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Consolidated Subsidiaries

12 Months Ended

Dec. 31, 2024

Disclosure of subsidiaries [abstract]

16.	Consolidated Subsidiaries

(1)	Consolidated subsidiaries as of December 31, 2023 and 2024 are as follows:


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2023			2024
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		51.00	%		51.00	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership	Resources development	Canada		80.03	%		80.12	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2023			2024
KEPCO Holdings de Mexico	Holding company	Mexico		100.00	%		100.00	%
KST Electric Power Company, S.A.P.I. de C.V.	Construction and operation of utility plant	Mexico		56.00	%		56.00	%
KEPCO Energy Service Company	Operation of utility plant	Mexico		100.00	%		100.00	%
KEPCO Netherlands S3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
PT. KOMIPO Pembangkitan Jawa Bali	Operation of utility plant	Indonesia		51.00	%		51.00	%
PT. Cirebon Power Service (*2)	Operation of utility plant	Indonesia		27.50	%		27.50	%
KOWEPO International Corporation	Operation of utility plant	Philippines		99.99	%		99.99	%
KOSPO Jordan LLC	Operation of utility plant	Jordan		100.00	%		100.00	%
EWP America Inc.	Holding company	USA		100.00	%		100.00	%
EWP Renewable Corporation	Holding company	USA		100.00	%		100.00	%
KNF Canada Energy Limited	Holding company	Canada		100.00	%		100.00	%
EWP Barbados 1 SRL	Holding company	Barbados		100.00	%		100.00	%
California Power Holdings, LLC	Power generation	USA		100.00	%		100.00	%
Gyeonggi Green Energy Co., Ltd.	Power generation	Korea		62.01	%		62.01	%
PT. Tanggamus Electric Power	Power generation	Indonesia		52.50	%		52.50	%
Gyeongju Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.96	%		99.99	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%
Commerce and Industry Energy Co., Ltd. (*4)	RDF power generation	Korea		85.03	%		85.03	%
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
PT. KOWEPO Sumsel Operation And Maintenance Services	Utility plant maintenance and others	Indonesia		95.00	%		—
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC	Holding company	USA		80.06	%		69.55	%
KEPCO Mangilao Solar, LLC	Power generation	USA		100.00	%		100.00	%
Jeju Hanlim Offshore Wind Co., Ltd.	Power generation	Korea		79.03	%		79.03	%
PT. Siborpa Eco Power	Construction and operation of utility plant	Indonesia		55.00	%		55.00	%
BSK E-New Industry Fund VII	Holding company	Korea		81.67	%		81.67	%
e-New Industry LB Fund 1	Holding company	Korea		76.11	%		76.11	%
Songhyun e-New Industry Fund	Holding company	Korea		80.65	%		80.65	%
BSK E-New Industry Fund X	Holding company	Korea		66.80	%		66.80	%
PT. Korea Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KOLAT SpA	Utility plant maintenance and others	Chile		100.00	%		100.00	%
KEPCO California, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Mojave Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Incheon Fuel Cell Co., Ltd.	Power generation	Korea		60.00	%		60.00	%
KOEN Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2023			2024
KOMIPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOWEPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
EWP Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
PT. KOMIPO Energy Indonesia	Utility plant maintenance and others	Indonesia		95.00	%		95.00	%
KNF Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOSPO USA Inc.	Holding company	USA		100.00	%		100.00	%
KOSPO Niles LLC (formerly, Nambu USA LLC)	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd.	Power generation	Korea		84.80	%		84.80	%
Mangilao Intermediate Holdings LLC	Holding company	USA		100.00	%		100.00	%
KEPCO CSC Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KOAK Power Limited	Hydro power facility maintenance	Pakistan		100.00	%		100.00	%
KOMIPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
Haenanum Energy Fund	Holding company	Korea		99.64	%		99.64	%
Paju Ecoenergy Co., Ltd.	Power generation	Korea		89.00	%		89.00	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%
Energy Innovation Fund I	Holding company	Korea		71.91	%		71.91	%
KHNP Chile SpA	Holding company	Chile		100.00	%		100.00	%
Yeong Yang Apollon Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Corporation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
SolarVader Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Innovation Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Horus Photovoltaic Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Yeong Yang Solar Management Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
LSG Hydro Power Limited	Holding company	Pakistan		99.80	%		99.99	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*5)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC	Holding company	USA		43.94	%		61.62	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		81.34	%		80.96	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		70.79	%		62.62	%
Concho Valley Energy, LLC	Holding company	USA		100.00	%		100.00	%


			Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	2023			2024
Concho Valley Solar, LLC	Power generation	USA		100.00	%		100.00	%
Yeongdeok Sunrise Wind Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,6)	Holding company	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
J Wind First, LLC (*7)	Company specializing in liquidization	Korea		—			—
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		100.00	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		100.00	%		100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		100.00	%		98.96	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		82.00	%		71.30	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		—			100.00	%
Sprott Chile Solar I SpA	Holding company	Chile		—			100.00	%

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

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

(*3)	As of December 31, 2024, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

(*4)

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

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

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

(*7)

Although the Company does not hold a stake as of December 31, 2024, considering the purpose and design of the structured entity, the Company is exposed to volatility in the profits of the structured entity. In addition, The Company has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Company has control over the entity.

(2)	Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2024 are as follows:

Subsidiaries included in consolidation during the year ended December 31, 2024.


Subsidiaries		Reason
KOSPO Rutile, LLC		New investment
Sprott Chile Solar I SpA		New investment

Subsidiaries excluded from consolidation during the year ended December 31, 2024.


Subsidiaries		Reason
PT. KOWEPO Sumsel Operation and Maintenance Services		Liquidation

(3)	Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2023 and 2024 are as follows:


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


2023
Subsidiaries		Total assets		Total liabilities		Sales		Profit (Loss) for the period
		In millions of won
PT. Tanggamus Electric Power	￦		214,892		150,483		2,127		(2,230	)
Gyeongju Wind Power Co., Ltd.			90,616		49,982		19,807		6,716
KOMIPO America Inc. (*2)			579,403		318,295		39,323		3,376
PT. EWP Indonesia			90,650		132		—		9,590
KEPCO Netherlands J3 B.V.			153,324		13,634		—		15,289
Korea Offshore Wind Power Co., Ltd.			334,444		143,827		40,313		6,497
Global One Pioneer B.V.			143		44		—		(85	)
Global Energy Pioneer B.V.			336		44		—		(81	)
Mira Power Limited			403,843		318,557		2,683		(1,590	)
KOSEP Material Co., Ltd.			4,974		542		4,834		908
Commerce and Industry Energy Co., Ltd.			73,671		29,611		33,050		(2,901	)
KEPCO KPS Philippines Corp.			5,775		884		4,608		97
KOSPO Chile SpA			166,643		75,619		—		—
PT. KOWEPO Sumsel Operation And Maintenance Services			26		260		—		—
Hee Mang Sunlight Power Co., Ltd.			5,877		2,403		689		202
Fujeij Wind Power Company			216,082		158,081		—		15,067
KOSPO Youngnam Power Co., Ltd.			360,026		255,761		410,173		(7,965	)
Chitose Solar Power Plant LLC			98,911		84,228		14,447		2,059
KEPCO ES Co., Ltd.			322,529		15,367		14,151		5,384
KEPCO Solar Co., Ltd.			246,273		36,127		23,234		8,367
KOSPO Power Services Ltda.			6,976		7,086		17,634		(211	)
Energy New Industry Specialized Investment Private Investment Trust (*3)			454,888		3,364		24,030		10,812
KOEN Bylong Pty., Ltd.			11		128		—		—
KOMIPO Bylong Pty., Ltd.			13		147		—		(20	)
KOWEPO Bylong Pty., Ltd.			12		142		—		(43	)
KOSPO Bylong Pty., Ltd.			388		541		—		(20	)
EWP Bylong Pty., Ltd.			13		13		—		46
KOWEPO Lao International			13,038		223		10,270		6,268
KEPCO Mangilao Holdings LLC			90,445		41,898		775		785
Mangilao Investment LLC			206,714		15		—		(1	)
KEPCO Mangilao Solar, LLC			206,600		1,918		13,593		826
Jeju Hanlim Offshore Wind Co., Ltd.			459,229		388,171		—		(3,032	)
PT. Siborpa Eco Power			12,209		3		—		(52	)
PT. Korea Energy Indonesia			1,878		101		1,897		132
KOLAT SpA			46,958		352		2,237		1,820
KEPCO California, LLC			46,606		6,823		613		(385	)
KEPCO Mojave Holdings, LLC			93,233		78,328		—		(3,901	)
Incheon Fuel Cell Co., Ltd.			259,169		237,409		96,924		(4,112	)
KOEN Service Co., Ltd.			11,470		8,745		38,164		305
KOMIPO Service Co., Ltd.			7,944		4,777		37,525		960
KOWEPO Service Co., Ltd.			10,300		6,584		36,421		264
KOSPO Service Co., Ltd.			6,122		4,182		30,369		703
EWP Service Co., Ltd.			5,487		3,790		26,767		176
PT. KOMIPO Energy Indonesia			2,983		250		2,023		38
KNF partners Co., Ltd.			2,589		1,106		6,380		340
KOSPO USA Inc.			378,732		377		—		(6,351	)
Nambu USA LLC			297,370		230		—		(732	)
Tamra Offshore Wind Power Co., Ltd.			120,460		83,161		18,570		1,089
KEPCO MCS Co., Ltd.			111,189		73,940		307,146		(4,757	)
KEPCO FMS Co., Ltd.			21,310		18,142		107,336		1,895
Firstkeepers Co., Ltd.			18,698		12,437		90,575		2,689
Secutec Co., Ltd.			16,038		11,797		72,284		699


