Consolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2022

Disclosure of subsidiaries [abstract]

(1)	Consolidated subsidiaries as of December 31, 2021 and 2022 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2021			2022
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc.(*1)	Engineering and construction for utility plant and others	Korea		65.77	%		65.77	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.(*11)	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	Lebanon		100.00	%		100.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.00	%		80.00	%
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service(*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
EWPRC Biomass Holdings, LLC	Holding company	USA		100.00	%		—
PT. EWP Indonesia	Holding company	Indonesia		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited(*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd.(*4)	RDF power generation	Korea		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2021			2022
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.(*5)	Operation of utility plant	Korea		50.00	%		50.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO Energy Solution Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO US Inc.	Holding company	USA		100.00	%		100.00	%
KEPCO Alamosa LLC	Holding company	USA		50.10	%		—
KEPCO Solar of Alamosa LLC	Power generation	USA		100.00	%		—
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		100.00	%		80.06	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
Nambu USA LLC	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd.	Power generation	Korea		84.80	%		84.80	%
KEPCO Mangilao America LLC	Holding company	USA		100.00	%		—
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2021			2022
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.80	%		99.80	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC(*6)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC (formerly, Elara Development, LLC)	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC(*6)	Holding company	USA		43.94	%		43.94	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		100.00	%		81.34	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		100.00	%		70.79	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP Spain, S.L.	Holding company	Spain		100.00	%		100.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		—			78.97	%
KA Power Limited	Power generation	Pakistan		—			100.00	%
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)(*7)	Power generation	Korea		—			100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		—			100.00	%
Columboola Solar Farm Hold Co Pty., Ltd.(*8)	Power generation	Australia		—			74.04	%
Digital Innovation Growth Fund(*9)	Holding company	Korea		—			76.92	%
J Wind First, LLC(*10)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		—			100.00	%
KEPCO for Power Company	Power generation	Saudi Arabia		—			60.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		—			100.00	%
KOSPO Trumbull LLC	Holding company	USA		—			100.00	%
Changjuk Wind Power Co., Ltd.(*9)	Power generation	Korea		—			73.00	%

(*1)	Considering treasury stocks, the effective percentage of ownership is 66.08%. The Company is planning to sell part of its shares (14.77%) based on the resolution of the board of directors on June 24, 2022.

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

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

(*4)

The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 36 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.

(*5)	The subsidiary is included in the consolidated financial statements as the Company owns 50%+1 stake and has the ability to appoint a majority of the board members under the shareholders’ agreement.

(*6)	The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Company has control over the board of directors under the shareholders’ agreement.

(*7)	For the year ended December 31, 2022, the Company included Western Power Changgi Solar Co., Ltd. as a subsidiary, considering that it acquired control over the entity after the entity undertook selective reduction of capital.

(*8)	Excluding preferred stocks, the percentage of ownership with voting rights is 100%.

(*9)	The entity was transferred from an associate to a subsidiary due to changes in the consolidated scope during the year ended December 31, 2022.

(*10)

Although the Company does not hold a stake as of December 31, 2022, considering the purpose and design of the structured entity, the Company is exposed to volatility in the profits of the structured entity. In addition, Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Company has control over the entity.

(*11)

The Company is planning to sell its investment in KEPCO Philippines Holdings Inc., but time or proceeds of sales are not specified as of December 31, 2022.

Summary of Subsidiaries Newly Included in or Excluded from Consolidation

(2)	Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2022 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2022.


Subsidiaries		Reason
UI Carbon-Neutrality Fund		Newly established
KA Power Limited		Newly established
Seobusambo highway photovoltaics Co., Ltd.		Newly established
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)		Change in the scope of consolidation
EWP Australia Pty., Ltd.		Newly established
Columboola Solar Farm Hold Co Pty., Ltd.		New investment
Digital Innovation Growth Fund		Change in the scope of consolidation
J Wind First, LLC		Newly established
KEPCO Holding Company		Newly established
KEPCO for Power Company		Newly established
KEPCO for Maintenance Company		Newly established
KOSPO Trumbull LLC		Newly established
Changjuk Wind Power Co., Ltd.		Change in the scope of consolidation

Subsidiaries excluded from consolidation during the year ended December 31, 2022.


