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Investments in Associates and Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2022
Investments in Associates and Joint Ventures [Abstract]  
Summary of Investments in Associates and Joint Ventures
(1)
Investments in associates and joint ventures as of December 31, 2021 and 2022 are as follows:
 
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.
   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  
 
2021
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
                                
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  
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  
 
2021
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
                                
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  
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  
 
2021
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
                                
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  
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.
   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.
 
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
                                
Korea Gas Corporation
   Importing and wholesaling LNG   KOREA     20.47 %    ￦         94,500       2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
   Electricity metering and others  
KOREA
     29.00 %              4,727       31,078  
YTN Co., Ltd.(*1)
   Broadcasting   KOREA     21.43 %              59,000       55,027  
Gangwon Wind Power Co., Ltd.(*2)
   Power generation   KOREA     15.00 %              5,725       12,158  
Hyundai Green Power Co., Ltd.
   Power generation equipment consignment and operation service   KOREA     29.00 %              88,885       119,791  
Korea Power Exchange(*3)
   Management of power market and others  
KOREA
     100.00 %              127,839       275,126  
Taebaek Wind Power Co., Ltd.(*29)
   Power generation   KOREA     60.00 %              11,494       14,501  
Taebaek Guinemi Wind Power Co., Ltd.(*29)
   Power generation  
KOREA
     67.25 %              12,637       13,049  
Daeryun Power Co., Ltd.(*2)
   Power generation   KOREA     6.85 %              40,854       26,727  
KNH Solar Co., Ltd.
   Power generation   KOREA     27.00 %              1,296       2,883  
SPC Power Corporation(*30)
   Power generation   PHILIPPINES     38.00 %              20,635       70,868  
Gemeng International Energy Co., Ltd.
   Power generation   CHINA     34.00 %              413,153       578,821  
PT. Cirebon Electric Power
   Power generation   INDONESIA     27.50 %              40,365       135,114  
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       37,743  
PT. Bayan Resources TBK
   Resources development   INDONESIA     20.00 %              615,860       684,719  
S-Power Co., Ltd.
   Power generation   KOREA     49.00 %              132,300       141,128  
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       115,584  
PT. Mutiara Jawa
   Manufacturing and operating floating coal terminal  
INDONESIA
     29.00 %              2,978       3,597  
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       —    
Goseong Green Power Co., Ltd.
   Power generation  
KOREA
     29.00 %              262,740       288,893  
Gangneung Eco Power Co., Ltd.(*2)
   Power generation  
KOREA
     1.61 %              2,900       —    
Shin Pyeongtaek Power Co., Ltd.
   Power generation  
KOREA
     40.00 %              72,000       133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
   Power generation  
KOREA
     28.00 %              194       278  
Dongducheon Dream Power Co., Ltd.(*6)
   Power generation   KOREA     33.61 %              148,105       89,300  
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       1,555  
GS Donghae Electric Power Co., Ltd.
   Power generation  
KOREA
     34.00 %              204,000       260,145  
Daegu Photovoltaic Co., Ltd.
   Power generation  
KOREA
     29.00 %              1,230       2,849  
Busan Green Energy Co., Ltd.
   Power generation  
KOREA
     29.00 %              5,243       4,395  
Gunsan Bio Energy Co., Ltd.(*2)
   Power generation  
KOREA
     18.87 %              1,000       —    
Hansuwon KNP Co., Ltd.
   Electric material agency  
KOREA
     28.98 %              537       280  
Korea Electric Power Corporation Fund(*7)
   Developing electric enterprises  
KOREA
     98.09 %              23,113       28,842  
Energy Infra Asset Management Co., Ltd.(*2)
   Asset management  
KOREA
     9.90 %              297       1,184  
Daegu clean Energy Co., Ltd.
   Renewable power generation  
KOREA
     28.00 %              140       12  
YaksuESS Co., Ltd.
   Installing ESS related equipment  
KOREA
     29.00 %              210       486  
Nepal Water & Energy Development Company Private Limited (*8)
   Construction and operation of utility plant   NEPAL     69.06 %              70,228       69,940  
Gwangyang Green Energy Co., Ltd.
   Power generation  
KOREA
     20.00 %              26,800       25,044  
PND solar Co., Ltd.
   Power generation  
KOREA
     29.00 %              1,250       1,403  
Hyundai Eco Energy Co., Ltd.(*2)
   Power generation  
KOREA
     19.00 %              3,610       7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)
   Power generation  
KOREA
     9.63 %              533       156  
Green Energy Electricity Generation Co., Ltd.
   Power generation  
KOREA
     29.00 %              1,189       1,571  
 
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
                                
Korea Energy Solutions Co., Ltd.
   R & D  
KOREA
     20.00 %    ￦         300       93  
ITR Co., Ltd.
   R & D  
KOREA
     20.00 %              50       —    
Structure test network Co., Ltd.
   Technical testing and consulting  
KOREA
     20.00 %              25       366  
Namjeongsusang Solar Power Operation Co., Ltd.(*9)
   Power generation  
KOREA
     15.00 %              969       373  
Indeck Niles Development, LLC
   Power generation   USA     50.00 %              263,825       302,038  
Indeck Niles Asset Management, LLC
   Power generation   USA     33.33 %              —         94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
   Holding company  
KOREA
     49.00 %              6,910       6,932  
Suwon New Power Co., Ltd.
   Power generation  
KOREA
     39.90 %              798       919  
Gwangbaek Solar Power Investment Co., Ltd.
   Power generation  
KOREA
     44.00 %              4,757       5,133  
Go deok Clean Energy Co., Ltd.
   Fuel cell generation  
KOREA
     40.00 %              5,560       4,420  
SureDataLab Co., Ltd.
   R & D  
KOREA
     23.95 %              126       177  
SEP Co., Ltd.
   R & D  
KOREA
     21.26 %              27       —    
Hankook Electric Power Information Co., Ltd. (*13)
   R & D  
KOREA
     16.49 %              38       220  
Tronix Co., Ltd. (*13)
   R & D  
KOREA
     12.50 %              75       66  
O2&B Global Co., Ltd.
   R & D  
KOREA
     20.00 %              25       36  
Muan Sunshine Solar Power Plant Co., Ltd.
   Power generation  
KOREA
     20.00 %              1,570       2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
   Power generation  
KOREA
     29.90 %              1       —    
Goesan Solar Park Co., Ltd.
   Power generation  
KOREA
     29.00 %              1,276       2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
   Power generation  
KOREA
     35.00 %              11,022       13,010  
Bitgoel Eco Energy Co., Ltd.
   Power generation  
KOREA
     49.25 %              7,880       8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
   Power generation  
KOREA
     30.00 %              714       872  
Seoroseoro Sunny Power Plant Co., Ltd.
   Power generation  
KOREA
     42.58 %              706       859  
Muan Solar park Co., Ltd.
   Power generation  
KOREA
     20.00 %              4,400       7,838  
YuDang Solar Co., Ltd.
   Power generation  
KOREA
     20.00 %              360       586  
Anjwa Smart Farm & Solar City Co., Ltd.
   Power generation  
KOREA
     20.00 %              5,651       8,662  
Daewon Green Energy Co., Ltd.
   Power generation  
KOREA
     25.36 %              3,910       4,485  
G.GURU Co., Ltd.
   R & D  
KOREA
     24.65 %              493       300  
UD4M Co., Ltd.(*10)
   R & D  
KOREA
     12.50 %              75       161  
Dongbu Highway Solar Co., Ltd.
   Power generation  
KOREA
     20.00 %              190       352  
Seobu Highway Solar Co., Ltd.
   Power generation  
KOREA
     20.00 %              195       316  
Korea Energy Data Co., Ltd.
   R & D  
KOREA
     29.37 %              60       62  
Gangneung Sacheon Fuel Cell Co., Ltd.
   Power generation  
KOREA
     41.00 %              5,695       4,277  
KOSTURE Co., Ltd.(*2)
   Coal recycling business  
KOREA
     0.82 %              1       1  
Taebaek Gadeoksan Wind Power Co., Ltd.
   Power generation  
KOREA
     34.00 %              12,570       20,040  
Chuncheon Green Energy Co., Ltd.
   Power generation  
KOREA
     45.00 %              9,540       9,155  
Yeomsubong Wind Power Co., Ltd. (*11)
   Power generation  
KOREA
     3.81 %              95       62  
Yeongyang Wind Power Corporation II
   Power generation  
KOREA
     30.00 %              7,965       7,461  
Haeparang Energy Co., Ltd.
   Power generation  
KOREA
     25.00 %              2,241       2,188  
Saemangeum Sebit Power Plant Co., Ltd.(*12)
   Power generation  
KOREA
     63.33 %              13,788       23,199  
Boulder Solar III, LLC
   Power generation   USA     30.00 %              715       744  
PlatformN. Co., Ltd.
   R & D   KOREA     29.58 %              105       84  
PT. Cirebon Energi Prasarana (*9)
   Power generation   INDONESIA     10.00 %              26,710       69,035  
Green Radiation Co., Ltd. (*13)
   R & D   KOREA     10.00 %              20       11  
Future Convergence Technology Laboratory. Co., Ltd.
   R & D   KOREA     20.12 %              76       50  
SC E&G. Co,. Ltd.
   R & D   KOREA     20.00 %              90       214  
Wang San Engineering. Co,. Ltd.
   R & D   KOREA     20.00 %              81       166  
ACE
   R & D   KOREA     20.00 %              20       20  
Environment and Energy Co., Ltd. (*13)
   R & D   KOREA     10.54 %              11       10  
Santiago Solar Power SpA
   Power generation   CHILE     50.00 %              13,851       13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
   Power generation   KOREA     29.00 %              904       903  
                           
 
 
    
 
 
  
                              3,089,683       5,844,464  
                           
 
 
    
 
 
  
