6-K 1 d465150d6k.htm FORM 6-K

Form 6-K

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SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the Month of March 2023

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒             Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes  ☐             No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-            .

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On March 13, 2023, Korea Electric Power Corporation (“KEPCO”) filed its audit report for the fiscal year 2022 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) as attached. All the financial information in the Form 6-K of KEPCO dated February 24, 2023 shall be amended and restated by the information in the attached audit report. The financial statements in such report have not been approved by the shareholders of Korean Electric Power Corporation and remain subject to change.

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

By:		/s/ Chang, Nam-yeon
Name: Chang, Nam-yeon
Title: Head of Finance & IR Team

Date: March 13, 2023

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

(With Independent Auditor’s Report Thereon)

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INDEX TO FINANCIAL STATEMENTS

		Page
Independent Auditor’s Report
Consolidated Statements of Financial Position			1
Consolidated Statements of Comprehensive Income (Loss)			3
Consolidated Statements of Changes in Equity			5
Consolidated Statements of Cash Flows			7
Notes to the Consolidated Financial Statements			9

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Independent Auditor’s Report

(English Translation of a Report Originally Issued in Korean)

The Shareholders and Board of Directors

Korea Electric Power Corporation:

Opinion

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”), which comprise the consolidated statements of financial position as of December 31, 2022 and 2021, the consolidated statements of comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2022 and 2021, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as adopted by the Republic of Korea (“KIFRS”).

Basis for Opinion

We conducted our audit in accordance with Korean Standards on Auditing (“KSA”). Our responsibilities under those standards are further described in the Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Key Audit Matters

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Impairment of property, plant and equipment (“PP&E”)

As discussed in Note 3.(14) to the consolidated financial statements, at each reporting date, management assesses if any indicator of impairment for its PP&E exists. If there is an impairment indicator for a cash-generating unit (“CGU”), management compares the recoverable amount of the CGU with its carrying value to determine if the PP&E which are allocated to the respective CGU are impaired.

In view of the significant difference between the Group’s market capitalization and its consolidated net assets carrying amount, management determined that an indicator of impairment of the Group’s PP&E existed as of December 31, 2022, which is attributed to the CGU of the electricity transmission and distribution business.

Management performed an impairment assessment of the Group’s PP&E allocated to CGU by comparing the carrying amount of the CGU with its value-in-use (VIU) which is determined based on discounted cash flow forecasts. Preparing the VIU estimation requires management to exercise significant judgment, particularly in relation to estimating future sales volumes, unit sales price, cost of power purchase, and discount rate. We have identified the assessment of impairment of PP&E in the electricity transmission and distribution business as a key audit matter because the carrying value of these assets are significant to the consolidated financial statements and also because estimation using a discounted cash flow forecast is complex and involves the exercise of significant management judgment in estimating the variable inputs, which can be inherently uncertain and could be subject to management bias.

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The primary audit procedures we performed to address this key audit matter are as follows:

• We identified and tested key internal controls relating to the Group’s assessment of impairment of PP&E.

• We assessed management’s identification of CGU and the allocation of assets to each CGU with reference to our understanding of the Group’s business

• We compared the forecasts included in the prior year’s discounted cash flow forecasts to the current year’s actual performance in order to assess the appropriateness of the estimates.

• We involved an internal valuation specialist to assist us in assessing the discount rate applied by management in comparison with our recalculated rate using both market and entity-specific information.

• We obtained the Group’s business plan and external data for major unobservable inputs such as future sales volumes, unit sales price and cost of power purchase, used in estimating VIU, and considered whether there were any indicators of management bias.

• We evaluated the management’s sensitivity analyses on the discount rate applied to the discounted cash flow forecasts and assessed the impact of changes in the key assumptions to the conclusions reached in the impairment assessments and whether there were any indicators of management bias.

Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with KIFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group’s financial reporting process.

Auditor’s Responsibilities for the Audit of the Consolidated Financial Statements

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management.

• Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor’s report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor’s report is Jaekeun Song.

March 13, 2023

This audit report is effective as of March 13, 2023, the independent auditor’s report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor’s report date to the time this report is used. Such events and circumstances could significantly affect the accompanying consolidated financial statements and may result in modifications to report.

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

“The accompanying consolidated financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Group.”

Seung-il Cheong

President/CEO

Korea Electric Power Corporation

Corporate Address: #55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, KOREA

Phone Number: 061-345-3114(day) / 061-345-3203(night)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

As of December 31, 2022 and 2021

In millions of won		Note				2022				2021
Assets
Current assets
Cash and cash equivalents			5,6,7,45			W	3,234,780				2,635,238
Current financial assets, net			5,6,9,11,12,13,45,47				4,286,975				1,868,796
Trade and other receivables, net			5,8,20,24,45,46,47				10,461,822				8,122,415
Inventories, net			14				9,930,732				7,608,182
Income tax receivables			41				46,619				41,344
Current non-financial assets			15				1,744,869				1,758,991
Assets held-for-sale			16,42				44,748				15,879
Total current assets							29,750,545				22,050,845
Non-current assets
Non-current financial assets, net			5,6,9,10,11,12,13,45,47				3,336,835				2,909,810
Non-current trade and other receivables, net			5,8,20,45,46,47				2,153,080				1,906,861
Property, plant and equipment, net			18,24,27,49				177,865,308				173,134,638
Investment properties, net			19,27				208,286				212,784
Goodwill			16				100,093				105,647
Intangible assets other than goodwill, net			21,27,46				956,664				1,044,077
Investments in associates			4,17				5,844,464				5,232,373
Investments in joint ventures			4,17				3,147,584				2,239,011
Defined benefit assets, net			25				198,626				20,871
Deferred tax assets			41				10,934,375				1,901,992
Non-current non-financial assets			15				309,134				364,818
Total non-current assets							205,054,449				189,072,882
Total Assets			2,4			W	234,804,994				211,123,727

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

As of December 31, 2022 and 2021

In millions of won		Note				2022				2021
Liabilities
Current liabilities
Trade and other payables, net			5,22,24,45,47			W	11,983,549				8,153,426
Current financial liabilities, net			5,12,23,45,47				22,703,996				14,037,125
Income tax payables			41				429,604				229,460
Current non-financial liabilities			20,28,29				6,974,377				6,466,333
Current provisions			26,45				2,427,051				2,845,876
Total current liabilities							44,518,577				31,732,220
Non-current liabilities
Non-current trade and other payables, net			5,22,24,45,47				5,638,914				5,996,498
Non-current financial liabilities, net			5,12,23,45,47				98,334,120				66,570,419
Non-current non-financial liabilities			28,29				10,662,661				10,216,364
Employee benefits liabilities, net			25,45				828,721				1,679,158
Deferred tax liabilities			41				6,457,103				7,100,938
Non-current provisions			26,45				26,364,642				22,501,424
Total non-current liabilities							148,286,161				114,064,801
Total Liabilities			4			W	192,804,738				145,797,021
Equity
Contributed capital			1,30,45
Share capital						W	3,209,820				3,209,820
Share premium							843,758				843,758
							4,053,578				4,053,578
Retained earnings			2,31
Legal reserves							1,604,910				1,604,910
Voluntary reserves							27,782,969				33,282,817
Unappropriated retained earnings (deficit)							(7,956,579	)			10,370,517
							21,431,300				45,258,244
Other components of equity			34
Other capital surplus							1,268,569				1,231,109
Accumulated other comprehensive income (loss)							496,976				(57,632	)
Other equity							13,294,973				13,294,973
							15,060,518				14,468,450
Equity attributable to owners of the controlling company							40,545,396				63,780,272
Non-controlling interests			2,16,33				1,454,860				1,546,434
Total Equity			2			W	42,000,256				65,326,706
Total Liabilities and Equity						W	234,804,994				211,123,727

The accompanying notes are an integral part of the consolidated financial statements.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

For the years ended December 31, 2022 and 2021

In millions of won, except per share information		Note				2022				2021
Sales			2,4,35,45,47
Sales of goods						W	69,184,469				58,800,977
Sales of services							714,602				456,400
Sales of construction services			20				646,953				754,998
Revenue related to transfer of assets from customers			28				711,839				661,212
							71,257,863				60,673,587
Cost of sales			2,14,25,43,47
Cost of sales of goods							(99,441,768	)			(62,164,425	)
Cost of sales of services							(520,572	)			(580,902	)
Cost of sales of construction services							(941,254	)			(898,963	)
							(100,903,594	)			(63,644,290	)
Gross loss							(29,645,731	)			(2,970,703	)
Selling and administrative expenses			25,36,43,47				(3,009,422	)			(2,875,796	)
Operating loss			4				(32,655,153	)			(5,846,499	)
Other income			37				383,650				372,921
Other expenses			37				(212,150	)			(257,932	)
Other gains (losses), net			38				243,122				8,519
Finance income			5,12,39				1,833,312				1,402,614
Finance expenses			5,12,40				(4,746,791	)			(3,245,777	)
Profit (loss) related to associates, joint ventures and subsidiaries			4,16,17
Gain on valuation of investments in associates and joint ventures							1,393,486				775,588
Gain on disposal of investments in associates and joint ventures							11,091				1,844
Loss on valuation of investments in associates and joint ventures							(55,193	)			(218,532	)
Loss on disposal of investments in associates and joint ventures							(1,675	)			(64,119	)
Loss on impairment of investments in associates and joint ventures							(5,174	)			—
Loss on disposal of investments in subsidiaries							(32,144	)			(197	)
							1,310,391				494,584
Loss before income tax							(33,843,619	)			(7,071,570	)
Income tax benefit			41				9,414,511				1,855,989
Loss for the year						W	(24,429,108	)			(5,215,581	)

(Continued)

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Consolidated Statements of Comprehensive Income (Loss), Continued

For the years ended December 31, 2022 and 2021

In millions of won, except per share information		Note				2022				2021
Other comprehensive income (loss), net of tax			5,12,25,31,34
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability			25,31			W	663,095				210,409
Share in other comprehensive income of associates and joint ventures			31				12,305				3,609
Net change in fair value of equity investments at fair value through other comprehensive income (loss)			34				58,010				59,024
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting			5,12,34				(24,415	)			(15,778	)
Foreign currency translation of foreign operations			34				28,387				41,189
Share in other comprehensive income (loss) of associates and joint ventures			34				509,487				301,161
Other comprehensive income for the year							1,246,869				599,614
Total comprehensive loss for the year						W	(23,182,239	)			(4,615,967	)
Profit (loss) attributable to:
Owners of the controlling company			44			W	(24,466,853	)			(5,304,522	)
Non-controlling interests							37,745				88,941
						W	(24,429,108	)			(5,215,581	)
Total comprehensive income (loss) attributable to:
Owners of the controlling company						W	(23,273,171	)			(4,743,513	)
Non-controlling interests							90,932				127,546
						W	(23,182,240	)			(4,615,967	)
Loss per share (in won)			2,44
Basic and diluted loss per share						W	(38,112	)			(8,263	)

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Statements of Changes in Equity

For the years ended December 31, 2022 and 2021

In millions of won		Equity attributable to owners of the controlling company																Non- controlling interests
		Contributed capital				Retained earnings				Other components of equity				Subtotal								Total equity
Balance as of January 1, 2021		W	4,053,578				51,134,330				14,109,501				69,297,409				1,370,650				70,668,059
Total comprehensive income (loss) for the period
Profit (Loss) for the year			—				(5,304,522	)			—				(5,304,522	)			88,941				(5,215,581	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax			—				201,067				—				201,067				9,342				210,409
Share in other comprehensive income (loss) of associates and joint ventures, net of tax			—				3,609				—				3,609				—				3,609
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—				—				59,022				59,022				2				59,024
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				(19,610	)			(19,610	)			3,832				(15,778	)
Foreign currency translation of foreign operations, net of tax			—				—				15,760				15,760				25,429				41,189
Share in other comprehensive income (loss) of associates and joint ventures, net of tax			—				—				301,161				301,161				—				301,161
Transactions with owners of the Company, recognized directly in equity
Dividends paid			—				(780,628	)			—				(780,628	)			(31,516	)			(812,144	)
Issuance of shares of capital by subsidiaries and others			—				—				(491	)			(491	)			75,702				75,211
Transactions between consolidated entities			—				—				7,452				7,452				(42,199	)			(34,747	)
Changes in consolidation scope			—				—				43				43				59,636				59,679
Dividends paid (hybrid bond)			—				—				—				—				(13,385	)			(13,385	)
Others			—				4,388				(4,388	)			—				—				—
Balance as of December 31, 2021		W	4,053,578				45,258,244				14,468,450				63,780,272				1,546,434				65,326,706

(Continued)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

For the years ended December 31, 2022 and 2021

In millions of won		Equity attributable to owners of the controlling company																Non- controlling interests
		Contributed capital				Retained earnings				Other components of equity				Subtotal								Total equity
Balance as of January 1, 2022		W	4,053,578				45,258,244				14,468,450				63,780,272				1,546,434				65,326,706
Total comprehensive income (loss) for the period
Profit (Loss) for the period			—				(24,466,853	)			—				(24,466,853	)			37,745				(24,429,108	)
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit liability, net of tax			—				626,769				—				626,769				36,326				663,095
Share in other comprehensive income (loss) of associates and joint ventures, net of tax			—				12,305				—				12,305				—				12,305
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax			—				—				58,008				58,008				2				58,010
Items that are or may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				(32,437	)			(32,437	)			8,022				(24,415	)
Foreign currency translation of foreign operations, net of tax			—				—				19,550				19,550				8,837				28,387
Share in other comprehensive income (loss) of associates and joint ventures, net of tax			—				—				509,487				509,487				—				509,487
Transactions with owners of the Company, recognized directly in equity
Dividends paid			—				—				—				—				(42,344	)			(42,344	)
Issuance of shares of capital by subsidiaries and others			—				835				39,641				40,476				86,316				126,792
Transactions between consolidated entities			—				—				(1,584	)			(1,584	)			(75,791	)			(77,375	)
Changes in consolidation scope			—				—				(597	)			(597	)			32,311				31,714
Dividends paid (hybrid bond)			—				—				—				—				(13,461	)			(13,461	)
Repayment of hybrid bond			—				—				—				—				(169,537	)			(169,537	)
Balance as of December 31, 2022		W	4,053,578				21,431,300				15,060,518				40,545,396				1,454,860				42,000,256

The accompanying notes are an integral part of the consolidated financial statements.

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Consolidated Statements of Cash Flows

For the years ended December 31, 2022 and 2021

In millions of won		2022				2021
Cash flows from operating activities
Loss for the year		W	(24,429,108	)			(5,215,581	)
Adjustments to reconcile profit (loss) for the period to net cash provided by operating activities:
Income tax expense			(9,414,511	)			(1,855,989	)
Depreciation			12,305,252				11,776,331
Amortization			156,160				166,161
Employee benefits expense			485,700				512,270
Bad debt expense			29,997				67,242
Interest expense			2,818,546				1,914,457
Loss on disposal of financial assets			1,841				1,045
Loss on disposal of property, plant and equipment			100,066				92,622
Loss on abandonment of property, plant and equipment			160,909				207,934
Loss on impairment of property, plant and equipment			(97,425	)			4,056
Loss on impairment of intangible assets			164				—
Loss on disposal of intangible assets			116				145
Increase in provisions			2,146,979				2,466,452
Loss on foreign currency translation, net			523,285				997,119
Gain on valuation of financial assets at fair value through profit or loss			(7,099	)			(14,338	)
Loss on valuation of financial assets at fair value through profit or loss			44,329				5,480
Valuation and transaction gain on derivative instruments, net			(448,903	)			(907,076	)
Gain on valuation of investments in associates and joint ventures, net			(1,338,293	)			(557,056	)
Gain on disposal of financial assets			(11,199	)			(7,718	)
Reversal of Impairment loss on intangible assets			—				(14	)
Gain on disposal of property, plant and equipment			(148,667	)			(56,284	)
Gain on disposal of intangible assets			(41	)			(1	)
Gain on disposal of associates and joint ventures			(11,091	)			(1,844	)
Loss on disposal of associates and joint ventures			1,675				64,119
Loss on impairment investments in associates and joint ventures			5,174				—
Loss on disposal of subsidiaries			32,144				197
Interest income			(340,753	)			(221,874	)
Dividends income			(28,875	)			(10,522	)
Others, net			215,943				(169,856	)
			7,181,423				14,473,058
Changes in working capital:
Trade receivables			(1,909,649	)			(216,734	)
Non-trade receivables			80,444				869,870
Accrued income			(34,706	)			(17,918	)
Other receivables			80,236				24,306
Other current assets			(651,926	)			(569,732	)
Inventories			(3,000,669	)			(1,738,000	)
Other non-current assets			58,790				(3,462	)
Trade payables			2,782,474				2,144,561
Non-trade payables			61,737				(571,051	)
Accrued expenses			(191,681	)			(456,992	)
Other current liabilities			446,064				379,378
Other non-current liabilities			422,916				458,007
Investments in associates and joint ventures (dividends received)			473,700				288,242
Provisions			(1,564,243	)			(2,426,017	)
Payments of employee benefit obligations			(218,319	)			(159,477	)
Plan assets			(347,778	)			(317,707	)
		W	(3,512,610	)			(2,312,726	)

(Continued)

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Consolidated Statements of Cash Flows, Continued

For the years ended December 31, 2022 and 2021

In millions of won		2022				2021
Cash generated from operating activities		W	(20,760,295	)			6,944,751
Dividends received			28,875				10,522
Interest paid			(2,517,694	)			(1,928,160	)
Interest received			220,471				201,022
Income taxes paid			(448,857	)			(736,757	)
Net cash provided by (used in) operating activities			(23,477,500	)			4,491,378
Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures			56,171				4,472
Acquisition of investments in associates and joint ventures			(360,962	)			(673,017	)
Proceeds from disposals of property, plant and equipment			629,924				277,998
Acquisition of property, plant and equipment			(12,346,878	)			(12,686,726	)
Proceeds from disposals of intangible assets			279				59
Acquisition of intangible assets			(80,508	)			(113,100	)
Disposal of investment properties			515				—
Proceeds from disposals of financial assets			14,182,348				7,023,674
Acquisition of financial assets			(16,496,258	)			(5,893,404	)
Increase in loans			(401,377	)			(223,950	)
Collection of loans			102,061				218,704
Increase in deposits			(237,266	)			(222,924	)
Decrease in deposits			141,000				166,066
Proceeds from disposals of assets held-for-sale			24,205				1,148
Receipt of government grants			50,755				37,920
Net cash outflow from changes in consolidation scope			(31,350	)			(63,492	)
Other cash outflow from investing activities, net			(186,412	)			(225,948	)
Net cash used in investing activities			(14,953,753	)			(12,372,520	)
Cash flows from financing activities
Proceeds from short-term borrowings, net			5,852,426				1,621,440
Proceeds from long-term borrowings and debt securities			43,594,078				17,392,311
Repayment of long-term borrowings and debt securities			(10,252,688	)			(9,360,357	)
Payment of lease liabilities			(562,646	)			(572,036	)
Settlement of derivative instruments, net			407,627				98,068
Change in non-controlling interests			175,645				90,096
Repayment of hybrid bond			(169,537	)			—
Dividends paid (hybrid bond)			(13,461	)			(13,385	)
Dividends paid			(42,348	)			(812,159	)
Other cash outflow from financing activities, net			8,803				(8,901	)
Net cash provided by financing activities			38,997,899				8,435,077
Net increase in cash and cash equivalents before effect of exchange rate fluctuations			566,646				553,935
Effect of exchange rate fluctuations on cash held			32,896				51,719
Net increase in cash and cash equivalents			599,542				605,654
Cash and cash equivalents at January 1, 2022			2,635,238				2,029,584
Cash and cash equivalents at December 31, 2022		W	3,234,780				2,635,238

The accompanying notes are an integral part of the consolidated financial statements.

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Notes to the Consolidated Financial Statements

December 31, 2022 and 2021

1. Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in Korean International Financial Reporting Standards (“KIFRS”) 1110 ‘Consolidated Financial Statements’, was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO’s stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO’s head office is located in Naju, Jeollanam-do.

As of December 31, 2022, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:

		Number of shares				Percentage of ownership
The Government of the Republic of Korea			116,841,794				18.20	%
Korea Development Bank			211,235,264				32.90	%
Other (*)			313,887,019				48.90	%
			641,964,077				100.00	%

(*) The number of shares held by foreign shareholders are 88,959,339 shares (13.86%) as of December 31, 2022, the most recent closing date of shareholder list.

In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

2. Basis of Preparation

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the “Group”) were authorized for issuance by the Board of Directors on February 24, 2023, which will be submitted for approval at the shareholders’ meeting held on March 28, 2023.

(1) Statement of compliance

These consolidated financial statements have been prepared in accordance with KIFRS, as prescribed in the Act on External Audits of Corporations in the Republic of Korea. The accompanying condensed consolidated financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditors’ review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2) Basis of measurement

These consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:

• financial assets at fair value through profit or loss

• financial assets at fair value through other comprehensive income or loss

• derivative financial instruments are measured at fair value

• liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets

(3) Functional and presentation currency

These consolidated financial statements are presented in Korean won (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

2. Basis of Preparation, Continued

(4) Use of estimates and judgments

The preparation of the consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

(i) Useful lives of property, plant and equipment, and estimations on provision for decommissioning costs

The Group reviews the estimated useful lives of property, plant and equipment at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

(ii) Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

(iii) Valuations of financial instruments at fair values

The Group’s accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

(iv) Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

2. Basis of Preparation, Continued

(4) Use of estimates and judgments, continued

(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of December 31, 2022 and 2021 are W 2,348,813 million and W1,725,444 million, respectively.

(vi) Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group’s progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

(vii) The 30-year designed life of Wolsong unit 1 nuclear power plant of the Group had expired on November 20, 2012. On February 27, 2015, however, approval from the Nuclear Safety and Security Commission (NSSC) was received to continue its operation until November 20, 2022.

According to the 8th Basic Plan for Electricity Supply and Demand announced by the Ministry of Trade, Industry and Energy in 2017, Wolsong unit 1 nuclear power plant was expected to go through a comprehensive evaluation for the feasibility of continuous operation including economic efficiency and acceptability of household and community in 2018 in order to decide whether to shut down early. On June 15, 2018, the board of directors of Korea Hydro & Nuclear Power Co., Ltd. (“KHNP”), a subsidiary of KEPCO, has decided to shut down Wolsong unit 1 on the grounds that its deficit was increasing and its economic efficiency was low due to the nonoptimal utilization rate. On December 24, 2019, NSSC approved permanent shutdown of unit 1.

In addition, the Group has also decided to discontinue the construction of Cheonji unit 1 and 2 and Daejin unit 1 and 2 pursuant to the government policy. Accordingly, the Group recognized impairment loss and other expenses during the year ended December 31, 2018.

Among the new nuclear power plants under construction, Shin-Hanwool unit 3 and 4, for which approval for power generation business was previously obtained, are not included in the list of construction suspension as determined by the board of directors of KHNP. However, it is highly likely that the construction of Shin-Hanwool unit 3 and 4 will be suspended according to the government’s policy. Accordingly, the Group recognized impairment loss during the year ended December 31, 2018, as the Group believed that there was a significant change in its operating environment.

However, due to the report to the board of directors of Korea Hydro & Nuclear Power Co., Ltd., a subsidiary of the Group, regarding the resumption of suspension services, permits, and major contracts related to Shin-Hanwool unit 3 and 4, the Group identified signals of the recovery of impairment losse of the assets mentioned above. Accordingly, the Group recognized the reversal of impairment losses related to Shin-Hanwool unit 3 and 4 during the year ended December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

2. Basis of Preparation, Continued

(5) Changes in accounting policies

(i) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to KIFRS 1016

The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The Group applied the amendment retrospectively to items of property, plant and equipment that are capable of operating on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments, and the impacts on the Group’s consolidated financial statements on the date of initial application (January 1, 2022) are as follows:

The impacts on the Group’s consolidated statement of financial position as of December 31, 2021 are as follows:

In millions of won		Original carrying amount				Adjustment				New carrying amount
Current assets		W	22,050,845				—				22,050,845
Non-current assets			189,058,025				14,857				189,072,882
Total Assets			211,108,870				14,857				211,123,727
Current liabilities			31,732,220				—				31,732,220
Non-current liabilities			114,064,801				—				114,064,801
Total Liabilities			145,797,021				—				145,797,021
Contributed capital			4,053,578				—				4,053,578
Retained earnings			45,246,982				11,262				45,258,244
Other components of equity			14,468,450				—				14,468,450
Non-controlling interests			1,542,839				3,595				1,546,434
Total Equity			65,311,849				14,857				65,326,706
Total Liabilities and Equity		W	211,108,870				14,857				211,123,727

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

2. Basis of Preparation, Continued

(5) Changes in accounting policies, continued

The impacts on the Group’s consolidated statement of comprehensive income(loss) for the year ended December 31, 2021 are as follows:

In millions of won except per share information		Original carrying amount				Adjustment				New carrying amount
Sales		W	60,574,819				98,768				60,673,587
Cost of sales			(63,559,178	)			(85,112	)			(63,644,290	)
Gross loss			(2,984,359	)			13,656				(2,970,703	)
Selling and administrative expenses			(2,875,784	)			(12	)			(2,875,796	)
Operating loss			(5,860,143	)			13,644				(5,846,499	)
Other non-operating income			372,921				—				372,921
Other non-operating expense			(257,932	)			—				(257,932	)
Other gains, net			8,519				—				8,519
Finance income			1,402,614				—				1,402,614
Finance expenses			(3,245,777	)			—				(3,245,777	)
Profit related to associates, joint ventures and subsidiaries			494,584				—				494,584
Loss before income tax			(7,085,214	)			13,644				(7,071,570	)
Income tax benefit			1,855,989				—				1,855,989
Net Loss for the period			(5,229,225	)			13,644				(5,215,581	)
Loss attributable to owners of the controlling company			(5,315,055	)			10,533				(5,304,522	)
Profit attributable to non-controlling interests			85,830				3,111				88,941
Other comprehensive income (loss)			599,614				—				599,614
Total comprehensive income (loss) for the period			(4,629,611	)			13,644				(4,615,967	)
Total comprehensive loss attributable to owners of the controlling company			(4,754,046	)			10,533				(4,743,513	)
Total comprehensive income (attributable to non-controlling interests			124,435				3,111				127,546
Loss per share (in won)		W	(8,279	)			16				(8,263	)

The impacts on the Group’s consolidated statement of cash flows for the year ended December 31, 2021 are as follows:

In millions of won		Original carrying amount				Adjustment				New carrying amount
Cash flows from operating activities		W	4,473,186				18,192				4,491,378
Cash flows from investing activities			(12,354,328	)			(18,192	)			(12,372,520	)
Cash flows from financing activities			8,435,077				—				8,435,077

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

2. Basis of Preparation, Continued

(5) Changes in accounting policies, continued

(ii) Other changes in accounting standards effective from January 1, 2022 are as follows. The Group believes that these amendments have no significant impact on the Group’s consolidated financial statements. The Group has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2022, even though the early adoption of these standards is possible.

Onerous Contracts – Costs of Fulfilling a Contract – Amendments to KIFRS 1037

Onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment specifies that the costs of fulfilling a contract comprise incremental costs, such as the costs of materials or labor, and an allocation of other costs directly related to the contract, such as an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract, when assessing whether a contract is an onerous contract. The Group will apply the amendment to the contracts for which all obligations have not been fulfilled at the date of initial application.

Reference to the Conceptual Framework – Amendments to KIFRS 1103

The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements.

An exception has been added to the recognition principle in KIFRS 1103 to avoid ‘day 2’ gains or losses arising for liabilities and contingent liabilities that would be within the scope of KIFRS 1037 or KIFRS 2121 Levies. It requires an entity to apply criteria in KIFRS 1037 and KIFRS 2121 respectively to determine whether a present obligation exists at the acquisition date. The amendment added a new paragraph to KIFRS 1103 to clarify that the contingent assets should not be recognized at the date of acquisition.

KIFRS 1101 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter

The amendment permits a subsidiary that elects to apply paragraph D16(a) of KIFRS 1101 to measure cumulative translation differences using the amounts reported by the parent, based on the parent’s date of transition to KIFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of KIFRS 1101.

KIFRS 1109 Financial Instruments – Fees in the ’10 per cent’ test for derecognition of financial liabilities

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other’s behalf. There is no restricted and similar amendment to KIFRS 1039.

KIFRS 1041 Agriculture – Taxation in fair value measurements

The amendments remove the requirement in paragraph 22 of KIFRS 1041 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of KIFRS 1041.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2021, except for the changes described in Note 2.(5).

(1) Basis of consolidation

The consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of The Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

Transactions within the Group are eliminated during the consolidation.

Changes in the Group’s ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.

When the Group loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to income or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under KIFRS 1109 ‘Financial Instruments’ or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

(2) Business combinations

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(2) Business combinations, continued

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with KIFRS 1012 ‘Income Taxes’ and KIFRS 1019 ‘Employee Benefits’, respectively;

• assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 ‘Non-current Assets Held for Sale’ are measured in accordance with that standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity’s net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 ‘Financial Instruments’, or with KIFRS 1037 ‘Provisions, Contingent Liabilities and Contingent Assets’, as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group’s previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(3) Investments in associates

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 ‘Non-current Assets Held for Sale’, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 ‘Financial Instruments’ unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group’s share of the income or loss and other comprehensive income of the associate. When the Group’s share of losses of an associate exceeds the Group’s interest in that associate (which includes any long-term interests that, in substance, form part of the Group’s net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 ’Investments in Associates and Joint Ventures’ are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 ‘Impairment of Assets’ as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group’s consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(4) Joint arrangements

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types—joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 ‘Investment in Associates and Joint Ventures’ (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 ‘Non-current Assets Held for Sale’.

(5) Non-current assets held-for-sale

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

(6) Goodwill

The Group measures goodwill which acquired in a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group assesses at the end of each reporting period and whenever there is an indication that the asset may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(7) Revenue from Contracts with Customers

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation). The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 92.90% of consolidated revenue for the year ended December 31, 2022.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

(ii) Variable consideration

The Group may be subject to a variation of consideration paid by the customer due to the progressive electricity billing system, discounts on electricity bills for policy purposes, penalties and delinquent payment, etc. The Group estimates an amount of variable consideration by using the expected value method that the Group expects to better predict the amount of consideration to which it will be entitled, and includes in the transaction price some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

(iii) Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

(a) the customer simultaneously receives and consumes the benefits provided by the Group’s performance as the entity performs;

(b) the Group’s performance creates or enhances an asset that the customer controls as the asset is created or enhanced; or

(c) the Group’s performance does not create an asset with an alternative use to the entity and the entity has an enforceable right to payment for performance completed to date.

(iv) Adoption of cost pass-through tariff system

The Group amended the basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. The cost pass-through tariff system has been applied to the electricity rate after January 1, 2021 in accordance with the amendment. The Group expects the adoption of the new system would not affect the existing accounting policies including ‘revenue from contracts with customers’.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(8) Leases

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor’s accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

(i) The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

(ii) The Group as a lessee

(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

(c) Short-term leases and leases of low-value assets

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(9) Foreign currencies

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date’s exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

• Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

• Exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note 3.(23) Derivative financial instruments, including hedge accounting); and

• Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal of the net investment.

For the purpose of presenting financial statements, the assets and liabilities of the Group’s foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognised, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

(10) Borrowing costs

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in income or loss in the period in which they are incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(11) Government grants

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant’s conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

(i) If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

(ii) If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

(12) Employee benefits

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by “Pension Actuarial System” developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability’s measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(13) Income taxes

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

(i) Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

(a) has a legally enforceable right to set off the recognized amounts; and

(b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

(ii) Deferred tax

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

(iii) Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(14) Property, plant and equipment

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group’s property, plant and equipment are as follows:

		Useful lives (years)
Buildings		8 ~ 40
Structures		5 ~ 50
Machinery		2 ~ 32
Vehicles		3 ~ 8
Loaded heavy water		30
Asset retirement costs		18, 30, 40, 60
Right-of-use assets		1 ~ 65
Ships		9
Others		4 ~ 15

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(15) Investment property

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, are depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

(16) Intangible assets

(i) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

(ii) Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

• The technical feasibility of completing the intangible asset so that it will be available for use or sale;

• The intention to complete the intangible asset and use or sell it;

• The ability to use or sell the intangible asset;

• How the intangible asset will generate probable future economic benefits;

• The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and

• The ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(16) Intangible assets, continued

The estimated useful lives and amortization methods of the Group’s intangible assets are as follows:

		Useful lives (years)		Amortization methods
Usage rights for donated assets		10 ~ 30		Straight line
Software		4, 5		Straight line
Industrial rights		5 ~ 10		Straight line
Development expenses		5		Straight line
Leasehold rights		8 ~ 10		Straight line
Others		3 ~ 50 or indefinite		Straight line
Mining right		-		Unit of production

(iii) Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

(iv) Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

(17) Greenhouse gas emissions rights (allowances) and obligations

In connection with Enforcement of Allocation and Trading of Greenhouse Gas Emissions Allowances, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

(i) Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

(ii) Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group’s present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(18) Impairment of non-financial assets other than goodwill

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

(19) Inventories

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

(20) Provisions

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(20) Provisions, continued

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

(i) Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

(ii) Provision for decommissioning costs of nuclear power plants

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

(iii) Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

(iv) Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

(v) Provision for Polychlorinated Biphenyls (“PCBs”)

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group’s estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

(vi) Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

(vii) Provisions for transmission and transformation facilities-neighboring areas support program

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

(viii) Renewable Portfolio Standard (“RPS”) provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(21) Financial instruments

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset’s acquisition or issuance.

(i) Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

Business model		Cash flow characteristics
		Solely payments of principal and interest (SPPI)		Other than SPPI
To collect contractual cash flows		Amortized cost		FVTPL (*2)
Both collecting contractual cash flows and selling financial assets		FVOCI (*1)
To sell financial assets		FVTPL

(*1) To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair value in profit or loss.

(*2) On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.

A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(21) Financial instruments, continued

(iii) Impairment: Financial assets and contract assets

The Group applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the below table.

		Classification				Loss allowances
		Stage 1		Credit risk has not increased significantly since the initial recognition		12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date
		Stage 2		Credit risk has increased significantly since the initial recognition		Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument
		Stage 3		Credit-impaired

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

(iv) Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when it contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

(22) Service Concession Arrangements

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 ’ Revenue from Contracts with Customers’.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

(i) Separable embedded derivatives

Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and when the host contracts are not measured at FVTPL.

An embedded derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative is part of, is more than 12 months and it is not expected to be realized or settled within 12 months. All other embedded derivatives are presented as current assets or current liabilities.

(ii) Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

(iv) Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in the ‘finance income and expense’.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

3. Significant Accounting Policies, Continued

(23) Derivative financial instruments, including hedge accounting, continued

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

4. Segment, Geographic and Other Information

(1) Segment determination and explanation of the measurements

The Group’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision makers of the Group including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments are ‘Transmission and distribution’, ‘Electric power generation (Nuclear)’, ‘Electric power generation (Non-nuclear)’, ‘Plant maintenance & engineering service’ and ‘Others’; others mainly represent the business Unit that manages the Group’s foreign operations.

Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm’s-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

4. Segment, Geographic and Other Information, Continued

(2) Financial information of the segments for the years ended December 31, 2022 and 2021, respectively, are as follows:

In millions of won
2022
Segment		Total segment revenue				Intersegment revenue				Revenue from external customers				Operating profit (loss)				Depreciation and amortization				Interest income				Interest expense				Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution		W	68,951,546				1,922,354				67,029,192				(33,908,575	)			4,130,004				67,076				1,420,802				980,146
Electric power generation (Nuclear)			10,386,091				10,254,271				131,820				653,839				4,034,774				45,789				557,218				(753	)
Electric power generation (Non-nuclear)			41,944,339				39,252,851				2,691,488				316,908				4,091,081				53,242				694,559				329,112
Plant maintenance & engineering service			2,975,062				2,516,699				458,363				236,310				123,168				14,003				1,405				1,886
Others			2,750,231				1,803,231				947,000				297,116				211,719				195,966				195,860				—
Consolidation adjustments			(55,749,406	)			(55,749,406	)			—				(250,751	)			(129,334	)			(35,323	)			(51,298	)			—
		W	71,257,863				—				71,257,863				(32,655,153	)			12,461,412				340,753				2,818,546				1,310,391
In millions of won
2021
Segment		Total segment revenue				Intersegment revenue				Revenue from external customers				Operating profit (loss)				Depreciation and amortization				Interest income				Interest expense				Profit (loss) related associates, joint ventures and subsidiaries
Transmission and distribution		W	59,660,600				1,672,776				57,987,824				(7,425,576	)			3,990,464				36,831				678,986				391,116
Electric power generation (Nuclear)			9,324,391				9,207,516				116,875				796,832				3,611,594				22,209				477,512				(18,146	)
Electric power generation (Non-nuclear)			25,928,596				24,518,167				1,410,429				351,824				4,182,470				22,226				624,391				109,765
Plant maintenance & engineering service			2,805,785				2,370,900				434,885				252,348				121,493				9,515				933				11,849
Others			2,018,997				1,295,423				723,574				203,121				159,222				158,680				162,345				—
Consolidation adjustments			(39,064,782	)			(39,064,782	)			—				(25,048	)			(122,751	)			(27,587	)			(29,710	)			—
		W	60,673,587				—				60,673,587				(5,846,499	)			11,942,492				221,874				1,914,457				494,584

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

4. Segment, Geographic and Other Information, Continued

(3) Information related to segment assets and segment liabilities as of and for the years ended December 31, 2022 and 2021 are as follows:

In millions of won
2022
Segment		Segment assets				Investments in associates and joint ventures				Acquisition of non-current assets				Segment liabilities
Transmission and distribution		W	131,023,727				5,678,141				6,055,179				108,963,058
Electric power generation (Nuclear)			69,129,625				143,304				2,008,409				42,843,974
Electric power generation (Non-nuclear)			69,468,039				3,113,918				3,547,815				40,428,907
Plant maintenance & engineering service			4,051,157				56,685				200,338				1,272,408
Others			12,895,981				—				839,885				5,796,718
Consolidation adjustments			(51,763,535	)			—				(38,633	)			(6,500,327	)
		W	234,804,994				8,992,048				12,612,993				192,804,738
In millions of won
2021
Segment		Segment assets				Investments in associates and joint ventures				Acquisition of non-current assets				Segment liabilities
Transmission and distribution		W	115,578,517				4,700,863				6,754,298				68,531,927
Electric power generation (Nuclear)			64,628,651				141,885				1,959,479				38,361,337
Electric power generation (Non-nuclear)			57,310,164				2,575,019				3,341,960				35,803,289
Plant maintenance & engineering service			3,672,366				53,617				110,330				1,086,926
Others			10,870,812				—				645,760				4,961,880
Consolidation adjustments			(40,936,783	)			—				(12,001	)			(2,948,338	)
		W	211,123,727				7,471,384				12,799,826				145,797,021

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

4. Segment, Geographic and Other Information, Continued

(4) Geographic information

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:

In millions of won		Revenue from external customers								Non-current assets (*2)
Geographical unit		2022				2021				2022				2021
Domestic		W	69,854,569				59,432,464				183,707,117				178,760,564
Overseas (*1)			1,403,294				1,241,123				4,724,416				3,572,784
		W	71,257,863				60,673,587				188,431,533				182,333,348

(*1) Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

(*2) The amounts exclude financial assets, deferred tax assets and defined benefit assets.