2023
Subsidiaries		Total assets		Total liabilities		Sales		Profit (Loss) for the period
		In millions of won
SE Green Energy Co., Ltd.	￦		147,251		114,737		40,326		(1,305	)
Mangilao Intermediate Holdings LLC			206,771		114,954		—		(5,293	)
KEPCO CSC Co., Ltd.			15,985		12,170		49,502		2,644
KOAK Power Limited			15,000		528		—		714
KOMIPO Europe B.V.			86,109		69		1,183		109
Haenanum Energy Fund			7,415		3		47		(1	)
Paju Ecoenergy Co., Ltd.			60,653		2,146		15,351		(357	)
Guam Ukudu Power LLC			749,837		720,795		—		(19,904	)
K-SOLAR SHINAN Co., Ltd.			298,866		281,676		37,137		(6,896	)
KPS Partners Co., Ltd.			3,503		1,776		12,921		183
KEPCO E&C Service Co., Ltd.			7,167		1,938		16,454		1,505
Moha solar Co., Ltd.			27,213		29,363		—		112
Ogiri Solar Power Co., Ltd.			1,032		31		—		(9	)
KHNP USA LLC			1,517		140		1,142		166
KOMIPO Vanphong Power Service LLC			26,819		3,768		21,396		10,879
Energy Innovation Fund I			43,725		419		—		(766	)
KHNP Chile SpA			5,555		4,219		—		(66	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,529		1,427		219		42
Yeong Yang Corporation Co., Ltd.			1,519		1,418		216		39
SolarVader Co., Ltd.			1,529		1,421		219		40
Yeong Yang Innovation Co., Ltd.			1,510		1,418		210		32
Yeong Yang Horus Photovoltaic Co., Ltd.			1,502		1,418		206		28
Yeong Yang Solar Management Co., Ltd.			1,540		1,420		224		46
LSG Hydro Power Limited			717		8		—		(219	)
KOEN Bio Co., Ltd.			1,010		585		2,467		372
KOMIPO Iberian Solar Group, S.L.U.			79,666		66,874		—		(931	)
Jeongam Wind Power Co., Ltd.			75,744		63,219		8,154		(958	)
KOWEPO Europe B.V.			107		3,177		—		(44,685	)
Yeongdeok Sunrise Wind Power Co., Ltd.			94,615		74,842		—		(383	)
KA Power Limited			3,173		172		—		126
Western Power Changgi Solar Co., Ltd.			46,950		40,815		7,036		2,011
EWP Australia Pty., Ltd.			52,734		—		325		337
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			311,259		213,822		10,072		3,217
Digital Innovation Growth Fund			11,624		96		—		(266	)
J Wind First, LLC			52,304		52,304		2,540		—
KEPCO Holding Company			3,307		—		—		(23	)
KEPCO for Maintenance Company			118		—		—		(45	)
KOSPO Trumbull LLC			25		—		—		(10	)
Changjuk Wind Power Co., Ltd.			24,364		3,049		6,230		744
Chile Solar JV SpA			98,705		75,472		9,050		(2,768	)
KEPCO KPS South Africa Pty., Ltd.			9,222		4,236		8,512		834
KOWEPO Holding Limited			1,323		1,371		—		(49	)