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
                                
KEPCO-Uhde Inc.(*14)
   Power generation   KOREA     52.80 %      ￦       11,355       17  
Shuweihat Asia Power Investment B.V.
   Holding company   NETHERLANDS     49.00 %              44,405       66,452  
Shuweihat Asia Operation & Maintenance Company(*14)
   Maintenance of utility plant   CAYMAN     55.00 %              30       1,631  
Waterbury Lake Uranium L.P. (*15)
   Resources development   CANADA     32.59 %              26,602       21,750  
ASM-BG Investicii AD
   Power generation   BULGARIA     50.00 %              9,846       14,555  
RES Technology AD
   Power generation   BULGARIA     50.00 %              11,922       15,133  
KV Holdings, Inc. (*30)
   Power generation   PHILIPPINES     40.00 %              2,103       9,659  
KEPCO SPC Power Corporation(*14,30)
   Construction and operation of utility plant   PHILIPPINES     75.20 %              94,579       179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
   Power generation   CHINA     40.00 %              16,621       6,024  
Datang Chifeng Renewable Power Co., Ltd.
   Power generation   CHINA     40.00 %              121,928       191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
   Power generation   CHINA     40.00 %              39,872       44,398  
Rabigh Electricity Company
   Power generation   SAUDI ARABIA     40.00 %              109,743       214,607  
Rabigh Operation & Maintenance Company Limited
   Maintenance of utility plant   SAUDI ARABIA     40.00 %              70       5,113  
Jamaica Public Service Company Limited
   Power generation   JAMAICA     40.00 %              301,910       331,407  
KW Nuclear Components Co., Ltd.
   Manufacturing   KOREA     45.00 %              833       17,090  
Busan Shinho Solar Power Co., Ltd.
   Power generation   KOREA     25.00 %              2,100       6,719  
Global Trade Of Power System Co., Ltd.(*16)
   Exporting products and technology of small or medium business by proxy  
KOREA
     29.00 %              290       698  
Expressway Solar-light Power Generation Co., Ltd.(*17)
   Power generation  
KOREA
     50.00 %              1,856       4,754  
Amman Asia Electric Power Company(*14)
   Power generation  
JORDAN
     60.00 %              111,476       220,254  
KAPES, Inc.(*14)
   R & D  
KOREA
     51.00 %              5,629       —    
Honam Wind Power Co., Ltd.
   Power generation  
KOREA
     29.00 %              3,480       4,819  
Korea Power Engineering Service Co., Ltd.
   Construction and service  
KOREA
     29.00 %              290       5,543  
Chun-cheon Energy Co., Ltd.
   Power generation  
KOREA
     29.90 %              52,700       32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.(*16)
   Power generation  
KOREA
     15.00 %              3,000       3,151  
Nghi Son 2 Power LLC
   Power generation  
VIETNAM
     50.00 %              175,261       408,839  
Kelar S.A.(*14)
   Power generation  
CHILE
     65.00 %              78,060       117,137  
PT. Tanjung Power Indonesia
   Power generation  
INDONESIA
     35.00 %              57,039       92,907  
Incheon New Power Co., Ltd.(*18)
   Power generation  
KOREA
     29.00 %              461       198  
Seokmun Energy Co., Ltd.
   Power generation  
KOREA
     29.00 %              15,370       17,336  
Daehan Wind Power PSC
   Power generation  
JORDAN
     50.00 %              7,493       13,923  
Barakah One Company(*19)
   Power generation   UAE     18.00 %              118       —    
Nawah Energy Company(*19)
   Operation of utility plant   UAE     18.00 %              296       315  
Momentum
   International thermonuclear experimental reactor construction management  
FRANCE
     33.33 %              1       345  
Daegu Green Power Co., Ltd.(*20)
   Power generation  
KOREA
     29.00 %              46,225       29,360  
Yeonggwang Wind Power Co., Ltd.
   Power generation  
KOREA
     46.00 %              17,475       20,713  
Chester Solar IV SpA
   Power generation  
CHILE
     45.00 %              1,700       181  
Chester Solar V SpA
   Power generation  
CHILE
     45.00 %              525       156  
Diego de Almagro Solar SpA
   Power generation  
CHILE
     45.00 %              2,091       540  
South Jamaica Power Company Limited
   Power generation  
JAMAICA
     20.00 %              20,430       46,437  
Daesan Green Energy Co., Ltd.
   Power generation  
KOREA
     35.00 %              17,850       19,218  
RE Holiday Holdings LLC
   Power generation   USA     50.00 %              42,948       85,370  
RE Pioneer Holdings LLC
   Power generation   USA     50.00 %              27,891       55,172  
RE Barren Ridge 1 Holdings LLC
   Power generation   USA     50.00 %              28,021       3,350  
RE Astoria 2 LandCo LLC
   Power generation   USA     50.00 %              5,188       6,599  
RE Barren Ridge LandCo LLC
   Power generation   USA     50.00 %              2,187       2,333  
Laurel SpA
   Power generation  
CHILE
     45.00 %              1,222       554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16)
   Power generation  
AUSTRALIA
     12.37 %              4,095       3,651  
Chile Solar JV SpA
   Power generation  
CHILE
     50.00 %              12,674       9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.(*15)
   Power generation  
KOREA
     29.01 %              3,200       4,263  
Chester Solar I SpA
   Power generation  
CHILE
     45.00 %              1,181       1,314  
Solar Philippines Calatagan Corporation
   Power generation  
PHILIPPINES
     38.00 %              47,903       56,902  
Saemangeum Solar Power Co., Ltd.(*21)
   Power generation  
KOREA
     81.01 %              26,400       23,551  
Chungsongmeon BongSan wind power Co., Ltd.(*16)
   Power generation  
KOREA
     29.00 %              2,900       3,470  
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
                                
Jaeun Resident Wind Power Plant Co., Ltd.(*16)
   Power generation  
KOREA
     29.00 %      ￦       2,494       2,236  
DE Energia SpA
   Power generation  
CHILE
     49.00 %              8,364       9,536  
Dangjin Eco Power Co., Ltd.
   Power generation  
KOREA
     34.00 %              25,661       26,859  
Haemodum Solar Co., Ltd.
   Power generation  
KOREA
     49.00 %              2,940       3,367  
Yangyang Wind Power Co., Ltd.
   Power generation  
KOREA
     50.00 %              12,000       10,864  
HORUS SOLAR, S.A. DE C.V. (*22)
   Renewable power generation   MEXICO     14.95 %              5,068       6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*22)
   Renewable power generation   MEXICO     14.95 %              3,678       4,899  
SUNMEX RENOVABLES, S.A. DE C.V. (*22)
   Renewable power generation   MEXICO     14.95 %              1,678       1,657  
Stavro Holding II A.B.
   Holding company   SWEDEN     20.00 %              18,566       17,171  
Solaseado Solar Power Co., Ltd.
   Power generation   KOREA     39.00 %              7,020       16,233  
Yeongam Solar Power Co., Ltd. (*16)
   Power generation   KOREA     19.00 %              6,460       9,879  
Samsu Wind Power Co., Ltd. (*16)
   Power generation   KOREA     19.00 %              2,637       3,205  
Pulau Indah Power Plant Sdn. Bhd.
   Power generation   MALAYSIA     25.00 %              23,833       26,814  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
   Holding company   KOREA     29.53 %              20,061       21,723  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream (*14)
   Holding company   KOREA     90.00 %              15,012       15,587  
PT Barito Wahana Tenaga
   Power generation  
INDONESIA
     30.61 %              59,574       137,047  
Cheongna Energy Co., Ltd.(*21)
   Generating and distributing vapor and hot/cold water  
KOREA
     50.10 %              49,344       10,758  
Naepo Green Energy Co., Ltd.
   Power generation  
KOREA
     29.20 %              29,200       —    
Dayone Energy Co., Ltd.(*23)
   Power generation  
KOREA
     30.66 %              71,070       —    
OneEnergy Asia Limited
   Power generation  
VIETNAM
     40.00 %              115,949       172,218  
KAS Investment I LLC(*15)
   Holding company  
USA
     29.89 %              23,437       18,247  
KAS Investment II LLC(*15)
   Holding company  
USA
     29.89 %              23,343       18,173  
Energyco Co., Ltd.
   Power generation  
KOREA
     29.00 %              1,659       2,190  
CAES, LLC
   Holding company  
USA
     36.00 %              19,414       20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.(*16)
   Power generation  
KOREA
     49.00 %              7,512       8,471  
Busan Industrial Solar Power Co., Ltd.
   Power generation  
KOREA
     28.02 %              510       1,168  
Bitsolar Energy Co., Ltd.
   Power generation  
KOREA
     27.10 %              352       352  
Pulau Indah O&M Sdn. Bhd.(*24)
   Power generation  
MALAYSIA
     60.00 %              —         —    
Guadalupe Solar SpA(*24)
   Power generation  
CHILE
     60.00 %              1,397       913  
Omisan Wind Power Co., Ltd.
   Power generation  
KOREA
     42.00 %              10,752       10,411  
Foresight Iberian Solar Group Holding, S.L.(*24)
   Power generation  
SPAIN
     75.00 %              11,465       10,565  
Yeongwol Eco Wind Co., Ltd.
   Power generation  
KOREA
     29.00 %              3,089       3,155  
Gurae Resident Power Co., Ltd.
   Power generation  
KOREA
     29.00 %              386       391  
Cheongju Eco Park Co., Ltd.
   Power generation  
KOREA
     29.00 %              5,858       10,490  
Enel X Midland Photovoltaic, LLC
   Power generation  
KOREA
     20.00 %              1,695       1,856  
Geumsungsan Wind Power Co., Ltd.
   Power generation  
KOREA
     29.00 %              6,531       3,493  
KEPCO KPS CARABAO Corp.(*18)
   Utility plant maintenance  
PHILIPPINES
     40.00 %              93       177  
Prime Swedish Holding AB
   Holding company  
SWEDEN
     45.00 %              35,410       36,245  
Goheung New Energy Co., Ltd.
   Power generation  
KOREA
     46.15 %              12,959       11,832  
Gunsan Land Solar Co., Ltd.(*24)
   Power generation  
KOREA
     75.29 %              19,091       27,544  
CapMan Lynx SCA, SICAR
   Holding company  
LUXEMBOURG
     50.00 %              9,601       —    
International Offshore Power Transmission Holding Company Limited
   Undersea transmission network operation   UAE     35.00 %              —         —    
Pyeongchang Wind Power Co., Ltd. (*28)
   Power generation   KOREA     58.00 %              9,329       14,464  
Eumseong Eco Park Co., Ltd.
   Power generation   KOREA     29.00 %              5,741       5,557  
Songsan Green Energy Co., Ltd. (*15)
   Fuel cell generation   KOREA     25.00 %              1,400       1,387  
Changwon
Nu-ri
Energy Co., Ltd. (*15)
   Fuel cell generation   KOREA     33.33 %              500       497  
Hasami Wind Farm Corporation
   Power generation   KOREA     29.00 %              1,596       1,589  
PungBack Wind Farm Corporation (*26)
   Power generation   KOREA     32.89 %              7,885       6,743  
Trumbull Asset Management, LLC (*27)
   Holding company   USA     78.00 %              —         246  
S-Power
Chile SpA
   Power generation   CHILE     50.00 %              127       127  
Seungmun Green Energy
   Power generation   KOREA     33.00 %              8,973       9,054  
Seobusambo highway photovoltaics Co., Ltd. (*25)
   Power generation   KOREA     80.00 %              3,020       3,066  
                              2,332,579       3,147,584  
                           
 
 
    
 
 
  
                      ￦       5,422,262       8,992,048  
                           
 
 
    
 
 
  
 
(*1)
The Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the Company hasn’t started the active selling procedures as of December 31, 2022.
 
(*2)
The effective percentage of ownership is less than 20%. However, the Group 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 Group’s financial and operating policy of the board of directors.
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Group’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group 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 Group 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 Group 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 Group 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 Group 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 entity is classified as an associate because the Group excercises significant influence over the decisions related to finance and operation.
 
