Form 6-K

In millions of won

Primary Guarantor

Type of
guarantees

Credit limit

KAPES, Inc.

Defect guarantees

Performance guarantees

Advance payment guarantee

6-K 1 d33857d6k.htm FORM 6-K Form 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

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

under the Securities Exchange Act of 1934

For the Month of September 2026

Commission File Number 001-13372

KOREA ELECTRIC POWER CORPORATION

(Translation of registrant’s name into English)

55 Jeollyeok-ro, Naju-si, Jeonnam-Gwangju, 58322, Korea

(Address of principal executive offices)

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 ☐

QUARTERLY BUSINESS REPORT

(For the period from January 1, 2026 to June 30, 2026)

THIS IS A SUMMARY IN ENGLISH OF THE QUARTERLY BUSINESS REPORT ORIGINALLY PREPARED IN KOREAN AND IS IN SUCH FORM AS REQUIRED BY THE FINANCIAL SERVICES COMMISSION OF KOREA.

IN THE TRANSLATION PROCESS, SOME PARTS OF THE REPORT WERE REFORMATTED, REARRANGED OR SUMMARIZED FOR THE CONVENIENCE OF READERS. NON-MATERIAL OR PREVIOUSLY DISCLOSED INFORMATION IS OMITTED OR ABRIDGED.

UNLESS EXPRESSLY STATED OTHERWISE, ALL INFORMATION CONTAINED HEREIN IS PRESENTED ON A CONSOLIDATED BASIS IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED FOR USE IN KOREA, OR K-IFRS, WHICH DIFFER IN CERTAIN RESPECTS FROM GENERALLY ACCEPTED ACCOUNTING PRINCIPLES IN CERTAIN OTHER COUNTRIES, INCLUDING THE UNITED STATES. WE HAVE MADE NO ATTEMPT TO IDENTIFY OR QUANTIFY THE IMPACT OF THESE DIFFERENCES.

I.	Company Overview

1.	Name of the company: Korea Electric Power Corporation (“KEPCO”)

2.	Information of the company

(Address) 55 Jeollyeok-ro, Naju-si, Jeonnam-Gwangju, 58322, Korea

(Phone number) 82-61-345-4218

(Website) http://www.kepco.co.kr

3.	Major businesses

KEPCO, as the parent company, is engaged in the following activities:

•

development of electric power resources;

•

generation, transmission, transformation and distribution of electricity and other related activities;

•

research and development of technology related to the businesses mentioned above;

•

overseas business related to the businesses mentioned above;

•

investment or contributions related to the businesses mentioned above;

•

development and operation of certain real estate holdings; and

•

other businesses entrusted by the government.

Businesses operated by KEPCO’s major subsidiaries are as follows: nuclear power generation by Korea Hydro & Nuclear Power (KHNP), thermal power generation by Korea South-East Power (KOSEP), Korea Midland Power (KOMIPO), Korea Western Power (KOWEPO), Korea Southern Power (KOSPO) and Korea East-West Power (EWP), other businesses including engineering service by KEPCO Engineering & Construction (KEPCO E&C), maintenance and repair of power plants by KEPCO Plant Service & Engineering (KEPCO KPS), ICT service by KEPCO KDN, nuclear fuel processing by KEPCO Nuclear Fuel (KEPCO NF), other overseas businesses and investments related to the businesses mentioned above.

4.	Consolidated subsidiaries


	(As of June 30, 2026)

Listed	Unlisted	Total
2	167	169

5.	Major changes in management

On April 27, 2026, Mr. Kim, Jae-Koon was appointed as a standing director for a term of two years in replacement of Mr. Seo, Chul-Soo whose term of office expired.

On May 8, 2026, Mr. Lee, Kyung-Sup, was appointed as a independent director for a term of two years in replacement of Mr. Kim, Sung-Eun whose term of office expired.

On May 8, 2026, Mr. Moon, Jae-Do was appointed as a independent director for a term of two years in replacement of Mr. Lee, Sung-Ho whose term of office expired.

On May 8, 2026, Ms. Hwang, Jeong-Hwa was appointed as a independent director for a term of two years in replacement of Mr. Han, Jin-Hyun whose term of office expired.

On May 8, 2026, Mr. Kim, Jong-Wook was appointed as a independent director for a term of two years in replacement of Mr. Kim, Jong-Woon whose term of office expired.