Subsidiaries		Reason
EWPRC Biomass Holdings, LLC		Liquidation
KEPCO Solar of Alamosa LLC		Disposal
KEPCO Alamosa LLC		Liquidation
KEPCO Mangilao America LLC		Liquidation
Seobusambo highway photovoltaics Co., Ltd.		Change in the scope of consolidation

Summary of Financial Information of Consolidated Subsidiaries

(3)	Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2021 and 2022 are as follows:


2021
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		64,638,690		38,361,337		9,324,391		302,232
Korea South-East Power Co., Ltd.			11,487,325		6,510,826		5,188,856		(58,096	)
Korea Midland Power Co., Ltd.			13,761,908		9,912,907		5,353,915		60,737
Korea Western Power Co., Ltd.			10,822,780		7,116,671		4,970,805		(171,562	)
Korea Southern Power Co., Ltd.			11,350,984		7,099,881		5,671,989		(113,352	)
Korea East-West Power Co., Ltd.			9,895,739		5,163,005		4,743,030		10,872
KEPCO Engineering & Construction Company, Inc.			705,043		191,592		433,127		16,452
KEPCO Plant Service & Engineering Co., Ltd.			1,420,705		311,607		1,375,668		98,132
KEPCO Nuclear Fuel Co., Ltd.			837,249		405,614		323,729		25,799
KEPCO KDN Co., Ltd.			721,634		189,242		673,261		67,244
KEPCO International HongKong Ltd.			128,968		—		—		341
KEPCO International Philippines Inc.			154,317		482		—		8,766
KEPCO Gansu International Ltd.			7,151		559		—		(25	)
KEPCO Philippines Holdings Inc.			191,757		128		—		60,192
KEPCO Philippines Corporation			6,122		19		—		(68	)
KEPCO Ilijan Corporation			259,069		38,555		60,532		12,981
KEPCO Lebanon SARL			1,729		9,794		—		(86	)
KEPCO Neimenggu International Ltd.			241,299		3,106		—		16,762
KEPCO Shanxi International Ltd.			551,407		207,844		—		3,526
KOMIPO Global Pte Ltd.			302,340		1,351		—		11,462
KEPCO Netherlands B.V.			133,610		866		—		5,395
KEPCO Australia Pty., Ltd.			481		11		—		25
KOSEP Australia Pty., Ltd.			44,798		5,561		22,013		8,268
KOMIPO Australia Pty., Ltd.			54,162		5,648		22,013		5,942
KOWEPO Australia Pty., Ltd.			54,564		4,766		22,013		7,387
KOSPO Australia Pty., Ltd.			43,886		4,502		22,013		5,940
KEPCO Middle East Holding Company			104,068		89,756		—		1,144
Qatrana Electric Power Company			480,809		262,725		21,368		19,156
KHNP Canada Energy Ltd.			109,326		25		—		29
KEPCO Bylong Australia Pty., Ltd.			44,319		394,349		—		(37,065	)
Korea Waterbury Uranium Limited Partnership			20,920		159		—		(57	)
KEPCO Holdings de Mexico			148		27		—		(8	)
KST Electric Power Company, S.A.P.I. de C.V.			584,625		435,796		151,467		18,499
KEPCO Energy Service Company			2,500		956		12,070		574
KEPCO Netherlands S3 B.V.			51,045		150		—		3,199
PT. KOMIPO Pembangkitan Jawa Bali			13,499		3,314		18,296		885
PT. Cirebon Power Service			2,545		631		8,664		505
KOWEPO International Corporation			—		10		—		—
KOSPO Jordan LLC			33,782		16,298		9,698		816
EWP America Inc.(*1)			46,687		1,278		18,335		6,807
KNF Canada Energy Limited			2,101		17		—		(43	)
EWP Barbados 1 SRL			354,024		1,172		2,861		16,168
Gyeonggi Green Energy Co., Ltd.			243,977		224,132		93,794		(5,588	)
PT. Tanggamus Electric Power			212,161		167,409		2,903		3,017
Gyeongju Wind Power Co., Ltd.			96,937		60,702		15,289		3,132
KOMIPO America Inc.(*2)			329,986		56,325		1,715		(1,311	)
PT. EWP Indonesia			47,031		1,226		—		4,615
KEPCO Netherlands J3 B.V.			151,478		172		—		27,365
Korea Offshore Wind Power Co., Ltd.			359,393		188,507		36,020		3,820
Global One Pioneer B.V.			119		116		—		(132	)
Global Energy Pioneer B.V.			293		131		—		(147	)


