# EDGAR Filing Document

**Accession Number:** 0000887225
**File Stem:** 0001193125-23-068971
**Filing Date:** 2023-3
**Character Count:** 821782
**Document Hash:** bcb5df61828fba170d68ad8ad203c8cd
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-068971.hdr.sgml**: 20230313

**ACCESSION NUMBER**: 0001193125-23-068971

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 8

**CONFORMED PERIOD OF REPORT**: 20230313

**FILED AS OF DATE**: 20230313

**DATE AS OF CHANGE**: 20230313

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** KOREA ELECTRIC POWER CORP
- **CENTRAL INDEX KEY:** 0000887225
- **STANDARD INDUSTRIAL CLASSIFICATION:** ELECTRIC SERVICES [4911]
- **IRS NUMBER:** 133442428
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-13372
- **FILM NUMBER:** 23726999

**BUSINESS ADDRESS:**
- **STREET 1:** 55 JEOLLYEOK-RO
- **CITY:** NAJU-SI
- **STATE:** M5
- **ZIP:** 58322
- **BUSINESS PHONE:** 201 482 8182

**MAIL ADDRESS:**
- **STREET 1:** 400 KELBY STREET
- **STREET 2:** 7TH FLOOR
- **CITY:** FORT LEE
- **STATE:** NJ
- **ZIP:** 07024

##### [**Table of Contents**](#toc)

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**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, DC 20549** 

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**FORM 6-K** 

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**REPORT OF FOREIGN PRIVATE ISSUER** 

**Pursuant to Rule 13a-16 or 15d-16 of** 

**the Securities Exchange Act of 1934** 

**For the Month of March 2023** 

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## KOREA ELECTRIC POWER CORPORATION
**(Translation of registrant's name into English)** 

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**55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, Korea** 

**(Address of principal executive offices)** 

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Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): 82-<u> </u>.

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##### [**Table of Contents**](#toc)
On March 13, 2023, Korea Electric Power Corporation ("KEPCO") filed its audit report for the fiscal year 2022 prepared in accordance with Korean International Financial Reporting Standards (K-IFRS) as attached. All the financial information in the Form 6-K of KEPCO dated February 24, 2023 shall be amended and restated by the information in the attached audit report. The financial statements in such report have not been approved by the shareholders of Korean Electric Power Corporation and remain subject to change.

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##### [**Table of Contents**](#toc)
**SIGNATURES** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

---

| | |
|:---|:---|
| By: | /s/ Chang, Nam-yeon |
| <br> Name: Chang, Nam-yeon | <br> Name: Chang, Nam-yeon |
| Title: Head of Finance & IR Team | Title: Head of Finance & IR Team |

---

Date: March 13, 2023

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

(With Independent Auditor's Report Thereon)

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##### [**Table of Contents**](#toc)
INDEX TO FINANCIAL STATEMENTS

---

| | | |
|:---|:---|:---|
|  | **Page** | **Page** |
|  [Independent Auditor's Report](#tx465150_1) |  |  |
|  [Consolidated Statements of Financial Position](#tx465150_2) |  | 1 |
|  [Consolidated Statements of Comprehensive Income (Loss)](#tx465150_3) |  | 3 |
|  [Consolidated Statements of Changes in Equity](#tx465150_4) |  | 5 |
|  [Consolidated Statements of Cash Flows](#tx465150_5) |  | 7 |
|  [Notes to the Consolidated Financial Statements](#tx465150_6) |  | 9 |

---

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##### [**Table of Contents**](#toc)
![LOGO](g465150dsp3a.jpg)

Independent Auditor's Report

<u>(English Translation of a Report Originally Issued in Korean)</u>

The Shareholders and Board of Directors

Korea Electric Power Corporation:

*Opinion* 

We have audited the consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the "Group"), which comprise the consolidated statements of financial position as of December 31, 2022 and 2021, the consolidated statements of comprehensive income (loss), consolidated statements of changes in equity and consolidated statements of cash flows for the years then ended, and the notes to the consolidated financial statements, including a summary of significant accounting policies.

In our opinion, the accompanying consolidated financial statements present fairly, in all material respects, the consolidated financial position of the Group as of December 31, 2022 and 2021, and its consolidated financial performance and its consolidated cash flows for the years then ended in accordance with International Financial Reporting Standards as adopted by the Republic of Korea ("KIFRS").

*Basis for Opinion* 

We conducted our audit in accordance with Korean Standards on Auditing ("KSA"). Our responsibilities under those standards are further described in the Auditor's Responsibilities for the Audit of the Consolidated Financial Statements section of our report. We are independent of the Group in accordance with the ethical requirements that are relevant to our audit of the consolidated financial statements in the Republic of Korea, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

*Key Audit Matters* 

Key audit matters are those matters that, in our professional judgment, were of most significance in our audit of the consolidated financial statements of the current period. These matters were addressed in the context of our audit of the consolidated financial statements as a whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

• Impairment of property, plant and equipment ("PP&E")

As discussed in Note 3.(14) to the consolidated financial statements, at each reporting date, management assesses if any indicator of impairment for its PP&E exists. If there is an impairment indicator for a cash-generating unit ("CGU"), management compares the recoverable amount of the CGU with its carrying value to determine if the PP&E which are allocated to the respective CGU are impaired.

In view of the significant difference between the Group's market capitalization and its consolidated net assets carrying amount, management determined that an indicator of impairment of the Group's PP&E existed as of December 31, 2022, which is attributed to the CGU of the electricity transmission and distribution business.

Management performed an impairment assessment of the Group's PP&E allocated to CGU by comparing the carrying amount of the CGU with its value-in-use (VIU) which is determined based on discounted cash flow forecasts. Preparing the VIU estimation requires management to exercise significant judgment, particularly in relation to estimating future sales volumes, unit sales price, cost of power purchase, and discount rate. We have identified the assessment of impairment of PP&E in the electricity transmission and distribution business as a key audit matter because the carrying value of these assets are significant to the consolidated financial statements and also because estimation using a discounted cash flow forecast is complex and involves the exercise of significant management judgment in estimating the variable inputs, which can be inherently uncertain and could be subject to management bias.

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![LOGO](g465150g0308160554641.jpg)

The primary audit procedures we performed to address this key audit matter are as follows:

• We identified and tested key internal controls relating to the Group's assessment of impairment of PP&E.

• We assessed management's identification of CGU and the allocation of assets to each CGU with reference to
our understanding of the Group's business

• We compared the forecasts included in the prior year's discounted cash flow forecasts to the current
year's actual performance in order to assess the appropriateness of the estimates.

• We involved an internal valuation specialist to assist us in assessing the discount rate applied by management in
comparison with our recalculated rate using both market and entity-specific information.

• We obtained the Group's business plan and external data for major unobservable inputs such as future sales
volumes, unit sales price and cost of power purchase, used in estimating VIU, and considered whether there were any indicators of management bias.

• We evaluated the management's sensitivity analyses on the discount rate applied to the discounted cash flow
forecasts and assessed the impact of changes in the key assumptions to the conclusions reached in the impairment assessments and whether there were any indicators of management bias.

*Responsibilities of Management and Those Charged with Governance for the Consolidated Financial Statements* 

Management is responsible for the preparation and fair presentation of the consolidated financial statements in accordance with KIFRS, and for such internal control as management determines is necessary to enable the preparation of consolidated financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the consolidated financial statements, management is responsible for assessing the Group's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

Those charged with governance are responsible for overseeing the Group's financial reporting process.

*Auditor's Responsibilities for the Audit of the Consolidated Financial Statements* 

Our objectives are to obtain reasonable assurance about whether the consolidated financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with KSA will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these consolidated financial statements.

As part of an audit in accordance with KSA, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the consolidated financial statements, whether due to
fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is
higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are
appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and
related disclosures made by management.

• Conclude on the appropriateness of management's use of the going concern basis of accounting and, based on
the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are
required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to
the date of our auditor's report. However, future events or conditions may cause the Group to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the consolidated financial statements, including the
disclosures, and whether the consolidated financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.

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##### [**Table of Contents**](#toc)
![LOGO](g465150dspb.jpg)

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

We also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, related safeguards.

From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter or when, in extremely rare circumstances, we determine that a matter should not be communicated in our report because the adverse consequences of doing so would reasonably be expected to outweigh the public interest benefits of such communication.

The engagement partner on the audit resulting in this independent auditor's report is Jaekeun Song.

![LOGO](g465150g00a05.jpg)

March 13, 2023

This audit report is effective as of March 13, 2023, the independent auditor's report date. Accordingly, certain material subsequent events or circumstances may have occurred during the period from the independent auditor's report date to the time this report is used. Such events and circumstances could significantly affect the accompanying consolidated financial statements and may result in modifications to report.

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KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Consolidated Financial Statements

For the years ended December 31, 2022 and 2021

"The accompanying consolidated financial statements, including all footnotes and disclosures, have been prepared by, and are the responsibility of, the Group."

Seung-il Cheong

President/CEO

Korea Electric Power Corporation

Corporate Address: #55 Jeollyeok-ro, Naju-si, Jeollanam-do, 58322, KOREA

Phone Number: 061-345-3114(day) / 061-345-3203(night)

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position

**As of December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **2022** | **2022** | **2021** |
|  **<u>Assets</u>** |  |  |  |  |
|  Current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents | 56745 | W | 3234780 | 2635238 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets, net | 5691112134547 |  | 4286975 | 1868796 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables, net | 582024454647 |  | 10461822 | 8122415 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories, net | 14 |  | 9930732 | 7608182 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax receivables | 41 |  | 46619 | 41344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial assets | 15 |  | 1744869 | 1758991 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Assets held-for-sale | 1642 |  | 44748 | 15879 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current assets** |  |  | 29750545 | 22050845 |
|  Non-current assets |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets, net | 569101112134547 |  | 3336835 | 2909810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other receivables, net | 5820454647 |  | 2153080 | 1906861 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment, net | 18242749 |  | 177865308 | 173134638 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investment properties, net | 1927 |  | 208286 | 212784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Goodwill | 16 |  | 100093 | 105647 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets other than goodwill, net | 212746 |  | 956664 | 1044077 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates | 417 |  | 5844464 | 5232373 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in joint ventures | 417 |  | 3147584 | 2239011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Defined benefit assets, net | 25 |  | 198626 | 20871 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax assets | 41 |  | 10934375 | 1901992 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial assets | 15 |  | 309134 | 364818 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current assets** |  |  | 205054449 | 189072882 |
|  **Total Assets** | 24 | W | 234804994 | 211123727 |

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*(Continued)* 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Financial Position, Continued

**As of December 31, 2022 and 2021** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | ***Note*** | **2022** | **2022** | **2021** |
|  **<u>Liabilities</u>** |  |  |  |  |
|  Current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables, net | 522244547 | W | 11983549 | 8153426 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial liabilities, net | 512234547 |  | 22703996 | 14037125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payables | 41 |  | 429604 | 229460 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current non-financial liabilities | 202829 |  | 6974377 | 6466333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current provisions | 2645 |  | 2427051 | 2845876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total current liabilities** |  |  | 44518577 | 31732220 |
|  Non-current liabilities |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current trade and other payables, net | 522244547 |  | 5638914 | 5996498 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial liabilities, net | 512234547 |  | 98334120 | 66570419 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current non-financial liabilities | 2829 |  | 10662661 | 10216364 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits liabilities, net | 2545 |  | 828721 | 1679158 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred tax liabilities | 41 |  | 6457103 | 7100938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current provisions | 2645 |  | 26364642 | 22501424 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total non-current liabilities** |  |  | 148286161 | 114064801 |
|  **Total Liabilities** | 4 | W | 192804738 | 145797021 |
|  **<u>Equity</u>** |  |  |  |  |
|  Contributed capital | 13045 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share capital |  | W | 3209820 | 3209820 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share premium |  |  | 843758 | 843758 |
|  |  |  | 4053578 | 4053578 |
|  Retained earnings | 231 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Legal reserves |  |  | 1604910 | 1604910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Voluntary reserves |  |  | 27782969 | 33282817 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unappropriated retained earnings (deficit) |  |  | (7956579) | 10370517 |
|  |  |  | 21431300 | 45258244 |
|  Other components of equity | 34 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other capital surplus |  |  | 1268569 | 1231109 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accumulated other comprehensive income (loss) |  |  | 496976 | (57632) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other equity |  |  | 13294973 | 13294973 |
|  |  |  | 15060518 | 14468450 |
|  Equity attributable to owners of the controlling company |  |  | 40545396 | 63780272 |
|  Non-controlling interests | 21633 |  | 1454860 | 1546434 |
|  **Total Equity** | 2 | W | 42000256 | 65326706 |
|  **Total Liabilities and Equity** |  | W | 234804994 | 211123727 |

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*The accompanying notes are an integral part of the consolidated financial statements.* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss)

**For the years ended December 31, 2022 and 2021** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **2022** | **2022** | **2021** |
|  **Sales** | 24354547 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of goods |  | W | 69184469 | 58800977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of services |  |  | 714602 | 456400 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Sales of construction services | 20 |  | 646953 | 754998 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue related to transfer of assets<br> from customers | 28 |  | 711839 | 661212 |
|  |  |  | 71257863 | 60673587 |
|  **Cost of sales** | 214254347 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of goods |  |  | (99441768) | (62164425) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of services |  |  | (520572) | (580902) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of sales of construction services |  |  | (941254) | (898963) |
|  |  |  | (100903594) | (63644290) |
|  **Gross loss** |  |  | (29645731) | (2970703) |
|  **Selling and administrative expenses** | 25364347 |  | (3009422) | (2875796) |
|  **Operating loss** | 4 |  | (32655153) | (5846499) |
|  **Other income** | 37 |  | 383650 | 372921 |
|  **Other expenses** | 37 |  | (212150) | (257932) |
|  **Other gains (losses), net** | 38 |  | 243122 | 8519 |
|  **Finance income** | 51239 |  | 1833312 | 1402614 |
|  **Finance expenses** | 51240 |  | (4746791) | (3245777) |
|  **Profit (loss) related to associates, joint ventures and subsidiaries** | 41617 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures |  |  | 1393486 | 775588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of investments in associates and joint ventures |  |  | 11091 | 1844 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of investments in associates and joint ventures |  |  | (55193) | (218532) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in associates and joint ventures |  |  | (1675) | (64119) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of investments in associates and joint ventures |  |  | (5174) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of investments in subsidiaries |  |  | (32144) | (197) |
|  |  |  | 1310391 | 494584 |
|  **Loss before income tax** |  |  | (33843619) | (7071570) |
|  **Income tax benefit** | 41 |  | 9414511 | 1855989 |
|  **Loss for the year** |  | W | (24429108) | (5215581) |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Comprehensive Income (Loss), Continued

**For the years ended December 31, 2022 and 2021** 

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won, except per share information* | ***Note*** | **2022** | **2022** | **2021** |
|  **Other comprehensive income (loss), net of tax** | 512253134 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability | 2531 | W | 663095 | 210409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income of associates and joint ventures | 31 |  | 12305 | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of equity investments at fair value through other comprehensive income (loss) | 34 |  | 58010 | 59024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting | 51234 |  | (24415) | (15778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations | 34 |  | 28387 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures | 34 |  | 509487 | 301161 |
|  **Other comprehensive income for the year** |  |  | 1246869 | 599614 |
|  **Total comprehensive loss for the year** |  | W | (23182239) | (4615967) |
|  **Profit (loss) attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company | 44 | W | (24466853) | (5304522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 37745 | 88941 |
|  |  | W | (24429108) | (5215581) |
|  **Total comprehensive income (loss) attributable to:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Owners of the controlling company |  | W | (23273171) | (4743513) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-controlling interests |  |  | 90932 | 127546 |
|  |  | W | (23182240) | (4615967) |
|  **Loss per share (in won)** | 244 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Basic and diluted loss per share |  | W | (38112) | (8263) |

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*The accompanying notes are an integral part of the consolidated financial statements.* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity

**For the years ended December 31, 2022 and 2021** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed**<br>**capital** | **Contributed**<br>**capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2021** | W | 4053578 | 51134330 | 14109501 | 69297409 | 1370650 | 70668059 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) for the year |  |  | (5304522) |  | (5304522) | 88941 | (5215581) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability, net of tax |  |  | 201067 |  | 201067 | 9342 | 210409 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  | 3609 |  | 3609 |  | 3609 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 59022 | 59022 | 2 | 59024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | (19610) | (19610) | 3832 | (15778) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 15760 | 15760 | 25429 | 41189 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  |  | 301161 | 301161 |  | 301161 |
|  **Transactions with owners of the Company, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  | (780628) |  | (780628) | (31516) | (812144) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of shares of capital by subsidiaries and others |  |  |  | (491) | (491) | 75702 | 75211 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions between consolidated entities |  |  |  | 7452 | 7452 | (42199) | (34747) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  | 43 | 43 | 59636 | 59679 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid (hybrid bond) |  |  |  |  |  | (13385) | (13385) |
|  **Others** |  |  | 4388 | (4388) |  |  |  |
|  **Balance as of December 31, 2021** | W | 4053578 | 45258244 | 14468450 | 63780272 | 1546434 | 65326706 |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Changes in Equity, Continued

**For the years ended December 31, 2022 and 2021** 

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| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Equity attributable to owners of the controlling company** | **Non-**<br>**controlling**<br>**interests** |  |
|  | **Contributed**<br>**capital** | **Contributed**<br>**capital** | **Retained**<br>**earnings** | **Other**<br>**components**<br>**of equity** | **Subtotal** | **Non-**<br>**controlling**<br>**interests** | **Total**<br>**equity** |
|  **Balance as of January 1, 2022** | W | 4053578 | 45258244 | 14468450 | 63780272 | 1546434 | 65326706 |
|  **Total comprehensive income (loss) for the period** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Profit (Loss) for the period |  |  | (24466853) |  | (24466853) | 37745 | (24429108) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that will not be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit liability, net of tax |  |  | 626769 |  | 626769 | 36326 | 663095 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  | 12305 |  | 12305 |  | 12305 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in fair value of financial assets at fair value through other comprehensive income, net of tax |  |  |  | 58008 | 58008 | 2 | 58010 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Items that are or may be reclassified subsequently to profit or loss: |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  | (32437) | (32437) | 8022 | (24415) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Foreign currency translation of foreign operations, net of tax |  |  |  | 19550 | 19550 | 8837 | 28387 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share in other comprehensive income (loss) of associates and joint ventures, net of tax |  |  |  | 509487 | 509487 |  | 509487 |
|  **Transactions with owners of the Company, recognized directly in equity** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid |  |  |  |  |  | (42344) | (42344) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Issuance of shares of capital by subsidiaries and others |  |  | 835 | 39641 | 40476 | 86316 | 126792 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transactions between consolidated entities |  |  |  | (1584) | (1584) | (75791) | (77375) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in consolidation scope |  |  |  | (597) | (597) | 32311 | 31714 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends paid (hybrid bond) |  |  |  |  |  | (13461) | (13461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Repayment of hybrid bond |  |  |  |  |  | (169537) | (169537) |
|  **Balance as of December 31, 2022** | W | 4053578 | 21431300 | 15060518 | 40545396 | 1454860 | 42000256 |

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*The accompanying notes are an integral part of the consolidated financial statements.* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows

**For the years ended December 31, 2022 and 2021** 

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| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **Cash flows from operating activities** |  |  |  |
|  Loss for the year | W | (24429108) | (5215581) |
|  Adjustments to reconcile profit (loss) for the period to net cash<br> provided by operating activities: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense |  | (9414511) | (1855989) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation |  | 12305252 | 11776331 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization |  | 156160 | 166161 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits expense |  | 485700 | 512270 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debt expense |  | 29997 | 67242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense |  | 2818546 | 1914457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of financial assets |  | 1841 | 1045 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of property, plant and equipment |  | 100066 | 92622 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on abandonment of property, plant and equipment |  | 160909 | 207934 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | (97425) | 4056 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | 164 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of intangible assets |  | 116 | 145 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Increase in provisions |  | 2146979 | 2466452 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on foreign currency translation, net |  | 523285 | 997119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of financial assets at fair value through profit or loss |  | (7099) | (14338) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on valuation of financial assets at fair value through profit or loss |  | 44329 | 5480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Valuation and transaction gain on derivative instruments, net |  | (448903) | (907076) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on valuation of investments in associates and joint ventures, net |  | (1338293) | (557056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of financial assets |  | (11199) | (7718) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of Impairment loss on intangible assets |  |  | (14) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of property, plant and equipment |  | (148667) | (56284) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of intangible assets |  | (41) | (1) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain on disposal of associates and joint ventures |  | (11091) | (1844) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of associates and joint ventures |  | 1675 | 64119 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment investments in associates and joint ventures |  | 5174 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on disposal of subsidiaries |  | 32144 | 197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income |  | (340753) | (221874) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends income |  | (28875) | (10522) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  | 215943 | (169856) |
|  |  | 7181423 | 14473058 |
|  Changes in working capital: |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | (1909649) | (216734) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 80444 | 869870 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | (34706) | (17918) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 80236 | 24306 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current assets |  | (651926) | (569732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories |  | (3000669) | (1738000) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current assets |  | 58790 | (3462) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade payables |  | 2782474 | 2144561 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade payables |  | 61737 | (571051) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued expenses |  | (191681) | (456992) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other current liabilities |  | 446064 | 379378 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other non-current liabilities |  | 422916 | 458007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates and joint ventures (dividends received) |  | 473700 | 288242 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (1564243) | (2426017) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of employee benefit obligations |  | (218319) | (159477) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan assets |  | (347778) | (317707) |
|  | W | (3512610) | (2312726) |

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*(Continued)* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Consolidated Statements of Cash Flows, Continued

**For the years ended December 31, 2022 and 2021** 

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| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Cash generated from operating activities | W | (20760295) | 6944751 |
|  Dividends received |  | 28875 | 10522 |
|  Interest paid |  | (2517694) | (1928160) |
|  Interest received |  | 220471 | 201022 |
|  Income taxes paid |  | (448857) | (736757) |
|  **Net cash provided by (used in) operating activities** |  | (23477500) | 4491378 |
|  **Cash flows from investing activities** |  |  |  |
|  Proceeds from disposals of investments in associates and joint ventures |  | 56171 | 4472 |
|  Acquisition of investments in associates and joint ventures |  | (360962) | (673017) |
|  Proceeds from disposals of property, plant and equipment |  | 629924 | 277998 |
|  Acquisition of property, plant and equipment |  | (12346878) | (12686726) |
|  Proceeds from disposals of intangible assets |  | 279 | 59 |
|  Acquisition of intangible assets |  | (80508) | (113100) |
|  Disposal of investment properties |  | 515 |  |
|  Proceeds from disposals of financial assets |  | 14182348 | 7023674 |
|  Acquisition of financial assets |  | (16496258) | (5893404) |
|  Increase in loans |  | (401377) | (223950) |
|  Collection of loans |  | 102061 | 218704 |
|  Increase in deposits |  | (237266) | (222924) |
|  Decrease in deposits |  | 141000 | 166066 |
|  Proceeds from disposals of assets held-for-sale |  | 24205 | 1148 |
|  Receipt of government grants |  | 50755 | 37920 |
|  Net cash outflow from changes in consolidation scope |  | (31350) | (63492) |
|  Other cash outflow from investing activities, net |  | (186412) | (225948) |
|  **Net cash used in investing activities** |  | (14953753) | (12372520) |
|  **Cash flows from financing activities** |  |  |  |
|  Proceeds from short-term borrowings, net |  | 5852426 | 1621440 |
|  Proceeds from long-term borrowings and debt securities |  | 43594078 | 17392311 |
|  Repayment of long-term borrowings and debt securities |  | (10252688) | (9360357) |
|  Payment of lease liabilities |  | (562646) | (572036) |
|  Settlement of derivative instruments, net |  | 407627 | 98068 |
|  Change in non-controlling interests |  | 175645 | 90096 |
|  Repayment of hybrid bond |  | (169537) |  |
|  Dividends paid (hybrid bond) |  | (13461) | (13385) |
|  Dividends paid |  | (42348) | (812159) |
|  Other cash outflow from financing activities, net |  | 8803 | (8901) |
|  **Net cash provided by financing activities** |  | 38997899 | 8435077 |
|  **Net increase in cash and cash equivalents before effect of exchange rate fluctuations** |  | 566646 | 553935 |
|  **Effect of exchange rate fluctuations on cash held** |  | 32896 | 51719 |
|  **Net increase in cash and cash equivalents** |  | 599542 | 605654 |
|  **Cash and cash equivalents at January 1, 2022** |  | 2635238 | 2029584 |
|  **Cash and cash equivalents at December 31, 2022** | W | 3234780 | 2635238 |

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*The accompanying notes are an integral part of the consolidated financial statements.* 

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements

**December 31, 2022 and 2021** 

**1.** **Reporting Entity (Description of the controlling company)** 

Korea Electric Power Corporation ("KEPCO"), the controlling company as defined in Korean International Financial Reporting Standards ("KIFRS") 1110 'Consolidated Financial Statements', was incorporated on January 1, 1982 in accordance with the Korea Electric Power Corporation Act (the "KEPCO Act") to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO's stock was listed on the Korea Stock Exchange on August 10, 1989 and KEPCO listed its Depository Receipts (DR) on the New York Stock Exchange on October 27, 1994. KEPCO's head office is located in Naju, Jeollanam-do.

As of December 31, 2022, KEPCO's share capital amounts to W3,209,820 million and KEPCO's shareholders are as follows:

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| | | |
|:---|:---|:---|
|  | **Number of shares** | **Percentage of**<br>**ownership** |
|  The Government of the Republic of Korea | 116841794 | 18.20% |
|  Korea Development Bank | 211235264 | 32.90% |
|  Other (\*) | 313887019 | 48.90% |
|  | 641964077 | 100.00% |

---

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| | |
|:---|:---|
| (\*) | The number of shares held by foreign shareholders are 88,959,339 shares (13.86%) as of December 31, 2022, the most recent closing date of shareholder list.  |

---

In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.

**2.** **Basis of Preparation** 

The consolidated financial statements of Korea Electric Power Corporation and its subsidiaries (collectively referred to as the "Group") were authorized for issuance by the Board of Directors on February 24, 2023, which will be submitted for approval at the shareholders' meeting held on March 28, 2023.

**(1)** **Statement of compliance** 

These consolidated financial statements have been prepared in accordance with KIFRS, as prescribed in the Act on External Audits of Corporations in the Republic of Korea. The accompanying condensed consolidated financial statements have been translated into English from the Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditors' review report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

**(2)** **Basis of measurement** 

These consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial assets at fair value through profit or loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• financial assets at fair value through other comprehensive income or loss

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• derivative financial instruments are measured at fair value

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit
obligations less the fair value of plan assets

**(3)** **Functional and presentation currency** 

These consolidated financial statements are presented in Korean won (presented as "won" or "KRW"), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**2.** **Basis of Preparation, Continued** 

**(4)** **Use of estimates and judgments** 

The preparation of the consolidated financial statements in conformity with KIFRS requires management to make judgments, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.

The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Useful lives of property, plant and equipment, and estimations on provision for decommissioning costs

The Group reviews the estimated useful lives of property, plant and equipment at the end of each annual reporting period. Management's assumptions could affect the determination of estimated economic useful lives.

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with the retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. The Group is required to record a liability for the dismantling (demolition) of nuclear power plants and disposal of spent fuel and low and intermediate radioactive wastes. The measurement of such liability is subject to change based on change in estimated cash flow, inflation rate, discount rate, and expected timing of decommissioning.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Deferred tax

The Group recognizes deferred tax assets and liabilities based on the differences between the financial statement carrying amounts and the tax bases of assets and liabilities of each consolidated taxpaying entity. However, the amount of deferred tax assets may be different if the Group determines the estimated future taxable income is not sufficient to realize the deferred tax assets recognized.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Valuations of financial instruments at fair values

The Group's accounting policies and disclosures require the measurement of fair values, for both financial and non-financial assets and liabilities. The Group has established control framework with respect to the measurement of fair values. The valuation team regularly reviews significant unobservable inputs and valuation adjustments.

If third party information, such as broker quotes or pricing services, is used to measure fair values, then the valuation team assesses the evidence obtained from the third parties to support the conclusion that such valuations meet the requirements of KIFRS including the level in the fair value hierarchy in which such valuation techniques should be classified.

When measuring the fair value of an asset or a liability, the Group uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.

If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Group recognizes transfers between levels of the fair value hierarchy at the end of the reporting period during which the change has occurred.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**2.** **Basis of Preparation, Continued** 

**(4)** **Use of estimates and judgments, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of December 31, 2022 and 2021 are W 2,348,813 million and W1,725,444 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Construction contracts

The Group recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Group's progress towards complete satisfaction of providing the power plant construction, which has been identified as a single performance obligation. In applying the cost-based input method, it is necessary to use estimates and assumptions related to the Group's efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) The 30-year designed life of Wolsong unit 1 nuclear power plant of the
Group had expired on November 20, 2012. On February 27, 2015, however, approval from the Nuclear Safety and Security Commission (NSSC) was received to continue its operation until November 20, 2022.

According to the 8th Basic Plan for Electricity Supply and Demand announced by the Ministry of Trade, Industry and Energy in 2017, Wolsong unit 1 nuclear power plant was expected to go through a comprehensive evaluation for the feasibility of continuous operation including economic efficiency and acceptability of household and community in 2018 in order to decide whether to shut down early. On June 15, 2018, the board of directors of Korea Hydro & Nuclear Power Co., Ltd. ("KHNP"), a subsidiary of KEPCO, has decided to shut down Wolsong unit 1 on the grounds that its deficit was increasing and its economic efficiency was low due to the nonoptimal utilization rate. On December 24, 2019, NSSC approved permanent shutdown of unit 1.

In addition, the Group has also decided to discontinue the construction of Cheonji unit 1 and 2 and Daejin unit 1 and 2 pursuant to the government policy. Accordingly, the Group recognized impairment loss and other expenses during the year ended December 31, 2018.

Among the new nuclear power plants under construction, Shin-Hanwool unit 3 and 4, for which approval for power generation business was previously obtained, are not included in the list of construction suspension as determined by the board of directors of KHNP. However, it is highly likely that the construction of Shin-Hanwool unit 3 and 4 will be suspended according to the government's policy. Accordingly, the Group recognized impairment loss during the year ended December 31, 2018, as the Group believed that there was a significant change in its operating environment.

However, due to the report to the board of directors of Korea Hydro & Nuclear Power Co., Ltd., a subsidiary of the Group, regarding the resumption of suspension services, permits, and major contracts related to Shin-Hanwool unit 3 and 4, the Group identified signals of the recovery of impairment losse of the assets mentioned above. Accordingly, the Group recognized the reversal of impairment losses related to Shin-Hanwool unit 3 and 4 during the year ended December 31, 2022.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**2.** **Basis of Preparation, Continued** 

**(5)** **Changes in accounting policies** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Property, Plant and Equipment: Proceeds before Intended Use – Amendments to KIFRS 1016

The amendment prohibits deducting from the cost of an item of property, plant and equipment any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The Group applied the amendment retrospectively to items of property, plant and equipment that are capable of operating on or after the beginning of the earliest period presented in the financial statements in which the entity first applies the amendments, and the impacts on the Group's consolidated financial statements on the date of initial application (January 1, 2022) are as follows:

![LOGO](g465150dsp20.jpg) The impacts on the Group's consolidated statement of financial position as of December 31, 2021 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **Original carrying**<br>**amount** | **Original carrying**<br>**amount** | **Adjustment** | **New carrying**<br>**amount** |
|  Current assets | W | 22050845 |  | 22050845 |
|  Non-current assets |  | 189058025 | 14857 | 189072882 |
|  **Total Assets** |  | 211108870 | 14857 | 211123727 |
|  Current liabilities |  | 31732220 |  | 31732220 |
|  Non-current liabilities |  | 114064801 |  | 114064801 |
|  **Total Liabilities** |  | 145797021 |  | 145797021 |
|  Contributed capital |  | 4053578 |  | 4053578 |
|  Retained earnings |  | 45246982 | 11262 | 45258244 |
|  Other components of equity |  | 14468450 |  | 14468450 |
|  Non-controlling interests |  | 1542839 | 3595 | 1546434 |
|  **Total Equity** |  | 65311849 | 14857 | 65326706 |
|  **Total Liabilities and Equity** | W | 211108870 | 14857 | 211123727 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**2.** **Basis of Preparation, Continued** 

**(5)** **Changes in accounting policies, continued**![LOGO](g465150dsp21.jpg) The impacts on the Group's consolidated statement of comprehensive income(loss) for the year ended December 31, 2021 are as follows:

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| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won except per share information* | **Original carrying**<br>**amount** | **Original carrying**<br>**amount** | **Adjustment** | **New carrying**<br>**amount** |
|  Sales | W | 60574819 | 98768 | 60673587 |
|  Cost of sales |  | (63559178) | (85112) | (63644290) |
|  **Gross loss** |  | (2984359) | 13656 | (2970703) |
|  Selling and administrative expenses |  | (2875784) | (12) | (2875796) |
|  **Operating loss** |  | (5860143) | 13644 | (5846499) |
|  Other non-operating income |  | 372921 |  | 372921 |
|  Other non-operating expense |  | (257932) |  | (257932) |
|  Other gains, net |  | 8519 |  | 8519 |
|  Finance income |  | 1402614 |  | 1402614 |
|  Finance expenses |  | (3245777) |  | (3245777) |
|  Profit related to associates, joint ventures and subsidiaries |  | 494584 |  | 494584 |
|  **Loss before income tax** |  | (7085214) | 13644 | (7071570) |
|  Income tax benefit |  | 1855989 |  | 1855989 |
|  **Net Loss for the period** |  | (5229225) | 13644 | (5215581) |
|  Loss attributable to owners of the controlling company |  | (5315055) | 10533 | (5304522) |
|  Profit attributable to non-controlling interests |  | 85830 | 3111 | 88941 |
|  Other comprehensive income (loss) |  | 599614 |  | 599614 |
|  **Total comprehensive income (loss) for the period** |  | (4629611) | 13644 | (4615967) |
|  Total comprehensive loss attributable to owners of the controlling company |  | (4754046) | 10533 | (4743513) |
|  Total comprehensive income (attributable to non-controlling interests |  | 124435 | 3111 | 127546 |
|  Loss per share (in won) | W | (8279) | 16 | (8263) |

---

![LOGO](g465150dsp22.jpg) The impacts on the Group's consolidated statement of cash flows for the year ended December 31, 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **Original carrying**<br>**amount** | **Original carrying**<br>**amount** | **Adjustment** | **New carrying**<br>**amount** |
|  Cash flows from operating activities | W | 4473186 | 18192 | 4491378 |
|  Cash flows from investing activities |  | (12354328) | (18192) | (12372520) |
|  Cash flows from financing activities |  | 8435077 |  | 8435077 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**2.** **Basis of Preparation, Continued** 

**(5)** **Changes in accounting policies, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Other changes in accounting standards effective from January 1, 2022 are as follows. The Group believes
that these amendments have no significant impact on the Group's consolidated financial statements. The Group has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2022, even
though the early adoption of these standards is possible.

*Onerous Contracts – Costs of Fulfilling a Contract – Amendments to KIFRS 1037* 

Onerous contract is a contract in which the unavoidable costs of meeting the obligations under the contract exceed the economic benefits expected to be received under it. The amendment specifies that the costs of fulfilling a contract comprise incremental costs, such as the costs of materials or labor, and an allocation of other costs directly related to the contract, such as an allocation of the depreciation charge for an item of property, plant and equipment used in fulfilling the contract, when assessing whether a contract is an onerous contract. The Group will apply the amendment to the contracts for which all obligations have not been fulfilled at the date of initial application.

*Reference to the Conceptual Framework – Amendments to KIFRS 1103* 

The amendments are intended to replace a reference to the Framework for the Preparation and Presentation of Financial Statements, issued in 1989, with a reference to the Conceptual Framework for Financial Reporting issued in March 2018 without significantly changing its requirements.

An exception has been added to the recognition principle in KIFRS 1103 to avoid 'day 2' gains or losses arising for liabilities and contingent liabilities that would be within the scope of KIFRS 1037 or KIFRS 2121 Levies. It requires an entity to apply criteria in KIFRS 1037 and KIFRS 2121 respectively to determine whether a present obligation exists at the acquisition date. The amendment added a new paragraph to KIFRS 1103 to clarify that the contingent assets should not be recognized at the date of acquisition.

*KIFRS 1101 First-time Adoption of International Financial Reporting Standards – Subsidiary as a first-time adopter* 

The amendment permits a subsidiary that elects to apply paragraph D16(a) of KIFRS 1101 to measure cumulative translation differences using the amounts reported by the parent, based on the parent's date of transition to KIFRS. This amendment is also applied to an associate or joint venture that elects to apply paragraph D16(a) of KIFRS 1101.

*KIFRS 1109 Financial Instruments – Fees in the '10 per cent' test for derecognition of financial liabilities* 

The amendment clarifies the fees that an entity includes when assessing whether the terms of a new or modified financial liability are substantially different from the terms of the original financial liability. These fees include only those paid or received between the borrower and the lender, including fees paid or received by either the borrower or lender on the other's behalf. There is no restricted and similar amendment to KIFRS 1039.

*KIFRS 1041 Agriculture – Taxation in fair value measurements* 

The amendments remove the requirement in paragraph 22 of KIFRS 1041 that entities exclude cash flows for taxation when measuring the fair value of assets within the scope of KIFRS 1041.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies** 

The accounting policies applied by the Group in these consolidated financial statements are the same as those applied by the Group in its consolidated financial statements as of and for the year ended December 31, 2021, except for the changes described in Note 2.(5).

**(1)** **Basis of consolidation** 

The consolidated financial statements are the financial statements of a group in which the assets, liabilities, equity, income, expenses and cash flows of the parent and its subsidiaries are presented as those of a single economic entity. Subsidiaries are controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.

Income and expense of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of The Group and to the non-controlling interests even if this results in the non-controlling interests having a deficit balance.

When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies into line with those of the Group.

Transactions within the Group are eliminated during the consolidation.

Changes in the Group's ownership interests in a subsidiary that do not result in the Group losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Group's interests and the non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the non-controlling interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Group.

When the Group loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any non-controlling interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Group had directly disposed of the relevant assets (i.e. reclassified to income or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under KIFRS 1109 'Financial Instruments' or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.

**(2)** **Business combinations** 

A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.

The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Group, liabilities incurred by the Group to the former owners of the acquiree and the equity interests issued by the Group in exchange for control of the acquiree. Acquisition-related costs are generally recognized in income or loss as incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(2)** **Business combinations, continued** 

At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are
recognized and measured in accordance with KIFRS 1012 'Income Taxes' and KIFRS 1019 'Employee Benefits', respectively;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• assets (or disposal groups) that are classified as held for sale in accordance with KIFRS 1105 'Non-current Assets Held for Sale' are measured in accordance with that standard.

Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree, and the fair value of the acquirer's previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any non-controlling interests in the acquiree and the fair value of the acquirer's previously held interest in the acquiree (if any), the excess is recognized immediately in income or loss as a bargain purchase gain.

Non-controlling interest that is present on acquisition day and entitles the holder to a proportionate share of the entity's net assets in an event of liquidation, may be initially measured either at fair value or at the non-controlling interest's proportionate share of the recognized amounts of the acquiree's identifiable net assets. The choice of measurement can be elected on a transaction-by-transaction basis. Other types of non-controlling interests are measured at fair value or, when applicable, on the basis specified in other KIFRSs.

When the consideration transferred by the Group in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the 'measurement period' (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.

The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not re-measured at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is re-measured at subsequent reporting dates in accordance with KIFRS 1109 'Financial Instruments', or with KIFRS 1037 'Provisions, Contingent Liabilities and Contingent Assets', as appropriate, with the corresponding gain or loss being recognized in income or loss.

When a business combination is achieved in stages, the Group's previously held equity interest in the acquiree is re-measured to fair value at the acquisition date (i.e. the date when the Group obtains control) and the resulting gain or loss, if any, is recognized in income or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to income or loss where such treatment would be appropriate if that interest were disposed of.

If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Group reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.

The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(3)** **Investments in associates** 

An associate is an entity over which the Group has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Group holds 20% ~ 50% of the voting power of the investee, it is presumed that the Group has significant influence.

The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with KIFRS 1105 'Non-current Assets Held for Sale', any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Group shall account for any retained interest in associates in accordance with KIFRS 1109 'Financial Instruments' unless the retained interest continues to be an associate, in which case the entity uses the equity method.

Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Group's share of the income or loss and other comprehensive income of the associate. When the Group's share of losses of an associate exceeds the Group's interest in that associate (which includes any long-term interests that, in substance, form part of the Group's net investment in the associate), the Group discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Group has incurred legal or constructive obligations or made payments on behalf of the associate.

Any excess of the cost of acquisition over the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Group's share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in income or loss.

Upon disposal of an associate that results in the Group losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with KIFRS 1109. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.

In addition, the Group accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to income or loss on the disposal of the related assets or liabilities, the Group reclassifies the gain or loss from equity to income or loss (as a reclassification adjustment) when it loses significant influence over that associate.

The requirements of KIFRS 1028 'Investments in Associates and Joint Ventures' are applied to determine whether it is necessary to recognize any impairment loss with respect to the Group's investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with KIFRS 1036 'Impairment of Assets' as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with KIFRS 1036 to the extent that the recoverable amount of the investment subsequently increases.

When the Group transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Group's consolidated financial statements only to the extent of interests in the associate that are not related to the Group.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(4)** **Joint arrangements** 

A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types—joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.

The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Group determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.

If the Group is a joint operator, the Group is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant KIFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Group is to account for that investment using the equity method accounting in accordance with KIFRS 1028 'Investment in Associates and Joint Ventures' (refer to note 3.(3)), except when the Group is applicable to the KIFRS 1105 'Non-current Assets Held for Sale'.

**(5)** **Non-current assets held-for-sale** 

Non-current assets and disposal groups are classified as held-for-sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the non-current asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.

When the Group is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Group will retain a non-controlling interest in its former subsidiary after the sale.

Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell.

**(6)** **Goodwill** 

The Group measures goodwill which acquired in a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.

The Group assesses at the end of each reporting period and whenever there is an indication that the asset may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.

Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset's carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.

On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(7)** **Revenue from Contracts with Customers** 

The Group recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation). The Group recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Group recognizes revenue when the Group satisfies a performance obligation by transferring a promised good or service to a customer.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Identify the performance obligations in the contract

The Group is engaged in the generation, transmission and distribution of electricity and development of electric power resources, and electricity sales revenue accounts for 92.90% of consolidated revenue for the year ended December 31, 2022.

Under KIFRS 1115, supplying electricity is a series of distinct goods or services identified as a single performance obligation. The Group is also engaged in contracts with customers for transmission and distribution, provision of power generation byproducts, EPC business, O&M, etc. that are identified as separate performance obligations for each contract.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Variable consideration

The Group may be subject to a variation of consideration paid by the customer due to the progressive electricity billing system, discounts on electricity bills for policy purposes, penalties and delinquent payment, etc. The Group estimates an amount of variable consideration by using the expected value method that the Group expects to better predict the amount of consideration to which it will be entitled, and includes in the transaction price some or all of an amount of variable consideration only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Performance obligations satisfied over time

The Group satisfies its performance obligations for contracts such as EPC business, O&M, etc. over time. The Group recognizes revenue based on the percentage-of-completion on a reasonable basis.

The Group recognizes revenue over time if one of the following criteria is met:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) the customer simultaneously receives and consumes the benefits provided by the Group's performance as the
entity performs;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) the Group's performance creates or enhances an asset that the customer controls as the asset is created or
enhanced; or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) the Group's performance does not create an asset with an alternative use to the entity and the entity has
an enforceable right to payment for performance completed to date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Adoption of cost pass-through tariff system

The Group amended the basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. The cost pass-through tariff system has been applied to the electricity rate after January 1, 2021 in accordance with the amendment. The Group expects the adoption of the new system would not affect the existing accounting policies including 'revenue from contracts with customers'.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(8)** **Leases** 

The lessee and the lessor account for each lease component separately from non-lease component, in the lease contracts or contracts that contain lease. However, the Group applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the non-lease component from the lease component, it applied a method of accounting for each lease component and the related non-lease component as a single lease contract. The lessor's accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) The Group as a lessor

In the case of finance leases, the Group recognizes the same amount of the net investment in the lease as finance lease receivables, and recognizes interest income using the effective interest method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) The Group as a lessee

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Right-of-use assets

The Group recognizes right-of-use assets at the commencement date of the lease. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any re-measurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Lease liabilities

At the commencement date of the lease, the Group recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects the Group exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.

In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment of an option to purchase the underlying asset.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(c) Short-term leases and leases of low-value assets

The Group applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of low-value assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of low-value assets are recognized as expense on a straight-line basis over the lease term.

Book value and changes in book value of right-of-use assets and lease liabilities during the period are described in Note 24.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(9)** **Foreign currencies** 

Transactions in foreign currencies are translated to the respective functional currencies of the Group entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date's exchange rate. Non-monetary items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.

Exchange differences are recognized in profit or loss in the period in which they arise except for:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange differences on foreign currency borrowings relating to assets under construction for future productive
use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to Note
3.(23) Derivative financial instruments, including hedge accounting); and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is
neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to income or loss on disposal or partial disposal
of the net investment.

For the purpose of presenting financial statements, the assets and liabilities of the Group's foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in non-controlling interest).

On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the non-controlling interests shall be derecognised, but shall not be reclassified to profit or loss.

On the partial disposal of a subsidiary that includes a foreign operation, the entity shall re-attribute the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income to the non-controlling interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognised in other comprehensive income.

Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. And such exchange differences shall be recognized in equity.

**(10)** **Borrowing costs** 

The Group capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.

Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.

All other borrowing costs are recognized in income or loss in the period in which they are incurred.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(11)** **Government grants** 

Government grants are not recognized unless there is reasonable assurance that the Group will comply with the grant's conditions and that the grant will be received.

Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) If the Group received grants related to assets

Government grants whose primary condition is that the Group purchase, construct or otherwise acquire long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) If the Group received grants related to income

Government grants which are intended to compensate the Group for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Group recognizes the related costs as expenses.

**(12)** **Employee benefits** 

When an employee has rendered service to the Group during a period, the Group recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).

For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by "Pension Actuarial System" developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.

Net defined benefit liability's measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.

The retirement benefit obligation recognized in the statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(13)** **Income taxes** 

Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Current tax

Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and non-taxable or non-deductible items from the accounting profit.

Current tax assets and liabilities are offset only if, the Group:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) has a legally enforceable right to set off the recognized amounts; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Deferred tax

Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.

The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.

The Group recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Group is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Group recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.

The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.

Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Group expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.

Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Current and deferred tax for the year

Current and deferred tax are recognized in income or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(14)** **Property, plant and equipment** 

Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.

Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset's future economic benefits are expected to be consumed. For loaded nuclear fuel related to long-term raw materials and spent nuclear fuels related to asset retirement costs, the Group uses the unit-of-production method to measure and recognize depreciation expenses.

The estimated useful lives of the Group's property, plant and equipment are as follows:

---

| | |
|:---|:---|
|  | **Useful lives (years)** |
|  Buildings | 8 ~ 40 |
|  Structures | 5 ~ 50 |
|  Machinery | 2 ~ 32 |
|  Vehicles | 3 ~ 8 |
|  Loaded heavy water | 30 |
|  Asset retirement costs | 18, 30, 40, 60 |
|  Right-of-use assets | 1 ~ 65 |
|  Ships | 9 |
|  Others | 4 ~ 15 |

---

A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.

Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.

Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of a property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in income or loss when the asset is derecognized.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(15)** **Investment property** 

Property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.

Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Group and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the day-to-day servicing are recognized in profit or loss as incurred.

Investment property except for land, are depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.

The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.

An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in income or loss in the period in which the property is derecognized.

**(16)** **Intangible assets** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Intangible assets acquired separately

Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Research and development

Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The technical feasibility of completing the intangible asset so that it will be available for use or sale;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The intention to complete the intangible asset and use or sell it;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to use or sell the intangible asset;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• How the intangible asset will generate probable future economic benefits;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The availability of adequate technical, financial and other resources to complete the development and to use or
sell the intangible asset; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• The ability to measure reliably the expenditure attributable to the intangible asset during its development.

The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in income or loss in the period in which it is incurred.

Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(16)** **Intangible assets, continued** 

The estimated useful lives and amortization methods of the Group's intangible assets are as follows:

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| | | |
|:---|:---|:---|
|  | **Useful lives (years)** | **Amortization<br>methods** |
|  Usage rights for donated assets | 10 ~ 30 | Straight line |
|  Software | 4, 5 | Straight line |
|  Industrial rights | 5 ~ 10 | Straight line |
|  Development expenses | 5 | Straight line |
|  Leasehold rights | 8 ~ 10 | Straight line |
|  Others | 3 ~ 50 or indefinite | Straight line |
|  Mining right |  | Unit of production |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Intangible assets acquired in a business combination

Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.

Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Derecognition of intangible assets

An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset and are recognized in income or loss when the asset is derecognized.

**(17)** **Greenhouse gas emissions rights (allowances) and obligations** 

In connection with Enforcement of Allocation and Trading of Greenhouse Gas Emissions Allowances, the Group applies the following accounting policies for greenhouse gas emissions rights and obligations.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Greenhouse gas emissions rights

Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.

Greenhouse gas emissions rights are held by the Group to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.

Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Greenhouse gas emissions obligations

Greenhouse gas emissions obligations are the Group's present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(18)** **Impairment of non-financial assets other than goodwill** 

At the end of each reporting period, the Group reviews the carrying amounts of its tangible and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Group estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.

Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.

If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the impairment loss is treated as a revaluation decrease.

When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss, unless the relevant asset is carried at a revalued amount, in which case the reversal of the impairment loss is treated as a revaluation increase.

**(19)** **Inventories** 

Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.

Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.

**(20)** **Provisions** 

Provisions are recognized when the Group has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.

The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(20)** **Provisions, continued** 

Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.

Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Provision for employment benefits

The Group determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Provision for decommissioning costs of nuclear power plants

The Group records the fair value of estimated decommissioning costs as a liability in the period in which the Group incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of period-to-period changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Provision for disposal of spent nuclear fuel

Under the Radioactive Waste Management Act, the Group is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Group recognizes the provision of present value of the estimated payments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Provision for low and intermediate radioactive wastes

Under the Radioactive Waste Management Act, the Group recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Provision for Polychlorinated Biphenyls ("PCBs")

Under the regulation of Persistent Organic Pollutants Management Act, enacted in 2007, the Group is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Group is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Group's estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Provisions for power plant regional support program

Power plant regional support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Group recognizes the provision in relation to power plant regional support program.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Provisions for transmission and transformation facilities-neighboring areas support program

The Group has present obligation to conduct transmission and transformation facilities-neighboring areas support program under Act on assistance to transmission and transformation facilities-neighboring areas. The Group recognizes the provision of estimated amount to fulfill the obligation.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Renewable Portfolio Standard ("RPS") provisions

RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(21)** **Financial instruments** 

The Group recognizes financial assets and financial liabilities in the statement of financial position when the Group becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset's acquisition or issuance.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Classification and measurement of financial assets

The Group classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Group assesses the hybrid financial instrument in which derivatives embedded as whole for classification.

---

| | | |
|:---|:---|:---|
| Business model | **Cash flow characteristics** | **Cash flow characteristics** |
| Business model | Solely payments of<br>principal and<br>interest (SPPI) | Other<br>than<br>SPPI |
|  To collect contractual cash flows | Amortized cost | FVTPL<br> (\*2) |
|  Both collecting contractual cash flows and selling financial assets | FVOCI (\*1) | FVTPL<br> (\*2) |
|  To sell financial assets | FVTPL | FVTPL<br> (\*2) |

---

---

| | |
|:---|:---|
| (\*1) | To eliminate or reduce an accounting mismatch, the Group may elect to recognize the amount of change in fair value in profit or loss.  |

---

(\*2) On initial recognition of an equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in the investment's fair value in OCI.

![LOGO](g465150dsp20.jpg) A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.

![LOGO](g465150dsp21.jpg) A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.

![LOGO](g465150dsp22.jpg) All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Group may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Classification and measurement of financial liabilities

Financial liabilities are classified as FVTPL or other financial liabilities.

![LOGO](g465150dsp20.jpg) A financial liability is classified as at FVTPL if it is classified as held-for-trading, it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.

![LOGO](g465150dsp21.jpg) A non-derivative financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest method.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(21)** **Financial instruments, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Impairment: Financial assets and contract assets

The Group applies a forward-looking 'expected credit loss' (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.

The Group recognizes loss allowances measured on either of the 12-month or lifetime ECL based on the extent of increase in credit risk since inception as shown in the below table.

---

| | | |
|:---|:---|:---|
| **Classification** | **Classification** | **Loss allowances** |
| Stage 1 | Credit risk has not increased significantly since the initial recognition | 12-month ECL: ECLs that resulted from possible default events within the 12 months after the reporting date |
| Stage 2 | Credit risk has increased<br> significantly since the initial recognition | Lifetime ECL: ECL that resulted from all possible default events over the expected life of a financial instrument |
| Stage 3 | Credit-impaired |  |

---

Under KIFRS 1109, the Group always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of KIFRS 1115 and that do not contain a significant financing component in accordance with KIFRS 1115 and if the trade receivables or contract assets include a significant financing component, the Group may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.

The Group has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Derecognition

The Group derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Group neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Group enters into transactions whereby it transfers assets recognized in its statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.

The Group derecognizes a financial liability when it contractual obligations are discharged or cancelled, or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any non-cash assets transferred or liabilities assumed) is recognized in profit or loss.

**(22)** **Service Concession Arrangements** 

The Group recognizes revenues from construction services and operating services related to service concession arrangements in accordance with KIFRS 1115 ' Revenue from Contracts with Customers'.

The Group recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Group has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(23)** **Derivative financial instruments, including hedge accounting** 

The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.

Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value. The resulting gain or loss is recognized in income or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in income or loss depends on the nature of the hedge relationship.

A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Separable embedded derivatives

Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and when the host contracts are not measured at FVTPL.

An embedded derivative is presented as a non-current asset or a non-current liability if the remaining maturity of the hybrid instrument to which the embedded derivative is part of, is more than 12 months and it is not expected to be realized or settled within 12 months. All other embedded derivatives are presented as current assets or current liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Hedge accounting

The Group designates certain hedging instruments, which include derivatives, embedded derivatives and non-derivatives in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.

At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Group documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fair value hedges

Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in income or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized as income or loss as of that date.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Cash flow hedges

The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in income or loss, and is included in the 'finance income and expense'.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**3.** **Significant Accounting Policies, Continued** 

**(23)** **Derivative financial instruments, including hedge accounting, continued** 

Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to income or loss in the periods when the hedged item is recognized in income or loss, in the same line of the consolidated statement of comprehensive income as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a non-financial asset or a non-financial liability, the gains and losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the non-financial asset or non-financial liability.

Hedge accounting is discontinued when the Group revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in income or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in income or loss.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**4.** **Segment, Geographic and Other Information** 

**(1)** **Segment determination and explanation of the measurements** 

The Group's operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision makers of the Group including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Group's reportable segments are 'Transmission and distribution', 'Electric power generation (Nuclear)', 'Electric power generation (Non-nuclear)', 'Plant maintenance & engineering service' and 'Others'; others mainly represent the business Unit that manages the Group's foreign operations.

Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under KIFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an arm's-length basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(2)** **Financial information of the segments for the years ended December 31, 2022 and 2021, respectively, are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related<br>associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 68951546 | 1922354 | 67029192 | (33908575) | 4130004 | 67076 | 1420802 | 980146 |
|  Electric power generation (Nuclear) |  | 10386091 | 10254271 | 131820 | 653839 | 4034774 | 45789 | 557218 | (753) |
|  Electric power generation (Non-nuclear) |  | 41944339 | 39252851 | 2691488 | 316908 | 4091081 | 53242 | 694559 | 329112 |
|  Plant maintenance & engineering service |  | 2975062 | 2516699 | 458363 | 236310 | 123168 | 14003 | 1405 | 1886 |
|  Others |  | 2750231 | 1803231 | 947000 | 297116 | 211719 | 195966 | 195860 |  |
|  Consolidation adjustments |  | (55749406) | (55749406) |  | (250751) | (129334) | (35323) | (51298) |  |
|  | W | 71257863 |  | 71257863 | (32655153) | 12461412 | 340753 | 2818546 | 1310391 |
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Segment** | **Total**<br>**segment**<br>**revenue** | **Total**<br>**segment**<br>**revenue** | **Intersegment**<br>**revenue** | **Revenue**<br>**from**<br>**external**<br>**customers** | **Operating**<br>**profit (loss)** | **Depreciation**<br>**and**<br>**amortization** | **Interest**<br>**income** | **Interest**<br>**expense** | **Profit (loss) related<br>associates, joint<br>ventures and<br>subsidiaries** |
|  Transmission and distribution | W | 59660600 | 1672776 | 57987824 | (7425576) | 3990464 | 36831 | 678986 | 391116 |
|  Electric power generation (Nuclear) |  | 9324391 | 9207516 | 116875 | 796832 | 3611594 | 22209 | 477512 | (18146) |
|  Electric power generation (Non-nuclear) |  | 25928596 | 24518167 | 1410429 | 351824 | 4182470 | 22226 | 624391 | 109765 |
|  Plant maintenance & engineering service |  | 2805785 | 2370900 | 434885 | 252348 | 121493 | 9515 | 933 | 11849 |
|  Others |  | 2018997 | 1295423 | 723574 | 203121 | 159222 | 158680 | 162345 |  |
|  Consolidation adjustments |  | (39064782) | (39064782) |  | (25048) | (122751) | (27587) | (29710) |  |
|  | W | 60673587 |  | 60673587 | (5846499) | 11942492 | 221874 | 1914457 | 494584 |

---

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(3)** **Information related to segment assets and segment liabilities as of and for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current<br>assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 131023727 | 5678141 | 6055179 | 108963058 |
|  Electric power generation (Nuclear) |  | 69129625 | 143304 | 2008409 | 42843974 |
|  Electric power generation (Non-nuclear) |  | 69468039 | 3113918 | 3547815 | 40428907 |
|  Plant maintenance & engineering service |  | 4051157 | 56685 | 200338 | 1272408 |
|  Others |  | 12895981 |  | 839885 | 5796718 |
|  Consolidation adjustments |  | (51763535) |  | (38633) | (6500327) |
|  | W | 234804994 | 8992048 | 12612993 | 192804738 |
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Segment** | **Segment**<br>**assets** | **Segment**<br>**assets** | **Investments in<br>associates and**<br>**joint ventures** | **Acquisition of**<br>**non-current<br>assets** | **Segment<br>liabilities** |
|  Transmission and distribution | W | 115578517 | 4700863 | 6754298 | 68531927 |
|  Electric power generation (Nuclear) |  | 64628651 | 141885 | 1959479 | 38361337 |
|  Electric power generation (Non-nuclear) |  | 57310164 | 2575019 | 3341960 | 35803289 |
|  Plant maintenance & engineering service |  | 3672366 | 53617 | 110330 | 1086926 |
|  Others |  | 10870812 |  | 645760 | 4961880 |
|  Consolidation adjustments |  | (40936783) |  | (12001) | (2948338) |
|  | W | 211123727 | 7471384 | 12799826 | 145797021 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**4.** **Segment, Geographic and Other Information, Continued** 

**(4)** **Geographic information** 

Electricity sales, the main operations of the Group, are conducted in the Republic of Korea. The following information on revenue from external customers and non-current assets is determined by the location of the customers and of the assets:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Revenue from external customers** | **Revenue from external customers** | **Revenue from external customers** | **Non-current assets (\*2)** | **Non-current assets (\*2)** |
| **Geographical unit** | **2022** | **2022** | **2021** | **2022** | **2021** |
|  Domestic | W | 69854569 | 59432464 | 183707117 | 178760564 |
|  Overseas (\*1) |  | 1403294 | 1241123 | 4724416 | 3572784 |
|  | W | 71257863 | 60673587 | 188431533 | 182333348 |

---

(\*1) Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.

---

| | |
|:---|:---|
| (\*2) | The amounts exclude financial assets, deferred tax assets and defined benefit assets.  |

---

**(5)** **Information on significant customers** 

There is no single customer which accounts for 10% or more of the Group's revenue for the years ended December 31, 2022 and 2021.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**5.** **Classification of Financial Instruments** 

**(1)** **Classification of financial assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets<br>at amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents | W |  |  | 3234780 |  | 3234780 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 3181791 |  |  |  | 3181791 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized costs |  |  |  | 16762 |  | 16762 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 154730 |  |  | 134873 | 289603 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 798819 |  | 798819 |
|  Trade and other receivables |  |  |  | 10461822 |  | 10461822 |
|  |  | 3336521 |  | 14512183 | 134873 | 17983577 |
|  **Non-current assets** | **Non-current assets** | **Non-current assets** |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 527717 |  |  |  | 527717 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 502829 |  |  | 502829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized costs |  |  |  | 10236 |  | 10236 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 538342 |  |  | 190079 | 728421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1567632 |  | 1567632 |
|  Trade and other receivables |  |  |  | 2153080 |  | 2153080 |
|  |  | 1066059 | 502829 | 3730948 | 190079 | 5489915 |
|  | W | 4402580 | 502829 | 18243131 | 324952 | 23473492 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**5.** **Classification of Financial Instruments, Continued** 

**(1)** **Classification of financial assets as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through profit<br>or loss** | **Financial assets<br>at fair value<br>through other<br>comprehensive<br>income** | **Financial assets at<br>amortized cost** | **Derivative assets<br>(applying hedge<br>accounting)** | **Total** |
|  **Current assets** |  |  |  |  |  |  |
|  Cash and cash equivalents | W |  |  | 2635238 |  | 2635238 |
|  Current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at fair value through profit or loss |  | 360833 |  |  |  | 360833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current financial assets at amortized costs |  |  |  | 15422 |  | 15422 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current derivative assets |  | 93374 |  |  | 33564 | 126938 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1365603 |  | 1365603 |
|  Trade and other receivables |  |  |  | 8122415 |  | 8122415 |
|  |  | 454207 |  | 12138678 | 33564 | 12626449 |
|  **Non-current assets** |  |  |  |  |  |  |
|  Non-current financial assets |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through profit or loss |  | 672031 |  |  |  | 672031 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at fair value through other comprehensive income |  |  | 435107 |  |  | 435107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current financial assets at amortized costs |  |  |  | 9851 |  | 9851 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-current derivative assets |  | 349653 |  |  | 171192 | 520845 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial assets |  |  |  | 1271976 |  | 1271976 |
|  Trade and other receivables |  |  |  | 1906861 |  | 1906861 |
|  |  | 1021684 | 435107 | 3188688 | 171192 | 4816671 |
|  | W | 1475891 | 435107 | 15327366 | 204756 | 17443120 |

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**5.** **Classification of Financial Instruments, Continued** 

**(2)** **Classification of financial liabilities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 12457853 |  | 12457853 |
|  Debt securities |  |  | 10201149 |  | 10201149 |
|  Derivative liabilities |  | 44994 |  |  | 44994 |
|  Trade and other payables |  |  | 11983549 |  | 11983549 |
|  |  | 44994 | 34642551 |  | 34687545 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 2962323 |  | 2962323 |
|  Debt securities |  |  | 94984040 |  | 94984040 |
|  Derivative liabilities |  | 362252 |  | 25505 | 387757 |
|  Trade and other payables |  |  | 5638914 |  | 5638914 |
|  |  | 362252 | 103585277 | 25505 | 103973034 |
|  | W | 407246 | 138227828 | 25505 | 138660579 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities at**<br>**fair value through**<br>**profit or loss** | **Financial liabilities<br>recognized at<br>amortized cost** | **Derivative liabilities<br>(applying hedge<br>accounting)** | **Total** |
|  **Current liabilities** |  |  |  |  |  |
|  Borrowings | W |  | 4382218 |  | 4382218 |
|  Debt securities |  |  | 9647616 |  | 9647616 |
|  Derivative liabilities |  | 6838 |  | 453 | 7291 |
|  Trade and other payables |  |  | 8153426 |  | 8153426 |
|  |  | 6838 | 22183260 | 453 | 22190551 |
|  **Non-current liabilities** |  |  |  |  |  |
|  Borrowings |  |  | 2265624 |  | 2265624 |
|  Debt securities |  |  | 64234055 |  | 64234055 |
|  Derivative liabilities |  | 49418 |  | 21322 | 70740 |
|  Trade and other payables |  |  | 5996498 |  | 5996498 |
|  |  | 49418 | 72496177 | 21322 | 72566917 |
|  | W | 56256 | 94679437 | 21775 | 94757468 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**5.** **Classification of Financial Instruments, Continued** 

**(3)** **Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **2022** | **2022** | **2021** |
|  Cash and cash equivalents | Interest income | W | 51872 | 12692 |
|  | Gain on foreign currency transactions and translations |  | 22158 | 34923 |
|  Financial assets at fair value through profit or loss | Interest income |  | 58540 | 18415 |
|  | Dividends income |  | 1994 | 2949 |
|  | Gain on valuation of derivatives |  | 336049 | 450896 |
|  | Gain on transaction of derivatives |  | 205298 | 54352 |
|  | Gain (loss) on valuation of financial assets |  | (37230) | 8858 |
|  | Gain on disposal of financial assets |  | 9358 | 4221 |
|  Financial assets at fair value through other comprehensive income | Dividends income |  | 26881 | 7573 |
|  Financial assets at amortized cost | Interest income |  | 1308 | 797 |
|  | Gain (loss) on foreign currency transactions and translations |  | 5087 | (3647) |
|  Loans | Interest income |  | 33545 | 25196 |
|  | Gain on foreign currency transactions and translations |  | 596 | 729 |
|  Trade and other receivables | Interest income |  | 164653 | 144543 |
|  | Gain on disposal of financial assets |  |  | 2452 |
|  | Gain on foreign currency transactions and translations |  | 1019 | 14207 |
|  Short-term financial instruments | Interest income |  | 15827 | 7531 |
|  | Gain on foreign currency transactions and translations |  | 3513 | 32218 |
|  Long-term financial instruments | Interest income |  | 14371 | 12470 |
|  | Gain on foreign currency transactions and translations |  | 1 | 27 |
|  Other financial assets | Interest income |  | 637 | 230 |
|  Derivatives (applying hedge accounting) | Gain on valuation of derivatives (profit or loss) |  | 149888 | 211180 |
|  | Loss on valuation of derivatives (equity, before tax) |  | (93699) | (11734) |
|  | Gain on transaction of derivatives |  | 54422 | 31351 |
|  Financial liabilities at fair value through profit or loss | Gain (loss) on valuation of derivatives |  | (345313) | 2751 |
|  | Loss on transaction of derivatives |  | (110236) | (15358) |
|  Financial liabilities carried at amortized cost | Interest expense of borrowings and debt securities |  | 2142220 | 1316269 |
|  | Loss on repayment of financial liabilities |  | (15) | (10) |
|  | Interest expense of trade and other payables |  | 204078 | 213765 |
|  | Interest expense of others |  | 472248 | 384423 |
|  | Other finance income |  | 927 | 1284 |
|  | Other finance expenses |  | 167 | 2504 |
|  | Loss on foreign currency transactions and translations |  | (936269) | (1162835) |
|  Derivatives (applying hedge accounting) | Gain on valuation of derivatives (profit or loss) |  | 83594 | 158167 |
|  | Gain (loss) on valuation of derivatives (equity, before tax) |  | 28647 | (28726) |
|  | Gain on transaction of derivatives |  | 75201 | 13737 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**6.** **Restricted Deposits** 

**Restricted deposits as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **2022** | **2022** | **2021** |
|  Cash and cash equivalents | Escrow accounts | W | 2912 |  |
|  | Deposits for government project and others |  | 30586 | 22286 |
|  | Collateral provided for borrowings |  | 250346 | 264813 |
|  | Collateral provided for lawsuit |  | 57 | 42 |
|  | Deposits for transmission regional support program |  | 8626 | 5921 |
|  | Deposits for other business purposes |  | 3825 | 3050 |
|  Short-term financial instruments | Restriction on withdrawal related to 'win-win growth<br> program' for small and medium enterprises and others |  | 101500 | 114000 |
|  | Collateral provided for borrowings |  | 1000 | 11745 |
|  Non-current financial assets at fair value through profit or loss | Decommissioning costs of nuclear power plants |  | 386220 | 531720 |
|  Long-term financial instruments | Escrow accounts |  | 1603 | 70 |
|  | Guarantee deposits for banking accounts at oversea branches |  | 18 | 333 |
|  | Collateral provided for borrowings |  | 21745 |  |
|  | Decommissioning costs of nuclear power plants |  | 497609 | 324609 |
|  | Funds for developing small and medium enterprises |  |  | 10000 |
|  Other non-current assets | Deposits for other business purposes |  | 4355 |  |
|  |  | W | 1310402 | 1288589 |

---

**7.** **Cash and Cash Equivalents** 

**Cash and cash equivalents as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Cash | W | 21113 |  | 19623 |
|  Other demand deposits |  | 1906248 |  | 1825751 |
|  Short-term deposits classified as cash equivalents |  | 1063290 |  | 407921 |
|  Short-term investments classified as cash equivalents |  | 244129 |  | 381943 |
|  | W | 3234780 |  | 2635238 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**8.** **Trade and Other Receivables** 

**(1)** **Trade and other receivables as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 9700880 | (196829) |  | 9504051 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1004528 | (44388) | (2369) | 957771 |
|  |  | 10705408 | (241217) | (2369) | 10461822 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 197955 | (2171) |  | 195784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 2033705 | (65065) | (11344) | 1957296 |
|  |  | 2231660 | (67236) | (11344) | 2153080 |
|  | W | 12937068 | (308453) | (13713) | 12614902 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value**<br>**discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables | W | 7743735 | (203838) |  | 7539897 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 602113 | (18555) | (1040) | 582518 |
|  |  | 8345848 | (222393) | (1040) | 8122415 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade receivables |  | 185512 | (1501) |  | 184011 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other receivables |  | 1792895 | (64155) | (5890) | 1722850 |
|  |  | 1978407 | (65656) | (5890) | 1906861 |
|  | W | 10324255 | (288049) | (6930) | 10029276 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**8.** **Trade and Other Receivables, Continued** 

**(2)** **Other receivables as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value<br>discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables | W | 459245 | (41293) | (21) | 417931 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 109267 |  |  | 109267 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 289580 |  | (2348) | 287232 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*1) |  | 67583 | (1802) |  | 65781 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 78853 | (1293) |  | 77560 |
|  |  | 1004528 | (44388) | (2369) | 957771 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 140128 | (52696) | (182) | 87250 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 2004 |  |  | 2004 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 459861 |  | (11162) | 448699 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*2) |  | 1171807 | (2703) |  | 1169104 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 259905 | (9666) |  | 250239 |
|  |  | 2033705 | (65065) | (11344) | 1957296 |
|  | W | 3038233 | (109453) | (13713) | 2915067 |

---

---

| | |
|:---|:---|
| (\*1) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W114,347 million.  |

---

---

| | |
|:---|:---|
| (\*2) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,024,927 million.  |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Gross<br>amount** | **Gross<br>amount** | **Allowance for**<br>**doubtful accounts** | **Present value<br>discount** | **Book<br>value** |
|  **Current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables | W | 232172 | (17084) | (9) | 215079 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 57300 |  |  | 57300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 212666 |  | (1031) | 211635 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*1) |  | 60613 | (178) |  | 60435 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 39362 | (1293) |  | 38069 |
|  |  | 602113 | (18555) | (1040) | 582518 |
|  **Non-current assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-trade receivables |  | 123537 | (56407) | (281) | 66849 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 1828 |  |  | 1828 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deposits |  | 441393 |  | (5609) | 435784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease receivables (\*2) |  | 1140080 | (590) |  | 1139490 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 86057 | (7158) |  | 78899 |
|  |  | 1792895 | (64155) | (5890) | 1722850 |
|  | W | 2395008 | (82710) | (6930) | 2305368 |

---

---

| | |
|:---|:---|
| (\*1) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W111,915 million.  |

---

---

| | |
|:---|:---|
| (\*2) | Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W1,082,712 million.  |

---

**(3)** Trade and other receivables are classified as financial assets at amortized cost and are measured using the
effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Group imposes a monthly interest
rate of 1.5% on the overdue trade receivables. The Group holds deposits of three months' expected electricity usage for customers requesting temporary usage and customers with delinquent payments.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**8.** **Trade and Other Receivables, Continued** 

**(4)** **Aging analysis of trade receivables as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Trade receivables: (not overdue) | W | 9509775 | 7603472 |
|  Trade receivables: (impairment reviewed) |  | 389060 | 325775 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 60 days |  | 5592 | 11577 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 ~ 90 days |  | 36389 | 27201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 ~ 120 days |  | 31442 | 28230 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 days ~ 1 year |  | 99655 | 51945 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 1 year |  | 215982 | 206822 |
|  |  | 9898835 | 7929247 |
|  Less: allowance for doubtful accounts |  | (199000) | (205339) |
|  | W | 9699835 | 7723908 |

---

At the end of each reporting period, the Group assesses whether the credit to trade receivables is impaired. The Group recognizes loss allowances for trade receivables individually when there is any objective evidence that other receivables are impaired and significant and classifies the trade receivables that are not individually assessed as the trade receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an 'expected credit loss' (ECL) model.

**(5)** **Aging analysis of other receivables as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Other receivables: (not overdue) | W | 2857253 | 2251474 |
|  Other receivables: (impairment reviewed) |  | 180980 | 143534 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less than 60 days |  | 92 | 87 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 60 ~ 90 days |  | 13643 | 4881 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 90 ~ 120 days |  | 2982 | 1248 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 120 days ~ 1 year |  | 18494 | 11438 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Over 1 year |  | 145769 | 125880 |
|  |  | 3038233 | 2395008 |
|  Less: allowance for doubtful accounts |  | (109453) | (82710) |
|  Less: present value discount |  | (13713) | (6930) |
|  | W | 2915067 | 2305368 |

---

At the end of each reporting period, the Group assesses whether the credit to other receivables is impaired. The Group recognizes loss allowances for other receivables individually when there is any objective evidence that other receivables are impaired and significant, and classifies the other receivables that are not individually assessed as the other receivables subject to be assessed on a collective basis. Also, the Group recognizes loss allowances based on an 'expected credit loss' (ECL) model.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**8.** **Trade and Other Receivables, Continued** 

**(6)** **Changes in the allowance for doubtful accounts for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Trade<br>receivables** | **Trade<br>receivables** | **Other<br>receivables** | **Trade<br>receivables** | **Other<br>receivables** |
|  **Beginning balance** | W | 205339 | 82710 | 208990 | 132379 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Bad debts expense |  | 27078 | 4220 | 19039 | 18411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Write-off |  | (26319) | (1103) | (21809) | (58762) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal |  | (3444) | (37) | (1071) | (79) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (3654) | 23663 | 190 | (9239) |
|  **Ending balance** | W | 199000 | 109453 | 205339 | 82710 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**9.** **Financial Assets at Fair Value through Profit or Loss** 

**(1)** **Financial assets at fair value through profit or loss as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Financial assets at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Beneficiary Certificate | W | 294 | 121406 | 629 | 206160 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cooperative |  |  | 6329 |  | 5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*) |  | 3181497 | 173386 | 360204 | 202003 |
|  |  | 3181791 | 301121 | 360833 | 413960 |
|  **Financial assets designated as at fair value through profit or loss** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt with embedded derivatives |  |  | 226596 |  | 258071 |
|  | W | 3181791 | 527717 | 360833 | 672031 |

---

(\*) 'Others' include MMT, etc.