On May 8, 2026, Mr. Jung, Do-Jin was appointed as a independent director for a term of two years in replacement of Mr. Kim, Jun-Ki whose term of office expired.

On May 8, 2026, Mr. Song, Jae-Do was appointed as a independent director for a term of two years in replacement of Mr. Cho, Seong-Jin whose term of office expired.

On May 27, 2026, Mr. Kim, Tae-Ok was appointed as a Comptroller & Auditor General and member of the Audit Committee for a term of two years in replacement of Mr. Jun, Young-Sang whose term of office expired.

On June 17, 2026, Mr. Baek, Woo-Ki was appointed as a standing director for a term of two years in replacement of Mr. Oh, Heung-Bok whose term of office expired.

On June 17, 2026, Mr. Chun, Chan-Hyuk was appointed as a standing director for a term of two years.

On June 17, 2026, Mr. Jung, Do-Jin was appointed as a independent member of the Audit Committee for a term of two years in replacement of Mr. Lee, Sung-Ho whose term of office expired.

On June 17, 2026, Ms. Hwang, Jeong-Hwa was appointed as a independent member of the Audit Committee for a term of two years in replacement of Mr. Kim, Sung-Eun whose term of office expired.

6.	Changes in major shareholders

There is no change in major shareholders in the last 5 years.

7.	Information regarding KEPCO shares

Issued share capital: 3.2 trillion Won (Authorized capital: 6 trillion Won)

Total number of issued shares: 641,964,077

(Total number of authorized shares for issuance: 1,200,000,000)

Dividends: Dividend payments for fiscal year 2025 was Won 1,542 per share and Won 989.9billion as a total.

II.

Business Overview

1.	Consolidated financial results by segment for a six-month period ended June 30, 2025 and 2026

(In billions of Won)


	January to June 2025				January to June 2026
	Sales		Operating profit		Sales		Operating profit
Electricity sales		45,462		2,857		44,996		2,123
Nuclear generation		8,206		2,396		8,152		3,089
Thermal generation		13,052		565		13,479		-246
Plant maintenance & engineering service		1,518		121		1,604		142
Others⁽¹⁾		1,085		40		1,123		43
Subtotal		69,323		5,979		69,354		5,151
Adjustment for related-party transactions		-23,149		-90		-23,037		-239

Total		46,174		5,889		46,317		4,913

*	Figures are presented in billions of Korean won and may contain rounding differences.

Note:

(1)	Others relate to business areas including overseas businesses, etc.

2.	Changes in unit prices of major products for a six-month period ended June 30, 2025 and 2026


					(In Won per kWh)

Business sector		Company	January to June 2025		January to June 2026
Electricity sold	Residential	KEPCO		155.22		156.69
	Commercial			169.93		169.55
	Educational			139.70		139.57
	Industrial			179.23		179.01
	Agricultural			87.92		90.42
	Street lighting			160.76		159.42
	Overnight usage			107.74		108.24


Electricity from nuclear generation	Nuclear Generation	KHNP	82.87	96.47
Electricity from thermal generation	Thermal generation	KOSEP	139.48	128.37
		KOMIPO	161.40	142.99
		KOWEPO	160.30	139.93
		KOSPO	175.84	149.65
		EWP	161.63	141.29

3.	Power purchase from generation subsidiaries for a six-month period ended June 30, 2026


Company	Volume (GWh)		Expense (In billions of Won)
KHNP		79,577		7,681
KOSEP		17,885		2,293
KOMIPO		17,449		2,491
KOWEPO		18,037		2,518
KOSPO		16,655		2,486
EWP		17,536		2,413
Others		107,483		14,742
Closing adjustment		—		3,128

Total		274,623		37,750

*	Figures are presented in GWh and billions of Korean won, figures may contain rounding differences.

4.	Intellectual property as of June 30, 2026


	Patents		Utility models		Designs		Trademarks		Total
KEPCO		6,376		35		136		57		6,604
Generation subsidiaries		4,644		30		93		260		5,027

Total		11,020		65		229		317		11,631

III.

