Consolidated Subsidiaries (Tables)

12 Months Ended

Dec. 31, 2023

Disclosure of subsidiaries [abstract]

(1)	Consolidated subsidiaries as of December 31, 2022 and 2023 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2022			2023
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	%		51.00	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Lebanon SARL	Operation of utility plant	Lebanon		100.00	%		—
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	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2022			2023
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.00	%		80.03	%
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	%
PT. EWP Indonesia	Holding company	Indonesia		99.96	%		99.96	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		50.00	%		100.00	%
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	%		—
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		80.06	%		80.06	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2022			2023
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	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	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 (*5)	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	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC (*5)	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	%		81.34	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		70.79	%		70.79	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2022			2023
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	%		—
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		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	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		—			100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		—			100.00	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		—			100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		—			82.00	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		—			100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		—			100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		—			100.00	%
EWP ESS Holdings, LLC	Holding company	USA		—			100.00	%
Fairhaven ESS LLC	Holding company	USA		—			100.00	%

(*1)	Considering treasury stocks, the effective ownership interest is 51.24%. The Company sold a portion of its stocks in the subsidiary (14.77%) during the year ended December 31, 2023.

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

(*3)	As of December 31, 2023, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4)

The Company guarantees a certain return on investments in Commerce and Industry Energy Co., Ltd. for the financial investors holding such investments. The financial investors have a right to claim the Company to sell its shares in the entity, which can be exercised 36 months after the date of acquisition. Accordingly, the purchase price including the return on investment is classified as a borrowing.

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

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

(*7)

Although the Company does not hold a stake as of December 31, 2023, considering the purpose and design of the structured entity, the Company is exposed to volatility in the profits of the structured entity. In addition, Company has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Company has control over the entity.

Summary of Subsidiaries Newly Included in or Excluded from Consolidation

(2)	Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2023 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2023.


Subsidiaries		Reason
Chile Solar JV SpA		Change in the scope of consolidation
KEPCO KPS South Africa Pty., Ltd.		New investment
KOWEPO Holding Limited		New investment
Magna Energy New Industrial Fund		New investment
Columboola Solar Farm Nominees Pty., Ltd.		New investment
Columboola Solar Farm Op Trust		New investment
Columboola Solar Farm Fin Co Pty., Ltd.		New investment
EWP ESS Holdings, LLC		New investment
Fairhaven ESS LLC		New investment

Subsidiaries excluded from consolidation during the year ended December 31, 2023.


Subsidiaries		Reason
KHNP Spain, S.L.		Liquidation
KEPCO for Power Company		Change in the scope of consolidation
KEPCO Lebanon SARL		Under liquidation process
KEPCO US Inc.		Liquidation

Summary of Financial Information of Consolidated Subsidiaries

(3)	Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2023 are as follows:


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		69,129,625		42,843,974		10,386,091		(16,382	)
Korea South-East Power Co., Ltd.			13,855,071		7,410,881		8,972,991		71,662
Korea Midland Power Co., Ltd.			16,062,605		10,776,943		8,629,165		(58,173	)
Korea Western Power Co., Ltd.			13,459,054		8,125,312		8,112,727		106,361
Korea Southern Power Co., Ltd.			14,011,354		8,296,983		9,304,362		(68,315	)
Korea East-West Power Co., Ltd.			12,079,954		5,818,789		6,925,094		2,888
KEPCO Engineering & Construction Company, Inc.			815,533		272,119		505,291		17,954
KEPCO Plant Service & Engineering Co., Ltd.			1,555,453		344,702		1,425,913		97,881
KEPCO Nuclear Fuel Co., Ltd.			949,455		490,215		304,405		31,508
KEPCO KDN Co., Ltd.			734,439		166,272		739,453		42,584
KEPCO International HongKong Ltd.			128,784		—		—		(216	)
KEPCO International Philippines Inc.			127,744		101		—		9,976
KEPCO Gansu International Ltd.			7,125		598		—		(22	)
KEPCO Philippines Holdings Inc.			191,634		129		—		39,346
KEPCO Philippines Corporation			3,799		14		—		102
KEPCO Ilijan Corporation			231,132		3,642		23,263		16,455
KEPCO Lebanon SARL			1,890		10,482		—		20