(*10)
The effective percentage of ownership is 14.29% due to the acquisition of treasury stocks. The effective percentage of ownership is less than 20%. However, the Group excercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.
 
(*11)
The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, the Group excercises significant influence over all decisions related to finance and operation.
 
(*12)
The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. The effective percentage of ownership is more than 50% but the Group 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.
 
(*13)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Group excercises significant influence over the entity.
 
(*14)
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 and the Group can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.
 
(*15)
The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.
 
(*16)
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.
 
(*17)
The effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.
 
(*18)
The joint arrangement which the Group 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.
 
(*19)
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.
 
(*20)
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.
 
(*21)
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.
 
(*22)
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 Group can exercise significant influence.
 
(*23)
According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Group 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 Group 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 Group 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.
 
(*24)
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.
 
(*25)
Due to the changes in the agreement, the Group lost its control over the entity. Accordingly, the entity is reclassified to a joint venture from a subsidiary. Although the effective percentage of ownership is more than 50%, decisions in relevant actitvities must be agreed by all members of the board of directors.
 
(*26)
The effective percentage of ownership is 37%, considering potential common stock.
 
(*27)
The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*28)
After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*29)
After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Group does not hold control over relevant business while it exercises significant influence by participating in the board of directors by the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*30)
The Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, KV Holdings, Inc. and time or proceeds of sales are not specified as of December 31, 2022.
Summary of Fair Value Associates
(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, 2021 and 2022 are as follows:
 
Investees
          
2021
     
2022
  
           
In millions of won
  
<Associates>
                           
Korea Electric Power Industrial Development Co., Ltd.
    ￦          115,339        80,454  
Korea Gas Corporation(*)
               738,990        684,180  
YTN Co., Ltd.
               26,550        50,220  
SPC Power Corporation
               203,589        134,814  
PT. Bayan Resources TBK
               1,495,801        1,132,601  
 
  (*)
An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2021 and 2022 as management determined that the carrying amount of the investment in KOGAS at ￦1,815,513 million and ￦2,085,296 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, 2021 and 2022 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2021 and 2022.
 
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 4.90% and 5.20% was applied to post-tax cash flows respectively as at December 31, 2021 and 2022.
Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates.
 
Summary of Changes in Investments in Associates and Joint Ventures
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2021 and 2022 are as follows:
 
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.
             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  
 
2021
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Associates>
                                                      
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  
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  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
<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  
 
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>
                                                      
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  
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  
 
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>
                                                      
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.
             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  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
2022
  
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
   ￦         1,815,513       —         —         (51,559 )      305,638       7,746       7,958       2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
             24,617       —         —         (1,872 )      3,807       —         4,526       31,078  
YTN Co., Ltd.
             51,828       —         —         (450 )      1,565       (34 )      2,118       55,027  
Gangwon Wind Power Co., Ltd.
             10,554       —         —         (1,420 )      3,024       —         —         12,158  
Hyundai Green Power Co., Ltd.
             121,955       —         —         (4,008 )      1,770       1,345       (1,271 )      119,791  
Korea Power Exchange
             269,728       —         —         —         772       —         4,626       275,126  
Taebaek Wind Power Co., Ltd.
             6,800       7,684       —         (825 )      842       —         —         14,501  
Taebaek Guinemi Wind Power Co., Ltd.
             3,357       9,217       —         —         475       —         —         13,049  
Pyeongchang Wind Power Co., Ltd.
             5,411       5,454       —         (100 )      3,695       —         (14,460 )      —    
Daeryun Power Co., Ltd.
             25,426       —         —         —         429       1       871       26,727  
Changjuk Wind Power Co., Ltd.
             8,355       11,862       —         (1,350 )      817       —         (19,684 )      —    
KNH Solar Co., Ltd.
             2,278       —         —         —         606       (1 )      —         2,883  
SPC Power Corporation
             65,046       —         —         (2,694 )      1,188       7,330       (2 )      70,868  
Gemeng International Energy Co., Ltd.
             595,218       —         —         —         (233 )      (16,164 )      —         578,821  
PT. Cirebon Electric Power
             121,969       —         —         (10,659 )      14,776       704       8,324       135,114  
KNOC Nigerian East Oil Co., Ltd.
             —         —         —         —         (11 )      (787 )      798       —    
KNOC Nigerian West Oil Co., Ltd.
             —         —         —         —         (10 )      (724 )      734       —    
PT Wampu Electric Power
             35,077       —         —         (5,551 )      5,848       54       2,315       37,743  
PT. Bayan Resources TBK
             661,289       —         —         (515,139 )      531,528       7,041       —         684,719  
S-Power Co., Ltd.
             122,786       —         —         —         18,342       —         —         141,128  
Pioneer Gas Power Limited
             —         —         —         —         —         —         —         —    
Eurasia Energy Holdings
             —         —         —         —         —         —         —         —    
Xe-Pian Xe-Namnoy Power Co., Ltd.
             92,441       —         —         —         15,582       7,561       —         115,584  
PT. Mutiara Jawa
             2,569       —         —         —         1,197       (169 )      —         3,597  
Samcheok Eco Materials Co., Ltd.
             —         —         —         —         —         —         —         —    
Noeul Green Energy Co., Ltd.
             3,808       —         —         —         (3,824 )      —         16       —    
Goseong Green Power Co., Ltd.
             260,858       —         —         —         27,992       —         43       288,893  
Gangneung Eco Power Co., Ltd.
             2,288       —         —         —         (2,288 )      —         —         —    
Shin Pyeongtaek Power Co., Ltd.
             93,074       —         —         —         40,713       —         36       133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
             223       —         —         —         55       —         —         278  
Dongducheon Dream Power Co., Ltd.
             74,198       —         —         —         15,086       —         16       89,300  
Jinbhuvish Power Generation Pvt. Ltd.
             —         —         —         —         —         —         —         —    
Daejung Offshore Wind Power Co., Ltd.
             1,704       —         —         —         (149 )      —         —         1,555  
GS Donghae Electric Power Co., Ltd.
             243,772       —         —         —         15,717       —         656       260,145  
Daegu Photovoltaic Co., Ltd.
             2,342       —         —         (268 )      775       —         —         2,849  
Busan Green Energy Co., Ltd.
             5,032       —         —         —         (667 )      —         30       4,395  
Gunsan Bio Energy Co., Ltd.
             —         —         —         —         —         —         —         —    
Korea Electric Vehicle Charging Service
             1,250       —         (1,293 )      —         43       —         —         —    
Hansuwon KNP Co., Ltd.
             219       —         —         —         61       —         —         280  
Korea Electric Power Corporation Fund
             47,983       —         (25,297 )      —         7,966       (1,810 )      —         28,842  
Energy Infra Asset Management Co., Ltd.
             1,066       —         —         —         118       —         —         1,184  
Daegu clean Energy Co., Ltd.
             12       —         —         —         —         —         —         12  
YaksuESS Co., Ltd.
             716       —         —         —         (230 )      —         —         486  
Nepal Water & Energy Development Company Private Limited
             66,333       —         —         —         (923 )      4,530       —         69,940  
Gwangyang Green Energy Co., Ltd.
             25,466       —         —         —         (422 )      —         —         25,044  
PND solar Co., Ltd.
             1,229       —         —         —         174       —         —         1,403  
Hyundai Eco Energy Co., Ltd.
             5,572       —         —         —         2,058       1       —         7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.
             233       —         —         —         143       —         (220 )      156  
Green Energy Electricity Generation Co., Ltd.
             1,713       —         —         —         (142 )      —         —         1,571  
Korea Energy Solutions Co., Ltd.
             123       —         —         —         (30 )      —         —         93  
ITR Co., Ltd.
             32       —         —         —         (32 )      —         —         —    
Structure test network Co., Ltd.
             306       —         —         —         60       —         —         366  
 
2022
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Associates>
                                                      
Namjeongsusang Solar Power Operation Co., Ltd.
   ￦         361       —         —         —         12       —         —         373  
Indeck Niles Development, LLC
             246,273       —         (4,289 )      —         21,975       21,840       16,239       302,038  
Indeck Niles Asset Management, LLC
             111       —         —         (497 )      472       —         8       94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
             7,138       —         (202 )      (392 )      389       (1 )      —         6,932  
Suwon New Power Co., Ltd.
             1,035       —         —         —         (116 )      —         —         919  
KPGE Inc.
             309       —         (317 )      —         8       —         —         —    
Gwangbaek Solar Power Investment Co., Ltd.
             4,806       —         —         —         327       —         —         5,133  
Go deok Clean Energy Co., Ltd.
             4,302       —         —         —         118       —         —         4,420  
SureDataLab Co., Ltd.
             128       —         —         —         49       —         —         177  
SEP Co., Ltd.
             7       —         —         —         (7 )      —         —         —    
Hankook Electric Power Information Co., Ltd.
             161       —         —         —         121       —         (62 )      220  
Tronix Co., Ltd.
             109       —         —         —         (37 )      —         (6 )      66  
O2&B Global Co., Ltd.
             35       —         —         —         1       —         —         36  
Muan Sunshine Solar Power Plant Co., Ltd.
             1,268       —         —         —         1,294       —         —         2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
             —         —         —         —         —         —         —         —    
Goesan Solar Park Co., Ltd.
             1,927       —         —         —         664       —         —         2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
             10,238       —         —         —         2,772       —         —         13,010  
Bitgoel Eco Energy Co., Ltd.
             4,356       3,240       —         —         1,355       —         —         8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
             911       —         —         —         (39 )      —         —         872  
Seoroseoro Sunny Power Plant Co., Ltd.
             721       —         —         —         138       —         —         859  
Muan Solar park Co., Ltd.
             6,083       —         —         (600 )      2,377       (22 )      —         7,838  
YuDang Solar Co., Ltd.
             565       —         —         (160 )      181       —         —         586  
Anjwa Smart Farm & Solar City Co., Ltd.
             6,784       —         —         —         1,878       —         —         8,662  
Daewon Green Energy Co., Ltd.
             3,877       —         —         —         608       —         —         4,485  
G.GURU Co., Ltd.
             403       —         —         —         (103 )      —         —         300  
UD4M Co., Ltd.
             144       —         —         —         17       —         —         161  
Dongbu Highway Solar Co., Ltd.
             265       —         —         —         87       —         —         352  
Seobu Highway Solar Co., Ltd.
             289       —         —         —         27       —         —         316  
Korea Energy Data Co., Ltd.
             62       —         —         —         —         —         —         62  
Gangneung Sacheon Fuel Cell Co., Ltd.
             1,878       3,745       —         —         (1,310 )      (36 )      —         4,277  
KOSTURE Co., Ltd.
             —         1       —         —         —         —         —         1  
Digital Innovation Growth Fund
             9,890       —         —         —         (204 )      —         (9,686 )      —    
Taebaek Gadeoksan Wind Power Co., Ltd.
             16,495       —         —         (1,784 )      5,644       —         (315 )      20,040  
Chuncheon Green Energy Co., Ltd.
             3,372       6,140       —         —         (357 )      —         —         9,155  
Yeomsubong Wind Power Co., Ltd.
             95       —         —         —         (40 )      —         7       62  
Yeongyang Wind Power Corporation II
             7,965       —         —         —         (504 )      —         —         7,461  
Haeparang Energy Co., Ltd.
             2,241       —         —         —         (53 )      —         —         2,188  
Saemangeum Sebit Power Plant Co., Ltd.
             6,000       7,788       —         —         4,855       —         4,556       23,199  
Boulder Solar III, LLC
             —         715       —         —         —         —         29       744  
PlatformN. Co., Ltd.
             —         105       —         —         (21 )      —         —         84  
PT. Cirebon Energi Prasarana
             —         24,052       —         —         35,315       6,963       2,705       69,035  
Green Radiation Co., Ltd.
             —         —         —         —         (9 )      —         20       11  
Future Convergence Technology Laboratory. Co., Ltd.
             —         76       —         —         (26 )      —         —         50  
SC E&G. Co,. Ltd.
             —         90       —         —         124       —         —         214  
Wang San Engineering. Co,. Ltd.
             —         81       —         —         85       —         —         166  
ACE
             —         20       —         —         —         —         —         20  
Environment and Energy Co., Ltd.
             —         11       —         —         (1 )      —         —         10  
Santiago Solar Power SpA
             —         13,853       —         —         (379 )      (100 )      (1 )      13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
             —         903       —         —         —         —         —         903  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
              5,232,373       95,037       (31,398 )      (599,328 )      1,091,588       45,268       10,924       5,844,464  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
2022
  