2021
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Mira Power Limited	￦		424,183		311,459		70,287		34,018
KOSEP Material Co., Ltd.			3,405		842		4,518		442
Commerce and Industry Energy Co., Ltd.			85,315		35,543		30,531		1,345
KEPCO KPS Philippines Corp.			8,051		3,652		9,768		1,493
KOSPO Chile SpA			142,956		56,688		—		(851	)
PT. KOWEPO Sumsel Operation And Maintenance Services			116		259		—		—
Hee Mang Sunlight Power Co., Ltd.			6,242		3,272		499		47
Fujeij Wind Power Company			200,783		169,340		—		14,739
KOSPO Youngnam Power Co., Ltd.			393,745		292,765		318,770		6,339
Chitose Solar Power Plant LLC			125,578		109,470		16,630		1,794
KEPCO Energy Solution Co., Ltd.			317,676		4,938		21,423		3,104
KEPCO Solar Co., Ltd.			231,567		22,229		11,305		2,014
KOSPO Power Services Ltda.			8,007		5,800		21,133		(356	)
Energy New Industry Specialized Investment Private Investment Trust(*3)			336,932		28,536		19,405		11,116
KOEN Bylong Pty., Ltd.			8		86		—		—
KOMIPO Bylong Pty., Ltd.			8		86		—		(8	)
KOWEPO Bylong Pty., Ltd.			8		86		—		(18	)
KOSPO Bylong Pty., Ltd.			73		168		—		(20	)
EWP Bylong Pty., Ltd.			8		54		—		—
KOWEPO Lao International			12,974		70		8,543		5,681
KEPCO US Inc.			17,601		—		—		—
KEPCO Alamosa LLC			34,100		297		124		(62	)
KEPCO Solar of Alamosa LLC			57,104		41,953		8,008		(742	)
KEPCO Mangilao Holdings LLC			28,504		32,501		—		(556	)
Mangilao Investment LLC			43,459		29		—		(14	)
KEPCO Mangilao Solar, LLC			206,018		166,095		—		(865	)
Jeju Hanlim Offshore Wind Co., Ltd.			41,325		5,139		—		(2,893	)
PT. Siborpa Eco Power			11,306		—		—		(105	)
PT. Korea Energy Indonesia			1,917		215		1,681		37
KOLAT SpA			28,349		849		180		(464	)
KEPCO California, LLC			43,732		4,113		1,310		160
KEPCO Mojave Holdings, LLC			95,294		71,358		—		(4,254	)
Incheon Fuel Cell Co., Ltd.			268,100		236,901		54,188		8,738
KOEN Service Co., Ltd.			8,963		6,557		35,190		2,326
KOMIPO Service Co., Ltd.			4,384		4,475		32,323		(96	)
KOWEPO Service Co., Ltd.			7,289		5,869		31,700		303
KOSPO Service Co., Ltd.			5,762		4,990		26,257		31
EWP Service Co., Ltd.			5,483		5,455		24,957		14
PT. KOMIPO Energy Indonesia			2,996		395		2,077		106
KNF partners Co., Ltd.			1,800		969		5,664		152
KOSPO USA Inc.			286,081		293		—		968
Nambu USA LLC			277,698		—		—		568
Tamra Offshore Wind Power Co., Ltd.			146,736		106,961		21,731		5,168
KEPCO MCS Co., Ltd.			80,277		39,139		349,116		19,043
KEPCO FMS Co., Ltd.			17,188		15,577		94,210		214
Firstkeepers Co., Ltd.			17,152		16,041		77,189		19
Secutec Co., Ltd.			13,176		10,662		65,963		1,774
SE Green Energy Co., Ltd.			153,105		119,461		38,867		4,025
KEPCO Mangilao America LLC			2,173		1		—		—
Mangilao Intermediate Holdings LLC			220,690		205,421		—		(6,975	)
KEPCO CSC Co., Ltd.			8,093		6,799		41,854		(2,101	)
KOAK Power Limited			14,363		393		—		(551	)