Financial Information

1.	Condensed consolidated financial results as of and for a six-month period ended June 30, 2025 and 2026

(In billions of Won)


Consolidated statements of comprehensive income							Consolidated statements of financial position
	January to June 2025		January to June 2026		Change			December 31, 2025		June 30, 2026		Change
Sales		46,174		46,317		143	Total assets		254,927		262,561		7,634
Operating profit (loss)		5,889		4,913		-976	Total liabilities		205,605		210,716		5,111
Net income (loss)		3,538		2,797		-741	Total equity		49,323		51,845		2,522

*	Figures are presented in billions of Korean won and may contain rounding differences.

2.	Condensed separate financial results as of and for a six-month period ended June 30, 2025 and 2026

(In billions of Won)


Separate statements of comprehensive income							Separate statements of financial position
	January to June 2025		January to June 2026		Change			December 31, 2025		June 30, 2026		Change
Sales		45,461		44,996		-465	Total assets		144,616		146,742		2,126
Operating profit (loss)		2,857		2,123		-734	Total liabilities		118,046		118,295		249
Net income (loss)		3,085		2,877		-208	Total equity		26,571		28,447		1,876

*	Figures are presented in billions of Korean won and may contain rounding differences.

IV. Board of Directors (KEPCO on a separate basis)

1. The board of directors is required to consist of not more than 15 directors including the president. Under our Articles of Incorporation, there may not be more than seven standing directors including the president, and more than eight independent(non-standing) directors. The number of independent (non-standing) directors must exceed the number of standing directors, including our president.

Subcommittees under the board of directors: The Audit Committee consists of one standing director and two independent (non-standing) directors. All such members of the audit committee are independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Korean Commercial Act and the New York Stock Exchange listing standards. The ESG Committee consists of three independent (non-standing) directors and one standing director. The Power System Committee consists of three independent(non-standing) directors and one standing director.

2. Board meetings and agenda for a six-month period ended June 30, 2026


Number of meetings	Number of agendas	Classification
Number of meetings	Number of agendas	Resolutions	Reports	Confidential
12	38	32	5	1

*	The audit committee held 8 meetings with 27 agenda (of which, 15 were approved as proposed and 12 were accepted as reported).

3. Major activities of the Board of Directors for a six-month period ended June 30, 2026


Date	Agenda	Results	Type
January 23, 2026	Approval of amendment to the Rules on Employment	Approved as proposed	Resolution

January 29, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia	Deferred	Resolution

January 30, 2026	Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia	Approved as proposed	Resolution

February 26, 2026	Approval of the maximum aggregate amount of remuneration for directors in 2026	Approved as proposed	Resolution

	Approval of amendment to the Articles of Incorporation	Approved as proposed	Resolution



	Approval to call for the annual general meeting of shareholders for the fiscal year 2025	Approved as proposed	Resolution

	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

	Approval of consolidated and separate financial statements for the fiscal year 2025	Approved as proposed	Resolution

	Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters	Approved as proposed	Resolution

	Approval of amendment to the Management Performance Agreement	Approved as proposed	Resolution

	Report on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report

	Report on the evaluation of internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report

	Report on audit results for 2025	Accepted as reported	Report

March 12, 2026	Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation	Approved as proposed	Resolution

March 27, 2026	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

	Approval of amendments to Operational Regulations of ESG Committee	Approved as proposed	Resolution

	Approval of contribution to Korea Institute of Energy Technology in 2026	Approved as amended	Resolution

	Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project	Accepted as reported	Report

April 10, 2026	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026	Approved as proposed	Resolution



April 17, 2026	Approval of amendments to the Regulation for Employee Remuneration and Welfare	Approved as proposed	Resolution

	Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders	Approved as proposed	Resolution

May 6, 2026	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026	Approved as proposed	Resolution

May 22, 2026	Approval of amendment to the Regulation of the Board of Directors	Approved as proposed	Resolution

	Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director	Approved as proposed	Resolution

	Approval of amendment to the Terms and Condition for Electricity Supply	Approved as proposed	Resolution

	Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities	Approved as proposed	Resolution

	Confidential (Article 9 (1) 7 of the Official Information Disclosure Act)	Confidential	Confidential

	Approval of nomination of the candidate of a member of Audit Committee	Approved as proposed	Resolution

	Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses	Approved as proposed	Resolution

	Approval of amendment to the Master Investment Agreement for the New Energy Business Fund	Approved as proposed	Resolution

	Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.	Accepted as reported	Report

June 2, 2026	Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026	Approved as proposed	Resolution

June 19, 2026	Approval of personnel increase	Approved as proposed	Resolution



Approval of establishment and operation plan for the AI Committee	Approved as proposed	Resolution

Approval of appointment of a member of Power System Committee	Approved as proposed	Resolution

Approval of appointment of a member of ESG Committee	Approved as proposed	Resolution

Approval of the mid-to-long term financial management plan(2026-2030)	Approved as proposed	Resolution

Approval of forming Director Nomination Committee and evaluation standards for candidates	Approved as proposed	Resolution

4. Attendance Status of independent (non-standing) directors and Voting Results by Agenda Items for a six-month period ended June 30, 2026

Date

Agenda

Han,
Jin-Hyun

Kim,
Jong-
Woon

Kim,
Jun-Ki

Kim,
Sung-Eun

Lee,
Sung-Ho

Cho,
Seong-Jin

Kang,
Hoon

Lee,
Heung-
Ryul

Lee,
Kyung-Sup

Moon,
Jae-Do

Hwang,
Jeong-Hwa

Kim, Jong-
Wook

Jung,
Do-Jin

Song, Jae-Do

January 23, 2026

Approval of amendment to the Rules on Employment

For

Before Appointment

Before
Appointment

January 29, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

Deferred

Absent

Deferred

Absent

Deferred

January 30, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

For

Absent

For

February 26, 2026

Approval of the maximum aggregate amount of remuneration for directors in 2026

For

Approval of amendment to the Articles of Incorporation

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2025

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of consolidated and separate financial statements for the fiscal year 2025

For

Absent

For

Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters

For

Approval of amendment to the Management Performance Agreement

For

Report on internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on audit results for 2025

Agenda for Report

March 12, 2026

Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation

For

March 27, 2026

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

Approval of amendments to Operational Regulations of ESG Committee

For

Absent

For

Approval of contribution to Korea Institute of Energy Technology in 2026

For

Absent

For

Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project

Agenda for Report

April 10, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

Absent

For

April 17, 2026

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

Absent

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

May 6, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

Absent

For

May 22, 2026

Approval of amendment to the Regulation of the Board of Directors

Retired

For

Absent

For

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Absent

For

Approval of amendment to the Terms and Condition for Electricity Supply

For

Against

For

Against

For

Absent

Against

Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities

For

Absent

For

Confidential (Article 9 (1) 7 of the Official Information Disclosure Act)

—

Absent

—

Approval of nomination of the candidate of a member of Audit Committee

For

Absent

For

Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses

For

Absent

For

Approval of amendment to the Master Investment Agreement for the New Energy Business Fund

For

Absent

For

Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.

For

Absent

For

June 2, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

June 19, 2026

Approval of personnel increase

For

Approval of establishment and operation plan for the AI Committee

For

Approval of appointment of a member of Power System Committee

For

Approval of appointment of a member of ESG Committee

For

Approval of the mid-to-long term financial management plan(2026-2030)

For

Approval of forming Director Nomination Committee and evaluation standards for candidates

For

Attendance Rate

100%

89%

100%

67%

56%

100%

67%

100%

5. Attendance Status of Standing directors for a six-month period ended June 30, 2026

Date

Agenda

Kim, Dong-
Cheol

Jun, Young-
Sang

Oh, Heung-Bok

Jung, Chi-Gyo

Ahn, Jung-Eun

Seo, Chul-Soo

Kim, Jae-Koon

Kim, Tae-Ok

Baek, Woo-Ki

Chun,
Chan-Hyuk

January 23, 2026

Approval of amendment to the Rules on Employment

For

Absent

For

Before
Appointment

January 29, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

Deferred

January 30, 2026

Approval of the establishment of and contribution to foreign subsidiary for the Dawadmi Wind Power Project in Saudi Arabia

For

Against

For

February 26, 2026

Approval of the maximum aggregate amount of remuneration for directors in 2026

For

Approval of amendment to the Articles of Incorporation

For

Approval to call for the annual general meeting of shareholders for the fiscal year 2025

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of consolidated and separate financial statements for the fiscal year 2025

For

Approval of amendment to the construction of a new integrated office building for the Gangwon Regional Headquarters

