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Investments in Associates and Joint Ventures | 12 Months Ended
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Dec. 31, 2024
Investments in Associates and Joint Ventures [Abstract] |
Investments in Associates and Joint Ventures |
17. | Investments in Associates and Joint Ventures
(1) | Investments in associates and joint ventures as of December 31, 2023 and 2024 are as follows:
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% |  | ￦ |  |  |  |  | 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 Solar 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 |
2023 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Suwon New Power Co., Ltd. |  | Power generation |  | Korea |  | 39.90% |  | ￦ |  |  |  |  | 798 |  |  |  | 1,022 |
Gwangbaek Solar Power Investment Co., Ltd. |  | Power generation |  | Korea |  | 44.00% |  |  |  |  |  |  | 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. (*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 |
|  |  |  |  |  |  |  | ￦ |  |  |  |  | 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% |  | ￦ |  |  |  |  | 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 |
2023 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
Jaeun Resident Wind Power Plant Co., Ltd. (*16) |  | Power generation |  | Korea |  | 29.00% |  |  |  |  |  |  | 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 |
2023 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Trumbull Asset Management, LLC (*27) |  | Holding company |  | USA |  |  | 78.00% |  |  | ￦ |  |  |  |  | 1 |  |  |  | 936 |
S-Power Chile SpA |  | Power generation |  | Chile |  |  | 50.00% |  |  |  |  |  |  |  | 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 |  |  | 29.99% |  |  |  |  |  |  |  | 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 |
|  |  |  |  |  |  |  |  |  | ￦ |  |  |  |  | 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 increased 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. The 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.
2024 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Korea Gas Corporation (*9) |  | Importing and wholesaling LNG |  | Korea |  |  | 20.47 | % |  | ￦ |  |  |  |  | 94,500 |  |  |  | 2,289,304 |
Korea Electric Power Industrial Development Co., Ltd. |  | Electricity metering and others |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 4,727 |  |  |  | 30,177 |
Gangwon Wind Power Co., Ltd. (*1) |  | Power generation |  | Korea |  |  | 15.00 | % |  |  |  |  |  |  | 5,725 |  |  |  | 11,693 |
Hyundai Green Power Co., Ltd. |  | Power generation equipment consignment and operation service |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 88,885 |  |  |  | 87,393 |
Korea Power Exchange (*2) |  | Management of power market and others |  | Korea |  |  | 100.00 | % |  |  |  |  |  |  | 127,839 |  |  |  | 273,962 |
Taebaek Guinemi Wind Power Co., Ltd. (*26) |  | Power generation |  | Korea |  |  | 67.25 | % |  |  |  |  |  |  | 12,637 |  |  |  | 13,559 |
Daeryun Power Co., Ltd. (*1) |  | Power generation |  | Korea |  |  | 6.85 | % |  |  |  |  |  |  | 46,373 |  |  |  | 31,093 |
KNH Solar Co., Ltd. |  | Power generation |  | Korea |  |  | 27.00 | % |  |  |  |  |  |  | 1,296 |  |  |  | 2,165 |
SPC Power Corporation (*27) |  | Power generation |  | Philippines |  |  | 38.00 | % |  |  |  |  |  |  | 20,635 |  |  |  | 107,574 |
Gemeng International Energy Co., Ltd. |  | Power generation |  | China |  |  | 42.00 | % |  |  |  |  |  |  | 516,007 |  |  |  | 728,338 |
PT. Cirebon Electric Power |  | Power generation |  | Indonesia |  |  | 27.50 | % |  |  |  |  |  |  | 40,365 |  |  |  | 157,530 |
KNOC Nigerian East Oil Co., Ltd. (*3) |  | Resources development |  | Nigeria |  |  | 14.63 | % |  |  |  |  |  |  | 12 |  |  |  | — |
KNOC Nigerian West Oil Co., Ltd. (*3) |  | Resources development |  | Nigeria |  |  | 14.63 | % |  |  |  |  |  |  | 12 |  |  |  | — |
PT Wampu Electric Power |  | Power generation |  | Indonesia |  |  | 46.00 | % |  |  |  |  |  |  | 21,292 |  |  |  | 39,268 |
PT. Bayan Resources TBK |  | Resources development |  | Indonesia |  |  | 20.00 | % |  |  |  |  |  |  | 615,860 |  |  |  | 717,376 |
S-Power Co., Ltd. |  | Power generation |  | Korea |  |  | 49.00 | % |  |  |  |  |  |  | 132,300 |  |  |  | 180,372 |
Xe-Pian Xe-Namnoy Power Co., Ltd. |  | Power generation |  | Laos |  |  | 25.00 | % |  |  |  |  |  |  | 87,426 |  |  |  | 73,065 |
PT. Mutiara Jawa |  | Manufacturing and operating floating coal terminal |  | Indonesia |  |  | 29.00 | % |  |  |  |  |  |  | 2,978 |  |  |  | 5,735 |
Noeul Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,740 |  |  |  | — |
Goseong Green Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 262,740 |  |  |  | 284,542 |
Gangneung Eco Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 261,000 |  |  |  | 241,814 |
Shin Pyeongtaek Power Co., Ltd. |  | Power generation |  | Korea |  |  | 40.00 | % |  |  |  |  |  |  | 72,000 |  |  |  | 139,059 |
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | Power generation |  | Korea |  |  | 28.00 | % |  |  |  |  |  |  | 194 |  |  |  | 360 |
Dongducheon Dream Power Co., Ltd. (*4) |  | Power generation |  | Korea |  |  | 33.61 | % |  |  |  |  |  |  | 148,105 |  |  |  | 91,351 |
2024 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jinbhuvish Power Generation Pvt. Ltd. (*1) |  | Power generation |  | India |  |  | 5.16 | % |  | ￦ |  |  |  |  | 9,000 |  |  |  | — |
Daejung Offshore Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 46.59 | % |  |  |  |  |  |  | 5,190 |  |  |  | 1,490 |
GS Donghae Electric Power Co., Ltd. |  | Power generation |  | Korea |  |  | 34.00 | % |  |  |  |  |  |  | 204,000 |  |  |  | 279,432 |
Daegu Photovoltaic Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,230 |  |  |  | 2,535 |
Busan Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 5,243 |  |  |  | 2,334 |
Hansuwon KNP Co., Ltd. |  | Electric material agency |  | Korea |  |  | 28.98 | % |  |  |  |  |  |  | 537 |  |  |  | 674 |
Korea Electric Power Corporation Fund (*5) |  | Developing electric enterprises |  | Korea |  |  | 98.09 | % |  |  |  |  |  |  | 11,210 |  |  |  | 13,353 |
Energy Infra Asset Management Co., Ltd. (*31) |  | Asset management |  | Korea |  |  | 9.90 | % |  |  |  |  |  |  | 297 |  |  |  | 1,268 |
YaksuESS Co., Ltd. |  | Installing ESS related equipment |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 210 |  |  |  | 162 |
Nepal Water & Energy Development Company Private Limited (*6) |  | Construction and operation of utility plant |  | Nepal |  |  | 68.88 | % |  |  |  |  |  |  | 110,332 |  |  |  | 170,955 |
Gwangyang Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 26,800 |  |  |  | 24,217 |
PND solar Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,250 |  |  |  | 1,735 |
Hyundai Eco Energy Co., Ltd. (*1) |  | Power generation |  | Korea |  |  | 19.00 | % |  |  |  |  |  |  | 3,610 |  |  |  | 8,493 |
YeongGwang Yaksu Wind Electric Co., Ltd. (*1) |  | Power generation |  | Korea |  |  | 9.63 | % |  |  |  |  |  |  | 533 |  |  |  | 41 |
Green Energy Electricity Generation Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,189 |  |  |  | — |
Korea Energy Solutions Co., Ltd. |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 300 |  |  |  | 197 |
ITR Co., Ltd. (*30) |  | R & D |  | Korea |  |  | 8.70 | % |  |  |  |  |  |  | 50 |  |  |  | — |
STN Co., Ltd. |  | Technical testing and consulting |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 25 |  |  |  | 407 |
Indeck Niles Development, LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 249,274 |  |  |  | 370,970 |
Indeck Niles Asset Management, LLC |  | Power generation |  | USA |  |  | 33.33 | % |  |  |  |  |  |  | — |  |  |  | 60 |
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | Holding company |  | Korea |  |  | 49.00 | % |  |  |  |  |  |  | 6,108 |  |  |  | 6,119 |
Suwon New Power Co., Ltd. |  | Power generation |  | Korea |  |  | 39.90 | % |  |  |  |  |  |  | 798 |  |  |  | 914 |
Gwangbaek Solar Power Investment Co., Ltd. |  | Power generation |  | Korea |  |  | 44.00 | % |  |  |  |  |  |  | 4,757 |  |  |  | 5,155 |
Go deok Clean Energy Co., Ltd. |  | Fuel cell generation |  | Korea |  |  | 40.00 | % |  |  |  |  |  |  | 5,560 |  |  |  | 5,301 |
SureDataLab Co., Ltd. |  | R & D |  | Korea |  |  | 23.95 | % |  |  |  |  |  |  | 126 |  |  |  | 48 |
SEP Co., Ltd. |  | R & D |  | Korea |  |  | 21.26 | % |  |  |  |  |  |  | 27 |  |  |  | — |
Hankook Electric Power Information Co., Ltd. (*11) |  | R & D |  | Korea |  |  | 16.16 | % |  |  |  |  |  |  | 38 |  |  |  | 212 |
Tronix Co., Ltd. (*11) |  | R & D |  | Korea |  |  | 12.50 | % |  |  |  |  |  |  | 75 |  |  |  | 146 |
O2&B Global Co., Ltd. |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 25 |  |  |  | — |
Muan Sunshine Solar Power Plant Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 1,570 |  |  |  | 2,772 |
Bigeum Resident Photovoltaic Power Co., Ltd. (*29) |  | Power generation |  | Korea |  |  | 27.31 | % |  |  |  |  |  |  | 11,214 |  |  |  | 7,908 |
Goesan Solar Park Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,276 |  |  |  | 3,133 |
Saemangeum Heemang Photovoltaic Co., Ltd. |  | Power generation |  | Korea |  |  | 35.00 | % |  |  |  |  |  |  | 11,022 |  |  |  | 16,137 |
Bitgoel Eco Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 49.25 | % |  |  |  |  |  |  | 7,880 |  |  |  | 13,701 |
Jeju Gimnyeong Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 30.00 | % |  |  |  |  |  |  | 714 |  |  |  | 250 |
Seoroseoro Sunny Power Plant Co., Ltd. |  | Power generation |  | Korea |  |  | 42.58 | % |  |  |  |  |  |  | 706 |  |  |  | 1,030 |
Muan Solar park Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 4,400 |  |  |  | 6,267 |
YuDang Solar Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 360 |  |  |  | 617 |
Anjwa Smart Farm & Solar City Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 5,651 |  |  |  | 8,298 |
KPE Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 25.36 | % |  |  |  |  |  |  | 3,910 |  |  |  | 8,230 |
G.GURU Co., Ltd. |  | R & D |  | Korea |  |  | 24.65 | % |  |  |  |  |  |  | 493 |  |  |  | 34 |
UD4M Co., Ltd. (*8) |  | R & D |  | Korea |  |  | 12.50 | % |  |  |  |  |  |  | 75 |  |  |  | 121 |
Dongbu Highway Solar Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 190 |  |  |  | 512 |
Seobu Highway Solar Co., Ltd. |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 195 |  |  |  | 579 |
Korea Energy Data Co., Ltd. |  | R & D |  | Korea |  |  | 29.37 | % |  |  |  |  |  |  | 60 |  |  |  | 23 |
Gangneung Sacheon Fuel Cell Co., Ltd. |  | Power generation |  | Korea |  |  | 41.00 | % |  |  |  |  |  |  | 5,695 |  |  |  | 9,306 |
Taebaek Gadeoksan Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 34.00 | % |  |  |  |  |  |  | 12,570 |  |  |  | 22,909 |
Chuncheon Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 45.00 | % |  |  |  |  |  |  | 9,540 |  |  |  | 17,672 |
Yeomsubong Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,411 |  |  |  | 603 |
Yeongyang Wind Power Corporation II |  | Power generation |  | Korea |  |  | 30.00 | % |  |  |  |  |  |  | 7,965 |  |  |  | 11,301 |
Haeparang Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 25.00 | % |  |  |  |  |  |  | 2,241 |  |  |  | 1,950 |
Saemangeum Sebit Power Plant Co., Ltd. (*10) |  | Power generation |  | Korea |  |  | 55.14 | % |  |  |  |  |  |  | 21,037 |  |  |  | 37,110 |
PlatformN. Co., Ltd. |  | R & D |  | Korea |  |  | 29.58 | % |  |  |  |  |  |  | 105 |  |  |  | — |
2024 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PT. Cirebon Energi Prasarana (*7) |  | Power generation |  | Indonesia |  |  | 10.00 | % |  | ￦ |  |  |  |  | 26,710 |  |  |  | 96,846 |
Green Radiation Co., Ltd. (*11) |  | R & D |  | Korea |  |  | 9.00 | % |  |  |  |  |  |  | 20 |  |  |  | — |
Future Convergence Technology Laboratory. Co., Ltd. |  | R & D |  | Korea |  |  | 20.12 | % |  |  |  |  |  |  | 76 |  |  |  | 22 |
Eco Motion Co., Ltd. |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 90 |  |  |  | 229 |
REC’s Innovation Co., Ltd. (*31) |  | R & D |  | Korea |  |  | 11.04 | % |  |  |  |  |  |  | 81 |  |  |  | 155 |
ACE |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 25 |  |  |  | 5 |
Environment and Energy Co., Ltd. (*11) |  | R & D |  | Korea |  |  | 10.54 | % |  |  |  |  |  |  | 11 |  |  |  | 3 |
Santiago Solar Power SpA |  | Power generation |  | Chile |  |  | 50.00 | % |  |  |  |  |  |  | 13,851 |  |  |  | 6,961 |
Yanggu Floating Photovoltaic Power Plant Inc. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 904 |  |  |  | 846 |
Power Embedded |  | R & D |  | Korea |  |  | 23.33 | % |  |  |  |  |  |  | 70 |  |  |  | 68 |
Changwon SG Energy Co., Ltd. (*11) |  | Power generation |  | Korea |  |  | 18.78 | % |  |  |  |  |  |  | 900 |  |  |  | 682 |
Donpyung Technology. Co., Ltd. |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 125 |  |  |  | 281 |
HORANG ENERGY Inc. |  | Power generation |  | Korea |  |  | 40.00 | % |  |  |  |  |  |  | 4,240 |  |  |  | 3,808 |
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 |  |  |  | 2,810 |
Songsan Green Energy Co., Ltd. (*6) |  | Power generation |  | Korea |  |  | 60.00 | % |  |  |  |  |  |  | 8,400 |  |  |  | 7,908 |
SkyPic Inc. |  | R & D |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 26 |  |  |  | 26 |
HyChangwon Fuel Cell. Co., Ltd. |  | Power generation |  | Korea |  |  | 40.00 | % |  |  |  |  |  |  | 9,396 |  |  |  | 9,278 |
Dreams Co.,Ltd. (*11) |  | R & D |  | Korea |  |  | 11.00 | % |  |  |  |  |  |  | 11 |  |  |  | 11 |
DEEPAI Co.,Ltd. (*11, 36) |  | R & D |  | Korea |  |  | 1.20 | % |  |  |  |  |  |  | 11 |  |  |  | 11 |
Amaala Sustainable Company for Energy LLC (*7) |  | Power generation |  | Saudi Arabia |  |  | 10.00 | % |  |  |  |  |  |  | 18 |  |  |  | 18 |
|  |  |  |  |  |  |  |  |  | ￦ |  |  |  |  | 3,394,833 |  |  |  | 6,704,754 |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shuweihat Asia Power Investment B.V. |  | Holding company |  | Netherlands |  |  | 49.00 | % |  | ￦ |  |  |  |  | 44,405 |  |  |  | 86,450 |
Shuweihat Asia Operation & Maintenance Company (*12) |  | Maintenance of utility plant |  | Cayman |  |  | 55.00 | % |  |  |  |  |  |  | 30 |  |  |  | 2,138 |
Waterbury Lake Uranium L.P. (*13) |  | Resources development |  | Canada |  |  | 29.68 | % |  |  |  |  |  |  | 20,753 |  |  |  | 23,756 |
ASM-BG Investicii AD |  | Power generation |  | Bulgaria |  |  | 50.00 | % |  |  |  |  |  |  | 9,846 |  |  |  | 16,936 |
RES Technology AD |  | Power generation |  | Bulgaria |  |  | 50.00 | % |  |  |  |  |  |  | 11,922 |  |  |  | 15,069 |
KV Holdings, Inc. (*27) |  | Power generation |  | Philippines |  |  | 40.00 | % |  |  |  |  |  |  | 2,103 |  |  |  | 6,921 |
KEPCO SPC Power Corporation (*12,27) |  | Construction and operation of utility plant |  | Philippines |  |  | 60.00 | % |  |  |  |  |  |  | 94,579 |  |  |  | 159,139 |
Gansu Datang Yumen Wind Power Co., Ltd. |  | Power generation |  | China |  |  | 40.00 | % |  |  |  |  |  |  | 16,621 |  |  |  | 7,919 |
Datang Chifeng Renewable Power Co., Ltd. |  | Power generation |  | China |  |  | 40.00 | % |  |  |  |  |  |  | 121,928 |  |  |  | 204,516 |
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | Power generation |  | China |  |  | 40.00 | % |  |  |  |  |  |  | 39,872 |  |  |  | 48,325 |
Rabigh Electricity Company(*13) |  | Power generation |  | Saudi arabia |  |  | 40.00 | % |  |  |  |  |  |  | 109,743 |  |  |  | 269,893 |
Rabigh Operation & Maintenance Company Limited |  | Maintenance of utility plant |  | Saudi arabia |  |  | 40.00 | % |  |  |  |  |  |  | 70 |  |  |  | 8,311 |
Jamaica Public Service Company Limited |  | Power generation |  | Jamaica |  |  | 40.00 | % |  |  |  |  |  |  | 301,910 |  |  |  | 412,616 |
KW Nuclear Components Co., Ltd. |  | Manufacturing |  | Korea |  |  | 45.00 | % |  |  |  |  |  |  | 833 |  |  |  | 18,758 |
Busan Shinho Solar Power Co., Ltd. |  | Power generation |  | Korea |  |  | 25.00 | % |  |  |  |  |  |  | 2,100 |  |  |  | 6,993 |
Global Trade Of Power System Co., Ltd. (*14) |  | Exporting products and technology of small or medium business by proxy |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 290 |  |  |  | 696 |
Expressway Solar-light Power Generation Co., Ltd. |  | Power generation |  | Korea |  |  | 50.00 | % |  |  |  |  |  |  | 1,856 |  |  |  | 5,771 |
Amman Asia Electric Power Company (*12) |  | Power generation |  | Jordan |  |  | 60.00 | % |  |  |  |  |  |  | 111,476 |  |  |  | 268,864 |
KAPES, Inc. (*12) |  | R & D |  | Korea |  |  | 51.00 | % |  |  |  |  |  |  | 5,629 |  |  |  | — |
Honam Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 3,480 |  |  |  | 4,833 |
Korea Power Engineering Service Co., Ltd. |  | Construction and service |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 290 |  |  |  | 6,054 |
