153,855				138,033				—				4,842
Sunmex Renovables, S.A. De C.V.							90,956				80,218				—				(333	)
Stavro Holding II A.B.							88,220				87				—				(276	)
Solaseado Solar Power Co., Ltd.							367,915				345,987				41,684				4,170
Yeongam Solar Power Co., Ltd.							324,132				292,213				37,301				4,930
Samsu Wind Power Co., Ltd.							69,213				54,331				3,918				1,162
Pulau Indah Power Plant Sdn. Bhd.							404,458				338,635				228				(2,589	)
Sam-Yang Photovoltaic Power Co., Ltd.							50,837				40,647				7,376				150
NH-Amundi Global Infrastructure Investment Private Investment Trust 21							70,910				38				3,428				6,468
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream							18,121				23				333				288
PT Barito Wahana Tenaga							266,584				39				—				25,839
Cheongna Energy Co., Ltd.							357,248				338,763				77,640				12,743
Naepo Green Energy Co., Ltd.							222,885				249,415				7,044				(21,392	)
Dayone Energy Co., Ltd.							452,509				504,351				143,870				409

2021
Investees						Total assets				Total liabilities				Sales				Profit (loss) for the year
						In millions of won
OneEnergy Asia Limited		￦					136,247				777				—				(2,844	)
KAS Investment I LLC							52,681				1,583				(19,390	)			(23,007	)
KAS Investment II LLC							52,476				1,581				(19,311	)			(21,801	)
Energyco Co., Ltd. (formerly, Energyco LLC)							59,662				57,227				168				(2,514	)
CAES, LLC							43,089				—				—				(923	)
Hapcheon Floating Photovoltaic Power Plant Inc.							73,978				59,832				1,120				(972	)
Busan Industrial Solar Power Co., Ltd.							19,085				17,937				1,879				566
Bitsolar Energy Co., Ltd.							80,307				85,340				8,298				(1,105	)
Pulau Indah O&M Sdn. Bhd.							—				—				—				—
Guadalupe Solar SpA							8,774				7,839				12				(1,119	)
Omisan Wind Power Co., Ltd.							128,724				103,802				—				(320	)
Foresight Iberian Solar Group Holding, S.L.							90,610				79,519				168				(603	)
Yeongwol Eco Wind Co., Ltd.							43,784				39,066				—				421
Gurae Resident Power Co., Ltd.							6,932				5,734				—				42
Cheongju Eco Park Co., Ltd.							138,657				120,485				6,454				(1,708	)
Enel X Midland Photovoltaic, LLC							9,053				611				122				(31	)
Geumsungsan Wind Power Co., Ltd.							66,862				47,906				—				(2,146	)
KEPCO KPS Carabao Corp.							3,482				2,516				5,309				733
Prime Swedish Holding AB							34,257				20				—				(5	)
Goheung New Energy Co., Ltd.							55,145				32,125				—				(2,711	)
Gunsan Land Solar Co., Ltd.							86,654				60,996				432				432
CapMan Lynx SCA, SICAR							113,658				93,706				—				—
International Offshore Power Transmission Holding Company Limited							5				—				—				—

(*1) The profit for the year ended December 31, 2021 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, 2020 and 2021 are as follows:

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

2020
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
<Associates>
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				—

2020
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
<Joint ventures>
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

2020
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
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.							(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.