For

Approval of amendment to the Management Performance Agreement

For

Report on internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on the evaluation of internal control over financial reporting for the fiscal year 2025

Agenda for Report

Report on audit results for 2025

Agenda for Report

March 12, 2026

Approval of amendment to the Terms and Conditions for Electricity Supply and Rules for Operation

For

March 27, 2026

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Approval of amendments to Operational Regulations of ESG Committee

For

Approval of contribution to Korea Institute of Energy Technology in 2026

Abstent

For

Report on Matters Related to the Ministry of Trade, Industry and Resources’ Recommendations for the UAE Nuclear Power Plant Project

Agenda for Report

April 10, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

April 17, 2026

Approval of amendments to the Regulation for Employee Remuneration and Welfare

For

Absent

For

Approval to close the shareholders’ registry for the extraordinary general meeting of shareholders

For

Absent

For

May 6, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

Against

For

May 22, 2026

Approval of amendment to the Regulation of the Board of Directors

For

Approval of forming Director Nomination Committee and evaluation standards for the candidates of a non-standing director

For

Approval of amendment to the Terms and Condition for Electricity Supply

For

Approval of amendment to the Regulations on the Use of Transmission and Distribution Facilities

For

Confidential (Article 9 (1) 7 of the Official Information Disclosure Act)

—

Approval of nomination of the candidate of a member of Audit Committee

For

Approval of establishment of and contribution to KEPCO Technology Holding Company to promote new energy technologies and new businesses

For

Approval of amendment to the Master Investment Agreement for the New Energy Business Fund

For

Approval of amendment to the Shareholders’ Agreement for Energy Infra Asset Management Co., Ltd.

Agenda for Report

Agenda
for
Report

June 2, 2026

Approval to call for the extraordinary general meeting of shareholders for the fiscal year 2026

For

Retired

For

June 19, 2026

Approval of personnel increase

For

Retired

For

Approval of establishment and operation plan for the AI Committee

For

Approval of appointment of a member of Power System Committee

For

Approval of appointment of a member of ESG Committee

For

Approval of the mid-to-long term financial management plan(2026-2030)

For

Approval of forming Director Nomination Committee and evaluation standards for candidates

For

Attendance Rate

100%

83%

100%

6. Major activities of the Audit Committee for a six-month period ended June 30, 2026


Date	Agenda	Results	Type
January 22, 2026	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Approval of annual audit plans for 2026	Approved as proposed	Resolution
	Approval of amendments to guidelines of internal audit regulations	Approved as proposed	Resolution
	Approval of amendments to guidelines for demanding disciplinary measures	Approved as proposed	Resolution
	Amendments to the standards for voluntary reporting of drunk driving and audit processing	Approved as proposed	Resolution
	Report on independence of independent auditors	Accepted as reported	Report
	Report on audit education plans in 2026	Accepted as reported	Report
	Report on audit results for December of 2025	Accepted as reported	Report

February 25, 2026	Approval of the consolidated and separate financial statements and business report for the fiscal year 2025	Approved as proposed	Resolution

	Report on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report

	Report on the evaluation on internal control over financial reporting for the fiscal year 2025	Accepted as reported	Report

	Report on the progress of the year-end financial statement audit by the independent auditor for the fiscal year 2025	Accepted as reported	Report

	Report on audit results for 2025	Accepted as reported	Report

March 13, 2026	Approval of amendments to guideline for parctice for KEPCO executives and staff members	Approved as proposed	Resolution
	Approval of auditor’s report for the annual general meeting of shareholders	Approved as proposed	Resolution
	Report on audit results by the independent auditor for the fiscal year 2025	Accepted as reported	Report
	Report on audit results for January and February of 2026	Accepted as reported	Report


April 17, 2026	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
	Prior approval for non-audit service for subsidiaries by the independent auditor	Approved as proposed	Resolution
	Approval of appointment of independent auditors of subsidiaries	Approved as proposed	Resolution
	Report on the Form 20-F for the fiscal year 2025 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
	Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2025 to be filed with the U.S. Securities and Exchange	Accepted as reported	Report
May 8, 2026	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Accepted as amended	Resolution
May 22, 2026	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
June 5, 2026	Approval of investigation result on the agenda for the extraordinary general meeting of shareholders	Approved as proposed	Resolution
June 19, 2026	Approval to appoint the chairman of the Audit Committee	Approved as proposed	Resolution
	Report on auditor’s review for the first quarter of fiscal year 2025	Accepted as reported	Report

*	The audit department, organized under the supervision of the Audit Committee, conducts internal audit over the entire company and takes administrative measures as appropriate in accordance with relevant internal regulations.