(5) Information on significant customers

There is no single customer which accounts for 10% or more of the Group’s revenue for the years ended December 31, 2022 and 2021.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

5. Classification of Financial Instruments

(1) Classification of financial assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Financial assets at fair value through profit or loss				Financial assets at fair value through other comprehensive income				Financial assets at amortized cost				Derivative assets (applying hedge accounting)				Total
Current assets
Cash and cash equivalents		W	—				—				3,234,780				—				3,234,780
Current financial assets
Current financial assets at fair value through profit or loss			3,181,791				—				—				—				3,181,791
Current financial assets at amortized costs			—				—				16,762				—				16,762
Current derivative assets			154,730				—				—				134,873				289,603
Other financial assets			—				—				798,819				—				798,819
Trade and other receivables			—				—				10,461,822				—				10,461,822
			3,336,521				—				14,512,183				134,873				17,983,577
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss			527,717				—				—				—				527,717
Non-current financial assets at fair value through other comprehensive income			—				502,829				—				—				502,829
Non-current financial assets at amortized costs			—				—				10,236				—				10,236
Non-current derivative assets			538,342				—				—				190,079				728,421
Other financial assets			—				—				1,567,632				—				1,567,632
Trade and other receivables			—				—				2,153,080				—				2,153,080
			1,066,059				502,829				3,730,948				190,079				5,489,915
		W	4,402,580				502,829				18,243,131				324,952				23,473,492

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

5. Classification of Financial Instruments, Continued

(1) Classification of financial assets as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Financial assets at fair value through profit or loss				Financial assets at fair value through other comprehensive income				Financial assets at amortized cost				Derivative assets (applying hedge accounting)				Total
Current assets
Cash and cash equivalents		W	—				—				2,635,238				—				2,635,238
Current financial assets
Current financial assets at fair value through profit or loss			360,833				—				—				—				360,833
Current financial assets at amortized costs			—				—				15,422				—				15,422
Current derivative assets			93,374				—				—				33,564				126,938
Other financial assets			—				—				1,365,603				—				1,365,603
Trade and other receivables			—				—				8,122,415				—				8,122,415
			454,207				—				12,138,678				33,564				12,626,449
Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss			672,031				—				—				—				672,031
Non-current financial assets at fair value through other comprehensive income			—				435,107				—				—				435,107
Non-current financial assets at amortized costs			—				—				9,851				—				9,851
Non-current derivative assets			349,653				—				—				171,192				520,845
Other financial assets			—				—				1,271,976				—				1,271,976
Trade and other receivables			—				—				1,906,861				—				1,906,861
			1,021,684				435,107				3,188,688				171,192				4,816,671
		W	1,475,891				435,107				15,327,366				204,756				17,443,120

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

5. Classification of Financial Instruments, Continued

(2) Classification of financial liabilities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Financial liabilities at fair value through profit or loss				Financial liabilities recognized at amortized cost				Derivative liabilities (applying hedge accounting)				Total
Current liabilities
Borrowings		W	—				12,457,853				—				12,457,853
Debt securities			—				10,201,149				—				10,201,149
Derivative liabilities			44,994				—				—				44,994
Trade and other payables			—				11,983,549				—				11,983,549
			44,994				34,642,551				—				34,687,545
Non-current liabilities
Borrowings			—				2,962,323				—				2,962,323
Debt securities			—				94,984,040				—				94,984,040
Derivative liabilities			362,252				—				25,505				387,757
Trade and other payables			—				5,638,914				—				5,638,914
			362,252				103,585,277				25,505				103,973,034
		W	407,246				138,227,828				25,505				138,660,579

In millions of won		2021
		Financial liabilities at fair value through profit or loss				Financial liabilities recognized at amortized cost				Derivative liabilities (applying hedge accounting)				Total
Current liabilities
Borrowings		W	—				4,382,218				—				4,382,218
Debt securities			—				9,647,616				—				9,647,616
Derivative liabilities			6,838				—				453				7,291
Trade and other payables			—				8,153,426				—				8,153,426
			6,838				22,183,260				453				22,190,551
Non-current liabilities
Borrowings			—				2,265,624				—				2,265,624
Debt securities			—				64,234,055				—				64,234,055
Derivative liabilities			49,418				—				21,322				70,740
Trade and other payables			—				5,996,498				—				5,996,498
			49,418				72,496,177				21,322				72,566,917
		W	56,256				94,679,437				21,775				94,757,468

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

5. Classification of Financial Instruments, Continued

(3) Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2022 and 2021 are as follows:

In millions of won				2022				2021
Cash and cash equivalents		Interest income		W	51,872				12,692
		Gain on foreign currency transactions and translations			22,158				34,923
Financial assets at fair value through profit or loss		Interest income			58,540				18,415
		Dividends income			1,994				2,949
		Gain on valuation of derivatives			336,049				450,896
		Gain on transaction of derivatives			205,298				54,352
		Gain (loss) on valuation of financial assets			(37,230	)			8,858
		Gain on disposal of financial assets			9,358				4,221
Financial assets at fair value through other comprehensive income		Dividends income			26,881				7,573
Financial assets at amortized cost		Interest income			1,308				797
		Gain (loss) on foreign currency transactions and translations			5,087				(3,647	)
Loans		Interest income			33,545				25,196
		Gain on foreign currency transactions and translations			596				729
Trade and other receivables		Interest income			164,653				144,543
		Gain on disposal of financial assets			—				2,452
		Gain on foreign currency transactions and translations			1,019				14,207
Short-term financial instruments		Interest income			15,827				7,531
		Gain on foreign currency transactions and translations			3,513				32,218
Long-term financial instruments		Interest income			14,371				12,470
		Gain on foreign currency transactions and translations			1				27
Other financial assets		Interest income			637				230
Derivatives (applying hedge accounting)		Gain on valuation of derivatives (profit or loss)			149,888				211,180
		Loss on valuation of derivatives (equity, before tax)			(93,699	)			(11,734	)
		Gain on transaction of derivatives			54,422				31,351
Financial liabilities at fair value through profit or loss		Gain (loss) on valuation of derivatives			(345,313	)			2,751
		Loss on transaction of derivatives			(110,236	)			(15,358	)
Financial liabilities carried at amortized cost		Interest expense of borrowings and debt securities			2,142,220				1,316,269
		Loss on repayment of financial liabilities			(15	)			(10	)
		Interest expense of trade and other payables			204,078				213,765
		Interest expense of others			472,248				384,423
		Other finance income			927				1,284
		Other finance expenses			167				2,504
		Loss on foreign currency transactions and translations			(936,269	)			(1,162,835	)
Derivatives (applying hedge accounting)		Gain on valuation of derivatives (profit or loss)			83,594				158,167
		Gain (loss) on valuation of derivatives (equity, before tax)			28,647				(28,726	)
		Gain on transaction of derivatives			75,201				13,737

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

6. Restricted Deposits

Restricted deposits as of December 31, 2022 and 2021 are as follows:

In millions of won				2022				2021
Cash and cash equivalents		Escrow accounts		W	2,912				—
		Deposits for government project and others			30,586				22,286
		Collateral provided for borrowings			250,346				264,813
		Collateral provided for lawsuit			57				42
		Deposits for transmission regional support program			8,626				5,921
		Deposits for other business purposes			3,825				3,050
Short-term financial instruments		Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others			101,500				114,000
		Collateral provided for borrowings			1,000				11,745
Non-current financial assets at fair value through profit or loss		Decommissioning costs of nuclear power plants			386,220				531,720
Long-term financial instruments		Escrow accounts			1,603				70
		Guarantee deposits for banking accounts at oversea branches			18				333
		Collateral provided for borrowings			21,745				—
		Decommissioning costs of nuclear power plants			497,609				324,609
		Funds for developing small and medium enterprises			—				10,000
Other non-current assets		Deposits for other business purposes			4,355				—
				W	1,310,402				1,288,589

7. Cash and Cash Equivalents

Cash and cash equivalents as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Cash		W	21,113				19,623
Other demand deposits			1,906,248				1,825,751
Short-term deposits classified as cash equivalents			1,063,290				407,921
Short-term investments classified as cash equivalents			244,129				381,943
		W	3,234,780				2,635,238

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

8. Trade and Other Receivables

(1) Trade and other receivables as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Trade receivables		W	9,700,880				(196,829	)			—				9,504,051
Other receivables			1,004,528				(44,388	)			(2,369	)			957,771
			10,705,408				(241,217	)			(2,369	)			10,461,822
Non-current assets
Trade receivables			197,955				(2,171	)			—				195,784
Other receivables			2,033,705				(65,065	)			(11,344	)			1,957,296
			2,231,660				(67,236	)			(11,344	)			2,153,080
		W	12,937,068				(308,453	)			(13,713	)			12,614,902

In millions of won		2021
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Trade receivables		W	7,743,735				(203,838	)			—				7,539,897
Other receivables			602,113				(18,555	)			(1,040	)			582,518
			8,345,848				(222,393	)			(1,040	)			8,122,415
Non-current assets
Trade receivables			185,512				(1,501	)			—				184,011
Other receivables			1,792,895				(64,155	)			(5,890	)			1,722,850
			1,978,407				(65,656	)			(5,890	)			1,906,861
		W	10,324,255				(288,049	)			(6,930	)			10,029,276

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

8. Trade and Other Receivables, Continued

(2) Other receivables as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Non-trade receivables		W	459,245				(41,293	)			(21	)			417,931
Accrued income			109,267				—				—				109,267
Deposits			289,580				—				(2,348	)			287,232
Finance lease receivables (*1)			67,583				(1,802	)			—				65,781
Others			78,853				(1,293	)			—				77,560
			1,004,528				(44,388	)			(2,369	)			957,771
Non-current assets
Non-trade receivables			140,128				(52,696	)			(182	)			87,250
Accrued income			2,004				—				—				2,004
Deposits			459,861				—				(11,162	)			448,699
Finance lease receivables (*2)			1,171,807				(2,703	)			—				1,169,104
Others			259,905				(9,666	)			—				250,239
			2,033,705				(65,065	)			(11,344	)			1,957,296
		W	3,038,233				(109,453	)			(13,713	)			2,915,067

(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W114,347 million.

(*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,024,927 million.

In millions of won		2021
		Gross amount				Allowance for doubtful accounts				Present value discount				Book value
Current assets
Non-trade receivables		W	232,172				(17,084	)			(9	)			215,079
Accrued income			57,300				—				—				57,300
Deposits			212,666				—				(1,031	)			211,635
Finance lease receivables (*1)			60,613				(178	)			—				60,435
Others			39,362				(1,293	)			—				38,069
			602,113				(18,555	)			(1,040	)			582,518
Non-current assets
Non-trade receivables			123,537				(56,407	)			(281	)			66,849
Accrued income			1,828				—				—				1,828
Deposits			441,393				—				(5,609	)			435,784
Finance lease receivables (*2)			1,140,080				(590	)			—				1,139,490
Others			86,057				(7,158	)			—				78,899
			1,792,895				(64,155	)			(5,890	)			1,722,850
		W	2,395,008				(82,710	)			(6,930	)			2,305,368

(*1) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W111,915 million.

(*2) Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,082,712 million.

(3) Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Group imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

8. Trade and Other Receivables, Continued

(4) Aging analysis of trade receivables as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Trade receivables: (not overdue)		W	9,509,775				7,603,472
Trade receivables: (impairment reviewed)			389,060				325,775
Less than 60 days			5,592				11,577
60 ~ 90 days			36,389				27,201
90 ~ 120 days			31,442				28,230
120 days ~ 1 year			99,655				51,945
Over 1 year			215,982				206,822
			9,898,835				7,929,247
Less: allowance for doubtful accounts			(199,000	)			(205,339	)
		W	9,699,835				7,723,908

At the end of each reporting period, the Group assesses whether the credit to trade receivables is impaired. The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.

(5) Aging analysis of other receivables as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Other receivables: (not overdue)		W	2,857,253				2,251,474
Other receivables: (impairment reviewed)			180,980				143,534
Less than 60 days			92				87
60 ~ 90 days			13,643				4,881
90 ~ 120 days			2,982				1,248
120 days ~ 1 year			18,494				11,438
Over 1 year			145,769				125,880
			3,038,233				2,395,008
Less: allowance for doubtful accounts			(109,453	)			(82,710	)
Less: present value discount			(13,713	)			(6,930	)
		W	2,915,067				2,305,368

At the end of each reporting period, the Group assesses whether the credit to other receivables is impaired. The Group recognizes loss allowances for other receivables individually when there is any objective evidence that other receivables are impaired and significant, and classifies the other receivables that are not individually assessed as the other receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

8. Trade and Other Receivables, Continued

(6) Changes in the allowance for doubtful accounts for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Trade receivables				Other receivables				Trade receivables				Other receivables
Beginning balance		W	205,339				82,710				208,990				132,379
Bad debts expense			27,078				4,220				19,039				18,411
Write-off			(26,319	)			(1,103	)			(21,809	)			(58,762	)
Reversal			(3,444	)			(37	)			(1,071	)			(79	)
Others			(3,654	)			23,663				190				(9,239	)
Ending balance		W	199,000				109,453				205,339				82,710

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

9. Financial Assets at Fair Value through Profit or Loss

(1) Financial assets at fair value through profit or loss as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Financial assets at fair value through profit or loss
Beneficiary Certificate		W	294				121,406				629				206,160
Cooperative			—				6,329				—				5,797
Others (*)			3,181,497				173,386				360,204				202,003
			3,181,791				301,121				360,833				413,960
Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives			—				226,596				—				258,071
		W	3,181,791				527,717				360,833				672,031

(*) ‘Others’ include MMT, etc.

(2) Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beneficiary Certificate		W	4,527				13,632
Cooperative			120				110
Debt with embedded derivatives			946				854
Others			27,068				19,848
		W	32,661				34,444

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income

(1) Changes in financial assets at fair value through other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Acquisition				Disposal				Valuation				Others				Ending balance
Equity securities
Listed		W	273,826				—				—				28,585				(2,354	)			300,057
Unlisted			160,790				9,451				—				33,237				(1,235	)			202,243
			434,616				9,451				—				61,822				(3,589	)			502,300
Debt securities
Corporate bond			491				—				—				38				—				529
			435,107				9,451				—				61,860				(3,589	)			502,829
Current financial assets at fair value through other comprehensive income		W	—				—				—				—				—				—
Non-current financial assets at fair value through other comprehensive income			435,107				9,451				—				61,860				(3,589	)			502,829

In millions of won		2021
		Beginning balance				Acquisition				Disposal				Valuation				Others				Ending balance
Equity securities
Listed		W	194,669				1,500				(8,208	)			81,112				4,753				273,826
Unlisted			163,890				8,929				(13	)			(12,335	)			319				160,790
			358,559				10,429				(8,221	)			68,777				5,072				434,616
Debt securities
Corporate bond			—				500				—				—				(9	)			491
			358,559				10,929				(8,221	)			68,777				5,063				435,107
Current financial assets at fair value through other comprehensive income		W	—				—				—				—				—				—
Non-current financial assets at fair value through other comprehensive income			358,559				10,929				(8,221	)			68,777				5,063				435,107

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Listed
Korea District Heating Corp.			2,264,068				19.55	%		W	173,201				64,526				64,526
Ssangyong Motor Co., Ltd.			12,205				0.03	%			428				107				107
SM Korea Line Corp.			180				0.00	%			1				—				—
Namkwang Engineering & Construction Co., Ltd.			121				0.00	%			15				—				—
Bumyang Construction Co., Ltd.			35				0.00	%			2				—				—
ELCOMTEC Co., Ltd.			32,875				0.04	%			217				34				34
PAN Ocean Co., Ltd.			1,492				0.00	%			14				9				9
STX Heavy Industries Co., Ltd.			7,419				0.03	%			107				54				54
Codes Combine Co., Ltd.			291				0.00	%			1				1				1
PT Adaro Energy Tbk.			480,000,000				1.50	%			65,028				149,503				149,503
Denison Mines Corp.			58,284,000				7.09	%			84,134				84,502				84,502
Fission Uranium Corp.			100,000				1.73	%			41				75				75
SangSangin Industry Co., Ltd.			5,831				0.01	%			38				3				3
Vitzosys Co., Ltd.			399				0.00	%			2				—				—
EMnI Co., Ltd.			628				0.00	%			25				3				3
Vissem electronics, Co., Ltd.			229				0.00	%			11				1				1
KC Industry Co., Ltd.			139				0.00	%			6				—				—
Ihsung CNI Co., Ltd.			142,860				4.81	%			1,500				1,229				1,229
Aone Alform Co., Ltd.			2,672				0.04	%			19				10				10
											324,790				300,057				300,057
Unlisted (*1)
Intellectual Discovery Co., Ltd.			200,000				6.00	%		W	5,000				954				954
Hwan Young Steel Co., Ltd.			10,916				0.14	%			1,092				97				97
SAMBO AUTO. Co., Ltd.			15,066				0.02	%			38				38				38
Mobo Co., Ltd.			504				0.00	%			14				14				14
Dae Kwang Semiconductor Co., Ltd.			589				0.07	%			6				6				6
Sanbon Department Store			828				0.01	%			124				3				3
Miju Steel Mfg. Co., Ltd.			1,097				0.23	%			50				50				50
Sungwon Co., Ltd.			117				0.07	%			29				29				29
IMHWA Corp.			329				0.11	%			5				5				5
DALIM Special Vehicle Co., Ltd.			58				0.08	%			10				10				10
Altron Jeonju Co., Ltd.			34,846				1.34	%			697				5				5
Moonkyung Silica Co., Ltd.			42				0.56	%			—				—				—
Sungkwang Timber Co., Ltd.			3				0.08	%			5				5				5
KS Remicon Co., Ltd.			12				0.04	%			3				3				3
Joongang Platec Co., Ltd.			3,591				0.75	%			72				35				35
Pyungsan SI Co., Ltd.			434				0.01	%			4				4				4
Samgong Development Co., Ltd.			12				0.01	%			7				7				7
Joongang Development Co., Ltd.			540				0.12	%			8				8				8
AJS Co., Ltd.			12,906				0.23	%			32				32				32
MSE Co., Ltd.			429				0.13	%			9				9				9
Ilrim Nano Tec Co., Ltd.			1,520				0.07	%			15				15				15
Ilsuk Co., Ltd.			152				0.17	%			10				10				10
Zyle Daewoo Motor Sales Co., Ltd.			22				0.00	%			—				—				—
Daewoo Development Co., Ltd.			8				0.00	%			—				—				—
Seyang Inc.			537				0.05	%			27				30				30
Seungri Enterprise Co., Ltd.			93				0.05	%			3				3				3
Shin-E P&C Co., Ltd.			1,569				0.64	%			110				2				2
Ejung Ad Co., Ltd.			132				0.09	%			3				3				3
Solvus Co., Ltd.			1,056				0.04	%			3				3				3
Myung Co., Ltd.			89				0.05	%			2				2				2

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Biwang Industry Co., Ltd			406				0.04	%		W	2				2				2
Young Sung Co., Ltd.			89				0.40	%			26				26				26
Yuil Industrial Electronics Co., Ltd.			804				0.32	%			15				15				15
Woojin Industry Corporation			3				0.00	%			16				16				16
Kwang Sung Industry Co., Ltd.			325				0.35	%			7				7				7
Futech Mold Co., Ltd.			274				0.27	%			14				14				14
Woojoo Environment Ind. Co., Ltd.			101				0.11	%			13				13				13
Hyungji Esquire Co., Ltd.			61				0.02	%			22				22				22
Morado Co., Ltd.			209				0.04	%			2				2				2
Myung Sung Tex Co., Ltd.			20				0.00	%			2				2				2
Kwang Sung Co., Ltd.			610				0.53	%			31				31				31
Seen Business and Technology co., Ltd.			29,424				0.73	%			148				7				7
Woobang Construction Co., Ltd.			8				0.00	%			8				8				8
Shin Pyung Co., Ltd.			6				0.03	%			3				3				3
JMC Heavy Industries Co., Ltd.			2,724				0.10	%			27				2				2
Najin Steel Co., Ltd.			37				0.06	%			5				5				5
Sinkwang Industry Co., Ltd.			1,091				1.68	%			5				5				5
Elephant & Friends Co., Ltd.			563				0.61	%			3				3				3
Mireco Co., Ltd.			109				0.25	%			11				11				11
L&K Industry Co., Ltd.			1,615				0.60	%			24				24				24
JO Tech Co., Ltd.			1,263				0.62	%			25				25				25
Kendae Printing Co., Ltd.			422				0.60	%			21				21				21
Dauning Co., Ltd.			231				0.41	%			6				6				6
Korea Trecision Co., Ltd.			22				0.45	%			5				5				5
Hurim Biocell Co., Ltd.			1,021				0.00	%			5				5				5
Smart Power Co., Ltd.			133,333				4.14	%			200				200				200
Sunjin Power Tech Co., Ltd.			4,941				0.92	%			247				32				32
Beer Yeast Korea Inc.			1,388				0.43	%			7				7				7
B CON Co., Ltd.			96				1.16	%			6				6				6
Ace Integration Co., Ltd			105				0.09	%			24				24				24
AceInti Agricultural Co., Ltd.			16				0.02	%			5				5				5
KyungDong Co., Ltd.			130				0.01	%			1				1				1
ChunWon Development Co., Ltd.			193				0.19	%			39				39				39
SungLim Industrial Co., Ltd.			29				0.03	%			1				1				1
Korea Minerals Co., Ltd.			191				0.05	%			134				1				1
HyoDong Development Co., Ltd.			128				0.16	%			25				1				1
JoHyun Co., Ltd.			350				1.56	%			18				18				18
KC Co., Ltd.			5,107				0.17	%			26				26				26
SeongJi Industrial Co.,Ltd.			41				0.05	%			1				1				1
Seyang Precision Ind.Co., Ltd.			829				0.23	%			41				41				41
Dooriwon Food System Co., Ltd.			13				0.27	%			1				1				1
Sung Kwang Co., Ltd.			23				0.37	%			6				6				6
Shinheung petrol. Co., Ltd.			699				0.14	%			35				35				35
Force TEC Co., Ltd.			3,501				0.02	%			18				18				18
Samsung Tech Co., Ltd.			486				1.28	%			97				36				36
Younil Metal Co., Ltd.			41				0.21	%			21				21				21
CJ Paradise Co.,Ltd			24				0.02	%			12				12				12
Han Young Technology Company Co.,Ltd.			35				0.00	%			—				—				—
Ptotronics Co., Ltd.			843				0.42	%			84				6				6
NFT Co., Ltd.			136				0.40	%			8				8				8
Hyundaitech Co.,Ltd.			1,363				0.87	%			27				27				27
Dasan Material Co., Ltd.			29				0.04	%			22				22				22
Fish World Co.,Ltd.			47				0.21	%			2				2				2

49

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
SG Shinsung Engineering and Construction Co., Ltd.			10				0.00	%		W	6				—				—
Samdo Industry Electric Co.,Ltd.			48				0.02	%			1				1				1
Taejung Industries Co.,Ltd.			9,268				0.30	%			5				5				5
Shinsei Trading Co., Ltd.			64				0.72	%			6				6				6
Dynamic Co., Ltd.			111				0.19	%			3				3				3
Green Alchemy Co.,Ltd.			38,202				1.48	%			191				17				17
Youone TBM Engineering & Construction Co., Ltd.			615				0.27	%			31				31				31
KM Leatech Co., Ltd.			1,648				0.98	%			8				8				8
Semist Co.,Ltd.			555				0.80	%			3				3				3
Sewon Bus Co.,Ltd			12				0.00	%			—				—				—
Enertec Co., Ltd.			7,937				0.19	%			44				44				44
Sangji Co., Ltd.			20				0.26	%			4				4				4
Bellie Doughnuts Co., Ltd.			169				0.19	%			10				10				10
AIRTECH Information communication Co., Ltd			2,379				0.60	%			12				12				12
Kiscom Co., Ltd.			1,493				0.04	%			1				1				1
Set Holding (*2)			1,100,220				2.50	%			229,255				163,580				163,580
Choheung packing Co.,Ltd.			61				0.13	%			12				12				12
Jaewoo Co., Ltd.			359				0.24	%			11				11				11
Wooyang HC Co., Ltd			1,375				0.01	%			159				13				13
TheYeonriji Co., Ltd.			116				0.10	%			6				6				6
Flusys Co., Ltd.			9				0.08	%			2				2				2
DongSeo Electronics Co., Ltd.			347				0.07	%			17				17				17
Daewoo Display Co., Ltd.			177				0.03	%			5				5				5
NTS Co., Ltd.			143				0.22	%			36				36				36
AID CO., Ltd.			1,212				0.57	%			36				36				36
Changwon Eco-friendly farming Corp.			3				0.01	%			—				—				—
Kumo Hitech Co., Ltd.			6,697				0.53	%			100				32				32
Kyung Pyo Industry Co., Ltd.			186				0.76	%			19				19				19
Doosung Heavy Industries Co., Ltd.			53				0.06	%			5				5				5
Samjoo Hightech Co., Ltd.			522				0.08	%			3				3				3
Samkwang Chemical Co., Ltd.			204				1.27	%			51				51				51
Shinseung Chemical Industy Co., Ltd.			5				0.01	%			60				—				—
KJ Alloy Co., Ltd.			368				0.20	%			7				7				7
SM Hi-tech Co., Ltd.			22				0.39	%			22				22				22
Puruen Environment Co., Ltd.			967				1.34	%			19				19				19
Miretech Co., Ltd.			9,111				0.27	%			18				18				18
Sejin Hightech Co., Ltd.			17,980				0.16	%			18				18				18
Eun Sung Enterprise Co., Ltd.			1,131				0.72	%			17				17				17
Shinyoung Textiles Co., Ltd.			523				1.01	%			52				23				23
Ilwoo Steel Co., Ltd.			41				0.28	%			17				17				17
Dong-un Tech Co., Ltd.			1,159				6.28	%			81				34				34
Wongwang Door Corp.			575				1.00	%			29				29				29
Mansu Co.,Ltd.			344				0.25	%			15				15				15
Eanskorea Co., Ltd.			39				0.05	%			2				2				2
Youngdongseafood Co., Ltd.			165				0.33	%			8				8				8
Hyunwoo Winstar Co., Ltd.			1				0.00	%			—				—				—
Sungchang Tech Co., Ltd.			159				0.31	%			19				19				19
Yuchang Industry Co., Ltd.			90				0.11	%			5				5				5
Jeongpum Co., Ltd.			322				0.35	%			16				16				16
Korea Steel Power Co., Ltd.			2,761				1.88	%			55				2				2
Amanex Co., Ltd.			10				0.02	%			9				9				9
Dae-A Leisure Co., Ltd.			23				0.00	%			4				4				4
Caffe Bene Co.,Ltd.			1,908				0.03	%			9				9				9
Shinjin International Corp.			4				0.01	%			1				1				1

50

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Jinhung Packaging Co.,Ltd			4,329				3.02	%		W	22				22				22
Donglim Eng Co., Ltd.			26				0.11	%			3				3				3
SIP Co., Ltd.			274				0.55	%			7				7				7
Clizen Co., Ltd.			615				0.34	%			31				31				31
Daeji Product Co., Ltd.			15				0.05	%			1				—				—
SSET Co., Ltd.			181				0.30	%			18				18				18
Sewon PM Tech Co., Ltd.			963				1.11	%			48				48				48
Dawon Yuhwa Co., Ltd.			506				1.94	%			25				25				25
Ogokbaekkwa Co., Ltd.			101				0.12	%			1				1				1
Shinwoo Toptech Co., Ltd.			834				0.51	%			83				6				6
KMLC Co., Ltd.			281				0.14	%			22				22				22
Seinfood Co., Ltd.			13				0.17	%			7				7				7
TaeSung Eco-Tech. Co., Ltd.			1,368				4.55	%			34				34				34
Kukex Inc.			639				0.05	%			3				3				3
Youngshin Plus Co., Ltd.			104				0.12	%			5				5				5
Chang won Engineering Co., Ltd.			22				0.00	%			4				4				4
Samsung Silup Co., Ltd.			47				0.19	%			5				5				5
Samwon Bio Tech Co., Ltd.			390				0.25	%			6				6				6
IZU KOREA Co., Ltd.			48				0.00	%			2				2				2
Dongdo CNP Co., Ltd.			234				0.36	%			6				6				6
Dae Bang Industry Co.,Ltd.			115				0.13	%			6				6				6
S.I.T. Co.,Ltd			2,213				0.44	%			22				22				22
Taejin Hiech Co., Ltd.			78				0.26	%			3				3				3
Headone Co.,Ltd.			69				0.12	%			7				7				7
E-Won Solutech Co., Ltd.			158				0.16	%			40				40				40
KPL Circuit Co., Ltd.			283				0.08	%			14				14				14
Road Solar Co., Ltd.			12				0.00	%			—				—				—
Han Mi Flexible Co.,Ltd.			143				0.20	%			43				43				43
Millennium PNT Co., Ltd.			227				0.37	%			6				6				6
GN Chem Co., Ltd.			40				0.07	%			1				1				1
Dae Myung Co., Ltd.			114				0.08	%			3				3				3
Nanomicart Co., Ltd.			176				1.06	%			35				35				35
Young San Heavy Industries Co., Ltd.			74				0.11	%			7				7				7
Samchungwon Co., Ltd.			15				0.24	%			2				2				2
Wooyang Frozen Foods Co., Ltd.			66				0.82	%			27				27				27
Nanomic Co., Ltd.			94				0.63	%			38				38				38
Samsung Nonferrous Metal Co., Ltd.			89				0.26	%			9				9				9
Daewha Fuel Pump Ind., Ltd.			83				0.05	%			10				10				10
Addies Direct Co., Ltd.			1				0.00	%			—				—				—
WorldCnM Inc.			131				1.09	%			10				10				10
Superone Co., Ltd.			1,585				1.45	%			8				8				8
Buyoung Panji Co., Ltd.			478				0.44	%			12				12				12
International Paint Korea Co., Ltd.			111				0.48	%			11				11				11
EI Lighting Co., Ltd.			358				0.36	%			18				18				18
Hightech Mnp Co., Ltd.			123				0.35	%			6				6				6
Yooseung Co., Ltd.			10				0.08	%			1				1				1
Sungkwang Co., Ltd.			48				0.35	%			2				2				2
Taeyang gasteel Co., Ltd.			8				0.02	%			1				1				1
Ajin KSB Co., Ltd.			204				0.31	%			18				18				18
Sewon Ceramic Co., Ltd.			530				1.01	%			5				5				5
Choyang Tech Co., Ltd.			465				1.01	%			23				23				23
TK Co., Ltd.			307				0.70	%			15				15				15
Arari Co., Ltd.			14				0.05	%			1				1				1

51

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
C&S Corporation Co., Ltd.			1,304				0.01	%		W	13				13				13
Global The One of Korea Co., Ltd.			62				0.06	%			3				3				3
Steellife Co., Ltd.			85				0.06	%			4				4				4
D&C Castech Co., Ltd.			330				1.89	%			25				25				25
Geumhan Co., Ltd.			498				0.24	%			7				7				7
Mokgan Co., Ltd.			5				0.02	%			1				1				1
Wenex Co., Ltd.			373				0.53	%			19				19				19
Sulim Co., Ltd.			30				0.20	%			6				6				6
Shinkwang Engineering			24				0.36	%			2				2				2
Ek Cookware Co., Ltd.			60				0.04	%			1				1				1
KTTW Co., Ltd.			28				0.05	%			2				2				2
Avajar Co., Ltd.			1,061				0.01	%			1				1				1
Woosung I.B. Co.,Ltd			7,071				0.07	%			14				14				14
CAP Korea Co., Ltd.			16				0.30	%			3				3				3
MSM Co., Ltd.			25				0.08	%			—				—				—
Ddpopstyle Co., Ltd.			22				0.14	%			1				1				1
Finemetal Co., Ltd.			49				0.08	%			1				1				1
Sungkyeong Co., Ltd.			52				0.24	%			2				2				2
RMK Co., Ltd.			63				0.90	%			22				22				22
Newko Co., Ltd.			331				0.06	%			10				10				10
Dongsung Mulsan Co., Ltd.			137				0.34	%			14				14				14
Pizzakorea Co., Ltd.			42				0.18	%			9				9				9
Geumdani Co., Ltd.			2,377				1.82	%			36				36				36
Mezzanine I-pack Co., Ltd.			38				0.02	%			1				1				1
Ltop Co., Ltd.			36				0.06	%			7				7				7
Simile Aluminium Co., Ltd.			428				0.31	%			9				9				9
GT Tooling Co., Ltd.			604				0.17	%			6				6				6
Team Korea Co., Ltd.			4,782				0.37	%			24				24				24
Donghwa TCA Co., Ltd.			1,012				0.30	%			25				25				25
Hankook Piaget Co., Ltd.			4				0.01	%			1				1				1
Coco Food Co., Ltd.			648				1.24	%			33				33				33
Woori Industry Co., Ltd.			102				1.05	%			21				21				21
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.			83				0.07	%			4				1				1
SH Co., Ltd.			39				0.20	%			8				8				8
Daeyoung Co., Ltd.			75				0.01	%			8				8				8
Chandown Food Co., Ltd.			46				0.14	%			9				9				9
Getron Co., Ltd.			7,259				0.20	%			37				4				4
Jungmun Co., Ltd.			19				0.26	%			2				2				2
Andong Trading Corporation Co., Ltd.			42				0.00	%			2				2				2
JM Tech Co., Ltd.			403				0.67	%			82				10				10
SGC Energy Co., Ltd.			580,000				5.00	%			2,900				7,856				7,856
Le Soleil KHNP LLC			137,600				19.00	%			1,376				1,376				1,376
Ihsung CNI Co., Ltd.			127,660				4.30	%			1,500				2,016				2,016
H Robotics Co., Ltd.			903,601				8.05	%			4,000				5,638				5,638
Good Tcells Co., Ltd.			11,364				0.34	%			500				347				347
IPS Bio Co., Ltd.			1,975				3.13	%			1,000				843				843
Nine B Co., Ltd.			5,000				4.96	%			1,000				1,000				1,000

52

Table of Contents

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Choigang-gujo Co., Ltd.			61				0.45	%		W	6				1				1
Youngheung Industry Co., Ltd.			101				0.05	%			5				1				1
Hosungsteel Co., Ltd.			323				0.26	%			14				3				3
Uktae IND. Co., Ltd.			140				0.12	%			7				1				1
JFC Co., Ltd.			16				0.01	%			2				2				2
Hyundai Tech Co., Ltd.			28				0.69	%			10				10				10
Daeil Co., Ltd.			301				0.42	%			15				2				2
Seohan Food Co., Ltd.			83				0.19	%			2				2				2
Daehyeon Recycle Co., Ltd.			59				0.61	%			12				12				12
Metal Link Inc. Co., Ltd.			709				0.17	%			35				4				4
Pipetec Korea Co., Ltd.			50				0.07	%			10				1				1
SungJin Tech Co., Ltd.			803				1.20	%			24				8				8
Yujin E&C Co., Ltd.			29				0.18	%			6				—				—
Daishin Logistics Co., Ltd.			13				0.09	%			1				1				1
JinSung Engineering Co., Ltd.			18				0.30	%			18				18				18
Yongho Industry Co., Ltd.			157				0.22	%			32				1				1
Wow tech Co., Ltd.			369				0.75	%			11				11				11
World Power Tech Co., Ltd.			16				0.28	%			24				24				24
PBM Auto Co., Ltd.			1,001				1.06	%			10				10				10
K2 Motors Co., Ltd.			54				0.28	%			1				1				1
CL Tech Co., Ltd.			801				2.25	%			40				40				40
Mirae Industry Co., Ltd.			39				0.04	%			6				6				6
Gentak Korea Co., Ltd.			301				0.31	%			8				8				8
Sungjin Chemical Co., Ltd.			118				0.36	%			4				4				4
LMAT Co., Ltd.			198				0.04	%			20				20				20
Poong Lim Industrial Co., Ltd.			25				0.00	%			38				38				38
Dae Sung GeoTech Co., Ltd.			631				1.28	%			32				32				32
Saeheemang Co., Ltd.			756				0.60	%			15				15				15
Hakbong Precision Co., Ltd.			1,460				1.18	%			15				15				15
Vornech Co., Ltd.			431				0.37	%			11				2				2
Woojin Formtech Co., Ltd.			76				0.08	%			8				1				1
Korea Engineer Manufacturing Co., Ltd.			114				0.26	%			6				1				1
Sinwa J&K Co., Ltd.			476				0.28	%			5				5				5
Owon E&G Co., Ltd.			132				0.20	%			4				4				4
Guseong Co., Ltd.			141				0.20	%			3				3				3
Irefarm Co., Ltd.			45				0.30	%			3				3				3
Nam-hae E&C Co., Ltd.			117				0.10	%			2				2				2
Haenarae Agricultural Corp.			15				0.03	%			2				2				2
DECO&E Co., Ltd.			1,261				0.00	%			2				2				2
Design Beyond Co., Ltd.			17				0.19	%			2				2				2
LBK Co., Ltd.			8				0.05	%			1				1				1
Duckwon industrial Co., Ltd.			32				0.43	%			13				13				13
ASPT Co., Ltd.			64				0.82	%			19				19				19
SIMA Co., Ltd.			29				0.05	%			3				3				3
Jingkang Resources Co., Ltd.			90				1.57	%			13				13				13
Eslin Co., Ltd.			39				0.14	%			8				8				8
Shinwon Co., Ltd.			275				0.42	%			19				19				19
CIC Tech Co., Ltd.			96				0.54	%			10				10				10

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Orano Expansion			5,742,405				4.72	%		W	—				—				—
Fourever Co., Ltd.			44				0.10	%			4				4				4
Myungil Metal Co., Ltd.			80				0.10	%			4				4				4
Daeshin ECM Co., Ltd.			182				0.30	%			9				9				9
Greencarbon Co., Ltd.			79				0.06	%			1				1				1
Sunkoo Co., Ltd.			4				0.10	%			2				2				2
Jians Construction Co., Ltd.			45				0.01	%			2				4				4
DH trading Co., Ltd.			891				0.04	%			178				—				—
Sangsin Co., Ltd.			29				0.09	%			15				15				15
Steel focus Co., Ltd.			154				0.20	%			4				4				4
Kamada Korea Co., Ltd.			437				0.33	%			22				22				22
Fosys Co., Ltd.			19				0.08	%			4				4				4
GB precision Co., Ltd.			137				0.57	%			1				1				1
Ewon Art Co., Ltd.			185				0.61	%			9				9				9
DI Tech Co., Ltd.			3				0.00	%			—				—				—
Hans AD Co., Ltd.			33				0.35	%			2				2				2
Chaegim Environment Development Co., Ltd.			158				0.01	%			3				3				3
Daesung Stain Co., Ltd.			32				0.32	%			2				2				2
YSM Co., Ltd.			281				2.07	%			14				14				14
Dong In Industry Co., Ltd.			65				0.13	%			3				3				3
U&I Co., Ltd.			50				0.22	%			5				5				5
World One Co., Ltd.			401				0.58	%			10				10				10
Yewon Co., Ltd.			24				0.02	%			1				—				—
TSNT Co., Ltd.			119				0.00	%			24				24				24
Shinsung Tech Co., Ltd.			314				0.01	%			16				16				16
JSL Co., Ltd.			51				0.49	%			3				3				3
Loft Garden Co., Ltd.			1				0.04	%			—				—				—
Handon Co., Ltd.			74				0.25	%			11				11				11
GH Tech Co., Ltd.			82				0.22	%			3				3				3
Daeo Co., Ltd.			13				0.23	%			4				4				4
Bokwang Co., Ltd.			76				0.00	%			15				15				15
Samkum Industry Co., Ltd.			201				0.48	%			40				40				40
Dyntex Korea Co., Ltd.			75				0.28	%			15				15				15
Mirae Engineering Co., Ltd.			66				0.15	%			1				1				1
Mideumeul-juneun-namu Co., Ltd.			119				0.53	%			6				6				6
Seil Textile Co., Ltd.			16				0.15	%			3				3				3
Ilshin Tech Co., Ltd.			36				0.00	%			7				7				7
Magtec Co., Ltd.			28				0.00	%			6				6				6
Sukwon Co., Ltd.			2,885				0.59	%			29				29				29
Hae-sung Metal Co., Ltd.			159				0.17	%			3				3				3
White&Clean Foods Co., Ltd.			330				0.00	%			3				3				3
Michang Cable Co., Ltd.			1,096				0.26	%			16				16				16
G.M Foods Co., Ltd.			57				0.16	%			9				9				9
Wecan Global Inc. Co., Ltd.			165				0.08	%			8				8				8
Daeju Steel Co., Ltd.			11				0.20	%			1				1				1
Hyundai Glass Co., Ltd.			860				0.83	%			43				43				43
MEC Co., Ltd.			16,468				1.17	%			41				41				41
Daeyeoneco Co., Ltd.			151				0.00	%			15				15				15
Hyesung Cable&Communication Inc.			762				0.39	%			38				38				38
Sangjin Co., Ltd.			428				0.35	%			21				21				21
Topis Co., Ltd.			246				0.71	%			14				14				14

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
G&L Tech Co., Ltd.			2				0.06	%		W	—				—				—
Cheonhae Co., Ltd.			72				0.00	%			2				2				2
Iksan-guwon Co., Ltd.			563				0.00	%			11				11				11
Korea Remicon Co., Ltd.			36				0.03	%			5				5				5
New Tech Co., Ltd.			23				0.15	%			2				2				2
Segeon Co., Ltd.			124				0.00	%			4				4				4
MS Tech Co., Ltd.			9				0.15	%			1				1				1
J.I Steel Co., Ltd.			21				0.00	%			2				2				2
HNT Co., Ltd.			172				0.00	%			9				9				9
Taejin Co., Ltd.			27				0.08	%			3				3				3
Macroad Co., Ltd.			953				0.17	%			10				10				10
Woongjin Energy Co., Ltd.			94				0.00	%			9				9				9
Electric Contractors’ Financial Cooperative Co., Ltd.			—				—				39				39				39
Information&Communication Financial Cooperative Co., Ltd.			—				—				15				15				15
Common Computer Co., Ltd.			3,856				1.87	%			1,000				1,000				1,000
Fine Powerex Co., Ltd.			72,633				4.92	%			1,500				1,500				1,500
Eunsung Industrial Co., Ltd.			3				0.03	%			1				1				1
KPE Co., Ltd			51				0.19	%			13				13				13
Dongbangfarms Co., Ltd			904				0.55	%			41				5				5
Sungdo Pack Co., Ltd			15				0.06	%			1				1				1
Coffeenie Co., Ltd			2				0.00	%			1				1				1
Medi Pharma Plan Co., Ltd			1,075				0.26	%			108				8				8
Woori Ascon Co., Ltd			25				0.34	%			10				10				10
Dong Shin Hydraulies Co., Ltd			9,460				0.14	%			47				47				47
Cheonwoo E.P.S Co., Ltd			371				1.10	%			19				19				19
Koa Tech Co., Ltd			1,244				0.77	%			12				12				12
Jinwoo Textile Co., Ltd			91				0.68	%			9				9				9
SKE Cable Co., Ltd			120				0.08	%			6				6				6
Hi Korea Co., Ltd			1,845				1.94	%			185				185				185
Daeheung Engineering Co., Ltd			65				0.01	%			1				1				1
Etapol Co., Ltd			1,361				0.54	%			41				41				41
Yoongwon International Co., Ltd			157				1.47	%			31				31				31
Avoh Ceramic&Bath Co., Ltd			173				0.14	%			3				3				3
Dongyang R.P.F. Industrial Co., Ltd			59				0.03	%			2				2				2
Yuil Engineering Co., Ltd			14				0.03	%			1				1				1
Taesan Co., Ltd			146				0.69	%			35				35				35
Jico Co., Ltd			10,581				0.01	%			26				26				26
K Shipbuilding Co., Ltd.			8,622				0.25	%			1,078				1,078				1,078
Seokjin E&T Co., Ltd.			81				0.06	%			8				8				8
Agencore Co., Ltd			104,350				5.67	%			1,200				1,200				1,200
SamHong Machinery. EMC Co., Ltd			476,192				19.23	%			5,000				5,000				5,000
Thermo Tec Co., Ltd			446				0.03	%			4				4				4
DaeYang Hydro Co., Ltd			6				0.02	%			1				1				1
SangMoo Steel Co., Ltd			24				0.04	%			2				2				2
Jungin Distribution Co., Ltd			17				0.00	%			3				3				3
TheSun Co., Ltd			77				0.06	%			1				1				1
Daedong Co., Ltd			176				0.33	%			18				18				18
Daewoong and Technology Co., Ltd			423				1.14	%			42				42				42
Ebadom Co., Ltd			361				0.21	%			58				58				58
ChoungHwa Precise Co., Ltd			428				0.08	%			43				4				4
Snopa Co., Ltd			458				0.01	%			5				5				5
Aloha Factory Co., Ltd			2,970				3.61	%			1,000				1,000				1,000
Dailyshot Co., Ltd			339				1.85	%			1,001				1,001				1,001

55

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued

In millions of won		2022
		Shares				Ownership				Acquisition cost				Book value				Fair value
Mediquitous Co., Ltd			5,080				0.69	%		W	1,250				1,250				1,250
SKD Korea Co., Ltd.			40				0.28	%			20				20				20
Samhyup Co., Ltd			376				0.91	%			38				38				38
Gogang Aluminum Co., Ltd			828				1.52	%			41				41				41
Taekwang Paper Board Co., Ltd			133				0.49	%			23				23				23
NY Tech Co., Ltd			33				0.15	%			2				2				2
Sekwang Precision Co., Ltd			394				0.84	%			79				79				79
Dongbang Metal Co., Ltd			1,985				0.32	%			20				20				20
Samwang Co., Ltd			170				0.25	%			17				17				17
Yurim CNF Co., Ltd			15				0.23	%			2				2				2
Guseul Co., Ltd			89				0.23	%			9				9				9
Gaone International Co., Ltd			54				0.29	%			14				14				14
Daekwang Forging Co., Ltd			1,298				1.99	%			130				130				130
Dongyang Pratech Co., Ltd			265				1.21	%			29				29				29
Samjin Placo Co., Ltd			661				0.52	%			33				33				33
MS Steel Industrial Co., Ltd			167				0.40	%			8				8				8
STS Global Co., Ltd			9				0.04	%			1				1				1
Y Tech Co., Ltd			855				0.65	%			34				34				34
CK Industry Co., Ltd			4,178				7.54	%			167				167				167
J&J Tech Co.			14				0.22	%			1				1				1
Shield Board Co., Ltd			165				0.15	%			3				3				3
SFC International Co., Ltd			11				0.01	%			1				1				1
Korea Ocean Machinery & Technology Co., Ltd.			763				0.45	%			76				76				76
Hana ITM Inc.			8,443				0.70	%			84				84				84
Jeuvis Co., Ltd			191				0.30	%			2				2				2
JBM Co., Ltd			662				0.34	%			20				20				20
Jungwoo Metal Solution Co., Ltd			27				0.08	%			2				2				2
MS Precision Co., Ltd			220				0.16	%			22				22				22
YM Tech Co., Ltd			2				0.01	%			1				1				1
C&C ENG Co., Ltd			439				1.59	%			22				22				22
Minjin Co., Ltd			24				0.01	%			1				1				1
Daejoo E&G Co., Ltd			133				0.00	%			27				27				27
Taeyoung Precision Co., Ltd			31				0.22	%			1				1				1
Shin Heung Precision Co., Ltd			93				4.63	%			4				4				4
TaeGwang P&C Co., Ltd			530				0.90	%			13				13				13
KyeongGwang Tech Co., Ltd			244				1.04	%			7				7				7
											269,065				202,243				202,243
Debt securities
Aron Flying Ship Co., Ltd. (*1)			—				—				500				529				529
										W	594,355				502,829				502,829