2021
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		￦					9,119,335				20.47	%			1,866,728				—				—				(51,215	)			1,815,513
Korea Electric Power Industrial Development Co., Ltd.							84,885				29.00	%			24,617				—				—				—				24,617
YTN Co., Ltd.							241,863				21.43	%			51,828				—				—				—				51,828
Gangwon Wind Power Co., Ltd.							70,032				15.00	%			10,505				49				—				—				10,554
Hyundai Green Power Co., Ltd.							420,533				29.00	%			121,955				—				—				—				121,955
Korea Power Exchange							269,728				100.00	%			269,728				—				—				—				269,728
Taebaek Wind Power Co., Ltd.							27,199				25.00	%			6,800				—				—				—				6,800
Taebaek Guinemi Wind Power Co., Ltd.							13,426				25.00	%			3,357				—				—				—				3,357
Pyeongchang Wind Power Co., Ltd.							21,644				25.00	%			5,411				—				—				—				5,411
Daeryun Power Co., Ltd.							281,005				9.34	%			26,246				—				—				(820	)			25,426
Changjuk Wind Power Co., Ltd.							27,849				30.00	%			8,355				—				—				—				8,355
KNH Solar Co., Ltd.							8,436				27.00	%			2,278				—				—				—				2,278
SPC Power Corporation							223,523				38.00	%			84,939				—				—				(19,893	)			65,046
Gemeng International Energy Co., Ltd.							2,175,169				34.00	%			739,557				—				—				(144,339	)			595,218
PT. Cirebon Electric Power							443,525				27.50	%			121,969				—				—				—				121,969
KNOC Nigerian East Oil Co., Ltd.							(78,029	)			14.63	%			(11,416	)			—				—				11,416				—
KNOC Nigerian West Oil Co., Ltd.							(71,735	)			14.63	%			(10,495	)			—				—				10,495				—
PT Wampu Electric Power							76,255				46.00	%			35,077				—				—				—				35,077
PT. Bayan Resources TBK							2,141,022				20.00	%			428,204				309,464				—				(76,379	)			661,289
S-Power Co., Ltd.							253,444				49.00	%			124,188				—				(1,402	)			—				122,786
Pioneer Gas Power Limited							(155,789	)			38.50	%			(59,975	)			22,278				—				37,697				—
Eurasia Energy Holdings							(476	)			40.00	%			(190	)			—				—				190				—
Xe-Pian Xe-Namnoy Power Co., Ltd.							373,976				25.00	%			93,494				305				(1,069	)			(289	)			92,441
PT. Mutiara Jawa							8,857				29.00	%			2,569				—				—				—				2,569
Samcheok Eco Materials Co., Ltd.							24,691				25.54	%			6,306				—				—				(6,306	)			—
Noeul Green Energy Co., Ltd.							13,132				29.00	%			3,808				—				—				—				3,808
Goseong Green Power Co., Ltd.							902,746				29.00	%			261,796				—				(938	)			—				260,858
Gangneung Eco Power Co., Ltd.							150,144				1.61	%			2,419				—				(131	)			—				2,288
Shin Pyeongtaek Power Co., Ltd.							263,477				40.00	%			105,391				3,559				(15,876	)			—				93,074
Haeng Bok Do Si Photovoltaic Power Co., Ltd.							790				28.00	%			221				—				—				2				223
Dongducheon Dream Power Co., Ltd.							258,723				34.01	%			87,992				1,757				(2,969	)			(12,582	)			74,198
Jinbhuvish Power Generation Pvt. Ltd.							49,931				5.16	%			2,576				—				—				(2,576	)			—
Daejung Offshore Wind Power Co., Ltd.							3,657				46.59	%			1,704				—				—				—				1,704
GS Donghae Electric Power Co., Ltd.							716,977				34.00	%			243,772				—				—				—				243,772
Daegu Photovoltaic Co., Ltd.							8,076				29.00	%			2,342				—				—				—				2,342
Busan Green Energy Co., Ltd.							17,352				29.00	%			5,032				—				—				—				5,032
Gunsan Bio Energy Co., Ltd.							(20,478	)			18.87	%			(3,864	)			—				—				3,864				—
Korea Electric Vehicle Charging Service							7,144				17.50	%			1,250				—				—				—				1,250
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)							1,309				28.98	%			379				—				—				(160	)			219
Korea Electric Power Corporation Fund							48,913				98.09	%			47,979				—				—				4				47,983
Energy Infra Asset Management Co., Ltd.							10,770				9.90	%			1,066				—				—				—				1,066
Daegu clean Energy Co., Ltd.							44				28.00	%			12				—				—				—				12
YaksuESS Co., Ltd.							2,464				29.00	%			715				1				—				—				716
Nepal Water & Energy Development Company Private Limited							94,639				69.06	%			65,361				972				—				—				66,333
Gwangyang Green Energy Co., Ltd.							127,239				20.00	%			25,448				18				—				—				25,466
PND Solar Co., Ltd.							3,708				29.00	%			1,075				154				—				—				1,229
Hyundai Eco Energy Co., Ltd.							28,198				19.00	%			5,358				214				—				—				5,572
YeongGwang Yaksu Wind Electric Co., Ltd.							(692	)			9.63	%			(67	)			300				—				—				233
Green Energy Electricity Generation Co., Ltd.							3,222				29.00	%			934				779				—				—				1,713
Korea Energy Solutions Co., Ltd.							614				20.00	%			123				—				—				—				123
ITR Co., Ltd.							157				20.00	%			31				1				—				—				32
Structure Test Network Co., Ltd.							1,265				20.00	%			253				53				—				—				306