Chun-cheon Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 29.90 | % |  |  |  |  |  |  | 52,700 |  |  |  | 36,599 |
Yeonggwangbaeksu Wind Power Co., Ltd. (*14) |  | Power generation |  | Korea |  |  | 15.00 | % |  |  |  |  |  |  | 3,000 |  |  |  | 3,729 |
Nghi Son 2 Power LLC |  | Power generation |  | Vietnam |  |  | 50.00 | % |  |  |  |  |  |  | 175,261 |  |  |  | 563,079 |
Kelar S.A. (*12) |  | Power generation |  | Chile |  |  | 65.00 | % |  |  |  |  |  |  | 78,060 |  |  |  | 152,367 |
PT. Tanjung Power Indonesia |  | Power generation |  | Indonesia |  |  | 35.00 | % |  |  |  |  |  |  | 57,039 |  |  |  | 100,580 |
Incheon New Power Co., Ltd. (*16) |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 461 |  |  |  | 302 |
2024 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seokmun Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  | ￦ |  |  |  |  | 15,370 |  |  |  | 15,456 |
Daehan Wind Power PSC |  | Power generation |  | Jordan |  |  | 50.00 | % |  |  |  |  |  |  | 7,493 |  |  |  | 21,327 |
Barakah One Company (*17) |  | Power generation |  | UAE |  |  | 18.00 | % |  |  |  |  |  |  | 118 |  |  |  | — |
Nawah Energy Company (*17) |  | Operation of utility plant |  | UAE |  |  | 18.00 | % |  |  |  |  |  |  | 296 |  |  |  | 392 |
MOMENTUM |  | International thermonuclear experimental reactor construction management |  | France |  |  | 33.33 | % |  |  |  |  |  |  | 1 |  |  |  | 195 |
Daegu Green Power Co., Ltd. (*18) |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 46,225 |  |  |  | 30,513 |
Yeonggwang Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 46.00 | % |  |  |  |  |  |  | 17,475 |  |  |  | 26,146 |
Chester Solar IV SpA (*15) |  | Power generation |  | Chile |  |  | 90.00 | % |  |  |  |  |  |  | 2,776 |  |  |  | 1,452 |
Chester Solar V SpA (*15) |  | Power generation |  | Chile |  |  | 90.00 | % |  |  |  |  |  |  | 634 |  |  |  | 262 |
Diego de Almagro Solar SpA (*15) |  | Power generation |  | Chile |  |  | 90.00 | % |  |  |  |  |  |  | 2,902 |  |  |  | 1,700 |
South Jamaica Power Company Limited |  | Power generation |  | Jamaica |  |  | 20.00 | % |  |  |  |  |  |  | 20,430 |  |  |  | 48,760 |
Daesan Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 35.00 | % |  |  |  |  |  |  | 17,850 |  |  |  | 25,331 |
RE Holiday Holdings LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 42,948 |  |  |  | 89,780 |
RE Pioneer Holdings LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 27,891 |  |  |  | 55,622 |
RE Barren Ridge 1 Holdings LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 28,021 |  |  |  | 59,806 |
RE Astoria 2 LandCo LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 5,188 |  |  |  | 8,119 |
RE Barren Ridge LandCo LLC |  | Power generation |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 2,187 |  |  |  | 2,857 |
Laurel SpA (*15) |  | Power generation |  | Chile |  |  | 90.00 | % |  |  |  |  |  |  | 2,156 |  |  |  | 1,432 |
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (*14) |  | Power generation |  | Australia |  |  | 12.37 | % |  |  |  |  |  |  | 4,095 |  |  |  | 1,149 |
Cheong-Song Noraesan Wind Power Co., Ltd. (*13) |  | Power generation |  | Korea |  |  | 29.01 | % |  |  |  |  |  |  | 3,200 |  |  |  | 4,317 |
Chester Solar I SpA (*15) |  | Power generation |  | Chile |  |  | 90.00 | % |  |  |  |  |  |  | 1,316 |  |  |  | 1,649 |
Solar Philippines Calatagan Corporation |  | Power generation |  | Philippines |  |  | 38.00 | % |  |  |  |  |  |  | 47,903 |  |  |  | 63,695 |
Saemangeum Solar Power Co., Ltd. (*19) |  | Power generation |  | Korea |  |  | 81.01 | % |  |  |  |  |  |  | 26,400 |  |  |  | 23,277 |
Chungsongmeon BongSan wind power Co., Ltd. (*14) |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 2,900 |  |  |  | 2,590 |
Jaeun Resident Wind Power Plant Co., Ltd. (*14) |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 2,494 |  |  |  | 2,045 |
DE Energia SpA |  | Power generation |  | Chile |  |  | 49.00 | % |  |  |  |  |  |  | 8,364 |  |  |  | 11,062 |
Dangjin Eco Power Co., Ltd. |  | Power generation |  | Korea |  |  | 34.00 | % |  |  |  |  |  |  | 25,661 |  |  |  | 26,867 |
Haemodum Solar Co., Ltd. |  | Power generation |  | Korea |  |  | 49.00 | % |  |  |  |  |  |  | 2,940 |  |  |  | 3,230 |
Yangyang Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 50.00 | % |  |  |  |  |  |  | 12,000 |  |  |  | 11,640 |
HORUS SOLAR, S.A. DE C.V. (*20) |  | Renewable power generation |  | Mexico |  |  | 14.95 | % |  |  |  |  |  |  | 5,068 |  |  |  | 1,488 |
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (*20) |  | Renewable power generation |  | Mexico |  |  | 14.95 | % |  |  |  |  |  |  | 3,678 |  |  |  | 4,452 |
SUNMEX RENOVABLES, S.A. DE C.V. (*20) |  | Renewable power generation |  | Mexico |  |  | 14.95 | % |  |  |  |  |  |  | 1,678 |  |  |  | 1,687 |
Stavro Holding II A.B. |  | Holding company |  | Sweden |  |  | 20.00 | % |  |  |  |  |  |  | 18,566 |  |  |  | 16,459 |
Solaseado Solar Power Co., Ltd. |  | Power generation |  | Korea |  |  | 39.00 | % |  |  |  |  |  |  | 7,020 |  |  |  | 22,793 |
Yeongam Solar Power Co., Ltd. (*14) |  | Power generation |  | Korea |  |  | 19.00 | % |  |  |  |  |  |  | 6,460 |  |  |  | 11,828 |
Samsu Wind Power Co., Ltd. (*14) |  | Power generation |  | Korea |  |  | 19.00 | % |  |  |  |  |  |  | 2,637 |  |  |  | 2,851 |
Pulau Indah Power Plant Sdn. Bhd. |  | Power generation |  | Malaysia |  |  | 25.00 | % |  |  |  |  |  |  | 39,052 |  |  |  | 50,721 |
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | Holding company |  | Korea |  |  | 29.53 | % |  |  |  |  |  |  | 20,857 |  |  |  | 15,433 |
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (*12) |  | Holding company |  | Korea |  |  | 90.00 | % |  |  |  |  |  |  | 14,848 |  |  |  | 15,496 |
PT Barito Wahana Tenaga |  | Power generation |  | Indonesia |  |  | 30.61 | % |  |  |  |  |  |  | 59,574 |  |  |  | 207,565 |
Cheongna Energy Co., Ltd. (*19) |  | Generating and distributing vapor and hot/cold water |  | Korea |  |  | 50.10 | % |  |  |  |  |  |  | 49,344 |  |  |  | 46,158 |
Naepo Green Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 29.20 | % |  |  |  |  |  |  | 29,200 |  |  |  | 48,031 |
Boim Combined Heat and Power Generation Co., Ltd. (*21) |  | Power generation |  | Korea |  |  | 30.66 | % |  |  |  |  |  |  | 71,070 |  |  |  | — |
OneEnergy Asia Limited |  | Power generation |  | Vietnam |  |  | 40.00 | % |  |  |  |  |  |  | 258,011 |  |  |  | 465,349 |
KAS INVESTMENT I LLC (*13) |  | Holding company |  | USA |  |  | 29.89 | % |  |  |  |  |  |  | 23,437 |  |  |  | 6,078 |
KAS INVESTMENT II LLC (*13) |  | Holding company |  | USA |  |  | 29.89 | % |  |  |  |  |  |  | 23,343 |  |  |  | 6,040 |
Energyco Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 1,659 |  |  |  | 2,322 |
CAES, LLC |  | Holding company |  | USA |  |  | 36.00 | % |  |  |  |  |  |  | 19,414 |  |  |  | 20,659 |
Hapcheon Floating Photovoltaic Power Plant Inc. (*14) |  | Power generation |  | Korea |  |  | 49.00 | % |  |  |  |  |  |  | 7,512 |  |  |  | 11,334 |
2024 |
Investees |  | Key operation activities |  | Location |  | Percentage of ownership |  |  |  |  |  | Acquisition cost |  |  | Book value |
|  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Busan Industrial Solar Power Co., Ltd. |  | Power generation |  | Korea |  |  | 28.02 | % |  | ￦ |  |  |  |  | 510 |  |  |  | 1,160 |
Bitsolar Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 27.10 | % |  |  |  |  |  |  | 352 |  |  |  | — |
Pulau Indah O&M Sdn. Bhd. (*14) |  | Power generation |  | Malaysia |  |  | 40.00 | % |  |  |  |  |  |  | — |  |  |  | — |
Guadalupe Solar SpA (*22) |  | Power generation |  | Chile |  |  | 60.00 | % |  |  |  |  |  |  | 1,397 |  |  |  | 781 |
Omisan Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 42.00 | % |  |  |  |  |  |  | 10,752 |  |  |  | 10,859 |
Foresight Iberian Solar Group Holding, S.L. (*22) |  | Power generation |  | Spain |  |  | 75.00 | % |  |  |  |  |  |  | 10,564 |  |  |  | — |
Yeongwol Eco Wind Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 3,089 |  |  |  | 890 |
Gurae Resident Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 386 |  |  |  | 333 |
Cheongju Eco Park Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 5,858 |  |  |  | 10,636 |
Enel X Midland Photovoltaic, LLC |  | Power generation |  | Korea |  |  | 20.00 | % |  |  |  |  |  |  | 2,211 |  |  |  | 2,715 |
Geumsungsan Wind Power Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 6,531 |  |  |  | 7,840 |
KEPCO KPS CARABAO Corp. (*16) |  | Utility plant maintenance |  | Philippines |  |  | 40.00 | % |  |  |  |  |  |  | 93 |  |  |  | — |
Prime Swedish Holding AB |  | Holding company |  | Sweden |  |  | 45.00 | % |  |  |  |  |  |  | 35,410 |  |  |  | 37,559 |
Goheung New Energy Co., Ltd. |  | Power generation |  | Korea |  |  | 46.15 | % |  |  |  |  |  |  | 12,959 |  |  |  | 15,768 |
Gunsan Land Solar Co., Ltd. (*22,28) |  | Power generation |  | Korea |  |  | 75.29 | % |  |  |  |  |  |  | 19,091 |  |  |  | 23,163 |
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 | % |  |  |  |  |  |  | — |  |  |  | 11,038 |
Pyeongchang Wind Power Co., Ltd. (*25) |  | Power generation |  | Korea |  |  | 58.00 | % |  |  |  |  |  |  | 9,329 |  |  |  | 12,147 |
Eumseong Eco Park Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 5,741 |  |  |  | 11,613 |
Changwon Nu-ri Energy Co., Ltd. (*14) |  | Fuel cell generation |  | Korea |  |  | 61.00 | % |  |  |  |  |  |  | 8,095 |  |  |  | 7,658 |
PungBack Wind Farm Corporation (*24) |  | Power generation |  | Korea |  |  | 32.89 | % |  |  |  |  |  |  | 7,885 |  |  |  | 7,760 |
Trumbull Asset Management, LLC (*25) |  | Holding company |  | USA |  |  | 78.00 | % |  |  |  |  |  |  | 1 |  |  |  | 1,297 |
S-Power Chile SpA |  | Power generation |  | Chile |  |  | 50.00 | % |  |  |  |  |  |  | 127 |  |  |  | 159 |
Seungmun Green Energy |  | Power generation |  | Korea |  |  | 33.00 | % |  |  |  |  |  |  | 8,973 |  |  |  | 12,745 |
Seobusambo highway photovoltaics Co., Ltd. (*23) |  | Power generation |  | Korea |  |  | 80.00 | % |  |  |  |  |  |  | 3,020 |  |  |  | 3,309 |
Yangyang Suri Wind Power Co., Ltd.(*13) |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 10,498 |  |  |  | 8,643 |
KEPCO for Power Company (*32) |  | Power generation |  | Saudi arabia |  |  | 60.00 | % |  |  |  |  |  |  | 3,083 |  |  |  | 17,906 |
Taebaek Wind Power Co., Ltd. (*33) |  | Power generation |  | Korea |  |  | 60.00 | % |  |  |  |  |  |  | 11,494 |  |  |  | 14,759 |
Jeonju Bio Green Energy Co., Ltd.(*22) |  | Power generation |  | Korea |  |  | 65.00 | % |  |  |  |  |  |  | 3,250 |  |  |  | 2,566 |
Kumyang Eco Park Co., Ltd. |  | Power generation |  | Korea |  |  | 29.00 | % |  |  |  |  |  |  | 3,663 |  |  |  | 3,841 |
Jeongeup Green Power Co., Ltd. (*34) |  | Power generation |  | Korea |  |  | 44.86 | % |  |  |  |  |  |  | 9,600 |  |  |  | 8,846 |
Hadong E-factory Co., Ltd.(*13) |  | Power generation |  | Korea |  |  | 29.99 | % |  |  |  |  |  |  | 350 |  |  |  | 344 |
Namyangju Combined Heat and Power Co., Ltd. (*35) |  | Generating and distributing vapor and hot/cold water |  | Korea |  |  | 70.10 | % |  |  |  |  |  |  | 53,977 |  |  |  | 51,768 |
Samcheok Eco Materials Co., Ltd. (*37) |  | Recycling fly ashes |  | Korea |  |  | 25.54 | % |  |  |  |  |  |  | 686 |  |  |  | — |
Wadi Noor Solar Power Company SAOC |  | Power generation |  | Oman |  |  | 50.00 | % |  |  |  |  |  |  | 847 |  |  |  | 1,392 |
Fairhaven Energy Storage LLC |  | Power generation |  | USA |  |  | 35.00 | % |  |  |  |  |  |  | 1,505 |  |  |  | — |
Rutile BESS Holdings, LLC |  | Holding company |  | USA |  |  | 50.00 | % |  |  |  |  |  |  | 106 |  |  |  | 1 |
Trumbull Development Partners, LLC (*14) |  | Holding company |  | USA |  |  | 56.23 | % |  |  |  |  |  |  | 304,836 |  |  |  | 355,379 |
Imha Floating Photovoltaic Power Plant Inc.(*13) |  | Power generation |  | Korea |  |  | 49.00 | % |  |  |  |  |  |  | 7,174 |  |  |  | 6,351 |
EDFR KOWEPO AJBAN PV HOLDING LIMITED |  | Holding company |  | UAE |  |  | 50.00 | % |  |  |  |  |  |  | 1 |  |  |  | 85 |
Roof One Energy Co., Ltd. |  | Holding company |  | Korea |  |  | 48.00 | % |  |  |  |  |  |  | 2,000 |  |  |  | 2,000 |
|  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,880,964 |  |  |  | 4,581,340 |
|  |  |  |  |  |  |  |  |  | ￦ |  |  |  |  | 6,275,797 |  |  |  | 11,286,094 |
(*1) | 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.
(*2) | 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.
(*3) | 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.
(*4) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
(*5) | 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.
(*6) | 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.
(*7) | 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.
(*8) | 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.
(*9) | The effective percentage of ownership is 21.66%, considering hybrid bonds.
(*10) | 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.
(*11) | 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.
(*12) | 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.
(*13) | 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.
(*14) | 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.
(*15) | Although the Company holds majority ownership in the entity due to the acquisition of additional shares during the year ended December 31, 2024, 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 due to the shareholders’ agreement.
(*16) | 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.
(*17) | The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
(*18) | 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.
(*19) | 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.
(*20) | The effective percentage of ownership is less than 50%. 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.
(*21) | According to the Boim Combined Heat and Power Generation 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 15.6% 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.
(*22) | 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.
(*23) | 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.
(*24) | The effective percentage of ownership is 37%, considering potential common stock.
(*25) | 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.
(*26) | 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.
(*27) | The Company is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, and KV Holdings, Inc. and the timing of and proceeds from such sales transaction is not specified as of December 31, 2023.
(*28) | 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.
(*29) | During the year ended December 31, 2024, the long-term loan to Bigeum Resident Photovoltaic Power Co., Ltd. was converted into equity.
(*30) | 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.
(*31) | 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.
(*32) | 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 due to the shareholders’ agreement.
(*33) | Although the Company’s effective percentage of ownership is more than 50 %, the entity is classified 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 due to the joint shareholders’ agreement.
(*34) | Although the Company’s effective percentage of ownership is less than 50%, 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 agreement required from the members in the board of directors in order to make decisions on the entity’s material financial and operational policies in accordance with the joint shareholders’ agreement.
(*35) | 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.
(*36) | The effective ownership interest is 1.32 %, considering convertible redeemable preferred shares.
(*37) | Although the Company’s effective percentage of ownership is less than 50%, the entity was reclassified as a joint venture considering the minimum number of agreement required from the members in the board of directors in order to make decisions on the entity’s material financial and operational policies in accordance with the revised joint shareholders’ agreement for the year ended December 31, 2024.
(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, 2023 and 2024 are as follows:
Investees |  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |
Korea Electric Power Industrial Development Co., Ltd. |  | ￦ |  |  |  |  | 69,298 |  |  |  | 88,489 |
Korea Gas Corporation |  |  |  |  |  |  | 466,830 |  |  |  | 655,830 |
YTN Co., Ltd.(*) |  |  |  |  |  |  | 54,180 |  |  |  | — |
SPC Power Corporation |  |  |  |  |  |  | 92,219 |  |  |  | 130,063 |
PT. Bayan Resources TBK |  |  |  |  |  |  | 11,090,934 |  |  |  | 12,298,501 |
| (*) | The Company sold all of its shares in YTN Co., Ltd. for the year ended December 31, 2024.