2021
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KOMIPO Europe B.V.	￦		70,431		97		402		(503	)
Haenanum Energy Fund			7,463		3		40		(74	)
Paju Ecoenergy Co., Ltd.			57,795		2,118		15,425		2,234
Guam Ukudu Power LLC			30,133		30,438		—		(2,030	)
K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)			353,324		318,977		421		(7,525	)
KPS Partners Co., Ltd.			2,809		1,529		9,520		323
KEPCO E&C Service Co., Ltd.			4,054		1,889		15,985		1,242
Moha solar Co., Ltd.			32,808		33,933		48		(706	)
Ogiri Solar Power Co., Ltd.			1,041		1		—		9
KHNP USA LLC			766		10		1,001		267
KOMIPO Vanphong Power Service LLC			3,758		860		3,853		958
Energy Innovation Fund I			22,616		3,202		—		(888	)
KHNP Chile SpA			5,294		3,879		—		17
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,775		1,632		5		(30	)
Yeong Yang Corporation Co., Ltd.			1,776		1,623		9		(19	)
SolarVader Co., Ltd.			1,772		1,627		—		(26	)
Yeong Yang Innovation Co., Ltd.			1,773		1,622		5		(21	)
Yeong Yang Horus Photovoltaic Co., Ltd.			1,771		1,624		9		(24	)
Yeong Yang Solar Management Co., Ltd.			1,774		1,625		—		(23	)
LSG Hydro Power Limited			1		—		—		—
KOEN Bio Co., Ltd.			394		199		51		(305	)
KOMIPO Iberian Solar Group, S.L.U.			70,993		56,707		—		1,354
Jeongam Wind Power Co., Ltd.			86,853		74,267		10,476		1,027
KOWEPO Europe B.V.			39,973		1,449		—		(744	)
Yeongdeok Sunrise Wind Power Co., Ltd.			21,252		768		—		(116	)
KHNP Spain, S.L.			5		—		—		—

(*1)

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

(*2)

Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK

E-New

Industry Fund VII,

e-New

Industry LB Fund 1, Songhyun

e-New

Industry Fund and BSK

E-New

Industry Fund X.


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		69,129,625		42,843,974		10,386,091		(16,382	)
Korea South-East Power Co., Ltd.			13,855,071		7,410,881		8,972,991		71,662
Korea Midland Power Co., Ltd.			16,062,605		10,776,943		8,629,165		(58,173	)
Korea Western Power Co., Ltd.			13,459,054		8,125,312		8,112,727		106,361
Korea Southern Power Co., Ltd.			14,011,354		8,296,983		9,304,362		(68,315	)
Korea East-West Power Co., Ltd.			12,079,954		5,818,789		6,925,094		2,888
KEPCO Engineering & Construction Company, Inc.			815,533		272,119		505,291		17,954
KEPCO Plant Service & Engineering Co., Ltd.			1,555,453		344,702		1,425,913		97,881
KEPCO Nuclear Fuel Co., Ltd.			949,455		490,215		304,405		31,508
KEPCO KDN Co., Ltd.			734,439		166,272		739,453		42,584
KEPCO International HongKong Ltd.			128,784		—		—		(216	)
KEPCO International Philippines Inc.			127,744		101		—		9,976
KEPCO Gansu International Ltd.			7,125		598		—		(22	)
KEPCO Philippines Holdings Inc.			191,634		129		—		39,346
KEPCO Philippines Corporation			3,799		14		—		102
KEPCO Ilijan Corporation			231,132		3,642		23,263		16,455
KEPCO Lebanon SARL			1,890		10,482		—		20
KEPCO Neimenggu International Ltd.			269,582		3,917		—		9,938
KEPCO Shanxi International Ltd.			597,635		222,186		—		(11,312	)
KOMIPO Global Pte Ltd.			388,071		1,817		—		58,030
KEPCO Netherlands B.V.			137,454		64		—		8,570
KEPCO Australia Pty., Ltd.			579		11		—		102
KOSEP Australia Pty., Ltd.			74,180		13,097		52,271		24,443
KOMIPO Australia Pty., Ltd.			81,216		10,327		52,272		23,368
KOWEPO Australia Pty., Ltd.			81,696		10,184		52,271		22,745
KOSPO Australia Pty., Ltd.			41,872		10,174		52,271		24,362
KEPCO Middle East Holding Company			116,731		102,054		—		(634	)
Qatrana Electric Power Company			513,277		247,027		24,354		22,578
KHNP Canada Energy Ltd.			107,200		6,218		—		149
KEPCO Bylong Australia Pty., Ltd.			44,034		437,852		—		(45,880	)
Korea Waterbury Uranium Limited Partnership			20,934		224		—		(116	)
KEPCO Holdings de Mexico			728		1,974		—		(1,363	)
KST Electric Power Company, S.A.P.I. de C.V.			653,830		528,315		232,893		23,122
KEPCO Energy Service Company			2,238		2,173		7,015		(211	)
KEPCO Netherlands S3 B.V.			71,326		16,419		—		4,465
PT. KOMIPO Pembangkitan Jawa Bali			15,753		3,232		22,488		3,668
PT. Cirebon Power Service			2,316		784		9,602		355
KOWEPO International Corporation			—		10		—		—
KOSPO Jordan LLC			22,854		6,964		45,009		7,657
EWP America Inc.(*1)			47,775		2,595		21,717		4,337
KNF Canada Energy Limited			2,116		34		—		(59	)
EWP Barbados 1 SRL			395,067		901		3,230		34,260
Gyeonggi Green Energy Co., Ltd.			220,414		226,517		112,524		(26,004	)
PT. Tanggamus Electric Power			227,638		163,106		3,781		5,778
Gyeongju Wind Power Co., Ltd.			98,513		55,579		24,888		9,711
KOMIPO America Inc.(*2)			571,200		317,903		34,059		(3,293	)
PT. EWP Indonesia			93,390		5		—		4,100
KEPCO Netherlands J3 B.V.			135,213		63		—		19,396
Korea Offshore Wind Power Co., Ltd.			376,449		192,335		52,526		13,083
Global One Pioneer B.V.			135		41		—		(68	)
Global Energy Pioneer B.V.			320		40		—		(64	)
Mira Power Limited			416,750		310,529		57,135		12,394
KOSEP Material Co., Ltd.			3,985		662		4,589		775
Commerce and Industry Energy Co., Ltd.			79,172		32,147		31,068		(3,730	)
KEPCO KPS Philippines Corp.			5,294		600		5,232		1,004
KOSPO Chile SpA			159,500		70,037		—		(2,811	)
PT. KOWEPO Sumsel Operation And Maintenance Services			25		252		—		(94	)