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
KEPCO Neimenggu International Ltd.	￦		269,582		3,917		—		9,938
KEPCO Shanxi International Ltd.			597,635		222,186		—		(11,312	)
KOMIPO Global Pte Ltd.			388,071		1,817		—		58,030
KEPCO Netherlands B.V.			137,454		64		—		8,570
KEPCO Australia Pty., Ltd.			579		11		—		102
KOSEP Australia Pty., Ltd.			74,180		13,097		52,271		24,443
KOMIPO Australia Pty., Ltd.			81,216		10,327		52,272		23,368
KOWEPO Australia Pty., Ltd.			81,696		10,184		52,271		22,745
KOSPO Australia Pty., Ltd.			41,872		10,174		52,271		24,362
KEPCO Middle East Holding Company			116,731		102,054		—		(634	)
Qatrana Electric Power Company			513,277		247,027		24,354		22,578
KHNP Canada Energy Ltd.			107,200		6,218		—		149
KEPCO Bylong Australia Pty., Ltd.			44,034		437,852		—		(45,880	)
Korea Waterbury Uranium Limited Partnership			20,934		224		—		(116	)
KEPCO Holdings de Mexico			728		1,974		—		(1,363	)
KST Electric Power Company, S.A.P.I. de C.V.			653,830		528,315		232,893		23,122
KEPCO Energy Service Company			2,238		2,173		7,015		(211	)
KEPCO Netherlands S3 B.V.			71,326		16,419		—		4,465
PT. KOMIPO Pembangkitan Jawa Bali			15,753		3,232		22,488		3,668
PT. Cirebon Power Service			2,316		784		9,602		355
KOWEPO International Corporation			—		10		—		—
KOSPO Jordan LLC			22,854		6,964		45,009		7,657
EWP America Inc. (*1)			47,775		2,595		21,717		4,337
KNF Canada Energy Limited			2,116		34		—		(59	)
EWP Barbados 1 SRL			395,067		901		3,230		34,260
Gyeonggi Green Energy Co., Ltd.			220,414		226,517		112,524		(26,004	)
PT. Tanggamus Electric Power			227,638		163,106		3,781		5,778
Gyeongju Wind Power Co., Ltd.			98,513		55,579		24,888		9,711
KOMIPO America Inc. (*2)			571,200		317,903		34,059		(3,293	)
PT. EWP Indonesia			93,390		5		—		4,100
KEPCO Netherlands J3 B.V.			135,213		63		—		19,396
Korea Offshore Wind Power Co., Ltd.			376,449		192,335		52,526		13,083
Global One Pioneer B.V.			135		41		—		(68	)
Global Energy Pioneer B.V.			320		40		—		(64	)
Mira Power Limited			416,750		310,529		57,135		12,394
KOSEP Material Co., Ltd.			3,985		662		4,589		775
Commerce and Industry Energy Co., Ltd.			79,172		32,147		31,068		(3,730	)
KEPCO KPS Philippines Corp.			5,294		600		5,232		1,004
KOSPO Chile SpA			159,500		70,037		—		(2,811	)
PT. KOWEPO Sumsel Operation And Maintenance Services			25		252		—		(94	)
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	)