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Listed
Korea District Heating Corp.			2,264,068				19.55	%		W	173,201				87,733				87,733
Ssangyong Motor Co., Ltd.			38,568				0.03	%			428				—				—
SM Korea Line Corp.			180				0.00	%			1				—				—
Namkwang Engineering & Construction Co., Ltd.			121				0.00	%			15				1				1
Bumyang Construction Co., Ltd.			35				0.00	%			2				—				—
ELCOMTEC Co., Ltd.			32,875				0.04	%			217				42				42
PAN Ocean Co., Ltd.			1,492				0.00	%			14				8				8
STX Heavy Industries Co., Ltd.			7,419				0.03	%			107				35				35
Codes Combine Co., Ltd.			291				0.00	%			1				1				1
PT Adaro Energy Tbk.			480,000,000				1.50	%			65,028				89,747				89,747
Denison Mines Corp.			58,284,000				9.76	%			84,134				94,376				94,376
Fission Uranium Corp.			100,000				0.02	%			41				73				73
SangSangin Industry Co., Ltd.			5,831				0.01	%			38				6				6
Vitzosys Co., Ltd.			399				0.00	%			2				2				2
EMnI Co., Ltd.			628				0.00	%			25				2				2
Vissem electronics, Co., Ltd.			229				0.00	%			11				2				2
KC Industry Co., Ltd.			139				0.00	%			6				1				1
Ihsung CNI Co., Ltd.			142,860				4.81	%			1,500				1,779				1,779
Aone Alform Co., Ltd.			2,672				0.08	%			19				18				18
											324,790				273,826				273,826
Unlisted (*1)
Intellectual Discovery Co., Ltd.			1,000,000				6.00	%		W	5,000				954				954
Hwan Young Steel Co., Ltd.			10,916				0.14	%			1,092				97				97
SAMBO AUTO. Co., Ltd.			15,066				0.02	%			38				38				38
Mobo Co., Ltd.			504				0.00	%			14				14				14
Dae Kwang Semiconductor Co., Ltd.			589				0.07	%			6				6				6
Sanbon Department Store			828				0.01	%			124				3				3
Miju Steel Mfg. Co., Ltd.			1,097				0.23	%			50				50				50
Sungwon Co., Ltd.			117				0.07	%			29				29				29
IMHWA Corp.			329				0.11	%			5				5				5
DALIM Special Vehicle Co., Ltd.			58				0.08	%			10				10				10
ASA JEONJU Co., Ltd.			34,846				1.34	%			697				69				69
Moonkyung Silica Co., Ltd.			42				0.56	%			—				—				—
Sungkwang Timber Co., Ltd.			3				0.08	%			5				5				5
HJ Steel Co., Ltd.			218				0.07	%			2				2				2
KS Remicon Co., Ltd.			12				0.04	%			3				3				3
Joongang Platec Co., Ltd.			3,591				0.75	%			72				35				35
Pyungsan SI Co., Ltd.			434				0.01	%			9				9				9
Samgong Development Co., Ltd.			12				0.01	%			7				7				7
Joongang Development Co., Ltd.			540				0.12	%			8				8				8
AJS Co., Ltd.			12,906				0.23	%			32				32				32
MSE Co., Ltd.			429				0.13	%			9				9				9
Ilrim Nano Tec Co., Ltd.			1,520				0.07	%			15				15				15
Youngjin Hi-Tech Co., Ltd.			11,109				0.25	%			255				150				150
Buyoung Co., Ltd.			270				0.00	%			3				3				3
Ilsuk Co., Ltd.			152				0.17	%			10				10				10
Zyle Daewoo Motor Sales Co., Ltd.			22				0.00	%			—				—				—
Daewoo Development Co., Ltd.			8				0.00	%			—				—				—
Seyang Inc.			537				0.05	%			27				27				27
Seungri Enterprise Co., Ltd.			93				0.05	%			3				3				3
Shin-E P&C Co., Ltd.			1,569				0.64	%			111				2				2
Ejung Ad Co., Ltd.			132				0.09	%			3				3				3

57

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Solvus Co., Ltd.			1,056				0.04	%		W	3				3				3
Myung Co., Ltd.			89				0.05	%			2				2				2
Biwang Industry Co., Ltd			406				0.04	%			2				2				2
Young Sung Co., Ltd.			89				0.40	%			26				26				26
Yuil Industrial Electronics Co., Ltd.			804				0.32	%			15				15				15
Woojin Industry Corporation			3				0.00	%			16				16				16
Kwang Sung Industry Co., Ltd.			325				0.35	%			7				7				7
Futech Mold Co., Ltd.			274				0.27	%			14				14				14
Woojoo Environment Ind. Co., Ltd.			101				0.11	%			13				13				13
Hyungji Esquire Co., Ltd.			61				0.02	%			22				22				22
Morado Co., Ltd.			209				0.04	%			2				2				2
Myung Sung Tex Co., Ltd.			20				0.00	%			2				2				2
Kwang Sung Co., Ltd.			610				0.53	%			31				31				31
Seen Business and Technology co., Ltd.			29,424				0.73	%			148				7				7
Woobang Construction Co., Ltd.			8				0.00	%			8				8				8
Shin Pyung Co., Ltd.			6				0.03	%			3				3				3
JMC Heavy Industries Co., Ltd.			2,724				0.10	%			27				2				2
Najin Steel Co., Ltd.			37				0.06	%			5				5				5
Sinkwang Industry Co., Ltd.			1,091				1.68	%			5				5				5
Elephant & Friends Co., Ltd.			563				0.61	%			3				3				3
Mireco Co., Ltd.			109				0.25	%			11				11				11
L&K Industry Co., Ltd.			1,615				0.60	%			24				24				24
JO Tech Co., Ltd.			1,263				0.62	%			25				25				25
Kendae Printing Co., Ltd.			422				0.60	%			21				21				21
Dauning Co., Ltd.			231				0.41	%			6				6				6
Korea Trecision Co., Ltd.			22				0.45	%			5				5				5
Ace Track Co., Ltd.			3,130				1.08	%			219				59				59
Dung Hwan Co., Ltd.			556				0.02	%			6				6				6
Hurim Biocell Co., Ltd.			1,021				0.00	%			5				5				5
Smart Power Co., Ltd.			133,333				4.14	%			200				200				200
Sunjin Power Tech Co., Ltd.			4,941				0.92	%			247				32				32
Beer Yeast Korea Inc.			1,388				0.43	%			7				7				7
B CON Co., Ltd.			96				1.16	%			6				6				6
Ace Integration Co., Ltd			105				0.09	%			24				24				24
AceInti Agricultural Co., Ltd.			16				0.02	%			5				5				5
KyungDong Co., Ltd.			130				0.01	%			1				1				1
ChunWon Development Co., Ltd.			193				0.19	%			39				39				39
SungLim Industrial Co., Ltd.			29				0.03	%			1				1				1
Korea Minerals Co., Ltd.			191				0.05	%			134				1				1
HyoDong Development Co., Ltd.			128				0.16	%			25				1				1
Haspe Tech Co., Ltd.			652				0.55	%			20				20				20
JoHyun Co., Ltd.			350				1.56	%			18				18				18
KC Co., Ltd.			5,107				0.17	%			26				26				26
SeongJi Industrial Co., Ltd.			41				0.05	%			1				1				1
Seyang Precision Ind.Co., Ltd.			829				0.23	%			41				41				41
Dooriwon Food System Co., Ltd.			13				0.27	%			1				1				1
ShinShin Co., Ltd			339				1.12	%			17				17				17
Sung Kwang Co., Ltd.			23				0.37	%			6				6				6
Shinheung petrol. Co., Ltd.			699				0.14	%			35				35				35

58

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Force TEC Co., Ltd.			3,501				0.02	%		W	18				18				18
Samsung Tech Co., Ltd.			486				1.28	%			97				36				36
Younil Metal Co., Ltd.			41				0.21	%			21				21				21
CJ Paradise Co.,Ltd			24				0.02	%			12				12				12
Han Young Technology Company Co., Ltd.			35				0.00	%			—				—				—
K Shipbuilding Co., Ltd. (formerly, STX Offshore & Shipbuilding Co., Ltd.)			8,622				0.25	%			1,078				1,078				1,078
Ptotronics Co., Ltd.			843				0.42	%			84				6				6
NFT Co., Ltd.			136				0.40	%			8				8				8
Hyundaitech Co., Ltd.			1,363				0.87	%			27				27				27
Dasan Material Co., Ltd.			29				0.04	%			22				22				22
Fish World Co., Ltd.			47				0.21	%			2				2				2
SG Shinsung Engineering and Construction Co., Ltd.			10				0.00	%			6				—				—
Samdo Industry Electric Co., Ltd.			48				0.02	%			1				1				1
Taejung Industries Co., Ltd.			9,268				0.30	%			5				5				5
Shinsei Trading Co., Ltd.			64				0.72	%			6				6				6
Dynamic Co., Ltd.			111				0.19	%			3				3				3
Green Alchemy Co., Ltd.			38,202				1.48	%			191				17				17
Youone TBM Engineering & Construction Co., Ltd.			615				0.27	%			31				31				31
KM Leatech Co., Ltd.			1,648				0.98	%			8				8				8
Semist Co.,Ltd.			555				0.80	%			3				3				3
Sewon Bus Co., Ltd			12				0.00	%			—				—				—
Enertec Co., Ltd.			7,937				0.19	%			44				44				44
Sangji Co., Ltd.			20				0.26	%			4				4				4
Bellie Doughnuts Co., Ltd.			169				0.19	%			10				10				10
AIRTECH Information communication Co., Ltd			2,379				0.60	%			12				12				12
Kiscom Co., Ltd.			1,493				0.04	%			1				1				1
Wonil laser Co., Ltd			157				0.37	%			16				16				16
Pyung Hwa Industrial Co., Ltd.			3,388				3.00	%			85				85				85
Set Holding (*2)			1,100,220				2.50	%			229,255				131,036				131,036
PT. Cirebon Energi Prasarana			22,420				10.00	%			2,612				2,658				2,658
Choheung packing Co., Ltd.			61				0.13	%			12				12				12
Jaewoo Co., Ltd.			359				0.24	%			11				11				11
Wooyang HC Co., Ltd			1,375				0.01	%			159				13				13
TheYeonriji Co., Ltd.			116				0.10	%			6				6				6
Flusys Co., Ltd.			9				0.08	%			2				2				2
DongSeo Electronics Co., Ltd.			347				0.07	%			16				17				17
Daewoo Display Co., Ltd.			177				0.03	%			5				5				5
NTS Co., Ltd.			143				0.22	%			36				36				36
AID CO., Ltd.			1,212				0.57	%			36				36				36
Changwon Eco-friendly farming Corp.			3				0.01	%			—				—				—
Kumo Hitech Co., Ltd.			6,697				0.53	%			100				32				32
Kyung Pyo Industry Co., Ltd.			186				0.76	%			19				19				19
Daedong Industry Co., Ltd.			617				0.55	%			46				46				46
Doosung Heavy Industries Co., Ltd.			53				0.06	%			5				5				5
Samjoo Hightech Co., Ltd.			522				0.08	%			3				3				3
Samkwang Chemical Co., Ltd.			204				1.27	%			51				51				51
SG Corp.			213				0.54	%			21				21				21
Shinseung Chemical Industy Co., Ltd.			5				0.01	%			60				60				60
KJ Alloy Co., Ltd.			368				0.20	%			7				7				7
SM Hi-tech Co., Ltd.			22				0.39	%			22				22				22

59

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Puruen Environment Co., Ltd.			967				1.34	%		W	19				19				19
Miretech Co., Ltd.			9,111				0.27	%			18				18				18
Sejin Hightech Co., Ltd.			17,980				0.16	%			18				18				18
Eun Sung Enterprise Co., Ltd.			1,131				0.72	%			17				17				17
Dongdo Basalt Industry Co., Ltd.			182				1.50	%			73				73				73
Shinyoung Textiles Co., Ltd.			523				1.01	%			52				23				23
Ilwoo Steel Co., Ltd.			41				0.28	%			17				17				17
Dong-un Tech Co., Ltd.			1,159				6.28	%			81				81				81
Wongwang Door Corp.			575				1.00	%			29				29				29
Mansu Co., Ltd.			344				0.25	%			15				15				15
Eanskorea Co., Ltd.			39				0.05	%			2				2				2
Youngdongseafood Co., Ltd.			165				0.33	%			8				8				8
Hyunwoo Winstar Co., Ltd.			1				0.00	%			—				—				—
Sehwa Diecasting Co., Ltd.			299				1.66	%			44				44				44
Sungchang Tech Co., Ltd.			159				0.31	%			10				10				10
Yuchang Industry Co., Ltd.			90				0.11	%			5				5				5
Jeongpum Co., Ltd.			322				0.35	%			16				16				16
Korea Steel Power Co., Ltd.			2,761				1.88	%			55				55				55
Amanex Co., Ltd.			10				0.02	%			9				9				9
Dae-A Leisure Co., Ltd.			23				0.00	%			4				4				4
Caffe Bene Co., Ltd.			1,908				0.03	%			9				9				9
Shinjin International Corp.			4				0.01	%			1				1				1
Jinhung Packaging Co., Ltd			4,329				3.02	%			22				22				22
Donglim Eng Co., Ltd.			26				0.11	%			3				3				3
SIP Co., Ltd.			274				0.55	%			7				7				7
Clizen Co., Ltd.			615				0.34	%			31				31				31
DAEDONGMILLENNIUM Co., Ltd.			159				0.42	%			32				32				32
Daeji Product Co., Ltd.			15				0.05	%			1				—				—
Jaein Circuit Co., Ltd.			498				1.12	%			65				65				65
SSET Co., Ltd.			181				0.30	%			18				18				18
Sewon PM Tech Co., Ltd.			963				1.11	%			48				48				48
Dawon Yuhwa Co., Ltd.			506				1.94	%			25				25				25
Ogokbaekkwa Co., Ltd.			101				0.12	%			1				1				1
Shinwoo Toptech Co., Ltd.			834				0.51	%			83				6				6
KMLC Co., Ltd.			281				0.14	%			22				22				22
Seinfood Co., Ltd.			13				0.17	%			7				7				7
TaeSung Eco-Tech. Co., Ltd.			1,368				4.55	%			34				34				34
Kukex Inc.			639				0.05	%			3				3				3
Youngshin Plus Co., Ltd.			104				0.12	%			5				5				5
Chang won Engineering Co., Ltd.			22				0.00	%			4				4				4
Samsung Silup Co., Ltd.			47				0.19	%			5				5				5
Samwon Bio Tech Co., Ltd.			390				0.25	%			6				6				6
IZU KOREA Co., Ltd.			48				0.00	%			2				2				2
Dongdo CNP Co., Ltd.			234				0.36	%			6				6				6
Dae Bang Industry Co., Ltd.			115				0.13	%			6				6				6
S.I.T. Co., Ltd			2,213				0.44	%			22				22				22
Taejin Hiech Co., Ltd.			78				0.26	%			3				3				3
Headone Co., Ltd.			69				0.12	%			7				7				7
E-Won Solutech Co., Ltd.			158				0.16	%			40				40				40
MJT Co., Ltd.			1,013				0.20	%			51				51				51
KPL Circuit Co., Ltd.			283				0.08	%			14				14				14
Road Solar Co., Ltd.			12				0.00	%			—				—				—
Han Mi Flexible Co., Ltd.			143				0.20	%			43				43				43
Samhwa Casting Co., Ltd.			200				0.04	%			100				100				100

60

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Millennium PNT Co., Ltd.			227				0.37	%		W	6				6				6
GN Chem Co., Ltd.			40				0.07	%			1				1				1
GW Industry Co., Ltd.			505				0.07	%			51				51				51
TM Construction Co., Ltd.			4				0.00	%			—				—				—
Dae Myung Co., Ltd.			114				0.08	%			3				3				3
Nanomicart Co., Ltd.			176				1.06	%			35				35				35
Young San Heavy Industries Co., Ltd.			74				0.11	%			7				7				7
Samchungwon Co., Ltd.			15				0.24	%			2				2				2
Wooyang Frozen Foods Co., Ltd.			66				0.82	%			27				27				27
Nanomic Co., Ltd.			94				0.63	%			38				38				38
Samsung Nonferrous Metal Co., Ltd.			89				0.26	%			9				9				9
Daewha Fuel Pump Ind., Ltd.			83				0.05	%			10				10				10
Addies Direct Co., Ltd.			1				0.00	%			—				—				—
WorldCnM Inc.			131				1.09	%			10				10				10
Superone Co., Ltd.			1,585				1.45	%			8				8				8
Buyoung Panji Co., Ltd.			478				0.44	%			12				12				12
International Paint Korea Co., Ltd.			111				0.48	%			11				11				11
EI Lighting Co., Ltd.			358				0.36	%			18				18				18
Hightech Mnp Co., Ltd.			123				0.35	%			6				6				6
Yooseung Co., Ltd.			10				0.08	%			1				1				1
Sungkwang Co., Ltd.			48				0.35	%			2				2				2
Taeyang gasteel Co., Ltd.			8				0.02	%			1				1				1
Ajin KSB Co., Ltd.			204				0.31	%			18				18				18
Sewon Ceramic Co., Ltd.			530				1.01	%			5				5				5
Choyang Tech Co., Ltd.			465				1.01	%			23				23				23
TK Co., Ltd.			307				0.70	%			15				15				15
Arari Co., Ltd.			14				0.05	%			1				1				1
Potech Co., Ltd.			39				0.13	%			14				14				14
C&S Corporation Co., Ltd.			1,304				0.01	%			13				13				13
Global The One of Korea Co., Ltd.			62				0.06	%			3				3				3
Steellife Co., Ltd.			85				0.06	%			4				4				4
D&C Castech Co., Ltd.			330				1.89	%			25				25				25
Geumhan Co., Ltd.			498				0.24	%			7				7				7
Mokgan Co., Ltd.			5				0.02	%			1				1				1
Wenex Co., Ltd.			373				0.53	%			19				19				19
Sulim Co., Ltd.			30				0.20	%			6				6				6
Shinkwang Engineering			24				0.36	%			2				2				2
Ek Cookware Co., Ltd.			60				0.04	%			1				1				1
KTTW Co., Ltd.			28				0.05	%			2				2				2
Avajar Co., Ltd.			1,061				0.01	%			1				1				1
Woosung I.B. Co., Ltd			7,071				0.07	%			14				14				14
CAP Korea Co., Ltd.			16				0.30	%			3				3				3
MSM Co., Ltd.			25				0.08	%			—				—				—
Ddpopstyle Co., Ltd.			22				0.14	%			—				—				—
Finemetal Co., Ltd.			49				0.08	%			1				1				1
Sungkyeong Co., Ltd.			52				0.24	%			2				2				2
RMK Co., Ltd.			63				0.90	%			22				22				22
Tpp Co., Ltd.			36,645				11.72	%			1,832				1,832				1,832
Dukeong Metal Heat Treatment Co., Ltd.			843				3.61	%			84				84				84
Newko Co., Ltd.			331				0.06	%			10				10				10
KMC&R Co., Ltd.			16				0.11	%			1				1				1
Dongsung Mulsan Co., Ltd.			137				0.34	%			14				14				14
Pizzakorea Co., Ltd.			42				0.18	%			9				9				9

61

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Geumdani Co., Ltd.			2,377				1.82	%		W	36				36				36
Mezzanine I-pack Co., Ltd.			38				0.02	%			1				1				1
Ltop Co., Ltd.			36				0.06	%			7				7				7
Simile Aluminium Co., Ltd.			428				0.31	%			9				9				9
GT Tooling Co., Ltd.			604				0.17	%			6				6				6
Team Korea Co., Ltd.			4,782				0.37	%			24				24				24
Donghwa TCA Co., Ltd.			1,012				0.30	%			25				25				25
Hankook Piaget Co., Ltd.			4				0.01	%			1				1				1
Coco Food Co., Ltd.			648				1.24	%			33				33				33
Woori Industry Co., Ltd.			102				1.05	%			21				21				21
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.			83				0.07	%			4				1				1
SH Co., Ltd.			39				0.20	%			8				8				8
Namsunnam Co., Ltd.			1,275				0.19	%			6				1				1
Daeyoung Co., Ltd.			75				0.01	%			8				8				8
Chandown Food Co., Ltd.			46				0.14	%			9				9				9
Getron Co., Ltd.			7,259				0.20	%			37				4				4
Jungmun Co., Ltd.			19				0.26	%			2				2				2
Andong Trading Corporation Co., Ltd.			42				0.00	%			2				2				2
JM Tech Co., Ltd.			403				0.67	%			82				10				10
SGC Energy Co., Ltd.			580,000				5.00	%			2,900				2,900				2,900
Le Soleil KHNP LLC			137,600				19.00	%			1,376				1,376				1,376
Ihsung CNI Co., Ltd.			127,660				4.30	%			1,500				2,618				2,618
H Robotics Co., Ltd.			903,601				8.05	%			4,000				5,639				5,639
Good Tcells Co., Ltd.			11,364				0.34	%			500				457				457
IPS Bio Co., Ltd.			1,975				3.13	%			1,000				1,000				1,000
Nine B Co., Ltd.			5,000				4.96	%			1,000				1,000				1,000
Choigang-gujo Co., Ltd.			61				0.45	%			6				1				1
DS Cotec Co., Ltd.			973				0.71	%			15				5				5
Youngheung Industry Co., Ltd.			101				0.05	%			5				1				1
Hosungsteel Co., Ltd.			323				0.26	%			14				3				3
Uktae IND. Co., Ltd.			140				0.12	%			7				1				1
Gangdong R&S Co., Ltd.			69				1.25	%			1				1				1
JFC Co., Ltd.			16				0.01	%			2				2				2
Seokjin E&T Co., Ltd.			81				0.06	%			8				8				8
Hyundai Tech Co., Ltd.			28				0.69	%			10				10				10
Daeil Co., Ltd.			301				0.42	%			15				2				2
Seohan Food Co., Ltd.			83				0.19	%			2				2				2
Daehyeon Recycle Co., Ltd.			59				0.61	%			12				12				12
Metal Link Inc. Co., Ltd.			709				0.17	%			35				4				4
Pipetec Korea Co., Ltd.			50				0.07	%			10				1				1
SungJin Tech Co., Ltd.			803				1.20	%			24				8				8
Yujin E&C Co., Ltd.			29				0.18	%			6				—				—
Daishin Logistics Co., Ltd.			13				0.09	%			1				1				1
JinSung Engineering Co., Ltd.			18				0.30	%			18				18				18
Yongho Industry Co., Ltd.			157				0.22	%			32				1				1
Wow tech Co., Ltd.			369				0.75	%			11				11				11
World Power Tech Co., Ltd.			16				0.28	%			24				24				24
PBM Auto Co., Ltd.			1,001				1.06	%			10				10				10
K2 Motors Co., Ltd.			54				0.28	%			1				1				1
CL Tech Co., Ltd.			801				2.25	%			40				40				40
Mirae Industry Co., Ltd.			39				0.04	%			6				6				6
Gentak Korea Co., Ltd.			301				0.31	%			8				8				8

62

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Sungjin Chemical Co., Ltd.			118				0.36	%		W	4				4				4
LMAT Co., Ltd.			198				0.04	%			20				20				20
Poong Lim Industrial Co., Ltd.			25				0.00	%			38				38				38
Dae Sung GeoTech Co., Ltd.			631				1.28	%			32				32				32
Saeheemang Co., Ltd.			756				0.60	%			15				15				15
Hakbong Precision Co., Ltd.			1,460				1.18	%			15				15				15
Vornech Co., Ltd.			431				0.37	%			11				2				2
Woojin Formtech Co., Ltd.			76				0.08	%			8				1				1
Korea Engineer Manufacturing Co., Ltd.			114				0.26	%			6				1				1
Sinwa J&K Co., Ltd.			476				0.28	%			5				5				5
Owon E&G Co., Ltd.			132				0.20	%			4				4				4
Guseong Co., Ltd.			141				0.20	%			4				4				4
Irefarm Co., Ltd.			45				0.30	%			3				3				3
Nam-hae E&C Co., Ltd.			117				0.10	%			2				2				2
Haenarae Agricultural Corp.			15				0.03	%			2				2				2
Ja Yeon Science Ind. Co., Ltd.			10				0.05	%			2				2				2
DECO&E Co., Ltd.			1,261				0.00	%			2				2				2
Design Beyond Co., Ltd.			17				0.19	%			2				2				2
LBK Co., Ltd.			8				0.05	%			1				1				1
Duckwon industrial Co., Ltd.			32				0.43	%			13				13				13
ASPT Co., Ltd.			64				0.82	%			19				19				19
SIMA Co., Ltd.			29				0.05	%			3				3				3
Jingkang Resources Co., Ltd.			90				1.57	%			13				13				13
Eslin Co., Ltd.			39				0.14	%			8				8				8
Shinwon Co., Ltd.			275				0.42	%			19				19				19
CIC Tech Co., Ltd.			96				0.54	%			10				10				10
Orano Expansion			5,742,405				4.72	%			—				—				—
Fourever Co., Ltd.			44				0.10	%			4				4				4
Segyo Hitech Co., Ltd.			156				0.24	%			8				8				8
Myungil Metal Co., Ltd.			80				0.10	%			4				4				4
Daeshin ECM Co., Ltd.			182				0.30	%			9				9				9
Greencarbon Co., Ltd.			79				0.06	%			1				1				1
Sunkoo Co., Ltd.			4				0.10	%			2				2				2
Jians Construction Co., Ltd.			13				0.00	%			2				2				2
DH trading Co., Ltd.			891				0.04	%			178				178				178
Diotech Co., Ltd.			2,186				2.84	%			219				219				219
Sangsin Co., Ltd.			29				0.09	%			15				15				15
Steel focus Co., Ltd.			154				0.20	%			4				4				4
Kamada Korea Co., Ltd.			437				0.33	%			22				22				22
Fosys Co., Ltd.			19				0.08	%			4				4				4
GB precision Co., Ltd.			137				0.57	%			1				1				1
Ewon Art Co., Ltd.			185				0.61	%			9				9				9
DI Tech Co., Ltd.			3				0.00	%			—				—				—
Hans AD Co., Ltd.			33				0.35	%			2				2				2

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
Chaegim Environment Development Co., Ltd.			158				0.01	%		W	3				3				3
Daesung Stain Co., Ltd.			32				0.32	%			2				2				2
YSM Co., Ltd.			281				2.07	%			14				14				14
Dong In Industry Co., Ltd.			65				0.13	%			3				3				3
U&I Co., Ltd.			50				0.22	%			5				5				5
World One Co., Ltd.			401				0.58	%			10				10				10
Yewon Co., Ltd.			24				0.02	%			1				—				—
Seeun P&P Co., Ltd.			163				0.48	%			33				33				33
TSNT Co., Ltd.			119				0.00	%			24				24				24
Shinsung Tech Co., Ltd.			314				0.01	%			16				16				16
JSL Co., Ltd.			51				0.49	%			3				3				3
Loft Garden Co., Ltd.			1				0.04	%			—				—				—
Handon Co., Ltd.			74				0.25	%			11				11				11
GH Tech Co., Ltd.			82				0.22	%			3				3				3
Daeo Co., Ltd.			13				0.23	%			4				4				4
Bokwang Co., Ltd.			76				0.00	%			15				15				15
Samkum Industry Co., Ltd.			201				0.48	%			40				40				40
Dyntex Korea Co., Ltd.			75				0.28	%			15				15				15
IGSP Co., Ltd.			17,662				0.21	%			18				18				18
Mirae Engineering Co., Ltd.			66				0.15	%			1				1				1
Mideumeul-juneun-namu Co., Ltd.			119				0.53	%			6				6				6
Leagis Co., Ltd.			829				1.38	%			66				66				66
Seil Textile Co., Ltd.			16				0.15	%			3				3				3
Ilshin Tech Co., Ltd.			36				0.00	%			7				7				7
Magtec Co., Ltd.			28				0.00	%			6				6				6
Sukwon Co., Ltd.			2,885				0.59	%			29				29				29
Hae-sung Metal Co., Ltd.			159				0.17	%			3				3				3
White&Clean Foods Co., Ltd.			330				0.00	%			3				3				3
Michang Cable Co., Ltd.			861				0.13	%			4				4				4
G.M Foods Co., Ltd.			57				0.16	%			9				9				9
Wecan Global Inc. Co., Ltd.			165				0.08	%			8				8				8
Daeju Steel Co., Ltd.			11				0.20	%			1				1				1
Hyundai Glass Co., Ltd.			860				0.83	%			43				43				43
MEC Co., Ltd.			16,468				1.17	%			41				41				41
Daeyeoneco Co., Ltd.			151				0.00	%			15				15				15
Hyesung Cable&Communication Inc.			762				0.39	%			38				38				38
Sangjin Co., Ltd.			428				0.35	%			21				21				21
Topis Co., Ltd.			246				0.71	%			14				14				14
G&L Tech Co., Ltd.			2				0.06	%			—				—				—
Cheonhae Co., Ltd.			72				0.00	%			2				2				2
Iksan-guwon Co., Ltd.			563				0.00	%			11				11				11
Korea Remicon Co., Ltd.			36				0.03	%			5				5				5
New Tech Co., Ltd.			23				0.15	%			2				2				2
Segeon Co., Ltd.			124				0.00	%			4				4				4

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

10. Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2) Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Shares				Ownership				Acquisition cost				Book value				Fair value
MS Tech Co., Ltd.			9				0.15	%		W	1				1				1
J.I Steel Co., Ltd.			21				0.00	%			2				2				2
HNT Co., Ltd.			172				0.00	%			9				9				9
Taejin Co., Ltd.			27				0.08	%			3				3				3
Macroad Co., Ltd.			953				0.17	%			10				10				10
Jinsung Electronics Co., Ltd.			69				1.41	%			14				14				14
Woongjin Energy Co., Ltd.			94				0.00	%			9				9				9
Electric Contractors’ Financial Cooperative Co., Ltd.			—				—				38				38				38
Information&Communication Financial Cooperative Co., Ltd.			—				—				15				15				15
Common Computer Co., Ltd.			3,856				1.87	%			1,000				1,000				1,000
Fine Powerex Co., Ltd.			72,633				4.92	%			1,500				1,500				1,500
											263,904				160,790				160,790
Debt securities
Aron Flying Ship Co., Ltd. (*1)			—				—				500				491				491
										W	589,194				435,107				435,107

(*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

(*2) The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2021.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

11. Financial Assets at Amortized Cost

Financial assets at amortized cost as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Financial assets at amortized cost				Book value
Government bonds		W	1,920				1,920
Others			25,078				25,078
		W	26,998				26,998
Current		W	16,762				16,762
Non-current			10,236				10,236
In millions of won		2021
		Financial assets at amortized cost				Book value
Government bonds		W	1,308				1,308
Others			23,965				23,965
		W	25,273				25,273
Current		W	15,422				15,422
Non-current			9,851				9,851

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives

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

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Derivative assets
Currency forward		W	648				17,432				559				6,899
Currency swap			236,470				589,300				125,877				506,957
Interest rate swap			52,485				81,188				502				6,980
Others (*3)			—				40,501				—				9
		W	289,603				728,421				126,938				520,845
Derivative liabilities
Currency forward		W	32,660				—				301				—
Currency swap			6,319				328,995				4,446				16,708
Interest rate swap			—				2,735				2,544				28,138
Others (*1,2,3)			6,015				56,027				—				25,894
		W	44,994				387,757				7,291				70,740

(*1) The Group has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’ (See note 47).

(*2) The Group has granted stock option to Chester Solar IV SpA, a joint venture of the Group, and 4 other third party investors, and recognized its fair value as other derivative liabilities.

(*3) The Group has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Group from financial investors, and the fair value of the obligation is recorded in ‘Others’.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives, Continued

(2) Currency forward contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty		Contract date				Maturity date				Contract amounts								Contract exchange rate (in won)
										Pay				Receive
Busan Bank			2022.12.08				2023.01.09			W	9,237				USD 7,000			W	1,319.50
Woori Bank			2022.12.09				2023.01.06				13,165				USD 10,000				1,316.45
Nonghyup Bank			2022.12.13				2023.01.10				10,430				USD 8,000				1,303.80
Kookmin Bank			2022.12.15				2023.01.16				12,988				USD 10,000				1,298.84
Hana Bank			2022.12.15				2023.01.17				28,632				USD 22,000				1,301.45
Standard Chartered			2022.12.16				2023.01.18				26,141				USD 20,000				1,307.05
Mizuho Bank			2022.12.16				2023.01.19				26,096				USD 20,000				1,304.80
Morgan Stanley			2022.12.19				2023.01.20				26,080				USD 20,000				1,304.00
Korea Development Bank			2022.12.19				2023.01.26				26,010				USD 20,000				1,300.50
Kookmin Bank			2022.12.19				2023.01.27				25,959				USD 20,000				1,297.93
Busan Bank			2022.12.21				2023.01.25				12,853				USD 10,000				1,285.25
Nonghyup Bank			2022.12.21				2023.01.26				14,134				USD 11,000				1,284.90
Hana Bank			2022.12.27				2023.01.30				18,992				USD 15,000				1,266.15
Standard Chartered			2022.12.28				2023.01.31				15,216				USD 12,000				1,268.00
JP Morgan			2022.12.28				2023.02.01				15,205				USD 12,000				1,267.10
Kookmin Bank			2022.12.29				2023.02.02				20,247				USD 16,000				1,265.44
Mizuho Bank			2022.12.29				2023.02.03				20,255				USD 16,000				1,265.95
Kookmin Bank			2022.12.30				2023.02.28				15,128				USD 12,000				1,260.70
Hana Bank			2022.12.06				2023.01.06				13,091				USD 10,000				1,309.05
Mizuho Bank			2022.12.15				2023.01.13				26,001				USD 20,000				1,300.07
MUFG			2022.12.19				2023.01.20				52,054				USD 40,000				1,301.35
MUFG			2022.12.20				2023.01.13				25,952				USD 20,000				1,297.60
MUFG			2022.12.29				2023.01.27				45,605				USD 36,000				1,266.80
Shinhan Bank			2022.11.03				2023.01.09				7,085				USD 5,000				1,417.00
JP Morgan			2022.11.07				2023.01.13				14,012				USD 10,000				1,401.20
JP Morgan			2022.11.25				2023.01.20				6,611				USD 5,000				1,322.10
JP Morgan			2022.12.29				2023.01.05				38,040				USD 30,000				1,268.00
Standard Chartered			2022.12.29				2023.01.05				25,358				USD 20,000				1,267.90
Mizuho Bank			2022.11.09				2023.01.06				13,681				USD 10,000				1,368.10
Nonghyup Bank			2022.12.27				2023.01.16				6,334				USD 5,000				1,266.70
Mizuho Bank			2022.11.11				2023.01.30				5,207				USD 3,842				1,355.05
Mizuho Bank			2022.11.11				2023.01.30				34,001				USD 25,000				1,360.05
Nonghyup Bank			2022.12.21				2023.02.23				3,603				USD 2,806				1,283.70
SMBC			2022.11.30				2023.01.20				USD 10,000				13,153				1,315.30
SMBC			2022.11.30				2023.02.16				USD 15,000				19,783				1,318.87
SMBC			2022.12.26				2023.03.23				USD 8,000				10,173				1,271.63
SMBC			2022.12.29				2023.03.28				USD 15,000				18,933				1,262.20
SMBC			2022.12.29				2023.06.13				USD 15,000				18,872				1,258.13
MUFG			2022.11.25				2023.02.08				13,175				USD 10,000				1,317.50
MUFG			2022.12.12				2023.02.27				33,947				USD 26,000				1,305.64
MUFG			2022.11.24				2023.01.30				13,234				USD 10,000				1,323.40
JP Morgan			2022.11.24				2023.01.30				13,830				USD 10,406				1,329.05
JP Morgan			2022.11.30				2023.01.17				13,163				USD 10,000				1,316.30
HSBC			2022.11.09				2023.01.30				42,627				USD 31,000				1,375.05
HSBC			2020.10.19				2024.10.29				140,913				USD 125,000				1,127.30
Busan Bank			2022.10.25				2023.01.13				13,039				USD 9,090				1,434.50
MUFG			2022.10.25				2023.01.13				1,433				USD 1,000				1,433.18
Woori Bank			2022.11.08				2023.02.03				12,332				USD 8,918				1,382.80
Shinhan Bank			2022.11.09				2023.03.03				13,605				USD 10,000				1,360.50
MUFG			2022.11.10				2023.03.03				20,464				USD 15,000				1,364.27
Standard Chartered			2022.11.24				2023.04.07				17,612				USD 13,214				1,332.80
Standard Chartered			2022.12.01				2023.05.12				12,932				USD 10,000				1,293.20
Standard Chartered			2022.12.05				2023.05.12				3,121				USD 2,425				1,286.90
Woori Bank			2022.12.08				2023.05.12				13,145				USD 10,000				1,314.50
HSBC			2022.12.12				2023.06.09				19,482				USD 15,000				1,298.80
Busan Bank			2022.12.12				2023.06.09				19,479				USD 15,000				1,298.60
MUFG			2022.12.15				2023.06.09				19,386				USD 15,000				1,292.41
Shinhan Bank			2022.12.15				2023.06.09				19,397				USD 15,000				1,293.10
Standard Chartered			2022.12.15				2023.06.09				19,397				USD 15,000				1,293.10
HSBC			2022.12.22				2023.06.09				12,695				USD 10,000				1,269.45
Shinhan Bank			2022.12.22				2023.06.09				12,671				USD 10,000				1,267.10

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives, Continued

(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty		Contract year				Contract amount								Contract interest rate				Contract exchange rate (in won, USD)
						Pay				Receive				Pay		Receive
Standard Chartered			2014~2029			W	102,470				USD 100,000			3.14%		3.57%		W	1,024.70
Societe Generale			2014~2024				105,017				USD 100,000			4.92%		5.13%			1,050.17
Hana Bank			2015~2024				107,970				USD 100,000			4.75%		5.13%			1,079.70
Credit Agricole			2015~2024				94,219				USD 86,920			4.85%		5.13%			1,083.97
Woori Bank			2019~2027				21,708				USD 19,417			5.04%		6.75%			1,118.00
Woori Bank			2019~2024				296,000				USD 250,000			1.21%		2.50%			1,184.00
Korea Development Bank			2019~2024				177,600				USD 150,000			1.24%		2.50%			1,184.00
Hana Bank			2019~2024				118,400				USD 100,000			1.24%		2.50%			1,184.00
Woori Bank			2020~2025				241,320				USD 200,000			0.54%		1.13%			1,206.60
Korea Development Bank			2020~2025				241,320				USD 200,000			0.54%		1.13%			1,206.60
Kookmin Bank			2020~2025				120,660				USD 100,000			0.54%		1.13%			1,206.60
Kookmin Bank			2020~2026				76,355				USD 70,445			5.83%		6.00%			1,083.90
Woori Bank			2021~2026				118,170				USD 100,000			1.11%		1.13%			1,181.70
Korea Development Bank			2021~2026				118,170				USD 100,000			1.11%		1.13%			1,181.70
Hana Bank			2021~2026				118,170				USD 100,000			1.11%		1.13%			1,181.70
Hana Bank			2022~2025				385,800				USD 300,000			3.11%		3.63%			1,286.00
Woori Bank			2022~2025				257,200				USD 200,000			3.12%		3.63%			1,286.00
JP Morgan			2022~2027				128,600				USD 100,000			3.56%		4.00%			1,286.00
Woori Bank			2022~2027				128,600				USD 100,000			3.56%		4.00%			1,286.00
Kookmin Bank			2022~2027				128,600				USD 100,000			3.56%		4.00%			1,286.00
Korea Development Bank			2022~2026				283,820				USD 200,000			4.67%		5.38%			1,419.10
Hana Bank			2022~2026				141,910				USD 100,000			4.68%		5.38%			1,419.10
JP Morgan			2022~2026				141,910				USD 100,000			4.69%		5.38%			1,419.10
Woori Bank			2022~2026				141,910				USD 100,000			4.69%		5.38%			1,419.10
Korea Development Bank			2022~2028				283,820				USD 200,000			5.12%		5.50%			1,419.10
Woori Bank			2022~2028				141,910				USD 100,000			5.13%		5.50%			1,419.10
Nomura			2015~2025				111,190				USD 100,000			2.60%		3.25%			1,111.90
Korea Development Bank			2015~2025				111,190				USD 100,000			2.62%		3.25%			1,111.90
Woori Bank			2015~2025				55,595				USD 50,000			2.62%		3.25%			1,111.90
Hana Bank			2015~2025				55,595				USD 50,000			2.62%		3.25%			1,111.90
Woori Bank			2017~2027				111,610				USD 100,000			2.25%		3.13%			1,116.10
Korea Development Bank			2017~2027				111,610				USD 100,000			2.31%		3.13%			1,116.10
Hana Bank			2017~2027				111,610				USD 100,000			2.31%		3.13%			1,116.10
Korea Development Bank			2018~2028				108,600				HKD 800,000			2.69%		3.35%			135.75
Shinhan Bank			2018~2028				115,387				HKD 850,000			2.66%		3.35%			135.75
Korea Development Bank			2018~2023				170,280				USD 150,000			2.15%		3.75%			1,135.20
Woori Bank			2018~2023				170,280				USD 150,000			2.18%		3.75%			1,135.20
Hana Bank			2018~2023				113,520				USD 100,000			2.17%		3.75%			1,135.20
Shinhan Bank			2018~2023				227,040				USD 200,000			2.17%		3.75%			1,135.20
Korea Citi Bank			2019~2024				239,956				CHF 200,000			1.44%		0.00%			1,199.78
Korea Development Bank			2019~2027				119,978				CHF 100,000			1.43%		0.05%			1,199.78
Woori Bank			2021~2026				222,800				USD 200,000			0.93%		1.25%			1,114.00
Shinhan Bank			2021~2026				111,400				USD 100,000			0.92%		1.25%			1,114.00
Korea Development Bank			2021~2026				111,400				USD 100,000			0.93%		1.25%			1,114.00
Nonghyup Bank			2021~2026				111,400				USD 100,000			0.93%		1.25%			1,114.00
Woori Bank			2022~2027				262,000				USD 200,000			3.62%		4.25%			1,310.00
Export-Import Bank of Korea			2022~2027				131,000				USD 100,000			3.63%		4.25%			1,310.00
Kookmin Bank			2022~2027				131,000				USD 100,000			3.62%		4.25%			1,310.00
Hana Bank			2022~2027				131,000				USD 100,000			3.61%		4.25%			1,310.00
Korea Development Bank			2022~2027				262,000				USD 200,000			3.63%		4.25%			1,310.00
Export-Import Bank of Korea			2022~2032				349,829				HKD 1,935,000			4.87%		5.16%			180.79
JP Morgan			2022~2032				75,194				HKD 415,000			5.00%		5.16%			181.19
HSBC			2019~2024				USD 205,500				AUD 300,000			3M Libor + 0.78%		3M BBSW + 0.97%			USD 0.69

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives, Continued

(4) Currency swap contracts which are designated as hedging instruments as of December 31, 2022 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty		Contract year				Contract amount								Contract interest rate				Contract exchange rate (in won)
						Pay				Receive				Pay		Receive
Kookmin Bank			2020~2025			W	118,780				USD 100,000			1.29%		2.13%		W	1,187.80
Shinhan Bank			2020~2025				118,780				USD 100,000			1.29%		2.13%			1,187.80
Hana Bank			2020~2025				118,780				USD 100,000			1.29%		2.13%			1,187.80
Korea Development Bank			2020~2026				118,910				USD 100,000			0.61%		1.00%			1,189.10
Hana Bank			2020~2026				118,910				USD 100,000			0.61%		1.00%			1,189.10
Woori Bank			2020~2026				118,910				USD 100,000			0.62%		1.00%			1,189.10
Nomura			2017~2037				52,457				EUR 40,000			2.60%		1.70%			1,311.42
Nomura			2017~2037				59,423				SEK 450,000			2.62%		2.36%			132.05
Kookmin Bank			2021~2026				114,230				USD 100,000			1.27%		1.25%			1,142.30
Korea Development Bank			2021~2026				114,230				USD 100,000			1.27%		1.25%			1,142.30
Hana Bank			2021~2026				114,230				USD 100,000			1.27%		1.25%			1,142.30
Korea Development Bank			2022~2027				123,710				USD 100,000			3.41%		3.63%			1,237.10
Woori Bank			2022~2027				123,710				USD 100,000			3.41%		3.63%			1,237.10
JP Morgan			2022~2027				123,710				USD 100,000			3.41%		3.63%			1,237.10
Korea Development Bank			2018~2023				320,880				USD 300,000			2.03%		3.75%			1,069.60
BNP Paribas			2019~2024				111,841				CHF 100,000			1.78%		0.13%			1,118.41
Kookmin Bank			2019~2024				111,841				CHF 100,000			1.78%		0.13%			1,118.41
Korea Development Bank			2022~2025				128,560				USD 100,000			3.37%		4.13%			1,285.60
Woori Bank			2022~2025				128,560				USD 100,000			3.37%		4.13%			1,285.60
Kookmin Bank			2022~2025				128,560				USD 100,000			3.37%		4.13%			1,285.60
Woori Bank			2021~2026				220,600				USD 200,000			0.47%		0.75%			1,103.00
Shinhan Bank			2021~2026				220,600				USD 200,000			0.47%		0.75%			1,103.00
Hana Bank			2021~2026				55,150				USD 50,000			0.48%		0.75%			1,103.00
Korea Development Bank			2018~2023				169,335				USD 150,000			2.26%		3.88%			1,128.90
Woori Bank			2018~2023				169,335				USD 150,000			2.26%		3.88%			1,128.90
Credit Agricole			2018~2023				112,890				USD 100,000			2.26%		3.88%			1,128.90
Hana Bank			2018~2023				56,445				USD 50,000			2.26%		3.88%			1,128.90
Kookmin Bank			2018~2023				56,445				USD 50,000			2.26%		3.88%			1,128.90
Woori Bank			2020~2025				245,560				USD 200,000			0.93%		1.75%			1,227.80
Hana Bank			2020~2025				245,560				USD 200,000			0.93%		1.75%			1,227.80
Korea Development Bank			2020~2025				122,780				USD 100,000			0.93%		1.75%			1,227.80
JP Morgan			2022~2025				126,180				USD 100,000			2.80%		3.60%			1,261.80
Hana Bank			2022~2025				126,180				USD 100,000			2.80%		3.60%			1,261.80
Korea Development Bank			2022~2025				252,360				USD 200,000			2.83%		3.60%			1,261.80
Woori Bank			2022~2025				126,180				USD 100,000			2.85%		3.60%			1,261.80

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives, Continued

(5) Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:

In millions of won										Contract interest rate per annum
Counterparty		Contract year				Contract amount				Pay		Receive
Nomura (*1)			2018~2038				30,000			2.56%		3.75%
Hana Bank			2018~2023				200,000			2.15%		3M CD + 0.19%
Hana Bank			2018~2023				200,000			2.17%		3M CD + 0.19%
Hana Bank			2018~2023				150,000			2.03%		3M CD + 0.21%
Hana Bank			2019~2024				200,000			1.87%		3M CD + 0.13%
Shinhan Bank			2021~2025				100,000			2.32%		3M CD + 0.43%
Hana Bank			2022~2027				200,000			3.02%		3M CD + 0.61%
Hana Bank			2022~2027				200,000			3.04%		3M CD + 0.58%
Hana Bank			2022~2027				250,000			3.38%		3M CD + 0.59%
Nomura			2022~2027				200,000			3.55%		3M CD + 0.60%
Shinhan Bank			2022~2027				150,000			3.53%		3M CD + 0.55%
Hana Bank			2022~2027				200,000			3.70%		3M CD + 0.59%
Nomura			2022~2027				300,000			3.89%		3M CD + 0.67%
Hana Bank			2022~2027				200,000			3.93%		3M CD + 0.67%
Nomura			2022~2027				200,000			3.80%		3M CD + 0.68%
Nomura			2022~2027				300,000			4.04%		3M CD + 0.60%
Hana Bank			2022~2027				100,000			4.68%		3M CD + 1.04%
Hana Bank			2022~2027				100,000			5.45%		3M CD + 1.20%
Nomura			2017~2032				52,457			3M Libor + 2.22%		2.60%
Nomura			2017~2032				59,423			3M Libor + 2.24%		2.62%
Nomura (*2)			2021~2041				30,000			1.84%		2.60%
Nomura (*3)			2021~2041				50,000			1.87%		2.38%
ANZ			2022 - 2025				AUD 540			0.48%		3.33%
DBS Bank			2022 - 2025				AUD 540			0.48%		3.33%
Societe Generale			2022 - 2025				AUD 540			0.48%		3.28%

(*1) 2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.

