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Investments in Associates and Joint Ventures (Tables)
 12 Months Ended
Dec. 31, 2023
Investments in Associates and Joint Ventures [Abstract]  
Summary of Investments in Associates and Joint Ventures
(1)
Investments in associates and joint ventures as of December 31, 2022 and 2023 are as follows:
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
        
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
                              
Korea Gas Corporation
   Importing and wholesaling LNG   Korea   20.47%   ￦       94,500       2,085,296  
Korea Electric Power Industrial Development Co., Ltd.
   Electricity metering and others   Korea   29.00%       4,727       31,078  
YTN Co., Ltd. (*1)
   Broadcasting   Korea   21.43%       59,000       55,027  
Gangwon Wind Power Co., Ltd. (*2)
   Power generation   Korea   15.00%       5,725       12,158  
Hyundai Green Power Co., Ltd.
   Power generation equipment consignment and operation service   Korea   29.00%       88,885       119,791  
Korea Power Exchange (*3)
   Management of power market and others   Korea   100.00%       127,839       275,126  
Taebaek Wind Power Co., Ltd. (*29)
   Power generation   Korea   60.00%       11,494       14,501  
Taebaek Guinemi Wind Power Co., Ltd. (*29)
   Power generation   Korea   67.25%       12,637       13,049  
Daeryun Power Co., Ltd. (*2)
   Power generation   Korea   6.85%       40,854       26,727  
KNH Solar Co., Ltd.
   Power generation   Korea   27.00%       1,296       2,883  
SPC Power Corporation (*30)
   Power generation   Philippines   38.00%       20,635       70,868  
Gemeng International Energy Co., Ltd.
   Power generation   China   34.00%       413,153       578,821  
PT. Cirebon Electric Power
   Power generation   Indonesia   27.50%       40,365       135,114  
KNOC Nigerian East Oil Co., Ltd. (*4)
   Resources development   Nigeria   14.63%       12       —   
KNOC Nigerian West Oil Co., Ltd. (*4)
   Resources development   Nigeria   14.63%       12       —   
PT Wampu Electric Power
   Power generation   Indonesia   46.00%       21,292       37,743  
PT. Bayan Resources TBK
   Resources development   Indonesia   20.00%       615,860       684,719  
S-Power Co., Ltd.
   Power generation   Korea   49.00%       132,300       141,128  
Pioneer Gas Power Limited
   Power generation   India   38.50%       49,831       —   
Eurasia Energy Holdings
   Power generation and resources development   Russia   40.00%       461       —   
Xe-Pian Xe-Namnoy Power Co., Ltd.
   Power generation   Laos   25.00%       87,426       115,584  
PT. Mutiara Jawa
   Manufacturing and operating floating coal terminal   Indonesia   29.00%       2,978       3,597  
Samcheok Eco Materials Co., Ltd. (*5)
   Recycling fly ashes   Korea   2.35%       686       —   
Noeul Green Energy Co., Ltd.
   Power generation   Korea   29.00%       1,740       —   
Goseong Green Power Co., Ltd.
   Power generation   Korea   29.00%       262,740       288,893  
Gangneung Eco Power Co., Ltd. (*2)
   Power generation   Korea   1.61%       2,900       —   
Shin Pyeongtaek Power Co., Ltd.
   Power generation   Korea   40.00%       72,000       133,823  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
   Power generation   Korea   28.00%       194       278  
Dongducheon Dream Power Co., Ltd. (*6)
   Power generation   Korea   33.61%       148,105       89,300  
Jinbhuvish Power Generation Pvt. Ltd. (*2)
   Power generation   India   5.16%       9,000       —   
Daejung Offshore Wind Power Co., Ltd.
   Power generation   Korea   46.59%       5,190       1,555  
GS Donghae Electric Power Co., Ltd.
   Power generation   Korea   34.00%       204,000       260,145  
Daegu Photovoltaic Co., Ltd.
   Power generation   Korea   29.00%       1,230       2,849  
Busan Green Energy Co., Ltd.
   Power generation   Korea   29.00%       5,243       4,395  
Gunsan Bio Energy Co., Ltd. (*2)
   Power generation   Korea   18.87%       1,000       —   
Hansuwon KNP Co., Ltd.
   Electric material agency   Korea   28.98%       537       280  
Korea Electric Power Corporation Fund (*7)
   Developing electric enterprises   Korea   98.09%       23,113       28,842  
Energy Infra Asset Management Co., Ltd. (*2)
   Asset management   Korea   9.90%       297       1,184  
Daegu clean Energy Co., Ltd.
   Renewable power generation   Korea   28.00%       140       12  
Yaksu
 
ESS 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
S
olar 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       —   
 
 
 
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
        
Acquisition
cost
    
Book

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

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

value
  
   
In millions of won
  
<Joint ventures>
                              
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  
Pulau Indah Power Plant Sdn. Bhd.
   Power generation   Malaysia   25.00%       23,833       26,814  
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
   Holding company   Korea   29.53%       20,061       21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*14)
   Holding company   Korea   90.00%       15,012       15,587  
PT Barito Wahana Tenaga
   Power generation   Indonesia   30.61%       59,574       137,047  
Cheongna Energy Co., Ltd. (*21)
   Generating and distributing vapor and hot/cold water   Korea   50.10%       49,344       10,758  
Naepo Green Energy Co., Ltd.
   Power generation   Korea   29.20%       29,200       —   
Boim Combined Heat and Power Generation Co., Ltd. (formerly, 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  
 
 
 
2022
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
                                
Changwon Nu-ri Energy Co., Ltd. (*15)
   Fuel cell generation   Korea     33.33%     ￦       500       497  
Hasami Wind Farm Corporation
   Power generation   Korea     29.00%         1,596       1,589  
PungBack Wind Farm Corporation (*26)
   Power generation   Korea     32.89%         7,885       6,743  
Trumbull Asset Management, LLC (*27)
   Holding company   USA     78.00%         —        246  
S-Power Chile SpA
   Power generation   Chile     50.00%         127       127  
Seungmun Green Energy
   Power generation   Korea     33.00%         8,973       9,054  
Seobusambo highway photovoltaics Co., Ltd. (*25)
   Power generation   Korea     80.00%         3,020       3,066  
            2,332,579       3,147,584  
         
 
 
    
 
 
  
        ￦       5,422,262       8,992,048  
         
 
 
    
 
 
  
 
(*1)
The Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets held-for-sale as the Company hasn't started the active selling procedures as of December 31, 2022.
 
(*2)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
 
(*4)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its significant influence on the entity.
 
(*5)
Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.
 
(*6)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
 
(*7)
The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
(*8)
The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*9)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises 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 Company exercises 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 Company exercises 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 Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
(*13)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises 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 Company can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.
 
(*15)
The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.
 
(*16)
According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.
 
(*17)
The effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.
 
(*18)
The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
 
(*19)
The effective percentage of ownership is less than 20%. However, decisions in relevant activities 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 activities 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 principal operation must be agreed by all ownership parties. Accordingly, the Company can exercise significant influence.
 
(*23)
According to the Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.
 
(*24)
The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*25)
Due to the changes in the agreement, the Company 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 activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*28)
After additional 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 additional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Company 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)
T
he Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc.
T
he timing of and proceeds from such sales transaction is not specified as of December 31, 2022.
 
 
 
2023
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
            
Korea Gas Corporation
   Importing and wholesaling LNG   Korea     20.47 %     
W
       94,500       1,970,643  
Korea Electric Power Industrial Development Co., Ltd.
   Electricity metering and others   Korea     29.00 %        4,727       29,500  
YTN Co., Ltd. (*1)
   Broadcasting   Korea     21.43 %        59,000       52,303  
Gangwon Wind Power Co., Ltd. (*2)
   Power generation   Korea     15.00 %        5,725       12,001  
Hyundai Green Power Co., Ltd.
   Power generation equipment consignment and operation service   Korea     29.00 %        88,885       118,173  
Korea Power Exchange (*3)
   Management of power market and others   Korea     100.00 %        127,839       274,286  
Taebaek Guinemi Wind Power Co., Ltd. (*28)
   Power generation   Korea     67.25 %        12,637       13,530  
Daeryun Power Co., Ltd. (*2)
   Power generation   Korea     6.85 %        46,373       26,834  
KNH Solar Co., Ltd.
   Power generation   Korea     27.00 %        1,296       3,194  
SPC Power Corporation (*29)
   Power generation   Philippines     38.00 %        20,635       78,931  
Gemeng International Energy Co., Ltd.
   Power generation   China     42.00 %        516,007       705,812  
PT. Cirebon Electric Power
   Power generation   Indonesia     27.50 %        40,365       134,259  
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       34,555  
PT. Bayan Resources TBK
   Resources development   Indonesia     20.00 %        615,860       619,207  
S-Power
Co., Ltd.
   Power generation   Korea     49.00 %        132,300       162,765  
Pioneer Gas Power Limited
   Power generation   India     38.50 %        49,831       —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
   Power generation   Laos     25.00 %        87,426       116,378  
PT. Mutiara Jawa
   Manufacturing and operating floating coal terminal   Indonesia     29.00 %        2,978       5,168  
Samcheok Eco Materials Co., Ltd. (*5)
   Recycling fly ashes   Korea     25.54 %        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       287,624  
Gangneung Eco Power Co., Ltd. (*17)
   Power generation   Korea     29.00 %        261,000       254,929  
Shin Pyeongtaek Power Co., Ltd.
   Power generation   Korea     40.00 %        72,000       145,026  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
   Power generation   Korea     28.00 %        194       294  
Dongducheon Dream Power Co., Ltd. (*6)
   Power generation   Korea     33.61 %        148,105       87,203  
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       1,483  
GS Donghae Electric Power Co., Ltd.
   Power generation   Korea     34.00 %        204,000       259,085  
Daegu Photovoltaic Co., Ltd.
   Power generation   Korea     29.00 %        1,230       2,804  
Busan Green Energy Co., Ltd.
   Power generation   Korea     29.00 %        5,243       3,259  
Hansuwon KNP Co., Ltd.
   Electric material agency   Korea     28.98 %        537       467  
Korea Electric Power Corporation Fund (*7)
   Developing electric enterprises   Korea     98.09 %        20,847       23,421  
Energy Infra Asset Management Co., Ltd. (*33)
   Asset management   Korea     9.90 %        297       1,213  
Daegu clean Energy Co., Ltd.
   Renewable power generation   Korea     28.00 %        140       —   
Yaksu
 
ESS Co., Ltd.
   Installing ESS related equipment   Korea     29.00 %        210       285  
Nepal Water & Energy Development Company Private Limited (*8,17)
   Construction and operation of utility plant   Nepal     68.88 %        110,332       110,573  
Gwangyang Green Energy Co., Ltd.
   Power generation   Korea     20.00 %        26,800       24,638  
PND
S
olar Co., Ltd.
   Power generation   Korea     29.00 %        1,250       1,510  
Hyundai Eco Energy Co., Ltd. (*2)
   Power generation   Korea     19.00 %        3,610       7,947  
YeongGwang Yaksu Wind Electric Co., Ltd. (*2)
   Power generation   Korea     9.63 %        533       133  
Green Energy Electricity Generation Co., Ltd.
   Power generation   Korea     29.00 %        1,189       8  
Korea Energy Solutions Co., Ltd.
   R & D   Korea     20.00 %        300       170  
ITR Co., Ltd. (*32)
   R & D   Korea     10.00 %        50       —   
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)
   Technical testing and consulting   Korea     20.00 %        25       391  
Indeck Niles Development, LLC
  
Power generation
  
USA
  
 
50.00
% 
    
 
263,825
 
  
 
335,401
 
Indeck Niles Asset Management, LLC
   Power generation   USA     33.33 %        —        93  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
   Holding company   Korea     49.00 %        6,482       6,496  
Suwon New Power Co., Ltd.
   Power generation   Korea     39.90 %        798       1,022  
 
 
 
2023
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Associates>
            
Gwangbaek Solar Power Investment Co., Ltd.
   Power generation   Korea     44.00 %     
W
       4,757       5,155  
Go deok Clean Energy Co., Ltd.
   Fuel cell generation   Korea     40.00 %        5,560       4,723  
SureDataLab Co., Ltd.
   R & D   Korea     23.95 %        126       114  
SEP Co., Ltd.
   R & D   Korea     21.26 %        27       —   
Hankook Electric Power Information Co., Ltd. (*13)
   R & D   Korea     16.49 %        38       214  
Tronix Co., Ltd. (*13)
   R & D   Korea     12.50 %        75       220  
O2&B Global Co., Ltd.
   R & D   Korea     20.00 %        25       21  
Muan Sunshine Solar Power Plant Co., Ltd.
   Power generation   Korea     20.00 %        1,570       2,822  
Bigeum Resident Photovoltaic Power Co., Ltd.
   Power generation   Korea     29.90 %        1       —   
Goesan Solar Park Co., Ltd.
   Power generation   Korea     29.00 %        1,276       2,877  
Saemangeum Heemang Photovoltaic Co., Ltd.
   Power generation   Korea     35.00 %        11,022       14,420  
Bitgoel Eco Energy Co., Ltd.
   Power generation   Korea     49.25 %        7,880       12,394  
Jeju Gimnyeong Wind Power Co., Ltd.
   Power generation   Korea     30.00 %        714       246  
Seoroseoro Sunny Power Plant Co., Ltd.
   Power generation   Korea     42.58 %        706       941  
Muan Solar park Co., Ltd.
   Power generation   Korea     20.00 %        4,400       6,830  
YuDang Solar Co., Ltd.
   Power generation   Korea     20.00 %        360       570  
Anjwa Smart Farm & Solar City Co., Ltd.
   Power generation   Korea     20.00 %        5,651       7,665  
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)
   Power generation   Korea     25.36 %        3,910       7,779  
G.GURU Co., Ltd.
   R & D   Korea     24.65 %        493       167  
UD4M Co., Ltd. (*10)
   R & D   Korea     12.50 %        75       150  
Dongbu Highway Solar Co., Ltd.
   Power generation   Korea     20.00 %        190       380  
Seobu Highway Solar Co., Ltd.
   Power generation   Korea     20.00 %        195       406  
Korea Energy Data Co., Ltd.
   R & D   Korea     29.37 %        60       36  
Gangneung Sacheon Fuel Cell Co., Ltd.
   Power generation   Korea     41.00 %        5,695       7,870  
KOSTURE Co., Ltd. (*2)
   Coal recycling business   Korea     4.42 %        7       8  
Taebaek Gadeoksan Wind Power Co., Ltd.
   Power generation   Korea     34.00 %        12,570       19,426  
Chuncheon Green Energy Co., Ltd.
   Power generation   Korea     45.00 %        9,540       8,900  
Yeomsubong Wind Power Co., Ltd. (*11)
   Power generation   Korea     29.00 %        1,411       871  
Yeongyang Wind Power Corporation II
   Power generation   Korea     30.00 %        7,965       10,100  
Haeparang Energy Co., Ltd.
   Power generation   Korea     25.00 %        2,241       2,104  
Saemangeum Sebit Power Plant Co., Ltd. (*12)
   Power generation   Korea     55.14 %        21,037       37,191  
Boulder Solar III, LLC
   Power generation   USA     30.00 %        715       754  
PlatformN. Co., Ltd.
   R & D   Korea     29.58 %        105       —   
PT. Cirebon Energi Prasarana (*9)
   Power generation   Indonesia     10.00 %        26,710       76,597  
Green Radiation Co., Ltd. (*13)
   R & D   Korea     10.00 %        20       26  
Future Convergence Technology Laboratory. Co., Ltd.
   R & D   Korea     20.12 %        76       36  
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)
   R & D   Korea     20.00 %        90       267  
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.) (*33)
   R & D   Korea     16.67 %        81       120  
ACE
   R & D   Korea     20.00 %        25       2  
Environment and Energy Co., Ltd. (*13)
   R & D   Korea     10.54 %        11       9  
Santiago Solar Power SpA
   Power generation   Chile     50.00 %        13,851       11,769  
Yanggu Floating Photovoltaic Power Plant Inc.
   Power generation   Korea     29.00 %        904       760  
Power Embedded
   R & D   Korea     23.33 %        70       70  
Changwon SG Energy Co., Ltd. (*13)
   Power generation   Korea     18.78 %        900       783  
Donpyung Technology. Co., Ltd.
   R & D   Korea     20.00 %        125       254  
HORANG ENERGY Inc.
   Power generation   Korea     40.00 %        4,240       4,149  
Hoenggye Renewable Energy Co., Ltd
   Power generation   Korea     36.12 %        2,375       2,375  
Haman Green Energy Co., Ltd.
   Power generation   Korea     35.00 %        4,771       2,981  
Songsan Green Energy Co., Ltd. (*21)
   Power generation   Korea     60.00 %        8,400       8,323  
         