(*1)

Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, and California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2)

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

(*3)

Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of 6 other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, UI Carbon-Neutrality Fund, and Magna Energy New Industrial Fund.

(*4)

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


2024
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		72,508,359		47,082,862		13,447,880		567,267
Korea South-East Power Co., Ltd.			13,203,109		6,447,903		6,527,922		382,336
Korea Midland Power Co., Ltd.			14,849,596		9,513,087		7,088,426		225,196
Korea Western Power Co., Ltd.			13,309,836		7,708,730		6,193,922		361,725
Korea Southern Power Co., Ltd.			13,184,059		7,101,465		6,430,487		311,530
Korea East-West Power Co., Ltd.			12,287,969		5,592,569		5,322,832		467,885
KEPCO Engineering & Construction Company, Inc.			945,384		367,910		553,363		58,513
KEPCO Plant Service & Engineering Co., Ltd.			1,675,776		355,479		1,534,269		170,967
KEPCO Nuclear Fuel Co., Ltd.			1,060,367		562,604		397,595		48,061
KEPCO KDN Co., Ltd.			846,361		222,119		781,646		215,791
KEPCO International HongKong Ltd.			149,757		1,611		—		7,596
KEPCO International Philippines Inc.			13,720		78		—		40,427
KEPCO Gansu International Ltd.			8,233		693		—		(5	)
KEPCO Philippines Holdings Inc.			202,810		173		—		49,999
KEPCO Philippines Corporation			2,990		4		—		120
KEPCO Ilijan Corporation			58,752		615		—		4,549
KEPCO Neimenggu International Ltd.			323,519		4,839		—		10,891
KEPCO Shanxi International Ltd.			811,971		366,377		—		13,677
KOMIPO Global Pte Ltd.			454,052		2,716		—		15,618
KEPCO Netherlands B.V.			155,632		109		—		4,237
KEPCO Australia Pty., Ltd.			226		—		—		(4,017	)
KOSEP Australia Pty., Ltd.			55,461		7,847		31,935		10,139
KOMIPO Australia Pty., Ltd.			94,760		3,214		31,935		6,253
KOWEPO Australia Pty., Ltd.			93,353		2,736		31,935		4,978
KOSPO Australia Pty., Ltd.			39,606		3,221		31,935		8,768
KEPCO Middle East Holding Company			136,740		129,721		—		(7,668	)
Qatrana Electric Power Company			554,387		207,773		28,465		24,062
KHNP Canada Energy Ltd.			180,220		20,431		—		506
KEPCO Bylong Australia Pty., Ltd.			45,420		552,861		—		(69,620	)
Korea Waterbury Uranium Limited Partnership			20,773		62		—		(142	)
KEPCO Holdings de Mexico			670		3,025		—		(1,032	)
KST Electric Power Company, S.A.P.I. de C.V.			654,086		532,766		67,656		24,713
KEPCO Energy Service Company			2,257		1,198		9,361		146
KEPCO Netherlands S3 B.V.			81,554		19,084		—		978
PT. KOMIPO Pembangkitan Jawa Bali			18,014		3,684		21,567		969
PT. Cirebon Power Service			3,004		823		10,515		586
KOWEPO International Corporation			—		11		—		—
KOSPO Jordan LLC			36,620		22,271		17,477		4,312
EWP America Inc. (*1)			49,381		3,120		14,888		332
KNF Canada Energy Limited			2,337		30		—		(67	)
EWP Barbados 1 SRL			469,387		1,463		—		28,937
Gyeonggi Green Energy Co., Ltd.			160,060		226,650		60,769		(31,941	)
PT. Tanggamus Electric Power			232,963		155,119		6,136		4,216
Gyeongju Wind Power Co., Ltd.			87,987		41,547		18,550		5,817
KOMIPO America Inc. (*2)			633,218		328,237		18,806		9,662
PT. EWP Indonesia			101,015		84		—		6,115
KEPCO Netherlands J3 B.V.			174,130		15,748		—		7,378
Korea Offshore Wind Power Co., Ltd.			336,687		131,463		41,489		14,607