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
EWP Bylong Pty., Ltd.	￦		8		54		—		1
KOWEPO Lao International			8,248		87		10,010		11,185
KEPCO US Inc.			91		—		—		(19,181	)
KEPCO Mangilao Holdings LLC			112,948		40,558		21,743		21,166
Mangilao Investment LLC			258,674		4		—		(1	)
KEPCO Mangilao Solar, LLC			240,736		373		8,870		(14,818	)
Jeju Hanlim Offshore Wind Co., Ltd.			185,357		111,343		—		(3,546	)
PT. Siborpa Eco Power			12,050		3		—		(39	)
PT. Korea Energy Indonesia			1,675		80		1,937		(104	)
KOLAT SpA			48,787		3,701		1,647		1,888
KEPCO California, LLC			46,151		4,768		596		(670	)
KEPCO Mojave Holdings, LLC			95,550		75,846		—		(4,705	)
Incheon Fuel Cell Co., Ltd.			268,063		242,176		107,193		(5,323	)
KOEN Service Co., Ltd.			9,353		7,035		36,340		356
KOMIPO Service Co., Ltd.			6,597		4,503		35,031		905
KOWEPO Service Co., Ltd.			6,266		3,130		34,031		171
KOSPO Service Co., Ltd.			6,672		5,048		28,321		60
EWP Service Co., Ltd.			3,756		2,507		24,526		581
PT. KOMIPO Energy Indonesia			2,978		368		1,698		83
KNF partners Co., Ltd.			2,285		1,053		5,997		293
KOSPO USA Inc.			315,018		430		—		5,024
Nambu USA LLC			297,516		—		—		670
Tamra Offshore Wind Power Co., Ltd.			133,598		93,639		18,332		5,316
KEPCO MCS Co., Ltd.			114,316		52,241		363,627		8,468
KEPCO FMS Co., Ltd.			16,852		11,667		105,339		2,176
Firstkeepers Co., Ltd.			16,448		12,912		84,620		2,482
Secutec Co., Ltd.			12,578		9,209		69,383		690
SE Green Energy Co., Ltd.			149,189		114,241		49,873		1,304
Mangilao Intermediate Holdings LLC			236,266		116,426		—		(4,709	)
KEPCO CSC Co., Ltd.			10,668		8,937		46,559		(2,134	)
KOAK Power Limited			12,626		839		—		49
KOMIPO Europe B.V.			81,364		54		1,195		1,134
Haenanum Energy Fund			7,416		3		—		(48	)
Paju Ecoenergy Co., Ltd.			61,930		3,066		20,718		1,290
Guam Ukudu Power LLC			293,422		323,292		—		(31,410	)
K-SOLAR SHINAN Co., Ltd.			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	)


2022
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the year
		In millions of won
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.			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.


2023
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		70,535,018		45,660,916		10,798,378		151,638
Korea South-East Power Co., Ltd.			13,158,245		6,964,695		7,761,713		196,522
Korea Midland Power Co., Ltd.			15,309,205		10,368,698		7,611,821		(1,844	)
Korea Western Power Co., Ltd.			12,710,246		7,648,441		6,915,233		126,519
Korea Southern Power Co., Ltd.			13,405,076		7,807,334		7,298,989		226,811
Korea East-West Power Co., Ltd.			11,683,112		5,626,034		5,571,885		139,013
KEPCO Engineering & Construction Company, Inc.			854,704		307,396		545,092		32,654
KEPCO Plant Service & Engineering Co., Ltd.			1,585,380		318,597		1,523,031		161,849
KEPCO Nuclear Fuel Co., Ltd.			1,101,960		622,157		284,066		43,533
KEPCO KDN Co., Ltd.			733,434		301,713		738,833		65,495
KEPCO International HongKong Ltd.			133,915		—		—		8,795
KEPCO International Philippines Inc.			72,830		—		—		4,891
KEPCO Gansu International Ltd.			7,226		608		—		(23	)
KEPCO Philippines Holdings Inc.			180,592		96		—		8,802
KEPCO Philippines Corporation			2,607		—		—		127
KEPCO Ilijan Corporation			142,711		800		—		3,718
KEPCO Neimenggu International Ltd.			284,280		4,346		—		15,021
KEPCO Shanxi International Ltd.			707,447		329,539		—		(3,875	)
KOMIPO Global Pte Ltd.			411,249		32,900		—		17,174
KEPCO Netherlands B.V.			141,088		45		—		3,856
KEPCO Australia Pty., Ltd.			749		34		—		131
KOSEP Australia Pty., Ltd.			79,308		7,990		29,675		10,665
KOMIPO Australia Pty., Ltd.			86,077		4,014		29,676		9,248
KOWEPO Australia Pty., Ltd.			86,074		3,571		29,675		9,001
KOSPO Australia Pty., Ltd.			32,828		3,923		29,675		10,329
KEPCO Middle East Holding Company			121,015		107,611		—		(1,548	)
Qatrana Electric Power Company			491,627		208,707		26,779		20,949
KHNP Canada Energy Ltd.			155,242		12,379		—		392
KEPCO Bylong Australia Pty., Ltd.			44,557		465,231		—		(16,669	)
Korea Waterbury Uranium Limited Partnership			20,772		44		—		(67	)
KEPCO Holdings de Mexico			1,171		2,621		—		(121	)
KST Electric Power Company, S.A.P.I. de C.V.			631,348		490,470		93,843		19,657
KEPCO Energy Service Company			2,028		716		10,193		251
KEPCO Netherlands S3 B.V.			70,613		16,710		—		1,769
PT. KOMIPO Pembangkitan Jawa Bali			17,303		3,929		23,639		1,579
PT. Cirebon Power Service			2,936		714		9,457		672
KOWEPO International Corporation			—		10		—		—
KOSPO Jordan LLC			19,387		3,881		17,665		7,082
EWP America Inc. (*1)			46,954		4,032		14,549		895
KNF Canada Energy Limited			2,261		34		—		(56	)
EWP Barbados 1 SRL			434,690		14,217		2,448		36,566
Gyeonggi Green Energy Co., Ltd.			180,176		214,822		80,630		(28,549	)
PT. Tanggamus Electric Power			214,892		150,483		2,127		(2,230	)
Gyeongju Wind Power Co., Ltd.			90,616		49,982		19,807		6,716
KOMIPO America Inc. (*2)			579,403		318,295		39,323		3,376
PT. EWP Indonesia			90,650		132		—		9,590
KEPCO Netherlands J3 B.V.			153,324		13,634		—		15,289
Korea Offshore Wind Power Co., Ltd.			334,444		143,827		40,313		6,497