(*2) 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

(*3) 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.

(6) Interest rate swap contracts which are designated as hedging instruments as of December 31, 2022 are as follows:

In thousands of USD

Contract interest rate per annum

Counterparty

Contract year

Contract amount

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD 15,893

2.67%

6M USD Libor

ING Bank

2015~2031

USD 7,861

2.67%

6M USD Libor

BNP Paribas

2015~2031

USD 7,861

2.67%

6M USD Libor

BNP Paribas

2009~2027

USD 51,891

4.16%

6M USD Libor

KFW

2009~2027

USD 51,891

4.16%

6M USD Libor

Export-Import Bank of Korea

2016~2036

USD 66,124

3.00%

6M USD Libor

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

12. Derivatives, Continued

(7) Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2022 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):

In millions of won		Net income effects of valuation gain (loss)								Net income effects of transaction gain (loss)								Accumulated other comprehensive income (loss) (*)
		2022				2021				2022				2021				2022				2021
Currency forward		W	(20,570	)			33,066				(2,710	)			33,032				—				—
Currency swap			155,937				787,264				234,195				61,353				(102,969	)			(59,108	)
Interest rate swap			66,341				18,123				(6,800	)			(10,303	)			37,917				18,648
Other derivatives			22,510				(15,459	)			—				—				—				—
		W	224,218				822,994				224,685				84,082				(65,052	)			(40,460	)

(*) For the years ended December 31, 2022 and 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of W24,415 and W15,778 million, net of tax, are included in other comprehensive loss, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

13. Other Financial Assets

(1) Other financial assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Loans		W	132,890				968,468				88,406				903,397
Less: Allowance for doubtful accounts			(13	)			(54,824	)			(10	)			(52,667	)
Less: Present value discount			(816	)			(32,334	)			(807	)			(29,248	)
			132,061				881,310				87,589				821,482
Long-term / short-term financial instruments			666,758				686,322				1,278,014				450,494
		W	798,819				1,567,632				1,365,603				1,271,976

(2) Loans as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Face value				Allowance for doubtful accounts				Present value discount				Carrying value
Short-term loans
Loans for tuition		W	30,261				—				(816	)			29,445
Loans for housing			29,630				—				—				29,630
Other loans			72,999				(13	)			—				72,986
			132,890				(13	)			(816	)			132,061
Long-term loans
Loans for tuition			436,131				(37,783	)			(32,334	)			366,014
Loans for housing			309,446				—				—				309,446
Loans for related parties			187,728				(17,041	)			—				170,687
Other loans			35,163				—				—				35,163
			968,468				(54,824	)			(32,334	)			881,310
		W	1,101,358				(54,837	)			(33,150	)			1,013,371

In millions of won		2021
		Face value				Allowance for doubtful accounts				Present value discount				Carrying value
Short-term loans
Loans for tuition		W	28,975				—				(807	)			28,168
Loans for housing			25,750				—				—				25,750
Other loans			33,681				(10	)			—				33,671
			88,406				(10	)			(807	)			87,589
Long-term loans
Loans for tuition			431,002				(37,783	)			(29,248	)			363,971
Loans for housing			282,833				—				—				282,833
Loans for related parties			150,541				(14,861	)			—				135,680
Fisheries loan			203				—				—				203
Other loans			38,818				(23	)			—				38,795
			903,397				(52,667	)			(29,248	)			821,482
		W	991,803				(52,677	)			(30,055	)			909,071

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

13. Other Financial Assets, Continued

(3) Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	52,677				20,267
Bad debts expense			2,180				30,942
Others			(20	)			1,468
Ending balance		W	54,837				52,677

(4) Long-term and short-term financial instruments as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Time deposits		W	428,813				130,570				976,899				103,607
CD			30,000				—				—				—
Others			207,945				555,752				301,115				346,887
		W	666,758				686,322				1,278,014				450,494

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

14. Inventories

Inventories as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Acquisition cost				Valuation allowance				Book value
Raw materials		W	4,522,171				(1,350	)			4,520,821
Merchandises			1,001				—				1,001
Work-in-progress			172,089				(75	)			172,014
Finished goods			52,642				(57	)			52,585
Supplies			2,814,377				—				2,814,377
Inventories-in-transit			2,356,444				—				2,356,444
Other inventories			13,490				—				13,490
		W	9,932,214				(1,482	)			9,930,732
In millions of won		2021
		Acquisition cost				Valuation allowance				Book value
Raw materials		W	3,655,588				(1,247	)			3,654,341
Merchandises			512				—				512
Work-in-progress			180,220				—				180,220
Finished goods			27,254				—				27,254
Supplies			2,541,028				(3,869	)			2,537,159
Inventories-in-transit			1,195,148				—				1,195,148
Other inventories			13,548				—				13,548
		W	7,613,298				(5,116	)			7,608,182

The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for the years ended December 31, 2022 and 2021 amounts to W18,162 million and W11,422 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the years ended December 31, 2022 and 2021 were W14,528 million and W7,761 million, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

15. Non-Financial Assets

Non-financial assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Advanced payments		W	160,596				51,425				161,466				124,305
Prepaid expenses			366,532				153,830				756,729				151,095
Others (*)			1,217,741				103,879				840,796				89,418
		W	1,744,869				309,134				1,758,991				364,818

(*) Details of others as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Greenhouse gas emissions rights		W	192,005				—				524,658				—
Other quick assets			1,025,736				103,879				316,138				89,418
		W	1,217,741				103,879				840,796				89,418

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries

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

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						2022				2021
KOSEP Material Co., Ltd.		Recycling fly ashes		Korea			86.22	%			86.22	%
Commerce and Industry Energy Co., Ltd. (*4)		RDF power generation		Korea			85.03	%			85.03	%
KEPCO KPS Philippines Corp.		Utility plant maintenance and others		Philippines			99.99	%			99.99	%
KOSPO Chile SpA		Holding company		Chile			100.00	%			100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services		Utility plant maintenance and others		Indonesia			95.00	%			95.00	%
Hee Mang Sunlight Power Co., Ltd.		Operation of utility plant		Korea			100.00	%			100.00	%
Fujeij Wind Power Company		Operation of utility plant		Jordan			100.00	%			100.00	%
KOSPO Youngnam Power Co., Ltd. (*5)		Operation of utility plant		Korea			50.00	%			50.00	%
Chitose Solar Power Plant LLC		Power generation		Japan			65.00	%			65.00	%
KEPCO Energy Solution Co., Ltd.		Energy service		Korea			100.00	%			100.00	%
KEPCO Solar Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
KOSPO Power Services Ltda.		Utility plant maintenance and others		Chile			65.00	%			65.00	%
Energy New Industry Specialized Investment Private Investment Trust		Holding company		Korea			99.01	%			99.01	%
KOEN Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOMIPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOWEPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOSPO Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
EWP Bylong Pty., Ltd.		Resources development		Australia			100.00	%			100.00	%
KOWEPO Lao International		Utility plant maintenance and others		Laos			100.00	%			100.00	%
KEPCO US Inc.		Holding company		USA			100.00	%			100.00	%
KEPCO Alamosa LLC		Holding company		USA			—				50.10	%
KEPCO Solar of Alamosa LLC		Power generation		USA			—				100.00	%
KEPCO Mangilao Holdings LLC		Holding company		USA			100.00	%			100.00	%
Mangilao Investment LLC		Holding company		USA			80.06	%			100.00	%
KEPCO Mangilao Solar, LLC		Power generation		USA			100.00	%			100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.		Power generation		Korea			79.03	%			79.03	%
PT. Siborpa Eco Power		Construction and operation of utility plant		Indonesia			55.00	%			55.00	%
BSK E-New Industry Fund VII		Holding company		Korea			81.67	%			81.67	%
e-New Industry LB Fund 1		Holding company		Korea			76.11	%			76.11	%
Songhyun e-New Industry Fund		Holding company		Korea			80.65	%			80.65	%
BSK E-New Industry Fund X		Holding company		Korea			66.80	%			66.80	%
PT. Korea Energy Indonesia		Utility plant maintenance and others		Indonesia			95.00	%			95.00	%
KOLAT SpA		Utility plant maintenance and others		Chile			100.00	%			100.00	%
KEPCO California, LLC		Holding company		USA			100.00	%			100.00	%
KEPCO Mojave Holdings, LLC		Holding company		USA			100.00	%			100.00	%
Incheon Fuel Cell Co., Ltd.		Power generation		Korea			60.00	%			60.00	%
KOEN Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOMIPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOWEPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOSPO Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
EWP Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
PT. KOMIPO Energy Indonesia		Utility plant maintenance and others		Indonesia			95.00	%			95.00	%
KNF Partners Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOSPO USA Inc.		Holding company		USA			100.00	%			100.00	%
Nambu USA LLC		Holding company		USA			100.00	%			100.00	%
Tamra Offshore Wind Power Co., Ltd.		Power generation		Korea			63.00	%			63.00	%
KEPCO MCS Co., Ltd.		Electric meter reading and others		Korea			100.00	%			100.00	%
KEPCO FMS Co., Ltd.		Security service and others		Korea			100.00	%			100.00	%
Firstkeepers Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
Secutec Co., Ltd.		Security service		Korea			100.00	%			100.00	%
SE Green Energy Co., Ltd.		Power generation		Korea			84.80	%			84.80	%
KEPCO Mangilao America LLC		Holding company		USA			—				100.00	%
Mangilao Intermediate Holdings LLC		Holding company		USA			100.00	%			100.00	%
KEPCO CSC Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KOAK Power Limited		Hydro power facility maintenance		Pakistan			100.00	%			100.00	%
KOMIPO Europe B.V.		Holding company		Netherlands			100.00	%			100.00	%
Haenanum Energy Fund		Holding company		Korea			99.64	%			99.64	%

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

Subsidiaries		Key operation activities		Location		Percentage of ownership (%)
						2022				2021
Paju Ecoenergy Co., Ltd.		Power generation		Korea			89.00	%			89.00	%
Guam Ukudu Power LLC		Power generation		USA			100.00	%			100.00	%
K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)		Power generation		Korea			90.00	%			90.00	%
KPS Partners Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
KEPCO E&C Service Co., Ltd.		Facility maintenance and service		Korea			100.00	%			100.00	%
Moha solar Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Ogiri Solar Power Co., Ltd.		Power generation		Korea			70.00	%			70.00	%
KHNP USA LLC		Holding company		USA			100.00	%			100.00	%
KOMIPO Vanphong Power Service LLC		Utility plant maintenance and others		Vietnam			100.00	%			100.00	%
Energy Innovation Fund I		Holding company		Korea			71.91	%			71.91	%
KHNP Chile SpA		Holding company		Chile			100.00	%			100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Corporation Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
SolarVader Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Innovation Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
Yeong Yang Solar Management Co., Ltd.		Power generation		Korea			100.00	%			100.00	%
LSG Hydro Power Limited		Holding company		Pakistan			99.80	%			99.80	%
KOEN Bio Co., Ltd.		Wood pellet utilization business		Korea			70.00	%			70.00	%
KOMIPO Energy Solution America, LLC		Holding company		USA			100.00	%			100.00	%
Elara Investment Holdings, LLC (*6)		Holding company		USA			0.10	%			0.10	%
Elara Equity Holdings, LLC		Holding company		USA			54.00	%			54.00	%
Elara Class B Holdings, LLC		Holding company		USA			100.00	%			100.00	%
Elara Class B Member, LLC		Holding company		USA			100.00	%			100.00	%
Elara Development Holdings, LLC		Holding company		USA			100.00	%			100.00	%
KOMIPO Development, LLC (formerly, Elara Development, LLC)		Holding company		USA			100.00	%			100.00	%
Elara Energy Holdings, LLC (*6)		Holding company		USA			43.94	%			43.94	%
Elara Energy Project, LLC		Power generation		USA			100.00	%			100.00	%
KOMIPO Iberian Solar Group, S.L.U.		Holding company		Spain			100.00	%			100.00	%
Jeongam Wind Power Co., Ltd.		Power generation		Korea			80.00	%			80.00	%
KOWEPO Europe B.V.		Holding company		Netherlands			100.00	%			100.00	%
CVS Equity Holdings, LLC		Holding company		USA			81.34	%			100.00	%
CVS Class B Holdings, LLC		Holding company		USA			100.00	%			100.00	%
CVS Development Holdings, LLC		Holding company		USA			100.00	%			100.00	%
CVS Development, LLC		Holding company		USA			100.00	%			100.00	%
CVS Class B Member, LLC		Holding company		USA			100.00	%			100.00	%
CVS Energy Holdings, LLC		Holding company		USA			70.79	%			100.00	%
Concho Valley Energy, LLC		Holding company		USA			100.00	%			100.00	%
Concho Valley Solar, LLC		Power generation		USA			100.00	%			100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.		Power generation		Korea			70.00	%			70.00	%
KHNP Spain, S.L.		Holding company		Spain			100.00	%			100.00	%
UI Carbon-Neutrality Fund		Holding company		Korea			78.97	%			—
KA Power Limited		Power generation		Pakistan			100.00	%			—
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (*7)		Power generation		Korea			100.00	%			—
EWP Australia Pty., Ltd.		Holding company		Australia			100.00	%			—
Columboola Solar Farm Hold Co Pty., Ltd. (*8)		Power generation		Australia			74.04	%			—
Digital Innovation Growth Fund (*9)		Holding company		Korea			76.92	%			—
J Wind First, LLC (*10)		Company specializing in liquidization		Korea			—				—
KEPCO Holding Company		Holding company		Saudi Arabia			100.00	%			—
KEPCO for Power Company		Power generation		Saudi Arabia			60.00	%			—
KEPCO for Maintenance Company		Utility plant maintenance and others		Saudi Arabia			100.00	%			—
KOSPO Trumbull LLC		Holding company		USA			100.00	%			—
Changjuk Wind Power Co., Ltd. (*9)		Power generation		Korea			73.00	%			—

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

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

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

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

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

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

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

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

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

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

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

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

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

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

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

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

In millions of won
2022
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services		W	25				252				—				(94	)
Hee Mang Sunlight Power Co., Ltd.			5,877				2,606				862				304
Fujeij Wind Power Company			213,113				163,690				—				16,564
KOSPO Youngnam Power Co., Ltd.			425,000				312,831				568,224				10,878
Chitose Solar Power Plant LLC			109,964				94,366				14,384				1,615
KEPCO Energy Solution Co., Ltd.			317,392				6,147				33,638				138
KEPCO Solar Co., Ltd.			243,221				25,405				24,778				9,305
KOSPO Power Services Ltda.			6,722				4,762				17,911				(358	)
Energy New Industry Specialized Investment Private Investment Trust (*3)			451,762				4,338				24,725				7,093
KOEN Bylong Pty., Ltd.			11				119				—				(12	)
KOMIPO Bylong Pty., Ltd.			11				122				—				(33	)
KOWEPO Bylong Pty., Ltd.			8				94				—				(7	)
KOSPO Bylong Pty., Ltd.			25				148				—				(17	)
EWP Bylong Pty., Ltd.			8				54				—				1
KOWEPO Lao International			8,248				87				10,010				11,185
KEPCO US Inc.			91				—				—				(19,181	)
KEPCO Mangilao Holdings LLC			112,948				40,558				21,743				21,166
Mangilao Investment LLC			258,674				4				—				(1	)
KEPCO Mangilao Solar, LLC			240,736				373				8,870				(14,818	)
Jeju Hanlim Offshore Wind Co., Ltd.			185,357				111,343				—				(3,546	)
PT. Siborpa Eco Power			12,050				3				—				(39	)
PT. Korea Energy Indonesia			1,675				80				1,937				(104	)
KOLAT SpA			48,787				3,701				1,647				1,888
KEPCO California, LLC			46,151				4,768				596				(670	)
KEPCO Mojave Holdings, LLC			95,550				75,846				—				(4,705	)
Incheon Fuel Cell Co., Ltd.			268,063				242,176				107,193				(5,323	)
KOEN Service Co., Ltd.			9,353				7,035				36,340				356
KOMIPO Service Co., Ltd.			6,597				4,503				35,031				905
KOWEPO Service Co., Ltd.			6,266				3,130				34,031				171
KOSPO Service Co., Ltd.			6,672				5,048				28,321				60
EWP Service Co., Ltd.			3,756				2,507				24,526				581
PT. KOMIPO Energy Indonesia			2,978				368				1,698				83
KNF partners Co., Ltd.			2,285				1,053				5,997				293
KOSPO USA Inc.			315,018				430				—				5,024
Nambu USA LLC			297,516				—				—				670
Tamra Offshore Wind Power Co., Ltd.			133,598				93,639				18,332				5,316
KEPCO MCS Co., Ltd.			114,316				52,241				363,627				8,468
KEPCO FMS Co., Ltd.			16,852				11,667				105,339				2,176
Firstkeepers Co., Ltd.			16,448				12,912				84,620				2,482
Secutec Co., Ltd.			12,578				9,209				69,383				690
SE Green Energy Co., Ltd.			149,189				114,241				49,873				1,304
Mangilao Intermediate Holdings LLC			236,266				116,426				—				(4,709	)
KEPCO CSC Co., Ltd.			10,668				8,937				46,559				(2,134	)
KOAK Power Limited			12,626				839				—				49
KOMIPO Europe B.V.			81,364				54				1,195				1,134

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

In millions of won
2022
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the year
Haenanum Energy Fund		W	7,416				3				—				(48	)
Paju Ecoenergy Co., Ltd.			61,930				3,066				20,718				1,290
Guam Ukudu Power LLC			293,422				323,292				—				(31,410	)
K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)			320,227				296,141				16,980				3,690
KPS Partners Co., Ltd.			3,619				2,007				12,417				487
KEPCO E&C Service Co., Ltd.			5,676				1,897				16,180				1,493
Moha solar Co., Ltd.			29,096				31,359				169				(1,137	)
Ogiri Solar Power Co., Ltd.			1,033				23				—				(30	)
KHNP USA LLC			1,290				97				1,127				392
KOMIPO Vanphong Power Service LLC			15,940				3,333				20,233				9,871
Energy Innovation Fund I			35,310				445				—				(961	)
KHNP Chile SpA			5,547				4,147				—				(16	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,566				1,507				254				(82	)
Yeong Yang Corporation Co., Ltd.			1,559				1,497				251				(91	)
SolarVader Co., Ltd.			1,568				1,500				256				(78	)
Yeong Yang Innovation Co., Ltd.			1,557				1,497				244				(91	)
Yeong Yang Horus Photovoltaic Co., Ltd.			1,552				1,498				243				(93	)
Yeong Yang Solar Management Co., Ltd.			1,573				1,500				262				(75	)
LSG Hydro Power Limited			1,144				1,159				—				(18	)
KOEN Bio Co., Ltd.			261				219				639				(150	)
KOMIPO Iberian Solar Group, S.L.U.			78,094				65,012				—				(1,304	)
Jeongam Wind Power Co., Ltd.			81,800				68,317				10,722				892
KOWEPO Europe B.V.			42,865				2,422				—				1,668
Yeongdeok Sunrise Wind Power Co., Ltd.			42,187				22,031				—				(328	)
KHNP Spain, S.L.			3				—				—				(1	)
KA Power Limited			3,937				418				—				442
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)			48,770				44,647				3,447				(354	)
EWP Australia Pty., Ltd.			51,105				—				—				15,203
Columboola Solar Farm Hold Co Pty., Ltd.			310,271				214,792				2,228				2,884
Digital Innovation Growth Fund			12,594				100				—				(363	)
J Wind First, LLC			33,611				33,611				450				—
KEPCO Holding Company			3,273				17				—				(18	)
KEPCO for Power Company			57,501				58,441				—				(960	)
KEPCO for Maintenance Company			—				—				—				—
KOSPO Trumbull LLC			37				3				—				—
Changjuk Wind Power Co., Ltd.			29,208				3,137				9,027				3,503

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

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

(*3) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of five other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, and UI Carbon-Neutrality Fund.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

In millions of won
2021
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the year
Korea Hydro & Nuclear Power Co., Ltd.		W	64,638,690				38,361,337				9,324,391				302,232
Korea South-East Power Co., Ltd.			11,487,325				6,510,826				5,188,856				(58,096	)
Korea Midland Power Co., Ltd.			13,761,908				9,912,907				5,353,915				60,737
Korea Western Power Co., Ltd.			10,822,780				7,116,671				4,970,805				(171,562	)
Korea Southern Power Co., Ltd.			11,350,984				7,099,881				5,671,989				(113,352	)
Korea East-West Power Co., Ltd.			9,895,739				5,163,005				4,743,030				10,872
KEPCO Engineering & Construction Company, Inc.			705,043				191,592				433,127				16,452
KEPCO Plant Service & Engineering Co., Ltd.			1,420,705				311,607				1,375,668				98,132
KEPCO Nuclear Fuel Co., Ltd.			837,249				405,614				323,729				25,799
KEPCO KDN Co., Ltd.			721,634				189,242				673,261				67,244
KEPCO International HongKong Ltd.			128,968				—				—				341
KEPCO International Philippines Inc.			154,317				482				—				8,766
KEPCO Gansu International Ltd.			7,151				559				—				(25	)
KEPCO Philippines Holdings Inc.			191,757				128				—				60,192
KEPCO Philippines Corporation			6,122				19				—				(68	)
KEPCO Ilijan Corporation			259,069				38,555				60,532				12,981
KEPCO Lebanon SARL			1,729				9,794				—				(86	)
KEPCO Neimenggu International Ltd.			241,299				3,106				—				16,762
KEPCO Shanxi International Ltd.			551,407				207,844				—				3,526
KOMIPO Global Pte Ltd.			302,340				1,351				—				11,462
KEPCO Netherlands B.V.			133,610				866				—				5,395
KEPCO Australia Pty., Ltd.			481				11				—				25
KOSEP Australia Pty., Ltd.			44,798				5,561				22,013				8,268
KOMIPO Australia Pty., Ltd.			54,162				5,648				22,013				5,942
KOWEPO Australia Pty., Ltd.			54,564				4,766				22,013				7,387
KOSPO Australia Pty., Ltd.			43,886				4,502				22,013				5,940
KEPCO Middle East Holding Company			104,068				89,756				—				1,144
Qatrana Electric Power Company			480,809				262,725				21,368				19,156
KHNP Canada Energy Ltd.			109,326				25				—				29
KEPCO Bylong Australia Pty., Ltd.			44,319				394,349				—				(37,065	)
Korea Waterbury Uranium Limited Partnership			20,920				159				—				(57	)
KEPCO Holdings de Mexico			148				27				—				(8	)
KST Electric Power Company, S.A.P.I. de C.V.			584,625				435,796				151,467				18,499
KEPCO Energy Service Company			2,500				956				12,070				574
KEPCO Netherlands S3 B.V.			51,045				150				—				3,199
PT. KOMIPO Pembangkitan Jawa Bali			13,499				3,314				18,296				885
PT. Cirebon Power Service			2,545				631				8,664				505
KOWEPO International Corporation			—				10				—				—
KOSPO Jordan LLC			33,782				16,298				9,698				816
EWP America Inc. (*1)			46,687				1,278				18,335				6,807
KNF Canada Energy Limited			2,101				17				—				(43	)
EWP Barbados 1 SRL			354,024				1,172				2,861				16,168
Gyeonggi Green Energy Co., Ltd.			243,977				224,132				93,794				(5,588	)
PT. Tanggamus Electric Power			212,161				167,409				2,903				3,017
Gyeongju Wind Power Co., Ltd.			96,937				60,702				15,289				3,132
KOMIPO America Inc. (*2)			329,986				56,325				1,715				(1,311	)
PT. EWP Indonesia			47,031				1,226				—				4,615
KEPCO Netherlands J3 B.V.			151,478				172				—				27,365
Korea Offshore Wind Power Co., Ltd.			359,393				188,507				36,020				3,820
Global One Pioneer B.V.			119				116				—				(132	)
Global Energy Pioneer B.V.			293				131				—				(147	)
Mira Power Limited			424,183				311,459				70,287				34,018
KOSEP Material Co., Ltd.			3,405				842				4,518				442
Commerce and Industry Energy Co., Ltd.			85,315				35,543				30,531				1,345
KEPCO KPS Philippines Corp.			8,051				3,652				9,768				1,493
KOSPO Chile SpA			142,956				56,688				—				(851	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

In millions of won
2021
Subsidiaries		Total assets				Total liabilities				Sales				Profit (loss) for the year
PT. KOWEPO Sumsel Operation And Maintenance Services		W	116				259				—				—
Hee Mang Sunlight Power Co., Ltd.			6,242				3,272				499				47
Fujeij Wind Power Company			200,783				169,340				—				14,739
KOSPO Youngnam Power Co., Ltd.			393,745				292,765				318,770				6,339
Chitose Solar Power Plant LLC			125,578				109,470				16,630				1,794
KEPCO Energy Solution Co., Ltd.			317,676				4,938				21,423				3,104
KEPCO Solar Co., Ltd.			231,567				22,229				11,305				2,014
KOSPO Power Services Ltda.			8,007				5,800				21,133				(356	)
Energy New Industry Specialized Investment Private Investment Trust (*3)			336,932				28,536				19,405				11,116
KOEN Bylong Pty., Ltd.			8				86				—				—
KOMIPO Bylong Pty., Ltd.			8				86				—				(8	)
KOWEPO Bylong Pty., Ltd.			8				86				—				(18	)
KOSPO Bylong Pty., Ltd.			73				168				—				(20	)
EWP Bylong Pty., Ltd.			8				54				—				—
KOWEPO Lao International			12,974				70				8,543				5,681
KEPCO US Inc.			17,601				—				—				—
KEPCO Alamosa LLC			34,100				297				124				(62	)
KEPCO Solar of Alamosa LLC			57,104				41,953				8,008				(742	)
KEPCO Mangilao Holdings LLC			28,504				32,501				—				(556	)
Mangilao Investment LLC			43,459				29				—				(14	)
KEPCO Mangilao Solar, LLC			206,018				166,095				—				(865	)
Jeju Hanlim Offshore Wind Co., Ltd.			41,325				5,139				—				(2,893	)
PT. Siborpa Eco Power			11,306				—				—				(105	)
PT. Korea Energy Indonesia			1,917				215				1,681				37
KOLAT SpA			28,349				849				180				(464	)
KEPCO California, LLC			43,732				4,113				1,310				160
KEPCO Mojave Holdings, LLC			95,294				71,358				—				(4,254	)
Incheon Fuel Cell Co., Ltd.			268,100				236,901				54,188				8,738
KOEN Service Co., Ltd.			8,963				6,557				35,190				2,326
KOMIPO Service Co., Ltd.			4,384				4,475				32,323				(96	)
KOWEPO Service Co., Ltd.			7,289				5,869				31,700				303
KOSPO Service Co., Ltd.			5,762				4,990				26,257				31
EWP Service Co., Ltd.			5,483				5,455				24,957				14
PT. KOMIPO Energy Indonesia			2,996				395				2,077				106
KNF partners Co., Ltd.			1,800				969				5,664				152
KOSPO USA Inc.			286,081				293				—				968
Nambu USA LLC			277,698				—				—				568
Tamra Offshore Wind Power Co., Ltd.			146,736				106,961				21,731				5,168
KEPCO MCS Co., Ltd.			80,277				39,139				349,116				19,043
KEPCO FMS Co., Ltd.			17,188				15,577				94,210				214
Firstkeepers Co., Ltd.			17,152				16,041				77,189				19
Secutec Co., Ltd.			13,176				10,662				65,963				1,774
SE Green Energy Co., Ltd.			153,105				119,461				38,867				4,025
KEPCO Mangilao America LLC			2,173				1				—				—
Mangilao Intermediate Holdings LLC			220,690				205,421				—				(6,975	)
KEPCO CSC Co., Ltd.			8,093				6,799				41,854				(2,101	)
KOAK Power Limited			14,363				393				—				(551	)
KOMIPO Europe B.V.			70,431				97				402				(503	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

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

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

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

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

(4) Significant restrictions on abilities to subsidiaries as of December 31, 2022 are as follows:

Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than W35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group.
KOSPO Youngnam Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. Group’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
Jeongam Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. Group’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group.
Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Korea Offshore Wind Power Co., Ltd.		Principals and interest payments on subordinated loans or dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.
Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.
Columboola Solar Farm Hold Co Pty., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

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

Company		Unrecognized Commitments
Jeongam Wind Power Co., Ltd.		When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value.
Changjuk Wind Power Co., Ltd.		When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has an obligation to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking in to account financial conditions, business conditions, and other circumstances.
Columboola Solar Farm Hold Co Pty., Ltd.		The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock’s valuation in the event of a breach of obligation specified in the shareholder agreement.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

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

In millions of won
2022
Description		KEPCO Ilijan Corporation				KEPCO Plant Service & Engineering Co., Ltd.				KEPCO Engineering & Construction Company, Inc.				Others				Total
Percentage of ownership			49.00	%			49.00	%			33.92	%
Current assets		W	230,031				861,705				372,031				1,147,973				2,611,740
Non-current assets			1,101				693,748				443,502				4,942,229				6,080,580
Current liabilities			(3,642	)			(316,497	)			(243,796	)			(841,521	)			(1,405,456	)
Non-current liabilities			—				(28,205	)			(28,323	)			(2,944,145	)			(3,000,673	)
Net assets			227,490				1,210,751				543,414				2,304,536				4,286,191
Book value of non-controlling interests			111,470				593,268				184,326				565,796				1,454,860
Sales			23,263				1,425,913				505,291				1,709,390				3,663,857
Profit for the year			16,455				97,881				17,954				91,566				223,856
Profit for the year attributable to non-controlling interests			8,063				47,962				6,090				(24,370	)			37,745
Cash flows from operating activities			68,475				81,419				4,918				231,653				386,465
Cash flows from investing activities			22,604				27,372				18,712				(747,507	)			(678,819	)
Cash flows from financing activities before dividends to non-controlling interests			(9,609	)			(33,187	)			(7,260	)			582,580				532,524
Dividends to non-controlling interests			(8,834	)			(26,438	)			(3,071	)			(4,001	)			(42,344	)
Effect of exchange rate fluctuation			8,807				(486	)			5				(11,023	)			(2,697	)
Net increase of cash and cash equivalents			81,443				48,680				13,304				51,702				195,129

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

16. Consolidated Subsidiaries, Continued

(7) Changes in goodwill

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

In millions of won		2022				2021
Acquisition cost		W	100,093				105,647
Less: Accumulated impairment			—				—
Carrying book value		W	100,093				105,647

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

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

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

(8) Disposals of subsidiaries

The Group has completed the liquidation process of EWPRC Biomass Holdings, LLC, KEPCO Alamosa LLC, and KEPCO Mangilao America LLC, and has disposed of shares of KEPCO Solar of Alamosa LLC during the year ended December 31, 2022. The Group had completed the liquidation process of VI Carbon Professional Private Special Asset Investment Trust 1, KOSEP USA, Inc., and Korea Imouraren Uranium Investment Corp. and had disposed of shares of DG Fairhaven Power, LLC during the year ended December 31, 2021.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows:

In millions of won
2022
Investees		Key operation activities		Location		Percentage of ownership		Acquisition cost				Book value
<Associates>
Korea Gas Corporation		Importing and wholesaling LNG		KOREA		20.47%		W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
Indeck Niles Development, LLC		Power generation			USA				50.00%			W	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
<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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
Gansu Datang Yumen Wind Power Co., Ltd.		Power generation			CHINA				40.00%			W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
Pulau Indah Power Plant Sdn. Bhd.		Power generation			MALAYSIA				25.00%			W	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
												W	5,422,262				8,992,048

(*1) The group 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 group 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

(*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 share holders 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

(*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 activities 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 activities 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 group 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Associates>
Korea Gas Corporation (*1)		Importing and wholesaling LNG			KOREA				20.47%			W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Key operation activities		Location				Percentage of ownership				Acquisition cost				Book value
<Joint ventures>
PT Barito Wahana Tenaga		Power generation			INDONESIA				30.61%			W	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
												W	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 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(1) Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:

(*9) The effective percentage of ownership is less than 20%. However, the Group 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 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.

(*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 Group 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 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.

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

(2) The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2022 and 2021 are as follows:

In millions of won
Investees		2022				2021
<Associates>
Korea Electric Power Industrial Development Co., Ltd.		W	80,454				115,339
Korea Gas Corporation			684,180				738,990
YTN Co., Ltd.			50,220				26,550
SPC Power Corporation			134,814				203,589
PT. Bayan Resources TBK			1,132,601				1,495,801

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows:

In millions of won
2022
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Korea Gas Corporation		W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
KEPCO-Uhde Inc.		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Dangjin Eco Power Co., Ltd.		W	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
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
		W	7,471,384				387,070				(67,313	)			(711,940	)			1,338,293				552,812				21,742				8,992,048

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Korea Gas Corporation		W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(3) Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Beginning balance				Acquisitions				Disposals				Dividends received				Share of profit (loss)				Other comprehen- sive income (loss)				Others				Ending balance
<Joint ventures>
Chungsongmeon BongSan wind power Co., Ltd.		W	4,124				—				—				—				(316	)			—				—				3,808
Jaeun Resident Wind Power Plant Co., Ltd.			2,195				—				—				—				(237	)			—				—				1,958
DE Energia SpA			8,187				—				—				—				—				734				—				8,921
Dangjin Eco Power Co., Ltd.			25,523				—				—				—				274				312				—				26,109
Haemodum Solar Co., Ltd.			3,065				—				—				—				16				—				—				3,081
Yangyang Wind Power Co., Ltd.			10,485				1,200				—				—				(488	)			(6	)			—				11,191
HORUS SOLAR, S.A. DE C.V.			3,394				—				—				—				2,396				52				—				5,842
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.			3,660				—				—				—				766				110				—				4,536
SUNMEX RENOVABLES, S.A. DE C.V.			240				1,371				—				—				(49	)			48				—				1,610
Stavro Holding II A.B.			9,277				8,684				—				—				(55	)			(271	)			(8	)			17,627
Solaseado Solar Power Co., Ltd.			9,915				—				—				—				(24	)			—				—				9,891
Yeongam Solar Power Co., Ltd.			6,042				—				—				—				796				—				—				6,838
Samsu Wind Power Co., Ltd.			2,607				—				—				—				221				—				—				2,828
Pulau Indah Power Plant Sdn. Bhd.			11,204				12,264				—				—				(519	)			(850	)			—				22,099
Sam-Yang Photovoltaic Power Co., Ltd.			5,535				—				—				—				(542	)			—				—				4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			22,242				—				(969	)			(1,727	)			1,910				—				—				21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			16,129				—				—				—				159				—				—				16,288
PT Barito Wahana Tenaga			63,029				140				—				—				4,194				14,232				—				81,595
Cheongna Energy Co., Ltd.			4,940				—				—				—				6,258				—				—				11,198
Naepo Green Energy Co., Ltd.			—				—				—				—				—				—				—				—
Dayone Energy Co., Ltd.			—				—				—				—				—				—				—				—
OneEnergy Asia Limited			56,654				20,262				—				—				(1,138	)			3,922				—				79,700
KAS Investment I LLC			23,437				—				—				—				(6,876	)			(1,288	)			—				15,273
KAS Investment II LLC			23,343				—				—				—				(6,515	)			(1,615	)			—				15,213
Energyco Co., Ltd.			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
		W	6,170,533				703,612				(15,194	)			(288,242	)			557,056				352,056				(8,437	)			7,471,384

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows:

In millions of won
2022
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Korea Gas Corporation (*1)		W	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
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	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Hankook Electric Power Information Co., Ltd.		W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
Amman Asia Electric Power Company		W	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
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	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
OneEnergy Asia Limited		W	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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Korea Gas Corporation (*1)		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Associates>
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
KAPES, Inc.		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(4) Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Total assets				Total liabilities				Sales				Profit (loss) for the year
<Joint ventures>
OneEnergy Asia Limited		W	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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows:

In millions of won
2022
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Korea Gas Corporation		W	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
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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Suwon New Power Co., Ltd.		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Datang Chifeng Renewable Power Co., Ltd.		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2022
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Stavro Holding II A.B.		W	85,856				20.00	%			17,171				—				—				—				17,171
Solaseado Solar Power Co., Ltd.			38,230				38.90	%			14,872				1,361				—				—				16,233
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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Korea Gas Corporation		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Associates>
Namjeongsusang Solar Power Operation Co., Ltd.		W	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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

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

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(5) Financial information of associates and joint ventures reconciled to the Group’s investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:

In millions of won
2021
Investees		Net assets				Percentage of ownership (*)				Share in net assets				Investment differential				Intercompany transaction				Others				Book value
<Joint ventures>
Stavro Holding II A.B.		W	88,133				20.00	%			17,627				—				—				—				17,627
Solaseado Solar Power Co., Ltd.			21,928				38.90	%			8,530				1,361				—				—				9,891
Yeongam Solar Power Co., Ltd.			31,919				19.00	%			6,065				773				—				—				6,838
Samsu Wind Power Co., Ltd.			14,882				19.00	%			2,828				—				—				—				2,828
Pulau Indah Power Plant Sdn. Bhd.			65,823				25.00	%			16,456				5,643				—				—				22,099
Sam-Yang Photovoltaic Power Co., Ltd.			10,190				49.00	%			4,993				—				—				—				4,993
NH-Amundi Global Infrastructure Investment Private Investment Trust 21			70,872				29.53	%			20,929				527				—				—				21,456
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream			18,098				90.00	%			16,288				—				—				—				16,288
PT Barito Wahana Tenaga			266,545				30.61	%			81,595				—				—				—				81,595
Cheongna Energy Co., Ltd.			18,485				50.10	%			9,261				3,137				(1,200	)			—				11,198
Naepo Green Energy Co., Ltd.			(26,530	)			29.20	%			(7,747	)			—				—				7,747				—
Dayone Energy Co., Ltd.			(51,842	)			46.30	%			(24,003	)			—				(882	)			24,885				—
OneEnergy Asia Limited			135,470				40.00	%			54,188				25,512				—				—				79,700
KAS Investment I LLC			51,098				29.89	%			15,273				—				—				—				15,273
KAS Investment II LLC			50,895				29.89	%			15,213				—				—				—				15,213
Energyco Co., Ltd.			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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(6) As of December 31, 2022 and 2021, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:

In millions of won		2022								2021
		Unrecognized equity interest				Accumulated unrecognized equity interest				Unrecognized equity interest				Accumulated unrecognized equity interest
Eurasia Energy Holdings		W	13				203				15				190
Gunsan Bio Energy Co., Ltd.			122				3,986				282				3,864
Dayone Energy Co., Ltd.			3,565				27,017				(1,244	)			23,452
Nghi Son 2 Power LLC			(18,940	)			—				(114,340	)			18,940
Samcheok Eco Materials Co., Ltd.			344				806				(323	)			462
Naepo Green Energy Co., Ltd.			7,209				14,956				5,469				7,747
Barakah One Company			51,137				93,973				(26,502	)			42,836
Pioneer Gas Power Limited			19,248				56,877				21,691				37,629
Incheon New Power Co., Ltd.			(163	)			—				(31	)			163
Bigeum Resident Photovoltaic Power Co., Ltd.			162				460				182				298
KAPES, Inc.			(355	)			3,160				317				3,515
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				—				—

(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 Group 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 Group 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 Group 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 Group 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(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, continued:

(v) Daegu Green Power Co., Ltd.