2021
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
<Associates>
Namjeongsusang Solar Power Operation Co., Ltd.		￦					2,272				15.00	%			341				20				—				—				361
Indeck Niles Development, LLC							322,479				56.25	%			181,395				64,878				—				—				246,273
Indeck Niles Asset Management, LLC							334				33.33	%			111				—				—				—				111
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1							14,567				49.00	%			7,138				—				—				—				7,138
Suwon New Power Co., Ltd.							1,967				39.90	%			785				—				250				—				1,035
KPGE Inc.							1,066				29.00	%			309				—				—				—				309
Gwangbaek Solar Power Investment Co., Ltd.							10,205				44.00	%			4,490				316				—				—				4,806
Go deok Clean Energy Co., Ltd.							10,755				40.00	%			4,302				—				—				—				4,302
SureDataLab Co., Ltd.							533				23.95	%			128				—				—				—				128
SEP Co., Ltd.							32				21.26	%			7				—				—				—				7
Hankook Electric Power Information Co., Ltd.							636				25.25	%			161				—				—				—				161
Tronix Co., Ltd.							547				20.00	%			109				—				—				—				109
O2&B Global Co., Ltd.							177				20.00	%			35				—				—				—				35
Muan Sunshine Solar Power Plant Co., Ltd.							3,871				20.00	%			774				494				—				—				1,268
Bigeum Resident Photovoltaic Power Co., Ltd.							(999	)			29.90	%			(299	)			24				—				275				—
Goesan Solar Park Co., Ltd.							6,644				29.00	%			1,927				—				—				—				1,927
Saemangeum Heemang Photovoltaic Co., Ltd.							27,140				35.00	%			9,499				739				—				—				10,238
Bitgoel Eco Energy Co., Ltd.							15,021				29.00	%			4,356				—				—				—				4,356
Jeju Gimnyeong Wind Power Co., Ltd.							3,038				30.00	%			911				—				—				—				911
Seoroseoro Sunny Power Plant Co., Ltd.							1,647				42.58	%			701				20				—				—				721
Muan Solar Park Co., Ltd.							28,788				20.00	%			5,758				325				—				—				6,083
YuDang Solar Co., Ltd.							2,826				20.00	%			565				—				—				—				565
Anjwa Smart Farm & Solar City Co., Ltd.							29,838				20.00	%			5,968				816				—				—				6,784
Daewon Green Energy Co., Ltd.							15,118				25.36	%			3,833				44				—				—				3,877
G.GURU Co., Ltd.							1,636				24.65	%			403				—				—				—				403
UD4M Co., Ltd.							1,154				12.50	%			144				—				—				—				144
Dongbu Highway Solar Co., Ltd.							1,073				20.00	%			215				50				—				—				265
Seobu Highway Solar Co., Ltd.							1,444				20.00	%			289				—				—				—				289
Korea Energy Data Co., Ltd.							211				29.37	%			62				—				—				—				62
Gangneung Sacheon Fuel Cell Co., Ltd.							2,755				65.00	%			1,791				87				—				—				1,878
Kosture Co., Ltd.							124				0.26	%			—				—				—				—				—
Digital Innovation Growth Fund							12,857				76.92	%			9,890				—				—				—				9,890
Taebaek Gadeoksan Wind Power Co., Ltd.							41,602				39.65	%			16,495				—				—				—				16,495
Chuncheon Green Energy Co., Ltd.							4,881				68.00	%			3,319				53				—				—				3,372
Yeomsubong Wind Power Co., Ltd.							4				48.72	%			2				93				—				—				95
Yeongyang Wind Power Corporation II							19,516				30.00	%			5,855				2,110				—				—				7,965
Haeparang Energy Co., Ltd.							8,885				25.00	%			2,221				20				—				—				2,241
Saemangeum Sebit Power Plant Co., Ltd.							8,296				69.55	%			5,770				230				—				—				6,000
<Joint ventures>
KEPCO-Uhde Inc.							114				50.85	%			58				—				—				—				58
Shuweihat Asia Power Investment B.V.							75,652				49.00	%			37,069				—				—				—				37,069
Shuweihat Asia Operation & Maintenance Company							2,509				55.00	%			1,380				—				—				—				1,380
Waterbury Lake Uranium L.P.							65,226				33.10	%			21,590				—				—				—				21,590
ASM-BG Investicii AD							37,384				50.00	%			18,692				—				—				—				18,692
RES Technology AD							33,405				50.00	%			16,703				—				—				—				16,703
KV Holdings, Inc.							6,317				40.00	%			2,527				—				—				—				2,527
KEPCO SPC Power Corporation							264,600				75.20	%			198,979				—				—				—				198,979
Gansu Datang Yumen Wind Power Co., Ltd.							16,588				40.00	%			6,635				—				—				—				6,635
Datang Chifeng Renewable Power Co., Ltd.							511,467				40.00	%			204,587				—				—				—				204,587