2024
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Global One Pioneer B.V.	￦		150		64		—		(130	)
Global Energy Pioneer B.V.			363		69		—		(131	)
Mira Power Limited			443,556		332,629		4,213		11,499
KOSEP Material Co., Ltd.			6,111		539		5,016		1,108
Commerce and Industry Energy Co., Ltd.			65,954		25,841		35,054		(3,638	)
KEPCO KPS Philippines Corp.			6,403		594		7,372		422
KOSPO Chile SpA			186,200		83,705		—		(1,185	)
Hee Mang Sunlight Power Co., Ltd.			5,875		2,355		567		46
Fujeij Wind Power Company			245,967		171,610		—		14,962
KOSPO Youngnam Power Co., Ltd.			371,946		257,626		412,037		10,275
Chitose Solar Power Plant LLC			93,435		78,709		14,453		2,553
KEPCO ES Co., Ltd.			318,648		6,087		6,384		8,758
KEPCO Solar Co., Ltd.			240,555		29,240		20,788		6,210
KOSPO Power Services Ltda.			8,118		6,363		17,005		1,924
Energy New Industry Specialized Investment Private Investment Trust (*3)			483,585		3,358		—		22,608
KOEN Bylong Pty., Ltd.			15		165		—		(12	)
KOMIPO Bylong Pty., Ltd.			15		172		—		(17	)
KOWEPO Bylong Pty., Ltd.			15		168		—		(17	)
KOSPO Bylong Pty., Ltd.			202		425		—		(57	)
EWP Bylong Pty., Ltd.			15		13		—		2
KOWEPO Lao International			17,335		2,247		11,891		4,823
KEPCO Mangilao Holdings LLC			99,669		52,732		810		(7,804	)
Mangilao Investment LLC			224,646		18		—		—
KEPCO Mangilao Solar, LLC			226,509		247		16,907		3,634
Jeju Hanlim Offshore Wind Co., Ltd.			590,613		524,640		10,872		(5,067	)
PT. Siborpa Eco Power			13,877		3		—		(38	)
PT. Korea Energy Indonesia			9,146		5,524		4,550		1,171
KOLAT SpA			49,452		406		2,880		1,090
KEPCO California, LLC			52,627		7,464		645		(507	)
KEPCO Mojave Holdings, LLC			101,912		90,646		—		(3,950	)
Incheon Fuel Cell Co., Ltd.			249,022		233,049		91,097		(5,805	)
KOEN Service Co., Ltd.			10,072		7,186		39,482		323
KOMIPO Service Co., Ltd.			8,123		4,728		38,415		657
KOWEPO Service Co., Ltd.			8,422		6,678		40,875		314
KOSPO Service Co., Ltd.			7,199		4,593		32,422		949
EWP Service Co., Ltd.			5,291		3,851		27,101		27
PT. KOMIPO Energy Indonesia			5,177		1,273		6,433		874
KNF partners Co., Ltd.			2,875		1,182		6,700		286
KOSPO USA Inc.			725,984		321		—		(6,099	)
KOSPO Niles LLC (formerly, Nambu USA LLC)			326,651		51		—		9,947
Tamra Offshore Wind Power Co., Ltd.			112,747		74,809		19,937		1,551
KEPCO MCS Co., Ltd.			94,305		67,881		292,011		(9,033	)
KEPCO FMS Co., Ltd.			16,330		18,815		108,560		1,126
Firstkeepers Co., Ltd.			24,800		13,930		95,836		4,546
Secutec Co., Ltd.			17,416		11,980		78,011		1,968
SE Green Energy Co., Ltd.			126,012		93,330		41,251		178
Mangilao Intermediate Holdings LLC			230,079		126,833		—		(1,277	)
KEPCO CSC Co., Ltd.			17,430		11,516		49,443		2,944
KOAK Power Limited			16,961		322		—		(75	)
KOMIPO Europe B.V.			84,899		123		890		(6,403	)
Haenanum Energy Fund			7,415		3		493		445