(3) | Changes in investments in associates and joint ventures for the years ended December 31, 2023 and 2024 are as follows:
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. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
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 Solar 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 | ) |  |  | — |  |  |  | — |  |  |  | — |
2023 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2023 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
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> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
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> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2024 |
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 |  | ￦ |  |  |  |  | 1,970,643 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 248,385 |  |  |  | 36,628 |  |  |  | 33,648 |  |  |  | 2,289,304 |
Korea Electric Power Industrial Development Co., Ltd. |  |  |  |  |  |  | 29,500 |  |  |  | — |  |  |  | — |  |  |  | (2,801 | ) |  |  | 3,124 |  |  |  | — |  |  |  | 354 |  |  |  | 30,177 |
YTN Co., Ltd. |  |  |  |  |  |  | 52,303 |  |  |  | — |  |  |  | (52,303 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Gangwon Wind Power Co., Ltd. |  |  |  |  |  |  | 12,001 |  |  |  | — |  |  |  | — |  |  |  | (1,420 | ) |  |  | 1,112 |  |  |  | — |  |  |  | — |  |  |  | 11,693 |
Hyundai Green Power Co., Ltd. |  |  |  |  |  |  | 118,173 |  |  |  | — |  |  |  | — |  |  |  | (3,555 | ) |  |  | 2,712 |  |  |  | — |  |  |  | (29,937 | ) |  |  | 87,393 |
Korea Power Exchange |  |  |  |  |  |  | 274,286 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,768 |  |  |  | (59 | ) |  |  | (3,033 | ) |  |  | 273,962 |
Taebaek Guinemi Wind Power Co., Ltd. |  |  |  |  |  |  | 13,530 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 29 |  |  |  | — |  |  |  | — |  |  |  | 13,559 |
Daeryun Power Co., Ltd. |  |  |  |  |  |  | 26,834 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,301 |  |  |  | — |  |  |  | (42 | ) |  |  | 31,093 |
KNH Solar Co., Ltd. |  |  |  |  |  |  | 3,194 |  |  |  | — |  |  |  | — |  |  |  | (1,620 | ) |  |  | 591 |  |  |  | — |  |  |  | — |  |  |  | 2,165 |
SPC Power Corporation |  |  |  |  |  |  | 78,931 |  |  |  | — |  |  |  | — |  |  |  | (13,529 | ) |  |  | 13,412 |  |  |  | 28,760 |  |  |  | — |  |  |  | 107,574 |
Gemeng International Energy Co., Ltd. |  |  |  |  |  |  | 705,812 |  |  |  | — |  |  |  | — |  |  |  | (22,908 | ) |  |  | (33,472 | ) |  |  | 78,870 |  |  |  | 36 |  |  |  | 728,338 |
PT. Cirebon Electric Power |  |  |  |  |  |  | 134,259 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,144 |  |  |  | — |  |  |  | 19,127 |  |  |  | 157,530 |
KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,334 | ) |  |  | 1,621 |  |  |  | 10,713 |  |  |  | — |
KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,519 |  |  |  | 1,475 |  |  |  | (2,994 | ) |  |  | — |
PT Wampu Electric Power |  |  |  |  |  |  | 34,555 |  |  |  | — |  |  |  | — |  |  |  | (3,765 | ) |  |  | 3,495 |  |  |  | 152 |  |  |  | 4,831 |  |  |  | 39,268 |
2024 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
PT. Bayan Resources TBK |  | ￦ |  |  |  |  | 619,207 |  |  |  | — |  |  |  | — |  |  |  | (168,698 | ) |  |  | 187,634 |  |  |  | 79,332 |  |  |  | (99 | ) |  |  | 717,376 |
S-Power Co., Ltd. |  |  |  |  |  |  | 162,765 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,607 |  |  |  | — |  |  |  | — |  |  |  | 180,372 |
Pioneer Gas Power Limited |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Xe-Pian Xe-Namnoy Power Co., Ltd. |  |  |  |  |  |  | 116,378 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (20,217 | ) |  |  | 11,861 |  |  |  | (34,957 | ) |  |  | 73,065 |
PT. Mutiara Jawa |  |  |  |  |  |  | 5,168 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 103 |  |  |  | 464 |  |  |  | — |  |  |  | 5,735 |
Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Noeul Green Energy Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Goseong Green Power Co., Ltd. |  |  |  |  |  |  | 287,624 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,026 | ) |  |  | — |  |  |  | (56 | ) |  |  | 284,542 |
Gangneung Eco Power Co., Ltd. |  |  |  |  |  |  | 254,929 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13,115 | ) |  |  | — |  |  |  | — |  |  |  | 241,814 |
Shin Pyeongtaek Power Co., Ltd. |  |  |  |  |  |  | 145,026 |  |  |  | — |  |  |  | — |  |  |  | (30,080 | ) |  |  | 24,145 |  |  |  | — |  |  |  | (32 | ) |  |  | 139,059 |
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | 294 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 66 |  |  |  | — |  |  |  | — |  |  |  | 360 |
Dongducheon Dream Power Co., Ltd. |  |  |  |  |  |  | 87,203 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,141 |  |  |  | — |  |  |  | 7 |  |  |  | 91,351 |
Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Daejung Offshore Wind Power Co., Ltd. |  |  |  |  |  |  | 1,483 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7 |  |  |  | — |  |  |  | — |  |  |  | 1,490 |
GS Donghae Electric Power Co., Ltd. |  |  |  |  |  |  | 259,085 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,323 |  |  |  | — |  |  |  | 24 |  |  |  | 279,432 |
Daegu Photovoltaic Co., Ltd. |  |  |  |  |  |  | 2,804 |  |  |  | — |  |  |  | — |  |  |  | (344 | ) |  |  | 75 |  |  |  | — |  |  |  | — |  |  |  | 2,535 |
Busan Green Energy Co., Ltd. |  |  |  |  |  |  | 3,259 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (910 | ) |  |  | — |  |  |  | (15 | ) |  |  | 2,334 |
Hansuwon KNP Co., Ltd. |  |  |  |  |  |  | 467 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 207 |  |  |  | — |  |  |  | — |  |  |  | 674 |
Korea Electric Power Corporation Fund |  |  |  |  |  |  | 23,421 |  |  |  | — |  |  |  | (9,637 | ) |  |  | — |  |  |  | 479 |  |  |  | (910 | ) |  |  | — |  |  |  | 13,353 |
Energy Infra Asset Management Co., Ltd. |  |  |  |  |  |  | 1,213 |  |  |  | — |  |  |  | — |  |  |  | (89 | ) |  |  | 144 |  |  |  | — |  |  |  | — |  |  |  | 1,268 |
Daegu clean Energy Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
YaksuESS Co., Ltd. |  |  |  |  |  |  | 285 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (123 | ) |  |  | — |  |  |  | — |  |  |  | 162 |
Nepal Water & Energy Development Company Private Limited |  |  |  |  |  |  | 110,573 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,392 |  |  |  | 52,990 |  |  |  | — |  |  |  | 170,955 |
Gwangyang Green Energy Co., Ltd. |  |  |  |  |  |  | 24,638 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (421 | ) |  |  | — |  |  |  | — |  |  |  | 24,217 |
PND solar Co., Ltd. |  |  |  |  |  |  | 1,510 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 225 |  |  |  | — |  |  |  | — |  |  |  | 1,735 |
Hyundai Eco Energy Co., Ltd. |  |  |  |  |  |  | 7,947 |  |  |  | — |  |  |  | — |  |  |  | (477 | ) |  |  | 1,024 |  |  |  | — |  |  |  | (1 | ) |  |  | 8,493 |
YeongGwang Yaksu Wind Electric Co., Ltd. |  |  |  |  |  |  | 133 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (92 | ) |  |  | — |  |  |  | — |  |  |  | 41 |
Green Energy Electricity Generation Co., Ltd. |  |  |  |  |  |  | 8 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (8 | ) |  |  | — |  |  |  | — |  |  |  | — |
Korea Energy Solutions Co., Ltd. |  |  |  |  |  |  | 170 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | 197 |
ITR Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12 | ) |  |  | — |  |  |  | 12 |  |  |  | — |
STN Co., Ltd. |  |  |  |  |  |  | 391 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | 407 |
Indeck Niles Development, LLC |  |  |  |  |  |  | 335,401 |  |  |  | — |  |  |  | (14,551 | ) |  |  | (10,591 | ) |  |  | 12,909 |  |  |  | 47,802 |  |  |  | — |  |  |  | 370,970 |
Indeck Niles Asset Management, LLC |  |  |  |  |  |  | 93 |  |  |  | — |  |  |  | — |  |  |  | (416 | ) |  |  | 373 |  |  |  | 10 |  |  |  | — |  |  |  | 60 |
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  |  |  |  |  |  | 6,496 |  |  |  | — |  |  |  | (374 | ) |  |  | (360 | ) |  |  | 358 |  |  |  | (1 | ) |  |  | — |  |  |  | 6,119 |
Suwon New Power Co., Ltd. |  |  |  |  |  |  | 1,022 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (108 | ) |  |  | — |  |  |  | — |  |  |  | 914 |
Gwangbaek Solar Power Investment Co., Ltd. |  |  |  |  |  |  | 5,155 |  |  |  | — |  |  |  | — |  |  |  | (523 | ) |  |  | 523 |  |  |  | — |  |  |  | — |  |  |  | 5,155 |
Go deok Clean Energy Co., Ltd. |  |  |  |  |  |  | 4,723 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 578 |  |  |  | — |  |  |  | — |  |  |  | 5,301 |
SureDataLab Co., Ltd. |  |  |  |  |  |  | 114 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (66 | ) |  |  | — |  |  |  | — |  |  |  | 48 |
SEP Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Hankook Electric Power Information Co., Ltd. |  |  |  |  |  |  | 214 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 212 |
Tronix Co., Ltd. |  |  |  |  |  |  | 220 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (74 | ) |  |  | — |  |  |  | — |  |  |  | 146 |
O2&B Global Co., Ltd. |  |  |  |  |  |  | 21 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (21 | ) |  |  | — |  |  |  | — |  |  |  | — |
Muan Sunshine Solar Power Plant Co., Ltd. |  |  |  |  |  |  | 2,822 |  |  |  | — |  |  |  | — |  |  |  | (560 | ) |  |  | 510 |  |  |  | — |  |  |  | — |  |  |  | 2,772 |
Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | — |  |  |  | 9,525 |  |  |  | — |  |  |  | — |  |  |  | (1,560 | ) |  |  | (57 | ) |  |  | — |  |  |  | 7,908 |
Goesan Solar Park Co., Ltd. |  |  |  |  |  |  | 2,877 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 256 |  |  |  | — |  |  |  | — |  |  |  | 3,133 |
Saemangeum Heemang Photovoltaic Co., Ltd. |  |  |  |  |  |  | 14,420 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,717 |  |  |  | — |  |  |  | — |  |  |  | 16,137 |
Bitgoel Eco Energy Co., Ltd. |  |  |  |  |  |  | 12,394 |  |  |  | — |  |  |  | — |  |  |  | (1,905 | ) |  |  | 3,212 |  |  |  | 13 |  |  |  | (13 | ) |  |  | 13,701 |
Jeju Gimnyeong Wind Power Co., Ltd. |  |  |  |  |  |  | 246 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 250 |
Seoroseoro Sunny Power Plant Co., Ltd. |  |  |  |  |  |  | 941 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89 |  |  |  | — |  |  |  | — |  |  |  | 1,030 |
Muan Solar park Co., Ltd. |  |  |  |  |  |  | 6,830 |  |  |  | — |  |  |  | — |  |  |  | (1,400 | ) |  |  | 837 |  |  |  | — |  |  |  | — |  |  |  | 6,267 |
YuDang Solar Co., Ltd. |  |  |  |  |  |  | 570 |  |  |  | — |  |  |  | — |  |  |  | (60 | ) |  |  | 110 |  |  |  | — |  |  |  | (3 | ) |  |  | 617 |
2024 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Anjwa Smart Farm & Solar City Co., Ltd. |  | ￦ |  |  |  |  | 7,665 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 633 |  |  |  | — |  |  |  | — |  |  |  | 8,298 |
KPE Green Energy Co., Ltd. |  |  |  |  |  |  | 7,779 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 451 |  |  |  | — |  |  |  | — |  |  |  | 8,230 |
G.GURU Co., Ltd. |  |  |  |  |  |  | 167 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (133 | ) |  |  | — |  |  |  | — |  |  |  | 34 |
UD4M Co., Ltd. |  |  |  |  |  |  | 150 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (29 | ) |  |  | — |  |  |  | — |  |  |  | 121 |
Dongbu Highway Solar Co., Ltd. |  |  |  |  |  |  | 380 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 132 |  |  |  | — |  |  |  | — |  |  |  | 512 |
Seobu Highway Solar Co., Ltd. |  |  |  |  |  |  | 406 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | — |  |  |  | 579 |
Korea Energy Data Co., Ltd. |  |  |  |  |  |  | 36 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | 23 |
Gangneung Sacheon Fuel Cell Co., Ltd. |  |  |  |  |  |  | 7,870 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,436 |  |  |  | — |  |  |  | — |  |  |  | 9,306 |
KOSTURE Co., Ltd. |  |  |  |  |  |  | 8 |  |  |  | — |  |  |  | (7 | ) |  |  | — |  |  |  | (1 | ) |  |  | — |  |  |  | — |  |  |  | — |
Taebaek Gadeoksan Wind Power Co., Ltd. |  |  |  |  |  |  | 19,426 |  |  |  | — |  |  |  | — |  |  |  | (1,767 | ) |  |  | 5,250 |  |  |  | — |  |  |  | — |  |  |  | 22,909 |
Chuncheon Green Energy Co., Ltd. |  |  |  |  |  |  | 8,900 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,772 |  |  |  | — |  |  |  | — |  |  |  | 17,672 |
Yeomsubong Wind Power Co., Ltd. |  |  |  |  |  |  | 871 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (268 | ) |  |  | — |  |  |  | — |  |  |  | 603 |
Yeongyang Wind Power Corporation II |  |  |  |  |  |  | 10,100 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,201 |  |  |  | — |  |  |  | — |  |  |  | 11,301 |
Haeparang Energy Co., Ltd. |  |  |  |  |  |  | 2,104 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (154 | ) |  |  | — |  |  |  | — |  |  |  | 1,950 |
Saemangeum Sebit Power Plant Co., Ltd. |  |  |  |  |  |  | 37,191 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (81 | ) |  |  | — |  |  |  | — |  |  |  | 37,110 |
Boulder Solar III, LLC |  |  |  |  |  |  | 754 |  |  |  | — |  |  |  | (754 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PlatformN. Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
PT. Cirebon Energi Prasarana |  |  |  |  |  |  | 76,597 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,051 |  |  |  | 2,782 |  |  |  | 11,416 |  |  |  | 96,846 |
Green Radiation Co., Ltd. |  |  |  |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (26 | ) |  |  | — |  |  |  | — |  |  |  | — |
Future Convergence Technology Laboratory. Co., Ltd. |  |  |  |  |  |  | 36 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | 22 |
Eco Motion Co., Ltd. |  |  |  |  |  |  | 267 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (38 | ) |  |  | — |  |  |  | — |  |  |  | 229 |
REC’s Innovation Co., Ltd. |  |  |  |  |  |  | 120 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59 |  |  |  | — |  |  |  | (24 | ) |  |  | 155 |
ACE |  |  |  |  |  |  | 2 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 5 |
Environment and Energy Co., Ltd. |  |  |  |  |  |  | 9 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | (2 | ) |  |  | — |  |  |  | 3 |
Santiago Solar Power SpA |  |  |  |  |  |  | 11,769 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (4,877 | ) |  |  | 69 |  |  |  | — |  |  |  | 6,961 |
Yanggu Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 760 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 86 |  |  |  | — |  |  |  | — |  |  |  | 846 |
Power Embedded |  |  |  |  |  |  | 70 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 68 |
Changwon SG Energy Co., Ltd. |  |  |  |  |  |  | 783 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (101 | ) |  |  | — |  |  |  | — |  |  |  | 682 |
Donpyung Technology. Co., Ltd. |  |  |  |  |  |  | 254 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 27 |  |  |  | — |  |  |  | — |  |  |  | 281 |
HORANG ENERGY Inc. |  |  |  |  |  |  | 4,149 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (341 | ) |  |  | — |  |  |  | — |  |  |  | 3,808 |
Hoenggye Renewable Energy Co., Ltd |  |  |  |  |  |  | 2,375 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,375 |
Haman Green Energy Co., Ltd. |  |  |  |  |  |  | 2,981 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (145 | ) |  |  | (26 | ) |  |  | — |  |  |  | 2,810 |
Songsan Green Energy Co., Ltd. |  |  |  |  |  |  | 8,323 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (415 | ) |  |  | — |  |  |  | — |  |  |  | 7,908 |
SkyPic Inc. |  |  |  |  |  |  | — |  |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |
HyChangwon Fuel Cell. Co., Ltd. |  |  |  |  |  |  | — |  |  |  | 9,396 |  |  |  | — |  |  |  | — |  |  |  | (118 | ) |  |  | — |  |  |  | — |  |  |  | 9,278 |
Dreams Co.,Ltd. |  |  |  |  |  |  | — |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |
DEEPAI Co.,Ltd. |  |  |  |  |  |  | — |  |  |  | 11 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 11 |
Amaala Sustainable Company for Energy LLC |  |  |  |  |  |  | — |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 18 |
|  | ￦ |  |  |  |  | 6,176,889 |  |  |  | 18,987 |  |  |  | (77,626 | ) |  |  | (266,868 | ) |  |  | 502,636 |  |  |  | 341,774 |  |  |  | 8,962 |  |  |  | 6,704,754 |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shuweihat Asia Power Investment B.V. |  | ￦ |  |  |  |  | 69,902 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,709 |  |  |  | 14,839 |  |  |  | — |  |  |  | 86,450 |
Shuweihat Asia Operation & Maintenance Company |  |  |  |  |  |  | 1,818 |  |  |  | — |  |  |  | — |  |  |  | (1,200 | ) |  |  | 1,262 |  |  |  | 258 |  |  |  | — |  |  |  | 2,138 |
Waterbury Lake Uranium L.P. |  |  |  |  |  |  | 22,612 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 1,070 |  |  |  | — |  |  |  | 23,756 |