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.
   ￦         58       —         —         —         (43 )      —         2       17  
Shuweihat Asia Power Investment B.V.
             37,069       —         —         (3,545 )      (1,303 )      34,231       —         66,452  
Shuweihat Asia Operation & Maintenance Company
             1,380       —         —         (995 )      1,154       92       —         1,631  
Waterbury Lake Uranium L.P.
             21,590       —         —         —         1       159       —         21,750  
ASM-BG Investicii AD
             18,692       —         (6,255 )      (2,395 )      2,979       1,534       —         14,555  
RES Technology AD
             16,703       —         (3,673 )      (333 )      1,427       1,009       —         15,133  
KV Holdings, Inc.
             2,527       —         —         (394 )      7,747       (221 )      —         9,659  
KEPCO SPC Power Corporation
             198,979       —         —         (34,280 )      27,591       (12,696 )      —         179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
             6,635       —         —         —         (464 )      (147 )      —         6,024  
Datang Chifeng Renewable Power Co., Ltd.
             204,587       —         —         (8,732 )      2,849       (6,722 )      —         191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
             44,217       —         —         (2,694 )      3,936       (1,061 )      —         44,398  
Rabigh Electricity Company
             143,678       —         —         (11,447 )      31,523       50,853       —         214,607  
Rabigh Operation & Maintenance Company Limited
             4,071       —         —         (2,735 )      3,866       (89 )      —         5,113  
Jamaica Public Service Company Limited
             294,649       —         —         (7,752 )      28,541       19,494       (3,525 )      331,407  
KW Nuclear Components Co., Ltd.
             15,734       —         —         (833 )      2,189       —         —         17,090  
Busan Shinho Solar Power Co., Ltd.
             5,841       —         —         (478 )      1,356       —         —         6,719  
Global Trade Of Power System Co., Ltd.
             597       —         —         —         101       —         —         698  
Expressway Solar-light Power Generation Co., Ltd.
             3,084       —         —         —         1,670       —         —         4,754  
Amman Asia Electric Power Company
             178,679       —         —         (19,350 )      23,442       37,483       —         220,254  
KAPES, Inc.
             —         —         —         —         —         —         —         —    
Honam Wind Power Co., Ltd.
             4,041       —         —         (174 )      952       —         —         4,819  
Korea Power Engineering Service Co., Ltd.
             5,415       —         —         (86 )      145       —         69       5,543  
Chun-cheon Energy Co., Ltd.
             25,896       —         —         —         6,148       —         —         32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.
             2,728       —         —         —         423       —         —         3,151  
Nghi Son 2 Power LLC
             —         172,480       —         —         51,218       185,141       —         408,839  
Kelar S.A.
             86,695       —         —         —         3,695       21,241       5,506       117,137  
PT. Tanjung Power Indonesia
             46,546       30,147       —         (6,104 )      4,645       18,323       (650 )      92,907  
Incheon New Power Co., Ltd.
             —         —         —         —         198       —         —         198  
Seokmun Energy Co., Ltd.
             13,842       —         —         —         3,494       —         —         17,336  
Daehan Wind Power PSC
             5,154       —         —         —         2,446       6,323       —         13,923  
Barakah One Company
             —         —         —         —         —         —         —         —    
Nawah Energy Company
             294       —         —         —         1       20       —         315  
Momentum

             368       —         —         (369 )      345       1       —         345  
Daegu Green Power Co., Ltd.
             24,054       —         —         —         5,079       —         227       29,360  
Yeonggwang Wind Power Co., Ltd.
             17,646       —         —         —         3,067       —         —         20,713  
Chester Solar IV SpA
             —         —         —         —         202       (17 )      (4 )      181  
Chester Solar V SpA
             25       —         —         —         129       3       (1 )      156  
Diego de Almagro Solar SpA
             362       —         —         —         154       2       22       540  
South Jamaica Power Company Limited
             37,360       —         —         —         6,625       2,452       —         46,437  
Daesan Green Energy Co., Ltd.
             21,244       —         —         —         (2,030 )      —         4       19,218  
RE Holiday Holdings LLC
             73,167       —         —         (2,288 )      2,526       11,965       —         85,370  
RE Pioneer Holdings LLC
             47,015       —         —         (1,337 )      (275 )      9,769       —         55,172  
RE Barren Ridge 1 Holdings LLC
             1,883       —         —         (1,625 )      (2,886 )      5,978       —         3,350  
RE Astoria 2 LandCo LLC
             5,998       —         —         (388 )      571       418       —         6,599  
RE Barren Ridge LandCo LLC
             2,120       —         —         (160 )      225       148       —         2,333  
Laurel SpA
             290       —         —         —         245       3       16       554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
             3,625       —         —         —         26       —         —         3,651  
Chile Solar JV SpA
             32,457       —         (24,894 )      —         159       2,097       —         9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.
             4,106       —         —         (672 )      832       —         (3 )      4,263  
Chester Solar I SpA
             1,120       —         —         —         120       (1 )      75       1,314  
Solar Philippines Calatagan Corporation
            58,231       —         —         (1,710 )      6,081       (5,700 )      —         56,902  
Saemangeum Solar Power Co., Ltd.
             23,939       —         —         —         (388 )      —         —         23,551  
Chungsongmeon BongSan wind power Co., Ltd.
             3,808       —         —         —         (338 )      —         —         3,470  
Jaeun Resident Wind Power Plant Co., Ltd.
             1,958       —         —         —         278       —         —         2,236  
DE Energia SpA
             8,921       —         —         —         —         615       —         9,536  
 
2022
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Joint ventures>
                                                      
Dangjin Eco Power Co., Ltd.
   ￦         26,109       —         —         —         233       513       4       26,859  
Haemodum Solar Co., Ltd.
             3,081       —         —         —         286       —         —         3,367  
Yangyang Wind Power Co., Ltd.
             11,191       —         —         —         (327 )      —         —         10,864  
HORUS SOLAR, S.A. DE C.V.
             5,842       —         —         —         841       293       —         6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
             4,536       —         —         —         68       295       —         4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
             1,610       —         —         —         (151 )      198       —         1,657  
Stavro Holding II A.B.
             17,627       952       —         —         157       (1,687 )      122       17,171  
Solaseado Solar Power Co., Ltd.
             9,891       —         —         —         6,342       —         —         16,233  
Yeongam Solar Power Co., Ltd.
             6,838       —         —         —         3,041       —         —         9,879  
Samsu Wind Power Co., Ltd.
             2,828       —         —         —         377       —         —         3,205  
Pulau Indah Power Plant Sdn. Bhd.
             22,099       —         —         —         1,681       3,034       —         26,814  
Sam-Yang Photovoltaic Power Co., Ltd.
             4,993       —         —         —         (123 )      —         (4,870 )      —    
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
             21,456       485       (406 )      (1,415 )      1,603       —         —         21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream
             16,288       —         (687 )      —         (14 )      —         —         15,587  
PT Barito Wahana Tenaga
             81,595       39       —         —         13,352       42,061       —         137,047  
Cheongna Energy Co., Ltd.
             11,198       —         —         —         (440 )      —         —         10,758  
Naepo Green Energy Co., Ltd.
             —         —         —         —         —         —         —         —    
Dayone Energy Co., Ltd.
             —         —         —         —         —         —         —         —    
OneEnergy Asia Limited
             79,700       39,033       —         —         (18,294 )      71,779       —         172,218  
KAS Investment I LLC
             15,273       —         —         —         2,426       548       —         18,247  
KAS Investment II LLC
             15,213       —         —         —         2,082       878       —         18,173  
Energyco Co., Ltd.
             1,535       —         —         —         655       —         —         2,190  
CAES, LLC
             18,435       —         —         (217 )      (198 )      1,756       1,029       20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.
             6,971       —         —         —         1,500       —         —         8,471  
Busan Industrial Solar Power Co., Ltd.
             612       —         —         —         556       —         —         1,168  
Bitsolar Energy Co., Ltd.
             352       —         —         —         —         —         —         352  
Pulau Indah O&M Sdn. Bhd.
             —         —         —         —         —         —         —         —    
Guadalupe Solar SpA
             659       —         —         —         221       33       —         913  
Omisan Wind Power Co., Ltd.
             10,633       —         —         —         (222 )      —         —         10,411  
Foresight Iberian Solar Group Holding, S.L.
             9,743       1,781       —         —         (1,016 )      3       54       10,565  
Yeongwol Eco Wind Co., Ltd.
             3,196       —         —         —         (41 )      —         —         3,155  
Gurae Resident Power Co., Ltd.
             395       —         —         —         (4 )      —         —         391  
Cheongju Eco Park Co., Ltd.
             5,465       —         —         —         5,025       —         —         10,490  
Enel X Midland Photovoltaic, LLC
             1,688       —         —         —         168       —         —         1,856  
Geumsungsan Wind Power Co., Ltd.
             6,053       —         —         —         (2,560 )      —         —         3,493  
KEPCO KPS CARABAO Corp.
             386       —         —         (104 )      (105 )      —         —         177  
Prime Swedish Holding AB
             15,441       20,896       —         —         (261 )      —         169       36,245  
Goheung New Energy Co., Ltd.
             11,708       —         —         —         124       —         —         11,832  
Gunsan Land Solar Co., Ltd.
             19,317       —         —         —         8,220       7       —         27,544  
CapMan Lynx SCA, SICAR
             9,976       —         —         —         (10,195 )      5,173       (4,954 )      —    
International Offshore Power Transmission Holding Company Limited
             —         —         —         —         —         —         —         —    
Pyeongchang Wind Power Co., Ltd.
             —         —         —         —         —         —         14,464       14,464  
Eumseong Eco Park Co., Ltd.
             —         5,741       —         —         (184 )      —         —         5,557  
Songsan Green Energy Co., Ltd.
             —         1,400       —         —         (13 )      —         —         1,387  
 