**(2)** **Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Beneficiary Certificate | W | 4527 |  | 13632 |
|  Cooperative |  | 120 |  | 110 |
|  Debt with embedded derivatives |  | 946 |  | 854 |
|  Others |  | 27068 |  | 19848 |
|  | W | 32661 |  | 34444 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income** 

**(1)** **Changes in financial assets at fair value through other comprehensive income for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending<br>balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 273826 |  |  | 28585 | (2354) | 300057 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 160790 | 9451 |  | 33237 | (1235) | 202243 |
|  |  | 434616 | 9451 |  | 61822 | (3589) | 502300 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  | 491 |  |  | 38 |  | 529 |
|  |  | 435107 | 9451 |  | 61860 | (3589) | 502829 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 435107 | 9451 |  | 61860 | (3589) | 502829 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Valuation** | **Others** | **Ending<br>balance** |
|  Equity securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Listed | W | 194669 | 1500 | (8208) | 81112 | 4753 | 273826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unlisted |  | 163890 | 8929 | (13) | (12335) | 319 | 160790 |
|  |  | 358559 | 10429 | (8221) | 68777 | 5072 | 434616 |
|  Debt securities |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Corporate bond |  |  | 500 |  |  | (9) | 491 |
|  |  | 358559 | 10929 | (8221) | 68777 | 5063 | 435107 |
|  Current financial assets at fair value through other comprehensive income | W |  |  |  |  |  |  |
|  Non-current financial assets at fair value through other comprehensive income |  | 358559 | 10929 | (8221) | 68777 | 5063 | 435107 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 64526 | 64526 |
|  Ssangyong Motor Co., Ltd. | 12205 | 0.03% |  | 428 | 107 | 107 |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 121 | 0.00% |  | 15 |  |  |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 34 | 34 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 9 | 9 |
|  STX Heavy Industries Co., Ltd. | 7419 | 0.03% |  | 107 | 54 | 54 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 | 1 | 1 |
|  PT Adaro Energy Tbk. | 480000000 | 1.50% |  | 65028 | 149503 | 149503 |
|  Denison Mines Corp. | 58284000 | 7.09% |  | 84134 | 84502 | 84502 |
|  Fission Uranium Corp. | 100000 | 1.73% |  | 41 | 75 | 75 |
|  SangSangin Industry Co., Ltd. | 5831 | 0.01% |  | 38 | 3 | 3 |
|  Vitzosys Co., Ltd. | 399 | 0.00% |  | 2 |  |  |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 3 | 3 |
|  Vissem electronics, Co., Ltd. | 229 | 0.00% |  | 11 | 1 | 1 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 |  |  |
|  Ihsung CNI Co., Ltd. | 142860 | 4.81% |  | 1500 | 1229 | 1229 |
|  Aone Alform Co., Ltd. | 2672 | 0.04% |  | 19 | 10 | 10 |
|  |  |  |  | 324790 | 300057 | 300057 |
|  **Unlisted** (\*1) |  |  |  |  |  |  |
|  Intellectual Discovery Co., Ltd. | 200000 | 6.00% | W | 5000 | 954 | 954 |
|  Hwan Young Steel Co., Ltd. | 10916 | 0.14% |  | 1092 | 97 | 97 |
|  SAMBO AUTO. Co., Ltd. | 15066 | 0.02% |  | 38 | 38 | 38 |
|  Mobo Co., Ltd. | 504 | 0.00% |  | 14 | 14 | 14 |
|  Dae Kwang Semiconductor Co., Ltd. | 589 | 0.07% |  | 6 | 6 | 6 |
|  Sanbon Department Store | 828 | 0.01% |  | 124 | 3 | 3 |
|  Miju Steel Mfg. Co., Ltd. | 1097 | 0.23% |  | 50 | 50 | 50 |
|  Sungwon Co., Ltd. | 117 | 0.07% |  | 29 | 29 | 29 |
|  IMHWA Corp. | 329 | 0.11% |  | 5 | 5 | 5 |
|  DALIM Special Vehicle Co., Ltd. | 58 | 0.08% |  | 10 | 10 | 10 |
|  Altron Jeonju Co., Ltd. | 34846 | 1.34% |  | 697 | 5 | 5 |
|  Moonkyung Silica Co., Ltd. | 42 | 0.56% |  |  |  |  |
|  Sungkwang Timber Co., Ltd. | 3 | 0.08% |  | 5 | 5 | 5 |
|  KS Remicon Co., Ltd. | 12 | 0.04% |  | 3 | 3 | 3 |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pyungsan SI Co., Ltd. | 434 | 0.01% |  | 4 | 4 | 4 |
|  Samgong Development Co., Ltd. | 12 | 0.01% |  | 7 | 7 | 7 |
|  Joongang Development Co., Ltd. | 540 | 0.12% |  | 8 | 8 | 8 |
|  AJS Co., Ltd. | 12906 | 0.23% |  | 32 | 32 | 32 |
|  MSE Co., Ltd. | 429 | 0.13% |  | 9 | 9 | 9 |
|  Ilrim Nano Tec Co., Ltd. | 1520 | 0.07% |  | 15 | 15 | 15 |
|  Ilsuk Co., Ltd. | 152 | 0.17% |  | 10 | 10 | 10 |
|  Zyle Daewoo Motor Sales Co., Ltd. | 22 | 0.00% |  |  |  |  |
|  Daewoo Development Co., Ltd. | 8 | 0.00% |  |  |  |  |
|  Seyang Inc. | 537 | 0.05% |  | 27 | 30 | 30 |
|  Seungri Enterprise Co., Ltd. | 93 | 0.05% |  | 3 | 3 | 3 |
|  Shin-E P&C Co., Ltd. | 1569 | 0.64% |  | 110 | 2 | 2 |
|  Ejung Ad Co., Ltd. | 132 | 0.09% |  | 3 | 3 | 3 |
|  Solvus Co., Ltd. | 1056 | 0.04% |  | 3 | 3 | 3 |
|  Myung Co., Ltd. | 89 | 0.05% |  | 2 | 2 | 2 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Biwang Industry Co., Ltd | 406 | 0.04% | W | 2 | 2 | 2 |
|  Young Sung Co., Ltd. | 89 | 0.40% |  | 26 | 26 | 26 |
|  Yuil Industrial Electronics Co., Ltd. | 804 | 0.32% |  | 15 | 15 | 15 |
|  Woojin Industry Corporation | 3 | 0.00% |  | 16 | 16 | 16 |
|  Kwang Sung Industry Co., Ltd. | 325 | 0.35% |  | 7 | 7 | 7 |
|  Futech Mold Co., Ltd. | 274 | 0.27% |  | 14 | 14 | 14 |
|  Woojoo Environment Ind. Co., Ltd. | 101 | 0.11% |  | 13 | 13 | 13 |
|  Hyungji Esquire Co., Ltd. | 61 | 0.02% |  | 22 | 22 | 22 |
|  Morado Co., Ltd. | 209 | 0.04% |  | 2 | 2 | 2 |
|  Myung Sung Tex Co., Ltd. | 20 | 0.00% |  | 2 | 2 | 2 |
|  Kwang Sung Co., Ltd. | 610 | 0.53% |  | 31 | 31 | 31 |
|  Seen Business and Technology co., Ltd. | 29424 | 0.73% |  | 148 | 7 | 7 |
|  Woobang Construction Co., Ltd. | 8 | 0.00% |  | 8 | 8 | 8 |
|  Shin Pyung Co., Ltd. | 6 | 0.03% |  | 3 | 3 | 3 |
|  JMC Heavy Industries Co., Ltd. | 2724 | 0.10% |  | 27 | 2 | 2 |
|  Najin Steel Co., Ltd. | 37 | 0.06% |  | 5 | 5 | 5 |
|  Sinkwang Industry Co., Ltd. | 1091 | 1.68% |  | 5 | 5 | 5 |
|  Elephant & Friends Co., Ltd. | 563 | 0.61% |  | 3 | 3 | 3 |
|  Mireco Co., Ltd. | 109 | 0.25% |  | 11 | 11 | 11 |
|  L&K Industry Co., Ltd. | 1615 | 0.60% |  | 24 | 24 | 24 |
|  JO Tech Co., Ltd. | 1263 | 0.62% |  | 25 | 25 | 25 |
|  Kendae Printing Co., Ltd. | 422 | 0.60% |  | 21 | 21 | 21 |
|  Dauning Co., Ltd. | 231 | 0.41% |  | 6 | 6 | 6 |
|  Korea Trecision Co., Ltd. | 22 | 0.45% |  | 5 | 5 | 5 |
|  Hurim Biocell Co., Ltd. | 1021 | 0.00% |  | 5 | 5 | 5 |
|  Smart Power Co., Ltd. | 133333 | 4.14% |  | 200 | 200 | 200 |
|  Sunjin Power Tech Co., Ltd. | 4941 | 0.92% |  | 247 | 32 | 32 |
|  Beer Yeast Korea Inc. | 1388 | 0.43% |  | 7 | 7 | 7 |
|  B CON Co., Ltd. | 96 | 1.16% |  | 6 | 6 | 6 |
|  Ace Integration Co., Ltd | 105 | 0.09% |  | 24 | 24 | 24 |
|  AceInti Agricultural Co., Ltd. | 16 | 0.02% |  | 5 | 5 | 5 |
|  KyungDong Co., Ltd. | 130 | 0.01% |  | 1 | 1 | 1 |
|  ChunWon Development Co., Ltd. | 193 | 0.19% |  | 39 | 39 | 39 |
|  SungLim Industrial Co., Ltd. | 29 | 0.03% |  | 1 | 1 | 1 |
|  Korea Minerals Co., Ltd. | 191 | 0.05% |  | 134 | 1 | 1 |
|  HyoDong Development Co., Ltd. | 128 | 0.16% |  | 25 | 1 | 1 |
|  JoHyun Co., Ltd. | 350 | 1.56% |  | 18 | 18 | 18 |
|  KC Co., Ltd. | 5107 | 0.17% |  | 26 | 26 | 26 |
|  SeongJi Industrial Co.,Ltd. | 41 | 0.05% |  | 1 | 1 | 1 |
|  Seyang Precision Ind.Co., Ltd. | 829 | 0.23% |  | 41 | 41 | 41 |
|  Dooriwon Food System Co., Ltd. | 13 | 0.27% |  | 1 | 1 | 1 |
|  Sung Kwang Co., Ltd. | 23 | 0.37% |  | 6 | 6 | 6 |
|  Shinheung petrol. Co., Ltd. | 699 | 0.14% |  | 35 | 35 | 35 |
|  Force TEC Co., Ltd. | 3501 | 0.02% |  | 18 | 18 | 18 |
|  Samsung Tech Co., Ltd. | 486 | 1.28% |  | 97 | 36 | 36 |
|  Younil Metal Co., Ltd. | 41 | 0.21% |  | 21 | 21 | 21 |
|  CJ Paradise Co.,Ltd | 24 | 0.02% |  | 12 | 12 | 12 |
|  Han Young Technology Company Co.,Ltd. | 35 | 0.00% |  |  |  |  |
|  Ptotronics Co., Ltd. | 843 | 0.42% |  | 84 | 6 | 6 |
|  NFT Co., Ltd. | 136 | 0.40% |  | 8 | 8 | 8 |
|  Hyundaitech Co.,Ltd. | 1363 | 0.87% |  | 27 | 27 | 27 |
|  Dasan Material Co., Ltd. | 29 | 0.04% |  | 22 | 22 | 22 |
|  Fish World Co.,Ltd. | 47 | 0.21% |  | 2 | 2 | 2 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  SG Shinsung Engineering and Construction Co., Ltd. | 10 | 0.00% | W | 6 |  |  |
|  Samdo Industry Electric Co.,Ltd. | 48 | 0.02% |  | 1 | 1 | 1 |
|  Taejung Industries Co.,Ltd. | 9268 | 0.30% |  | 5 | 5 | 5 |
|  Shinsei Trading Co., Ltd. | 64 | 0.72% |  | 6 | 6 | 6 |
|  Dynamic Co., Ltd. | 111 | 0.19% |  | 3 | 3 | 3 |
|  Green Alchemy Co.,Ltd. | 38202 | 1.48% |  | 191 | 17 | 17 |
|  Youone TBM Engineering & Construction Co., Ltd. | 615 | 0.27% |  | 31 | 31 | 31 |
|  KM Leatech Co., Ltd. | 1648 | 0.98% |  | 8 | 8 | 8 |
|  Semist Co.,Ltd. | 555 | 0.80% |  | 3 | 3 | 3 |
|  Sewon Bus Co.,Ltd | 12 | 0.00% |  |  |  |  |
|  Enertec Co., Ltd. | 7937 | 0.19% |  | 44 | 44 | 44 |
|  Sangji Co., Ltd. | 20 | 0.26% |  | 4 | 4 | 4 |
|  Bellie Doughnuts Co., Ltd. | 169 | 0.19% |  | 10 | 10 | 10 |
|  AIRTECH Information communication Co., Ltd | 2379 | 0.60% |  | 12 | 12 | 12 |
|  Kiscom Co., Ltd. | 1493 | 0.04% |  | 1 | 1 | 1 |
|  Set Holding (\*2) | 1100220 | 2.50% |  | 229255 | 163580 | 163580 |
|  Choheung packing Co.,Ltd. | 61 | 0.13% |  | 12 | 12 | 12 |
|  Jaewoo Co., Ltd. | 359 | 0.24% |  | 11 | 11 | 11 |
|  Wooyang HC Co., Ltd | 1375 | 0.01% |  | 159 | 13 | 13 |
|  TheYeonriji Co., Ltd. | 116 | 0.10% |  | 6 | 6 | 6 |
|  Flusys Co., Ltd. | 9 | 0.08% |  | 2 | 2 | 2 |
|  DongSeo Electronics Co., Ltd. | 347 | 0.07% |  | 17 | 17 | 17 |
|  Daewoo Display Co., Ltd. | 177 | 0.03% |  | 5 | 5 | 5 |
|  NTS Co., Ltd. | 143 | 0.22% |  | 36 | 36 | 36 |
|  AID CO., Ltd. | 1212 | 0.57% |  | 36 | 36 | 36 |
|  Changwon Eco-friendly farming Corp. | 3 | 0.01% |  |  |  |  |
|  Kumo Hitech Co., Ltd. | 6697 | 0.53% |  | 100 | 32 | 32 |
|  Kyung Pyo Industry Co., Ltd. | 186 | 0.76% |  | 19 | 19 | 19 |
|  Doosung Heavy Industries Co., Ltd. | 53 | 0.06% |  | 5 | 5 | 5 |
|  Samjoo Hightech Co., Ltd. | 522 | 0.08% |  | 3 | 3 | 3 |
|  Samkwang Chemical Co., Ltd. | 204 | 1.27% |  | 51 | 51 | 51 |
|  Shinseung Chemical Industy Co., Ltd. | 5 | 0.01% |  | 60 |  |  |
|  KJ Alloy Co., Ltd. | 368 | 0.20% |  | 7 | 7 | 7 |
|  SM Hi-tech Co., Ltd. | 22 | 0.39% |  | 22 | 22 | 22 |
|  Puruen Environment Co., Ltd. | 967 | 1.34% |  | 19 | 19 | 19 |
|  Miretech Co., Ltd. | 9111 | 0.27% |  | 18 | 18 | 18 |
|  Sejin Hightech Co., Ltd. | 17980 | 0.16% |  | 18 | 18 | 18 |
|  Eun Sung Enterprise Co., Ltd. | 1131 | 0.72% |  | 17 | 17 | 17 |
|  Shinyoung Textiles Co., Ltd. | 523 | 1.01% |  | 52 | 23 | 23 |
|  Ilwoo Steel Co., Ltd. | 41 | 0.28% |  | 17 | 17 | 17 |
|  Dong-un Tech Co., Ltd. | 1159 | 6.28% |  | 81 | 34 | 34 |
|  Wongwang Door Corp. | 575 | 1.00% |  | 29 | 29 | 29 |
|  Mansu Co.,Ltd. | 344 | 0.25% |  | 15 | 15 | 15 |
|  Eanskorea Co., Ltd. | 39 | 0.05% |  | 2 | 2 | 2 |
|  Youngdongseafood Co., Ltd. | 165 | 0.33% |  | 8 | 8 | 8 |
|  Hyunwoo Winstar Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  Sungchang Tech Co., Ltd. | 159 | 0.31% |  | 19 | 19 | 19 |
|  Yuchang Industry Co., Ltd. | 90 | 0.11% |  | 5 | 5 | 5 |
|  Jeongpum Co., Ltd. | 322 | 0.35% |  | 16 | 16 | 16 |
|  Korea Steel Power Co., Ltd. | 2761 | 1.88% |  | 55 | 2 | 2 |
|  Amanex Co., Ltd. | 10 | 0.02% |  | 9 | 9 | 9 |
|  Dae-A Leisure Co., Ltd. | 23 | 0.00% |  | 4 | 4 | 4 |
|  Caffe Bene Co.,Ltd. | 1908 | 0.03% |  | 9 | 9 | 9 |
|  Shinjin International Corp. | 4 | 0.01% |  | 1 | 1 | 1 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Jinhung Packaging Co.,Ltd | 4329 | 3.02% | W | 22 | 22 | 22 |
|  Donglim Eng Co., Ltd. | 26 | 0.11% |  | 3 | 3 | 3 |
|  SIP Co., Ltd. | 274 | 0.55% |  | 7 | 7 | 7 |
|  Clizen Co., Ltd. | 615 | 0.34% |  | 31 | 31 | 31 |
|  Daeji Product Co., Ltd. | 15 | 0.05% |  | 1 |  |  |
|  SSET Co., Ltd. | 181 | 0.30% |  | 18 | 18 | 18 |
|  Sewon PM Tech Co., Ltd. | 963 | 1.11% |  | 48 | 48 | 48 |
|  Dawon Yuhwa Co., Ltd. | 506 | 1.94% |  | 25 | 25 | 25 |
|  Ogokbaekkwa Co., Ltd. | 101 | 0.12% |  | 1 | 1 | 1 |
|  Shinwoo Toptech Co., Ltd. | 834 | 0.51% |  | 83 | 6 | 6 |
|  KMLC Co., Ltd. | 281 | 0.14% |  | 22 | 22 | 22 |
|  Seinfood Co., Ltd. | 13 | 0.17% |  | 7 | 7 | 7 |
|  TaeSung Eco-Tech. Co., Ltd. | 1368 | 4.55% |  | 34 | 34 | 34 |
|  Kukex Inc. | 639 | 0.05% |  | 3 | 3 | 3 |
|  Youngshin Plus Co., Ltd. | 104 | 0.12% |  | 5 | 5 | 5 |
|  Chang won Engineering Co., Ltd. | 22 | 0.00% |  | 4 | 4 | 4 |
|  Samsung Silup Co., Ltd. | 47 | 0.19% |  | 5 | 5 | 5 |
|  Samwon Bio Tech Co., Ltd. | 390 | 0.25% |  | 6 | 6 | 6 |
|  IZU KOREA Co., Ltd. | 48 | 0.00% |  | 2 | 2 | 2 |
|  Dongdo CNP Co., Ltd. | 234 | 0.36% |  | 6 | 6 | 6 |
|  Dae Bang Industry Co.,Ltd. | 115 | 0.13% |  | 6 | 6 | 6 |
|  S.I.T. Co.,Ltd | 2213 | 0.44% |  | 22 | 22 | 22 |
|  Taejin Hiech Co., Ltd. | 78 | 0.26% |  | 3 | 3 | 3 |
|  Headone Co.,Ltd. | 69 | 0.12% |  | 7 | 7 | 7 |
|  E-Won Solutech Co., Ltd. | 158 | 0.16% |  | 40 | 40 | 40 |
|  KPL Circuit Co., Ltd. | 283 | 0.08% |  | 14 | 14 | 14 |
|  Road Solar Co., Ltd. | 12 | 0.00% |  |  |  |  |
|  Han Mi Flexible Co.,Ltd. | 143 | 0.20% |  | 43 | 43 | 43 |
|  Millennium PNT Co., Ltd. | 227 | 0.37% |  | 6 | 6 | 6 |
|  GN Chem Co., Ltd. | 40 | 0.07% |  | 1 | 1 | 1 |
|  Dae Myung Co., Ltd. | 114 | 0.08% |  | 3 | 3 | 3 |
|  Nanomicart Co., Ltd. | 176 | 1.06% |  | 35 | 35 | 35 |
|  Young San Heavy Industries Co., Ltd. | 74 | 0.11% |  | 7 | 7 | 7 |
|  Samchungwon Co., Ltd. | 15 | 0.24% |  | 2 | 2 | 2 |
|  Wooyang Frozen Foods Co., Ltd. | 66 | 0.82% |  | 27 | 27 | 27 |
|  Nanomic Co., Ltd. | 94 | 0.63% |  | 38 | 38 | 38 |
|  Samsung Nonferrous Metal Co., Ltd. | 89 | 0.26% |  | 9 | 9 | 9 |
|  Daewha Fuel Pump Ind., Ltd. | 83 | 0.05% |  | 10 | 10 | 10 |
|  Addies Direct Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  WorldCnM Inc. | 131 | 1.09% |  | 10 | 10 | 10 |
|  Superone Co., Ltd. | 1585 | 1.45% |  | 8 | 8 | 8 |
|  Buyoung Panji Co., Ltd. | 478 | 0.44% |  | 12 | 12 | 12 |
|  International Paint Korea Co., Ltd. | 111 | 0.48% |  | 11 | 11 | 11 |
|  EI Lighting Co., Ltd. | 358 | 0.36% |  | 18 | 18 | 18 |
|  Hightech Mnp Co., Ltd. | 123 | 0.35% |  | 6 | 6 | 6 |
|  Yooseung Co., Ltd. | 10 | 0.08% |  | 1 | 1 | 1 |
|  Sungkwang Co., Ltd. | 48 | 0.35% |  | 2 | 2 | 2 |
|  Taeyang gasteel Co., Ltd. | 8 | 0.02% |  | 1 | 1 | 1 |
|  Ajin KSB Co., Ltd. | 204 | 0.31% |  | 18 | 18 | 18 |
|  Sewon Ceramic Co., Ltd. | 530 | 1.01% |  | 5 | 5 | 5 |
|  Choyang Tech Co., Ltd. | 465 | 1.01% |  | 23 | 23 | 23 |
|  TK Co., Ltd. | 307 | 0.70% |  | 15 | 15 | 15 |
|  Arari Co., Ltd. | 14 | 0.05% |  | 1 | 1 | 1 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  C&S Corporation Co., Ltd. | 1304 | 0.01% | W | 13 | 13 | 13 |
|  Global The One of Korea Co., Ltd. | 62 | 0.06% |  | 3 | 3 | 3 |
|  Steellife Co., Ltd. | 85 | 0.06% |  | 4 | 4 | 4 |
|  D&C Castech Co., Ltd. | 330 | 1.89% |  | 25 | 25 | 25 |
|  Geumhan Co., Ltd. | 498 | 0.24% |  | 7 | 7 | 7 |
|  Mokgan Co., Ltd. | 5 | 0.02% |  | 1 | 1 | 1 |
|  Wenex Co., Ltd. | 373 | 0.53% |  | 19 | 19 | 19 |
|  Sulim Co., Ltd. | 30 | 0.20% |  | 6 | 6 | 6 |
|  Shinkwang Engineering | 24 | 0.36% |  | 2 | 2 | 2 |
|  Ek Cookware Co., Ltd. | 60 | 0.04% |  | 1 | 1 | 1 |
|  KTTW Co., Ltd. | 28 | 0.05% |  | 2 | 2 | 2 |
|  Avajar Co., Ltd. | 1061 | 0.01% |  | 1 | 1 | 1 |
|  Woosung I.B. Co.,Ltd | 7071 | 0.07% |  | 14 | 14 | 14 |
|  CAP Korea Co., Ltd. | 16 | 0.30% |  | 3 | 3 | 3 |
|  MSM Co., Ltd. | 25 | 0.08% |  |  |  |  |
|  Ddpopstyle Co., Ltd. | 22 | 0.14% |  | 1 | 1 | 1 |
|  Finemetal Co., Ltd. | 49 | 0.08% |  | 1 | 1 | 1 |
|  Sungkyeong Co., Ltd. | 52 | 0.24% |  | 2 | 2 | 2 |
|  RMK Co., Ltd. | 63 | 0.90% |  | 22 | 22 | 22 |
|  Newko Co., Ltd. | 331 | 0.06% |  | 10 | 10 | 10 |
|  Dongsung Mulsan Co., Ltd. | 137 | 0.34% |  | 14 | 14 | 14 |
|  Pizzakorea Co., Ltd. | 42 | 0.18% |  | 9 | 9 | 9 |
|  Geumdani Co., Ltd. | 2377 | 1.82% |  | 36 | 36 | 36 |
|  Mezzanine I-pack Co., Ltd. | 38 | 0.02% |  | 1 | 1 | 1 |
|  Ltop Co., Ltd. | 36 | 0.06% |  | 7 | 7 | 7 |
|  Simile Aluminium Co., Ltd. | 428 | 0.31% |  | 9 | 9 | 9 |
|  GT Tooling Co., Ltd. | 604 | 0.17% |  | 6 | 6 | 6 |
|  Team Korea Co., Ltd. | 4782 | 0.37% |  | 24 | 24 | 24 |
|  Donghwa TCA Co., Ltd. | 1012 | 0.30% |  | 25 | 25 | 25 |
|  Hankook Piaget Co., Ltd. | 4 | 0.01% |  | 1 | 1 | 1 |
|  Coco Food Co., Ltd. | 648 | 1.24% |  | 33 | 33 | 33 |
|  Woori Industry Co., Ltd. | 102 | 1.05% |  | 21 | 21 | 21 |
|  Ssangyong Youngweol Plant Service&Engineering Co., Ltd. | 83 | 0.07% |  | 4 | 1 | 1 |
|  SH Co., Ltd. | 39 | 0.20% |  | 8 | 8 | 8 |
|  Daeyoung Co., Ltd. | 75 | 0.01% |  | 8 | 8 | 8 |
|  Chandown Food Co., Ltd. | 46 | 0.14% |  | 9 | 9 | 9 |
|  Getron Co., Ltd. | 7259 | 0.20% |  | 37 | 4 | 4 |
|  Jungmun Co., Ltd. | 19 | 0.26% |  | 2 | 2 | 2 |
|  Andong Trading Corporation Co., Ltd. | 42 | 0.00% |  | 2 | 2 | 2 |
|  JM Tech Co., Ltd. | 403 | 0.67% |  | 82 | 10 | 10 |
|  SGC Energy Co., Ltd. | 580000 | 5.00% |  | 2900 | 7856 | 7856 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. | 127660 | 4.30% |  | 1500 | 2016 | 2016 |
|  H Robotics Co., Ltd. | 903601 | 8.05% |  | 4000 | 5638 | 5638 |
|  Good Tcells Co., Ltd. | 11364 | 0.34% |  | 500 | 347 | 347 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 843 | 843 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Choigang-gujo Co., Ltd. | 61 | 0.45% | W | 6 | 1 | 1 |
|  Youngheung Industry Co., Ltd. | 101 | 0.05% |  | 5 | 1 | 1 |
|  Hosungsteel Co., Ltd. | 323 | 0.26% |  | 14 | 3 | 3 |
|  Uktae IND. Co., Ltd. | 140 | 0.12% |  | 7 | 1 | 1 |
|  JFC Co., Ltd. | 16 | 0.01% |  | 2 | 2 | 2 |
|  Hyundai Tech Co., Ltd. | 28 | 0.69% |  | 10 | 10 | 10 |
|  Daeil Co., Ltd. | 301 | 0.42% |  | 15 | 2 | 2 |
|  Seohan Food Co., Ltd. | 83 | 0.19% |  | 2 | 2 | 2 |
|  Daehyeon Recycle Co., Ltd. | 59 | 0.61% |  | 12 | 12 | 12 |
|  Metal Link Inc. Co., Ltd. | 709 | 0.17% |  | 35 | 4 | 4 |
|  Pipetec Korea Co., Ltd. | 50 | 0.07% |  | 10 | 1 | 1 |
|  SungJin Tech Co., Ltd. | 803 | 1.20% |  | 24 | 8 | 8 |
|  Yujin E&C Co., Ltd. | 29 | 0.18% |  | 6 |  |  |
|  Daishin Logistics Co., Ltd. | 13 | 0.09% |  | 1 | 1 | 1 |
|  JinSung Engineering Co., Ltd. | 18 | 0.30% |  | 18 | 18 | 18 |
|  Yongho Industry Co., Ltd. | 157 | 0.22% |  | 32 | 1 | 1 |
|  Wow tech Co., Ltd. | 369 | 0.75% |  | 11 | 11 | 11 |
|  World Power Tech Co., Ltd. | 16 | 0.28% |  | 24 | 24 | 24 |
|  PBM Auto Co., Ltd. | 1001 | 1.06% |  | 10 | 10 | 10 |
|  K2 Motors Co., Ltd. | 54 | 0.28% |  | 1 | 1 | 1 |
|  CL Tech Co., Ltd. | 801 | 2.25% |  | 40 | 40 | 40 |
|  Mirae Industry Co., Ltd. | 39 | 0.04% |  | 6 | 6 | 6 |
|  Gentak Korea Co., Ltd. | 301 | 0.31% |  | 8 | 8 | 8 |
|  Sungjin Chemical Co., Ltd. | 118 | 0.36% |  | 4 | 4 | 4 |
|  LMAT Co., Ltd. | 198 | 0.04% |  | 20 | 20 | 20 |
|  Poong Lim Industrial Co., Ltd. | 25 | 0.00% |  | 38 | 38 | 38 |
|  Dae Sung GeoTech Co., Ltd. | 631 | 1.28% |  | 32 | 32 | 32 |
|  Saeheemang Co., Ltd. | 756 | 0.60% |  | 15 | 15 | 15 |
|  Hakbong Precision Co., Ltd. | 1460 | 1.18% |  | 15 | 15 | 15 |
|  Vornech Co., Ltd. | 431 | 0.37% |  | 11 | 2 | 2 |
|  Woojin Formtech Co., Ltd. | 76 | 0.08% |  | 8 | 1 | 1 |
|  Korea Engineer Manufacturing Co., Ltd. | 114 | 0.26% |  | 6 | 1 | 1 |
|  Sinwa J&K Co., Ltd. | 476 | 0.28% |  | 5 | 5 | 5 |
|  Owon E&G Co., Ltd. | 132 | 0.20% |  | 4 | 4 | 4 |
|  Guseong Co., Ltd. | 141 | 0.20% |  | 3 | 3 | 3 |
|  Irefarm Co., Ltd. | 45 | 0.30% |  | 3 | 3 | 3 |
|  Nam-hae E&C Co., Ltd. | 117 | 0.10% |  | 2 | 2 | 2 |
|  Haenarae Agricultural Corp. | 15 | 0.03% |  | 2 | 2 | 2 |
|  DECO&E Co., Ltd. | 1261 | 0.00% |  | 2 | 2 | 2 |
|  Design Beyond Co., Ltd. | 17 | 0.19% |  | 2 | 2 | 2 |
|  LBK Co., Ltd. | 8 | 0.05% |  | 1 | 1 | 1 |
|  Duckwon industrial Co., Ltd. | 32 | 0.43% |  | 13 | 13 | 13 |
|  ASPT Co., Ltd. | 64 | 0.82% |  | 19 | 19 | 19 |
|  SIMA Co., Ltd. | 29 | 0.05% |  | 3 | 3 | 3 |
|  Jingkang Resources Co., Ltd. | 90 | 1.57% |  | 13 | 13 | 13 |
|  Eslin Co., Ltd. | 39 | 0.14% |  | 8 | 8 | 8 |
|  Shinwon Co., Ltd. | 275 | 0.42% |  | 19 | 19 | 19 |
|  CIC Tech Co., Ltd. | 96 | 0.54% |  | 10 | 10 | 10 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Orano Expansion | 5742405 | 4.72% | W |  |  |  |
|  Fourever Co., Ltd. | 44 | 0.10% |  | 4 | 4 | 4 |
|  Myungil Metal Co., Ltd. | 80 | 0.10% |  | 4 | 4 | 4 |
|  Daeshin ECM Co., Ltd. | 182 | 0.30% |  | 9 | 9 | 9 |
|  Greencarbon Co., Ltd. | 79 | 0.06% |  | 1 | 1 | 1 |
|  Sunkoo Co., Ltd. | 4 | 0.10% |  | 2 | 2 | 2 |
|  Jians Construction Co., Ltd. | 45 | 0.01% |  | 2 | 4 | 4 |
|  DH trading Co., Ltd. | 891 | 0.04% |  | 178 |  |  |
|  Sangsin Co., Ltd. | 29 | 0.09% |  | 15 | 15 | 15 |
|  Steel focus Co., Ltd. | 154 | 0.20% |  | 4 | 4 | 4 |
|  Kamada Korea Co., Ltd. | 437 | 0.33% |  | 22 | 22 | 22 |
|  Fosys Co., Ltd. | 19 | 0.08% |  | 4 | 4 | 4 |
|  GB precision Co., Ltd. | 137 | 0.57% |  | 1 | 1 | 1 |
|  Ewon Art Co., Ltd. | 185 | 0.61% |  | 9 | 9 | 9 |
|  DI Tech Co., Ltd. | 3 | 0.00% |  |  |  |  |
|  Hans AD Co., Ltd. | 33 | 0.35% |  | 2 | 2 | 2 |
|  Chaegim Environment Development Co., Ltd. | 158 | 0.01% |  | 3 | 3 | 3 |
|  Daesung Stain Co., Ltd. | 32 | 0.32% |  | 2 | 2 | 2 |
|  YSM Co., Ltd. | 281 | 2.07% |  | 14 | 14 | 14 |
|  Dong In Industry Co., Ltd. | 65 | 0.13% |  | 3 | 3 | 3 |
|  U&I Co., Ltd. | 50 | 0.22% |  | 5 | 5 | 5 |
|  World One Co., Ltd. | 401 | 0.58% |  | 10 | 10 | 10 |
|  Yewon Co., Ltd. | 24 | 0.02% |  | 1 |  |  |
|  TSNT Co., Ltd. | 119 | 0.00% |  | 24 | 24 | 24 |
|  Shinsung Tech Co., Ltd. | 314 | 0.01% |  | 16 | 16 | 16 |
|  JSL Co., Ltd. | 51 | 0.49% |  | 3 | 3 | 3 |
|  Loft Garden Co., Ltd. | 1 | 0.04% |  |  |  |  |
|  Handon Co., Ltd. | 74 | 0.25% |  | 11 | 11 | 11 |
|  GH Tech Co., Ltd. | 82 | 0.22% |  | 3 | 3 | 3 |
|  Daeo Co., Ltd. | 13 | 0.23% |  | 4 | 4 | 4 |
|  Bokwang Co., Ltd. | 76 | 0.00% |  | 15 | 15 | 15 |
|  Samkum Industry Co., Ltd. | 201 | 0.48% |  | 40 | 40 | 40 |
|  Dyntex Korea Co., Ltd. | 75 | 0.28% |  | 15 | 15 | 15 |
|  Mirae Engineering Co., Ltd. | 66 | 0.15% |  | 1 | 1 | 1 |
|  Mideumeul-juneun-namu Co., Ltd. | 119 | 0.53% |  | 6 | 6 | 6 |
|  Seil Textile Co., Ltd. | 16 | 0.15% |  | 3 | 3 | 3 |
|  Ilshin Tech Co., Ltd. | 36 | 0.00% |  | 7 | 7 | 7 |
|  Magtec Co., Ltd. | 28 | 0.00% |  | 6 | 6 | 6 |
|  Sukwon Co., Ltd. | 2885 | 0.59% |  | 29 | 29 | 29 |
|  Hae-sung Metal Co., Ltd. | 159 | 0.17% |  | 3 | 3 | 3 |
|  White&Clean Foods Co., Ltd. | 330 | 0.00% |  | 3 | 3 | 3 |
|  Michang Cable Co., Ltd. | 1096 | 0.26% |  | 16 | 16 | 16 |
|  G.M Foods Co., Ltd. | 57 | 0.16% |  | 9 | 9 | 9 |
|  Wecan Global Inc. Co., Ltd. | 165 | 0.08% |  | 8 | 8 | 8 |
|  Daeju Steel Co., Ltd. | 11 | 0.20% |  | 1 | 1 | 1 |
|  Hyundai Glass Co., Ltd. | 860 | 0.83% |  | 43 | 43 | 43 |
|  MEC Co., Ltd. | 16468 | 1.17% |  | 41 | 41 | 41 |
|  Daeyeoneco Co., Ltd. | 151 | 0.00% |  | 15 | 15 | 15 |
|  Hyesung Cable&Communication Inc. | 762 | 0.39% |  | 38 | 38 | 38 |
|  Sangjin Co., Ltd. | 428 | 0.35% |  | 21 | 21 | 21 |
|  Topis Co., Ltd. | 246 | 0.71% |  | 14 | 14 | 14 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  G&L Tech Co., Ltd. | 2 | 0.06% | W |  |  |  |
|  Cheonhae Co., Ltd. | 72 | 0.00% |  | 2 | 2 | 2 |
|  Iksan-guwon Co., Ltd. | 563 | 0.00% |  | 11 | 11 | 11 |
|  Korea Remicon Co., Ltd. | 36 | 0.03% |  | 5 | 5 | 5 |
|  New Tech Co., Ltd. | 23 | 0.15% |  | 2 | 2 | 2 |
|  Segeon Co., Ltd. | 124 | 0.00% |  | 4 | 4 | 4 |
|  MS Tech Co., Ltd. | 9 | 0.15% |  | 1 | 1 | 1 |
|  J.I Steel Co., Ltd. | 21 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 172 | 0.00% |  | 9 | 9 | 9 |
|  Taejin Co., Ltd. | 27 | 0.08% |  | 3 | 3 | 3 |
|  Macroad Co., Ltd. | 953 | 0.17% |  | 10 | 10 | 10 |
|  Woongjin Energy Co., Ltd. | 94 | 0.00% |  | 9 | 9 | 9 |
|  Electric Contractors' Financial Cooperative Co., Ltd. |  |  |  | 39 | 39 | 39 |
|  Information&Communication Financial Cooperative Co., Ltd. |  |  |  | 15 | 15 | 15 |
|  Common Computer Co., Ltd. | 3856 | 1.87% |  | 1000 | 1000 | 1000 |
|  Fine Powerex Co., Ltd. | 72633 | 4.92% |  | 1500 | 1500 | 1500 |
|  Eunsung Industrial Co., Ltd. | 3 | 0.03% |  | 1 | 1 | 1 |
|  KPE Co., Ltd | 51 | 0.19% |  | 13 | 13 | 13 |
|  Dongbangfarms Co., Ltd | 904 | 0.55% |  | 41 | 5 | 5 |
|  Sungdo Pack Co., Ltd | 15 | 0.06% |  | 1 | 1 | 1 |
|  Coffeenie Co., Ltd | 2 | 0.00% |  | 1 | 1 | 1 |
|  Medi Pharma Plan Co., Ltd | 1075 | 0.26% |  | 108 | 8 | 8 |
|  Woori Ascon Co., Ltd | 25 | 0.34% |  | 10 | 10 | 10 |
|  Dong Shin Hydraulies Co., Ltd | 9460 | 0.14% |  | 47 | 47 | 47 |
|  Cheonwoo E.P.S Co., Ltd | 371 | 1.10% |  | 19 | 19 | 19 |
|  Koa Tech Co., Ltd | 1244 | 0.77% |  | 12 | 12 | 12 |
|  Jinwoo Textile Co., Ltd | 91 | 0.68% |  | 9 | 9 | 9 |
|  SKE Cable Co., Ltd | 120 | 0.08% |  | 6 | 6 | 6 |
|  Hi Korea Co., Ltd | 1845 | 1.94% |  | 185 | 185 | 185 |
|  Daeheung Engineering Co., Ltd | 65 | 0.01% |  | 1 | 1 | 1 |
|  Etapol Co., Ltd | 1361 | 0.54% |  | 41 | 41 | 41 |
|  Yoongwon International Co., Ltd | 157 | 1.47% |  | 31 | 31 | 31 |
|  Avoh Ceramic&Bath Co., Ltd | 173 | 0.14% |  | 3 | 3 | 3 |
|  Dongyang R.P.F. Industrial Co., Ltd | 59 | 0.03% |  | 2 | 2 | 2 |
|  Yuil Engineering Co., Ltd | 14 | 0.03% |  | 1 | 1 | 1 |
|  Taesan Co., Ltd | 146 | 0.69% |  | 35 | 35 | 35 |
|  Jico Co., Ltd | 10581 | 0.01% |  | 26 | 26 | 26 |
|  K Shipbuilding Co., Ltd. | 8622 | 0.25% |  | 1078 | 1078 | 1078 |
|  Seokjin E&T Co., Ltd. | 81 | 0.06% |  | 8 | 8 | 8 |
|  Agencore Co., Ltd | 104350 | 5.67% |  | 1200 | 1200 | 1200 |
|  SamHong Machinery. EMC Co., Ltd | 476192 | 19.23% |  | 5000 | 5000 | 5000 |
|  Thermo Tec Co., Ltd | 446 | 0.03% |  | 4 | 4 | 4 |
|  DaeYang Hydro Co., Ltd | 6 | 0.02% |  | 1 | 1 | 1 |
|  SangMoo Steel Co., Ltd | 24 | 0.04% |  | 2 | 2 | 2 |
|  Jungin Distribution Co., Ltd | 17 | 0.00% |  | 3 | 3 | 3 |
|  TheSun Co., Ltd | 77 | 0.06% |  | 1 | 1 | 1 |
|  Daedong Co., Ltd | 176 | 0.33% |  | 18 | 18 | 18 |
|  Daewoong and Technology Co., Ltd | 423 | 1.14% |  | 42 | 42 | 42 |
|  Ebadom Co., Ltd | 361 | 0.21% |  | 58 | 58 | 58 |
|  ChoungHwa Precise Co., Ltd | 428 | 0.08% |  | 43 | 4 | 4 |
|  Snopa Co., Ltd | 458 | 0.01% |  | 5 | 5 | 5 |
|  Aloha Factory Co., Ltd | 2970 | 3.61% |  | 1000 | 1000 | 1000 |
|  Dailyshot Co., Ltd | 339 | 1.85% |  | 1001 | 1001 | 1001 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Mediquitous Co., Ltd | 5080 | 0.69% | W | 1250 | 1250 | 1250 |
|  SKD Korea Co., Ltd. | 40 | 0.28% |  | 20 | 20 | 20 |
|  Samhyup Co., Ltd | 376 | 0.91% |  | 38 | 38 | 38 |
|  Gogang Aluminum Co., Ltd | 828 | 1.52% |  | 41 | 41 | 41 |
|  Taekwang Paper Board Co., Ltd | 133 | 0.49% |  | 23 | 23 | 23 |
|  NY Tech Co., Ltd | 33 | 0.15% |  | 2 | 2 | 2 |
|  Sekwang Precision Co., Ltd | 394 | 0.84% |  | 79 | 79 | 79 |
|  Dongbang Metal Co., Ltd | 1985 | 0.32% |  | 20 | 20 | 20 |
|  Samwang Co., Ltd | 170 | 0.25% |  | 17 | 17 | 17 |
|  Yurim CNF Co., Ltd | 15 | 0.23% |  | 2 | 2 | 2 |
|  Guseul Co., Ltd | 89 | 0.23% |  | 9 | 9 | 9 |
|  Gaone International Co., Ltd | 54 | 0.29% |  | 14 | 14 | 14 |
|  Daekwang Forging Co., Ltd | 1298 | 1.99% |  | 130 | 130 | 130 |
|  Dongyang Pratech Co., Ltd | 265 | 1.21% |  | 29 | 29 | 29 |
|  Samjin Placo Co., Ltd | 661 | 0.52% |  | 33 | 33 | 33 |
|  MS Steel Industrial Co., Ltd | 167 | 0.40% |  | 8 | 8 | 8 |
|  STS Global Co., Ltd | 9 | 0.04% |  | 1 | 1 | 1 |
|  Y Tech Co., Ltd | 855 | 0.65% |  | 34 | 34 | 34 |
|  CK Industry Co., Ltd | 4178 | 7.54% |  | 167 | 167 | 167 |
|  J&J Tech Co. | 14 | 0.22% |  | 1 | 1 | 1 |
|  Shield Board Co., Ltd | 165 | 0.15% |  | 3 | 3 | 3 |
|  SFC International Co., Ltd | 11 | 0.01% |  | 1 | 1 | 1 |
|  Korea Ocean Machinery & Technology Co., Ltd. | 763 | 0.45% |  | 76 | 76 | 76 |
|  Hana ITM Inc. | 8443 | 0.70% |  | 84 | 84 | 84 |
|  Jeuvis Co., Ltd | 191 | 0.30% |  | 2 | 2 | 2 |
|  JBM Co., Ltd | 662 | 0.34% |  | 20 | 20 | 20 |
|  Jungwoo Metal Solution Co., Ltd | 27 | 0.08% |  | 2 | 2 | 2 |
|  MS Precision Co., Ltd | 220 | 0.16% |  | 22 | 22 | 22 |
|  YM Tech Co., Ltd | 2 | 0.01% |  | 1 | 1 | 1 |
|  C&C ENG Co., Ltd | 439 | 1.59% |  | 22 | 22 | 22 |
|  Minjin Co., Ltd | 24 | 0.01% |  | 1 | 1 | 1 |
|  Daejoo E&G Co., Ltd | 133 | 0.00% |  | 27 | 27 | 27 |
|  Taeyoung Precision Co., Ltd | 31 | 0.22% |  | 1 | 1 | 1 |
|  Shin Heung Precision Co., Ltd | 93 | 4.63% |  | 4 | 4 | 4 |
|  TaeGwang P&C Co., Ltd | 530 | 0.90% |  | 13 | 13 | 13 |
|  KyeongGwang Tech Co., Ltd | 244 | 1.04% |  | 7 | 7 | 7 |
|  |  |  |  | 269065 | 202243 | 202243 |
|  **Debt securities** |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. (\*1) |  |  |  | 500 | 529 | 529 |
|  |  |  | W | 594355 | 502829 | 502829 |

---

(\*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

---

| | |
|:---|:---|
| (\*2) | The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2022.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  **Listed** |  |  |  |  |  |  |
|  Korea District Heating Corp. | 2264068 | 19.55% | W | 173201 | 87733 | 87733 |
|  Ssangyong Motor Co., Ltd. | 38568 | 0.03% |  | 428 |  |  |
|  SM Korea Line Corp. | 180 | 0.00% |  | 1 |  |  |
|  Namkwang Engineering & Construction Co., Ltd. | 121 | 0.00% |  | 15 | 1 | 1 |
|  Bumyang Construction Co., Ltd. | 35 | 0.00% |  | 2 |  |  |
|  ELCOMTEC Co., Ltd. | 32875 | 0.04% |  | 217 | 42 | 42 |
|  PAN Ocean Co., Ltd. | 1492 | 0.00% |  | 14 | 8 | 8 |
|  STX Heavy Industries Co., Ltd. | 7419 | 0.03% |  | 107 | 35 | 35 |
|  Codes Combine Co., Ltd. | 291 | 0.00% |  | 1 | 1 | 1 |
|  PT Adaro Energy Tbk. | 480000000 | 1.50% |  | 65028 | 89747 | 89747 |
|  Denison Mines Corp. | 58284000 | 9.76% |  | 84134 | 94376 | 94376 |
|  Fission Uranium Corp. | 100000 | 0.02% |  | 41 | 73 | 73 |
|  SangSangin Industry Co., Ltd. | 5831 | 0.01% |  | 38 | 6 | 6 |
|  Vitzosys Co., Ltd. | 399 | 0.00% |  | 2 | 2 | 2 |
|  EMnI Co., Ltd. | 628 | 0.00% |  | 25 | 2 | 2 |
|  Vissem electronics, Co., Ltd. | 229 | 0.00% |  | 11 | 2 | 2 |
|  KC Industry Co., Ltd. | 139 | 0.00% |  | 6 | 1 | 1 |
|  Ihsung CNI Co., Ltd. | 142860 | 4.81% |  | 1500 | 1779 | 1779 |
|  Aone Alform Co., Ltd. | 2672 | 0.08% |  | 19 | 18 | 18 |
|  |  |  |  | 324790 | 273826 | 273826 |
|  **Unlisted (\*1)** |  |  |  |  |  |  |
|  Intellectual Discovery Co., Ltd. | 1000000 | 6.00% | W | 5000 | 954 | 954 |
|  Hwan Young Steel Co., Ltd. | 10916 | 0.14% |  | 1092 | 97 | 97 |
|  SAMBO AUTO. Co., Ltd. | 15066 | 0.02% |  | 38 | 38 | 38 |
|  Mobo Co., Ltd. | 504 | 0.00% |  | 14 | 14 | 14 |
|  Dae Kwang Semiconductor Co., Ltd. | 589 | 0.07% |  | 6 | 6 | 6 |
|  Sanbon Department Store | 828 | 0.01% |  | 124 | 3 | 3 |
|  Miju Steel Mfg. Co., Ltd. | 1097 | 0.23% |  | 50 | 50 | 50 |
|  Sungwon Co., Ltd. | 117 | 0.07% |  | 29 | 29 | 29 |
|  IMHWA Corp. | 329 | 0.11% |  | 5 | 5 | 5 |
|  DALIM Special Vehicle Co., Ltd. | 58 | 0.08% |  | 10 | 10 | 10 |
|  ASA JEONJU Co., Ltd. | 34846 | 1.34% |  | 697 | 69 | 69 |
|  Moonkyung Silica Co., Ltd. | 42 | 0.56% |  |  |  |  |
|  Sungkwang Timber Co., Ltd. | 3 | 0.08% |  | 5 | 5 | 5 |
|  HJ Steel Co., Ltd. | 218 | 0.07% |  | 2 | 2 | 2 |
|  KS Remicon Co., Ltd. | 12 | 0.04% |  | 3 | 3 | 3 |
|  Joongang Platec Co., Ltd. | 3591 | 0.75% |  | 72 | 35 | 35 |
|  Pyungsan SI Co., Ltd. | 434 | 0.01% |  | 9 | 9 | 9 |
|  Samgong Development Co., Ltd. | 12 | 0.01% |  | 7 | 7 | 7 |
|  Joongang Development Co., Ltd. | 540 | 0.12% |  | 8 | 8 | 8 |
|  AJS Co., Ltd. | 12906 | 0.23% |  | 32 | 32 | 32 |
|  MSE Co., Ltd. | 429 | 0.13% |  | 9 | 9 | 9 |
|  Ilrim Nano Tec Co., Ltd. | 1520 | 0.07% |  | 15 | 15 | 15 |
|  Youngjin Hi-Tech Co., Ltd. | 11109 | 0.25% |  | 255 | 150 | 150 |
|  Buyoung Co., Ltd. | 270 | 0.00% |  | 3 | 3 | 3 |
|  Ilsuk Co., Ltd. | 152 | 0.17% |  | 10 | 10 | 10 |
|  Zyle Daewoo Motor Sales Co., Ltd. | 22 | 0.00% |  |  |  |  |
|  Daewoo Development Co., Ltd. | 8 | 0.00% |  |  |  |  |
|  Seyang Inc. | 537 | 0.05% |  | 27 | 27 | 27 |
|  Seungri Enterprise Co., Ltd. | 93 | 0.05% |  | 3 | 3 | 3 |
|  Shin-E P&C Co., Ltd. | 1569 | 0.64% |  | 111 | 2 | 2 |
|  Ejung Ad Co., Ltd. | 132 | 0.09% |  | 3 | 3 | 3 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Solvus Co., Ltd. | 1056 | 0.04% | W | 3 | 3 | 3 |
|  Myung Co., Ltd. | 89 | 0.05% |  | 2 | 2 | 2 |
|  Biwang Industry Co., Ltd | 406 | 0.04% |  | 2 | 2 | 2 |
|  Young Sung Co., Ltd. | 89 | 0.40% |  | 26 | 26 | 26 |
|  Yuil Industrial Electronics Co., Ltd. | 804 | 0.32% |  | 15 | 15 | 15 |
|  Woojin Industry Corporation | 3 | 0.00% |  | 16 | 16 | 16 |
|  Kwang Sung Industry Co., Ltd. | 325 | 0.35% |  | 7 | 7 | 7 |
|  Futech Mold Co., Ltd. | 274 | 0.27% |  | 14 | 14 | 14 |
|  Woojoo Environment Ind. Co., Ltd. | 101 | 0.11% |  | 13 | 13 | 13 |
|  Hyungji Esquire Co., Ltd. | 61 | 0.02% |  | 22 | 22 | 22 |
|  Morado Co., Ltd. | 209 | 0.04% |  | 2 | 2 | 2 |
|  Myung Sung Tex Co., Ltd. | 20 | 0.00% |  | 2 | 2 | 2 |
|  Kwang Sung Co., Ltd. | 610 | 0.53% |  | 31 | 31 | 31 |
|  Seen Business and Technology co., Ltd. | 29424 | 0.73% |  | 148 | 7 | 7 |
|  Woobang Construction Co., Ltd. | 8 | 0.00% |  | 8 | 8 | 8 |
|  Shin Pyung Co., Ltd. | 6 | 0.03% |  | 3 | 3 | 3 |
|  JMC Heavy Industries Co., Ltd. | 2724 | 0.10% |  | 27 | 2 | 2 |
|  Najin Steel Co., Ltd. | 37 | 0.06% |  | 5 | 5 | 5 |
|  Sinkwang Industry Co., Ltd. | 1091 | 1.68% |  | 5 | 5 | 5 |
|  Elephant & Friends Co., Ltd. | 563 | 0.61% |  | 3 | 3 | 3 |
|  Mireco Co., Ltd. | 109 | 0.25% |  | 11 | 11 | 11 |
|  L&K Industry Co., Ltd. | 1615 | 0.60% |  | 24 | 24 | 24 |
|  JO Tech Co., Ltd. | 1263 | 0.62% |  | 25 | 25 | 25 |
|  Kendae Printing Co., Ltd. | 422 | 0.60% |  | 21 | 21 | 21 |
|  Dauning Co., Ltd. | 231 | 0.41% |  | 6 | 6 | 6 |
|  Korea Trecision Co., Ltd. | 22 | 0.45% |  | 5 | 5 | 5 |
|  Ace Track Co., Ltd. | 3130 | 1.08% |  | 219 | 59 | 59 |
|  Dung Hwan Co., Ltd. | 556 | 0.02% |  | 6 | 6 | 6 |
|  Hurim Biocell Co., Ltd. | 1021 | 0.00% |  | 5 | 5 | 5 |
|  Smart Power Co., Ltd. | 133333 | 4.14% |  | 200 | 200 | 200 |
|  Sunjin Power Tech Co., Ltd. | 4941 | 0.92% |  | 247 | 32 | 32 |
|  Beer Yeast Korea Inc. | 1388 | 0.43% |  | 7 | 7 | 7 |
|  B CON Co., Ltd. | 96 | 1.16% |  | 6 | 6 | 6 |
|  Ace Integration Co., Ltd | 105 | 0.09% |  | 24 | 24 | 24 |
|  AceInti Agricultural Co., Ltd. | 16 | 0.02% |  | 5 | 5 | 5 |
|  KyungDong Co., Ltd. | 130 | 0.01% |  | 1 | 1 | 1 |
|  ChunWon Development Co., Ltd. | 193 | 0.19% |  | 39 | 39 | 39 |
|  SungLim Industrial Co., Ltd. | 29 | 0.03% |  | 1 | 1 | 1 |
|  Korea Minerals Co., Ltd. | 191 | 0.05% |  | 134 | 1 | 1 |
|  HyoDong Development Co., Ltd. | 128 | 0.16% |  | 25 | 1 | 1 |
|  Haspe Tech Co., Ltd. | 652 | 0.55% |  | 20 | 20 | 20 |
|  JoHyun Co., Ltd. | 350 | 1.56% |  | 18 | 18 | 18 |
|  KC Co., Ltd. | 5107 | 0.17% |  | 26 | 26 | 26 |
|  SeongJi Industrial Co., Ltd. | 41 | 0.05% |  | 1 | 1 | 1 |
|  Seyang Precision Ind.Co., Ltd. | 829 | 0.23% |  | 41 | 41 | 41 |
|  Dooriwon Food System Co., Ltd. | 13 | 0.27% |  | 1 | 1 | 1 |
|  ShinShin Co., Ltd | 339 | 1.12% |  | 17 | 17 | 17 |
|  Sung Kwang Co., Ltd. | 23 | 0.37% |  | 6 | 6 | 6 |
|  Shinheung petrol. Co., Ltd. | 699 | 0.14% |  | 35 | 35 | 35 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Force TEC Co., Ltd. | 3501 | 0.02% | W | 18 | 18 | 18 |
|  Samsung Tech Co., Ltd. | 486 | 1.28% |  | 97 | 36 | 36 |
|  Younil Metal Co., Ltd. | 41 | 0.21% |  | 21 | 21 | 21 |
|  CJ Paradise Co.,Ltd | 24 | 0.02% |  | 12 | 12 | 12 |
|  Han Young Technology Company Co., Ltd. | 35 | 0.00% |  |  |  |  |
|  K Shipbuilding Co., Ltd. <br>(formerly, STX Offshore & Shipbuilding Co., Ltd.) | 8622 | 0.25% |  | 1078 | 1078 | 1078 |
|  Ptotronics Co., Ltd. | 843 | 0.42% |  | 84 | 6 | 6 |
|  NFT Co., Ltd. | 136 | 0.40% |  | 8 | 8 | 8 |
|  Hyundaitech Co., Ltd. | 1363 | 0.87% |  | 27 | 27 | 27 |
|  Dasan Material Co., Ltd. | 29 | 0.04% |  | 22 | 22 | 22 |
|  Fish World Co., Ltd. | 47 | 0.21% |  | 2 | 2 | 2 |
|  SG Shinsung Engineering and Construction Co., Ltd. | 10 | 0.00% |  | 6 |  |  |
|  Samdo Industry Electric Co., Ltd. | 48 | 0.02% |  | 1 | 1 | 1 |
|  Taejung Industries Co., Ltd. | 9268 | 0.30% |  | 5 | 5 | 5 |
|  Shinsei Trading Co., Ltd. | 64 | 0.72% |  | 6 | 6 | 6 |
|  Dynamic Co., Ltd. | 111 | 0.19% |  | 3 | 3 | 3 |
|  Green Alchemy Co., Ltd. | 38202 | 1.48% |  | 191 | 17 | 17 |
|  Youone TBM Engineering & Construction Co., Ltd. | 615 | 0.27% |  | 31 | 31 | 31 |
|  KM Leatech Co., Ltd. | 1648 | 0.98% |  | 8 | 8 | 8 |
|  Semist Co.,Ltd. | 555 | 0.80% |  | 3 | 3 | 3 |
|  Sewon Bus Co., Ltd | 12 | 0.00% |  |  |  |  |
|  Enertec Co., Ltd. | 7937 | 0.19% |  | 44 | 44 | 44 |
|  Sangji Co., Ltd. | 20 | 0.26% |  | 4 | 4 | 4 |
|  Bellie Doughnuts Co., Ltd. | 169 | 0.19% |  | 10 | 10 | 10 |
|  AIRTECH Information communication Co., Ltd | 2379 | 0.60% |  | 12 | 12 | 12 |
|  Kiscom Co., Ltd. | 1493 | 0.04% |  | 1 | 1 | 1 |
|  Wonil laser Co., Ltd | 157 | 0.37% |  | 16 | 16 | 16 |
|  Pyung Hwa Industrial Co., Ltd. | 3388 | 3.00% |  | 85 | 85 | 85 |
|  Set Holding (\*2) | 1100220 | 2.50% |  | 229255 | 131036 | 131036 |
|  PT. Cirebon Energi Prasarana | 22420 | 10.00% |  | 2612 | 2658 | 2658 |
|  Choheung packing Co., Ltd. | 61 | 0.13% |  | 12 | 12 | 12 |
|  Jaewoo Co., Ltd. | 359 | 0.24% |  | 11 | 11 | 11 |
|  Wooyang HC Co., Ltd | 1375 | 0.01% |  | 159 | 13 | 13 |
|  TheYeonriji Co., Ltd. | 116 | 0.10% |  | 6 | 6 | 6 |
|  Flusys Co., Ltd. | 9 | 0.08% |  | 2 | 2 | 2 |
|  DongSeo Electronics Co., Ltd. | 347 | 0.07% |  | 16 | 17 | 17 |
|  Daewoo Display Co., Ltd. | 177 | 0.03% |  | 5 | 5 | 5 |
|  NTS Co., Ltd. | 143 | 0.22% |  | 36 | 36 | 36 |
|  AID CO., Ltd. | 1212 | 0.57% |  | 36 | 36 | 36 |
|  Changwon Eco-friendly farming Corp. | 3 | 0.01% |  |  |  |  |
|  Kumo Hitech Co., Ltd. | 6697 | 0.53% |  | 100 | 32 | 32 |
|  Kyung Pyo Industry Co., Ltd. | 186 | 0.76% |  | 19 | 19 | 19 |
|  Daedong Industry Co., Ltd. | 617 | 0.55% |  | 46 | 46 | 46 |
|  Doosung Heavy Industries Co., Ltd. | 53 | 0.06% |  | 5 | 5 | 5 |
|  Samjoo Hightech Co., Ltd. | 522 | 0.08% |  | 3 | 3 | 3 |
|  Samkwang Chemical Co., Ltd. | 204 | 1.27% |  | 51 | 51 | 51 |
|  SG Corp. | 213 | 0.54% |  | 21 | 21 | 21 |
|  Shinseung Chemical Industy Co., Ltd. | 5 | 0.01% |  | 60 | 60 | 60 |
|  KJ Alloy Co., Ltd. | 368 | 0.20% |  | 7 | 7 | 7 |
|  SM Hi-tech Co., Ltd. | 22 | 0.39% |  | 22 | 22 | 22 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Puruen Environment Co., Ltd. | 967 | 1.34% | W | 19 | 19 | 19 |
|  Miretech Co., Ltd. | 9111 | 0.27% |  | 18 | 18 | 18 |
|  Sejin Hightech Co., Ltd. | 17980 | 0.16% |  | 18 | 18 | 18 |
|  Eun Sung Enterprise Co., Ltd. | 1131 | 0.72% |  | 17 | 17 | 17 |
|  Dongdo Basalt Industry Co., Ltd. | 182 | 1.50% |  | 73 | 73 | 73 |
|  Shinyoung Textiles Co., Ltd. | 523 | 1.01% |  | 52 | 23 | 23 |
|  Ilwoo Steel Co., Ltd. | 41 | 0.28% |  | 17 | 17 | 17 |
|  Dong-un Tech Co., Ltd. | 1159 | 6.28% |  | 81 | 81 | 81 |
|  Wongwang Door Corp. | 575 | 1.00% |  | 29 | 29 | 29 |
|  Mansu Co., Ltd. | 344 | 0.25% |  | 15 | 15 | 15 |
|  Eanskorea Co., Ltd. | 39 | 0.05% |  | 2 | 2 | 2 |
|  Youngdongseafood Co., Ltd. | 165 | 0.33% |  | 8 | 8 | 8 |
|  Hyunwoo Winstar Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  Sehwa Diecasting Co., Ltd. | 299 | 1.66% |  | 44 | 44 | 44 |
|  Sungchang Tech Co., Ltd. | 159 | 0.31% |  | 10 | 10 | 10 |
|  Yuchang Industry Co., Ltd. | 90 | 0.11% |  | 5 | 5 | 5 |
|  Jeongpum Co., Ltd. | 322 | 0.35% |  | 16 | 16 | 16 |
|  Korea Steel Power Co., Ltd. | 2761 | 1.88% |  | 55 | 55 | 55 |
|  Amanex Co., Ltd. | 10 | 0.02% |  | 9 | 9 | 9 |
|  Dae-A Leisure Co., Ltd. | 23 | 0.00% |  | 4 | 4 | 4 |
|  Caffe Bene Co., Ltd. | 1908 | 0.03% |  | 9 | 9 | 9 |
|  Shinjin International Corp. | 4 | 0.01% |  | 1 | 1 | 1 |
|  Jinhung Packaging Co., Ltd | 4329 | 3.02% |  | 22 | 22 | 22 |
|  Donglim Eng Co., Ltd. | 26 | 0.11% |  | 3 | 3 | 3 |
|  SIP Co., Ltd. | 274 | 0.55% |  | 7 | 7 | 7 |
|  Clizen Co., Ltd. | 615 | 0.34% |  | 31 | 31 | 31 |
|  DAEDONGMILLENNIUM Co., Ltd. | 159 | 0.42% |  | 32 | 32 | 32 |
|  Daeji Product Co., Ltd. | 15 | 0.05% |  | 1 |  |  |
|  Jaein Circuit Co., Ltd. | 498 | 1.12% |  | 65 | 65 | 65 |
|  SSET Co., Ltd. | 181 | 0.30% |  | 18 | 18 | 18 |
|  Sewon PM Tech Co., Ltd. | 963 | 1.11% |  | 48 | 48 | 48 |
|  Dawon Yuhwa Co., Ltd. | 506 | 1.94% |  | 25 | 25 | 25 |
|  Ogokbaekkwa Co., Ltd. | 101 | 0.12% |  | 1 | 1 | 1 |
|  Shinwoo Toptech Co., Ltd. | 834 | 0.51% |  | 83 | 6 | 6 |
|  KMLC Co., Ltd. | 281 | 0.14% |  | 22 | 22 | 22 |
|  Seinfood Co., Ltd. | 13 | 0.17% |  | 7 | 7 | 7 |
|  TaeSung Eco-Tech. Co., Ltd. | 1368 | 4.55% |  | 34 | 34 | 34 |
|  Kukex Inc. | 639 | 0.05% |  | 3 | 3 | 3 |
|  Youngshin Plus Co., Ltd. | 104 | 0.12% |  | 5 | 5 | 5 |
|  Chang won Engineering Co., Ltd. | 22 | 0.00% |  | 4 | 4 | 4 |
|  Samsung Silup Co., Ltd. | 47 | 0.19% |  | 5 | 5 | 5 |
|  Samwon Bio Tech Co., Ltd. | 390 | 0.25% |  | 6 | 6 | 6 |
|  IZU KOREA Co., Ltd. | 48 | 0.00% |  | 2 | 2 | 2 |
|  Dongdo CNP Co., Ltd. | 234 | 0.36% |  | 6 | 6 | 6 |
|  Dae Bang Industry Co., Ltd. | 115 | 0.13% |  | 6 | 6 | 6 |
|  S.I.T. Co., Ltd | 2213 | 0.44% |  | 22 | 22 | 22 |
|  Taejin Hiech Co., Ltd. | 78 | 0.26% |  | 3 | 3 | 3 |
|  Headone Co., Ltd. | 69 | 0.12% |  | 7 | 7 | 7 |
|  E-Won Solutech Co., Ltd. | 158 | 0.16% |  | 40 | 40 | 40 |
|  MJT Co., Ltd. | 1013 | 0.20% |  | 51 | 51 | 51 |
|  KPL Circuit Co., Ltd. | 283 | 0.08% |  | 14 | 14 | 14 |
|  Road Solar Co., Ltd. | 12 | 0.00% |  |  |  |  |
|  Han Mi Flexible Co., Ltd. | 143 | 0.20% |  | 43 | 43 | 43 |
|  Samhwa Casting Co., Ltd. | 200 | 0.04% |  | 100 | 100 | 100 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Millennium PNT Co., Ltd. | 227 | 0.37% | W | 6 | 6 | 6 |
|  GN Chem Co., Ltd. | 40 | 0.07% |  | 1 | 1 | 1 |
|  GW Industry Co., Ltd. | 505 | 0.07% |  | 51 | 51 | 51 |
|  TM Construction Co., Ltd. | 4 | 0.00% |  |  |  |  |
|  Dae Myung Co., Ltd. | 114 | 0.08% |  | 3 | 3 | 3 |
|  Nanomicart Co., Ltd. | 176 | 1.06% |  | 35 | 35 | 35 |
|  Young San Heavy Industries Co., Ltd. | 74 | 0.11% |  | 7 | 7 | 7 |
|  Samchungwon Co., Ltd. | 15 | 0.24% |  | 2 | 2 | 2 |
|  Wooyang Frozen Foods Co., Ltd. | 66 | 0.82% |  | 27 | 27 | 27 |
|  Nanomic Co., Ltd. | 94 | 0.63% |  | 38 | 38 | 38 |
|  Samsung Nonferrous Metal Co., Ltd. | 89 | 0.26% |  | 9 | 9 | 9 |
|  Daewha Fuel Pump Ind., Ltd. | 83 | 0.05% |  | 10 | 10 | 10 |
|  Addies Direct Co., Ltd. | 1 | 0.00% |  |  |  |  |
|  WorldCnM Inc. | 131 | 1.09% |  | 10 | 10 | 10 |
|  Superone Co., Ltd. | 1585 | 1.45% |  | 8 | 8 | 8 |
|  Buyoung Panji Co., Ltd. | 478 | 0.44% |  | 12 | 12 | 12 |
|  International Paint Korea Co., Ltd. | 111 | 0.48% |  | 11 | 11 | 11 |
|  EI Lighting Co., Ltd. | 358 | 0.36% |  | 18 | 18 | 18 |
|  Hightech Mnp Co., Ltd. | 123 | 0.35% |  | 6 | 6 | 6 |
|  Yooseung Co., Ltd. | 10 | 0.08% |  | 1 | 1 | 1 |
|  Sungkwang Co., Ltd. | 48 | 0.35% |  | 2 | 2 | 2 |
|  Taeyang gasteel Co., Ltd. | 8 | 0.02% |  | 1 | 1 | 1 |
|  Ajin KSB Co., Ltd. | 204 | 0.31% |  | 18 | 18 | 18 |
|  Sewon Ceramic Co., Ltd. | 530 | 1.01% |  | 5 | 5 | 5 |
|  Choyang Tech Co., Ltd. | 465 | 1.01% |  | 23 | 23 | 23 |
|  TK Co., Ltd. | 307 | 0.70% |  | 15 | 15 | 15 |
|  Arari Co., Ltd. | 14 | 0.05% |  | 1 | 1 | 1 |
|  Potech Co., Ltd. | 39 | 0.13% |  | 14 | 14 | 14 |
|  C&S Corporation Co., Ltd. | 1304 | 0.01% |  | 13 | 13 | 13 |
|  Global The One of Korea Co., Ltd. | 62 | 0.06% |  | 3 | 3 | 3 |
|  Steellife Co., Ltd. | 85 | 0.06% |  | 4 | 4 | 4 |
|  D&C Castech Co., Ltd. | 330 | 1.89% |  | 25 | 25 | 25 |
|  Geumhan Co., Ltd. | 498 | 0.24% |  | 7 | 7 | 7 |
|  Mokgan Co., Ltd. | 5 | 0.02% |  | 1 | 1 | 1 |
|  Wenex Co., Ltd. | 373 | 0.53% |  | 19 | 19 | 19 |
|  Sulim Co., Ltd. | 30 | 0.20% |  | 6 | 6 | 6 |
|  Shinkwang Engineering | 24 | 0.36% |  | 2 | 2 | 2 |
|  Ek Cookware Co., Ltd. | 60 | 0.04% |  | 1 | 1 | 1 |
|  KTTW Co., Ltd. | 28 | 0.05% |  | 2 | 2 | 2 |
|  Avajar Co., Ltd. | 1061 | 0.01% |  | 1 | 1 | 1 |
|  Woosung I.B. Co., Ltd | 7071 | 0.07% |  | 14 | 14 | 14 |
|  CAP Korea Co., Ltd. | 16 | 0.30% |  | 3 | 3 | 3 |
|  MSM Co., Ltd. | 25 | 0.08% |  |  |  |  |
|  Ddpopstyle Co., Ltd. | 22 | 0.14% |  |  |  |  |
|  Finemetal Co., Ltd. | 49 | 0.08% |  | 1 | 1 | 1 |
|  Sungkyeong Co., Ltd. | 52 | 0.24% |  | 2 | 2 | 2 |
|  RMK Co., Ltd. | 63 | 0.90% |  | 22 | 22 | 22 |
|  Tpp Co., Ltd. | 36645 | 11.72% |  | 1832 | 1832 | 1832 |
|  Dukeong Metal Heat Treatment Co., Ltd. | 843 | 3.61% |  | 84 | 84 | 84 |
|  Newko Co., Ltd. | 331 | 0.06% |  | 10 | 10 | 10 |
|  KMC&R Co., Ltd. | 16 | 0.11% |  | 1 | 1 | 1 |
|  Dongsung Mulsan Co., Ltd. | 137 | 0.34% |  | 14 | 14 | 14 |
|  Pizzakorea Co., Ltd. | 42 | 0.18% |  | 9 | 9 | 9 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Geumdani Co., Ltd. | 2377 | 1.82% | W | 36 | 36 | 36 |
|  Mezzanine I-pack Co., Ltd. | 38 | 0.02% |  | 1 | 1 | 1 |
|  Ltop Co., Ltd. | 36 | 0.06% |  | 7 | 7 | 7 |
|  Simile Aluminium Co., Ltd. | 428 | 0.31% |  | 9 | 9 | 9 |
|  GT Tooling Co., Ltd. | 604 | 0.17% |  | 6 | 6 | 6 |
|  Team Korea Co., Ltd. | 4782 | 0.37% |  | 24 | 24 | 24 |
|  Donghwa TCA Co., Ltd. | 1012 | 0.30% |  | 25 | 25 | 25 |
|  Hankook Piaget Co., Ltd. | 4 | 0.01% |  | 1 | 1 | 1 |
|  Coco Food Co., Ltd. | 648 | 1.24% |  | 33 | 33 | 33 |
|  Woori Industry Co., Ltd. | 102 | 1.05% |  | 21 | 21 | 21 |
|  Ssangyong Youngweol Plant Service&Engineering Co., Ltd. | 83 | 0.07% |  | 4 | 1 | 1 |
|  SH Co., Ltd. | 39 | 0.20% |  | 8 | 8 | 8 |
|  Namsunnam Co., Ltd. | 1275 | 0.19% |  | 6 | 1 | 1 |
|  Daeyoung Co., Ltd. | 75 | 0.01% |  | 8 | 8 | 8 |
|  Chandown Food Co., Ltd. | 46 | 0.14% |  | 9 | 9 | 9 |
|  Getron Co., Ltd. | 7259 | 0.20% |  | 37 | 4 | 4 |
|  Jungmun Co., Ltd. | 19 | 0.26% |  | 2 | 2 | 2 |
|  Andong Trading Corporation Co., Ltd. | 42 | 0.00% |  | 2 | 2 | 2 |
|  JM Tech Co., Ltd. | 403 | 0.67% |  | 82 | 10 | 10 |
|  SGC Energy Co., Ltd. | 580000 | 5.00% |  | 2900 | 2900 | 2900 |
|  Le Soleil KHNP LLC | 137600 | 19.00% |  | 1376 | 1376 | 1376 |
|  Ihsung CNI Co., Ltd. | 127660 | 4.30% |  | 1500 | 2618 | 2618 |
|  H Robotics Co., Ltd. | 903601 | 8.05% |  | 4000 | 5639 | 5639 |
|  Good Tcells Co., Ltd. | 11364 | 0.34% |  | 500 | 457 | 457 |
|  IPS Bio Co., Ltd. | 1975 | 3.13% |  | 1000 | 1000 | 1000 |
|  Nine B Co., Ltd. | 5000 | 4.96% |  | 1000 | 1000 | 1000 |
|  Choigang-gujo Co., Ltd. | 61 | 0.45% |  | 6 | 1 | 1 |
|  DS Cotec Co., Ltd. | 973 | 0.71% |  | 15 | 5 | 5 |
|  Youngheung Industry Co., Ltd. | 101 | 0.05% |  | 5 | 1 | 1 |
|  Hosungsteel Co., Ltd. | 323 | 0.26% |  | 14 | 3 | 3 |
|  Uktae IND. Co., Ltd. | 140 | 0.12% |  | 7 | 1 | 1 |
|  Gangdong R&S Co., Ltd. | 69 | 1.25% |  | 1 | 1 | 1 |
|  JFC Co., Ltd. | 16 | 0.01% |  | 2 | 2 | 2 |
|  Seokjin E&T Co., Ltd. | 81 | 0.06% |  | 8 | 8 | 8 |
|  Hyundai Tech Co., Ltd. | 28 | 0.69% |  | 10 | 10 | 10 |
|  Daeil Co., Ltd. | 301 | 0.42% |  | 15 | 2 | 2 |
|  Seohan Food Co., Ltd. | 83 | 0.19% |  | 2 | 2 | 2 |
|  Daehyeon Recycle Co., Ltd. | 59 | 0.61% |  | 12 | 12 | 12 |
|  Metal Link Inc. Co., Ltd. | 709 | 0.17% |  | 35 | 4 | 4 |
|  Pipetec Korea Co., Ltd. | 50 | 0.07% |  | 10 | 1 | 1 |
|  SungJin Tech Co., Ltd. | 803 | 1.20% |  | 24 | 8 | 8 |
|  Yujin E&C Co., Ltd. | 29 | 0.18% |  | 6 |  |  |
|  Daishin Logistics Co., Ltd. | 13 | 0.09% |  | 1 | 1 | 1 |
|  JinSung Engineering Co., Ltd. | 18 | 0.30% |  | 18 | 18 | 18 |
|  Yongho Industry Co., Ltd. | 157 | 0.22% |  | 32 | 1 | 1 |
|  Wow tech Co., Ltd. | 369 | 0.75% |  | 11 | 11 | 11 |
|  World Power Tech Co., Ltd. | 16 | 0.28% |  | 24 | 24 | 24 |
|  PBM Auto Co., Ltd. | 1001 | 1.06% |  | 10 | 10 | 10 |
|  K2 Motors Co., Ltd. | 54 | 0.28% |  | 1 | 1 | 1 |
|  CL Tech Co., Ltd. | 801 | 2.25% |  | 40 | 40 | 40 |
|  Mirae Industry Co., Ltd. | 39 | 0.04% |  | 6 | 6 | 6 |
|  Gentak Korea Co., Ltd. | 301 | 0.31% |  | 8 | 8 | 8 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Sungjin Chemical Co., Ltd. | 118 | 0.36% | W | 4 | 4 | 4 |
|  LMAT Co., Ltd. | 198 | 0.04% |  | 20 | 20 | 20 |
|  Poong Lim Industrial Co., Ltd. | 25 | 0.00% |  | 38 | 38 | 38 |
|  Dae Sung GeoTech Co., Ltd. | 631 | 1.28% |  | 32 | 32 | 32 |
|  Saeheemang Co., Ltd. | 756 | 0.60% |  | 15 | 15 | 15 |
|  Hakbong Precision Co., Ltd. | 1460 | 1.18% |  | 15 | 15 | 15 |
|  Vornech Co., Ltd. | 431 | 0.37% |  | 11 | 2 | 2 |
|  Woojin Formtech Co., Ltd. | 76 | 0.08% |  | 8 | 1 | 1 |
|  Korea Engineer Manufacturing Co., Ltd. | 114 | 0.26% |  | 6 | 1 | 1 |
|  Sinwa J&K Co., Ltd. | 476 | 0.28% |  | 5 | 5 | 5 |
|  Owon E&G Co., Ltd. | 132 | 0.20% |  | 4 | 4 | 4 |
|  Guseong Co., Ltd. | 141 | 0.20% |  | 4 | 4 | 4 |
|  Irefarm Co., Ltd. | 45 | 0.30% |  | 3 | 3 | 3 |
|  Nam-hae E&C Co., Ltd. | 117 | 0.10% |  | 2 | 2 | 2 |
|  Haenarae Agricultural Corp. | 15 | 0.03% |  | 2 | 2 | 2 |
|  Ja Yeon Science Ind. Co., Ltd. | 10 | 0.05% |  | 2 | 2 | 2 |
|  DECO&E Co., Ltd. | 1261 | 0.00% |  | 2 | 2 | 2 |
|  Design Beyond Co., Ltd. | 17 | 0.19% |  | 2 | 2 | 2 |
|  LBK Co., Ltd. | 8 | 0.05% |  | 1 | 1 | 1 |
|  Duckwon industrial Co., Ltd. | 32 | 0.43% |  | 13 | 13 | 13 |
|  ASPT Co., Ltd. | 64 | 0.82% |  | 19 | 19 | 19 |
|  SIMA Co., Ltd. | 29 | 0.05% |  | 3 | 3 | 3 |
|  Jingkang Resources Co., Ltd. | 90 | 1.57% |  | 13 | 13 | 13 |
|  Eslin Co., Ltd. | 39 | 0.14% |  | 8 | 8 | 8 |
|  Shinwon Co., Ltd. | 275 | 0.42% |  | 19 | 19 | 19 |
|  CIC Tech Co., Ltd. | 96 | 0.54% |  | 10 | 10 | 10 |
|  Orano Expansion | 5742405 | 4.72% |  |  |  |  |
|  Fourever Co., Ltd. | 44 | 0.10% |  | 4 | 4 | 4 |
|  Segyo Hitech Co., Ltd. | 156 | 0.24% |  | 8 | 8 | 8 |
|  Myungil Metal Co., Ltd. | 80 | 0.10% |  | 4 | 4 | 4 |
|  Daeshin ECM Co., Ltd. | 182 | 0.30% |  | 9 | 9 | 9 |
|  Greencarbon Co., Ltd. | 79 | 0.06% |  | 1 | 1 | 1 |
|  Sunkoo Co., Ltd. | 4 | 0.10% |  | 2 | 2 | 2 |
|  Jians Construction Co., Ltd. | 13 | 0.00% |  | 2 | 2 | 2 |
|  DH trading Co., Ltd. | 891 | 0.04% |  | 178 | 178 | 178 |
|  Diotech Co., Ltd. | 2186 | 2.84% |  | 219 | 219 | 219 |
|  Sangsin Co., Ltd. | 29 | 0.09% |  | 15 | 15 | 15 |
|  Steel focus Co., Ltd. | 154 | 0.20% |  | 4 | 4 | 4 |
|  Kamada Korea Co., Ltd. | 437 | 0.33% |  | 22 | 22 | 22 |
|  Fosys Co., Ltd. | 19 | 0.08% |  | 4 | 4 | 4 |
|  GB precision Co., Ltd. | 137 | 0.57% |  | 1 | 1 | 1 |
|  Ewon Art Co., Ltd. | 185 | 0.61% |  | 9 | 9 | 9 |
|  DI Tech Co., Ltd. | 3 | 0.00% |  |  |  |  |
|  Hans AD Co., Ltd. | 33 | 0.35% |  | 2 | 2 | 2 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  Chaegim Environment Development Co., Ltd. | 158 | 0.01% | W | 3 | 3 | 3 |
|  Daesung Stain Co., Ltd. | 32 | 0.32% |  | 2 | 2 | 2 |
|  YSM Co., Ltd. | 281 | 2.07% |  | 14 | 14 | 14 |
|  Dong In Industry Co., Ltd. | 65 | 0.13% |  | 3 | 3 | 3 |
|  U&I Co., Ltd. | 50 | 0.22% |  | 5 | 5 | 5 |
|  World One Co., Ltd. | 401 | 0.58% |  | 10 | 10 | 10 |
|  Yewon Co., Ltd. | 24 | 0.02% |  | 1 |  |  |
|  Seeun P&P Co., Ltd. | 163 | 0.48% |  | 33 | 33 | 33 |
|  TSNT Co., Ltd. | 119 | 0.00% |  | 24 | 24 | 24 |
|  Shinsung Tech Co., Ltd. | 314 | 0.01% |  | 16 | 16 | 16 |
|  JSL Co., Ltd. | 51 | 0.49% |  | 3 | 3 | 3 |
|  Loft Garden Co., Ltd. | 1 | 0.04% |  |  |  |  |
|  Handon Co., Ltd. | 74 | 0.25% |  | 11 | 11 | 11 |
|  GH Tech Co., Ltd. | 82 | 0.22% |  | 3 | 3 | 3 |
|  Daeo Co., Ltd. | 13 | 0.23% |  | 4 | 4 | 4 |
|  Bokwang Co., Ltd. | 76 | 0.00% |  | 15 | 15 | 15 |
|  Samkum Industry Co., Ltd. | 201 | 0.48% |  | 40 | 40 | 40 |
|  Dyntex Korea Co., Ltd. | 75 | 0.28% |  | 15 | 15 | 15 |
|  IGSP Co., Ltd. | 17662 | 0.21% |  | 18 | 18 | 18 |
|  Mirae Engineering Co., Ltd. | 66 | 0.15% |  | 1 | 1 | 1 |
|  Mideumeul-juneun-namu Co., Ltd. | 119 | 0.53% |  | 6 | 6 | 6 |
|  Leagis Co., Ltd. | 829 | 1.38% |  | 66 | 66 | 66 |
|  Seil Textile Co., Ltd. | 16 | 0.15% |  | 3 | 3 | 3 |
|  Ilshin Tech Co., Ltd. | 36 | 0.00% |  | 7 | 7 | 7 |
|  Magtec Co., Ltd. | 28 | 0.00% |  | 6 | 6 | 6 |
|  Sukwon Co., Ltd. | 2885 | 0.59% |  | 29 | 29 | 29 |
|  Hae-sung Metal Co., Ltd. | 159 | 0.17% |  | 3 | 3 | 3 |
|  White&Clean Foods Co., Ltd. | 330 | 0.00% |  | 3 | 3 | 3 |
|  Michang Cable Co., Ltd. | 861 | 0.13% |  | 4 | 4 | 4 |
|  G.M Foods Co., Ltd. | 57 | 0.16% |  | 9 | 9 | 9 |
|  Wecan Global Inc. Co., Ltd. | 165 | 0.08% |  | 8 | 8 | 8 |
|  Daeju Steel Co., Ltd. | 11 | 0.20% |  | 1 | 1 | 1 |
|  Hyundai Glass Co., Ltd. | 860 | 0.83% |  | 43 | 43 | 43 |
|  MEC Co., Ltd. | 16468 | 1.17% |  | 41 | 41 | 41 |
|  Daeyeoneco Co., Ltd. | 151 | 0.00% |  | 15 | 15 | 15 |
|  Hyesung Cable&Communication Inc. | 762 | 0.39% |  | 38 | 38 | 38 |
|  Sangjin Co., Ltd. | 428 | 0.35% |  | 21 | 21 | 21 |
|  Topis Co., Ltd. | 246 | 0.71% |  | 14 | 14 | 14 |
|  G&L Tech Co., Ltd. | 2 | 0.06% |  |  |  |  |
|  Cheonhae Co., Ltd. | 72 | 0.00% |  | 2 | 2 | 2 |
|  Iksan-guwon Co., Ltd. | 563 | 0.00% |  | 11 | 11 | 11 |
|  Korea Remicon Co., Ltd. | 36 | 0.03% |  | 5 | 5 | 5 |
|  New Tech Co., Ltd. | 23 | 0.15% |  | 2 | 2 | 2 |
|  Segeon Co., Ltd. | 124 | 0.00% |  | 4 | 4 | 4 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**10.** **Financial Assets at Fair Value through Other Comprehensive Income, Continued** 

**(2)** **Financial assets at fair value through other comprehensive income as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares** | **Ownership** | **Acquisition cost** | **Acquisition cost** | **Book value** | **Fair value** |
|  MS Tech Co., Ltd. | 9 | 0.15% | W | 1 | 1 | 1 |
|  J.I Steel Co., Ltd. | 21 | 0.00% |  | 2 | 2 | 2 |
|  HNT Co., Ltd. | 172 | 0.00% |  | 9 | 9 | 9 |
|  Taejin Co., Ltd. | 27 | 0.08% |  | 3 | 3 | 3 |
|  Macroad Co., Ltd. | 953 | 0.17% |  | 10 | 10 | 10 |
|  Jinsung Electronics Co., Ltd. | 69 | 1.41% |  | 14 | 14 | 14 |
|  Woongjin Energy Co., Ltd. | 94 | 0.00% |  | 9 | 9 | 9 |
|  Electric Contractors' Financial Cooperative Co., Ltd. |  |  |  | 38 | 38 | 38 |
|  Information&Communication Financial Cooperative Co., Ltd. |  |  |  | 15 | 15 | 15 |
|  Common Computer Co., Ltd. | 3856 | 1.87% |  | 1000 | 1000 | 1000 |
|  Fine Powerex Co., Ltd. | 72633 | 4.92% |  | 1500 | 1500 | 1500 |
|  |  |  |  | 263904 | 160790 | 160790 |
|  **Debt securities** |  |  |  |  |  |  |
|  Aron Flying Ship Co., Ltd. (\*1) |  |  |  | 500 | 491 | 491 |
|  |  |  | W | 589194 | 435107 | 435107 |

---

(\*1) The Group used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.