ASM-BG Investicii AD |  |  |  |  |  |  | 14,739 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,413 |  |  |  | 784 |  |  |  | — |  |  |  | 16,936 |
RES Technology AD |  |  |  |  |  |  | 14,383 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (145 | ) |  |  | 831 |  |  |  | — |  |  |  | 15,069 |
KV Holdings, Inc. |  |  |  |  |  |  | 5,186 |  |  |  | — |  |  |  | — |  |  |  | (989 | ) |  |  | 720 |  |  |  | 574 |  |  |  | 1,430 |  |  |  | 6,921 |
KEPCO SPC Power Corporation |  |  |  |  |  |  | 196,544 |  |  |  | — |  |  |  | — |  |  |  | (28,591 | ) |  |  | 16,714 |  |  |  | (25,528 | ) |  |  | — |  |  |  | 159,139 |
Gansu Datang Yumen Wind Power Co., Ltd. |  |  |  |  |  |  | 6,315 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 812 |  |  |  | 792 |  |  |  | — |  |  |  | 7,919 |
Datang Chifeng Renewable Power Co., Ltd. |  |  |  |  |  |  | 186,739 |  |  |  | — |  |  |  | — |  |  |  | (10,624 | ) |  |  | 7,772 |  |  |  | 20,629 |  |  |  | — |  |  |  | 204,516 |
2024 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | ￦ |  |  |  |  | 43,207 |  |  |  | — |  |  |  | — |  |  |  | (591 | ) |  |  | 813 |  |  |  | 4,896 |  |  |  | — |  |  |  | 48,325 |
Rabigh Electricity Company |  |  |  |  |  |  | 235,051 |  |  |  | — |  |  |  | — |  |  |  | (7,270 | ) |  |  | 17,147 |  |  |  | 24,965 |  |  |  | — |  |  |  | 269,893 |
Rabigh Operation & Maintenance Company Limited |  |  |  |  |  |  | 4,964 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,461 |  |  |  | 886 |  |  |  | — |  |  |  | 8,311 |
Jamaica Public Service Company Limited |  |  |  |  |  |  | 349,866 |  |  |  | — |  |  |  | — |  |  |  | (15,215 | ) |  |  | 28,849 |  |  |  | 49,463 |  |  |  | (347 | ) |  |  | 412,616 |
KW Nuclear Components Co., Ltd. |  |  |  |  |  |  | 18,680 |  |  |  | — |  |  |  | — |  |  |  | (833 | ) |  |  | 911 |  |  |  | — |  |  |  | — |  |  |  | 18,758 |
Busan Shinho Solar Power Co., Ltd. |  |  |  |  |  |  | 6,669 |  |  |  | — |  |  |  | — |  |  |  | (667 | ) |  |  | 991 |  |  |  | — |  |  |  | — |  |  |  | 6,993 |
Global Trade Of Power System Co., Ltd. |  |  |  |  |  |  | 615 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 81 |  |  |  | — |  |  |  | — |  |  |  | 696 |
Expressway Solar-light Power Generation Co., Ltd. |  |  |  |  |  |  | 5,187 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 584 |  |  |  | — |  |  |  | — |  |  |  | 5,771 |
Amman Asia Electric Power Company |  |  |  |  |  |  | 223,424 |  |  |  | — |  |  |  | — |  |  |  | (8,171 | ) |  |  | 20,485 |  |  |  | 33,126 |  |  |  | — |  |  |  | 268,864 |
KAPES, Inc. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,095 | ) |  |  | 1,095 |  |  |  | — |  |  |  | — |  |  |  | — |
Honam Wind Power Co., Ltd. |  |  |  |  |  |  | 4,743 |  |  |  | — |  |  |  | — |  |  |  | (435 | ) |  |  | 525 |  |  |  | — |  |  |  | — |  |  |  | 4,833 |
Korea Power Engineering Service Co., Ltd. |  |  |  |  |  |  | 5,708 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 419 |  |  |  | — |  |  |  | (73 | ) |  |  | 6,054 |
Chun-cheon Energy Co., Ltd. |  |  |  |  |  |  | 35,083 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,516 |  |  |  | — |  |  |  | — |  |  |  | 36,599 |
Yeonggwangbaeksu Wind Power Co., Ltd. |  |  |  |  |  |  | 3,443 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 286 |  |  |  | — |  |  |  | — |  |  |  | 3,729 |
Nghi Son 2 Power LLC |  |  |  |  |  |  | 417,989 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 45,889 |  |  |  | 99,201 |  |  |  | — |  |  |  | 563,079 |
Kelar S.A. |  |  |  |  |  |  | 131,529 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,739 |  |  |  | (2,498 | ) |  |  | 18,597 |  |  |  | 152,367 |
PT. Tanjung Power Indonesia |  |  |  |  |  |  | 90,151 |  |  |  | — |  |  |  | — |  |  |  | (8,349 | ) |  |  | 6,138 |  |  |  | 14,122 |  |  |  | (1,482 | ) |  |  | 100,580 |
Incheon New Power Co., Ltd. |  |  |  |  |  |  | 298 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | — |  |  |  | — |  |  |  | 302 |
Seokmun Energy Co., Ltd. |  |  |  |  |  |  | 16,591 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,135 | ) |  |  | — |  |  |  | — |  |  |  | 15,456 |
Daehan Wind Power PSC |  |  |  |  |  |  | 16,426 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,779 |  |  |  | 3,122 |  |  |  | — |  |  |  | 21,327 |
Barakah One Company |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Nawah Energy Company |  |  |  |  |  |  | 330 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14 |  |  |  | 48 |  |  |  | — |  |  |  | 392 |
MOMENTUM |  |  |  |  |  |  | 209 |  |  |  | — |  |  |  | — |  |  |  | (225 | ) |  |  | 196 |  |  |  | 15 |  |  |  | — |  |  |  | 195 |
Daegu Green Power Co., Ltd. |  |  |  |  |  |  | 26,430 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,103 |  |  |  | — |  |  |  | (20 | ) |  |  | 30,513 |
Yeonggwang Wind Power Co., Ltd. |  |  |  |  |  |  | 23,380 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,766 |  |  |  | — |  |  |  | — |  |  |  | 26,146 |
Chester Solar IV SpA |  |  |  |  |  |  | 484 |  |  |  | 1,076 |  |  |  | — |  |  |  | — |  |  |  | (216 | ) |  |  | 108 |  |  |  | — |  |  |  | 1,452 |
Chester Solar V SpA |  |  |  |  |  |  | 191 |  |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | (66 | ) |  |  | 29 |  |  |  | — |  |  |  | 262 |
Diego de Almagro Solar SpA |  |  |  |  |  |  | 954 |  |  |  | 810 |  |  |  | — |  |  |  | — |  |  |  | (160 | ) |  |  | 96 |  |  |  | — |  |  |  | 1,700 |
South Jamaica Power Company Limited |  |  |  |  |  |  | 43,109 |  |  |  | — |  |  |  | — |  |  |  | (2,895 | ) |  |  | 2,704 |  |  |  | 5,842 |  |  |  | — |  |  |  | 48,760 |
Daesan Green Energy Co., Ltd. |  |  |  |  |  |  | 22,191 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,144 |  |  |  | — |  |  |  | (4 | ) |  |  | 25,331 |
RE Holiday Holdings LLC |  |  |  |  |  |  | 84,092 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,139 | ) |  |  | 8,827 |  |  |  | — |  |  |  | 89,780 |
RE Pioneer Holdings LLC |  |  |  |  |  |  | 54,081 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,910 | ) |  |  | 4,451 |  |  |  | — |  |  |  | 55,622 |
RE Barren Ridge 1 Holdings LLC |  |  |  |  |  |  | 58,154 |  |  |  | — |  |  |  | — |  |  |  | (1,966 | ) |  |  | (1,546 | ) |  |  | 5,164 |  |  |  | — |  |  |  | 59,806 |
RE Astoria 2 LandCo LLC |  |  |  |  |  |  | 6,937 |  |  |  | — |  |  |  | — |  |  |  | (404 | ) |  |  | 594 |  |  |  | 992 |  |  |  | — |  |  |  | 8,119 |
RE Barren Ridge LandCo LLC |  |  |  |  |  |  | 2,441 |  |  |  | — |  |  |  | — |  |  |  | (170 | ) |  |  | 237 |  |  |  | 349 |  |  |  | — |  |  |  | 2,857 |
Laurel SpA |  |  |  |  |  |  | 613 |  |  |  | 934 |  |  |  | — |  |  |  | — |  |  |  | (228 | ) |  |  | 113 |  |  |  | — |  |  |  | 1,432 |
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  |  |  |  |  |  | 3,719 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 9 |  |  |  | 435 |  |  |  | (3,014 | ) |  |  | 1,149 |
Cheong-Song Noraesan Wind Power Co., Ltd. |  |  |  |  |  |  | 3,756 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 560 |  |  |  | — |  |  |  | 1 |  |  |  | 4,317 |
Chester Solar I SpA |  |  |  |  |  |  | 1,238 |  |  |  | 134 |  |  |  | — |  |  |  | — |  |  |  | 184 |  |  |  | 93 |  |  |  | — |  |  |  | 1,649 |
Solar Philippines Calatagan Corporation |  |  |  |  |  |  | 58,130 |  |  |  | — |  |  |  | — |  |  |  | (6,107 | ) |  |  | 6,523 |  |  |  | 5,149 |  |  |  | — |  |  |  | 63,695 |
Saemangeum Solar Power Co., Ltd. |  |  |  |  |  |  | 23,419 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (142 | ) |  |  | — |  |  |  | — |  |  |  | 23,277 |
Chungsongmeon BongSan wind power Co., Ltd. |  |  |  |  |  |  | 2,665 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (75 | ) |  |  | — |  |  |  | — |  |  |  | 2,590 |
Jaeun Resident Wind Power Plant Co., Ltd. |  |  |  |  |  |  | 2,214 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (169 | ) |  |  | — |  |  |  | — |  |  |  | 2,045 |
DE Energia SpA |  |  |  |  |  |  | 9,703 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,359 |  |  |  | — |  |  |  | 11,062 |
Dangjin Eco Power Co., Ltd. |  |  |  |  |  |  | 26,753 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 253 |  |  |  | (139 | ) |  |  | — |  |  |  | 26,867 |
Haemodum Solar Co., Ltd. |  |  |  |  |  |  | 3,122 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 108 |  |  |  | — |  |  |  | — |  |  |  | 3,230 |
Yangyang Wind Power Co., Ltd. |  |  |  |  |  |  | 10,435 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,209 |  |  |  | — |  |  |  | (4 | ) |  |  | 11,640 |
HORUS SOLAR, S.A. DE C.V. |  |  |  |  |  |  | 11,181 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (9,636 | ) |  |  | (57 | ) |  |  | — |  |  |  | 1,488 |
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  |  |  |  |  |  | 10,935 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (6,540 | ) |  |  | 57 |  |  |  | — |  |  |  | 4,452 |
SUNMEX RENOVABLES, S.A. DE C.V. |  |  |  |  |  |  | 3,541 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (1,724 | ) |  |  | (130 | ) |  |  | — |  |  |  | 1,687 |
2024 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Stavro Holding II A.B. |  | ￦ |  |  |  |  | 18,263 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (2,326 | ) |  |  | (676 | ) |  |  | 1,198 |  |  |  | 16,459 |
Solaseado Solar Power Co., Ltd. |  |  |  |  |  |  | 17,953 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 4,840 |  |  |  | — |  |  |  | — |  |  |  | 22,793 |
Yeongam Solar Power Co., Ltd. |  |  |  |  |  |  | 9,637 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,191 |  |  |  | — |  |  |  | — |  |  |  | 11,828 |
Samsu Wind Power Co., Ltd. |  |  |  |  |  |  | 3,022 |  |  |  | — |  |  |  | — |  |  |  | (301 | ) |  |  | 130 |  |  |  | — |  |  |  | — |  |  |  | 2,851 |
Pulau Indah Power Plant Sdn. Bhd. |  |  |  |  |  |  | 25,603 |  |  |  | 14,713 |  |  |  | — |  |  |  | — |  |  |  | (816 | ) |  |  | 11,221 |  |  |  | — |  |  |  | 50,721 |
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  |  |  |  |  |  | 21,897 |  |  |  | 959 |  |  |  | — |  |  |  | — |  |  |  | (6,896 | ) |  |  | — |  |  |  | (527 | ) |  |  | 15,433 |
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  |  |  |  |  |  | 15,487 |  |  |  | — |  |  |  | (68 | ) |  |  | (87 | ) |  |  | 164 |  |  |  | — |  |  |  | — |  |  |  | 15,496 |
PT Barito Wahana Tenaga |  |  |  |  |  |  | 156,994 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 24,435 |  |  |  | 26,136 |  |  |  | — |  |  |  | 207,565 |
Cheongna Energy Co., Ltd. |  |  |  |  |  |  | 25,549 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 20,609 |  |  |  | — |  |  |  | — |  |  |  | 46,158 |
Naepo Green Energy Co., Ltd. |  |  |  |  |  |  | 5,285 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32,284 |  |  |  | — |  |  |  | 10,462 |  |  |  | 48,031 |
Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
OneEnergy Asia Limited |  |  |  |  |  |  | 289,966 |  |  |  | 62,880 |  |  |  | — |  |  |  | — |  |  |  | 47,346 |  |  |  | 65,157 |  |  |  | — |  |  |  | 465,349 |
KAS INVESTMENT I LLC |  |  |  |  |  |  | 15,784 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,916 | ) |  |  | 3,210 |  |  |  | — |  |  |  | 6,078 |
KAS INVESTMENT II LLC |  |  |  |  |  |  | 15,709 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (12,867 | ) |  |  | 3,198 |  |  |  | — |  |  |  | 6,040 |
Energyco Co., Ltd. |  |  |  |  |  |  | 2,140 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 182 |  |  |  | — |  |  |  | — |  |  |  | 2,322 |
CAES, LLC |  |  |  |  |  |  | 20,380 |  |  |  | — |  |  |  | — |  |  |  | (663 | ) |  |  | 340 |  |  |  | (1,687 | ) |  |  | 2,289 |  |  |  | 20,659 |
Hapcheon Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 10,348 |  |  |  | — |  |  |  | — |  |  |  | (661 | ) |  |  | 1,647 |  |  |  | — |  |  |  | — |  |  |  | 11,334 |
Busan Industrial Solar Power Co., Ltd. |  |  |  |  |  |  | 1,058 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 102 |  |  |  | — |  |  |  | — |  |  |  | 1,160 |
Bitsolar Energy Co., Ltd. |  |  |  |  |  |  | 352 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (352 | ) |  |  | — |
Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Guadalupe Solar SpA |  |  |  |  |  |  | 1,200 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (431 | ) |  |  | 12 |  |  |  | — |  |  |  | 781 |
Omisan Wind Power Co., Ltd. |  |  |  |  |  |  | 10,229 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 630 |  |  |  | — |  |  |  | — |  |  |  | 10,859 |
Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  |  | 8,119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,852 | ) |  |  | (2,626 | ) |  |  | 359 |  |  |  | — |
Yeongwol Eco Wind Co., Ltd. |  |  |  |  |  |  | 4,024 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,134 | ) |  |  | — |  |  |  | — |  |  |  | 890 |
Gurae Resident Power Co., Ltd. |  |  |  |  |  |  | 569 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (236 | ) |  |  | — |  |  |  | — |  |  |  | 333 |
Cheongju Eco Park Co., Ltd. |  |  |  |  |  |  | 9,072 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,564 |  |  |  | — |  |  |  | — |  |  |  | 10,636 |
Enel X Midland Photovoltaic, LLC |  |  |  |  |  |  | 2,542 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 173 |  |  |  | — |  |  |  | — |  |  |  | 2,715 |
Geumsungsan Wind Power Co., Ltd. |  |  |  |  |  |  | 5,515 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,325 |  |  |  | — |  |  |  | — |  |  |  | 7,840 |
KEPCO KPS CARABAO Corp. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Prime Swedish Holding AB |  |  |  |  |  |  | 38,789 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (3,782 | ) |  |  | — |  |  |  | 2,552 |  |  |  | 37,559 |
Goheung New Energy Co., Ltd. |  |  |  |  |  |  | 15,736 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 15,768 |
Gunsan Land Solar Co., Ltd. |  |  |  |  |  |  | 22,429 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 734 |  |  |  | — |  |  |  | — |  |  |  | 23,163 |
CapMan Lynx SCA, SICAR |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  | 1,423 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (65 | ) |  |  | 9,680 |  |  |  | — |  |  |  | 11,038 |
Pyeongchang Wind Power Co., Ltd. |  |  |  |  |  |  | 12,228 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (81 | ) |  |  | — |  |  |  | — |  |  |  | 12,147 |
Eumseong Eco Park Co., Ltd. |  |  |  |  |  |  | 8,386 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,227 |  |  |  | — |  |  |  | — |  |  |  | 11,613 |
Changwon Nu-ri Energy Co., Ltd. |  |  |  |  |  |  | 8,027 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (369 | ) |  |  | — |  |  |  | — |  |  |  | 7,658 |
PungBack Wind Farm Corporation |  |  |  |  |  |  | 7,940 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (180 | ) |  |  | — |  |  |  | — |  |  |  | 7,760 |
Trumbull Asset Management, LLC |  |  |  |  |  |  | 936 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 212 |  |  |  | 149 |  |  |  | — |  |  |  | 1,297 |
S-Power Chile SpA |  |  |  |  |  |  | 64 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 74 |  |  |  | 21 |  |  |  | — |  |  |  | 159 |
Seungmun Green Energy |  |  |  |  |  |  | 9,757 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,988 |  |  |  | — |  |  |  | — |  |  |  | 12,745 |
Seobusambo highway photovoltaics Co., Ltd. |  |  |  |  |  |  | 3,580 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (271 | ) |  |  | — |  |  |  | — |  |  |  | 3,309 |
Yangyang Suri Wind Power Co., Ltd. |  |  |  |  |  |  | 9,608 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (912 | ) |  |  | (53 | ) |  |  | — |  |  |  | 8,643 |
Kepco for Power Company |  |  |  |  |  |  | 435 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (570 | ) |  |  | 18,041 |  |  |  | — |  |  |  | 17,906 |
Taebaek Wind Power Co., Ltd. |  |  |  |  |  |  | 13,932 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 827 |  |  |  | — |  |  |  | — |  |  |  | 14,759 |
Jeonju Bio Green Energy Co., Ltd. |  |  |  |  |  |  | 3,195 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (629 | ) |  |  | — |  |  |  | — |  |  |  | 2,566 |
Kumyang Eco Park Co., Ltd. |  |  |  |  |  |  | 3,663 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 178 |  |  |  | — |  |  |  | — |  |  |  | 3,841 |
Jeongeup Green Power Co., Ltd. |  |  |  |  |  |  | 1,560 |  |  |  | 8,040 |  |  |  | — |  |  |  | — |  |  |  | (1,473 | ) |  |  | — |  |  |  | 719 |  |  |  | 8,846 |
2024 |
Investees |  |  |  |  | Beginning balance |  |  | Acquisitions |  |  | Disposals |  |  | Dividends received |  |  | Share of profit (loss) |  |  | Other comprehensive income (loss) |  |  | Others |  |  | Ending balance |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hadong E-factory Co., Ltd. |  | ￦ |  |  |  |  | 349 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | — |  |  |  | 344 |