2022
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Joint ventures>
                                                      
Changwon Nu-ri Energy Co., Ltd.
   ￦         —         500       —         —         (3 )      —         —         497  
Hasami Wind Farm Corporation
             —         1,596       —         —         (7 )      —         —         1,589  
PungBack Wind Farm Corporation
             —         7,884       —         —         (1,141 )      —         —         6,743  
Trumbull Asset Management, LLC
             —         —         —         —         252       (1 )      (5 )      246  
S-Power Chile SpA
             —         127       —         —         —         —         —         127  
Seungmun Green Energy
             —         8,973       —         —         120       (39 )      —         9,054  
Seobusambo highway photovoltaics Co., Ltd.
             —         (1 )      —         —         —         —         3,067       3,066  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
              2,239,011       292,033       (35,915 )      (112,612 )      246,705       507,544       10,818       3,147,584  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
    ￦         7,471,384       387,070       (67,313 )      (711,940 )      1,338,293       552,812       21,742       8,992,048  
           
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Summary of Financial Information of Associates and Joint Ventures
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2021 and 2022 are as follows:
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Associates>
                                        
Korea Gas Corporation (*1)
     ￦       62,424,983       52,014,243       51,724,287       1,497,008  
Korea Electric Power Industrial Development Co., Ltd.
             148,112       40,946       336,333       15,434  
YTN Co., Ltd.
             364,115       107,324       152,187       7,250  
Gangwon Wind Power Co., Ltd.
             86,758       6,029       40,130       20,163  
Hyundai Green Power Co., Ltd.
             773,998       360,926       105,374       5,010  
Korea Power Exchange
             311,691       36,564       118,501       1,036  
Taebaek Wind Power Co., Ltd.
             27,562       3,394       7,565       551  
Taebaek Guinemi Wind Power Co., Ltd.
             44,036       28,709       6,793       1,906  
Daeryun Power Co., Ltd.
             1,201,510       799,370       472,211       4,999  
KNH Solar Co., Ltd.
             13,584       2,905       4,348       2,173  
SPC Power Corporation
             254,951       26,417       80,630       25,614  
Gemeng International Energy Co., Ltd.
             7,796,180       5,460,183       3,183,398       11,637  
PT. Cirebon Electric Power
             691,311       199,987       287,261       53,730  
KNOC Nigerian East Oil Co., Ltd.
             26,491       109,974       —         (72 ) 
KNOC Nigerian West Oil Co., Ltd.
             28,537       105,292       —         (72 ) 
PT Wampu Electric Power
             209,815       127,764       21,773       12,713  
PT. Bayan Resources TBK
             4,994,538       2,518,129       6,076,844       3,042,123  
S-Power
Co., Ltd.
             937,067       646,411       1,091,425       37,104  
Pioneer Gas Power Limited
             271,340       477,127       —         (46,290 ) 
Eurasia Energy Holdings
             648       1,156       —         —    
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
             1,371,292       904,907       174,693       61,020  
PT. Mutiara Jawa
             26,024       13,622       15,421       4,912  
Samcheok Eco Materials Co., Ltd.
             24,952       1,609       11,907       (1,127 ) 
Noeul Green Energy Co., Ltd.
             82,611       101,472       23,493       (31,970 ) 
Goseong Green Power Co., Ltd.
             5,518,258       4,516,607       1,999,825       26,981  
Gangneung Eco Power Co., Ltd.
             4,907,872       4,900,408       435,755       (142,387 ) 
Shin Pyeongtaek Power Co., Ltd.
             1,203,406       839,568       957,062       100,554  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
             1,788       802       558       200  
Dongducheon Dream Power Co., Ltd.
             1,521,089       1,219,018       2,240,175       43,072  
Jinbhuvish Power Generation Pvt. Ltd.
             60,477       12,489       —         —    
Daejung Offshore Wind Power Co., Ltd.
             5,350       2,013       —         (228 ) 
GS Donghae Electric Power Co., Ltd.
             2,130,287       1,365,156       1,053,112       46,226  
Daegu Photovoltaic Co., Ltd.
             13,254       3,431       4,755       2,914  
Busan Green Energy Co., Ltd.
             168,588       153,432       72,290       (7,409 ) 
Gunsan Bio Energy Co., Ltd.
             8,397       29,524       —         (649 ) 
Hansuwon KNP Co., Ltd.
             1,887       368       2,149       210  
Korea Electric Power Corporation Fund
             29,530       130       8,034       7,854  
Energy Infra Asset Management Co., Ltd.
             12,874       918       4,954       1,354  
Daegu clean Energy Co., Ltd.
             368       324       —         (1 ) 
YaksuESS Co., Ltd.
             5,984       4,314       851       (146 ) 
Nepal Water & Energy Development Company Private Limited
             241,061       141,199       70,923       (1,364 ) 
Gwangyang Green Energy Co., Ltd.
             170,390       45,260       —         (1,923 ) 
PND solar Co., Ltd.
             36,174       31,868       5,940       217  
Hyundai Eco Energy Co., Ltd.
             181,566       142,533       29,209       10,270  
YeongGwang Yaksu Wind Electric Co., Ltd.
             40,712       39,924       6,628       1,480  
Green Energy Electricity Generation Co., Ltd.
             75,033       72,300       1,404       (488 ) 
Korea Energy Solutions Co., Ltd.
             843       377       437       (185 ) 
ITR Co., Ltd.
             446       472       188       (190 ) 
Structure test network Co., Ltd.
             1,948       383       732       202  
Namjeongsusang Solar Power Operation Co., Ltd.
             55,616       53,261       7,724       83  
Indeck Niles Development, LLC
             1,178,303       762,139       302,041       (22,541 ) 
Indeck Niles Asset Management, LLC
             299       16       1,863       1,136  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
             14,356       210       826       796  
Suwon New Power Co., Ltd.
             2,142       164       —         11  
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Associates>
                                        
Gwangbaek Solar Power Investment Co., Ltd.
     ￦       307,864       296,915       10,270       743  
Go deok Clean Energy Co., Ltd.
             71,431       60,382       —         (1,101 ) 
SureDataLab Co., Ltd.
             879       140       938       203  
SEP Co., Ltd.
             38       103       —         (98 ) 
Hankook Electric Power Information Co., Ltd.
             2,334       997       1,797       392  
Tronix Co., Ltd.
             2,880       2,354       1,938       (226 ) 
O2&B Global Co., Ltd.
             419       238       220       5  
Muan Sunshine Solar Power Plant Co., Ltd.
             142,911       132,573       19,591       6,467  
Bigeum Resident Photovoltaic Power Co., Ltd.
             107,690       109,229       —         (537 ) 
Goesan Solar Park Co., Ltd.
             52,235       43,299       7,642       2,292  
Saemangeum Heemang Photovoltaic Co., Ltd.
             160,695       125,635       29,543       6,481  
Bitgoel Eco Energy Co., Ltd.
             85,236       66,987       10,054       3,229  
Jeju Gimnyeong Wind Power Co., Ltd.
             63,471       60,564       12,231       (130 ) 
Seoroseoro Sunny Power Plant Co., Ltd.
             7,015       5,045       1,157       247  
Muan Solar park Co., Ltd.
             225,894       188,329       36,081       11,339  
YuDang Solar Co., Ltd.
             22,073       19,144       3,997       957  
Anjwa Smart Farm & Solar City Co., Ltd.
             278,806       239,581       42,477       9,672  
Daewon Green Energy Co., Ltd.
             141,974       124,460       45,095       4,037  
G.GURU Co., Ltd.
             1,228       12       478       (423 ) 
UD4M Co., Ltd.
             1,322       197       1,109       59  
Dongbu Highway Solar Co., Ltd.
             17,935       16,426       2,901       439  
Seobu Highway Solar Co., Ltd.
             18,236       16,655       3,052       138  
Korea Energy Data Co., Ltd.
             339       128       308       5  
Gangneung Sacheon Fuel Cell Co., Ltd.
             108,688       98,470       —         (2,720 ) 
KOSTURE Co., Ltd.
             180       24       293       32  
Taebaek Gadeoksan Wind Power Co., Ltd.
             197,944       139,004       31,534       19,406  
Chuncheon Green Energy Co., Ltd.
             159,151       138,925       —         (858 ) 
Yeomsubong Wind Power Co., Ltd.
             4,369       2,829       —         (859 ) 
Yeongyang Wind Power Corporation II
             104,821       86,984       —         (1,678 ) 
Haeparang Energy Co., Ltd.
             19,394       10,721       —         (211 ) 
Saemangeum Sebit Power Plant Co., Ltd.
             167,822       131,383       23,159       7,742  
Boulder Solar III, LLC
             1,896       —         —         —    
PlatformN. Co., Ltd.
             379       94       486       (70 ) 
PT. Cirebon Energi Prasarana
             3,361,288       2,670,941       319,986       36,451  
Green Radiation Co., Ltd.
             111       34       89       (93 ) 
Future Convergence Technology Laboratory. Co., Ltd.
             551       302       9       (130 ) 
SC E&G. Co,. Ltd.
             1,199       131       1,048       609  
Wang San Engineering. Co,. Ltd.
             1,275       447       754       499  
ACE
             100       —         —         —    
Environment and Energy Co., Ltd.
             93       —         —         (7 ) 
Santiago Solar Power SpA
             56,138       29,390       —         (2,943 ) 
Yanggu Floating Photovoltaic Power Plant Inc.
             3,115       —         —         —    
<Joint ventures>
                                        
KEPCO-Uhde Inc.
             48       15       —         (84 ) 
Shuweihat Asia Power Investment B.V.
             135,646       29       —         (2,660 ) 
Shuweihat Asia Operation & Maintenance Company
             3,037       71       3,013       2,099  
Waterbury Lake Uranium L.P.
             66,706       117       —         —    
ASM-BG
Investicii AD
             72,999       43,889       16,056       6,230  
RES Technology AD
             62,345       32,079       11,205       3,018  
KV Holdings, Inc.
             24,149       1       1       353  
KEPCO SPC Power Corporation
             267,904       29,082       253,145       44,751  
Gansu Datang Yumen Wind Power Co., Ltd.
             67,651       52,592       10,048       (1,161 ) 
Datang Chifeng Renewable Power Co., Ltd.
             835,331       355,377       140,343       42,889  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
             168,680       57,685       29,459       4,919  
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Joint ventures>
                                        