The Group 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 Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group 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 Group 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 Group.

(vii) Chester Solar I SpA

According to the shareholders’ agreement, the Group 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 Group 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 Group 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 Group 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 Group 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 Group 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 Group 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 Group 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 Group requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares or transfer them to others at fair value.

(xv) Geumsungsan Wind Power Co., Ltd.

The Group 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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates and 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 to shareholders when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.
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.
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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

17. Investments in Associates and Joint Ventures, Continued

(8) Significant restrictions on the Group’s abilities on associates or joint ventures as of December 31, 2022 are as follows, continued:

Company		Nature and extent of any significant restrictions
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.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

18. Property, Plant and Equipment

(1) Property, plant and equipment as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Acquisition cost				Government grants				Accumulated depreciation				Accumulated impairment losses				Book value
Land		W	14,298,409				(27,405	)			—				(27,472	)			14,243,532
Buildings			24,230,827				(50,437	)			(10,931,672	)			(6,955	)			13,241,763
Structures			83,055,890				(165,608	)			(32,596,265	)			(10,390	)			50,283,627
Machinery			108,749,243				(127,126	)			(54,015,594	)			(541,864	)			54,064,659
Ships			17,264				—				(3,788	)			—				13,476
Vehicles			393,046				(2,045	)			(305,242	)			(117	)			85,642
Equipment			2,168,348				(6,608	)			(1,732,564	)			(43	)			429,133
Tools			1,306,509				(99	)			(1,128,002	)			(6	)			178,402
Construction-in-progress			28,064,266				(135,926	)			—				(22,795	)			27,905,545
Right-of-use assets			5,992,724				—				(2,281,599	)			—				3,711,125
Asset retirement costs			17,620,603				—				(6,185,214	)			(146,422	)			11,288,967
Others			15,520,160				—				(13,100,723	)			—				2,419,437
		W	301,417,289				(515,254	)			(122,280,663	)			(756,064	)			177,865,308

In millions of won		2021
		Acquisition cost				Government grants				Accumulated depreciation				Accumulated impairment losses				Book value
Land		W	14,135,452				(23,474	)			—				(27,487	)			14,084,491
Buildings			22,974,569				(52,122	)			(10,041,270	)			(7,073	)			12,874,104
Structures			78,474,620				(172,021	)			(30,171,363	)			(13,205	)			48,118,031
Machinery			101,062,220				(140,082	)			(48,791,847	)			(514,991	)			51,615,300
Ships			2,068				—				(1,891	)			—				177
Vehicles			371,207				(1,675	)			(281,833	)			(117	)			87,582
Equipment			1,989,115				(149	)			(1,591,890	)			(42	)			397,034
Tools			1,256,189				(64	)			(1,073,086	)			(38	)			183,001
Construction-in-progress			30,313,624				(111,822	)			—				(157,530	)			30,044,272
Right-of-use assets			7,848,138				—				(3,788,741	)			—				4,059,397
Asset retirement costs			14,348,920				—				(5,277,109	)			(146,423	)			8,925,388
Others			14,852,245				—				(12,106,384	)			—				2,745,861
		W	287,628,367				(501,409	)			(113,125,414	)			(866,906	)			173,134,638

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Acquisition				Disposal				Depreciation				Impairment				Others				Ending balance
Land		W	14,107,965				9,535				(49,377	)			—				—				202,814				14,270,937
(Government grants)			(23,474	)			—				1				—				—				(3,932	)			(27,405	)
Buildings			12,926,226				3,202				(19,918	)			(906,528	)			(449	)			1,289,667				13,292,200
(Government grants)			(52,122	)			—				—				5,360				—				(3,675	)			(50,437	)
Structures			48,290,052				217,450				(277,308	)			(2,677,395	)			(3,669	)			4,900,105				50,449,235
(Government grants)			(172,021	)			—				1,250				9,568				—				(4,405	)			(165,608	)
Machinery			51,755,382				248,932				(188,924	)			(5,748,407	)			(33,191	)			8,157,993				54,191,785
(Government grants)			(140,082	)			—				405				17,283				—				(4,732	)			(127,126	)
Ships			177				—				—				(1,053	)			—				14,352				13,476
Vehicles			89,257				1,813				(88	)			(41,907	)			—				38,612				87,687
(Government grants)			(1,675	)			—				—				663				—				(1,033	)			(2,045	)
Equipment			397,183				79,369				(183	)			(205,908	)			(1	)			165,281				435,741
(Government grants)			(149	)			—				—				494				—				(6,953	)			(6,608	)
Tools			183,065				25,291				(180	)			(77,902	)			—				48,227				178,501
(Government grants)			(64	)			—				—				32				—				(67	)			(99	)
Construction-in-progress			30,156,094				11,671,907				(197,293	)			—				134,735				(13,723,972	)			28,041,471
(Government grants)			(111,822	)			23,155				17				—				—				(47,276	)			(135,926	)
Right-of-use assets			4,059,397				197,016				(2,838	)			(509,068	)			—				(33,382	)			3,711,125
Asset retirement costs			8,925,388				—				—				(1,133,866	)			—				3,497,445				11,288,967
Others			2,745,861				9,028				(22,531	)			(1,036,132	)			—				723,211				2,419,437
		W	173,134,638				12,486,698				(756,967	)			(12,304,766	)			97,425				5,208,280				177,865,308

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

18. Property, Plant and Equipment, Continued

(2) Changes in property, plant and equipment for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Beginning balance				Acquisition				Disposal				Depreciation				Impairment				Others				Ending balance
Land		W	13,943,326				9,561				(54,447	)			—				—				209,525				14,107,965
(Government grants)			(23,475	)			—				1				—				—				—				(23,474	)
Buildings			12,616,532				9,036				(19,974	)			(889,539	)			—				1,210,171				12,926,226
(Government grants)			(57,231	)			—				—				5,174				—				(65	)			(52,122	)
Structures			46,258,855				630				(319,287	)			(2,582,488	)			(741	)			4,933,083				48,290,052
(Government grants)			(180,009	)			—				1,811				9,517				—				(3,340	)			(172,021	)
Machinery			50,038,787				268,126				(135,803	)			(5,759,425	)			—				7,343,697				51,755,382
(Government grants)			(157,785	)			—				531				17,519				—				(347	)			(140,082	)
Ships			255				—				—				(103	)			—				25				177
Vehicles			78,983				4,807				(4,298	)			(37,980	)			—				47,745				89,257
(Government grants)			(632	)			(26	)			—				460				—				(1,477	)			(1,675	)
Equipment			407,843				54,875				(667	)			(184,007	)			—				119,139				397,183
(Government grants)			(227	)			—				—				95				—				(17	)			(149	)
Tools			192,387				19,389				(89	)			(81,984	)			—				53,362				183,065
(Government grants)			(239	)			—				—				209				—				(34	)			(64	)
Construction-in-progress			30,964,938				12,183,430				(66,965	)			—				(3,315	)			(12,921,994	)			30,156,094
(Government grants)			(79,126	)			5,027				—				—				—				(37,723	)			(111,822	)
Right-of-use assets			4,542,166				78,213				(11,787	)			(558,565	)			—				9,370				4,059,397
Asset retirement costs			7,413,171				92				(209	)			(844,518	)			—				2,356,852				8,925,388
Others			2,752,081				5,311				(2,332	)			(869,310	)			—				860,111				2,745,861
		W	168,710,600				12,638,471				(613,515	)			(11,774,945	)			(4,056	)			4,178,083				173,134,638

(3) The group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds and costs from selling items produced before its intended use, by accounting W94,264 million as revenue and W63,405 as expense in profit or loss for the year ended December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

19. Investment Properties

(1) Investment properties as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land		W	194,417				—				—				194,417
Buildings			20,241				(21	)			(6,351	)			13,869
		W	214,658				(21	)			(6,351	)			208,286

In millions of won		2021
		Acquisition cost				Government grants				Accumulated depreciation				Book value
Land		W	201,605				—				—				201,605
Buildings			19,543				(30	)			(8,334	)			11,179
		W	221,148				(30	)			(8,334	)			212,784

(2) Changes in investment properties for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Disposal				Depreciation				Others				Ending balance
Land		W	201,605				(208	)			—				(6,980	)			194,417
Buildings			11,209				—				(487	)			3,168				13,890
(Government grants)			(30	)			—				1				8				(21	)
		W	212,784				(208	)			(486	)			(3,804	)			208,286

In millions of won		2021
		Beginning balance				Depreciation				Others				Ending balance
Land		W	200,391				—				1,214				201,605
Buildings			24,833				(1,387	)			(12,237	)			11,209
(Government grants)			(29	)			1				(2	)			(30	)
		W	225,195				(1,386	)			(11,025	)			212,784

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

19. Investment Properties, Continued

(3) Income and expenses related to investment properties for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Rental income		W	9,775				10,118
Operating and maintenance expenses related to rental income			(587	)			(1,386	)
		W	9,188				8,732

(4) Fair value of investment properties as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Book value				Fair value				Book value				Fair value
Land		W	194,417				292,827				201,605				268,702
Buildings			13,869				15,626				11,179				13,636
		W	208,286				308,453				212,784				282,338

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

(5) All of the Group’s investment properties are held under freehold interests.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

20. Construction Contracts

(1) Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Increase (decrease) (*)				Recognized as revenue				Ending balance
Nuclear power plant construction in overseas and others		W	2,783,935				3,495,964				(646,953)				5,594,946

(*) For the year ended December 31, 2022, the increased balance of contracts from new orders is W3,539,365 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W81,401 million.

In millions of won		2021
		Beginning balance				Increase (decrease) (*)				Recognized as revenue				Ending balance
Nuclear power plant construction in UAE and others		W	3,152,725				386,208				(754,998	)			2,783,935

(*) For the year ended December 31, 2021, the increased balance of contracts from new orders is W458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W72,427 million.

(2) Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Accumulated earned revenue				Accumulated expense				Accumulated profit				Unearned advance receipts
Nuclear power plant construction in overseas and others		W	22,507,004				21,666,552				840,452				29,877
In millions of won		2021
		Accumulated earned revenue				Accumulated expense				Accumulated profit				Unearned advance receipts
Nuclear power plant construction in UAE and others		W	22,051,129				20,967,097				1,084,032				23,238

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

20. Construction Contracts, Continued

(3) Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Contract assets (*1)				Contract liabilities (*2)				Contract assets (*1)				Contract liabilities (*2)
Nuclear power plant construction in overseas and others		W	118,983				120,952				82,306				5,330

(*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

(*2) Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2022 from the amounts included in contract liabilities at the end of the prior year is W 5,051 million.

(4) The contracts with purchasers state that the disclosure of information related to UAE and Egypt Eldaba nuclear power plant construction projects such as contract date, contractual completion date, rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the purchasers. The purchasers did not agree to disclose such information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee that those items will not be disclosed in the notes to the consolidated financial statements.

		Contract date				Completion date
Egypt Eldaba nuclear power plant construction projects			2022.08.25				2029.04.25

(5) Operating segments information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the year ended December 31, 2022 are as follows:

In millions of won		2022
		Effect from changes in accounting estimates																								Contract assets from construction contracts								Trade receivables from construction contracts
		Expected loss on construction contracts				Changes in estimates of contract revenue and costs				Amounts recognized in current profit or loss				Amounts recognized in future profit or loss				Changes in estimated total contract costs				Revenue recognized from performance obligations satisfied in previous periods				Gross				Allowance for doubtful accounts				Gross				Allowance for doubtful accounts
Transmission and distribution		W	—				(333,283	)			(340,965	)			7,682				542,743				—				17,355				—				—				—
Electric power generation (Nuclear)			—				—				—				—				—				—				3,837				—				—				—
Plant maintenance & engineering service			1,938				2,987				(22,068	)			25,055				24,972				15,663				71,694				2				85,757				18,681
Others			—				—				—				—				—				—				26,097				—				—				—
		W	1,938				(330,296	)			(363,033	)			32,737				567,715				15,663				118,983				2				85,757				18,681

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

21.  Intangible Assets other than Goodwill

(1) Intangible assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Acquisition cost				Government grants				Accumulated amortization				Accumulated impairment losses				Book value
Software		W	1,002,040				(174	)			(799,013	)			(20	)			202,833
Copyrights, patents rights and other industrial rights			104,559				—				(67,368	)			(9,178	)			28,013
Mining rights			625,845				—				(46,187	)			(541,133	)			38,525
Development expenditures			938,032				(3,477	)			(883,527	)			—				51,028
Intangible assets under development			76,625				(2,108	)			—				(8,903	)			65,614
Usage rights of donated assets and others			592,797				—				(435,518	)			(136	)			157,143
Leasehold rights			28,185				—				(23,297	)			—				4,888
Greenhouse gas emissions rights			43,960				—				—				—				43,960
Others			551,396				(67	)			(174,714	)			(11,955	)			364,660
		W	3,963,439				(5,826	)			(2,429,624	)			(571,325	)			956,664

In millions of won		2021
		Acquisition cost				Government grants				Accumulated amortization				Accumulated impairment losses				Book value
Software		W	867,185				(91	)			(704,589	)			—				162,505
Copyrights, patents rights and other industrial rights			103,428				—				(59,063	)			(9,178	)			35,187
Mining rights			623,122				—				(39,803	)			(541,417	)			41,902
Development expenditures			978,768				(3,820	)			(905,805	)			(19	)			69,124
Intangible assets under development			94,275				(7,326	)			—				(12,845	)			74,104
Usage rights of donated assets and others			592,870				—				(423,087	)			—				169,783
Leasehold rights			28,185				—				(22,337	)			—				5,848
Greenhouse gas emissions rights			78,137				—				—				—				78,137
Others			574,957				(71	)			(155,404	)			(11,995	)			407,487
		W	3,940,927				(11,308	)			(2,310,088	)			(575,454	)			1,044,077

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

21. Intangible Assets other than Goodwill, Continued

(2) Changes in intangible assets for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Acquisition				Disposal				Amortization				Impairment				Others				Ending balance
Software		W	162,596				22,532				(57	)			(84,649	)			—				102,585				203,007
(Government grants)			(91	)			—				—				60				—				(143	)			(174	)
Copyrights, patents rights and other industrial rights			35,187				270				(37	)			(7,136	)			—				(271	)			28,013
Mining rights			41,902				2,395				—				(4,296	)			—				(1,476	)			38,525
Development expenditures			72,944				—				—				(24,238	)			—				5,799				54,505
(Government grants)			(3,820	)			—				—				1,466				—				(1,123	)			(3,477	)
Intangible assets under development			81,430				39,559				—				—				(14	)			(53,253	)			67,722
(Government grants)			(7,326	)			—				—				—				—				5,218				(2,108	)
Usage rights of donated assets and others			169,783				—				—				(11,394	)			(150	)			(1,096	)			157,143
Leasehold rights			5,848				—				—				(960	)			—				—				4,888
Greenhouse gas emissions rights			78,137				57,466				—				—				—				(91,643	)			43,960
Others			407,558				4,073				(260	)			(25,017	)			—				(21,627	)			364,727
(Government grants)			(71	)			—				—				4				—				—				(67	)
		W	1,044,077				126,295				(354	)			(156,160	)			(164	)			(57,030	)			956,664
In millions of won		2021
		Beginning balance				Acquisition				Disposal				Amortization				Reversal				Others				Ending balance
Software		W	152,163				18,834				(1	)			(77,881	)			—				69,481				162,596
(Government grants)			(136	)			—				—				64				—				(19	)			(91	)
Copyrights, patents rights and other industrial rights			42,916				166				(131	)			(7,771	)			—				7				35,187
Mining rights			42,390				1,022				—				(3,526	)			—				2,016				41,902
Development expenditures			95,166				309				—				(37,033	)			—				14,502				72,944
(Government grants)			(5,043	)			—				—				1,439				—				(216	)			(3,820	)
Intangible assets under development			67,018				51,988				—				—				—				(37,576	)			81,430
(Government grants)			(7,203	)			—				—				—				—				(123	)			(7,326	)
Usage rights of donated assets and others			184,475				—				—				(13,594	)			—				(1,098	)			169,783
Leasehold rights			6,340				—				—				(834	)			—				342				5,848
Greenhouse gas emissions rights			61,373				78,091				—				(31	)			—				(61,296	)			78,137
Others			416,346				2,229				—				(26,998	)			14				15,967				407,558
(Government grants)			(75	)			—				—				4				—				—				(71	)
		W	1,055,730				152,639				(132	)			(166,161	)			14				1,987				1,044,077

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

21.  Intangible Assets other than Goodwill, Continued

(3) Significant specific intangible assets as of December 31, 2022 and 2021 are as follows:

In millions of won and thousands of Australian dollars

2022

Type

Description

Currency

Amount

Remaining useful lives

Software

ORACLE license for SDIS integrated DB

KRW

5,509

3 years and 4 months

Copyrights, patents rights and other industrial rights

Contributions to APR NRC DC

KRW

20,871

5 years

Mining rights

Mining rights of Bylong mine

AUD

—

—  (*)

Usage rights of donated assets and others

Sejong Haengbogdosi sharing charge

KRW

17,772

3 years and 11 months

Right of use electricity and gas supply facility (Community district of Songdo)

KRW

7,908

7 years and 6 months

Others

Occupancy and use of public waters

KRW

76,212

14 years and 1 months

Greenhouse gas emissions rights

KRW

43,960

—

Business rights

KRW

154,712

26 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

In millions of won and thousands of Australian dollars

2021

Type

Description

Currency

Amount

Remaining useful lives

Software

DAS MS-SQL CORE license

KRW

3,817

2 years and 8 months

Copyrights, patents rights and other industrial rights

Smart technology verification and standard design project conducting right

KRW

1,851

9 months

Contributions to APR NRC DC

KRW

25,045

6 years

Mining rights

Mining rights of Bylong mine

AUD

—

—  (*)

Usage rights of donated assets and others

Sejong Haengbogdosi sharing charge

KRW

22,310

4 years and 11 months

Right of use electricity and gas supply facility (Community district of Songdo)

KRW

8,962

8 years and 6 months

Others

Occupancy and use of public waters

KRW

81,623

15 years and 1 month

Greenhouse gas emissions rights

KRW

78,137

—

Business rights

KRW

160,459

27 years and 11 months

(*) The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.

(4)  For the years ended December 31, 2022 and 2021, the Group recognized research and development expenses of W727,810 million and W689,397 million, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

22. Trade and Other Payables

Trade and other payables as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Trade payables		W	7,529,857				—				4,780,260				—
Non-trade payables			2,132,838				2,023,985				1,536,976				2,032,260
Accrued expenses			1,605,118				6,351				1,174,765				8,095
Leasehold deposits received			2,479				35				1,699				741
Other deposits received			97,408				47,863				72,063				68,050
Lease liabilities			614,037				3,549,106				583,558				3,826,945
Dividends payable			1,812				—				4,105				—
Others (*)			—				11,574				—				60,407
		W	11,983,549				5,638,914				8,153,426				5,996,498

(*) Details of others as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Advance received from local governments		W	—				3,477				—				3,477
Others			—				8,097				—				56,930
		W	—				11,574				—				60,407

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities

(1) Borrowings and debt securities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Current liabilities
Short-term borrowings		W	8,820,425				2,920,563
Current portion of long-term borrowings			3,638,202				1,463,703
Current portion of debt securities			10,205,395				9,652,986
Less: Current portion of discount on long-term borrowings			(774	)			(2,048	)
Less: Current portion of discount on debt securities			(4,246	)			(5,370	)
			22,659,002				14,029,834
Non-current liabilities
Long-term borrowings			2,977,268				2,278,481
Debt securities			95,160,920				64,385,784
Less: Discount on long-term borrowings			(14,945	)			(12,857	)
Less: Discount on debt securities			(177,543	)			(152,760	)
Add: Premium on debt securities			663				1,031
			97,946,363				66,499,679
		W	120,605,365				80,529,513

(2) Repayment schedule of borrowings and debt securities as of December 31, 2022 and 2021 are as follows:

In millions of won
2022
Type		Borrowings				Debt Securities
Less than 1 year		W	12,458,627				10,205,395
1~ 5 years			1,472,655				65,278,587
Over 5 years			1,504,613				29,882,333
		W	15,435,895				105,366,315

In millions of won
2021
Type		Borrowings				Debt Securities
Less than 1 year		W	4,384,266				9,652,986
1~ 5 years			1,013,500				34,156,038
Over 5 years			1,264,981				30,229,746
		W	6,662,747				74,038,770

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(3) Short-term borrowings as of December 31, 2022 and 2021 are as follows:

In millions of won and thousands of USD

2022

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

Local short-term borrowings

DB financial investment and others

3.21 ~ 5.80

2023.01.02 ~ 2023.12.31

—

W

5,549,120

Local short-term borrowings

Nonghyup Bank and others

3M CD + 1.11 ~ 1.70

2023.05.25 ~ 2023.11.24

—

3,000,000

Local short-term borrowings

Shinhan Bank

6M Bank Debenture Rate +1.77

2023.11.17

—

50,000

Local short-term borrowings

Korea Development Bank

4.15

2023.01.06

—

3,400

Foreign short-term borrowings

Shinhan Bank

5.19

2023.02.28

USD 12,045

15,264

Foreign short-term borrowings

Shinhan Bank

SOFR(1M) + 0.65

2023.02.27

USD 40,000

50,692

Foreign short-term borrowings

Kookmin Bank and others

3.32 ~ 5.88

2023.01.09 ~ 2023.06.12

USD 91,796

116,333

Local bank overdraft

Woori Bank and others

Standard overdraft rate + 1.32

4.83

2023.01.06 ~ 2023.02.24

—

35,616

W

8,820,425

In millions of won and thousands of foreign currencies

2021

Type

Creditor

Interest rate (%)

Maturity

Foreign currency

Local currency

Local short-term borrowings

DB financial investment and others

1.96~4.60

2022.01.07 ~ 2022.12.31

—

W

2,030,886

Electronic short-term bonds

BNK Securities and others

1.35~1.77

2022.01.21 ~ 2022.02.08

—

100,000

Foreign short-term borrowings

Shinhan Bank and others

0.34~0.45

2022.01.04 ~ 2022.03.30

USD 157,533

186,755

Foreign short-term borrowings

Korea Development Bank and others

1M Libor + 1.25

2022.04.29

USD 173,042

205,142

Foreign short-term borrowings

Shinhan Bank and others

0.57~0.80

2022.06.17 ~ 2022.08.31

USD 78,319

92,847

Foreign short-term borrowings

Credit Agricole and others

0.04

2022.06.28

EUR 72,199

96,915

Local bank overdraft

Korea Development Bank and others

1.73~2.25

2022.01.07 ~ 2022.02.26

—

208,018

W

2,920,563

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2022 and 2021 are as follows:

In millions of won and thousands of foreign currencies
2022
Type				Interest rate (%)		Maturity		Foreign currency				Local currency
Local long-term borrowings
Korea Development Bank		Others		0.50		2023~2044			—			W	2,133
		Facility		2.50~4.60		2023~2028			—				28,420
		Facility		CB rate+0.90		2029			—				9,985
		Operating funds		1yr KDB rate +0.81~0.91		2023~2024			—				54,300
Hana Bank and others		Commercial Paper		3M CD+0.13~1.20		2023~2027			—				3,250,000
		Facility		4.60		2028			—				8,137
		Facility		3yr KTB rate-1.50		2028			—				3,821
Export-Import Bank of Korea		Project loans		1.50		2026			—				10,312
		Facility		1.32		2028			—				58,100
		Operating funds		1.78		2023			—				15,700
Korea Energy Agency		Development of power resources		3yr KTB rate-2.25 1.50~1.75		2023~2028			—				11,175
		Facility		3yr KTB rate-2.50		2023~2024			—				393
		Project loans		—		2023~2027			—				1,197
Shinhan Bank and others		Facility		CB rate+0.90~1.10		2028~2029			—				19,195
		Commercial Paper		3M CD+0.38		2025			—				150,000
		Others		3.95		2034			—				78,905
		Others		Standard overdraft rate+1.00		2034			—				78,905
Kookmin Bank		Facility		MOR+0.79 3M CD+1.79 5.04		2023~2035			—				105,155
		Others		4.00		2025			—				20,700
Woori Bank		Facility		3M Libor+1.90 5.04		2035~2042			—				48,823
Others		Facility		3.50~6.80		2028~2044			—				690,259
		Facility		CB rate+1.10 1.75~4.56		2024~2036			—				103,131
		PF Refinancing		CB rate+1.25		2030			—				7,634
		PF Refinancing		4.10		2030			—				21,206
		Securitized debts (*)		3M CD+1.80		2025							33,476
		Others		4.40~7.90		2023~2039			—				120,217
		Others		1.80~4.50		2031~2034			—				49,929
													4,981,208

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2022 and 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
2022
Type				Interest rate (%)		Maturity				Foreign currency				Local currency
Foreign long-term borrowings
Korea Energy Agency		Project loans		—			2026			USD	8,744				11,081
Export-Import Bank of Korea and others		Direct Loan and others		6M Libor+3.20			2036			USD	78.094				98,969
		Direct Loan and others		3M Libor+2.25~3.70			2027			JOD	91,051				162,692
		Facility		6M Libor+1.70~2.50 SOFR(3M) +1.83			2039~2032			USD	132,168				167,496
Kookmin Bank and others		EBL		SOFR(1M)+0.11~0.75			2024			USD	149,592				189,578
Riyad Bank		EBL		SOFR(3M)+1.20			2025			USD	49,870				63,201
POSCO and others		Shareholder’s loan		8.00			2025			USD	10,005				12,680
		Shareholder’s loan		8.00			2031			JOD	4,853				8,671
Samsung Life Insurance and others		Syndicated Loan		3.10~8.00			2032			JPY	4,752,934				45,304
Woori Bank and others		Syndicated Loan		JPY 6M Libor+1.84			2032			JPY	2,613,385				24,910
Solar Construction Lendings, LLC		Facility		5.00			2025			USD	31,140				39,464
KiwoomSolar Power Professional Investor Private Placement Investment Trust V		Senior borrowing		3.90			2029			EUR	40,531				54,765
IFC and others		Others		6M Libor+5.00 SOFR(3M)+1.83~1.99 5.41~6.19			2028~2031			USD	408,408				517,575
Hanwha US Solar Private Fund and others		PF Refinancing		3.00			2038			USD	58,308				73,894
DBS Bank and others		Facility		1M BBSY+1.40~2.25			2025			AUD	190,860				163,836
Others		Others		—			—			USD	116				146
															1,634,262
															6,615,470
Less: Discount on long-term borrowings															(15,719	)
Less: Current portion of long-term borrowings															(3,638,202	)
Add: Current portion of discount on long-term borrowings															774
														W	2,962,323

(*) The main reasons for early repayment of securitized debts as of December 31, 2022 are as follows:

Type		Details
Non-payment of proceeds		Where the consignor fails to pay the principal to the trustee
Guarantees for supplemental funding		Where the consignor fails to fulfill guarantees for supplemental funding
Additional trust obligation		Where the consignor fails to fulfill the additional trust obligation
Event of default		In case the event of default occurs under the ABL loan agreement

The consolidated entity is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(4) Long-term borrowings as of December 31, 2022 and 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
2021
Type				Interest rate (%)				Maturity				Foreign currency				Local currency
Local long-term borrowings
Korea Development Bank		Others			0.50				2023~2044				—			W	2,509
		Facility			2.50~4.60				2022~2028				—				39,430
		Operating funds			2.33				2022				—				20,000
		Operating funds			1yr KDB bond rate +0.81~0.95				2022~2023				—				64,300
Hana Bank		Commercial Paper			3M CD+0.13~0.43				2022~2025				—				1,050,000
		Facility			4.60				2028				—				9,647
		Facility			3yr KTB rate-1.25				2022~2028				—				4,485
IBK		PF Refinancing			CD+1.25				2030				—				8,589
Export-Import Bank of Korea		Project loans			1.50				2026				—				13,258
		Facility			1.32				2028				—				32,000
		Operating funds			1.78				2023				—				15,700
Korea Energy Agency		Development of power resources			3yr KTB rate-2.25				2023~2025				—				8,971
		Facility			3yr KTB rate-2.25				2022~2024				—				995
		Project loans			—				2023				—				1,197
		Others			1.75				2028				—				4,893
Shinhan Bank and others		Facility			CB rate+1.10				2028				—				14,470
		Commercial Paper			3M CD+0.38				2025				—				150,000
		Others			3.95				2034				—				84,179
		Others			Standard overdraft rate+1.00				2034				—				84,179
Kookmin Bank		Facility			MOR+0.79 3M CD+1.79				2022~2031				—				59,333
Others		Facility			2.80~6.80				2024~2039				—				620,185
		Facility			CB rate+0.90~1.10 3M CD+1.60 3.37				2028~2037				—				171,733
		PF Refinancing			3.80~5.00				2030~2034				—				71,742
		PF Refinancing			1.75				2029				—				22,265
		Others			4.40~7.90				2022~2038				—				116,367
		Others			1.80~4.50				2031~2034				—				49,928
																	2,720,355
Foreign long-term borrowings
Korea Energy Agency		Project loans			—				2026			USD	8,744				10,366
Export-Import Bank of Korea and others		Direct loan and others			1M Libor+1.80~3.20				2036			USD	89,823				106,485
		Direct loan and others			3M Libor+2.75~3.70				2027			JOD	107,868				180,363
		PF Loan			6M Libor+1.70~2.50				2032			USD	103,340				122,509
POSCO and others		Shareholder’s loan			8.00				2025			USD	11,953				14,171
		Shareholder’s loan			8.00				2031			JOD	4,853				8,114
Samsung Life Insurance and others		Syndicated Loan			3.10~8.00				2032			JPY	5,144,387				53,000
Woori Bank and others		Syndicated Loan			JPY 6M Libor+2.00				2032			JPY	2,820,708				29,060
KiwoomSolar Power Professional Investor Private Placement Investment Trust V		Senior borrowing			3.90				2029			EUR	36,311				48,741
IFC and others		Others			6M Libor+5.00				2031			USD	230,018				272,686
Federal Financing Bank and others		PF Loan			2.39~6.00				2031~2038			USD	94,135				111,597
Others		Others			—				—			USD	54,607				64,737
																	1,021,829
																	3,742,184
Less: Discount on long-term borrowings																	(14,905	)
Less: Current portion of long-term borrowings																	(1,463,703	)
Add: Current portion of discount on long-term borrowings																	2,048
																W	2,265,624

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(5) Local debt securities as of December 31, 2022 and 2021 are as follows:

In millions of won
		Issue date				Maturity				Interest rate (%)				2022				2021
Electricity Bonds			2012.03.27~2022.12.28				2023.01.11~2052.04.21				1.14~5.99			W	61,190,000				34,080,000
Corporate Bonds (*)			2009.10.16~2022.12.20				2023.01.11~2052.08.24				1.01~6.06				29,293,188				28,194,472
Corporate Bonds			2021.05.26				2041.05.25				2.00				11,578				—
															90,494,766				62,274,472
Less: Discount on local debt securities															(56,924	)			(52,723	)
Less: Current portion of local debt securities															(8,401,619	)			(7,432,647	)
Add: Current portion of discount on local debt securities															2,344				2,510
														W	82,038,567				54,791,612

(*) Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.’s private equity bonds, amounting to W1,619 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.

(6) Foreign debt securities as of December 31, 2022 and 2021 are as follows:

In millions of won and thousands of foreign currencies
2022
Type		Issue date		Maturity		Interest rate (%)		Foreign currency				Local currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95		USD	278,701			W	353,198
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00		USD	314,717				398,841
FY-04		2004.04.23		2034.04.23		5.13		USD	286,920				363,614
FY-14		2014.07.30		2029.07.30		3.57		USD	100,000				126,730
FY-15		2015.06.15		2025.06.15		3.25		USD	300,000				380,190
FY-17		2017.07.25		2027.07.25		3.13		USD	300,000				380,190
FY-17		2017.10.30		2037.10.30		1.70		EUR	40,000				54,048
FY-17		2017.11.16		2037.11.16		2.36		SEK	450,000				54,527
FY-18		2018.03.13		2028.03.13		3.35		HKD	1,650,000				268,208
FY-18		2018.06.07~2018.07.25		2023.06.07~2023.07.25		3.75~3.88		USD	1,400,000				1,774,220
FY-19		2019.02.27		2024.02.27		0.13		CHF	200,000				274,574
FY-19		2019.06.24		2024.06.24		2.50		USD	500,000				633,650
FY-19		2019.07.19		2024.07.19~2027.07.19		0.00~0.05		CHF	300,000				411,861
FY-19		2019.10.30		2024.10.30		3M BBSW+0.97		AUD	300,000				257,523
FY-19		2019.12.19		2037.12.31		3.30~5.70		USD	360,899				457,368
FY-20		2020.02.03		2025.02.03		2.13		USD	300,000				380,190
FY-20		2020.05.06		2025.05.06		1.75		USD	500,000				633,650
FY-20		2020.06.15		2025.06.15		1.13		USD	500,000				633,650
FY-20		2020.08.03		2026.02.03		1.00		USD	300,000				380,190
FY-21		2021.01.27		2026.01.27		0.75		USD	450,000				570,285
FY-21		2021.04.27		2026.04.27		1.25		USD	500,000				633,650
FY-21		2021.08.09		2026.08.09		1.25		USD	300,000				380,190
FY-21		2021.09.24		2026.09.24		1.13		USD	300,000				380,190
FY-22		2022.04.21		2027.04.21		3.63		USD	300,000				380,190
FY-22		2022.05.06		2025.05.06		3.60		USD	500,000				633,650
FY-22		2022.06.14		2025.06.14~2027.06.14		3.63~4.00		USD	800,000				1,013,840
FY-22		2022.06.28		2025.06.28		4.13		USD	300,000				380,190
FY-22		2022.07.27		2027.07.27		4.25		USD	700,000				887,110
FY-22		2022.10.06		2026.04.06~2028.04.06		5.38~5.50		USD	800,000				1,013,840
FY-22		2022.10.06~2022.11.01		2032.10.06		5.16		HKD	2,350,000				381,992
													14,871,549
Less: Discount on foreign debt securities													(124,865	)
Add: Premium on foreign debt securities													663
Less: Current portion of foreign debt securities													(1,803,776	)
Add: Current portion of discount on foreign debt securities													1,902
												W	12,945,473

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

23. Borrowings and Debt Securities, Continued

(6) Foreign debt securities as of December 31, 2022 and 2021 are as follows, continued:

In millions of won and thousands of foreign currencies
2021
Type		Issue date		Maturity		Interest rate (%)		Foreign currency				Local currency
FY-96		1996.04.01~1996.12.06		2026.12.01~2096.04.01		6.00~7.95		USD	278,701			W	330,400
FY-97		1997.01.31~1997.08.04		2027.02.01~2027.08.01		6.75~7.00		USD	314,717				373,097
FY-04		2004.04.23		2034.04.23		5.13		USD	286,920				340,144
FY-12		2012.09.19		2022.09.19		3.00		USD	750,000				889,125
FY-14		2014.07.30		2029.07.30		3.57		USD	100,000				118,550
FY-15		2015.06.15		2025.06.15		3.25		USD	300,000				355,650
FY-17		2017.06.19~2017.07.25		2022.06.19~2027.07.25		2.63~3.13		USD	800,000				948,400
FY-17		2017.10.30		2037.10.30		1.70		EUR	40,000				53,694
FY-17		2017.11.16		2037.11.16		2.36		SEK	450,000				58,968
FY-18		2018.03.13		2028.03.13		3.35		HKD	1,650,000				250,850
FY-18		2018.06.07~2018.07.25		2023.06.07~2023.07.25		3.75~3.88		USD	1,400,000				1,659,700
FY-19		2019.01.22~2019.06.24		2022.01.22~2024.06.24		2.50~3.38		USD	800,000				948,400
FY-19		2019.02.27		2024.02.27		0.13		CHF	200,000				259,494
FY-19		2019.07.19		2024.07.19~2027.07.19		0.00~0.05		CHF	300,000				389,241
FY-19		2019.07.22		2022.07.22		2.38		USD	300,000				355,650
FY-19		2019.10.30		2024.10.30		3M BBSW+0.97		AUD	300,000				257,667
FY-19		2019.12.19		2037.12.31		3.30~5.70		USD	371,947				440,943
FY-20		2020.02.03		2025.02.03		2.13		USD	300,000				355,650
FY-20		2020.05.06		2025.05.06		1.75		USD	500,000				592,750
FY-20		2020.06.15		2025.06.15		1.13		USD	500,000				592,750
FY-20		2020.08.03		2026.02.03		0.61		USD	300,000				355,650
FY-21		2021.01.27		2026.01.27		0.75		USD	450,000				533,475
FY-21		2021.04.27		2026.04.27		1.25		USD	500,000				592,750
FY-21		2021.08.09		2026.08.09		1.25		USD	300,000				355,650
FY-21		2021.09.24		2026.09.24		1.13		USD	300,000				355,650
													11,764,298
Less: Discount on foreign debt securities													(105,407	)
Add: Premium on foreign debt securities													1,031
Less: Current portion of foreign debt securities													(2,220,339	)
Add: Current portion of discount on foreign debt securities													2,860
												W	9,442,443

(7) Changes in borrowings and debt securities for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	80,529,513				69,724,581
Cash flow			39,193,816				9,653,394
Effect of exchange rate fluctuations			906,877				1,001,493
Others			(24,841	)			150,045
Ending balance		W	120,605,365				80,529,513

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

24. Lease

1) Group as a lessee

(1) Lease contracts

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W235,473 million and W199,490 million respectively, as expense for the years ended December 31, 2022 and 2021. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W3,147 million and W2,349 million respectively, as expense for the years ended December 31, 2022 and 2021. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2) Right-of-use assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Acquisition cost				Accumulated depreciation				Book value
Land		W	886,076				(224,277	)			661,799
Buildings			135,290				(60,434	)			74,856
Structures			30,879				(6,914	)			23,965
Machinery			1,737				(902	)			835
Ships			4,151,460				(1,554,597	)			2,596,863
Vehicles			35,712				(20,996	)			14,716
Others (*)			751,570				(413,479	)			338,091
		W	5,992,724				(2,281,599	)			3,711,125

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

In millions of won		2021
		Acquisition cost				Accumulated depreciation				Book value
Land		W	814,795				(162,000	)			652,795
Buildings			106,823				(43,939	)			62,884
Structures			26,374				(5,226	)			21,148
Machinery			1,308				(743	)			565
Ships			4,217,735				(1,188,516	)			3,029,219
Vehicles			30,375				(16,757	)			13,618
Others (*)			2,650,728				(2,371,560	)			279,168
		W	7,848,138				(3,788,741	)			4,059,397

(*) Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

24. Lease, Continued

(3) Changes in right-of-use assets for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
Land		W	652,795				63,654				(41,260	)			—				(13,390	)			661,799
Buildings			62,884				42,399				(30,243	)			(1,042	)			858				74,856
Structures			21,148				4,256				(1,758	)			—				319				23,965
Machinery			565				429				(159	)			—				—				835
Ships			3,029,219				—				(393,677	)			—				(38,679	)			2,596,863
Vehicles			13,618				13,475				(8,673	)			(962	)			(2,742	)			14,716
Others			279,168				72,803				(33,298	)			(834	)			20,252				338,091
		W	4,059,397				197,016				(509,068	)			(2,838	)			(33,382	)			3,711,125

In millions of won		2021
		Beginning balance				Increase				Depreciation				Decrease				Others				Ending balance
Land		W	706,579				7,312				(57,231	)			—				(3,865	)			652,795
Buildings			47,222				22,336				(25,780	)			(1,469	)			20,575				62,884
Structures			20,486				2,198				(1,536	)			—				—				21,148
Machinery			695				—				(130	)			—				—				565
Ships			3,437,363				9,694				(411,291	)			—				(6,547	)			3,029,219
Vehicles			13,525				9,583				(8,162	)			(7	)			(1,321	)			13,618
Others			316,296				27,090				(54,435	)			(10,311	)			528				279,168
		W	4,542,166				78,213				(558,565	)			(11,787	)			9,370				4,059,397

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

24. Lease, Continued

(4) Lease liabilities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Less than 1 year		W	639,756				620,121
1 ~ 5 years			2,047,584				2,158,145
More than 5 years			1,925,012				2,150,722
			4,612,352				4,928,988
Less: Discount			(449,209	)			(518,485	)
Present value of lease payment		W	4,163,143				4,410,503

(5) The details of the liquidity classification of lease liabilities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Current lease liabilities		W	614,037				583,558
Non-current lease liabilities			3,549,106				3,826,945
		W	4,163,143				4,410,503

(6) Changes in lease liabilities for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Increase				Decrease				Interest expenses				Others (*)				Ending balance
Lease liabilities		W	4,410,503				109,019				(654,236	)			91,590				206,267				4,163,143

In millions of won		2021
		Beginning balance				Increase				Decrease				Interest expenses				Others (*)				Ending balance
Lease liabilities		W	4,621,096				73,090				(665,687	)			93,651				288,353				4,410,503

(*) Including translation effect of foreign currency lease liabilities and others.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

24. Lease, Continued

(7) Details of expense relating to lease contracts as lessee for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Depreciation of right-of-use assets		W	509,068				558,565
Interest expenses of lease liabilities			91,590				93,651
Leases expenses for short-term leases			235,473				199,490
Leases expenses for leases of low-value assets			3,147				2,349
Variable lease payments			112,158				54,675
		W	951,436				908,730

(8) The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts to W1,005,014 million and W 922,200 million, for the years ended December 31, 2022 and 2021, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

24. Lease, Continued

2) Group as a lessor

(1) Finance lease contracts

The Group entered into power purchase agreements (“PPA”) with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 27 energy storage system installation projects and 133 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comission Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

(2) Profit and loss related to finance lease for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Finance income on the net investment in the lease		W	122,355				111,569

(3) Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Less than 1 year		W	181,930				172,528
1 ~ 2 years			169,693				163,937
2 ~ 3 years			166,787				158,933
3 ~ 4 years			166,196				156,450
4 ~ 5 years			166,965				155,068
More than 5 years			1,527,093				1,588,403
			2,378,664				2,395,319
Less: Unearned finance income			(1,139,274	)			(1,194,627	)
Net investment in the lease (*)		W	1,239,390				1,200,692

(*) Including the present value of unguaranteed residual value amounting to W22,910 million and W19,574 million, as of December 31, 2022 and 2021, respectively.