Namyangju Combined Heat and Power Co., Ltd. |  |  |  |  |  |  | 3,850 |  |  |  | 50,127 |  |  |  | — |  |  |  | — |  |  |  | (1,519 | ) |  |  | (690 | ) |  |  | — |  |  |  | 51,768 |
Wadi Noor Solar Power Company SAOC |  |  |  |  |  |  | 846 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | (5,170 | ) |  |  | 5,716 |  |  |  | — |  |  |  | 1,392 |
Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Fairhaven Energy Storage LLC |  |  |  |  |  |  | — |  |  |  | 1,505 |  |  |  | — |  |  |  | — |  |  |  | (854 | ) |  |  | 29 |  |  |  | (680 | ) |  |  | — |
Rutile BESS Holdings, LLC |  |  |  |  |  |  | — |  |  |  | 106 |  |  |  | — |  |  |  | — |  |  |  | (106 | ) |  |  | 1 |  |  |  | — |  |  |  | 1 |
Trumbull Development Partners, LLC |  |  |  |  |  |  | — |  |  |  | 304,836 |  |  |  | — |  |  |  | — |  |  |  | 7,976 |  |  |  | 42,567 |  |  |  | — |  |  |  | 355,379 |
Imha Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | — |  |  |  | 7,174 |  |  |  | — |  |  |  | — |  |  |  | (823 | ) |  |  | — |  |  |  | — |  |  |  | 6,351 |
EDFR KOWEPO AJBAN PV HOLDING LIMITED |  |  |  |  |  |  | — |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | (72 | ) |  |  | 156 |  |  |  | — |  |  |  | 85 |
Roof One Energy Co., Ltd. |  |  |  |  |  |  | — |  |  |  | 2,000 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
|  |  |  |  |  |  | 3,485,699 |  |  |  | 455,403 |  |  |  | (68 | ) |  |  | (97,509 | ) |  |  | 252,816 |  |  |  | 453,895 |  |  |  | 31,104 |  |  |  | 4,581,340 |
|  | ￦ |  |  |  |  | 9,662,588 |  |  |  | 474,390 |  |  |  | (77,694 | ) |  |  | (364,377 | ) |  |  | 755,452 |  |  |  | 795,669 |  |  |  | 40,066 |  |  |  | 11,286,094 |
(4) | Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2023 and 2024 are as follows:
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 | )
2023 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 Solar 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 | )
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 |
2023 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2023 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 | )
2023 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |  |  |  |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
2024 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Korea Gas Corporation |  | ￦ |  |  |  |  | 57,669,638 |  |  |  | 46,843,282 |  |  |  | 38,388,740 |  |  |  | 1,148,985 |
Korea Electric Power Industrial Development Co., Ltd. |  |  |  |  |  |  | 213,423 |  |  |  | 109,367 |  |  |  | 361,690 |  |  |  | 14,587 |
Gangwon Wind Power Co., Ltd. |  |  |  |  |  |  | 123,787 |  |  |  | 46,156 |  |  |  | 23,400 |  |  |  | 7,415 |
Hyundai Green Power Co., Ltd. |  |  |  |  |  |  | 698,653 |  |  |  | 295,095 |  |  |  | 109,081 |  |  |  | 9,354 |
Korea Power Exchange |  |  |  |  |  |  | 365,652 |  |  |  | 91,690 |  |  |  | 120,586 |  |  |  | 1,795 |
Taebaek Guinemi Wind Power Co., Ltd. |  |  |  |  |  |  | 35,917 |  |  |  | 19,831 |  |  |  | 5,155 |  |  |  | 213 |
Daeryun Power Co., Ltd. |  |  |  |  |  |  | 1,117,771 |  |  |  | 651,892 |  |  |  | 397,332 |  |  |  | 61,893 |
KNH Solar Co., Ltd. |  |  |  |  |  |  | 8,110 |  |  |  | 93 |  |  |  | 2,671 |  |  |  | 2,359 |
SPC Power Corporation |  |  |  |  |  |  | 301,805 |  |  |  | 18,716 |  |  |  | 72,191 |  |  |  | 35,657 |
Gemeng International Energy Co., Ltd. |  |  |  |  |  |  | 8,301,632 |  |  |  | 5,803,020 |  |  |  | 2,907,291 |  |  |  | (66,765 | )
PT. Cirebon Electric Power |  |  |  |  |  |  | 742,634 |  |  |  | 169,796 |  |  |  | 281,041 |  |  |  | 15,070 |
KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  |  | 30,834 |  |  |  | 127,760 |  |  |  | — |  |  |  | (31 | )
KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  |  | 33,230 |  |  |  | 122,351 |  |  |  | — |  |  |  | (31 | )
PT Wampu Electric Power |  |  |  |  |  |  | 209,724 |  |  |  | 124,358 |  |  |  | 19,146 |  |  |  | 7,598 |
PT. Bayan Resources TBK |  |  |  |  |  |  | 5,338,900 |  |  |  | 2,100,603 |  |  |  | 4,700,051 |  |  |  | 1,285,816 |
S-Power Co., Ltd. |  |  |  |  |  |  | 739,732 |  |  |  | 369,429 |  |  |  | 734,607 |  |  |  | 35,889 |
Xe-Pian Xe-Namnoy Power Co., Ltd. |  |  |  |  |  |  | 1,414,921 |  |  |  | 979,112 |  |  |  | 182,433 |  |  |  | (81,032 | )
PT. Mutiara Jawa |  |  |  |  |  |  | 28,266 |  |  |  | 8,489 |  |  |  | 13,455 |  |  |  | 4,094 |
Noeul Green Energy Co., Ltd. |  |  |  |  |  |  | 95,570 |  |  |  | 108,793 |  |  |  | 47,999 |  |  |  | 4,787 |
Goseong Green Power Co., Ltd. |  |  |  |  |  |  | 5,129,641 |  |  |  | 4,125,053 |  |  |  | 1,310,775 |  |  |  | 2,823 |
2024 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Gangneung Eco Power Co., Ltd. |  | ￦ |  |  |  |  | 5,359,845 |  |  |  | 4,667,564 |  |  |  | 635,026 |  |  |  | (10,547 | )
Shin Pyeongtaek Power Co., Ltd. |  |  |  |  |  |  | 1,052,048 |  |  |  | 678,140 |  |  |  | 841,818 |  |  |  | 58,855 |
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | 1,666 |  |  |  | 385 |  |  |  | 476 |  |  |  | 135 |
Dongducheon Dream Power Co., Ltd. |  |  |  |  |  |  | 1,350,004 |  |  |  | 1,044,020 |  |  |  | 1,360,809 |  |  |  | 10,453 |
Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  | 67,903 |  |  |  | 14,023 |  |  |  | — |  |  |  | — |
Daejung Offshore Wind Power Co., Ltd. |  |  |  |  |  |  | 5,419 |  |  |  | 2,220 |  |  |  | — |  |  |  | 53 |
GS Donghae Electric Power Co., Ltd. |  |  |  |  |  |  | 1,910,960 |  |  |  | 1,089,101 |  |  |  | 535,012 |  |  |  | 59,776 |
Daegu Photovoltaic Co., Ltd. |  |  |  |  |  |  | 11,767 |  |  |  | 3,025 |  |  |  | 3,805 |  |  |  | 908 |
Busan Green Energy Co., Ltd. |  |  |  |  |  |  | 142,943 |  |  |  | 134,894 |  |  |  | 66,924 |  |  |  | (3,140 | )
Hansuwon KNP Co., Ltd. |  |  |  |  |  |  | 4,324 |  |  |  | 1,444 |  |  |  | 7,949 |  |  |  | 716 |
Korea Electric Power Corporation Fund |  |  |  |  |  |  | 13,676 |  |  |  | 67 |  |  |  | 1,880 |  |  |  | 488 |
Energy Infra Asset Management Co., Ltd. |  |  |  |  |  |  | 14,037 |  |  |  | 1,229 |  |  |  | 5,003 |  |  |  | 1,450 |
YaksuESS Co., Ltd. |  |  |  |  |  |  | 5,295 |  |  |  | 4,738 |  |  |  | 749 |  |  |  | (423 | )
Nepal Water & Energy Development Company Private Limited |  |  |  |  |  |  | 666,316 |  |  |  | 419,386 |  |  |  | 123,848 |  |  |  | 10,732 |
Gwangyang Green Energy Co., Ltd. |  |  |  |  |  |  | 547,208 |  |  |  | 426,210 |  |  |  | — |  |  |  | (2,105 | )
PND solar Co., Ltd. |  |  |  |  |  |  | 32,025 |  |  |  | 26,570 |  |  |  | 5,331 |  |  |  | 737 |
Hyundai Eco Energy Co., Ltd. |  |  |  |  |  |  | 157,873 |  |  |  | 114,299 |  |  |  | 25,081 |  |  |  | 5,963 |
YeongGwang Yaksu Wind Electric Co., Ltd. |  |  |  |  |  |  | 36,659 |  |  |  | 37,065 |  |  |  | 5,194 |  |  |  | (953 | )
Green Energy Electricity Generation Co., Ltd. |  |  |  |  |  |  | 81,798 |  |  |  | 85,848 |  |  |  | 1,942 |  |  |  | (1,392 | )
Korea Energy Solutions Co., Ltd. |  |  |  |  |  |  | 1,303 |  |  |  | 318 |  |  |  | 1,209 |  |  |  | 146 |
ITR Co., Ltd. |  |  |  |  |  |  | 720 |  |  |  | 898 |  |  |  | 130 |  |  |  | (510 | )
STN Co., Ltd. |  |  |  |  |  |  | 1,870 |  |  |  | 99 |  |  |  | 666 |  |  |  | 108 |
Indeck Niles Development, LLC |  |  |  |  |  |  | 1,234,170 |  |  |  | 704,296 |  |  |  | 284,855 |  |  |  | 32,491 |
Indeck Niles Asset Management, LLC |  |  |  |  |  |  | 211 |  |  |  | 32 |  |  |  | 1,157 |  |  |  | 1,120 |
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  |  |  |  |  |  | 12,665 |  |  |  | 178 |  |  |  | 722 |  |  |  | 689 |
Suwon New Power Co., Ltd. |  |  |  |  |  |  | 15,427 |  |  |  | 13,338 |  |  |  | 5,072 |  |  |  | (229 | )
Gwangbaek Solar Power Investment Co., Ltd. |  |  |  |  |  |  | 260,641 |  |  |  | 249,642 |  |  |  | 9,658 |  |  |  | 1,188 |
Go deok Clean Energy Co., Ltd. |  |  |  |  |  |  | 130,520 |  |  |  | 117,267 |  |  |  | 49,187 |  |  |  | 1,465 |
SureDataLab Co., Ltd. |  |  |  |  |  |  | 660 |  |  |  | 461 |  |  |  | 675 |  |  |  | (291 | )
SEP Co., Ltd. |  |  |  |  |  |  | 45 |  |  |  | 118 |  |  |  | — |  |  |  | (1 | )
Hankook Electric Power Information Co., Ltd. |  |  |  |  |  |  | 2,381 |  |  |  | 991 |  |  |  | 2,135 |  |  |  | 58 |
Tronix Co., Ltd. |  |  |  |  |  |  | 4,824 |  |  |  | 3,659 |  |  |  | 2,578 |  |  |  | 42 |
O2&B Global Co., Ltd. |  |  |  |  |  |  | 453 |  |  |  | 485 |  |  |  | 149 |  |  |  | (104 | )
Muan Sunshine Solar Power Plant Co., Ltd. |  |  |  |  |  |  | 128,131 |  |  |  | 116,742 |  |  |  | 16,246 |  |  |  | 2,552 |
Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | 441,227 |  |  |  | 412,276 |  |  |  | 10,812 |  |  |  | (6,845 | )
Goesan Solar Park Co., Ltd. |  |  |  |  |  |  | 48,924 |  |  |  | 38,119 |  |  |  | 6,143 |  |  |  | 884 |
Saemangeum Heemang Photovoltaic Co., Ltd. |  |  |  |  |  |  | 149,528 |  |  |  | 105,535 |  |  |  | 22,600 |  |  |  | 4,049 |
Bitgoel Eco Energy Co., Ltd. |  |  |  |  |  |  | 79,709 |  |  |  | 51,776 |  |  |  | 28,110 |  |  |  | 6,064 |
Jeju Gimnyeong Wind Power Co., Ltd. |  |  |  |  |  |  | 53,335 |  |  |  | 52,503 |  |  |  | 10,889 |  |  |  | 13 |
Seoroseoro Sunny Power Plant Co., Ltd. |  |  |  |  |  |  | 6,680 |  |  |  | 4,309 |  |  |  | 1,035 |  |  |  | 208 |
Muan Solar park Co., Ltd. |  |  |  |  |  |  | 188,303 |  |  |  | 158,595 |  |  |  | 27,641 |  |  |  | 5,152 |
YuDang Solar Co., Ltd. |  |  |  |  |  |  | 18,321 |  |  |  | 15,238 |  |  |  | 3,506 |  |  |  | 589 |
Anjwa Smart Farm & Solar City Co., Ltd. |  |  |  |  |  |  | 237,359 |  |  |  | 199,954 |  |  |  | 36,948 |  |  |  | 3,530 |
KPE Green Energy Co., Ltd. |  |  |  |  |  |  | 135,307 |  |  |  | 103,023 |  |  |  | 41,289 |  |  |  | 2,131 |
G.GURU Co., Ltd. |  |  |  |  |  |  | 273 |  |  |  | 133 |  |  |  | 103 |  |  |  | (535 | )
UD4M Co., Ltd. |  |  |  |  |  |  | 1,076 |  |  |  | 227 |  |  |  | 1,142 |  |  |  | (170 | )
Dongbu Highway Solar Co., Ltd. |  |  |  |  |  |  | 16,139 |  |  |  | 13,833 |  |  |  | 2,665 |  |  |  | 656 |
Seobu Highway Solar Co., Ltd. |  |  |  |  |  |  | 16,323 |  |  |  | 13,428 |  |  |  | 2,737 |  |  |  | 863 |
Korea Energy Data Co., Ltd. |  |  |  |  |  |  | 212 |  |  |  | 134 |  |  |  | 167 |  |  |  | (104 | )
Gangneung Sacheon Fuel Cell Co., Ltd. |  |  |  |  |  |  | 148,460 |  |  |  | 125,975 |  |  |  | 45,534 |  |  |  | 5,768 |
Taebaek Gadeoksan Wind Power Co., Ltd. |  |  |  |  |  |  | 187,927 |  |  |  | 120,551 |  |  |  | 32,534 |  |  |  | 15,536 |
Chuncheon Green Energy Co., Ltd. |  |  |  |  |  |  | 234,506 |  |  |  | 195,354 |  |  |  | 68,010 |  |  |  | 11,494 |
Yeomsubong Wind Power Co., Ltd. |  |  |  |  |  |  | 45,468 |  |  |  | 44,236 |  |  |  | — |  |  |  | (924 | )
2024 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Yeongyang Wind Power Corporation II |  | ￦ |  |  |  |  | 136,360 |  |  |  | 105,721 |  |  |  | 18,376 |  |  |  | 4,005 |
Haeparang Energy Co., Ltd. |  |  |  |  |  |  | 63,749 |  |  |  | 56,030 |  |  |  | 758 |  |  |  | (620 | )
Saemangeum Sebit Power Plant Co., Ltd. |  |  |  |  |  |  | 160,225 |  |  |  | 93,086 |  |  |  | 20,376 |  |  |  | (147 | )
PlatformN. Co., Ltd. |  |  |  |  |  |  | 162 |  |  |  | 223 |  |  |  | 430 |  |  |  | 139 |
PT. Cirebon Energi Prasarana |  |  |  |  |  |  | 3,831,992 |  |  |  | 2,863,534 |  |  |  | 543,340 |  |  |  | 60,512 |
Green Radiation Co., Ltd. |  |  |  |  |  |  | 521 |  |  |  | 663 |  |  |  | 613 |  |  |  | (272 | )
Future Convergence Technology Laboratory. Co., Ltd. |  |  |  |  |  |  | 384 |  |  |  | 277 |  |  |  | — |  |  |  | (83 | )
Eco Motion Co., Ltd. |  |  |  |  |  |  | 1,830 |  |  |  | 684 |  |  |  | 350 |  |  |  | 82 |
REC’s Innovation Co., Ltd. |  |  |  |  |  |  | 2,921 |  |  |  | 1,518 |  |  |  | 1,010 |  |  |  | 232 |
ACE |  |  |  |  |  |  | 359 |  |  |  | 308 |  |  |  | 27 |  |  |  | 14 |
Environment and Energy Co., Ltd. |  |  |  |  |  |  | 31 |  |  |  | — |  |  |  | — |  |  |  | (36 | )
Santiago Solar Power SpA |  |  |  |  |  |  | 85,063 |  |  |  | 71,139 |  |  |  | 4,862 |  |  |  | (9,488 | )
Yanggu Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 15,300 |  |  |  | 12,382 |  |  |  | 2,259 |  |  |  | 210 |
Power Embedded |  |  |  |  |  |  | 400 |  |  |  | 112 |  |  |  | — |  |  |  | (7 | )
Changwon SG Energy Co., Ltd. |  |  |  |  |  |  | 4,878 |  |  |  | 1,328 |  |  |  | 3,342 |  |  |  | (539 | )
Donpyung Technology. Co., Ltd. |  |  |  |  |  |  | 2,205 |  |  |  | 673 |  |  |  | 2,317 |  |  |  | 135 |
HORANG ENERGY Inc. |  |  |  |  |  |  | 94,637 |  |  |  | 85,678 |  |  |  | — |  |  |  | (947 | )
Hoenggye Renewable Energy Co., Ltd |  |  |  |  |  |  | 43,206 |  |  |  | 43,942 |  |  |  | — |  |  |  | (62 | )
Haman Green Energy Co., Ltd. |  |  |  |  |  |  | 122,937 |  |  |  | 114,908 |  |  |  | — |  |  |  | (1,165 | )
Songsan Green Energy Co., Ltd. |  |  |  |  |  |  | 120,001 |  |  |  | 106,939 |  |  |  | 121 |  |  |  | (692 | )
SkyPic Inc. |  |  |  |  |  |  | 167 |  |  |  | 37 |  |  |  | 3 |  |  |  | (7 | )
HyChangwon Fuel Cell. Co., Ltd. |  |  |  |  |  |  | 114,580 |  |  |  | 91,679 |  |  |  | — |  |  |  | (309 | )
Dreams Co.,Ltd. |  |  |  |  |  |  | 233 |  |  |  | 183 |  |  |  | 208 |  |  |  | (49 | )
DEEPAI Co.,Ltd. |  |  |  |  |  |  | 813 |  |  |  | 449 |  |  |  | 240 |  |  |  | (319 | )
Amaala Sustainable Company for Energy LLC |  |  |  |  |  |  | 697,354 |  |  |  | 697,158 |  |  |  | — |  |  |  | — |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shuweihat Asia Power Investment B.V. |  |  |  |  |  |  | 176,569 |  |  |  | 137 |  |  |  | — |  |  |  | (370 | )
Shuweihat Asia Operation & Maintenance Company |  |  |  |  |  |  | 4,215 |  |  |  | 328 |  |  |  | 3,574 |  |  |  | 2,293 |
Waterbury Lake Uranium L.P. |  |  |  |  |  |  | 80,803 |  |  |  | 761 |  |  |  | — |  |  |  | — |
ASM-BG Investicii AD |  |  |  |  |  |  | 68,437 |  |  |  | 34,565 |  |  |  | 12,815 |  |  |  | 2,824 |
RES Technology AD |  |  |  |  |  |  | 57,356 |  |  |  | 27,219 |  |  |  | 7,395 |  |  |  | (292 | )
KV Holdings, Inc. |  |  |  |  |  |  | 17,304 |  |  |  | 1 |  |  |  | 1,778 |  |  |  | 1,799 |
KEPCO SPC Power Corporation |  |  |  |  |  |  | 291,538 |  |  |  | 26,307 |  |  |  | 190,296 |  |  |  | 28,108 |
Gansu Datang Yumen Wind Power Co., Ltd. |  |  |  |  |  |  | 63,240 |  |  |  | 43,443 |  |  |  | 10,721 |  |  |  | 944 |
Datang Chifeng Renewable Power Co., Ltd. |  |  |  |  |  |  | 900,001 |  |  |  | 388,711 |  |  |  | 115,297 |  |  |  | 17,722 |
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  |  |  |  |  |  | 180,827 |  |  |  | 60,016 |  |  |  | 26,678 |  |  |  | 2,031 |
Rabigh Electricity Company |  |  |  |  |  |  | 2,651,843 |  |  |  | 1,873,439 |  |  |  | 353,677 |  |  |  | 63,270 |
Rabigh Operation & Maintenance Company Limited |  |  |  |  |  |  | 40,983 |  |  |  | 20,205 |  |  |  | 30,841 |  |  |  | 5,840 |
Jamaica Public Service Company Limited |  |  |  |  |  |  | 2,649,022 |  |  |  | 1,656,068 |  |  |  | 1,490,606 |  |  |  | 76,611 |
KW Nuclear Components Co., Ltd. |  |  |  |  |  |  | 47,498 |  |  |  | 5,423 |  |  |  | 6,919 |  |  |  | 2,510 |
Busan Shinho Solar Power Co., Ltd. |  |  |  |  |  |  | 28,837 |  |  |  | 865 |  |  |  | 8,452 |  |  |  | 3,963 |
Global Trade Of Power System Co., Ltd. |  |  |  |  |  |  | 2,976 |  |  |  | 574 |  |  |  | 3,635 |  |  |  | 290 |
Expressway Solar-light Power Generation Co., Ltd. |  |  |  |  |  |  | 11,709 |  |  |  | 168 |  |  |  | 3,219 |  |  |  | 1,214 |
Amman Asia Electric Power Company |  |  |  |  |  |  | 791,478 |  |  |  | 343,371 |  |  |  | 22,776 |  |  |  | 34,047 |
KAPES, Inc. |  |  |  |  |  |  | 299,380 |  |  |  | 257,858 |  |  |  | 43,699 |  |  |  | 6,224 |
Honam Wind Power Co., Ltd. |  |  |  |  |  |  | 29,174 |  |  |  | 12,618 |  |  |  | 6,508 |  |  |  | 1,810 |
Korea Power Engineering Service Co., Ltd. |  |  |  |  |  |  | 22,701 |  |  |  | 1,828 |  |  |  | 12,983 |  |  |  | 1,444 |
Chun-cheon Energy Co., Ltd. |  |  |  |  |  |  | 533,211 |  |  |  | 409,989 |  |  |  | 430,679 |  |  |  | 4,890 |
Yeonggwangbaeksu Wind Power Co., Ltd. |  |  |  |  |  |  | 69,249 |  |  |  | 44,422 |  |  |  | 12,636 |  |  |  | 2,156 |
Nghi Son 2 Power LLC |  |  |  |  |  |  | 4,412,970 |  |  |  | 3,286,814 |  |  |  | 921,504 |  |  |  | 91,777 |
Kelar S.A. |  |  |  |  |  |  | 715,489 |  |  |  | 486,293 |  |  |  | 112,110 |  |  |  | 9,733 |
PT. Tanjung Power Indonesia |  |  |  |  |  |  | 754,514 |  |  |  | 467,144 |  |  |  | 106,081 |  |  |  | 17,705 |
Incheon New Power Co., Ltd. |  |  |  |  |  |  | 1,267 |  |  |  | 227 |  |  |  | 2,777 |  |  |  | 36 |
2024 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Seokmun Energy Co., Ltd. |  | ￦ |  |  |  |  | 192,083 |  |  |  | 138,787 |  |  |  | 51,233 |  |  |  | (4,558 | )
Daehan Wind Power PSC |  |  |  |  |  |  | 173,637 |  |  |  | 130,982 |  |  |  | 18,496 |  |  |  | 3,584 |
Barakah One Company |  |  |  |  |  |  | 43,235,235 |  |  |  | 45,056,439 |  |  |  | 1,636,730 |  |  |  | (53,778 | )
Nawah Energy Company |  |  |  |  |  |  | 701,247 |  |  |  | 699,068 |  |  |  | 566,077 |  |  |  | 40 |
MOMENTUM |  |  |  |  |  |  | 7,422 |  |  |  | 6,836 |  |  |  | 22,770 |  |  |  | 586 |