7. Attendance Status of the Audit Committee for a six-month period ended June 30, 2026

Date

Agenda

Kim,
Sung-Eun

Lee,
Sung-Ho

Jun,
Young-Sang

Jung, Do-Jin

Hwang,
Jeong-Hwa

Kim, Tae-Ok

January 22, 2026

Approval of appointment of independent auditors of subsidiaries

—

Attended

Before
Appointment

Approval of annual audit plans for 2026

Approval of amendments to guidelines of internal audit regulations

Approval of amendments to guidelines for demanding disciplinary measures

Amendments to the standards for voluntary reporting of drunk driving and audit processing

Report on independence of independent auditors

Report on audit education plans in 2026

Report on audit results for December of 2025

February 25, 2026

Approval of the consolidated and separate financial statements and business report for the fiscal year 2025

—

Attended

Report on internal control over financial reporting for the fiscal year 2025

Report on the evaluation on internal control over financial reporting for the fiscal year 2025

Report on the progress of the year-end financial statement audit by the independent auditor for the fiscal year 2025

Report on audit results for 2025

March 13, 2026

Approval of amendments to guideline for parctice for KEPCO executives and staff members

—

Attended

Approval of auditor’s report for the annual general meeting of shareholders

Report on audit results by the independent auditor for the fiscal year 2025

Report on audit results for January and February of 2026

April 17, 2026

Approval of investigation result on the agenda for the extraordinary general meeting of shareholders

—

Attended

Prior approval for non-audit service for subsidiaries by the independent auditor

Approval of appointment of independent auditors of subsidiaries

Report on the Form 20-F for the fiscal year 2025 to be filed with the U.S. Securities and Exchange

Report on audit progress by independent auditor on the Form 20-F for the fiscal year 2025 to be filed with the U.S. Securities and Exchange

May 8, 2026

Approval of investigation result on the agenda for the extraordinary general meeting of shareholders

—

Attended

May 22, 2026

Approval of investigation result on the agenda for the extraordinary general meeting of shareholders

—

Attended

June 5, 2026

Approval of investigation result on the agenda for the extraordinary general meeting of shareholders

—

Attended

Retired

Attended

June 19, 2026

Approval to appoint the chairman of the Audit Committee

Retired

Attended

Report on auditor’s review for the first quarter of fiscal year 2025

Attendance Rate

100%

V. Shareholder’s Meetings

1. Summary of shareholder’s meetings for a six-month period ended June 30, 2026


Type	Agenda	Results

Annual General Meeting held on March 25, 2026	Approval of the consolidated and separate financial statements for the fiscal year 2025	Approved as proposed
	Approval of the maximum aggregate amount of remuneration for directors in 2026	Approved as proposed
	Approval of amendment to the Articles of Incorporation	Approved as proposed

Extraordinary General Meeting held on April 27, 2026	Election of a Standing Director	Approved as proposed

Extraordinary General Meeting held on May 21, 2026	Election of Standing Director as a Member of the Audit Committee	Approved as proposed



Extraordinary General Meeting held on June 17, 2026	Election of two Standing Directors	Approved as proposed
Extraordinary General Meeting held on June 17, 2026	Election of two Non-Standing Directors as a Member of the Audit Committee	Approved as proposed

VI. Shareholders

1. List of shareholders as of June 30, 2026


		Number of shareholders		Shares owned		Percentage of total (%)
Government of the Republic of Korea			1		116,841,794		18.20
Korea Development Bank			1		211,235,264		32.90
Subtotal			2		328,077,058		51.10
National Pension Service			1		44,346,355		6.91
Public (Non-Koreans)	Common Shares		2,091		114,767,796		17.88
Public (Non-Koreans)	American depositary shares (ADS)		1		16,454,393		2.56
Public (Koreans)			915,025		138,318,475		21.55
Total			917,120		641,964,077		100.00

•

Percentages are based on issued shares of common stock.