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.08% per year as of December 31, 2022. (prior year : 0.00% ~ 16.83%)

(4) Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	768				990
Bad debt expense			3,737				—
Reversal of allowance of doubtful accounts			—				(222	)
Ending balance		W	4,505				768

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

25. Employment Benefits

(1) Employment benefit obligations as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Net defined benefit asset		W	198,626				20,871
Net defined benefit obligations			825,927				1,675,741
Other long-term employee benefit obligations			2,794				3,417

(2) Principal assumptions used for actuarial valuation as of December 31, 2022 and 2021 are as follows:

		2022		2021
Discount rate		5.16% ~ 5.19%		2.51% ~ 2.60%
Future salary and benefit levels		4.55%		4.28%
Weighted average duration		8.84 years		10.39 years

(3) Details of expense relating to defined benefit plans for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Current service cost		W	496,722				524,942
Interest cost			116,256				91,877
Expected return on plan assets			(73,484	)			(52,782	)
Past service cost			125				5,483
		W	539,619				569,520

Expenses described above are recognized in those items below in the consolidated financial statements.

In millions of won		2022				2021
Cost of sales		W	404,243				416,287
Selling and administrative expenses			81,457				95,983
Others (Construction-in-progress and others)			53,919				57,250
		W	539,619				569,520

In addition, for the years ended December 31, 2022 and 2021, employee benefit obligations expenses of W101,369 million and W71,976 million, respectively, are recognized as cost of sales, and W28,301 million and W 17,144 million, respectively, are recognized as selling and administrative expenses, and W14,827 million and W13,025 million, respectively, are recognized as construction-in-progress and others, relates to the Group’s defined contribution plans.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

25. Employment Benefits, Continued

(4) Details of defined benefit obligations as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Present value of defined benefit obligation from funded plans		W	3,776,715				4,564,417
Fair value of plan assets			(3,149,414	)			(2,909,547	)
Net liabilities incurred from defined benefit plans		W	627,301				1,654,870

(5) Changes in the present value of defined benefit obligations for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	4,564,417				4,570,614
Current service cost			496,722				524,942
Interest cost			116,256				91,877
Remeasurement component			(1,012,727	)			(345,755	)
Past service cost			125				5,483
Actual payments			(388,105	)			(282,794	)
Others			27				50
Ending balance		W	3,776,715				4,564,417

(6) Changes in the fair value of plan assets for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	2,909,547				2,670,832
Expected return			73,484				52,782
Remeasurement component			(11,609	)			(8,457	)
Contributions by the employers			347,778				317,707
Actual payments			(169,786	)			(123,317	)
Ending balance		W	3,149,414				2,909,547

In addition, gain on accumulated remeasurement component amounting to W614,805 million and gain on accumulated remeasurement component amounting to W98,844 million have been recognized as other comprehensive income or loss for the years ended December 31, 2022 and 2021, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

25. Employment Benefits, Continued

(7) Details of the fair value of plan assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Equity instruments		W	171,301				344,002
Debt instruments			854,640				744,167
Bank deposits			590,103				407,809
Others			1,533,370				1,413,569
		W	3,149,414				2,909,547

For the years ended December 31, 2022 and 2021, actual returns on plan assets amounted to W61,875 million and W44,325 million, respectively.

(8) Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Actuarial gain from changes in financial assumptions		W	(967,366	)			(258,194	)
Experience adjustments, etc.			(45,361	)			(87,561	)
Expected return			11,609				8,457
		W	(1,001,118	)			(337,298	)

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

26. Provisions

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

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Employment benefits
Provisions for employment benefits		W	1,045,058				—				1,048,939				—
Litigation
Litigation provisions			26,974				154,205				26,269				88,449
Decommissioning cost
Nuclear plants			—				23,035,427				—				19,461,461
Spent fuel			415,890				1,011,028				457,466				893,196
Radioactive waste			94,158				1,895,849				137,342				1,695,193
PCBs			—				88,359				—				103,665
Other recovery provisions			—				32,770				—				30,231
Others
Power plant regional support program			144,504				—				146,588				—
Transmission regional support program			239,235				—				250,288				—
Provisions for financial guarantee			22,895				44,345				21,032				59,809
Provisions for RPS			24,339				—				—				—
Provisions for greenhouse gas emissions obligations			298,876				—				655,544				—
Others			115,122				102,659				102,408				169,420
		W	2,427,051				26,364,642				2,845,876				22,501,424

(2) Changes in provisions for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Increase in provision				Payment				Reversal				Others				Ending balance
Employment benefits
Provisions for employment benefits		W	1,048,939				997,281				(1,001,283	)			—				121				1,045,058
Litigation
Litigation provisions			114,718				112,797				(39,633	)			(6,360	)			(343	)			181,179
Decommissioning cost
Nuclear plants			19,461,461				3,630,830				(56,813	)			—				(51	)			23,035,427
Spent fuel			1,350,662				493,943				(417,687	)			—				—				1,426,918
Radioactive waste			1,832,535				221,629				(64,157	)			—				—				1,990,007
PCBs			103,665				1,949				(17,156	)			(99	)			—				88,359
Other recovery provisions			30,231				2,093				(165	)			(751	)			1,362				32,770
Others
Power plant regional support program			146,588				52,470				(54,554	)			—				—				144,504
Transmission regional support program			250,288				176,424				(187,477	)			—				—				239,235
Provisions for financial guarantee			80,841				4,738				(17,789	)			—				(550	)			67,240
Provisions for RPS			—				587,586				(556,993	)			(6,254	)			—				24,339
Provisions for greenhouse gas emissions obligations			655,544				387,299				(590,172	)			(33,596	)			(120,199	)			298,876
Others			271,828				4,447				(39,566	)			(19,853	)			925				217,781
		W	25,347,300				6,673,486				(3,043,445	)			(66,913	)			(118,735	)			28,791,693

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

26. Provisions, Continued

(2) Changes in provisions for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Beginning balance				Increase in provision				Payment				Reversal				Others				Ending balance
Employment benefits
Provisions for employment benefits		W	1,024,574				1,048,569				(1,024,212	)			—				8				1,048,939
Litigation
Litigation provisions			113,002				67,443				(44,446	)			(15,763	)			(5,518	)			114,718
Decommissioning cost
Nuclear plants			16,974,884				2,545,803				(59,226	)			—				—				19,461,461
Spent fuel			1,354,001				452,063				(455,402	)			—				—				1,350,662
Radioactive waste			1,891,613				3,862				(51,666	)			(11,274	)			—				1,832,535
PCBs			119,019				2,182				(17,408	)			(128	)			—				103,665
Other recovery provisions			25,840				553				(169	)			—				4,007				30,231
Others
Power plant regional support program			144,272				49,596				(47,280	)			—				—				146,588
Transmission regional support program			96,895				306,409				(153,016	)			—				—				250,288
Provisions for financial guarantee			66,354				85,355				(72,109	)			—				1,241				80,841
Provisions for RPS			9,126				445,402				(430,344	)			(24,184	)			—				—
Provisions for greenhouse gas emissions obligations			393,121				547,911				(235,469	)			(2,174	)			(47,845	)			655,544
Others			314,535				104,416				(95,541	)			(40,139	)			(11,443	)			271,828
		W	22,527,236				5,659,564				(2,686,288	)			(93,662	)			(59,550	)			25,347,300

(3) Greenhouse gas emissions rights and obligations:

(i) Allowances received free of charge from the government for each planned period as of December 31, 2022 are as follows:

In ten thousands of tons(tCO2-eq)		3rd planned period
		2021				2022				2023				2024				2025				Total
Allowances received free of charge from the government			15,085				14,789				14,784				4,928				4,928				54,514

(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2022 and 2021 are as follows:

In ten thousands tons(tCO2-eq), millions of Won
		2022
		3rd planned period
		2021								2022								2023								2024								2025								Total
		Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount
Beginning(*)			16,433				524,658				14,942				62,735				11,166				8,529				3,671				—				3,696				6,873				49,908				602,795
Purchase (Sell)			1,191				267,433				1,343				272,824				32				6,315				35				7,185				—				—				2,601				553,757
Government Submission			(17,602	)			(580,807	)			(838	)			(173,145	)			—				245				—				—				—				—				(18,440	)			(753,707	)
Borrowing (carryforward)			(22	)			(3,298	)			286				45,847				48				12,225				22				5,699				—				—				334				60,473
Others			—				(207,986	)			—				(16,256	)			—				(8,529	)			—				—				—				5,419				—				(227,352	)
Ending			—				—				15,733				192,005				11,246				18,785				3,728				12,884				3,696				12,292				34,403				235,966

(*) Changes such as additional allowances or cancellation of allocations are reflected.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

26. Provisions, Continued

(3) Greenhouse gas emissions rights and obligations, continued:

(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2022 and 2021 are as follows, continued:

In ten thousands of tons(tCO2-eq) and millions of won
		2021
		2nd planned period								3rd planned period
		2020								2021								2022								2023								2024								2025								Total
		Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount				Quantity				Amount
Beginning			17,905				357,355				16,051				38,338				15,782				—				15,782				—				5,261				—				5,261				—				58,137				38,338
Purchase (sell)			433				95,375				1,426				410,099				(31	)			7,296				(43	)			5,479				(75	)			—				(50	)			6,873				1,227				429,747
Government submission			(17,560	)			(280,924	)			—				—				—				—				—				—				—				—				—				—				—				—
Borrowing (carryforward)			(539	)			(113,014	)			352				76,221				277				55,439				10				3,050				—				—				—				—				639				134,710
Others			(239	)			(58,792	)			—				—				—				—				—				—				—				—				—				—				—				—
Ending			—				—				17,829				524,658				16,028				62,735				15,749				8,529				5,186				—				5,211				6,873				60,003				602,795

(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2022.

(iv) The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term fluctuations in price as of December 31, 2022.

(v) Estimated greenhouse gas emission of the Group for the year ended December 31, 2022 is 13,167 ten thousand tons.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

27. Government Grants

(1) Government grants as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Land		W	(27,405	)			(23,474	)
Buildings			(50,437	)			(52,122	)
Structures			(165,608	)			(172,021	)
Machinery			(127,126	)			(140,082	)
Vehicles			(2,045	)			(1,675	)
Equipment			(6,608	)			(149	)
Tools			(99	)			(64	)
Construction-in-progress			(135,926	)			(111,822	)
Investment properties			(21	)			(30	)
Software			(174	)			(91	)
Development expenditures			(3,477	)			(3,820	)
Intangible assets under development			(2,108	)			(7,326	)
Other intangible assets			(67	)			(71	)
		W	(521,101	)			(512,747	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

27. Government Grants, Continued

(2) Changes in government grants for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Receipt				Acquisition				Offset the items of depreciation expense and others				Disposal				Others				Ending balance
Cash		W	—				(50,755	)			—				—				—				50,755				—
Land			(23,474	)			—				—				—				1				(3,932	)			(27,405	)
Buildings			(52,122	)			—				—				5,360				—				(3,675	)			(50,437	)
Structures			(172,021	)			—				—				9,568				1,250				(4,405	)			(165,608	)
Machinery			(140,082	)			—				—				17,283				405				(4,732	)			(127,126	)
Vehicles			(1,675	)			—				—				663				—				(1,033	)			(2,045	)
Equipment			(149	)			—				—				494				—				(6,953	)			(6,608	)
Tools			(64	)			—				—				32				—				(67	)			(99	)
Construction-in-progress			(111,822	)			—				23,155				—				17				(47,276	)			(135,926	)
Investment properties			(30	)			—				—				1				—				8				(21	)
Software			(91	)			—				—				60				—				(143	)			(174	)
Development expenditures			(3,820	)			—				—				1,466				—				(1,123	)			(3,477	)
Intangible assets under development			(7,326	)			—				—				—				—				5,218				(2,108	)
Other intangible assets			(71	)			—				—				4				—				—				(67	)
		W	(512,747	)			(50,755	)			23,155				34,931				1,673				(17,358	)			(521,101	)

In millions of won		2021
		Beginning balance				Receipt				Acquisition				Offset the items of depreciation expense and others				Disposal				Others				Ending balance
Cash		W	—				(37,920	)			—				—				—				37,920				—
Land			(23,475	)			—				—				—				1				—				(23,474	)
Buildings			(57,231	)			—				—				5,174				—				(65	)			(52,122	)
Structures			(180,009	)			—				—				9,517				1,811				(3,340	)			(172,021	)
Machinery			(157,785	)			—				—				17,519				531				(347	)			(140,082	)
Vehicles			(632	)			—				(26	)			460				—				(1,477	)			(1,675	)
Equipment			(227	)			—				—				95				—				(17	)			(149	)
Tools			(239	)			—				—				209				—				(34	)			(64	)
Construction-in-progress			(79,126	)			—				5,027				—				—				(37,723	)			(111,822	)
Investment properties			(29	)			—				—				1				—				(2	)			(30	)
Software			(136	)			—				—				64				—				(19	)			(91	)
Development expenditures			(5,043	)			—				—				1,439				—				(216	)			(3,820	)
Intangible assets under development			(7,203	)			—				—				—				—				(123	)			(7,326	)
Other intangible assets			(75	)			—				—				4				—				—				(71	)
		W	(511,210	)			(37,920	)			5,001				34,482				2,343				(5,443	)			(512,747	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

27. Government Grants, Continued

(3) Changes in government grants for specific business projects for the years ended December 31, 2022 and 2021 are as follows:

In millions of Won

2022

Increase

Decrease

Received

Interests

Used

Return

Department

Business Name

Description

Period

Budget

Beginning Balance

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Others

Ending Balance

Ministry of Trade, Industry and Energy

Temporary electricity bill support for small business owners

Temporary electricity bill support for small business owners

2021.04.01 ~ 2022.06.30

211,235

17,735

—

—

71,685

—

—

—

—

—

(88,300

)

—

—

—

—

1,120

In millions of Won

2021

Increase

Decrease

Received

Interests

Used

Return

Department

Business Name

Description

Period

Budget

Beginning Balance

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Self- Payment

Local Government

Subsidies

Others

Ending Balance

Ministry of Trade, Industry and Energy

Temporary electricity bill support for small business owners

Temporary electricity bill support for small business owners

2021.04.01 ~ 2022.06.30

211,235

748

—

—

139,550

—

—

—

—

—

(122,563

)

—

—

—

—

17,735

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

28. Deferred Revenue

Deferred revenue for the years ended December 31, 2022 and 2021 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:

In millions of won		2022				2021
Beginning balance		W	10,356,555				9,868,189
Increase			1,330,129				1,149,578
Recognized as revenue			(711,839	)			(661,212	)
Ending balance		W	10,974,845				10,356,555

29. Non-financial Liabilities

Non-financial liabilities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Current				Non-current				Current				Non-current
Advance received		W	4,544,206				284,618				4,157,916				398,056
Unearned revenue			86,584				7,200				40,187				6,517
Deferred revenue			702,430				10,272,415				659,397				9,697,158
Withholdings			207,217				2,408				345,892				5,171
Others			1,433,940				96,020				1,262,941				109,462
		W	6,974,377				10,662,661				6,466,333				10,216,364

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

30. Contributed Capital

(1) Details of share capital as of December 31, 2022 and 2021 are as follows:

In millions of won except share information
		2022
		Shares authorized				Shares issued				Par value per share (in won)				Owned by government (*)				Owned by others				Total
Common shares			1,200,000,000				641,964,077			W	5,000				1,640,385				1,569,435				3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

In millions of won except share information
		2021
		Shares authorized				Shares issued				Par value per share (in won)				Owned by government (*)				Owned by others				Total
Common shares			1,200,000,000				641,964,077			W	5,000				1,640,385				1,569,435				3,209,820

(*) Korea Development Bank’s interest of W1,056,176 million is included.

(2) Details in number of floating capital stock for the years ended December 31, 2022 and 2021 are as follows:

Number of shares		2022				2021
Beginning balance			641,964,077				641,964,077
Ending balance			641,964,077				641,964,077

(3) Details of share premium as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Share premium		W	843,758				843,758

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

31. Retained Earnings and Dividends Paid

(1) Details of retained earnings (deficit) as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Legal reserve (*)		W	1,604,910				1,604,910
Voluntary reserves			27,782,969				33,282,817
Retained earnings (deficit) before appropriations			(7,956,579	)			10,370,517
Retained earnings		W	21,431,300				45,258,244

(*) The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.

(2) Details of voluntary reserves as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Reserve for investment on social overhead capital		W	5,277,449				5,277,449
Reserve for research and human development (*)			330,000				330,000
Reserve for business expansion			21,965,520				27,465,368
Reserve for equalizing dividends			210,000				210,000
		W	27,782,969				33,282,817

(*) The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.

(3) Changes in retained earnings for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	45,258,244				51,134,330
Loss for the year attributed to owners of the controlling company			(24,466,853	)			(5,304,522	)
Changes in equity method retained earnings			12,305				3,609
Remeasurements of defined benefit liability, net of tax			626,769				201,067
Transfer of gain or loss on valuation of financial assets at FVOCI			—				4,388
Dividends paid			—				(780,628	)
Issuance of shares of capital by subsidiaries and others			835				—
Ending balance		W	21,431,300				45,258,244

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

31. Retained Earnings and Dividends Paid, Continued

(4) Dividends paid for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Number of shares issued				Number of treasury stocks				Number of shares eligible for dividends				Dividends paid per share (in won)				Dividends paid
Common shares			641,964,077				—				641,964,077			W	—				—

In millions of won		2021
		Number of shares issued				Number of treasury stocks				Number of shares eligible for dividends				Dividends paid per share (in won)				Dividends paid
Common shares			641,964,077				—				641,964,077			W	1,216				780,628

(5) Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	3,970				361
Changes			12,305				3,609
Ending balance		W	16,275				3,970

(6) Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Beginning balance		W	98,844				(169,234	)
Changes			964,791				327,957
Income tax effect			(338,022	)			(126,890	)
Transfer to reserve for business expansion			(110,808	)			67,011
Ending balance		W	614,805				98,844

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

32. Statement of Disposition of Deficit

For the year ended December 31, 2021, KEPCO’s deficit was disposed on March 29, 2022. For the year ended December 31, 2022, KEPCO’s deficits are expected to be disposed on March 28, 2023. Statements of disposition of deficit of KEPCO, the controlling company, for the years ended December 31, 2022 and 2021, respectively, are as follows:

In millions of won except for dividends per share		2022				2021
I. Deficit before disposition
Undisposed deficit carried over from prior years		W	—				—
Net loss			(25,297,713	)			(5,607,732	)
Remeasurement of the defined benefit plan			327,056				107,884
			(24,970,657	)			(5,499,848	)
II. Transfer from voluntary reserves			24,970,657				5,499,848
III. Subtotal ( I+II )			—				—
IV. Disposition of deficit
V. Undisposed deficit to be carried over forward to subsequent year			—				—

33. Hybrid Bonds

Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2022 and 2021 are as follows:

In millions of won
Issuer		Hybrid bond				Issued date				Maturity				Yield (%)				2022				2021
Korea South-East Power Co., Ltd. (*1)			1st hybrid bond				2012.12.07				2042.12.06				4.38			W	—				170,000
Korea South-East Power Co., Ltd. (*2)			2nd hybrid bond				2012.12.07				2042.12.06				4.44				230,000				230,000
Expense of issuance																			(627	)			(1,090	)
																		W	229,373				398,910

(*1) The call option was exercised for the 1st hybrid bond during the current period.

(*2) Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

34. Other Components of Equity

(1) Other components of equity as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Other capital surplus		W	1,268,569				1,231,109
Accumulated other comprehensive income (loss)			496,976				(57,632	)
Other equity			13,294,973				13,294,973
		W	15,060,518				14,468,450

(2) Changes in other capital surplus for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022												2021
		Gains on disposal of treasury stocks				Others				Subtotal				Gains on disposal of treasury stocks				Others				Subtotal
Beginning balance		W	387,524				843,585				1,231,109				387,524				836,581				1,224,105
Changes in consolidation scope			—				(597	)			(597	)			—				43				43
Issuance of share capital of subsidiary and others			—				39,641				39,641				—				(491	)			(491	)
Transactions between consolidated entities			—				(1,584	)			(1,584	)			—				7,452				7,452
Ending balance		W	387,524				881,045				1,268,569				387,524				843,585				1,231,109

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

34. Other Components of Equity, Continued

(3) Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Financial assets at fair value through other comprehensive income valuation reserve				Shares in other comprehensive income of investments in associates and joint ventures				Reserve for overseas operations translation credit				Reserve for gain (loss) on valuation of derivatives				Total
Beginning balance		W	(46,498	)			311,252				(325,170	)			2,784				(57,632	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			58,008				—				—				—				58,008
Shares in other comprehensive income of associates and joint ventures, net of tax			—				509,487				—				—				509,487
Foreign currency translation of foreign operations, net of tax			—				—				19,550				—				19,550
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				—				(32,437	)			(32,437	)
Ending balance		W	11,510				820,739				(305,620	)			(29,653	)			496,976

In millions of won		2021
		Financial assets at fair value through other comprehensive income valuation reserve				Shares in other comprehensive income of investments in associates and joint ventures				Reserve for overseas operations translation credit				Reserve for gain (loss) on valuation of derivatives				Total
Beginning balance		W	(101,132	)			10,091				(340,930	)			22,394				(409,577	)
Changes in the unrealized fair value of financial assets at FVOCI, net of tax			59,022				—				—				—				59,022
Shares in other comprehensive income of associates and joint ventures, net of tax			—				301,161				—				—				301,161
Foreign currency translation of foreign operations, net of tax			—				—				15,760				—				15,760
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			—				—				—				(19,610	)			(19,610	)
Others			(4,388	)			—				—				—				(4,388	)
Ending balance		W	(46,498	)			311,252				(325,170	)			2,784				(57,632	)

(4) Other equity as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Statutory revaluation reserve		W	13,295,098				13,295,098
Changes in other equity			(125	)			(125	)
		W	13,294,973				13,294,973

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

35. Sales

Details of sales for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022												2021
		Domestic				Overseas				Total				Domestic				Overseas				Total
[Type of goods and services]
Sales of goods		W	68,578,390				606,079				69,184,469				58,359,774				441,203				58,800,977
Electricity			66,198,964				—				66,198,964				57,308,555				—				57,308,555
Heat supply			489,629				—				489,629				232,738				—				232,738
Others			1,889,797				606,079				2,495,876				818,481				441,203				1,259,684
Sales related to rendering of services			370,799				343,803				714,602				252,216				204,184				456,400
Sales related to construction services			193,541				453,412				646,953				159,262				595,736				754,998
Revenue related to transfer of assets from customers			711,839				—				711,839				661,212				—				661,212
		W	69,854,569				1,403,294				71,257,863				59,432,464				1,241,123				60,673,587
[Timing of revenue recognition]
Performance obligations satisfied at a point in time		W	68,578,390				606,079				69,184,469				58,359,774				441,203				58,800,977
Performance obligations satisfied over time			1,276,179				797,215				2,073,394				1,072,690				799,920				1,872,610
		W	69,854,569				1,403,294				71,257,863				59,432,464				1,241,123				60,673,587

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

36. Selling and Administrative Expenses

(1) Selling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Salaries		W	1,142,360				1,121,188
Retirement benefit expense			109,758				113,127
Welfare and benefit expense			155,781				155,558
Insurance expense			20,835				17,909
Depreciation			244,676				219,427
Amortization of intangible assets			85,661				91,428
Bad debt expense			23,634				17,968
Commission			420,390				410,287
Advertising expense			33,739				29,230
Training expense			7,327				4,923
Vehicle maintenance expense			10,749				8,849
Publishing expense			3,732				3,568
Business development expense			3,198				3,522
Rent expense			47,680				43,650
Telecommunication expense			7,945				8,569
Transportation expense			1,012				870
Taxes and dues			122,177				93,446
Expendable supplies expense			9,617				9,052
Water, light and heating expense			17,950				12,351
Repairs and maintenance expense			152,449				123,134
Ordinary development expense			213,932				213,936
Travel expense			16,062				11,099
Clothing expense			13,044				10,540
Survey and analysis expense			1,126				889
Membership fee			1,469				1,331
Others			143,119				149,945
		W	3,009,422				2,875,796

(2) Other selling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Accommodation development expenses		W	56,038				57,815
Miscellaneous wages			31,910				47,221
Litigation and filing expenses			14,876				16,383
Compensation for damages			3,116				3,303
Outsourcing expenses			3,635				3,799
Reward expenses			2,740				3,006
Overseas market development expenses			1,376				1,192
Others			29,428				17,226
		W	143,119				149,945

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

37. Other Income and Expenses

(1) Other income for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Reversal of other provisions		W	15,265				15,548
Reversal of other allowance for bad debt			37				98
Gains on government grants			301				458
Gains on assets contributed			1,953				9,347
Gains on liabilities exempted			1,181				1,830
Compensation and reparations revenue			89,638				104,826
Revenue from foundation fund			3				1
Revenue from research contracts			8,191				5,996
Rental income			208,064				204,123
Others			59,017				30,694
		W	383,650				372,921

(2) Details of “others” of other income for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Refund of claim for rectification		W	701				7,274
Adjustment of research project			—				7,638
Maintenance expenses on lease building			125				160
Training expenses			1,684				1,739
Deposit redemption			12				378
Reversal of expenses on litigation			1,920				991
Revenue on royalty fee			455				173
Reimbursement of insurance fee			—				1
Gains on guarantee contracts			22				27
Others			54,098				12,313
		W	59,017				30,694

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

37. Other Income and Expenses, Continued

(3) Other expenses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Compensation and indemnification expense		W	36				663
Accretion expenses of other provisions			1,138				2,711
Depreciation expenses on investment properties			486				1,386
Depreciation expenses on idle assets			3,635				3,621
Other bad debt expense			6,400				49,372
Donations			131,037				152,456
Others			69,418				47,723
		W	212,150				257,932

(4) Details of “others” of other expense for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Operating expenses related to the idle assets		W	1,683				44
Research grants			562				109
Supporting expenses on farming and fishing village			11,272				17,065
Operating expenses on fitness center			8,370				6,948
Expenses on adjustment of research and development grants			260				2,241
Taxes and dues			31,985				119
Expenses on R&D supporting			48				861
Others			15,238				20,336
		W	69,418				47,723

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

38. Other Gains (Losses)

(1) Composition of other gains (losses) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Other gains
Gains on disposal of property, plant and equipment		W	148,667				56,284
Gains on disposal of intangible assets			41				1
Reversal of impairment loss on property, plant and equipment			134,735				—
Reversal of impairment loss on intangible assets			—				14
Gains on foreign currency translation			36,097				20,598
Gains on foreign currency transactions			235,221				48,671
Gains on insurance proceeds			43,497				144
Others			294,091				250,174
Other losses
Losses on disposal of property, plant and equipment			(100,066	)			(92,622	)
Losses on disposal of intangible assets			(116	)			(145	)
Loss on impairment of property, plant and equipment			(37,311	)			(4,056	)
Loss on impairment of intangible assets			(164	)			—
Loss on impairment of other non-current assets			—				(16,035	)
Losses on foreign currency translation			(14,738	)			(4,732	)
Losses on foreign currency transactions			(299,117	)			(67,990	)
Others			(197,715	)			(181,787	)
		W	243,122				8,519

(2) Details of “others” of other gains for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Gains on disposal of inventories		W	11,091				4,446
Gains on proxy collection of TV license fee			42,286				42,271
Gains on compensation of impaired electric poles			768				812
Gains on harbor facilities dues			4,198				3,281
Gains on technical fees			2,972				3,968
Reversal of occupation development training fees			525				229
Gains on disposal of waste			7,749				4,272
Gains on insurance			—				690
Gains on tax rebate			548				685
Gains on other commission			2,097				1,822
Gains on disposal of greenhouse gas emissions rights			—				8,739
Gains on disposal of assets held-for-sale			236				160
Others			221,621				178,799
		W	294,091				250,174

(3) Details of “others” of other losses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Losses on valuation of inventories		W	14,528				7,761
Losses on disposal of inventories			8,324				8,874
Losses due to disaster			5,068				6,238
Losses on rounding adjustment of electric charge surtax			1,317				1,283
Loss on disposal of greenhouse gas emissions rights			—				11,282
Others			168,478				146,349
		W	197,715				181,787

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

39. Finance Income

(1) Finance income for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Interest income		W	340,753				221,874
Dividends income			28,875				10,522
Gains on disposal of financial assets			11,199				7,718
Gains on valuation of financial assets at fair value through profit or loss			7,099				14,338
Gains on valuation of derivatives			595,256				860,011
Gains on transaction of derivatives			429,847				124,900
Gains on foreign currency translation			389,361				146,349
Gains on foreign currency transactions			29,997				15,618
Other finance income			925				1,284
		W	1,833,312				1,402,614

(2) Interest income included in finance income for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Cash and cash equivalents		W	51,872				12,692
Financial assets at fair value through profit or loss			58,540				18,415
Financial assets at amortized cost			1,308				797
Loans			33,545				25,196
Short-term financial instrument			15,827				7,531
Long-term financial instrument			14,371				12,470
Other financial assets			637				230
Trade and other receivables			164,653				144,543
		W	340,753				221,874

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

40. Finance Expenses

(1) Finance expenses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Interest expense		W	2,818,546				1,914,457
Losses on sale of financial assets			1,841				1,045
Losses on valuation of financial assets at fair value through profit or loss			44,329				5,480
Losses on valuation of derivatives			371,038				37,017
Losses on transaction of derivatives			205,162				40,818
Losses on foreign currency translation			934,005				1,159,334
Losses on foreign currency transactions			346,711				83,558
Losses on repayment of financial liabilities			15				10
Others			25,144				4,058
		W	4,746,791				3,245,777

(2) Interest expense included in finance expenses for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Trade and other payables		W	204,078				213,765
Short-term borrowings			145,201				42,371
Long-term borrowings			204,037				115,141
Debt securities			2,388,517				1,728,588
Other financial liabilities			472,248				384,423
			3,414,081				2,484,288
Less: Capitalized borrowing costs			(595,535	)			(569,831	)
		W	2,818,546				1,914,457

Capitalization rates for the years ended December 31, 2022 and 2021 are 2.25%~3.86% and 2.02%~4.33%, respectively

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

41. Income Taxes

(1) Income tax expense (benefit) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Current income tax expense
Payment of income tax		W	563,681				357,767
Adjustment in respect of prior years due to change in estimate			48,374				153,113
Current income tax directly recognized in equity			(350,348	)			(198,714	)
			261,707				312,166
Deferred tax expense (benefit)
Generation and realization of temporary differences			(564,801	)			(489,411	)
Reclassified from equity to profit(loss)			(4,964	)			—
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods			(38,708	)			(43,653	)
Changes in deferred tax on tax losses carryforwards			(9,175,755	)			(1,641,823	)
Tax credit carryforwards			34,019				(12,199	)
Amount due to change in tax rate or regulations			73,991				18,931
			(9,676,218	)			(2,168,155	)
Income tax expense (benefit)		W	(9,414,511	)			(1,855,989	)

(2) Reconciliation between actual income tax expense and amount computed by applying the statutory tax rate to income before income taxes for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Income (loss) before income tax		W	(33,843,619	)			(7,071,570	)
Income tax expense (benefit) computed at applicable tax rate			(9,306,995	)			(1,944,682	)
Adjustments
Effect of applying gradual tax rate			(10,362	)			(10,362	)
Effect of non-taxable income			(9,471	)			(4,983	)
Effect of non-deductible expenses			39,663				78,814
Effect of tax losses that are not recognized as deferred tax asset			19,275				1,351
Effects of tax credits and deduction			(98,684	)			(43,931	)
Reversal of unrecognized deferred tax asset, net			(38,708	)			(43,641	)
Effect of change in deferred tax due to change in tax rate			393,416				18,931
Deduction of deferred tax assets			(85,514	)			73,887
Deferred income tax related to investments in subsidiaries and associates			(375,064	)			(135,878	)
Others, net			9,559				1,392
			(155,890	)			(64,420	)
Adjustment in respect of prior years due to change in estimate			48,374				153,113
Income tax expense (benefit)		W	(9,414,511	)			(1,855,989	)
			(	*)			(	*)

(*) The effective tax rate for the years ended December 31, 2022 and 2021 is not calculated due to income tax benefit.

(3) Income tax directly adjusted to shareholders’ equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Dividends of hybrid bond		W	4,149				4,736
Disposal of subsidiaries			406				—
		W	4,555				4,736

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

41. Income Taxes, Continued

(4) Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Income tax recognized as other comprehensive income (loss)
Gain (loss) on valuation of financial assets at fair value through other comprehensive income		W	(31,416	)			(9,753	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax			40,390				24,220
Remeasurement of defined benefit obligations			(322,489	)			(126,890	)
Investments in associates			(66,677	)			(53,672	)
Others			25,289				(37,355	)
		W	(354,903	)			(203,450	)

(5) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Amounts recognized in profit or loss				Amount recognized in other comprehensive income (loss)				Amounts recognized directly in equity				Ending balance
Deferred tax on temporary differences
Employee benefits		W	558,383				(36,341	)			(322,489	)			—				199,553
Cash flow hedge			(49,947	)			(46,188	)			40,390				405				(55,340	)
Investments in subsidiaries, associates and joint ventures			(8,721,320	)			410,310				(66,677	)			—				(8,377,687	)
Property, plant and equipment			(7,430,461	)			(111,177	)			—				—				(7,541,638	)
Finance lease			(415,558	)			9,919				—				—				(405,639	)
Intangible assets			(31,481	)			6,550				—				—				(24,931	)
Financial assets at fair value through profit or loss			12				3,445				—				—				3,457
Financial assets at fair value through other comprehensive income			27,381				25,178				(31,416	)			—				21,143
Deferred revenue			186,391				(16,411	)			—				—				169,980
Provisions			6,494,314				595,030				—				—				7,089,344
Doubtful receivables			801				1,673				—				—				2,474
Other finance liabilities			31,410				(14,142	)			—				4,150				21,418
Gains or losses on foreign exchange translation			91,411				42,905				—				—				134,316
Allowance for doubtful accounts			64,264				(6,029	)			—				—				58,235
Accrued income			10,002				6,612				—				—				16,614
Special deduction for property, plant and equipment			(224,127	)			8,968				—				—				(215,159	)
Others			1,445,827				16,456				25,289				—				1,487,572
			(7,962,698	)			896,758				(354,903	)			4,555				(7,416,288	)
Deferred tax on unused tax losses and tax credit
Unused tax losses			2,559,877				9,102,228				—				—				11,662,105
Excess of donation limit			69,185				11,861				—				—				81,046
Tax credit			134,690				15,719				—				—				150,409
			2,763,752				9,129,808				—				—				11,893,560
		W	(5,198,946	)			10,026,566				(354,903	)			4,555				4,477,272

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

41. Income Taxes, Continued

(5) Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Beginning balance				Amounts recognized in profit or loss				Amount recognized in other comprehensive income (loss)				Amounts recognized directly in equity				Ending balance
Deferred tax on temporary differences
Employee benefits		W	689,787				(4,514	)			(126,890	)			—				558,383
Cash flow hedge			15,587				(90,217	)			24,220				463				(49,947	)
Investments in subsidiaries, associates and joint ventures			(8,668,015	)			367				(53,672	)			—				(8,721,320	)
Property, plant and equipment			(7,713,449	)			282,988				—				—				(7,430,461	)
Finance lease			(211,420	)			(204,138	)			—				—				(415,558	)
Intangible assets			(31,166	)			(315	)			—				—				(31,481	)
Financial assets at fair value through profit or loss			13				(1	)			—				—				12
Financial assets at fair value through other comprehensive income			37,950				(816	)			(9,753	)			—				27,381
Deferred revenue			199,701				(13,310	)			—				—				186,391
Provisions			5,916,803				577,511				—				—				6,494,314
Doubtful receivables			—				801				—				—				801
Other finance liabilities			30,399				(3,262	)			—				4,273				31,410
Gains or losses on foreign exchange translation			(11,635	)			103,046				—				—				91,411
Allowance for doubtful accounts			56,129				8,135				—				—				64,264
Accrued income			8,944				1,058				—				—				10,002
Special deduction for property, plant and equipment			(226,351	)			2,224				—				—				(224,127	)
Others			1,505,951				(22,769	)			(37,355	)			—				1,445,827
			(8,400,772	)			636,788				(203,450	)			4,736				(7,962,698	)
Deferred tax on unused tax losses and tax credit
Unused tax losses			893,074				1,666,803				—				—				2,559,877
Excess of donation limit			35,181				34,004				—				—				69,185
Tax credit			105,416				29,274				—				—				134,690
			1,033,671				1,730,081				—				—				2,763,752
		W	(7,367,101	)			2,366,869				(203,450	)			4,736				(5,198,946	)

(6) Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Deferred tax assets		W	10,934,375				1,901,992
Deferred tax liabilities			(6,457,103	)			(7,100,938	)
		W	4,477,272				(5,198,946	)

(7) Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Deductible temporary differences and others		W	1,381,532				1,539,980

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

42. Assets Held-for-Sale

Assets held-for-sale as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Land (*1,2)		W	31,766				2,907
Buildings (*1,2)			12,981				12,971
Structures (*1)			1				1
		W	44,748				15,879

(*1) The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Group, made a resolution to sell its old office building in Yongin-si, Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.

(*2) The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation during the year ended December 31, 2022, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

43. Expenses Classified by Nature

Expenses classified by nature for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				34,832,581				34,832,581
Salaries			1,142,360				4,329,099				5,471,459
Retirement benefit expense			109,758				505,612				615,370
Welfare and benefit expense			155,781				540,058				695,839
Insurance expense			20,835				106,672				127,507
Depreciation			244,676				12,056,455				12,301,131
Amortization of intangible assets			85,661				70,499				156,160
Bad debt expense			23,634				—				23,634
Commission			420,390				351,557				771,947
Advertising expense			33,739				10,552				44,291
Training expense			7,327				14,813				22,140
Vehicle maintenance expense			10,749				10,275				21,024
Publishing expense			3,732				3,014				6,746
Business promotion expense			3,198				3,340				6,538
Rent expense			47,680				186,439				234,119
Telecommunication expense			7,945				9,677				17,622
Transportation expense			1,012				113,845				114,857
Taxes and dues			122,177				554,320				676,497
Expendable supplies expense			9,617				47,159				56,776
Water, light and heating expense			17,950				60,002				77,952
Repairs and maintenance expense			152,449				2,586,975				2,739,424
Ordinary development expense			213,932				513,878				727,810
Travel expense			16,062				78,999				95,061
Clothing expense			13,044				8,778				21,822
Survey and analysis expense			1,126				4,322				5,448
Membership fee			1,469				16,912				18,381
Power purchase			—				41,984,858				41,984,858
Others			143,119				1,902,903				2,046,022
		W	3,009,422				100,903,594				103,913,016

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

43. Expenses Classified by Nature, Continued

Expenses classified by nature for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won		2021
		Selling and administrative expenses				Cost of sales				Total
Raw materials used		W	—				18,660,477				18,660,477
Salaries			1,121,188				4,276,494				5,397,682
Retirement benefit expense			113,127				488,263				601,390
Welfare and benefit expense			155,558				570,440				725,998
Insurance expense			17,909				104,544				122,453
Depreciation			219,427				11,551,897				11,771,324
Amortization of intangible assets			91,428				74,733				166,161
Bad debt expense			17,968				—				17,968
Commission			410,287				307,272				717,559
Advertising expense			29,230				9,552				38,782
Training expense			4,923				13,283				18,206
Vehicle maintenance expense			8,849				8,152				17,001
Publishing expense			3,568				3,310				6,878
Business promotion expense			3,522				3,777				7,299
Rent expense			43,650				194,234				237,884
Telecommunication expense			8,569				10,959				19,528
Transportation expense			870				53,365				54,235
Taxes and dues			93,446				529,380				622,826
Expendable supplies expense			9,052				41,414				50,466
Water, light and heating expense			12,351				43,025				55,376
Repairs and maintenance expense			123,134				2,494,861				2,617,995
Ordinary development expense			213,936				475,461				689,397
Travel expense			11,099				67,103				78,202
Clothing expense			10,540				7,994				18,534
Survey and analysis expense			889				3,992				4,881
Membership fee			1,331				8,492				9,823
Power purchase			—				21,619,039				21,619,039
Others			149,945				2,022,777				2,172,722
		W	2,875,796				63,644,290				66,520,086

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

44. Loss Per Share

(1) Basic loss per share for the years ended December 31, 2022 and 2021 are as follows:

In won
Type		2022				2021
Basic loss per share		W	(38,112	)			(8,263	)

(2) Loss for the years and weighted average number of common shares used in the calculation of basic loss per share for the years ended December 31, 2022 and 2021 are as follows:

In millions of won except number of shares
Type		2022				2021
Loss attributable to controlling interest		W	(24,466,853	)			(5,304,522	)
Loss used in the calculation of total basic earnings per share			(24,466,853	)			(5,304,522	)
Weighted average number of common shares			641,964,077				641,964,077

(3) Weighted average number of common shares used in the calculation of basic loss per share for the years ended December 31, 2022 and 2021 are as follows:

In number of shares
Type		2022				2021
The number of common shares issued at beginning of the year			641,964,077				641,964,077
Weighted average number of common shares			641,964,077				641,964,077

There are no potential dilutive instruments and diluted loss per share are same as basic loss per share for the years ended December 31, 2022 and 2021.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management

(1) Capital risk management

The Group manages its capital to ensure that entities in the Group will be able to continue while maximizing the return to shareholder through the optimization of the debt and equity balance. The capital structure of the Group consists of net debt (offset by cash and cash equivalents) and equity. The Group’s overall capital risk management strategy remains consistent with the prior year.

Details of the Group’s capital management accounts as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Total borrowings and debt securities		W	120,605,365				80,529,513
Cash and cash equivalents			3,234,780				2,635,238
Net borrowings and debt securities			117,370,585				77,894,275
Total equity			42,000,256				65,326,706
Debt to equity ratio			279.45	%			119.24	%

(2) Financial risk management

The Group is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group’s overall financial risk management strategy remains consistent with the prior year.

(i) Credit risk

Credit risk is the risk of finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client’s credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis, trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group’s level of maximum exposure to credit risk as of December 31, 2022 and 2021 are as follows:

In millions of won		2022				2021
Cash and cash equivalents		W	3,234,780				2,635,238
Financial assets at fair value through profit or loss (*1)			3,610,408				932,736
Derivative assets (trading)			693,072				443,027
Financial assets at fair value through other comprehensive income (debt securities)			529				491
Financial assets at amortized cost			26,998				25,273
Loans			1,013,371				909,071
Long-term/short-term financial instruments			1,353,080				1,728,508
Derivative assets (applying hedge accounting)			324,952				204,756
Trade and other receivables			12,614,902				10,029,276
Financial guarantee contracts (*2)			3,776,060				3,718,015

(*1) Equity investments held by the Group are excluded.

(*2) Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.

As of the reporting date, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

(ii) Market risk

Market risk is the risk that the Group’s fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions

① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of December 31, 2022 and 2021 are as follows:

In millions of won				2022						2021
Type		Accounts		1%p Increase		1%p Decrease				1%p Increase				1%p Decrease
Future salary increases		Increase (decrease) in defined benefit obligation		W321,930			(283,658	)			466,832				(407,554	)
Discount rate		Increase (decrease) in defined benefit obligation		(289,229)			337,033				(422,290	)			499,571

Changes of employee benefits assuming a 1%p increase and decrease movements in discount rate on plan asset for the years ended December 31, 2022 and 2021 are W27,495 million and W25,649 million, respectively.