Rabigh Electricity Company
     ￦       2,520,946       1,855,836       322,108       65,550  
Rabigh Operation & Maintenance Company Limited
             23,664       10,882       32,572       9,176  
Jamaica Public Service Company Limited
             2,310,611       1,515,361       1,499,897       69,458  
KW Nuclear Components Co., Ltd.
             40,381       2,013       16,968       6,755  
Busan Shinho Solar Power Co., Ltd.
             36,868       9,991       10,543       5,424  
Global Trade Of Power System Co., Ltd.
             5,628       3,222       8,434       351  
Expressway Solar-light Power Generation Co., Ltd.
             14,248       4,740       3,711       1,654  
Amman Asia Electric Power Company
             759,885       392,795       28,665       39,090  
KAPES, Inc.
             82,943       45,068       20,006       3,797  
Honam Wind Power Co., Ltd.
             34,028       17,522       8,781       3,283  
Korea Power Engineering Service Co., Ltd.
             20,931       1,817       9,176       500  
Chun-cheon Energy Co., Ltd.
             629,202       521,212       585,223       19,940  
Yeonggwangbaeksu Wind Power Co., Ltd.
             80,042       59,070       14,150       2,764  
Nghi Son 2 Power LLC
             3,652,801       2,835,123       589,023       102,436  
Kelar S.A.
             689,802       514,085       107,577       943  
PT. Tanjung Power Indonesia
             730,239       464,791       99,169       13,619  
Incheon New Power Co., Ltd.
             2,633       755       4,497       1,244  
Seokmun Energy Co., Ltd.
             212,509       152,731       61,513       12,064  
Daehan Wind Power PSC
             145,065       117,219       17,958       5,524  
Barakah One Company
             33,587,352       34,422,965       498,129       (444,338 ) 
Nawah Energy Company
             338,883       337,134       395,580       3  
Momentum

             7,315       6,280       30,864       1,036  
Daegu Green Power Co., Ltd.
             551,431       459,881       516,254       9,364  
Yeonggwang Wind Power Co., Ltd.
             233,695       189,737       31,221       6,700  
Chester Solar IV SpA
             12,728       12,469       1,521       (174 ) 
Chester Solar V SpA
             4,364       4,315       520       83  
Diego de Almagro Solar SpA
             15,908       14,946       1,877       (288 ) 
South Jamaica Power Company Limited
             521,558       289,359       314,064       33,348  
Daesan Green Energy Co., Ltd.
             245,826       190,918       101,689       (6,641 ) 
RE Holiday Holdings LLC
             351,243       180,503       22,671       3,022  
RE Pioneer Holdings LLC
             263,232       152,888       15,701       369  
RE Barren Ridge 1 Holdings LLC
             226,504       100,436       11,740       (903 ) 
RE Astoria 2 LandCo LLC
             13,517       319       1,004       913  
RE Barren Ridge LandCo LLC
             4,761       95       389       357  
Laurel SpA
             11,221       10,447       1,424       54  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
             29,517       74       —         (260 ) 
Chile Solar JV SpA
             75,246       55,609       7,842       6,425  
Cheong-Song Noraesan Wind Power Co., Ltd.
             55,948       41,464       7,988       1,916  
Chester Solar I SpA
             13,246       10,933       1,094       (221 ) 
Solar Philippines Calatagan Corporation
             113,327       36,756       17,728       10,194  
Saemangeum Solar Power Co., Ltd.
             35,890       6,817       —         (479 ) 
Chungsongmeon BongSan wind power Co., Ltd.
             81,030       75,207       —         (1,120 ) 
Jaeun Resident Wind Power Plant Co., Ltd.
             89,756       82,047       —         (190 ) 
DE Energia SpA
             48,350       62,481       5,959       (1,109 ) 
Dangjin Eco Power Co., Ltd.
             98,714       20,721       4,185       700  
Haemodum Solar Co., Ltd.
             22,974       16,103       2,556       581  
Yangyang Wind Power Co., Ltd.
             107,471       85,829       —         (634 ) 
HORUS SOLAR, S.A. DE C.V.
             156,436       133,714       5,568       5,628  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
             173,262       155,009       468       457  
SUNMEX RENOVABLES, S.A. DE C.V.
             129,502       118,449       —         (1,008 ) 
Stavro Holding II A.B.
             85,883       27       —         61  
Solaseado Solar Power Co., Ltd.
             363,492       325,262       51,198       16,301  
Yeongam Solar Power Co., Ltd.
             329,714       281,791       44,568       8,563  
Samsu Wind Power Co., Ltd.
             71,123       54,254       10,118       1,987  
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Joint ventures>
                                        
Pulau Indah Power Plant Sdn. Bhd.
     ￦       760,536       675,853       797       6,723  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
             71,851       74       4,850       5,431  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
             17,341       22       38       (10 ) 
PT Barito Wahana Tenaga
             447,688       —         —         49,471  
Cheongna Energy Co., Ltd.
             385,935       368,340       100,200       (889 ) 
Naepo Green Energy Co., Ltd.
             448,309       499,528       8,905       (34,347 ) 
Dayone Energy Co., Ltd.
             470,677       530,304       278,363       (12,893 ) 
OneEnergy Asia Limited
             1,039,987       673,223       —         16,041  
KAS Investment I LLC
             61,907       861       1,603       6,998  
KAS Investment II LLC
             61,661       861       1,592       6,967  
Energyco Co., Ltd.
             56,996       52,304       7,898       2,258  
CAES, LLC
             49,676       6       —         (547 ) 
Hapcheon Floating Photovoltaic Power Plant Inc.
             78,768       61,561       12,705       3,061  
Busan Industrial Solar Power Co., Ltd.
             21,149       18,016       3,190       901  
Bitsolar Energy Co., Ltd.
             78,779       83,324       9,557       261  
Pulau Indah O&M Sdn. Bhd.
             —         —         —         —    
Guadalupe Solar SpA
             10,148       8,790       924       (43 ) 
Omisan Wind Power Co., Ltd.
             142,274       117,881       —         (519 ) 
Foresight Iberian Solar Group Holding, S.L.
             94,181       81,997       —         (1,365 ) 
Yeongwol Eco Wind Co., Ltd.
             87,856       83,281       —         (144 ) 
Gurae Resident Power Co., Ltd.
             11,649       10,467       —         (19 ) 
Cheongju Eco Park Co., Ltd.
             152,139       116,639       66,260       17,319  
Enel X Midland Photovoltaic, LLC
             10,289       1,010       1,684       837  
Geumsungsan Wind Power Co., Ltd.
             125,324       115,196       —         (1,770 ) 
KEPCO KPS CARABAO Corp.
             2,025       1,582       611       (327 ) 
Prime Swedish Holding AB
             77,942       114       —         (577 ) 
Goheung New Energy Co., Ltd.
             136,682       113,393       —         (1,591 ) 
Gunsan Land Solar Co., Ltd.
             158,371       121,785       28,828       12,154  
CapMan Lynx SCA, SICAR
             112,718       102,810       504       (16,780 ) 
International Offshore Power Transmission Holding Company Limited
             4,680       71,468       —         (68,093 ) 
Pyeongchang Wind Power Co., Ltd.
             70,599       45,661       14,524       3,693  
Eumseong Eco Park Co., Ltd.
             136,909       119,736       —         (636 ) 
Songsan Green Energy Co., Ltd.
             5,500       —         —         (69 ) 
Changwon
Nu-ri
Energy Co., Ltd.
             1,490       —         —         (10 ) 
Hasami Wind Farm Corporation
             3,100       —         —         (23 ) 
PungBack Wind Farm Corporation
             46,957       31,667       —         (3,089 ) 
Trumbull Asset Management, LLC
             316       —         656       323  
S-Power
Chile SpA
             2,430       2,450       1,334       22  
Seungmun Green Energy
             46,283       18,843       —         367  
Seobusambo highway photovoltaics Co., Ltd.
             8,286       4,453       217       265  
 
(*1)
The profit for the year ended December 31, 2022 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.
             5,483,090       4,508,569       988,933       124,639  
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.
            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
  
<Associates>
                                        
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
  
<Joint ventures>
                                        
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
  
<Joint ventures>
                                        
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.
            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.
Summary of Financial Information of Associates and Joint Ventures in Consolidated Financial Statements
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2021 and 2022 are as follows:
 
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.
            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  
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  
 
2021
  
Investees
        
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
         
In millions of won
  
<Joint ventures>
                                                
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  
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  
 
2021
  
Investees
        
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
         
In millions of won
  
<Joint ventures>
                                                
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.
            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.
 