---

| | |
|:---|:---|
| (\*2) | The Group has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2021.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**11.** **Financial Assets at Amortized Cost** 

**Financial assets at amortized cost as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book**<br>**value** |
|  Government bonds | W | 1920 | 1920 |
|  Others |  | 25078 | 25078 |
|  | W | 26998 | 26998 |
|  Current | W | 16762 | 16762 |
|  Non-current |  | 10236 | 10236 |
| *In millions of won* | **2021** | **2021** | **2021** |
|  | **Financial assets**<br>**at amortized cost** | **Financial assets**<br>**at amortized cost** | **Book**<br>**value** |
|  Government bonds | W | 1308 | 1308 |
|  Others |  | 23965 | 23965 |
|  | W | 25273 | 25273 |
|  Current | W | 15422 | 15422 |
|  Non-current |  | 9851 | 9851 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives** 

**(1)** **Derivatives as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  **Derivative assets** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 648 | 17432 | 559 | 6899 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 236470 | 589300 | 125877 | 506957 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  | 52485 | 81188 | 502 | 6980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*3) |  |  | 40501 |  | 9 |
|  | W | 289603 | 728421 | 126938 | 520845 |
|  **Derivative liabilities** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency forward | W | 32660 |  | 301 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Currency swap |  | 6319 | 328995 | 4446 | 16708 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest rate swap |  |  | 2735 | 2544 | 28138 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others (\*1,2,3) |  | 6015 | 56027 |  | 25894 |
|  | W | 44994 | 387757 | 7291 | 70740 |

---

(\*1) The Group has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in 'Others' (See note 47).

(\*2) The Group has granted stock option to Chester Solar IV SpA, a joint venture of the Group, and 4 other third party investors, and recognized its fair value as other derivative liabilities.

(\*3) The Group has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Group from financial investors, and the fair value of the obligation is recorded in 'Others'.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives, Continued** 

**(2)** **Currency forward contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
| **Counterparty** | **Contract date** | **Maturity**<br>**date** | **Pay** | **Pay** | **Receive** | **Contract**<br>**exchange rate**<br>**(in won)** | **Contract**<br>**exchange rate**<br>**(in won)** |
|  Busan Bank | 2022.12.08 | 2023.01.09 | W | 9237 | USD 7,000 | W | 1319.50 |
|  Woori Bank | 2022.12.09 | 2023.01.06 |  | 13165 | USD 10,000 |  | 1316.45 |
|  Nonghyup Bank | 2022.12.13 | 2023.01.10 |  | 10430 | USD 8,000 |  | 1303.80 |
|  Kookmin Bank | 2022.12.15 | 2023.01.16 |  | 12988 | USD 10,000 |  | 1298.84 |
|  Hana Bank | 2022.12.15 | 2023.01.17 |  | 28632 | USD 22,000 |  | 1301.45 |
|  Standard Chartered | 2022.12.16 | 2023.01.18 |  | 26141 | USD 20,000 |  | 1307.05 |
|  Mizuho Bank | 2022.12.16 | 2023.01.19 |  | 26096 | USD 20,000 |  | 1304.80 |
|  Morgan Stanley | 2022.12.19 | 2023.01.20 |  | 26080 | USD 20,000 |  | 1304.00 |
|  Korea Development Bank | 2022.12.19 | 2023.01.26 |  | 26010 | USD 20,000 |  | 1300.50 |
|  Kookmin Bank | 2022.12.19 | 2023.01.27 |  | 25959 | USD 20,000 |  | 1297.93 |
|  Busan Bank | 2022.12.21 | 2023.01.25 |  | 12853 | USD 10,000 |  | 1285.25 |
|  Nonghyup Bank | 2022.12.21 | 2023.01.26 |  | 14134 | USD 11,000 |  | 1284.90 |
|  Hana Bank | 2022.12.27 | 2023.01.30 |  | 18992 | USD 15,000 |  | 1266.15 |
|  Standard Chartered | 2022.12.28 | 2023.01.31 |  | 15216 | USD 12,000 |  | 1268.00 |
|  JP Morgan | 2022.12.28 | 2023.02.01 |  | 15205 | USD 12,000 |  | 1267.10 |
|  Kookmin Bank | 2022.12.29 | 2023.02.02 |  | 20247 | USD 16,000 |  | 1265.44 |
|  Mizuho Bank | 2022.12.29 | 2023.02.03 |  | 20255 | USD 16,000 |  | 1265.95 |
|  Kookmin Bank | 2022.12.30 | 2023.02.28 |  | 15128 | USD 12,000 |  | 1260.70 |
|  Hana Bank | 2022.12.06 | 2023.01.06 |  | 13091 | USD 10,000 |  | 1309.05 |
|  Mizuho Bank | 2022.12.15 | 2023.01.13 |  | 26001 | USD 20,000 |  | 1300.07 |
|  MUFG | 2022.12.19 | 2023.01.20 |  | 52054 | USD 40,000 |  | 1301.35 |
|  MUFG | 2022.12.20 | 2023.01.13 |  | 25952 | USD 20,000 |  | 1297.60 |
|  MUFG | 2022.12.29 | 2023.01.27 |  | 45605 | USD 36,000 |  | 1266.80 |
|  Shinhan Bank | 2022.11.03 | 2023.01.09 |  | 7085 | USD 5,000 |  | 1417.00 |
|  JP Morgan | 2022.11.07 | 2023.01.13 |  | 14012 | USD 10,000 |  | 1401.20 |
|  JP Morgan | 2022.11.25 | 2023.01.20 |  | 6611 | USD 5,000 |  | 1322.10 |
|  JP Morgan | 2022.12.29 | 2023.01.05 |  | 38040 | USD 30,000 |  | 1268.00 |
|  Standard Chartered | 2022.12.29 | 2023.01.05 |  | 25358 | USD 20,000 |  | 1267.90 |
|  Mizuho Bank | 2022.11.09 | 2023.01.06 |  | 13681 | USD 10,000 |  | 1368.10 |
|  Nonghyup Bank | 2022.12.27 | 2023.01.16 |  | 6334 | USD 5,000 |  | 1266.70 |
|  Mizuho Bank | 2022.11.11 | 2023.01.30 |  | 5207 | USD 3,842 |  | 1355.05 |
|  Mizuho Bank | 2022.11.11 | 2023.01.30 |  | 34001 | USD 25,000 |  | 1360.05 |
|  Nonghyup Bank | 2022.12.21 | 2023.02.23 |  | 3603 | USD 2,806 |  | 1283.70 |
|  SMBC | 2022.11.30 | 2023.01.20 |  | USD 10,000 | 13153 |  | 1315.30 |
|  SMBC | 2022.11.30 | 2023.02.16 |  | USD 15,000 | 19783 |  | 1318.87 |
|  SMBC | 2022.12.26 | 2023.03.23 |  | USD 8,000 | 10173 |  | 1271.63 |
|  SMBC | 2022.12.29 | 2023.03.28 |  | USD 15,000 | 18933 |  | 1262.20 |
|  SMBC | 2022.12.29 | 2023.06.13 |  | USD 15,000 | 18872 |  | 1258.13 |
|  MUFG | 2022.11.25 | 2023.02.08 |  | 13175 | USD 10,000 |  | 1317.50 |
|  MUFG | 2022.12.12 | 2023.02.27 |  | 33947 | USD 26,000 |  | 1305.64 |
|  MUFG | 2022.11.24 | 2023.01.30 |  | 13234 | USD 10,000 |  | 1323.40 |
|  JP Morgan | 2022.11.24 | 2023.01.30 |  | 13830 | USD 10,406 |  | 1329.05 |
|  JP Morgan | 2022.11.30 | 2023.01.17 |  | 13163 | USD 10,000 |  | 1316.30 |
|  HSBC | 2022.11.09 | 2023.01.30 |  | 42627 | USD 31,000 |  | 1375.05 |
|  HSBC | 2020.10.19 | 2024.10.29 |  | 140913 | USD 125,000 |  | 1127.30 |
|  Busan Bank | 2022.10.25 | 2023.01.13 |  | 13039 | USD 9,090 |  | 1434.50 |
|  MUFG | 2022.10.25 | 2023.01.13 |  | 1433 | USD 1,000 |  | 1433.18 |
|  Woori Bank | 2022.11.08 | 2023.02.03 |  | 12332 | USD 8,918 |  | 1382.80 |
|  Shinhan Bank | 2022.11.09 | 2023.03.03 |  | 13605 | USD 10,000 |  | 1360.50 |
|  MUFG | 2022.11.10 | 2023.03.03 |  | 20464 | USD 15,000 |  | 1364.27 |
|  Standard Chartered | 2022.11.24 | 2023.04.07 |  | 17612 | USD 13,214 |  | 1332.80 |
|  Standard Chartered | 2022.12.01 | 2023.05.12 |  | 12932 | USD 10,000 |  | 1293.20 |
|  Standard Chartered | 2022.12.05 | 2023.05.12 |  | 3121 | USD 2,425 |  | 1286.90 |
|  Woori Bank | 2022.12.08 | 2023.05.12 |  | 13145 | USD 10,000 |  | 1314.50 |
|  HSBC | 2022.12.12 | 2023.06.09 |  | 19482 | USD 15,000 |  | 1298.80 |
|  Busan Bank | 2022.12.12 | 2023.06.09 |  | 19479 | USD 15,000 |  | 1298.60 |
|  MUFG | 2022.12.15 | 2023.06.09 |  | 19386 | USD 15,000 |  | 1292.41 |
|  Shinhan Bank | 2022.12.15 | 2023.06.09 |  | 19397 | USD 15,000 |  | 1293.10 |
|  Standard Chartered | 2022.12.15 | 2023.06.09 |  | 19397 | USD 15,000 |  | 1293.10 |
|  HSBC | 2022.12.22 | 2023.06.09 |  | 12695 | USD 10,000 |  | 1269.45 |
|  Shinhan Bank | 2022.12.22 | 2023.06.09 |  | 12671 | USD 10,000 |  | 1267.10 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives, Continued** 

**(3) Currency swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate**<br>**(in won, USD)** | **Contract<br>exchange rate**<br>**(in won, USD)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate**<br>**(in won, USD)** | **Contract<br>exchange rate**<br>**(in won, USD)** |
|  Standard Chartered | 2014~2029 | W | 102470 | USD 100,000 | 3.14% | 3.57% | W | 1024.70 |
|  Societe Generale | 2014~2024 |  | 105017 | USD 100,000 | 4.92% | 5.13% |  | 1050.17 |
|  Hana Bank | 2015~2024 |  | 107970 | USD 100,000 | 4.75% | 5.13% |  | 1079.70 |
|  Credit Agricole | 2015~2024 |  | 94219 | USD 86,920 | 4.85% | 5.13% |  | 1083.97 |
|  Woori Bank | 2019~2027 |  | 21708 | USD 19,417 | 5.04% | 6.75% |  | 1118.00 |
|  Woori Bank | 2019~2024 |  | 296000 | USD 250,000 | 1.21% | 2.50% |  | 1184.00 |
|  Korea Development Bank | 2019~2024 |  | 177600 | USD 150,000 | 1.24% | 2.50% |  | 1184.00 |
|  Hana Bank | 2019~2024 |  | 118400 | USD 100,000 | 1.24% | 2.50% |  | 1184.00 |
|  Woori Bank | 2020~2025 |  | 241320 | USD 200,000 | 0.54% | 1.13% |  | 1206.60 |
|  Korea Development Bank | 2020~2025 |  | 241320 | USD 200,000 | 0.54% | 1.13% |  | 1206.60 |
|  Kookmin Bank | 2020~2025 |  | 120660 | USD 100,000 | 0.54% | 1.13% |  | 1206.60 |
|  Kookmin Bank | 2020~2026 |  | 76355 | USD 70,445 | 5.83% | 6.00% |  | 1083.90 |
|  Woori Bank | 2021~2026 |  | 118170 | USD 100,000 | 1.11% | 1.13% |  | 1181.70 |
|  Korea Development Bank | 2021~2026 |  | 118170 | USD 100,000 | 1.11% | 1.13% |  | 1181.70 |
|  Hana Bank | 2021~2026 |  | 118170 | USD 100,000 | 1.11% | 1.13% |  | 1181.70 |
|  Hana Bank | 2022~2025 |  | 385800 | USD 300,000 | 3.11% | 3.63% |  | 1286.00 |
|  Woori Bank | 2022~2025 |  | 257200 | USD 200,000 | 3.12% | 3.63% |  | 1286.00 |
|  JP Morgan | 2022~2027 |  | 128600 | USD 100,000 | 3.56% | 4.00% |  | 1286.00 |
|  Woori Bank | 2022~2027 |  | 128600 | USD 100,000 | 3.56% | 4.00% |  | 1286.00 |
|  Kookmin Bank | 2022~2027 |  | 128600 | USD 100,000 | 3.56% | 4.00% |  | 1286.00 |
|  Korea Development Bank | 2022~2026 |  | 283820 | USD 200,000 | 4.67% | 5.38% |  | 1419.10 |
|  Hana Bank | 2022~2026 |  | 141910 | USD 100,000 | 4.68% | 5.38% |  | 1419.10 |
|  JP Morgan | 2022~2026 |  | 141910 | USD 100,000 | 4.69% | 5.38% |  | 1419.10 |
|  Woori Bank | 2022~2026 |  | 141910 | USD 100,000 | 4.69% | 5.38% |  | 1419.10 |
|  Korea Development Bank | 2022~2028 |  | 283820 | USD 200,000 | 5.12% | 5.50% |  | 1419.10 |
|  Woori Bank | 2022~2028 |  | 141910 | USD 100,000 | 5.13% | 5.50% |  | 1419.10 |
|  Nomura | 2015~2025 |  | 111190 | USD 100,000 | 2.60% | 3.25% |  | 1111.90 |
|  Korea Development Bank | 2015~2025 |  | 111190 | USD 100,000 | 2.62% | 3.25% |  | 1111.90 |
|  Woori Bank | 2015~2025 |  | 55595 | USD 50,000 | 2.62% | 3.25% |  | 1111.90 |
|  Hana Bank | 2015~2025 |  | 55595 | USD 50,000 | 2.62% | 3.25% |  | 1111.90 |
|  Woori Bank | 2017~2027 |  | 111610 | USD 100,000 | 2.25% | 3.13% |  | 1116.10 |
|  Korea Development Bank | 2017~2027 |  | 111610 | USD 100,000 | 2.31% | 3.13% |  | 1116.10 |
|  Hana Bank | 2017~2027 |  | 111610 | USD 100,000 | 2.31% | 3.13% |  | 1116.10 |
|  Korea Development Bank | 2018~2028 |  | 108600 | HKD 800,000 | 2.69% | 3.35% |  | 135.75 |
|  Shinhan Bank | 2018~2028 |  | 115387 | HKD 850,000 | 2.66% | 3.35% |  | 135.75 |
|  Korea Development Bank | 2018~2023 |  | 170280 | USD 150,000 | 2.15% | 3.75% |  | 1135.20 |
|  Woori Bank | 2018~2023 |  | 170280 | USD 150,000 | 2.18% | 3.75% |  | 1135.20 |
|  Hana Bank | 2018~2023 |  | 113520 | USD 100,000 | 2.17% | 3.75% |  | 1135.20 |
|  Shinhan Bank | 2018~2023 |  | 227040 | USD 200,000 | 2.17% | 3.75% |  | 1135.20 |
|  Korea Citi Bank | 2019~2024 |  | 239956 | CHF 200,000 | 1.44% | 0.00% |  | 1199.78 |
|  Korea Development Bank | 2019~2027 |  | 119978 | CHF 100,000 | 1.43% | 0.05% |  | 1199.78 |
|  Woori Bank | 2021~2026 |  | 222800 | USD 200,000 | 0.93% | 1.25% |  | 1114.00 |
|  Shinhan Bank | 2021~2026 |  | 111400 | USD 100,000 | 0.92% | 1.25% |  | 1114.00 |
|  Korea Development Bank | 2021~2026 |  | 111400 | USD 100,000 | 0.93% | 1.25% |  | 1114.00 |
|  Nonghyup Bank | 2021~2026 |  | 111400 | USD 100,000 | 0.93% | 1.25% |  | 1114.00 |
|  Woori Bank | 2022~2027 |  | 262000 | USD 200,000 | 3.62% | 4.25% |  | 1310.00 |
|  Export-Import Bank of Korea | 2022~2027 |  | 131000 | USD 100,000 | 3.63% | 4.25% |  | 1310.00 |
|  Kookmin Bank | 2022~2027 |  | 131000 | USD 100,000 | 3.62% | 4.25% |  | 1310.00 |
|  Hana Bank | 2022~2027 |  | 131000 | USD 100,000 | 3.61% | 4.25% |  | 1310.00 |
|  Korea Development Bank | 2022~2027 |  | 262000 | USD 200,000 | 3.63% | 4.25% |  | 1310.00 |
|  Export-Import Bank of Korea | 2022~2032 |  | 349829 | HKD 1,935,000 | 4.87% | 5.16% |  | 180.79 |
|  JP Morgan | 2022~2032 |  | 75194 | HKD 415,000 | 5.00% | 5.16% |  | 181.19 |
|  HSBC | 2019~2024 |  | USD 205,500 | AUD 300,000 | 3M Libor + 0.78% | 3M BBSW + 0.97% |  | USD 0.69 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives, Continued** 

**(4)** **Currency swap contracts which are designated as hedging instruments as of December 31, 2022 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amount** | **Contract amount** | **Contract amount** | **Contract interest rate** | **Contract interest rate** | **Contract<br>exchange rate<br>(in won)** | **Contract<br>exchange rate<br>(in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange rate<br>(in won)** | **Contract<br>exchange rate<br>(in won)** |
|  Kookmin Bank | 2020~2025 | W | 118780 | USD 100,000 | 1.29% | 2.13% | W | 1187.80 |
|  Shinhan Bank | 2020~2025 |  | 118780 | USD 100,000 | 1.29% | 2.13% |  | 1187.80 |
|  Hana Bank | 2020~2025 |  | 118780 | USD 100,000 | 1.29% | 2.13% |  | 1187.80 |
|  Korea Development Bank | 2020~2026 |  | 118910 | USD 100,000 | 0.61% | 1.00% |  | 1189.10 |
|  Hana Bank | 2020~2026 |  | 118910 | USD 100,000 | 0.61% | 1.00% |  | 1189.10 |
|  Woori Bank | 2020~2026 |  | 118910 | USD 100,000 | 0.62% | 1.00% |  | 1189.10 |
|  Nomura | 2017~2037 |  | 52457 | EUR 40,000 | 2.60% | 1.70% |  | 1311.42 |
|  Nomura | 2017~2037 |  | 59423 | SEK 450,000 | 2.62% | 2.36% |  | 132.05 |
|  Kookmin Bank | 2021~2026 |  | 114230 | USD 100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2021~2026 |  | 114230 | USD 100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Hana Bank | 2021~2026 |  | 114230 | USD 100,000 | 1.27% | 1.25% |  | 1142.30 |
|  Korea Development Bank | 2022~2027 |  | 123710 | USD 100,000 | 3.41% | 3.63% |  | 1237.10 |
|  Woori Bank | 2022~2027 |  | 123710 | USD 100,000 | 3.41% | 3.63% |  | 1237.10 |
|  JP Morgan | 2022~2027 |  | 123710 | USD 100,000 | 3.41% | 3.63% |  | 1237.10 |
|  Korea Development Bank | 2018~2023 |  | 320880 | USD 300,000 | 2.03% | 3.75% |  | 1069.60 |
|  BNP Paribas | 2019~2024 |  | 111841 | CHF 100,000 | 1.78% | 0.13% |  | 1118.41 |
|  Kookmin Bank | 2019~2024 |  | 111841 | CHF 100,000 | 1.78% | 0.13% |  | 1118.41 |
|  Korea Development Bank | 2022~2025 |  | 128560 | USD 100,000 | 3.37% | 4.13% |  | 1285.60 |
|  Woori Bank | 2022~2025 |  | 128560 | USD 100,000 | 3.37% | 4.13% |  | 1285.60 |
|  Kookmin Bank | 2022~2025 |  | 128560 | USD 100,000 | 3.37% | 4.13% |  | 1285.60 |
|  Woori Bank | 2021~2026 |  | 220600 | USD 200,000 | 0.47% | 0.75% |  | 1103.00 |
|  Shinhan Bank | 2021~2026 |  | 220600 | USD 200,000 | 0.47% | 0.75% |  | 1103.00 |
|  Hana Bank | 2021~2026 |  | 55150 | USD 50,000 | 0.48% | 0.75% |  | 1103.00 |
|  Korea Development Bank | 2018~2023 |  | 169335 | USD 150,000 | 2.26% | 3.88% |  | 1128.90 |
|  Woori Bank | 2018~2023 |  | 169335 | USD 150,000 | 2.26% | 3.88% |  | 1128.90 |
|  Credit Agricole | 2018~2023 |  | 112890 | USD 100,000 | 2.26% | 3.88% |  | 1128.90 |
|  Hana Bank | 2018~2023 |  | 56445 | USD 50,000 | 2.26% | 3.88% |  | 1128.90 |
|  Kookmin Bank | 2018~2023 |  | 56445 | USD 50,000 | 2.26% | 3.88% |  | 1128.90 |
|  Woori Bank | 2020~2025 |  | 245560 | USD 200,000 | 0.93% | 1.75% |  | 1227.80 |
|  Hana Bank | 2020~2025 |  | 245560 | USD 200,000 | 0.93% | 1.75% |  | 1227.80 |
|  Korea Development Bank | 2020~2025 |  | 122780 | USD 100,000 | 0.93% | 1.75% |  | 1227.80 |
|  JP Morgan | 2022~2025 |  | 126180 | USD 100,000 | 2.80% | 3.60% |  | 1261.80 |
|  Hana Bank | 2022~2025 |  | 126180 | USD 100,000 | 2.80% | 3.60% |  | 1261.80 |
|  Korea Development Bank | 2022~2025 |  | 252360 | USD 200,000 | 2.83% | 3.60% |  | 1261.80 |
|  Woori Bank | 2022~2025 |  | 126180 | USD 100,000 | 2.85% | 3.60% |  | 1261.80 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives, Continued** 

**(5)** **Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2022 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  |  | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** | **Contract year** | **Contract**<br>**amount** | **Pay** | **Receive** |
|  Nomura (\*1) | 2018~2038 | 30000 | 2.56% | 3.75% |
|  Hana Bank | 2018~2023 | 200000 | 2.15% | 3M CD + 0.19% |
|  Hana Bank | 2018~2023 | 200000 | 2.17% | 3M CD + 0.19% |
|  Hana Bank | 2018~2023 | 150000 | 2.03% | 3M CD + 0.21% |
|  Hana Bank | 2019~2024 | 200000 | 1.87% | 3M CD + 0.13% |
|  Shinhan Bank | 2021~2025 | 100000 | 2.32% | 3M CD + 0.43% |
|  Hana Bank | 2022~2027 | 200000 | 3.02% | 3M CD + 0.61% |
|  Hana Bank | 2022~2027 | 200000 | 3.04% | 3M CD + 0.58% |
|  Hana Bank | 2022~2027 | 250000 | 3.38% | 3M CD + 0.59% |
|  Nomura | 2022~2027 | 200000 | 3.55% | 3M CD + 0.60% |
|  Shinhan Bank | 2022~2027 | 150000 | 3.53% | 3M CD + 0.55% |
|  Hana Bank | 2022~2027 | 200000 | 3.70% | 3M CD + 0.59% |
|  Nomura | 2022~2027 | 300000 | 3.89% | 3M CD + 0.67% |
|  Hana Bank | 2022~2027 | 200000 | 3.93% | 3M CD + 0.67% |
|  Nomura | 2022~2027 | 200000 | 3.80% | 3M CD + 0.68% |
|  Nomura | 2022~2027 | 300000 | 4.04% | 3M CD + 0.60% |
|  Hana Bank | 2022~2027 | 100000 | 4.68% | 3M CD + 1.04% |
|  Hana Bank | 2022~2027 | 100000 | 5.45% | 3M CD + 1.20% |
|  Nomura | 2017~2032 | 52457 | 3M Libor + 2.22% | 2.60% |
|  Nomura | 2017~2032 | 59423 | 3M Libor + 2.24% | 2.62% |
|  Nomura (\*2) | 2021~2041 | 30000 | 1.84% | 2.60% |
|  Nomura (\*3) | 2021~2041 | 50000 | 1.87% | 2.38% |
|  ANZ | 2022 - 2025 | AUD 540 | 0.48% | 3.33% |
|  DBS Bank | 2022 - 2025 | AUD 540 | 0.48% | 3.33% |
|  Societe Generale | 2022 - 2025 | AUD 540 | 0.48% | 3.28% |

---

---

| | |
|:---|:---|
| (\*1) | 2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.  |

---

---

| | |
|:---|:---|
| (\*2) | 1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.  |

---

---

| | |
|:---|:---|
| (\*3) | 1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.  |

---

**(6)** **Interest rate swap contracts which are designated as hedging instruments as of December 31, 2022 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In thousands of USD* |  |  | **Contract interest rate per annum** | **Contract interest rate per annum** |
| **Counterparty** | **Contract year** | **Contract**<br>**amount** | **Pay** | **Receive** |
|  Export-Import Bank of Korea | 2015~2031 | USD 15,893 | 2.67% | 6M USD Libor |
|  ING Bank | 2015~2031 | USD 7,861 | 2.67% | 6M USD Libor |
|  BNP Paribas | 2015~2031 | USD 7,861 | 2.67% | 6M USD Libor |
|  BNP Paribas | 2009~2027 | USD 51,891 | 4.16% | 6M USD Libor |
|  KFW | 2009~2027 | USD 51,891 | 4.16% | 6M USD Libor |
|  Export-Import Bank of Korea | 2016~2036 | USD 66,124 | 3.00% | 6M USD Libor |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**12.** **Derivatives, Continued** 

**(7)** **Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2022 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>valuation gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Net income effects of<br>transaction gain (loss)** | **Accumulated other**<br>**comprehensive<br>income (loss) (\*)** | **Accumulated other**<br>**comprehensive<br>income (loss) (\*)** |
|  | **2022** | **2022** | **2021** | **2022** | **2021** | **2022** | **2021** |
|  Currency forward | W | (20570) | 33066 | (2710) | 33032 |  |  |
|  Currency swap |  | 155937 | 787264 | 234195 | 61353 | (102969) | (59108) |
|  Interest rate swap |  | 66341 | 18123 | (6800) | (10303) | 37917 | 18648 |
|  Other derivatives |  | 22510 | (15459) |  |  |  |  |
|  | W | 224218 | 822994 | 224685 | 84082 | (65052) | (40460) |

---

(\*) For the years ended December 31, 2022 and 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of W24,415 and W15,778 million, net of tax, are included in other comprehensive loss, respectively.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**13.** **Other Financial Assets** 

**(1)** **Other financial assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Loans | W | 132890 | 968468 | 88406 | 903397 |
|  Less: Allowance for doubtful accounts |  | (13) | (54824) | (10) | (52667) |
|  Less: Present value discount |  | (816) | (32334) | (807) | (29248) |
|  |  | 132061 | 881310 | 87589 | 821482 |
|  Long-term / short-term financial instruments |  | 666758 | 686322 | 1278014 | 450494 |
|  | W | 798819 | 1567632 | 1365603 | 1271976 |

---

**(2) Loans as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value<br>discount** | **Carrying value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 30261 |  | (816) | 29445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 29630 |  |  | 29630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 72999 | (13) |  | 72986 |
|  |  | 132890 | (13) | (816) | 132061 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 436131 | (37783) | (32334) | 366014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 309446 |  |  | 309446 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 187728 | (17041) |  | 170687 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 35163 |  |  | 35163 |
|  |  | 968468 | (54824) | (32334) | 881310 |
|  | W | 1101358 | (54837) | (33150) | 1013371 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Face value** | **Face value** | **Allowance for<br>doubtful accounts** | **Present value<br>discount** | **Carrying value** |
|  **Short-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition | W | 28975 |  | (807) | 28168 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 25750 |  |  | 25750 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 33681 | (10) |  | 33671 |
|  |  | 88406 | (10) | (807) | 87589 |
|  **Long-term loans** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for tuition |  | 431002 | (37783) | (29248) | 363971 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for housing |  | 282833 |  |  | 282833 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans for related parties |  | 150541 | (14861) |  | 135680 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Fisheries loan |  | 203 |  |  | 203 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other loans |  | 38818 | (23) |  | 38795 |
|  |  | 903397 | (52667) | (29248) | 821482 |
|  | W | 991803 | (52677) | (30055) | 909071 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**13.** **Other Financial Assets, Continued** 

**(3)** **Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 52677 | 20267 |
|  Bad debts expense |  | 2180 | 30942 |
|  Others |  | (20) | 1468 |
|  Ending balance | W | 54837 | 52677 |

---

**(4)** **Long-term and short-term financial instruments as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Non-current** | **Current** | **Current** | **Non-current** | **Non-current** |
|  Time deposits | W | 428813 |  | 130570 |  | 976899 |  | 103607 |
|  CD |  | 30000 |  |  |  |  |  |  |
|  Others |  | 207945 |  | 555752 |  | 301115 |  | 346887 |
|  | W | 666758 |  | 686322 |  | 1278014 |  | 450494 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**14.** **Inventories** 

**Inventories as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 4522171 | (1350) | 4520821 |
|  Merchandises |  | 1001 |  | 1001 |
|  Work-in-progress |  | 172089 | (75) | 172014 |
|  Finished goods |  | 52642 | (57) | 52585 |
|  Supplies |  | 2814377 |  | 2814377 |
|  Inventories-in-transit |  | 2356444 |  | 2356444 |
|  Other inventories |  | 13490 |  | 13490 |
|  | W | 9932214 | (1482) | 9930732 |
| *In millions of won* | **2021** | **2021** | **2021** | **2021** |
|  | **Acquisition cost** | **Acquisition cost** | **Valuation allowance** | **Book value** |
|  Raw materials | W | 3655588 | (1247) | 3654341 |
|  Merchandises |  | 512 |  | 512 |
|  Work-in-progress |  | 180220 |  | 180220 |
|  Finished goods |  | 27254 |  | 27254 |
|  Supplies |  | 2541028 | (3869) | 2537159 |
|  Inventories-in-transit |  | 1195148 |  | 1195148 |
|  Other inventories |  | 13548 |  | 13548 |
|  | W | 7613298 | (5116) | 7608182 |

---

The reversal of the allowance for loss on inventory valuation deducted from the cost of sales for the years ended December 31, 2022 and 2021 amounts to W18,162 million and W11,422 million, respectively.

The amounts of loss from inventory valuation included in other gains or losses for the years ended December 31, 2022 and 2021 were W14,528 million and W7,761 million, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**15.** **Non-Financial Assets** 

**Non-financial assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advanced payments | W | 160596 | 51425 | 161466 | 124305 |
|  Prepaid expenses |  | 366532 | 153830 | 756729 | 151095 |
|  Others (\*) |  | 1217741 | 103879 | 840796 | 89418 |
|  | W | 1744869 | 309134 | 1758991 | 364818 |

---

(\*) Details of others as of December 31, 2022 and 2021 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Non-current** | **Current** | **Current** | **Non-current** | **Non-current** |
|  Greenhouse gas emissions rights | W | 192005 |  |  |  | 524658 |  |  |
|  Other quick assets |  | 1025736 |  | 103879 |  | 316138 |  | 89418 |
|  | W | 1217741 |  | 103879 |  | 840796 |  | 89418 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries** 

**(1)** **Consolidated subsidiaries as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **2022** | **2021** |
|  Korea Hydro & Nuclear Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea South-East Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Midland Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Western Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea Southern Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Korea East-West Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KEPCO Engineering & Construction Company, Inc. (\*1) | Engineering and construction for utility plant and others | Korea | 65.77% | 65.77% |
|  KEPCO Plant Service & Engineering Co., Ltd. | Utility plant maintenance and others | Korea | 51.00% | 51.00% |
|  KEPCO Nuclear Fuel Co., Ltd. | Nuclear fuel | Korea | 96.36% | 96.36% |
|  KEPCO KDN Co., Ltd. | Electric power information technology and others | Korea | 100.00% | 100.00% |
|  KEPCO International HongKong Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO International Philippines Inc. | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Gansu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Philippines Holdings Inc. (\*11) | Holding company | Philippines | 100.00% | 100.00% |
|  KEPCO Philippines Corporation | Operation of utility plant | Philippines | 100.00% | 100.00% |
|  KEPCO Ilijan Corporation | Construction and operation of utility plant | Philippines | 51.00% | 51.00% |
|  KEPCO Lebanon SARL | Operation of utility plant | Lebanon | 100.00% | 100.00% |
|  KEPCO Neimenggu International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KEPCO Shanxi International Ltd. | Holding company | Hong Kong | 100.00% | 100.00% |
|  KOMIPO Global Pte Ltd. | Holding company | Singapore | 100.00% | 100.00% |
|  KEPCO Netherlands B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  KEPCO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSEP Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KEPCO Middle East Holding Company | Holding company | Bahrain | 100.00% | 100.00% |
|  Qatrana Electric Power Company | Construction and operation of utility plant | Jordan | 80.00% | 80.00% |
|  KHNP Canada Energy Ltd. | Holding company | Canada | 100.00% | 100.00% |
|  KEPCO Bylong Australia Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  Korea Waterbury Uranium Limited Partnership | Resources development | Canada | 80.00% | 80.00% |
|  KEPCO Holdings de Mexico | Holding company | Mexico | 100.00% | 100.00% |
|  KST Electric Power Company, S.A.P.I. de C.V. | Construction and operation of utility plant | Mexico | 56.00% | 56.00% |
|  KEPCO Energy Service Company | Operation of utility plant | Mexico | 100.00% | 100.00% |
|  KEPCO Netherlands S3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  PT. KOMIPO Pembangkitan Jawa Bali | Operation of utility plant | Indonesia | 51.00% | 51.00% |
|  PT. Cirebon Power Service (\*2) | Operation of utility plant | Indonesia | 27.50% | 27.50% |
|  KOWEPO International Corporation | Operation of utility plant | Philippines | 99.99% | 99.99% |
|  KOSPO Jordan LLC | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  EWP America Inc. | Holding company | USA | 100.00% | 100.00% |
|  EWP Renewable Corporation | Holding company | USA | 100.00% | 100.00% |
|  KNF Canada Energy Limited | Holding company | Canada | 100.00% | 100.00% |
|  EWP Barbados 1 SRL | Holding company | Barbados | 100.00% | 100.00% |
|  California Power Holdings, LLC | Power generation | USA | 100.00% | 100.00% |
|  Gyeonggi Green Energy Co., Ltd. | Power generation | Korea | 62.01% | 62.01% |
|  PT. Tanggamus Electric Power | Power generation | Indonesia | 52.50% | 52.50% |
|  Gyeongju Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KOMIPO America Inc. | Holding company | USA | 100.00% | 100.00% |
|  EWPRC Biomass Holdings, LLC | Holding company | USA |  | 100.00% |
|  PT. EWP Indonesia | Holding company | Indonesia | 99.96% | 99.96% |
|  KEPCO Netherlands J3 B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Korea Offshore Wind Power Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Global One Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Global Energy Pioneer B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Mira Power Limited (\*3) | Power generation | Pakistan | 76.00% | 76.00% |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **2022** | **2021** |
|  KOSEP Material Co., Ltd. | Recycling fly ashes | Korea | 86.22% | 86.22% |
|  Commerce and Industry Energy Co., Ltd. (\*4) | RDF power generation | Korea | 85.03% | 85.03% |
|  KEPCO KPS Philippines Corp. | Utility plant maintenance and others | Philippines | 99.99% | 99.99% |
|  KOSPO Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  PT. KOWEPO Sumsel Operation And Maintenance Services | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  Hee Mang Sunlight Power Co., Ltd. | Operation of utility plant | Korea | 100.00% | 100.00% |
|  Fujeij Wind Power Company | Operation of utility plant | Jordan | 100.00% | 100.00% |
|  KOSPO Youngnam Power Co., Ltd. (\*5) | Operation of utility plant | Korea | 50.00% | 50.00% |
|  Chitose Solar Power Plant LLC | Power generation | Japan | 65.00% | 65.00% |
|  KEPCO Energy Solution Co., Ltd. | Energy service | Korea | 100.00% | 100.00% |
|  KEPCO Solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  KOSPO Power Services Ltda. | Utility plant maintenance and others | Chile | 65.00% | 65.00% |
|  Energy New Industry Specialized Investment Private Investment Trust | Holding company | Korea | 99.01% | 99.01% |
|  KOEN Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOMIPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOSPO Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  EWP Bylong Pty., Ltd. | Resources development | Australia | 100.00% | 100.00% |
|  KOWEPO Lao International | Utility plant maintenance and others | Laos | 100.00% | 100.00% |
|  KEPCO US Inc. | Holding company | USA | 100.00% | 100.00% |
|  KEPCO Alamosa LLC | Holding company | USA |  | 50.10% |
|  KEPCO Solar of Alamosa LLC | Power generation | USA |  | 100.00% |
|  KEPCO Mangilao Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  Mangilao Investment LLC | Holding company | USA | 80.06% | 100.00% |
|  KEPCO Mangilao Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Power generation | Korea | 79.03% | 79.03% |
|  PT. Siborpa Eco Power | Construction and operation of utility plant | Indonesia | 55.00% | 55.00% |
|  BSK E-New Industry Fund VII | Holding company | Korea | 81.67% | 81.67% |
|  e-New Industry LB Fund 1 | Holding company | Korea | 76.11% | 76.11% |
|  Songhyun e-New Industry Fund | Holding company | Korea | 80.65% | 80.65% |
|  BSK E-New Industry Fund X | Holding company | Korea | 66.80% | 66.80% |
|  PT. Korea Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KOLAT SpA | Utility plant maintenance and others | Chile | 100.00% | 100.00% |
|  KEPCO California, LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO Mojave Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Incheon Fuel Cell Co., Ltd. | Power generation | Korea | 60.00% | 60.00% |
|  KOEN Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOMIPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOWEPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  EWP Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  PT. KOMIPO Energy Indonesia | Utility plant maintenance and others | Indonesia | 95.00% | 95.00% |
|  KNF Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOSPO USA Inc. | Holding company | USA | 100.00% | 100.00% |
|  Nambu USA LLC | Holding company | USA | 100.00% | 100.00% |
|  Tamra Offshore Wind Power Co., Ltd. | Power generation | Korea | 63.00% | 63.00% |
|  KEPCO MCS Co., Ltd. | Electric meter reading and others | Korea | 100.00% | 100.00% |
|  KEPCO FMS Co., Ltd. | Security service and others | Korea | 100.00% | 100.00% |
|  Firstkeepers Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Secutec Co., Ltd. | Security service | Korea | 100.00% | 100.00% |
|  SE Green Energy Co., Ltd. | Power generation | Korea | 84.80% | 84.80% |
|  KEPCO Mangilao America LLC  | Holding company | USA |  | 100.00% |
|  Mangilao Intermediate Holdings LLC | Holding company | USA | 100.00% | 100.00% |
|  KEPCO CSC Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KOAK Power Limited | Hydro power facility maintenance | Pakistan | 100.00% | 100.00% |
|  KOMIPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  Haenanum Energy Fund | Holding company | Korea | 99.64% | 99.64% |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Subsidiaries** | **Key operation activities** | **Location** | **Percentage of ownership (%)** | **Percentage of ownership (%)** |
| **Subsidiaries** | **Key operation activities** | **Location** | **2022** | **2021** |
|  Paju Ecoenergy Co., Ltd. | Power generation | Korea | 89.00% | 89.00% |
|  Guam Ukudu Power LLC | Power generation | USA | 100.00% | 100.00% |
|  K-SOLAR SHINAN Co., Ltd.<br>(formerly, TS Energy No. 25 Co., Ltd.) | Power generation | Korea | 90.00% | 90.00% |
|  KPS Partners Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  KEPCO E&C Service Co., Ltd. | Facility maintenance and service | Korea | 100.00% | 100.00% |
|  Moha solar Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Ogiri Solar Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KHNP USA LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Vanphong Power Service LLC | Utility plant maintenance and others | Vietnam | 100.00% | 100.00% |
|  Energy Innovation Fund I | Holding company | Korea | 71.91% | 71.91% |
|  KHNP Chile SpA | Holding company | Chile | 100.00% | 100.00% |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Corporation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  SolarVader Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Innovation Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Horus Photovoltaic Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  Yeong Yang Solar Management Co., Ltd. | Power generation | Korea | 100.00% | 100.00% |
|  LSG Hydro Power Limited | Holding company | Pakistan | 99.80% | 99.80% |
|  KOEN Bio Co., Ltd. | Wood pellet utilization business | Korea | 70.00% | 70.00% |
|  KOMIPO Energy Solution America, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Investment Holdings, LLC (\*6) | Holding company | USA | 0.10% | 0.10% |
|  Elara Equity Holdings, LLC | Holding company | USA | 54.00% | 54.00% |
|  Elara Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  Elara Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  KOMIPO Development, LLC<br>(formerly, Elara Development, LLC) | Holding company | USA | 100.00% | 100.00% |
|  Elara Energy Holdings, LLC (\*6) | Holding company | USA | 43.94% | 43.94% |
|  Elara Energy Project, LLC | Power generation | USA | 100.00% | 100.00% |
|  KOMIPO Iberian Solar Group, S.L.U. | Holding company | Spain | 100.00% | 100.00% |
|  Jeongam Wind Power Co., Ltd. | Power generation | Korea | 80.00% | 80.00% |
|  KOWEPO Europe B.V. | Holding company | Netherlands | 100.00% | 100.00% |
|  CVS Equity Holdings, LLC | Holding company | USA | 81.34% | 100.00% |
|  CVS Class B Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development Holdings, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Development, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Class B Member, LLC | Holding company | USA | 100.00% | 100.00% |
|  CVS Energy Holdings, LLC | Holding company | USA | 70.79% | 100.00% |
|  Concho Valley Energy, LLC | Holding company | USA | 100.00% | 100.00% |
|  Concho Valley Solar, LLC | Power generation | USA | 100.00% | 100.00% |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Power generation | Korea | 70.00% | 70.00% |
|  KHNP Spain, S.L. | Holding company | Spain | 100.00% | 100.00% |
|  UI Carbon-Neutrality Fund | Holding company | Korea | 78.97% |  |
|  KA Power Limited | Power generation | Pakistan | 100.00% |  |
|  Western Power Changgi Solar Co., Ltd.<br>(formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (\*7) | Power generation | Korea | 100.00% |  |
|  EWP Australia Pty., Ltd. | Holding company | Australia | 100.00% |  |
|  Columboola Solar Farm Hold Co Pty., Ltd. (\*8) | Power generation | Australia | 74.04% |  |
|  Digital Innovation Growth Fund (\*9) | Holding company | Korea | 76.92% |  |
|  J Wind First, LLC (\*10) | Company specializing in liquidization | Korea |  |  |
|  KEPCO Holding Company | Holding company | Saudi Arabia | 100.00% |  |
|  KEPCO for Power Company | Power generation | Saudi Arabia | 60.00% |  |
|  KEPCO for Maintenance Company | Utility plant maintenance and others | Saudi Arabia | 100.00% |  |
|  KOSPO Trumbull LLC | Holding company | USA | 100.00% |  |
|  Changjuk Wind Power Co., Ltd. (\*9) | Power generation | Korea | 73.00% |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(1)** **Consolidated subsidiaries as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*1) | Considering treasury stocks, the effective percentage of ownership is 66.08%. The Group is planning to sell part of its shares (14.77%) based on the resolution of the board of directors on June 24, 2022.  |

---

---

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

---

(\*3) As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power Limited.

---

| | |
|:---|:---|
| (\*4) | The Group guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Group which can be exercised 36 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.  |

---

---

| | |
|:---|:---|
| (\*5) | The subsidiary is included in the consolidated financial statements as the Group owns 50%+1 stake and has the ability to appoint a majority of the board members under the shareholders' agreement.  |

---

---

| | |
|:---|:---|
| (\*6) | The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Group has control over the board of directors under the shareholders' agreement.  |

---

(\*7) For the year ended December 31, 2022, the Group included Western Power Changgi Solar Co., Ltd. as a subsidiary, considering that it acquired control over the entity after the entity undertook selective reduction of capital.

---

| | |
|:---|:---|
| (\*8) | Excluding preferred stocks, the percentage of ownership with voting rights is 100%.  |

---

(\*9) The entity was transferred from an associate to a subsidiary due to changes in the consolidated scope during the year ended December 31, 2022.

---

| | |
|:---|:---|
| (\*10) | Although the Group does not hold a stake as of December 31, 2022, considering the purpose and design of the structured entity, the Group is exposed to volatility in the profits of the structured entity. In addition, Group has the ability to direct activities that can most significantly affect the operations of the structured entity, so it has been determined that the Group has control over the entity.  |

---

(\*11) The group is planning to sell its investment in KEPCO Philippines Holdings Inc., but time or proceeds of sales are not specified as of December 31, 2022.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(2)** **Subsidiaries included in and excluded from consolidation during the year ended December 31, 2022 are as follows:** 

Subsidiaries included in the consolidation scope during the year ended December 31, 2022

---

| | |
|:---|:---|
| **Subsidiaries** | **Reason** |
|  UI Carbon-Neutrality Fund | Newly established |
|  KA Power Limited | Newly established |
|  Seobusambo highway photovoltaics Co., Ltd. | Newly established |
|  Western Power Changgi Solar Co., Ltd.<br>(formerly, Sam-Yang Photovoltaic Power Co., Ltd.) | Change in the scope of consolidation |
|  EWP Australia Pty., Ltd. | Newly established |
|  Columboola Solar Farm Hold Co Pty., Ltd. | New investment |
|  Digital Innovation Growth Fund | Change in the scope of consolidation |
|  J Wind First, LLC | Newly established |
|  KEPCO Holding Company | Newly established |
|  KEPCO for Power Company | Newly established |
|  KEPCO for Maintenance Company | Newly established |
|  KOSPO Trumbull LLC | Newly established |
|  Changjuk Wind Power Co., Ltd. | Change in the scope of consolidation |

---

Subsidiaries excluded from consolidation during the year ended December 31, 2022.

---

| | |
|:---|:---|
| **Subsidiaries** | **Reason** |
|  EWPRC Biomass Holdings, LLC | Liquidation |
|  KEPCO Solar of Alamosa LLC | Disposal |
|  KEPCO Alamosa LLC | Liquidation |
|  KEPCO Mangilao America LLC | Liquidation |
|  Seobusambo highway photovoltaics Co., Ltd. | Change in the scope of consolidation |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  Korea Hydro & Nuclear Power Co., Ltd. | W | 69129625 | 42843974 | 10386091 | (16382) |
|  Korea South-East Power Co., Ltd. |  | 13855071 | 7410881 | 8972991 | 71662 |
|  Korea Midland Power Co., Ltd. |  | 16062605 | 10776943 | 8629165 | (58173) |
|  Korea Western Power Co., Ltd. |  | 13459054 | 8125312 | 8112727 | 106361 |
|  Korea Southern Power Co., Ltd. |  | 14011354 | 8296983 | 9304362 | (68315) |
|  Korea East-West Power Co., Ltd. |  | 12079954 | 5818789 | 6925094 | 2888 |
|  KEPCO Engineering & Construction Company, Inc. |  | 815533 | 272119 | 505291 | 17954 |
|  KEPCO Plant Service & Engineering Co., Ltd. |  | 1555453 | 344702 | 1425913 | 97881 |
|  KEPCO Nuclear Fuel Co., Ltd. |  | 949455 | 490215 | 304405 | 31508 |
|  KEPCO KDN Co., Ltd. |  | 734439 | 166272 | 739453 | 42584 |
|  KEPCO International HongKong Ltd. |  | 128784 |  |  | (216) |
|  KEPCO International Philippines Inc. |  | 127744 | 101 |  | 9976 |
|  KEPCO Gansu International Ltd. |  | 7125 | 598 |  | (22) |
|  KEPCO Philippines Holdings Inc. |  | 191634 | 129 |  | 39346 |
|  KEPCO Philippines Corporation |  | 3799 | 14 |  | 102 |
|  KEPCO Ilijan Corporation |  | 231132 | 3642 | 23263 | 16455 |
|  KEPCO Lebanon SARL |  | 1890 | 10482 |  | 20 |
|  KEPCO Neimenggu International Ltd. |  | 269582 | 3917 |  | 9938 |
|  KEPCO Shanxi International Ltd. |  | 597635 | 222186 |  | (11312) |
|  KOMIPO Global Pte Ltd. |  | 388071 | 1817 |  | 58030 |
|  KEPCO Netherlands B.V. |  | 137454 | 64 |  | 8570 |
|  KEPCO Australia Pty., Ltd. |  | 579 | 11 |  | 102 |
|  KOSEP Australia Pty., Ltd. |  | 74180 | 13097 | 52271 | 24443 |
|  KOMIPO Australia Pty., Ltd. |  | 81216 | 10327 | 52272 | 23368 |
|  KOWEPO Australia Pty., Ltd. |  | 81696 | 10184 | 52271 | 22745 |
|  KOSPO Australia Pty., Ltd. |  | 41872 | 10174 | 52271 | 24362 |
|  KEPCO Middle East Holding Company |  | 116731 | 102054 |  | (634) |
|  Qatrana Electric Power Company |  | 513277 | 247027 | 24354 | 22578 |
|  KHNP Canada Energy Ltd. |  | 107200 | 6218 |  | 149 |
|  KEPCO Bylong Australia Pty., Ltd. |  | 44034 | 437852 |  | (45880) |
|  Korea Waterbury Uranium Limited Partnership |  | 20934 | 224 |  | (116) |
|  KEPCO Holdings de Mexico |  | 728 | 1974 |  | (1363) |
|  KST Electric Power Company, S.A.P.I. de C.V. |  | 653830 | 528315 | 232893 | 23122 |
|  KEPCO Energy Service Company |  | 2238 | 2173 | 7015 | (211) |
|  KEPCO Netherlands S3 B.V. |  | 71326 | 16419 |  | 4465 |
|  PT. KOMIPO Pembangkitan Jawa Bali |  | 15753 | 3232 | 22488 | 3668 |
|  PT. Cirebon Power Service |  | 2316 | 784 | 9602 | 355 |
|  KOWEPO International Corporation |  |  | 10 |  |  |
|  KOSPO Jordan LLC |  | 22854 | 6964 | 45009 | 7657 |
|  EWP America Inc. (\*1) |  | 47775 | 2595 | 21717 | 4337 |
|  KNF Canada Energy Limited |  | 2116 | 34 |  | (59) |
|  EWP Barbados 1 SRL |  | 395067 | 901 | 3230 | 34260 |
|  Gyeonggi Green Energy Co., Ltd. |  | 220414 | 226517 | 112524 | (26004) |
|  PT. Tanggamus Electric Power |  | 227638 | 163106 | 3781 | 5778 |
|  Gyeongju Wind Power Co., Ltd. |  | 98513 | 55579 | 24888 | 9711 |
|  KOMIPO America Inc. (\*2) |  | 571200 | 317903 | 34059 | (3293) |
|  PT. EWP Indonesia |  | 93390 | 5 |  | 4100 |
|  KEPCO Netherlands J3 B.V. |  | 135213 | 63 |  | 19396 |
|  Korea Offshore Wind Power Co., Ltd. |  | 376449 | 192335 | 52526 | 13083 |
|  Global One Pioneer B.V. |  | 135 | 41 |  | (68) |
|  Global Energy Pioneer B.V. |  | 320 | 40 |  | (64) |
|  Mira Power Limited |  | 416750 | 310529 | 57135 | 12394 |
|  KOSEP Material Co., Ltd. |  | 3985 | 662 | 4589 | 775 |
|  Commerce and Industry Energy Co., Ltd. |  | 79172 | 32147 | 31068 | (3730) |
|  KEPCO KPS Philippines Corp. |  | 5294 | 600 | 5232 | 1004 |
|  KOSPO Chile SpA |  | 159500 | 70037 |  | (2811) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  PT. KOWEPO Sumsel Operation And Maintenance Services | W | 25 | 252 |  | (94) |
|  Hee Mang Sunlight Power Co., Ltd. |  | 5877 | 2606 | 862 | 304 |
|  Fujeij Wind Power Company |  | 213113 | 163690 |  | 16564 |
|  KOSPO Youngnam Power Co., Ltd. |  | 425000 | 312831 | 568224 | 10878 |
|  Chitose Solar Power Plant LLC |  | 109964 | 94366 | 14384 | 1615 |
|  KEPCO Energy Solution Co., Ltd. |  | 317392 | 6147 | 33638 | 138 |
|  KEPCO Solar Co., Ltd. |  | 243221 | 25405 | 24778 | 9305 |
|  KOSPO Power Services Ltda. |  | 6722 | 4762 | 17911 | (358) |
|  Energy New Industry Specialized Investment Private Investment Trust (\*3) |  | 451762 | 4338 | 24725 | 7093 |
|  KOEN Bylong Pty., Ltd. |  | 11 | 119 |  | (12) |
|  KOMIPO Bylong Pty., Ltd. |  | 11 | 122 |  | (33) |
|  KOWEPO Bylong Pty., Ltd. |  | 8 | 94 |  | (7) |
|  KOSPO Bylong Pty., Ltd. |  | 25 | 148 |  | (17) |
|  EWP Bylong Pty., Ltd. |  | 8 | 54 |  | 1 |
|  KOWEPO Lao International |  | 8248 | 87 | 10010 | 11185 |
|  KEPCO US Inc. |  | 91 |  |  | (19181) |
|  KEPCO Mangilao Holdings LLC |  | 112948 | 40558 | 21743 | 21166 |
|  Mangilao Investment LLC |  | 258674 | 4 |  | (1) |
|  KEPCO Mangilao Solar, LLC |  | 240736 | 373 | 8870 | (14818) |
|  Jeju Hanlim Offshore Wind Co., Ltd. |  | 185357 | 111343 |  | (3546) |
|  PT. Siborpa Eco Power |  | 12050 | 3 |  | (39) |
|  PT. Korea Energy Indonesia |  | 1675 | 80 | 1937 | (104) |
|  KOLAT SpA |  | 48787 | 3701 | 1647 | 1888 |
|  KEPCO California, LLC |  | 46151 | 4768 | 596 | (670) |
|  KEPCO Mojave Holdings, LLC |  | 95550 | 75846 |  | (4705) |
|  Incheon Fuel Cell Co., Ltd. |  | 268063 | 242176 | 107193 | (5323) |
|  KOEN Service Co., Ltd. |  | 9353 | 7035 | 36340 | 356 |
|  KOMIPO Service Co., Ltd. |  | 6597 | 4503 | 35031 | 905 |
|  KOWEPO Service Co., Ltd. |  | 6266 | 3130 | 34031 | 171 |
|  KOSPO Service Co., Ltd. |  | 6672 | 5048 | 28321 | 60 |
|  EWP Service Co., Ltd. |  | 3756 | 2507 | 24526 | 581 |
|  PT. KOMIPO Energy Indonesia |  | 2978 | 368 | 1698 | 83 |
|  KNF partners Co., Ltd. |  | 2285 | 1053 | 5997 | 293 |
|  KOSPO USA Inc. |  | 315018 | 430 |  | 5024 |
|  Nambu USA LLC |  | 297516 |  |  | 670 |
|  Tamra Offshore Wind Power Co., Ltd. |  | 133598 | 93639 | 18332 | 5316 |
|  KEPCO MCS Co., Ltd. |  | 114316 | 52241 | 363627 | 8468 |
|  KEPCO FMS Co., Ltd. |  | 16852 | 11667 | 105339 | 2176 |
|  Firstkeepers Co., Ltd. |  | 16448 | 12912 | 84620 | 2482 |
|  Secutec Co., Ltd. |  | 12578 | 9209 | 69383 | 690 |
|  SE Green Energy Co., Ltd. |  | 149189 | 114241 | 49873 | 1304 |
|  Mangilao Intermediate Holdings LLC |  | 236266 | 116426 |  | (4709) |
|  KEPCO CSC Co., Ltd. |  | 10668 | 8937 | 46559 | (2134) |
|  KOAK Power Limited |  | 12626 | 839 |  | 49 |
|  KOMIPO Europe B.V. |  | 81364 | 54 | 1195 | 1134 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  Haenanum Energy Fund | W | 7416 | 3 |  | (48) |
|  Paju Ecoenergy Co., Ltd. |  | 61930 | 3066 | 20718 | 1290 |
|  Guam Ukudu Power LLC |  | 293422 | 323292 |  | (31410) |
|  K-SOLAR SHINAN Co., Ltd.<br>(formerly, TS Energy No. 25 Co., Ltd.) |  | 320227 | 296141 | 16980 | 3690 |
|  KPS Partners Co., Ltd. |  | 3619 | 2007 | 12417 | 487 |
|  KEPCO E&C Service Co., Ltd. |  | 5676 | 1897 | 16180 | 1493 |
|  Moha solar Co., Ltd. |  | 29096 | 31359 | 169 | (1137) |
|  Ogiri Solar Power Co., Ltd. |  | 1033 | 23 |  | (30) |
|  KHNP USA LLC |  | 1290 | 97 | 1127 | 392 |
|  KOMIPO Vanphong Power Service LLC |  | 15940 | 3333 | 20233 | 9871 |
|  Energy Innovation Fund I |  | 35310 | 445 |  | (961) |
|  KHNP Chile SpA |  | 5547 | 4147 |  | (16) |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. |  | 1566 | 1507 | 254 | (82) |
|  Yeong Yang Corporation Co., Ltd. |  | 1559 | 1497 | 251 | (91) |
|  SolarVader Co., Ltd. |  | 1568 | 1500 | 256 | (78) |
|  Yeong Yang Innovation Co., Ltd. |  | 1557 | 1497 | 244 | (91) |
|  Yeong Yang Horus Photovoltaic Co., Ltd. |  | 1552 | 1498 | 243 | (93) |
|  Yeong Yang Solar Management Co., Ltd. |  | 1573 | 1500 | 262 | (75) |
|  LSG Hydro Power Limited |  | 1144 | 1159 |  | (18) |
|  KOEN Bio Co., Ltd. |  | 261 | 219 | 639 | (150) |
|  KOMIPO Iberian Solar Group, S.L.U. |  | 78094 | 65012 |  | (1304) |
|  Jeongam Wind Power Co., Ltd. |  | 81800 | 68317 | 10722 | 892 |
|  KOWEPO Europe B.V. |  | 42865 | 2422 |  | 1668 |
|  Yeongdeok Sunrise Wind Power Co., Ltd. |  | 42187 | 22031 |  | (328) |
|  KHNP Spain, S.L. |  | 3 |  |  | (1) |
|  KA Power Limited |  | 3937 | 418 |  | 442 |
|  Western Power Changgi Solar Co., Ltd. <br>(formerly, Sam-Yang Photovoltaic Power Co., Ltd.) |  | 48770 | 44647 | 3447 | (354) |
|  EWP Australia Pty., Ltd. |  | 51105 |  |  | 15203 |
|  Columboola Solar Farm Hold Co Pty., Ltd. |  | 310271 | 214792 | 2228 | 2884 |
|  Digital Innovation Growth Fund |  | 12594 | 100 |  | (363) |
|  J Wind First, LLC |  | 33611 | 33611 | 450 |  |
|  KEPCO Holding Company |  | 3273 | 17 |  | (18) |
|  KEPCO for Power Company |  | 57501 | 58441 |  | (960) |
|  KEPCO for Maintenance Company |  |  |  |  |  |
|  KOSPO Trumbull LLC |  | 37 | 3 |  |  |
|  Changjuk Wind Power Co., Ltd. |  | 29208 | 3137 | 9027 | 3503 |

---

(\*1) Financial information of EWP America Inc. includes that of two other subsidiaries, EWP Renewable Corporation, and California Power Holdings, LLC.

(\*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(\*3) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of five other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund X, and UI Carbon-Neutrality Fund.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  Korea Hydro & Nuclear Power Co., Ltd. | W | 64638690 | 38361337 | 9324391 | 302232 |
|  Korea South-East Power Co., Ltd. |  | 11487325 | 6510826 | 5188856 | (58096) |
|  Korea Midland Power Co., Ltd. |  | 13761908 | 9912907 | 5353915 | 60737 |
|  Korea Western Power Co., Ltd. |  | 10822780 | 7116671 | 4970805 | (171562) |
|  Korea Southern Power Co., Ltd. |  | 11350984 | 7099881 | 5671989 | (113352) |
|  Korea East-West Power Co., Ltd. |  | 9895739 | 5163005 | 4743030 | 10872 |
|  KEPCO Engineering & Construction Company, Inc. |  | 705043 | 191592 | 433127 | 16452 |
|  KEPCO Plant Service & Engineering Co., Ltd. |  | 1420705 | 311607 | 1375668 | 98132 |
|  KEPCO Nuclear Fuel Co., Ltd. |  | 837249 | 405614 | 323729 | 25799 |
|  KEPCO KDN Co., Ltd. |  | 721634 | 189242 | 673261 | 67244 |
|  KEPCO International HongKong Ltd. |  | 128968 |  |  | 341 |
|  KEPCO International Philippines Inc. |  | 154317 | 482 |  | 8766 |
|  KEPCO Gansu International Ltd. |  | 7151 | 559 |  | (25) |
|  KEPCO Philippines Holdings Inc. |  | 191757 | 128 |  | 60192 |
|  KEPCO Philippines Corporation |  | 6122 | 19 |  | (68) |
|  KEPCO Ilijan Corporation |  | 259069 | 38555 | 60532 | 12981 |
|  KEPCO Lebanon SARL |  | 1729 | 9794 |  | (86) |
|  KEPCO Neimenggu International Ltd. |  | 241299 | 3106 |  | 16762 |
|  KEPCO Shanxi International Ltd. |  | 551407 | 207844 |  | 3526 |
|  KOMIPO Global Pte Ltd. |  | 302340 | 1351 |  | 11462 |
|  KEPCO Netherlands B.V. |  | 133610 | 866 |  | 5395 |
|  KEPCO Australia Pty., Ltd. |  | 481 | 11 |  | 25 |
|  KOSEP Australia Pty., Ltd. |  | 44798 | 5561 | 22013 | 8268 |
|  KOMIPO Australia Pty., Ltd. |  | 54162 | 5648 | 22013 | 5942 |
|  KOWEPO Australia Pty., Ltd. |  | 54564 | 4766 | 22013 | 7387 |
|  KOSPO Australia Pty., Ltd. |  | 43886 | 4502 | 22013 | 5940 |
|  KEPCO Middle East Holding Company |  | 104068 | 89756 |  | 1144 |
|  Qatrana Electric Power Company |  | 480809 | 262725 | 21368 | 19156 |
|  KHNP Canada Energy Ltd. |  | 109326 | 25 |  | 29 |
|  KEPCO Bylong Australia Pty., Ltd. |  | 44319 | 394349 |  | (37065) |
|  Korea Waterbury Uranium Limited Partnership |  | 20920 | 159 |  | (57) |
|  KEPCO Holdings de Mexico |  | 148 | 27 |  | (8) |
|  KST Electric Power Company, S.A.P.I. de C.V. |  | 584625 | 435796 | 151467 | 18499 |
|  KEPCO Energy Service Company |  | 2500 | 956 | 12070 | 574 |
|  KEPCO Netherlands S3 B.V. |  | 51045 | 150 |  | 3199 |
|  PT. KOMIPO Pembangkitan Jawa Bali |  | 13499 | 3314 | 18296 | 885 |
|  PT. Cirebon Power Service |  | 2545 | 631 | 8664 | 505 |
|  KOWEPO International Corporation |  |  | 10 |  |  |
|  KOSPO Jordan LLC |  | 33782 | 16298 | 9698 | 816 |
|  EWP America Inc. (\*1) |  | 46687 | 1278 | 18335 | 6807 |
|  KNF Canada Energy Limited |  | 2101 | 17 |  | (43) |
|  EWP Barbados 1 SRL |  | 354024 | 1172 | 2861 | 16168 |
|  Gyeonggi Green Energy Co., Ltd. |  | 243977 | 224132 | 93794 | (5588) |
|  PT. Tanggamus Electric Power |  | 212161 | 167409 | 2903 | 3017 |
|  Gyeongju Wind Power Co., Ltd. |  | 96937 | 60702 | 15289 | 3132 |
|  KOMIPO America Inc. (\*2) |  | 329986 | 56325 | 1715 | (1311) |
|  PT. EWP Indonesia |  | 47031 | 1226 |  | 4615 |
|  KEPCO Netherlands J3 B.V. |  | 151478 | 172 |  | 27365 |
|  Korea Offshore Wind Power Co., Ltd. |  | 359393 | 188507 | 36020 | 3820 |
|  Global One Pioneer B.V. |  | 119 | 116 |  | (132) |
|  Global Energy Pioneer B.V. |  | 293 | 131 |  | (147) |
|  Mira Power Limited |  | 424183 | 311459 | 70287 | 34018 |
|  KOSEP Material Co., Ltd. |  | 3405 | 842 | 4518 | 442 |
|  Commerce and Industry Energy Co., Ltd. |  | 85315 | 35543 | 30531 | 1345 |
|  KEPCO KPS Philippines Corp. |  | 8051 | 3652 | 9768 | 1493 |
|  KOSPO Chile SpA |  | 142956 | 56688 |  | (851) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  PT. KOWEPO Sumsel Operation And Maintenance Services | W | 116 | 259 |  |  |
|  Hee Mang Sunlight Power Co., Ltd. |  | 6242 | 3272 | 499 | 47 |
|  Fujeij Wind Power Company |  | 200783 | 169340 |  | 14739 |
|  KOSPO Youngnam Power Co., Ltd. |  | 393745 | 292765 | 318770 | 6339 |
|  Chitose Solar Power Plant LLC |  | 125578 | 109470 | 16630 | 1794 |
|  KEPCO Energy Solution Co., Ltd. |  | 317676 | 4938 | 21423 | 3104 |
|  KEPCO Solar Co., Ltd. |  | 231567 | 22229 | 11305 | 2014 |
|  KOSPO Power Services Ltda. |  | 8007 | 5800 | 21133 | (356) |
|  Energy New Industry Specialized Investment Private Investment Trust (\*3) |  | 336932 | 28536 | 19405 | 11116 |
|  KOEN Bylong Pty., Ltd. |  | 8 | 86 |  |  |
|  KOMIPO Bylong Pty., Ltd. |  | 8 | 86 |  | (8) |
|  KOWEPO Bylong Pty., Ltd. |  | 8 | 86 |  | (18) |
|  KOSPO Bylong Pty., Ltd. |  | 73 | 168 |  | (20) |
|  EWP Bylong Pty., Ltd. |  | 8 | 54 |  |  |
|  KOWEPO Lao International |  | 12974 | 70 | 8543 | 5681 |
|  KEPCO US Inc. |  | 17601 |  |  |  |
|  KEPCO Alamosa LLC |  | 34100 | 297 | 124 | (62) |
|  KEPCO Solar of Alamosa LLC |  | 57104 | 41953 | 8008 | (742) |
|  KEPCO Mangilao Holdings LLC |  | 28504 | 32501 |  | (556) |
|  Mangilao Investment LLC |  | 43459 | 29 |  | (14) |
|  KEPCO Mangilao Solar, LLC |  | 206018 | 166095 |  | (865) |
|  Jeju Hanlim Offshore Wind Co., Ltd. |  | 41325 | 5139 |  | (2893) |
|  PT. Siborpa Eco Power |  | 11306 |  |  | (105) |
|  PT. Korea Energy Indonesia |  | 1917 | 215 | 1681 | 37 |
|  KOLAT SpA |  | 28349 | 849 | 180 | (464) |
|  KEPCO California, LLC |  | 43732 | 4113 | 1310 | 160 |
|  KEPCO Mojave Holdings, LLC |  | 95294 | 71358 |  | (4254) |
|  Incheon Fuel Cell Co., Ltd. |  | 268100 | 236901 | 54188 | 8738 |
|  KOEN Service Co., Ltd. |  | 8963 | 6557 | 35190 | 2326 |
|  KOMIPO Service Co., Ltd. |  | 4384 | 4475 | 32323 | (96) |
|  KOWEPO Service Co., Ltd. |  | 7289 | 5869 | 31700 | 303 |
|  KOSPO Service Co., Ltd. |  | 5762 | 4990 | 26257 | 31 |
|  EWP Service Co., Ltd. |  | 5483 | 5455 | 24957 | 14 |
|  PT. KOMIPO Energy Indonesia |  | 2996 | 395 | 2077 | 106 |
|  KNF partners Co., Ltd. |  | 1800 | 969 | 5664 | 152 |
|  KOSPO USA Inc. |  | 286081 | 293 |  | 968 |
|  Nambu USA LLC |  | 277698 |  |  | 568 |
|  Tamra Offshore Wind Power Co., Ltd. |  | 146736 | 106961 | 21731 | 5168 |
|  KEPCO MCS Co., Ltd. |  | 80277 | 39139 | 349116 | 19043 |
|  KEPCO FMS Co., Ltd. |  | 17188 | 15577 | 94210 | 214 |
|  Firstkeepers Co., Ltd. |  | 17152 | 16041 | 77189 | 19 |
|  Secutec Co., Ltd. |  | 13176 | 10662 | 65963 | 1774 |
|  SE Green Energy Co., Ltd. |  | 153105 | 119461 | 38867 | 4025 |
|  KEPCO Mangilao America LLC |  | 2173 | 1 |  |  |
|  Mangilao Intermediate Holdings LLC |  | 220690 | 205421 |  | (6975) |
|  KEPCO CSC Co., Ltd. |  | 8093 | 6799 | 41854 | (2101) |
|  KOAK Power Limited |  | 14363 | 393 |  | (551) |
|  KOMIPO Europe B.V. |  | 70431 | 97 | 402 | (503) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(3)** **Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Subsidiaries** | **Total**<br>**assets** | **Total**<br>**assets** | **Total**<br>**liabilities** | **Sales** | **Profit (loss)**<br>**for the year** |
|  Haenanum Energy Fund | W | 7463 | 3 | 40 | (74) |
|  Paju Ecoenergy Co., Ltd. |  | 57795 | 2118 | 15425 | 2234 |
|  Guam Ukudu Power LLC |  | 30133 | 30438 |  | (2030) |
|  K-SOLAR SHINAN Co., Ltd.<br>(formerly, TS Energy No. 25 Co., Ltd.) |  | 353324 | 318977 | 421 | (7525) |
|  KPS Partners Co., Ltd. |  | 2809 | 1529 | 9520 | 323 |
|  KEPCO E&C Service Co., Ltd. |  | 4054 | 1889 | 15985 | 1242 |
|  Moha solar Co., Ltd. |  | 32808 | 33933 | 48 | (706) |
|  Ogiri Solar Power Co., Ltd. |  | 1041 | 1 |  | 9 |
|  KHNP USA LLC |  | 766 | 10 | 1001 | 267 |
|  KOMIPO Vanphong Power Service LLC |  | 3758 | 860 | 3853 | 958 |
|  Energy Innovation Fund I |  | 22616 | 3202 |  | (888) |
|  KHNP Chile SpA |  | 5294 | 3879 |  | 17 |
|  Yeong Yang Apollon Photovoltaic Co., Ltd. |  | 1775 | 1632 | 5 | (30) |
|  Yeong Yang Corporation Co., Ltd. |  | 1776 | 1623 | 9 | (19) |
|  SolarVader Co., Ltd. |  | 1772 | 1627 |  | (26) |
|  Yeong Yang Innovation Co., Ltd. |  | 1773 | 1622 | 5 | (21) |
|  Yeong Yang Horus Photovoltaic Co., Ltd. |  | 1771 | 1624 | 9 | (24) |
|  Yeong Yang Solar Management Co., Ltd. |  | 1774 | 1625 |  | (23) |
|  LSG Hydro Power Limited |  | 1 |  |  |  |
|  KOEN Bio Co., Ltd. |  | 394 | 199 | 51 | (305) |
|  KOMIPO Iberian Solar Group, S.L.U. |  | 70993 | 56707 |  | 1354 |
|  Jeongam Wind Power Co., Ltd. |  | 86853 | 74267 | 10476 | 1027 |
|  KOWEPO Europe B.V. |  | 39973 | 1449 |  | (744) |
|  Yeongdeok Sunrise Wind Power Co., Ltd. |  | 21252 | 768 |  | (116) |
|  KHNP Spain, S.L. |  | 5 |  |  |  |

---

(\*1) Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC.