Daegu Green Power Co., Ltd. |  |  |  |  |  |  | 493,595 |  |  |  | 399,918 |  |  |  | 338,750 |  |  |  | 7,344 |
Yeonggwang Wind Power Co., Ltd. |  |  |  |  |  |  | 217,987 |  |  |  | 162,218 |  |  |  | 32,114 |  |  |  | 7,971 |
Chester Solar IV SpA |  |  |  |  |  |  | 12,649 |  |  |  | 12,309 |  |  |  | 1,941 |  |  |  | (676 | )
Chester Solar V SpA |  |  |  |  |  |  | 4,260 |  |  |  | 4,321 |  |  |  | 631 |  |  |  | (176 | )
Diego de Almagro Solar SpA |  |  |  |  |  |  | 16,301 |  |  |  | 15,161 |  |  |  | 2,625 |  |  |  | (667 | )
South Jamaica Power Company Limited |  |  |  |  |  |  | 532,323 |  |  |  | 288,501 |  |  |  | 250,519 |  |  |  | 14,460 |
Daesan Green Energy Co., Ltd. |  |  |  |  |  |  | 225,765 |  |  |  | 153,391 |  |  |  | 110,002 |  |  |  | 5,960 |
RE Holiday Holdings LLC |  |  |  |  |  |  | 363,750 |  |  |  | 184,188 |  |  |  | 20,251 |  |  |  | (1,413 | )
RE Pioneer Holdings LLC |  |  |  |  |  |  | 272,900 |  |  |  | 161,657 |  |  |  | 13,343 |  |  |  | (3,168 | )
RE Barren Ridge 1 Holdings LLC |  |  |  |  |  |  | 224,922 |  |  |  | 105,310 |  |  |  | 12,905 |  |  |  | (1,301 | )
RE Astoria 2 LandCo LLC |  |  |  |  |  |  | 16,514 |  |  |  | 276 |  |  |  | 1,060 |  |  |  | 848 |
RE Barren Ridge LandCo LLC |  |  |  |  |  |  | 5,826 |  |  |  | 110 |  |  |  | 411 |  |  |  | 342 |
Laurel SpA |  |  |  |  |  |  | 10,897 |  |  |  | 10,471 |  |  |  | 1,522 |  |  |  | (557 | )
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  |  |  |  |  |  | 33,736 |  |  |  | 150 |  |  |  | — |  |  |  | 70 |
Cheong-Song Noraesan Wind Power Co., Ltd. |  |  |  |  |  |  | 53,374 |  |  |  | 38,705 |  |  |  | 6,788 |  |  |  | 1,599 |
Chester Solar I SpA |  |  |  |  |  |  | 12,935 |  |  |  | 11,454 |  |  |  | 1,395 |  |  |  | (745 | )
Solar Philippines Calatagan Corporation |  |  |  |  |  |  | 166,126 |  |  |  | 37,872 |  |  |  | 19,412 |  |  |  | 8,733 |
Saemangeum Solar Power Co., Ltd. |  |  |  |  |  |  | 34,377 |  |  |  | 5,643 |  |  |  | — |  |  |  | (176 | )
Chungsongmeon BongSan wind power Co., Ltd. |  |  |  |  |  |  | 86,708 |  |  |  | 83,921 |  |  |  | — |  |  |  | (399 | )
Jaeun Resident Wind Power Plant Co., Ltd. |  |  |  |  |  |  | 95,657 |  |  |  | 88,605 |  |  |  | — |  |  |  | (380 | )
DE Energia SpA |  |  |  |  |  |  | 32,263 |  |  |  | 24,853 |  |  |  | — |  |  |  | 3,163 |
Dangjin Eco Power Co., Ltd. |  |  |  |  |  |  | 90,750 |  |  |  | 12,732 |  |  |  | 3,645 |  |  |  | 743 |
Haemodum Solar Co., Ltd. |  |  |  |  |  |  | 21,036 |  |  |  | 14,444 |  |  |  | 2,060 |  |  |  | 232 |
Yangyang Wind Power Co., Ltd. |  |  |  |  |  |  | 146,697 |  |  |  | 123,504 |  |  |  | 11,948 |  |  |  | 2,334 |
HORUS SOLAR, S.A. DE C.V. |  |  |  |  |  |  | 170,018 |  |  |  | 184,014 |  |  |  | 35,080 |  |  |  | (43,774 | )
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  |  |  |  |  |  | 238,276 |  |  |  | 223,019 |  |  |  | 19,178 |  |  |  | (37,720 | )
SUNMEX RENOVABLES, S.A. DE C.V. |  |  |  |  |  |  | 182,159 |  |  |  | 170,906 |  |  |  | — |  |  |  | (15,771 | )
Stavro Holding II A.B. |  |  |  |  |  |  | 82,407 |  |  |  | 114 |  |  |  | — |  |  |  | (11,632 | )
Solaseado Solar Power Co., Ltd. |  |  |  |  |  |  | 347,831 |  |  |  | 292,737 |  |  |  | 46,361 |  |  |  | 12,443 |
Yeongam Solar Power Co., Ltd. |  |  |  |  |  |  | 318,641 |  |  |  | 260,459 |  |  |  | 34,509 |  |  |  | 10,880 |
Samsu Wind Power Co., Ltd. |  |  |  |  |  |  | 61,678 |  |  |  | 46,675 |  |  |  | 7,051 |  |  |  | 682 |
Pulau Indah Power Plant Sdn. Bhd. |  |  |  |  |  |  | 1,054,236 |  |  |  | 873,923 |  |  |  | 40,818 |  |  |  | (2,896 | )
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  |  |  |  |  |  | 52,533 |  |  |  | 271 |  |  |  | 3,054 |  |  |  | (23,354 | )
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  |  |  |  |  |  | 17,251 |  |  |  | 33 |  |  |  | 227 |  |  |  | 182 |
PT Barito Wahana Tenaga |  |  |  |  |  |  | 678,043 |  |  |  | — |  |  |  | — |  |  |  | 74,744 |
Cheongna Energy Co., Ltd. |  |  |  |  |  |  | 463,574 |  |  |  | 375,343 |  |  |  | 142,400 |  |  |  | 41,124 |
Naepo Green Energy Co., Ltd. |  |  |  |  |  |  | 738,857 |  |  |  | 586,152 |  |  |  | 467,225 |  |  |  | 124,830 |
Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  | 421,954 |  |  |  | 480,084 |  |  |  | 139,134 |  |  |  | 294 |
OneEnergy Asia Limited |  |  |  |  |  |  | 3,237,191 |  |  |  | 2,137,600 |  |  |  | 424,036 |  |  |  | 100,781 |
KAS INVESTMENT I LLC |  |  |  |  |  |  | 20,361 |  |  |  | 28 |  |  |  | (40,343 | ) |  |  | (43,213 | )
KAS INVESTMENT II LLC |  |  |  |  |  |  | 20,233 |  |  |  | 28 |  |  |  | (40,189 | ) |  |  | (43,048 | )
Energyco Co., Ltd. |  |  |  |  |  |  | 50,310 |  |  |  | 45,161 |  |  |  | 6,221 |  |  |  | 629 |
CAES, LLC |  |  |  |  |  |  | 49,267 |  |  |  | — |  |  |  | — |  |  |  | 946 |
Hapcheon Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 76,903 |  |  |  | 53,853 |  |  |  | 12,361 |  |  |  | 3,992 |
Busan Industrial Solar Power Co., Ltd. |  |  |  |  |  |  | 18,236 |  |  |  | 15,133 |  |  |  | 2,262 |  |  |  | 191 |
Bitsolar Energy Co., Ltd. |  |  |  |  |  |  | 68,249 |  |  |  | 74,213 |  |  |  | 8,300 |  |  |  | (390 | )
Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  | 1 |  |  |  | 2 |  |  |  | — |  |  |  | 24 |
2024 |
Investees |  |  |  |  | Total assets |  |  | Total liabilities |  |  | Sales |  |  | Profit (loss) for the year |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Guadalupe Solar SpA |  | ￦ |  |  |  |  | 10,477 |  |  |  | 9,339 |  |  |  | 1,408 |  |  |  | (574 | )
Omisan Wind Power Co., Ltd. |  |  |  |  |  |  | 180,001 |  |  |  | 154,541 |  |  |  | 4,785 |  |  |  | 1,480 |
Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  |  | 187,118 |  |  |  | 194,881 |  |  |  | 3,262 |  |  |  | (13,206 | )
Yeongwol Eco Wind Co., Ltd. |  |  |  |  |  |  | 99,288 |  |  |  | 102,522 |  |  |  | 7,118 |  |  |  | (5,518 | )
Gurae Resident Power Co., Ltd. |  |  |  |  |  |  | 12,845 |  |  |  | 11,861 |  |  |  | 1,490 |  |  |  | (101 | )
Cheongju Eco Park Co., Ltd. |  |  |  |  |  |  | 145,162 |  |  |  | 109,158 |  |  |  | 37,392 |  |  |  | 2,415 |
Enel X Midland Photovoltaic, LLC |  |  |  |  |  |  | 13,694 |  |  |  | 119 |  |  |  | 2,470 |  |  |  | 865 |
Geumsungsan Wind Power Co., Ltd. |  |  |  |  |  |  | 143,725 |  |  |  | 118,608 |  |  |  | 21,048 |  |  |  | 7,349 |
KEPCO KPS CARABAO Corp. |  |  |  |  |  |  | 226 |  |  |  | 835 |  |  |  | — |  |  |  | (513 | )
Prime Swedish Holding AB |  |  |  |  |  |  | 143,102 |  |  |  | 62,354 |  |  |  | 8,911 |  |  |  | (8,404 | )
Goheung New Energy Co., Ltd. |  |  |  |  |  |  | 174,255 |  |  |  | 142,437 |  |  |  | 28,059 |  |  |  | 2,190 |
Gunsan Land Solar Co., Ltd. |  |  |  |  |  |  | 144,887 |  |  |  | 104,284 |  |  |  | 22,154 |  |  |  | 4,939 |
CapMan Lynx SCA, SICAR |  |  |  |  |  |  | 3,319 |  |  |  | 134,790 |  |  |  | — |  |  |  | (4,808 | )
International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  | 33,191 |  |  |  | 1,650 |  |  |  | — |  |  |  | (213 | )
Pyeongchang Wind Power Co., Ltd. |  |  |  |  |  |  | 55,697 |  |  |  | 34,754 |  |  |  | 9,261 |  |  |  | (536 | )
Eumseong Eco Park Co., Ltd. |  |  |  |  |  |  | 149,904 |  |  |  | 111,846 |  |  |  | 45,239 |  |  |  | 9,512 |
Changwon Nu-ri Energy Co., Ltd. |  |  |  |  |  |  | 71,179 |  |  |  | 58,630 |  |  |  | 333 |  |  |  | (606 | )
PungBack Wind Farm Corporation |  |  |  |  |  |  | 148,157 |  |  |  | 130,116 |  |  |  | — |  |  |  | (536 | )
Trumbull Asset Management, LLC |  |  |  |  |  |  | 2,572 |  |  |  | 910 |  |  |  | 4,501 |  |  |  | 486 |
S-Power Chile SpA |  |  |  |  |  |  | 2,779 |  |  |  | 2,778 |  |  |  | 1,369 |  |  |  | 108 |
Seungmun Green Energy |  |  |  |  |  |  | 142,213 |  |  |  | 103,593 |  |  |  | 46,712 |  |  |  | 9,026 |
Seobusambo highway photovoltaics Co., Ltd. |  |  |  |  |  |  | 10,245 |  |  |  | 6,108 |  |  |  | 1,214 |  |  |  | 26 |
Yangyang Suri Wind Power Co., Ltd. |  |  |  |  |  |  | 210,853 |  |  |  | 181,052 |  |  |  | — |  |  |  | (5,391 | )
KEPCO for Power Company |  |  |  |  |  |  | 644,110 |  |  |  | 614,267 |  |  |  | — |  |  |  | (1,058 | )
Taebaek Wind Power Co., Ltd. |  |  |  |  |  |  | 28,067 |  |  |  | 3,468 |  |  |  | 6,431 |  |  |  | 2,169 |
Jeonju Bio Green Energy Co., Ltd. |  |  |  |  |  |  | 4,130 |  |  |  | 181 |  |  |  | — |  |  |  | (967 | )
Kumyang Eco Park Co., Ltd. |  |  |  |  |  |  | 125,961 |  |  |  | 112,910 |  |  |  | 3,169 |  |  |  | 615 |
Jeongeup Green Power Co., Ltd. |  |  |  |  |  |  | 22,939 |  |  |  | 6,960 |  |  |  | — |  |  |  | (2,767 | )
Hadong E-factory Co., Ltd. |  |  |  |  |  |  | 2,331 |  |  |  | 1,204 |  |  |  | — |  |  |  | (17 | )
Namyangju Combined Heat and Power Co., Ltd. |  |  |  |  |  |  | 75,474 |  |  |  | 1,899 |  |  |  | — |  |  |  | (2,410 | )
Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  | 21,109 |  |  |  | 1,981 |  |  |  | 3,352 |  |  |  | (1,357 | )
Wadi Noor Solar Power Company SAOC |  |  |  |  |  |  | 492,407 |  |  |  | 481,139 |  |  |  | — |  |  |  | (1,477 | )
Fairhaven Energy Storage LLC |  |  |  |  |  |  | 2,071 |  |  |  | 82 |  |  |  | — |  |  |  | (14 | )
Rutile BESS Holdings, LLC |  |  |  |  |  |  | 7,353 |  |  |  | 7,350 |  |  |  | — |  |  |  | (211 | )
Trumbull Development Partners, LLC |  |  |  |  |  |  | 1,582,082 |  |  |  | 1,042,712 |  |  |  | — |  |  |  | 14,174 |
Imha Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 36,412 |  |  |  | 23,546 |  |  |  | — |  |  |  | (1,679 | )
EDFR KOWEPO AJBAN PV HOLDING LIMITED |  |  |  |  |  |  | 37,776 |  |  |  | 37,606 |  |  |  | — |  |  |  | (143 | )
Roof One Energy Co., Ltd. |  |  |  |  |  |  | 9,305 |  |  |  | 5,209 |  |  |  | — |  |  |  | (46 | )
(5) | Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2023 and 2024 are as follows:
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 Solar 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 |
Suwon New Power Co., Ltd. |  |  |  |  |  |  | 2,318 |  |  |  | 33.05 | % |  |  | 766 |  |  |  | — |  |  |  | 256 |  |  |  | — |  |  |  | 1,022 |
2023 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2023 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<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 |
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 |
2023 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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 |
2023 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
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 |
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.
2024 |
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 |  | ￦ |  |  |  |  | 10,826,356 |  |  |  | 21.66 | % |  |  | 2,344,989 |  |  |  | — |  |  |  | — |  |  |  | (55,685 | ) |  |  | 2,289,304 |
Korea Electric Power Industrial Development Co., Ltd. |  |  |  |  |  |  | 104,056 |  |  |  | 29.00 | % |  |  | 30,177 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 30,177 |
Gangwon Wind Power Co., Ltd. |  |  |  |  |  |  | 77,631 |  |  |  | 15.00 | % |  |  | 11,644 |  |  |  | 49 |  |  |  | — |  |  |  | — |  |  |  | 11,693 |
Hyundai Green Power Co., Ltd. |  |  |  |  |  |  | 403,558 |  |  |  | 29.00 | % |  |  | 117,033 |  |  |  | — |  |  |  | — |  |  |  | (29,640 | ) |  |  | 87,393 |
Korea Power Exchange |  |  |  |  |  |  | 273,962 |  |  |  | 100.00 | % |  |  | 273,962 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 273,962 |
Taebaek Guinemi Wind Power Co., Ltd. |  |  |  |  |  |  | 16,086 |  |  |  | 67.25 | % |  |  | 10,818 |  |  |  | 2,741 |  |  |  | — |  |  |  | — |  |  |  | 13,559 |
Daeryun Power Co., Ltd. |  |  |  |  |  |  | 465,879 |  |  |  | 6.85 | % |  |  | 31,913 |  |  |  | — |  |  |  | — |  |  |  | (820 | ) |  |  | 31,093 |
KNH Solar Co., Ltd. |  |  |  |  |  |  | 8,017 |  |  |  | 27.00 | % |  |  | 2,165 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,165 |
SPC Power Corporation |  |  |  |  |  |  | 283,089 |  |  |  | 38.00 | % |  |  | 107,574 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 107,574 |
Gemeng International Energy Co., Ltd. |  |  |  |  |  |  | 2,498,612 |  |  |  | 42.00 | % |  |  | 1,049,417 |  |  |  | — |  |  |  | — |  |  |  | (321,079 | ) |  |  | 728,338 |
PT. Cirebon Electric Power |  |  |  |  |  |  | 572,838 |  |  |  | 27.50 | % |  |  | 157,530 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 157,530 |
KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  |  | (96,926 | ) |  |  | 14.63 | % |  |  | (14,180 | ) |  |  | — |  |  |  | — |  |  |  | 14,180 |  |  |  | — |
KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  |  | (89,121 | ) |  |  | 14.63 | % |  |  | (13,038 | ) |  |  | — |  |  |  | — |  |  |  | 13,038 |  |  |  | — |
PT Wampu Electric Power |  |  |  |  |  |  | 85,366 |  |  |  | 46.00 | % |  |  | 39,268 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 39,268 |
PT. Bayan Resources TBK |  |  |  |  |  |  | 3,238,297 |  |  |  | 20.00 | % |  |  | 647,659 |  |  |  | 146,097 |  |  |  | — |  |  |  | (76,380 | ) |  |  | 717,376 |
S-Power Co., Ltd. |  |  |  |  |  |  | 370,303 |  |  |  | 49.00 | % |  |  | 181,448 |  |  |  | — |  |  |  | (1,076 | ) |  |  | — |  |  |  | 180,372 |
Xe-Pian Xe-Namnoy Power Co., Ltd. |  |  |  |  |  |  | 435,809 |  |  |  | 25.00 | % |  |  | 108,953 |  |  |  | 305 |  |  |  | (946 | ) |  |  | (35,247 | ) |  |  | 73,065 |
PT. Mutiara Jawa |  |  |  |  |  |  | 19,777 |  |  |  | 29.00 | % |  |  | 5,735 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,735 |
Noeul Green Energy Co., Ltd. |  |  |  |  |  |  | (13,223 | ) |  |  | 29.00 | % |  |  | (3,835 | ) |  |  | — |  |  |  | — |  |  |  | 3,835 |  |  |  | — |
Goseong Green Power Co., Ltd. |  |  |  |  |  |  | 1,004,588 |  |  |  | 29.00 | % |  |  | 291,331 |  |  |  | — |  |  |  | (6,789 | ) |  |  | — |  |  |  | 284,542 |
Gangneung Eco Power Co., Ltd. |  |  |  |  |  |  | 692,281 |  |  |  | 29.00 | % |  |  | 200,761 |  |  |  | 46,872 |  |  |  | (5,819 | ) |  |  | — |  |  |  | 241,814 |
Shin Pyeongtaek Power Co., Ltd. |  |  |  |  |  |  | 373,908 |  |  |  | 40.00 | % |  |  | 149,563 |  |  |  | 3,559 |  |  |  | (14,064 | ) |  |  | 1 |  |  |  | 139,059 |
Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | 1,281 |  |  |  | 28.00 | % |  |  | 359 |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 360 |
Dongducheon Dream Power Co., Ltd. |  |  |  |  |  |  | 305,984 |  |  |  | 34.01 | % |  |  | 104,065 |  |  |  | 1,757 |  |  |  | (1,889 | ) |  |  | (12,582 | ) |  |  | 91,351 |
Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  | 53,880 |  |  |  | 5.16 | % |  |  | 2,780 |  |  |  | — |  |  |  | — |  |  |  | (2,780 | ) |  |  | — |
Daejung Offshore Wind Power Co., Ltd. |  |  |  |  |  |  | 3,199 |  |  |  | 46.59 | % |  |  | 1,490 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,490 |
GS Donghae Electric Power Co., Ltd. |  |  |  |  |  |  | 821,859 |  |  |  | 34.00 | % |  |  | 279,432 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 279,432 |
Daegu Photovoltaic Co., Ltd. |  |  |  |  |  |  | 8,742 |  |  |  | 29.00 | % |  |  | 2,535 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,535 |
Busan Green Energy Co., Ltd. |  |  |  |  |  |  | 8,049 |  |  |  | 29.00 | % |  |  | 2,334 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,334 |
Hansuwon KNP Co., Ltd. |  |  |  |  |  |  | 2,880 |  |  |  | 28.98 | % |  |  | 835 |  |  |  | — |  |  |  | — |  |  |  | (161 | ) |  |  | 674 |
Korea Electric Power Corporation Fund |  |  |  |  |  |  | 13,609 |  |  |  | 98.09 | % |  |  | 13,349 |  |  |  | — |  |  |  | — |  |  |  | 4 |  |  |  | 13,353 |
Energy Infra Asset Management Co., Ltd. |  |  |  |  |  |  | 12,808 |  |  |  | 9.90 | % |  |  | 1,268 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,268 |
YaksuESS Co., Ltd. |  |  |  |  |  |  | 557 |  |  |  | 29.00 | % |  |  | 161 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 162 |
Nepal Water & Energy Development Company Private Limited |  |  |  |  |  |  | 246,930 |  |  |  | 68.88 | % |  |  | 170,083 |  |  |  | 872 |  |  |  | — |  |  |  | — |  |  |  | 170,955 |
Gwangyang Green Energy Co., Ltd. |  |  |  |  |  |  | 120,998 |  |  |  | 20.00 | % |  |  | 24,199 |  |  |  | 18 |  |  |  | — |  |  |  | — |  |  |  | 24,217 |
PND solar Co., Ltd. |  |  |  |  |  |  | 5,455 |  |  |  | 29.00 | % |  |  | 1,582 |  |  |  | 154 |  |  |  | — |  |  |  | (1 | ) |  |  | 1,735 |
Hyundai Eco Energy Co., Ltd. |  |  |  |  |  |  | 43,574 |  |  |  | 19.00 | % |  |  | 8,279 |  |  |  | 214 |  |  |  | — |  |  |  | — |  |  |  | 8,493 |
YeongGwang Yaksu Wind Electric Co., Ltd. |  |  |  |  |  |  | (406 | ) |  |  | 9.63 | % |  |  | (39 | ) |  |  | 300 |  |  |  | — |  |  |  | (220 | ) |  |  | 41 |
Green Energy Electricity Generation Co., Ltd. |  |  |  |  |  |  | (4,050 | ) |  |  | 29.00 | % |  |  | (1,175 | ) |  |  | 779 |  |  |  | — |  |  |  | 396 |  |  |  | — |
Korea Energy Solutions Co., Ltd. |  |  |  |  |  |  | 985 |  |  |  | 20.00 | % |  |  | 197 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 197 |