 
 
    
 
 
  
         
W
       3,509,099       6,176,889  
         
 
 
    
 
 
  
 
 
 
 
2023
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
            
Shuweihat Asia Power Investment B.V.
   Holding company   Netherlands     49.00 %     
W
       44,405       69,902  
Shuweihat Asia Operation & Maintenance Company (*14)
   Maintenance of utility plant   Cayman     55.00 %        30       1,818  
Waterbury Lake Uranium L.P. (*15)
   Resources development   Canada     30.65 %        26,602       22,612  
ASM-BG
Investicii AD
   Power generation   Bulgaria     50.00 %        9,846       14,739  
RES Technology AD
   Power generation   Bulgaria     50.00 %        11,922       14,383  
KV Holdings, Inc. (*29)
   Power generation   Philippines     40.00 %        2,103       5,186  
KEPCO SPC Power Corporation (*14,29)
   Construction and operation of utility plant   Philippines     75.20 %        94,579       196,544  
Gansu Datang Yumen Wind Power Co., Ltd.
   Power generation   China     40.00 %        16,621       6,315  
Datang Chifeng Renewable Power Co., Ltd.
   Power generation   China     40.00 %        121,928       186,739  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
   Power generation   China     40.00 %        39,872       43,207  
Rabigh Electricity Company
   Power generation   Saudi arabia     40.00 %        109,743       235,051  
Rabigh Operation & Maintenance Company Limited
   Maintenance of utility plant   Saudi arabia     40.00 %        70       4,964  
Jamaica Public Service Company Limited
   Power generation   Jamaica     40.00 %        301,910       349,866  
KW Nuclear Components Co., Ltd.
   Manufacturing   Korea     45.00 %        833       18,680  
Busan Shinho Solar Power Co., Ltd.
   Power generation   Korea     25.00 %        2,100       6,669  
Global Trade Of Power System Co., Ltd. (*16)
   Exporting products and technology of small or medium business by proxy   Korea     29.00 %        290       615  
Expressway Solar-light Power Generation Co., Ltd.
   Power generation   Korea     50.00 %        1,856       5,187  
Amman Asia Electric Power Company (*14)
   Power generation   Jordan     60.00 %        111,476       223,424  
KAPES, Inc. (*14)
   R & D   Korea     51.00 %        5,629       —   
Honam Wind Power Co., Ltd.
   Power generation   Korea     29.00 %        3,480       4,743  
Korea Power Engineering Service Co., Ltd.
   Construction and service   Korea     29.00 %        290       5,708  
Chun-cheon Energy Co., Ltd.
   Power generation   Korea     29.90 %        52,700       35,083  
Yeonggwangbaeksu Wind Power Co., Ltd. (*16)
   Power generation   Korea     15.00 %        3,000       3,443  
Nghi Son 2 Power LLC
   Power generation   Vietnam     50.00 %        175,261       417,989  
Kelar S.A. (*14)
   Power generation   Chile     65.00 %        78,060       131,529  
PT. Tanjung Power Indonesia
   Power generation   Indonesia     35.00 %        57,039       90,151  
Incheon New Power Co., Ltd. (*18)
   Power generation   Korea     29.00 %        461       298  
Seokmun Energy Co., Ltd.
   Power generation   Korea     29.00 %        15,370       16,591  
Daehan Wind Power PSC
   Power generation   Jordan     50.00 %        7,493       16,426  
Barakah One Company (*19)
   Power generation   UAE     18.00 %        118       —   
Nawah Energy Company (*19)
   Operation of utility plant   UAE     18.00 %        296       330  
MOMENTUM
  
International thermonuclear
experimental reactor construction
management
   France     33.33 %        1       209  
Daegu Green Power Co., Ltd. (*20)
   Power generation   Korea     29.00 %        46,225       26,430  
Yeonggwang Wind Power Co., Ltd.
   Power generation   Korea     46.00 %        17,475       23,380  
Chester Solar IV SpA
   Power generation   Chile     45.00 %        1,700       484  
Chester Solar V SpA
   Power generation   Chile     45.00 %        525       191  
Diego de Almagro Solar SpA
   Power generation   Chile     45.00 %        2,091       954  
South Jamaica Power Company Limited
   Power generation   Jamaica     20.00 %        20,430       43,109  
Daesan Green Energy Co., Ltd.
   Power generation   Korea     35.00 %        17,850       22,191  
RE Holiday Holdings LLC
   Power generation   USA     50.00 %        42,948       84,092  
RE Pioneer Holdings LLC
   Power generation   USA     50.00 %        27,891       54,081  
RE Barren Ridge 1 Holdings LLC
   Power generation   USA     50.00 %        28,021       58,154  
RE Astoria 2 LandCo LLC
   Power generation   USA     50.00 %        5,188       6,937  
RE Barren Ridge LandCo LLC
   Power generation   USA     50.00 %        2,187       2,441  
Laurel SpA
   Power generation   Chile     45.00 %        1,222       613  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*16)
   Power generation   Australia     12.37 %        4,095       3,719  
Cheong-Song Noraesan Wind Power Co., Ltd. (*15)
   Power generation   Korea     29.01 %        3,200       3,756  
Chester Solar I SpA
   Power generation   Chile     45.00 %        1,181       1,238  
Solar Philippines Calatagan Corporation
   Power generation   Philippines     38.00 %        47,903       58,130  
Saemangeum Solar Power Co., Ltd. (*21)
   Power generation   Korea     81.01 %        26,400       23,419  
Chungsongmeon BongSan wind power Co., Ltd. (*16)
   Power generation   Korea     29.00 %        2,900       2,665  
 
 
 
 
2023
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
            
Jaeun Resident Wind Power Plant Co., Ltd. (*16)
   Power generation   Korea     29.00 %     
W
       2,494       2,214  
DE Energia SpA
   Power generation   Chile     49.00 %        8,364       9,703  
Dangjin Eco Power Co., Ltd.
   Power generation   Korea     34.00 %        25,661       26,753  
Haemodum Solar Co., Ltd.
   Power generation   Korea     49.00 %        2,940       3,122  
Yangyang Wind Power Co., Ltd.
   Power generation   Korea     50.00 %        12,000       10,435  
HORUS SOLAR, S.A. DE C.V. (*22)
   Renewable power generation   Mexico     14.95 %        5,068       11,181  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*22)
   Renewable power generation   Mexico     14.95 %        3,678       10,935  
SUNMEX RENOVABLES, S.A. DE C.V. (*22)
   Renewable power generation   Mexico     14.95 %        1,678       3,541  
Stavro Holding II A.B.
   Holding company   Sweden     20.00 %        18,566       18,263  
Solaseado Solar Power Co., Ltd.
   Power generation   Korea     39.00 %        7,020       17,953  
Yeongam Solar Power Co., Ltd. (*16)
   Power generation   Korea     19.00 %        6,460       9,637  
Samsu Wind Power Co., Ltd. (*16)
   Power generation   Korea     19.00 %        2,637       3,022  
Pulau Indah Power Plant Sdn. Bhd.
   Power generation   Malaysia     25.00 %        24,339       25,603  
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
   Holding company   Korea     29.53 %        19,897       21,897  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*14)
   Holding company   Korea     90.00 %        14,916       15,487  
PT Barito Wahana Tenaga
   Power generation   Indonesia     30.61 %        59,574       156,994  
Cheongna Energy Co., Ltd. (*21)
   Generating and distributing vapor and hot/cold water   Korea     50.10 %        49,344       25,549  
Naepo Green Energy Co., Ltd.
   Power generation   Korea     29.20 %        29,200       5,285  
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.) (*23)
   Power generation   Korea     30.66 %        71,070       —   
OneEnergy Asia Limited
   Power generation   Vietnam     40.00 %        195,130       289,966  
KAS INVESTMENT I LLC (*15)
   Holding company   USA     29.89 %        23,437       15,784  
KAS INVESTMENT II LLC (*15)
   Holding company   USA     29.89 %        23,343       15,709  
Energyco Co., Ltd.
   Power generation   Korea     29.00 %        1,659       2,140  
CAES, LLC
   Holding company   USA     36.00 %        19,414       20,380  
Hapcheon Floating Photovoltaic Power Plant
Inc. (*16)
   Power generation   Korea     49.00 %        7,512       10,348  
Busan Industrial Solar Power Co., Ltd.
   Power generation   Korea     28.02 %        510       1,058  
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       1,200  
Omisan Wind Power Co., Ltd.
   Power generation   Korea     42.00 %        10,752       10,229  
Foresight Iberian Solar Group Holding, S.L. (*24)
   Power generation   Spain     75.00 %        10,564       8,119  
Yeongwol Eco Wind Co., Ltd.
   Power generation   Korea     29.00 %        3,089       4,024  
Gurae Resident Power Co., Ltd.
   Power generation   Korea     29.00 %        386       569  
Cheongju Eco Park Co., Ltd.
   Power generation   Korea     29.00 %        5,858       9,072  
Enel X Midland Photovoltaic, LLC
   Power generation   Korea     20.00 %        2,211       2,542  
Geumsungsan Wind Power Co., Ltd.
   Power generation   Korea     29.00 %        6,531       5,515  
KEPCO KPS CARABAO Corp. (*18)
   Utility plant maintenance   Philippines     40.00 %        93       —   
Prime Swedish Holding AB
   Holding company   Sweden     45.00 %        36,227       38,789  
Goheung New Energy Co., Ltd.
   Power generation   Korea     46.15 %        12,959       15,736  
Gunsan Land Solar Co., Ltd. (*24,30)
   Power generation   Korea     75.29 %        19,091       22,429  
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 %        —        1,423  
Pyeongchang Wind Power Co., Ltd. (*27)
   Power generation   Korea     58.00 %        9,329       12,228  
Eumseong Eco Park Co., Ltd.
   Power generation   Korea     29.00 %        5,741       8,386  
Changwon Nu-ri Energy Co., Ltd. (*16)
   Fuel cell generation   Korea     61.00 %        8,095       8,027  
PungBack Wind Farm Corporation (*26)
   Power generation   Korea     32.89 %        7,885       7,940  
Trumbull Asset Management, LLC (*27)
   Holding company   USA     78.00 %        1       936  
 
 
 
 
2023
  
Investees
  
Key operation activities
  
Location
  
Percentage of
ownership
          
Acquisition
cost
    
Book

value
  
   
In millions of won
  
<Joint ventures>
            
S-Power
Chile SpA
   Power generation   Chile     50.00 %     
W
       127       64  
Seungmun Green Energy
   Power generation   Korea     33.00 %        8,973       9,757  
Seobusambo highway photovoltaics Co.,
Ltd. (*25)
   Power generation   Korea     80.00 %        3,020       3,580  
Yangyang Suri Wind Power Co., Ltd.(*15)
  
Power generation
  
Korea
  
 
29.00
% 
    
 
10,498
 
  
 
9,608
 
KEPCO for Power Company (*34)
   Power generation  
Saudi arabia
     60.00 %        3,083       435  
Taebaek Wind Power Co., Ltd. (*35)
   Power generation   Korea     60.00 %        11,494       13,932  
Jeonju Bio Green Energy Co., Ltd.(*24)
   Power generation   Korea     65.00 %        3,250       3,195  
Kumyang Eco Park Co., Ltd.
   Power generation   Korea     29.00 %        3,663       3,663  
Jeongeup Green Power Co., Ltd. (*36)
   Power generation   Korea     18.71 %        1,560       1,560  
Hadong
E-factory
Co., Ltd.(*15)
   Power generation   Korea     30.00 %        350       349  
Namyangju Combined Heat and Power Co., Ltd. (*37)
   Generating and distributing vapor and hot/cold water   Korea     55.00 %        3,850       3,850  
Wadi Noor Solar Power Company SAOC
   Power generation   Oman     50.00 %        847       846  
Fairhaven Energy Storage LLC (*31)
   Power generation   USA     35.00 %        —        —   
         
 
 
    
 
 
  
            2,431,604       3,485,699  
         
 
 
    
 
 
  
         
W
       5,940,703       9,662,588  
         
 
 
    
 
 
  
 
(*1)
the Company is planning to sell its investments in YTN Co., Ltd. based on the resolution of the Board of Directors on November 23, 2022, but investments in YTN Co., Ltd. are not classified as assets
held-for-sale
as the Company hasn’t started the active selling procedures as of December 31, 2023.
 
(*2)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
 
(*4)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its significant influence on the entity.
 
(*5)
Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component. The redeemable convertible preferred stock has been repaid in the current period.
 
(*6)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
 
(*7)
The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
(*8)
The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*9)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises 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 Company exercises 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.
 
(*12)
The effective percentage of ownership decreased due to the disproportionate
paid-in
capital increase during the year ended December 31, 2023. The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
(*13)
The effective percentage of ownership is less than 20%. However, the entity is classified as an associate because the Company exercises 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 Company can exercise same voting rights as other shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.
 
(*15)
The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.
 
(*16)
According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.
 
(*17)
The effective percentage of ownership changed due to the disproportionate capital reduction of financial investors during the year ended December 31, 2023.
 
(*18)
The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
 
(*19)
The effective percentage of ownership is less than 20%. However, decisions in relevant activities 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 activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*22)
The percentage of effective ownership is more
 than 20%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*23)
According to the REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.). held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders' agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.
 
(*24)
The effective percentage of ownership is more
 than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*25)
Due to the changes in the agreement, the Company 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 activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.
 
(*28)
The effective percentage of ownership is more than 50%. However, by the shareholders’ agreement, the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision committee. Accordingly, the entity is classified as an associate.
 
(*29)
The Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc.
T
he timing of and proceeds from such sales transaction is not specified as of December 31, 2023.
 
(*30)
The nominal percentage of ownership is 75.29% and the effective percentage of ownership is 56.91%, as the Company has an obligation to provide excessive dividend income to Gunsan City when a certain rate of return defined in the shareholders’ agreement is met.
 
(*31)
Although the investment has not yet been paid, commitment to pay 35% of investment in the future has been made.
 
(*32)
Although the Company’s effective percentage of ownership is less than 20%, the entity has been classified as an associate as the Company has significant influence on the entity considering the fact that ordinary resolutions passed at the shareholders’ meeting require the majority decision and the Company has the right to elect the entity’s directors.
 
(*33)
Although the Company’s effective percentage of ownership is less than 20%, the Company can exercise significant influence on the entity through its contractual right to appoint one director to the entity’s board of directors.
 
(*34)
Although the Company’s effective percentage of ownership is more than 50%, the entity is reclassified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors due to the shareholders’ agreement concluded during the year ended December 31, 2023.
 
(*35)
Although the Company’s effective percentage of ownership is more than 50%, the entity is reclassified as a joint venture considering the minimum number of the entity’s board of directors’ members required to agree for making decision on material financial and operational policies, as the joint shareholders’ agreement changed during the year ended December 31, 2023.
 
(*36)
Although the Company’s effective percentage of ownership is less than 20%, the entity is reclassified as a joint venture considering the Company can exercise significant influence on the entity due to the Company’s contractual right to appoint a director to the entity’s board of directors and the minimum number of the entity’s board of directors members required to agree for making decision on material financial and operational policies in accordance with the joint shareholders’ agreement .
 
(*37)
Although the Company’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s material financial and operational decisions require unanimous agreement of members in the board of directors.
Summary of Fair Value Associates
(2)
The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2022 and 2023 are as follows:
 
Investees
          
2022
     
2023
  
           
In millions of won
  
<Associates>
         
Korea Electric Power Industrial Development Co., Ltd.
    ￦        80,454        69,298  
Korea Gas
Corporation(*2)
         684,180        466,830  
YTN Co., Ltd.
(*1)
         50,220        54,180  
SPC Power Corporation
         121,995        92,219  
PT. Bayan Resources TBK
         11,326,001        11,090,934  
 
 
(*1)
The Company sold all of its shares in YTN Co., Ltd. (21.43 %) on February 15, 2024 at the price
of ￦
221,490 million
as the Korea Communications Commission approved of the Company’s selling shares in entirety on February 7, 2024 (see Note 51). 
 