•

All of our shareholder have equal voting rights.

•

Citibank, N.A. is our depositary bank and each ADS represents one-half of one share of our common stock.

VII. Directors and employees as of and for a six-month period ended June 30, 2026

(KEPCO on a separate basis)

1. Directors

(In thousands of Won)


Type		Number of directors		Total remuneration		Average remuneration per person		Remarks
Standing director			6		504,256		84,042	Excluding members of the Audit Committee
Independent (Non-standing) director			6		90,000		15,000	Excluding members of the Audit Committee
Member of Audit Committee	Standing director		1		111,019		111,019	—
Member of Audit Committee	Independent (Non-standing director)		2		30,000		15,000	—
Total			15		735,276		49,018	—

* Figures are presented in thousands of Korean won and may contain rounding differences.

2. Employees

(In thousands of Won)


Type	Number of employees						Average continuous service year		Total salaries		Average salaries per person
Type	Regular		Non-regular		Total		Average continuous service year		Total salaries		Average salaries per person
Male		17,446		93		17,539		14.9		816,597,043		47,070
Female		5,318		92		5,410		14.4		220,628,179		41,223
Total		22,764		185		22,949		14.8		1,037,225,222		45,691

* Figures are presented in thousands of Korean won and may contain rounding differences.

VIII. Other Information Necessary for the Protection of Investors

1. Pending legal proceedings as of June 30, 2026

(In billions of Won)


Type	Number of lawsuits		Amount claimed
Lawsuits where KEPCO and its subsidiaries are engaged as the defendants		716		842
Lawsuits where KEPCO and its subsidiaries are engaged as the plaintiffs		267		522

2. Sanctions as of June 30, 2026(Korea Hydro & Nuclear Power CO, Ltd.)

Sanctions by Law Enforcement and Judicial Authorities


Prosecution Date	Subject		Sanctions	Relevant laws (charges)	Proceedings
Prosecution Date	Position	Tenure	Sanctions	Relevant laws (charges)	Proceedings
June 30, 2021	CEO(Former)	4yrs	Prosecution with detention	The Act on the Aggravated Punishment, etc. of specific economic crimes(Occupational breach of trust), The Criminal Act	In the progress in the district court
April 9, 2024	The head of a power plant(Former)	29yrs	Prosecution with detention	Occupational embezzlement, The Criminal Act	In the progress in the high court
January 3, 2025	KHNP		Prosecution with detention	Nuclear Safety Act(Vicarious Liability Provision)	In the progress in the district court
September 18, 2025	KHNP		Administrative Fine (4 million Won)	The Act on the Protection and Investigation of Buried Cultural Heritage (Vicarious Liability Provision)	Fine Payment

Sanctions by Administrative Authorities


Date	Subject	Sanctions	Grounds and Applicable Laws	Proceedings
January 15, 2025	KHNP HANBIT Nuclear Power Site	Administrative Fine (10 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
January 15, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (8 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
March 6, 2025	KHNP	Corrective Action	Act on the Fairness of Subcontract Transactions Article 3-4 Paragraph(1) Prohibition of unfair contractual terms	Implementation of Corrective Actions to prevent recurrence
June 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (0.25 million Won)	Groundwater Act Article 9 Failure to conduct a geotechnical investigation	Fine Payment
June 26, 2025	KHNP	Administrative Fine (144 million Won)	Nuclear Safety Act Article 70 and 119 The Enforcement Decree of Nuclear Safety ACT Article 107 and 178	Fine Payment


July 10, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (8 million Won)	Act of Physical Protection and Radiological Emergency Preparedness for Nuclear Facilities, etc. Article 14 (Book and Records)	Fine Payment
December 16, 2025	KHNP HANUL Nuclear Power Site	Administrative Fine (12 million Won)	Nuclear Safety Act Article 25	Fine Payment
January 2, 2026	KHNP	Penalty Surcharge (10.5 billion Won)	Nuclear Safety Act Article 20, 21 and 26	Surcharge Payment
May 14, 2026	KHNP	Penalty Surcharge (5 million Won)	Electric Utility Act Article 61	Surcharge Payment
May 15, 2026	KHNP HANBIT Nuclear Power Site	Administrative Fine (12 million Won)	Nuclear Safety Act Article 15-2	Fine Payment
May 15, 2026	KHNP HANUL Nuclear Power Site	Administrative Fine (6 million Won)	Nuclear Safety Act Article 15-2	Fine Payment