ITR Co., Ltd. |  |  |  |  |  |  | (178 | ) |  |  | 8.70 | % |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |
STN Co., Ltd. |  |  |  |  |  |  | 1,771 |  |  |  | 20.00 | % |  |  | 354 |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 407 |
Indeck Niles Development, LLC |  |  |  |  |  |  | 529,874 |  |  |  | 50.00 | % |  |  | 264,936 |  |  |  | 101,361 |  |  |  | — |  |  |  | 4,673 |  |  |  | 370,970 |
Indeck Niles Asset Management, LLC |  |  |  |  |  |  | 179 |  |  |  | 33.33 | % |  |  | 60 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 60 |
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  |  |  |  |  |  | 12,487 |  |  |  | 49.00 | % |  |  | 6,119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,119 |
Suwon New Power Co., Ltd. |  |  |  |  |  |  | 2,089 |  |  |  | 30.15 | % |  |  | 630 |  |  |  | — |  |  |  | 284 |  |  |  | — |  |  |  | 914 |
Gwangbaek Solar Power Investment Co., Ltd. |  |  |  |  |  |  | 10,999 |  |  |  | 44.00 | % |  |  | 4,839 |  |  |  | 316 |  |  |  | — |  |  |  | — |  |  |  | 5,155 |
Go deok Clean Energy Co., Ltd. |  |  |  |  |  |  | 13,253 |  |  |  | 40.00 | % |  |  | 5,301 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,301 |
SureDataLab Co., Ltd. |  |  |  |  |  |  | 199 |  |  |  | 23.95 | % |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48 |
SEP Co., Ltd. |  |  |  |  |  |  | (73 | ) |  |  | 21.26 | % |  |  | (15 | ) |  |  | — |  |  |  | — |  |  |  | 15 |  |  |  | — |
2024 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Associates> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Hankook Electric Power Information Co., Ltd. |  | ￦ |  |  |  |  | 1,390 |  |  |  | 16.16 | % |  |  | 225 |  |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | 212 |
Tronix Co., Ltd. |  |  |  |  |  |  | 1,165 |  |  |  | 12.50 | % |  |  | 146 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 146 |
O2&B Global Co., Ltd. |  |  |  |  |  |  | (32 | ) |  |  | 20.00 | % |  |  | (6 | ) |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | — |
Muan Sunshine Solar Power Plant Co., Ltd. |  |  |  |  |  |  | 11,389 |  |  |  | 20.00 | % |  |  | 2,278 |  |  |  | 494 |  |  |  | — |  |  |  | — |  |  |  | 2,772 |
Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | 28,951 |  |  |  | 27.31 | % |  |  | 7,908 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,908 |
Goesan Solar Park Co., Ltd. |  |  |  |  |  |  | 10,805 |  |  |  | 29.00 | % |  |  | 3,133 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,133 |
Saemangeum Heemang Photovoltaic Co., Ltd. |  |  |  |  |  |  | 43,993 |  |  |  | 35.00 | % |  |  | 15,398 |  |  |  | 739 |  |  |  | — |  |  |  | — |  |  |  | 16,137 |
Bitgoel Eco Energy Co., Ltd. |  |  |  |  |  |  | 27,933 |  |  |  | 49.05 | % |  |  | 13,701 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 13,701 |
Jeju Gimnyeong Wind Power Co., Ltd. |  |  |  |  |  |  | 832 |  |  |  | 30.00 | % |  |  | 250 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 250 |
Seoroseoro Sunny Power Plant Co., Ltd. |  |  |  |  |  |  | 2,371 |  |  |  | 42.58 | % |  |  | 1,010 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 1,030 |
Muan Solar park Co., Ltd. |  |  |  |  |  |  | 29,708 |  |  |  | 20.00 | % |  |  | 5,942 |  |  |  | 325 |  |  |  | — |  |  |  | — |  |  |  | 6,267 |
YuDang Solar Co., Ltd. |  |  |  |  |  |  | 3,083 |  |  |  | 20.00 | % |  |  | 617 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 617 |
Anjwa Smart Farm & Solar City Co., Ltd. |  |  |  |  |  |  | 37,405 |  |  |  | 20.00 | % |  |  | 7,482 |  |  |  | 816 |  |  |  | — |  |  |  | — |  |  |  | 8,298 |
KPE Green Energy Co., Ltd. |  |  |  |  |  |  | 32,284 |  |  |  | 25.36 | % |  |  | 8,186 |  |  |  | 44 |  |  |  | — |  |  |  | — |  |  |  | 8,230 |
G.GURU Co., Ltd. |  |  |  |  |  |  | 140 |  |  |  | 24.65 | % |  |  | 34 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 34 |
UD4M Co., Ltd. |  |  |  |  |  |  | 849 |  |  |  | 14.29 | % |  |  | 121 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 121 |
Dongbu Highway Solar Co., Ltd. |  |  |  |  |  |  | 2,306 |  |  |  | 20.00 | % |  |  | 462 |  |  |  | 50 |  |  |  | — |  |  |  | — |  |  |  | 512 |
Seobu Highway Solar Co., Ltd. |  |  |  |  |  |  | 2,895 |  |  |  | 20.00 | % |  |  | 579 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 579 |
Korea Energy Data Co., Ltd. |  |  |  |  |  |  | 78 |  |  |  | 29.37 | % |  |  | 23 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23 |
Gangneung Sacheon Fuel Cell Co., Ltd. |  |  |  |  |  |  | 22,485 |  |  |  | 41.00 | % |  |  | 9,219 |  |  |  | 87 |  |  |  | — |  |  |  | — |  |  |  | 9,306 |
Taebaek Gadeoksan Wind Power Co., Ltd. |  |  |  |  |  |  | 67,376 |  |  |  | 34.00 | % |  |  | 22,909 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22,909 |
Chuncheon Green Energy Co., Ltd. |  |  |  |  |  |  | 39,152 |  |  |  | 45.00 | % |  |  | 17,619 |  |  |  | 53 |  |  |  | — |  |  |  | — |  |  |  | 17,672 |
Yeomsubong Wind Power Co., Ltd. |  |  |  |  |  |  | 1,232 |  |  |  | 29.00 | % |  |  | 357 |  |  |  | 246 |  |  |  | — |  |  |  | — |  |  |  | 603 |
Yeongyang Wind Power Corporation II |  |  |  |  |  |  | 30,639 |  |  |  | 30.00 | % |  |  | 9,191 |  |  |  | 2,110 |  |  |  | — |  |  |  | — |  |  |  | 11,301 |
Haeparang Energy Co., Ltd. |  |  |  |  |  |  | 7,719 |  |  |  | 25.00 | % |  |  | 1,930 |  |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | 1,950 |
Saemangeum Sebit Power Plant Co., Ltd. |  |  |  |  |  |  | 67,139 |  |  |  | 55.00 | % |  |  | 36,928 |  |  |  | 182 |  |  |  | — |  |  |  | — |  |  |  | 37,110 |
PlatformN. Co., Ltd. |  |  |  |  |  |  | (61 | ) |  |  | 29.58 | % |  |  | (18 | ) |  |  | — |  |  |  | — |  |  |  | 18 |  |  |  | — |
PT. Cirebon Energi Prasarana |  |  |  |  |  |  | 968,458 |  |  |  | 10.00 | % |  |  | 96,846 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 96,846 |
Green Radiation Co., Ltd. |  |  |  |  |  |  | (142 | ) |  |  | 10.00 | % |  |  | (14 | ) |  |  | 3 |  |  |  | — |  |  |  | 11 |  |  |  | — |
Future Convergence Technology Laboratory. Co., Ltd. |  |  |  |  |  |  | 107 |  |  |  | 20.12 | % |  |  | 22 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 22 |
Eco motion Co., Ltd. |  |  |  |  |  |  | 1,146 |  |  |  | 20.00 | % |  |  | 229 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 229 |
REC’s Innovation Co., Ltd. |  |  |  |  |  |  | 1,403 |  |  |  | 11.04 | % |  |  | 155 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 155 |
ACE |  |  |  |  |  |  | 51 |  |  |  | 20.00 | % |  |  | 10 |  |  |  | — |  |  |  | (5 | ) |  |  | — |  |  |  | 5 |
Environment and Energy Co., Ltd. |  |  |  |  |  |  | 31 |  |  |  | 10.54 | % |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3 |
Santiago Solar Power SpA |  |  |  |  |  |  | 13,924 |  |  |  | 50.00 | % |  |  | 6,961 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,961 |
Yanggu Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 2,918 |  |  |  | 29.00 | % |  |  | 846 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 846 |
Power Embedded |  |  |  |  |  |  | 288 |  |  |  | 23.33 | % |  |  | 67 |  |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | 68 |
Changwon SG Energy Co., Ltd. |  |  |  |  |  |  | 3,550 |  |  |  | 18.78 | % |  |  | 667 |  |  |  | 15 |  |  |  | — |  |  |  | — |  |  |  | 682 |
Donpyung Technology. Co., Ltd. |  |  |  |  |  |  | 1,532 |  |  |  | 20.00 | % |  |  | 306 |  |  |  | — |  |  |  | (25 | ) |  |  | — |  |  |  | 281 |
HORANG ENERGY Inc. |  |  |  |  |  |  | 8,959 |  |  |  | 40.00 | % |  |  | 3,584 |  |  |  | 224 |  |  |  | — |  |  |  | — |  |  |  | 3,808 |
Hoenggye Renewable Energy Co., Ltd |  |  |  |  |  |  | (736 | ) |  |  | 36.12 | % |  |  | (266 | ) |  |  | 2,375 |  |  |  | — |  |  |  | 266 |  |  |  | 2,375 |
Haman Green Energy Co., Ltd. |  |  |  |  |  |  | 8,029 |  |  |  | 35.00 | % |  |  | 2,810 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,810 |
Songsan Green Energy Co., Ltd. |  |  |  |  |  |  | 13,062 |  |  |  | 60.00 | % |  |  | 7,837 |  |  |  | 71 |  |  |  | — |  |  |  | — |  |  |  | 7,908 |
SkyPic Inc. |  |  |  |  |  |  | 130 |  |  |  | 20.00 | % |  |  | 26 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 26 |
HyChangwon Fuel Cell. Co., Ltd. |  |  |  |  |  |  | 22,901 |  |  |  | 40.00 | % |  |  | 9,161 |  |  |  | 117 |  |  |  | — |  |  |  | — |  |  |  | 9,278 |
Dreams Co.,Ltd. |  |  |  |  |  |  | 50 |  |  |  | 11.00 | % |  |  | 6 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 11 |
DEEPAI Co.,Ltd. |  |  |  |  |  |  | 364 |  |  |  | 1.32 | % |  |  | 5 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 11 |
Amaala Sustainable Company for Energy LLC |  |  |  |  |  |  | 196 |  |  |  | 10.00 | % |  |  | 20 |  |  |  | — |  |  |  | — |  |  |  | (2 | ) |  |  | 18 |
2024 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Shuweihat Asia Power Investment B.V. |  | ￦ |  |  |  |  | 176,432 |  |  |  | 49.00 | % |  |  | 86,450 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 86,450 |
Shuweihat Asia Operation & Maintenance Company |  |  |  |  |  |  | 3,887 |  |  |  | 55.00 | % |  |  | 2,138 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,138 |
Waterbury Lake Uranium L.P. |  |  |  |  |  |  | 80,042 |  |  |  | 29.68 | % |  |  | 23,756 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,756 |
ASM-BG Investicii AD |  |  |  |  |  |  | 33,872 |  |  |  | 50.00 | % |  |  | 16,936 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,936 |
RES Technology AD |  |  |  |  |  |  | 30,137 |  |  |  | 50.00 | % |  |  | 15,069 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,069 |
KV Holdings, Inc. |  |  |  |  |  |  | 17,303 |  |  |  | 40.00 | % |  |  | 6,921 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,921 |
KEPCO SPC Power Corporation |  |  |  |  |  |  | 265,231 |  |  |  | 60.00 | % |  |  | 159,139 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 159,139 |
Gansu Datang Yumen Wind Power Co., Ltd. |  |  |  |  |  |  | 19,797 |  |  |  | 40.00 | % |  |  | 7,919 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 7,919 |
Datang Chifeng Renewable Power Co., Ltd. |  |  |  |  |  |  | 511,290 |  |  |  | 40.00 | % |  |  | 204,516 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 204,516 |
Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  |  |  |  |  |  | 120,811 |  |  |  | 40.00 | % |  |  | 48,325 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 48,325 |
Rabigh Electricity Company |  |  |  |  |  |  | 778,404 |  |  |  | 40.00 | % |  |  | 311,362 |  |  |  | — |  |  |  | (40,752 | ) |  |  | (717 | ) |  |  | 269,893 |
Rabigh Operation & Maintenance Company Limited |  |  |  |  |  |  | 20,778 |  |  |  | 40.00 | % |  |  | 8,311 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,311 |
Jamaica Public Service Company Limited |  |  |  |  |  |  | 992,954 |  |  |  | 40.00 | % |  |  | 397,182 |  |  |  | 29,357 |  |  |  | — |  |  |  | (13,923 | ) |  |  | 412,616 |
KW Nuclear Components Co., Ltd. |  |  |  |  |  |  | 42,075 |  |  |  | 45.00 | % |  |  | 18,934 |  |  |  | — |  |  |  | — |  |  |  | (176 | ) |  |  | 18,758 |
Busan Shinho Solar Power Co., Ltd. |  |  |  |  |  |  | 27,972 |  |  |  | 25.00 | % |  |  | 6,993 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,993 |
Global Trade Of Power System Co., Ltd. |  |  |  |  |  |  | 2,402 |  |  |  | 29.00 | % |  |  | 696 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 696 |
Expressway Solar-light Power Generation Co., Ltd. |  |  |  |  |  |  | 11,541 |  |  |  | 50.00 | % |  |  | 5,771 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 5,771 |
Amman Asia Electric Power Company |  |  |  |  |  |  | 448,107 |  |  |  | 60.00 | % |  |  | 268,864 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 268,864 |
KAPES, Inc. |  |  |  |  |  |  | 41,522 |  |  |  | 51.00 | % |  |  | 21,176 |  |  |  | — |  |  |  | (25,107 | ) |  |  | 3,931 |  |  |  | — |
Honam Wind Power Co., Ltd. |  |  |  |  |  |  | 16,556 |  |  |  | 29.00 | % |  |  | 4,801 |  |  |  | 32 |  |  |  | — |  |  |  | — |  |  |  | 4,833 |
Korea Power Engineering Service Co., Ltd. |  |  |  |  |  |  | 20,873 |  |  |  | 29.00 | % |  |  | 6,054 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,054 |
Chun-cheon Energy Co., Ltd. |  |  |  |  |  |  | 123,222 |  |  |  | 29.90 | % |  |  | 36,843 |  |  |  | 3 |  |  |  | — |  |  |  | (247 | ) |  |  | 36,599 |
Yeonggwangbaeksu Wind Power Co., Ltd. |  |  |  |  |  |  | 24,827 |  |  |  | 15.00 | % |  |  | 3,723 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 3,729 |
Nghi Son 2 Power LLC |  |  |  |  |  |  | 1,126,156 |  |  |  | 50.00 | % |  |  | 563,079 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 563,079 |
Kelar S.A. |  |  |  |  |  |  | 229,196 |  |  |  | 65.00 | % |  |  | 148,978 |  |  |  | 3,389 |  |  |  | — |  |  |  | — |  |  |  | 152,367 |
PT. Tanjung Power Indonesia |  |  |  |  |  |  | 287,370 |  |  |  | 35.00 | % |  |  | 100,580 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 100,580 |
Incheon New Power Co., Ltd. |  |  |  |  |  |  | 1,040 |  |  |  | 29.00 | % |  |  | 302 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 302 |
Seokmun Energy Co., Ltd. |  |  |  |  |  |  | 53,296 |  |  |  | 29.00 | % |  |  | 15,456 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,456 |
Daehan Wind Power PSC |  |  |  |  |  |  | 42,655 |  |  |  | 50.00 | % |  |  | 21,327 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 21,327 |
Barakah One Company |  |  |  |  |  |  | (1,821,204 | ) |  |  | 18.00 | % |  |  | (327,817 | ) |  |  | — |  |  |  | 153,104 |  |  |  | 174,713 |  |  |  | — |
Nawah Energy Company |  |  |  |  |  |  | 2,179 |  |  |  | 18.00 | % |  |  | 392 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 392 |
MOMENTUM |  |  |  |  |  |  | 586 |  |  |  | 33.33 | % |  |  | 195 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 195 |
Daegu Green Power Co., Ltd. |  |  |  |  |  |  | 93,677 |  |  |  | 54.24 | % |  |  | 50,810 |  |  |  | 84 |  |  |  | — |  |  |  | (20,381 | ) |  |  | 30,513 |
Yeonggwang Wind Power Co., Ltd. |  |  |  |  |  |  | 55,769 |  |  |  | 46.00 | % |  |  | 25,654 |  |  |  | 492 |  |  |  | — |  |  |  | — |  |  |  | 26,146 |
Chester Solar IV SpA |  |  |  |  |  |  | 340 |  |  |  | 90.00 | % |  |  | 306 |  |  |  | 1,146 |  |  |  | — |  |  |  | — |  |  |  | 1,452 |
Chester Solar V SpA |  |  |  |  |  |  | (61 | ) |  |  | 90.00 | % |  |  | (55 | ) |  |  | 317 |  |  |  | — |  |  |  | — |  |  |  | 262 |
Diego de Almagro Solar SpA |  |  |  |  |  |  | 1,140 |  |  |  | 90.00 | % |  |  | 1,026 |  |  |  | 674 |  |  |  | — |  |  |  | — |  |  |  | 1,700 |
South Jamaica Power Company Limited |  |  |  |  |  |  | 243,822 |  |  |  | 20.00 | % |  |  | 48,764 |  |  |  | — |  |  |  | — |  |  |  | (4 | ) |  |  | 48,760 |
Daesan Green Energy Co., Ltd. |  |  |  |  |  |  | 72,374 |  |  |  | 35.00 | % |  |  | 25,331 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 25,331 |
RE Holiday Holdings LLC |  |  |  |  |  |  | 179,562 |  |  |  | 50.00 | % |  |  | 89,780 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 89,780 |
RE Pioneer Holdings LLC |  |  |  |  |  |  | 111,243 |  |  |  | 50.00 | % |  |  | 55,622 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 55,622 |
RE Barren Ridge 1 Holdings LLC |  |  |  |  |  |  | 119,612 |  |  |  | 50.00 | % |  |  | 59,806 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 59,806 |
RE Astoria 2 LandCo LLC |  |  |  |  |  |  | 16,238 |  |  |  | 50.00 | % |  |  | 8,119 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,119 |
RE Barren Ridge LandCo LLC |  |  |  |  |  |  | 5,716 |  |  |  | 50.00 | % |  |  | 2,857 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,857 |
Laurel SpA |  |  |  |  |  |  | 426 |  |  |  | 90.00 | % |  |  | 382 |  |  |  | 1,050 |  |  |  | — |  |  |  | — |  |  |  | 1,432 |
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  |  |  |  |  |  | 33,586 |  |  |  | 12.37 | % |  |  | 4,155 |  |  |  | 9 |  |  |  | — |  |  |  | (3,015 | ) |  |  | 1,149 |
Cheong-Song Noraesan Wind Power Co., Ltd. |  |  |  |  |  |  | 14,669 |  |  |  | 29.01 | % |  |  | 4,256 |  |  |  | 61 |  |  |  | — |  |  |  | — |  |  |  | 4,317 |
Chester Solar I SpA |  |  |  |  |  |  | 1,481 |  |  |  | 90.00 | % |  |  | 1,333 |  |  |  | 316 |  |  |  | — |  |  |  | — |  |  |  | 1,649 |
Solar Philippines Calatagan Corporation |  |  |  |  |  |  | 128,254 |  |  |  | 38.00 | % |  |  | 48,737 |  |  |  | — |  |  |  | — |  |  |  | 14,958 |  |  |  | 63,695 |
Saemangeum Solar Power Co., Ltd. |  |  |  |  |  |  | 28,734 |  |  |  | 81.01 | % |  |  | 23,277 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 23,277 |
Chungsongmeon BongSan wind power Co., Ltd. |  |  |  |  |  |  | 2,787 |  |  |  | 29.00 | % |  |  | 808 |  |  |  | 1,782 |  |  |  | — |  |  |  | — |  |  |  | 2,590 |
2024 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jaeun Resident Wind Power Plant Co., Ltd. |  | ￦ |  |  |  |  | 7,052 |  |  |  | 29.00 | % |  |  | 2,045 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,045 |