 
(*2)
An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2022 and 2023 as management determined that the carrying amount of the investment in KOGAS at ￦2,085,296 million and ￦1,970,642 million respectively were significantly higher than its fair value. Accordingly, management has assessed the recoverable amount of the investment by estimating the Company’s share of the present value of the estimated future cash flows expected to be generated by KOGAS. The carrying amount of KOGAS as at December 31, 2022 and 2023 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2022 and 2023.
Summary of Changes in Investments in Associates and Joint Ventures
 
2022
  
Investees
         
Beginning
balance
     
Acquisitions
     
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

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

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
          
In millions of won
  
<Associates>
                                                       
STN Co., Ltd. (formerly, 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  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
        7,138        —         (202 )      (392 )      389       (1 )      —        6,932  
Suwon New Power Co., Ltd.
        1,035        —         —        —        (116 )      —        —        919  
KPGE Inc.
        309        —         (317 )      —        8       —        —        —   
Gwangbaek Solar Power Investment Co., Ltd.
        4,806        —         —        —        327       —        —        5,133  
Go deok Clean Energy Co., Ltd.
        4,302        —         —        —        118       —        —        4,420  
SureDataLab Co., Ltd.
        128        —         —        —        49       —        —        177  
SEP Co., Ltd.
        7        —         —        —        (7 )      —        —        —   
Hankook Electric Power Information Co., Ltd.
        161        —         —        —        121       —        (62 )      220  
Tronix Co., Ltd.
        109        —         —        —        (37 )      —        (6 )      66  
O2&B Global Co., Ltd.
        35        —         —        —        1       —        —        36  
Muan Sunshine Solar Power Plant Co., Ltd.
        1,268        —         —        —        1,294       —        —        2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
        —         —         —        —        —        —        —        —   
Goesan Solar Park Co., Ltd.
        1,927        —         —        —        664       —        —        2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
        10,238        —         —        —        2,772       —        —        13,010  
Bitgoel Eco Energy Co., Ltd.
        4,356        3,240        —        —        1,355       —        —        8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
        911        —         —        —        (39 )      —        —        872  
Seoroseoro Sunny Power Plant Co., Ltd.
        721        —         —        —        138       —        —        859  
Muan Solar park Co., Ltd.
        6,083        —         —        (600 )      2,377       (22 )      —        7,838  
YuDang Solar Co., Ltd.
        565        —         —        (160 )      181       —        —        586  
Anjwa Smart Farm & Solar City Co., Ltd.
        6,784        —         —        —        1,878       —        —        8,662  
Daewon Green Energy Co., Ltd.
        3,877        —         —        —        608       —        —        4,485  
G.GURU Co., Ltd.
        403        —         —        —        (103 )      —        —        300  
UD4M Co., Ltd.
        144        —         —        —        17       —        —        161  
Dongbu Highway Solar Co., Ltd.
        265        —         —        —        87       —        —        352  
Seobu Highway Solar Co., Ltd.
        289        —         —        —        27       —        —        316  
Korea Energy Data Co., Ltd.
        62        —         —        —        —        —        —        62  
Gangneung Sacheon Fuel Cell Co., Ltd.
        1,878        3,745        —        —        (1,310 )      (36 )      —        4,277  
KOSTURE Co., Ltd.
        —         1        —        —        —        —        —        1  
Digital Innovation Growth Fund
        9,890        —         —        —        (204 )      —        (9,686 )      —   
Taebaek Gadeoksan Wind Power Co., Ltd.
        16,495        —         —        (1,784 )      5,644       —        (315 )      20,040  
Chuncheon Green Energy Co., Ltd.
        3,372        6,140        —        —        (357 )      —        —        9,155  
Yeomsubong Wind Power Co., Ltd.
        95        —         —        —        (40 )      —        7       62  
Yeongyang Wind Power Corporation II
        7,965        —         —        —        (504 )      —        —        7,461  
Haeparang Energy Co., Ltd.
        2,241        —         —        —        (53 )      —        —        2,188  
Saemangeum Sebit Power Plant Co., Ltd.
        6,000        7,788        —        —        4,855       —        4,556       23,199  
Boulder Solar III, LLC
        —         715        —        —        —        —        29       744  
PlatformN. Co., Ltd.
        —         105        —        —        (21 )      —        —        84  
PT. Cirebon Energi Prasarana
        —         24,052        —        —        35,315       6,963       2,705       69,035  
Green Radiation Co., Ltd.
        —         —         —        —        (9 )      —        20       11  
Future Convergence Technology Laboratory. Co., Ltd.
        —         76        —        —        (26 )      —        —        50  
SC E&G. Co,. Ltd.
        —         90        —        —        124       —        —        214  
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)
        —         81        —        —        85       —        —        166  
ACE
        —         20        —        —        —        —        —        20  
Environment and Energy Co., Ltd.
        —         11        —        —        (1 )      —        —        10  
Santiago Solar Power SpA
        —         13,853        —        —        (379 )      (100 )      (1 )      13,373  
Yanggu Floating Photovoltaic Power Plant Inc.
        —         903        —        —        —        —        —        903  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
       5,232,373        95,037        (31,398 )      (599,328 )      1,091,588       45,268       10,924       5,844,464  
    
 
 
     
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
 
2022
  
Investees
         
Beginning
balance
     
Acquisitions
     
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
          
In millions of won
  
<Joint ventures>
                                                       
KEPCO-Uhde Inc.
   ￦        58        —         —        —        (43 )      —        2       17  
Shuweihat Asia Power Investment B.V.
        37,069        —         —        (3,545 )      (1,303 )      34,231       —        66,452  
Shuweihat Asia Operation & Maintenance Company
        1,380        —         —        (995 )      1,154       92       —        1,631  
Waterbury Lake Uranium L.P.
        21,590        —         —        —        1       159       —        21,750  
ASM-BG Investicii AD
        18,692        —         (6,255 )      (2,395 )      2,979       1,534       —        14,555  
RES Technology AD
        16,703        —         (3,673 )      (333 )      1,427       1,009       —        15,133  
KV Holdings, Inc.
        2,527        —         —        (394 )      7,747       (221 )      —        9,659  
KEPCO SPC Power Corporation
        198,979        —         —        (34,280 )      27,591       (12,696 )      —        179,594  
Gansu Datang Yumen Wind Power Co., Ltd.
        6,635        —         —        —        (464 )      (147 )      —        6,024  
Datang Chifeng Renewable Power Co., Ltd.
        204,587        —         —        (8,732 )      2,849       (6,722 )      —        191,982  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
        44,217        —         —        (2,694 )      3,936       (1,061 )      —        44,398  
Rabigh Electricity Company
        143,678        —         —        (11,447 )      31,523       50,853       —        214,607  
Rabigh Operation & Maintenance Company Limited
        4,071        —         —        (2,735 )      3,866       (89 )      —        5,113  
Jamaica Public Service Company Limited
        294,649        —         —        (7,752 )      28,541       19,494       (3,525 )      331,407  
KW Nuclear Components Co., Ltd.
        15,734        —         —        (833 )      2,189       —        —        17,090  
Busan Shinho Solar Power Co., Ltd.
        5,841        —         —        (478 )      1,356       —        —        6,719  
Global Trade Of Power System Co., Ltd.
        597        —         —        —        101       —        —        698  
Expressway Solar-light Power Generation Co., Ltd.
        3,084        —         —        —        1,670       —        —        4,754  
Amman Asia Electric Power Company
        178,679        —         —        (19,350 )      23,442       37,483       —        220,254  
KAPES, Inc.
        —         —         —        —        —        —        —        —   
Honam Wind Power Co., Ltd.
        4,041        —         —        (174 )      952       —        —        4,819  
Korea Power Engineering Service Co., Ltd.
        5,415        —         —        (86 )      145       —        69       5,543  
Chun-cheon Energy Co., Ltd.
        25,896        —         —        —        6,148       —        —        32,044  
Yeonggwangbaeksu Wind Power Co., Ltd.
        2,728        —         —        —        423       —        —        3,151  
Nghi Son 2 Power LLC
        —         172,480        —        —        51,218       185,141       —        408,839  
Kelar S.A.
        86,695        —         —        —        3,695       21,241       5,506       117,137  
PT. Tanjung Power Indonesia
        46,546        30,147        —        (6,104 )      4,645       18,323       (650 )      92,907  
Incheon New Power Co., Ltd.
        —         —         —        —        198       —        —        198  
Seokmun Energy Co., Ltd.
        13,842        —         —        —        3,494       —        —        17,336  
Daehan Wind Power PSC
        5,154        —         —        —        2,446       6,323       —        13,923  
Barakah One Company
        —         —         —        —        —        —        —        —   
Nawah Energy Company
        294        —         —        —        1       20       —        315  
Momentum
        368        —         —        (369 )      345       1       —        345  
Daegu Green Power Co., Ltd.
        24,054        —         —        —        5,079       —        227       29,360  
Yeonggwang Wind Power Co., Ltd.
        17,646        —         —        —        3,067       —        —        20,713  
Chester Solar IV SpA
        —         —         —        —        202       (17 )      (4 )      181  
Chester Solar V SpA
        25        —         —        —        129       3       (1 )      156  
Diego de Almagro Solar SpA
        362        —         —        —        154       2       22       540  
South Jamaica Power Company Limited
        37,360        —         —        —        6,625       2,452       —        46,437  
Daesan Green Energy Co., Ltd.
        21,244        —         —        —        (2,030 )      —        4       19,218  
RE Holiday Holdings LLC
        73,167        —         —        (2,288 )      2,526       11,965       —        85,370  
RE Pioneer Holdings LLC
        47,015        —         —        (1,337 )      (275 )      9,769       —        55,172  
RE Barren Ridge 1 Holdings LLC
        1,883        —         —        (1,625 )      (2,886 )      5,978       —        3,350  
RE Astoria 2 LandCo LLC
        5,998        —         —        (388 )      571       418       —        6,599  
RE Barren Ridge LandCo LLC
        2,120        —         —        (160 )      225       148       —        2,333  
Laurel SpA
        290        —         —        —        245       3       16       554  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
        3,625        —         —        —        26       —        —        3,651  
Chile Solar JV SpA
        32,457        —         (24,894 )      —        159       2,097       —        9,819  
Cheong-Song Noraesan Wind Power Co., Ltd.
        4,106        —         —        (672 )      832       —        (3 )      4,263  
Chester Solar I SpA
        1,120        —         —        —        120       (1 )      75       1,314  
Solar Philippines Calatagan Corporation
        58,231        —         —        (1,710 )      6,081       (5,700 )      —        56,902  
Saemangeum Solar Power Co., Ltd.
        23,939        —         —        —        (388 )      —        —        23,551  
 
 
 
 
2022
  
Investees
         
Beginning
balance
     
Acquisitions
     
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
          
In millions of won
  
<Joint ventures>
                                                       
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  
Dangjin Eco Power Co., Ltd.
        26,109        —         —        —        233       513       4       26,859  
Haemodum Solar Co., Ltd.
        3,081        —         —        —        286       —        —        3,367  
Yangyang Wind Power Co., Ltd.
        11,191        —         —        —        (327 )      —        —        10,864  
HORUS SOLAR, S.A. DE C.V.
        5,842        —         —        —        841       293       —        6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
        4,536        —         —        —        68       295       —        4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
        1,610        —         —        —        (151 )      198       —        1,657  
Stavro Holding II A.B.
        17,627        952        —        —        157       (1,687 )      122       17,171  
Solaseado Solar Power Co., Ltd.
        9,891        —         —        —        6,342       —        —        16,233  
Yeongam Solar Power Co., Ltd.
        6,838        —         —        —        3,041       —        —        9,879  
Samsu Wind Power Co., Ltd.
        2,828        —         —        —        377       —        —        3,205  
Pulau Indah Power Plant Sdn. Bhd.
        22,099        —         —        —        1,681       3,034       —        26,814  
Sam-Yang Photovoltaic Power Co., Ltd.
        4,993        —         —        —        (123 )      —        (4,870 )      —   
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
        21,456        485        (406 )      (1,415 )      1,603       —        —        21,723  
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream
        16,288        —         (687 )      —        (14 )      —        —        15,587  
PT Barito Wahana Tenaga
        81,595        39        —        —        13,352       42,061       —        137,047  
Cheongna Energy Co., Ltd.
        11,198        —         —        —        (440 )      —        —        10,758  
Naepo Green Energy Co., Ltd.
        —         —         —        —        —        —        —        —   
Boim Combined Heat and Power Generation Co., Ltd. (formerly, 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  
 
 
 
 
2022
  
Investees
         
Beginning
balance
     
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
          
In millions of won
  
<Joint ventures>
                                                      
Hasami Wind Farm Corporation
   ￦        —         1,596       —        —        (7 )      —        —        1,589  
PungBack Wind Farm Corporation
        —         7,884       —        —        (1,141 )      —        —        6,743  
Trumbull Asset Management, LLC
        —         —        —        —        252       (1 )      (5 )      246  
S-Power Chile SpA
        —         127       —        —        —        —        —        127  
Seungmun Green Energy
        —         8,973       —        —        120       (39 )      —        9,054  
Seobusambo highway photovoltaics Co., Ltd.
        —         (1 )      —        —        —        —        3,067       3,066  
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
       2,239,011        292,033       (35,915 )      (112,612 )      246,705       507,544       10,818       3,147,584  
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦        7,471,384        387,070       (67,313 )      (711,940 )      1,338,293       552,812       21,742       8,992,048  
    
 
 
     
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
2023
  
Investees
         
Beginning
balance
     
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
          
In millions of won
  
<Associates>
                                                      
Korea Gas Corporation
  
￦
 
   
 
2,085,296
 
   
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(155,819
) 
  
 
47,220
 
  
 
(6,054
) 
  
 
1,970,643
 
Korea Electric Power Industrial Development Co., Ltd.
        31,078        —        —        (2,156 )      1,790       —        (1,212 )      29,500  
YTN Co., Ltd.
        55,027        —        —        (540 )      (1,147 )      (14 )      (1,023 )      52,303  
Gangwon Wind Power Co., Ltd.
        12,158        —        —        (2,272 )      2,115       —        —        12,001  
Hyundai Green Power Co., Ltd.
        119,791        —        —        (3,555 )      2,159       —        (222 )      118,173  
Korea Power Exchange
        275,126        —        —        —        4,575       —        (5,415 )      274,286  
Taebaek Wind Power Co., Ltd.
        14,501        —        —        —        —        —        (14,501 )      —   
Taebaek Guinemi Wind Power Co., Ltd.
        13,049        —        —        —        481       —        —        13,530  
Daeryun Power Co., Ltd.
        26,727        —        —        —        143       (12 )      (24 )      26,834  
KNH Solar Co., Ltd.
        2,883        —        —        —        311       —        —        3,194  
SPC Power Corporation
        70,868        —        —        (2,669 )      9,667       1,065       —        78,931  
Gemeng International Energy Co., Ltd.
        578,821        102,854       —        (12,527 )      41,280       565       (5,181 )      705,812  
PT. Cirebon Electric Power
        135,114        —        —        (10,770 )      7,519       —        2,396       134,259  
KNOC Nigerian East Oil Co., Ltd.
        —         —        —        —        (7 )      (213 )      220       —   
KNOC Nigerian West Oil Co., Ltd.
       —         —        —        —        (7 )      (196 )      203       —   
PT Wampu Electric Power
        37,743        —        —        (3,850 )      (268 )      224       706       34,555  
PT. Bayan Resources TBK
        684,719        —        —        (344,360 )      252,406       26,500       (58 )      619,207  
S-Power Co., Ltd.
        141,128        —        —        —        21,637       —        —        162,765  
Pioneer Gas Power Limited
        —         —        —        —        —        —        —        —   
Eurasia Energy Holdings
        —         —        —        —        —        —        —        —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
        115,584        —        —        —        (848 )      1,642       —        116,378  
PT. Mutiara Jawa
        3,597        —        —        (459 )      1,936       94       —        5,168  
Samcheok Eco Materials Co., Ltd.
        —         —        —        —        —        —        —        —   
Noeul Green Energy Co., Ltd.
       —         —        —        —        —        —        —        —   
Goseong Green Power Co., Ltd.
        288,893        —        —        —        (1,240 )      —        (29 )      287,624  
Gangneung Eco Power Co., Ltd.
        —         258,100       —        —        (3,171 )      —        —        254,929  
Shin Pyeongtaek Power Co., Ltd.
        133,823        —        —        (70,040 )      81,258       —        (15 )      145,026  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
        278        —        —        —        16       —        —        294  
Dongducheon Dream Power Co., Ltd.
        89,300        —        —        —        (2,568 )      —        471       87,203  
Jinbhuvish Power Generation Pvt. Ltd.
        —         —        —        —        —        —        —        —   
Daejung Offshore Wind Power Co., Ltd.
        1,555        —        —        —        (72 )      —        —        1,483  
GS Donghae Electric Power Co., Ltd.
        260,145        —        —        (21,846 )      21,240       —        (454 )      259,085  
Daegu Photovoltaic Co., Ltd.
        2,849        —        —        (408 )      363       —        —        2,804  
Busan Green Energy Co., Ltd.
        4,395        —        —        —        (1,137 )      —        1       3,259  
Gunsan Bio Energy Co., Ltd.
        —         —        —        —        —        —        —        —   
 