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Hee Mang Sunlight Power Co., Ltd.	￦		5,877		2,606		862		304
Fujeij Wind Power Company			213,113		163,690		—		16,564
KOSPO Youngnam Power Co., Ltd.			425,000		312,831		568,224		10,878
Chitose Solar Power Plant LLC			109,964		94,366		14,384		1,615
KEPCO Energy Solution Co., Ltd.			317,392		6,147		33,638		138
KEPCO Solar Co., Ltd.			243,221		25,405		24,778		9,305
KOSPO Power Services Ltda.			6,722		4,762		17,911		(358	)
Energy New Industry Specialized Investment Private Investment Trust(*3)			451,762		4,338		24,725		7,093
KOEN Bylong Pty., Ltd.			11		119		—		(12	)
KOMIPO Bylong Pty., Ltd.			11		122		—		(33	)
KOWEPO Bylong Pty., Ltd.			8		94		—		(7	)
KOSPO Bylong Pty., Ltd.			25		148		—		(17	)
EWP Bylong Pty., Ltd.			8		54		—		1
KOWEPO Lao International			8,248		87		10,010		11,185
KEPCO US Inc.			91		—		—		(19,181	)
KEPCO Mangilao Holdings LLC			112,948		40,558		21,743		21,166
Mangilao Investment LLC			258,674		4		—		(1	)
KEPCO Mangilao Solar, LLC			240,736		373		8,870		(14,818	)
Jeju Hanlim Offshore Wind Co., Ltd.			185,357		111,343		—		(3,546	)
PT. Siborpa Eco Power			12,050		3		—		(39	)
PT. Korea Energy Indonesia			1,675		80		1,937		(104	)
KOLAT SpA			48,787		3,701		1,647		1,888
KEPCO California, LLC			46,151		4,768		596		(670	)
KEPCO Mojave Holdings, LLC			95,550		75,846		—		(4,705	)
Incheon Fuel Cell Co., Ltd.			268,063		242,176		107,193		(5,323	)
KOEN Service Co., Ltd.			9,353		7,035		36,340		356
KOMIPO Service Co., Ltd.			6,597		4,503		35,031		905
KOWEPO Service Co., Ltd.			6,266		3,130		34,031		171
KOSPO Service Co., Ltd.			6,672		5,048		28,321		60
EWP Service Co., Ltd.			3,756		2,507		24,526		581
PT. KOMIPO Energy Indonesia			2,978		368		1,698		83
KNF partners Co., Ltd.			2,285		1,053		5,997		293
KOSPO USA Inc.			315,018		430		—		5,024
Nambu USA LLC			297,516		—		—		670
Tamra Offshore Wind Power Co., Ltd.			133,598		93,639		18,332		5,316
KEPCO MCS Co., Ltd.			114,316		52,241		363,627		8,468
KEPCO FMS Co., Ltd.			16,852		11,667		105,339		2,176
Firstkeepers Co., Ltd.			16,448		12,912		84,620		2,482
Secutec Co., Ltd.			12,578		9,209		69,383		690
SE Green Energy Co., Ltd.			149,189		114,241		49,873		1,304
Mangilao Intermediate Holdings LLC			236,266		116,426		—		(4,709	)
KEPCO CSC Co., Ltd.			10,668		8,937		46,559		(2,134	)
KOAK Power Limited			12,626		839		—		49
KOMIPO Europe B.V.			81,364		54		1,195		1,134
Haenanum Energy Fund			7,416		3		—		(48	)
Paju Ecoenergy Co., Ltd.			61,930		3,066		20,718		1,290
Guam Ukudu Power LLC			293,422		323,292		—		(31,410	)
K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)			320,227		296,141		16,980		3,690
KPS Partners Co., Ltd.			3,619		2,007		12,417		487
KEPCO E&C Service Co., Ltd.			5,676		1,897		16,180		1,493
Moha solar Co., Ltd.			29,096		31,359		169		(1,137	)
Ogiri Solar Power Co., Ltd.			1,033		23		—		(30	)
KHNP USA LLC			1,290		97		1,127		392
KOMIPO Vanphong Power Service LLC			15,940		3,333		20,233		9,871
Energy Innovation Fund I			35,310		445		—		(961	)
KHNP Chile SpA			5,547		4,147		—		(16	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,566		1,507		254		(82	)