② Provisions

Changes in provisions due to movements in underlying assumptions as of December 31, 2022 and 2021 are as follows:

Type		Accounts		2022				2021
PCBs		Inflation rate			1.98	%			1.37	%
		Discount rate			1.92	%			1.88	%
Nuclear plants		Inflation rate			2.25	%			1.41	%
		Discount rate			2.48	%			2.20	%
Spent fuel		Inflation rate			2.93	%			2.93	%
		Discount rate			4.49	%			4.49	%
Radioactive waste		Inflation rate			3.06	%			1.00	%
		Discount rate			2.62	%			1.87	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of December 31, 2022 and 2021 are as follows:

In millions of won				2022								2021
Type		Accounts		0.1%p Increase				0.1%p Decrease				0.1%p Increase				0.1%p Decrease
Discount rate		PCBs		W	(169)				169				(222	)			223
		Nuclear plants			(474,432	)			491,360				(369,540	)			381,026
		Spent fuel			(54,330	)			56,453				(51,430	)			53,438
		Radioactive waste			(15,089	)			15,260				(11,201	)			11,306
Inflation rate		PCBs			169				(169	)			224				(224	)
		Nuclear plants			515,262				(498,258	)			403,420				(391,754	)
		Spent fuel			57,269				(55,191	)			54,210				(52,245	)
		Radioactive waste			14,190				(14,056	)			10,366				(10,288	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions

① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2022 and 2021 are as follows:

In thousands of foreign currencies		Assets								Liabilities
Type		2022				2021				2022				2021
AED			5,610				6,481				25,597				31,637
AUD			4,448				3,733				299,663				926,960
BDT			7,514				50,145				—				577
BWP			824				939				—				—
EGP			—				—				1,162				595
CAD			89				582				595				2,266
CHF			—				—				500,158				500,230
CZK			—				—				153				386
EUR			1,976				1,809				41,073				42,981
GBP			—				—				31				—
HKD			—				—				4,014,446				1,651,665
IDR			598,697				768,731				1,323,840				995,510
INR			1,592,380				1,715,900				312,978				342,833
JOD			1,146				1,852				14				118
JPY			568,263				697,747				1,719,846				153,383
KZT			1,510				1,510				—				—
MGA			2,856,045				4,262,857				347,403				475,807
MMK			199,518				210,335				—				—
MYR			38,177				1,964				—				—
PHP			68,592				164,167				7,493				104,245
PKR			533,816				200,844				219,341				74,423
RUB							—				2,881				—
SAR			1,713				2,615				9,710				—
SEK			—				—				449,211				449,167
THB			—				—				389				—
USD			1,484,614				1,381,441				13,599,643				12,023,085
UYU			128,674				90,930				3,106				3,097
VND			1,184,670				952,135				4,495				262,372
ZAR			43,461				31,971				—				—

A sensitivity analysis on the Group’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
Type		10% Increase				10% Decrease				10% Increase				10% Decrease
Increase (decrease) of profit before income tax		W	(1,703,053	)			1,703,053				(1,439,185	)			1,439,185
Increase (decrease) of equity (*)			(1,703,053	)			1,703,053				(1,439,185	)			1,439,185

(*) The effect on the shareholders’ equity excluding the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2022 and 2021.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency forward agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged instrument. As of December 31, 2022, the hedging instrument (cross-currency swap) hedges the risk of the hedged item(repayment of foreign debt securities and others).

② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management’s assessment of the reasonably possible change in interest rates.

The Group’s borrowings and debt securities with floating interest rates as of December 31, 2022 and 2021 are as follows:

In millions of won
Type		2022				2021
Short-term borrowings		W	3,154,972				391,897
Long-term borrowings			5,388,073				2,405,244
Debt securities			269,101				257,667
		W	8,812,146				3,054,808

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
Type		1%p Increase				1%p Decrease				1%p Increase				1%p Decrease
Increase (decrease) of profit before income tax		W	(88,121)				88,121				(30,548	)			30,548
Increase (decrease) of shareholder’s equity (*)			(88,121)				88,121				(30,548	)			30,548

(*) The effect on the shareholders’ equity excluding the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2022 and 2021 is as follows:

In millions of won		2022								2021
Type		1% Increase				1% Decrease				1% Increase				1% Decrease
Increase (decrease) of profit before income tax		W	661,990				(661,990	)			573,086				(573,086	)
Increase (decrease) of shareholder’s equity (*)			661,990				(661,990	)			573,086				(573,086	)

(*) The effect on the shareholders’ equity excluding the impact of income taxes.

(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group’s short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities for non-derivative financial liabilities as of December 31, 2022 and 2021 in detail are as follows:

In millions of won		2022
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Borrowings and debt securities		W	26,157,747				27,367,577				47,361,676				37,115,832				138,002,832
Lease liabilities			639,756				657,210				1,390,374				1,925,012				4,612,352
Trade and other payables			11,369,512				347,563				1,008,133				734,112				13,459,320
Financial guarantee contracts (*)			105,091				54,310				3,495,437				121,222				3,776,060
		W	38,272,106				28,426,660				53,255,620				39,896,178				159,850,564

In millions of won		2021
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Borrowings and debt securities		W	15,833,589				11,229,657				28,663,693				36,223,543				91,950,482
Lease liabilities			620,121				636,724				1,521,421				2,150,722				4,928,988
Trade and other payables			7,569,869				777,017				725,231				667,304				9,739,421
Financial guarantee contracts (*)			435,729				—				3,105,599				176,687				3,718,015
		W	24,459,308				12,643,398				34,015,944				39,218,256				110,336,906

(*) This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2022 and 2021 are W67,240 million and W80,841 million, respectively.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

The following table shows the details of maturities of non-derivative financial liabilities as of December 31, 2022 and 2021. This table, based on the undiscounted cash flows of the non-derivative financial liabilities including estimated interests, has been prepared based on the respective liabilities’ earliest maturity date.

The expected maturities for non-derivative financial assets as of December 31, 2022 and 2021 in detail are as follows:

In millions of won		2022
Type		Less than 1 year				1~5 Years				More than 5 years				Other (*)				Total
Cash and cash equivalents		W	3,234,780				—				—				—				3,234,780
Financial assets at fair value through other comprehensive income							—				—				502,829				502,829
Financial assets at amortized cost			16,762				10,231				5				—				26,998
Loans			132,877				411,594				502,050				—				1,046,521
Long-term/short-term financial instruments			666,758				—				25				686,297				1,353,080
Financial assets at fair value through profit or loss			3,181,791				645				3,535				523,537				3,709,508
Trade and other receivables			10,464,191				1,083,593				1,080,831				—				12,628,615
		W	17,697,159				1,506,063				1,586,446				1,712,663				22,502,331

In millions of won		2021
Type		Less than 1 year				1~5 Years				More than 5 years				Other (*)				Total
Cash and cash equivalents		W	2,635,238				—				—				—				2,635,238
Financial assets at fair value through other comprehensive income			—				—				—				435,107				435,107
Financial assets at amortized cost			15,422				9,840				11				—				25,273
Loans			88,396				443,146				407,584				—				939,126
Long-term/short-term financial instruments			1,278,014				171,636				286				278,572				1,728,508
Financial assets at fair value through profit or loss			360,833				346				3,130				668,555				1,032,864
Trade and other receivables			8,123,455				1,233,703				679,048				—				10,036,206
		W	12,501,358				1,858,671				1,090,059				1,382,234				16,832,322

(*) The maturities cannot be presently determined.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(2) Financial risk management, continued

Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Net settlement
- Trading		W	—				—				—				—				—
Gross settlement
- Trading and others			(42,663	)			(15,225	)			(171,130	)			(84,924	)			(313,942	)
- Hedging			—				(10,064	)			(5,176	)			(10,265	)			(25,505	)
		W	(42,663	)			(25,289	)			(176,306	)			(95,189	)			(339,447	)
In millions of won		2021
Type		Less than 1 year				1~2 Years				2~5 Years				More than 5 years				Total
Net settlement
- Trading		W	—				—				—				—				—
Gross settlement
- Trading and others			(6,628	)			(4,954	)			(33,635	)			(2,291	)			(47,508	)
- Hedging			(2,555	)			(638	)			(1,914	)			(23,704	)			(28,811	)
		W	(9,183	)			(5,592	)			(35,549	)			(25,995	)			(76,319	)

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(3) Fair value risk

The fair value of the Group’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting a financial instruments with similar contractual cash flows based on current market interest rates applied to similar financial instruments.

(i) Fair value and book value of financial assets and liabilities as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
Type		Book value				Fair value				Book value				Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income		W	502,829				502,829				435,107				435,107
Derivative assets (trading)			693,072				693,072				443,027				443,027
Derivative assets (applying hedge accounting)			324,952				324,952				204,756				204,756
Financial assets at fair value through profit or loss			3,709,508				3,709,508				1,032,864				1,032,864
		W	5,230,361				5,230,361				2,115,754				2,115,754
Assets carried at amortized cost
Financial assets at amortized cost		W	26,998				26,998				25,273				25,273
Loans and receivables			1,013,371				1,013,371				909,071				909,071
Trade and other receivables			12,614,902				12,614,902				10,029,276				10,029,276
Long-term financial instruments			686,322				686,322				450,494				450,494
Short-term financial instruments			666,758				666,758				1,278,014				1,278,014
Cash and cash equivalents			3,234,780				3,234,780				2,635,238				2,635,238
		W	18,243,131				18,243,131				15,327,366				15,327,366
Liabilities recognized at fair value
Derivative liabilities (trading)		W	407,246				407,246				56,256				56,256
Derivative liabilities (applying hedge accounting)			25,505				25,505				21,775				21,775
		W	432,751				432,751				78,031				78,031
Liabilities carried at amortized cost
Secured borrowings		W	102,368				102,368				176,358				176,358
Unsecured bond			105,185,189				96,846,056				73,881,671				69,803,043
Lease liabilities			4,163,143				4,163,143				4,410,503				4,410,503
Unsecured borrowings			15,282,193				15,280,693				6,471,484				5,938,613
Trade and other payables (*)			13,459,320				13,459,320				9,739,421				9,739,421
Overdraft			35,615				35,615				—				—
		W	138,227,828				129,887,195				94,679,437				90,067,938

(*) Excludes lease liabilities.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(3) Fair value risk, continued

(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rate used for calculating fair value as of December 31, 2022 and 2021 are as follows:

Type		2022				2021
Derivatives			0.60% ~ 7.93%				(-) 0.63% ~ 3.88%
Borrowings and debt securities			0.75% ~ 5.84%				(-) 0.30% ~ 4.38%
Leases			0.00% ~ 17.08%				0.00% ~ 16.83%

(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

Level 1:		Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2:		Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3:		Inputs that are not based on observable market data.

Fair values of financial instruments by hierarchy level as of December 31, 2022 and 2021 are as follows:

In millions of won		2022
Type		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		W	300,057				—				202,772				502,829
Derivative assets			—				1,018,024				—				1,018,024
Financial assets at fair value through profit or loss			—				1,100,879				6,329				1,107,208
		W	300,057				2,118,903				209,101				2,628,061
Financial liabilities at fair value
Derivative liabilities		W	—				432,751				—				432,751

In millions of won		2021
Type		Level 1				Level 2				Level 3				Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income		W	273,826				—				161,281				435,107
Derivative assets			—				647,783				—				647,783
Financial assets at fair value through profit or loss			—				1,027,067				5,797				1,032,864
		W	273,826				1,674,850				167,078				2,115,754
Financial liabilities at fair value
Derivative liabilities		W	—				78,031				—				78,031

The fair value of financial assets (FVTPL and FVOCI) publicly traded is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unquoted financial assets (FVTPL and FVOCI) is calculated using the valuation results from an external pricing service in which weighted average borrowing rates of interest of evaluated companies are used as a discount rate. The fair value of derivatives is measured using valuation model which is determined at the present value of estimated future cash flows discounted at current market interest rate.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

45. Risk Management, Continued

(3) Fair value risk, continued

Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
		Beginning balance				Acquisitions				Reclassified category				Valuation				Disposal				Foreign currency translation and others				Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative		W	5,797				400				—				132				—				—				6,329
Financial assets at fair value through other comprehensive income Unlisted securities			160,790				9,451				—				33,237				—				(1,235	)			202,243
Debt securities			491				—				—				38				—				—				529

In millions of won		2021
		Beginning balance				Acquisitions				Reclassified category				Valuation				Disposal				Foreign currency translation and others				Ending balance
Financial assets at fair value
Financial assets at fair value through profit or loss Cooperative		W	5,692				—				—				105				—				—				5,797
Financial assets at fair value through other comprehensive income Unlisted securities			163,889				8,929				—				(12,335	)			(13	)			320				160,790
Debt securities			—				500				—				—				—				(9	)			491

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

46. Service Concession Arrangements

(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group provides electricity generated and charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period after building, rehabilitating, and operating the power plant for approximately 30 years (2018~2048) subsequent to the completion of plant construction.

(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30-years contract period

(iv) The Group’s expected future collections of service concession arrangements as of December 31, 2022 are as follows:

In millions of won
Type		Amounts
Less than 1 year		W	31,653
1 ~ 2 years			31,800
2 ~ 3 years			31,728
Over 3 years			548,400
		W	643,581

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties

(1) Related parties of the Group as of December 31, 2022 are as follows:

Type		Related party
Parent		Republic of Korea government
Subsidiaries (161 subsidiaries)		Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Lebanon SARL, KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO Energy Solution Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO US Inc., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.), KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC (formerly, Elara Development, LLC), Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., KHNP Spain, S.L., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.), Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Power Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd.
Associates (96 associates)		Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd.,., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Eurasia Energy Holdings, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., Daewon Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., Boulder Solar III, LLC, PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., SC E&G. Co,. Ltd., Wang San Engineering. Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(1) Related parties of the Group as of December 31, 2022 are as follows, continued:

Type		Related party
Joint ventures (105 joint ventures)		Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., KEPCO-Uhde Inc., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Chile Solar JV SpA, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Songsan Green Energy Co., Ltd., Changwon Nu-ri Energy Co., Ltd., Hasami Wind Farm Corporation, PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA
Other		Korea Development Bank

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(2) Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3) Related party transactions for the years ended December 31, 2022 and 2021 are as follows:

<Sales and Others>

In millions of won				Sales and others
Company name		Transaction type		2022				2021
<Associates>
Dongducheon Dream Power Co., Ltd.		Electricity sales		W	8,942				19,923
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales			1,418				—
Korea Gas Corporation		Electricity sales			155,309				96,362
Daejung Offshore Wind Power Co., Ltd.		Electricity sales			46				46
Daegu Photovoltaic Co., Ltd.		Electricity sales			268				207
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Electricity sales			2				2
Korea Electric Power Industrial Development Co., Ltd.		Service			10,369				11,208
Goseong Green Power Co., Ltd.		Electricity sales			1,062,108				514,470
Gangneung Eco Power Co., Ltd.		Fuel sales			459,404				14,200
Shin Pyeongtaek Power Co., Ltd.		Electricity sales			27,486				23,501
Noeul Green Energy Co., Ltd.		Electricity sales			9,396				30
Samcheok Eco Materials Co., Ltd.		Electricity sales			546				620
YTN Co., Ltd.		Electricity sales			2,180				1,922
Busan Green Energy Co., Ltd.		Electricity sales			5,055				49
Gunsan Bio Energy Co., Ltd.		Electricity sales			—				20
Korea Electric Vehicle Charging Service (*2)		Electricity sales			3,686				3,039
Energy Infra Asset Management Co., Ltd.		Electricity sales			—				4,629
Gangwon Wind Power Co., Ltd.		Electricity sales			1,549				1,865
Gwangyang Green Energy Co., Ltd.		Electricity sales			1,848				486
Bigeum Resident Photovoltaic Power Co., Ltd.		Electricity sales			660				755
Hyundai Green Power Co., Ltd.		Electricity sales and design service			7,063				11,934
Korea Power Exchange		Service			16,596				39,796
Taebaek Wind Power Co., Ltd.		Service			861				44
Taebaek Guinemi Wind Power Co., Ltd.		Electricity sales			—				26
Pyeongchang Wind Power Co., Ltd.		Electricity sales			1,323				1,180
Daeryun Power Co., Ltd.		Electricity sales			2,016				1,944
Changjuk Wind Power Co., Ltd. (*1)		Electricity sales			1,350				463
GS Donghae Electric Power Co., Ltd.		Electricity sales			5,238				21,127
KNH Solar Co., Ltd.		Electricity sales			13				14
S-Power Co., Ltd.		Service			4,588				5,229
Chuncheon Green Energy Co., Ltd.		Electricity sales			2				—
PND solar Co., Ltd.		Electricity sales			427				416
Hyundai Eco Energy Co., Ltd.		Electricity sales			277				187
YeongGwang Yaksu Wind Electric Co., Ltd.		Electricity sales			66				78
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales			1,952				295
Korea Energy Solutions Co., Ltd.		Electricity sales			2				2
ITR Co., Ltd.		Service			6				3
Structure test network Co., Ltd.		Service			7				5
Namjeongsusang Solar Power Operation Co., Ltd.		Electricity sales			21				22
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1		Service			394				399
Bitgoel Eco Energy Co., Ltd.		Electricity sales			1,397				282
Jeju Gimnyeong Wind Power Co., Ltd.		Electricity sales			367				—
Seoroseoro Sunny Power Plant Co., Ltd.		Electricity sales			1				—
Muan Solar park Co., Ltd.		Electricity sales			950				232
YuDang Solar Co., Ltd.		Electricity sales			160				—
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales			1,068				624
Daewon Green Energy Co., Ltd.		Electricity sales			185				155
Saemangeum Heemang Photovoltaic Co., Ltd.		Electricity sales			5,740				13
UD4M Co., Ltd.		Electricity sales			2				4
Dongbu Highway Solar Co., Ltd.		Electricity sales			8				5
Seobu Highway Solar Co., Ltd.		Electricity sales			8				8
SureDataLab Co., Ltd.		Electricity sales			1				1
Suwon New Power Co., Ltd.		Electricity sales			118				1,820
Hankook Electric Power Information Co., Ltd.		Electricity sales			—				1
KOSTURE Co., Ltd.		Electricity sales			5				1

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won				Sales and others
Company name		Transaction type		2022				2021
<Associates>
PlatformN. Co., Ltd.		Others		W	14				—
Muan Sunshine Solar Power Plant Co., Ltd.		Electricity sales			17				52
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales			151				—
12 Associates (Overseas)		Electricity sales			548,507				125,723
<Joint ventures>
Seobusambo highway photovoltaics Co., Ltd.		Electricity sales			3				—
Naepo Green Energy Co., Ltd.		Electricity sales			761				467
Cheongna Energy Co., Ltd.		Others			39,802				16,469
Dayone Energy Co., Ltd.		Service			7,761				8,159
Daegu Green Power Co., Ltd.		Electricity sales			1,190				1,053
Prime Swedish Holding AB		Electricity sales			284				—
KAPES, Inc.		Commission			450				413
Honam Wind Power Co., Ltd.		Electricity sales			242				71
Jeongam Wind Power Co., Ltd		Electricity sales and others			—				588
Korea Power Engineering Service Co., Ltd.		Service			268				339
Seokmun Energy Co., Ltd.		Service			1,685				1,701
Incheon New Power Co., Ltd.		Construction revenue			14				14
Chun-cheon Energy Co., Ltd.		Electricity sales			2,505				2,329
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales			1,898				1,836
Yeonggwang Wind Power Co., Ltd.		Electricity sales			871				818
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (*1)		Electricity sales			—				1,920
NH-Amundi Global Infrastructure Investment Private Investment Trust 21		Service			1,415				1,727
KW Nuclear Components Co., Ltd.		Service			1,624				2,598
KEPCO-Uhde Inc.		Electricity sales			12				10
Busan Shinho Solar Power Co., Ltd.		Electricity sales			502				376
Goheung New Energy Co., Ltd.		Electricity sales			141				—
Gunsan Land Solar Co., Ltd.		Electricity sales			518				—
Daesan Green Energy Co., Ltd.		Electricity sales			394				523
Cheong-Song Noraesan Wind Power Co., Ltd.		Electricity sales			698				30
Chungsongmeon BongSan wind power Co., Ltd.		Electricity sales			1				1
Saemangeum Solar Power Co., Ltd.		Service			100				1,141
Dangjin Eco Power Co., Ltd.		Electricity sales			32				32
Energyco Co., Ltd. (formerly, Energyco LLC)		Electricity sales			463				1
Hapcheon Floating Photovoltaic Power Plant Inc.		Electricity sales			544				—
Busan Industrial Solar Power Co., Ltd.		Electricity sales			14				9
Bitsolar Energy Co., Ltd.		Electricity sales			498				296
Omisan Wind Power Co., Ltd.		Electricity sales			1				1
Haemodum Solar Co., Ltd.		Electricity sales			42				6
Yeongam Solar Power Co., Ltd.		Electricity sales			379				339
Solaseado Solar Power Co., Ltd.		Electricity sales			1,851				2,890
Cheongju Eco Park Co., Ltd.		Electricity sales			204				—
Enel X Midland Photovoltaic, LLC		Electricity sales			12				—
Eumseong Eco Park Co., Ltd.		Electricity sales			2				—
Geumsungsan Wind Power Co., Ltd.		Electricity sales			7				—
37 Joint ventures (Overseas)		Electricity sales			606,421				773,291
<Others>
Korea Development Bank		Electricity sales			4,134				4,177
		Interest income			2,098				756

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:

<Purchase and Others>

In millions of won				Purchase and others
Company name		Transaction type		2022				2021
<Associates>
Dongducheon Dream Power Co., Ltd.		Electricity sales		W	2,244,332				750,148
Saemangeum Sebit Power Plant Co., Ltd.		Electricity sales			23,159				—
Korea Gas Corporation		Fuel purchase			11,996,402				5,646,713
Daegu Photovoltaic Co., Ltd.		Electricity sales			4,744				3,532
Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Electricity sales			563				393
Korea Electric Power Industrial Development Co., Ltd.		Service			251,468				241,925
Goseong Green Power Co., Ltd.		Electricity sales			1,905,502				987,540
Shin Pyeongtaek Power Co., Ltd.		Electricity sales			957,294				653,306
Noeul Green Energy Co., Ltd.		Electricity sales			14,176				10,014
Samcheok Eco Materials Co., Ltd.		Electricity sales			12,019				13,612
YTN Co., Ltd.		Electricity sales			304				388
Busan Green Energy Co., Ltd.		Electricity sales			26,219				18,996
Korea Electric Vehicle Charging Service		Electricity sales			—				393
Energy Infra Asset Management Co., Ltd.		Service			2,779				2,657
Yaksu ESS Co., Ltd.		Electricity sales			851				1,715
Gangwon Wind Power Co., Ltd.		Electricity sales			40,130				19,623
Goesan Solar park Co., Ltd.		Electricity sales			7,642				6,209
Korea Power Exchange		Service			93,817				86,716
Taebaek Wind Power Co., Ltd.		Service and REC			7,442				5,930
Taebaek Guinemi Wind Power Co., Ltd.		Electricity sales			6,793				5,910
Pyeongchang Wind Power Co., Ltd.		Design service and others			3,884				4,099
Daeryun Power Co., Ltd.		Electricity sales			428,534				157,234
Changjuk Wind Power Co., Ltd. (*)		Electricity sales			9,027				6,213
GS Donghae Electric Power Co., Ltd.		Electricity sales			1,035,263				760,377
KNH Solar Co., Ltd.		Electricity sales			4,348				3,222
S-Power Co., Ltd.		Service			1,091,741				608,530
PND solar Co., Ltd.		Electricity sales			6,173				5,502
Hyundai Eco Energy Co., Ltd.		Electricity sales			29,209				25,762
YeongGwang Yaksu Wind Electric Co., Ltd.		Electricity sales			7,382				11,729
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales			25,880				16,360
Korea Energy Solutions Co., Ltd.		Electricity sales			102				—
Green Energy Electricity Generation Co., Ltd.		Electricity sales			2,962				1,238
Namjeongsusang Solar Power Operation Co., Ltd.		Electricity sales			9,491				14,286
Bitgoel Eco Energy Co., Ltd.		Service and others			930				—
Jeju Gimnyeong Wind Power Co., Ltd.		Electricity sales			12,364				12,833
Seoroseoro Sunny Power Plant Co., Ltd.		REC and others			1,138				217
Muan Solar Park Co., Ltd.		REC and others			17,052				31,017
YuDang Solar Co., Ltd.		REC and others			1,915				3,495
Anjwa Smart Farm & Solar City Co., Ltd.		Electricity sales			16,942				24,601
Daewon Green Energy Co., Ltd.		Others			42,651				—
Saemangeum Heemang Photovoltaic Co., Ltd.		Electricity sales			1,039				—
G.GURU Co., Ltd.		Electricity sales			452				—
UD4M Co., Ltd.		Electricity sales			313				—
Dongbu Highway Solar Co., Ltd.		Electricity sales			3,516				2,605
Seobu Highway Solar Co., Ltd.		Electricity sales			3,452				2,936
Gwangbaek Solar Power Investment Co., Ltd.		Electricity sales			602				742
PlatformN. Co., Ltd.		Others			475				—
Muan Sunshine Solar Power Plant Co., Ltd.		Electricity sales			19,514				15,900
12 Associates (Overseas)		Electricity sales			101,790				502
<Joint ventures>
Seobusambo highway photovoltaics Co., Ltd.		Electricity sales			103				—
Cheongna Energy Co., Ltd.		Service			80				57
Dayone Energy Co., Ltd.		Service			13,872				5,409
Daegu Green Power Co., Ltd.		Electricity sales			508,601				289,052
KAPES, Inc.		Commission			9,306				64,140
Honam Wind Power Co., Ltd.		Electricity sales			7,662				4,807
Jeongam Wind Power Co., Ltd.		Electricity sales			—				3,145
Korea Power Engineering Service Co., Ltd.		Service			830				1,315

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(3) Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:

In millions of won				Purchase and others
Company name		Transaction type		2022				2021
<Joint ventures>
Seokmun Energy Co., Ltd.		Service		W	60,799				44,315
Chun-cheon Energy Co., Ltd.		Electricity sales			585,689				327,536
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales			13,990				9,471
Yeonggwang Wind Power Co., Ltd.		Electricity sales			31,221				21,004
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.)		Electricity sales			—				5,852
KW Nuclear Components Co., Ltd.		Service			9,504				96
Busan Shinho Solar Power Co., Ltd.		Electricity sales			5,556				7,895
Global Trade Of Power System Co., Ltd.		Service			715				323
Expressway Solar-light Power Generation Co., Ltd.		Electricity sales			4,016				3,146
Gunsan Land Solar Co., Ltd.		Electricity sales			533				—
Daesan Green Energy Co., Ltd.		Electricity sales			129,736				146,776
Cheong-Song Noraesan Wind Power Co., Ltd.		Electricity sales			980				—
Saemangeum Solar Power Co., Ltd.		Electricity sales			1				5
Dangjin Eco Power Co., Ltd.		Electricity sales			5,696				4,139
Energyco Co., Ltd.		Electricity sales			7,898				—
Hapcheon Floating Photovoltaic Power Plant Inc.		Service and REC			2,526				—
Busan Industrial Solar Power Co., Ltd.		Electricity sales			4,575				2,815
Bitsolar Energy Co., Ltd.		Electricity sales			13,030				5,703
Omisan Wind Power Co., Ltd.		Electricity sales			—				7
Haemodum Solar Co., Ltd.		Electricity sales			2,168				1,625
Yeongam Solar Power Co., Ltd.		Electricity sales			44,745				47,805
Samsu Wind Power Co., Ltd.		Electricity sales			10,605				2,800
Solaseado Solar Power Co., Ltd.		Electricity sales			28,698				31,031
Cheongju Eco Park Co., Ltd.		Electricity sales			28,150				—
Enel X Midland Photovoltaic, LLC		Electricity sales			1,871				—
37 Joint ventures (Overseas)		Electricity sales			16,859				54,135
<Others>
Korea Development Bank		Interest expense			4,208				2,756
		Dividends paid			12				256,862

(*1) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.

(*2) The Group has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows:

In millions of won				Receivables								Payables
Company name		Type		2022				2021				2022				2021
<Associates>
Dongducheon Dream Power Co., Ltd.		Trade receivables		W	592				6,282				—				—
		Non-trade receivables and others			270				493				—				—
		Trade payables			—				—				293,256				114,613
Saemangeum Sebit Power Plant Co., Ltd.		Non-trade receivables and others			653				—				—				—
Korea Gas Corporation (*1)		Trade receivables			12,415				10,015				—				—
		Non-trade receivables and others			54,232				187				—				—
		Trade payables			—				—				1,882,607				800,509
		Non-trade payables and others			—				—				1,294				759
Daejung Offshore Wind Power Co., Ltd.		Non-trade receivables and others			123				77				—				—
Daegu Photovoltaic Co., Ltd.		Trade payables			—				—				135				115
		Non-trade payables and others			—				—				2				—
Korea Electric Power Industrial Development Co., Ltd.		Trade receivables			164				269				—				—
		Non-trade receivables and others			2				15				—				—
		Trade payables			—				—				150				873
		Non-trade payables and others			—				—				9,588				5,880
Goseong Green Power Co., Ltd.		Trade receivables			76,254				495				—				—
		Non-trade receivables and others			14				76,855				—				—
		Trade payables			—				—				182,095				218,627
		Non-trade payables and others			—				—				52,515				59,987
Gangneung Eco Power Co., Ltd.		Trade receivables			19,364				826				—				—
		Non-trade receivables and others			478				465				—				—
		Non-trade payables and others			—				—				94				97
Shin Pyeongtaek Power Co., Ltd.		Trade receivables			7,375				1,788				—				—
		Non-trade receivables and others			1,068				3,116				—				—
		Trade payables			—				—				109,274				79,828
		Non-trade payables and others			—				—				101				99
Noeul Green Energy Co., Ltd.		Trade receivables			3				3				—				—
		Non-trade receivables and others			9,365				1,169				—				—
		Non-trade payables and others			—				—				2,468				—
Samcheok Eco Materials Co., Ltd.		Trade receivables			46				52				—				—
YTN Co., Ltd.		Trade receivables			112				99				—				—
Busan Green Energy Co., Ltd.		Trade receivables			1				1				—				—
		Non-trade receivables and others			26,681				20,658				—				—
		Non-trade payables and others			—				—				4,415				—
Gunsan Bio Energy Co., Ltd.		Non-trade receivables and others			11,728				11,728				—				—
Korea Electric Vehicle Charging Service (*4)		Trade receivables			—				193				—				—
		Non-trade receivables and others			—				120				—				—
Yaksu ESS Co., Ltd.		Trade payables			—				—				—				1,374
Gangwon Wind Power Co., Ltd.		Trade receivables			6				8				—				—
		Trade payables			—				—				5,197				4,293
Gwangyang Green Energy Co., Ltd.		Non-trade receivables and others			1,436				532				—				—
Bigeum Resident Photovoltaic Power Co., Ltd.		Trade receivables			343				922				—				—
		Non-trade receivables and others			516				—				—				—
Goesan Solar park Co., Ltd.		Trade payables			—				—				346				73
Hyundai Green Power Co., Ltd.		Trade receivables			839				229				—				—
Korea Power Exchange		Trade receivables			223				627				—				—
		Non-trade receivables and others			—				1,300				—				—
		Non-trade payables and others			—				—				2,405				2,189
Taebaek Wind Power Co., Ltd.		Trade payables			—				—				680				560
		Non-trade payables and others			—				—				178				262
Taebaek Guinemi Wind Power Co., Ltd.		Trade payables			—				—				885				670
Pyeongchang Wind Power Co., Ltd.		Trade receivables			3				4				—				—
		Non-trade payables and others			—				—				211				—
Daeryun Power Co., Ltd.		Trade receivables			195				213				—				—
		Trade payables			—				—				55,725				21,362
Changjuk Wind Power Co., Ltd. (*3)		Trade payables			—				—				—				724
		Non-trade payables and others			—				—				—				295

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:

In millions of won				Receivables								Payables
Company name		Type		2022				2021				2022				2021
<Associates>
GS Donghae Electric Power Co., Ltd. (*2)		Trade receivables		W	872				383				—				—
		Non-trade receivables and others			1,558				272				—				—
		Trade payables			—				—				72,947				113,529
		Non-trade payables and others			—				—				14,565				17
KNH Solar Co., Ltd.		Trade receivables			1				1				—				—
S-Power Co., Ltd.		Trade receivables			77				82				—				—
		Non-trade receivables and others			44				48				—				—
		Trade payables			—				—				135,504				91,277
		Non-trade payables and others			—				—				11				—
PND solar Co., Ltd.		Trade payables			—				—				210				—
Hyundai Eco Energy Co., Ltd.		Trade receivables			22				19				—				—
		Trade payables			—				—				738				732
YeongGwang Yaksu Wind Electric Co., Ltd.		Trade receivables			7				6				—				—
		Trade payables			—				—				589				—
		Non-trade payables and others			—				—				2,050				—
Taebaek Gadeoksan Wind Power Co., Ltd.		Non-trade receivables and others			97				119				—				—
		Trade payables			—				—				12,739				8,397
		Non-trade payables and others			—				—				5				1,571
Korea Energy Solutions Co., Ltd.		Non-trade payables and others			—				—				94				—
Namjeongsusang Solar Power Operation Co., Ltd.		Trade receivables			2				—				—				—
Bitgoel Eco Energy Co., Ltd.		Non-trade receivables and others			6				27				—				—
		Non-trade payables and others			—				—				1,023				—
Jeju Gimnyeong Wind Power Co., Ltd.		Non-trade receivables and others			130				—				—				—
		Trade payables			—				—				1,758				885
Muan Solar park Co., Ltd.		Trade receivables			25				—				—				—
		Non-trade receivables and others			9				23				—				—
Anjwa Smart Farm & Solar City Co., Ltd.		Non-trade payables and others			—				—				921				—
Daewon Green Energy Co., Ltd.		Trade receivables			1				—				—				—
		Non-trade receivables and others			—				94				—				—
		Trade payables			—				—				5,485				—
Saemangeum Heemang Photovoltaic Co., Ltd.		Non-trade receivables and others			3,435				—				—				—
		Non-trade payables and others			—				—				1				—
Dongbu Highway Solar Co., Ltd.		Trade receivables			1				1				—				—
		Trade payables			—				—				2				98
		Non-trade payables and others			—				—				2				90
Seobu Highway Solar Co., Ltd.		Trade receivables			1				—				—				—
		Trade payables			—				—				8				177
		Non-trade payables and others			—				—				3				105
Gwangbaek Solar Power Investment Co., Ltd.		Non-trade payables and others			—				—				61				—
Suwon New Power Co., Ltd.		Non-trade receivables and others			1,280				1,198				—				—
Tronix Co., Ltd.		Non-trade receivables and others			1				—				—				—
KOSTURE Co., Ltd.		Trade receivables			6				1				—				—
Muan Sunshine Solar Power Plant Co., Ltd.		Trade payables			—				—				3,076				1,748
		Non-trade payables and others			—				—				1,265				—
PlatformN. Co., Ltd.		Non-trade payables and others			—				—				232				—
8 Associates (Overseas)		Trade receivables			93				—				—				—
		Non-trade receivables and others			49,409				3,196				—				—
		Non-trade payables and others			—				—				502				502

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:

In millions of won				Receivables								Payables
Company name		Type		2022				2021				2022				2021
<Joint ventures>
Naepo Green Energy Co., Ltd.		Trade receivables		W	169				42				—				—
		Non-trade payables and others			—				—				3				—
Dayone Energy Co., Ltd.		Trade receivables			79				52				—				—
		Non-trade receivables and others			10,218				13,297				—				—
		Trade payables			—				—				1,027				1,009
		Non-trade payables and others			—				—				9,119				11,306
Daegu Green Power Co., Ltd.		Trade receivables			53				71				—				—
		Non-trade receivables and others			56				55				—				—
		Trade payables			—				—				66,715				35,766
KAPES, Inc.		Trade receivables			2				2				—				—
		Non-trade payables and others			—				—				106				2,121
Honam Wind Power Co., Ltd.		Trade payables			—				—				515				575
Korea Power Engineering Service Co., Ltd.		Non-trade receivables and others			47				48				—				—
		Non-trade payables and others			—				—				77				—
Seokmun Energy Co., Ltd.		Trade receivables			67				34				—				—
		Non-trade receivables and others			113				149				—				—
		Trade payables			—				—				7,000				7,941
Chun-cheon Energy Co., Ltd.		Trade receivables			124				126				—				—
		Non-trade receivables and others			165				167				—				—
		Trade payables			—				—				79,117				41,410
Yeonggwangbaeksu Wind Power Co., Ltd.		Trade receivables			8				6				—				—
		Non-trade receivables and others			166				53				—				—
		Trade payables			—				—				1,076				1,099
Cheongna Energy Co., Ltd.		Trade receivables			17,324				4,164				—				—
		Non-trade receivables and others			1,654				1,350				—				—
		Non-trade payables and others			—				—				1				1
Yeonggwang Wind Power Co., Ltd.		Trade receivables			12				10				—				—
		Non-trade receivables and others			62				59				—				—
		Trade payables			—				—				2,251				730
Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (*3)		Trade receivables			—				5				—				—
KW Nuclear Components Co., Ltd.		Trade receivables			4				—				—				—
		Non-trade receivables and others			18				—				—				—
KEPCO-Uhde Inc.		Non-trade payables and others			—				—				10				10
Busan Shinho Solar Power Co., Ltd.		Trade receivables			3				2				—				—
		Trade payables			—				—				304				281
Global Trade Of Power System Co., Ltd.		Non-trade payables and others			—				—				—				7
Expressway Solar-light Power Generation Co., Ltd.		Trade payables			—				—				166				102
Gunsan Land Solar Co., Ltd.		Non-trade receivables and others			138				—				—				—
Daesan Green Energy Co., Ltd.		Trade receivables			18				11				—				—
		Non-trade receivables and others			218				120				—				—
		Trade payables			—				—				—				5,120
Cheong-Song Noraesan Wind Power Co., Ltd.		Trade receivables			2				2				—				—
Saemangeum Solar Power Co., Ltd.		Non-trade receivables and others			4,368				4,268				—				—
Dangjin Eco Power Co., Ltd.		Trade receivables			3				3				—				—
		Trade payables			—				—				222				276
		Non-trade payables and others			—				—				105				—

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(4) Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:

In millions of won				Receivables								Payables
Company name		Type		2022				2021				2022				2021
<Joint ventures>
Hapcheon Floating Photovoltaic Power Plant Inc.		Trade receivables		W	9				—				—				—
Busan Industrial Solar Power Co., Ltd.		Trade receivables			2				1				—				—
		Trade payables			—				—				—				54
		Non-trade receivables and others			—				—				—				24
Bitsolar Energy Co., Ltd.		Non-trade receivables and others			222				7				—				—
		Trade payables			—				—				201				—
		Non-trade payables and others			—				—				—				54
Haemodum Solar Co., Ltd.		Trade receivables			1				1				—				—
Yeongam Solar Power Co., Ltd.		Trade receivables			44				29				—				—
		Trade payables			—				—				3,655				3,324
Samsu Wind Power Co., Ltd.		Trade payables			—				—				1,303				1,300
Solaseado Solar Power Co., Ltd.		Non-trade receivables and others			23				—				—				—
Cheongju Eco Park Co., Ltd.		Trade payables			—				—				7,994				—
		Non-trade payables and others			—				—				2,911				—
Enel X Midland Photovoltaic, LLC		Trade receivables			1				—				—				—
		Trade payables			—				—				3				—
Geumsungsan Wind Power Co., Ltd.		Trade receivables			3				—				—				—
		Non-trade payables and others			—				—				1				—
22 Joint ventures (Overseas)		Trade receivables			73,805				84,150				—				—
		Non-trade receivables and others			71,661				26,060				—				—
		Non-trade payables and others			—				—				117,754				22,050
<Others>
Korea Development Bank		Accrued interest income			5				154				—				—
		Non-trade receivables and others			30,836				420,732				—				—
		Non-trade payables and others			—				—				101				21,172
		Derivatives			67,662				59,139				3,759				—

(*1) The balance due to the fuel swap with Korea Midland Power Co., Ltd. is included. The total transaction amount is W514,405 million on loans and W460,903 million on bororrowings.

(*2) The balance due to the fuel swap with Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd. is included. The total transaction amount is W5,590 million on loans and W20,113 million on bororrowings.

(*3) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.