 
 
 
2023
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Associates>
                                                    
Hansuwon KNP Co., Ltd.
   ￦       280       —        —        —        187       —        —        467  
Korea Electric Power Corporation Fund
       28,842       —        (2,266 )      —        (2,865 )      (290 )      —        23,421  
Energy Infra Asset Management Co., Ltd.
       1,184       —        —        (89 )      118       —        —        1,213  
Daegu clean Energy Co., Ltd.
       12       —        —        —        —        —        (12 )      —   
Yaksu
 
ESS Co., Ltd.
       486       —        —        —        (201 )      —        —        285  
Nepal Water & Energy Development Company Private Limited
      69,940       40,103       —        —        (325 )      855       —        110,573  
Gwangyang Green Energy Co., Ltd.
       25,044       —        —        —        (406 )      —        —        24,638  
PND
S
olar Co., Ltd.
       1,403       —        —        —        107       —        —        1,510  
Hyundai Eco Energy Co., Ltd.
       7,631       —        —        (874 )      1,198       (8 )      —        7,947  
YeongGwang Yaksu Wind Electric Co., Ltd.
       156       —        —        —        (23 )      —        —        133  
Green Energy Electricity Generation Co., Ltd.
       1,571       —        —        —        (1,563 )      —        —        8  
Korea Energy Solutions Co., Ltd.
       93       —        —        —        77       —        —        170  
ITR Co., Ltd.
       —        —        —        —        (33 )      —        33       —   
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)
       366       —        —        —        25       —        —        391  
Namjeongsusang Solar Power Operation Co., Ltd.
       373       —        (217 )      —        (156 )      —        —        —   
Indeck Niles Development, LLC
      302,038       —        —        —        32,067       (3,623 )      4,919       335,401  
Indeck Niles Asset Management, LLC
       94       —        —        (337 )      334       —        2       93  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
       6,932       —        (428 )      (373 )      366       (1 )      —        6,496  
Suwon New Power Co., Ltd.
       919       —        —        —        103       —        —        1,022  
Gwangbaek Solar Power Investment Co., Ltd.
       5,133       —        —        (644 )      666       —        —        5,155  
Go deok Clean Energy Co., Ltd.
    
 
4,420
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
303
 
  
 
— 
 
  
 
— 
 
  
 
4,723
 
SureDataLab Co., Ltd.
       177       —        —        —        (63 )      —        —        114  
SEP Co., Ltd.
       —        —        —        —        —        —        —        —   
Hankook Electric Power Information Co., Ltd.
       220       —        —        —        (6 )      —        —        214  
Tronix Co., Ltd.
       66       —        —        —        154       —        —        220  
O2&B Global Co., Ltd.
       36       —        —        —        (15 )      —        —        21  
Muan Sunshine Solar Power Plant Co., Ltd.
       2,562       —        —        (340 )      600       —        —        2,822  
Bigeum Resident Photovoltaic Power Co., Ltd.
       —        —        —        —        (414 )      414       —        —   
Goesan Solar Park Co., Ltd.
       2,591       —        —        —        286       —        —        2,877  
Saemangeum Heemang Photovoltaic Co., Ltd.
       13,010       —        —        —        1,410       —        —        14,420  
Bitgoel Eco Energy Co., Ltd.
       8,951       —        —        —        3,443       —        —        12,394  
Jeju Gimnyeong Wind Power Co., Ltd.
       872       —        —        —        (626 )      —        —        246  
Seoroseoro Sunny Power Plant Co., Ltd.
       859       —        —        —        82       —        —        941  
Muan Solar park Co., Ltd.
       7,838       —        —        (2,680 )      1,672       —        —        6,830  
YuDang Solar Co., Ltd.
       586       —        —        (100 )      84       —        —        570  
Anjwa Smart Farm & Solar City Co., Ltd.
       8,662       —        —        (1,400 )      403       —        —        7,665  
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)
       4,485       —        —        —        3,294       —        —        7,779  
G.GURU Co., Ltd.
       300       —        —        —        (133 )      —        —        167  
UD4M Co., Ltd.
       161       —        —        —        (11 )      —        —        150  
Dongbu Highway Solar Co., Ltd.
       352       —        —        —        28       —        —        380  
Seobu Highway Solar Co., Ltd.
       316       —        —        —        90       —        —        406  
Korea Energy Data Co., Ltd.
       62       —        —        —        (26 )      —        —        36  
Gangneung Sacheon Fuel Cell Co., Ltd.
       4,277       —        —        —        3,593       —        —        7,870  
KOSTURE Co., Ltd.
       1       6       —        —        1       —        —        8  
 
 
 
 
2023
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Associates>
                                                      
Taebaek Gadeoksan Wind Power Co., Ltd.
   ￦       20,040       —        —        (3,723 )      3,109       —        —        19,426  
Chuncheon Green Energy Co., Ltd.
       9,155       —        —        —        (204 )      (51 )      —        8,900  
Yeomsubong Wind Power Co., Ltd.
       62       1,316       —        —        (507 )      —        —        871  
Yeongyang Wind Power Corporation II
       7,461       —        —        —        2,639       —        —        10,100  
Haeparang Energy Co., Ltd.
       2,188       —        —        —        (84 )      —        —        2,104  
Saemangeum Sebit Power Plant Co., Ltd.
       23,199       7,249       —        —        (709 )      —        7,452       37,191  
Boulder Solar III, LLC
       744       —        —        —        —        —        10       754  
PlatformN. Co., Ltd.
       84       —        —        —        (84 )      —        —        —   
PT. Cirebon Energi Prasarana
       69,035       —        —        —        7,328       (891 )      1,125       76,597  
Green Radiation Co., Ltd.
       11       —        —        —        15       —        —        26  
Future Convergence Technology Laboratory. Co., Ltd.
       50       —        —        —        (14 )      —        —        36  
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)
       214       —        —        —        53       —        —        267  
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)
       166       —        —        —        (72 )      —        26       120  
ACE
       20       —        —        —        (18 )      —        —        2  
Environment and Energy Co., Ltd.
       10       —        —        —        (1 )      —        —        9  
Santiago Solar Power SpA
       13,373       —        —        —        (1,522 )      (82 )      —        11,769  
Yanggu Floating Photovoltaic Power Plant Inc.
       903       —        —        —        (143 )      —        —        760  
Power Embedded
       —        70       —        —        —        —        —        70  
Changwon SG Energy Co., Ltd.
       —        900       —        —        (117 )      —        —        783  
Donpyung Technology. Co., Ltd.
       —        125       —        —        154       —        (25 )      254  
HORANG ENERGY Inc.
       —        4,240       —        —        (91 )      —        —        4,149  
Hoenggye Renewable Energy Co., Ltd
       —        2,375       —        —        —        —        —        2,375  
Haman Green Energy Co., Ltd.
       —        4,771       —        —        (1,790 )      —        —        2,981  
Songsan Green Energy Co., Ltd.
       —        —        —        —        —        —        8,323       8,323  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      5,844,464       422,109       (2,911 )      (486,012 )      334,379       73,198       (8,338 )      6,176,889  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
<Joint ventures>
                                                    
KEPCO-Uhde Inc.
    
 
17
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
(10
) 
  
 
— 
 
  
 
(7
) 
  
 
— 
 
Shuweihat Asia Power Investment B.V.
       66,452       —        —        (512 )      (440 )      4,402       —        69,902  
Shuweihat Asia Operation & Maintenance Company
       1,631       —        —        (1,077 )      1,237       27       —        1,818  
Waterbury Lake Uranium L.P.
       21,750       —        —        —        70       792       —        22,612  
ASM-BG
Investicii AD
       14,555       —        —        (697 )      680       201       —        14,739  
RES Technology AD
       15,133       —        —        (697 )      (513 )      460       —        14,383  
KV Holdings, Inc.
       9,659       —        —        —        280       161       (4,914 )      5,186  
KEPCO SPC Power Corporation
       179,594       —        —        —        13,224       3,726       —        196,544  
Gansu Datang Yumen Wind Power Co., Ltd.
       6,024       —        —        —        316       (25 )      —        6,315  
Datang Chifeng Renewable Power Co., Ltd.
       191,982       —        —        (14,293 )      9,012       38       —        186,739  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
       44,398       —        —        (1,771 )      639       (59 )      —        43,207  
Rabigh Electricity Company
       214,607       —        —        (6,263 )      28,456       (1,749 )      —        235,051  
Rabigh Operation & Maintenance Company Limited
       5,113       —        —        (2,994 )      2,759       86       —        4,964  
Jamaica Public Service Company Limited
       331,407       —        —        (15,715 )      32,862       7,959       (6,647 )      349,866  
KW Nuclear Components Co., Ltd.
       17,090       —        —        (833 )      2,423       —        —        18,680  
Busan Shinho Solar Power Co., Ltd.
       6,719       —        —        (1,169 )      1,119       —        —        6,669  
Global Trade Of Power System Co., Ltd.
       698       —        —        —        (83 )      —        —        615  
 
 
 
 
2023
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Joint ventures>
                                                    
Expressway Solar-light Power Generation Co., Ltd.
   ￦       4,754       —        —        —        433       —        —        5,187  
Amman Asia Electric Power Company
       220,254       —        —        (15,636 )      17,833       973       —        223,424  
KAPES, Inc.
       —        —        —        (1,162 )      1,162       —        —        —   
Honam Wind Power Co., Ltd.
       4,819       —        —        (522 )      446       —        —        4,743  
Korea Power Engineering Service Co., Ltd.
       5,543       —        —        (44 )      349       —        (140 )      5,708  
Chun-cheon Energy Co., Ltd.
       32,044       —        —        —        3,039       —        —        35,083  
Yeonggwangbaeksu Wind Power Co., Ltd.
       3,151       —        —        —        292       —        —        3,443  
Nghi Son 2 Power LLC
       408,839       —        —        —        14,742       (5,592 )      —        417,989  
Kelar S.A.
       117,137       —        —        —        11,655       848       1,889       131,529  
PT. Tanjung Power Indonesia
       92,907       —        —        (12,641 )      9,679       338       (132 )      90,151  
Incheon New Power Co., Ltd.
       198       —        —        (69 )      147       —        22       298  
Seokmun Energy Co., Ltd.
       17,336       —        —        —        (745 )      —        —        16,591  
Daehan Wind Power PSC
       13,923       —        —        —        2,437       66       —        16,426  
Barakah One Company
       —        —        —        —        —        —        —        —   
Nawah Energy Company
       315       —        —        —        10       5       —        330  
MOMENTUM
       345       —        —        (365 )      208       21       —        209  
Daegu Green Power Co., Ltd.
       29,360       —        —        —        (2,856 )      —        (74 )      26,430  
Yeonggwang Wind Power Co., Ltd.
       20,713       —        —        (2,688 )      5,355       —        —        23,380  
Chester Solar IV SpA
       181       —        —        —        324       (21 )      —        484  
Chester Solar V SpA
       156       —        —        —        35       (3 )      3       191  
Diego de Almagro Solar SpA
       540       —        —        —        447       (37 )      4       954  
South Jamaica Power Company Limited
       46,437       —        —        (7,667 )      3,709       630       —        43,109  
Daesan Green Energy Co., Ltd.
       19,218       —        —        —        2,977       —        (4 )      22,191  
RE Holiday Holdings LLC
       85,370       —        —        (1,549 )      (1,425 )      1,696       —        84,092  
RE Pioneer Holdings LLC
       55,172       —        —        (1,162 )      (2,089 )      2,160       —        54,081  
RE Barren Ridge 1 Holdings LLC
       3,350       —        —        (3,087 )      (1,733 )      59,624       —        58,154  
RE Astoria 2 LandCo LLC
       6,599       —        —        (354 )      575       117       —        6,937  
RE Barren Ridge LandCo LLC
       2,333       —        —        (161 )      228       41       —        2,441  
Laurel SpA
       554       —        —        —        64       (14 )      9       613  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
       3,651       —        —        —        (23 )      91       —        3,719  
Chile Solar JV SpA
       9,819       —        —        —        3,569       1,276       (14,664 )      —   
Cheong-Song Noraesan Wind Power Co., Ltd.
       4,263       —        —        (865 )      358       —        —        3,756  
Chester Solar I SpA
       1,314       —        —        —        (71 )      (29 )      24       1,238  
Solar Philippines Calatagan Corporation
       56,902       —        —        (6,025 )      6,025       1,228       —        58,130  
Saemangeum Solar Power Co., Ltd.
       23,551       —        —        —        (132 )      —        —        23,419  
Chungsongmeon BongSan wind power Co., Ltd.
       3,470       —        —        —        (805 )      —        —        2,665  
Jaeun Resident Wind Power Plant Co., Ltd.
       2,236       —        —        —        (22 )      —        —        2,214  
DE Energia SpA
       9,536       —        —        —        —        167       —        9,703  
Dangjin Eco Power Co., Ltd.
    
 
26,859
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
212
 
  
 
(318
) 
  
 
— 
 
  
 
26,753
 
Haemodum Solar Co., Ltd.
       3,367       —        —        (392 )      147       —        —        3,122  
Yangyang Wind Power Co., Ltd.
       10,864       —        —        —        (429 )      —        —        10,435  
HORUS SOLAR, S.A. DE C.V.
       6,976       —        —        —        3,594       611       —        11,181  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
       4,899       —        —        —        4,088       1,948       —        10,935  
SUNMEX RENOVABLES, S.A. DE C.V.
       1,657       —        —        —        1,482       402       —        3,541  
Stavro Holding II A.B.
       17,171       —        —        —        (17 )      149       960       18,263  
Solaseado Solar Power Co., Ltd.
       16,233       —        —        —        1,720       —        —        17,953  
Yeongam Solar Power Co., Ltd.
       9,879       —        —        (592 )      350       —        —        9,637  
Samsu Wind Power Co., Ltd.
       3,205       —        —        (514 )      331       —        —        3,022  
 
 
 
 
2023
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Joint ventures>
                                                    
Pulau Indah Power Plant Sdn. Bhd.
   ￦       26,814       —        —        (27 )      671       (2,360 )      505       25,603  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
       21,723       928       (1,092 )      (1,568 )      1,906       —        —        21,897  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
       15,587       —        (96 )      —        (4 )      —        —        15,487  
PT Barito Wahana Tenaga
       137,047       —        —        —        20,546       (599 )      —        156,994  
Cheongna Energy Co., Ltd.
       10,758       —        —        —        14,791       —        —        25,549  
Naepo Green Energy Co., Ltd.
       —        —        —        —        5,285       —        —        5,285  
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)
       —        —        —        —        —        —        —        —   
OneEnergy Asia Limited
       172,218       79,182       —        —        39,091       (525 )      —        289,966  
KAS INVESTMENT I LLC
       18,247       —        —        —        (2,223 )      (240 )      —        15,784  
KAS INVESTMENT II LLC
       18,173       —        —        —        (2,225 )      (239 )      —        15,709  
Energyco Co., Ltd.
       2,190       —        —        —        (50 )      —        —        2,140  
CAES, LLC
       20,805       —        —        —        (860 )      114       321       20,380  
Hapcheon Floating Photovoltaic Power Plant Inc.
       8,471       —        —        —        1,877       —        —        10,348  
Busan Industrial Solar Power Co., Ltd.
       1,168       —        —        —        (110 )      —        —        1,058  
Bitsolar Energy Co., Ltd.
       352       —        —        —        —        —        —        352  
Pulau Indah O&M Sdn. Bhd.
       —        —        —        —        —        —        —        —   
Guadalupe Solar SpA
       913       —        —        —        322       (35 )      —        1,200  
Omisan Wind Power Co., Ltd.
       10,411       —        —        —        (182 )      —        —        10,229  
Foresight Iberian Solar Group Holding, S.L.
       10,565       —        —        —        (2,034 )      —        (412 )      8,119  
Yeongwol Eco Wind Co., Ltd.
       3,155       —        —        —        869       —        —        4,024  
Gurae Resident Power Co., Ltd.
       391       —        —        —        178       —        —        569  
Cheongju Eco Park Co., Ltd.
       10,490       —        —        —        (1,418 )      —        —        9,072  
Enel X Midland Photovoltaic, LLC
       1,856       516       —        —        170       —        —        2,542  
Geumsungsan Wind Power Co., Ltd.
       3,493       —        —        —        2,022       —        —        5,515  
KEPCO KPS CARABAO Corp.
       177       —        —        —        (184 )      7       —        —   
Prime Swedish Holding AB
       36,245       820       —        —        (236 )      —        1,960       38,789  
Goheung New Energy Co., Ltd.
       11,832       —        —        —        3,904       —        —        15,736  
Gunsan Land Solar Co., Ltd.
       27,544       —        —        —        (5,115 )      —        —        22,429  
CapMan Lynx SCA, SICAR
       —        —        —        —        —        —        —        —   
International Offshore Power Transmission Holding Company Limited
       —        —        —        —        338       1,085       —        1,423  
Pyeongchang Wind Power Co., Ltd.
       14,464       —        —        (870 )      (1,366 )      —        —        12,228  
Eumseong Eco Park Co., Ltd.
       5,557       —        —        —        2,829       —        —        8,386  
Songsan Green Energy Co., Ltd.
       1,387       7,000       —        —        (25 )      (39 )      (8,323 )      —   
Changwon
Nu-ri
Energy Co., Ltd.
       497       7,595       —        —        (27 )      (38 )      —        8,027  
Hasami Wind Farm Corporation
       1,589       —        (1,586 )      —        (3 )      —        —        —   
PungBack Wind Farm Corporation
       6,743       —        —        —        1,197       —        —        7,940  
Trumbull Asset Management, LLC
       246       1       —        —        693       —        (4 )      936  
S-Power
Chile SpA
       127       —        —        —        (70 )      4       3       64  
Seungmun Green Energy
       9,054       —        —        —        703       —        —        9,757  
Seobusambo highway photovoltaics Co., Ltd.
       3,066       —        —        —        514       —        —        3,580  
Yangyang Suri Wind Power Co., Ltd.
    