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Yeong Yang Corporation Co., Ltd.	￦		1,559		1,497		251		(91	)
SolarVader Co., Ltd.			1,568		1,500		256		(78	)
Yeong Yang Innovation Co., Ltd.			1,557		1,497		244		(91	)
Yeong Yang Horus Photovoltaic Co., Ltd.			1,552		1,498		243		(93	)
Yeong Yang Solar Management Co., Ltd.			1,573		1,500		262		(75	)
LSG Hydro Power Limited			1,144		1,159		—		(18	)
KOEN Bio Co., Ltd.			261		219		639		(150	)
KOMIPO Iberian Solar Group, S.L.U.			78,094		65,012		—		(1,304	)
Jeongam Wind Power Co., Ltd.			81,800		68,317		10,722		892
KOWEPO Europe B.V.			42,865		2,422		—		1,668
Yeongdeok Sunrise Wind Power Co., Ltd.			42,187		22,031		—		(328	)
KHNP Spain, S.L.			3		—		—		(1	)
KA Power Limited			3,937		418		—		442
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)			48,770		44,647		3,447		(354	)
EWP Australia Pty., Ltd.			51,105		—		—		15,203
Columboola Solar Farm Hold Co Pty., Ltd.			310,271		214,792		2,228		2,884
Digital Innovation Growth Fund			12,594		100		—		(363	)
J Wind First, LLC			33,611		33,611		450		—
KEPCO Holding Company			3,273		17		—		(18	)
KEPCO for Power Company			57,501		58,441		—		(960	)
KEPCO for Maintenance Company			—		—		—		—
KOSPO Trumbull LLC			37		3		—		—
Changjuk Wind Power Co., Ltd.			29,208		3,137		9,027		3,503

(*1)

Financial information of EWP America Inc. includes that of two other subsidiaries, EWP Renewable Corporation, and California Power Holdings, LLC.

(*2)

Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of five other subsidiaries, BSK

E-New

Industry Fund VII,

e-New

Industry LB Fund 1, Songhyun

e-New

Industry Fund, BSK

E-New

Industry Fund X, and UI Carbon-Neutrality Fund.

Summary of Significant Restrictions on Abilities to Subsidiaries

(4)	Significant restrictions on abilities to subsidiaries are as follows:


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

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

Jeongam Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.