(\*2) Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.

(\*3) Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(4)** **Significant restrictions on abilities to subsidiaries as of December 31, 2022 are as follows:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
|  Gyeonggi Green Energy Co., Ltd. | Acquisition or disposal of assets of more than W35 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group. |
|  KOSPO Youngnam 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. Group's shares cannot be wholly or partially transferred without prior written consent of financial institutions. |
|  Jeongam Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. Group's shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions. |
|  Incheon Fuel Cell Co., Ltd. | Acquisition or disposal of assets of more than W20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Group. |
|  Gyeongju Wind Power Co., Ltd. | Dividends and settlement amounts for O&M and 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. |
|  Korea Offshore Wind Power Co., Ltd. | Principals and interest payments on subordinated loans or 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. |
|  Jeju Hanlim Offshore Wind Co., Ltd. | Prior approval from the lender is required when withdrawing funds (major expenditure, REC settlement, dividend payment, etc.) according to the loan agreement. |
|  Yeongdeok Sunrise Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. |
|  Columboola Solar Farm Hold Co Pty., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. |

---

**(5)** **As of December 31, 2022, the Group has following entitlements in relation to its subsidiaries as per its shareholder's agreements:** 

---

| | |
|:---|:---|
| **Company** | **Unrecognized Commitments** |
|  Jeongam Wind Power Co., Ltd. | When the Group requests other shareholders to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares at fair value. |
|  Changjuk Wind Power Co., Ltd. | When other shareholders want to sell their shares after the performance guarantee period of wind power generators stipulated in the equipment supply contract is completed, the Group has an obligation to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking in to account financial conditions, business conditions, and other circumstances. |
|  Columboola Solar Farm Hold Co Pty., Ltd. | The Group holds a call option to purchase the shares held by another shareholder at 80% of the stock's valuation in the event of a breach of obligation specified in the shareholder agreement. |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

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

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Description** | **KEPCO Ilijan<br>Corporation** | **KEPCO Ilijan<br>Corporation** | **KEPCO Plant<br>Service &<br>Engineering<br>Co., Ltd.** | **KEPCO<br>Engineering &**<br>**Construction<br>Company, Inc.** | **Others** | **Total** |
|  Percentage of ownership |  | 49.00% | 49.00% | 33.92% |  |  |
|  Current assets | W | 230031 | 861705 | 372031 | 1147973 | 2611740 |
|  Non-current assets |  | 1101 | 693748 | 443502 | 4942229 | 6080580 |
|  Current liabilities |  | (3642) | (316497) | (243796) | (841521) | (1405456) |
|  Non-current liabilities |  |  | (28205) | (28323) | (2944145) | (3000673) |
|  Net assets |  | 227490 | 1210751 | 543414 | 2304536 | 4286191 |
|  Book value of non-controlling interests |  | 111470 | 593268 | 184326 | 565796 | 1454860 |
|  Sales |  | 23263 | 1425913 | 505291 | 1709390 | 3663857 |
|  Profit for the year |  | 16455 | 97881 | 17954 | 91566 | 223856 |
|  Profit for the year attributable to non-controlling interests |  | 8063 | 47962 | 6090 | (24370) | 37745 |
|  Cash flows from operating activities |  | 68475 | 81419 | 4918 | 231653 | 386465 |
|  Cash flows from investing activities |  | 22604 | 27372 | 18712 | (747507) | (678819) |
|  Cash flows from financing activities before dividends to non-controlling interests |  | (9609) | (33187) | (7260) | 582580 | 532524 |
|  Dividends to non-controlling interests |  | (8834) | (26438) | (3071) | (4001) | (42344) |
|  Effect of exchange rate fluctuation |  | 8807 | (486) | 5 | (11023) | (2697) |
|  Net increase of cash and cash equivalents |  | 81443 | 48680 | 13304 | 51702 | 195129 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Description** | **KEPCO Ilijan<br>Corporation** | **KEPCO Ilijan<br>Corporation** | **KEPCO Plant<br>Service &<br>Engineering<br>Co., Ltd.** | **KEPCO<br>Engineering &**<br>**Construction<br>Company, Inc.** | **Others** | **Total** |
|  Percentage of ownership |  | 49.00% | 49.00% | 33.92% |  |  |
|  Current assets | W | 234224 | 793995 | 253958 | 1030049 | 2312226 |
|  Non-current assets |  | 24845 | 626710 | 451085 | 3838233 | 4940873 |
|  Current liabilities |  | (30783) | (265017) | (183100) | (599373) | (1078273) |
|  Non-current liabilities |  | (7772) | (46590) | (8492) | (2666345) | (2729199) |
|  Net assets |  | 220514 | 1109098 | 513451 | 1602564 | 3445627 |
|  Book value of non-controlling interests |  | 108052 | 543458 | 174163 | 720761 | 1546434 |
|  Sales |  | 60532 | 1375668 | 433127 | 1286002 | 3155329 |
|  Profit for the year |  | 12981 | 98132 | 16452 | 128264 | 255829 |
|  Profit for the year attributable to non-controlling interests |  | 6361 | 48085 | 5581 | 28914 | 88941 |
|  Cash flows from operating activities |  | 116440 | 133160 | (16270) | 303577 | 536907 |
|  Cash flows from investing activities |  | 2216 | (39444) | 19061 | (309447) | (327614) |
|  Cash flows from financing activities before dividends to non-controlling interests |  | (88927) | (30599) | (8467) | 125685 | (2308) |
|  Dividends to non-controlling interests |  |  | (25269) | (3639) | (2608) | (31516) |
|  Effect of exchange rate fluctuation |  | 10683 | 885 | 38 | 7243 | 18849 |
|  Net increase (decrease) of cash and cash equivalents |  | 40412 | 38733 | (9277) | 124450 | 194318 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**16.** **Consolidated Subsidiaries, Continued** 

**(7)** **Changes in goodwill** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Details of goodwill as of December 31, 2022 and 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Acquisition cost | W | 100093 |  | 105647 |
|  Less: Accumulated impairment |  |  |  |  |
|  Carrying book value | W | 100093 |  | 105647 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in goodwill for the years ended December 31, 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning** | **Beginning** | **Increase** | **Decrease** | **Others** | **Ending** |
|  Acquisition cost | W | 105647 |  |  | (5554) | 100093 |
|  Less: Accumulated impairment |  |  |  |  |  |  |
|  Carrying book value | W | 105647 |  |  | (5554) | 100093 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning** | **Beginning** | **Increase** | **Increase** | **Decrease** | **Others** | **Ending** | **Ending** |
|  Acquisition cost | W | 98166 |  | 7481 |  |  |  | 105647 |
|  Less: Accumulated impairment |  |  |  |  |  |  |  |  |
|  Carrying book value | W | 98166 |  | 7481 |  |  |  | 105647 |

---

**(8)** **Disposals of subsidiaries** 

The Group has completed the liquidation process of EWPRC Biomass Holdings, LLC, KEPCO Alamosa LLC, and KEPCO Mangilao America LLC, and has disposed of shares of KEPCO Solar of Alamosa LLC during the year ended December 31, 2022. The Group had completed the liquidation process of VI Carbon Professional Private Special Asset Investment Trust 1, KOSEP USA, Inc., and Korea Imouraren Uranium Investment Corp. and had disposed of shares of DG Fairhaven Power, LLC during the year ended December 31, 2021.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation | Importing and wholesaling LNG | KOREA | 20.47% | W | 94500 | 2085296 |
|  Korea Electric Power Industrial Development Co., Ltd. | Electricity metering and others | KOREA | 29.00% |  | 4727 | 31078 |
|  YTN Co., Ltd. (\*1) | Broadcasting | KOREA | 21.43% |  | 59000 | 55027 |
|  Gangwon Wind Power Co., Ltd. (\*2) | Power generation | KOREA | 15.00% |  | 5725 | 12158 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | KOREA | 29.00% |  | 88885 | 119791 |
|  Korea Power Exchange (\*3) | Management of power market and others | KOREA | 100.00% |  | 127839 | 275126 |
|  Taebaek Wind Power Co., Ltd. (\*29) | Power generation | KOREA | 60.00% |  | 11494 | 14501 |
|  Taebaek Guinemi Wind Power Co., Ltd. (\*29) | Power generation | KOREA | 67.25% |  | 12637 | 13049 |
|  Daeryun Power Co., Ltd. (\*2) | Power generation | KOREA | 6.85% |  | 40854 | 26727 |
|  KNH Solar Co., Ltd. | Power generation | KOREA | 27.00% |  | 1296 | 2883 |
|  SPC Power Corporation (\*30) | Power generation | PHILIPPINES | 38.00% |  | 20635 | 70868 |
|  Gemeng International Energy Co., Ltd. | Power generation | CHINA | 34.00% |  | 413153 | 578821 |
|  PT. Cirebon Electric Power | Power generation | INDONESIA | 27.50% |  | 40365 | 135114 |
|  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% |  | 21292 | 37743 |
|  PT. Bayan Resources TBK | Resources development | INDONESIA | 20.00% |  | 615860 | 684719 |
|  S-Power Co., Ltd. | Power generation | KOREA | 49.00% |  | 132300 | 141128 |
|  Pioneer Gas Power Limited | Power generation | INDIA | 38.50% |  | 49831 |  |
|  Eurasia Energy Holdings | Power generation and resources development | RUSSIA | 40.00% |  | 461 |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | LAOS | 25.00% |  | 87426 | 115584 |
|  PT. Mutiara Jawa | Manufacturing and operating floating coal terminal | INDONESIA | 29.00% |  | 2978 | 3597 |
|  Samcheok Eco Materials Co., Ltd. (\*5) | Recycling fly ashes | KOREA | 2.35% |  | 686 |  |
|  Noeul Green Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 1740 |  |
|  Goseong Green Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 262740 | 288893 |
|  Gangneung Eco Power Co., Ltd. (\*2) | Power generation | KOREA | 1.61% |  | 2900 |  |
|  Shin Pyeongtaek Power Co., Ltd. | Power generation | KOREA | 40.00% |  | 72000 | 133823 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Power generation | KOREA | 28.00% |  | 194 | 278 |
|  Dongducheon Dream Power Co., Ltd. (\*6) | Power generation | KOREA | 33.61% |  | 148105 | 89300 |
|  Jinbhuvish Power Generation Pvt. Ltd. (\*2) | Power generation | INDIA | 5.16% |  | 9000 |  |
|  Daejung Offshore Wind Power Co., Ltd. | Power generation | KOREA | 46.59% |  | 5190 | 1555 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | KOREA | 34.00% |  | 204000 | 260145 |
|  Daegu Photovoltaic Co., Ltd. | Power generation | KOREA | 29.00% |  | 1230 | 2849 |
|  Busan Green Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 5243 | 4395 |
|  Gunsan Bio Energy Co., Ltd. (\*2) | Power generation | KOREA | 18.87% |  | 1000 |  |
|  Hansuwon KNP Co., Ltd. | Electric material agency | KOREA | 28.98% |  | 537 | 280 |
|  Korea Electric Power Corporation Fund (\*7) | Developing electric enterprises | KOREA | 98.09% |  | 23113 | 28842 |
|  Energy Infra Asset Management Co., Ltd. (\*2) | Asset management | KOREA | 9.90% |  | 297 | 1184 |
|  Daegu clean Energy Co., Ltd. | Renewable power generation | KOREA | 28.00% |  | 140 | 12 |
|  YaksuESS Co., Ltd. | Installing ESS related equipment | KOREA | 29.00% |  | 210 | 486 |
|  Nepal Water & Energy Development Company Private Limited (\*8) | Construction and operation of utility plant | NEPAL | 69.06% |  | 70228 | 69940 |
|  Gwangyang Green Energy Co., Ltd. | Power generation | KOREA | 20.00% |  | 26800 | 25044 |
|  PND solar Co., Ltd. | Power generation | KOREA | 29.00% |  | 1250 | 1403 |
|  Hyundai Eco Energy Co., Ltd. (\*2) | Power generation | KOREA | 19.00% |  | 3610 | 7631 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. (\*2) | Power generation | KOREA | 9.63% |  | 533 | 156 |
|  Green Energy Electricity Generation Co., Ltd. | Power generation | KOREA | 29.00% |  | 1189 | 1571 |
|  Korea Energy Solutions Co., Ltd. | R & D | KOREA | 20.00% |  | 300 | 93 |
|  ITR Co., Ltd. | R & D | KOREA | 20.00% |  | 50 |  |
|  Structure test network Co., Ltd. | Technical testing and consulting | KOREA | 20.00% |  | 25 | 366 |
|  Namjeongsusang Solar Power Operation Co., Ltd. (\*9) | Power generation | KOREA | 15.00% |  | 969 | 373 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Indeck Niles Development, LLC | Power generation | USA | 50.00% | W | 263825 | 302038 |
|  Indeck Niles Asset Management, LLC | Power generation | USA | 33.33% |  |  | 94 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Holding company | KOREA | 49.00% |  | 6910 | 6932 |
|  Suwon New Power Co., Ltd. | Power generation | KOREA | 39.90% |  | 798 | 919 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Power generation | KOREA | 44.00% |  | 4757 | 5133 |
|  Go deok Clean Energy Co., Ltd. | Fuel cell generation | KOREA | 40.00% |  | 5560 | 4420 |
|  SureDataLab Co., Ltd. | R & D | KOREA | 23.95% |  | 126 | 177 |
|  SEP Co., Ltd. | R & D | KOREA | 21.26% |  | 27 |  |
|  Hankook Electric Power Information Co., Ltd. (\*13) | R & D | KOREA | 16.49% |  | 38 | 220 |
|  Tronix Co., Ltd. (\*13) | R & D | KOREA | 12.50% |  | 75 | 66 |
|  O2&B Global Co., Ltd. | R & D | KOREA | 20.00% |  | 25 | 36 |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Power generation | KOREA | 20.00% |  | 1570 | 2562 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Power generation | KOREA | 29.90% |  | 1 |  |
|  Goesan Solar Park Co., Ltd. | Power generation | KOREA | 29.00% |  | 1276 | 2591 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Power generation | KOREA | 35.00% |  | 11022 | 13010 |
|  Bitgoel Eco Energy Co., Ltd. | Power generation | KOREA | 49.25% |  | 7880 | 8951 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Power generation | KOREA | 30.00% |  | 714 | 872 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Power generation | KOREA | 42.58% |  | 706 | 859 |
|  Muan Solar park Co., Ltd. | Power generation | KOREA | 20.00% |  | 4400 | 7838 |
|  YuDang Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 360 | 586 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Power generation | KOREA | 20.00% |  | 5651 | 8662 |
|  Daewon Green Energy Co., Ltd. | Power generation | KOREA | 25.36% |  | 3910 | 4485 |
|  G.GURU Co., Ltd. | R & D | KOREA | 24.65% |  | 493 | 300 |
|  UD4M Co., Ltd. (\*10) | R & D | KOREA | 12.50% |  | 75 | 161 |
|  Dongbu Highway Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 190 | 352 |
|  Seobu Highway Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 195 | 316 |
|  Korea Energy Data Co., Ltd. | R & D | KOREA | 29.37% |  | 60 | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Power generation | KOREA | 41.00% |  | 5695 | 4277 |
|  KOSTURE Co., Ltd. (\*2) | Coal recycling business | KOREA | 0.82% |  | 1 | 1 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Power generation | KOREA | 34.00% |  | 12570 | 20040 |
|  Chuncheon Green Energy Co., Ltd. | Power generation | KOREA | 45.00% |  | 9540 | 9155 |
|  Yeomsubong Wind Power Co., Ltd. (\*11) | Power generation | KOREA | 3.81% |  | 95 | 62 |
|  Yeongyang Wind Power Corporation II | Power generation | KOREA | 30.00% |  | 7965 | 7461 |
|  Haeparang Energy Co., Ltd. | Power generation | KOREA | 25.00% |  | 2241 | 2188 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*12) | Power generation | KOREA | 63.33% |  | 13788 | 23199 |
|  Boulder Solar III, LLC | Power generation | USA | 30.00% |  | 715 | 744 |
|  PlatformN. Co., Ltd. | R & D | KOREA | 29.58% |  | 105 | 84 |
|  PT. Cirebon Energi Prasarana (\*9) | Power generation | INDONESIA | 10.00% |  | 26710 | 69035 |
|  Green Radiation Co., Ltd. (\*13) | R & D | KOREA | 10.00% |  | 20 | 11 |
|  Future Convergence Technology Laboratory. Co., Ltd. | R & D | KOREA | 20.12% |  | 76 | 50 |
|  SC E&G. Co,. Ltd. | R & D | KOREA | 20.00% |  | 90 | 214 |
|  Wang San Engineering. Co,. Ltd. | R & D | KOREA | 20.00% |  | 81 | 166 |
|  ACE | R & D | KOREA | 20.00% |  | 20 | 20 |
|  Environment and Energy Co., Ltd. (\*13) | R & D | KOREA | 10.54% |  | 11 | 10 |
|  Santiago Solar Power SpA | Power generation | CHILE | 50.00% |  | 13851 | 13373 |
|  Yanggu Floating Photovoltaic Power Plant Inc. | Power generation | KOREA | 29.00% |  | 904 | 903 |
|  |  |  |  |  | 3089683 | 5844464 |
|  KEPCO-Uhde Inc. (\*14) | Power generation | KOREA | 52.80% |  | 11355 | 17 |
|  Shuweihat Asia Power Investment B.V. | Holding company | NETHERLANDS | 49.00% |  | 44405 | 66452 |
|  Shuweihat Asia Operation & Maintenance Company (\*14) | Maintenance of utility plant | CAYMAN | 55.00% |  | 30 | 1631 |
|  Waterbury Lake Uranium L.P. (\*15) | Resources development | CANADA | 32.59% |  | 26602 | 21750 |
|  ASM-BG Investicii AD | Power generation | BULGARIA | 50.00% |  | 9846 | 14555 |
|  RES Technology AD | Power generation | BULGARIA | 50.00% |  | 11922 | 15133 |
|  KV Holdings, Inc. (\*30) | Power generation | PHILIPPINES | 40.00% |  | 2103 | 9659 |
|  KEPCO SPC Power Corporation (\*14, 30) | Construction and operation of utility plant | PHILIPPINES | 75.20% |  | 94579 | 179594 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Gansu Datang Yumen Wind Power Co., Ltd. | Power generation | CHINA | 40.00% | W | 16621 | 6024 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | CHINA | 40.00% |  | 121928 | 191982 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | CHINA | 40.00% |  | 39872 | 44398 |
|  Rabigh Electricity Company | Power generation | SAUDI ARABIA | 40.00% |  | 109743 | 214607 |
|  Rabigh Operation & Maintenance Company Limited | Maintenance of utility plant | SAUDI ARABIA | 40.00% |  | 70 | 5113 |
|  Jamaica Public Service Company Limited | Power generation | JAMAICA | 40.00% |  | 301910 | 331407 |
|  KW Nuclear Components Co., Ltd. | Manufacturing | KOREA | 45.00% |  | 833 | 17090 |
|  Busan Shinho Solar Power Co., Ltd. | Power generation | KOREA | 25.00% |  | 2100 | 6719 |
|  Global Trade Of Power System Co., Ltd. (\*16) | Exporting products and technology of small or medium business by proxy | KOREA | 29.00% |  | 290 | 698 |
|  Expressway Solar-light Power Generation Co., Ltd. (\*17) | Power generation | KOREA | 50.00% |  | 1856 | 4754 |
|  Amman Asia Electric Power Company (\*14) | Power generation | JORDAN | 60.00% |  | 111476 | 220254 |
|  KAPES, Inc. (\*14) | R & D | KOREA | 51.00% |  | 5629 |  |
|  Honam Wind Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 3480 | 4819 |
|  Korea Power Engineering Service Co., Ltd. | Construction and service | KOREA | 29.00% |  | 290 | 5543 |
|  Chun-cheon Energy Co., Ltd. | Power generation | KOREA | 29.90% |  | 52700 | 32044 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. (\*16) | Power generation | KOREA | 15.00% |  | 3000 | 3151 |
|  Nghi Son 2 Power LLC | Power generation | VIETNAM | 50.00% |  | 175261 | 408839 |
|  Kelar S.A. (\*14) | Power generation | CHILE | 65.00% |  | 78060 | 117137 |
|  PT. Tanjung Power Indonesia | Power generation | INDONESIA | 35.00% |  | 57039 | 92907 |
|  Incheon New Power Co., Ltd. (\*18) | Power generation | KOREA | 29.00% |  | 461 | 198 |
|  Seokmun Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 15370 | 17336 |
|  Daehan Wind Power PSC | Power generation | JORDAN | 50.00% |  | 7493 | 13923 |
|  Barakah One Company (\*19) | Power generation | UAE | 18.00% |  | 118 |  |
|  Nawah Energy Company (\*19) | Operation of utility plant | UAE | 18.00% |  | 296 | 315 |
|  MOMENTUM | International thermonuclear experimental reactor construction management | FRANCE | 33.33% |  | 1 | 345 |
|  Daegu Green Power Co., Ltd. (\*20) | Power generation | KOREA | 29.00% |  | 46225 | 29360 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | KOREA | 46.00% |  | 17475 | 20713 |
|  Chester Solar IV SpA | Power generation | CHILE | 45.00% |  | 1700 | 181 |
|  Chester Solar V SpA | Power generation | CHILE | 45.00% |  | 525 | 156 |
|  Diego de Almagro Solar SpA | Power generation | CHILE | 45.00% |  | 2091 | 540 |
|  South Jamaica Power Company Limited | Power generation | JAMAICA | 20.00% |  | 20430 | 46437 |
|  Daesan Green Energy Co., Ltd. | Power generation | KOREA | 35.00% |  | 17850 | 19218 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 85370 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 55172 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 3350 |
|  RE Astoria 2 LandCo LLC | Power generation | USA | 50.00% |  | 5188 | 6599 |
|  RE Barren Ridge LandCo LLC | Power generation | USA | 50.00% |  | 2187 | 2333 |
|  Laurel SpA | Power generation | CHILE | 45.00% |  | 1222 | 554 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (\*16) | Power generation | AUSTRALIA | 12.37% |  | 4095 | 3651 |
|  Chile Solar JV SpA | Power generation | CHILE | 50.00% |  | 12674 | 9819 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. (\*15) | Power generation | KOREA | 29.01% |  | 3200 | 4263 |
|  Chester Solar I SpA | Power generation | CHILE | 45.00% |  | 1181 | 1314 |
|  Solar Philippines Calatagan Corporation | Power generation | PHILIPPINES | 38.00% |  | 47903 | 56902 |
|  Saemangeum Solar Power Co., Ltd. (\*21) | Power generation | KOREA | 81.01% |  | 26400 | 23551 |
|  Chungsongmeon BongSan wind power Co., Ltd. (\*16) | Power generation | KOREA | 29.00% |  | 2900 | 3470 |
|  Jaeun Resident Wind Power Plant Co., Ltd. (\*16) | Power generation | KOREA | 29.00% |  | 2494 | 2236 |
|  DE Energia SpA | Power generation | CHILE | 49.00% |  | 8364 | 9536 |
|  Dangjin Eco Power Co., Ltd. | Power generation | KOREA | 34.00% |  | 25661 | 26859 |
|  Haemodum Solar Co., Ltd. | Power generation | KOREA | 49.00% |  | 2940 | 3367 |
|  Yangyang Wind Power Co., Ltd. | Power generation | KOREA | 50.00% |  | 12000 | 10864 |
|  HORUS SOLAR, S.A. DE C.V. (\*22) | Renewable power generation | MEXICO | 14.95% |  | 5068 | 6976 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. (\*22) | Renewable power generation | MEXICO | 14.95% |  | 3678 | 4899 |
|  SUNMEX RENOVABLES, S.A. DE C.V. (\*22) | Renewable power generation | MEXICO | 14.95% |  | 1678 | 1657 |
|  Stavro Holding II A.B. | Holding company | SWEDEN | 20.00% |  | 18566 | 17171 |
|  Solaseado Solar Power Co., Ltd. | Power generation | KOREA | 39.00% |  | 7020 | 16233 |
|  Yeongam Solar Power Co., Ltd. (\*16) | Power generation | KOREA | 19.00% |  | 6460 | 9879 |
|  Samsu Wind Power Co., Ltd. (\*16) | Power generation | KOREA | 19.00% |  | 2637 | 3205 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Pulau Indah Power Plant Sdn. Bhd. | Power generation | MALAYSIA | 25.00% | W | 23833 | 26814 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 | Holding company | KOREA | 29.53% |  | 20061 | 21723 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (\*14) | Holding company | KOREA | 90.00% |  | 15012 | 15587 |
|  PT Barito Wahana Tenaga | Power generation | INDONESIA | 30.61% |  | 59574 | 137047 |
|  Cheongna Energy Co., Ltd. (\*21) | Generating and distributing vapor and hot/cold water | KOREA | 50.10% |  | 49344 | 10758 |
|  Naepo Green Energy Co., Ltd. | Power generation | KOREA | 29.20% |  | 29200 |  |
|  Dayone Energy Co., Ltd. (\*23) | Power generation | KOREA | 30.66% |  | 71070 |  |
|  OneEnergy Asia Limited | Power generation | VIETNAM | 40.00% |  | 115949 | 172218 |
|  KAS Investment I LLC (\*15) | Holding company | USA | 29.89% |  | 23437 | 18247 |
|  KAS Investment II LLC (\*15) | Holding company | USA | 29.89% |  | 23343 | 18173 |
|  Energyco Co., Ltd. | Power generation | KOREA | 29.00% |  | 1659 | 2190 |
|  CAES, LLC | Holding company | USA | 36.00% |  | 19414 | 20805 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. (\*16) | Power generation | KOREA | 49.00% |  | 7512 | 8471 |
|  Busan Industrial Solar Power Co., Ltd. | Power generation | KOREA | 28.02% |  | 510 | 1168 |
|  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% |  | 1397 | 913 |
|  Omisan Wind Power Co., Ltd. | Power generation | KOREA | 42.00% |  | 10752 | 10411 |
|  Foresight Iberian Solar Group Holding, S.L. (\*24) | Power generation | SPAIN | 75.00% |  | 11465 | 10565 |
|  Yeongwol Eco Wind Co., Ltd. | Power generation | KOREA | 29.00% |  | 3089 | 3155 |
|  Gurae Resident Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 386 | 391 |
|  Cheongju Eco Park Co., Ltd. | Power generation | KOREA | 29.00% |  | 5858 | 10490 |
|  Enel X Midland Photovoltaic, LLC | Power generation | KOREA | 20.00% |  | 1695 | 1856 |
|  Geumsungsan Wind Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 6531 | 3493 |
|  KEPCO KPS CARABAO Corp. (\*18) | Utility plant maintenance | PHILIPPINES | 40.00% |  | 93 | 177 |
|  Prime Swedish Holding AB | Holding company | SWEDEN | 45.00% |  | 35410 | 36245 |
|  Goheung New Energy Co., Ltd. | Power generation | KOREA | 46.15% |  | 12959 | 11832 |
|  Gunsan Land Solar Co., Ltd. (\*24) | Power generation | KOREA | 75.29% |  | 19091 | 27544 |
|  CapMan Lynx SCA, SICAR | Holding company | LUXEMBOURG | 50.00% |  | 9601 |  |
|  International Offshore Power Transmission Holding Company Limited | Undersea transmission network operation | UAE | 35.00% |  |  |  |
|  Pyeongchang Wind Power Co., Ltd. (\*28) | Power generation | KOREA | 58.00% |  | 9329 | 14464 |
|  Eumseong Eco Park Co., Ltd. | Power generation | KOREA | 29.00% |  | 5741 | 5557 |
|  Songsan Green Energy Co., Ltd. (\*15) | Fuel cell generation | KOREA | 25.00% |  | 1400 | 1387 |
|  Changwon Nu-ri Energy Co., Ltd. (\*15) | Fuel cell generation | KOREA | 33.33% |  | 500 | 497 |
|  Hasami Wind Farm Corporation | Power generation | KOREA | 29.00% |  | 1596 | 1589 |
|  PungBack Wind Farm Corporation (\*26) | Power generation | KOREA | 32.89% |  | 7885 | 6743 |
|  Trumbull Asset Management, LLC (\*27) | Holding company | USA | 78.00% |  |  | 246 |
|  S-Power Chile SpA | Power generation | CHILE | 50.00% |  | 127 | 127 |
|  Seungmun Green Energy | Power generation | KOREA | 33.00% |  | 8973 | 9054 |
|  Seobusambo highway photovoltaics Co., Ltd. (\*25) | Power generation | KOREA | 80.00% |  | 3020 | 3066 |
|  |  |  |  |  | 2332579 | 3147584 |
|  |  |  |  | W | 5422262 | 8992048 |

---

---

| | |
|:---|:---|
| (\*1) | The group 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 group hasn't started the active selling procedures as of December 31, 2022.  |

---

---

| | |
|:---|:---|
| (\*2) | The effective percentage of ownership is less than 20%. However, the Group 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 Group's financial and operating policy of the board of directors.  |

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is 100%. However, the Government regulates the Group's ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group's other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group 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 Group 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 Group has significant financial transactions, which can affect its significant influence on the entity.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*5) | Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.  |

---

---

| | |
|:---|:---|
| (\*6) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is more than 50% but the Group 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 Group 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 Group excercises 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 Group excercises significant influence over the decisions related to finance and operation by virtue of right to nominate directors to the board of directors of the entity.  |

---

---

| | |
|:---|:---|
| (\*11) | The effective percentage of ownership decreased due to the disproportionate paid-in capital increase, and the effective percentage of ownership is less than 20%. However, the Group excercises significant influence over all decisions related to finance and operation.  |

---

---

| | |
|:---|:---|
| (\*12) | The effective percentage of ownership decreased due to the disproportionate paid-in capital increase during the year ended December 31, 2022. The effective percentage of ownership is more than 50% but the Group 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 Group excercises 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 Group can exercise same voting rights as other share holders at the board of directors. Accordingly, the entities are classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*15) | The effective percentage of ownership is less than 50%. However, the entity is classified as a joint venture, because all consent was required to make decisions on related activities.  |

---

(\*16) According to the shareholders' agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.

---

| | |
|:---|:---|
| (\*17) | The effective percentage of ownership increased due to the disproportionate capital reduction of financial investors during the year ended December 31, 2022.  |

---

(\*18) The joint arrangement which the Group 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 actitvities 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 actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*22) | The effective percentage of ownership is less than 20%. However, according to the shareholders' agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Group can exercise significant influence.  |

---

---

| | |
|:---|:---|
| (\*23) | According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group 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 Group 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 actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*25) | Due to the changes in the agreement, the Group 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 actitvities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*28) | After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all members of the board of directors. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*29) | After addtional acquisition of the shares, the effective percentage of ownership is more than 50%. However, the Group does not hold control over relevant business while it exercises significant influence by participating in the board of directors by the shareholders' agreement. Accordingly, the entity is classified as an associate.  |

---

(\*30) The group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation, KV Holdings, Inc. and time or proceeds of sales are not specified as of December 31, 2022.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Korea Gas Corporation (\*1) | Importing and wholesaling LNG | KOREA | 20.47% | W | 94500 | 1815513 |
|  Korea Electric Power Industrial Development Co., Ltd. | Electricity metering and others | KOREA | 29.00% |  | 4727 | 24617 |
|  YTN Co., Ltd. | Broadcasting | KOREA | 21.43% |  | 59000 | 51828 |
|  Gangwon Wind Power Co., Ltd. (\*2) | Power generation | KOREA | 15.00% |  | 5725 | 10554 |
|  Hyundai Green Power Co., Ltd. | Power generation equipment consignment and operation service | KOREA | 29.00% |  | 88885 | 121955 |
|  Korea Power Exchange (\*3) | Management of power market and others | KOREA | 100.00% |  | 127839 | 269728 |
|  Taebaek Wind Power Co., Ltd. | Power generation | KOREA | 25.00% |  | 3810 | 6800 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Power generation | KOREA | 25.00% |  | 3420 | 3357 |
|  Pyeongchang Wind Power Co., Ltd. | Power generation | KOREA | 25.00% |  | 3875 | 5411 |
|  Daeryun Power Co., Ltd. (\*2) | Power generation | KOREA | 9.34% |  | 40854 | 25426 |
|  Changjuk Wind Power Co., Ltd. | Power generation | KOREA | 30.00% |  | 3801 | 8355 |
|  KNH Solar Co., Ltd. | Power generation | KOREA | 27.00% |  | 1296 | 2278 |
|  SPC Power Corporation | Power generation | PHILIPPINES | 38.00% |  | 20635 | 65046 |
|  Gemeng International Energy Co., Ltd. | Power generation | CHINA | 34.00% |  | 413153 | 595218 |
|  PT. Cirebon Electric Power | Power generation | INDONESIA | 27.50% |  | 40365 | 121969 |
|  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% |  | 21292 | 35077 |
|  PT. Bayan Resources TBK | Resources development | INDONESIA | 20.00% |  | 615860 | 661289 |
|  S-Power Co., Ltd. | Power generation | KOREA | 49.00% |  | 132300 | 122786 |
|  Pioneer Gas Power Limited | Power generation | INDIA | 38.50% |  | 49831 |  |
|  Eurasia Energy Holdings | Power generation and resources development | RUSSIA | 40.00% |  | 461 |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. | Power generation | LAOS | 25.00% |  | 87426 | 92441 |
|  PT. Mutiara Jawa | Manufacturing and operating floating coal terminal | INDONESIA | 29.00% |  | 2978 | 2569 |
|  Samcheok Eco Materials Co., Ltd. (\*5) | Recycling fly ashes | KOREA | 2.35% |  | 686 |  |
|  Noeul Green Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 1740 | 3808 |
|  Goseong Green Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 262740 | 260858 |
|  Gangneung Eco Power Co., Ltd. (\*2) | Power generation | KOREA | 1.61% |  | 2900 | 2288 |
|  Shin Pyeongtaek Power Co., Ltd. | Power generation | KOREA | 40.00% |  | 72000 | 93074 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Power generation | KOREA | 28.00% |  | 194 | 223 |
|  Dongducheon Dream Power Co., Ltd. (\*6) | Power generation | KOREA | 33.61% |  | 148105 | 74198 |
|  Jinbhuvish Power Generation Pvt. Ltd. (\*2) | Power generation | INDIA | 5.16% |  | 9000 |  |
|  Daejung Offshore Wind Power Co., Ltd. | Power generation | KOREA | 46.59% |  | 5190 | 1704 |
|  GS Donghae Electric Power Co., Ltd. | Power generation | KOREA | 34.00% |  | 204000 | 243772 |
|  Daegu Photovoltaic Co., Ltd. | Power generation | KOREA | 29.00% |  | 1230 | 2342 |
|  Busan Green Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 5243 | 5032 |
|  Gunsan Bio Energy Co., Ltd. (\*2) | Power generation | KOREA | 18.87% |  | 1000 |  |
|  Korea Electric Vehicle Charging Service (\*2) | Electric vehicle charge service | KOREA | 17.50% |  | 2800 | 1250 |
|  Hansuwon KNP Co., Ltd. | Electric material agency | KOREA | 28.98% |  | 537 | 219 |
|  Korea Electric Power Corporation Fund (\*7) | Developing electric enterprises | KOREA | 98.09% |  | 48410 | 47983 |
|  Energy Infra Asset Management Co., Ltd. (\*2) | Asset management | KOREA | 9.90% |  | 297 | 1066 |
|  Daegu clean Energy Co., Ltd. | Renewable power generation | KOREA | 28.00% |  | 140 | 12 |
|  YaksuESS Co., Ltd. | Installing ESS related equipment | KOREA | 29.00% |  | 210 | 716 |
|  Nepal Water & Energy Development Company Private Limited (\*8) | Construction and operation of utility plant | NEPAL | 69.06% |  | 70228 | 66333 |
|  Gwangyang Green Energy Co., Ltd. | Power generation | KOREA | 20.00% |  | 26800 | 25466 |
|  PND solar Co., Ltd. | Power generation | KOREA | 29.00% |  | 1250 | 1229 |
|  Hyundai Eco Energy Co., Ltd. (\*2) | Power generation | KOREA | 19.00% |  | 3610 | 5572 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. (\*2) | Power generation | KOREA | 9.63% |  | 533 | 233 |
|  Green Energy Electricity Generation Co., Ltd. | Power generation | KOREA | 29.00% |  | 1189 | 1713 |
|  Korea Energy Solutions Co., Ltd. | R & D | KOREA | 20.00% |  | 300 | 123 |
|  ITR Co., Ltd. | R & D | KOREA | 20.00% |  | 50 | 32 |
|  Structure test network Co., Ltd. | Technical testing and consulting | KOREA | 20.00% |  | 25 | 306 |
|  Namjeongsusang Solar Power Operation Co., Ltd. (\*9) | Power generation | KOREA | 15.00% |  | 969 | 361 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Indeck Niles Development, LLC (\*10) | Power generation | USA | 56.25% | W | 268113 | 246273 |
|  Indeck Niles Asset Management, LLC | Power generation | USA | 33.33% |  |  | 111 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Holding company | KOREA | 49.00% |  | 7112 | 7138 |
|  Suwon New Power Co., Ltd. | Power generation | KOREA | 39.90% |  | 798 | 1035 |
|  KPGE Inc. | Power generation materials business | KOREA | 29.00% |  | 287 | 309 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Power generation | KOREA | 44.00% |  | 4757 | 4806 |
|  Go deok Clean Energy Co., Ltd. | Fuel cell generation | KOREA | 40.00% |  | 5560 | 4302 |
|  SureDataLab Co., Ltd. | R & D | KOREA | 23.95% |  | 126 | 128 |
|  SEP Co., Ltd. | R & D | KOREA | 21.26% |  | 27 | 7 |
|  Hankook Electric Power Information Co., Ltd. | R & D | KOREA | 25.25% |  | 38 | 161 |
|  Tronix Co., Ltd. | R & D | KOREA | 20.00% |  | 75 | 109 |
|  O2&B Global Co., Ltd. | R & D | KOREA | 20.00% |  | 25 | 35 |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Power generation | KOREA | 20.00% |  | 1570 | 1268 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Power generation | KOREA | 29.90% |  | 1 |  |
|  Goesan Solar Park Co., Ltd. | Power generation | KOREA | 29.00% |  | 1276 | 1927 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Power generation | KOREA | 35.00% |  | 11022 | 10238 |
|  Bitgoel Eco Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 4640 | 4356 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Power generation | KOREA | 30.00% |  | 714 | 911 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Power generation | KOREA | 42.58% |  | 706 | 721 |
|  Muan Solar park Co., Ltd. | Power generation | KOREA | 20.00% |  | 4400 | 6083 |
|  YuDang Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 360 | 565 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Power generation | KOREA | 20.00% |  | 5651 | 6784 |
|  Daewon Green Energy Co., Ltd. | Power generation | KOREA | 25.36% |  | 3910 | 3877 |
|  G.GURU Co., Ltd. | R & D | KOREA | 24.65% |  | 493 | 403 |
|  UD4M Co., Ltd. (\*2) | R & D | KOREA | 12.50% |  | 75 | 144 |
|  Dongbu Highway Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 190 | 265 |
|  Seobu Highway Solar Co., Ltd. | Power generation | KOREA | 20.00% |  | 195 | 289 |
|  Korea Energy Data Co., Ltd. | R & D | KOREA | 29.37% |  | 60 | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. (\*7) | Power generation | KOREA | 65.00% |  | 1950 | 1878 |
|  KOSTURE Co., Ltd. (\*2) | Coal recycling business | KOREA | 0.26% |  |  |  |
|  Digital Innovation Growth Fund (\*7) | Holding company | KOREA | 76.92% |  | 10000 | 9890 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. (\*18) | Power generation | KOREA | 39.65% |  | 12570 | 16495 |
|  Chuncheon Green Energy Co., Ltd. (\*7) | Power generation | KOREA | 68.00% |  | 3400 | 3372 |
|  Yeomsubong Wind Power Co., Ltd. | Power generation | KOREA | 48.72% |  | 95 | 95 |
|  Yeongyang Wind Power Corporation II | Power generation | KOREA | 30.00% |  | 7965 | 7965 |
|  Haeparang Energy Co., Ltd. | Power generation | KOREA | 25.00% |  | 2241 | 2241 |
|  Saemangeum Sebit Power Plant Co., Ltd. (\*7) | Power generation | KOREA | 69.55% |  | 6000 | 6000 |
|  |  |  |  |  | 3059835 | 5232373 |
|  KEPCO-Uhde Inc. (\*11) | Power generation | KOREA | 52.80% |  | 11355 | 58 |
|  Shuweihat Asia Power Investment B.V. | Holding company | NETHERLANDS | 49.00% |  | 44405 | 37069 |
|  Shuweihat Asia Operation & Maintenance Company (\*11) | Maintenance of utility plant | CAYMAN | 55.00% |  | 30 | 1380 |
|  Waterbury Lake Uranium L.P. | Resources development | CANADA | 33.10% |  | 26602 | 21590 |
|  ASM-BG Investicii AD | Power generation | BULGARIA | 50.00% |  | 16101 | 18692 |
|  RES Technology AD | Power generation | BULGARIA | 50.00% |  | 15595 | 16703 |
|  KV Holdings, Inc. | Power generation | PHILIPPINES | 40.00% |  | 2103 | 2527 |
|  KEPCO SPC Power Corporation (\*11) | Construction and operation of utility plant | PHILIPPINES | 75.20% |  | 94579 | 198979 |
|  Gansu Datang Yumen Wind Power Co., Ltd. | Power generation | CHINA | 40.00% |  | 16621 | 6635 |
|  Datang Chifeng Renewable Power Co., Ltd. | Power generation | CHINA | 40.00% |  | 121928 | 204587 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | Power generation | CHINA | 40.00% |  | 39872 | 44217 |
|  Rabigh Electricity Company | Power generation | SAUDI ARABIA | 40.00% |  | 109743 | 143678 |
|  Rabigh Operation & Maintenance Company Limited | Maintenance of utility plant | SAUDI ARABIA | 40.00% |  | 70 | 4071 |
|  Jamaica Public Service Company Limited | Power generation | JAMAICA | 40.00% |  | 301910 | 294649 |
|  KW Nuclear Components Co., Ltd. | Manufacturing | KOREA | 45.00% |  | 833 | 15734 |
|  Busan Shinho Solar Power Co., Ltd. | Power generation | KOREA | 25.00% |  | 2100 | 5841 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  Global Trade Of Power System Co., Ltd. (\*12) | Exporting products and technology of small or medium business by proxy | KOREA | 29.00% | W | 290 | 597 |
|  Expressway Solar-light Power Generation Co., Ltd. (\*12) | Power generation | KOREA | 29.00% |  | 1856 | 3084 |
|  Amman Asia Electric Power Company (\*11) | Power generation | JORDAN | 60.00% |  | 111476 | 178679 |
|  KAPES, Inc. (\*11) | R & D | KOREA | 51.00% |  | 5629 |  |
|  Honam Wind Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 3480 | 4041 |
|  Korea Power Engineering Service Co., Ltd. | Construction and service | KOREA | 29.00% |  | 290 | 5415 |
|  Chun-cheon Energy Co., Ltd. | Power generation | KOREA | 29.90% |  | 52700 | 25896 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. (\*12) | Power generation | KOREA | 15.00% |  | 3000 | 2728 |
|  Nghi Son 2 Power LLC | Power generation | VIETNAM | 50.00% |  | 2781 |  |
|  Kelar S.A. (\*11) | Power generation | CHILE | 65.00% |  | 78060 | 86695 |
|  PT. Tanjung Power Indonesia | Power generation | INDONESIA | 35.00% |  | 26892 | 46546 |
|  Incheon New Power Co., Ltd. (\*13) | Power generation | KOREA | 29.00% |  | 461 |  |
|  Seokmun Energy Co., Ltd. | Power generation | KOREA | 29.00% |  | 15370 | 13842 |
|  Daehan Wind Power PSC | Power generation | JORDAN | 50.00% |  | 7493 | 5154 |
|  Barakah One Company (\*14) | Power generation | UAE | 18.00% |  | 118 |  |
|  Nawah Energy Company (\*14) | Operation of utility plant | UAE | 18.00% |  | 296 | 294 |
|  MOMENTUM | International thermonuclear experimental reactor construction management | FRANCE | 33.33% |  | 1 | 368 |
|  Daegu Green Power Co., Ltd. (\*15) | Power generation | KOREA | 29.00% |  | 46225 | 24054 |
|  Yeonggwang Wind Power Co., Ltd. | Power generation | KOREA | 46.00% |  | 17475 | 17646 |
|  Chester Solar IV SpA | Power generation | CHILE | 45.00% |  | 1700 |  |
|  Chester Solar V SpA | Power generation | CHILE | 45.00% |  | 525 | 25 |
|  Diego de Almagro Solar SpA | Power generation | CHILE | 45.00% |  | 2091 | 362 |
|  South Jamaica Power Company Limited | Power generation | JAMAICA | 20.00% |  | 20430 | 37360 |
|  Daesan Green Energy Co., Ltd. | Power generation | KOREA | 35.00% |  | 17850 | 21244 |
|  RE Holiday Holdings LLC | Power generation | USA | 50.00% |  | 42948 | 73167 |
|  RE Pioneer Holdings LLC | Power generation | USA | 50.00% |  | 27891 | 47015 |
|  RE Barren Ridge 1 Holdings LLC | Power generation | USA | 50.00% |  | 28021 | 1883 |
|  RE Astoria 2 LandCo LLC | Power generation | USA | 50.00% |  | 5188 | 5998 |
|  RE Barren Ridge LandCo LLC | Power generation | USA | 50.00% |  | 2187 | 2120 |
|  Laurel SpA | Power generation | CHILE | 45.00% |  | 1222 | 290 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd (\*12) | Power generation | AUSTRALIA | 12.37% |  | 4095 | 3625 |
|  Chile Solar JV SpA | Power generation | CHILE | 50.00% |  | 37689 | 32457 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Power generation | KOREA | 29.01% |  | 3200 | 4106 |
|  Chester Solar I SpA | Power generation | CHILE | 45.00% |  | 1181 | 1120 |
|  Solar Philippines Calatagan Corporation | Power generation | PHILIPPINES | 38.00% |  | 47903 | 58231 |
|  Saemangeum Solar Power Co., Ltd. (\*16) | Power generation | KOREA | 81.01% |  | 26400 | 23939 |
|  Chungsongmeon BongSan wind power Co., Ltd. (\*12) | Power generation | KOREA | 29.00% |  | 2900 | 3808 |
|  Jaeun Resident Wind Power Plant Co., Ltd. | Power generation | KOREA | 29.00% |  | 2494 | 1958 |
|  DE Energia SpA | Power generation | CHILE | 49.00% |  | 8364 | 8921 |
|  Dangjin Eco Power Co., Ltd. | Power generation | KOREA | 34.00% |  | 25661 | 26109 |
|  Haemodum Solar Co., Ltd. | Power generation | KOREA | 49.00% |  | 2940 | 3081 |
|  Yangyang Wind Power Co., Ltd. | Power generation | KOREA | 50.00% |  | 12000 | 11191 |
|  HORUS SOLAR, S.A. DE C.V. (\*17) | Renewable power generation | MEXICO | 14.95% |  | 5068 | 5842 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE<br>C.V. (\*17) | Renewable power generation | MEXICO | 14.95% |  | 3678 | 4536 |
|  SUNMEX RENOVABLES, S.A. DE C.V. (\*17) | Renewable power generation | MEXICO | 14.95% |  | 1678 | 1610 |
|  Stavro Holding II A.B. | Holding company | SWEDEN | 20.00% |  | 17615 | 17627 |
|  Solaseado Solar Power Co., Ltd. | Power generation | KOREA | 38.90% |  | 7020 | 9891 |
|  Yeongam Solar Power Co., Ltd. (\*12) | Power generation | KOREA | 19.00% |  | 6460 | 6838 |
|  Samsu Wind Power Co., Ltd. (\*12) | Power generation | KOREA | 19.00% |  | 2637 | 2828 |
|  Pulau Indah Power Plant Sdn. Bhd. | Power generation | MALAYSIA | 25.00% |  | 23833 | 22099 |
|  Sam-Yang Photovoltaic Power Co., Ltd. | Power generation | KOREA | 49.00% |  | 5245 | 4993 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 | Holding company | KOREA | 29.53% |  | 19983 | 21456 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream (\*11) | Holding company | KOREA | 90.00% |  | 15699 | 16288 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Key operation activities** | **Location** | **Percentage of<br>ownership** | **Acquisition<br>cost** | **Acquisition<br>cost** | **Book**<br>**value** |
|  PT Barito Wahana Tenaga | Power generation | INDONESIA | 30.61% | W | 59535 | 81595 |
|  Cheongna Energy Co., Ltd. (\*16) | Generating and distributing vapor and hot/cold water | KOREA | 50.10% |  | 49344 | 11198 |
|  Naepo Green Energy Co., Ltd. | Power generation | KOREA | 29.20% |  | 29200 |  |
|  Dayone Energy Co., Ltd. (\*19) | Power generation | KOREA | 30.66% |  | 71070 |  |
|  OneEnergy Asia Limited | Power generation | VIETNAM | 40.00% |  | 76916 | 79700 |
|  KAS Investment I LLC | Holding company | USA | 29.89% |  | 23437 | 15273 |
|  KAS Investment II LLC | Holding company | USA | 29.89% |  | 23343 | 15213 |
|  Energyco Co., Ltd. | Power generation | KOREA | 29.00% |  | 1659 | 1535 |
|  CAES, LLC | Holding company | USA | 36.00% |  | 19414 | 18435 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. (\*12) | Power generation | KOREA | 49.00% |  | 7512 | 6971 |
|  Busan Industrial Solar Power Co., Ltd. | Power generation | KOREA | 28.02% |  | 510 | 612 |
|  Bitsolar Energy Co., Ltd. | Power generation | KOREA | 27.10% |  | 352 | 352 |
|  Pulau Indah O&M Sdn. Bhd. (\*20) | Power generation | MALAYSIA | 60.00% |  |  |  |
|  Guadalupe Solar SpA (\*20) | Power generation | CHILE | 60.00% |  | 1397 | 659 |
|  Omisan Wind Power Co., Ltd. | Power generation | KOREA | 42.00% |  | 10752 | 10633 |
|  Foresight Iberian Solar Group Holding, S.L. (\*20) | Power generation | SPAIN | 75.00% |  | 9697 | 9743 |
|  Yeongwol Eco Wind Co., Ltd. | Power generation | KOREA | 29.00% |  | 3089 | 3196 |
|  Gurae Resident Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 386 | 395 |
|  Cheongju Eco Park Co., Ltd. | Power generation | KOREA | 29.00% |  | 5858 | 5465 |
|  Enel X Midland Photovoltaic, LLC | Power generation | KOREA | 20.00% |  | 1695 | 1688 |
|  Geumsungsan Wind Power Co., Ltd. | Power generation | KOREA | 29.00% |  | 6531 | 6053 |
|  KEPCO KPS CARABAO Corp. | Utility plant maintenance | PHILIPPINES | 40.00% |  | 93 | 386 |
|  Prime Swedish Holding AB | Holding company | SWEDEN | 45.00% |  | 14514 | 15441 |
|  Goheung New Energy Co., Ltd. | Power generation | KOREA | 46.15% |  | 12959 | 11708 |
|  Gunsan Land Solar Co., Ltd. (\*20) | Power generation | KOREA | 75.29% |  | 19091 | 19317 |
|  CapMan Lynx SCA, SICAR | Holding company | LUXEMBOURG | 50.00% |  | 9601 | 9976 |
|  International Offshore Power Transmission Holding Company Limited | Undersea transmission network operation | UAE | 35.00% |  |  |  |
|  |  |  |  |  | 2069491 | 2239011 |
|  |  |  |  | W | 5129326 | 7471384 |

---

---

| | |
|:---|:---|
| (\*1) | Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.  |

---

---

| | |
|:---|:---|
| (\*2) | The effective percentage of ownership is less than 20%. However, the Group 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 Group's financial and operating policy of the board of directors.  |

---

---

| | |
|:---|:---|
| (\*3) | The effective percentage of ownership is 100%. However, the Government regulates the Group's ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Group's other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Group 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 Group 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 Group has significant financial transactions, which can affect its significant influence on the entity.  |

---

---

| | |
|:---|:---|
| (\*5) | Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.  |

---

---

| | |
|:---|:---|
| (\*6) | The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.  |

---

---

| | |
|:---|:---|
| (\*7) | The effective percentage of ownership is more than 50% but the Group 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 Group does not hold control over the entity according to the shareholders' agreement. Accordingly, the entity is classified as an associate.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(1)** **Investments in associates and joint ventures as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | |
|:---|:---|
| (\*9) | The effective percentage of ownership is less than 20%. However, the Group considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.  |

---

---

| | |
|:---|:---|
| (\*10) | According to the shareholders' agreement, additional investment of 50% of total stake is agreed by March 2022.  |

---

---

| | |
|:---|:---|
| (\*11) | 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. Accordingly, the entities are classified as joint ventures.  |

---

(\*12) 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.

(\*13) The joint arrangement which the Group 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.

---

| | |
|:---|:---|
| (\*14) | The effective percentage of ownership is less than 20%. However, decisions in relevant actitvities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.  |

---

---

| | |
|:---|:---|
| (\*15) | 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.  |

---

---

| | |
|:---|:---|
| (\*16) | The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

---

| | |
|:---|:---|
| (\*17) | The effective percentage of ownership is less than 20%. However, according to the shareholders' agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Group can exercise significant influence.  |

---

---

| | |
|:---|:---|
| (\*18) | The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights.  |

---

---

| | |
|:---|:---|
| (\*19) | According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Group has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Group 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 Group 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.  |

---

---

| | |
|:---|:---|
| (\*20) | The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.  |