2023
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Global One Pioneer B.V.	￦		143		44		—		(85	)
Global Energy Pioneer B.V.			336		44		—		(81	)
Mira Power Limited			403,843		318,557		2,683		(1,590	)
KOSEP Material Co., Ltd.			4,974		542		4,834		908
Commerce and Industry Energy Co., Ltd.			73,671		29,611		33,050		(2,901	)
KEPCO KPS Philippines Corp.			5,775		884		4,608		97
KOSPO Chile SpA			166,643		75,619		—		—
PT. KOWEPO Sumsel Operation And Maintenance Services			26		260		—		—
Hee Mang Sunlight Power Co., Ltd.			5,877		2,403		689		202
Fujeij Wind Power Company			216,082		158,081		—		15,067
KOSPO Youngnam Power Co., Ltd.			360,026		255,761		410,173		(7,965	)
Chitose Solar Power Plant LLC			98,911		84,228		14,447		2,059
KEPCO Energy Solution Co., Ltd.			322,529		15,367		14,151		5,384
KEPCO Solar Co., Ltd.			246,273		36,127		23,234		8,367
KOSPO Power Services Ltd.			6,976		7,086		17,634		(211	)
Energy New Industry Specialized Investment Private Investment Trust (*3)			454,888		3,364		24,030		10,812
KOEN Bylong Pty., Ltd.			11		128		—		—
KOMIPO Bylong Pty., Ltd.			13		147		—		(20	)
KOWEPO Bylong Pty., Ltd.			12		142		—		(43	)
KOSPO Bylong Pty., Ltd.			388		541		—		(20	)
EWP Bylong Pty., Ltd.			13		13		—		46
KOWEPO Lao International			13,038		223		10,270		6,268
KEPCO Mangilao Holdings LLC			90,445		41,898		775		785
Mangilao Investment LLC			206,714		15		—		(1	)
KEPCO Mangilao Solar, LLC			206,600		1,918		13,593		826
Jeju Hanlim Offshore Wind Co., Ltd.			459,229		388,171		—		(3,032	)
PT. Siborpa Eco Power			12,209		3		—		(52	)
PT. Korea Energy Indonesia			1,878		101		1,897		132
KOLAT SpA			46,958		352		2,237		1,820
KEPCO California, LLC			46,606		6,823		613		(385	)
KEPCO Mojave Holdings, LLC			93,233		78,328		—		(3,901	)
Incheon Fuel Cell Co., Ltd.			259,169		237,409		96,924		(4,112	)
KOEN Service Co., Ltd.			11,470		8,745		38,164		305
KOMIPO Service Co., Ltd.			7,944		4,777		37,525		960
KOWEPO Service Co., Ltd.			10,300		6,584		36,421		264
KOSPO Service Co., Ltd.			6,122		4,182		30,369		703
EWP Service Co., Ltd.			5,487		3,790		26,767		176
PT. KOMIPO Energy Indonesia			2,983		250		2,023		38
KNF partners Co., Ltd.			2,589		1,106		6,380		340
KOSPO USA Inc.			378,732		377		—		(6,351	)
Nambu USA LLC			297,370		230		—		(732	)
Tamra Offshore Wind Power Co., Ltd.			120,460		83,161		18,570		1,089
KEPCO MCS Co., Ltd.			111,189		73,940		307,146		(4,757	)
KEPCO FMS Co., Ltd.			21,310		18,142		107,336		1,895
Firstkeepers Co., Ltd.			18,698		12,437		90,575		2,689
Secutec Co., Ltd.			16,038		11,797		72,284		699
SE Green Energy Co., Ltd.			147,251		114,737		40,326		(1,305	)
Mangilao Intermediate Holdings LLC			206,771		114,954		—		(5,293	)
KEPCO CSC Co., Ltd.			15,985		12,170		49,502		2,644
KOAK Power Limited			15,000		528		—		714
KOMIPO Europe B.V.			86,109		69		1,183		109