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

Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and 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.

Korea Offshore Wind Power Co., Ltd.		Principals and interest payments on subordinated loans or dividends and settlement amounts 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.

Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.

Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Columboola Solar Farm Hold Co Pty., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

Summary of Entitlements in Relation to Subsidiaries as per Shareholder Agreements

(5)	As of December 31, 2022, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:


Company		Unrecognized Commitments

Jeongam Wind Power Co., Ltd.		When the Company requests other shareholders to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares at fair value.

Changjuk Wind Power Co., Ltd.		When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Company has an obligation to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking in to account financial conditions, business conditions, and other circumstances.

Columboola Solar Farm Hold Co Pty., Ltd.		The Company holds a call option to purchase the shares held by another shareholder at 80 % of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

Summary of Non-Controlling Interest Prior to Intra-Group Eliminations

(6)	Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2020, 2021 and 2022 are as follows:


2020
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total

		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		236,602			755,454			235,805			801,813			2,029,674
Non-current assets			85,464			590,403			463,439			3,499,258			4,638,564
Current liabilities			(12,322	)		(254,495	)		(186,296	)		(414,673	)		(867,786	)
Non-current liabilities			(34,912	)		(42,020	)		(13,873	)		(2,511,848	)		(2,602,653	)
Net assets			274,832			1,049,342			499,075			1,374,550			3,197,799
Book value of non-controlling interests			134,668			514,177			169,286			552,519			1,370,650
Sales			81,400			1,299,186			431,723			956,692			2,769,001
Profit for the period			39,443			85,916			20,160			107,661			253,180
Profit for the period attributable to non-controlling interests			19,327			42,099			6,838			33,342			101,606
Cash flows from operating activities			121,835			74,159			15,225			240,987			452,206
Cash flows from investing activities			7,561			26,748			(34,333	)		(661,820	)		(661,844	)
Cash flows from financing activities before dividends to non-controlling interests			(31,793	)		(47,809	)		(9,165	)		371,448			282,681
Dividends to non-controlling interests			(30,319	)		(42,336	)		(4,000	)		(4,643	)		(81,298	)
Effect of exchange rate fluctuation			(8,153	)		(2,171	)		(22	)		(7,893	)		(18,239	)
Net increase (decrease) of cash and cash equivalents			59,131			8,591			(32,295	)		(61,921	)		(26,494	)


2021
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		234,224			793,995			253,958			1,030,049			2,312,226
Non-current assets			24,845			626,710			451,085			3,838,233			4,940,873
Current liabilities			(30,783	)		(265,017	)		(183,100	)		(599,373	)		(1,078,273	)
Non-current liabilities			(7,772	)		(46,590	)		(8,492	)		(2,666,345	)		(2,729,199	)
Net assets			220,514			1,109,098			513,451			1,602,564			3,445,627
Book value of non-controlling interests			108,052			543,458			174,163			720,761			1,546,434
Sales			60,532			1,375,668			433,127			1,286,002			3,155,329
Profit for the year			12,981			98,132			16,452			128,264			255,829
Profit for the year attributable to non-controlling interests			6,361			48,085			5,581			28,914			88,941
Cash flows from operating activities			116,440			133,160			(16,270	)		303,577			536,907
Cash flows from investing activities			2,216			(39,444	)		19,061			(309,447	)		(327,614	)
Cash flows from financing activities before dividends to non-controlling interests			(88,927	)		(30,599	)		(8,467	)		125,685			(2,308	)
Dividends to non-controlling interests			—			(25,269	)		(3,639	)		(2,608	)		(31,516	)
Effect of exchange rate fluctuation			10,683			885			38			7,243			18,849
Net increase (decrease) of cash and cash equivalents			40,412			38,733			(9,277	)		124,450			194,318