2024
Subsidiaries		Total assets		Total liabilities		Sales		Profit (loss) for the period
		In millions of won
Paju Ecoenergy Co., Ltd.	￦		61,836		2,635		16,306		697
Guam Ukudu Power LLC			940,137		960,812		112,782		(39,280	)
K-SOLAR SHINAN Co., Ltd.			279,204		263,030		34,148		907
KPS Partners Co., Ltd.			4,264		2,298		14,053		487
KEPCO E&C Service Co., Ltd.			8,437		1,738		16,861		1,578
Moha solar Co., Ltd.			25,946		28,391		—		(273	)
Ogiri Solar Power Co., Ltd.			1,077		21		77		55
KHNP USA LLC			2,170		400		1,196		186
KOMIPO Vanphong Power Service LLC			39,147		3,592		26,235		9,951
Energy Innovation Fund I			40,554		894		—		(899	)
KHNP Chile SpA			6,081		4,818		—		(60	)
Yeong Yang Apollon Photovoltaic Co., Ltd.			1,422		1,324		194		(4	)
Yeong Yang Corporation Co., Ltd.			1,403		1,314		190		(12	)
SolarVader Co., Ltd.			1,413		1,317		195		(12	)
Yeong Yang Innovation Co., Ltd.			1,407		1,314		188		1
Yeong Yang Horus Photovoltaic Co., Ltd.			1,395		1,314		184		(3	)
Yeong Yang Solar Management Co., Ltd.			1,415		1,318		198		(23	)
LSG Hydro Power Limited			629		12		—		(187	)
KOEN Bio Co., Ltd.			1,179		683		1,570		90
KOMIPO Iberian Solar Group, S.L.U.			76,858		69,709		—		(3,786	)
Jeongam Wind Power Co., Ltd.			70,772		60,170		7,094		(2,113	)
KOWEPO Europe B.V.			35		3,511		—		(181	)
Yeongdeok Sunrise Wind Power Co., Ltd.			112,863		87,437		7,717		3,555
KA Power Limited			6,620		3,375		—		(207	)
Western Power Changgi Solar Co., Ltd.			43,393		36,938		6,461		321
EWP Australia Pty., Ltd.			67,756		358		—		12,457
Columboola Solar Farm Hold Co Pty., Ltd. (*4)			342,603		222,480		8,349		20,622
Digital Innovation Growth Fund			11,989		172		—		1,745
J Wind First, LLC			54,456		54,456		2,992		—
KEPCO Holding Company			3,727		—		—		(35	)
KEPCO for Maintenance Company			12,192		10,078		2,726		1,838
KOSPO Trumbull LLC			336,425		—		—		—
Changjuk Wind Power Co., Ltd.			25,434		2,815		5,983		686
Chile Solar JV SpA			96,796		81,288		9,862		(5,411	)
KEPCO KPS South Africa Pty., Ltd.			10,784		4,688		19,713		266
KOWEPO Holding Limited			9,108		888		—		7,679
KOSPO Rutile, LLC			147		—		—		—
Sprott Chile Solar I SpA			8,682		27		—		1