---

**(2)** **The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Investees** | **2022** | **2022** | **2021** | **2021** |
|  Korea Electric Power Industrial Development Co., Ltd. | W | 80454 |  | 115339 |
|  Korea Gas Corporation |  | 684180 |  | 738990 |
|  YTN Co., Ltd. |  | 50220 |  | 26550 |
|  SPC Power Corporation |  | 134814 |  | 203589 |
|  PT. Bayan Resources TBK |  | 1132601 |  | 1495801 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Korea Gas Corporation | W | 1815513 |  |  | (51559) | 305638 | 7746 | 7958 | 2085296 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 24617 |  |  | (1872) | 3807 |  | 4526 | 31078 |
|  YTN Co., Ltd. |  | 51828 |  |  | (450) | 1565 | (34) | 2118 | 55027 |
|  Gangwon Wind Power Co., Ltd. |  | 10554 |  |  | (1420) | 3024 |  |  | 12158 |
|  Hyundai Green Power Co., Ltd. |  | 121955 |  |  | (4008) | 1770 | 1345 | (1271) | 119791 |
|  Korea Power Exchange |  | 269728 |  |  |  | 772 |  | 4626 | 275126 |
|  Taebaek Wind Power Co., Ltd. |  | 6800 | 7684 |  | (825) | 842 |  |  | 14501 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 3357 | 9217 |  |  | 475 |  |  | 13049 |
|  Pyeongchang Wind Power Co., Ltd. |  | 5411 | 5454 |  | (100) | 3695 |  | (14460) |  |
|  Daeryun Power Co., Ltd. |  | 25426 |  |  |  | 429 | 1 | 871 | 26727 |
|  Changjuk Wind Power Co., Ltd. |  | 8355 | 11862 |  | (1350) | 817 |  | (19684) |  |
|  KNH Solar Co., Ltd. |  | 2278 |  |  |  | 606 | (1) |  | 2883 |
|  SPC Power Corporation |  | 65046 |  |  | (2694) | 1188 | 7330 | (2) | 70868 |
|  Gemeng International Energy Co., Ltd. |  | 595218 |  |  |  | (233) | (16164) |  | 578821 |
|  PT. Cirebon Electric Power |  | 121969 |  |  | (10659) | 14776 | 704 | 8324 | 135114 |
|  KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  | (11) | (787) | 798 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  | (10) | (724) | 734 |  |
|  PT Wampu Electric Power |  | 35077 |  |  | (5551) | 5848 | 54 | 2315 | 37743 |
|  PT. Bayan Resources TBK |  | 661289 |  |  | (515139) | 531528 | 7041 |  | 684719 |
|  S-Power Co., Ltd. |  | 122786 |  |  |  | 18342 |  |  | 141128 |
|  Pioneer Gas Power Limited |  |  |  |  |  |  |  |  |  |
|  Eurasia Energy Holdings |  |  |  |  |  |  |  |  |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 92441 |  |  |  | 15582 | 7561 |  | 115584 |
|  PT. Mutiara Jawa |  | 2569 |  |  |  | 1197 | (169) |  | 3597 |
|  Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Noeul Green Energy Co., Ltd. |  | 3808 |  |  |  | (3824) |  | 16 |  |
|  Goseong Green Power Co., Ltd. |  | 260858 |  |  |  | 27992 |  | 43 | 288893 |
|  Gangneung Eco Power Co., Ltd. |  | 2288 |  |  |  | (2288) |  |  |  |
|  Shin Pyeongtaek Power Co., Ltd. |  | 93074 |  |  |  | 40713 |  | 36 | 133823 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 223 |  |  |  | 55 |  |  | 278 |
|  Dongducheon Dream Power Co., Ltd. |  | 74198 |  |  |  | 15086 |  | 16 | 89300 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  |  |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 1704 |  |  |  | (149) |  |  | 1555 |
|  GS Donghae Electric Power Co., Ltd. |  | 243772 |  |  |  | 15717 |  | 656 | 260145 |
|  Daegu Photovoltaic Co., Ltd. |  | 2342 |  |  | (268) | 775 |  |  | 2849 |
|  Busan Green Energy Co., Ltd. |  | 5032 |  |  |  | (667) |  | 30 | 4395 |
|  Gunsan Bio Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Korea Electric Vehicle Charging Service |  | 1250 |  | (1293) |  | 43 |  |  |  |
|  Hansuwon KNP Co., Ltd. |  | 219 |  |  |  | 61 |  |  | 280 |
|  Korea Electric Power Corporation Fund |  | 47983 |  | (25297) |  | 7966 | (1810) |  | 28842 |
|  Energy Infra Asset Management Co., Ltd. |  | 1066 |  |  |  | 118 |  |  | 1184 |
|  Daegu clean Energy Co., Ltd. |  | 12 |  |  |  |  |  |  | 12 |
|  YaksuESS Co., Ltd. |  | 716 |  |  |  | (230) |  |  | 486 |
|  Nepal Water & Energy Development Company Private Limited |  | 66333 |  |  |  | (923) | 4530 |  | 69940 |
|  Gwangyang Green Energy Co., Ltd. |  | 25466 |  |  |  | (422) |  |  | 25044 |
|  PND solar Co., Ltd. |  | 1229 |  |  |  | 174 |  |  | 1403 |
|  Hyundai Eco Energy Co., Ltd. |  | 5572 |  |  |  | 2058 | 1 |  | 7631 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 233 |  |  |  | 143 |  | (220) | 156 |
|  Green Energy Electricity Generation Co., Ltd. |  | 1713 |  |  |  | (142) |  |  | 1571 |
|  Korea Energy Solutions Co., Ltd. |  | 123 |  |  |  | (30) |  |  | 93 |
|  ITR Co., Ltd. |  | 32 |  |  |  | (32) |  |  |  |
|  Structure test network Co., Ltd. |  | 306 |  |  |  | 60 |  |  | 366 |
|  Namjeongsusang Solar Power Operation Co., Ltd. |  | 361 |  |  |  | 12 |  |  | 373 |
|  Indeck Niles Development, LLC |  | 246273 |  | (4289) |  | 21975 | 21840 | 16239 | 302038 |
|  Indeck Niles Asset Management, LLC |  | 111 |  |  | (497) | 472 |  | 8 | 94 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | W | 7138 |  | (202) | (392) | 389 | (1) |  | 6932 |
|  Suwon New Power Co., Ltd. |  | 1035 |  |  |  | (116) |  |  | 919 |
|  KPGE Inc. |  | 309 |  | (317) |  | 8 |  |  |  |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 4806 |  |  |  | 327 |  |  | 5133 |
|  Go deok Clean Energy Co., Ltd. |  | 4302 |  |  |  | 118 |  |  | 4420 |
|  SureDataLab Co., Ltd. |  | 128 |  |  |  | 49 |  |  | 177 |
|  SEP Co., Ltd. |  | 7 |  |  |  | (7) |  |  |  |
|  Hankook Electric Power Information Co., Ltd. |  | 161 |  |  |  | 121 |  | (62) | 220 |
|  Tronix Co., Ltd. |  | 109 |  |  |  | (37) |  | (6) | 66 |
|  O2&B Global Co., Ltd. |  | 35 |  |  |  | 1 |  |  | 36 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 1268 |  |  |  | 1294 |  |  | 2562 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Goesan Solar Park Co., Ltd. |  | 1927 |  |  |  | 664 |  |  | 2591 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 10238 |  |  |  | 2772 |  |  | 13010 |
|  Bitgoel Eco Energy Co., Ltd. |  | 4356 | 3240 |  |  | 1355 |  |  | 8951 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 911 |  |  |  | (39) |  |  | 872 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 721 |  |  |  | 138 |  |  | 859 |
|  Muan Solar park Co., Ltd. |  | 6083 |  |  | (600) | 2377 | (22) |  | 7838 |
|  YuDang Solar Co., Ltd. |  | 565 |  |  | (160) | 181 |  |  | 586 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 6784 |  |  |  | 1878 |  |  | 8662 |
|  Daewon Green Energy Co., Ltd. |  | 3877 |  |  |  | 608 |  |  | 4485 |
|  G.GURU Co., Ltd. |  | 403 |  |  |  | (103) |  |  | 300 |
|  UD4M Co., Ltd. |  | 144 |  |  |  | 17 |  |  | 161 |
|  Dongbu Highway Solar Co., Ltd. |  | 265 |  |  |  | 87 |  |  | 352 |
|  Seobu Highway Solar Co., Ltd. |  | 289 |  |  |  | 27 |  |  | 316 |
|  Korea Energy Data Co., Ltd. |  | 62 |  |  |  |  |  |  | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 1878 | 3745 |  |  | (1310) | (36) |  | 4277 |
|  KOSTURE Co., Ltd. |  |  | 1 |  |  |  |  |  | 1 |
|  Digital Innovation Growth Fund |  | 9890 |  |  |  | (204) |  | (9686) |  |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 16495 |  |  | (1784) | 5644 |  | (315) | 20040 |
|  Chuncheon Green Energy Co., Ltd. |  | 3372 | 6140 |  |  | (357) |  |  | 9155 |
|  Yeomsubong Wind Power Co., Ltd. |  | 95 |  |  |  | (40) |  | 7 | 62 |
|  Yeongyang Wind Power Corporation II |  | 7965 |  |  |  | (504) |  |  | 7461 |
|  Haeparang Energy Co., Ltd. |  | 2241 |  |  |  | (53) |  |  | 2188 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 6000 | 7788 |  |  | 4855 |  | 4556 | 23199 |
|  Boulder Solar III, LLC |  |  | 715 |  |  |  |  | 29 | 744 |
|  PlatformN. Co., Ltd. |  |  | 105 |  |  | (21) |  |  | 84 |
|  PT. Cirebon Energi Prasarana |  |  | 24052 |  |  | 35315 | 6963 | 2705 | 69035 |
|  Green Radiation Co., Ltd. |  |  |  |  |  | (9) |  | 20 | 11 |
|  Future Convergence Technology Laboratory. Co., Ltd. |  |  | 76 |  |  | (26) |  |  | 50 |
|  SC E&G. Co,. Ltd. |  |  | 90 |  |  | 124 |  |  | 214 |
|  Wang San Engineering. Co,. Ltd. |  |  | 81 |  |  | 85 |  |  | 166 |
|  ACE |  |  | 20 |  |  |  |  |  | 20 |
|  Environment and Energy Co., Ltd. |  |  | 11 |  |  | (1) |  |  | 10 |
|  Santiago Solar Power SpA |  |  | 13853 |  |  | (379) | (100) | (1) | 13373 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  |  | 903 |  |  |  |  |  | 903 |
|  |  | 5232373 | 95037 | (31398) | (599328) | 1091588 | 45268 | 10924 | 5844464 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  KEPCO-Uhde Inc. | W | 58 |  |  |  | (43) |  | 2 | 17 |
|  Shuweihat Asia Power Investment B.V. |  | 37069 |  |  | (3545) | (1303) | 34231 |  | 66452 |
|  Shuweihat Asia Operation & Maintenance Company |  | 1380 |  |  | (995) | 1154 | 92 |  | 1631 |
|  Waterbury Lake Uranium L.P. |  | 21590 |  |  |  | 1 | 159 |  | 21750 |
|  ASM-BG Investicii AD |  | 18692 |  | (6255) | (2395) | 2979 | 1534 |  | 14555 |
|  RES Technology AD |  | 16703 |  | (3673) | (333) | 1427 | 1009 |  | 15133 |
|  KV Holdings, Inc. |  | 2527 |  |  | (394) | 7747 | (221) |  | 9659 |
|  KEPCO SPC Power Corporation |  | 198979 |  |  | (34280) | 27591 | (12696) |  | 179594 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 6635 |  |  |  | (464) | (147) |  | 6024 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 204587 |  |  | (8732) | 2849 | (6722) |  | 191982 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 44217 |  |  | (2694) | 3936 | (1061) |  | 44398 |
|  Rabigh Electricity Company |  | 143678 |  |  | (11447) | 31523 | 50853 |  | 214607 |
|  Rabigh Operation & Maintenance Company Limited |  | 4071 |  |  | (2735) | 3866 | (89) |  | 5113 |
|  Jamaica Public Service Company Limited |  | 294649 |  |  | (7752) | 28541 | 19494 | (3525) | 331407 |
|  KW Nuclear Components Co., Ltd. |  | 15734 |  |  | (833) | 2189 |  |  | 17090 |
|  Busan Shinho Solar Power Co., Ltd. |  | 5841 |  |  | (478) | 1356 |  |  | 6719 |
|  Global Trade Of Power System Co., Ltd. |  | 597 |  |  |  | 101 |  |  | 698 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 3084 |  |  |  | 1670 |  |  | 4754 |
|  Amman Asia Electric Power Company |  | 178679 |  |  | (19350) | 23442 | 37483 |  | 220254 |
|  KAPES, Inc. |  |  |  |  |  |  |  |  |  |
|  Honam Wind Power Co., Ltd. |  | 4041 |  |  | (174) | 952 |  |  | 4819 |
|  Korea Power Engineering Service Co., Ltd. |  | 5415 |  |  | (86) | 145 |  | 69 | 5543 |
|  Chun-cheon Energy Co., Ltd. |  | 25896 |  |  |  | 6148 |  |  | 32044 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 2728 |  |  |  | 423 |  |  | 3151 |
|  Nghi Son 2 Power LLC |  |  | 172480 |  |  | 51218 | 185141 |  | 408839 |
|  Kelar S.A. |  | 86695 |  |  |  | 3695 | 21241 | 5506 | 117137 |
|  PT. Tanjung Power Indonesia |  | 46546 | 30147 |  | (6104) | 4645 | 18323 | (650) | 92907 |
|  Incheon New Power Co., Ltd. |  |  |  |  |  | 198 |  |  | 198 |
|  Seokmun Energy Co., Ltd. |  | 13842 |  |  |  | 3494 |  |  | 17336 |
|  Daehan Wind Power PSC |  | 5154 |  |  |  | 2446 | 6323 |  | 13923 |
|  Barakah One Company |  |  |  |  |  |  |  |  |  |
|  Nawah Energy Company |  | 294 |  |  |  | 1 | 20 |  | 315 |
|  MOMENTUM |  | 368 |  |  | (369) | 345 | 1 |  | 345 |
|  Daegu Green Power Co., Ltd. |  | 24054 |  |  |  | 5079 |  | 227 | 29360 |
|  Yeonggwang Wind Power Co., Ltd. |  | 17646 |  |  |  | 3067 |  |  | 20713 |
|  Chester Solar IV SpA |  |  |  |  |  | 202 | (17) | (4) | 181 |
|  Chester Solar V SpA |  | 25 |  |  |  | 129 | 3 | (1) | 156 |
|  Diego de Almagro Solar SpA |  | 362 |  |  |  | 154 | 2 | 22 | 540 |
|  South Jamaica Power Company Limited |  | 37360 |  |  |  | 6625 | 2452 |  | 46437 |
|  Daesan Green Energy Co., Ltd. |  | 21244 |  |  |  | (2030) |  | 4 | 19218 |
|  RE Holiday Holdings LLC |  | 73167 |  |  | (2288) | 2526 | 11965 |  | 85370 |
|  RE Pioneer Holdings LLC |  | 47015 |  |  | (1337) | (275) | 9769 |  | 55172 |
|  RE Barren Ridge 1 Holdings LLC |  | 1883 |  |  | (1625) | (2886) | 5978 |  | 3350 |
|  RE Astoria 2 LandCo LLC |  | 5998 |  |  | (388) | 571 | 418 |  | 6599 |
|  RE Barren Ridge LandCo LLC |  | 2120 |  |  | (160) | 225 | 148 |  | 2333 |
|  Laurel SpA |  | 290 |  |  |  | 245 | 3 | 16 | 554 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 3625 |  |  |  | 26 |  |  | 3651 |
|  Chile Solar JV SpA |  | 32457 |  | (24894) |  | 159 | 2097 |  | 9819 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 4106 |  |  | (672) | 832 |  | (3) | 4263 |
|  Chester Solar I SpA |  | 1120 |  |  |  | 120 | (1) | 75 | 1314 |
|  Solar Philippines Calatagan Corporation |  | 58231 |  |  | (1710) | 6081 | (5700) |  | 56902 |
|  Saemangeum Solar Power Co., Ltd. |  | 23939 |  |  |  | (388) |  |  | 23551 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 3808 |  |  |  | (338) |  |  | 3470 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 1958 |  |  |  | 278 |  |  | 2236 |
|  DE Energia SpA |  | 8921 |  |  |  |  | 615 |  | 9536 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Dangjin Eco Power Co., Ltd. | W | 26109 |  |  |  | 233 | 513 | 4 | 26859 |
|  Haemodum Solar Co., Ltd. |  | 3081 |  |  |  | 286 |  |  | 3367 |
|  Yangyang Wind Power Co., Ltd. |  | 11191 |  |  |  | (327) |  |  | 10864 |
|  HORUS SOLAR, S.A. DE C.V. |  | 5842 |  |  |  | 841 | 293 |  | 6976 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 4536 |  |  |  | 68 | 295 |  | 4899 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 1610 |  |  |  | (151) | 198 |  | 1657 |
|  Stavro Holding II A.B. |  | 17627 | 952 |  |  | 157 | (1687) | 122 | 17171 |
|  Solaseado Solar Power Co., Ltd. |  | 9891 |  |  |  | 6342 |  |  | 16233 |
|  Yeongam Solar Power Co., Ltd. |  | 6838 |  |  |  | 3041 |  |  | 9879 |
|  Samsu Wind Power Co., Ltd. |  | 2828 |  |  |  | 377 |  |  | 3205 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 22099 |  |  |  | 1681 | 3034 |  | 26814 |
|  Sam-Yang Photovoltaic Power Co., Ltd. |  | 4993 |  |  |  | (123) |  | (4870) |  |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 21456 | 485 | (406) | (1415) | 1603 |  |  | 21723 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 16288 |  | (687) |  | (14) |  |  | 15587 |
|  PT Barito Wahana Tenaga |  | 81595 | 39 |  |  | 13352 | 42061 |  | 137047 |
|  Cheongna Energy Co., Ltd. |  | 11198 |  |  |  | (440) |  |  | 10758 |
|  Naepo Green Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Dayone Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  OneEnergy Asia Limited |  | 79700 | 39033 |  |  | (18294) | 71779 |  | 172218 |
|  KAS Investment I LLC |  | 15273 |  |  |  | 2426 | 548 |  | 18247 |
|  KAS Investment II LLC |  | 15213 |  |  |  | 2082 | 878 |  | 18173 |
|  Energyco Co., Ltd. |  | 1535 |  |  |  | 655 |  |  | 2190 |
|  CAES, LLC |  | 18435 |  |  | (217) | (198) | 1756 | 1029 | 20805 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 6971 |  |  |  | 1500 |  |  | 8471 |
|  Busan Industrial Solar Power Co., Ltd. |  | 612 |  |  |  | 556 |  |  | 1168 |
|  Bitsolar Energy Co., Ltd. |  | 352 |  |  |  |  |  |  | 352 |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 659 |  |  |  | 221 | 33 |  | 913 |
|  Omisan Wind Power Co., Ltd. |  | 10633 |  |  |  | (222) |  |  | 10411 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 9743 | 1781 |  |  | (1016) | 3 | 54 | 10565 |
|  Yeongwol Eco Wind Co., Ltd. |  | 3196 |  |  |  | (41) |  |  | 3155 |
|  Gurae Resident Power Co., Ltd. |  | 395 |  |  |  | (4) |  |  | 391 |
|  Cheongju Eco Park Co., Ltd. |  | 5465 |  |  |  | 5025 |  |  | 10490 |
|  Enel X Midland Photovoltaic, LLC |  | 1688 |  |  |  | 168 |  |  | 1856 |
|  Geumsungsan Wind Power Co., Ltd. |  | 6053 |  |  |  | (2560) |  |  | 3493 |
|  KEPCO KPS CARABAO Corp. |  | 386 |  |  | (104) | (105) |  |  | 177 |
|  Prime Swedish Holding AB |  | 15441 | 20896 |  |  | (261) |  | 169 | 36245 |
|  Goheung New Energy Co., Ltd. |  | 11708 |  |  |  | 124 |  |  | 11832 |
|  Gunsan Land Solar Co., Ltd. |  | 19317 |  |  |  | 8220 | 7 |  | 27544 |
|  CapMan Lynx SCA, SICAR |  | 9976 |  |  |  | (10195) | 5173 | (4954) |  |
|  International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  |  |  |  |
|  Pyeongchang Wind Power Co., Ltd. |  |  |  |  |  |  |  | 14464 | 14464 |
|  Eumseong Eco Park Co., Ltd. |  |  | 5741 |  |  | (184) |  |  | 5557 |
|  Songsan Green Energy Co., Ltd. |  |  | 1400 |  |  | (13) |  |  | 1387 |
|  Changwon Nu-ri Energy Co., Ltd. |  |  | 500 |  |  | (3) |  |  | 497 |
|  Hasami Wind Farm Corporation |  |  | 1596 |  |  | (7) |  |  | 1589 |
|  PungBack Wind Farm Corporation |  |  | 7884 |  |  | (1141) |  |  | 6743 |
|  Trumbull Asset Management, LLC |  |  |  |  |  | 252 | (1) | (5) | 246 |
|  S-Power Chile SpA |  |  | 127 |  |  |  |  |  | 127 |
|  Seungmun Green Energy |  |  | 8973 |  |  | 120 | (39) |  | 9054 |
|  Seobusambo highway photovoltaics Co., Ltd. |  |  | (1) |  |  |  |  | 3067 | 3066 |
|  |  | 2239011 | 292033 | (35915) | (112612) | 246705 | 507544 | 10818 | 3147584 |
|  | W | 7471384 | 387070 | (67313) | (711940) | 1338293 | 552812 | 21742 | 8992048 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Korea Gas Corporation | W | 1647325 |  |  |  | 209357 | 13017 | (54186) | 1815513 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 25630 |  |  | (1966) | 378 |  | 575 | 24617 |
|  YTN Co., Ltd. |  | 40549 |  |  | (270) | 11192 | 22 | 335 | 51828 |
|  Gangwon Wind Power Co., Ltd. |  | 11443 |  |  | (1703) | 814 |  |  | 10554 |
|  Hyundai Green Power Co., Ltd. |  | 132774 |  |  | (8888) | (562) | (1346) | (23) | 121955 |
|  Korea Power Exchange |  | 269122 |  |  |  | (10) |  | 616 | 269728 |
|  Taebaek Wind Power Co., Ltd. |  | 6392 |  |  |  | 408 |  |  | 6800 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 3087 |  |  |  | 270 |  |  | 3357 |
|  Pyeongchang Wind Power Co., Ltd. |  | 5027 |  |  |  | 384 |  |  | 5411 |
|  Daeryun Power Co., Ltd. |  | 26353 |  |  |  | (927) |  |  | 25426 |
|  Changjuk Wind Power Co., Ltd. |  | 7867 |  |  | (449) | 937 |  |  | 8355 |
|  KNH Solar Co., Ltd. |  | 2436 |  |  |  | (158) |  |  | 2278 |
|  SPC Power Corporation |  | 69912 |  |  | (20468) | 5311 | 10291 |  | 65046 |
|  Gemeng International Energy Co., Ltd. |  | 679708 |  |  | (11886) | (154930) | 82326 |  | 595218 |
|  PT. Cirebon Electric Power |  | 117811 |  |  | (18253) | 10679 | 1396 | 10336 | 121969 |
|  KNOC Nigerian East Oil Co., Ltd. |  |  |  |  |  | (14) | (938) | 952 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  |  |  |  |  | (15) | (862) | 877 |  |
|  PT Wampu Electric Power |  | 27865 |  |  |  | 3196 | 1355 | 2661 | 35077 |
|  PT. Bayan Resources TBK |  | 425234 |  |  | (68666) | 267874 | 36885 | (38) | 661289 |
|  S-Power Co., Ltd. |  | 110292 |  |  |  | 12437 | 57 |  | 122786 |
|  Pioneer Gas Power Limited |  |  |  |  |  |  |  |  |  |
|  Eurasia Energy Holdings |  |  |  |  |  |  |  |  |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 64570 |  |  |  | 19306 | 8565 |  | 92441 |
|  Hadong Mineral Fiber Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  PT. Mutiara Jawa |  | 1780 |  |  |  | 630 | 159 |  | 2569 |
|  Samcheok Eco Materials Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Noeul Green Energy Co., Ltd. |  | 4197 |  |  |  | (389) |  |  | 3808 |
|  Goseong Green Power Co., Ltd. |  | 2186 | 259840 |  |  | (1168) |  |  | 260858 |
|  Gangneung Eco Power Co., Ltd. |  | 2368 |  |  |  | (80) |  |  | 2288 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 69591 |  |  |  | 23476 |  | 7 | 93074 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 210 |  |  |  | 13 |  |  | 223 |
|  Dongducheon Dream Power Co., Ltd. |  | 80637 |  |  |  | (6439) |  |  | 74198 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  |  |  |  |  |  |  |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 2165 |  |  |  | (461) |  |  | 1704 |
|  GS Donghae Electric Power Co., Ltd. |  | 244426 |  |  | (15640) | 14972 |  | 14 | 243772 |
|  Daegu Photovoltaic Co., Ltd. |  | 2066 |  |  | (206) | 482 |  |  | 2342 |
|  Busan Green Energy Co., Ltd. |  | 8778 |  |  |  | (3750) |  | 4 | 5032 |
|  Gunsan Bio Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Korea Electric Vehicle Charging Service |  | 576 |  |  |  | (283) |  | 957 | 1250 |
|  Hansuwon KNP Co., Ltd. |  | 200 |  |  |  | 19 |  |  | 219 |
|  Korea Electric Power Corporation Fund |  | 41926 |  | (3090) |  | 9065 | 82 |  | 47983 |
|  Energy Infra Asset Management Co., Ltd. |  | 938 |  |  |  | 128 |  |  | 1066 |
|  Daegu clean Energy Co., Ltd. |  | 12 |  |  |  |  |  |  | 12 |
|  YaksuESS Co., Ltd. |  | 454 |  |  |  | 262 |  |  | 716 |
|  Nepal Water & Energy Development Company Private Limited |  | 42677 | 19960 |  |  | (616) | 4312 |  | 66333 |
|  Gwangyang Green Energy Co., Ltd. |  | 926 | 24800 |  |  | (138) | (122) |  | 25466 |
|  PND solar Co., Ltd. |  | 1149 |  |  |  | 80 |  |  | 1229 |
|  Hyundai Eco Energy Co., Ltd. |  | 4250 |  |  |  | 1322 |  |  | 5572 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 312 |  |  |  | (79) |  |  | 233 |
|  Green Energy Electricity Generation Co., Ltd. |  | 25 |  |  |  | 1688 |  |  | 1713 |
|  Korea Energy Solutions Co., Ltd. |  | 197 |  |  |  | (74) |  |  | 123 |
|  ITR Co., Ltd. |  | 40 |  |  |  | (8) |  |  | 32 |
|  Structure test network Co., Ltd. |  | 27 |  |  |  | 279 |  |  | 306 |
|  Namjeongsusang Solar Power Operation Co., Ltd. |  | 103 |  |  |  | 258 |  |  | 361 |
|  Indeck Niles Development, LLC |  | 20627 | 222551 |  |  | (13160) | 6652 | 9603 | 246273 |
|  Indeck Niles Asset Management, LLC |  | 101 |  |  |  | 567 |  | (557) | 111 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | W | 7326 |  | (188) |  | 399 |  | (399) | 7138 |
|  Suwon New Power Co., Ltd. |  | 1054 |  |  |  | (5) | (14) |  | 1035 |
|  KPGE Inc. |  | 287 |  |  |  | 22 |  |  | 309 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 4682 |  |  |  | 124 |  |  | 4806 |
|  Go deok Clean Energy Co., Ltd. |  | 960 | 3730 |  |  | (333) | (55) |  | 4302 |
|  SureDataLab Co., Ltd. |  | 85 |  |  |  | 43 |  |  | 128 |
|  SEP Co., Ltd. |  | 14 |  |  |  | (7) |  |  | 7 |
|  Hankook Electric Power Information Co., Ltd. |  | 139 |  |  |  | 22 |  |  | 161 |
|  Tronix Co., Ltd. |  | 119 |  |  |  | (10) |  |  | 109 |
|  O2&B Global Co., Ltd. |  | 22 |  |  |  | 13 |  |  | 35 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 1096 |  |  |  | 172 |  |  | 1268 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Jeju SolarOne Co., Ltd. |  | 159 | 45 | (206) |  | (1) |  | 3 |  |
|  Goesan Solar Park Co., Ltd. |  | 1684 |  |  |  | 249 | (6) |  | 1927 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 11022 |  |  |  | (784) |  |  | 10238 |
|  Bitgoel Eco Energy Co., Ltd. |  | 29 | 4611 |  |  | (261) | (23) |  | 4356 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 1578 |  |  |  | (665) | (2) |  | 911 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 230 | 476 |  |  | 15 |  |  | 721 |
|  Muan Solar park Co., Ltd. |  | 4180 | 220 |  |  | 1683 |  |  | 6083 |
|  YuDang Solar Co., Ltd. |  | 360 |  |  |  | 205 |  |  | 565 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 5510 | 141 |  |  | 1133 |  |  | 6784 |
|  Daewon Green Energy Co., Ltd. |  | 3910 |  |  |  | (33) |  |  | 3877 |
|  G.GURU Co., Ltd. |  |  | 493 |  |  | (90) |  |  | 403 |
|  UD4M Co., Ltd. |  |  | 75 |  |  | 217 |  | (148) | 144 |
|  Dongbu Highway Solar Co., Ltd. |  |  |  |  |  | 74 |  | 191 | 265 |
|  Seobu Highway Solar Co., Ltd. |  |  |  |  |  | 94 |  | 195 | 289 |
|  Korea Energy Data Co., Ltd. |  |  | 60 |  |  | 2 |  |  | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  |  | 1950 |  |  | (72) |  |  | 1878 |
|  KOSTURE Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Digital Innovation Growth Fund |  |  | 10000 |  |  | (110) |  |  | 9890 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  |  |  |  |  | 2532 |  | 13963 | 16495 |
|  Chuncheon Green Energy Co., Ltd. |  |  | 3400 |  |  | (28) |  |  | 3372 |
|  Yeomsubong Wind Power Co., Ltd. |  |  | 95 |  |  |  |  |  | 95 |
|  Yeongyang Wind Power Corporation II |  |  | 7965 |  |  |  |  |  | 7965 |
|  Haeparang Energy Co., Ltd. |  |  | 2241 |  |  |  |  |  | 2241 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  |  | 6000 |  |  |  |  |  | 6000 |
|  |  | 4250787 | 568653 | (3484) | (148395) | 417123 | 161751 | (14062) | 5232373 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  KEPCO-Uhde Inc. | W | 100 |  |  |  | (42) |  |  | 58 |
|  Shuweihat Asia Power Investment B.V. |  | 13264 |  |  | (2467) | 4564 | 21708 |  | 37069 |
|  Shuweihat Asia Operation & Maintenance Company |  | 1057 |  |  | (881) | 1101 | 103 |  | 1380 |
|  Waterbury Lake Uranium L.P. |  | 19797 |  |  |  |  | 1793 |  | 21590 |
|  ASM-BG Investicii AD |  | 18200 |  |  | (2703) | 2700 | 495 |  | 18692 |
|  RES Technology AD |  | 15930 |  |  | (676) | 1116 | 333 |  | 16703 |
|  KV Holdings, Inc. |  | 2405 |  |  | (901) | 962 | 61 |  | 2527 |
|  KEPCO SPC Power Corporation |  | 201663 |  |  | (35763) | 37073 | (3994) |  | 198979 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 6530 |  |  |  | (619) | 724 |  | 6635 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 188478 |  |  | (14191) | 9342 | 20958 |  | 204587 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 42530 |  |  | (2884) | 1562 | 3009 |  | 44217 |
|  Rabigh Electricity Company |  | 97157 |  |  | (7221) | 17896 | 35846 |  | 143678 |
|  Rabigh Operation & Maintenance Company Limited |  | 3813 |  |  | (4085) | 3489 | 854 |  | 4071 |
|  Jamaica Public Service Company Limited |  | 266221 |  |  | (4578) | 12963 | 23820 | (3777) | 294649 |
|  KW Nuclear Components Co., Ltd. |  | 11171 |  |  | (833) | 5396 |  |  | 15734 |
|  Busan Shinho Solar Power Co., Ltd. |  | 5378 |  |  | (352) | 815 |  |  | 5841 |
|  Global Trade Of Power System Co., Ltd. |  | 546 |  |  |  | 51 |  |  | 597 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 2896 |  |  |  | 188 |  |  | 3084 |
|  Amman Asia Electric Power Company |  | 161253 |  |  | (27428) | 18487 | 26367 |  | 178679 |
|  KAPES, Inc. |  |  |  |  |  |  |  |  |  |
|  Honam Wind Power Co., Ltd. |  | 3887 |  |  |  | 154 |  |  | 4041 |
|  Jeongam Wind Power Co., Ltd. |  | 4620 | 5808 | (10741) |  | 313 |  |  |  |
|  Korea Power Engineering Service Co., Ltd. |  | 5362 |  |  |  | 206 |  | (153) | 5415 |
|  Chun-cheon Energy Co., Ltd. |  | 27518 |  |  |  | (1622) |  |  | 25896 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 3124 |  |  |  | (396) |  |  | 2728 |
|  Nghi Son 2 Power LLC |  |  |  |  |  |  |  |  |  |
|  Kelar S.A. |  | 71449 |  |  |  | 2121 | 6416 | 6709 | 86695 |
|  PT. Tanjung Power Indonesia |  | 33063 |  |  |  | 5027 | 9029 | (573) | 46546 |
|  Incheon New Power Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Seokmun Energy Co., Ltd. |  | 14814 |  |  |  | (972) |  |  | 13842 |
|  Daehan Wind Power PSC |  |  |  |  |  | 3791 | 1363 |  | 5154 |
|  Barakah One Company |  |  |  |  |  |  |  |  |  |
|  Nawah Energy Company |  | 270 |  |  |  |  | 24 |  | 294 |
|  MOMENTUM |  | 565 |  |  | (569) | 368 | 4 |  | 368 |
|  Daegu Green Power Co., Ltd. |  | 23045 |  |  |  | 982 |  | 27 | 24054 |
|  Yeonggwang Wind Power Co., Ltd. |  | 17256 |  |  |  | 390 |  |  | 17646 |
|  Chester Solar IV SpA |  | 1064 |  |  |  | (1083) | (36) | 55 |  |
|  Chester Solar V SpA |  | 277 |  |  |  | (269) | 2 | 15 | 25 |
|  Diego de Almagro Solar SpA |  | 1490 |  |  |  | (1095) | (123) | 90 | 362 |
|  South Jamaica Power Company Limited |  | 31897 |  |  |  | 2515 | 2949 | (1) | 37360 |
|  Daesan Green Energy Co., Ltd. |  | 22552 |  |  |  | (1308) |  |  | 21244 |
|  RE Holiday Holdings LLC |  | 68809 |  |  | (9577) | 6299 | 7636 |  | 73167 |
|  RE Pioneer Holdings LLC |  | 49639 |  |  | (14199) | 5556 | 6019 |  | 47015 |
|  RE Barren Ridge 1 Holdings LLC |  | 4466 |  |  | (1365) | (3162) | 1944 |  | 1883 |
|  RE Astoria 2 LandCo LLC |  | 5230 |  |  | (337) | 619 | 486 |  | 5998 |
|  RE Barren Ridge LandCo LLC |  | 1847 |  |  | (140) | 240 | 173 |  | 2120 |
|  Laurel SpA |  | 1092 |  |  |  | (798) | (71) | 67 | 290 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 4129 |  |  |  | (111) | (393) |  | 3625 |
|  Chile Solar JV SpA |  | 34883 |  |  |  | 831 | (3257) |  | 32457 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 3453 |  |  |  | 653 |  |  | 4106 |
|  Chester Solar I SpA |  | 1621 |  |  |  | (430) | (195) | 124 | 1120 |
|  Solar Philippines Calatagan Corporation |  | 49017 |  |  | (5961) | 5961 | 9214 |  | 58231 |
|  Saemangeum Solar Power Co., Ltd. |  | 24292 | 1 |  |  | (354) |  |  | 23939 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(3)** **Changes in investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Disposals** | **Dividends<br>received** | **Share of<br>profit**<br>**(loss)** | **Other<br>comprehen-<br>sive income<br>(loss)** | **Others** | **Ending balance** |
|  Chungsongmeon BongSan wind power Co., Ltd. | W | 4124 |  |  |  | (316) |  |  | 3808 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 2195 |  |  |  | (237) |  |  | 1958 |
|  DE Energia SpA |  | 8187 |  |  |  |  | 734 |  | 8921 |
|  Dangjin Eco Power Co., Ltd. |  | 25523 |  |  |  | 274 | 312 |  | 26109 |
|  Haemodum Solar Co., Ltd. |  | 3065 |  |  |  | 16 |  |  | 3081 |
|  Yangyang Wind Power Co., Ltd. |  | 10485 | 1200 |  |  | (488) | (6) |  | 11191 |
|  HORUS SOLAR, S.A. DE C.V. |  | 3394 |  |  |  | 2396 | 52 |  | 5842 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 3660 |  |  |  | 766 | 110 |  | 4536 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 240 | 1371 |  |  | (49) | 48 |  | 1610 |
|  Stavro Holding II A.B. |  | 9277 | 8684 |  |  | (55) | (271) | (8) | 17627 |
|  Solaseado Solar Power Co., Ltd. |  | 9915 |  |  |  | (24) |  |  | 9891 |
|  Yeongam Solar Power Co., Ltd. |  | 6042 |  |  |  | 796 |  |  | 6838 |
|  Samsu Wind Power Co., Ltd. |  | 2607 |  |  |  | 221 |  |  | 2828 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 11204 | 12264 |  |  | (519) | (850) |  | 22099 |
|  Sam-Yang Photovoltaic Power Co., Ltd. |  | 5535 |  |  |  | (542) |  |  | 4993 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 22242 |  | (969) | (1727) | 1910 |  |  | 21456 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 16129 |  |  |  | 159 |  |  | 16288 |
|  PT Barito Wahana Tenaga |  | 63029 | 140 |  |  | 4194 | 14232 |  | 81595 |
|  Cheongna Energy Co., Ltd. |  | 4940 |  |  |  | 6258 |  |  | 11198 |
|  Naepo Green Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  Dayone Energy Co., Ltd. |  |  |  |  |  |  |  |  |  |
|  OneEnergy Asia Limited |  | 56654 | 20262 |  |  | (1138) | 3922 |  | 79700 |
|  KAS Investment I LLC |  | 23437 |  |  |  | (6876) | (1288) |  | 15273 |
|  KAS Investment II LLC |  | 23343 |  |  |  | (6515) | (1615) |  | 15213 |
|  Energyco Co., Ltd. |  | 1659 |  |  |  | (60) | (64) |  | 1535 |
|  CAES, LLC |  | 17626 |  |  | (1009) | (331) | 850 | 1299 | 18435 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 1890 | 5622 |  |  | (541) |  |  | 6971 |
|  Busan Industrial Solar Power Co., Ltd. |  | 510 |  |  |  | 102 |  |  | 612 |
|  Bitsolar Energy Co., Ltd. |  | 352 |  |  |  |  |  |  | 352 |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |  |  |  |  |
|  Guadalupe Solar SpA |  |  | 1397 |  |  | (672) | (66) |  | 659 |
|  Omisan Wind Power Co., Ltd. |  |  | 10752 |  |  | (119) |  |  | 10633 |
|  Foresight Iberian Solar Group Holding, S.L. |  |  |  |  |  | 72 |  | 9671 | 9743 |
|  Yeongwol Eco Wind Co., Ltd. |  |  | 3089 |  |  | 122 | (15) |  | 3196 |
|  Gurae Resident Power Co., Ltd. |  |  | 386 |  |  | 12 | (3) |  | 395 |
|  Cheongju Eco Park Co., Ltd. |  |  | 5858 |  |  | (393) |  |  | 5465 |
|  Enel X Midland Photovoltaic, LLC |  |  | 1695 |  |  | (7) |  |  | 1688 |
|  Geumsungsan Wind Power Co., Ltd. |  |  | 6531 |  |  | (478) |  |  | 6053 |
|  KEPCO KPS CARABAO Corp. |  |  | 93 |  |  | 293 |  |  | 386 |
|  Prime Swedish Holding AB |  |  | 8155 |  |  | 22 | 1060 | 6204 | 15441 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 13362 |  |  |  | 762 |  | (14124) |  |
|  Goheung New Energy Co., Ltd. |  |  | 12959 |  |  | (1251) |  |  | 11708 |
|  Gunsan Land Solar Co., Ltd. |  |  | 19091 |  |  | 324 | (98) |  | 19317 |
|  CapMan Lynx SCA, SICAR |  |  | 9601 |  |  | 375 |  |  | 9976 |
|  International Offshore Power Transmission Holding Company Limited |  |  |  |  |  |  |  |  |  |
|  |  | 1919746 | 134959 | (11710) | (139847) | 139933 | 190305 | 5625 | 2239011 |
|  | W | 6170533 | 703612 | (15194) | (288242) | 557056 | 352056 | (8437) | 7471384 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Korea Gas Corporation (\*1) | W | 62424983 | 52014243 | 51724287 | 1497008 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 148112 | 40946 | 336333 | 15434 |
|  YTN Co., Ltd. |  | 364115 | 107324 | 152187 | 7250 |
|  Gangwon Wind Power Co., Ltd. |  | 86758 | 6029 | 40130 | 20163 |
|  Hyundai Green Power Co., Ltd. |  | 773998 | 360926 | 105374 | 5010 |
|  Korea Power Exchange |  | 311691 | 36564 | 118501 | 1036 |
|  Taebaek Wind Power Co., Ltd. |  | 27562 | 3394 | 7565 | 551 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 44036 | 28709 | 6793 | 1906 |
|  Daeryun Power Co., Ltd. |  | 1201510 | 799370 | 472211 | 4999 |
|  KNH Solar Co., Ltd. |  | 13584 | 2905 | 4348 | 2173 |
|  SPC Power Corporation |  | 254951 | 26417 | 80630 | 25614 |
|  Gemeng International Energy Co., Ltd. |  | 7796180 | 5460183 | 3183398 | 11637 |
|  PT. Cirebon Electric Power |  | 691311 | 199987 | 287261 | 53730 |
|  KNOC Nigerian East Oil Co., Ltd. |  | 26491 | 109974 |  | (72) |
|  KNOC Nigerian West Oil Co., Ltd. |  | 28537 | 105292 |  | (72) |
|  PT Wampu Electric Power |  | 209815 | 127764 | 21773 | 12713 |
|  PT. Bayan Resources TBK |  | 4994538 | 2518129 | 6076844 | 3042123 |
|  S-Power Co., Ltd. |  | 937067 | 646411 | 1091425 | 37104 |
|  Pioneer Gas Power Limited |  | 271340 | 477127 |  | (46290) |
|  Eurasia Energy Holdings |  | 648 | 1156 |  |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1371292 | 904907 | 174693 | 61020 |
|  PT. Mutiara Jawa |  | 26024 | 13622 | 15421 | 4912 |
|  Samcheok Eco Materials Co., Ltd. |  | 24952 | 1609 | 11907 | (1127) |
|  Noeul Green Energy Co., Ltd. |  | 82611 | 101472 | 23493 | (31970) |
|  Goseong Green Power Co., Ltd. |  | 5518258 | 4516607 | 1999825 | 26981 |
|  Gangneung Eco Power Co., Ltd. |  | 4907872 | 4900408 | 435755 | (142387) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1203406 | 839568 | 957062 | 100554 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 1788 | 802 | 558 | 200 |
|  Dongducheon Dream Power Co., Ltd. |  | 1521089 | 1219018 | 2240175 | 43072 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 60477 | 12489 |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 5350 | 2013 |  | (228) |
|  GS Donghae Electric Power Co., Ltd. |  | 2130287 | 1365156 | 1053112 | 46226 |
|  Daegu Photovoltaic Co., Ltd. |  | 13254 | 3431 | 4755 | 2914 |
|  Busan Green Energy Co., Ltd. |  | 168588 | 153432 | 72290 | (7409) |
|  Gunsan Bio Energy Co., Ltd. |  | 8397 | 29524 |  | (649) |
|  Hansuwon KNP Co., Ltd. |  | 1887 | 368 | 2149 | 210 |
|  Korea Electric Power Corporation Fund |  | 29530 | 130 | 8034 | 7854 |
|  Energy Infra Asset Management Co., Ltd. |  | 12874 | 918 | 4954 | 1354 |
|  Daegu clean Energy Co., Ltd. |  | 368 | 324 |  | (1) |
|  YaksuESS Co., Ltd. |  | 5984 | 4314 | 851 | (146) |
|  Nepal Water & Energy Development Company Private Limited |  | 241061 | 141199 | 70923 | (1364) |
|  Gwangyang Green Energy Co., Ltd. |  | 170390 | 45260 |  | (1923) |
|  PND solar Co., Ltd. |  | 36174 | 31868 | 5940 | 217 |
|  Hyundai Eco Energy Co., Ltd. |  | 181566 | 142533 | 29209 | 10270 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 40712 | 39924 | 6628 | 1480 |
|  Green Energy Electricity Generation Co., Ltd. |  | 75033 | 72300 | 1404 | (488) |
|  Korea Energy Solutions Co., Ltd. |  | 843 | 377 | 437 | (185) |
|  ITR Co., Ltd. |  | 446 | 472 | 188 | (190) |
|  Structure test network Co., Ltd. |  | 1948 | 383 | 732 | 202 |
|  Namjeongsusang Solar Power Operation Co., Ltd. |  | 55616 | 53261 | 7724 | 83 |
|  Indeck Niles Development, LLC |  | 1178303 | 762139 | 302041 | (22541) |
|  Indeck Niles Asset Management, LLC |  | 299 | 16 | 1863 | 1136 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 14356 | 210 | 826 | 796 |
|  Suwon New Power Co., Ltd. |  | 2142 | 164 |  | 11 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 307864 | 296915 | 10270 | 743 |
|  Go deok Clean Energy Co., Ltd. |  | 71431 | 60382 |  | (1101) |
|  SureDataLab Co., Ltd. |  | 879 | 140 | 938 | 203 |
|  SEP Co., Ltd. |  | 38 | 103 |  | (98) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Hankook Electric Power Information Co., Ltd. | W | 2334 | 997 | 1797 | 392 |
|  Tronix Co., Ltd. |  | 2880 | 2354 | 1938 | (226) |
|  O2&B Global Co., Ltd. |  | 419 | 238 | 220 | 5 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 142911 | 132573 | 19591 | 6467 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 107690 | 109229 |  | (537) |
|  Goesan Solar Park Co., Ltd. |  | 52235 | 43299 | 7642 | 2292 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 160695 | 125635 | 29543 | 6481 |
|  Bitgoel Eco Energy Co., Ltd. |  | 85236 | 66987 | 10054 | 3229 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 63471 | 60564 | 12231 | (130) |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 7015 | 5045 | 1157 | 247 |
|  Muan Solar park Co., Ltd. |  | 225894 | 188329 | 36081 | 11339 |
|  YuDang Solar Co., Ltd. |  | 22073 | 19144 | 3997 | 957 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 278806 | 239581 | 42477 | 9672 |
|  Daewon Green Energy Co., Ltd. |  | 141974 | 124460 | 45095 | 4037 |
|  G.GURU Co., Ltd. |  | 1228 | 12 | 478 | (423) |
|  UD4M Co., Ltd. |  | 1322 | 197 | 1109 | 59 |
|  Dongbu Highway Solar Co., Ltd. |  | 17935 | 16426 | 2901 | 439 |
|  Seobu Highway Solar Co., Ltd. |  | 18236 | 16655 | 3052 | 138 |
|  Korea Energy Data Co., Ltd. |  | 339 | 128 | 308 | 5 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 108688 | 98470 |  | (2720) |
|  KOSTURE Co., Ltd. |  | 180 | 24 | 293 | 32 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 197944 | 139004 | 31534 | 19406 |
|  Chuncheon Green Energy Co., Ltd. |  | 159151 | 138925 |  | (858) |
|  Yeomsubong Wind Power Co., Ltd. |  | 4369 | 2829 |  | (859) |
|  Yeongyang Wind Power Corporation II |  | 104821 | 86984 |  | (1678) |
|  Haeparang Energy Co., Ltd. |  | 19394 | 10721 |  | (211) |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 167822 | 131383 | 23159 | 7742 |
|  Boulder Solar III, LLC |  | 1896 |  |  |  |
|  PlatformN. Co., Ltd. |  | 379 | 94 | 486 | (70) |
|  PT. Cirebon Energi Prasarana |  | 3361288 | 2670941 | 319986 | 36451 |
|  Green Radiation Co., Ltd. |  | 111 | 34 | 89 | (93) |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 551 | 302 | 9 | (130) |
|  SC E&G. Co,. Ltd. |  | 1199 | 131 | 1048 | 609 |
|  Wang San Engineering. Co,. Ltd. |  | 1275 | 447 | 754 | 499 |
|  ACE |  | 100 |  |  |  |
|  Environment and Energy Co., Ltd. |  | 93 |  |  | (7) |
|  Santiago Solar Power SpA |  | 56138 | 29390 |  | (2943) |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 3115 |  |  |  |
|  KEPCO-Uhde Inc. |  | 48 | 15 |  | (84) |
|  Shuweihat Asia Power Investment B.V. |  | 135646 | 29 |  | (2660) |
|  Shuweihat Asia Operation & Maintenance Company |  | 3037 | 71 | 3013 | 2099 |
|  Waterbury Lake Uranium L.P. |  | 66706 | 117 |  |  |
|  ASM-BG Investicii AD |  | 72999 | 43889 | 16056 | 6230 |
|  RES Technology AD |  | 62345 | 32079 | 11205 | 3018 |
|  KV Holdings, Inc. |  | 24149 | 1 | 1 | 353 |
|  KEPCO SPC Power Corporation |  | 267904 | 29082 | 253145 | 44751 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 67651 | 52592 | 10048 | (1161) |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 835331 | 355377 | 140343 | 42889 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 168680 | 57685 | 29459 | 4919 |
|  Rabigh Electricity Company |  | 2520946 | 1855836 | 322108 | 65550 |
|  Rabigh Operation & Maintenance Company Limited |  | 23664 | 10882 | 32572 | 9176 |
|  Jamaica Public Service Company Limited |  | 2310611 | 1515361 | 1499897 | 69458 |
|  KW Nuclear Components Co., Ltd. |  | 40381 | 2013 | 16968 | 6755 |
|  Busan Shinho Solar Power Co., Ltd. |  | 36868 | 9991 | 10543 | 5424 |
|  Global Trade Of Power System Co., Ltd. |  | 5628 | 3222 | 8434 | 351 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 14248 | 4740 | 3711 | 1654 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Amman Asia Electric Power Company | W | 759885 | 392795 | 28665 | 39090 |
|  KAPES, Inc. |  | 82943 | 45068 | 20006 | 3797 |
|  Honam Wind Power Co., Ltd. |  | 34028 | 17522 | 8781 | 3283 |
|  Korea Power Engineering Service Co., Ltd. |  | 20931 | 1817 | 9176 | 500 |
|  Chun-cheon Energy Co., Ltd. |  | 629202 | 521212 | 585223 | 19940 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 80042 | 59070 | 14150 | 2764 |
|  Nghi Son 2 Power LLC |  | 3652801 | 2835123 | 589023 | 102436 |
|  Kelar S.A. |  | 689802 | 514085 | 107577 | 943 |
|  PT. Tanjung Power Indonesia |  | 730239 | 464791 | 99169 | 13619 |
|  Incheon New Power Co., Ltd. |  | 2633 | 755 | 4497 | 1244 |
|  Seokmun Energy Co., Ltd. |  | 212509 | 152731 | 61513 | 12064 |
|  Daehan Wind Power PSC |  | 145065 | 117219 | 17958 | 5524 |
|  Barakah One Company |  | 33587352 | 34422965 | 498129 | (444338) |
|  Nawah Energy Company |  | 338883 | 337134 | 395580 | 3 |
|  MOMENTUM |  | 7315 | 6280 | 30864 | 1036 |
|  Daegu Green Power Co., Ltd. |  | 551431 | 459881 | 516254 | 9364 |
|  Yeonggwang Wind Power Co., Ltd. |  | 233695 | 189737 | 31221 | 6700 |
|  Chester Solar IV SpA |  | 12728 | 12469 | 1521 | (174) |
|  Chester Solar V SpA |  | 4364 | 4315 | 520 | 83 |
|  Diego de Almagro Solar SpA |  | 15908 | 14946 | 1877 | (288) |
|  South Jamaica Power Company Limited |  | 521558 | 289359 | 314064 | 33348 |
|  Daesan Green Energy Co., Ltd. |  | 245826 | 190918 | 101689 | (6641) |
|  RE Holiday Holdings LLC |  | 351243 | 180503 | 22671 | 3022 |
|  RE Pioneer Holdings LLC |  | 263232 | 152888 | 15701 | 369 |
|  RE Barren Ridge 1 Holdings LLC |  | 226504 | 100436 | 11740 | (903) |
|  RE Astoria 2 LandCo LLC |  | 13517 | 319 | 1004 | 913 |
|  RE Barren Ridge LandCo LLC |  | 4761 | 95 | 389 | 357 |
|  Laurel SpA |  | 11221 | 10447 | 1424 | 54 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 29517 | 74 |  | (260) |
|  Chile Solar JV SpA |  | 75246 | 55609 | 7842 | 6425 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 55948 | 41464 | 7988 | 1916 |
|  Chester Solar I SpA |  | 13246 | 10933 | 1094 | (221) |
|  Solar Philippines Calatagan Corporation |  | 113327 | 36756 | 17728 | 10194 |
|  Saemangeum Solar Power Co., Ltd. |  | 35890 | 6817 |  | (479) |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 81030 | 75207 |  | (1120) |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 89756 | 82047 |  | (190) |
|  DE Energia SpA |  | 48350 | 62481 | 5959 | (1109) |
|  Dangjin Eco Power Co., Ltd. |  | 98714 | 20721 | 4185 | 700 |
|  Haemodum Solar Co., Ltd. |  | 22974 | 16103 | 2556 | 581 |
|  Yangyang Wind Power Co., Ltd. |  | 107471 | 85829 |  | (634) |
|  HORUS SOLAR, S.A. DE C.V. |  | 156436 | 133714 | 5568 | 5628 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 173262 | 155009 | 468 | 457 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 129502 | 118449 |  | (1008) |
|  Stavro Holding II A.B. |  | 85883 | 27 |  | 61 |
|  Solaseado Solar Power Co., Ltd. |  | 363492 | 325262 | 51198 | 16301 |
|  Yeongam Solar Power Co., Ltd. |  | 329714 | 281791 | 44568 | 8563 |
|  Samsu Wind Power Co., Ltd. |  | 71123 | 54254 | 10118 | 1987 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 760536 | 675853 | 797 | 6723 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 71851 | 74 | 4850 | 5431 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 17341 | 22 | 38 | (10) |
|  PT Barito Wahana Tenaga |  | 447688 |  |  | 49471 |
|  Cheongna Energy Co., Ltd. |  | 385935 | 368340 | 100200 | (889) |
|  Naepo Green Energy Co., Ltd. |  | 448309 | 499528 | 8905 | (34347) |
|  Dayone Energy Co., Ltd. |  | 470677 | 530304 | 278363 | (12893) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  OneEnergy Asia Limited | W | 1039987 | 673223 |  | 16041 |
|  KAS Investment I LLC |  | 61907 | 861 | 1603 | 6998 |
|  KAS Investment II LLC |  | 61661 | 861 | 1592 | 6967 |
|  Energyco Co., Ltd. |  | 56996 | 52304 | 7898 | 2258 |
|  CAES, LLC |  | 49676 | 6 |  | (547) |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 78768 | 61561 | 12705 | 3061 |
|  Busan Industrial Solar Power Co., Ltd. |  | 21149 | 18016 | 3190 | 901 |
|  Bitsolar Energy Co., Ltd. |  | 78779 | 83324 | 9557 | 261 |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 10148 | 8790 | 924 | (43) |
|  Omisan Wind Power Co., Ltd. |  | 142274 | 117881 |  | (519) |
|  Foresight Iberian Solar Group Holding, S.L. |  | 94181 | 81997 |  | (1365) |
|  Yeongwol Eco Wind Co., Ltd. |  | 87856 | 83281 |  | (144) |
|  Gurae Resident Power Co., Ltd. |  | 11649 | 10467 |  | (19) |
|  Cheongju Eco Park Co., Ltd. |  | 152139 | 116639 | 66260 | 17319 |
|  Enel X Midland Photovoltaic, LLC |  | 10289 | 1010 | 1684 | 837 |
|  Geumsungsan Wind Power Co., Ltd. |  | 125324 | 115196 |  | (1770) |
|  KEPCO KPS CARABAO Corp. |  | 2025 | 1582 | 611 | (327) |
|  Prime Swedish Holding AB |  | 77942 | 114 |  | (577) |
|  Goheung New Energy Co., Ltd. |  | 136682 | 113393 |  | (1591) |
|  Gunsan Land Solar Co., Ltd. |  | 158371 | 121785 | 28828 | 12154 |
|  CapMan Lynx SCA, SICAR |  | 112718 | 102810 | 504 | (16780) |
|  International Offshore Power Transmission Holding Company Limited |  | 4680 | 71468 |  | (68093) |
|  Pyeongchang Wind Power Co., Ltd. |  | 70599 | 45661 | 14524 | 3693 |
|  Eumseong Eco Park Co., Ltd. |  | 136909 | 119736 |  | (636) |
|  Songsan Green Energy Co., Ltd. |  | 5500 |  |  | (69) |
|  Changwon Nu-ri Energy Co., Ltd. |  | 1490 |  |  | (10) |
|  Hasami Wind Farm Corporation |  | 3100 |  |  | (23) |
|  PungBack Wind Farm Corporation |  | 46957 | 31667 |  | (3089) |
|  Trumbull Asset Management, LLC |  | 316 |  | 656 | 323 |
|  S-Power Chile SpA |  | 2430 | 2450 | 1334 | 22 |
|  Seungmun Green Energy |  | 46283 | 18843 |  | 367 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 8286 | 4453 | 217 | 265 |

---

(\*1) The profit for the year ended December 31, 2022 is reduced by the associate entity's net income (loss) attributable to non-controlling interests.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Korea Gas Corporation (\*1) | W | 43669902 | 34550567 | 27520756 | 950757 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 158163 | 73278 | 312705 | 7233 |
|  YTN Co., Ltd. |  | 367950 | 126062 | 137439 | 51044 |
|  Gangwon Wind Power Co., Ltd. |  | 71153 | 1121 | 19623 | 5433 |
|  Hyundai Green Power Co., Ltd. |  | 812287 | 391754 | 101818 | (280) |
|  Korea Power Exchange |  | 331640 | 61912 | 110075 | 492 |
|  Taebaek Wind Power Co., Ltd. |  | 30375 | 3176 | 5744 | 1588 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 43411 | 29985 | 5910 | 1371 |
|  Pyeongchang Wind Power Co., Ltd. |  | 69939 | 48295 | 10087 | 1537 |
|  Daeryun Power Co., Ltd. |  | 757157 | 476152 | 188193 | (10232) |
|  Changjuk Wind Power Co., Ltd. |  | 29539 | 1690 | 6213 | 3265 |
|  KNH Solar Co., Ltd. |  | 13859 | 5423 | 3222 | 805 |
|  SPC Power Corporation |  | 242058 | 18535 | 54042 | 35441 |
|  Gemeng International Energy Co., Ltd. |  | 8151333 | 5976164 | 2511377 | (404570) |
|  PT. Cirebon Electric Power |  | 697614 | 254089 | 273650 | 39965 |
|  KNOC Nigerian East Oil Co., Ltd. |  | 24693 | 102722 |  | (99) |
|  KNOC Nigerian West Oil Co., Ltd. |  | 26625 | 98360 |  | (99) |
|  PT Wampu Electric Power |  | 209172 | 132917 | 20294 | 7102 |
|  PT. Bayan Resources TBK |  | 2884474 | 743452 | 3264057 | 1456893 |
|  S-Power Co., Ltd. |  | 856963 | 603519 | 608259 | 24998 |
|  Pioneer Gas Power Limited |  | 282577 | 438366 |  | (36864) |
|  Eurasia Energy Holdings |  | 606 | 1082 |  |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 1321406 | 947430 | 161686 | 76996 |
|  PT. Mutiara Jawa |  | 24355 | 15498 | 10958 | 2835 |
|  Samcheok Eco Materials Co., Ltd. |  | 26545 | 1854 | 14281 | 1237 |
|  Noeul Green Energy Co., Ltd. |  | 109354 | 96222 | 36029 | (1269) |
|  Goseong Green Power Co., Ltd. |  | 5483090 | 4508569 | 988933 | 124639 |
|  Gangneung Eco Power Co., Ltd. |  | 4001681 | 3851537 |  | (4188) |
|  Shin Pyeongtaek Power Co., Ltd. |  | 1028028 | 764551 | 653117 | 57202 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 1823 | 1033 | 426 | 46 |
|  Dongducheon Dream Power Co., Ltd. |  | 1398244 | 1139521 | 750127 | (16685) |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 62926 | 12995 |  |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 5321 | 1664 |  | (149) |
|  GS Donghae Electric Power Co., Ltd. |  | 2149060 | 1432083 | 760323 | 44035 |
|  Daegu Photovoltaic Co., Ltd. |  | 13046 | 4970 | 3519 | 1621 |
|  Busan Green Energy Co., Ltd. |  | 163016 | 145664 | 45088 | (10843) |
|  Gunsan Bio Energy Co., Ltd. |  | 8503 | 28981 |  | (1496) |
|  Korea Electric Vehicle Charging Service |  | 13351 | 6207 | 13808 | (1022) |
|  Hansuwon KNP Co., Ltd. |  | 1409 | 100 | 836 | 64 |
|  Korea Electric Power Corporation Fund |  | 49150 | 237 | 9773 | 9534 |
|  Energy Infra Asset Management Co., Ltd. |  | 11196 | 426 | 4703 | 1306 |
|  Daegu clean Energy Co., Ltd. |  | 368 | 324 |  | (1) |
|  YaksuESS Co., Ltd. |  | 6999 | 4535 | 1715 | 903 |
|  Nepal Water & Energy Development Company Private Limited |  | 153184 | 58545 |  | (642) |
|  Gwangyang Green Energy Co., Ltd. |  | 128375 | 1136 |  | (688) |
|  PND solar Co., Ltd. |  | 37152 | 33444 | 5078 | (128) |
|  Hyundai Eco Energy Co., Ltd. |  | 186309 | 158111 | 25762 | 6921 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 40484 | 41176 | 7066 | (914) |
|  Green Energy Electricity Generation Co., Ltd. |  | 75664 | 72442 | 2796 | (58) |
|  Korea Energy Solutions Co., Ltd. |  | 654 | 40 | 228 | (347) |
|  ITR Co., Ltd. |  | 529 | 372 | 135 | (29) |
|  Structure test network Co., Ltd. |  | 1665 | 400 | 1451 | 1134 |
|  Namjeongsusang Solar Power Operation Co., Ltd. |  | 56376 | 54104 | 7095 | (1280) |
|  Indeck Niles Development, LLC |  | 1051557 | 729078 |  | (25184) |
|  Indeck Niles Asset Management, LLC |  | 347 | 13 | 2232 | 1135 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | W | 14778 | 211 | 848 | 815 |
|  Suwon New Power Co., Ltd. |  | 1997 | 30 |  | 2 |
|  KPGE Inc. |  | 1086 | 20 | 709 | 77 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 320001 | 309796 | 14615 | 125 |
|  Go deok Clean Energy Co., Ltd. |  | 65566 | 54811 |  | (2482) |
|  SureDataLab Co., Ltd. |  | 612 | 79 | 733 | 205 |
|  SEP Co., Ltd. |  | 132 | 100 |  | (2) |
|  Hankook Electric Power Information Co., Ltd. |  | 1512 | 876 | 1887 | 229 |
|  Tronix Co., Ltd. |  | 1002 | 455 | 2228 | 89 |
|  O2&B Global Co., Ltd. |  | 231 | 54 | 345 | 3 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 142858 | 138987 | 15582 | (156) |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 22159 | 23158 |  | (608) |
|  Goesan Solar Park Co., Ltd. |  | 52443 | 45799 | 6388 | 836 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 157298 | 130158 | 902 | (2237) |
|  Bitgoel Eco Energy Co., Ltd. |  | 51471 | 36450 |  | (900) |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 65754 | 62716 | 6915 | (2085) |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 5833 | 4186 | 469 | 36 |
|  Muan Solar park Co., Ltd. |  | 226920 | 198132 | 30990 | 8639 |
|  YuDang Solar Co., Ltd. |  | 22430 | 19604 | 3452 | 626 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 278981 | 249143 | 37691 | 5996 |
|  Daewon Green Energy Co., Ltd. |  | 131218 | 116100 | 18 | (130) |
|  G.GURU Co., Ltd. |  | 1644 | 8 | 58 | (346) |
|  UD4M Co., Ltd. |  | 1359 | 205 | 1004 | 196 |
|  Dongbu Highway Solar Co., Ltd. |  | 18794 | 17721 | 2394 | 163 |
|  Seobu Highway Solar Co., Ltd. |  | 19828 | 18384 | 2647 | 315 |
|  Korea Energy Data Co., Ltd. |  | 238 | 27 | 86 | 6 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 2758 | 3 |  | (123) |
|  KOSTURE Co., Ltd. |  | 150 | 26 | 166 | 11 |
|  Digital Innovation Growth Fund |  | 12857 |  | 4 | (143) |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 166172 | 124570 | 22773 | 8732 |
|  Chuncheon Green Energy Co., Ltd. |  | 4901 | 20 |  | (101) |
|  Yeomsubong Wind Power Co., Ltd. |  | 400 | 396 |  | (17) |
|  Yeongyang Wind Power Corporation II |  | 28972 | 9456 |  | (1233) |
|  Haeparang Energy Co., Ltd. |  | 9566 | 681 |  | (2) |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 105259 | 96963 |  | (190) |
|  KEPCO-Uhde Inc. |  | 128 | 14 |  | (84) |
|  Shuweihat Asia Power Investment B.V. |  | 75652 |  |  | 23905 |
|  Shuweihat Asia Operation & Maintenance Company |  | 2586 | 77 | 2821 | 2002 |
|  Waterbury Lake Uranium L.P. |  | 65240 | 14 |  |  |
|  ASM-BG Investicii AD |  | 74977 | 37593 | 13161 | 5365 |
|  RES Technology AD |  | 63495 | 30090 | 8142 | 2220 |
|  KV Holdings, Inc. |  | 6318 | 1 | 10 | 2405 |
|  KEPCO SPC Power Corporation |  | 290981 | 26381 | 181443 | 49499 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 75268 | 58680 | 9666 | (1547) |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 827213 | 315746 | 120989 | 24398 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 198437 | 87895 | 29094 | 3905 |
|  Rabigh Electricity Company |  | 2410335 | 1910203 | 266822 | 34268 |
|  Rabigh Operation & Maintenance Company Limited |  | 29107 | 18930 | 32079 | 9808 |
|  Jamaica Public Service Company Limited |  | 2174800 | 1469297 | 1113943 | 41277 |
|  KW Nuclear Components Co., Ltd. |  | 42033 | 6678 | 32938 | 12335 |
|  Busan Shinho Solar Power Co., Ltd. |  | 37016 | 13653 | 7918 | 3261 |
|  Global Trade Of Power System Co., Ltd. |  | 2443 | 385 | 6355 | 76 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 13747 | 3113 | 2637 | 466 |
|  Amman Asia Electric Power Company |  | 731745 | 433946 | 17753 | 30815 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  KAPES, Inc. | W | 92790 | 59099 | 87775 | 1571 |
|  Honam Wind Power Co., Ltd. |  | 33623 | 19800 | 5395 | 531 |
|  Korea Power Engineering Service Co., Ltd. |  | 24068 | 5397 | 11259 | 709 |
|  Chun-cheon Energy Co., Ltd. |  | 610650 | 523223 | 327534 | (5451) |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 82439 | 64290 | 8411 | (2302) |
|  Nghi Son 2 Power LLC |  | 2982805 | 3020684 | 548027 | 84276 |
|  Kelar S.A. |  | 655236 | 526063 | 84504 | 3641 |
|  PT. Tanjung Power Indonesia |  | 713715 | 580727 | 89491 | 14511 |
|  Incheon New Power Co., Ltd. |  | 3240 | 2606 | 2336 | 109 |
|  Seokmun Energy Co., Ltd. |  | 219414 | 171682 | 41555 | (3434) |
|  Daehan Wind Power PSC |  | 137388 | 127080 | 6794 | 7581 |
|  Barakah One Company |  | 29707801 | 29951656 | 253653 | 4011 |
|  Nawah Energy Company |  | 155191 | 153559 |  |  |
|  MOMENTUM |  | 7546 | 6442 | 34527 | 1105 |
|  Daegu Green Power Co., Ltd. |  | 541304 | 459536 | 295645 | 1796 |
|  Yeonggwang Wind Power Co., Ltd. |  | 239701 | 202410 | 25892 | 958 |
|  Chester Solar IV SpA |  | 11966 | 12144 | 1344 | (2060) |
|  Chester Solar V SpA |  | 4034 | 4256 | 440 | (601) |
|  Diego de Almagro Solar SpA |  | 15155 | 14572 | 1615 | (2103) |
|  South Jamaica Power Company Limited |  | 474664 | 287852 | 224159 | 5743 |
|  Daesan Green Energy Co., Ltd. |  | 264618 | 203921 | 88147 | (3310) |
|  RE Holiday Holdings LLC |  | 335130 | 188796 | 19724 | 10897 |
|  RE Pioneer Holdings LLC |  | 220390 | 126361 | 12925 | 9307 |
|  RE Barren Ridge 1 Holdings LLC |  | 201629 | 87291 | 10575 | (541) |
|  RE Astoria 2 LandCo LLC |  | 12294 | 298 | 889 | 799 |
|  RE Barren Ridge LandCo LLC |  | 4328 | 89 | 345 | 315 |
|  Laurel SpA |  | 10566 | 10350 | 1159 | (1425) |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 30809 | 1573 |  | (916) |
|  Chile Solar JV SpA |  | 68445 | 3531 | 3060 | 1408 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 57047 | 43106 | 7929 | 2309 |
|  Chester Solar I SpA |  | 12965 | 11043 | 1065 | (1146) |
|  Solar Philippines Calatagan Corporation |  | 117324 | 46759 | 19418 | 11782 |
|  Saemangeum Solar Power Co., Ltd. |  | 35323 | 5771 |  | (631) |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 74683 | 67696 |  | (1186) |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 81477 | 74724 |  | (1325) |
|  DE Energia SpA |  | 49201 | 59587 | 5219 | (2954) |
|  Dangjin Eco Power Co., Ltd. |  | 98010 | 22223 | 4139 | 805 |
|  Haemodum Solar Co., Ltd. |  | 23038 | 16750 | 1799 | 45 |
|  Yangyang Wind Power Co., Ltd. |  | 53586 | 31291 |  | (965) |
|  HORUS SOLAR, S.A. DE C.V. |  | 192650 | 177514 | 8392 | 16664 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 153855 | 138033 |  | 4842 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 90956 | 80218 |  | (333) |
|  Stavro Holding II A.B. |  | 88220 | 87 |  | (276) |
|  Solaseado Solar Power Co., Ltd. |  | 367915 | 345987 | 41684 | 4170 |
|  Yeongam Solar Power Co., Ltd. |  | 324132 | 292213 | 37301 | 4930 |
|  Samsu Wind Power Co., Ltd. |  | 69213 | 54331 | 3918 | 1162 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 404458 | 338635 | 228 | (2589) |
|  Sam-Yang Photovoltaic Power Co., Ltd. |  | 50837 | 40647 | 7376 | 150 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 70910 | 38 | 3428 | 6468 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 18121 | 23 | 333 | 288 |
|  PT Barito Wahana Tenaga |  | 266584 | 39 |  | 25839 |
|  Cheongna Energy Co., Ltd. |  | 357248 | 338763 | 77640 | 12743 |
|  Naepo Green Energy Co., Ltd. |  | 222885 | 249415 | 7044 | (21392) |
|  Dayone Energy Co., Ltd. |  | 452509 | 504351 | 143870 | 409 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(4)** **Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Total assets** | **Total assets** | **Total liabilities** | **Sales** | **Profit (loss) for**<br>**the year** |
|  OneEnergy Asia Limited | W | 136247 | 777 |  | (2844) |
|  KAS Investment I LLC |  | 52681 | 1583 | (19390) | (23007) |
|  KAS Investment II LLC |  | 52476 | 1581 | (19311) | (21801) |
|  Energyco Co., Ltd. |  | 59662 | 57227 | 168 | (2514) |
|  CAES, LLC |  | 43089 |  |  | (923) |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 73978 | 59832 | 1120 | (972) |
|  Busan Industrial Solar Power Co., Ltd. |  | 19085 | 17937 | 1879 | 566 |
|  Bitsolar Energy Co., Ltd. |  | 80307 | 85340 | 8298 | (1105) |
|  Pulau Indah O&M Sdn. Bhd. |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 8774 | 7839 | 12 | (1119) |
|  Omisan Wind Power Co., Ltd. |  | 128724 | 103802 |  | (320) |
|  Foresight Iberian Solar Group Holding, S.L. |  | 90610 | 79519 | 168 | (603) |
|  Yeongwol Eco Wind Co., Ltd. |  | 43784 | 39066 |  | 421 |
|  Gurae Resident Power Co., Ltd. |  | 6932 | 5734 |  | 42 |
|  Cheongju Eco Park Co., Ltd. |  | 138657 | 120485 | 6454 | (1708) |
|  Enel X Midland Photovoltaic, LLC |  | 9053 | 611 | 122 | (31) |
|  Geumsungsan Wind Power Co., Ltd. |  | 66862 | 47906 |  | (2146) |
|  KEPCO KPS CARABAO Corp. |  | 3482 | 2516 | 5309 | 733 |
|  Prime Swedish Holding AB |  | 34257 | 20 |  | (5) |
|  Goheung New Energy Co., Ltd. |  | 55145 | 32125 |  | (2711) |
|  Gunsan Land Solar Co., Ltd. |  | 86654 | 60996 | 432 | 432 |
|  CapMan Lynx SCA, SICAR |  | 113658 | 93706 |  |  |
|  International Offshore Power Transmission Holding Company Limited |  | 5 |  |  |  |

---

(\*1) The profit for the year ended December 31, 2021 is reduced by the associate entity's net income (loss) attributable to non-controlling interests.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of**<br>**ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Korea Gas Corporation | W | 10410740 | 20.47% | 2131078 |  |  | (45782) | 2085296 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 107166 | 29.00% | 31078 |  |  |  | 31078 |
|  YTN Co., Ltd. |  | 256791 | 21.43% | 55027 |  |  |  | 55027 |
|  Gangwon Wind Power Co., Ltd. |  | 80729 | 15.00% | 12109 | 49 |  |  | 12158 |
|  Hyundai Green Power Co., Ltd. |  | 413072 | 29.00% | 119791 |  |  |  | 119791 |
|  Korea Power Exchange |  | 275126 | 100.00% | 275126 |  |  |  | 275126 |
|  Taebaek Wind Power Co., Ltd. |  | 24168 | 60.00% | 14501 |  |  |  | 14501 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 15327 | 67.25% | 10307 |  |  | 2742 | 13049 |
|  Daeryun Power Co., Ltd. |  | 402140 | 6.85% | 27547 |  |  | (820) | 26727 |
|  KNH Solar Co., Ltd. |  | 10679 | 27.00% | 2883 |  |  |  | 2883 |
|  SPC Power Corporation |  | 228534 | 38.00% | 86843 |  |  | (15975) | 70868 |
|  Gemeng International Energy Co., Ltd. |  | 2335997 | 34.00% | 794239 |  |  | (215418) | 578821 |
|  PT. Cirebon Electric Power |  | 491324 | 27.50% | 135114 |  |  |  | 135114 |
|  KNOC Nigerian East Oil Co., Ltd. |  | (83483) | 14.63% | (12214) |  |  | 12214 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  | (76755) | 14.63% | (11229) |  |  | 11229 |  |
|  PT Wampu Electric Power |  | 82051 | 46.00% | 37743 |  |  |  | 37743 |
|  PT. Bayan Resources TBK |  | 2476409 | 20.00% | 495282 | 265817 |  | (76380) | 684719 |
|  S-Power Co., Ltd. |  | 290656 | 49.00% | 142421 |  | (1293) |  | 141128 |
|  Pioneer Gas Power Limited |  | (205787) | 38.50% | (79223) | 22278 |  | 56945 |  |
|  Eurasia Energy Holdings |  | (508) | 40.00% | (203) |  |  | 203 |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 466385 | 25.00% | 116596 | 305 | (1028) | (289) | 115584 |
|  PT. Mutiara Jawa |  | 12402 | 29.00% | 3597 |  |  |  | 3597 |
|  Samcheok Eco Materials Co., Ltd. |  | 23343 | 25.54% | 5962 |  |  | (5962) |  |
|  Noeul Green Energy Co., Ltd. |  | (18861) | 29.00% | (5470) |  |  | 5470 |  |
|  Goseong Green Power Co., Ltd. |  | 1001651 | 29.00% | 290479 |  | (1586) |  | 288893 |
|  Gangneung Eco Power Co., Ltd. |  | 7464 | 1.61% | 120 |  | (134) | 14 |  |
|  Shin Pyeongtaek Power Co., Ltd. |  | 363838 | 40.00% | 145535 | 3559 | (15271) |  | 133823 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 986 | 28.00% | 276 |  |  | 2 | 278 |
|  Dongducheon Dream Power Co., Ltd. |  | 302071 | 34.01% | 102734 | 1757 | (2609) | (12582) | 89300 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 47988 | 5.16% | 2496 |  |  | (2496) |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 3337 | 46.59% | 1555 |  |  |  | 1555 |
|  GS Donghae Electric Power Co., Ltd. |  | 765131 | 34.00% | 260145 |  |  |  | 260145 |
|  Daegu Photovoltaic Co., Ltd. |  | 9823 | 29.00% | 2849 |  |  |  | 2849 |
|  Busan Green Energy Co., Ltd. |  | 15156 | 29.00% | 4395 |  |  |  | 4395 |
|  Gunsan Bio Energy Co., Ltd. |  | (21127) | 18.87% | (3986) |  |  | 3986 |  |
|  Hansuwon KNP Co., Ltd. |  | 1519 | 28.98% | 440 |  |  | (160) | 280 |
|  Korea Electric Power Corporation Fund |  | 29400 | 98.09% | 28838 |  |  | 4 | 28842 |
|  Energy Infra Asset Management Co., Ltd. |  | 11956 | 9.90% | 1184 |  |  |  | 1184 |
|  Daegu clean Energy Co., Ltd. |  | 44 | 28.00% | 12 |  |  |  | 12 |
|  YaksuESS Co., Ltd. |  | 1670 | 29.00% | 484 | 2 |  |  | 486 |
|  Nepal Water & Energy Development Company Private Limited |  | 99862 | 69.06% | 68968 | 972 |  |  | 69940 |
|  Gwangyang Green Energy Co., Ltd. |  | 125130 | 20.00% | 25026 | 18 |  |  | 25044 |
|  PND solar Co., Ltd. |  | 4306 | 29.00% | 1249 | 154 |  |  | 1403 |
|  Hyundai Eco Energy Co., Ltd. |  | 39033 | 19.00% | 7416 | 215 |  |  | 7631 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | 788 | 9.63% | 76 | 300 |  | (220) | 156 |
|  Green Energy Electricity Generation Co., Ltd. |  | 2733 | 29.00% | 793 | 778 |  |  | 1571 |
|  Korea Energy Solutions Co., Ltd. |  | 466 | 20.00% | 93 |  |  |  | 93 |
|  ITR Co., Ltd. |  | (26) | 20.00% | (5) | 1 |  | 4 |  |
|  Structure test network Co., Ltd. |  | 1565 | 20.00% | 313 | 53 |  |  | 366 |
|  Namjeongsusang Solar Power Operation Co., Ltd. |  | 2355 | 15.00% | 353 | 20 |  |  | 373 |
|  Indeck Niles Development, LLC |  | 416164 | 50.00% | 208082 | 93956 |  |  | 302038 |
|  Indeck Niles Asset Management, LLC |  | 283 | 33.33% | 94 |  |  |  | 94 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 14146 | 49.00% | 6932 |  |  |  | 6932 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Suwon New Power Co., Ltd. | W | 1978 | 33.05% | 654 |  | 265 |  | 919 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 10949 | 44.00% | 4818 | 315 |  |  | 5133 |
|  Go deok Clean Energy Co., Ltd. |  | 11049 | 40.00% | 4420 |  |  |  | 4420 |
|  SureDataLab Co., Ltd. |  | 739 | 23.95% | 177 |  |  |  | 177 |
|  SEP Co., Ltd. |  | (65) | 21.26% | (14) |  |  | 14 |  |
|  Hankook Electric Power Information Co., Ltd. |  | 1337 | 16.49% | 220 |  |  |  | 220 |
|  Tronix Co., Ltd. |  | 526 | 12.50% | 66 |  |  |  | 66 |
|  O2&B Global Co., Ltd. |  | 181 | 20.00% | 36 |  |  |  | 36 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 10338 | 20.00% | 2068 | 494 |  |  | 2562 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | (1539) | 29.90% | (460) | 24 |  | 436 |  |
|  Goesan Solar Park Co., Ltd. |  | 8936 | 29.00% | 2591 |  |  |  | 2591 |
|  Saemangeum Heemang Photovoltaic Co.,Ltd. |  | 35060 | 35.00% | 12271 | 739 |  |  | 13010 |
|  Bitgoel Eco Energy Co., Ltd. |  | 18249 | 49.05% | 8951 |  |  |  | 8951 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 2907 | 30.00% | 872 |  |  |  | 872 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 1970 | 42.58% | 839 | 20 |  |  | 859 |
|  Muan Solar park Co., Ltd. |  | 37565 | 20.00% | 7513 | 325 |  |  | 7838 |
|  YuDang Solar Co., Ltd. |  | 2929 | 20.00% | 586 |  |  |  | 586 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 39225 | 20.00% | 7845 | 817 |  |  | 8662 |
|  Daewon Green Energy Co., Ltd. |  | 17514 | 25.36% | 4441 | 44 |  |  | 4485 |
|  G.GURU Co., Ltd. |  | 1216 | 24.65% | 300 |  |  |  | 300 |
|  UD4M Co., Ltd. |  | 1125 | 14.29% | 161 |  |  |  | 161 |
|  Dongbu Highway Solar Co., Ltd. |  | 1509 | 20.00% | 302 | 50 |  |  | 352 |
|  Seobu Highway Solar Co., Ltd. |  | 1581 | 20.00% | 316 |  |  |  | 316 |
|  Korea Energy Data Co., Ltd. |  | 211 | 29.37% | 62 |  |  |  | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 10218 | 41.00% | 4189 | 88 |  |  | 4277 |
|  KOSTURE Co., Ltd. |  | 156 | 0.82% | 1 |  |  |  | 1 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 58940 | 34.00% | 20040 |  |  |  | 20040 |
|  Chuncheon Green Energy Co., Ltd. |  | 20226 | 45.00% | 9102 | 53 |  |  | 9155 |
|  Yeomsubong Wind Power Co., Ltd. |  | 1540 | 3.81% | 59 | 3 |  |  | 62 |
|  Yeongyang Wind Power Corporation II |  | 17837 | 30.00% | 5351 | 2110 |  |  | 7461 |
|  Haeparang Energy Co., Ltd. |  | 8673 | 25.00% | 2168 | 20 |  |  | 2188 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 36439 | 63.09% | 22990 | 209 |  |  | 23199 |
|  Boulder Solar III, LLC |  | 1896 | 30.00% | 569 | 175 |  |  | 744 |
|  PlatformN. Co., Ltd. |  | 285 | 29.58% | 84 |  |  |  | 84 |
|  PT. Cirebon Energi Prasarana |  | 690347 | 10.00% | 69035 |  |  |  | 69035 |
|  Green Radiation Co., Ltd. |  | 77 | 10.00% | 8 | 3 |  |  | 11 |
|  Future Convergence Technology Laboratory. Co., Ltd. |  | 249 | 20.12% | 50 |  |  |  | 50 |
|  SC E&G. Co,. Ltd. |  | 1068 | 20.00% | 214 |  |  |  | 214 |
|  Wang San Engineering. Co,. Ltd. |  | 828 | 20.00% | 166 |  |  |  | 166 |
|  ACE |  | 100 | 20.00% | 20 |  |  |  | 20 |
|  Environment and Energy Co., Ltd. |  | 93 | 10.54% | 10 |  |  |  | 10 |
|  Santiago Solar Power SpA |  | 26748 | 50.00% | 13373 |  |  |  | 13373 |
|  Yanggu Floating Photovoltaic Power Plant Inc. |  | 3115 | 29.00% | 903 |  |  |  | 903 |
|  KEPCO-Uhde Inc. |  | 33 | 50.85% | 17 |  |  |  | 17 |
|  Shuweihat Asia Power Investment B.V. |  | 135617 | 49.00% | 66452 |  |  |  | 66452 |
|  Shuweihat Asia Operation & Maintenance Company |  | 2966 | 55.00% | 1631 |  |  |  | 1631 |
|  Waterbury Lake Uranium L.P. |  | 66589 | 32.59% | 21701 | 49 |  |  | 21750 |
|  ASM-BG Investicii AD |  | 29110 | 50.00% | 14555 |  |  |  | 14555 |
|  RES Technology AD |  | 30266 | 50.00% | 15133 |  |  |  | 15133 |
|  KV Holdings, Inc. |  | 24148 | 40.00% | 9659 |  |  |  | 9659 |
|  KEPCO SPC Power Corporation |  | 238822 | 75.20% | 179594 |  |  |  | 179594 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 15059 | 40.00% | 6024 |  |  |  | 6024 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book**<br>**value** |
|  Datang Chifeng Renewable Power Co., Ltd. | W | 479954 | 40.00% | 191982 |  |  |  | 191982 |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. |  | 110995 | 40.00% | 44398 |  |  |  | 44398 |
|  Rabigh Electricity Company |  | 665110 | 40.00% | 266044 |  | (50632) | (805) | 214607 |
|  Rabigh Operation & Maintenance Company Limited |  | 12782 | 40.00% | 5113 |  |  |  | 5113 |
|  Jamaica Public Service Company Limited |  | 795250 | 40.00% | 318100 | 29357 |  | (16050) | 331407 |
|  KW Nuclear Components Co., Ltd. |  | 38368 | 45.00% | 17266 |  |  | (176) | 17090 |
|  Busan Shinho Solar Power Co., Ltd. |  | 26877 | 25.00% | 6719 |  |  |  | 6719 |
|  Global Trade Of Power System Co., Ltd. |  | 2406 | 29.00% | 698 |  |  |  | 698 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 9508 | 50.00% | 4754 |  |  |  | 4754 |
|  Amman Asia Electric Power Company |  | 367090 | 60.00% | 220254 |  |  |  | 220254 |
|  KAPES, Inc. |  | 37875 | 51.00% | 19316 |  | (22451) | 3135 |  |
|  Honam Wind Power Co., Ltd. |  | 16506 | 29.00% | 4787 | 32 |  |  | 4819 |
|  Korea Power Engineering Service Co., Ltd. |  | 19114 | 29.00% | 5543 |  |  |  | 5543 |
|  Chun-cheon Energy Co., Ltd. |  | 107990 | 29.90% | 32289 | 3 |  | (248) | 32044 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 20972 | 15.00% | 3146 | 5 |  |  | 3151 |
|  Nghi Son 2 Power LLC |  | 817678 | 50.00% | 408839 |  |  |  | 408839 |
|  Kelar S.A. |  | 175717 | 65.00% | 114216 | 2921 |  |  | 117137 |
|  PT. Tanjung Power Indonesia |  | 265448 | 35.00% | 92907 |  |  |  | 92907 |
|  Incheon New Power Co., Ltd. |  | 1878 | 29.00% | 545 |  |  | (347) | 198 |
|  Seokmun Energy Co., Ltd. |  | 59778 | 29.00% | 17336 |  |  |  | 17336 |
|  Daehan Wind Power PSC |  | 27846 | 50.00% | 13923 |  |  |  | 13923 |
|  Barakah One Company |  | (835613) | 18.00% | (150410) |  | 56437 | 93973 |  |
|  Nawah Energy Company |  | 1749 | 18.00% | 315 |  |  |  | 315 |
|  MOMENTUM |  | 1035 | 33.33% | 345 |  |  |  | 345 |
|  Daegu Green Power Co., Ltd. |  | 91550 | 54.24% | 49657 | 84 |  | (20381) | 29360 |
|  Yeonggwang Wind Power Co., Ltd. |  | 43958 | 46.00% | 20221 | 492 |  |  | 20713 |
|  Chester Solar IV SpA |  | 259 | 45.00% | 117 | 64 |  |  | 181 |
|  Chester Solar V SpA |  | 49 | 45.00% | 22 | 134 |  |  | 156 |
|  Diego de Almagro Solar SpA |  | 962 | 45.00% | 433 | 107 |  |  | 540 |
|  South Jamaica Power Company Limited |  | 232199 | 20.00% | 46440 |  |  | (3) | 46437 |
|  Daesan Green Energy Co., Ltd. |  | 54908 | 35.00% | 19218 |  |  |  | 19218 |
|  RE Holiday Holdings LLC |  | 170740 | 50.00% | 85370 |  |  |  | 85370 |
|  RE Pioneer Holdings LLC |  | 110344 | 50.00% | 55172 |  |  |  | 55172 |
|  RE Barren Ridge 1 Holdings LLC |  | 126068 | 50.00% | 63034 |  |  | (59684) | 3350 |
|  RE Astoria 2 LandCo LLC |  | 13198 | 50.00% | 6599 |  |  |  | 6599 |
|  RE Barren Ridge LandCo LLC |  | 4666 | 50.00% | 2333 |  |  |  | 2333 |
|  Laurel SpA |  | 774 | 45.00% | 348 | 206 |  |  | 554 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 29443 | 12.37% | 3642 | 9 |  |  | 3651 |
|  Chile Solar JV SpA |  | 19637 | 50.00% | 9819 |  |  |  | 9819 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 14484 | 29.01% | 4202 | 61 |  |  | 4263 |
|  Chester Solar I SpA |  | 2313 | 45.00% | 1041 | 273 |  |  | 1314 |
|  Solar Philippines Calatagan Corporation |  | 76571 | 38.00% | 29097 |  |  | 27805 | 56902 |
|  Saemangeum Solar Power Co., Ltd. |  | 29073 | 81.01% | 23551 |  |  |  | 23551 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 5823 | 29.00% | 1689 | 1781 |  |  | 3470 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 7709 | 29.00% | 2236 |  |  |  | 2236 |
|  DE Energia SpA |  | (14131) | 49.00% | (6924) |  |  | 16460 | 9536 |
|  Dangjin Eco Power Co., Ltd. |  | 77993 | 34.00% | 26518 | 341 |  |  | 26859 |
|  Haemodum Solar Co., Ltd. |  | 6871 | 49.00% | 3367 |  |  |  | 3367 |
|  Yangyang Wind Power Co., Ltd. |  | 21642 | 50.00% | 10821 | 43 |  |  | 10864 |
|  HORUS SOLAR, S.A. DE C.V. |  | 22722 | 14.95% | 3396 | 3580 |  |  | 6976 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 18253 | 14.95% | 2728 | 2171 |  |  | 4899 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 11053 | 14.95% | 1652 | 5 |  |  | 1657 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Stavro Holding II A.B. | W | 85856 | 20.00% | 17171 |  |  |  | 17171 |
|  Solaseado Solar Power Co., Ltd. |  | 38230 | 38.90% | 14872 | 1361 |  |  | 16233 |
|  Yeongam Solar Power Co., Ltd. |  | 47923 | 19.00% | 9105 | 774 |  |  | 9879 |
|  Samsu Wind Power Co., Ltd. |  | 16869 | 19.00% | 3205 |  |  |  | 3205 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 84683 | 25.00% | 21171 | 5643 |  |  | 26814 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 71777 | 29.53% | 21196 | 527 |  |  | 21723 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 17319 | 90.00% | 15587 |  |  |  | 15587 |
|  PT Barito Wahana Tenaga |  | 447688 | 30.61% | 137047 |  |  |  | 137047 |
|  Cheongna Energy Co., Ltd. |  | 17595 | 50.10% | 8815 | 3137 | (1194) |  | 10758 |
|  Naepo Green Energy Co., Ltd. |  | (51219) | 29.20% | (14956) |  |  | 14956 |  |
|  Dayone Energy Co., Ltd. |  | (59627) | 46.30% | (27607) |  | (868) | 28475 |  |
|  OneEnergy Asia Limited |  | 366764 | 40.00% | 146706 | 25512 |  |  | 172218 |
|  KAS Investment I LLC |  | 61046 | 29.89% | 18247 |  |  |  | 18247 |
|  KAS Investment II LLC |  | 60800 | 29.89% | 18173 |  |  |  | 18173 |
|  Energyco Co., Ltd. |  | 4692 | 29.00% | 1361 | 829 |  |  | 2190 |
|  CAES, LLC |  | 49670 | 36.00% | 17881 | 2924 |  |  | 20805 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 17207 | 49.00% | 8432 | 39 |  |  | 8471 |
|  Busan Industrial Solar Power Co., Ltd. |  | 3133 | 28.02% | 878 | 290 |  |  | 1168 |
|  Bitsolar Energy Co., Ltd. |  | (4545) | 27.10% | (1232) | 352 |  | 1232 | 352 |
|  Pulau Indah O&M Sdn. Bhd. |  |  | 60.00% |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 1358 | 60.00% | 815 | 98 |  |  | 913 |
|  Omisan Wind Power Co., Ltd. |  | 24393 | 42.00% | 10245 | 166 |  |  | 10411 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 12184 | 75.00% | 9138 | 1427 |  |  | 10565 |
|  Yeongwol Eco Wind Co., Ltd. |  | 4575 | 29.00% | 1327 | 1828 |  |  | 3155 |
|  Gurae Resident Power Co., Ltd. |  | 1182 | 29.00% | 343 | 48 |  |  | 391 |
|  Cheongju Eco Park Co., Ltd. |  | 35500 | 29.00% | 10295 | 195 |  |  | 10490 |
|  Enel X Midland Photovoltaic, LLC |  | 9279 | 20.00% | 1856 |  |  |  | 1856 |
|  Geumsungsan Wind Power Co., Ltd. |  | 10128 | 29.00% | 2937 | 556 |  |  | 3493 |
|  KEPCO KPS CARABAO Corp. |  | 443 | 40.00% | 177 |  |  |  | 177 |
|  Prime Swedish Holding AB |  | 77828 | 45.00% | 35023 | 1222 |  |  | 36245 |
|  Goheung New Energy Co., Ltd. |  | 23289 | 46.15% | 10748 | 1084 |  |  | 11832 |
|  Gunsan Land Solar Co., Ltd. |  | 36586 | 75.29% | 27544 |  |  |  | 27544 |
|  CapMan Lynx SCA, SICAR |  | 9908 | 50.00% | 4954 |  |  | (4954) |  |
|  International Offshore Power Transmission Holding Company Limited |  | (66788) | 35.00% | (23376) | (2) |  | 23378 |  |
|  Pyeongchang Wind Power Co., Ltd. |  | 24938 | 58.00% | 14464 |  |  |  | 14464 |
|  Eumseong Eco Park Co., Ltd. |  | 17173 | 29.00% | 4980 | 577 |  |  | 5557 |
|  Songsan Green Energy Co., Ltd. |  | 5500 | 25.00% | 1375 | 12 |  |  | 1387 |
|  Changwon Nu-ri Energy Co., Ltd. |  | 1490 | 33.33% | 497 |  |  |  | 497 |
|  Hasami Wind Farm Corporation |  | 3100 | 29.00% | 899 | 690 |  |  | 1589 |
|  PungBack Wind Farm Corporation |  | 15290 | 37.00% | 5657 | 1086 |  |  | 6743 |
|  Trumbull Asset Management, LLC |  | 316 | 78.00% | 246 |  |  |  | 246 |
|  S-Power Chile SpA |  | (20) | 50.00% | (10) |  |  | 137 | 127 |
|  Seungmun Green Energy |  | 27440 | 33.00% | 9054 |  |  |  | 9054 |
|  Seobusambo highway photovoltaics Co., Ltd. |  | 3833 | 80.00% | 3066 |  |  |  | 3066 |