2023
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Haenanum Energy Fund	￦		7,415		3		47		(1	)
Paju Ecoenergy Co., Ltd.			60,653		2,146		15,351		(357	)
Guam Ukudu Power LLC			749,837		720,795		—		(19,904	)
K-SOLAR SHINAN Co., Ltd.			298,866		281,676		37,137		(6,896	)
KPS Partners Co., Ltd.			3,503		1,776		12,921		183
KEPCO E&C Service Co., Ltd.			7,167		1,938		16,454		1,505
Moha solar Co., Ltd.			27,213		29,363		—		112
Ogiri Solar Power Co., Ltd.			1,032		31		—		(9	)
KHNP USA LLC			1,517		140		1,142		166
KOMIPO Vanphong Power Service LLC			26,819		3,768		21,396		10,879
Energy Innovation Fund I			43,725		419		—		(766	)
KHNP Chile SpA			5,555		4,219		—		(66	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,529		1,427		219		42
Yeong Yang Corporation Co., Ltd.			1,519		1,418		216		39
SolarVader Co., Ltd.			1,529		1,421		219		40
Yeong Yang Innovation Co., Ltd.			1,510		1,418		210		32
Yeong Yang Horus Photovoltaic Co., Ltd.			1,502		1,418		206		28
Yeong Yang Solar Management Co., Ltd.			1,540		1,420		224		46
LSG Hydro Power Limited			717		8		—		(219	)
KOEN Bio Co., Ltd.			1,010		585		2,467		372
KOMIPO Iberian Solar Group, S.L.U.			79,666		66,874		—		(931	)
Jeongam Wind Power Co., Ltd.			75,744		63,219		8,154		(958	)
KOWEPO Europe B.V.			107		3,177		—		(44,685	)
Yeongdeok Sunrise Wind Power Co., Ltd.			94,615		74,842		—		(383	)
KA Power Limited			3,173		172		—		126
Western Power Changgi Solar Co., Ltd.			46,950		40,815		7,036		2,011
EWP Australia Pty., Ltd.			52,734		—		325		337
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			311,259		213,822		10,072		3,217
Digital Innovation Growth Fund			11,624		96		—		(266	)
J Wind First, LLC			52,304		52,304		2,540		—
KEPCO Holding Company			3,307		—		—		(23	)
KEPCO for Maintenance Company			118		—		—		(45	)
KOSPO Trumbull LLC			25		—		—		(10	)
Changjuk Wind Power Co., Ltd.			24,364		3,049		6,230		744
Chile Solar JV SpA			98,705		75,472		9,050		(2,768	)
KEPCO KPS South Africa Pty., Ltd.			9,222		4,236		8,512		834
KOWEPO Holding Limited			1,323		1,371		—		(49	)

(*1)

Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, and California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS 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 6 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, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4)

Financial information of Columboola Solar Farm Hold Co Pty., Ltd. includes that of 3 other subsidiaries including Columboola Solar Farm Nominees Pty., Ltd.