(*1)

Financial information of EWP America Inc. includes that of 4 other subsidiaries, EWP Renewable Corporation, California Power Holdings LLC, EWP ESS Holdings, LLC, and Fairhaven ESS LLC.

(*2)

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

(*3)

(*4)

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


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

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

Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The Company’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.

Incheon Fuel Cell Co., Ltd.		Acquisition or disposal of assets of more than ￦20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.

Gyeongju Wind Power Co., Ltd.		Dividends and settlement amounts for O&M and renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained.

Korea Offshore Wind Power Co., Ltd.		Principals and interest on subordinated loans or dividends and settlement amounts for renewable energy certificate may be payable only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. The Company’s equity interest in the subsidiary may not be transferred either wholly or partially without prior written consent of financial institutions.

Jeju Hanlim Offshore Wind Co., Ltd.		Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement.

Yeongdeok Sunrise Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied.

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

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

Mira Power Limited		The Company’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.

Chile Solar JV SpA		The Company’s equity interest may not be transferred either wholly or partially without prior consent of other stakeholders.


Company		Nature and extent of any significant restrictions

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

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

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

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

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

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

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

(5)	As of December 31, 2024, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:


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

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

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

(6)	Details of non-controlling interests prior to intra-Company eliminations as of and for the years ended December 31, 2022, 2023 and 2024 are as follows:


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

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


2024
Description		KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
			In millions of won
Percentage of ownership			49.00	%		49.00	%		48.76	%
Current assets	￦		58,291			1,033,936			568,226			1,284,969			2,945,422
Non-current assets			461			641,840			377,158			4,814,101			5,833,560
Current liabilities			(280	)		(341,918	)		(359,629	)		(1,282,746	)		(1,984,573	)
Non-current liabilities			(335	)		(13,561	)		(8,281	)		(2,578,521	)		(2,600,698	)
Net assets			58,137			1,320,297			577,474			2,237,803			4,193,711
Book value of non-controlling interests			28,487			646,946			281,576			490,588			1,447,597
Sales			—			1,534,269			553,363			1,032,246			3,119,878
Profit for the year			4,549			170,967			58,513			120,682			354,711
Profit for the year attributable to non-controlling interests			2,229			83,774			28,531			15,736			130,270
Cash flows from operating activities			5,034			538,151			46,528			345,168			934,881
Cash flows from investing activities			—			(379,243	)		(31,761	)		(195,587	)		(606,591	)
Cash flows from financing activities before dividends to non-controlling interests			(64,696	)		(63,535	)		(11,104	)		(161,447	)		(300,782	)
Dividends to non-controlling interests			(36,759	)		(47,584	)		(9,552	)		(43,321	)		(137,216	)
Effect of exchange rate fluctuation			12,321			1,362			447			28,762			42,892
Net increase (decrease) of cash and cash equivalents			(84,100	)		49,151			(5,442	)		(26,425	)		(66,816	)

(7)	Changes in goodwill

(i)

Details of goodwill as of December 31, 2023 and 2024 are as follows:


		2023			2024
		In millions of won
Acquisition cost	￦		101,738			101,761
Less: Accumulated impairment			(2,582	)		(2,582	)

Carrying book value	￦		99,156			99,179

(ii)

Changes in goodwill for the years ended December 31, 2023 and 2024 are as follows:


