XML 39 R24.htm IDEA: XBRL DOCUMENT v3.25.1
Investments in Associates and Joint Ventures
 12 Months Ended
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.