 
— 
 
  
 
10,498
 
  
 
— 
 
  
 
— 
 
  
 
(890
) 
  
 
— 
 
  
 
— 
 
  
 
9,608
 
Kepco for Power Company
       —        3,083       —        —        (2,109 )      25       (564 )      435  
Taebaek Wind Power Co., Ltd.
       —        —        —        (2,820 )      2,251       —        14,501       13,932  
Jeonju Bio Green Energy Co., Ltd.
       —        3,250       —        —        (55 )      —        —        3,195  
 
 
 
2023
  
Investees
        
Beginning
balance
    
Acquisitions
    
Disposals
    
Dividends
received
    
Share of
profit

(loss)
    
Other
comprehensive
income

(loss)
    
Others
    
Ending
balance
  
         
In millions of won
  
<Joint ventures>
                                                    
Kumyang Eco Park Co., Ltd.
   ￦       —        3,663       —        —        —        —        —        3,663  
Jeongeup Green Power Co., Ltd.
       —        1,560       —        —        —        —        —        1,560  
Hadong
E-factory
Co., Ltd.
       —        350       —        —        —        (1 )      —        349  
Namyangju Combined Heat and Power Co., Ltd.
       —        3,850       —        —        —        —        —        3,850  
Wadi Noor Solar Power Company SAOC
       —        847       —        —        —        (1 )      —        846  
Fairhaven Energy Storage LLC
       —        —        —        —        —        —        —        —   
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
      3,147,584       123,143       (2,774 )      (106,801 )      260,677       79,554       (15,684 )      3,485,699  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
  ￦       8,992,048       545,252       (5,685 )      (592,813 )      595,056       152,752       (24,022 )      9,662,588  
   
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
    
 
 
  
Summary of Financial Information of Associates and Joint Ventures
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2023 are as follows:
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

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

the year
  
         
In millions of won
  
<Associates>
                              
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 ) 
Yaksu
 
ESS 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
S
olar 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 ) 
STN Co., Ltd. (formerly, 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 ) 
Hankook Electric Power Information Co., Ltd.
       2,334       997       1,797       392  
Tronix Co., Ltd.
       2,880       2,354       1,938       (226 ) 
O2&B Global Co., Ltd.
       419       238       220       5  
Muan Sunshine Solar Power Plant Co., Ltd.
       142,911       132,573       19,591       6,467  
Bigeum Resident Photovoltaic Power Co., Ltd.
       107,690       109,229       —        (537 ) 
Goesan Solar Park Co., Ltd.
       52,235       43,299       7,642       2,292  
Saemangeum Heemang Photovoltaic Co., Ltd.
       160,695       125,635       29,543       6,481  
Bitgoel Eco Energy Co., Ltd.
       85,236       66,987       10,054       3,229  
Jeju Gimnyeong Wind Power Co., Ltd.
       63,471       60,564       12,231       (130 ) 
Seoroseoro Sunny Power Plant Co., Ltd.
       7,015       5,045       1,157       247  
Muan Solar park Co., Ltd.
       225,894       188,329       36,081       11,339  
YuDang Solar Co., Ltd.
       22,073       19,144       3,997       957  
Anjwa Smart Farm & Solar City Co., Ltd.
       278,806       239,581       42,477       9,672  
Daewon Green Energy Co., Ltd.
       141,974       124,460       45,095       4,037  
G.GURU Co., Ltd.
       1,228       12       478       (423 ) 
UD4M Co., Ltd.
       1,322       197       1,109       59  
Dongbu Highway Solar Co., Ltd.
       17,935       16,426       2,901       439  
Seobu Highway Solar Co., Ltd.
       18,236       16,655       3,052       138  
Korea Energy Data Co., Ltd.
       339       128       308       5  
Gangneung Sacheon Fuel Cell Co., Ltd.
       108,688       98,470       —        (2,720 ) 
KOSTURE Co., Ltd.
       180       24       293       32  
Taebaek Gadeoksan Wind Power Co., Ltd.
       197,944       139,004       31,534       19,406  
Chuncheon Green Energy Co., Ltd.
       159,151       138,925       —        (858 ) 
Yeomsubong Wind Power Co., Ltd.
       4,369       2,829       —        (859 ) 
 
 
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Associates>
                              
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  
REC’s Innovation Co., Ltd. (formerly, 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  
Amman Asia Electric Power Company
       759,885       392,795       28,665       39,090  
KAPES, Inc.
       82,943       45,068       20,006       3,797  
Honam Wind Power Co., Ltd.
       34,028       17,522       8,781       3,283  
Korea Power Engineering Service Co., Ltd.
       20,931       1,817       9,176       500  
Chun-cheon Energy Co., Ltd.
       629,202       521,212       585,641       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  
 
 
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Joint ventures>
                              
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 ) 
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)
       470,677       530,304       278,363       (12,893 ) 
OneEnergy Asia Limited
       1,039,987       673,223       —        16,041  
KAS Investment I LLC
       61,907       861       1,603       6,998  
KAS Investment II LLC
       61,661       861       1,592       6,967  
Energyco Co., Ltd.
       56,996       52,304       7,898       2,258  
CAES, LLC
       49,676       6       —        (547 ) 
Hapcheon Floating Photovoltaic Power Plant Inc.
       78,768       61,561       12,705       3,061  
Busan Industrial Solar Power Co., Ltd.
       21,149       18,016       3,190       901  
Bitsolar Energy Co., Ltd.
       78,779       83,324       9,557       261  
Pulau Indah O&M Sdn. Bhd.
       —        —        —        —   
Guadalupe Solar SpA
       10,148       8,790       924       (43 ) 
Omisan Wind Power Co., Ltd.
       142,274       117,881       —        (519 ) 
Foresight Iberian Solar Group Holding, S.L.
       94,181       81,997       —        (1,365 ) 
Yeongwol Eco Wind Co., Ltd.
       87,856       83,281       —        (144 ) 
Gurae Resident Power Co., Ltd.
       11,649       10,467       —        (19 ) 
Cheongju Eco Park Co., Ltd.
       152,139       116,639       66,260       17,319  
Enel X Midland Photovoltaic, LLC
       10,289       1,010       1,684       837  
Geumsungsan Wind Power Co., Ltd.
       125,324       115,196       —        (1,770 ) 
 
 
 
2022
  
Investees
        
Total assets
    
Total liabilities
    
Sales
    
Profit (loss) for

the year
  
         
In millions of won
  
<Joint ventures>
                              
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  
 
 
 
2023
  
Investees
          
Total assets
     
Total liabilities
     
Sales
     
Profit (loss) for

the year
  
           
In millions of won
  
<Associates>
                                   
Korea Gas Corporation
   
￦
 
   
 
57,254,666
 
   
 
47,428,628
 
   
 
44,555,995
 
   
 
(747,428
) 
Korea Electric Power Industrial Development Co., Ltd.
         174,788        73,065        354,850        21,170  
YTN Co., Ltd.
         352,188        108,108        130,450        (3,616 ) 
Gangwon Wind Power Co., Ltd.
         83,062        3,380        32,525        14,098  
Hyundai Green Power Co., Ltd.
         738,107        330,616        107,367        7,446  
Korea Power Exchange
         366,092        91,806        119,182        4,443  
Taebaek Guinemi Wind Power Co., Ltd.
         42,243        26,200        5,529        716  
Daeryun Power Co., Ltd.
         1,120,453        716,752        451,527        4,043  
KNH Solar Co., Ltd.
         12,142        314        3,535        1,394  
SPC Power Corporation
         287,249        28,485        106,926        27,946  
Gemeng International Energy Co., Ltd.
         7,507,274        5,189,729        2,963,614        33,580  
PT. Cirebon Electric Power
         665,365        177,150        265,054        27,341  
KNOC Nigerian East Oil Co., Ltd.
         27,029        112,017        —         (50 ) 
KNOC Nigerian West Oil Co., Ltd.
         29,157        107,300        —         (50 ) 
PT Wampu Electric Power
         206,943        131,823        20,155        (582 ) 
PT. Bayan Resources TBK
         4,447,335        2,018,870        4,675,174        1,670,522  
S-Power
Co., Ltd.
         762,398        427,807        1,012,050        44,730  
Pioneer Gas Power Limited
         274,693        532,005        551        (49,745 ) 
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
         1,370,110        900,713        171,978        (5,674 ) 
PT. Mutiara Jawa
         27,296        9,474        16,160        7,999  
Samcheok Eco Materials Co., Ltd.
         22,544        39,895        8,028        (1,776 ) 
Noeul Green Energy Co., Ltd.
         89,861        107,834        24,017        920  
Goseong Green Power Co., Ltd.
         5,374,233        4,372,531        1,580,545        152  
Gangneung Eco Power Co., Ltd.
         5,381,984        4,665,083        1,419,436        (7,388 ) 
Shin Pyeongtaek Power Co., Ltd.
         1,222,968        832,633        1,040,219        201,635  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
         1,618        573        575        82  
Dongducheon Dream Power Co., Ltd.
         1,337,529        1,042,681        1,744,247        (8,608 ) 
Jinbhuvish Power Generation Pvt. Ltd.
         61,227        12,644        —         —   
Daejung Offshore Wind Power Co., Ltd.
         5,277        2,094        —         (145 ) 
GS Donghae Electric Power Co., Ltd.
         1,932,098        1,170,085        876,826        62,471  
Daegu Photovoltaic Co., Ltd.
         14,140        4,471        4,225        1,772  
Busan Green Energy Co., Ltd.
         160,299        149,060        69,108        (3,920 ) 
Hansuwon KNP Co., Ltd.
         3,063        899        7,618        645  
Korea Electric Power Corporation Fund
         23,981        108        332        (2,921 ) 
Energy Infra Asset Management Co., Ltd.
         13,628        1,371        5,130        1,254  
Daegu clean Energy Co., Ltd.
         368        324        —         (1 ) 
Yaksu
 
ESS Co., Ltd.
         5,697        4,717        508        (691 ) 
Nepal Water & Energy Development Company Private Limited
         327,057        167,792        82,720        (3,186 ) 
Gwangyang Green Energy Co., Ltd.
         370,778        247,675        —         (2,034 ) 
PND
S
olar Co., Ltd.
         34,804        30,127        5,413        373  
Hyundai Eco Energy Co., Ltd.
         169,180        128,481        26,266        7,206  
YeongGwang Yaksu Wind Electric Co., Ltd.
         38,720        38,173        5,593        (241 ) 
Green Energy Electricity Generation Co., Ltd.
         69,667        72,325        948        (5,392 ) 
Korea Energy Solutions Co., Ltd.
         1,151        303        643        87  
ITR Co., Ltd.
         480        490        144        (234 ) 
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)
         1,818        127        771        178  
Indeck Niles Development, LLC
         1,157,838        675,638        318,392        64,813  
Indeck Niles Asset Management, LLC
         307        29        1,081        1,001  
Hanwha Corporation-linked Sunlight Power Special Private Equity
Investment Trust No. 1
         13,444        186        820        747  
Suwon New Power Co., Ltd.
         3,448        1,130        2,318        341  
Gwangbaek Solar Power Investment Co., Ltd.
         287,838        276,840        11,267        1,513  
Go deok Clean Energy Co., Ltd.
         139,352        127,545        22,671        2,426  
SureDataLab Co., Ltd.
         890        416        548        (263 ) 
 
 
 
2023
  
Investees
          
Total assets
     
Total liabilities
     
Sales
     
Profit (loss) for

the year
  
           
In millions of won
  
<Associates>
                                   
SEP Co., Ltd.
    ￦        45        117        —         (7 ) 
Hankook Electric Power Information Co., Ltd.
      