F-9


2022
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total

		In millions of won
Percentage of ownership			49.00	%		49.00	%		33.92	%
Current assets	￦		230,031			861,705			372,031			1,147,973			2,611,740
Non-current assets			1,101			693,748			443,502			4,942,229			6,080,580
Current liabilities			(3,642	)		(316,497	)		(243,796	)		(841,521	)		(1,405,456	)
Non-current liabilities			—			(28,205	)		(28,323	)		(2,944,145	)		(3,000,673	)
Net assets			227,490			1,210,751			543,414			2,304,536			4,286,191
Book value of non-controlling interests			111,470			593,268			184,326			565,796			1,454,860
Sales			23,263			1,425,913			505,291			1,709,390			3,663,857
Profit for the year			16,455			97,881			17,954			91,566			223,856
Profit for the year attributable to non-controlling interests			8,063			47,962			6,090			(24,370	)		37,745
Cash flows from operating activities			68,475			81,419			4,918			231,653			386,465
Cash flows from investing activities			22,604			27,372			18,712			(747,507	)		(678,819	)
Cash flows from financing activities before dividends to non-controlling interests			(9,609	)		(33,187	)		(7,260	)		582,580			532,524
Dividends to non-controlling interests			(8,834	)		(26,438	)		(3,071	)		(4,001	)		(42,344	)
Effect of exchange rate fluctuation			8,807			(486	)		5			(11,023	)		(2,697	)
Net increase of cash and cash equivalents			81,443			48,680			13,304			51,702			195,129

Summary of Changes in Goodwill

(i)

Details of goodwill as of December 31, 2021 and 2022 are as follows:


		2021		2022
		In millions of won
Acquisition cost	￦		105,647		100,093
Less: Accumulated impairment			—		—

Carrying book value	￦		105,647		100,093

(ii)

Changes in goodwill for the years ended December 31, 2021 and 2022 are as follows:


		2021
		Beginning		Increase		Decrease		Others			Ending
		In millions of won
Acquisition cost	￦		98,166		7,481		—		—			105,647
Less: Accumulated impairment			—		—		—		—			—

Carrying book value	￦		98,166		7,481		—		—			105,647


		2022
		Beginning		Increase		Decrease		Others			Ending
		In millions of won
Acquisition cost	￦		105,647		—		—		(5,554	)		100,093
Less: Accumulated impairment			—		—		—		—			—

Carrying book value	￦		105,647		—		—		(5,554	)		100,093

Summary of Cash Dividends Received from Subsidiaries

(9)	Cash dividends received from subsidiaries for the years ended December 31, 2020, 2021 and 2022, respectively, are as follows:


Subsidiaries		2020		2021		2022
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		106,675		279,779		136,010
Korea South-East Power Co., Ltd.			11,905		—		4,808
Korea Midland Power Co., Ltd.			—		—		24,694
Korea East-West Power Co., Ltd.			17,959		—		4,866
KEPCO Engineering & Construction Company, Inc.			7,793		7,089		5,983
KEPCO Plant Service & Engineering Co., Ltd.			44,068		26,301		27,517
KEPCO Nuclear Fuel Co., Ltd.			7,270		5,206		11,184
KEPCO KDN Co., Ltd.			14,720		18,854		36,986
KEPCO Energy Solution Co., Ltd.			—		—		1,707
KEPCO Solar Co., Ltd.			—		—		1,409
KEPCO International HongKong Ltd.			11,858		—		9,044
KEPCO Philippines Corporation			—		—		2,375
KEPCO Ilijan Corporation			34,502		7,955		9,195
KEPCO Philippines Holdings Inc.			70,876		60,520		34,913
KOSEP Australia Pty., Ltd.			1,856		—		—
KOSPO Australia Pty., Ltd.			—		3,095		31,386
KEPCO Netherlands B.V.			11,098		—		16,795
Qatrana Electric Power Company			—		2,615		2,751
KEPCO KPS Philippines Corp.			1,215		—		302
Tamra Offshore Wind Power Co., Ltd.			2,640		—		2,877
KEPCO Netherlands S3 B.V.			6,981		—		4,005
PT. KOMIPO Pembangkitan Jawa Bali			—		153		859
PT. EWP Indonesia			—		—		4,262
Gyeongju Wind Power Co., Ltd.			2,800		2,800		2,100
VI Carbon Professional Private Special Asset Investment Trust 1			7		—		—
KOSPO Power Services Limitada			—		—		305
KEPCO Netherlands J3 B.V.			—		27,237		46,510
PT. Cirebon Power Service			221		—		241
Chitose Solar Power Plant LLC			858		—		639
Fujeij Wind Power Company			6,306		11,920		15,102
KOSPO Jordan LLC			535		731		11,450
EWP America Inc.			—		—		3,887
KOWEPO Lao International			—		—		12,106
Energy Innovation Fund I			19		—		—

	￦		362,162		454,255		466,268