Summary of Significant Restrictions on Abilities to Subsidiaries

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


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than W 10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Company.

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

Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, 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 W 20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Company.

Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate may be payable only 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 on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Company’s equity interest in the subsidiary may be transferred either wholly or partially without prior written consent of financial institutions.

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 may be pay able only when all conditions of the loan agreement are satisfied.

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

Guam Ukudu Power LLC		Dividends may be payable only when all conditions of the loan agreement are satisfied. Disposing or transferring assets either as a whole or as a part is restricted, and the Company’s equity interest in the subsidiary may not be transferred either wholly or partially without prior consent of other stakeholders including financial institutions.

KOSPO Trumbull LLC		The Company’s equity interest may not be transferred either wholly or partially without prior consent of other shareholders.

Mira Power Limited		The Company’s equity interest may be transferred either wholly or partially without prior consent of other stakeholders.

Chile Solar JV SpA		The Company’s equity interest may be transferred either wholly or partially without prior consent of other stakeholders.


Company		Nature and extent of any significant restrictions

K-SOLAR SHINAN Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied. The Company’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders until five years have elapsed after the commencement of the operation.

Western Power Changgi Solar Co., Ltd.		Principals and interest on subordinated loans or dividends to investors are only payable when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, the Company’s equity interest may not be transferred either wholly or partially without prior written consent of financial institutions.

Chitose Solar Power Plant LLC		Capital expenditure may be incurred only upon prior consent of financial institutions. The issuance of securities to third parties, including current investors, is restricted, and the amount of paid-in capital cannot either increase, be written off or decrease.

Mangilao Intermediate Holdings LLC		Changes or termination of the O&M contract, and delays in the EPC contract may not be made without the prior written consent of the majority of the lenders, and dividends can be implemented only after repayment of the loan is completed.

Fujeij Wind Power Company		Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule or the EPC contract without the lender’s prior written consent is restricted. Also, commercial operation before acquiring wind turbine is restricted without prior consent from the EPC contractor. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.

Qatrana Electric Power Company		Dividends payment, repayment of capital investment, and settlement for O&M can only be made when all conditions of the loan agreement are satisfied and prior consent of financial institutions is obtained.

KST Electric Power Company, S.A.P.I. de C.V.		Disposal of assets exceeding $5 million per year is restricted, and the debt ratio is required to be maintained below 90%. Additionally, capital and cost expenditures that do not meet the conditions in the loan agreement are restricted.

Summary of Entitlements in Relation to Subsidiaries as per Shareholder Agreements

(5)	As of December 31, 2023, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:


Company		Unrecognized Commitments

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

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

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

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

(6)	Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2021, 2022 and 2023 are as follows:


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


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



2023
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
			In millions of won
Percentage of ownership			49.00	%		49.00	%		48.76	%
Current assets	￦		142,023			953,211			446,900			1,193,078			2,735,212
Non-current assets			688			632,169			407,804			4,639,760			5,680,421
Current liabilities			(252	)		(313,249	)		(249,899	)		(1,009,791	)		(1,573,191	)
Non-current liabilities			(548	)		(5,348	)		(57,497	)		(2,737,589	)		(2,800,982	)
Net assets			141,911			1,266,783			547,308			2,085,458			4,041,460
Book value of non-controlling interests			69,536			620,723			266,867			462,581			1,419,707
Sales			—			1,523,031			545,092			1,212,372			3,280,495
Profit for the year			3,718			161,849			32,654			63,145			261,366
Profit for the year attributable to non-controlling interests			1,822			79,306			15,922			9,355			106,405
Cash flows from operating activities			1,086			(35,492	)		39,985			368,415			373,994
Cash flows from investing activities			84			26,915			(19,345	)		(508,844	)		(501,190	)
Cash flows from financing activities before dividends to non-controlling interests			(93,348	)		(36,433	)		(6,687	)		119,109			(17,359	)
Dividends to non-controlling interests			(643	)		(28,775	)		(5,250	)		(20,866	)		(55,534	)
Effect of exchange rate fluctuation			5,135			(454	)		(35	)		2,813			7,459
Net increase of cash and cash equivalents			(87,686	)		(74,239	)		8,668			(39,373	)		(192,630	)