 
2,270
 
   
 
974
 
   
 
1,672
 
   
 
223
 
Tronix Co., Ltd.
         4,564        2,807        2,718        578  
O2&B Global Co., Ltd.
         369        264        242        (73 ) 
Muan Sunshine Solar Power Plant Co., Ltd.
         136,382        124,745        16,360        2,999  
Bigeum Resident Photovoltaic Power Co., Ltd.
         303,462        309,185        —         (3,031 ) 
Goesan Solar Park Co., Ltd.
         50,659        40,738        6,530        985  
Saemangeum Heemang Photovoltaic Co., Ltd.
         152,496        113,407        23,448        4,063  
Bitgoel Eco Energy Co., Ltd.
         85,571        60,302        29,907        7,019  
Jeju Gimnyeong Wind Power Co., Ltd.
         56,906        56,087        9,261        (2,088 ) 
Seoroseoro Sunny Power Plant Co., Ltd.
         6,813        4,650        1,039        193  
Muan Solar park Co., Ltd.
         204,168        171,642        31,532        8,648  
YuDang Solar Co., Ltd.
         20,566        17,717        3,483        420  
Anjwa Smart Farm & Solar City Co., Ltd.
         258,076        223,831        37,742        3,119  
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)
         143,157        112,651        58,423        13,407  
G.GURU Co., Ltd.
         818        142        162        (540 ) 
UD4M Co., Ltd.
         1,242        194        1,066        (59 ) 
Dongbu Highway Solar Co., Ltd.
         16,563        14,913        2,580        140  
Seobu Highway Solar Co., Ltd.
         16,739        14,707        2,646        451  
Korea Energy Data Co., Ltd.
         313        191        348        (87 ) 
Gangneung Sacheon Fuel Cell Co., Ltd.
         138,761        119,779        23,523        9,191  
KOSTURE Co., Ltd.
         196        22        208        16  
Taebaek Gadeoksan Wind Power Co., Ltd.
         196,810        139,675        35,000        13,138  
Chuncheon Green Energy Co., Ltd.
         217,335        197,676        6,052        (497 ) 
Yeomsubong Wind Power Co., Ltd.
         32,742        30,586        —         (1,753 ) 
Yeongyang Wind Power Corporation II
         133,053        106,419        15,190        8,797  
Haeparang Energy Co., Ltd.
         40,698        32,359        —         (335 ) 
Saemangeum Sebit Power Plant Co., Ltd.
         165,283        97,997        22,663        (812 ) 
Boulder Solar III, LLC
         1,929        —         —         —   
PlatformN. Co., Ltd.
         184        394        404        (566 ) 
PT. Cirebon Energi Prasarana
         3,372,539        2,606,566        434,806        73,285  
Green Radiation Co., Ltd.
         1,038        812        298        100  
Future Convergence Technology Laboratory. Co., Ltd.
         479        302        —         (70 ) 
Eco Motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)
         1,664        329        633        372  
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)
         1,801        1,081        856        —   
ACE
         385        348        53        (30 ) 
Environment and Energy Co., Ltd.
         89        —         —         (4 ) 
Santiago Solar Power SpA
         88,687        65,149        —         (2,994 ) 
Yanggu Floating Photovoltaic Power Plant Inc.
         17,092        14,470        135        (495 ) 
Power Embedded
         298        2        —         (2 ) 
Changwon SG Energy Co., Ltd.
         5,738        1,649        436        (703 ) 
Donpyung Technology. Co., Ltd.
         2,039        643        1,664        93  
HORANG ENERGY Inc.
         64,736        54,923        —         (389 ) 
Hoenggye Renewable Energy Co., Ltd
         24,702        25,730        —         (4,864 ) 
Haman Green Energy Co., Ltd.
         40,801        32,285        —         (5,116 ) 
Songsan Green Energy Co., Ltd.
         46,016        32,262        —         (100 ) 
<Joint ventures>
                                   
Shuweihat Asia Power Investment B.V.
         142,680        20        —         897  
Shuweihat Asia Operation & Maintenance Company
         4,421        1,116        3,194        2,249  
Waterbury Lake Uranium L.P.
         74,320        550        —         —   
ASM-BG
Investicii AD
         68,837        39,359        10,931        1,359  
 
 
 
2023
  
Investees
          
Total assets
     
Total liabilities
     
Sales
     
Profit (loss) for

the year
  
           
In millions of won
  
<Joint ventures>
                                   
RES Technology AD
    ￦        58,152        29,387        5,969        (1,027 ) 
KV Holdings, Inc.
         12,968        2        20        367  
KEPCO SPC Power Corporation
         288,140        26,778        222,773        17,270  
Gansu Datang Yumen Wind Power Co., Ltd.
         61,657        45,869        10,684        791  
Datang Chifeng Renewable Power Co., Ltd.
         812,124        345,277        117,833        25,055  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      
 
166,959
 
   
 
58,942
 
   
 
23,638
 
   
 
1,597
 
Rabigh Electricity Company
         2,556,848        1,855,234        304,727        51,539  
Rabigh Operation & Maintenance Company Limited
         40,339        27,928        31,301        6,676  
Jamaica Public Service Company Limited
         2,332,019        1,491,199        1,400,582        87,307  
KW Nuclear Components Co., Ltd.
         42,363        460        14,344        5,386  
Busan Shinho Solar Power Co., Ltd.
         31,863        5,188        9,197        4,473  
Global Trade Of Power System Co., Ltd.
         2,398        277        2,044        (229 ) 
Expressway Solar-light Power Generation Co., Ltd.
         13,065        2,691        3,397        892  
Amman Asia Electric Power Company
      
 
719,388
 
   
 
347,015
 
   
 
21,772
 
   
 
33,811
 
KAPES, Inc.
         203,066        165,475        32,294        2,150  
Honam Wind Power Co., Ltd.
         31,183        14,938        6,570        1,540  
Korea Power Engineering Service Co., Ltd.
         21,534        1,853        11,248        1,203  
Chun-cheon Energy Co., Ltd.
         565,972        447,820        502,889        10,435  
Yeonggwangbaeksu Wind Power Co., Ltd.
         73,854        50,936        13,523        1,944  
Nghi Son 2 Power LLC
         3,775,717        2,939,740        825,701        33,505  
Kelar S.A.
         691,104        493,325        112,201        12,488  
PT. Tanjung Power Indonesia
         704,274        446,700        111,138        21,854  
Incheon New Power Co., Ltd.
         1,404        377        3,781        485  
Seokmun Energy Co., Ltd.
         201,776        144,565        54,575        (1,581 ) 
Daehan Wind Power PSC
         144,260        111,407        17,880        4,951  
Barakah One Company
         35,586,640        36,901,367        1,243,735        (230,503 ) 
Nawah Energy Company
         569,982        568,147        555,338        34  
MOMENTUM
         13,449        12,821        23,160        624  
Daegu Green Power Co., Ltd.
         515,354        429,204        380,130        (5,146 ) 
Yeonggwang Wind Power Co., Ltd.
         225,286        175,530        36,326        11,672  
Chester Solar IV SpA
         12,435        11,504        2,119        395  
Chester Solar V SpA
         4,124        4,002        696        141  
Diego de Almagro Solar SpA
         15,785        13,907        3,114        931  
South Jamaica Power Company Limited
         482,866        267,307        240,664        18,833  
Daesan Green Energy Co., Ltd.
         237,663        174,261        111,225        11,480  
RE Holiday Holdings LLC
         340,773        172,589        21,178        664  
RE Pioneer Holdings LLC
         257,091        148,929        14,136        (2,164 ) 
RE Barren Ridge 1 Holdings LLC
         213,491        97,184        11,915        (1,979 ) 
RE Astoria 2 LandCo LLC
         14,116        242        1,014        823  
RE Barren Ridge LandCo LLC
         4,980        97        393        329  
Laurel SpA
         10,665        9,768        1,646        169  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
         30,081        84        —         (182 ) 
Cheong-Song Noraesan Wind Power Co., Ltd.
         54,086        41,352        6,780        1,240  
Chester Solar I SpA
         12,846        10,712        1,620        214  
Solar Philippines Calatagan Corporation
         146,304        37,922        16,420        9,121  
Saemangeum Solar Power Co., Ltd.
         34,905        5,994        —         (162 ) 
Chungsongmeon BongSan wind power Co., Ltd.
         83,147        80,102        —         (925 ) 
Jaeun Resident Wind Power Plant Co., Ltd.
         95,529        87,893        181        (80 ) 
DE Energia SpA
         28,017        21,416        5,006        21,118  
Dangjin Eco Power Co., Ltd.
         96,980        19,299        3,789        589  
Haemodum Solar Co., Ltd.
         21,612        15,241        2,216        299  
Yangyang Wind Power Co., Ltd.
         124,550        103,766        211        (858 ) 
HORUS SOLAR, S.A. DE C.V.
         210,868        160,006        20,586        26,865  
 
 
 
2023
  
Investees
          
Total assets
     
Total liabilities
     
Sales
    
Profit (loss) for

the year
  
           
In millions of won
  
<Joint ventures>
                                  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
    ￦        239,548        180,912        4,920       24,984  
SUNMEX RENOVABLES, S.A. DE C.V.
         156,696        133,032        —        6,232  
Stavro Holding II A.B.
         91,342        28        —        (87 ) 
Solaseado Solar Power Co., Ltd.
         346,793        304,142        39,907       4,823  
Yeongam Solar Power Co., Ltd.
         326,429        279,779        35,280       4,506  
Samsu Wind Power Co., Ltd.
         67,150        51,247        8,751       1,741  
Pulau Indah Power Plant Sdn. Bhd.
         800,300        720,459        431       2,095  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
         72,465        97        7,569       7,080  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      
 
17,230
 
   
 
22
 
   
 
38
 
  
 
(3
) 
PT Barito Wahana Tenaga
         512,846        —         —        72,320  
Cheongna Energy Co., Ltd.
         428,042        380,935        119,530       29,511  
Naepo Green Energy Co., Ltd.
         695,684        677,583        312,592       53,343  
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)
         441,975        498,353        212,997       5,544  
OneEnergy Asia Limited
      
 
2,181,165
 
   
 
1,520,032
 
   
 
1,149,944
 
  
 
94,298
 
KAS INVESTMENT I LLC
         52,806        —         (7,436 )      (7,437 ) 
KAS INVESTMENT II LLC
         52,555        1        (7,444 )      (7,445 ) 
Energyco Co., Ltd.
         54,336        49,816        6,599       (173 ) 
CAES, LLC
         48,495        5        —        (2,388 ) 
Hapcheon Floating Photovoltaic Power Plant Inc.
         79,924        58,887        12,679       4,266  
Busan Industrial Solar Power Co., Ltd.
         18,636        15,896        2,378       106  
Bitsolar Energy Co., Ltd.
         73,435        79,367        8,249       (1,125 ) 
Pulau Indah O&M Sdn. Bhd.
         —         —         —        —   
Guadalupe Solar SpA
         10,646        8,811        1,684       626  
Omisan Wind Power Co., Ltd.
         150,813        126,853        —        (453 ) 
Foresight Iberian Solar Group Holding, S.L.
         94,972        86,049        —        (2,712 ) 
Yeongwol Eco Wind Co., Ltd.
         109,716        102,143        3,561       2,975  
Gurae Resident Power Co., Ltd.
         14,096        12,299        652       615  
Cheongju Eco Park Co., Ltd.
         145,956        115,347        38,907       (4,892 ) 
Enel X Midland Photovoltaic, LLC
         12,825        115        2,128       850  
Geumsungsan Wind Power Co., Ltd.
         142,703        125,602        13,568       6,570  
KEPCO KPS CARABAO Corp.
         375        468        —        (467 ) 
Prime Swedish Holding AB
         83,699        218        —        (524 ) 
Goheung New Energy Co., Ltd.
         177,924        146,175        29,246       8,460  
Gunsan Land Solar Co., Ltd.
         144,435        108,848        23,523       (974 ) 
CapMan Lynx SCA, SICAR
         139,262        132,430        1,427       (12,401 ) 
International Offshore Power Transmission Holding Company Limited
         6,555        2,486        —        (195 ) 
Pyeongchang Wind Power Co., Ltd.
         60,535        39,452        9,361       (2,354 ) 
Eumseong Eco Park Co., Ltd.
         153,927        126,998        46,679       5,609  
Changwon
Nu-ri
Energy Co., Ltd.
         13,183        29        —        (44 ) 
PungBack Wind Farm Corporation
         70,330        51,804        —        (255 ) 
Trumbull Asset Management, LLC
         1,697        497        5,955       887  
S-Power
Chile SpA
         2,240        2,390        1,327       (139 ) 
Seungmun Green Energy
         144,600        115,034        10,879       2,127  
Seobusambo highway photovoltaics Co., Ltd.
         9,838        5,362        1,051       624  
Yangyang Suri Wind Power Co., Ltd.
         111,682        78,552        —        (3,069 ) 
KEPCO for Power Company
         235,212        234,487        —        (3,610 ) 
Taebaek Wind Power Co., Ltd.
         26,606        3,385        7,384       3,752  
Jeonju Bio Green Energy Co., Ltd.
         4,916        —         —        (84 ) 
Kumyang Eco Park Co., Ltd.
         13,831        1,395        —        (71 ) 
Jeongeup Green Power Co., Ltd.
         11,243        5,462        —        (1,343 ) 
Hadong
E-factory
Co., Ltd.
         1,544        399        —        (13 ) 
Namyangju Combined Heat and Power Co., Ltd.
         7,000        —         —        —   
Wadi Noor Solar Power Company SAOC
         70,963        69,288        —        —   
Fairhaven Energy Storage LLC
         —         —         —        —   
Summary of Financial Information of Associates and Joint Ventures in Consolidated Financial Statements
(5)
Financial information of associates and joint ventures reconciled to the Company's investments in consolidated financial statements as of December 31, 2022 and 2023 are as follows:
 
2022
  
Investees
          
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
     
Intercompany

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

net

assets
    
Investment

differential
     
Intercompany

transaction
     
Others
     
Book value
  
           
In millions of won
  
<Associates>
                                                     
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
    ￦        14,146       49.00 %      6,932       —         —         —         6,932  
Suwon New Power Co., Ltd.
         1,978       33.05 %      654       —         265        —         919  
Gwangbaek Solar Power Investment Co., Ltd.
         10,949       44.00 %      4,818       315        —         —         5,133  
Go deok Clean Energy Co., Ltd.
         11,049       40.00 %      4,420       —         —         —         4,420  
SureDataLab Co., Ltd.
         739       23.95 %      177       —         —         —          177  
SEP Co., Ltd.
         (65 )      21.26 %      (14 )      —         —         14        —   
Hankook Electric Power Information Co., Ltd.
         1,337       16.49 %      220       —         —         —         220  
Tronix Co., Ltd.
         526       12.50 %      66       —         —         —         66  
O2&B Global Co., Ltd.
         181       20.00 %      36       —         —         —         36  
Muan Sunshine Solar Power Plant Co., Ltd.
         10,338       20.00 %      2,068       494        —         —         2,562  
Bigeum Resident Photovoltaic Power Co., Ltd.
         (1,539 )      29.90 %      (460 )      24        —         436        —   
Goesan Solar Park Co., Ltd.
         8,936       29.00 %      2,591       —         —         —         2,591  
Saemangeum Heemang Photovoltaic Co., Ltd.
         35,060       35.00 %      12,271       739        —         —         13,010  
Bitgoel Eco Energy Co., Ltd.
         18,249       49.05 %      8,951       —         —         —         8,951  
Jeju Gimnyeong Wind Power Co., Ltd.
         2,907       30.00 %      872       —         —         —         872  
Seoroseoro Sunny Power Plant Co., Ltd.
         1,970       42.58 %      839       20        —         —         859  
Muan Solar park Co., Ltd.
         37,565       20.00 %      7,513       325        —         —         7,838  
YuDang Solar Co., Ltd.
         2,929       20.00 %      586       —         —         —         586  
Anjwa Smart Farm & Solar City Co., Ltd.
         39,225       20.00 %      7,845       817        —         —         8,662  
Daewon Green Energy Co., Ltd.
         17,514       25.36 %      4,441       44        —         —         4,485  
G.GURU Co., Ltd.
         1,216       24.65 %      300       —         —         —         300  
UD4M Co., Ltd.
         1,125       14.29 %      161       —         —         —         161  
Dongbu Highway Solar Co., Ltd.
         1,509       20.00 %      302       50        —         —         352  
Seobu Highway Solar Co., Ltd.
         1,581       20.00 %      316       —         —         —         316  
Korea Energy Data Co., Ltd.
         211       29.37 %      62       —         —         —         62  
Gangneung Sacheon Fuel Cell Co., Ltd.
         10,218       41.00 %      4,189       88        —         —         4,277  
KOSTURE Co., Ltd.
         156       0.82 %      1       —         —         —         1  
Taebaek Gadeoksan Wind Power Co., Ltd.
         58,940       34.00 %      20,040       —         —         —         20,040  
Chuncheon Green Energy Co., Ltd.
         20,226       45.00 %      9,102       53        —         —         9,155  
Yeomsubong Wind Power Co., Ltd.
         1,540       3.81 %      59       3        —         —         62  
Yeongyang Wind Power Corporation II
         17,837       30.00 %      5,351       2,110        —         —         7,461  
Haeparang Energy Co., Ltd.
         8,673       25.00 %      2,168       20        —         —         2,188  
Saemangeum Sebit Power Plant Co., Ltd.
         36,439       63.09 %      22,990       209        —         —         23,199  
Boulder Solar III, LLC
         1,896       30.00 %      569       175        —         —         744  
PlatformN. Co., Ltd.
         285       29.58 %      84       —         —         —         84  
PT. Cirebon Energi Prasarana
         690,347       10.00 %      69,035       —         —         —         69,035  
Green Radiation Co., Ltd.
         77       10.00 %      8       3        —         —         11  
Future Convergence Technology Laboratory. Co., Ltd.
         249       20.12 %      50       —         —         —         50  
SC E&G. Co,. Ltd.
         1,068       20.00 %      214       —         —         —         214  
REC’s Innovation Co., Ltd. (formerly, 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  
 
 
2022
  
Investees
          
Net assets
    
Percentage
of ownership(*)
    
Share in

net

assets
    
Investment

differential
     
Intercompany

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

net

assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
           
In millions of won
  
<Joint ventures>
                                                  
DE Energia SpA
    ￦        (14,131 )      49.00 %      (6,924 )      —        —        16,460       9,536  
Dangjin Eco Power Co., Ltd.
         77,993       34.00 %      26,518       341       —        —        26,859  
Haemodum Solar Co., Ltd.
         6,871       49.00 %      3,367       —        —        —        3,367  
Yangyang Wind Power Co., Ltd.
         21,642       50.00 %      10,821       43       —        —        10,864  
HORUS SOLAR, S.A. DE C.V.
         22,722       14.95 %      3,396       3,580       —        —        6,976  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
         18,253       14.95 %      2,728       2,171       —        —        4,899  
SUNMEX RENOVABLES, S.A. DE C.V.
         11,053       14.95 %      1,652       5       —        —        1,657  
Stavro Holding II A.B.
         85,856       20.00 %      17,171       —        —        —        17,171  
Solaseado Solar Power Co., Ltd.
         38,230       38.90 %      14,872       1,361       —        —        16,233  
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.
 