(*4) The Group has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(5) Loans and others arising from related party transactions as of December 31, 2022 and 2021 are as follows:

In millions of won
Type		Company name		Beginning balance				Loans				Collection				Others				Ending balance
Associates		KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.		W	29,481				104				—				1,888				31,473
		(Allowance for doubtful accounts)			(8,241	)			—				—				(2,510	)			(10,751	)
Associates		Nepal Water & Energy Development Company Private Limited			—				19,914				—				—				19,914
Associates		Xe-Pian Xe-Namnoy Power Co., Ltd.			21,456				—				—				1,480				22,936
Associates		PT Wampu Electric Power			13,000				—				(5,233	)			1,404				9,171
Associates		PT Cirebon Energi Prasarana			—				28,100				—				1,469				29,569
Associates		Gunsan Bio Energy Co., Ltd.			12,396				—				—				—				12,396
		(Allowance for doubtful accounts)			(12,396	)			—				—				—				(12,396	)
Associates		Bigeum Resident Photovoltaic Power Co., Ltd.			11,212				—				—				—				11,212
Associates		Daejung Offshore Wind Power Co., Ltd.			1,000				—				—				—				1,000
Associates		Bitgoel Eco Energy Co., Ltd.			19,349				16,151				(710	)			—				34,790
Associates		Saemangeum Sebit Power Plant Co., Ltd			—				37,249				—				—				37,249
Joint ventures		Solaseado Solar Power Co., Ltd.			35,000				—				—				—				35,000
Joint ventures		Recursos Solares PV de Mexico II, S.A. de C.V.			6,134				1,899				—				424				8,457
Joint ventures		Horus Solar, S.A. de C.V.			16,514				1,695				—				1,078				19,287
Joint ventures		Sunmex Renovables, S.A. de C.V.			13,571				1,913				—				899				16,383
Joint ventures		Kelar S.A.			43,167				—				—				798				43,965
Joint ventures		DE Energia SpA			6,791				—				—				469				7,260
Joint ventures		Daehan Wind Power PSC			13,674				—				—				944				14,618
Joint ventures		PT. Tanjung Power Indonesia			1,090				—				(1,114	)			24				—
Joint ventures		Bitsolar Energy Co., Ltd.			3,165				—				—				—				3,165
Joint ventures		Daesan Green Energy Co., Ltd.			—				3,514				—				—				3,514
Joint ventures		Nghi Son 2 Power LLC			—				185,306				—				1,429				186,735
Joint ventures		Pulau Indah Power Plant Sdn. Bhd.			—				10,475				—				(268	)			10,207
Joint ventures		Guadalupe Solar SpA			3,360				—				(253	)			237				3,344
Joint ventures		Foresight Iberian Solar Group Holding, S.L.			59,333				—				—				1,969				61,302
Joint ventures		Capman Lynx SCA, SICAR			29,770				—				—				1,858				31,628
		(Allowance for doubtful accounts)			—				(4,467	)			—				—				(4,467	)
Joint ventures		S-Power Chile SpA			—				253				—				—				253
				W	318,826				302,106				(7,310	)			13,592				627,214

(6) Borrowings arising from related party transactions as of December 31, 2022 and 2021 are as follows:

In millions of won
Related parties		Type		Beginning balance				Borrowings				Repayment				Others				Ending balance
Korea Development Bank		Facility		W	98,020				61,092				(64,875	)			2,347				96,584
		Others			2,509				—				(376	)			—				2,133
		Operating funds			184,300				164,252				(285,961	)			(158	)			62,433
		Syndicated Loan			14,530				—				(1,040	)			(1,035	)			12,455
		EBL and others			53,965				76,878				(85,010	)			3,059				48,892
				W	353,324				302,222				(437,262	)			4,213				222,497

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2022 are as follows:

In millions of won and thousands of foreign currencies
Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Electric Power Corporation		Shuweihat Asia Operation & Maintenance Company		Performance guarantees			USD 11,000			Shuweihat Asia Power Investment B.V.
Korea Electric Power Corporation		Rabigh Operation & Maintenance Company Limited		Performance guarantees and others			USD 1,387			Rabigh Electricity Company
Korea Electric Power Corporation		Nghi Son 2 Power LLC		Performance guarantees			USD 70,000			SMBC Ho Chi Minh and others
Korea Electric Power Corporation		Barakah One Company		Debt guarantees			USD 1,223,355			Export-Import Bank of Korea and others
				Performance guarantees and others			USD 4,197,287
Korea Electric Power Corporation		RE Holiday Holdings LLC		Performance guarantees (*9)			USD 222,077			EFS Renewables Holdings, LLC, CA-CIB and others
Korea Electric Power Corporation		RE Pioneer Holdings LLC		Performance guarantees			USD 106,873			EFS Renewables Holdings, LLC
Korea Electric Power Corporation		RE Barren Ridge 1 Holdings LLC		Performance guarantees (*9)			USD 68,838			Firstar Development, LLC
Korea Electric Power Corporation		Rabigh Electricity Company		Performance guarantees			SAR 1,509			Hana Bank
Korea Electric Power Corporation		Shuweihat Asia Power Investment B.V.		Performance guarantees			USD 100,000			ING Bank
Korea Electric Power Corporation		Amman Asia Electric Power Company		Performance guarantees			USD 16,800			Shinhan Bank
Korea Electric Power Corporation		Horus Solar, S.A. de C.V.		Other performance guarantees			MXN 16,413			CENACE and others
Korea Electric Power Corporation		Recursos Solares PV de Mexico II, S.A. de C.V.		Other performance guarantees			MXN 1,518			SEMARNAT
							USD 393			CFE Transmission
Korea Electric Power Corporation		Sunmex Renovables, S.A. de C.V.		Other performance guarantees			USD 9,078			CENACE
							MXN 3,666			SEMARNAT
Korea Electric Power Corporation		International Offshore Power Transmission Holding Company Limited		Performance guarantees			USD 150,000			Mizuho Bank
				Other performance guarantees			USD 7,000			Credit Agricole
Korea Electric Power Corporation		Pulau Indah Power Plant Sdn. Bhd. (*11)		Collateralized money invested			KRW 13,210			Malaysian Trustee Berhad
Korea Western Power Co., Ltd.		Cheongna Energy Co., Ltd.		Collateralized money invested			KRW 10,758			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd.		Xe-Pian Xe-Namnoy Power Co., Ltd.		Collateralized money invested			KRW 115,584			Krung Thai Bank
				Impounding bonus guarantees			USD 5,000			SK E&C
Korea Western Power Co., Ltd.		Rabigh Operation & Maintenance Company Limited		Performance guarantees and others			SAR 11,200			National Bank of Kuwait
Korea Western Power Co., Ltd.		Daegu Photovoltaic Co., Ltd.		Collateralized money invested			KRW 2,849			Korea Development Bank
Korea Western Power Co., Ltd.		Dongducheon Dream Power Co., Ltd.		Collateralized money invested (*5)			KRW 52,476			Kookmin Bank and others
				Debt guarantees			KRW 20,300			BNK Securities
Korea Western Power Co., Ltd.		PT. Mutiara Jawa		Collateralized money invested			KRW 3,597			Woori Bank
Korea Western Power Co., Ltd.		Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Collateralized money invested			KRW 278			Nonghyup Bank
Korea Western Power Co., Ltd.		Shin Pyeongtaek Power Co., Ltd.		Collateralized money invested			KRW 133,823			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd.		Haemodum Solar Co., Ltd.		Collateralized money invested			KRW 3,367			Nonghyup Bank
Korea Western Power Co., Ltd.		Muan Solar Park Co., Ltd.		Collateralized money invested			KRW 7,838			IBK and others
Korea Western Power Co., Ltd.		Anjwa Smart Farm & Solar City Co., Ltd.		Collateralized money invested			KRW 8,662			Hana Bank and others
Korea Western Power Co., Ltd.		Seoroseoro Sunny Power Plant Co., Ltd.		Collateralized money invested			KRW 859			Hana Bank and others
Korea Western Power Co., Ltd.		YuDang Solar Co., Ltd.		Collateralized money invested			KRW 586			Hana Bank and others
				Guarantees for supplemental funding (*1)			—

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea Western Power Co., Ltd.		Hapcheon Floating Photovoltaic Power Plant Inc.		Collateralized money invested			KRW 8,471			Nonghyup Bank and others
Korea Western Power Co., Ltd.		Yeongwol Eco Wind Co., Ltd.		Collateralized money invested			KRW 3,155			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd.		Gurae Resident Power Co., Ltd.		Collateralized money invested			KRW 391			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd		Gunsan Land Solar Co., Ltd.		Collateralized money invested			KRW 27,544			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd		Seobusambo highway photovoltaics Co., Ltd.		Collateralized money invested			KRW 3,067			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd		Eumseong Eco Park Co., Ltd.		Collateralized money invested			KRW 5,557			Kyobo Life Insurance Co., Ltd. and others
				Guarantees for supplemental funding (*1)			—
Korea Western Power Co., Ltd		PungBack Wind Farm Corporation		Collateralized money invested			KRW 6,743			Hanwha Life Insurance Co., Ltd and others
Korea East-West Power Co., Ltd.		Busan Shinho Solar Power Co., Ltd.		Collateralized money invested			KRW 6,719			Korea Development Bank and others
Korea East-West Power Co., Ltd.		Seokmun Energy Co., Ltd.		Collateralized money invested			KRW 17,336			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Chun-cheon Energy Co., Ltd.		Collateralized money invested			KRW 32,044			Kookmin Bank and others
				Guarantees for supplemental funding (*1)			KRW 90,800
Korea East-West Power Co., Ltd.		Honam Wind Power Co., Ltd.		Collateralized money invested			KRW 4,819			Shinhan Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		GS Donghae Electric Power Co., Ltd.		Collateralized money invested			KRW 260,145			Korea Development Bank and others
Korea East-West Power Co., Ltd.		Yeonggwangbaeksu Wind Power Co., Ltd.		Collateralized money invested			KRW 3,151			Kookmin Bank and others
Korea East-West Power Co., Ltd.		Yeonggwang Wind Power Co., Ltd.		Collateralized money invested			KRW 20,713			KDB Capital Corporation and others
Korea East-West Power Co., Ltd.		Daesan Green Energy Co., Ltd.		Collateralized money invested			KRW 19,218			Korea Development Bank
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Taebaek Gadeoksan Wind Power Co., Ltd.		Collateralized money invested			KRW 20,040			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		PT. Tanjung Power Indonesia		Other guarantees			USD 3,150			PT. Adaro Indonesia
				Guarantees for supplemental funding (*1)			—			Sumitomo mitsui banking and others
				Collateralized money invested			KRW 92,907			MUFG and others
Korea East-West Power Co., Ltd.		South Jamaica Power Company Limited		Performance guarantees			USD 14,400			Credit Agricole Corporate & Investment Bank Seoul and others
				Collateralized money invested			KRW 46,437			JCSD Trustee Services Limited and others
Korea East-West Power Co., Ltd.		DE Energia SpA		Collateralized money invested			KRW 9,536			Mirae Asset Daewoo Co., Ltd. and others
				Collateralized loans			USD 5,728
				Payment guarantees (*7)			USD 943			Hana Bank
Korea East-West Power Co., Ltd.		Bitsolar Energy Co., Ltd.		Collateralized money invested			KRW 352			Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.		Cheongju Eco Park Co., Ltd.		Collateralized money invested			KRW 10,490			Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.		Busan Industrial Solar Power Co., Ltd.		Collateralized money invested			KRW 1,168			Shinhan Bank and others
				Guarantees for supplemental funding (*1)			—

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor		Principal obligor		Type of guarantees		Credit limit				Creditor
Korea East-West Power Co., Ltd.		Yangyang Wind Power Co., Ltd.		Collateralized money invested			KRW 10,864			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Daewon Green Energy Co., Ltd.		Collateralized money invested			KRW 4,485			Hana Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Goheung New Energy Co., Ltd.		Collateralized money invested			KRW 3,615			Woori Bank and others
				Guarantees for supplemental funding (*1)			—
Korea East-West Power Co., Ltd.		Seungmun Green Energy		Collateralized money invested			KRW 9,055			Hana Bank and others
Korea Southern Power Co., Ltd.		KNH Solar Co., Ltd.		Collateralized money invested			KRW 2,883			Shinhan Bank and others
				Performance guarantees and guarantees for supplemental funding (*1)			—
Korea Southern Power Co., Ltd.		Daeryun Power Co., Ltd.		Collateralized money invested			KRW 26,727			Korea Development Bank and others
Korea Southern Power Co., Ltd.		Daegu Green Power Co., Ltd.		Collateralized money invested			KRW 29,360			Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Kelar S.A.		Performance guarantees			USD 54,282			Hana Bank, MUFG
Korea Southern Power Co., Ltd.		Daehan Wind Power PSC		Performance guarantees			USD 1,800			Shinhan Bank
				Payment guarantees (*6)			USD 1,900			Hana Bank
				Collateralized money invested			KRW 13,923			Standard Chartered
Korea Southern Power Co., Ltd.		Pyeongchang Wind Power Co., Ltd.		Collateralized money invested			KRW 14,464			Woori Bank and Shinhan Bank and others
				Performance guarantees			—
Korea Southern Power Co., Ltd.		Taebaek Guinemi Wind Power Co., Ltd.		Collateralized money invested			KRW 13,049			IBK
Korea Southern Power Co., Ltd.		Samcheok Eco Materials Co., Ltd.		Payment guarantees (*2)			—			SEM Investment Co., Ltd.
Korea Southern Power Co., Ltd.		Solaseado Solar Power Co., Ltd.		Collateralized money invested			KRW 12,088			Kookmin Bank and others
Korea Southern Power Co., Ltd.		Naepo Green Energy Co., Ltd.		Collateralized money invested (8)			—			IBK and others
				Guarantees for supplemental funding (*1)			KRW 30,000
				Guarantees for other supplemental funding and performance guarantees (*1)			—
Korea Southern Power Co., Ltd.		Omisan Wind Power Co., Ltd.		Collateralized money invested			KRW 10,411			Shinhan Bank and others
				Guarantees for supplemental funding and performance guarantees (*1)			—
Korea Southern Power Co., Ltd.		Geumsungsan Wind Power Co., Ltd.		Collateralized money invested			KRW 3,493			Kookmin Bank
				Guarantees for supplemental funding (*1)			—
KOSPO Chile SpA		Kelar S.A.		Collateralized money invested			KRW 117,137			Export-Import Bank of Korea and others
KOSPO Chile SpA		Chester Solar I SpA		Collateralized money invested			KRW 1,314			IBK
KOSPO Chile SpA		Chester Solar IV SpA		Collateralized money invested			KRW 181			IBK
KOSPO Chile SpA		Chester Solar V SpA		Collateralized money invested			KRW 156			IBK
KOSPO Chile SpA		Diego de Almagro Solar SpA		Collateralized money invested			KRW 540			IBK
KOSPO Chile SpA		Laurel SpA		Collateralized money invested			KRW 554			IBK
Korea Midland Power Co., Ltd.		YeongGwang Yaksu Wind Electric Co., Ltd.		Collateralized money invested			KRW 156			IBK and others
Korea Midland Power Co., Ltd.		Hyundai Green Power Co., Ltd.		Collateralized money invested			KRW 119,791			Korea Development Bank and others
Korea Midland Power Co., Ltd.		PT. Cirebon Electric Power		Debt guarantees			USD 4,785			Mizuho Bank
Korea Midland Power Co., Ltd.		PT Wampu Electric Power		Debt guarantees			USD 4,401			SMBC
Korea Midland Power Co., Ltd.		Green Energy Electricity Generation Co., Ltd.		Collateralized money invested			KRW 1,571			IBK
				Guarantees for supplemental funding and others (*1)			—			IBK and others
Korea Midland Power Co., Ltd.		Yaksu ESS Co., Ltd.		Collateralized money invested			KRW 486			IBK

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2022 are as follows, continued:

In millions of won and thousands of foreign currencies
Primary guarantor		Principal obligor		Type of guarantees		Credit limit		Creditor
Korea Midland Power Co., Ltd.		Namjeongsusang Solar Power Operation Co., Ltd.		Collateralized money invested		KRW 373		IBK
Korea Midland Power Co., Ltd.		Gwangbaek Solar Power Investment Co., Ltd.		Collateralized money invested		KRW 5,133		Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.		Muan Sunshine Solar Power Plant Co., Ltd.		Collateralized money invested		KRW 2,562		IBK
Korea Midland Power Co., Ltd.		Goesan Solar park Co., Ltd.		Collateralized money invested		KRW 2,591		IBK
Korea Midland Power Co., Ltd.		Bitgoel Eco Energy Co., Ltd.		Collateralized money invested		KRW 5,292		IBK and others
				Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.		Energyco Co., Ltd.		Collateralized money invested Debt guarantees		KRW 2,190 KRW 2,746		Nonghyup Bank Shinhan Bank
Korea Midland Power Co., Ltd.		Jeju Gimnyeong Wind Power Co., Ltd.		Collateralized money invested		KRW 872		Nonghyup Bank
Korea Midland Power Co., Ltd.		Dongbu Highway Solar Co., Ltd.		Collateralized money invested		KRW 352		Nonghyup Bank
Korea Midland Power Co., Ltd.		Seobu Highway Solar Co., Ltd.		Collateralized money invested		KRW 316		Nonghyup Bank
Korea Midland Power Co., Ltd.		Yeongyang Wind Power Corporation II		Collateralized money invested		KRW 7,461		Korea Development Bank and Samsung Fire & Marine Insurance Co., Ltd.
Korea Midland Power Co., Ltd.		Haeparang Energy Co., Ltd.		Collateralized money invested Guarantees for supplemental funding		KRW 2,188 —		Templeton hana asset management Co. Ltd
Korea South-East Power Co., Ltd.		Dayone Energy Co., Ltd.		Collateralized money invested (*3)		—		IBK
				Guarantees for supplemental funding and others (*1,4)		KRW 76,800		NH investment & securities Co., Ltd. and others
Korea South-East Power Co., Ltd.		RES Technology AD		Collateralized money invested		KRW 15,133		UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		ASM-BG Investicii AD		Collateralized money invested		KRW 14,555		UniCredit Bulbank and others
Korea South-East Power Co., Ltd.		Expressway Solar-light Power Generation Co., Ltd.		Guarantees for supplemental funding and others		KRW 4,754		Woori Bank
Korea South-East Power Co., Ltd.		Goseong Green Power Co., Ltd.		Collateralized money invested		KRW 288,893		Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Gangneung Eco Power Co., Ltd.		Collateralized money invested		—		Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		PND Solar Co., Ltd.		Collateralized money invested		KRW 1,403		IBK
Korea South-East Power Co., Ltd.		Hyundai Eco Energy Co., Ltd.		Collateralized money invested		KRW 7,631		Samsung Life Insurance and others
Korea South-East Power Co., Ltd.		Jaeun Resident Wind Power Plant Co., Ltd.		Collateralized money invested		KRW 2,236		IBK
Korea South-East Power Co., Ltd.		Chungsongmeon BongSan wind power Co., Ltd.		Collateralized money invested		KRW 3,470		Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.		Yeongam Solar Power Co., Ltd.		Collateralized money invested		KRW 9,879		Kookmin Bank and others
Korea South-East Power Co., Ltd.		Samsu Wind Power Co., Ltd.		Collateralized money invested		KRW 3,205		Shinhan Bank and others
Korea South-East Power Co., Ltd.		Saemangeum Heemang Photovoltaic Co., Ltd.		Collateralized money invested		KRW 13,010		Woori Bank and others
Korea South-East Power Co., Ltd.		Nepal Water & Energy Development Company Private Limited		Collateralized money invested		USD 97,105		International Finance Corporation and others
				Business reserve payment guarantee		USD 33,333
Korea Hydro & Nuclear Power Co., Ltd.		Noeul Green Energy Co., Ltd.		Collateralized money invested		—		Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Busan Green Energy Co., Ltd.		Collateralized money invested		KRW 4,396		Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Go deok Clean Energy Co., Ltd.		Collateralized money invested		KRW 4,419		Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Cheong-Song Noraesan Wind Power Co., Ltd.		Collateralized money invested		KRW 4,264		Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gwangyang Green Energy Co., Ltd.		Collateralized money invested		KRW 25,043		Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Gangneung Sacheon Fuel Cell Co., Ltd.		Collateralized money invested		KRW 4,276		Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Chun-cheon Green Energy Co., Ltd.		Collateralized money invested		KRW 9,156		Hana Bank and others

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(7) Guarantees provided to related parties as of December 31, 2022 are as follows, continued:

(*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2) Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of December 31, 2022, the Group has recognized derivative liabilities of W6,760 million related to the guarantee. Meanwhile, the Group is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.

(*3) The Group recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4) Pursuant to the guarantee agreement, the Group recognized other provisions of W7,230 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.

(*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(*6) The Group provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).

(*7) This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Group.

(*8) The Group recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W29,200 million.

(*9) The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10) Saemangeum Sebit Power Plant Co., Ltd., the group’s related party as of December 31, 2022, is raising a fund from Kookmin bank and others amounting to KRW 99.9 billion (remaining balance as of December 31, 2022 is KRW 36.5 billion) through project financing commitment. The group is going to provide the lender a guarantee up to KRW 63.4 billion in the commitment except for KRW 36.5 billion which is a senior loan, as shares of Saemangeum Sebit Power Plant Co., Ltd. owned by the group at the time of fund raising.

(*11) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2022.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

47. Related Parties, Continued

(8) Guarantees received from related parties as of December 31, 2022 are as follows:

Primary Guarantor		Type of guarantees		Credit limit
KAPES, Inc.		Performance guarantees		W	17,225
		Defect guarantees			2,533

(9) Derivatives transactions with related parties as of December 31, 2022 are as follows:

(i) Currency Swap

In millions of won and thousands of foreign currencies except contract exchange rate information
Counterparty		Contract year				Contract amounts								Contract interest rate per annum								Contract exchange rate (in won)
						Pay				Receive				Pay				Receive
Korea Development Bank			2019~2024			W	177,600				USD 150,000				1.24	%			2.50	%		W	1,184.00
			2020~2025				241,320				USD 200,000				0.54	%			1.13	%			1,206.60
			2021~2026				118,170				USD 100,000				1.11	%			1.13	%			1,181.70
			2015~2025				111,190				USD 100,000				2.62	%			3.25	%			1,111.90
			2017~2027				111,610				USD 100,000				2.31	%			3.13	%			1,116.10
			2018~2028				108,600				HKD 800,000				2.69	%			3.35	%			135.75
			2018~2023				170,280				USD 150,000				2.15	%			3.75	%			1,135.20
			2019~2027				119,978				CHF 100,000				1.43	%			0.05	%			1,199.78
			2021~2026				111,400				USD 100,000				0.93	%			1.25	%			1,114.00
			2022~2027				262,000				USD 200,000				3.63	%			4.25	%			1,310.00
			2020~2026				118,910				USD 100,000				0.61	%			1.00	%			1,189.10
			2021~2026				114,230				USD 100,000				1.27	%			1.25	%			1,142.30
			2022~2027				123,710				USD 100,000				3.41	%			3.63	%			1,237.10
			2018~2023				320,880				USD 300,000				2.03	%			3.75	%			1,069.60
			2022~2025				128,560				USD 100,000				3.37	%			4.13	%			1,285.60
			2018~2023				169,335				USD 150,000				2.26	%			3.88	%			1,128.90
			2020~2025				122,780				USD 100,000				0.93	%			1.75	%			1,227.80
			2022~2025				252,360				USD 200,000				2.83	%			3.60	%			1,261.80

(ii) Currency forward

In millions of won and thousands of USD

Counterparty

Contract date

Maturity date

Contract amounts

Contract exchange rate (in won)

Pay

Receive

Korea Development Bank

2022.12.19

2023.01.26

W

26,010

USD 20,000

W

1,300.50

(10) The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Group recorded salaries and other compensations related to the key management personnel as follows:

In millions of won
Type		2022				2021
Salaries		W	1,026				1,272
Retirement benefits			58				21
		W	1,084				1,293

Primary Guarantor		Type of guarantees		Credit limit
KAPES, Inc.		Performance guarantees		W	17,225
		Defect guarantees			2,533

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

48. Statement of Cash Flows

(1) Significant non-cash transactions for the years ended December 31, 2022 and 2021 are as follows:

In millions of won
Transactions		2022				2021
Transfer from construction-in-progress to other assets		W	13,723,972				12,902,589
Recognition of asset retirement cost and related provision for decommissioning costs			3,497,866				2,356,805
Transfer from provision for disposal of used nuclear fuel to accrued expenses			417,687				455,401
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities			13,838,578				11,109,271
Transfer from inventory to stored nuclear fuel			738,720				908,842
Transfer of right-of-use assets due to change in accounting policy and others			197,016				78,213

(2) Changes in liabilities incurred from financing activities for the years ended December 31, 2022 and 2021 are as follows:

In millions of won		2022
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings and debt securities		W	80,529,513				39,193,815				—				882,037				120,605,365
Lease liabilities			4,410,503				(562,647	)			109,019				206,268				4,163,143
		W	84,940,016				38,631,168				109,019				1,088,305				124,768,508
In millions of won		2021
										Non-cash changes
		Beginning balance				Cash flows				Increase				Effect of exchange rate fluctuations and others				Ending balance
Borrowings and debt securities		W	69,724,581				9,653,394				—				1,151,538				80,529,513
Lease liabilities			4,621,096				(572,036	)			73,090				288,353				4,410,503
		W	74,345,677				9,081,358				73,090				1,439,891				84,940,016

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

49. Commitments for Expenditure

(1) The commitments for acquisition of property, plant and equipment as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
Contracts		Commitment amounts				Remaining liability balances				Commitment amounts				Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)		W	57,203				12,595				57,046				16,240
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)			50,151				37,638				46,616				34,102
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S			37,168				16,788				36,143				25,292
Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S			—				—				40,010				5,540
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S			37,744				140				37,744				140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others			58,269				3,883				56,860				34,576
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S			33,841				25,641				32,000				26,700
Advanced E-Type low-pressure electronic power meter 1,320,000 ea			—				—				65,972				23,262
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)			35,949				3,232				34,423				23,297
Purchase of cable (TR CNCE-W,1C,325SQ) 1,016,000M			—				—				66,581				40,254
Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M			—				—				46,194				37,810
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M			—				—				87,382				83,628
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments			202,795				95,428				188,338				168,456
Purchase of GIS (362KV, 6300A, 63KA) 19 – Shinyangsan S/S			31,834				17,334				31,464				31,464
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)			40,937				3,748				—				—
Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki)			36,155				10,274				—				—
GIS(362KV,6300A,63KA) 18 – Wolsung S/Y			32,090				32,090				—				—
Purchase of cable (FR CNCO-W,1C,325SQ) 672,300M			31,387				19,213				—				—
Purchase of cable (TR CNCE-W,1C,325SQ) 1,342,000M			75,620				40,497				—				—
Purchase of cable (TR CNCE-W,1C,600SQ) 377,000M			31,851				17,478				—				—
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 2,175,300M			53,064				29,436				—				—
System stabilization ESS equipment (Bubuk S/S) 1 Type			222,300				222,300				—				—
System stabilization ESS equipment (Shinnamwon S/S) Type 1			211,500				211,500				—				—
System stabilization ESS equipment (Yeongcheon S/S) Type 1			73,104				73,104				—				—
Construction of Saeul Units (#3,4)			9,800,424				2,455,673				9,800,424				3,479,667
Construction of Shin-Hanul Units (#1,2)			10,327,372				97,889				9,745,123				—
Other 36 contracts			853,941				425,149				792,485				620,593
Service of designing Seoul Combined Units (#1,2)			31,148				—				31,841				934
Purchase of furnace for construction of Shin-Seocheon thermal power plant			305,209				5,132				305,209				7,722
Purchase of turbine generator for construction of Shin-Seocheon thermal power plant			107,333				6,214				105,226				6,301
Purchase of main machine for Jeju LNG combined			166,287				10,898				166,287				10,972
Purchase of equipments for the construction project of Boryeong indoor coal storage yard			318,197				287,965				317,350				317,350
Service of designing Taean Units (#9,10)			112,909				12,468				112,909				12,623
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant			126,302				32,748				126,302				61,735
Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant			221,997				38,714				214,053				138,244
Construction of Gimpo combined heat & power plant			181,798				56,558				130,015				86,323
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant			197,983				197,983				—				—
Construction of Gumi natural gas power plant			204,094				204,094				—				—
Installation of natural gas supply facility at Gumi natural gas power plant			70,620				70,620				—				—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)			299,048				6,687				286,571				6,215
Purchase of main equipment for Namjeju			140,144				3				140,144				3
Purchase of main equipment for Shin-Sejong combined thermal power plant			234,392				32,472				234,392				200,122

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

49. Commitments for Expenditure, Continued

(1) The commitments for acquisition of property, plant and equipment as of December 31, 2022 and 2021 are as follows, continued:

In millions of won		2022								2021
Contracts		Commitment amounts				Remaining liability balances				Commitment amounts				Remaining liability balances
Purchase of Hadong thermal power indoor carboniferous plant		W	162,814				105,504				148,800				129,042
Purchase of phase 1 power generation facility for Yeongwol fuel cells			—				—				88,449				1,523
Purchase of phase 2 power generation facility for Yeongwol fuel cells			86,100				30,527				—				—
Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters			81,960				81,960				—				—

(2) As of December 31, 2022, details of contracts for inventory purchase commitment are as follows:

The Group imports all of its uranium ore concentrates from sources outside Korea (including the United States, United Kingdom, Kazakhstan, France, Russia, South Africa, Canada and Australia) which are paid for with currencies other than Won, primarily in U.S. dollars. In order to ensure stable supply, the Group entered into long-term and medium-term contracts with various suppliers, and supplements such supplies with purchases of fuels on spot markets. The long-term and medium-term contract periods vary among contractors and the stages of fuel manufacturing process. Contract prices for processing of uranium are generally based on market prices. Contract periods for ore concentrates, conversion, enrichment and design and fabrication are as follows:

Type		Periods				Contracted quantity
Concentrate			2022 ~ 2033			26,310 Ton U3O8
Transformed			2022 ~ 2030			19,012 Ton U
Enrichment			2022 ~ 2032			21,434 Ton SWU

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,418 Ton U (contract periods : 2014 ~ 2023).

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

50. Contingencies and Commitments

(1) Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2022 and 2021 are as follows:

In millions of won		2022								2021
		Number of cases				Claim amount				Number of cases				Claim amount
As the defendant			653			W	981,878				683			W	689,415
As the plaintiff			238				599,809				284				784,453

As of December 31, 2022, there are 5 ongoing litigations and 1 arbitration case that both defendant and plaintiff are the Group.

As of December 31, 2022, in connection with Shin-Hanul Unit 3 & 4, the Group has received communications from a vendor for costs incurred for the preliminary work of the main equipment and associated compensation due to the discontinuation of the construction. The Group does not believe that it has a present obligation to this vendor, and that it is probable that the Group will prevail if a lawsuit is filed against the Group. In addition, the Group cannot reliably estimate the potential economic outflow related to the obligation as of December 31, 2022.

The Group is the defendant against a number of claims. The following is potentially significant ongoing claim pertaining to the Group:

1) There are multiple ongoing claims against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Group recognized W114,937 million as litigation provisions in relation to the lawsuit as of December 31, 2022.

In addition to the abovementioned significant ongoing claims, there are 5 arbitration cases pertaining to the Group as of December 31, 2022 and the significant arbitration cases for the year ended December 31, 2022 are as follows:

1) In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Group to the Indian Council of Arbitration due to disagreements in the contract, but the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows:

1) The Group has outstanding borrowings with a limit of USD 275,600 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. Moreover, for one of the electricity purchasers, Central Power Purchasing Agency Guarantee Ltd., the Group has provided payment guarantee up to USD 2,777 thousand, in case of construction delay or insufficient contract volume after commencement of the construction.

2) The Group has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 5,947 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia.

3) The Group has provided USD 18,500 thousand of business performance guarantees to AEP Texas, Inc., for the construction, ownership, operation, and related cost-bearing implementation of electric power transmission equipment regarding Concho Valley solar business in the United States.

4) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2022.

5) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

6) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

7) The Group has provided the SMBC with the guarantees of mutual investment of USD 4,401 thousand, which is equivalent to the ownership interest of PT Mega Power Mandiri, in order to guarantee the expenses related to hydroelectric power business of Wampu, Indonesia.

8) The Group has provided USD 50,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

9) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC. a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

10) The Group has provided USD 54,000 thousand for a performance guarantee to PT. Cirebon Electro Power, to guarantee the Cirebon coal-fired power plant operation and maintenance project in Indonesia.

11) Nonghyup Bank is providing a payment guarantee of USD 47.85 million to Mizuho Bank, Ltd., a third party, for the guarantee of debt repayment reserves of PT Cirebon Electric Power’s Indonesia Cirebon power plant project.

12) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

13) The Group has provided EUR 10,000 thousand for a performance guarantee to Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch through Kookmin Bank, to guarantee the opening of VAT payment loan account for Guba Buget wind power project in Sweden.

14) The Group has provided EUR 5,022 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

15) The Group has provided EUR 9,980 thousand of a performance guarantee to Ellevio through Shinhan Bank, to guarantee the performance of the electric power transmission equipment connection construction for Guba Buget wind power project in Sweden.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

50. Contingencies and Commitments, Continued

(2) Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows, continued:

16) The Group has provided Shinhan Bank a debt guarantee up to USD 60,000 thousand (current amount : USD 60,000 thousand) to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

17) The Group has provided Van Phong Power Company Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

(3) Credit lines provided by financial institutions as of December 31, 2022 are as follows:

In millions of won and thousands of foreign currencies
Commitments		Financial institutions		Currency		Credit limit				Used amount
Commitments on Bank-overdraft		Nonghyup Bank and others		KRW			1,910,500				53,416
Limit amount available for CP		Hana Bank and others		KRW			3,250,000				3,250,000
General Loan, etc.		Hana Bank and others		KRW			3,000,000				3,000,000
Limit amount available for card		Hana Bank and others		KRW			47,424				2,615
		Banco de Oro		PHP			5,000				3,000
Loan limit		Korea Development Bank and others		KRW			2,023,728				1,369,694
		DBS Bank Ltd and others		USD			1,385,000				143,841
Certification of payment on payables from foreign country		Nonghyup Bank		USD			12,028				8,040
Certification of payment on L/C		Credit Agricole and others		USD			1,317,245				402,677
		Kookmin Bank and others		EUR			48,122				31,472
		Shinhan Bank		JPY			481,785				—
Certification of Performance guarantee on contract		Hana Bank and others		KRW			127,606				106,020
		First Abu Dhabi Bank and others		USD			1,092,590				788,404
		Korea Development Bank and others		JPY			620,000				620,000
		Hana Bank and others		EUR			3,965				3,965
		Shinhan Bank		INR			44,872				—
		Hana Bank		SAR			1,509				1,509
Certification of bidding		Hana Bank		USD			5,200				—
		Export-Import Bank of Korea		EUR			10,000				10,000
Advance payment bond, Warranty bond, Retention bond and others		Export-Import Bank of Korea		KRW			106,776				75,900
		Hana Bank and others		USD			306,251				282,224
		Hana Bank and others		MXN			21,597				20,027
Others		Nonghyup Bank and others		KRW			1,216,250				300,936
		Export-Import Bank of Korea and others		USD			733,318				510,094
		Standard Chartered		AED			50				50
		Shinhan Bank		SAR			3,000				3,000
Inclusive credit		Hana Bank		KRW			8,000				667
		Kookmin Bank		USD			135,000				45,909
		Hana Bank		INR			—				323,837
Equity Bridge Loan Guarantee		Mizuho Bank and others		USD			1,685,955				1,141,788
Trade finance		Export-Import Bank of Korea and others		USD			970,000				—

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

50. Contingencies and Commitments, Continued

(4) As of December 31, 2022, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as security

Currency

Amount

Description

Mira Power Limited

International Finance Corporation and others

Property, plant and equipment and others

USD

275,600

Collateral for borrowings (*1)

Tamra Offshore Wind Power Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

171,600

Collateral for borrowings (*2)

Gyeonggi Green Energy Co., Ltd.

Korea Development Bank and others

Cash and cash equivalents and others

KRW

327,080

Collateral for borrowings (*2)

Commerce and Industry Energy Co., Ltd.

IBK and others

Property, plant and equipment and others

KRW

110,500

Collateral for borrowings (*2)

KOSPO Youngnam Power Co., Ltd.

Shinhan Bank and others

Cash and cash equivalents and others

KRW

744,120

Collateral for borrowings (*2)

Gyeongju Wind Power Co., Ltd.

Shinhan Bank and others

Property, plant and equipment and others

KRW

68,400

Collateral for borrowings (*2)

Korea Offshore Wind Power Co., Ltd.

Woori Bank and others

Property, plant and equipment and others

KRW

293,400

Collateral for borrowings (*2)

Qatrana Electric Power Company

The Islamic Development Bank and others

Finance lease receivable and property, plant and equipment and others

JOD

136,623

Collateral for borrowings (*1)

KST Electric Power Company, S.A.P.I. de C.V.

The Export – Import Bank of Korea and others

Finance lease receivable and property, plant and equipment and others

USD

401,277

Collateral for debt securities (*1)

Incheon Fuel Cell Co., Ltd.

Kookmin Bank and others

Cash and cash equivalents and others

KRW

276,960

Collateral for borrowings (*2)

K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.)

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

329,736

Collateral for borrowings (*2)

Jeongam Wind Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash equivalents and others

KRW

235,809

Collateral for borrowings (*2)

(*1) This is based on the amount of loan commitment limit.

(*2) As of December 31, 2022, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of December 31, 2022. The Group has provided a promissory note as a repayment guarantee.

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December 31, 2022 and 2021

50. Contingencies and Commitments, Continued

(5) The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W66,879 million as of December 31, 2022, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W1,683 million and depreciation on the idle assets of W3,635 million are recorded in other expenses for the year ended December 31, 2022. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2022.

(6) Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in the Gaeseong Industrial District as of December 31, 2022. The book value of facility is W12,967 million and trade receivables related to the companies residing in Gaeseong industrial complex has been fully written-off during the year ended December 31, 2022. The outcome of this event cannot be reasonably estimated as of December 31, 2022.

(7) In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2022.

(8) To prevent the spread of COVID-19, a variety of prevention and control measures, including movement restrictions, are being implemented worldwide, and as a result, the global economy is being affected extensively. In addition, various forms of government policies are being announced to cope with COVID-19. The Group was unable to reasonably estimate the impact of COVID-19 and the impact of the government support policies on the Group’s consolidated financial statements as of December 31, 2022, and the resulting effects have not been reflected in the consolidated financial statements.

(9) The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the “Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.

(10) The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

(11) The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalization of the global economy. Global Minimum Tax (Pillar Two) were released and they apply to Multinational Enterprises (MNEs) with revenue in excess of EUR 750 million per their consolidated financial statements. National Assembly of South Korea passed the law new Global Minimum Tax rules to align with the OECD BEPS Pillar Two in December 2022. The regulation will be included in the Adjustment of International Taxes Act and will be effective for fiscal years beginning on or after January 1, 2024. However, the Enforcement Decrees that provide further detail on the application of the legislation is only expected to be finalized later in 2023. In South Korea, Pillar Two legislation is not yet considered substantively enacted as of December 31, 2022 for KIFRS 1012 purposes. The Group therefore has not recognized any tax effect arising from the Global Minimum Tax in its consolidated financial statements as of December 31, 2022 and for the year then ended.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

51. Subsequent Events

(1) Subsequent to December 31, 2022, KEPCO and its subsidiaries including Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., and Korea Southern Power Co., Ltd. issued corporate bonds for the purposes of operation and others as follows:

In millions of won and thousands of foreign currencies
Company		Type		Issue date		Maturity		Interest rate (%)				Amount
Korea Electric Power Corporation		#1339 Corporate bond		2023.01.03		2025.01.03			4.40			W	200,000
		#1340 Corporate bond		2023.01.03		2026.01.03			4.50				320,000
		#1341 Corporate bond		2023.01.05		2025.01.05			4.20				140,000
		#1342 Corporate bond		2023.01.05		2026.01.05			4.30				240,000
		#1343 Corporate bond		2023.01.09		2025.01.09			4.20				130,000
		#1344 Corporate bond		2023.01.09		2026.01.09			4.28				280,000
		#1345 Corporate bond		2023.01.12		2025.01.12			4.00				110,000
		#1346 Corporate bond		2023.01.12		2026.01.12			4.08				330,000
		#1347 Corporate bond		2023.01.16		2025.01.16			4.00				190,000
		#1348 Corporate bond		2023.01.16		2026.01.16			4.05				220,000
		#1349 Corporate bond		2023.01.19		2025.01.19			3.85				180,000
		#1350 Corporate bond		2023.01.19		2026.01.19			3.87				320,000
		#1351 Corporate bond		2023.01.25		2025.01.25			3.85				140,000
		#1352 Corporate bond		2023.01.25		2026.01.25			3.89				410,000
		#1353 Corporate bond		2023.02.03		2025.02.03			3.50				220,000
		#1354 Corporate bond		2023.02.03		2026.02.03			3.54				280,000
		#1355 Corporate bond		2023.02.06		2025.02.06			3.65				210,000
		#1356 Corporate bond		2023.02.06		2026.02.06			3.65				320,000
		#1357 Corporate bond		2023.02.10		2025.02.10			3.80				100,000
		#1358 Corporate bond		2023.02.10		2026.02.10			3.83				340,000
		#1359 Corporate bond		2023.02.13		2025.02.13			3.83				180,000
		#1360 Corporate bond		2023.02.13		2026.02.13			3.85				320,000
		#1361 Corporate bond		2023.02.17		2025.02.17			3.99				110,000
		#1362 Corporate bond		2023.02.17		2026.02.17			4.10				320,000
		#1363 Corporate bond		2023.02.20		2025.02.20			4.09				150,000
		#1364 Corporate bond		2023.02.20		2026.02.20			4.11				160,000
		#1365 Corporate bond		2023.03.03		2025.03.03			4.35				100,000
		#1366 Corporate bond		2023.03.03		2026.03.03			4.40				110,000
		#1367 Corporate bond		2023.03.06		2025.03.06			4.25				180,000
		#1368 Corporate bond		2023.03.06		2026.03.06			4.35				210,000
		#1369 Corporate bond		2023.03.10		2025.03.10			4.25				230,000
		#1370 Corporate bond		2023.03.10		2026.03.10			4.35				230,000
		#1371 Corporate bond		2023.03.13		2025.03.13			4.14				140,000
		#1372 Corporate bond		2023.03.13		2026.03.13			4.25				260,000
Korea Hydro & Nuclear Power Co., Ltd.		#70-1 Corporate bond		2023.02.22		2028.02.22			4.10				90,000
		#70-2 Corporate bond		2023.02.22		2033.02.22			4.15				40,000
		#70-3 Corporate bond		2023.02.22		2043.02.22			4.08				20,000
		#71-1 Corporate bond		2023.03.07		2028.03.07			4.13				50,000
		#71-2 Corporate bond		2023.03.07		2033.03.07			4.18				30,000
Korea South-East Power Co., Ltd.		#57-1 Corporate bond		2023.02.09		2024.02.08			3.56				120,000
		#57-2 Corporate bond		2023.02.09		2026.02.09			3.74				50,000
Korea Western Power Co., Ltd.		#57-1 Corporate bond		2023.01.17		2025.01.17			4.07				70,000
		#57-2 Corporate bond		2023.01.17		2026.01.17			4.04				30,000
Korea Southern Power Co., Ltd.		#67-1 Corporate bond		2023.01.12		2024.01.12			3.97				100,000
		#67-2 Corporate bond		2023.01.12		2025.01.10			4.04				40,000

(2) On February 14th, 2023, the subsidiary, Korea South-East Power Co., Ltd. invested in Bidiai Co., Ltd., and as a result of the approval of Bidiai’s restructuring plan, on February 17th, 2023, 32 billion KRW of bonds were converted into shares, making Korea South-East Power Co., Ltd. the largest shareholder of Bidiai Co., Ltd. with a stake of 32.54%.

(3) On January 8th, 2023, a fire broke out in Taean IGCC Gas Refining Plant of the subsidiary, Korea Western Power Co., Ltd., resulting in the suspension of production. The amount of damages caused by the fire is under investigation, and the Group is currently verifying the insurance coverage with the property insurance policy.

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Notes to the Consolidated Financial Statements, Continued

December 31, 2022 and 2021

52. Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS for each of the years ended December 31, 2022 and 2021 to the operating profit or loss as presented in the Group’s consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB for each of the corresponding years.

In millions of won		2022				2021
Operating profit (loss) on the consolidated statements of comprehensive income (loss)		W	(32,655,153	)			(5,846,499	)
Add
Other income
Reversal of other provisions			15,265				15,548
Reversal of other allowance for doubtful accounts			37				98
Gains on government grants			301				458
Gains on assets contributed			1,953				9,347
Gains on liabilities exempted			1,181				1,830
Compensation and reparations revenue			89,638				104,826
Revenue from foundation fund			3				1
Revenue from research contracts			8,191				5,996
Rental income			208,064				204,123
Others			59,017				30,694
Other gains
Gains on disposal of property, plant and equipment			148,667				56,284
Gains on disposal of intangible assets			41				1
Reversal of impairment losses on property, plant and equipment			134,735				—
Reversal of impairment losses on intangible assets			—				14
Gains on foreign currency translation			36,097				20,598
Gains on foreign currency transactions			235,221				48,671
Gains on insurance proceeds			43,497				144
Others			294,091				250,174
Deduct
Other expenses
Compensation and reparations expenses			(36	)			(663	)
Accretion expenses of other provisions			(1,138	)			(2,711	)
Depreciation expenses on investment properties			(486	)			(1,386	)
Depreciation expenses on idle assets			—				(3,621	)
Other bad debt expense			(6,400	)			(49,372	)
Donations			(131,037	)			(152,456	)
Others			(73,053	)			(47,723	)
Other losses
Losses on disposal of property, plant and equipment			(100,066	)			(92,622	)
Losses on disposal of intangible assets			(116	)			(145	)
Losses on impairment of property, plant and equipment			(37,311	)			(4,056	)
Losses on impairment of intangible assets			(164	)			—
Losses on impairment of other non-current assets			—				(16,035	)
Losses on foreign currency translation			(14,738	)			(4,732	)
Losses on foreign currency transactions			(299,117	)			(67,990	)
Others			(197,715	)			(181,787	)
Adjusted operating profit (loss)		W	(32,240,531	)			(5,722,991	)

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