Summary of Changes in Goodwill

(7)	Changes in goodwill

(i)

Details of goodwill as of December 31, 2022 and 2023 are as follows:


		2022		2023
		In millions of won
Acquisition cost	￦		100,093		101,738
Less: Accumulated impairment			—		(2,582	)

Carrying book value	￦		100,093		99,156

(ii)

Changes in goodwill for the years ended December 31, 2022 and 2023 are as follows:


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

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



		2023
		Beginning		Increase		Decrease		Impairment			Others			Ending
		In millions of won
Acquisition cost	￦		100,093		1,859		—		—			(214	)		101,738
Less: Accumulated impairment			—		—		—		(2,582	)		—			(2,582	)

Carrying book value	￦		100,093		1,859		—		(2,582	)		(214	)		99,156

Summary of Cash Dividends Received from Subsidiaries

(9)	Cash dividends received from subsidiaries for the years ended December 31, 2021, 2022 and 2023, respectively, are as follows:


Subsidiaries		2021		2022		2023
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		279,779		136,010		1,560,120
Korea South-East Power Co., Ltd.			—		4,808		340,710
Korea Midland Power Co., Ltd.			—		24,694		291,558
Korea Western Power Co., Ltd.			—		—		344,756
Korea Southern Power Co., Ltd.			—		—		293,027
Korea East-West Power Co., Ltd.			—		4,866		300,436
KEPCO Engineering & Construction Company, Inc.			7,089		5,983		7,114
KEPCO Plant Service & Engineering Co., Ltd.			26,301		27,517		29,952
KEPCO Nuclear Fuel Co., Ltd.			5,206		11,184		15,178
KEPCO KDN Co., Ltd.			18,854		36,986		185,549
KEPCO Energy Solution Co., Ltd.			—		1,707		9,480
KEPCO Solar Co., Ltd.			—		1,409		16,023
KEPCO MCS Co., Ltd.			—		—		15,353
KEPCO International HongKong Ltd.			—		9,044		5,962
KEPCO Philippines Corporation			—		2,375		24,246
KEPCO Ilijan Corporation			7,955		9,195		1,298
KEPCO Philippines Holdings Inc.			60,520		34,913		1,386
KOSPO Australia Pty., Ltd.			3,095		31,386		—
KEPCO Netherlands B.V.			—		16,795		3,124
Qatrana Electric Power Company			2,615		2,751		6,511
KEPCO KPS Philippines Corp.			—		302		—
Tamra Offshore Wind Power Co., Ltd.			—		2,877		3,863
KEPCO Netherlands S3 B.V.			—		4,005		2,477
PT. KOMIPO Pembangkitan Jawa Bali			153		859		578
PT. EWP Indonesia			—		4,262		—
Gyeongju Wind Power Co., Ltd.			2,800		2,100		6,300
KOSPO Power Services Limitada			—		305		1,201
KEPCO Netherlands J3 B.V.			27,237		46,510		13,144
PT. Cirebon Power Service			—		241		12,673
Chitose Solar Power Plant LLC			—		639		1,386
Fujeij Wind Power Company			11,920		15,102		6,047
KOSPO Jordan LLC			731		11,450		6,089
EWP America Inc.			—		3,887		—
KOWEPO Lao International			—		12,106		—
KEPCO Neimenggu International Ltd.			—		—		4,058
KST Electric Power Company, S.A.P.I. de C.V.			—		—		3,145
KOMIPO Global Pte Ltd.			—		—		31,066
KOSPO Australia Pty., Ltd.			—		—		12,558
Changjuk Wind Power Co., Ltd.			—		—		4,015
EWP Barbados 1 SRL			—		—		12,987
KEPCO Energy Service Company			—		—		629
Chile Solar JV SpA			—		—		1,127

	￦		454,255		466,268		3,575,130