 
 
 
2023
  
Investees
         
Net assets
    
Percentage
of ownership(*)
    
Share in


net
assets
    
Investment

differential
     
Intercompany

transaction
    
Others
    
Book value
  
          
In millions of won
  
<Associates>
                                                  
Korea Gas Corporation
  
￦
 
   
 
  9,826,038
 
  
 
20.47
% 
  
 
  2,011,390
 
  
 
— 
 
   
 
        — 
 
  
 
(40,747
) 
  
 
1,970,643
 
Korea Electric Power Industrial Development Co., Ltd.
        101,723       29.00 %      29,500       —         —        —        29,500  
YTN Co., Ltd.
        244,080       21.43 %      52,303       —         —        —        52,303  
Gangwon Wind Power Co., Ltd.
        79,682       15.00 %      11,952       49        —        —        12,001  
Hyundai Green Power Co., Ltd.
        407,491       29.00 %      118,173       —         —        —        118,173  
Korea Power Exchange
        274,286       100.00 %      274,286       —         —        —        274,286  
Taebaek Guinemi Wind Power Co., Ltd.
        16,043       67.25 %      10,788       2,742        —        —        13,530  
Daeryun Power Co., Ltd.
        403,701       6.85 %      27,654       —         —        (820 )      26,834  
KNH Solar Co., Ltd.
        11,828       27.00 %      3,194       —         —        —        3,194  
SPC Power Corporation
        258,764       38.00 %      98,330       —         —        (19,399 )      78,931  
Gemeng International Energy Co., Ltd.
        2,317,545       42.00 %      973,369       —         —        (267,557 )      705,812  
PT. Cirebon Electric Power
        488,215       27.50 %      134,259       —         —        —        134,259  
KNOC Nigerian East Oil Co., Ltd.
        (84,988 )      14.63 %      (12,434 )      —         —        12,434       —   
KNOC Nigerian West Oil Co., Ltd.
        (78,143 )      14.63 %      (11,432 )      —         —        11,432       —   
PT Wampu Electric Power
        75,120       46.00 %      34,555       —         —        —        34,555  
PT. Bayan Resources TBK
        2,428,465       20.00 %      485,693       209,894        —        (76,380 )      619,207  
S-Power
Co., Ltd.
        334,591       49.00 %      163,950       —         (1,185 )      —        162,765  
Pioneer Gas Power Limited
        (257,311 )      38.50 %      (99,058 )      22,278        —        76,780       —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
        469,397       25.00 %      117,349       305        (987 )      (289 )      116,378  
PT. Mutiara Jawa
        17,822       29.00 %      5,168       —         —        —        5,168  
Samcheok Eco Materials Co., Ltd.
        (17,351 )      25.54 %      (4,431 )      —         —        4,431       —   
Noeul Green Energy Co., Ltd.
        (17,973 )      29.00 %      (5,212 )      —         —        5,212       —   
Goseong Green Power Co., Ltd.
        1,001,702       29.00 %      290,494       —         (2,870 )      —        287,624  
Gangneung Eco Power Co., Ltd.
        716,901       29.00 %      207,901       48,531        (1,503 )      —        254,929  
Shin Pyeongtaek Power Co., Ltd.
        390,335       40.00 %      156,134       3,559        (14,667 )      —        145,026  
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
        1,045       28.00 %      293       —         —        1       294  
Dongducheon Dream Power Co., Ltd.
        294,848       34.01 %      100,278       1,757        (2,249 )      (12,583 )      87,203  
Jinbhuvish Power Generation Pvt. Ltd.
        48,583       5.16 %      2,526       —         —        (2,526 )      —   
Daejung Offshore Wind Power Co., Ltd.
        3,183       46.59 %      1,483       —         —        —        1,483  
GS Donghae Electric Power Co., Ltd.
        762,013       34.00 %      259,085       —         —        —        259,085  
Daegu Photovoltaic Co., Ltd.
        9,669       29.00 %      2,804       —         —        —        2,804  
Busan Green Energy Co., Ltd.
        11,239       29.00 %      3,259       —         —        —        3,259  
Hansuwon KNP Co., Ltd.
        2,164       28.98 %      627       —         —        (160 )      467  
Korea Electric Power Corporation Fund
        23,873       98.09 %      23,417       —         —        4       23,421  
Energy Infra Asset Management Co., Ltd.
        12,257       9.90 %      1,213       —         —        —        1,213  
Daegu clean Energy Co., Ltd.
        44       28.00 %      12       —         —        (12 )      —   
Yaksu
 
ESS Co., Ltd.
        980       29.00 %      284       1        —        —        285  
Nepal Water & Energy Development Company Private Limited
        159,265       68.88 %      109,701       872        —        —        110,573  
Gwangyang Green Energy Co., Ltd.
        123,103       20.00 %      24,620       18        —        —        24,638  
PND
S
olar Co., Ltd.
        4,677       29.00 %      1,356       154        —        —        1,510  
Hyundai Eco Energy Co., Ltd.
        40,699       19.00 %      7,733       214        —        —        7,947  
YeongGwang Yaksu Wind Electric Co., Ltd.
        547       9.63 %      53       300        —        (220 )      133  
Green Energy Electricity Generation Co., Ltd.
        (2,658 )      29.00 %      (771 )      779        —        —        8  
Korea Energy Solutions Co., Ltd.
        848       20.00 %      170       —         —        —        170  
ITR Co., Ltd.
        (10 )      10.00 %      (1 )      —         —        1       —   
STN Co., Ltd. (formerly, Structure test network Co., Ltd.)
        1,691       20.00 %      338       53        —        —        391  
Indeck Niles Development, LLC
        482,200       50.00 %      241,100       90,074        —        4,227       335,401  
Indeck Niles Asset Management, LLC
        278       33.33 %      93       —         —        —        93  
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
        13,258       49.00 %      6,496       —         —        —        6,496  
 
 
2023
  
Investees
         
Net assets
    
Percentage
of ownership(*)
    
Share in


net
assets
    
Investment

differential
     
Intercompany

transaction
    
Others
     
Book value
  
          
In millions of won
  
<Associates>
                                                   
Suwon New Power Co., Ltd.
  
￦
 
   
 
2,318
 
  
 
33.05
% 
  
 
766
 
  
 
— 
 
   
 
256
 
  
 
— 
 
   
 
1,022
 
Gwangbaek Solar Power Investment Co., Ltd.
        10,998       44.00 %      4,839       316        —        —         5,155  
Go deok Clean Energy Co., Ltd.
        11,807       40.00 %      4,723       —         —        —         4,723  
SureDataLab Co., Ltd.
        474       23.95 %      114       —         —        —         114  
SEP Co., Ltd.
        (72 )      21.26 %      (15 )      —         —        15        —   
Hankook Electric Power Information Co., Ltd.
        1,296       16.49 %      214       —         —        —         214  
Tronix Co., Ltd.
        1,757       12.50 %      220       —         —        —         220  
O2&B Global Co., Ltd.
        105       20.00 %      21       —         —        —         21  
Muan Sunshine Solar Power Plant Co., Ltd.
        11,637       20.00 %      2,328       494        —        —         2,822  
Bigeum Resident Photovoltaic Power Co., Ltd.
        (5,723 )      29.90 %      (1,711 )      24        —        1,687        —   
Goesan Solar Park Co., Ltd.
        9,921       29.00 %      2,877       —         —        —         2,877  
Saemangeum Heemang Photovoltaic Co., Ltd.
        39,089       35.00 %      13,681       739        —        —         14,420  
Bitgoel Eco Energy Co., Ltd.
        25,269       49.05 %      12,394       —         —        —         12,394  
Jeju Gimnyeong Wind Power Co., Ltd.
        819       30.00 %      246       —         —        —         246  
Seoroseoro Sunny Power Plant Co., Ltd.
        2,163       42.58 %      921       20        —        —         941  
Muan Solar park Co., Ltd.
        32,526       20.00 %      6,505       325        —        —         6,830  
YuDang Solar Co., Ltd.
        2,849       20.00 %      570       —         —        —         570  
Anjwa Smart Farm & Solar City Co., Ltd.
        34,245       20.00 %      6,849       816        —        —         7,665  
KPE Green Energy Co., Ltd. (formerly, Daewon Green Energy Co., Ltd.)
        30,506       25.36 %      7,735       44        —        —         7,779  
G.GURU Co., Ltd.
        676       24.65 %      167       —         —        —         167  
UD4M Co., Ltd.
        1,048       14.29 %      150       —         —        —         150  
Dongbu Highway Solar Co., Ltd.
        1,650       20.00 %      330       50        —        —         380  
Seobu Highway Solar Co., Ltd.
        2,032       20.00 %      406       —         —        —         406  
Korea Energy Data Co., Ltd.
        122       29.37 %      36       —         —        —         36  
Gangneung Sacheon Fuel Cell Co., Ltd.
        18,982       41.00 %      7,783       87        —        —         7,870  
KOSTURE Co., Ltd.
        174       4.42 %      8       —         —        —         8  
Taebaek Gadeoksan Wind Power Co., Ltd.
        57,135       34.00 %      19,426       —         —        —         19,426  
Chuncheon Green Energy Co., Ltd.
        19,659       45.00 %      8,847       53        —        —         8,900  
Yeomsubong Wind Power Co., Ltd.
        2,156       29.00 %      625       246        —        —         871  
Yeongyang Wind Power Corporation II
        26,634       30.00 %      7,990       2,110        —        —         10,100  
Haeparang Energy Co., Ltd.
        8,339       25.00 %      2,084       20        —        —         2,104  
Saemangeum Sebit Power Plant Co., Ltd.
        67,286       55.00 %      37,009       182        —        —         37,191  
Boulder Solar III, LLC
        1,929       30.00 %      579       175        —        —         754  
PlatformN. Co., Ltd.
        (210 )      29.58 %      (62 )      —         —        62        —   
PT. Cirebon Energi Prasarana
        765,973       10.00 %      76,597       —         —        —         76,597  
Green Radiation Co., Ltd.
        226       10.00 %      23       3        —        —         26  
Future Convergence Technology Laboratory. Co., Ltd.
        177       20.12 %      36       —         —        —         36  
Eco motion Co., Ltd. (formerly, SC E&G. Co,. Ltd.)
        1,335       20.00 %      267       —         —        —         267  
REC’s Innovation Co., Ltd. (formerly, Wang San Engineering. Co,. Ltd.)
        720       16.67 %      120       —         —        —         120  
ACE
        37       20.00 %      7       —         (5 )      —         2  
Environment and Energy Co., Ltd.
        89       10.54 %      9       —         —        —         9  
Santiago Solar Power SpA
        23,538       50.00 %      11,769       —         —        —         11,769  
Yanggu Floating Photovoltaic Power Plant Inc.
        2,622       29.00 %      760       —         —        —         760  
Power Embedded
        296       23.33 %      69       1        —        —         70  
Changwon SG Energy Co., Ltd.
    
 
4,089
 
  
 
18.78
% 
  
 
768
 
  
 
15
 
   
 
— 
 
  
 
— 
 
   
 
783
 
Donpyung Technology. Co., Ltd.
        1,396       20.00 %      279       —         (25 )      —         254  
HORANG ENERGY Inc.
        9,813       40.00 %      3,925       224        —        —         4,149  
 
 
2023
  
Investees
         
Net assets
    
Percentage
of ownership(*)
    
Share in


net
assets
    
Investment

differential
     
Intercompany

transaction
    
Others
    
Book value
  
          
In millions of won
  
<Associates>
                                                  
Hoenggye Renewable Energy Co., Ltd
   ￦        (1,028 )      36.10 %      (370 )      2,270        —        475       2,375  
Haman Green Energy Co., Ltd.
        8,516       35.00 %      2,981       —         —        —        2,981  
Songsan Green Energy Co., Ltd.
        13,754       60.00 %      8,252       71        —        —        8,323  
<Joint ventures>
                                                  
Shuweihat Asia Power Investment B.V.
     
 
142,660
 
  
 
49.00
% 
  
 
69,902
 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
69,902
 
Shuweihat Asia Operation & Maintenance Company
       3,305       55.00 %      1,818       —         —        —        1,818  
Waterbury Lake Uranium L.P.
        73,770       30.65 %      22,612       —         —        —        22,612  
ASM-BG
Investicii AD 
     
 
29,478
 
  
 
50.00
% 
  
 
14,739
 
  
 
— 
 
   
 
— 
 
  
 
— 
 
  
 
14,739
 
RES Technology AD
        28,765       50.00 %      14,383       —         —        —        14,383  
KV Holdings, Inc.
        12,966       40.00 %      5,186       —         —        —        5,186  
KEPCO SPC Power Corporation
        261,362       75.20 %      196,544       —         —        —        196,544  
Gansu Datang Yumen Wind Power Co., Ltd.
        15,788       40.00 %      6,315       —         —        —        6,315  
Datang Chifeng Renewable Power Co., Ltd.
        466,847       40.00 %      186,739       —         —        —        186,739  
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
        108,017       40.00 %      43,207       —         —        —        43,207  
Rabigh Electricity Company
        701,614       40.00 %      280,646       —         (45,692 )      97       235,051  
Rabigh Operation & Maintenance Company Limited
        12,411       40.00 %      4,964       —         —        —        4,964  
Jamaica Public Service Company Limited
        840,820       40.00 %      336,328       29,357        —        (15,819 )      349,866  
KW Nuclear Components Co., Ltd.
        41,903       45.00 %      18,856       —         —        (176 )      18,680  
Busan Shinho Solar Power Co., Ltd.
        26,675       25.00 %      6,669       —         —        —        6,669  
Global Trade Of Power System Co., Ltd.
        2,121       29.00 %      615       —         —        —        615  
Expressway Solar-light Power Generation Co., Ltd.
       10,374       50.00 %      5,187       —         —        —        5,187  
Amman Asia Electric Power Company
       372,373       60.00 %      223,424       —         —        —        223,424  
KAPES, Inc.
       37,591       51.00 %      19,171       —         (22,186 )      3,015       —   
Honam Wind Power Co., Ltd.
        16,245       29.00 %      4,711       32        —        —        4,743  
Korea Power Engineering Service Co., Ltd.
        19,681       29.00 %      5,708       —         —        —        5,708  
Chun-cheon Energy Co., Ltd.
        118,152       29.90 %      35,327       3        —        (247 )      35,083  
Yeonggwangbaeksu Wind Power Co., Ltd.
        22,918       15.00 %      3,437       6        —        —        3,443  
Nghi Son 2 Power LLC
        835,977       50.00 %      417,989       —         —        —        417,989  
Kelar S.A.
       197,779       65.00 %      128,557       2,972        —        —        131,529  
PT. Tanjung Power Indonesia
        257,574       35.00 %      90,151       —         —        —        90,151  
Incheon New Power Co., Ltd.
       1,027       29.00 %      298       —         —        —        298  
Seokmun Energy Co., Ltd.
        57,211       29.00 %      16,591       —         —        —        16,591  
Daehan Wind Power PSC
        32,853       50.00 %      16,426       —         —        —        16,426  
Barakah One Company
       (1,314,727 )      18.00 %      (236,651 )      —         95,932       140,719       —   
Nawah Energy Company
        1,835       18.00 %      330       —         —        —        330  
MOMENTUM
       628       33.33 %      209       —         —        —        209  
Daegu Green Power Co., Ltd.
        86,150       54.24 %      46,728       84        —        (20,382 )      26,430  
Yeonggwang Wind Power Co., Ltd.
        49,756       46.00 %      22,888       492        —        —        23,380  
Chester Solar IV SpA
       931       45.00 %      419       65        —        —        484  
Chester Solar V SpA
       122       45.00 %      55       136        —        —        191  
Diego de Almagro Solar SpA
        1,878       45.00 %      846       108        —        —        954  
South Jamaica Power Company Limited
        215,559       20.00 %      43,112       —         —        (3 )      43,109  
Daesan Green Energy Co., Ltd.
        63,402       35.00 %      22,191       —         —        —        22,191  
RE Holiday Holdings LLC
        168,184       50.00 %      84,092       —         —        —        84,092  
RE Pioneer Holdings LLC
        108,162       50.00 %      54,081       —         —        —        54,081  
RE Barren Ridge 1 Holdings LLC
        116,307       50.00 %      58,154       —         —        —        58,154  
RE Astoria 2 LandCo LLC
        13,874       50.00 %      6,937       —         —        —        6,937  
RE Barren Ridge LandCo LLC
        4,883       50.00 %      2,441       —         —        —        2,441  
Laurel SpA
        897       45.00 %      403       210        —        —        613  
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
        29,997       12.37 %      3,710       9        —        —        3,719  
Cheong-Song Noraesan Wind Power Co., Ltd.
        12,734       29.01 %      3,695       61        —        —        3,756  
 
 
2023
  
Investees
         
Net assets
    
Percentage
of ownership(*)
    
Share in


net
assets
    
Investment

differential
    
Intercompany

transaction
    
Others
    
Book value
  
          
In millions of won
  
<Joint ventures>
                                                
Chester Solar I SpA
   ￦        2,134       45.00 %      960       278       —        —        1,238  
Solar Philippines Calatagan Corporation
        108,382       38.00 %      41,185       —        —        16,945       58,130  
Saemangeum Solar Power Co., Ltd.
        28,911       81.01 %      23,419       —        —        —        23,419  
Chungsongmeon BongSan wind power Co., Ltd.
       3,045       29.00 %      883       1,782       —        —        2,665  
Jaeun Resident Wind Power Plant Co., Ltd.
     