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

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


		2024
		Beginning			Increase		Decrease		Impairment			Others			Ending
		In millions of won
Acquisition cost	￦		101,738			—		—		—			23			101,761
Less: Accumulated impairment			(2,582	)		—		—		—			—			(2,582	)

Carrying book value	￦		99,156			—		—		—			23			99,179

(8)	Disposals of subsidiaries

The Company has completed the liquidation process of PT. KOWEPO Sumsel Operation and Maintenance Services and KEPCO Lebanon SARL for the year ended December 31, 2024. In addition, the Company has completed the liquidation process of its subsidiaries KHNP Spain, S.L. and KEPCO US Inc. for the year ended December 31, 2023.

(9)	Cash dividends received from subsidiaries for the years ended December 31, 2022, 2023 and 2024, respectively, are as follows:


Subsidiaries		2022		2023		2024
		In millions of won
Korea Hydro & Nuclear Power Co., Ltd.	￦		136,010		1,560,120		—
Korea South-East Power Co., Ltd.			4,808		340,710		—
Korea Midland Power Co., Ltd.			24,694		291,558		—
Korea Western Power Co., Ltd.			—		344,756		—
Korea Southern Power Co., Ltd.			—		293,027		—
Korea East-West Power Co., Ltd.			4,866		300,436		—
KEPCO Engineering & Construction Company, Inc.			5,983		7,114		10,039
KEPCO Plant Service & Engineering Co., Ltd.			27,517		29,952		49,529
KEPCO Nuclear Fuel Co., Ltd.			11,184		15,178		20,976
KEPCO KDN Co., Ltd.			36,986		185,549		—
KEPCO ES Co., Ltd.			1,707		9,480		3,180
KEPCO Solar Co., Ltd.			1,409		16,023		5,021
KEPCO MCS Co., Ltd.			—		15,353		—
KEPCO International HongKong Ltd.			9,044		5,962		7,753
KEPCO Philippines Corporation			2,375		24,246		—
KEPCO Ilijan Corporation			9,195		1,298		41,234
KEPCO Philippines Holdings Inc.			34,913		1,386		44,557
KOSPO Australia Pty., Ltd.			31,386		—		—
KEPCO Netherlands B.V.			16,795		3,124		4,638
Qatrana Electric Power Company			2,751		6,511		1,056
KEPCO KPS Philippines Corp.			302		—		—
Tamra Offshore Wind Power Co., Ltd.			2,877		3,863		—
KEPCO Netherlands S3 B.V.			4,005		2,477		—
PT. KOMIPO Pembangkitan Jawa Bali			859		578		603
PT. EWP Indonesia			4,262		—		9,555
Gyeongju Wind Power Co., Ltd.			2,100		6,300		—
KOSPO Power Services Ltda .			305		1,201		—
KEPCO Netherlands J3 B.V.			46,510		13,144		8,820
PT. Cirebon Power Service			241		12,673		256
Chitose Solar Power Plant LLC			639		1,386		1,882
Fujeij Wind Power Company			15,102		6,047		8,563
KOSPO Jordan LLC			11,450		6,089		7,901
EWP America Inc.			3,887		—		1,039
KOWEPO Lao International			12,106		—		3,631
KEPCO Neimenggu International Ltd.			—		4,058		11,393
KST Electric Power Company, S.A.P.I. de C.V.			—		3,145		34,146
KOMIPO Global Pte Ltd.			—		31,066		—
KOSPO Australia Pty., Ltd.			—		12,558		—
Changjuk Wind Power Co., Ltd.			—		4,015		—
EWP Barbados 1 SRL			—		12,987		—
KEPCO Energy Service Company			—		629		310
Chile Solar JV SpA			—		1,127		—
Haenanum Energy Fund			—		—		443
KEPCO International Philippines Inc.			—		—		96,843
KOSEP Australia Pty., Ltd.			—		—		33,940

	￦		466,268		3,575,130		407,308