DE Energia SpA |  |  |  |  |  |  | 7,410 |  |  |  | 49.00 | % |  |  | 3,631 |  |  |  | — |  |  |  | — |  |  |  | 7,431 |  |  |  | 11,062 |
Dangjin Eco Power Co., Ltd. |  |  |  |  |  |  | 78,018 |  |  |  | 34.00 | % |  |  | 26,526 |  |  |  | 341 |  |  |  | — |  |  |  | — |  |  |  | 26,867 |
Haemodum Solar Co., Ltd. |  |  |  |  |  |  | 6,592 |  |  |  | 49.00 | % |  |  | 3,230 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,230 |
Yangyang Wind Power Co., Ltd. |  |  |  |  |  |  | 23,193 |  |  |  | 50.00 | % |  |  | 11,597 |  |  |  | 43 |  |  |  | — |  |  |  | — |  |  |  | 11,640 |
HORUS SOLAR, S.A. DE C.V. |  |  |  |  |  |  | (13,996 | ) |  |  | 14.95 | % |  |  | (2,092 | ) |  |  | 3,580 |  |  |  | — |  |  |  | — |  |  |  | 1,488 |
RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  |  |  |  |  |  | 15,257 |  |  |  | 14.95 | % |  |  | 2,281 |  |  |  | 2,171 |  |  |  | — |  |  |  | — |  |  |  | 4,452 |
SUNMEX RENOVABLES, S.A. DE C.V. |  |  |  |  |  |  | 11,253 |  |  |  | 14.95 | % |  |  | 1,682 |  |  |  | 5 |  |  |  | — |  |  |  | — |  |  |  | 1,687 |
Stavro Holding II A.B. |  |  |  |  |  |  | 82,293 |  |  |  | 20.00 | % |  |  | 16,459 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 16,459 |
Solaseado Solar Power Co., Ltd. |  |  |  |  |  |  | 55,094 |  |  |  | 38.90 | % |  |  | 21,432 |  |  |  | 1,361 |  |  |  | — |  |  |  | — |  |  |  | 22,793 |
Yeongam Solar Power Co., Ltd. |  |  |  |  |  |  | 58,182 |  |  |  | 19.00 | % |  |  | 11,055 |  |  |  | 773 |  |  |  | — |  |  |  | — |  |  |  | 11,828 |
Samsu Wind Power Co., Ltd. |  |  |  |  |  |  | 15,003 |  |  |  | 19.00 | % |  |  | 2,851 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,851 |
Pulau Indah Power Plant Sdn. Bhd. |  |  |  |  |  |  | 180,313 |  |  |  | 25.00 | % |  |  | 45,078 |  |  |  | 5,643 |  |  |  | — |  |  |  | — |  |  |  | 50,721 |
NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  |  |  |  |  |  | 52,262 |  |  |  | 29.53 | % |  |  | 15,433 |  |  |  | 527 |  |  |  | — |  |  |  | (527 | ) |  |  | 15,433 |
Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  |  |  |  |  |  | 17,218 |  |  |  | 90.00 | % |  |  | 15,496 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 15,496 |
PT Barito Wahana Tenaga |  |  |  |  |  |  | 678,043 |  |  |  | 30.61 | % |  |  | 207,565 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 207,565 |
Cheongna Energy Co., Ltd. |  |  |  |  |  |  | 88,231 |  |  |  | 50.10 | % |  |  | 44,204 |  |  |  | 3,137 |  |  |  | (1,183 | ) |  |  | — |  |  |  | 46,158 |
Naepo Green Energy Co., Ltd. |  |  |  |  |  |  | 152,705 |  |  |  | 29.20 | % |  |  | 44,590 |  |  |  | — |  |  |  | — |  |  |  | 3,441 |  |  |  | 48,031 |
Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  | (58,130 | ) |  |  | 46.30 | % |  |  | (27,938 | ) |  |  | — |  |  |  | (785 | ) |  |  | 28,723 |  |  |  | — |
OneEnergy Asia Limited |  |  |  |  |  |  | 1,099,591 |  |  |  | 40.00 | % |  |  | 439,837 |  |  |  | 25,512 |  |  |  | — |  |  |  | — |  |  |  | 465,349 |
KAS INVESTMENT I LLC |  |  |  |  |  |  | 20,333 |  |  |  | 29.89 | % |  |  | 6,078 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,078 |
KAS INVESTMENT II LLC |  |  |  |  |  |  | 20,205 |  |  |  | 29.89 | % |  |  | 6,040 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 6,040 |
Energyco Co., Ltd. |  |  |  |  |  |  | 5,149 |  |  |  | 29.00 | % |  |  | 1,493 |  |  |  | 829 |  |  |  | — |  |  |  | — |  |  |  | 2,322 |
CAES, LLC |  |  |  |  |  |  | 49,267 |  |  |  | 36.00 | % |  |  | 17,736 |  |  |  | 2,923 |  |  |  | — |  |  |  | — |  |  |  | 20,659 |
Hapcheon Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 23,050 |  |  |  | 49.00 | % |  |  | 11,295 |  |  |  | 39 |  |  |  | — |  |  |  | — |  |  |  | 11,334 |
Busan Industrial Solar Power Co., Ltd. |  |  |  |  |  |  | 3,103 |  |  |  | 28.02 | % |  |  | 870 |  |  |  | 290 |  |  |  | — |  |  |  | — |  |  |  | 1,160 |
Bitsolar Energy Co., Ltd. |  |  |  |  |  |  | (5,964 | ) |  |  | 27.10 | % |  |  | (1,616 | ) |  |  | 352 |  |  |  | — |  |  |  | 1,264 |  |  |  | — |
Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  | (1 | ) |  |  | 40.00 | % |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Guadalupe Solar SpA |  |  |  |  |  |  | 1,138 |  |  |  | 60.00 | % |  |  | 683 |  |  |  | 98 |  |  |  | — |  |  |  | — |  |  |  | 781 |
Omisan Wind Power Co., Ltd. |  |  |  |  |  |  | 25,460 |  |  |  | 42.00 | % |  |  | 10,693 |  |  |  | 166 |  |  |  | — |  |  |  | — |  |  |  | 10,859 |
Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  |  | (7,763 | ) |  |  | 75.00 | % |  |  | (5,822 | ) |  |  | 1,427 |  |  |  | — |  |  |  | 4,395 |  |  |  | — |
Yeongwol Eco Wind Co., Ltd. |  |  |  |  |  |  | (3,234 | ) |  |  | 29.00 | % |  |  | (938 | ) |  |  | 1,828 |  |  |  | — |  |  |  | — |  |  |  | 890 |
Gurae Resident Power Co., Ltd. |  |  |  |  |  |  | 984 |  |  |  | 29.00 | % |  |  | 285 |  |  |  | 48 |  |  |  | — |  |  |  | — |  |  |  | 333 |
Cheongju Eco Park Co., Ltd. |  |  |  |  |  |  | 36,004 |  |  |  | 29.00 | % |  |  | 10,441 |  |  |  | 195 |  |  |  | — |  |  |  | — |  |  |  | 10,636 |
Enel X Midland Photovoltaic, LLC |  |  |  |  |  |  | 13,575 |  |  |  | 20.00 | % |  |  | 2,715 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,715 |
Geumsungsan Wind Power Co., Ltd. |  |  |  |  |  |  | 25,117 |  |  |  | 29.00 | % |  |  | 7,284 |  |  |  | 556 |  |  |  | — |  |  |  | — |  |  |  | 7,840 |
KEPCO KPS CARABAO Corp. |  |  |  |  |  |  | (609 | ) |  |  | 40.00 | % |  |  | (244 | ) |  |  | — |  |  |  | — |  |  |  | 244 |  |  |  | — |
Prime Swedish Holding AB |  |  |  |  |  |  | 80,748 |  |  |  | 45.00 | % |  |  | 36,336 |  |  |  | 1,223 |  |  |  | — |  |  |  | — |  |  |  | 37,559 |
Goheung New Energy Co., Ltd. |  |  |  |  |  |  | 31,818 |  |  |  | 46.15 | % |  |  | 14,684 |  |  |  | 1,084 |  |  |  | — |  |  |  | — |  |  |  | 15,768 |
Gunsan Land Solar Co., Ltd. |  |  |  |  |  |  | 40,603 |  |  |  | 51.94 | % |  |  | 21,090 |  |  |  | — |  |  |  | — |  |  |  | 2,073 |  |  |  | 23,163 |
CapMan Lynx SCA, SICAR |  |  |  |  |  |  | (131,471 | ) |  |  | 50.00 | % |  |  | (65,735 | ) |  |  | — |  |  |  | — |  |  |  | 65,735 |  |  |  | — |
International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  | 31,541 |  |  |  | 35.00 | % |  |  | 11,040 |  |  |  | (2 | ) |  |  | — |  |  |  | — |  |  |  | 11,038 |
Pyeongchang Wind Power Co., Ltd. |  |  |  |  |  |  | 20,943 |  |  |  | 58.00 | % |  |  | 12,147 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,147 |
Eumseong Eco Park Co., Ltd. |  |  |  |  |  |  | 38,058 |  |  |  | 29.00 | % |  |  | 11,036 |  |  |  | 577 |  |  |  | — |  |  |  | — |  |  |  | 11,613 |
Changwon Nu-ri Energy Co., Ltd. |  |  |  |  |  |  | 12,549 |  |  |  | 61.00 | % |  |  | 7,655 |  |  |  | 3 |  |  |  | — |  |  |  | — |  |  |  | 7,658 |
PungBack Wind Farm Corporation |  |  |  |  |  |  | 18,041 |  |  |  | 37.00 | % |  |  | 6,675 |  |  |  | 1,085 |  |  |  | — |  |  |  | — |  |  |  | 7,760 |
Trumbull Asset Management, LLC |  |  |  |  |  |  | 1,662 |  |  |  | 78.00 | % |  |  | 1,297 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,297 |
S-Power Chile SpA |  |  |  |  |  |  | 1 |  |  |  | 50.00 | % |  |  | 1 |  |  |  | 158 |  |  |  | — |  |  |  | — |  |  |  | 159 |
Seungmun Green Energy |  |  |  |  |  |  | 38,620 |  |  |  | 33.00 | % |  |  | 12,745 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 12,745 |
Seobusambo highway photovoltaics Co., Ltd. |  |  |  |  |  |  | 4,137 |  |  |  | 80.00 | % |  |  | 3,309 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 3,309 |
Yangyang Suri Wind Power Co., Ltd. |  |  |  |  |  |  | 29,801 |  |  |  | 29.00 | % |  |  | 8,643 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 8,643 |
2024 |
Investees |  |  |  |  | Net assets |  |  | Percentage of ownership(*) |  |  | Share in net assets |  |  | Investment differential |  |  | Intercompany transaction |  |  | Others |  |  | Book value |
|  |  |  |  | In millions of won |
<Joint ventures> |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
KEPCO for Power Company |  | ￦ |  |  |  |  | 29,843 |  |  |  | 60.00 | % |  |  | 17,906 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 17,906 |
Taebaek Wind Power Co., Ltd. |  |  |  |  |  |  | 24,599 |  |  |  | 60.00 | % |  |  | 14,759 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 14,759 |
Jeonju Bio Green Energy Co., Ltd. |  |  |  |  |  |  | 3,949 |  |  |  | 65.00 | % |  |  | 2,566 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 2,566 |
Kumyang Eco Park Co., Ltd. |  |  |  |  |  |  | 13,051 |  |  |  | 29.00 | % |  |  | 3,785 |  |  |  | 56 |  |  |  | — |  |  |  | — |  |  |  | 3,841 |
Jeongeup Green Power Co., Ltd. |  |  |  |  |  |  | 15,979 |  |  |  | 44.86 | % |  |  | 7,167 |  |  |  | 1,679 |  |  |  | — |  |  |  | — |  |  |  | 8,846 |
Hadong E-factory Co., Ltd. |  |  |  |  |  |  | 1,127 |  |  |  | 29.99 | % |  |  | 338 |  |  |  | 6 |  |  |  | — |  |  |  | — |  |  |  | 344 |
Namyangju Combined Heat and Power Co., Ltd. |  |  |  |  |  |  | 73,575 |  |  |  | 70.10 | % |  |  | 51,575 |  |  |  | 193 |  |  |  | — |  |  |  | — |  |  |  | 51,768 |
Samchuck |  |  |  |  |  |  | 19,128 |  |  |  | 25.54 | % |  |  | 4,885 |  |  |  | — |  |  |  | — |  |  |  | (4,885 | ) |  |  | — |
Wadi Noor Solar Power Company SAOC |  |  |  |  |  |  | 11,268 |  |  |  | 50.00 | % |  |  | 5,634 |  |  |  | 9 |  |  |  | (4,251 | ) |  |  | — |  |  |  | 1,392 |
Fairhaven Energy Storage LLC |  |  |  |  |  |  | 1,989 |  |  |  | 35.00 | % |  |  | 696 |  |  |  | — |  |  |  | — |  |  |  | (696 | ) |  |  | — |
Rutile BESS Holdings, LLC |  |  |  |  |  |  | 3 |  |  |  | 50.00 | % |  |  | 1 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1 |
Trumbull Development Partners, LLC |  |  |  |  |  |  | 539,370 |  |  |  | 56.23 | % |  |  | 303,288 |  |  |  | 52,091 |  |  |  | — |  |  |  | — |  |  |  | 355,379 |
Imha Floating Photovoltaic Power Plant Inc. |  |  |  |  |  |  | 12,866 |  |  |  | 49.00 | % |  |  | 6,305 |  |  |  | 46 |  |  |  | — |  |  |  | — |  |  |  | 6,351 |
EDFR KOWEPO AJBAN PV HOLDING LIMITED |  |  |  |  |  |  | 170 |  |  |  | 50.00 | % |  |  | 85 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 85 |
Roof One Energy Co., Ltd. |  |  |  |  |  |  | 4,096 |  |  |  | 48.00 | % |  |  | 1,966 |  |  |  | 34 |  |  |  | — |  |  |  | — |  |  |  | 2,000 |
(*) | The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.
(6) | As of December 31, 2023 and 2024, 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:
|  |  |  |  | 2023 |  |  | 2024 |
|  |  |  |  | Unrecognized equity interest |  |  | Accumulated unrecognized equity interest |  |  | Unrecognized equity interest |  |  | Accumulated unrecognized equity interest |
|  |  |  |  | In millions of won |
Eurasia Energy Holdings |  | ￦ |  |  |  |  | (203 | ) |  |  | — |  |  |  | — |  |  |  | — |
Boim Combined Heat and Power Generation Co., Ltd. |  |  |  |  |  |  | 937 |  |  |  | 27,954 |  |  |  | 769 |  |  |  | 28,723 |
Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  | 3,625 |  |  |  | 4,431 |  |  |  | 895 |  |  |  | 5,326 |
Naepo Green Energy Co., Ltd. |  |  |  |  |  |  | (14,956 | ) |  |  | — |  |  |  | — |  |  |  | — |
Barakah One Company |  |  |  |  |  |  | 46,746 |  |  |  | 140,719 |  |  |  | 33,994 |  |  |  | 174,713 |
Pioneer Gas Power Limited (*) |  |  |  |  |  |  | 19,835 |  |  |  | 76,712 |  |  |  | — |  |  |  | — |
Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  | (460 | ) |  |  | — |  |  |  | — |  |  |  | — |
KAPES, Inc. |  |  |  |  |  |  | (145 | ) |  |  | 3,015 |  |  |  | 916 |  |  |  | 3,931 |
ITR Co., Ltd. |  |  |  |  |  |  | (4 | ) |  |  | 1 |  |  |  | 14 |  |  |  | 15 |
SEP Co., Ltd. |  |  |  |  |  |  | 1 |  |  |  | 15 |  |  |  | — |  |  |  | 15 |
International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  | (23,378 | ) |  |  | — |  |  |  | — |  |  |  | — |
Noeul Green Energy Co., Ltd. |  |  |  |  |  |  | (258 | ) |  |  | 5,212 |  |  |  | (1,377 | ) |  |  | 3,835 |
Gangneung Eco Power Co., Ltd. |  |  |  |  |  |  | (14 | ) |  |  | — |  |  |  | — |  |  |  | — |
PlatformN. Co., Ltd. |  |  |  |  |  |  | 62 |  |  |  | 62 |  |  |  | (44 | ) |  |  | 18 |
KEPCO KPS CARABAO Corp. |  |  |  |  |  |  | 37 |  |  |  | 37 |  |  |  | 207 |  |  |  | 244 |
Bitsolar Energy Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1,264 |  |  |  | 1,264 |
Green Energy Electricity Generation Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 396 |  |  |  | 396 |
O2&B Global Co., Ltd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 6 |  |  |  | 6 |
Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 1 |  |  |  | 1 |
Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 4,395 |  |  |  | 4,395 |
Green Radiation Co., Ltd., |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 11 |  |  |  | 11 |
Hoenggye Renewable Energy Co., Ltd., |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 266 |  |  |  | 266 |
CapMan Lynx SCA, SICAR |  |  |  |  |  |  | — |  |  |  | — |  |  |  | 31,090 |  |  |  | 31,090 |
| (*) | For the year ended December 31, 2024, the investment therein was reclassified from investment in an associate to a financial asset measured at fair value through other comprehensive income.
(7) | As of December 31, 2024, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:
| (i) | 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.
| (ii) | 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.
| (iii) | 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.
| (iv) | 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.
| (v) | 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.
| ( vi) | 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.
| (vii) | 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.
| (viii) | 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.
| (ix) | 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.
| (x) | 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.
| (xi) | 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.
| (xii) | 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.
| (xiii) | 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 entity 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.
(8) | Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2024 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 and 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 written consent of the financial institutions.
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. |  | Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
Korea Power Engineering Service Co., Ltd. |  | Shares cannot be wholly or partially transferred without the consent of the board of directors.
Daehan Wind Power PSC |  | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
Daejung Offshore Wind Power Co., Ltd. |  | Before the commencement of the operation, shares cannot be wholly or partially transferred without the prior written consent of other shareholders.
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.
Company |  | Nature and extent of any significant restrictions
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.
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.
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.
Company |  | Nature and extent of any significant restrictions
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 Korea Southern Power Co., Ltd., a subsidiary of the Company, 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 become 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. |  | 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 cannot 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.
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.
Company |  | Nature and extent of any significant restrictions
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. When the internal rate of return defined in shareholders’ agreement 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.
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.
Company |  | Nature and extent of any significant restrictions
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 entity’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 are satisfied and prior written consent of financial institutions is obtained.
Rutile BESS Holdings, LLC |  | Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.
Kumyang Eco Park Co., Ltd. |  | Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.
HyChangwon Fuel Cell. 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. In addition, the Company cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.
Roof One Energy Co., Ltd. |  | Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.
Amaala Sustainable Company for Energy LLC |  | Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.

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