 
2022
  
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
     ￦       10,410,740       20.47 %      2,131,078       —         —         (45,782 )      2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
             107,166       29.00 %      31,078       —         —         —         31,078  
YTN Co., Ltd.
             256,791       21.43 %      55,027       —         —         —         55,027  
Gangwon Wind Power Co., Ltd.
             80,729       15.00 %      12,109       49       —         —         12,158  
Hyundai Green Power Co., Ltd.
             413,072       29.00 %      119,791       —         —         —         119,791  
Korea Power Exchange
             275,126       100.00 %      275,126       —         —         —         275,126  
Taebaek Wind Power Co., Ltd.
             24,168       60.00 %      14,501       —         —         —         14,501  
Taebaek Guinemi Wind Power Co., Ltd.
             15,327       67.25 %      10,307       —         —         2,742       13,049  
Daeryun Power Co., Ltd.
             402,140       6.85 %      27,547       —         —         (820 )      26,727  
KNH Solar Co., Ltd.
             10,679       27.00 %      2,883       —         —         —         2,883  
SPC Power Corporation
             228,534       38.00 %      86,843       —         —         (15,975 )      70,868  
Gemeng International Energy Co., Ltd.
             2,335,997       34.00 %      794,239       —         —         (215,418 )      578,821  
PT. Cirebon Electric Power
             491,324       27.50 %      135,114       —         —         —         135,114  
KNOC Nigerian East Oil Co., Ltd.
             (83,483 )      14.63 %      (12,214 )      —         —         12,214       —    
KNOC Nigerian West Oil Co., Ltd.
             (76,755 )      14.63 %      (11,229 )      —         —         11,229       —    
PT Wampu Electric Power
             82,051       46.00 %      37,743       —         —         —         37,743  
PT. Bayan Resources TBK
             2,476,409       20.00 %      495,282       265,817       —         (76,380 )      684,719  
S-Power Co., Ltd.
             290,656       49.00 %      142,421       —         (1,293 )      —         141,128  
Pioneer Gas Power Limited
             (205,787 )      38.50 %      (79,223 )      22,278       —         56,945       —    
Eurasia Energy Holdings
             (508 )      40.00 %      (203 )      —         —         203       —    
Xe-Pian Xe-Namnoy Power Co., Ltd.
             466,385       25.00 %      116,596       305       (1,028 )      (289 )      115,584  
PT. Mutiara Jawa
             12,402       29.00 %      3,597       —         —         —         3,597  
Samcheok Eco Materials Co., Ltd.
             23,343       25.54 %      5,962       —         —         (5,962 )      —    
Noeul Green Energy Co., Ltd.
             (18,861 )      29.00 %      (5,470 )      —         —         5,470       —    
Goseong Green Power Co., Ltd.
             1,001,651       29.00 %      290,479       —         (1,586 )      —         288,893  
Gangneung Eco Power Co., Ltd.
             7,464       1.61 %      120       —         (134 )      14       —    
Shin Pyeongtaek Power Co., Ltd.
             363,838       40.00 %      145,535       3,559       (15,271 )      —         133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
             986       28.00 %      276       —         —         2       278  
Dongducheon Dream Power Co., Ltd.
             302,071       34.01 %      102,734       1,757       (2,609 )      (12,582 )      89,300  
Jinbhuvish Power Generation Pvt. Ltd.
             47,988       5.16 %      2,496       —         —         (2,496 )      —    
Daejung Offshore Wind Power Co., Ltd.
             3,337       46.59 %      1,555       —         —         —         1,555  
GS Donghae Electric Power Co., Ltd.
             765,131       34.00 %      260,145       —         —         —         260,145  
Daegu Photovoltaic Co., Ltd.
             9,823       29.00 %      2,849       —         —         —         2,849  
Busan Green Energy Co., Ltd.
             15,156       29.00 %      4,395       —         —         —         4,395  
Gunsan Bio Energy Co., Ltd.
             (21,127 )      18.87 %      (3,986 )      —         —         3,986       —    
Hansuwon KNP Co., Ltd.
             1,519       28.98 %      440       —         —         (160 )      280  
Korea Electric Power Corporation Fund
             29,400       98.09 %      28,838       —         —         4       28,842  
Energy Infra Asset Management Co., Ltd.
             11,956       9.90 %      1,184       —         —         —         1,184  
Daegu clean Energy Co., Ltd.
             44       28.00 %      12       —         —         —         12  
YaksuESS Co., Ltd.
             1,670       29.00 %      484       2       —         —         486  
Nepal Water & Energy Development Company Private Limited
             99,862       69.06 %      68,968       972       —         —         69,940  
Gwangyang Green Energy Co., Ltd.
             125,130       20.00 %      25,026       18       —         —         25,044  
PND solar Co., Ltd.
             4,306       29.00 %      1,249       154       —         —         1,403  
Hyundai Eco Energy Co., Ltd.
             39,033       19.00 %      7,416       215       —         —         7,631  
YeongGwang Yaksu Wind Electric Co., Ltd.
             788       9.63 %      76       300       —         (220 )      156  
Green Energy Electricity Generation Co., Ltd.
             2,733       29.00 %      793       778       —         —         1,571  
Korea Energy Solutions Co., Ltd.
             466       20.00 %      93       —         —         —         93  
 
2022
  
Investees
        
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
         
In millions of won
  
<Associates>
                                                
ITR Co., Ltd.
   ￦         (26 )      20.00 %      (5 )      1       —         4       —    
Structure test network Co., Ltd.
             1,565       20.00 %      313       53       —         —         366  
Namjeongsusang Solar Power Operation Co., Ltd.
             2,355       15.00 %      353       20       —         —         373  
Indeck Niles Development, LLC
             416,164       50.00 %      208,082       93,956       —         —         302,038  
Indeck Niles Asset Management, LLC
             283       33.33 %      94       —         —         —         94  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
             14,146       49.00 %      6,932       —         —         —         6,932  
Suwon New Power Co., Ltd.
             1,978       33.05 %      654       —         265       —         919  
Gwangbaek Solar Power Investment Co., Ltd.
             10,949       44.00 %      4,818       315       —         —         5,133  
Go deok Clean Energy Co., Ltd.
             11,049       40.00 %      4,420       —         —         —         4,420  
SureDataLab Co., Ltd.
             739       23.95 %      177       —         —         —         177  
SEP Co., Ltd.
             (65 )      21.26 %      (14 )      —         —         14       —    
Hankook Electric Power Information Co., Ltd.
             1,337       16.49 %      220       —         —         —         220  
Tronix Co., Ltd.
             526       12.50 %      66       —         —         —         66  
O2&B Global Co., Ltd.
             181       20.00 %      36       —         —         —         36  
Muan Sunshine Solar Power Plant Co., Ltd.
             10,338       20.00 %      2,068       494       —         —         2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
             (1,539 )      29.90 %      (460 )      24       —         436       —    
Goesan Solar Park Co., Ltd.
             8,936       29.00 %      2,591       —         —         —         2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
             35,060       35.00 %      12,271       739       —         —         13,010  
Bitgoel Eco Energy Co., Ltd.
             18,249       49.05 %      8,951       —         —         —         8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
             2,907       30.00 %      872       —         —         —         872  
Seoroseoro Sunny Power Plant Co., Ltd.
             1,970       42.58 %      839       20       —         —         859  
Muan Solar park Co., Ltd.
             37,565       20.00 %      7,513       325       —         —         7,838  
YuDang Solar Co., Ltd.
             2,929       20.00 %      586       —         —         —         586  
Anjwa Smart Farm & Solar City Co., Ltd.
             39,225       20.00 %      7,845       817       —         —         8,662  
Daewon Green Energy Co., Ltd.
             17,514       25.36 %      4,441       44       —         —         4,485  
G.GURU Co., Ltd.
             1,216       24.65 %      300       —         —         —         300  
UD4M Co., Ltd.
             1,125       14.29 %      161       —         —         —         161  
Dongbu Highway Solar Co., Ltd.
             1,509       20.00 %      302       50       —         —         352  
Seobu Highway Solar Co., Ltd.
             1,581       20.00 %      316       —         —         —         316  
Korea Energy Data Co., Ltd.
             211       29.37 %      62       —         —         —         62  
Gangneung Sacheon Fuel Cell Co., Ltd.
             10,218       41.00 %      4,189       88       —         —         4,277  
KOSTURE Co., Ltd.
             156       0.82 %      1       —         —         —         1  
Taebaek Gadeoksan Wind Power Co., Ltd.
             58,940       34.00 %      20,040       —         —         —         20,040  
Chuncheon Green Energy Co., Ltd.
             20,226       45.00 %      9,102       53       —         —         9,155  
Yeomsubong Wind Power Co., Ltd.
             1,540       3.81 %      59       3       —         —         62  
Yeongyang Wind Power Corporation II
             17,837       30.00 %      5,351       2,110       —         —         7,461  
Haeparang Energy Co., Ltd.
             8,673       25.00 %      2,168       20       —         —         2,188  
Saemangeum Sebit Power Plant Co., Ltd.
             36,439       63.09 %      22,990       209       —         —         23,199  
Boulder Solar III, LLC
             1,896       30.00 %      569       175       —         —         744  
PlatformN. Co., Ltd.
             285       29.58 %      84       —         —         —         84  
PT. Cirebon Energi Prasarana
             690,347       10.00 %      69,035       —         —         —         69,035  
Green Radiation Co., Ltd.
             77       10.00 %      8       3       —         —         11  
Future Convergence Technology Laboratory. Co., Ltd.
             249       20.12 %      50       —         —         —         50  
SC E&G. Co,. Ltd.
             1,068       20.00 %      214       —         —         —         214  
Wang San Engineering. Co,. Ltd.
             828       20.00 %      166       —         —         —         166  
ACE
             100       20.00 %      20       —         —         —         20  
Environment and Energy Co., Ltd.
             93       10.54 %      10       —         —         —         10  
Santiago Solar Power SpA
             26,748       50.00 %      13,373       —         —         —         13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
             3,115       29.00 %      903       —         —         —         903  
<Joint ventures>
                                                
KEPCO-Uhde Inc.
             33       50.85 %      17       —         —         —         17  
Shuweihat Asia Power Investment B.V.
             135,617       49.00 %      66,452       —         —         —         66,452  
Shuweihat Asia Operation & Maintenance Company
             2,966       55.00 %      1,631       —         —         —         1,631  
Waterbury Lake Uranium L.P.
             66,589       32.59 %      21,701       49       —         —         21,750  
ASM-BG Investicii AD
             29,110       50.00 %      14,555       —         —         —         14,555  
RES Technology AD
             30,266       50.00 %      15,133       —         —         —         15,133  
KV Holdings, Inc.
             24,148       40.00 %      9,659       —         —         —         9,659  
KEPCO SPC Power Corporation
             238,822       75.20 %      179,594       —         —         —         179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
             15,059       40.00 %      6,024       —         —         —         6,024  
 