2021
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
<Joint ventures>
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		￦					110,542				40.00	%			44,217				—				—				—				44,217
Rabigh Electricity Company							500,132				40.00	%			200,053				—				(55,571	)			(804	)			143,678
Rabigh Operation & Maintenance Company Limited							10,177				40.00	%			4,071				—				—				—				4,071
Jamaica Public Service Company Limited							705,503				40.00	%			282,201				29,357				—				(16,909	)			294,649
KW Nuclear Components Co., Ltd.							35,355				45.00	%			15,910				—				—				(176	)			15,734
Busan Shinho Solar Power Co., Ltd.							23,363				25.00	%			5,841				—				—				—				5,841
Global Trade Of Power System Co., Ltd.							2,058				29.00	%			597				—				—				—				597
Expressway Solar-light Power Generation Co., Ltd.							10,634				29.00	%			3,084				—				—				—				3,084
Amman Asia Electric Power Company							297,799				60.00	%			178,679				—				—				—				178,679
KAPES, Inc.							33,691				51.00	%			17,182				—				(20,697	)			3,515				—
Honam Wind Power Co., Ltd.							13,823				29.00	%			4,009				32				—				—				4,041
Korea Power Engineering Service Co., Ltd.							18,671				29.00	%			5,415				—				—				—				5,415
Chun-cheon Energy Co., Ltd.							87,427				29.90	%			26,141				3				—				(248	)			25,896
Yeonggwangbaeksu Wind Power Co., Ltd.							18,149				15.00	%			2,722				6				—				—				2,728
Nghi Son 2 Power LLC							(37,879	)			50.00	%			(18,940	)			—				—				18,940				—
Kelar S.A.							129,173				65.00	%			83,962				2,733				—				—				86,695
PT. Tanjung Power Indonesia							132,988				35.00	%			46,546				—				—				—				46,546
Incheon New Power Co., Ltd.							634				29.00	%			184				—				—				(184	)			—
Seokmun Energy Co., Ltd.							47,732				29.00	%			13,842				—				—				—				13,842
Daehan Wind Power PSC							10,308				50.00	%			5,154				—				—				—				5,154
Barakah One Company							(243,855	)			18.00	%			(43,894	)			—				1,058				42,836				—
Nawah Energy Company							1,632				18.00	%			294				—				—				—				294
Momentum							1,104				33.33	%			368				—				—				—				368
Daegu Green Power Co., Ltd.							81,768				54.24	%			44,351				84				—				(20,381	)			24,054
Yeonggwang Wind Power Co., Ltd.							37,291				46.00	%			17,154				492				—				—				17,646
Chester Solar IV SpA							(178	)			45.00	%			(80	)			60				—				20				—
Chester Solar V SpA							(222	)			45.00	%			(100	)			125				—				—				25
Diego de Almagro Solar SpA							583				45.00	%			262				100				—				—				362
South Jamaica Power Company Limited							186,812				20.00	%			37,362				—				—				(2	)			37,360
Daesan Green Energy Co., Ltd.							60,697				35.00	%			21,244				—				—				—				21,244
RE Holiday Holdings LLC							146,334				50.00	%			73,167				—				—				—				73,167
RE Pioneer Holdings LLC							94,029				50.00	%			47,015				—				—				—				47,015
RE Barren Ridge 1 Holdings LLC							114,338				50.00	%			57,169				—				—				(55,286	)			1,883
RE Astoria 2 LandCo LLC							11,996				50.00	%			5,998				—				—				—				5,998
RE Barren Ridge LandCo LLC							4,239				50.00	%			2,120				—				—				—				2,120
Laurel SpA							216				45.00	%			97				193				—				—				290
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd							29,236				12.37	%			3,616				9				—				—				3,625
Chile Solar JV SpA							64,914				50.00	%			32,457				—				—				—				32,457
Cheong-Song Noraesan Wind Power Co., Ltd.							13,941				29.01	%			4,045				61				—				—				4,106
Chester Solar I SpA							1,922				45.00	%			865				255				—				—				1,120
Solar Philippines Calatagan Corporation							70,565				38.00	%			26,815				—				—				31,416				58,231
Saemangeum Solar Power Co., Ltd.							29,552				81.01	%			23,939				—				—				—				23,939
Chungsongmeon BongSan wind power Co., Ltd.							6,987				29.00	%			2,026				1,782				—				—				3,808
Jaeun Resident Wind Power Plant Co., Ltd.							6,753				29.00	%			1,958				—				—				—				1,958
DE Energia SpA							(10,386	)			49.00	%			(5,089	)			—				—				14,010				8,921
Dangjin Eco Power Co., Ltd.							75,787				34.00	%			25,768				341				—				—				26,109
Haemodum Solar Co., Ltd.							6,288				49.00	%			3,081				—				—				—				3,081
Yangyang Wind Power Co., Ltd.							22,295				50.00	%			11,148				43				—				—				11,191
Horus Solar, S.A. De C.V.							15,136				14.95	%			2,262				3,580				—				—				5,842
Recursos Solares PV De Mexico II, S.A. De C.V.							15,822				14.95	%			2,365				2,171				—				—				4,536
Sunmex Renovables, S.A. De C.V.							10,738				14.95	%			1,605				5				—				—				1,610