 
7,636
 
  
 
29.00
% 
  
 
2,214
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
2,214
 
DE Energia SpA
        6,601       49.00 %      3,235       —        —        6,468       9,703  
Dangjin Eco Power Co., Ltd.
        77,681       34.00 %      26,412       341       —        —        26,753  
Haemodum Solar Co., Ltd.
        6,371       49.00 %      3,122       —        —        —        3,122  
Yangyang Wind Power Co., Ltd.
        20,784       50.00 %      10,392       43       —        —        10,435  
HORUS SOLAR, S.A. DE C.V.
        50,862       14.95 %      7,601       3,580       —        —        11,181  
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.
        58,636       14.95 %      8,764       2,171       —        —        10,935  
SUNMEX RENOVABLES, S.A. DE C.V.
        23,664       14.95 %      3,536       5       —        —        3,541  
Stavro Holding II A.B.
     
 
91,314
 
  
 
20.00
% 
  
 
18,263
 
  
 
— 
 
  
 
— 
 
  
 
— 
 
  
 
18,263
 
Solaseado Solar Power Co., Ltd.
        42,651       38.90 %      16,592       1,361       —        —        17,953  
Yeongam Solar Power Co., Ltd.
        46,650       19.00 %      8,864       773       —        —        9,637  
Samsu Wind Power Co., Ltd.
        15,903       19.00 %      3,022       —        —        —        3,022  
Pulau Indah Power Plant Sdn. Bhd.
        79,841       25.00 %      19,960       5,643       —        —        25,603  
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
        72,368       29.53 %      21,370       527       —        —        21,897  
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
        17,208       90.00 %      15,487       —        —        —        15,487  
PT Barito Wahana Tenaga
        512,846       30.61 %      156,994       —        —        —        156,994  
Cheongna Energy Co., Ltd.
        47,107       50.10 %      23,601       3,137       (1,189 )      —        25,549  
Naepo Green Energy Co., Ltd.
        18,101       29.20 %      5,285       —        —        —        5,285  
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)
        (56,378 )      46.30 %      (26,103 )      —        (826 )      26,929       —   
OneEnergy Asia Limited
        661,133       40.00 %      264,454       25,512       —        —        289,966  
KAS INVESTMENT I LLC
        52,806       29.89 %      15,784       —        —        —        15,784  
KAS INVESTMENT II LLC
        52,554       29.89 %      15,709       —        —        —        15,709  
Energyco Co., Ltd.
        4,520       29.00 %      1,311       829       —        —        2,140  
CAES, LLC
        48,490       36.00 %      17,457       2,923       —        —        20,380  
Hapcheon Floating Photovoltaic Power Plant Inc.
        21,037       49.00 %      10,309       39       —        —        10,348  
Busan Industrial Solar Power Co., Ltd.
        2,740       28.02 %      768       290       —        —        1,058  
Bitsolar Energy Co., Ltd.
        (5,932 )      27.10 %      (1,607 )      352       —        1,607       352  
Pulau Indah O&M Sdn. Bhd.
        —        60.00 %      —        —        —        —        —   
Guadalupe Solar SpA
        1,835       60.00 %      1,102       98       —        —        1,200  
Omisan Wind Power Co., Ltd.
        23,960       42.00 %      10,063       166       —        —        10,229  
Foresight Iberian Solar Group Holding, S.L.
        8,923       75.00 %      6,692       1,427       —        —        8,119  
Yeongwol Eco Wind Co., Ltd.
        7,573       29.00 %      2,196       1,828       —        —        4,024  
Gurae Resident Power Co., Ltd.
        1,797       29.00 %      521       48       —        —        569  
Cheongju Eco Park Co., Ltd.
        30,609       29.00 %      8,877       195       —        —        9,072  
Enel X Midland Photovoltaic, LLC
        12,710       20.00 %      2,542       —        —        —        2,542  
Geumsungsan Wind Power Co., Ltd.
        17,101       29.00 %      4,959       556       —        —        5,515  
KEPCO KPS CARABAO Corp.
        (93 )      40.00 %      (37 )      —        —        37       —   
Prime Swedish Holding AB
        83,481       45.00 %      37,566       1,223       —        —        38,789  
Goheung New Energy Co., Ltd.
        31,749       46.15 %      14,652       1,084       —        —        15,736  
Gunsan Land Solar Co., Ltd.
        35,587       56.91 %      20,251       —        —        2,178       22,429  
CapMan Lynx SCA, SICAR
        6,832       50.00 %      3,416       —        —        (3,416 )      —   
International Offshore Power Transmission Holding Company Limited
        4,069       35.00 %      1,425       (2 )      —        —        1,423  
Pyeongchang Wind Power Co., Ltd.
        21,083       58.00 %      12,228       —        —        —        12,228  
 
 
2023
  
Investees
         
Net assets
    
Percentage
of ownership(*)
    
Share in


net
assets
    
Investment

differential
     
Intercompany

transaction
     
Others
     
Book value
  
          
In millions of won
  
<Associates>
                                                    
Eumseong Eco Park Co., Ltd.
   ￦        26,929       29.00 %      7,809       577        —         —         8,386  
Changwon
Nu-ri
Energy Co., Ltd.
        13,154       61.00 %      8,024       3        —         —         8,027  
PungBack Wind Farm Corporation
        18,526       37.00 %      6,855       1,085        —         —         7,940  
Trumbull Asset Management, LLC
        1,200       78.00 %      936       —         —         —         936  
S-Power
Chile SpA
        (150 )      50.00 %      (75 )      139        —         —         64  
Seungmun Green Energy
        29,566       33.00 %      9,757       —         —         —         9,757  
Seobusambo highway photovoltaics Co., Ltd.
        4,476       80.00 %      3,580       —         —         —         3,580  
<Joint ventures>
                    
Yangyang Suri Wind Power Co., Ltd.
     
 
33,130
 
  
 
29.00
% 
  
 
9,608
 
  
 
— 
 
   
 
— 
 
   
 
— 
 
   
 
9,608
 
KEPCO for Power Company
        725       60.00 %      435       —         —         —         435  
Taebaek Wind Power Co., Ltd.
        23,221       60.00 %      13,932       —         —         —         13,932  
Jeonju Bio Green Energy Co., Ltd.
        4,916       65.00 %      3,195       —         —         —         3,195  
Kumyang Eco Park Co., Ltd.
        12,436       29.00 %      3,607       56        —         —         3,663  
Jeongeup Green Power Co., Ltd.
        5,781       18.71 %      1,082       478        —         —         1,560  
Hadong
E-factory
Co., Ltd.
        1,145       29.99 %      343       6        —         —         349  
Namyangju Combined Heat and Power Co., Ltd.
        7,000       55.00 %      3,850       —         —         —         3,850  
Wadi Noor Solar Power Company SAOC
        1,675       50.00 %      837       9        —         —         846  
Fairhaven Energy Storage LLC
        —        35.00 %      —        —         —         —         —   
 
(*)
The percentage of ownership shown above is after considering the treasury stocks and others.
Summary of Unrecognized Equity Interest in Investments in Associates and Joint Ventures
(6)
As of December 31, 2022 and 2023, 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:
 
           
2022
     
2023
  
           
Unrecognized
equity interest
    
Accumulated

unrecognized
equity interest
     
Unrecognized
equity interest
    
Accumulated

unrecognized
equity interest
  
                                  
           
In millions of won
  
Eurasia Energy Holdings
    ￦        13       203        (203 )      —   
Gunsan Bio Energy Co., Ltd. (*1)
         122       3,986        —        —   
Boim Combined Heat and Power Generation Co., Ltd. (formerly, Dayone Energy Co., Ltd.)
           3,565        27,017        937       27,954  
Nghi Son 2 Power LLC
         (18,940 )      —         —        —   
Samcheok Eco Materials Co., Ltd.
         344       806        3,625       4,431  
Naepo Green Energy Co., Ltd.
         7,209       14,956        (14,956 )      —   
Barakah One Company
         51,137       93,973        46,746       140,719  
Pioneer Gas Power Limited
         19,248       56,877        19,835       76,712  
Incheon New Power Co., Ltd.
         (163 )      —         —        —   
Bigeum Resident Photovoltaic Power Co., Ltd.
         162       460        (460 )      —   
KAPES, Inc.
         (355 )      3,160        (145 )      3,015  
Chester Solar IV SpA
         (21 )      —         —        —   
ITR Co., Ltd.
         5       5        (4 )      1  
SEP Co., Ltd.
         14       14        1       15  
International Offshore Power Transmission
Holding Company Limited
         23,378       23,378        (23,378 )      —   
Noeul Green Energy Co., Ltd.
         5,470       5,470        (258 )      5,212  
Gangneung Eco Power Co., Ltd.
         14       14        (14 )      —   
PlatformN. Co., Ltd.
         —        —         62       62  
KEPCO KPS CARABAO Corp.
         —        —         37       37  
 
  (*1)
During the year ended December 31, 2023, the entity was reclassified from an associate to financial assets measured at fair value through other comprehensive income.
Summary of Shareholders' Agreements on Investments in Associates and Joint Ventures
(7)
As of December 31, 2023, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:
 
  (i)
Gemeng International Energy Co., Ltd.
Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa PEF). If the investment fund is not collected until the maturity date (December 25, 2023, two years extension is possible), PEF can exercise the option at strike price which is the same as a principal investment price (including operating fees ratio of below 1% per annum), and also, the Company provided a performance guarantee on this agreement.
 
  (ii)
Taebaek Wind Power Co., Ltd.
In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period in the EPC contract of defect repair for wind power generator has expired, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.
 
  (iii)
Pyeongchang Wind Power Co., Ltd.
In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with the careful consideration of various factors such as financial status and business situation.
 
  (iv)
Daeryun Power Co., Ltd.
The Company reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.
 
  (v)
Daegu Green Power Co., Ltd.
The Company has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Company can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Company has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.
 
  (vi)
Yeonggwang Wind Power Co., Ltd.
In case the Company intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a non-controlling shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Company.
 
  (vii)
Hyundai Green Power Co., Ltd.
The Company has an obligation to purchase certain shares in Hyundai Green Power Co., Ltd. from financial investors holding certain shares in Hyundai Green Power Co., Ltd. (i.e., IBK and others) when any of the financial investors claim to sell the Company’s shares at a certain point of time in the future. The Company also has the right to claim Hyundai Steel Company, another operating investor of Hyundai Green Power Co., Ltd., to sell its shares at a certain point of time in the future, and is obliged to sell the Company’s shares to Hyundai Steel Company or a third party designated by Hyundai Steel Company when Hyundai Steel Company requests the Company to sell its shares.
 
  (viii)
Kosture Co., Ltd.
The Company acquires the shares with the settled amount of coal provided to Kosture Co., Ltd. every year until completion of the subscription set forth in the shareholders' agreement.
 
  (ix)
Omisan Wind Power Co., Ltd.
The Company has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Company exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Company or a third party designated by the Company.
 
  (x)
Geumsungsan Wind Power Co., Ltd.
The Company has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.
 
 
 
  (xi)
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 Seungmun 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.
 
  (xii)
Taebaek Guinemi Wind Power Co., Ltd.
If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Company intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Company has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.
 
  (xiii)
HORANG ENERGY Inc.
The Company has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Company also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.
 
  (xiv)
Namyangju Combined Heat and Power Co., Ltd.
The Company has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest equity holder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Company is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.
 
  (xv)
Wadi Noor Solar Power Company SAOC
The Company has an obligation to purchase certain shares to Nama Holding SAOC at the price agreed upon between shareholders when Nama Holding SAOC intends to purchase shares on the exercise date agreed upon according to the shareholders’ agreement.
 
  (xvi)
Jeongeup Green Power Co., Ltd.
The Company has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the company holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Company’s right to acquire shares from M Eco Co,. Ltd.
 
Summary of Significant Restrictions on its Abilities to Associates or Joint Ventures
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2023 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.
    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 financial institutions.
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 stakeholders including shareholders and financial institutions.
 
 
 
Company
   
Nature and extent of any significant restrictions
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 and prior written consent of financial institutions is obtained. 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.
    Principals and interests on subordinated loans or dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.
Samcheok Eco Materials Co., Ltd.
    Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.
Taebaek Guinemi Wind Power Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.
Indeck Niles Asset Management, LLC
    Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Indeck Niles Development, LLC
    Shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar IV SpA
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar V SpA
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Diego de Almagro Solar SpA
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Laurel SpA
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Chester Solar I SpA
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Kelar S.A.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
GS Donghae Electric Power Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
Busan Shinho Solar Power Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied.
Honam Wind Power Co., Ltd.
    Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
Seokmun Energy Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
Chun-cheon Energy Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the 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.
 
 
Company
   
Nature and extent of any significant restrictions
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, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders financial institutions. 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.
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.
KPE green energy Co., Ltd. (formerly, 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 amount 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.
Trumbull Asset Management, LLC
    Shares may not be either wholly or partially transferred without the consent of the stakeholders.
Horang Energy Inc.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed 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.
Yanggu Floating Photovoltaic Power Plant Inc.
    Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
Hoenggye Renewable Energy Co., Ltd.
    Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.
 
 
Company
   
Nature and extent of any significant restrictions
Daegu Photovoltaic Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of financial institutions is obtained.
Dongducheon Dream Power Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.
Shin Pyeongtaek Power Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Seoroseoro Sunny Power Plant Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Anjwa Smart Farm & Solar City Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Muan Solar Park Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
YuDang Solar Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haemodum Solar Co., Ltd.
    Principals and interest payments 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 written consent of the financial institutions is obtained.
Cheongna Energy Co., Ltd.
    Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
Hapcheon Floating Photovoltaic Power Plant Inc.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Yeongwol Eco Wind Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gurae Resident Power Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Gunsan Land Solar Co., Ltd.
    Principals and interest payments 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 written consent of the financial institutions is obtained. In accordance with the shareholders’ agreement, when the internal rate of return defined in Korea Western Power Co., Ltd.’s dividend standard is met any excessive dividend income must be provided to Gunsan City.
Eumseong 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 and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
PungBack Wind Farm Corporation
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
 
 
Company
   
Nature and extent of any significant restrictions
Seobusambo highway photovoltaics Co., Ltd.
    Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.
Haman 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 or prior written consent of financial institutions is obtained. In addition, the Company cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained.
Jeongeup Green Power Co., Ltd.
    Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The company’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.
Nepal Water & Energy Development Company Private Limited
    The Company must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.
Goseong Green Power Co., Ltd.
    The Company cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business.
Gangneung Eco Power Co., Ltd.
    The Company cannot transfer all or part of its shares without the consent of stakeholders until three years have passed since the start of commercial operation of the business.
S-Power Co., Ltd.
    Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders is obtained
South Jamaica Power Company Limited
    Dividends can be paid only when all conditions of the loan agreement signed between South Jamaica Power Company Limited and financial institutions are satisfied, and prior written consent of financial institutions is obtained.