2022
  
Investees
        
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
         
In millions of won
  
<Joint ventures>
                                                
Datang Chifeng Renewable Power Co., Ltd.
   ￦         479,954       40.00 %      191,982       —         —         —         191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
             110,995       40.00 %      44,398       —         —         —         44,398  
Rabigh Electricity Company
             665,110       40.00 %      266,044       —         (50,632 )      (805 )      214,607  
Rabigh Operation & Maintenance Company Limited
             12,782       40.00 %      5,113       —         —         —         5,113  
Jamaica Public Service Company Limited
             795,250       40.00 %      318,100       29,357       —         (16,050 )      331,407  
KW Nuclear Components Co., Ltd.
             38,368       45.00 %      17,266       —         —         (176 )      17,090  
Busan Shinho Solar Power Co., Ltd.
             26,877       25.00 %      6,719       —         —         —         6,719  
Global Trade Of Power System Co., Ltd.
             2,406       29.00 %      698       —         —         —         698  
Expressway Solar-light Power Generation Co., Ltd.
             9,508       50.00 %      4,754       —         —         —         4,754  
Amman Asia Electric Power Company
             367,090       60.00 %      220,254       —         —         —         220,254  
KAPES, Inc.
             37,875       51.00 %      19,316       —         (22,451 )      3,135       —    
Honam Wind Power Co., Ltd.
             16,506       29.00 %      4,787       32       —         —         4,819  
Korea Power Engineering Service Co., Ltd.
             19,114       29.00 %      5,543       —         —         —         5,543  
Chun-cheon Energy Co., Ltd.
             107,990       29.90 %      32,289       3       —         (248 )      32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.
             20,972       15.00 %      3,146       5       —         —         3,151  
Nghi Son 2 Power LLC
             817,678       50.00 %      408,839       —         —         —         408,839  
Kelar S.A.
             175,717       65.00 %      114,216       2,921       —         —         117,137  
PT. Tanjung Power Indonesia
             265,448       35.00 %      92,907       —         —         —         92,907  
Incheon New Power Co., Ltd.
             1,878       29.00 %      545       —         —         (347 )      198  
Seokmun Energy Co., Ltd.
             59,778       29.00 %      17,336       —         —         —         17,336  
Daehan Wind Power PSC
             27,846       50.00 %      13,923       —         —         —         13,923  
Barakah One Company
             (835,613 )      18.00 %      (150,410 )      —         56,437       93,973       —    
Nawah Energy Company
             1,749       18.00 %      315       —         —         —         315  
Momentum
             1,035       33.33 %      345       —         —         —         345  
Daegu Green Power Co., Ltd.
             91,550       54.24 %      49,657       84       —         (20,381 )      29,360  
Yeonggwang Wind Power Co., Ltd.
             43,958       46.00 %      20,221       492       —         —         20,713  
Chester Solar IV SpA
             259       45.00 %      117       64       —         —         181  
Chester Solar V SpA
             49       45.00 %      22       134       —         —         156  
Diego de Almagro Solar SpA
             962       45.00 %      433       107       —         —         540  
South Jamaica Power Company Limited
             232,199       20.00 %      46,440       —         —         (3 )      46,437  
Daesan Green Energy Co., Ltd.
             54,908       35.00 %      19,218       —         —         —         19,218  
RE Holiday Holdings LLC
             170,740       50.00 %      85,370       —         —         —         85,370  
RE Pioneer Holdings LLC
             110,344       50.00 %      55,172       —         —         —         55,172  
RE Barren Ridge 1 Holdings LLC
             126,068       50.00 %      63,034       —         —         (59,684 )      3,350  
RE Astoria 2 LandCo LLC
             13,198       50.00 %      6,599       —         —         —         6,599  
RE Barren Ridge LandCo LLC
             4,666       50.00 %      2,333       —         —         —         2,333  
Laurel SpA
             774       45.00 %      348       206       —         —         554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
             29,443       12.37 %      3,642       9       —         —         3,651  
Chile Solar JV SpA
             19,637       50.00 %      9,819       —         —         —         9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.
             14,484       29.01 %      4,202       61       —         —         4,263  
Chester Solar I SpA
             2,313       45.00 %      1,041       273       —         —         1,314  
Solar Philippines Calatagan Corporation
             76,571       38.00 %      29,097       —         —         27,805       56,902  
Saemangeum Solar Power Co., Ltd.
             29,073       81.01 %      23,551       —         —         —         23,551  
Chungsongmeon BongSan wind power Co., Ltd.
             5,823       29.00 %      1,689       1,781       —         —         3,470  
Jaeun Resident Wind Power Plant Co., Ltd.
             7,709       29.00 %      2,236       —         —         —         2,236  
DE Energia SpA
             (14,131 )      49.00 %      (6,924 )      —         —         16,460       9,536  
Dangjin Eco Power Co., Ltd.
             77,993       34.00 %      26,518       341       —         —         26,859  
Haemodum Solar Co., Ltd.
             6,871       49.00 %      3,367       —         —         —         3,367  
Yangyang Wind Power Co., Ltd.
             21,642       50.00 %      10,821       43       —         —         10,864  
HORUS SOLAR, S.A. DE C.V.
             22,722       14.95 %      3,396       3,580       —         —         6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
             18,253       14.95 %      2,728       2,171       —         —         4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
             11,053       14.95 %      1,652       5       —         —         1,657  
Stavro Holding II A.B.
             85,856       20.00 %      17,171       —         —         —         17,171  
Solaseado Solar Power Co., Ltd.
             38,230       38.90 %      14,872       1,361       —         —         16,233  
 
2022
  
Investees
        
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
         
In millions of won
  
<Joint ventures>
                                                
Yeongam Solar Power Co., Ltd.
   ￦         47,923       19.00 %      9,105       774       —         —         9,879  
Samsu Wind Power Co., Ltd.
             16,869       19.00 %      3,205       —         —         —         3,205  
Pulau Indah Power Plant Sdn. Bhd.
             84,683       25.00 %      21,171       5,643       —         —         26,814  
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
             71,777       29.53 %      21,196       527       —         —         21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream
             17,319       90.00 %      15,587       —         —         —         15,587  
PT Barito Wahana Tenaga
             447,688       30.61 %      137,047       —         —         —         137,047  
Cheongna Energy Co., Ltd.
             17,595       50.10 %      8,815       3,137       (1,194 )      —         10,758  
Naepo Green Energy Co., Ltd.
             (51,219 )      29.20 %      (14,956 )      —         —         14,956       —    
Dayone Energy Co., Ltd.
             (59,627 )      46.30 %      (27,607 )      —         (868 )      28,475       —    
OneEnergy Asia Limited
             366,764       40.00 %      146,706       25,512       —         —         172,218  
KAS Investment I LLC
             61,046       29.89 %      18,247       —         —         —         18,247  
KAS Investment II LLC
             60,800       29.89 %      18,173       —         —         —         18,173  
Energyco Co., Ltd.
             4,692       29.00 %      1,361       829       —         —         2,190  
CAES, LLC
             49,670       36.00 %      17,881       2,924       —         —         20,805  
Hapcheon Floating Photovoltaic Power Plant Inc.
             17,207       49.00 %      8,432       39       —         —         8,471  
Busan Industrial Solar Power Co., Ltd.
             3,133       28.02 %      878       290       —         —         1,168  
Bitsolar Energy Co., Ltd.
             (4,545 )      27.10 %      (1,232 )      352       —         1,232       352  
Pulau Indah O&M Sdn. Bhd.
             —         60.00 %      —         —         —         —         —    
Guadalupe Solar SpA
             1,358       60.00 %      815       98       —         —         913  
Omisan Wind Power Co., Ltd.
             24,393       42.00 %      10,245       166       —         —         10,411  
Foresight Iberian Solar Group Holding, S.L.
             12,184       75.00 %      9,138       1,427       —         —         10,565  
Yeongwol Eco Wind Co., Ltd.
             4,575       29.00 %      1,327       1,828       —         —         3,155  
Gurae Resident Power Co., Ltd.
             1,182       29.00 %      343       48       —         —         391  
Cheongju Eco Park Co., Ltd.
             35,500       29.00 %      10,295       195       —         —         10,490  
Enel X Midland Photovoltaic, LLC
             9,279       20.00 %      1,856       —         —         —         1,856  
Geumsungsan Wind Power Co., Ltd.
             10,128       29.00 %      2,937       556       —         —         3,493  
KEPCO KPS CARABAO Corp.
             443       40.00 %      177       —         —         —         177  
Prime Swedish Holding AB
             77,828       45.00 %      35,023       1,222       —         —         36,245  
Goheung New Energy Co., Ltd.
             23,289       46.15 %      10,748       1,084       —         —         11,832  
Gunsan Land Solar Co., Ltd.
             36,586       75.29 %      27,544       —         —         —         27,544  
CapMan Lynx SCA, SICAR
             9,908       50.00 %      4,954       —         —         (4,954 )      —    
International Offshore Power Transmission Holding Company Limited
             (66,788 )      35.00 %      (23,376 )      (2 )      —         23,378       —    
Pyeongchang Wind Power Co., Ltd.
             24,938       58.00 %      14,464       —         —         —         14,464  
Eumseong Eco Park Co., Ltd.
             17,173       29.00 %      4,980       577       —         —         5,557  
Songsan Green Energy Co., Ltd.
             5,500       25.00 %      1,375       12       —         —         1,387  
Changwon Nu-ri Energy Co., Ltd.
             1,490       33.33 %      497       —         —         —         497  
Hasami Wind Farm Corporation
             3,100       29.00 %      899       690       —         —         1,589  
PungBack Wind Farm Corporation
             15,290       37.00 %      5,657       1,086       —         —         6,743  
Trumbull Asset Management, LLC
             316       78.00 %      246       —         —         —         246  
S-Power Chile SpA
             (20 )      50.00 %      (10 )      —         —         137       127  
Seungmun Green Energy
             27,440       33.00 %      9,054       —         —         —         9,054  
Seobusambo highway photovoltaics Co., Ltd.
             3,833       80.00 %      3,066       —         —         —         3,066  
 
(*)
The percentage of ownership shown above is after considering the treasury stocks and others.
Summary of Unrecognized Equity Interest in Investments in Associates and Joint Ventures
(6)
As of December 31, 2021, and 2022, 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:
 
           
2021
     
2022
  
           
Unrecognized
equity interest
    
Accumulated

unrecognized
equity interest
     
Unrecognized
equity interest
    
Accumulated

unrecognized
equity interest
  
                                  
           
In millions of won
  
Eurasia Energy Holdings
    ￦          15       190        13       203  
Gunsan Bio Energy Co., Ltd.
               282       3,864        122       3,986  
Dayone Energy Co., Ltd.
               (1,244 )      23,452        3,565       27,017  
Nghi Son 2 Power LLC
               (114,340 )      18,940        (18,940 )      —    
Samcheok Eco Materials Co., Ltd.
               (323 )      462        344       806  
Naepo Green Energy Co., Ltd.
               5,469       7,747        7,209       14,956  
Barakah One Company
               (26,502 )      42,836        51,137       93,973  
Pioneer Gas Power Limited
               21,691       37,629        19,248       56,877  
Incheon New Power Co., Ltd.
               (31 )      163        (163 )      —    
Bigeum Resident Photovoltaic Power Co., Ltd.
               182       298        162       460  
KAPES, Inc.
               317       3,515        (355 )      3,160  
Chester Solar IV SpA
               21       21        (21 )      —    
ITR Co., Ltd.
               —         —          5       5  
SEP Co., Ltd.
               —         —          14       14  
International Offshore Power Transmission Holding Company Limited
               —         —          23,378       23,378  
Noeul Green Energy Co., Ltd.
               —         —          5,470       5,470  
Gangneung Eco Power Co., Ltd.
               —         —          14       14  
Summary of Shareholders' Agreements on Investments in Associates and Joint Ventures
(7)
As of December 31, 2022, 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 Group 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 Group 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. Also, 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)
Hyundai Green Power Co., Ltd.
As of December 31, 2022, the Company has call option against the financial investors (IBK 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.
 
  (xiii)
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.
 
  (xiv)
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.
 
  (xv)
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.
 
  (xvi)
Seungmun Green Energy
According to the special conditions of the REC trading contract, a connected entity may demand the sale of ownership stakes held by other investors to the connected entity, or the investors may acquire new stakes or modify business documents through a capital increase in Seokmun Green Energy with prior written consent from the trustee. In the event that other investors sell their stakes to the connected entity, they may demand that the connected entity purchase their stakes in the future if certain conditions are met.
 
Summary of Significant Restrictions on its Abilities to Associates or Joint Ventures
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2022 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.
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.
 
Company
   
Nature and extent of any significant restrictions
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 payment conditions are satisfied.
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.
Seungmun Green Energy
    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.