---

---

| | |
|:---|:---|
| (\*) | The percentage of ownership shown above is after considering the treasury stocks and others.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Korea Gas Corporation | W | 9119335 | 20.47% | 1866728 |  |  | (51215) | 1815513 |
|  Korea Electric Power Industrial Development Co., Ltd. |  | 84885 | 29.00% | 24617 |  |  |  | 24617 |
|  YTN Co., Ltd. |  | 241863 | 21.43% | 51828 |  |  |  | 51828 |
|  Gangwon Wind Power Co., Ltd. |  | 70032 | 15.00% | 10505 | 49 |  |  | 10554 |
|  Hyundai Green Power Co., Ltd. |  | 420533 | 29.00% | 121955 |  |  |  | 121955 |
|  Korea Power Exchange |  | 269728 | 100.00% | 269728 |  |  |  | 269728 |
|  Taebaek Wind Power Co., Ltd. |  | 27199 | 25.00% | 6800 |  |  |  | 6800 |
|  Taebaek Guinemi Wind Power Co., Ltd. |  | 13426 | 25.00% | 3357 |  |  |  | 3357 |
|  Pyeongchang Wind Power Co., Ltd. |  | 21644 | 25.00% | 5411 |  |  |  | 5411 |
|  Daeryun Power Co., Ltd. |  | 281005 | 9.34% | 26246 |  |  | (820) | 25426 |
|  Changjuk Wind Power Co., Ltd. |  | 27849 | 30.00% | 8355 |  |  |  | 8355 |
|  KNH Solar Co., Ltd. |  | 8436 | 27.00% | 2278 |  |  |  | 2278 |
|  SPC Power Corporation |  | 223523 | 38.00% | 84939 |  |  | (19893) | 65046 |
|  Gemeng International Energy Co., Ltd. |  | 2175169 | 34.00% | 739557 |  |  | (144339) | 595218 |
|  PT. Cirebon Electric Power |  | 443525 | 27.50% | 121969 |  |  |  | 121969 |
|  KNOC Nigerian East Oil Co., Ltd. |  | (78029) | 14.63% | (11416) |  |  | 11416 |  |
|  KNOC Nigerian West Oil Co., Ltd. |  | (71735) | 14.63% | (10495) |  |  | 10495 |  |
|  PT Wampu Electric Power |  | 76255 | 46.00% | 35077 |  |  |  | 35077 |
|  PT. Bayan Resources TBK |  | 2141022 | 20.00% | 428204 | 309464 |  | (76379) | 661289 |
|  S-Power Co., Ltd. |  | 253444 | 49.00% | 124188 |  | (1402) |  | 122786 |
|  Pioneer Gas Power Limited |  | (155789) | 38.50% | (59975) | 22278 |  | 37697 |  |
|  Eurasia Energy Holdings |  | (476) | 40.00% | (190) |  |  | 190 |  |
|  Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 373976 | 25.00% | 93494 | 305 | (1069) | (289) | 92441 |
|  PT. Mutiara Jawa |  | 8857 | 29.00% | 2569 |  |  |  | 2569 |
|  Samcheok Eco Materials Co., Ltd. |  | 24691 | 25.54% | 6306 |  |  | (6306) |  |
|  Noeul Green Energy Co., Ltd. |  | 13132 | 29.00% | 3808 |  |  |  | 3808 |
|  Goseong Green Power Co., Ltd. |  | 902746 | 29.00% | 261796 |  | (938) |  | 260858 |
|  Gangneung Eco Power Co., Ltd. |  | 150144 | 1.61% | 2419 |  | (131) |  | 2288 |
|  Shin Pyeongtaek Power Co., Ltd. |  | 263477 | 40.00% | 105391 | 3559 | (15876) |  | 93074 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. |  | 790 | 28.00% | 221 |  |  | 2 | 223 |
|  Dongducheon Dream Power Co., Ltd. |  | 258723 | 34.01% | 87992 | 1757 | (2969) | (12582) | 74198 |
|  Jinbhuvish Power Generation Pvt. Ltd. |  | 49931 | 5.16% | 2576 |  |  | (2576) |  |
|  Daejung Offshore Wind Power Co., Ltd. |  | 3657 | 46.59% | 1704 |  |  |  | 1704 |
|  GS Donghae Electric Power Co., Ltd. |  | 716977 | 34.00% | 243772 |  |  |  | 243772 |
|  Daegu Photovoltaic Co., Ltd. |  | 8076 | 29.00% | 2342 |  |  |  | 2342 |
|  Busan Green Energy Co., Ltd. |  | 17352 | 29.00% | 5032 |  |  |  | 5032 |
|  Gunsan Bio Energy Co., Ltd. |  | (20478) | 18.87% | (3864) |  |  | 3864 |  |
|  Korea Electric Vehicle Charging Service |  | 7144 | 17.50% | 1250 |  |  |  | 1250 |
|  Hansuwon KNP Co., Ltd. |  | 1309 | 28.98% | 379 |  |  | (160) | 219 |
|  Korea Electric Power Corporation Fund |  | 48913 | 98.09% | 47979 |  |  | 4 | 47983 |
|  Energy Infra Asset Management Co., Ltd. |  | 10770 | 9.90% | 1066 |  |  |  | 1066 |
|  Daegu clean Energy Co., Ltd. |  | 44 | 28.00% | 12 |  |  |  | 12 |
|  YaksuESS Co., Ltd. |  | 2464 | 29.00% | 715 | 1 |  |  | 716 |
|  Nepal Water & Energy Development Company Private Limited |  | 94639 | 69.06% | 65361 | 972 |  |  | 66333 |
|  Gwangyang Green Energy Co., Ltd. |  | 127239 | 20.00% | 25448 | 18 |  |  | 25466 |
|  PND solar Co., Ltd. |  | 3708 | 29.00% | 1075 | 154 |  |  | 1229 |
|  Hyundai Eco Energy Co., Ltd. |  | 28198 | 19.00% | 5358 | 214 |  |  | 5572 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. |  | (692) | 9.63% | (67) | 300 |  |  | 233 |
|  Green Energy Electricity Generation Co., Ltd. |  | 3222 | 29.00% | 934 | 779 |  |  | 1713 |
|  Korea Energy Solutions Co., Ltd. |  | 614 | 20.00% | 123 |  |  |  | 123 |
|  ITR Co., Ltd. |  | 157 | 20.00% | 31 | 1 |  |  | 32 |
|  Structure test network Co., Ltd. |  | 1265 | 20.00% | 253 | 53 |  |  | 306 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Namjeongsusang Solar Power Operation Co., Ltd. | W | 2272 | 15.00% | 341 | 20 |  |  | 361 |
|  Indeck Niles Development, LLC |  | 322479 | 56.25% | 181395 | 64878 |  |  | 246273 |
|  Indeck Niles Asset Management, LLC |  | 334 | 33.33% | 111 |  |  |  | 111 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 |  | 14567 | 49.00% | 7138 |  |  |  | 7138 |
|  Suwon New Power Co., Ltd. |  | 1967 | 39.90% | 785 |  | 250 |  | 1035 |
|  KPGE Inc. |  | 1066 | 29.00% | 309 |  |  |  | 309 |
|  Gwangbaek Solar Power Investment Co., Ltd. |  | 10205 | 44.00% | 4490 | 316 |  |  | 4806 |
|  Go deok Clean Energy Co., Ltd. |  | 10755 | 40.00% | 4302 |  |  |  | 4302 |
|  SureDataLab Co., Ltd. |  | 533 | 23.95% | 128 |  |  |  | 128 |
|  SEP Co., Ltd. |  | 32 | 21.26% | 7 |  |  |  | 7 |
|  Hankook Electric Power Information Co., Ltd. |  | 636 | 25.25% | 161 |  |  |  | 161 |
|  Tronix Co., Ltd. |  | 547 | 20.00% | 109 |  |  |  | 109 |
|  O2&B Global Co., Ltd. |  | 177 | 20.00% | 35 |  |  |  | 35 |
|  Muan Sunshine Solar Power Plant Co., Ltd. |  | 3871 | 20.00% | 774 | 494 |  |  | 1268 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | (999) | 29.90% | (299) | 24 |  | 275 |  |
|  Goesan Solar Park Co., Ltd. |  | 6644 | 29.00% | 1927 |  |  |  | 1927 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. |  | 27140 | 35.00% | 9499 | 739 |  |  | 10238 |
|  Bitgoel Eco Energy Co., Ltd. |  | 15021 | 29.00% | 4356 |  |  |  | 4356 |
|  Jeju Gimnyeong Wind Power Co., Ltd. |  | 3038 | 30.00% | 911 |  |  |  | 911 |
|  Seoroseoro Sunny Power Plant Co., Ltd. |  | 1647 | 42.58% | 701 | 20 |  |  | 721 |
|  Muan Solar park Co., Ltd. |  | 28788 | 20.00% | 5758 | 325 |  |  | 6083 |
|  YuDang Solar Co., Ltd. |  | 2826 | 20.00% | 565 |  |  |  | 565 |
|  Anjwa Smart Farm & Solar City Co., Ltd. |  | 29838 | 20.00% | 5968 | 816 |  |  | 6784 |
|  Daewon Green Energy Co., Ltd. |  | 15118 | 25.36% | 3833 | 44 |  |  | 3877 |
|  G.GURU Co., Ltd. |  | 1636 | 24.65% | 403 |  |  |  | 403 |
|  UD4M Co., Ltd. |  | 1154 | 12.50% | 144 |  |  |  | 144 |
|  Dongbu Highway Solar Co., Ltd. |  | 1073 | 20.00% | 215 | 50 |  |  | 265 |
|  Seobu Highway Solar Co., Ltd. |  | 1444 | 20.00% | 289 |  |  |  | 289 |
|  Korea Energy Data Co., Ltd. |  | 211 | 29.37% | 62 |  |  |  | 62 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. |  | 2755 | 65.00% | 1791 | 87 |  |  | 1878 |
|  KOSTURE Co., Ltd. |  | 124 | 0.26% |  |  |  |  |  |
|  Digital Innovation Growth Fund |  | 12857 | 76.92% | 9890 |  |  |  | 9890 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. |  | 41602 | 39.65% | 16495 |  |  |  | 16495 |
|  Chuncheon Green Energy Co., Ltd. |  | 4881 | 68.00% | 3319 | 53 |  |  | 3372 |
|  Yeomsubong Wind Power Co., Ltd. |  | 4 | 48.72% | 2 | 93 |  |  | 95 |
|  Yeongyang Wind Power Corporation II |  | 19516 | 30.00% | 5855 | 2110 |  |  | 7965 |
|  Haeparang Energy Co., Ltd. |  | 8885 | 25.00% | 2221 | 20 |  |  | 2241 |
|  Saemangeum Sebit Power Plant Co., Ltd. |  | 8296 | 69.55% | 5770 | 230 |  |  | 6000 |
|  KEPCO-Uhde Inc. |  | 114 | 50.85% | 58 |  |  |  | 58 |
|  Shuweihat Asia Power Investment B.V. |  | 75652 | 49.00% | 37069 |  |  |  | 37069 |
|  Shuweihat Asia Operation & Maintenance Company |  | 2509 | 55.00% | 1380 |  |  |  | 1380 |
|  Waterbury Lake Uranium L.P. |  | 65226 | 33.10% | 21590 |  |  |  | 21590 |
|  ASM-BG Investicii AD |  | 37384 | 50.00% | 18692 |  |  |  | 18692 |
|  RES Technology AD |  | 33405 | 50.00% | 16703 |  |  |  | 16703 |
|  KV Holdings, Inc. |  | 6317 | 40.00% | 2527 |  |  |  | 2527 |
|  KEPCO SPC Power Corporation |  | 264600 | 75.20% | 198979 |  |  |  | 198979 |
|  Gansu Datang Yumen Wind Power Co., Ltd. |  | 16588 | 40.00% | 6635 |  |  |  | 6635 |
|  Datang Chifeng Renewable Power Co., Ltd. |  | 511467 | 40.00% | 204587 |  |  |  | 204587 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Datang KEPCO Chaoyang Renewable Power Co., Ltd. | W | 110542 | 40.00% | 44217 |  |  |  | 44217 |
|  Rabigh Electricity Company |  | 500132 | 40.00% | 200053 |  | (55571) | (804) | 143678 |
|  Rabigh Operation & Maintenance Company Limited |  | 10177 | 40.00% | 4071 |  |  |  | 4071 |
|  Jamaica Public Service Company Limited |  | 705503 | 40.00% | 282201 | 29357 |  | (16909) | 294649 |
|  KW Nuclear Components Co., Ltd. |  | 35355 | 45.00% | 15910 |  |  | (176) | 15734 |
|  Busan Shinho Solar Power Co., Ltd. |  | 23363 | 25.00% | 5841 |  |  |  | 5841 |
|  Global Trade Of Power System Co., Ltd. |  | 2058 | 29.00% | 597 |  |  |  | 597 |
|  Expressway Solar-light Power Generation Co., Ltd. |  | 10634 | 29.00% | 3084 |  |  |  | 3084 |
|  Amman Asia Electric Power Company |  | 297799 | 60.00% | 178679 |  |  |  | 178679 |
|  KAPES, Inc. |  | 33691 | 51.00% | 17182 |  | (20697) | 3515 |  |
|  Honam Wind Power Co., Ltd. |  | 13823 | 29.00% | 4009 | 32 |  |  | 4041 |
|  Korea Power Engineering Service Co., Ltd. |  | 18671 | 29.00% | 5415 |  |  |  | 5415 |
|  Chun-cheon Energy Co., Ltd. |  | 87427 | 29.90% | 26141 | 3 |  | (248) | 25896 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. |  | 18149 | 15.00% | 2722 | 6 |  |  | 2728 |
|  Nghi Son 2 Power LLC |  | (37879) | 50.00% | (18940) |  |  | 18940 |  |
|  Kelar S.A. |  | 129173 | 65.00% | 83962 | 2733 |  |  | 86695 |
|  PT. Tanjung Power Indonesia |  | 132988 | 35.00% | 46546 |  |  |  | 46546 |
|  Incheon New Power Co., Ltd. |  | 634 | 29.00% | 184 |  |  | (184) |  |
|  Seokmun Energy Co., Ltd. |  | 47732 | 29.00% | 13842 |  |  |  | 13842 |
|  Daehan Wind Power PSC |  | 10308 | 50.00% | 5154 |  |  |  | 5154 |
|  Barakah One Company |  | (243855) | 18.00% | (43894) |  | 1058 | 42836 |  |
|  Nawah Energy Company |  | 1632 | 18.00% | 294 |  |  |  | 294 |
|  MOMENTUM |  | 1104 | 33.33% | 368 |  |  |  | 368 |
|  Daegu Green Power Co., Ltd. |  | 81768 | 54.24% | 44351 | 84 |  | (20381) | 24054 |
|  Yeonggwang Wind Power Co., Ltd. |  | 37291 | 46.00% | 17154 | 492 |  |  | 17646 |
|  Chester Solar IV SpA |  | (178) | 45.00% | (80) | 60 |  | 20 |  |
|  Chester Solar V SpA |  | (222) | 45.00% | (100) | 125 |  |  | 25 |
|  Diego de Almagro Solar SpA |  | 583 | 45.00% | 262 | 100 |  |  | 362 |
|  South Jamaica Power Company Limited |  | 186812 | 20.00% | 37362 |  |  | (2) | 37360 |
|  Daesan Green Energy Co., Ltd. |  | 60697 | 35.00% | 21244 |  |  |  | 21244 |
|  RE Holiday Holdings LLC |  | 146334 | 50.00% | 73167 |  |  |  | 73167 |
|  RE Pioneer Holdings LLC |  | 94029 | 50.00% | 47015 |  |  |  | 47015 |
|  RE Barren Ridge 1 Holdings LLC |  | 114338 | 50.00% | 57169 |  |  | (55286) | 1883 |
|  RE Astoria 2 LandCo LLC |  | 11996 | 50.00% | 5998 |  |  |  | 5998 |
|  RE Barren Ridge LandCo LLC |  | 4239 | 50.00% | 2120 |  |  |  | 2120 |
|  Laurel SpA |  | 216 | 45.00% | 97 | 193 |  |  | 290 |
|  KIAMCO KOWEPO Bannerton Hold Co Pty Ltd |  | 29236 | 12.37% | 3616 | 9 |  |  | 3625 |
|  Chile Solar JV SpA |  | 64914 | 50.00% | 32457 |  |  |  | 32457 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. |  | 13941 | 29.01% | 4045 | 61 |  |  | 4106 |
|  Chester Solar I SpA |  | 1922 | 45.00% | 865 | 255 |  |  | 1120 |
|  Solar Philippines Calatagan Corporation |  | 70565 | 38.00% | 26815 |  |  | 31416 | 58231 |
|  Saemangeum Solar Power Co., Ltd. |  | 29552 | 81.01% | 23939 |  |  |  | 23939 |
|  Chungsongmeon BongSan wind power Co., Ltd. |  | 6987 | 29.00% | 2026 | 1782 |  |  | 3808 |
|  Jaeun Resident Wind Power Plant Co., Ltd. |  | 6753 | 29.00% | 1958 |  |  |  | 1958 |
|  DE Energia SpA |  | (10386) | 49.00% | (5089) |  |  | 14010 | 8921 |
|  Dangjin Eco Power Co., Ltd. |  | 75787 | 34.00% | 25768 | 341 |  |  | 26109 |
|  Haemodum Solar Co., Ltd. |  | 6288 | 49.00% | 3081 |  |  |  | 3081 |
|  Yangyang Wind Power Co., Ltd. |  | 22295 | 50.00% | 11148 | 43 |  |  | 11191 |
|  HORUS SOLAR, S.A. DE C.V. |  | 15136 | 14.95% | 2262 | 3580 |  |  | 5842 |
|  RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. |  | 15822 | 14.95% | 2365 | 2171 |  |  | 4536 |
|  SUNMEX RENOVABLES, S.A. DE C.V. |  | 10738 | 14.95% | 1605 | 5 |  |  | 1610 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(5)** **Financial information of associates and joint ventures reconciled to the Group's investments in consolidated financial statements as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Investees** | **Net assets** | **Net assets** | **Percentage of<br>ownership (\*)** | **Share in**<br>**net assets** | **Investment**<br>**differential** | **Intercompany**<br>**transaction** | **Others** | **Book<br>value** |
|  Stavro Holding II A.B. | W | 88133 | 20.00% | 17627 |  |  |  | 17627 |
|  Solaseado Solar Power Co., Ltd. |  | 21928 | 38.90% | 8530 | 1361 |  |  | 9891 |
|  Yeongam Solar Power Co., Ltd. |  | 31919 | 19.00% | 6065 | 773 |  |  | 6838 |
|  Samsu Wind Power Co., Ltd. |  | 14882 | 19.00% | 2828 |  |  |  | 2828 |
|  Pulau Indah Power Plant Sdn. Bhd. |  | 65823 | 25.00% | 16456 | 5643 |  |  | 22099 |
|  Sam-Yang Photovoltaic Power Co., Ltd. |  | 10190 | 49.00% | 4993 |  |  |  | 4993 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 |  | 70872 | 29.53% | 20929 | 527 |  |  | 21456 |
|  Shin-han BNPP Private Investment Trust for East-West Sunlight Dream |  | 18098 | 90.00% | 16288 |  |  |  | 16288 |
|  PT Barito Wahana Tenaga |  | 266545 | 30.61% | 81595 |  |  |  | 81595 |
|  Cheongna Energy Co., Ltd. |  | 18485 | 50.10% | 9261 | 3137 | (1200) |  | 11198 |
|  Naepo Green Energy Co., Ltd. |  | (26530) | 29.20% | (7747) |  |  | 7747 |  |
|  Dayone Energy Co., Ltd. |  | (51842) | 46.30% | (24003) |  | (882) | 24885 |  |
|  OneEnergy Asia Limited |  | 135470 | 40.00% | 54188 | 25512 |  |  | 79700 |
|  KAS Investment I LLC |  | 51098 | 29.89% | 15273 |  |  |  | 15273 |
|  KAS Investment II LLC |  | 50895 | 29.89% | 15213 |  |  |  | 15213 |
|  Energyco Co., Ltd. |  | 2435 | 29.00% | 706 | 829 |  |  | 1535 |
|  CAES, LLC |  | 43089 | 36.00% | 15512 | 2923 |  |  | 18435 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. |  | 14146 | 49.00% | 6932 | 39 |  |  | 6971 |
|  Busan Industrial Solar Power Co., Ltd. |  | 1148 | 28.02% | 322 | 290 |  |  | 612 |
|  Bitsolar Energy Co., Ltd. |  | (5033) | 27.10% | (1364) | 352 |  | 1364 | 352 |
|  Pulau Indah O&M Sdn. Bhd. |  |  | 60.00% |  |  |  |  |  |
|  Guadalupe Solar SpA |  | 935 | 60.00% | 561 | 98 |  |  | 659 |
|  Omisan Wind Power Co., Ltd. |  | 24922 | 42.00% | 10467 | 166 |  |  | 10633 |
|  Foresight Iberian Solar Group Holding, S.L. |  | 11091 | 75.00% | 8318 | 1425 |  |  | 9743 |
|  Yeongwol Eco Wind Co., Ltd. |  | 4718 | 29.00% | 1368 | 1828 |  |  | 3196 |
|  Gurae Resident Power Co., Ltd. |  | 1198 | 29.00% | 347 | 48 |  |  | 395 |
|  Cheongju Eco Park Co., Ltd. |  | 18172 | 29.00% | 5270 | 195 |  |  | 5465 |
|  Enel X Midland Photovoltaic, LLC |  | 8442 | 20.00% | 1688 |  |  |  | 1688 |
|  Geumsungsan Wind Power Co., Ltd. |  | 18956 | 29.00% | 5497 | 556 |  |  | 6053 |
|  KEPCO KPS CARABAO Corp. |  | 966 | 40.00% | 386 |  |  |  | 386 |
|  Prime Swedish Holding AB |  | 34237 | 45.00% | 15407 | 34 |  |  | 15441 |
|  Goheung New Energy Co., Ltd. |  | 23020 | 46.15% | 10624 | 1084 |  |  | 11708 |
|  Gunsan Land Solar Co., Ltd. |  | 25658 | 75.29% | 19317 |  |  |  | 19317 |
|  CapMan Lynx SCA, SICAR |  | 19952 | 50.00% | 9976 |  |  |  | 9976 |
|  International Offshore Power Transmission Holding Company Limited |  | 5 | 35.00% | 2 | (2) |  |  |  |

---

---

| | |
|:---|:---|
| (\*) | The percentage of ownership shown above is after considering the treasury stocks and others.  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(6)** **As of December 31, 2022 and 2021, 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:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Unrecognized<br>equity interest** | **Unrecognized<br>equity interest** | **Accumulated**<br>**unrecognized<br>equity interest** | **Unrecognized<br>equity interest** | **Accumulated**<br>**unrecognized<br>equity interest** |
|  Eurasia Energy Holdings | W | 13 | 203 | 15 | 190 |
|  Gunsan Bio Energy Co., Ltd. |  | 122 | 3986 | 282 | 3864 |
|  Dayone Energy Co., Ltd. |  | 3565 | 27017 | (1244) | 23452 |
|  Nghi Son 2 Power LLC |  | (18940) |  | (114340) | 18940 |
|  Samcheok Eco Materials Co., Ltd. |  | 344 | 806 | (323) | 462 |
|  Naepo Green Energy Co., Ltd. |  | 7209 | 14956 | 5469 | 7747 |
|  Barakah One Company |  | 51137 | 93973 | (26502) | 42836 |
|  Pioneer Gas Power Limited |  | 19248 | 56877 | 21691 | 37629 |
|  Incheon New Power Co., Ltd. |  | (163) |  | (31) | 163 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. |  | 162 | 460 | 182 | 298 |
|  KAPES, Inc. |  | (355) | 3160 | 317 | 3515 |
|  Chester Solar IV SpA |  | (21) |  | 21 | 21 |
|  ITR Co., Ltd. |  | 5 | 5 |  |  |
|  SEP Co., Ltd. |  | 14 | 14 |  |  |
|  International Offshore Power Transmission Holding Company Limited |  | 23378 | 23378 |  |  |
|  Noeul Green Energy Co., Ltd. |  | 5470 | 5470 |  |  |
|  Gangneung Eco Power Co., Ltd. |  | 14 | 14 |  |  |

---

**(7)** **As of December 31, 2022, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Gemeng International Energy Co., Ltd.

Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS Co-Pa PEF). If the investment fund is not collected until the maturity date (December 25, 2023, two years extension is possible), PEF can exercise the option at strike price which is the same as a principal investment price (including operating fees ratio of below 1% per annum), and also, the Group provided a performance guarantee on this agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period of defect repair for wind power generator has expired, the Group 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Pyeongchang Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Group 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. The Group is under agreement of O&M with the entity. Pursuant to the agreement, the Group guarantees a certain level of utilization rate and it is obligated to pay the penalty in the event of suspension in power generating.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Daeryun Power Co., Ltd.

The Group 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.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(7)** **As of December 31, 2022, shareholders' agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Daegu Green Power Co., Ltd.

The Group 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 Group can exercise its right 5, 10 and 13 years after the date of the investment. Also, the Group 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Yeonggwang Wind Power Co., Ltd.

In case the Group 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 Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Chester Solar I SpA

According to the shareholders' agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Chester Solar IV SpA

According to the shareholders' agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ix) Chester Solar V SpA

According to the shareholders' agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(x) Diego de Almagro Solar SpA

According to the shareholders' agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xi) Laurel SpA

According to the shareholders' agreement, the Group has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xii) Hyundai Green Power Co., Ltd.

As of December 31, 2022, the Group has call option against the financial investors (IBK and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Group has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, "Hyundai Steel Group"), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares upon request from Hyundai Steel Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiii) Kosture Co., Ltd.

The Group acquires the shares with the settled amount of coal provided to Kosture Co., Ltd. every year until completion of the subscription set forth in the shareholders' agreement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xiv) Omisan Wind Power Co., Ltd.

When the Group requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Group has a right to purchase the shares or transfer them to others at fair value.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xv) Geumsungsan Wind Power Co., Ltd.

The Group 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.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(xvi) 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 Seokmun 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.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(8)** **Significant restrictions on the Group's abilities on associates and joint ventures as of December 31, 2022 are as follows:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| Daegu Green Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions. |
| Pyeongchang Wind Power Co., Ltd. | Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of the stakeholders. |
| Daeryun Power Co., Ltd. | 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. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders. |
| KNH Solar Co., Ltd. | Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other 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 consent of the stakeholders. |
| Naepo Green Energy Co., Ltd. | Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order. |
| Solaseado Solar Power Co., Ltd. | Dividends can only be paid when all conditions of the shareholder's agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Samcheok Eco Materials Co., Ltd. | Dividends can only be paid when all conditions of the shareholder's agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Taebaek Guinemi Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the shareholder's agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Indeck Niles Asset Management, LLC | Shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Indeck Niles Development, LLC | Shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar IV SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar V SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Diego de Almagro Solar Spa | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Laurel SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Chester Solar I SpA | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| Kelar S.A. | Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| GS Donghae Electric Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Busan Shinho Solar Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied. |
| Honam Wind Power Co., Ltd. | Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied. |
| Seokmun Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained. |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**17.** **Investments in Associates and Joint Ventures, Continued** 

**(8)** **Significant restrictions on the Group's abilities on associates or joint ventures as of December 31, 2022 are as follows, continued:** 

---

| | |
|:---|:---|
| **Company** | **Nature and extent of any significant restrictions** |
| 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. |
| 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 or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party. |
| Yangyang Wind Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Busan Industrial Solar Power Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Kosture Co., Ltd. | Shares cannot be wholly or partially transferred without the consent of the stakeholders. |
| 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. |
| Daewon Green Energy Co., Ltd. | Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. |
| Cheongju Eco Park Co., Ltd. | Dividends and settlement amounts 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. |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**18.** **Property, Plant and Equipment** 

**(1)** **Property, plant and equipment as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14298409 | (27405) |  | (27472) | 14243532 |
|  Buildings |  | 24230827 | (50437) | (10931672) | (6955) | 13241763 |
|  Structures |  | 83055890 | (165608) | (32596265) | (10390) | 50283627 |
|  Machinery |  | 108749243 | (127126) | (54015594) | (541864) | 54064659 |
|  Ships |  | 17264 |  | (3788) |  | 13476 |
|  Vehicles |  | 393046 | (2045) | (305242) | (117) | 85642 |
|  Equipment |  | 2168348 | (6608) | (1732564) | (43) | 429133 |
|  Tools |  | 1306509 | (99) | (1128002) | (6) | 178402 |
|  Construction-in-progress |  | 28064266 | (135926) |  | (22795) | 27905545 |
|  Right-of-use assets |  | 5992724 |  | (2281599) |  | 3711125 |
|  Asset retirement costs |  | 17620603 |  | (6185214) | (146422) | 11288967 |
|  Others |  | 15520160 |  | (13100723) |  | 2419437 |
|  | W | 301417289 | (515254) | (122280663) | (756064) | 177865308 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Acquisition cost** | **Acquisition cost** | **Government**<br>**grants** | **Accumulated**<br>**depreciation** | **Accumulated<br>impairment**<br>**losses** | **Book**<br>**value** |
|  Land | W | 14135452 | (23474) |  | (27487) | 14084491 |
|  Buildings |  | 22974569 | (52122) | (10041270) | (7073) | 12874104 |
|  Structures |  | 78474620 | (172021) | (30171363) | (13205) | 48118031 |
|  Machinery |  | 101062220 | (140082) | (48791847) | (514991) | 51615300 |
|  Ships |  | 2068 |  | (1891) |  | 177 |
|  Vehicles |  | 371207 | (1675) | (281833) | (117) | 87582 |
|  Equipment |  | 1989115 | (149) | (1591890) | (42) | 397034 |
|  Tools |  | 1256189 | (64) | (1073086) | (38) | 183001 |
|  Construction-in-progress |  | 30313624 | (111822) |  | (157530) | 30044272 |
|  Right-of-use assets |  | 7848138 |  | (3788741) |  | 4059397 |
|  Asset retirement costs |  | 14348920 |  | (5277109) | (146423) | 8925388 |
|  Others |  | 14852245 |  | (12106384) |  | 2745861 |
|  | W | 287628367 | (501409) | (113125414) | (866906) | 173134638 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**18.** **Property, Plant and Equipment, Continued** 

**(2)** **Changes in property, plant and equipment for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 14107965 | 9535 | (49377) |  |  | 202814 | 14270937 |
|  (Government grants) |  | (23474) |  | 1 |  |  | (3932) | (27405) |
|  Buildings |  | 12926226 | 3202 | (19918) | (906528) | (449) | 1289667 | 13292200 |
|  (Government grants) |  | (52122) |  |  | 5360 |  | (3675) | (50437) |
|  Structures |  | 48290052 | 217450 | (277308) | (2677395) | (3669) | 4900105 | 50449235 |
|  (Government grants) |  | (172021) |  | 1250 | 9568 |  | (4405) | (165608) |
|  Machinery |  | 51755382 | 248932 | (188924) | (5748407) | (33191) | 8157993 | 54191785 |
|  (Government grants) |  | (140082) |  | 405 | 17283 |  | (4732) | (127126) |
|  Ships |  | 177 |  |  | (1053) |  | 14352 | 13476 |
|  Vehicles |  | 89257 | 1813 | (88) | (41907) |  | 38612 | 87687 |
|  (Government grants) |  | (1675) |  |  | 663 |  | (1033) | (2045) |
|  Equipment |  | 397183 | 79369 | (183) | (205908) | (1) | 165281 | 435741 |
|  (Government grants) |  | (149) |  |  | 494 |  | (6953) | (6608) |
|  Tools |  | 183065 | 25291 | (180) | (77902) |  | 48227 | 178501 |
|  (Government grants) |  | (64) |  |  | 32 |  | (67) | (99) |
|  Construction-in-progress |  | 30156094 | 11671907 | (197293) |  | 134735 | (13723972) | 28041471 |
|  (Government grants) |  | (111822) | 23155 | 17 |  |  | (47276) | (135926) |
|  Right-of-use assets |  | 4059397 | 197016 | (2838) | (509068) |  | (33382) | 3711125 |
|  Asset retirement costs |  | 8925388 |  |  | (1133866) |  | 3497445 | 11288967 |
|  Others |  | 2745861 | 9028 | (22531) | (1036132) |  | 723211 | 2419437 |
|  | W | 173134638 | 12486698 | (756967) | (12304766) | 97425 | 5208280 | 177865308 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**18.** **Property, Plant and Equipment, Continued** 

**(2)** **Changes in property, plant and equipment for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Depreciation** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Land | W | 13943326 | 9561 | (54447) |  |  | 209525 | 14107965 |
|  (Government grants) |  | (23475) |  | 1 |  |  |  | (23474) |
|  Buildings |  | 12616532 | 9036 | (19974) | (889539) |  | 1210171 | 12926226 |
|  (Government grants) |  | (57231) |  |  | 5174 |  | (65) | (52122) |
|  Structures |  | 46258855 | 630 | (319287) | (2582488) | (741) | 4933083 | 48290052 |
|  (Government grants) |  | (180009) |  | 1811 | 9517 |  | (3340) | (172021) |
|  Machinery |  | 50038787 | 268126 | (135803) | (5759425) |  | 7343697 | 51755382 |
|  (Government grants) |  | (157785) |  | 531 | 17519 |  | (347) | (140082) |
|  Ships |  | 255 |  |  | (103) |  | 25 | 177 |
|  Vehicles |  | 78983 | 4807 | (4298) | (37980) |  | 47745 | 89257 |
|  (Government grants) |  | (632) | (26) |  | 460 |  | (1477) | (1675) |
|  Equipment |  | 407843 | 54875 | (667) | (184007) |  | 119139 | 397183 |
|  (Government grants) |  | (227) |  |  | 95 |  | (17) | (149) |
|  Tools |  | 192387 | 19389 | (89) | (81984) |  | 53362 | 183065 |
|  (Government grants) |  | (239) |  |  | 209 |  | (34) | (64) |
|  Construction-in-progress |  | 30964938 | 12183430 | (66965) |  | (3315) | (12921994) | 30156094 |
|  (Government grants) |  | (79126) | 5027 |  |  |  | (37723) | (111822) |
|  Right-of-use assets |  | 4542166 | 78213 | (11787) | (558565) |  | 9370 | 4059397 |
|  Asset retirement costs |  | 7413171 | 92 | (209) | (844518) |  | 2356852 | 8925388 |
|  Others |  | 2752081 | 5311 | (2332) | (869310) |  | 860111 | 2745861 |
|  | W | 168710600 | 12638471 | (613515) | (11774945) | (4056) | 4178083 | 173134638 |

---

(3) The group's subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. have recognized proceeds
and costs from selling items produced before its intended use, by accounting W 94,264 million as revenue and W 63,405 as expense in profit or loss for the year ended December 31, 2022.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**19.** **Investment Properties** 

**(1)** **Investment properties as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>depreciation** | **Book**<br>**value** |
|  Land | W | 194417 |  |  | 194417 |
|  Buildings |  | 20241 | (21) | (6351) | 13869 |
|  | W | 214658 | (21) | (6351) | 208286 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Government<br>grants** | **Accumulated<br>depreciation** | **Book**<br>**value** |
|  Land | W | 201605 |  |  | 201605 |
|  Buildings |  | 19543 | (30) | (8334) | 11179 |
|  | W | 221148 | (30) | (8334) | 212784 |

---

**(2)** **Changes in investment properties for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Disposal** | **Depreciation** | **Others** | **Ending<br>balance** |
|  Land | W | 201605 | (208) |  | (6980) | 194417 |
|  Buildings |  | 11209 |  | (487) | 3168 | 13890 |
|  (Government grants) |  | (30) |  | 1 | 8 | (21) |
|  | W | 212784 | (208) | (486) | (3804) | 208286 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Depreciation** | **Others** | **Ending<br>balance** |
|  Land | W | 200391 |  | 1214 | 201605 |
|  Buildings |  | 24833 | (1387) | (12237) | 11209 |
|  (Government grants) |  | (29) | 1 | (2) | (30) |
|  | W | 225195 | (1386) | (11025) | 212784 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**19.** **Investment Properties, Continued** 

**(3)** **Income and expenses related to investment properties for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Rental income | W | 9775 | 10118 |
|  Operating and maintenance expenses related to rental income |  | (587) | (1386) |
|  | W | 9188 | 8732 |

---

**(4)** **Fair value of investment properties as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|  | **Book value** | **Book value** | **Fair value** | **Fair value** | **Book value** | **Book value** | **Fair value** | **Fair value** |
|  Land | W | 194417 |  | 292827 |  | 201605 |  | 268702 |
|  Buildings |  | 13869 |  | 15626 |  | 11179 |  | 13636 |
|  | W | 208286 |  | 308453 |  | 212784 |  | 282338 |

---

The Group determined the fair value of investment property on the transition date based on valuations conducted by an independent valuation firm that is independent of the Group. The valuation firm has appropriate qualifications and experience in the valuation of real estate in the Republic of Korea, and the valuation was conducted using a comparison method, which is a method of obtaining economic value based on the marketability of the property. The fair values of the investment properties as of the reporting date were determined in consideration of the fluctuation on the publicly announced individual land price after the KIFRS transition date (January 1, 2010).

**(5)** **All of the Group's investment properties are held under freehold interests.** 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**20.** **Construction Contracts** 

**(1)** **Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase<br>(decrease) (\*)** | **Recognized<br>as**<br>**revenue** | **Ending <br>balance** |
|  Nuclear power plant construction in overseas and others | W | 2783935 | 3495964 | &nbsp;&nbsp;&nbsp;&nbsp;(646953) | 5594946 |

---

(\*) For the year ended December 31, 2022, the increased balance of contracts from new orders is W3,539,365 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W81,401 million.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase<br>(decrease) (\*)** | **Recognized<br>as**<br>**revenue** | **Ending <br>balance** |
|  Nuclear power plant construction in UAE and others | W | 3152725 | 386208 | (754998) | 2783935 |

---

(\*) For the year ended December 31, 2021, the increased balance of contracts from new orders is W458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W72,427 million.

**(2)** **Accumulated earned revenue, expense and others related to the Group's construction contracts in progress as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Accumulated<br>earned revenue** | **Accumulated<br>earned revenue** | **Accumulated**<br>**expense** | **Accumulated**<br>**profit** | **Unearned**<br>**advance receipts** |
|  Nuclear power plant construction in overseas and others | W | 22507004 | 21666552 | 840452 | 29877 |
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Accumulated<br>earned revenue** | **Accumulated<br>earned revenue** | **Accumulated**<br>**expense** | **Accumulated**<br>**profit** | **Unearned**<br>**advance receipts** |
|  Nuclear power plant construction in UAE and others | W | 22051129 | 20967097 | 1084032 | 23238 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**20.** **Construction Contracts, Continued** 

**(3)** **Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Contract<br>assets (\*1)** | **Contract<br>assets (\*1)** | **Contract<br>liabilities (\*2)** | **Contract<br>assets (\*1)** | **Contract<br>liabilities (\*2)** |
|  Nuclear power plant construction in overseas and others | W | 118983 | 120952 | 82306 | 5330 |

---

(\*1) Included in trade and other receivables, net, in the consolidated statements of financial position.

---

| | |
|:---|:---|
| (\*2) | Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2022 from the amounts included in contract liabilities at the end of the prior year is W 5,051 million.  |

---

**(4)** The contracts with purchasers state that the disclosure of information related to UAE and Egypt Eldaba nuclear
power plant construction projects such as contract date, contractual completion date, rate of progress, unbilled construction, impairment losses, etc. is not allowed without consent from the purchasers. The purchasers did not agree to disclose such
information. Accordingly, the Group did not disclose such information based on KIFRS 1115 129.2(2) as it is probable that the purchasers may file a lawsuit for breach of contract if the Group does so. Also, the Group reported to the audit committee
that those items will not be disclosed in the notes to the consolidated financial statements.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Contract date** | **Contract date** | **Completion date** | **Completion date** |
|  Egypt Eldaba nuclear power plant construction projects |  | 2022.08.25 |  | 2029.04.25 |

---

**(5)** **Operating segments information related to the contracts for which the Group recognizes revenue based on the percentage-of-completion on a cost-based input method for the year ended December 31, 2022 are as follows:** 

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Effect from changes in accounting estimates** | **Contract assets from**<br>**construction contracts** | **Contract assets from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** | **Trade receivables from**<br>**construction contracts** |
|  | **Expected**<br>**loss on**<br>**construction**<br>**contracts** | **Expected**<br>**loss on**<br>**construction**<br>**contracts** | **Changes in**<br>**estimates**<br>**of contract**<br>**revenue**<br>**and costs** | **Amounts**<br>**recognized**<br>**in current**<br>**profit or**<br>**loss** | **Amounts**<br>**recognized**<br>**in future**<br>**profit or**<br>**loss** | **Changes in**<br>**estimated total**<br>**contract costs** | **Revenue**<br>**recognized from**<br>**performance**<br>**obligations satisfied**<br>**in previous periods** | **Gross** | **Allowance**<br>**for**<br>**doubtful**<br>**accounts** | **Gross** | **Allowance**<br>**for**<br>**doubtful**<br>**accounts** |
|  Transmission and distribution | W |  | (333283) | (340965) | 7682 | 542743 |  | 17355 |  |  |  |
|  Electric power generation (Nuclear) |  |  |  |  |  |  |  | 3837 |  |  |  |
|  Plant maintenance & engineering service |  | 1938 | 2987 | (22068) | 25055 | 24972 | 15663 | 71694 | 2 | 85757 | 18681 |
|  Others |  |  |  |  |  |  |  | 26097 |  |  |  |
|  | W | 1938 | (330296) | (363033) | 32737 | 567715 | 15663 | 118983 | 2 | 85757 | 18681 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**21.** **Intangible Assets other than Goodwill** 

**(1)** **Intangible assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Acquisition cost** | **Acquisition cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 1002040 | (174) | (799013) | (20) | 202833 |
|  Copyrights, patents rights and other industrial rights |  | 104559 |  | (67368) | (9178) | 28013 |
|  Mining rights |  | 625845 |  | (46187) | (541133) | 38525 |
|  Development expenditures |  | 938032 | (3477) | (883527) |  | 51028 |
|  Intangible assets under development |  | 76625 | (2108) |  | (8903) | 65614 |
|  Usage rights of donated assets and others |  | 592797 |  | (435518) | (136) | 157143 |
|  Leasehold rights |  | 28185 |  | (23297) |  | 4888 |
|  Greenhouse gas emissions rights |  | 43960 |  |  |  | 43960 |
|  Others |  | 551396 | (67) | (174714) | (11955) | 364660 |
|  | W | 3963439 | (5826) | (2429624) | (571325) | 956664 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Acquisition cost** | **Acquisition cost** | **Government<br>grants** | **Accumulated<br>amortization** | **Accumulated<br>impairment<br>losses** | **Book**<br>**value** |
|  Software | W | 867185 | (91) | (704589) |  | 162505 |
|  Copyrights, patents rights and other industrial rights |  | 103428 |  | (59063) | (9178) | 35187 |
|  Mining rights |  | 623122 |  | (39803) | (541417) | 41902 |
|  Development expenditures |  | 978768 | (3820) | (905805) | (19) | 69124 |
|  Intangible assets under development |  | 94275 | (7326) |  | (12845) | 74104 |
|  Usage rights of donated assets and others |  | 592870 |  | (423087) |  | 169783 |
|  Leasehold rights |  | 28185 |  | (22337) |  | 5848 |
|  Greenhouse gas emissions rights |  | 78137 |  |  |  | 78137 |
|  Others |  | 574957 | (71) | (155404) | (11995) | 407487 |
|  | W | 3940927 | (11308) | (2310088) | (575454) | 1044077 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**21.** **Intangible Assets other than Goodwill, Continued** 

**(2)** **Changes in intangible assets for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Impairment** | **Others** | **Ending**<br>**balance** |
|  Software | W | 162596 | 22532 | (57) | (84649) |  | 102585 | 203007 |
|  (Government grants) |  | (91) |  |  | 60 |  | (143) | (174) |
|  Copyrights, patents rights and other industrial rights |  | 35187 | 270 | (37) | (7136) |  | (271) | 28013 |
|  Mining rights |  | 41902 | 2395 |  | (4296) |  | (1476) | 38525 |
|  Development expenditures |  | 72944 |  |  | (24238) |  | 5799 | 54505 |
|  (Government grants) |  | (3820) |  |  | 1466 |  | (1123) | (3477) |
|  Intangible assets under development |  | 81430 | 39559 |  |  | (14) | (53253) | 67722 |
|  (Government grants) |  | (7326) |  |  |  |  | 5218 | (2108) |
|  Usage rights of donated assets and others |  | 169783 |  |  | (11394) | (150) | (1096) | 157143 |
|  Leasehold rights |  | 5848 |  |  | (960) |  |  | 4888 |
|  Greenhouse gas emissions rights |  | 78137 | 57466 |  |  |  | (91643) | 43960 |
|  Others |  | 407558 | 4073 | (260) | (25017) |  | (21627) | 364727 |
|  (Government grants) |  | (71) |  |  | 4 |  |  | (67) |
|  | W | 1044077 | 126295 | (354) | (156160) | (164) | (57030) | 956664 |
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisition** | **Disposal** | **Amortization** | **Reversal** | **Others** | **Ending**<br>**balance** |
|  Software | W | 152163 | 18834 | (1) | (77881) |  | 69481 | 162596 |
|  (Government grants) |  | (136) |  |  | 64 |  | (19) | (91) |
|  Copyrights, patents rights and other industrial rights |  | 42916 | 166 | (131) | (7771) |  | 7 | 35187 |
|  Mining rights |  | 42390 | 1022 |  | (3526) |  | 2016 | 41902 |
|  Development expenditures |  | 95166 | 309 |  | (37033) |  | 14502 | 72944 |
|  (Government grants) |  | (5043) |  |  | 1439 |  | (216) | (3820) |
|  Intangible assets under development |  | 67018 | 51988 |  |  |  | (37576) | 81430 |
|  (Government grants) |  | (7203) |  |  |  |  | (123) | (7326) |
|  Usage rights of donated assets and others |  | 184475 |  |  | (13594) |  | (1098) | 169783 |
|  Leasehold rights |  | 6340 |  |  | (834) |  | 342 | 5848 |
|  Greenhouse gas emissions rights |  | 61373 | 78091 |  | (31) |  | (61296) | 78137 |
|  Others |  | 416346 | 2229 |  | (26998) | 14 | 15967 | 407558 |
|  (Government grants) |  | (75) |  |  | 4 |  |  | (71) |
|  | W | 1055730 | 152639 | (132) | (166161) | 14 | 1987 | 1044077 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**21.** **Intangible Assets other than Goodwill, Continued** 

**(3)** **Significant specific intangible assets as of December 31, 2022 and 2021 are as follows:** 

*In millions of won and thousands of Australian dollars* 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Description** | **Currency** | **Amount** | **Remaining useful lives** |
|  Software | ORACLE license for SDIS integrated DB | KRW | 5509 | 3 years and 4 months |
|  Copyrights, patents rights and other industrial rights | Contributions to APR NRC DC | KRW | 20871 | 5 years |
|  Mining rights | Mining rights of Bylong mine | AUD |  | — (\*) |
|  Usage rights of donated assets and others | Sejong Haengbogdosi sharing charge | KRW | 17772 | 3 years and 11 months |
|  | Right of use electricity and gas supply facility (Community district of Songdo) | KRW | 7908 | 7 years and 6 months |
|  Others | Occupancy and use of public waters | KRW | 76212 | 14 years and 1 months |
|  | Greenhouse gas emissions rights | KRW | 43960 |  |
|  | Business rights | KRW | 154712 | 26 years and 11 months |

---

---

| | |
|:---|:---|
| (\*) | The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.  |

---

*In millions of won and thousands of Australian dollars*

---

| | | | | |
|:---|:---|:---|:---|:---|
| **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Description** | **Currency** | **Amount** | **Remaining useful lives** |
|  Software | DAS MS-SQL CORE license | KRW | 3817 | 2 years and 8 months |
|  Copyrights, patents rights and other industrial rights | Smart technology verification and standard design project conducting right | KRW | 1851 | 9 months |
|  | Contributions to APR NRC DC | KRW | 25045 | 6 years |
|  Mining rights | Mining rights of Bylong mine | AUD |  | — (\*) |
|  Usage rights of donated assets and others | Sejong Haengbogdosi sharing charge | KRW | 22310 | 4 years and 11 months |
|  | Right of use electricity and gas supply facility (Community district of Songdo) | KRW | 8962 | 8 years and 6 months |
|  Others | Occupancy and use of public waters | KRW | 81623 | 15 years and 1 month |
|  | Greenhouse gas emissions rights | KRW | 78137 |  |
|  | Business rights | KRW | 160459 | 27 years and 11 months |

---

---

| | |
|:---|:---|
| (\*) | The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.  |

---

**(4)** For the years ended December 31, 2022 and 2021, the Group recognized research and development
expenses of W 727,810 million and W 689,397 million, respectively.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**22.** **Trade and Other Payables** 

**Trade and other payables as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Trade payables | W | 7529857 |  | 4780260 |  |
|  Non-trade payables |  | 2132838 | 2023985 | 1536976 | 2032260 |
|  Accrued expenses |  | 1605118 | 6351 | 1174765 | 8095 |
|  Leasehold deposits received |  | 2479 | 35 | 1699 | 741 |
|  Other deposits received |  | 97408 | 47863 | 72063 | 68050 |
|  Lease liabilities |  | 614037 | 3549106 | 583558 | 3826945 |
|  Dividends payable |  | 1812 |  | 4105 |  |
|  Others (\*) |  |  | 11574 |  | 60407 |
|  | W | 11983549 | 5638914 | 8153426 | 5996498 |

---

(\*) Details of others as of December 31, 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  | **Current** | **Non-current** | **Non-current** | **Current** | **Non-current** | **Non-current** |
|  Advance received from local governments | W |  | 3477 |  |  | 3477 |
|  Others |  |  | 8097 |  |  | 56930 |
|  | W |  | 11574 |  |  | 60407 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities** 

**(1)** **Borrowings and debt securities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **Current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term borrowings | W | 8820425 | 2920563 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of long-term borrowings |  | 3638202 | 1463703 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current portion of debt securities |  | 10205395 | 9652986 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion of discount on long-term borrowings |  | (774) | (2048) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Current portion of discount on debt securities |  | (4246) | (5370) |
|  |  | 22659002 | 14029834 |
|  **Non-current liabilities** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term borrowings |  | 2977268 | 2278481 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 95160920 | 64385784 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Discount on long-term borrowings |  | (14945) | (12857) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Less: Discount on debt securities |  | (177543) | (152760) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Add: Premium on debt securities |  | 663 | 1031 |
|  |  | 97946363 | 66499679 |
|  | W | 120605365 | 80529513 |

---

**(2)** **Repayment schedule of borrowings and debt securities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** | **Debt Securities** |
|  Less than 1 year | W | 12458627 |  | 10205395 |
|  1~ 5 years |  | 1472655 |  | 65278587 |
|  Over 5 years |  | 1504613 |  | 29882333 |
|  | W | 15435895 |  | 105366315 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Borrowings** | **Borrowings** | **Debt Securities** | **Debt Securities** |
|  Less than 1 year | W | 4384266 |  | 9652986 |
|  1~ 5 years |  | 1013500 |  | 34156038 |
|  Over 5 years |  | 1264981 |  | 30229746 |
|  | W | 6662747 |  | 74038770 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(3)** **Short-term borrowings as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  Local short-term borrowings | DB financial investment and others | 3.21 ~ 5.80 | 2023.01.02 ~ 2023.12.31 |  | W | 5549120 |
|  Local short-term borrowings | Nonghyup Bank and others | 3M CD + 1.11 ~ 1.70 | 2023.05.25 ~ 2023.11.24 |  |  | 3000000 |
|  Local short-term borrowings | Shinhan Bank | 6M Bank Debenture Rate +1.77 | 2023.11.17 |  |  | 50000 |
|  Local short-term borrowings | Korea Development Bank | 4.15 | 2023.01.06 |  |  | 3400 |
|  Foreign short-term borrowings | Shinhan Bank | 5.19 | 2023.02.28 | USD 12,045 |  | 15264 |
|  Foreign short-term borrowings | Shinhan Bank | SOFR(1M) + 0.65 | 2023.02.27 | USD 40,000 |  | 50692 |
|  Foreign short-term borrowings | Kookmin Bank and others | 3.32 ~ 5.88 | 2023.01.09 ~ 2023.06.12 | USD 91,796 |  | 116333 |
|  Local bank overdraft | Woori Bank and others | Standard overdraft rate + 1.32 |  |  |  |  |
|  |  | 4.83 | 2023.01.06 ~ 2023.02.24 |  |  | 35616 |
|  |  |  |  |  | W | 8820425 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Creditor** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  Local short-term borrowings | DB financial investment and others | 1.96~4.60 | 2022.01.07 ~ 2022.12.31 |  | W | 2030886 |
|  Electronic short-term bonds | BNK Securities and others | 1.35~1.77 | 2022.01.21 ~ 2022.02.08 |  |  | 100000 |
|  Foreign short-term borrowings | Shinhan Bank and others | 0.34~0.45 | 2022.01.04 ~ 2022.03.30 | USD 157,533 |  | 186755 |
|  Foreign short-term borrowings | Korea Development Bank and others | 1M Libor + 1.25 | 2022.04.29 | USD 173,042 |  | 205142 |
|  Foreign short-term borrowings | Shinhan Bank and others | 0.57~0.80 | 2022.06.17 ~ 2022.08.31 | USD 78,319 |  | 92847 |
|  Foreign short-term borrowings | Credit Agricole and others | 0.04 | 2022.06.28 | EUR 72,199 |  | 96915 |
|  Local bank overdraft | Korea Development Bank and others | 1.73~2.25 | 2022.01.07 ~ 2022.02.26 |  |  | 208018 |
|  |  |  |  |  | W | 2920563 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank | Others | 0.50 | 2023~2044 |  | W | 2133 |
|  | Facility | 2.50~4.60 | 2023~2028 |  |  | 28420 |
|  | Facility | CB rate+0.90 | 2029 |  |  | 9985 |
|  | Operating funds | 1yr KDB rate<br> +0.81~0.91 | 2023~2024 |  |  | 54300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Bank and others | Commercial Paper | 3M CD+0.13~1.20 | 2023~2027 |  |  | 3250000 |
|  | Facility | 4.60 | 2028 |  |  | 8137 |
|  | Facility | 3yr KTB rate-1.50 | 2028 |  |  | 3821 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea | Project loans | 1.50 | 2026 |  |  | 10312 |
|  | Facility | 1.32 | 2028 |  |  | 58100 |
|  | Operating funds | 1.78 | 2023 |  |  | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Development of power<br> resources | 3yr KTB rate-2.25<br> 1.50~1.75 | 2023~2028 |  |  | 11175 |
|  | Facility | 3yr KTB rate-2.50 | 2023~2024 |  |  | 393 |
|  | Project loans |  | 2023~2027 |  |  | 1197 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank and others | Facility | CB rate+0.90~1.10 | 2028~2029 |  |  | 19195 |
|  | Commercial Paper | 3M CD+0.38 | 2025 |  |  | 150000 |
|  | Others | 3.95 | 2034 |  |  | 78905 |
|  | Others | Standard overdraft<br>rate+1.00 | 2034 |  |  | 78905 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank | Facility | MOR+0.79<br>3M CD+1.79<br>5.04 | 2023~2035 |  |  | 105155 |
|  | Others | 4.00 | 2025 |  |  | 20700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank | Facility | 3M Libor+1.90<br>5.04 | 2035~2042 |  |  | 48823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Facility | 3.50~6.80 | 2028~2044 |  |  | 690259 |
|  | Facility | CB rate+1.10<br>1.75~4.56 | 2024~2036 |  |  | 103131 |
|  | PF Refinancing | CB rate+1.25 | 2030 |  |  | 7634 |
|  | PF Refinancing | 4.10 | 2030 |  |  | 21206 |
|  | Securitized debts (\*) | 3M CD+1.80 | 2025 |  |  | 33476 |
|  | Others | 4.40~7.90 | 2023~2039 |  |  | 120217 |
|  | Others | 1.80~4.50 | 2031~2034 |  |  | 49929 |
|  |  |  |  |  |  | 4981208 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  **Foreign long-term borrowings** | **Foreign long-term borrowings** | **Foreign long-term borrowings** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Project loans |  | 2026 | USD | 8744 |  | 11081 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea and others | Direct Loan and others | 6M Libor+3.20 | 2036 | USD | 78.094 |  | 98969 |
|  | Direct Loan and others | 3M Libor+2.25~3.70 | 2027 | JOD | 91051 |  | 162692 |
|  | Facility | 6M Libor+1.70~2.50<br>SOFR(3M) +1.83 | 2039~2032 | USD | 132168 |  | 167496 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank and others | EBL | SOFR(1M)+0.11~0.75 | 2024 | USD | 149592 |  | 189578 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Riyad Bank | EBL | SOFR(3M)+1.20 | 2025 | USD | 49870 |  | 63201 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO and others | Shareholder's loan | 8.00 | 2025 | USD | 10005 |  | 12680 |
|  | Shareholder's loan | 8.00 | 2031 | JOD | 4853 |  | 8671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance and others | Syndicated Loan | 3.10~8.00 | 2032 | JPY | 4752934 |  | 45304 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank and others | Syndicated Loan | JPY 6M Libor+1.84 | 2032 | JPY | 2613385 |  | 24910 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Solar Construction Lendings, LLC | Facility | 5.00 | 2025 | USD | 31140 |  | 39464 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KiwoomSolar Power Professional Investor Private Placement Investment Trust V | Senior borrowing | 3.90 | 2029 | EUR | 40531 |  | 54765 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFC and others | Others | 6M Libor+5.00<br>SOFR(3M)+1.83~1.99<br>5.41~6.19 | 2028~2031 | USD | 408408 |  | 517575 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hanwha US Solar Private Fund and others | PF Refinancing | 3.00 | 2038 | USD | 58308 |  | 73894 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; DBS Bank and others | Facility | 1M BBSY+1.40~2.25 | 2025 | AUD | 190860 |  | 163836 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Others |  |  | USD | 116 |  | 146 |
|  |  |  |  |  |  |  | 1634262 |
|  |  |  |  |  |  |  | 6615470 |
|  Less: Discount on long-term borrowings | Less: Discount on long-term borrowings | Less: Discount on long-term borrowings |  |  |  |  | (15719) |
|  Less: Current portion of long-term borrowings | Less: Current portion of long-term borrowings | Less: Current portion of long-term borrowings |  |  |  |  | (3638202) |
|  Add: Current portion of discount on long-term borrowings | Add: Current portion of discount on long-term borrowings | Add: Current portion of discount on long-term borrowings |  |  |  |  | 774 |
|  |  |  |  |  |  | W | 2962323 |

---

(\*) The main reasons for early repayment of securitized debts as of December 31, 2022 are as follows:

---

| | |
|:---|:---|
| **Type** | **Details** |
| Non-payment of proceeds | Where the consignor fails to pay the principal to the trustee |
| Guarantees for supplemental funding | Where the consignor fails to fulfill guarantees for supplemental funding |
| Additional trust obligation | Where the consignor fails to fulfill the additional trust obligation |
| Event of default | In case the event of default occurs under the ABL loan agreement |

---

The consolidated entity is responsible for collateral obligations (fund supplementation) and liability guarantees for entrusted assets.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(4)** **Long-term borrowings as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Type** | **Interest rate (%)** | **Maturity** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local<br>currency** | **Local<br>currency** |
|  **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** | **Local long-term borrowings** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Development Bank | Others | 0.50 | 2023~2044 |  |  | W | 2509 |
|  | Facility | 2.50~4.60 | 2022~2028 |  |  |  | 39430 |
|  | Operating funds | 2.33 | 2022 |  |  |  | 20000 |
|  | Operating funds | 1yr KDB bond rate<br> +0.81~0.95 | 2022~2023 |  |  |  | 64300 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hana Bank | Commercial Paper | 3M CD+0.13~0.43 | 2022~2025 |  |  |  | 1050000 |
|  | Facility | 4.60 | 2028 |  |  |  | 9647 |
|  | Facility | 3yr KTB rate-1.25 | 2022~2028 |  |  |  | 4485 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IBK | PF Refinancing | CD+1.25 | 2030 |  |  |  | 8589 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea | Project loans | 1.50 | 2026 |  |  |  | 13258 |
|  | Facility | 1.32 | 2028 |  |  |  | 32000 |
|  | Operating funds | 1.78 | 2023 |  |  |  | 15700 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Development of power resources | 3yr KTB rate-2.25 | 2023~2025 |  |  |  | 8971 |
|  | Facility | 3yr KTB rate-2.25 | 2022~2024 |  |  |  | 995 |
|  | Project loans |  | 2023 |  |  |  | 1197 |
|  | Others | 1.75 | 2028 |  |  |  | 4893 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Shinhan Bank and others | Facility | CB rate+1.10 | 2028 |  |  |  | 14470 |
|  | Commercial Paper | 3M CD+0.38 | 2025 |  |  |  | 150000 |
|  | Others | 3.95 | 2034 |  |  |  | 84179 |
|  | Others | Standard overdraft<br>rate+1.00 | 2034 |  |  |  | 84179 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Kookmin Bank | Facility | MOR+0.79<br> 3M CD+1.79 | 2022~2031 |  |  |  | 59333 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Facility | 2.80~6.80 | 2024~2039 |  |  |  | 620185 |
|  | Facility | CB rate+0.90~1.10<br> 3M CD+1.60<br> 3.37 | 2028~2037 |  |  |  | 171733 |
|  | PF Refinancing | 3.80~5.00 | 2030~2034 |  |  |  | 71742 |
|  | PF Refinancing | 1.75 | 2029 |  |  |  | 22265 |
|  | Others | 4.40~7.90 | 2022~2038 |  |  |  | 116367 |
|  | Others | 1.80~4.50 | 2031~2034 |  |  |  | 49928 |
|  |  |  |  |  |  |  | 2720355 |
|  **Foreign long-term borrowings** |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Korea Energy Agency | Project loans |  | 2026 | USD | 8744 |  | 10366 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Export-Import Bank of Korea and others | Direct loan and others | 1M Libor+1.80~3.20 | 2036 | USD | 89823 |  | 106485 |
|  | Direct loan and others | 3M Libor+2.75~3.70 | 2027 | JOD | 107868 |  | 180363 |
|  | PF Loan | 6M Libor+1.70~2.50 | 2032 | USD | 103340 |  | 122509 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; POSCO and others | Shareholder's loan | 8.00 | 2025 | USD | 11953 |  | 14171 |
|  | Shareholder's loan | 8.00 | 2031 | JOD | 4853 |  | 8114 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Samsung Life Insurance and others | Syndicated Loan | 3.10~8.00 | 2032 | JPY | 5144387 |  | 53000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Woori Bank and others | Syndicated Loan | JPY 6M Libor+2.00 | 2032 | JPY | 2820708 |  | 29060 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; KiwoomSolar Power Professional Investor Private Placement Investment Trust V | Senior borrowing | 3.90 | 2029 | EUR | 36311 |  | 48741 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IFC and others | Others | 6M Libor+5.00 | 2031 | USD | 230018 |  | 272686 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Federal Financing Bank and others | PF Loan | 2.39~6.00 | 2031~2038 | USD | 94135 |  | 111597 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others | Others |  |  | USD | 54607 |  | 64737 |
|  |  |  |  |  |  |  | 1021829 |
|  |  |  |  |  |  |  | 3742184 |
|  Less: Discount on long-term borrowings | Less: Discount on long-term borrowings | Less: Discount on long-term borrowings |  |  |  |  | (14905) |
|  Less: Current portion of long-term borrowings | Less: Current portion of long-term borrowings | Less: Current portion of long-term borrowings | Less: Current portion of long-term borrowings |  |  |  | (1463703) |
|  Add: Current portion of discount on long-term borrowings | Add: Current portion of discount on long-term borrowings | Add: Current portion of discount on long-term borrowings | Add: Current portion of discount on long-term borrowings |  |  |  | 2048 |
|  |  |  |  |  |  | W | 2265624 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(5)** **Local debt securities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
|  | **Issue date** | **Maturity** | **Interest rate (%)** | **2022** | **2022** | **2021** |
|  Electricity Bonds | 2012.03.27~2022.12.28 | 2023.01.11~2052.04.21 | 1.14~5.99 | W | 61190000 | 34080000 |
|  Corporate Bonds (\*) | 2009.10.16~2022.12.20 | 2023.01.11~2052.08.24 | 1.01~6.06 |  | 29293188 | 28194472 |
|  Corporate Bonds | 2021.05.26 | 2041.05.25 | 2.00 |  | 11578 |  |
|  |  |  |  |  | 90494766 | 62274472 |
|  Less: Discount on local debt securities | Less: Discount on local debt securities | Less: Discount on local debt securities |  |  | (56924) | (52723) |
|  Less: Current portion of local debt securities | Less: Current portion of local debt securities | Less: Current portion of local debt securities | Less: Current portion of local debt securities |  | (8401619) | (7432647) |
|  Add: Current portion of discount on local debt securities | Add: Current portion of discount on local debt securities | Add: Current portion of discount on local debt securities | Add: Current portion of discount on local debt securities |  | 2344 | 2510 |
|  |  |  |  | W | 82038567 | 54791612 |

---

---

| | |
|:---|:---|
| (\*) | Among the corporate bonds, each holder of Hee Mang Sunlight Power Co., Ltd.'s private equity bonds, amounting to W1,619 million, may exercise the early redemption rights on the 5th year (March 31, 2021) from the date of issuance of the bonds and every year on March 31 thereafter, until the year before the redemption date.  |

---

**(6)** **Foreign debt securities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |  |
| **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Issue date** | **Maturity** | **Interest**<br>**rate (%)** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local**<br>**currency** | **Local**<br>**currency** |
|  FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD | &nbsp;&nbsp;&nbsp;&nbsp;278701 | W | 353198 |
|  FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD | &nbsp;&nbsp;&nbsp;&nbsp;314717 |  | 398841 |
|  FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD | &nbsp;&nbsp;&nbsp;&nbsp;286920 |  | 363614 |
|  FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD | &nbsp;&nbsp;&nbsp;&nbsp;100000 |  | 126730 |
|  FY-15 | 2015.06.15 | 2025.06.15 | 3.25 | USD | &nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 380190 |
|  FY-17 | 2017.07.25 | 2027.07.25 | 3.13 | USD | &nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 380190 |
|  FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR | &nbsp;&nbsp;&nbsp;&nbsp;40000 |  | 54048 |
|  FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK | &nbsp;&nbsp;&nbsp;&nbsp;450000 |  | 54527 |
|  FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD | &nbsp;&nbsp;&nbsp;&nbsp;1650000 |  | 268208 |
|  FY-18 | 2018.06.07~2018.07.25 | 2023.06.07~2023.07.25 | 3.75~3.88 | USD | &nbsp;&nbsp;&nbsp;&nbsp;1400000 |  | 1774220 |
|  FY-19 | 2019.02.27 | 2024.02.27 | 0.13 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;200000 |  | 274574 |
|  FY-19 | 2019.06.24 | 2024.06.24 | 2.50 | USD | &nbsp;&nbsp;&nbsp;&nbsp;500000 |  | 633650 |
|  FY-19 | 2019.07.19 | 2024.07.19~2027.07.19 | 0.00~0.05 | CHF | &nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 411861 |
|  FY-19 | 2019.10.30 | 2024.10.30 | 3M BBSW+0.97 | AUD | &nbsp;&nbsp;&nbsp;&nbsp;300000 |  | 257523 |
|  FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD | &nbsp;&nbsp;&nbsp;&nbsp;360899 |  | 457368 |
|  FY-20 | 2020.02.03 | 2025.02.03 | 2.13 | USD | 300000 |  | 380190 |
|  FY-20 | 2020.05.06 | 2025.05.06 | 1.75 | USD | 500000 |  | 633650 |
|  FY-20 | 2020.06.15 | 2025.06.15 | 1.13 | USD | 500000 |  | 633650 |
|  FY-20 | 2020.08.03 | 2026.02.03 | 1.00 | USD | 300000 |  | 380190 |
|  FY-21 | 2021.01.27 | 2026.01.27 | 0.75 | USD | 450000 |  | 570285 |
|  FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD | 500000 |  | 633650 |
|  FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD | 300000 |  | 380190 |
|  FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD | 300000 |  | 380190 |
|  FY-22 | 2022.04.21 | 2027.04.21 | 3.63 | USD | 300000 |  | 380190 |
|  FY-22 | 2022.05.06 | 2025.05.06 | 3.60 | USD | 500000 |  | 633650 |
|  FY-22 | 2022.06.14 | 2025.06.14~2027.06.14 | 3.63~4.00 | USD | 800000 |  | 1013840 |
|  FY-22 | 2022.06.28 | 2025.06.28 | 4.13 | USD | 300000 |  | 380190 |
|  FY-22 | 2022.07.27 | 2027.07.27 | 4.25 | USD | 700000 |  | 887110 |
|  FY-22 | 2022.10.06 | 2026.04.06~2028.04.06 | 5.38~5.50 | USD | 800000 |  | 1013840 |
|  FY-22 | 2022.10.06~2022.11.01 | 2032.10.06 | 5.16 | HKD | 2350000 |  | 381992 |
|  |  |  |  |  |  |  | 14871549 |
|  Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities |  | (124865) |
|  Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities |  | 663 |
|  Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities |  | (1803776) |
|  Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities |  | 1902 |
|  |  |  |  |  |  | W | 12945473 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**23.** **Borrowings and Debt Securities, Continued** 

**(6)** **Foreign debt securities as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Foreign**<br>**currency** | **Foreign**<br>**currency** | **Local currency** | **Local currency** |
| FY-96 | 1996.04.01~1996.12.06 | 2026.12.01~2096.04.01 | 6.00~7.95 | USD | 278701 | W | 330400 |
| FY-97 | 1997.01.31~1997.08.04 | 2027.02.01~2027.08.01 | 6.75~7.00 | USD | 314717 |  | 373097 |
| FY-04 | 2004.04.23 | 2034.04.23 | 5.13 | USD | 286920 |  | 340144 |
| FY-12 | 2012.09.19 | 2022.09.19 | 3.00 | USD | 750000 |  | 889125 |
| FY-14 | 2014.07.30 | 2029.07.30 | 3.57 | USD | 100000 |  | 118550 |
| FY-15 | 2015.06.15 | 2025.06.15 | 3.25 | USD | 300000 |  | 355650 |
| FY-17 | 2017.06.19~2017.07.25 | 2022.06.19~2027.07.25 | 2.63~3.13 | USD | 800000 |  | 948400 |
| FY-17 | 2017.10.30 | 2037.10.30 | 1.70 | EUR | 40000 |  | 53694 |
| FY-17 | 2017.11.16 | 2037.11.16 | 2.36 | SEK | 450000 |  | 58968 |
| FY-18 | 2018.03.13 | 2028.03.13 | 3.35 | HKD | 1650000 |  | 250850 |
| FY-18 | 2018.06.07~2018.07.25 | 2023.06.07~2023.07.25 | 3.75~3.88 | USD | 1400000 |  | 1659700 |
| FY-19 | 2019.01.22~2019.06.24 | 2022.01.22~2024.06.24 | 2.50~3.38 | USD | 800000 |  | 948400 |
| FY-19 | 2019.02.27 | 2024.02.27 | 0.13 | CHF | 200000 |  | 259494 |
| FY-19 | 2019.07.19 | 2024.07.19~2027.07.19 | 0.00~0.05 | CHF | 300000 |  | 389241 |
| FY-19 | 2019.07.22 | 2022.07.22 | 2.38 | USD | 300000 |  | 355650 |
| FY-19 | 2019.10.30 | 2024.10.30 | 3M BBSW+0.97 | AUD | 300000 |  | 257667 |
| FY-19 | 2019.12.19 | 2037.12.31 | 3.30~5.70 | USD | 371947 |  | 440943 |
| FY-20 | 2020.02.03 | 2025.02.03 | 2.13 | USD | 300000 |  | 355650 |
| FY-20 | 2020.05.06 | 2025.05.06 | 1.75 | USD | 500000 |  | 592750 |
| FY-20 | 2020.06.15 | 2025.06.15 | 1.13 | USD | 500000 |  | 592750 |
| FY-20 | 2020.08.03 | 2026.02.03 | 0.61 | USD | 300000 |  | 355650 |
| FY-21 | 2021.01.27 | 2026.01.27 | 0.75 | USD | 450000 |  | 533475 |
| FY-21 | 2021.04.27 | 2026.04.27 | 1.25 | USD | 500000 |  | 592750 |
| FY-21 | 2021.08.09 | 2026.08.09 | 1.25 | USD | 300000 |  | 355650 |
| FY-21 | 2021.09.24 | 2026.09.24 | 1.13 | USD | 300000 |  | 355650 |
|  |  |  |  |  |  |  | 11764298 |
|  Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities | Less: Discount on foreign debt securities |  | (105407) |
|  Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities | Add: Premium on foreign debt securities |  | 1031 |
|  Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities | Less: Current portion of foreign debt securities |  | (2220339) |
|  Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities | Add: Current portion of discount on foreign debt securities |  | 2860 |
|  |  |  |  |  |  | W | 9442443 |

---

**(7)** **Changes in borrowings and debt securities for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 80529513 | 69724581 |
|  Cash flow |  | 39193816 | 9653394 |
|  Effect of exchange rate fluctuations |  | 906877 | 1001493 |
|  Others |  | (24841) | 150045 |
|  Ending balance | W | 120605365 | 80529513 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**24.** **Lease** 

**1)** **Group as a lessee** 

**(1)** **Lease contracts** 

The Group applies the short-term leases recognition exemption to its lease contracts that have a lease term of 12 months or less from the commencement date, and recognized W235,473 million and W199,490 million respectively, as expense for the years ended December 31, 2022 and 2021. The Group also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W3,147 million and W2,349 million respectively, as expense for the years ended December 31, 2022 and 2021. The Group has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

**(2)** **Right-of-use assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Accumulated**<br>**depreciation** | **Book**<br>**value** |
|  Land | W | 886076 | (224277) | 661799 |
|  Buildings |  | 135290 | (60434) | 74856 |
|  Structures |  | 30879 | (6914) | 23965 |
|  Machinery |  | 1737 | (902) | 835 |
|  Ships |  | 4151460 | (1554597) | 2596863 |
|  Vehicles |  | 35712 | (20996) | 14716 |
|  Others (\*) |  | 751570 | (413479) | 338091 |
|  | W | 5992724 | (2281599) | 3711125 |

---

(\*) Including a power purchase agreement ("PPA") with CGN Yulchon Generation Co., Ltd.

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** |
|  | **Acquisition<br>cost** | **Acquisition<br>cost** | **Accumulated**<br>**depreciation** | **Book**<br>**value** |
|  Land | W | 814795 | (162000) | 652795 |
|  Buildings |  | 106823 | (43939) | 62884 |
|  Structures |  | 26374 | (5226) | 21148 |
|  Machinery |  | 1308 | (743) | 565 |
|  Ships |  | 4217735 | (1188516) | 3029219 |
|  Vehicles |  | 30375 | (16757) | 13618 |
|  Others (\*) |  | 2650728 | (2371560) | 279168 |
|  | W | 7848138 | (3788741) | 4059397 |

---

(\*) Including a power purchase agreement ("PPA") with CGN Yulchon Generation Co., Ltd.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**24.** **Lease, Continued** 

**(3)** **Changes in right-of-use assets for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 652795 | 63654 | (41260) |  | (13390) | 661799 |
|  Buildings |  | 62884 | 42399 | (30243) | (1042) | 858 | 74856 |
|  Structures |  | 21148 | 4256 | (1758) |  | 319 | 23965 |
|  Machinery |  | 565 | 429 | (159) |  |  | 835 |
|  Ships |  | 3029219 |  | (393677) |  | (38679) | 2596863 |
|  Vehicles |  | 13618 | 13475 | (8673) | (962) | (2742) | 14716 |
|  Others |  | 279168 | 72803 | (33298) | (834) | 20252 | 338091 |
|  | W | 4059397 | 197016 | (509068) | (2838) | (33382) | 3711125 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Depreciation** | **Decrease** | **Others** | **Ending<br>balance** |
|  Land | W | 706579 | 7312 | (57231) |  | (3865) | 652795 |
|  Buildings |  | 47222 | 22336 | (25780) | (1469) | 20575 | 62884 |
|  Structures |  | 20486 | 2198 | (1536) |  |  | 21148 |
|  Machinery |  | 695 |  | (130) |  |  | 565 |
|  Ships |  | 3437363 | 9694 | (411291) |  | (6547) | 3029219 |
|  Vehicles |  | 13525 | 9583 | (8162) | (7) | (1321) | 13618 |
|  Others |  | 316296 | 27090 | (54435) | (10311) | 528 | 279168 |
|  | W | 4542166 | 78213 | (558565) | (11787) | 9370 | 4059397 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**24.** **Lease, Continued** 

**(4)** **Lease liabilities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Less than 1 year | W | 639756 | 620121 |
|  1 ~ 5 years |  | 2047584 | 2158145 |
|  More than 5 years |  | 1925012 | 2150722 |
|  |  | 4612352 | 4928988 |
|  Less: Discount |  | (449209) | (518485) |
|  Present value of lease payment | W | 4163143 | 4410503 |

---

**(5)** **The details of the liquidity classification of lease liabilities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Current lease liabilities | W | 614037 |  | 583558 |
|  Non-current lease liabilities |  | 3549106 |  | 3826945 |
|  | W | 4163143 |  | 4410503 |

---

**(6)** **Changes in lease liabilities for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending<br>balance** |
|  Lease liabilities | W | 4410503 | 109019 | (654236) | 91590 | 206267 | 4163143 |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase** | **Decrease** | **Interest<br>expenses** | **Others (\*)** | **Ending<br>balance** |
|  Lease liabilities | W | 4621096 | 73090 | (665687) | 93651 | 288353 | 4410503 |

---

(\*) Including translation effect of foreign currency lease liabilities and others.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**24.** **Lease, Continued** 

**(7)** **Details of expense relating to lease contracts as lessee for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Depreciation of right-of-use assets | W | 509068 | 558565 |
|  Interest expenses of lease liabilities |  | 91590 | 93651 |
|  Leases expenses for short-term leases |  | 235473 | 199490 |
|  Leases expenses for leases of low-value assets |  | 3147 | 2349 |
|  Variable lease payments |  | 112158 | 54675 |
|  | W | 951436 | 908730 |

---

**(8)** **The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value asset, amounts to** W **1,005,014 million and** W **922,200 million, for the years ended December 31, 2022 and 2021, respectively.** 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**24.** **Lease, Continued** 

**2)** **Group as a lessor** 

**(1)** **Finance lease contracts** 

The Group entered into power purchase agreements ("PPA") with Jordan Electric Power Company to provide a 373MW level Qatrana gas combined power plant over a 25-year lease term, and an 89.1MW level Fujeij wind power plant over a 20-year lease term. In addition, the Group provides 27 energy storage system installation projects and 133 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Group entered into a PPA with the Comission Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.

**(2)** **Profit and loss related to finance lease for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Finance income on the net investment in the lease | W | 122355 |  | 111569 |

---

**(3)** **Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Less than 1 year | W | 181930 | 172528 |
|  1 ~ 2 years |  | 169693 | 163937 |
|  2 ~ 3 years |  | 166787 | 158933 |
|  3 ~ 4 years |  | 166196 | 156450 |
|  4 ~ 5 years |  | 166965 | 155068 |
|  More than 5 years |  | 1527093 | 1588403 |
|  |  | 2378664 | 2395319 |
|  Less: Unearned finance income |  | (1139274) | (1194627) |
|  Net investment in the lease (\*) | W | 1239390 | 1200692 |

---

---

| | |
|:---|:---|
| (\*) | Including the present value of unguaranteed residual value amounting to W22,910 million and W19,574 million, as of December 31, 2022 and 2021, respectively.  |

---

The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 17.08% per year as of December 31, 2022. (prior year : 0.00% ~ 16.83%)

**(4)** **Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 768 | 990 |
|  Bad debt expense |  | 3737 |  |
|  Reversal of allowance of doubtful accounts |  |  | (222) |
|  Ending balance | W | 4505 | 768 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**25.** **Employment Benefits** 

**(1)** **Employment benefit obligations as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Net defined benefit asset | W | 198626 |  | 20871 |
|  Net defined benefit obligations |  | 825927 |  | 1675741 |
|  Other long-term employee benefit obligations |  | 2794 |  | 3417 |

---

**(2)** **Principal assumptions used for actuarial valuation as of December 31, 2022 and 2021 are as follows:** 

---

| | | |
|:---|:---|:---|
|  | **2022** | **2021** |
|  Discount rate | 5.16% ~ 5.19% | 2.51% ~ 2.60% |
|  Future salary and benefit levels | 4.55% | 4.28% |
|  Weighted average duration | 8.84 years | 10.39 years |

---

**(3)** **Details of expense relating to defined benefit plans for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Current service cost | W | 496722 | 524942 |
|  Interest cost |  | 116256 | 91877 |
|  Expected return on plan assets |  | (73484) | (52782) |
|  Past service cost |  | 125 | 5483 |
|  | W | 539619 | 569520 |

---

**Expenses described above are recognized in those items below in the consolidated financial statements.** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Cost of sales | W | 404243 |  | 416287 |
|  Selling and administrative expenses |  | 81457 |  | 95983 |
|  Others (Construction-in-progress and others) |  | 53919 |  | 57250 |
|  | W | 539619 |  | 569520 |

---

In addition, for the years ended December 31, 2022 and 2021, employee benefit obligations expenses of W101,369 million and W71,976 million, respectively, are recognized as cost of sales, and W28,301 million and W 17,144 million, respectively, are recognized as selling and administrative expenses, and W14,827 million and W13,025 million, respectively, are recognized as construction-in-progress and others, relates to the Group's defined contribution plans.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**25.** **Employment Benefits, Continued** 

**(4)** **Details of defined benefit obligations as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Present value of defined benefit obligation from funded plans | W | 3776715 | 4564417 |
|  Fair value of plan assets |  | (3149414) | (2909547) |
|  Net liabilities incurred from defined benefit plans | W | 627301 | 1654870 |

---

**(5)** **Changes in the present value of defined benefit obligations for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 4564417 | 4570614 |
|  Current service cost |  | 496722 | 524942 |
|  Interest cost |  | 116256 | 91877 |
|  Remeasurement component |  | (1012727) | (345755) |
|  Past service cost |  | 125 | 5483 |
|  Actual payments |  | (388105) | (282794) |
|  Others |  | 27 | 50 |
|  Ending balance | W | 3776715 | 4564417 |

---

**(6)** **Changes in the fair value of plan assets for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 2909547 | 2670832 |
|  Expected return |  | 73484 | 52782 |
|  Remeasurement component |  | (11609) | (8457) |
|  Contributions by the employers |  | 347778 | 317707 |
|  Actual payments |  | (169786) | (123317) |
|  Ending balance | W | 3149414 | 2909547 |

---

In addition, gain on accumulated remeasurement component amounting to W614,805 million and gain on accumulated remeasurement component amounting to W98,844 million have been recognized as other comprehensive income or loss for the years ended December 31, 2022 and 2021, respectively.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**25.** **Employment Benefits, Continued** 

**(7)** **Details of the fair value of plan assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Equity instruments | W | 171301 |  | 344002 |
|  Debt instruments |  | 854640 |  | 744167 |
|  Bank deposits |  | 590103 |  | 407809 |
|  Others |  | 1533370 |  | 1413569 |
|  | W | 3149414 |  | 2909547 |

---

For the years ended December 31, 2022 and 2021, actual returns on plan assets amounted to W61,875 million and W44,325 million, respectively.