2021
Investees						Net assets				Percentage of ownership(*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
						In millions of won
<Joint ventures>
Stavro Holding II A.B.		￦					88,133				20.00	%			17,627				—				—				—				17,627
Solaseado Solar Power Co., Ltd.							21,928				38.90	%			8,530				1,361				—				—				9,891
Yeongam Solar Power Co., Ltd.							31,919				19.00	%			6,065				773				—				—				6,838
Samsu Wind Power Co., Ltd.							14,882				19.00	%			2,828				—				—				—				2,828
Pulau Indah Power Plant Sdn. Bhd.							65,823				25.00	%			16,456				5,643				—				—				22,099
Sam-Yang Photovoltaic Power Co., Ltd.							10,190				49.00	%			4,993				—				—				—				4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21							70,872				29.53	%			20,929				527				—				—				21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream							18,098				90.00	%			16,288				—				—				—				16,288
PT Barito Wahana Tenaga							266,545				30.61	%			81,595				—				—				—				81,595
Cheongna Energy Co., Ltd.							18,485				50.10	%			9,261				3,137				(1,200	)			—				11,198
Naepo Green Energy Co., Ltd.							(26,530	)			29.20	%			(7,747	)			—				—				7,747				—
Dayone Energy Co., Ltd.							(51,842	)			46.30	%			(24,003	)			—				(882	)			24,885				—
OneEnergy Asia Limited							135,470				40.00	%			54,188				25,512				—				—				79,700
KAS Investment I LLC							51,098				29.89	%			15,273				—				—				—				15,273
KAS Investment II LLC							50,895				29.89	%			15,213				—				—				—				15,213
Energyco Co., Ltd. (formerly, Energyco LLC)							2,435				29.00	%			706				829				—				—				1,535
CAES, LLC							43,089				36.00	%			15,512				2,923				—				—				18,435
Hapcheon Floating Photovoltaic Power Plant Inc.							14,146				49.00	%			6,932				39				—				—				6,971
Busan Industrial Solar Power Co., Ltd.							1,148				28.02	%			322				290				—				—				612
Bitsolar Energy Co., Ltd.							(5,033	)			27.10	%			(1,364	)			352				—				1,364				352
Pulau Indah O&M Sdn. Bhd.							—				60.00	%			—				—				—				—				—
Guadalupe Solar SpA							935				60.00	%			561				98				—				—				659
Omisan Wind Power Co., Ltd.							24,922				42.00	%			10,467				166				—				—				10,633
Foresight Iberian Solar Group Holding, S.L.							11,091				75.00	%			8,318				1,425				—				—				9,743
Yeongwol Eco Wind Co., Ltd.							4,718				29.00	%			1,368				1,828				—				—				3,196
Gurae Resident Power Co., Ltd.							1,198				29.00	%			347				48				—				—				395
Cheongju Eco Park Co., Ltd.							18,172				29.00	%			5,270				195				—				—				5,465
Enel X Midland Photovoltaic, LLC							8,442				20.00	%			1,688				—				—				—				1,688
Geumsungsan Wind Power Co., Ltd.							18,956				29.00	%			5,497				556				—				—				6,053
KEPCO KPS Carabao Corp.							966				40.00	%			386				—				—				—				386
Prime Swedish Holding AB							34,237				45.00	%			15,407				34				—				—				15,441
Goheung New Energy Co., Ltd.							23,020				46.15	%			10,624				1,084				—				—				11,708
Gunsan Land Solar Co., Ltd.							25,658				75.29	%			19,317				—				—				—				19,317
CapMan Lynx SCA, SICAR							19,952				50.00	%			9,976				—				—				—				9,976
International Offshore Power Transmission Holding Company Limited							5				35.00	%			2				(2	)			—				—				—