**(8)** **Remeasurement component recognized in other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Actuarial gain from changes in financial assumptions | W | (967366) | (258194) |
|  Experience adjustments, etc. |  | (45361) | (87561) |
|  Expected return |  | 11609 | 8457 |
|  | W | (1001118) | (337298) |

---

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**26.** **Provisions** 

**(1)** **Provisions as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| *In millions of won* | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Employment benefits |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1045058 |  | 1048939 |  |
|  Litigation |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 26974 | 154205 | 26269 | 88449 |
|  Decommissioning cost |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  |  | 23035427 |  | 19461461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 415890 | 1011028 | 457466 | 893196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 94158 | 1895849 | 137342 | 1695193 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  |  | 88359 |  | 103665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  |  | 32770 |  | 30231 |
|  Others |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 144504 |  | 146588 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 239235 |  | 250288 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 22895 | 44345 | 21032 | 59809 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  | 24339 |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 298876 |  | 655544 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 115122 | 102659 | 102408 | 169420 |
|  | W | 2427051 | 26364642 | 2845876 | 22501424 |

---

**(2)** **Changes in provisions for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending<br>balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1048939 | 997281 | (1001283) |  | 121 | 1045058 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 114718 | 112797 | (39633) | (6360) | (343) | 181179 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 19461461 | 3630830 | (56813) |  | (51) | 23035427 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 1350662 | 493943 | (417687) |  |  | 1426918 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1832535 | 221629 | (64157) |  |  | 1990007 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 103665 | 1949 | (17156) | (99) |  | 88359 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 30231 | 2093 | (165) | (751) | 1362 | 32770 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 146588 | 52470 | (54554) |  |  | 144504 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 250288 | 176424 | (187477) |  |  | 239235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 80841 | 4738 | (17789) |  | (550) | 67240 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  |  | 587586 | (556993) | (6254) |  | 24339 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 655544 | 387299 | (590172) | (33596) | (120199) | 298876 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 271828 | 4447 | (39566) | (19853) | 925 | 217781 |
|  | W | 25347300 | 6673486 | (3043445) | (66913) | (118735) | 28791693 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**26.** **Provisions, Continued** 

**(2)** **Changes in provisions for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Increase in<br>provision** | **Payment** | **Reversal** | **Others** | **Ending<br>balance** |
|  Employment benefits |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for employment benefits | W | 1024574 | 1048569 | (1024212) |  | 8 | 1048939 |
|  Litigation |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Litigation provisions |  | 113002 | 67443 | (44446) | (15763) | (5518) | 114718 |
|  Decommissioning cost |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nuclear plants |  | 16974884 | 2545803 | (59226) |  |  | 19461461 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Spent fuel |  | 1354001 | 452063 | (455402) |  |  | 1350662 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Radioactive waste |  | 1891613 | 3862 | (51666) | (11274) |  | 1832535 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PCBs |  | 119019 | 2182 | (17408) | (128) |  | 103665 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other recovery provisions |  | 25840 | 553 | (169) |  | 4007 | 30231 |
|  Others |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Power plant regional support program |  | 144272 | 49596 | (47280) |  |  | 146588 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Transmission regional support program |  | 96895 | 306409 | (153016) |  |  | 250288 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for financial guarantee |  | 66354 | 85355 | (72109) |  | 1241 | 80841 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for RPS |  | 9126 | 445402 | (430344) | (24184) |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions for greenhouse gas emissions obligations |  | 393121 | 547911 | (235469) | (2174) | (47845) | 655544 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 314535 | 104416 | (95541) | (40139) | (11443) | 271828 |
|  | W | 22527236 | 5659564 | (2686288) | (93662) | (59550) | 25347300 |

---

**(3)** **Greenhouse gas emissions rights and obligations:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Allowances received free of charge from the government for each planned period as of December 31, 2022 are
as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands of tons(tCO2-eq)* | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** |
|  | **2021** | **2022** | **2023** | **2024** | **2025** | **Total** |
|  Allowances received free of charge from the government | 15085 | 14789 | 14784 | 4928 | 4928 | 54514 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2022 and 2021 are as follows:

---

| | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* | *In ten thousands tons(tCO2-eq), millions of Won* |
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** |
|  | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **Total** | **Total** |
|  | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** |
|  Beginning(\*) | 16433 | 524658 | 14942 | 62735 | 11166 | 8529 | 3671 |  | 3696 | 6873 | 49908 | 602795 |
|  Purchase (Sell) | 1191 | 267433 | 1343 | 272824 | 32 | 6315 | 35 | 7185 |  |  | 2601 | 553757 |
|  Government Submission | (17602) | (580807) | (838) | (173145) |  | 245 |  |  |  |  | (18440) | (753707) |
|  Borrowing (carryforward) | (22) | (3298) | 286 | 45847 | 48 | 12225 | 22 | 5699 |  |  | 334 | 60473 |
|  Others |  | (207986) |  | (16256) |  | (8529) |  |  |  | 5419 |  | (227352) |
|  Ending |  |  | 15733 | 192005 | 11246 | 18785 | 3728 | 12884 | 3696 | 12292 | 34403 | 235966 |

---

(\*) Changes such as additional allowances or cancellation of allocations are reflected.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**26.** **Provisions, Continued** 

**(3)** **Greenhouse gas emissions rights and obligations, continued:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Changes in greenhouse gas emissions rights for the years ended December 31, 2022 and 2021 are as follows,
continued:

---

| | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In ten thousands of tons(tCO2-eq) and millions of won* | *In ten thousands of tons(tCO2-eq) and millions of won* | *In ten thousands of tons(tCO2-eq) and millions of won* | *In ten thousands of tons(tCO2-eq) and millions of won* |  |  |  |  |  |  |  |  |  |  |  |
|  | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **2nd planned period** | **2nd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** | **3rd planned period** |
|  | **2020** | **2020** | **2021** | **2021** | **2022** | **2022** | **2023** | **2023** | **2024** | **2024** | **2025** | **2025** | **Total** | **Total** |
|  | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** | **Quantity** | **Amount** |
|  Beginning | 17905 | 357355 | 16051 | 38338 | 15782 |  | 15782 |  | 5261 |  | 5261 |  | 58137 | 38338 |
|  Purchase (sell) | 433 | 95375 | 1426 | 410099 | (31) | 7296 | (43) | 5479 | (75) |  | (50) | 6873 | 1227 | 429747 |
|  Government submission | (17560) | (280924) |  |  |  |  |  |  |  |  |  |  |  |  |
|  Borrowing (carryforward) | (539) | (113014) | 352 | 76221 | 277 | 55439 | 10 | 3050 |  |  |  |  | 639 | 134710 |
|  Others | (239) | (58792) |  |  |  |  |  |  |  |  |  |  |  |  |
|  Ending |  |  | 17829 | 524658 | 16028 | 62735 | 15749 | 8529 | 5186 |  | 5211 | 6873 | 60003 | 602795 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) The Group does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group does not hold any greenhouse gas emissions rights prepared for generating a profit from short-term
fluctuations in price as of December 31, 2022.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Estimated greenhouse gas emission of the Group for the year ended December 31, 2022 is 13,167 ten thousand
tons.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**27.** **Government Grants** 

**(1)** **Government grants as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Land | W | (27405) | (23474) |
|  Buildings |  | (50437) | (52122) |
|  Structures |  | (165608) | (172021) |
|  Machinery |  | (127126) | (140082) |
|  Vehicles |  | (2045) | (1675) |
|  Equipment |  | (6608) | (149) |
|  Tools |  | (99) | (64) |
|  Construction-in-progress |  | (135926) | (111822) |
|  Investment properties |  | (21) | (30) |
|  Software |  | (174) | (91) |
|  Development expenditures |  | (3477) | (3820) |
|  Intangible assets under development |  | (2108) | (7326) |
|  Other intangible assets |  | (67) | (71) |
|  | W | (521101) | (512747) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**27.** **Government Grants, Continued** 

**(2)** **Changes in government grants for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Others** | **Ending<br>balance** |
|  Cash | W |  | (50755) |  |  |  | 50755 |  |
|  Land |  | (23474) |  |  |  | 1 | (3932) | (27405) |
|  Buildings |  | (52122) |  |  | 5360 |  | (3675) | (50437) |
|  Structures |  | (172021) |  |  | 9568 | 1250 | (4405) | (165608) |
|  Machinery |  | (140082) |  |  | 17283 | 405 | (4732) | (127126) |
|  Vehicles |  | (1675) |  |  | 663 |  | (1033) | (2045) |
|  Equipment |  | (149) |  |  | 494 |  | (6953) | (6608) |
|  Tools |  | (64) |  |  | 32 |  | (67) | (99) |
|  Construction-in-progress |  | (111822) |  | 23155 |  | 17 | (47276) | (135926) |
|  Investment properties |  | (30) |  |  | 1 |  | 8 | (21) |
|  Software |  | (91) |  |  | 60 |  | (143) | (174) |
|  Development expenditures |  | (3820) |  |  | 1466 |  | (1123) | (3477) |
|  Intangible assets under development |  | (7326) |  |  |  |  | 5218 | (2108) |
|  Other intangible assets |  | (71) |  |  | 4 |  |  | (67) |
|  | W | (512747) | (50755) | 23155 | 34931 | 1673 | (17358) | (521101) |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Receipt** | **Acquisition** | **Offset the<br>items of<br>depreciation<br>expense and<br>others** | **Disposal** | **Others** | **Ending<br>balance** |
|  Cash | W |  | (37920) |  |  |  | 37920 |  |
|  Land |  | (23475) |  |  |  | 1 |  | (23474) |
|  Buildings |  | (57231) |  |  | 5174 |  | (65) | (52122) |
|  Structures |  | (180009) |  |  | 9517 | 1811 | (3340) | (172021) |
|  Machinery |  | (157785) |  |  | 17519 | 531 | (347) | (140082) |
|  Vehicles |  | (632) |  | (26) | 460 |  | (1477) | (1675) |
|  Equipment |  | (227) |  |  | 95 |  | (17) | (149) |
|  Tools |  | (239) |  |  | 209 |  | (34) | (64) |
|  Construction-in-progress |  | (79126) |  | 5027 |  |  | (37723) | (111822) |
|  Investment properties |  | (29) |  |  | 1 |  | (2) | (30) |
|  Software |  | (136) |  |  | 64 |  | (19) | (91) |
|  Development expenditures |  | (5043) |  |  | 1439 |  | (216) | (3820) |
|  Intangible assets under development |  | (7203) |  |  |  |  | (123) | (7326) |
|  Other intangible assets |  | (75) |  |  | 4 |  |  | (71) |
|  | W | (511210) | (37920) | 5001 | 34482 | 2343 | (5443) | (512747) |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**27.** **Government Grants, Continued** 

**(3)** **Changes in government grants for specific business projects for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of Won* | *In millions of Won* | *In millions of Won* | *In millions of Won* |  |  | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  |  |  |  |  |  | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** | **Decrease** | **Decrease** | **Decrease** | **Decrease** | **Decrease** | **Decrease** |  |  |
|  |  |  |  |  |  | **Received** | **Received** | **Received** | **Interests** | **Interests** | **Interests** | **Used** | **Used** | **Used** | **Return** | **Return** | **Return** |  |  |
| **Department** | **Business**<br>**Name** | **Description** | **Period** | **Budget** | **Beginning**<br>**Balance** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Others** | **Ending<br>Balance** |
|  Ministry of Trade, Industry and Energy | Temporary<br>electricity<br>bill<br>support for<br>small<br>business<br>owners | Temporary<br>electricity<br>bill<br>support for<br>small<br>business<br>owners | 2021.04.01<br> ~<br> 2022.06.30 | 211235 | 17735 |  |  | 71685 |  |  |  |  |  | (88300) |  |  |  |  | 1120 |

---

---

| | | | | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of Won* | *In millions of Won* | *In millions of Won* | *In millions of Won* |  |  | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  |  |  |  |  |  | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** | **Increase** | **Decrease** | **Decrease** | **Decrease** | **Decrease** | **Decrease** | **Decrease** |  |  |
|  |  |  |  |  |  | **Received** | **Received** | **Received** | **Interests** | **Interests** | **Interests** | **Used** | **Used** | **Used** | **Return** | **Return** | **Return** |  |  |
| **Department** | **Business**<br>**Name** | **Description** | **Period** | **Budget** | **Beginning<br>Balance** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Self-<br>Payment** | **Local<br>Government** | **Subsidies** | **Others** | **Ending<br>Balance** |
|  Ministry of Trade, Industry and Energy | Temporary<br>electricity<br>bill<br>support for<br>small<br>business<br>owners | Temporary<br>electricity<br>bill<br>support for<br>small<br>business<br>owners | 2021.04.01<br>~<br>2022.06.30 | 211235 | 748 |  |  | 139550 |  |  |  |  |  | (122563) |  |  |  |  | 17735 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**28.** **Deferred Revenue** 

**Deferred revenue for the years ended December 31, 2022 and 2021 are as follows which are included in current and non-current non-financial liabilities in the consolidated statements of financial position:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 10356555 | 9868189 |
|  Increase |  | 1330129 | 1149578 |
|  Recognized as revenue |  | (711839) | (661212) |
|  Ending balance | W | 10974845 | 10356555 |

---

**29.** **Non-financial Liabilities** 

**Non-financial liabilities as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
|  | **Current** | **Current** | **Non-current** | **Current** | **Non-current** |
|  Advance received | W | 4544206 | 284618 | 4157916 | 398056 |
|  Unearned revenue |  | 86584 | 7200 | 40187 | 6517 |
|  Deferred revenue |  | 702430 | 10272415 | 659397 | 9697158 |
|  Withholdings |  | 207217 | 2408 | 345892 | 5171 |
|  Others |  | 1433940 | 96020 | 1262941 | 109462 |
|  | W | 6974377 | 10662661 | 6466333 | 10216364 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**30.** **Contributed Capital** 

**(1)** **Details of share capital as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Shares**<br>**authorized** | **Shares issued** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* | *In millions of won except share information* |
|  | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Shares**<br>**authorized** | **Shares issued** | **Par value**<br>**per share**<br>**(in won)** | **Par value**<br>**per share**<br>**(in won)** | **Owned by<br>government (\*)** | **Owned by<br>others** | **Total** |
|  Common shares | 1200000000 | 641964077 | W | 5000 | 1640385 | 1569435 | 3209820 |

---

(\*) Korea Development Bank's interest of W1,056,176 million is included.

**(2)** **Details in number of floating capital stock for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *Number of shares* | **2022** | **2022** | **2021** | **2021** |
|  Beginning balance |  | 641964077 |  | 641964077 |
|  Ending balance |  | 641964077 |  | 641964077 |

---

**(3)** **Details of share premium as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Share premium | W | 843758 |  | 843758 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**31.** **Retained Earnings and Dividends Paid** 

**(1)** **Details of retained earnings (deficit) as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Legal reserve (\*) | W | 1604910 | 1604910 |
|  Voluntary reserves |  | 27782969 | 33282817 |
|  Retained earnings (deficit) before appropriations |  | (7956579) | 10370517 |
|  Retained earnings | W | 21431300 | 45258244 |

---

---

| | |
|:---|:---|
| (\*) | The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO's common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.  |

---

**(2)** **Details of voluntary reserves as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Reserve for investment on social overhead capital | W | 5277449 | 5277449 |
|  Reserve for research and human development (\*) |  | 330000 | 330000 |
|  Reserve for business expansion |  | 21965520 | 27465368 |
|  Reserve for equalizing dividends |  | 210000 | 210000 |
|  | W | 27782969 | 33282817 |

---

(\*) The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.

**(3)** **Changes in retained earnings for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 45258244 | 51134330 |
|  Loss for the year attributed to owners of the controlling company |  | (24466853) | (5304522) |
|  Changes in equity method retained earnings |  | 12305 | 3609 |
|  Remeasurements of defined benefit liability, net of tax |  | 626769 | 201067 |
|  Transfer of gain or loss on valuation of financial assets at FVOCI |  |  | 4388 |
|  Dividends paid |  |  | (780628) |
|  Issuance of shares of capital by subsidiaries and others |  | 835 |  |
|  Ending balance | W | 21431300 | 45258244 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**31.** **Retained Earnings and Dividends Paid, Continued** 

**(4)** **Dividends paid for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Number of**<br>**shares issued** | **Number of**<br>**treasury<br>stocks** | **Number of**<br>**shares eligible for**<br>**dividends** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Number of**<br>**shares issued** | **Number of**<br>**treasury<br>stocks** | **Number of**<br>**shares eligible for**<br>**dividends** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends paid**<br>**per share**<br>**(in won)** | **Dividends**<br>**paid** |
|  Common shares | 641964077 |  | 641964077 | W | 1216 | 780628 |

---

**(5)** **Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Beginning balance | W | 3970 |  | 361 |
|  Changes |  | 12305 |  | 3609 |
|  Ending balance | W | 16275 |  | 3970 |

---

**(6)** **Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Beginning balance | W | 98844 | (169234) |
|  Changes |  | 964791 | 327957 |
|  Income tax effect |  | (338022) | (126890) |
|  Transfer to reserve for business expansion |  | (110808) | 67011 |
|  Ending balance | W | 614805 | 98844 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**32.** **Statement of Disposition of Deficit** 

For the year ended December 31, 2021, KEPCO's deficit was disposed on March 29, 2022. For the year ended December 31, 2022, KEPCO's deficits are expected to be disposed on March 28, 2023. Statements of disposition of deficit of KEPCO, the controlling company, for the years ended December 31, 2022 and 2021, respectively, are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won except for dividends per share* | **2022** | **2022** | **2021** |
| I. Deficit before disposition |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Undisposed deficit carried over from prior years | W |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net loss |  | (25297713) | (5607732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of the defined benefit plan |  | 327056 | 107884 |
|  |  | (24970657) | (5499848) |
| II. Transfer from voluntary reserves |  | 24970657 | 5499848 |
| III. Subtotal (I+II) |  |  |  |
| IV. Disposition of deficit |  |  |  |
| V. Undisposed deficit to be carried over forward to subsequent year |  |  |  |

---

**33.** **Hybrid Bonds** 

**Hybrid bonds classified as equity (non-controlling interests) as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  |  |  |  |  |  |  |
| **Issuer** | **Hybrid bond** | **Issued date** | **Maturity** | **Yield (%)** | **2022** | **2022** | **2021** |
|  Korea South-East Power Co., Ltd. (\*1) | 1st hybrid bond | 2012.12.07 | 2042.12.06 | 4.38 | W |  | 170000 |
|  Korea South-East Power Co., Ltd. (\*2) | 2nd hybrid bond | 2012.12.07 | 2042.12.06 | 4.44 |  | 230000 | 230000 |
|  Expense of issuance |  |  |  |  |  | (627) | (1090) |
|  |  |  |  |  | W | 229373 | 398910 |

---

(\*1) The call option was exercised for the 1st hybrid bond during the current period.

---

| | |
|:---|:---|
| (\*2) | Bondholders may not require prepayment in any case, and the Group has a call option to repay all of these bonds on or after 12 years from the date of issuance of the bonds, or on each interest payment date henceforth. In addition, there is a step-up clause from the date of the initial call option exercise. Although these instruments have contractual maturity dates, the contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Group decides not to pay dividends on common shares, they are not required to pay interest on the hybrid bonds.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**34.** **Other Components of Equity** 

**(1)** **Other components of equity as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Other capital surplus | W | 1268569 | 1231109 |
|  Accumulated other comprehensive income (loss) |  | 496976 | (57632) |
|  Other equity |  | 13294973 | 13294973 |
|  | W | 15060518 | 14468450 |

---

**(2)** **Changes in other capital surplus for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
| *In millions of won* | **Gains on<br>disposal of<br>treasury<br>stocks** | **Gains on<br>disposal of<br>treasury<br>stocks** | **Others** | **Subtotal** | **Gains on**<br>**disposal of**<br>**treasury**<br>**stocks** | **Others** | **Subtotal** |
|  Beginning balance | W | 387524 | 843585 | 1231109 | 387524 | 836581 | 1224105 |
|  Changes in consolidation scope |  |  | (597) | (597) |  | 43 | 43 |
|  Issuance of share capital of subsidiary and others |  |  | 39641 | 39641 |  | (491) | (491) |
|  Transactions between consolidated entities |  |  | (1584) | (1584) |  | 7452 | 7452 |
|  Ending balance | W | 387524 | 881045 | 1268569 | 387524 | 843585 | 1231109 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**34.** **Other Components of Equity, Continued** 

**(3)** **Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Financial assets at<br>fair value through<br>other<br>comprehensive<br>income**<br>**valuation reserve** | **Financial assets at<br>fair value through<br>other<br>comprehensive<br>income**<br>**valuation reserve** | **Shares in other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve<br>for overseas<br>operations**<br>**translation<br>credit** | **Reserve for**<br>**gain (loss) on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | (46498) | 311252 | (325170) | 2784 | (57632) |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 58008 |  |  |  | 58008 |
|  Shares in other comprehensive income of associates and joint ventures, net of tax |  |  | 509487 |  |  | 509487 |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | 19550 |  | 19550 |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | (32437) | (32437) |
|  Ending balance | W | 11510 | 820739 | (305620) | (29653) | 496976 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Financial assets at<br>fair value through<br>other<br>comprehensive<br>income**<br>**valuation reserve** | **Financial assets at<br>fair value through<br>other<br>comprehensive<br>income**<br>**valuation reserve** | **Shares in other<br>comprehensive**<br>**income of**<br>**investments in**<br>**associates and joint<br>ventures** | **Reserve<br>for overseas<br>operations**<br>**translation<br>credit** | **Reserve for**<br>**gain (loss) on<br>valuation of**<br>**derivatives** | **Total** |
|  Beginning balance | W | (101132) | 10091 | (340930) | 22394 | (409577) |
|  Changes in the unrealized fair value of financial assets at FVOCI, net of tax |  | 59022 |  |  |  | 59022 |
|  Shares in other comprehensive income of associates and joint ventures, net of tax |  |  | 301161 |  |  | 301161 |
|  Foreign currency translation of foreign operations, net of tax |  |  |  | 15760 |  | 15760 |
|  Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  |  |  |  | (19610) | (19610) |
|  Others |  | (4388) |  |  |  | (4388) |
|  Ending balance | W | (46498) | 311252 | (325170) | 2784 | (57632) |

---

**(4)** **Other equity as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Statutory revaluation reserve | W | 13295098 | 13295098 |
|  Changes in other equity |  | (125) | (125) |
|  | W | 13294973 | 13294973 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**35.** **Sales** 

**Details of sales for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** |
|  | **Domestic** | **Domestic** | **Overseas** | **Total** | **Domestic** | **Overseas** | **Total** |
|  **[Type of goods and services]** | **[Type of goods and services]** | **[Type of goods and services]** | **[Type of goods and services]** |  |  |  |  |
|  Sales of goods | W | 68578390 | 606079 | 69184469 | 58359774 | 441203 | 58800977 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Electricity |  | 66198964 |  | 66198964 | 57308555 |  | 57308555 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Heat supply |  | 489629 |  | 489629 | 232738 |  | 232738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1889797 | 606079 | 2495876 | 818481 | 441203 | 1259684 |
|  Sales related to rendering of services |  | 370799 | 343803 | 714602 | 252216 | 204184 | 456400 |
|  Sales related to construction services |  | 193541 | 453412 | 646953 | 159262 | 595736 | 754998 |
|  Revenue related to transfer of assets from customers |  | 711839 |  | 711839 | 661212 |  | 661212 |
|  | W | 69854569 | 1403294 | 71257863 | 59432464 | 1241123 | 60673587 |
|  **[Timing of revenue recognition]** |  |  |  |  |  |  |  |
|  Performance obligations satisfied at a point in time | W | 68578390 | 606079 | 69184469 | 58359774 | 441203 | 58800977 |
|  Performance obligations satisfied over time |  | 1276179 | 797215 | 2073394 | 1072690 | 799920 | 1872610 |
|  | W | 69854569 | 1403294 | 71257863 | 59432464 | 1241123 | 60673587 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**36.** **Selling and Administrative Expenses** 

**(1)** **Selling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Salaries | W | 1142360 | 1121188 |
|  Retirement benefit expense |  | 109758 | 113127 |
|  Welfare and benefit expense |  | 155781 | 155558 |
|  Insurance expense |  | 20835 | 17909 |
|  Depreciation |  | 244676 | 219427 |
|  Amortization of intangible assets |  | 85661 | 91428 |
|  Bad debt expense |  | 23634 | 17968 |
|  Commission |  | 420390 | 410287 |
|  Advertising expense |  | 33739 | 29230 |
|  Training expense |  | 7327 | 4923 |
|  Vehicle maintenance expense |  | 10749 | 8849 |
|  Publishing expense |  | 3732 | 3568 |
|  Business development expense |  | 3198 | 3522 |
|  Rent expense |  | 47680 | 43650 |
|  Telecommunication expense |  | 7945 | 8569 |
|  Transportation expense |  | 1012 | 870 |
|  Taxes and dues |  | 122177 | 93446 |
|  Expendable supplies expense |  | 9617 | 9052 |
|  Water, light and heating expense |  | 17950 | 12351 |
|  Repairs and maintenance expense |  | 152449 | 123134 |
|  Ordinary development expense |  | 213932 | 213936 |
|  Travel expense |  | 16062 | 11099 |
|  Clothing expense |  | 13044 | 10540 |
|  Survey and analysis expense |  | 1126 | 889 |
|  Membership fee |  | 1469 | 1331 |
|  Others |  | 143119 | 149945 |
|  | W | 3009422 | 2875796 |

---

**(2)** **Other selling and administrative expenses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Accommodation development expenses | W | 56038 | 57815 |
|  Miscellaneous wages |  | 31910 | 47221 |
|  Litigation and filing expenses |  | 14876 | 16383 |
|  Compensation for damages |  | 3116 | 3303 |
|  Outsourcing expenses |  | 3635 | 3799 |
|  Reward expenses |  | 2740 | 3006 |
|  Overseas market development expenses |  | 1376 | 1192 |
|  Others |  | 29428 | 17226 |
|  | W | 143119 | 149945 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**37.** **Other Income and Expenses** 

**(1)** **Other income for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Reversal of other provisions | W | 15265 | 15548 |
|  Reversal of other allowance for bad debt |  | 37 | 98 |
|  Gains on government grants |  | 301 | 458 |
|  Gains on assets contributed |  | 1953 | 9347 |
|  Gains on liabilities exempted |  | 1181 | 1830 |
|  Compensation and reparations revenue |  | 89638 | 104826 |
|  Revenue from foundation fund |  | 3 | 1 |
|  Revenue from research contracts |  | 8191 | 5996 |
|  Rental income |  | 208064 | 204123 |
|  Others |  | 59017 | 30694 |
|  | W | 383650 | 372921 |

---

**(2)** **Details of "others" of other income for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Refund of claim for rectification | W | 701 | 7274 |
|  Adjustment of research project |  |  | 7638 |
|  Maintenance expenses on lease building |  | 125 | 160 |
|  Training expenses |  | 1684 | 1739 |
|  Deposit redemption |  | 12 | 378 |
|  Reversal of expenses on litigation |  | 1920 | 991 |
|  Revenue on royalty fee |  | 455 | 173 |
|  Reimbursement of insurance fee |  |  | 1 |
|  Gains on guarantee contracts |  | 22 | 27 |
|  Others |  | 54098 | 12313 |
|  | W | 59017 | 30694 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**37.** **Other Income and Expenses, Continued** 

**(3)** **Other expenses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Compensation and indemnification expense | W | 36 | 663 |
|  Accretion expenses of other provisions |  | 1138 | 2711 |
|  Depreciation expenses on investment properties |  | 486 | 1386 |
|  Depreciation expenses on idle assets |  | 3635 | 3621 |
|  Other bad debt expense |  | 6400 | 49372 |
|  Donations |  | 131037 | 152456 |
|  Others |  | 69418 | 47723 |
|  | W | 212150 | 257932 |

---

**(4)** **Details of "others" of other expense for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Operating expenses related to the idle assets | W | 1683 | 44 |
|  Research grants |  | 562 | 109 |
|  Supporting expenses on farming and fishing village |  | 11272 | 17065 |
|  Operating expenses on fitness center |  | 8370 | 6948 |
|  Expenses on adjustment of research and development grants |  | 260 | 2241 |
|  Taxes and dues |  | 31985 | 119 |
|  Expenses on R&D supporting |  | 48 | 861 |
|  Others |  | 15238 | 20336 |
|  | W | 69418 | 47723 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**38.** **Other Gains (Losses)** 

**(1)** **Composition of other gains (losses) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment | W | 148667 | 56284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of intangible assets |  | 41 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on property, plant and equipment |  | 134735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment loss on intangible assets |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 36097 | 20598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 235221 | 48671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 43497 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 294091 | 250174 |
|  Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (100066) | (92622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  | (116) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of property, plant and equipment |  | (37311) | (4056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of intangible assets |  | (164) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loss on impairment of other non-current assets |  |  | (16035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (14738) | (4732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (299117) | (67990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (197715) | (181787) |
|  | W | 243122 | 8519 |

---

**(2)** **Details of "others" of other gains for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Gains on disposal of inventories | W | 11091 | 4446 |
|  Gains on proxy collection of TV license fee |  | 42286 | 42271 |
|  Gains on compensation of impaired electric poles |  | 768 | 812 |
|  Gains on harbor facilities dues |  | 4198 | 3281 |
|  Gains on technical fees |  | 2972 | 3968 |
|  Reversal of occupation development training fees |  | 525 | 229 |
|  Gains on disposal of waste |  | 7749 | 4272 |
|  Gains on insurance |  |  | 690 |
|  Gains on tax rebate |  | 548 | 685 |
|  Gains on other commission |  | 2097 | 1822 |
|  Gains on disposal of greenhouse gas emissions rights |  |  | 8739 |
|  Gains on disposal of assets held-for-sale |  | 236 | 160 |
|  Others |  | 221621 | 178799 |
|  | W | 294091 | 250174 |

---

**(3)** **Details of "others" of other losses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Losses on valuation of inventories | W | 14528 | 7761 |
|  Losses on disposal of inventories |  | 8324 | 8874 |
|  Losses due to disaster |  | 5068 | 6238 |
|  Losses on rounding adjustment of electric charge surtax |  | 1317 | 1283 |
|  Loss on disposal of greenhouse gas emissions rights |  |  | 11282 |
|  Others |  | 168478 | 146349 |
|  | W | 197715 | 181787 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**39.** **Finance Income** 

**(1)** **Finance income for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Interest income | W | 340753 | 221874 |
|  Dividends income |  | 28875 | 10522 |
|  Gains on disposal of financial assets |  | 11199 | 7718 |
|  Gains on valuation of financial assets at fair value through profit or loss |  | 7099 | 14338 |
|  Gains on valuation of derivatives |  | 595256 | 860011 |
|  Gains on transaction of derivatives |  | 429847 | 124900 |
|  Gains on foreign currency translation |  | 389361 | 146349 |
|  Gains on foreign currency transactions |  | 29997 | 15618 |
|  Other finance income |  | 925 | 1284 |
|  | W | 1833312 | 1402614 |

---

**(2)** **Interest income included in finance income for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Cash and cash equivalents | W | 51872 | 12692 |
|  Financial assets at fair value through profit or loss |  | 58540 | 18415 |
|  Financial assets at amortized cost |  | 1308 | 797 |
|  Loans |  | 33545 | 25196 |
|  Short-term financial instrument |  | 15827 | 7531 |
|  Long-term financial instrument |  | 14371 | 12470 |
|  Other financial assets |  | 637 | 230 |
|  Trade and other receivables |  | 164653 | 144543 |
|  | W | 340753 | 221874 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**40.** **Finance Expenses** 

**(1)** **Finance expenses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Interest expense | W | 2818546 | 1914457 |
|  Losses on sale of financial assets |  | 1841 | 1045 |
|  Losses on valuation of financial assets at fair value through profit or loss |  | 44329 | 5480 |
|  Losses on valuation of derivatives |  | 371038 | 37017 |
|  Losses on transaction of derivatives |  | 205162 | 40818 |
|  Losses on foreign currency translation |  | 934005 | 1159334 |
|  Losses on foreign currency transactions |  | 346711 | 83558 |
|  Losses on repayment of financial liabilities |  | 15 | 10 |
|  Others |  | 25144 | 4058 |
|  | W | 4746791 | 3245777 |

---

**(2)** **Interest expense included in finance expenses for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Trade and other payables | W | 204078 | 213765 |
|  Short-term borrowings |  | 145201 | 42371 |
|  Long-term borrowings |  | 204037 | 115141 |
|  Debt securities |  | 2388517 | 1728588 |
|  Other financial liabilities |  | 472248 | 384423 |
|  |  | 3414081 | 2484288 |
|  Less: Capitalized borrowing costs |  | (595535) | (569831) |
|  | W | 2818546 | 1914457 |

---

Capitalization rates for the years ended December 31, 2022 and 2021 are 2.25%~3.86% and 2.02%~4.33%, respectively

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**41.** **Income Taxes** 

**(1)** **Income tax expense (benefit) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **Current income tax expense** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of income tax | W | 563681 | 357767 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Adjustment in respect of prior years due to change in estimate |  | 48374 | 153113 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Current income tax directly recognized in equity |  | (350348) | (198714) |
|  |  | 261707 | 312166 |
|  **Deferred tax expense (benefit)** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Generation and realization of temporary differences |  | (564801) | (489411) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reclassified from equity to profit(loss) |  | (4964) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes of unrecognized tax losses, tax credit and temporary differences for prior periods |  | (38708) | (43653) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in deferred tax on tax losses carryforwards |  | (9175755) | (1641823) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit carryforwards |  | 34019 | (12199) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amount due to change in tax rate or regulations |  | 73991 | 18931 |
|  |  | (9676218) | (2168155) |
|  Income tax expense (benefit) | W | (9414511) | (1855989) |

---

**(2)** **Reconciliation between actual income tax expense and amount computed by applying the statutory tax rate to income before income taxes for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | |
|:---|:---|:---|
| *In millions of won* | **2022** | **2021** |
|  Income (loss) before income tax | W |  |
|  Income tax expense (benefit) computed at applicable tax rate |  |  |
|  Adjustments |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of applying gradual tax rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of non-taxable income |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of non-deductible expenses |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of tax losses that are not recognized as deferred tax asset |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effects of tax credits and deduction |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of unrecognized deferred tax asset, net |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Effect of change in deferred tax due to change in tax rate |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deduction of deferred tax assets |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred income tax related to investments in subsidiaries and associates |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others, net |  |  |
|  Adjustment in respect of prior years due to change in estimate |  |  |
|  Income tax expense (benefit) | W |  |

---

(\*) The effective tax rate for the years ended December 31, 2022 and 2021 is not calculated due to income tax benefit.

**(3)** **Income tax directly adjusted to shareholders' equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Dividends of hybrid bond | W | 4149 |  | 4736 |
|  Disposal of subsidiaries |  | 406 |  |  |
|  | W | 4555 |  | 4736 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**41.** **Income Taxes, Continued** 

**(4)** **Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Income tax recognized as other comprehensive income (loss) |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain (loss) on valuation of financial assets at fair value through other comprehensive income | W | (31416) | (9753) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax |  | 40390 | 24220 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement of defined benefit obligations |  | (322489) | (126890) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in associates |  | (66677) | (53672) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 25289 | (37355) |
|  | W | (354903) | (203450) |

---

**(5)** **Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Amounts<br>recognized<br>in profit or<br>loss** | **Amount<br>recognized in<br>other<br>comprehensive<br>income (loss)** | **Amounts**<br>**recognized**<br>**directly**<br>**in equity** | **Ending**<br>**balance** |
|  **Deferred tax on temporary differences** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | W | 558383 | (36341) | (322489) |  | 199553 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedge |  | (49947) | (46188) | 40390 | 405 | (55340) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures |  | (8721320) | 410310 | (66677) |  | (8377687) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | (7430461) | (111177) |  |  | (7541638) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease |  | (415558) | 9919 |  |  | (405639) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | (31481) | 6550 |  |  | (24931) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | 12 | 3445 |  |  | 3457 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income |  | 27381 | 25178 | (31416) |  | 21143 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 186391 | (16411) |  |  | 169980 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | 6494314 | 595030 |  |  | 7089344 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doubtful receivables |  | 801 | 1673 |  |  | 2474 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance liabilities |  | 31410 | (14142) |  | 4150 | 21418 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on foreign exchange translation |  | 91411 | 42905 |  |  | 134316 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts |  | 64264 | (6029) |  |  | 58235 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 10002 | 6612 |  |  | 16614 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special deduction for property, plant and equipment |  | (224127) | 8968 |  |  | (215159) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1445827 | 16456 | 25289 |  | 1487572 |
|  |  | (7962698) | 896758 | (354903) | 4555 | (7416288) |
|  **Deferred tax on unused tax losses and tax credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused tax losses |  | 2559877 | 9102228 |  |  | 11662105 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of donation limit |  | 69185 | 11861 |  |  | 81046 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit |  | 134690 | 15719 |  |  | 150409 |
|  |  | 2763752 | 9129808 |  |  | 11893560 |
|  | W | (5198946) | 10026566 | (354903) | 4555 | 4477272 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**41.** **Income Taxes, Continued** 

**(5)** **Changes in deferred tax assets (liabilities) recognized in the statements of financial position for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Amounts<br>recognized<br>in profit<br>or loss** | **Amount<br>recognized in<br>other<br>comprehensive<br>income (loss)** | **Amounts**<br>**recognized**<br>**directly**<br>**in equity** | **Ending**<br>**balance** |
|  **Deferred tax on temporary differences** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | W | 689787 | (4514) | (126890) |  | 558383 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash flow hedge |  | 15587 | (90217) | 24220 | 463 | (49947) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Investments in subsidiaries, associates and joint ventures |  | (8668015) | 367 | (53672) |  | (8721320) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Property, plant and equipment |  | (7713449) | 282988 |  |  | (7430461) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Finance lease |  | (211420) | (204138) |  |  | (415558) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Intangible assets |  | (31166) | (315) |  |  | (31481) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | 13 | (1) |  |  | 12 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income |  | 37950 | (816) | (9753) |  | 27381 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Deferred revenue |  | 199701 | (13310) |  |  | 186391 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | 5916803 | 577511 |  |  | 6494314 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Doubtful receivables |  |  | 801 |  |  | 801 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other finance liabilities |  | 30399 | (3262) |  | 4273 | 31410 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains or losses on foreign exchange translation |  | (11635) | 103046 |  |  | 91411 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Allowance for doubtful accounts |  | 56129 | 8135 |  |  | 64264 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accrued income |  | 8944 | 1058 |  |  | 10002 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Special deduction for property, plant and equipment |  | (226351) | 2224 |  |  | (224127) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 1505951 | (22769) | (37355) |  | 1445827 |
|  |  | (8400772) | 636788 | (203450) | 4736 | (7962698) |
|  **Deferred tax on unused tax losses and tax credit** |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unused tax losses |  | 893074 | 1666803 |  |  | 2559877 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Excess of donation limit |  | 35181 | 34004 |  |  | 69185 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Tax credit |  | 105416 | 29274 |  |  | 134690 |
|  |  | 1033671 | 1730081 |  |  | 2763752 |
|  | W | (7367101) | 2366869 | (203450) | 4736 | (5198946) |

---

**(6)** **Deferred tax assets (liabilities) recognized in the statements of financial position as of December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Deferred tax assets | W | 10934375 | 1901992 |
|  Deferred tax liabilities |  | (6457103) | (7100938) |
|  | W | 4477272 | (5198946) |

---

**(7)** **Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Deductible temporary differences and others | W | 1381532 |  | 1539980 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**42.** **Assets Held-for-Sale** 

**Assets held-for-sale as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** | **2021** |
|  Land (\*1,2) | W | 31766 |  | 2907 |
|  Buildings (\*1,2) |  | 12981 |  | 12971 |
|  Structures (\*1) |  | 1 |  | 1 |
|  | W | 44748 |  | 15879 |

---

---

| | |
|:---|:---|
| (\*1) | The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Group, made a resolution to sell its old office building in Yongin-si, Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.  |

---

---

| | |
|:---|:---|
| (\*2) | The board of directors of Korea Electric Power Corporation, the controlling company, made a resolution to sell the Uijeongbu substation during the year ended December 31, 2022, and reclassified the buildings and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**43.** **Expenses Classified by Nature** 

**Expenses classified by nature for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** |
|  | **Selling and<br>administrative expenses** | **Selling and<br>administrative expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 34832581 | 34832581 |
|  Salaries |  | 1142360 | 4329099 | 5471459 |
|  Retirement benefit expense |  | 109758 | 505612 | 615370 |
|  Welfare and benefit expense |  | 155781 | 540058 | 695839 |
|  Insurance expense |  | 20835 | 106672 | 127507 |
|  Depreciation |  | 244676 | 12056455 | 12301131 |
|  Amortization of intangible assets |  | 85661 | 70499 | 156160 |
|  Bad debt expense |  | 23634 |  | 23634 |
|  Commission |  | 420390 | 351557 | 771947 |
|  Advertising expense |  | 33739 | 10552 | 44291 |
|  Training expense |  | 7327 | 14813 | 22140 |
|  Vehicle maintenance expense |  | 10749 | 10275 | 21024 |
|  Publishing expense |  | 3732 | 3014 | 6746 |
|  Business promotion expense |  | 3198 | 3340 | 6538 |
|  Rent expense |  | 47680 | 186439 | 234119 |
|  Telecommunication expense |  | 7945 | 9677 | 17622 |
|  Transportation expense |  | 1012 | 113845 | 114857 |
|  Taxes and dues |  | 122177 | 554320 | 676497 |
|  Expendable supplies expense |  | 9617 | 47159 | 56776 |
|  Water, light and heating expense |  | 17950 | 60002 | 77952 |
|  Repairs and maintenance expense |  | 152449 | 2586975 | 2739424 |
|  Ordinary development expense |  | 213932 | 513878 | 727810 |
|  Travel expense |  | 16062 | 78999 | 95061 |
|  Clothing expense |  | 13044 | 8778 | 21822 |
|  Survey and analysis expense |  | 1126 | 4322 | 5448 |
|  Membership fee |  | 1469 | 16912 | 18381 |
|  Power purchase |  |  | 41984858 | 41984858 |
|  Others |  | 143119 | 1902903 | 2046022 |
|  | W | 3009422 | 100903594 | 103913016 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**43.** **Expenses Classified by Nature, Continued** 

**Expenses classified by nature for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** |
|  | **Selling and<br>administrative expenses** | **Selling and<br>administrative expenses** | **Cost of sales** | **Total** |
|  Raw materials used | W |  | 18660477 | 18660477 |
|  Salaries |  | 1121188 | 4276494 | 5397682 |
|  Retirement benefit expense |  | 113127 | 488263 | 601390 |
|  Welfare and benefit expense |  | 155558 | 570440 | 725998 |
|  Insurance expense |  | 17909 | 104544 | 122453 |
|  Depreciation |  | 219427 | 11551897 | 11771324 |
|  Amortization of intangible assets |  | 91428 | 74733 | 166161 |
|  Bad debt expense |  | 17968 |  | 17968 |
|  Commission |  | 410287 | 307272 | 717559 |
|  Advertising expense |  | 29230 | 9552 | 38782 |
|  Training expense |  | 4923 | 13283 | 18206 |
|  Vehicle maintenance expense |  | 8849 | 8152 | 17001 |
|  Publishing expense |  | 3568 | 3310 | 6878 |
|  Business promotion expense |  | 3522 | 3777 | 7299 |
|  Rent expense |  | 43650 | 194234 | 237884 |
|  Telecommunication expense |  | 8569 | 10959 | 19528 |
|  Transportation expense |  | 870 | 53365 | 54235 |
|  Taxes and dues |  | 93446 | 529380 | 622826 |
|  Expendable supplies expense |  | 9052 | 41414 | 50466 |
|  Water, light and heating expense |  | 12351 | 43025 | 55376 |
|  Repairs and maintenance expense |  | 123134 | 2494861 | 2617995 |
|  Ordinary development expense |  | 213936 | 475461 | 689397 |
|  Travel expense |  | 11099 | 67103 | 78202 |
|  Clothing expense |  | 10540 | 7994 | 18534 |
|  Survey and analysis expense |  | 889 | 3992 | 4881 |
|  Membership fee |  | 1331 | 8492 | 9823 |
|  Power purchase |  |  | 21619039 | 21619039 |
|  Others |  | 149945 | 2022777 | 2172722 |
|  | W | 2875796 | 63644290 | 66520086 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**44.** **Loss Per Share** 

**(1)** **Basic loss per share for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In won* |  |  |  |
| **Type** | **2022** | **2022** | **2021** |
|  Basic loss per share | W | (38112) | (8263) |

---

**(2)** **Loss for the years and weighted average number of common shares used in the calculation of basic loss per share for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won except number of shares* |  |  |  |
| **Type** | **2022** | **2022** | **2021** |
|  Loss attributable to controlling interest | W | (24466853) | (5304522) |
|  Loss used in the calculation of total basic earnings per share |  | (24466853) | (5304522) |
|  Weighted average number of common shares |  | 641964077 | 641964077 |

---

**(3)** **Weighted average number of common shares used in the calculation of basic loss per share for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In number of shares* | | | | |
| **Type** | **2022** | **2022** | **2021** | **2021** |
|  The number of common shares issued at beginning of the year |  | 641964077 |  | 641964077 |
|  Weighted average number of common shares |  | 641964077 |  | 641964077 |

---

There are no potential dilutive instruments and diluted loss per share are same as basic loss per share for the years ended December 31, 2022 and 2021.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management** 

**(1)** **Capital risk management** 

The Group manages its capital to ensure that entities in the Group will be able to continue while maximizing the return to shareholder through the optimization of the debt and equity balance. The capital structure of the Group consists of net debt (offset by cash and cash equivalents) and equity. The Group's overall capital risk management strategy remains consistent with the prior year.

Details of the Group's capital management accounts as of December 31, 2022 and 2021 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Total borrowings and debt securities | W | 120605365 | 80529513 |
|  Cash and cash equivalents |  | 3234780 | 2635238 |
|  Net borrowings and debt securities |  | 117370585 | 77894275 |
|  Total equity |  | 42000256 | 65326706 |
|  Debt to equity ratio |  | 279.45% | 119.24% |

---

**(2)** **Financial risk management** 

The Group is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), and credit risk. The Group monitors and manages the financial risks relating to the operations of the Group through internal risk reports which analyze exposures by degree and magnitude of risks. The Group uses derivative financial instruments to hedge certain risk exposures. The Group's overall financial risk management strategy remains consistent with the prior year.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Credit risk

Credit risk is the risk of finance loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises primarily from the sales activities, securities and derivatives. In addition, credit risk exposure may exist within financial guarantees and unused line of credits. As these financial institutions the Group makes transactions with are reputable financial institutions, the credit risk from them is considered limited. The Group decides credit transaction limits based on evaluation of client's credit, through information obtained from the credit bureau and disclosed financial position at committing contracts.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Credit risk management

Electricity sales, the main operations of the Group are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Group dominates the domestic market supplying electricity to customers. The Group is not exposed to significant credit risk as customers of the Group are diverse and are from various industries and areas. The Group uses publicly available information and its own internal data related to trade receivables, to rate its major customers and to measure the credit risk that a counter party will default on a contractual obligation. For the incurred but not recognized loss, it is measured considering overdue period.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Impairment and allowance account

In accordance with the Group policies, individual material financial assets are assessed on a regular basis, trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.

Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.

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KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Group's level of maximum exposure to credit risk as of December 31, 2022 and 2021 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  Cash and cash equivalents | W | 3234780 | 2635238 |
|  Financial assets at fair value through profit or loss (\*1) |  | 3610408 | 932736 |
|  Derivative assets (trading) |  | 693072 | 443027 |
|  Financial assets at fair value through other comprehensive income (debt securities) |  | 529 | 491 |
|  Financial assets at amortized cost |  | 26998 | 25273 |
|  Loans |  | 1013371 | 909071 |
|  Long-term/short-term financial instruments |  | 1353080 | 1728508 |
|  Derivative assets (applying hedge accounting) |  | 324952 | 204756 |
|  Trade and other receivables |  | 12614902 | 10029276 |
|  Financial guarantee contracts (\*2) |  | 3776060 | 3718015 |

---

(\*1) Equity investments held by the Group are excluded.

---

| | |
|:---|:---|
| (\*2) | Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.  |

---

As of the reporting date, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Market risk

Market risk is the risk that the Group's fair values of the financial instruments or future cash flows are affected by the changes in the market. Market risk consists of interest rate risk, currency risk and other price risk.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease movements in the actuarial valuation assumptions as of December 31, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | **2022** | **2022** | **2021** | **2021** |
| **Type** | **Accounts** | **1%p Increase** | **1%p Decrease** | **1%p Increase** | **1%p Decrease** |
|  Future salary increases | Increase (decrease) in defined benefit obligation | W321,930 | (283658) | 466832 | (407554) |
|  Discount rate | Increase (decrease) in defined benefit obligation | (289229) | 337033 | (422290) | 499571 |

---

Changes of employee benefits assuming a 1%p increase and decrease movements in discount rate on plan asset for the years ended December 31, 2022 and 2021 are W27,495 million and W25,649 million, respectively.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Provisions

Changes in provisions due to movements in underlying assumptions as of December 31, 2022 and 2021 are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Accounts** | **2022** | **2021** |
|  PCBs | Inflation rate | 1.98% | 1.37% |
|  | Discount rate | 1.92% | 1.88% |
|  Nuclear plants | Inflation rate | 2.25% | 1.41% |
|  | Discount rate | 2.48% | 2.20% |
|  Spent fuel | Inflation rate | 2.93% | 2.93% |
|  | Discount rate | 4.49% | 4.49% |
|  Radioactive waste | Inflation rate | 3.06% | 1.00% |
|  | Discount rate | 2.62% | 1.87% |

---

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease movements in the underlying assumptions as of December 31, 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Type** | **Accounts** | **0.1%p<br>Increase** | **0.1%p<br>Increase** | **0.1%p**<br>**Decrease** | **0.1%p**<br>**Increase** | **0.1%p**<br>**Decrease** |
|  Discount rate | PCBs | W | (169) | 169 | (222) | 223 |
|  | Nuclear plants |  | (474432) | 491360 | (369540) | 381026 |
|  | Spent fuel |  | (54330) | 56453 | (51430) | 53438 |
|  | Radioactive waste |  | (15089) | 15260 | (11201) | 11306 |
|  Inflation rate | PCBs |  | 169 | (169) | 224 | (224) |
|  | Nuclear plants |  | 515262 | (498258) | 403420 | (391754) |
|  | Spent fuel |  | 57269 | (55191) | 54210 | (52245) |
|  | Radioactive waste |  | 14190 | (14056) | 10366 | (10288) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Management judgment effected by uncertainties in underlying assumptions

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;① Foreign currency risk

The Group undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Group's foreign currency denominated monetary assets and monetary liabilities as of December 31, 2022 and 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In thousands of foreign currencies* | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Type** | **2022** | **2021** | **2022** | **2021** |
|  AED | 5610 | 6481 | 25597 | 31637 |
|  AUD | 4448 | 3733 | 299663 | 926960 |
|  BDT | 7514 | 50145 |  | 577 |
|  BWP | 824 | 939 |  |  |
|  EGP |  |  | 1162 | 595 |
|  CAD | 89 | 582 | 595 | 2266 |
|  CHF |  |  | 500158 | 500230 |
|  CZK |  |  | 153 | 386 |
|  EUR | 1976 | 1809 | 41073 | 42981 |
|  GBP |  |  | 31 |  |
|  HKD |  |  | 4014446 | 1651665 |
|  IDR | 598697 | 768731 | 1323840 | 995510 |
|  INR | 1592380 | 1715900 | 312978 | 342833 |
|  JOD | 1146 | 1852 | 14 | 118 |
|  JPY | 568263 | 697747 | 1719846 | 153383 |
|  KZT | 1510 | 1510 |  |  |
|  MGA | 2856045 | 4262857 | 347403 | 475807 |
|  MMK | 199518 | 210335 |  |  |
|  MYR | 38177 | 1964 |  |  |
|  PHP | 68592 | 164167 | 7493 | 104245 |
|  PKR | 533816 | 200844 | 219341 | 74423 |
|  RUB |  |  | 2881 |  |
|  SAR | 1713 | 2615 | 9710 |  |
|  SEK |  |  | 449211 | 449167 |
|  THB |  |  | 389 |  |
|  USD | 1484614 | 1381441 | 13599643 | 12023085 |
|  UYU | 128674 | 90930 | 3106 | 3097 |
|  VND | 1184670 | 952135 | 4495 | 262372 |
|  ZAR | 43461 | 31971 |  |  |

---

A sensitivity analysis on the Group's income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Type** | **10% Increase** | **10% Increase** | **10% Decrease** | **10% Increase** | **10% Decrease** |
|  Increase (decrease) of profit before income tax | W | (1703053) | 1703053 | (1439185) | 1439185 |
|  Increase (decrease) of equity (\*) |  | (1703053) | 1703053 | (1439185) | 1439185 |

---

(\*) The effect on the shareholders' equity excluding the impact of income taxes.

The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2022 and 2021.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency forward agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Group enters into currency forward agreements.

There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged instrument. As of December 31, 2022, the hedging instrument (cross-currency swap) hedges the risk of the hedged item(repayment of foreign debt securities and others).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;② Interest rate risk

The Group is exposed to interest rate risk due to its borrowing with floating interest rates. A 1%p increase or decrease is used when reporting interest rate risk internally to key management personnel and represents management's assessment of the reasonably possible change in interest rates.

The Group's borrowings and debt securities with floating interest rates as of December 31, 2022 and 2021 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Type** | **2022** | **2022** | **2021** | **2021** |
|  Short-term borrowings | W | 3154972 |  | 391897 |
|  Long-term borrowings |  | 5388073 |  | 2405244 |
|  Debt securities |  | 269101 |  | 257667 |
|  | W | 8812146 |  | 3054808 |

---

A sensitivity analysis on the Group's borrowings and debt securities assuming a 1%p increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Type** | **1%p Increase** | **1%p Increase** | **1%p Decrease** | **1%p Increase** | **1%p Decrease** |
|  Increase (decrease) of profit before income tax | W | (88121) | 88121 | (30548) | 30548 |
|  Increase (decrease) of shareholder's equity (\*) |  | (88121) | 88121 | (30548) | 30548 |

---

(\*) The effect on the shareholders' equity excluding the impact of income taxes.

The Group manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Group enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;③ Electricity rates risk

The Group is exposed to electricity rates risk due to changes in government regulations and policies on national power supply schemes and electricity billing rates, in consideration of the national economy.

A sensitivity analysis on the Group's income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2022 and 2021 is as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Type** | **1% Increase** | **1% Increase** | **1% Decrease** | **1% Increase** | **1% Decrease** |
|  Increase (decrease) of profit before income tax | W | 661990 | (661990) | 573086 | (573086) |
|  Increase (decrease) of shareholder's equity (\*) |  | 661990 | (661990) | 573086 | (573086) |

---

(\*) The effect on the shareholders' equity excluding the impact of income taxes.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Liquidity risk

The Group has established an appropriate liquidity risk management framework for the management of the Group's short, medium and long-term funding and liquidity management requirements. The Group manages liquidity risk by continuously monitoring forecasted and actual cash flows, and by matching the maturity profiles of financial assets and liabilities.

In addition, the Group has established credit lines on its trade financing and bank overdrafts, and through payment guarantees it has received, it maintains an adequate credit (borrowing) line. In addition, the Group has the ability to utilize excess cash or long-term borrowings for major construction investments.

The expected maturities for non-derivative financial liabilities as of December 31, 2022 and 2021 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings and debt securities | W | 26157747 | 27367577 | 47361676 | 37115832 | 138002832 |
|  Lease liabilities |  | 639756 | 657210 | 1390374 | 1925012 | 4612352 |
|  Trade and other payables |  | 11369512 | 347563 | 1008133 | 734112 | 13459320 |
|  Financial guarantee contracts (\*) |  | 105091 | 54310 | 3495437 | 121222 | 3776060 |
|  | W | 38272106 | 28426660 | 53255620 | 39896178 | 159850564 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~2 Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Borrowings and debt securities | W | 15833589 | 11229657 | 28663693 | 36223543 | 91950482 |
|  Lease liabilities |  | 620121 | 636724 | 1521421 | 2150722 | 4928988 |
|  Trade and other payables |  | 7569869 | 777017 | 725231 | 667304 | 9739421 |
|  Financial guarantee contracts (\*) |  | 435729 |  | 3105599 | 176687 | 3718015 |
|  | W | 24459308 | 12643398 | 34015944 | 39218256 | 110336906 |

---

---

| | |
|:---|:---|
| (\*) | This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2022 and 2021 are W67,240 million and W80,841 million, respectively.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

The following table shows the details of maturities of non-derivative financial liabilities as of December 31, 2022 and 2021. This table, based on the undiscounted cash flows of the non-derivative financial liabilities including estimated interests, has been prepared based on the respective liabilities' earliest maturity date.

The expected maturities for non-derivative financial assets as of December 31, 2022 and 2021 in detail are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 3234780 |  |  |  | 3234780 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 502829 | 502829 |
|  Financial assets at amortized cost |  | 16762 | 10231 | 5 |  | 26998 |
|  Loans |  | 132877 | 411594 | 502050 |  | 1046521 |
|  Long-term/short-term financial instruments |  | 666758 |  | 25 | 686297 | 1353080 |
|  Financial assets at fair value through profit or loss |  | 3181791 | 645 | 3535 | 523537 | 3709508 |
|  Trade and other receivables |  | 10464191 | 1083593 | 1080831 |  | 12628615 |
|  | W | 17697159 | 1506063 | 1586446 | 1712663 | 22502331 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~5 Years** | **More than**<br>**5 years** | **Other (\*)** | **Total** |
|  Cash and cash equivalents | W | 2635238 |  |  |  | 2635238 |
|  Financial assets at fair value through other comprehensive income |  |  |  |  | 435107 | 435107 |
|  Financial assets at amortized cost |  | 15422 | 9840 | 11 |  | 25273 |
|  Loans |  | 88396 | 443146 | 407584 |  | 939126 |
|  Long-term/short-term financial instruments |  | 1278014 | 171636 | 286 | 278572 | 1728508 |
|  Financial assets at fair value through profit or loss |  | 360833 | 346 | 3130 | 668555 | 1032864 |
|  Trade and other receivables |  | 8123455 | 1233703 | 679048 |  | 10036206 |
|  | W | 12501358 | 1858671 | 1090059 | 1382234 | 16832322 |

---

(\*) The maturities cannot be presently determined.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(2)** **Financial risk management, continued** 

Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2022 and 2021 are as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~2<br>Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (42663) | (15225) | (171130) | (84924) | (313942) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  |  | (10064) | (5176) | (10265) | (25505) |
|  | W | (42663) | (25289) | (176306) | (95189) | (339447) |
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Less than 1<br>year** | **Less than 1<br>year** | **1~2<br>Years** | **2~5 Years** | **More than**<br>**5 years** | **Total** |
|  Net settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading | W |  |  |  |  |  |
|  Gross settlement |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Trading and others |  | (6628) | (4954) | (33635) | (2291) | (47508) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Hedging |  | (2555) | (638) | (1914) | (23704) | (28811) |
|  | W | (9183) | (5592) | (35549) | (25995) | (76319) |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk** 

The fair value of the Group's actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Group's financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.

The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm's length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Group uses that technique.

For trade receivables and payables, the Group considers the carrying value net of impairment as fair value. While for disclosure purposes, the fair value of financial liabilities is estimated by discounting a financial instruments with similar contractual cash flows based on current market interest rates applied to similar financial instruments.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Fair value and book value of financial assets and liabilities as of December 31, 2022 and 2021 are as
follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Type** | **Book value** | **Book value** | **Fair value** | **Book value** | **Fair value** |
|  **Assets recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other<br> comprehensive income | W | 502829 | 502829 | 435107 | 435107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (trading) |  | 693072 | 693072 | 443027 | 443027 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets (applying hedge accounting) |  | 324952 | 324952 | 204756 | 204756 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  | 3709508 | 3709508 | 1032864 | 1032864 |
|  | W | 5230361 | 5230361 | 2115754 | 2115754 |
|  **Assets carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at amortized cost | W | 26998 | 26998 | 25273 | 25273 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Loans and receivables |  | 1013371 | 1013371 | 909071 | 909071 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | 12614902 | 12614902 | 10029276 | 10029276 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Long-term financial instruments |  | 686322 | 686322 | 450494 | 450494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term financial instruments |  | 666758 | 666758 | 1278014 | 1278014 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash and cash equivalents |  | 3234780 | 3234780 | 2635238 | 2635238 |
|  | W | 18243131 | 18243131 | 15327366 | 15327366 |
|  **Liabilities recognized at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (trading) | W | 407246 | 407246 | 56256 | 56256 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities (applying hedge accounting) |  | 25505 | 25505 | 21775 | 21775 |
|  | W | 432751 | 432751 | 78031 | 78031 |
|  **Liabilities carried at amortized cost** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Secured borrowings | W | 102368 | 102368 | 176358 | 176358 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured bond |  | 105185189 | 96846056 | 73881671 | 69803043 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease liabilities |  | 4163143 | 4163143 | 4410503 | 4410503 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Unsecured borrowings |  | 15282193 | 15280693 | 6471484 | 5938613 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables (\*) |  | 13459320 | 13459320 | 9739421 | 9739421 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Overdraft |  | 35615 | 35615 |  |  |
|  | W | 138227828 | 129887195 | 94679437 | 90067938 |

---

(\*) Excludes lease liabilities.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Interest rates used for determining fair value

The interest rates used to discount estimated cash flows, when applicable, are based on the government yield curve at the reporting date plus an adequate credit spread.

The discount rate used for calculating fair value as of December 31, 2022 and 2021 are as follows:

---

| | | |
|:---|:---|:---|
| **Type** | **2022** | **2021** |
|  Derivatives | 0.60% ~ 7.93% | (-) 0.63% ~ 3.88% |
|  Borrowings and debt securities | 0.75% ~ 5.84% | (-) 0.30% ~ 4.38% |
|  Leases | 0.00% ~ 17.08% | 0.00% ~ 16.83% |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Fair value hierarchy

The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.

---

| | |
|:---|:---|
| Level 1: | Unadjusted quoted prices in active markets for identical assets or liabilities; |
| Level 2: | Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and |
| Level 3: | Inputs that are not based on observable market data. |

---

Fair values of financial instruments by hierarchy level as of December 31, 2022 and 2021 are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 300057 |  | 202772 | 502829 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 1018024 |  | 1018024 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 1100879 | 6329 | 1107208 |
|  | W | 300057 | 2118903 | 209101 | 2628061 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 432751 |  | 432751 |

---

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** |
| **Type** | **Level 1** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Financial assets at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income | W | 273826 |  | 161281 | 435107 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative assets |  |  | 647783 |  | 647783 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss |  |  | 1027067 | 5797 | 1032864 |
|  | W | 273826 | 1674850 | 167078 | 2115754 |
|  **Financial liabilities at fair value** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative liabilities | W |  | 78031 |  | 78031 |

---

The fair value of financial assets (FVTPL and FVOCI) publicly traded is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unquoted financial assets (FVTPL and FVOCI) is calculated using the valuation results from an external pricing service in which weighted average borrowing rates of interest of evaluated companies are used as a discount rate. The fair value of derivatives is measured using valuation model which is determined at the present value of estimated future cash flows discounted at current market interest rate.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**45.** **Risk Management, Continued** 

**(3)** **Fair value risk, continued** 

Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2022 and 2021 are as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation<br>and others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 5797 | 400 |  | 132 |  |  | 6329 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 160790 | 9451 |  | 33237 |  | (1235) | 202243 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  | 491 |  |  | 38 |  |  | 529 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Acquisitions** | **Reclassified<br>category** | **Valuation** | **Disposal** | **Foreign<br>currency<br>translation<br>and others** | **Ending<br>balance** |
|  **Financial assets at fair value** |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through profit or loss Cooperative | W | 5692 |  |  | 105 |  |  | 5797 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Financial assets at fair value through other comprehensive income Unlisted securities |  | 163889 | 8929 |  | (12335) | (13) | 320 | 160790 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Debt securities |  |  | 500 |  |  |  | (9) | 491 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**46.** **Service Concession Arrangements** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Significant terms and concession period of the arrangement

The Group has entered into a contract with PT. Perusahaan Listrik Negara (the "PT PLN") whereby the Group provides electricity generated and charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period after building, rehabilitating, and operating the power plant for approximately 30 years (2018~2048) subsequent to the completion of plant construction.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Rights and classification of the arrangement

The Group has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Group.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30-years contract period

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) The Group's expected future collections of service concession arrangements as of December 31, 2022
are as follows:

---

| | | |
|:---|:---|:---|
| *In millions of won* | | |
| **Type** | **Amounts** | **Amounts** |
|  Less than 1 year | W | 31653 |
|  1 ~ 2 years |  | 31800 |
|  2 ~ 3 years |  | 31728 |
|  Over 3 years |  | 548400 |
|  | W | 643581 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties** 

**(1)** **Related parties of the Group as of December 31, 2022 are as follows:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
| Parent | Republic of Korea government |
| Subsidiaries<br> (161 subsidiaries) | Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Lebanon SARL, KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, Hee Mang Sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO Energy Solution Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO US Inc., KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., Mangilao Intermediate Holdings LLC, KEPCO CSC Co., Ltd., KOAK Power Limited, KOMIPO Europe B.V., Haenanum Energy Fund, Paju Ecoenergy Co., Ltd., Guam Ukudu Power LLC, K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.), KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, KOMIPO Development, LLC (formerly, Elara Development, LLC), Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., KHNP Spain, S.L., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.), Digital Innovation Growth Fund, EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., J Wind First, LLC, KEPCO Holding Company, KEPCO for Power Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd. |
| Associates<br> (96 associates) | Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Daeryun Power Co., Ltd.,., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Eurasia Energy Holdings, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., Daewon Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Taebaek Gadeoksan Wind Power Co., Ltd., Chuncheon Green Energy Co., Ltd., Yeomsubong Wind Power Co., Ltd., Yeongyang Wind Power Corporation II, Haeparang Energy Co., Ltd., Saemangeum Sebit Power Plant Co., Ltd., Boulder Solar III, LLC, PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., SC E&G. Co,. Ltd., Wang San Engineering. Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc. |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(1)** **Related parties of the Group as of December 31, 2022 are as follows, continued:** 

---

| | |
|:---|:---|
| **Type** | **Related party** |
| Joint ventures<br> (105 joint ventures) | Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., KEPCO-Uhde Inc., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, MOMENTUM, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Chile Solar JV SpA, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. de C.V., Recursos Solares PV de Mexico II, S.A. de C.V., Sunmex Renovables, S.A. de C.V., Stavro Holding II A.B., Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd., CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS CARABAO Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Songsan Green Energy Co., Ltd., Changwon Nu-ri Energy Co., Ltd., Hasami Wind Farm Corporation, PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seungmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA |
| Other | Korea Development Bank |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(2)** **Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.** 

**(3)** **Related party transactions for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **2022** | **2022** | **2021** |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales | W | 8942 | 19923 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Electricity sales |  | 1418 |  |
|  Korea Gas Corporation | Electricity sales |  | 155309 | 96362 |
|  Daejung Offshore Wind Power Co., Ltd. | Electricity sales |  | 46 | 46 |
|  Daegu Photovoltaic Co., Ltd. | Electricity sales |  | 268 | 207 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Electricity sales |  | 2 | 2 |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 10369 | 11208 |
|  Goseong Green Power Co., Ltd. | Electricity sales |  | 1062108 | 514470 |
|  Gangneung Eco Power Co., Ltd. | Fuel sales |  | 459404 | 14200 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 27486 | 23501 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 9396 | 30 |
|  Samcheok Eco Materials Co., Ltd. | Electricity sales |  | 546 | 620 |
|  YTN Co., Ltd. | Electricity sales |  | 2180 | 1922 |
|  Busan Green Energy Co., Ltd. | Electricity sales |  | 5055 | 49 |
|  Gunsan Bio Energy Co., Ltd. | Electricity sales |  |  | 20 |
|  Korea Electric Vehicle Charging Service (\*2) | Electricity sales |  | 3686 | 3039 |
|  Energy Infra Asset Management Co., Ltd. | Electricity sales |  |  | 4629 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 1549 | 1865 |
|  Gwangyang Green Energy Co., Ltd. | Electricity sales |  | 1848 | 486 |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Electricity sales |  | 660 | 755 |
|  Hyundai Green Power Co., Ltd. | Electricity sales and design service |  | 7063 | 11934 |
|  Korea Power Exchange | Service |  | 16596 | 39796 |
|  Taebaek Wind Power Co., Ltd. | Service |  | 861 | 44 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Electricity sales |  |  | 26 |
|  Pyeongchang Wind Power Co., Ltd. | Electricity sales |  | 1323 | 1180 |
|  Daeryun Power Co., Ltd. | Electricity sales |  | 2016 | 1944 |
|  Changjuk Wind Power Co., Ltd. (\*1) | Electricity sales |  | 1350 | 463 |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 5238 | 21127 |
|  KNH Solar Co., Ltd. | Electricity sales |  | 13 | 14 |
|  S-Power Co., Ltd. | Service |  | 4588 | 5229 |
|  Chuncheon Green Energy Co., Ltd. | Electricity sales |  | 2 |  |
|  PND solar Co., Ltd. | Electricity sales |  | 427 | 416 |
|  Hyundai Eco Energy Co., Ltd. | Electricity sales |  | 277 | 187 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Electricity sales |  | 66 | 78 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 1952 | 295 |
|  Korea Energy Solutions Co., Ltd. | Electricity sales |  | 2 | 2 |
|  ITR Co., Ltd. | Service |  | 6 | 3 |
|  Structure test network Co., Ltd. | Service |  | 7 | 5 |
|  Namjeongsusang Solar Power Operation Co., Ltd. | Electricity sales |  | 21 | 22 |
|  Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 | Service |  | 394 | 399 |
|  Bitgoel Eco Energy Co., Ltd. | Electricity sales |  | 1397 | 282 |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Electricity sales |  | 367 |  |
|  Seoroseoro Sunny Power Plant Co., Ltd. | Electricity sales |  | 1 |  |
|  Muan Solar park Co., Ltd. | Electricity sales |  | 950 | 232 |
|  YuDang Solar Co., Ltd. | Electricity sales |  | 160 |  |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 1068 | 624 |
|  Daewon Green Energy Co., Ltd. | Electricity sales |  | 185 | 155 |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Electricity sales |  | 5740 | 13 |
|  UD4M Co., Ltd. | Electricity sales |  | 2 | 4 |
|  Dongbu Highway Solar Co., Ltd. | Electricity sales |  | 8 | 5 |
|  Seobu Highway Solar Co., Ltd. | Electricity sales |  | 8 | 8 |
|  SureDataLab Co., Ltd. | Electricity sales |  | 1 | 1 |
|  Suwon New Power Co., Ltd. | Electricity sales |  | 118 | 1820 |
|  Hankook Electric Power Information Co., Ltd. | Electricity sales |  |  | 1 |
|  KOSTURE Co., Ltd. | Electricity sales |  | 5 | 1 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Sales and others** | **Sales and others** | **Sales and others** |
| **Company name** | **Transaction type** | **2022** | **2022** | **2021** |
|  PlatformN. Co., Ltd. | Others | W | 14 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Electricity sales |  | 17 | 52 |
|  Gangneung Sacheon Fuel Cell Co., Ltd. | Electricity sales |  | 151 |  |
|  12 Associates (Overseas) | Electricity sales |  | 548507 | 125723 |
|  Seobusambo highway photovoltaics Co., Ltd. | Electricity sales |  | 3 |  |
|  Naepo Green Energy Co., Ltd. | Electricity sales |  | 761 | 467 |
|  Cheongna Energy Co., Ltd. | Others |  | 39802 | 16469 |
|  Dayone Energy Co., Ltd. | Service |  | 7761 | 8159 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 1190 | 1053 |
|  Prime Swedish Holding AB | Electricity sales |  | 284 |  |
|  KAPES, Inc. | Commission |  | 450 | 413 |
|  Honam Wind Power Co., Ltd. | Electricity sales |  | 242 | 71 |
|  Jeongam Wind Power Co., Ltd | Electricity sales and others |  |  | 588 |
|  Korea Power Engineering Service Co., Ltd. | Service |  | 268 | 339 |
|  Seokmun Energy Co., Ltd. | Service |  | 1685 | 1701 |
|  Incheon New Power Co., Ltd. | Construction revenue |  | 14 | 14 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 2505 | 2329 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 1898 | 1836 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 871 | 818 |
|  Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (\*1) | Electricity sales |  |  | 1920 |
|  NH-Amundi Global Infrastructure Investment Private Investment Trust 21 | Service |  | 1415 | 1727 |
|  KW Nuclear Components Co., Ltd. | Service |  | 1624 | 2598 |
|  KEPCO-Uhde Inc. | Electricity sales |  | 12 | 10 |
|  Busan Shinho Solar Power Co., Ltd. | Electricity sales |  | 502 | 376 |
|  Goheung New Energy Co., Ltd. | Electricity sales |  | 141 |  |
|  Gunsan Land Solar Co., Ltd. | Electricity sales |  | 518 |  |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 394 | 523 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Electricity sales |  | 698 | 30 |
|  Chungsongmeon BongSan wind power Co., Ltd. | Electricity sales |  | 1 | 1 |
|  Saemangeum Solar Power Co., Ltd. | Service |  | 100 | 1141 |
|  Dangjin Eco Power Co., Ltd. | Electricity sales |  | 32 | 32 |
|  Energyco Co., Ltd. (formerly, Energyco LLC) | Electricity sales |  | 463 | 1 |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Electricity sales |  | 544 |  |
|  Busan Industrial Solar Power Co., Ltd. | Electricity sales |  | 14 | 9 |
|  Bitsolar Energy Co., Ltd. | Electricity sales |  | 498 | 296 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  | 1 | 1 |
|  Haemodum Solar Co., Ltd. | Electricity sales |  | 42 | 6 |
|  Yeongam Solar Power Co., Ltd. | Electricity sales |  | 379 | 339 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales |  | 1851 | 2890 |
|  Cheongju Eco Park Co., Ltd. | Electricity sales |  | 204 |  |
|  Enel X Midland Photovoltaic, LLC | Electricity sales |  | 12 |  |
|  Eumseong Eco Park Co., Ltd. | Electricity sales |  | 2 |  |
|  Geumsungsan Wind Power Co., Ltd. | Electricity sales |  | 7 |  |
|  37 Joint ventures (Overseas) | Electricity sales |  | 606421 | 773291 |
|  Korea Development Bank | Electricity sales |  | 4134 | 4177 |
|  | Interest income |  | 2098 | 756 |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Purchase and others** | **Purchase and others** | **Purchase and others** |
| **Company name** | **Transaction type** | **2022** | **2022** | **2021** |
|  Dongducheon Dream Power Co., Ltd. | Electricity sales | W | 2244332 | 750148 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Electricity sales |  | 23159 |  |
|  Korea Gas Corporation | Fuel purchase |  | 11996402 | 5646713 |
|  Daegu Photovoltaic Co., Ltd. | Electricity sales |  | 4744 | 3532 |
|  Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Electricity sales |  | 563 | 393 |
|  Korea Electric Power Industrial Development Co., Ltd. | Service |  | 251468 | 241925 |
|  Goseong Green Power Co., Ltd. | Electricity sales |  | 1905502 | 987540 |
|  Shin Pyeongtaek Power Co., Ltd. | Electricity sales |  | 957294 | 653306 |
|  Noeul Green Energy Co., Ltd. | Electricity sales |  | 14176 | 10014 |
|  Samcheok Eco Materials Co., Ltd. | Electricity sales |  | 12019 | 13612 |
|  YTN Co., Ltd. | Electricity sales |  | 304 | 388 |
|  Busan Green Energy Co., Ltd. | Electricity sales |  | 26219 | 18996 |
|  Korea Electric Vehicle Charging Service | Electricity sales |  |  | 393 |
|  Energy Infra Asset Management Co., Ltd. | Service |  | 2779 | 2657 |
|  Yaksu ESS Co., Ltd. | Electricity sales |  | 851 | 1715 |
|  Gangwon Wind Power Co., Ltd. | Electricity sales |  | 40130 | 19623 |
|  Goesan Solar park Co., Ltd. | Electricity sales |  | 7642 | 6209 |
|  Korea Power Exchange | Service |  | 93817 | 86716 |
|  Taebaek Wind Power Co., Ltd. | Service and REC |  | 7442 | 5930 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Electricity sales |  | 6793 | 5910 |
|  Pyeongchang Wind Power Co., Ltd. | Design service and others |  | 3884 | 4099 |
|  Daeryun Power Co., Ltd. | Electricity sales |  | 428534 | 157234 |
|  Changjuk Wind Power Co., Ltd. (\*) | Electricity sales |  | 9027 | 6213 |
|  GS Donghae Electric Power Co., Ltd. | Electricity sales |  | 1035263 | 760377 |
|  KNH Solar Co., Ltd. | Electricity sales |  | 4348 | 3222 |
|  S-Power Co., Ltd. | Service |  | 1091741 | 608530 |
|  PND solar Co., Ltd. | Electricity sales |  | 6173 | 5502 |
|  Hyundai Eco Energy Co., Ltd. | Electricity sales |  | 29209 | 25762 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Electricity sales |  | 7382 | 11729 |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Electricity sales |  | 25880 | 16360 |
|  Korea Energy Solutions Co., Ltd. | Electricity sales |  | 102 |  |
|  Green Energy Electricity Generation Co., Ltd. | Electricity sales |  | 2962 | 1238 |
|  Namjeongsusang Solar Power Operation Co., Ltd. | Electricity sales |  | 9491 | 14286 |
|  Bitgoel Eco Energy Co., Ltd. | Service and others |  | 930 |  |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Electricity sales |  | 12364 | 12833 |
|  Seoroseoro Sunny Power Plant Co., Ltd. | REC and others |  | 1138 | 217 |
|  Muan Solar Park Co., Ltd. | REC and others |  | 17052 | 31017 |
|  YuDang Solar Co., Ltd. | REC and others |  | 1915 | 3495 |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Electricity sales |  | 16942 | 24601 |
|  Daewon Green Energy Co., Ltd. | Others |  | 42651 |  |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Electricity sales |  | 1039 |  |
|  G.GURU Co., Ltd. | Electricity sales |  | 452 |  |
|  UD4M Co., Ltd. | Electricity sales |  | 313 |  |
|  Dongbu Highway Solar Co., Ltd. | Electricity sales |  | 3516 | 2605 |
|  Seobu Highway Solar Co., Ltd. | Electricity sales |  | 3452 | 2936 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Electricity sales |  | 602 | 742 |
|  PlatformN. Co., Ltd. | Others |  | 475 |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Electricity sales |  | 19514 | 15900 |
|  12 Associates (Overseas) | Electricity sales |  | 101790 | 502 |
|  Seobusambo highway photovoltaics Co., Ltd. | Electricity sales |  | 103 |  |
|  Cheongna Energy Co., Ltd. | Service |  | 80 | 57 |
|  Dayone Energy Co., Ltd. | Service |  | 13872 | 5409 |
|  Daegu Green Power Co., Ltd. | Electricity sales |  | 508601 | 289052 |
|  KAPES, Inc. | Commission |  | 9306 | 64140 |
|  Honam Wind Power Co., Ltd. | Electricity sales |  | 7662 | 4807 |
|  Jeongam Wind Power Co., Ltd. | Electricity sales |  |  | 3145 |
|  Korea Power Engineering Service Co., Ltd. | Service |  | 830 | 1315 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(3)** **Related party transactions for the years ended December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Purchase and others** | **Purchase and others** | **Purchase and others** |
| **Company name** | **Transaction type** | **2022** | **2022** | **2021** |
|  Seokmun Energy Co., Ltd. | Service | W | 60799 | 44315 |
|  Chun-cheon Energy Co., Ltd. | Electricity sales |  | 585689 | 327536 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Electricity sales |  | 13990 | 9471 |
|  Yeonggwang Wind Power Co., Ltd. | Electricity sales |  | 31221 | 21004 |
|  Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) | Electricity sales |  |  | 5852 |
|  KW Nuclear Components Co., Ltd. | Service |  | 9504 | 96 |
|  Busan Shinho Solar Power Co., Ltd. | Electricity sales |  | 5556 | 7895 |
|  Global Trade Of Power System Co., Ltd. | Service |  | 715 | 323 |
|  Expressway Solar-light Power Generation Co., Ltd. | Electricity sales |  | 4016 | 3146 |
|  Gunsan Land Solar Co., Ltd. | Electricity sales |  | 533 |  |
|  Daesan Green Energy Co., Ltd. | Electricity sales |  | 129736 | 146776 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Electricity sales |  | 980 |  |
|  Saemangeum Solar Power Co., Ltd. | Electricity sales |  | 1 | 5 |
|  Dangjin Eco Power Co., Ltd. | Electricity sales |  | 5696 | 4139 |
|  Energyco Co., Ltd. | Electricity sales |  | 7898 |  |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Service and REC |  | 2526 |  |
|  Busan Industrial Solar Power Co., Ltd. | Electricity sales |  | 4575 | 2815 |
|  Bitsolar Energy Co., Ltd. | Electricity sales |  | 13030 | 5703 |
|  Omisan Wind Power Co., Ltd. | Electricity sales |  |  | 7 |
|  Haemodum Solar Co., Ltd. | Electricity sales |  | 2168 | 1625 |
|  Yeongam Solar Power Co., Ltd. | Electricity sales |  | 44745 | 47805 |
|  Samsu Wind Power Co., Ltd. | Electricity sales |  | 10605 | 2800 |
|  Solaseado Solar Power Co., Ltd. | Electricity sales |  | 28698 | 31031 |
|  Cheongju Eco Park Co., Ltd. | Electricity sales |  | 28150 |  |
|  Enel X Midland Photovoltaic, LLC | Electricity sales |  | 1871 |  |
|  37 Joint ventures (Overseas) | Electricity sales |  | 16859 | 54135 |
|  Korea Development Bank | Interest expense |  | 4208 | 2756 |
|  | Dividends paid |  | 12 | 256862 |

---

(\*1) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.