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

(6) As of December 31, 2020, and 2021, 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:

						2020								2021
						Unrecognized equity interest				Accumulated unrecognized equity interest				Unrecognized equity interest				Accumulated unrecognized equity interest
						In millions of won
Hadong Mineral Fiber Co., Ltd.		￦					—				2				—				—
Eurasia Energy Holdings							(10	)			175				15				190
Gunsan Bio Energy Co., Ltd.							290				3,582				282				3,864
Daehan Wind Power PSC							3,855				3,855				(3,855	)			—
Dayone Energy Co., Ltd.							(14,035	)			24,696				(1,244	)			23,452
Nghi Son 2 Power LLC							30,456				133,280				(114,340	)			18,940
Samcheok Eco Materials Co., Ltd.							(3	)			785				(323	)			462
Naepo Green Energy Co., Ltd.							(7,003	)			2,278				5,469				7,747
Barakah One Company							(46,758	)			69,338				(26,502	)			42,836
Pioneer Gas Power Limited							15,824				15,938				21,691				37,629
Incheon New Power Co., Ltd.							194				194				(31	)			163
Bigeum Resident Photovoltaic Power Co., Ltd.							116				116				182				298
KAPES, Inc.							3,198				3,198				317				3,515
Chester Solar IV SpA							—				—				21				21

(7) As of December 31, 2021, 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) 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.

(vi) 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.

(vii) 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.

(viii) Chester Solar IV SpA

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

(ix) Chester Solar V SpA

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

(x) Diego de Almagro Solar SpA

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

(xi) Laurel SpA

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

(xii) 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.

(xiii) Hyundai Green Power Co., Ltd.

As of December 31, 2021, 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.

(xiv) Kosture Co., Ltd.

The Company acquires the shares with the settled amount of coal provided to Kosture Co., Ltd. every year until completion of the subscription set forth in the shareholders’ agreement.

(xv) Omisan Wind Power Co., Ltd.

When the Company requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares or transfer them to others at fair value.

(xvi) Changjuk Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Changjuk 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.

(xvii) Geumsungsan Wind Power Co., Ltd.

The Company has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.

(8) Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 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.
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 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.

Company		Nature and extent of any significant restrictions
Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy 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 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 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 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 prior 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.
Omisan 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. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.
Yangyang Wind 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 Industrial Solar 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.
Kosture Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Geumsungsan Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
Daewon Green Energy 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.
Cheongju Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.
Goheung New Energy Co., Ltd.		Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

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