(\*2) The Group has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **2022** | **2022** | **2021** | **2022** | **2021** |
|  Dongducheon Dream Power Co., Ltd. | Trade receivables | W | 592 | 6282 |  |  |
|  | Non-trade receivables and others |  | 270 | 493 |  |  |
|  | Trade payables |  |  |  | 293256 | 114613 |
|  Saemangeum Sebit Power Plant Co., Ltd. | Non-trade receivables and others |  | 653 |  |  |  |
|  Korea Gas Corporation (\*1) | Trade receivables |  | 12415 | 10015 |  |  |
|  | Non-trade receivables and others |  | 54232 | 187 |  |  |
|  | Trade payables |  |  |  | 1882607 | 800509 |
|  | Non-trade payables and others |  |  |  | 1294 | 759 |
|  Daejung Offshore Wind Power Co., Ltd. | Non-trade receivables and others |  | 123 | 77 |  |  |
|  Daegu Photovoltaic Co., Ltd. | Trade payables |  |  |  | 135 | 115 |
|  | Non-trade payables and others |  |  |  | 2 |  |
|  Korea Electric Power Industrial Development Co., Ltd. | Trade receivables |  | 164 | 269 |  |  |
|  | Non-trade receivables and others |  | 2 | 15 |  |  |
|  | Trade payables |  |  |  | 150 | 873 |
|  | Non-trade payables and others |  |  |  | 9588 | 5880 |
|  Goseong Green Power Co., Ltd. | Trade receivables |  | 76254 | 495 |  |  |
|  | Non-trade receivables and others |  | 14 | 76855 |  |  |
|  | Trade payables |  |  |  | 182095 | 218627 |
|  | Non-trade payables and others |  |  |  | 52515 | 59987 |
|  Gangneung Eco Power Co., Ltd. | Trade receivables |  | 19364 | 826 |  |  |
|  | Non-trade receivables and others |  | 478 | 465 |  |  |
|  | Non-trade payables and others |  |  |  | 94 | 97 |
|  Shin Pyeongtaek Power Co., Ltd. | Trade receivables |  | 7375 | 1788 |  |  |
|  | Non-trade receivables and others |  | 1068 | 3116 |  |  |
|  | Trade payables |  |  |  | 109274 | 79828 |
|  | Non-trade payables and others |  |  |  | 101 | 99 |
|  Noeul Green Energy Co., Ltd. | Trade receivables |  | 3 | 3 |  |  |
|  | Non-trade receivables and others |  | 9365 | 1169 |  |  |
|  | Non-trade payables and others |  |  |  | 2468 |  |
|  Samcheok Eco Materials Co., Ltd. | Trade receivables |  | 46 | 52 |  |  |
|  YTN Co., Ltd. | Trade receivables |  | 112 | 99 |  |  |
|  Busan Green Energy Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Non-trade receivables and others |  | 26681 | 20658 |  |  |
|  | Non-trade payables and others |  |  |  | 4415 |  |
|  Gunsan Bio Energy Co., Ltd. | Non-trade receivables and others |  | 11728 | 11728 |  |  |
|  Korea Electric Vehicle Charging Service (\*4) | Trade receivables |  |  | 193 |  |  |
|  | Non-trade receivables and others |  |  | 120 |  |  |
|  Yaksu ESS Co., Ltd. | Trade payables |  |  |  |  | 1374 |
|  Gangwon Wind Power Co., Ltd. | Trade receivables |  | 6 | 8 |  |  |
|  | Trade payables |  |  |  | 5197 | 4293 |
|  Gwangyang Green Energy Co., Ltd. | Non-trade receivables and others |  | 1436 | 532 |  |  |
|  Bigeum Resident Photovoltaic Power Co., Ltd. | Trade receivables |  | 343 | 922 |  |  |
|  | Non-trade receivables and others |  | 516 |  |  |  |
|  Goesan Solar park Co., Ltd. | Trade payables |  |  |  | 346 | 73 |
|  Hyundai Green Power Co., Ltd. | Trade receivables |  | 839 | 229 |  |  |
|  Korea Power Exchange | Trade receivables |  | 223 | 627 |  |  |
|  | Non-trade receivables and others |  |  | 1300 |  |  |
|  | Non-trade payables and others |  |  |  | 2405 | 2189 |
|  Taebaek Wind Power Co., Ltd. | Trade payables |  |  |  | 680 | 560 |
|  | Non-trade payables and others |  |  |  | 178 | 262 |
|  Taebaek Guinemi Wind Power Co., Ltd. | Trade payables |  |  |  | 885 | 670 |
|  Pyeongchang Wind Power Co., Ltd. | Trade receivables |  | 3 | 4 |  |  |
|  | Non-trade payables and others |  |  |  | 211 |  |
|  Daeryun Power Co., Ltd. | Trade receivables |  | 195 | 213 |  |  |
|  | Trade payables |  |  |  | 55725 | 21362 |
|  Changjuk Wind Power Co., Ltd. (\*3) | Trade payables |  |  |  |  | 724 |
|  | Non-trade payables and others |  |  |  |  | 295 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **2022** | **2022** | **2021** | **2022** | **2021** |
|  GS Donghae Electric Power Co., Ltd. (\*2) | Trade receivables | W | 872 | 383 |  |  |
|  | Non-trade receivables and others |  | 1558 | 272 |  |  |
|  | Trade payables |  |  |  | 72947 | 113529 |
|  | Non-trade payables and others |  |  |  | 14565 | 17 |
|  KNH Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  S-Power Co., Ltd. | Trade receivables |  | 77 | 82 |  |  |
|  | Non-trade receivables and others |  | 44 | 48 |  |  |
|  | Trade payables |  |  |  | 135504 | 91277 |
|  | Non-trade payables and others |  |  |  | 11 |  |
|  PND solar Co., Ltd. | Trade payables |  |  |  | 210 |  |
|  Hyundai Eco Energy Co., Ltd. | Trade receivables |  | 22 | 19 |  |  |
|  | Trade payables |  |  |  | 738 | 732 |
|  YeongGwang Yaksu Wind Electric Co., Ltd. | Trade receivables |  | 7 | 6 |  |  |
|  | Trade payables |  |  |  | 589 |  |
|  | Non-trade payables and others |  |  |  | 2050 |  |
|  Taebaek Gadeoksan Wind Power Co., Ltd. | Non-trade receivables and others |  | 97 | 119 |  |  |
|  | Trade payables |  |  |  | 12739 | 8397 |
|  | Non-trade payables and others |  |  |  | 5 | 1571 |
|  Korea Energy Solutions Co., Ltd. | Non-trade payables and others |  |  |  | 94 |  |
|  Namjeongsusang Solar Power Operation Co., Ltd. | Trade receivables |  | 2 |  |  |  |
|  Bitgoel Eco Energy Co., Ltd. | Non-trade receivables and others |  | 6 | 27 |  |  |
|  | Non-trade payables and others |  |  |  | 1023 |  |
|  Jeju Gimnyeong Wind Power Co., Ltd. | Non-trade receivables and others |  | 130 |  |  |  |
|  | Trade payables |  |  |  | 1758 | 885 |
|  Muan Solar park Co., Ltd. | Trade receivables |  | 25 |  |  |  |
|  | Non-trade receivables and others |  | 9 | 23 |  |  |
|  Anjwa Smart Farm & Solar City Co., Ltd. | Non-trade payables and others |  |  |  | 921 |  |
|  Daewon Green Energy Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  | Non-trade receivables and others |  |  | 94 |  |  |
|  | Trade payables |  |  |  | 5485 |  |
|  Saemangeum Heemang Photovoltaic Co., Ltd. | Non-trade receivables and others |  | 3435 |  |  |  |
|  | Non-trade payables and others |  |  |  | 1 |  |
|  Dongbu Highway Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  | Trade payables |  |  |  | 2 | 98 |
|  | Non-trade payables and others |  |  |  | 2 | 90 |
|  Seobu Highway Solar Co., Ltd. | Trade receivables |  | 1 |  |  |  |
|  | Trade payables |  |  |  | 8 | 177 |
|  | Non-trade payables and others |  |  |  | 3 | 105 |
|  Gwangbaek Solar Power Investment Co., Ltd. | Non-trade payables and others |  |  |  | 61 |  |
|  Suwon New Power Co., Ltd. | Non-trade receivables and others |  | 1280 | 1198 |  |  |
|  Tronix Co., Ltd. | Non-trade receivables and others |  | 1 |  |  |  |
|  KOSTURE Co., Ltd. | Trade receivables |  | 6 | 1 |  |  |
|  Muan Sunshine Solar Power Plant Co., Ltd. | Trade payables |  |  |  | 3076 | 1748 |
|  | Non-trade payables and others |  |  |  | 1265 |  |
|  PlatformN. Co., Ltd. | Non-trade payables and others |  |  |  | 232 |  |
|  8 Associates (Overseas) | Trade receivables |  | 93 |  |  |  |
|  | Non-trade receivables and others |  | 49409 | 3196 |  |  |
|  | Non-trade payables and others |  |  |  | 502 | 502 |

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **2022** | **2022** | **2021** | **2022** | **2021** |
|  Naepo Green Energy Co., Ltd. | Trade receivables | W | 169 | 42 |  |  |
|  | Non-trade payables and others |  |  |  | 3 |  |
|  Dayone Energy Co., Ltd. | Trade receivables |  | 79 | 52 |  |  |
|  | Non-trade receivables and others |  | 10218 | 13297 |  |  |
|  | Trade payables |  |  |  | 1027 | 1009 |
|  | Non-trade payables and others |  |  |  | 9119 | 11306 |
|  Daegu Green Power Co., Ltd. | Trade receivables |  | 53 | 71 |  |  |
|  | Non-trade receivables and others |  | 56 | 55 |  |  |
|  | Trade payables |  |  |  | 66715 | 35766 |
|  KAPES, Inc. | Trade receivables |  | 2 | 2 |  |  |
|  | Non-trade payables and others |  |  |  | 106 | 2121 |
|  Honam Wind Power Co., Ltd. | Trade payables |  |  |  | 515 | 575 |
|  Korea Power Engineering Service Co., Ltd. | Non-trade receivables and others |  | 47 | 48 |  |  |
|  | Non-trade payables and others |  |  |  | 77 |  |
|  Seokmun Energy Co., Ltd. | Trade receivables |  | 67 | 34 |  |  |
|  | Non-trade receivables and others |  | 113 | 149 |  |  |
|  | Trade payables |  |  |  | 7000 | 7941 |
|  Chun-cheon Energy Co., Ltd. | Trade receivables |  | 124 | 126 |  |  |
|  | Non-trade receivables and others |  | 165 | 167 |  |  |
|  | Trade payables |  |  |  | 79117 | 41410 |
|  Yeonggwangbaeksu Wind Power Co., Ltd. | Trade receivables |  | 8 | 6 |  |  |
|  | Non-trade receivables and others |  | 166 | 53 |  |  |
|  | Trade payables |  |  |  | 1076 | 1099 |
|  Cheongna Energy Co., Ltd. | Trade receivables |  | 17324 | 4164 |  |  |
|  | Non-trade receivables and others |  | 1654 | 1350 |  |  |
|  | Non-trade payables and others |  |  |  | 1 | 1 |
|  Yeonggwang Wind Power Co., Ltd. | Trade receivables |  | 12 | 10 |  |  |
|  | Non-trade receivables and others |  | 62 | 59 |  |  |
|  | Trade payables |  |  |  | 2251 | 730 |
|  Western Power Changgi Solar Co., Ltd. (formerly, Sam-Yang Photovoltaic Power Co., Ltd.) (\*3) | Trade receivables |  |  | 5 |  |  |
|  KW Nuclear Components Co., Ltd. | Trade receivables |  | 4 |  |  |  |
|  | Non-trade receivables and others |  | 18 |  |  |  |
|  KEPCO-Uhde Inc. | Non-trade payables and others |  |  |  | 10 | 10 |
|  Busan Shinho Solar Power Co., Ltd. | Trade receivables |  | 3 | 2 |  |  |
|  | Trade payables |  |  |  | 304 | 281 |
|  Global Trade Of Power System Co., Ltd. | Non-trade payables and others |  |  |  |  | 7 |
|  Expressway Solar-light Power Generation Co., Ltd. | Trade payables |  |  |  | 166 | 102 |
|  Gunsan Land Solar Co., Ltd. | Non-trade receivables and others |  | 138 |  |  |  |
|  Daesan Green Energy Co., Ltd. | Trade receivables |  | 18 | 11 |  |  |
|  | Non-trade receivables and others |  | 218 | 120 |  |  |
|  | Trade payables |  |  |  |  | 5120 |
|  Cheong-Song Noraesan Wind Power Co., Ltd. | Trade receivables |  | 2 | 2 |  |  |
|  Saemangeum Solar Power Co., Ltd. | Non-trade receivables and others |  | 4368 | 4268 |  |  |
|  Dangjin Eco Power Co., Ltd. | Trade receivables |  | 3 | 3 |  |  |
|  | Trade payables |  |  |  | 222 | 276 |
|  | Non-trade payables and others |  |  |  | 105 |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(4)** **Receivables and payables arising from related party transactions as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* |  | **Receivables** | **Receivables** | **Receivables** | **Payables** | **Payables** |
| **Company name** | **Type** | **2022** | **2022** | **2021** | **2022** | **2021** |
|  Hapcheon Floating Photovoltaic Power Plant Inc. | Trade receivables | W | 9 |  |  |  |
|  Busan Industrial Solar Power Co., Ltd. | Trade receivables |  | 2 | 1 |  |  |
|  | Trade payables |  |  |  |  | 54 |
|  | Non-trade receivables and others |  |  |  |  | 24 |
|  Bitsolar Energy Co., Ltd. | Non-trade receivables and others |  | 222 | 7 |  |  |
|  | Trade payables |  |  |  | 201 |  |
|  | Non-trade payables and others |  |  |  |  | 54 |
|  Haemodum Solar Co., Ltd. | Trade receivables |  | 1 | 1 |  |  |
|  Yeongam Solar Power Co., Ltd. | Trade receivables |  | 44 | 29 |  |  |
|  | Trade payables |  |  |  | 3655 | 3324 |
|  Samsu Wind Power Co., Ltd. | Trade payables |  |  |  | 1303 | 1300 |
|  Solaseado Solar Power Co., Ltd. | Non-trade receivables and others |  | 23 |  |  |  |
|  Cheongju Eco Park Co., Ltd. | Trade payables |  |  |  | 7994 |  |
|  | Non-trade payables and others |  |  |  | 2911 |  |
|  Enel X Midland Photovoltaic, LLC | Trade receivables |  | 1 |  |  |  |
|  | Trade payables |  |  |  | 3 |  |
|  Geumsungsan Wind Power Co., Ltd. | Trade receivables |  | 3 |  |  |  |
|  | Non-trade payables and others |  |  |  | 1 |  |
|  22 Joint ventures (Overseas) | Trade receivables |  | 73805 | 84150 |  |  |
|  | Non-trade receivables and others |  | 71661 | 26060 |  |  |
|  | Non-trade payables and others |  |  |  | 117754 | 22050 |
|  Korea Development Bank | Accrued interest income |  | 5 | 154 |  |  |
|  | Non-trade receivables and others |  | 30836 | 420732 |  |  |
|  | Non-trade payables and others |  |  |  | 101 | 21172 |
|  | Derivatives |  | 67662 | 59139 | 3759 |  |

---

---

| | |
|:---|:---|
| (\*1) | The balance due to the fuel swap with Korea Midland Power Co., Ltd. is included. The total transaction amount is W514,405 million on loans and W460,903 million on bororrowings.  |

---

---

| | |
|:---|:---|
| (\*2) | The balance due to the fuel swap with Korea Western Power Co., Ltd. and Korea East-West Power Co., Ltd. is included. The total transaction amount is W5,590 million on loans and W20,113 million on bororrowings.  |

---

(\*3) Reclassified from a joint venture to a subsidiary during the year ended December 31, 2022. Transactions are made before the reclassification.

(\*4) The Group has disposed of shares of Korea Electric Vehicle Charging Service during the year ended December 31, 2022, and it is not a related party to the Group as of December 31, 2022.

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(5)** **Loans and others arising from related party transactions as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |  |  |  |  |
| **Type** | **Company name** | **Beginning<br>balance** | **Beginning<br>balance** | **Loans** | **Collection** | **Others** | **Ending**<br>**balance** |
|  Associates | KNOC Nigerian East Oil Co., Ltd.,<br> KNOC Nigerian West Oil Co., Ltd. | W | 29481 | 104 |  | 1888 | 31473 |
|  | (Allowance for doubtful accounts) |  | (8241) |  |  | (2510) | (10751) |
|  Associates | Nepal Water & Energy Development<br> Company Private Limited |  |  | 19914 |  |  | 19914 |
|  Associates | Xe-Pian Xe-Namnoy Power Co., Ltd. |  | 21456 |  |  | 1480 | 22936 |
|  Associates | PT Wampu Electric Power |  | 13000 |  | (5233) | 1404 | 9171 |
|  Associates | PT Cirebon Energi Prasarana |  |  | 28100 |  | 1469 | 29569 |
|  Associates | Gunsan Bio Energy Co., Ltd. |  | 12396 |  |  |  | 12396 |
|  | (Allowance for doubtful accounts) |  | (12396) |  |  |  | (12396) |
|  Associates | Bigeum Resident Photovoltaic Power Co., Ltd. |  | 11212 |  |  |  | 11212 |
|  Associates | Daejung Offshore Wind Power Co., Ltd. |  | 1000 |  |  |  | 1000 |
|  Associates | Bitgoel Eco Energy Co., Ltd. |  | 19349 | 16151 | (710) |  | 34790 |
|  Associates | Saemangeum Sebit Power Plant Co., Ltd |  |  | 37249 |  |  | 37249 |
|  Joint ventures | Solaseado Solar Power Co., Ltd. |  | 35000 |  |  |  | 35000 |
|  Joint ventures | Recursos Solares PV de Mexico II, S.A. de C.V. |  | 6134 | 1899 |  | 424 | 8457 |
|  Joint ventures | Horus Solar, S.A. de C.V. |  | 16514 | 1695 |  | 1078 | 19287 |
|  Joint ventures | Sunmex Renovables, S.A. de C.V. |  | 13571 | 1913 |  | 899 | 16383 |
|  Joint ventures | Kelar S.A. |  | 43167 |  |  | 798 | 43965 |
|  Joint ventures | DE Energia SpA |  | 6791 |  |  | 469 | 7260 |
|  Joint ventures | Daehan Wind Power PSC |  | 13674 |  |  | 944 | 14618 |
|  Joint ventures | PT. Tanjung Power Indonesia |  | 1090 |  | (1114) | 24 |  |
|  Joint ventures | Bitsolar Energy Co., Ltd. |  | 3165 |  |  |  | 3165 |
|  Joint ventures | Daesan Green Energy Co., Ltd. |  |  | 3514 |  |  | 3514 |
|  Joint ventures | Nghi Son 2 Power LLC |  |  | 185306 |  | 1429 | 186735 |
|  Joint ventures | Pulau Indah Power Plant Sdn. Bhd. |  |  | 10475 |  | (268) | 10207 |
|  Joint ventures | Guadalupe Solar SpA |  | 3360 |  | (253) | 237 | 3344 |
|  Joint ventures | Foresight Iberian Solar Group Holding, S.L. |  | 59333 |  |  | 1969 | 61302 |
|  Joint ventures | Capman Lynx SCA, SICAR |  | 29770 |  |  | 1858 | 31628 |
|  | (Allowance for doubtful accounts) |  |  | (4467) |  |  | (4467) |
|  Joint ventures | S-Power Chile SpA |  |  | 253 |  |  | 253 |
|  |  | W | 318826 | 302106 | (7310) | 13592 | 627214 |

---

**(6)** **Borrowings arising from related party transactions as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* | *In millions of won* |
| **Related parties** | **Type** | **Beginning<br>balance** | **Beginning<br>balance** | **Borrowings** | **Repayment** | **Others** | **Ending**<br>**balance** |
|  Korea Development Bank | Facility | W | 98020 | 61092 | (64875) | 2347 | 96584 |
|  | Others |  | 2509 |  | (376) |  | 2133 |
|  | Operating funds |  | 184300 | 164252 | (285961) | (158) | 62433 |
|  | Syndicated Loan |  | 14530 |  | (1040) | (1035) | 12455 |
|  | EBL and others |  | 53965 | 76878 | (85010) | 3059 | 48892 |
|  |  | W | 353324 | 302222 | (437262) | 4213 | 222497 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to related parties as of December 31, 2022 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Electric Power Corporation | Shuweihat Asia Operation & Maintenance Company | Performance guarantees | USD 11,000 | Shuweihat Asia Power Investment B.V. |
|  Korea Electric Power Corporation | Rabigh Operation & Maintenance Company Limited | Performance guarantees and others | USD 1,387 | Rabigh Electricity Company |
|  Korea Electric Power Corporation | Nghi Son 2 Power LLC | Performance guarantees | USD 70,000 | SMBC Ho Chi Minh and others |
|  Korea Electric Power Corporation | Barakah One Company | Debt guarantees | USD 1,223,355 | Export-Import Bank of Korea and others |
|  |  | Performance guarantees and others | USD 4,197,287 |  |
|  Korea Electric Power Corporation | RE Holiday Holdings LLC | Performance guarantees (\*9) | USD 222,077 | EFS Renewables Holdings, LLC, CA-CIB and others |
|  Korea Electric Power Corporation | RE Pioneer Holdings LLC | Performance guarantees | USD 106,873 | EFS Renewables Holdings, LLC |
|  Korea Electric Power Corporation | RE Barren Ridge 1 Holdings LLC | Performance guarantees (\*9) | USD 68,838 | Firstar Development, LLC |
|  Korea Electric Power Corporation | Rabigh Electricity Company | Performance guarantees | SAR 1,509 | Hana Bank |
|  Korea Electric Power Corporation | Shuweihat Asia Power Investment B.V. | Performance guarantees | USD 100,000 | ING Bank |
|  Korea Electric Power Corporation | Amman Asia Electric Power Company | Performance guarantees | USD 16,800 | Shinhan Bank |
|  Korea Electric Power Corporation | Horus Solar, S.A. de C.V. | Other performance guarantees | MXN 16,413 | CENACE and others |
|  Korea Electric Power Corporation | Recursos Solares PV de Mexico II, S.A. de C.V. | Other performance guarantees | MXN 1,518 | SEMARNAT |
|  |  |  | USD 393 | CFE Transmission |
|  Korea Electric Power Corporation | Sunmex Renovables, S.A. de C.V. | Other performance guarantees | USD 9,078 | CENACE |
|  |  |  | MXN 3,666 | SEMARNAT |
|  Korea Electric Power Corporation | International Offshore Power Transmission Holding Company Limited | Performance guarantees | USD 150,000 | Mizuho Bank |
|  |  | Other performance guarantees | USD 7,000 | Credit Agricole |
|  Korea Electric Power Corporation | Pulau Indah Power Plant Sdn. Bhd. (\*11) | Collateralized money invested | KRW 13,210 | Malaysian Trustee Berhad |
|  Korea Western Power Co., Ltd. | Cheongna Energy Co., Ltd. | Collateralized money invested | KRW 10,758 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd. | Xe-Pian Xe-Namnoy Power Co., Ltd. | Collateralized money invested | KRW 115,584 | Krung Thai Bank |
|  |  | Impounding bonus guarantees | USD 5,000 | SK E&C |
|  Korea Western Power Co., Ltd. | Rabigh Operation & Maintenance Company Limited | Performance guarantees and others | SAR 11,200 | National Bank of Kuwait |
|  Korea Western Power Co., Ltd. | Daegu Photovoltaic Co., Ltd. | Collateralized money invested | KRW 2,849 | Korea Development Bank |
|  Korea Western Power Co., Ltd. | Dongducheon Dream Power Co., Ltd. | Collateralized money invested (\*5) | KRW 52,476 | Kookmin Bank and others |
|  |  | Debt guarantees | KRW 20,300 | BNK Securities |
|  Korea Western Power Co., Ltd. | PT. Mutiara Jawa | Collateralized money invested | KRW 3,597 | Woori Bank |
|  Korea Western Power Co., Ltd. | Haeng Bok Do Si Photovoltaic Power Co., Ltd. | Collateralized money invested | KRW 278 | Nonghyup Bank |
|  Korea Western Power Co., Ltd. | Shin Pyeongtaek Power Co., Ltd. | Collateralized money invested | KRW 133,823 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd. | Haemodum Solar Co., Ltd. | Collateralized money invested | KRW 3,367 | Nonghyup Bank |
|  Korea Western Power Co., Ltd. | Muan Solar Park Co., Ltd. | Collateralized money invested | KRW 7,838 | IBK and others |
|  Korea Western Power Co., Ltd. | Anjwa Smart Farm & Solar City Co., Ltd. | Collateralized money invested | KRW 8,662 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | Seoroseoro Sunny Power Plant Co., Ltd. | Collateralized money invested | KRW 859 | Hana Bank and others |
|  Korea Western Power Co., Ltd. | YuDang Solar Co., Ltd. | Collateralized money invested | KRW 586 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to related parties as of December 31, 2022 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Western Power Co., Ltd. | Hapcheon Floating Photovoltaic Power Plant Inc. | Collateralized money invested | KRW 8,471 | Nonghyup Bank and others |
|  Korea Western Power Co., Ltd. | Yeongwol Eco Wind Co., Ltd. | Collateralized money invested | KRW 3,155 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd. | Gurae Resident Power Co., Ltd. | Collateralized money invested | KRW 391 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd | Gunsan Land Solar Co., Ltd. | Collateralized money invested | KRW 27,544 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd | Seobusambo highway photovoltaics Co., Ltd. | Collateralized money invested | KRW 3,067 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd | Eumseong Eco Park Co., Ltd. | Collateralized money invested | KRW 5,557 | Kyobo Life Insurance Co., Ltd. and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Western Power Co., Ltd | PungBack Wind Farm Corporation | Collateralized money invested | KRW 6,743 | Hanwha Life Insurance Co., Ltd and others |
|  Korea East-West Power Co., Ltd. | Busan Shinho Solar Power Co., Ltd. | Collateralized money invested | KRW 6,719 | Korea Development Bank and others |
|  Korea East-West Power Co., Ltd. | Seokmun Energy Co., Ltd. | Collateralized money invested | KRW 17,336 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Chun-cheon Energy Co., Ltd. | Collateralized money invested | KRW 32,044 | Kookmin Bank and others |
|  |  | Guarantees for supplemental funding (\*1) | KRW 90,800 |  |
|  Korea East-West Power Co., Ltd. | Honam Wind Power Co., Ltd. | Collateralized money invested | KRW 4,819 | Shinhan Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | GS Donghae Electric Power Co., Ltd. | Collateralized money invested | KRW 260,145 | Korea Development Bank and others |
|  Korea East-West Power Co., Ltd. | Yeonggwangbaeksu Wind Power Co., Ltd. | Collateralized money invested | KRW 3,151 | Kookmin Bank and others |
|  Korea East-West Power Co., Ltd. | Yeonggwang Wind Power Co., Ltd. | Collateralized money invested | KRW 20,713 | KDB Capital Corporation and others |
|  Korea East-West Power Co., Ltd. | Daesan Green Energy Co., Ltd. | Collateralized money invested | KRW 19,218 | Korea Development Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Taebaek Gadeoksan Wind Power Co., Ltd. | Collateralized money invested | KRW 20,040 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | PT. Tanjung Power Indonesia | Other guarantees | USD 3,150 | PT. Adaro Indonesia |
|  |  | Guarantees for supplemental funding (\*1) |  | Sumitomo mitsui banking and others |
|  |  | Collateralized money invested | KRW 92,907 | MUFG and others |
|  Korea East-West Power Co., Ltd. | South Jamaica Power Company Limited | Performance guarantees | USD 14,400 | Credit Agricole Corporate & Investment Bank Seoul and others |
|  |  | Collateralized money invested | KRW 46,437 | JCSD Trustee Services Limited and others |
|  Korea East-West Power Co., Ltd. | DE Energia SpA | Collateralized money invested | KRW 9,536 | Mirae Asset Daewoo Co., Ltd. and others |
|  |  | Collateralized loans | USD 5,728 |  |
|  |  | Payment guarantees (\*7) | USD 943 | Hana Bank |
|  Korea East-West Power Co., Ltd. | Bitsolar Energy Co., Ltd. | Collateralized money invested | KRW 352 | Mirae Asset Life Insurance Co., Ltd. and others |
|  Korea East-West Power Co., Ltd. | Cheongju Eco Park Co., Ltd. | Collateralized money invested | KRW 10,490 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea East-West Power Co., Ltd. | Busan Industrial Solar Power Co., Ltd. | Collateralized money invested | KRW 1,168 | Shinhan Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to related parties as of December 31, 2022 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea East-West Power Co., Ltd. | Yangyang Wind Power Co., Ltd. | Collateralized money invested | KRW 10,864 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Daewon Green Energy Co., Ltd. | Collateralized money invested | KRW 4,485 | Hana Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Goheung New Energy Co., Ltd. | Collateralized money invested | KRW 3,615 | Woori Bank and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea East-West Power Co., Ltd. | Seungmun Green Energy | Collateralized money invested | KRW 9,055 | Hana Bank and others |
|  Korea Southern Power Co., Ltd. | KNH Solar Co., Ltd. | Collateralized money invested | KRW 2,883 | Shinhan Bank and others |
|  |  | Performance guarantees and guarantees for supplemental funding (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Daeryun Power Co., Ltd. | Collateralized money invested | KRW 26,727 | Korea Development Bank and others |
|  Korea Southern Power Co., Ltd. | Daegu Green Power Co., Ltd. | Collateralized money invested | KRW 29,360 | Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
|  Korea Southern Power Co., Ltd. | Kelar S.A. | Performance guarantees | USD 54,282 | Hana Bank, MUFG |
|  Korea Southern Power Co., Ltd. | Daehan Wind Power PSC | Performance guarantees | USD 1,800 | Shinhan Bank |
|  |  | Payment guarantees (\*6) | USD 1,900 | Hana Bank |
|  |  | Collateralized money invested | KRW 13,923 | Standard Chartered |
|  Korea Southern Power Co., Ltd. | Pyeongchang Wind Power Co., Ltd. | Collateralized money invested | KRW 14,464 | Woori Bank and Shinhan Bank and others |
|  |  | Performance guarantees |  |  |
|  Korea Southern Power Co., Ltd. | Taebaek Guinemi Wind Power Co., Ltd. | Collateralized money invested | KRW 13,049 | IBK |
|  Korea Southern Power Co., Ltd. | Samcheok Eco Materials Co., Ltd. | Payment guarantees (\*2) |  | SEM Investment Co., Ltd. |
|  Korea Southern Power Co., Ltd. | Solaseado Solar Power Co., Ltd. | Collateralized money invested | KRW 12,088 | Kookmin Bank and others |
|  Korea Southern Power Co., Ltd. | Naepo Green Energy Co., Ltd. | Collateralized money invested (8) |  | IBK and others |
|  |  | Guarantees for supplemental funding (\*1) | KRW 30,000 |  |
|  |  | Guarantees for other supplemental funding and performance guarantees (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Omisan Wind Power Co., Ltd. | Collateralized money invested | KRW 10,411 | Shinhan Bank and others |
|  |  | Guarantees for supplemental funding and performance guarantees (\*1) |  |  |
|  Korea Southern Power Co., Ltd. | Geumsungsan Wind Power Co., Ltd. | Collateralized money invested | KRW 3,493 | Kookmin Bank |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  KOSPO Chile SpA | Kelar S.A. | Collateralized money invested | KRW 117,137 | Export-Import Bank of Korea and others |
|  KOSPO Chile SpA | Chester Solar I SpA | Collateralized money invested | KRW 1,314 | IBK |
|  KOSPO Chile SpA | Chester Solar IV SpA | Collateralized money invested | KRW 181 | IBK |
|  KOSPO Chile SpA | Chester Solar V SpA | Collateralized money invested | KRW 156 | IBK |
|  KOSPO Chile SpA | Diego de Almagro Solar SpA | Collateralized money invested | KRW 540 | IBK |
|  KOSPO Chile SpA | Laurel SpA | Collateralized money invested | KRW 554 | IBK |
|  Korea Midland Power Co., Ltd. | YeongGwang Yaksu Wind Electric Co., Ltd. | Collateralized money invested | KRW 156 | IBK and others |
|  Korea Midland Power Co., Ltd. | Hyundai Green Power Co., Ltd. | Collateralized money invested | KRW 119,791 | Korea Development Bank and others |
|  Korea Midland Power Co., Ltd. | PT. Cirebon Electric Power | Debt guarantees | USD 4,785 | Mizuho Bank |
|  Korea Midland Power Co., Ltd. | PT Wampu Electric Power | Debt guarantees | USD 4,401 | SMBC |
|  Korea Midland Power Co., Ltd. | Green Energy Electricity Generation Co., Ltd. | Collateralized money invested | KRW 1,571 | IBK |
|  |  | Guarantees for supplemental funding and others (\*1) |  | IBK and others |
|  Korea Midland Power Co., Ltd. | Yaksu ESS Co., Ltd. | Collateralized money invested | KRW 486 | IBK |

---

------

##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to related parties as of December 31, 2022 are as follows, continued:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |
| **Primary guarantor** | **Principal obligor** | **Type of guarantees** | **Credit limit** | **Creditor** |
|  Korea Midland Power Co., Ltd. | Namjeongsusang Solar Power Operation Co., Ltd. | Collateralized money invested | KRW 373 | IBK |
|  Korea Midland Power Co., Ltd. | Gwangbaek Solar Power Investment Co., Ltd. | Collateralized money invested | KRW 5,133 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea Midland Power Co., Ltd. | Muan Sunshine Solar Power Plant Co., Ltd. | Collateralized money invested | KRW 2,562 | IBK |
|  Korea Midland Power Co., Ltd. | Goesan Solar park Co., Ltd. | Collateralized money invested | KRW 2,591 | IBK |
|  Korea Midland Power Co., Ltd. | Bitgoel Eco Energy Co., Ltd. | Collateralized money invested | KRW 5,292 | IBK and others |
|  |  | Guarantees for supplemental funding (\*1) |  |  |
|  Korea Midland Power Co., Ltd. | Energyco Co., Ltd. | Collateralized money invested<br> Debt guarantees | KRW 2,190<br> KRW 2,746 | Nonghyup Bank<br> Shinhan Bank |
|  Korea Midland Power Co., Ltd. | Jeju Gimnyeong Wind Power Co., Ltd. | Collateralized money invested | KRW 872 | Nonghyup Bank |
|  Korea Midland Power Co., Ltd. | Dongbu Highway Solar Co., Ltd. | Collateralized money invested | KRW 352 | Nonghyup Bank |
|  Korea Midland Power Co., Ltd. | Seobu Highway Solar Co., Ltd. | Collateralized money invested | KRW 316 | Nonghyup Bank |
|  Korea Midland Power Co., Ltd. | Yeongyang Wind Power Corporation II | Collateralized money invested | KRW 7,461 | Korea Development Bank and Samsung Fire & Marine Insurance Co., Ltd. |
|  Korea Midland Power Co., Ltd. | Haeparang Energy Co., Ltd. | Collateralized money invested<br> Guarantees for supplemental funding | KRW 2,188<br> —  | Templeton hana asset management Co. Ltd |
|  Korea South-East Power Co., Ltd. | Dayone Energy Co., Ltd. | Collateralized money invested (\*3) |  | IBK |
|  |  | Guarantees for supplemental funding and others (\*1,4) | KRW 76,800 | NH investment & securities Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | RES Technology AD | Collateralized money invested | KRW 15,133 | UniCredit Bulbank and others |
|  Korea South-East Power Co., Ltd. | ASM-BG Investicii AD | Collateralized money invested | KRW 14,555 | UniCredit Bulbank and others |
|  Korea South-East Power Co., Ltd. | Expressway Solar-light Power Generation Co., Ltd. | Guarantees for supplemental funding and others | KRW 4,754 | Woori Bank |
|  Korea South-East Power Co., Ltd. | Goseong Green Power Co., Ltd. | Collateralized money invested | KRW 288,893 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | Gangneung Eco Power Co., Ltd. | Collateralized money invested |  | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | PND Solar Co., Ltd. | Collateralized money invested | KRW 1,403 | IBK |
|  Korea South-East Power Co., Ltd. | Hyundai Eco Energy Co., Ltd. | Collateralized money invested | KRW 7,631 | Samsung Life Insurance and others |
|  Korea South-East Power Co., Ltd. | Jaeun Resident Wind Power Plant Co., Ltd. | Collateralized money invested | KRW 2,236 | IBK |
|  Korea South-East Power Co., Ltd. | Chungsongmeon BongSan wind power Co., Ltd. | Collateralized money invested | KRW 3,470 | Kyobo Life Insurance Co., Ltd. and others |
|  Korea South-East Power Co., Ltd. | Yeongam Solar Power Co., Ltd. | Collateralized money invested | KRW 9,879 | Kookmin Bank and others |
|  Korea South-East Power Co., Ltd. | Samsu Wind Power Co., Ltd. | Collateralized money invested | KRW 3,205 | Shinhan Bank and others |
|  Korea South-East Power Co., Ltd. | Saemangeum Heemang Photovoltaic Co., Ltd. | Collateralized money invested | KRW 13,010 | Woori Bank and others |
|  Korea South-East Power Co., Ltd. | Nepal Water & Energy Development Company Private Limited | Collateralized money invested | USD 97,105 | International Finance Corporation and others |
|  |  | Business reserve payment guarantee | USD 33,333 |  |
|  Korea Hydro & Nuclear Power Co., Ltd. | Noeul Green Energy Co., Ltd. | Collateralized money invested |  | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Busan Green Energy Co., Ltd. | Collateralized money invested | KRW 4,396 | Shinhan Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Go deok Clean Energy Co., Ltd. | Collateralized money invested | KRW 4,419 | Kookmin Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Cheong-Song Noraesan Wind Power Co., Ltd. | Collateralized money invested | KRW 4,264 | Woori Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Gwangyang Green Energy Co., Ltd. | Collateralized money invested | KRW 25,043 | Shinhan Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Gangneung Sacheon Fuel Cell Co., Ltd. | Collateralized money invested | KRW 4,276 | Hana Bank and others |
|  Korea Hydro & Nuclear Power Co., Ltd. | Chun-cheon Green Energy Co., Ltd. | Collateralized money invested | KRW 9,156 | Hana Bank and others |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(7)** **Guarantees provided to related parties as of December 31, 2022 are as follows, continued:** 

(\*1) The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

---

| | |
|:---|:---|
| (\*2) | Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of December 31, 2022, the Group has recognized derivative liabilities of W6,760 million related to the guarantee. Meanwhile, the Group is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.  |

---

(\*3) The Group recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

---

| | |
|:---|:---|
| (\*4) | Pursuant to the guarantee agreement, the Group recognized other provisions of W7,230 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.  |

---

(\*5) The common stocks of Dongducheon Dream Power Co., Ltd. held by the Group were pledged as collateral.

(\*6) The Group provided a payment guarantee to Daehan Wind Power PSC for opening L/C for Debt Service Reserve Account (DSRA).

(\*7) This includes a guarantee related to L/C for debt repayment allowance provided to DE Energia SpA, a joint venture of the Group.

(\*8) The Group recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W29,200 million.

(\*9) The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries.

---

| | |
|:---|:---|
| (\*10) | Saemangeum Sebit Power Plant Co., Ltd., the group's related party as of December 31, 2022, is raising a fund from Kookmin bank and others amounting to KRW 99.9 billion (remaining balance as of December 31, 2022 is KRW 36.5 billion) through project financing commitment. The group is going to provide the lender a guarantee up to KRW 63.4 billion in the commitment except for KRW 36.5 billion which is a senior loan, as shares of Saemangeum Sebit Power Plant Co., Ltd. owned by the group at the time of fund raising.  |

---

---

| | |
|:---|:---|
| (\*11) | The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2022.  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**47.** **Related Parties, Continued** 

**(8)** **Guarantees received from related parties as of December 31, 2022 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| **Primary Guarantor** | **Type of guarantees** | **Credit limit** | **Credit limit** |
|  KAPES, Inc. | Performance guarantees | W | 17225 |
|  | Defect guarantees |  | 2533 |

---

**(9)** **Derivatives transactions with related parties as of December 31, 2022 are as follows:** 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Currency Swap

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* | *In millions of won and thousands of foreign currencies except contract exchange rate information* |
| **Counterparty** | **Contract year** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract interest rate**<br>**per annum** | **Contract interest rate**<br>**per annum** | **Contract<br>exchange<br>rate (in won)** | **Contract<br>exchange<br>rate (in won)** |
| **Counterparty** | **Contract year** | **Pay** | **Pay** | **Receive** | **Pay** | **Receive** | **Contract<br>exchange<br>rate (in won)** | **Contract<br>exchange<br>rate (in won)** |
|  Korea Development Bank | 2019~2024 | W | 177600 | USD 150,000 | 1.24% | 2.50% | W | 1184.00 |
|  | 2020~2025 |  | 241320 | USD 200,000 | 0.54% | 1.13% |  | 1206.60 |
|  | 2021~2026 |  | 118170 | USD 100,000 | 1.11% | 1.13% |  | 1181.70 |
|  | 2015~2025 |  | 111190 | USD 100,000 | 2.62% | 3.25% |  | 1111.90 |
|  | 2017~2027 |  | 111610 | USD 100,000 | 2.31% | 3.13% |  | 1116.10 |
|  | 2018~2028 |  | 108600 | HKD 800,000 | 2.69% | 3.35% |  | 135.75 |
|  | 2018~2023 |  | 170280 | USD 150,000 | 2.15% | 3.75% |  | 1135.20 |
|  | 2019~2027 |  | 119978 | CHF 100,000 | 1.43% | 0.05% |  | 1199.78 |
|  | 2021~2026 |  | 111400 | USD 100,000 | 0.93% | 1.25% |  | 1114.00 |
|  | 2022~2027 |  | 262000 | USD 200,000 | 3.63% | 4.25% |  | 1310.00 |
|  | 2020~2026 |  | 118910 | USD 100,000 | 0.61% | 1.00% |  | 1189.10 |
|  | 2021~2026 |  | 114230 | USD 100,000 | 1.27% | 1.25% |  | 1142.30 |
|  | 2022~2027 |  | 123710 | USD 100,000 | 3.41% | 3.63% |  | 1237.10 |
|  | 2018~2023 |  | 320880 | USD 300,000 | 2.03% | 3.75% |  | 1069.60 |
|  | 2022~2025 |  | 128560 | USD 100,000 | 3.37% | 4.13% |  | 1285.60 |
|  | 2018~2023 |  | 169335 | USD 150,000 | 2.26% | 3.88% |  | 1128.90 |
|  | 2020~2025 |  | 122780 | USD 100,000 | 0.93% | 1.75% |  | 1227.80 |
|  | 2022~2025 |  | 252360 | USD 200,000 | 2.83% | 3.60% |  | 1261.80 |

---

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Currency forward

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* | *In millions of won and thousands of USD* |
| **Counterparty** | **Contract**<br>**date** | **Maturity**<br>**date** | **Contract amounts** | **Contract amounts** | **Contract amounts** | **Contract<br>exchange<br>rate (in won)** | **Contract<br>exchange<br>rate (in won)** |
| **Counterparty** | **Contract**<br>**date** | **Maturity**<br>**date** | **Pay** | **Pay** | **Receive** | **Contract<br>exchange<br>rate (in won)** | **Contract<br>exchange<br>rate (in won)** |
|  Korea Development Bank | 2022.12.19 | 2023.01.26 | W | 26010 | USD 20,000 | W | 1300.50 |

---

**(10)** **The Group considers all standing directors of the Board who serve as executive officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Group recorded salaries and other compensations related to the key management personnel as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won* | | | | |
| **Type** | **2022** | **2022** | **2021** | **2021** |
|  Salaries | W | 1026 |  | 1272 |
|  Retirement benefits |  | 58 |  | 21 |
|  | W | 1084 |  | 1293 |

---

---

| | | | |
|:---|:---|:---|:---|
| **Primary Guarantor** | **Type of guarantees** | **Credit limit** | **Credit limit** |
|  KAPES, Inc. | Performance guarantees | W | 17225 |
|  | Defect guarantees |  | 2533 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**48.** **Statement of Cash Flows** 

**(1)** **Significant non-cash transactions for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* |  |  |  |
| **Transactions** | **2022** | **2022** | **2021** |
|  Transfer from construction-in-progress to other assets | W | 13723972 | 12902589 |
|  Recognition of asset retirement cost and related provision for decommissioning costs |  | 3497866 | 2356805 |
|  Transfer from provision for disposal of used nuclear fuel to accrued expenses |  | 417687 | 455401 |
|  Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities |  | 13838578 | 11109271 |
|  Transfer from inventory to stored nuclear fuel |  | 738720 | 908842 |
|  Transfer of right-of-use assets due to change in accounting policy and others |  | 197016 | 78213 |

---

**(2)** **Changes in liabilities incurred from financing activities for the years ended December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2022** | **2022** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of<br>exchange rate**<br>**fluctuations<br>and others** | **Ending<br>balance** |
|  Borrowings and debt securities | W | 80529513 | 39193815 |  | 882037 | 120605365 |
|  Lease liabilities |  | 4410503 | (562647) | 109019 | 206268 | 4163143 |
|  | W | 84940016 | 38631168 | 109019 | 1088305 | 124768508 |
| *In millions of won* | **2021** | **2021** | **2021** | **2021** | **2021** | **2021** |
|  |  |  |  | **Non-cash changes** | **Non-cash changes** |  |
|  | **Beginning<br>balance** | **Beginning<br>balance** | **Cash flows** | **Increase** | **Effect of<br>exchange rate**<br>**fluctuations<br>and others** | **Ending<br>balance** |
|  Borrowings and debt securities | W | 69724581 | 9653394 |  | 1151538 | 80529513 |
|  Lease liabilities |  | 4621096 | (572036) | 73090 | 288353 | 4410503 |
|  | W | 74345677 | 9081358 | 73090 | 1439891 | 84940016 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**49.** **Commitments for Expenditure** 

**(1)** **The commitments for acquisition of property, plant and equipment as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Contracts** | **Commitment<br>amounts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining liability<br>balances** |
|  Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo) | W | 57203 | 12595 | 57046 | 16240 |
|  Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung) |  | 50151 | 37638 | 46616 | 34102 |
|  Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S |  | 37168 | 16788 | 36143 | 25292 |
|  Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S |  |  |  | 40010 | 5540 |
|  Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S |  | 37744 | 140 | 37744 | 140 |
|  Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others |  | 58269 | 3883 | 56860 | 34576 |
|  Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S |  | 33841 | 25641 | 32000 | 26700 |
|  Advanced E-Type low-pressure electronic power meter 1,320,000 ea |  |  |  | 65972 | 23262 |
|  Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang) |  | 35949 | 3232 | 34423 | 23297 |
|  Purchase of cable (TR CNCE-W,1C,325SQ) 1,016,000M |  |  |  | 66581 | 40254 |
|  Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M |  |  |  | 46194 | 37810 |
|  Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M |  |  |  | 87382 | 83628 |
|  Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments |  | 202795 | 95428 | 188338 | 168456 |
|  Purchase of GIS (362KV, 6300A, 63KA) 19 – Shinyangsan S/S |  | 31834 | 17334 | 31464 | 31464 |
|  Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others<br> (Goduk-Seoansung) |  | 40937 | 3748 |  |  |
|  Purchase of cable (PVC, 1C, 2000SQ) 87,732M and others (Eulwangboonki) |  | 36155 | 10274 |  |  |
|  GIS(362KV,6300A,63KA) 18 – Wolsung S/Y |  | 32090 | 32090 |  |  |
|  Purchase of cable (FR CNCO-W,1C,325SQ) 672,300M |  | 31387 | 19213 |  |  |
|  Purchase of cable (TR CNCE-W,1C,325SQ) 1,342,000M |  | 75620 | 40497 |  |  |
|  Purchase of cable (TR CNCE-W,1C,600SQ) 377,000M |  | 31851 | 17478 |  |  |
|  Purchase of cable (TR CNCE-W/AL,1C,400SQ) 2,175,300M |  | 53064 | 29436 |  |  |
|  System stabilization ESS equipment (Bubuk S/S) 1 Type |  | 222300 | 222300 |  |  |
|  System stabilization ESS equipment (Shinnamwon S/S) Type 1 |  | 211500 | 211500 |  |  |
|  System stabilization ESS equipment (Yeongcheon S/S) Type 1 |  | 73104 | 73104 |  |  |
|  Construction of Saeul Units (#3,4) |  | 9800424 | 2455673 | 9800424 | 3479667 |
|  Construction of Shin-Hanul Units (#1,2) |  | 10327372 | 97889 | 9745123 |  |
|  Other 36 contracts |  | 853941 | 425149 | 792485 | 620593 |
|  Service of designing Seoul Combined Units (#1,2) |  | 31148 |  | 31841 | 934 |
|  Purchase of furnace for construction of Shin-Seocheon thermal power plant |  | 305209 | 5132 | 305209 | 7722 |
|  Purchase of turbine generator for construction of Shin-Seocheon thermal power plant |  | 107333 | 6214 | 105226 | 6301 |
|  Purchase of main machine for Jeju LNG combined |  | 166287 | 10898 | 166287 | 10972 |
|  Purchase of equipments for the construction project of Boryeong indoor coal storage yard |  | 318197 | 287965 | 317350 | 317350 |
|  Service of designing Taean Units (#9,10) |  | 112909 | 12468 | 112909 | 12623 |
|  Purchase of gas turbine and turbine equipment of<br> Gimpo combined heat & power plant |  | 126302 | 32748 | 126302 | 61735 |
|  Purchase of steam turbine, HRSG and POWER BLOCK of Gimpo combined heat & power plant |  | 221997 | 38714 | 214053 | 138244 |
|  Construction of Gimpo combined heat & power plant |  | 181798 | 56558 | 130015 | 86323 |
|  Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant |  | 197983 | 197983 |  |  |
|  Construction of Gumi natural gas power plant |  | 204094 | 204094 |  |  |
|  Installation of natural gas supply facility at Gumi natural gas power plant |  | 70620 | 70620 |  |  |
|  Purchase of coal handling machine for construction of Samcheok Units (#1,2) |  | 299048 | 6687 | 286571 | 6215 |
|  Purchase of main equipment for Namjeju |  | 140144 | 3 | 140144 | 3 |
|  Purchase of main equipment for Shin-Sejong combined thermal power plant |  | 234392 | 32472 | 234392 | 200122 |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**49.** **Commitments for Expenditure, Continued** 

**(1)** **The commitments for acquisition of property, plant and equipment as of December 31, 2022 and 2021 are as follows, continued:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2021** | **2021** |
| **Contracts** | **Commitment<br>amounts** | **Commitment<br>amounts** | **Remaining**<br>**liability balances** | **Commitment<br>amounts** | **Remaining liability<br>balances** |
|  Purchase of Hadong thermal power indoor carboniferous plant | W | 162814 | 105504 | 148800 | 129042 |
|  Purchase of phase 1 power generation facility for Yeongwol fuel cells |  |  |  | 88449 | 1523 |
|  Purchase of phase 2 power generation facility for Yeongwol fuel cells |  | 86100 | 30527 |  |  |
|  Purchase of fuel cell power generation facilities for the fifth stage of Shinincheon headquarters |  | 81960 | 81960 |  |  |

---

**(2)** **As of December 31, 2022, details of contracts for inventory purchase commitment are as follows:** 

The Group imports all of its uranium ore concentrates from sources outside Korea (including the United States, United Kingdom, Kazakhstan, France, Russia, South Africa, Canada and Australia) which are paid for with currencies other than Won, primarily in U.S. dollars. In order to ensure stable supply, the Group entered into long-term and medium-term contracts with various suppliers, and supplements such supplies with purchases of fuels on spot markets. The long-term and medium-term contract periods vary among contractors and the stages of fuel manufacturing process. Contract prices for processing of uranium are generally based on market prices. Contract periods for ore concentrates, conversion, enrichment and design and fabrication are as follows:

---

| | | | |
|:---|:---|:---|:---|
| **Type** | **Periods** | **Periods** | **Contracted quantity** |
|  Concentrate |  | 2022 ~ 2033 | 26,310 Ton U3O8 |
|  Transformed |  | 2022 ~ 2030 | 19,012 Ton U |
|  Enrichment |  | 2022 ~ 2032 | 21,434 Ton SWU |

---

In addition, the contracted quantity of the molded uranium between Korea Hydro & Nuclear Power Co., Ltd. and KEPCO Nuclear Fuel Co., Ltd., which are subsidiaries of the Group, is 1,418 Ton U (contract periods : 2014 ~ 2023).

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**50.** **Contingencies and Commitments** 

**(1)** **Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2022 and 2021 are as follows:** 

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2022** | **2022** | **2021** | **2021** | **2021** | **2021** |
|  | **Number of cases** | **Number of cases** | **Claim amount** | **Claim amount** | **Number of cases** | **Number of cases** | **Claim amount** | **Claim amount** |
|  As the defendant |  | 653 | W | 981878 |  | 683 | W | 689415 |
|  As the plaintiff |  | 238 |  | 599809 |  | 284 |  | 784453 |

---

As of December 31, 2022, there are 5 ongoing litigations and 1 arbitration case that both defendant and plaintiff are the Group.

As of December 31, 2022, in connection with Shin-Hanul Unit 3 & 4, the Group has received communications from a vendor for costs incurred for the preliminary work of the main equipment and associated compensation due to the discontinuation of the construction. The Group does not believe that it has a present obligation to this vendor, and that it is probable that the Group will prevail if a lawsuit is filed against the Group. In addition, the Group cannot reliably estimate the potential economic outflow related to the obligation as of December 31, 2022.

The Group is the defendant against a number of claims. The following is potentially significant ongoing claim pertaining to the Group:

1) There are multiple ongoing claims against the Group related to ordinary wages, requesting payment of unpaid wages. The Group believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Group recognized W114,937 million as litigation provisions in relation to the lawsuit as of December 31, 2022. 

In addition to the abovementioned significant ongoing claims, there are 5 arbitration cases pertaining to the Group as of December 31, 2022 and the significant arbitration cases for the year ended December 31, 2022 are as follows:

1) In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Group to the Indian Council of Arbitration due to disagreements in the contract, but the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated. 

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**50.** **Contingencies and Commitments, Continued** 

**(2)** **Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows:** 

1) The Group has outstanding borrowings with a limit of USD 275,600 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Group has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. Moreover, for one of the electricity purchasers, Central Power Purchasing Agency Guarantee Ltd., the Group has provided payment guarantee up to USD 2,777 thousand, in case of construction delay or insufficient contract volume after commencement of the construction. 

2) The Group has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 5,947 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia. 

3) The Group has provided USD 18,500 thousand of business performance guarantees to AEP Texas, Inc., for the construction, ownership, operation, and related cost-bearing implementation of electric power transmission equipment regarding Concho Valley solar business in the United States.

4) The Group has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2022.

5) The Group has provided Axia Power Holdings B.V. and others a performance guarantee up to USD 54,000 thousand for the implementation of Cirebon thermal power generation project in Indonesia.

6) The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,588,165 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

7) The Group has provided the SMBC with the guarantees of mutual investment of USD 4,401 thousand, which is equivalent to the ownership interest of PT Mega Power Mandiri, in order to guarantee the expenses related to hydroelectric power business of Wampu, Indonesia.

8) The Group has provided USD 50,000 thousand for a performance guarantee to Morgan Stanley Capital Group Inc., to guarantee the electricity purchase contract in relation to photovoltaic power generation project in USA.

9) The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC. a performance guarantee regarding weatherization in relation with tax investors up to USD 3,000 thousand for the of the power plant construction for Concho Valley solar power project in the United States.

10) The Group has provided USD 54,000 thousand for a performance guarantee to PT. Cirebon Electro Power, to guarantee the Cirebon coal-fired power plant operation and maintenance project in Indonesia.

11) Nonghyup Bank is providing a payment guarantee of USD 47.85 million to Mizuho Bank, Ltd., a third party, for the guarantee of debt repayment reserves of PT Cirebon Electric Power's Indonesia Cirebon power plant project.

12) The Group has provided Morgan Stanley Renewables Inc. a guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.

13) The Group has provided EUR 10,000 thousand for a performance guarantee to Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch through Kookmin Bank, to guarantee the opening of VAT payment loan account for Guba Buget wind power project in Sweden.

14) The Group has provided EUR 5,022 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.

15) The Group has provided EUR 9,980 thousand of a performance guarantee to Ellevio through Shinhan Bank, to guarantee the performance of the electric power transmission equipment connection construction for Guba Buget wind power project in Sweden.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**50.** **Contingencies and Commitments, Continued** 

**(2)** **Guarantees of payments and commitments provided to other companies as of December 31, 2022 are as follows, continued:** 

16) The Group has provided Shinhan Bank a debt guarantee up to USD 60,000 thousand (current amount : USD 60,000 thousand) to guarantee Equity Bridge Loan for Concho Valley solar business in the United States. 

17) The Group has provided Van Phong Power Company Ltd. a performance guarantee up to USD 5,000 thousand for the operation maintenance project in Van Phong, Vietnam.

**(3)** **Credit lines provided by financial institutions as of December 31, 2022 are as follows:** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* |  |  |  |  |
| **Commitments** | **Financial institutions** | **Currency** | **Credit<br>limit** | **Used<br>amount** |
|  Commitments on Bank-overdraft | Nonghyup Bank and others | KRW | 1910500 | 53416 |
|  Limit amount available for CP | Hana Bank and others | KRW | 3250000 | 3250000 |
|  General Loan, etc. | Hana Bank and others | KRW | 3000000 | 3000000 |
|  Limit amount available for card | Hana Bank and others | KRW | 47424 | 2615 |
|  | Banco de Oro | PHP | 5000 | 3000 |
|  Loan limit | Korea Development Bank and others | KRW | 2023728 | 1369694 |
|  | DBS Bank Ltd and others | USD | 1385000 | 143841 |
|  Certification of payment on payables from foreign country | Nonghyup Bank | USD | 12028 | 8040 |
|  Certification of payment on L/C | Credit Agricole and others | USD | 1317245 | 402677 |
|  | Kookmin Bank and others | EUR | 48122 | 31472 |
|  | Shinhan Bank | JPY | 481785 |  |
|  Certification of Performance guarantee on contract | Hana Bank and others | KRW | 127606 | 106020 |
|  | First Abu Dhabi Bank and others | USD | 1092590 | 788404 |
|  | Korea Development Bank and others | JPY | 620000 | 620000 |
|  | Hana Bank and others | EUR | 3965 | 3965 |
|  | Shinhan Bank | INR | 44872 |  |
|  | Hana Bank | SAR | 1509 | 1509 |
|  Certification of bidding | Hana Bank | USD | 5200 |  |
|  | Export-Import Bank of Korea | EUR | 10000 | 10000 |
|  Advance payment bond, Warranty bond, Retention bond and others | Export-Import Bank of Korea | KRW | 106776 | 75900 |
|  | Hana Bank and others | USD | 306251 | 282224 |
|  | Hana Bank and others | MXN | 21597 | 20027 |
|  Others | Nonghyup Bank and others | KRW | 1216250 | 300936 |
|  | Export-Import Bank of Korea and others | USD | 733318 | 510094 |
|  | Standard Chartered | AED | 50 | 50 |
|  | Shinhan Bank | SAR | 3000 | 3000 |
|  Inclusive credit | Hana Bank | KRW | 8000 | 667 |
|  | Kookmin Bank | USD | 135000 | 45909 |
|  | Hana Bank | INR |  | 323837 |
|  Equity Bridge Loan Guarantee | Mizuho Bank and others | USD | 1685955 | 1141788 |
|  Trade finance | Export-Import Bank of Korea and others | USD | 970000 |  |

---

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**50.** **Contingencies and Commitments, Continued** 

**(4)** **As of December 31, 2022, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are follows:** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |
| **Obligor** | **Creditor** | **Assets provided as security** | **Currency** | **Amount** | **Description** |
|  Mira Power Limited | International Finance Corporation and others | Property, plant and equipment and others | USD | 275600 | Collateral for borrowings (\*1) |
|  Tamra Offshore Wind Power Co., Ltd. | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 171600 | Collateral for borrowings (\*2) |
|  Gyeonggi Green Energy Co., Ltd. | Korea Development Bank and others | Cash and cash equivalents and others | KRW | 327080 | Collateral for borrowings (\*2) |
|  Commerce and Industry Energy Co., Ltd. | IBK and others | Property, plant and equipment and others | KRW | 110500 | Collateral for borrowings (\*2) |
|  KOSPO Youngnam Power Co., Ltd. | Shinhan Bank and others | Cash and cash equivalents and others | KRW | 744120 | Collateral for borrowings (\*2) |
|  Gyeongju Wind Power Co., Ltd. | Shinhan Bank and others | Property, plant and equipment and others | KRW | 68400 | Collateral for borrowings (\*2) |
|  Korea Offshore Wind Power Co., Ltd. | Woori Bank and others | Property, plant and equipment and others | KRW | 293400 | Collateral for borrowings (\*2) |
|  Qatrana Electric Power Company | The Islamic Development Bank and others | Finance lease receivable and property, plant and equipment and others | JOD | 136623 | Collateral for borrowings (\*1) |
|  KST Electric Power Company, S.A.P.I. de C.V. | The Export – Import Bank of Korea and others | Finance lease receivable and property, plant and equipment and others | USD | 401277 | Collateral for debt securities (\*1) |
|  Incheon Fuel Cell Co., Ltd. | Kookmin Bank and others | Cash and cash equivalents and others | KRW | 276960 | Collateral for borrowings (\*2) |
|  K-SOLAR SHINAN Co., Ltd. (formerly, TS Energy No. 25 Co., Ltd.) | Kyobo Life Insurance Co., Ltd. and others | Property, plant and equipment and others | KRW | 329736 | Collateral for borrowings (\*2) |
|  Jeongam Wind Power Co., Ltd. | KDB Capital Corporation and others | Cash and cash equivalents and others | KRW | 235809 | Collateral for borrowings (\*2) |

---

---

| | |
|:---|:---|
| (\*1) | This is based on the amount of loan commitment limit.  |

---

(\*2) As of December 31, 2022, the Group has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.

The Group has W1,197 million of project loans from the Korea Energy Agency as of December 31, 2022. The Group has provided a promissory note as a repayment guarantee.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**50.** **Contingencies and Commitments, Continued** 

**(5)** The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a
carrying amount of W 66,879 million as of December 31, 2022, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W1,683 million and depreciation on
the idle assets of W 3,635 million are recorded in other expenses for the year ended December 31, 2022. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be
reasonably estimated, and the Group is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2022.

**(6)** Due to the Korean government's announcement of suspension of operation in the Gaeseong Industrial
District, it is uncertain if the Group can exercise the property rights for the Group's facility in the Gaeseong Industrial District as of December 31, 2022. The book value of facility is W 12,967 million and trade
receivables related to the companies residing in Gaeseong industrial complex has been fully written-off during the year ended December 31, 2022. The outcome of this event cannot be reasonably estimated as of December 31, 2022.

**(7)** In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due
to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Group has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of
December 31, 2022.

**(8)** To prevent the spread of COVID-19, a variety of prevention and control measures, including movement
restrictions, are being implemented worldwide, and as a result, the global economy is being affected extensively. In addition, various forms of government policies are being announced to cope with COVID-19. The Group was unable to reasonably
estimate the impact of COVID-19 and the impact of the government support policies on the Group's consolidated financial statements as of December 31, 2022, and the resulting effects have not been reflected in the consolidated financial
statements.

**(9)** The Korea Institute of Energy Technology(KENTECH) was established in April, 2020, in accordance with the
"Basic plan for the establishment of KENTECH (July, 2019)". By the special law to create KENTECH, the Group, government, and local government may contribute to the fund. The Group will decide whether to contribute to the fund on a board
resolution after consulting with relevant organizations considering its financial situation by year.

**(10)** The ongoing armed conflict in Ukraine started in February 2022 and relevant sanctions against Russia
imposed by the international community can impact not only sanctioned entities but also the entities doing business directly or indirectly with Ukraine or Russia and the entities exposed directly or indirectly to industries or economy of Russia or
Ukraine. The Group cannot make reasonable estimation of the financial impact of the recent conflict in Ukraine on the future events.

**(11)** The Organization for Economic Co-operation and Development (OECD)/G20 Inclusive Framework on Base
Erosion and Profit Shifting (BEPS) addresses the tax challenges arising from the digitalization of the global economy. Global Minimum Tax (Pillar Two) were released and they apply to Multinational Enterprises (MNEs) with revenue in excess of EUR
750 million per their consolidated financial statements. National Assembly of South Korea passed the law new Global Minimum Tax rules to align with the OECD BEPS Pillar Two in December 2022. The regulation will be included in the Adjustment of
International Taxes Act and will be effective for fiscal years beginning on or after January 1, 2024. However, the Enforcement Decrees that provide further detail on the application of the legislation is only expected to be finalized later in 2023.
In South Korea, Pillar Two legislation is not yet considered substantively enacted as of December 31, 2022 for KIFRS 1012 purposes. The Group therefore has not recognized any tax effect arising from the Global Minimum Tax in its consolidated
financial statements as of December 31, 2022 and for the year then ended.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**51.** **Subsequent Events** 

**(1)** Subsequent to December 31, 2022, KEPCO and its subsidiaries including Korea Hydro & Nuclear
Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Western Power Co., Ltd., and Korea Southern Power Co., Ltd. issued corporate bonds for the purposes of operation and others as follows:

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* | *In millions of won and thousands of foreign currencies* |  |  |  |
| **Company** | **Type** | **Issue date** | **Maturity** | **Interest rate (%)** | **Amount** | **Amount** |
|  Korea Electric Power Corporation | #1339 Corporate bond | 2023.01.03 | 2025.01.03 | 4.40 | W | 200000 |
|  | #1340 Corporate bond | 2023.01.03 | 2026.01.03 | 4.50 |  | 320000 |
|  | #1341 Corporate bond | 2023.01.05 | 2025.01.05 | 4.20 |  | 140000 |
|  | #1342 Corporate bond | 2023.01.05 | 2026.01.05 | 4.30 |  | 240000 |
|  | #1343 Corporate bond | 2023.01.09 | 2025.01.09 | 4.20 |  | 130000 |
|  | #1344 Corporate bond | 2023.01.09 | 2026.01.09 | 4.28 |  | 280000 |
|  | #1345 Corporate bond | 2023.01.12 | 2025.01.12 | 4.00 |  | 110000 |
|  | #1346 Corporate bond | 2023.01.12 | 2026.01.12 | 4.08 |  | 330000 |
|  | #1347 Corporate bond | 2023.01.16 | 2025.01.16 | 4.00 |  | 190000 |
|  | #1348 Corporate bond | 2023.01.16 | 2026.01.16 | 4.05 |  | 220000 |
|  | #1349 Corporate bond | 2023.01.19 | 2025.01.19 | 3.85 |  | 180000 |
|  | #1350 Corporate bond | 2023.01.19 | 2026.01.19 | 3.87 |  | 320000 |
|  | #1351 Corporate bond | 2023.01.25 | 2025.01.25 | 3.85 |  | 140000 |
|  | #1352 Corporate bond | 2023.01.25 | 2026.01.25 | 3.89 |  | 410000 |
|  | #1353 Corporate bond | 2023.02.03 | 2025.02.03 | 3.50 |  | 220000 |
|  | #1354 Corporate bond | 2023.02.03 | 2026.02.03 | 3.54 |  | 280000 |
|  | #1355 Corporate bond | 2023.02.06 | 2025.02.06 | 3.65 |  | 210000 |
|  | #1356 Corporate bond | 2023.02.06 | 2026.02.06 | 3.65 |  | 320000 |
|  | #1357 Corporate bond | 2023.02.10 | 2025.02.10 | 3.80 |  | 100000 |
|  | #1358 Corporate bond | 2023.02.10 | 2026.02.10 | 3.83 |  | 340000 |
|  | #1359 Corporate bond | 2023.02.13 | 2025.02.13 | 3.83 |  | 180000 |
|  | #1360 Corporate bond | 2023.02.13 | 2026.02.13 | 3.85 |  | 320000 |
|  | #1361 Corporate bond | 2023.02.17 | 2025.02.17 | 3.99 |  | 110000 |
|  | #1362 Corporate bond | 2023.02.17 | 2026.02.17 | 4.10 |  | 320000 |
|  | #1363 Corporate bond | 2023.02.20 | 2025.02.20 | 4.09 |  | 150000 |
|  | #1364 Corporate bond | 2023.02.20 | 2026.02.20 | 4.11 |  | 160000 |
|  | #1365 Corporate bond | 2023.03.03 | 2025.03.03 | 4.35 |  | 100000 |
|  | #1366 Corporate bond | 2023.03.03 | 2026.03.03 | 4.40 |  | 110000 |
|  | #1367 Corporate bond | 2023.03.06 | 2025.03.06 | 4.25 |  | 180000 |
|  | #1368 Corporate bond | 2023.03.06 | 2026.03.06 | 4.35 |  | 210000 |
|  | #1369 Corporate bond | 2023.03.10 | 2025.03.10 | 4.25 |  | 230000 |
|  | #1370 Corporate bond | 2023.03.10 | 2026.03.10 | 4.35 |  | 230000 |
|  | #1371 Corporate bond | 2023.03.13 | 2025.03.13 | 4.14 |  | 140000 |
|  | #1372 Corporate bond | 2023.03.13 | 2026.03.13 | 4.25 |  | 260000 |
|  Korea Hydro & Nuclear Power Co., Ltd. | #70-1 Corporate bond | 2023.02.22 | 2028.02.22 | 4.10 |  | 90000 |
|  | #70-2 Corporate bond | 2023.02.22 | 2033.02.22 | 4.15 |  | 40000 |
|  | #70-3 Corporate bond | 2023.02.22 | 2043.02.22 | 4.08 |  | 20000 |
|  | #71-1 Corporate bond | 2023.03.07 | 2028.03.07 | 4.13 |  | 50000 |
|  | #71-2 Corporate bond | 2023.03.07 | 2033.03.07 | 4.18 |  | 30000 |
|  Korea South-East Power Co., Ltd. | #57-1 Corporate bond | 2023.02.09 | 2024.02.08 | 3.56 |  | 120000 |
|  | #57-2 Corporate bond | 2023.02.09 | 2026.02.09 | 3.74 |  | 50000 |
|  Korea Western Power Co., Ltd. | #57-1 Corporate bond | 2023.01.17 | 2025.01.17 | 4.07 |  | 70000 |
|  | #57-2 Corporate bond | 2023.01.17 | 2026.01.17 | 4.04 |  | 30000 |
|  Korea Southern Power Co., Ltd. | #67-1 Corporate bond | 2023.01.12 | 2024.01.12 | 3.97 |  | 100000 |
|  | #67-2 Corporate bond | 2023.01.12 | 2025.01.10 | 4.04 |  | 40000 |

---

**(2)** On February 14th, 2023, the subsidiary, Korea South-East Power Co., Ltd. invested in Bidiai Co., Ltd., and
as a result of the approval of Bidiai's restructuring plan, on February 17th, 2023, 32 billion KRW of bonds were converted into shares, making Korea South-East Power Co., Ltd. the largest shareholder of Bidiai Co., Ltd. with a stake of
32.54%.

**(3)** On January 8th, 2023, a fire broke out in Taean IGCC Gas Refining Plant of the subsidiary, Korea Western Power
Co., Ltd., resulting in the suspension of production. The amount of damages caused by the fire is under investigation, and the Group is currently verifying the insurance coverage with the property insurance policy.

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##### [**Table of Contents**](#toc)
KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the Consolidated Financial Statements, Continued

**December 31, 2022 and 2021** 

**52.** **Adjusted Operating Profit (Loss)** 

The operating profit (loss) in the Group's consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB. The table below sets forth a reconciliation of the Group's results from operating activities as presented in the Group's consolidated statements of comprehensive income (loss) prepared in accordance with KIFRS for each of the years ended December 31, 2022 and 2021 to the operating profit or loss as presented in the Group's consolidated statements of comprehensive income (loss) prepared in accordance with IFRS as issued by IASB for each of the corresponding years.

---

| | | | |
|:---|:---|:---|:---|
| *In millions of won* | **2022** | **2022** | **2021** |
|  **Operating profit (loss) on the consolidated statements of comprehensive income (loss)** | W | (32655153) | (5846499) |
|  **Add** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other income |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other provisions |  | 15265 | 15548 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of other allowance for doubtful accounts |  | 37 | 98 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on government grants |  | 301 | 458 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on assets contributed |  | 1953 | 9347 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on liabilities exempted |  | 1181 | 1830 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and reparations revenue |  | 89638 | 104826 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from foundation fund |  | 3 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Revenue from research contracts |  | 8191 | 5996 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rental income |  | 208064 | 204123 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 59017 | 30694 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other gains |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of property, plant and equipment |  | 148667 | 56284 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on disposal of intangible assets |  | 41 | 1 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment losses on property, plant and equipment |  | 134735 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reversal of impairment losses on intangible assets |  |  | 14 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency translation |  | 36097 | 20598 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on foreign currency transactions |  | 235221 | 48671 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gains on insurance proceeds |  | 43497 | 144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | 294091 | 250174 |
|  **Deduct** |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other expenses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Compensation and reparations expenses |  | (36) | (663) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accretion expenses of other provisions |  | (1138) | (2711) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on investment properties |  | (486) | (1386) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation expenses on idle assets |  |  | (3621) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other bad debt expense |  | (6400) | (49372) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Donations |  | (131037) | (152456) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (73053) | (47723) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other losses |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of property, plant and equipment |  | (100066) | (92622) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on disposal of intangible assets |  | (116) | (145) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of property, plant and equipment |  | (37311) | (4056) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of intangible assets |  | (164) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on impairment of other non-current assets |  |  | (16035) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency translation |  | (14738) | (4732) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Losses on foreign currency transactions |  | (299117) | (67990) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others |  | (197715) | (181787) |
|  **Adjusted operating profit (loss)** | W | (32240531) | (5722991) |

---