3. Sanctions as of September 30, 2025(KEPCO KDN)


Date	Sanction Authorities	Resolution Number	Case Name	Proceedings
Febrary 20, 2025	Korea Fair Trade Commission	Resolution2025-029	Case concerning unlawful collussion between KEPCO KDN and Exem CO,. Ltd. in the procurement bid for additional storage materials for unstructured data at KEPCO	Corrective Actions and fine(39 million Won)

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/ Joo, Hwa-sik
Name:		Joo, Hwa-sik
Title:		Vice President

Date: Sep 15, 2026

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

June 30, 2026 and 2025

(Unaudited)

with the independent auditors’ review report

TABLE OF CONTENTS


	Page
Independent auditors’ review report		1

Condensed consolidated interim statements of financial position		3

Condensed consolidated interim statements of comprehensive income		5

Condensed consolidated interim statements of changes in equity		7

Condensed consolidated interim statements of cash flows		9

Notes to the condensed consolidated interim financial statements		11

Independent Auditors’ Review Report

(English translation of a report originally issued in Korean)

To the Board of Directors and Shareholders of

Korea Electric Power Corporation

Reviewed Financial Statements

We have reviewed the accompanying condensed consolidated interim financial statements of Korea Electric Power Corporation and its subsidiaries (the “Group”), which comprise the condensed consolidated interim statement of financial position as of June 30, 2026, the condensed consolidated interim statements of comprehensive income for the three-month and six-month periods ended June 30, 2026 and 2025, the condensed consolidated interim statements of changes in equity and cash flows for the six-month periods ended June 30, 2026 and 2025 and notes, including material accounting policy information and other explanatory information.

Management’s Responsibility

Management is responsible for the preparation and fair presentation of these condensed consolidated interim financial statements in accordance with Korean International Financial Reporting Standards (“K-IFRS”) No. 1034, ‘Interim Financial Reporting’ and for such internal control as management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

Auditors’ Review Responsibility

Our responsibility is to issue a report on these condensed consolidated interim financial statements based on our reviews.

We conducted our reviews in accordance with the Review Standards for Quarterly and Semiannual Financial Statements established by the Securities and Futures Commission of the Republic of Korea. A review of interim financial statements consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Korean Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion

Based on our reviews, nothing has come to our attention that causes us to believe that the accompanying condensed consolidated interim financial statements referred to above do not present fairly, in all material respects, in accordance with K-IFRS No. 1034, ‘Interim Financial Reporting’.

Other Matters

The procedures and practices utilized in the Republic of Korea to review such condensed consolidated interim financial statements may differ from those generally accepted and applied in other countries.

The consolidated statement of financial position as of December 31, 2025, and the related consolidated statements of comprehensive

income, changes in equity and cash flows for the year then ended, which are not accompanying this report, were audited by us in

accordance with Korean Standards on Auditing and our report thereon, dated March 10, 2026, expressed an unqualified opinion. The

accompanying consolidated statement of financial position as of December 31, 2025, presented for comparative purposes, is not

different from that audited by us from which it was derived in all material respects.

LOGO

Seoul, Korea

August 14, 2026

This report is effective as of August 14, 2026, the review report date. Certain subsequent events or circumstances, which may occur between the review report date and the time of reading this report, could have a material impact on the accompanying condensed consolidated interim financial statements and notes thereto. Accordingly, the readers of the review report should understand that the above review report has not been updated to reflect the impact of such subsequent events or circumstances, if any.

KOREA ELECTRIC POWER CORPORATION

AND ITS SUBSIDIARIES

Condensed consolidated interim financial statements

For each of the six-month periods ended June 30, 2026 and 2025

“The accompanying condensed consolidated interim financial statements, including all footnotes and disclosures,

have been prepared by, and are the responsibility of, the Group.”

Dong-Cheol Kim

Chief Executive Officer

Korea Electric Power Corporation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position

As of June 30, 2026 and December 31, 2025 (Unaudited)


In millions of won	*Note*		June 30, 2026		December 31, 2025
Assets
Current assets
Cash and cash equivalents		5,6,7,44	W	2,622,064		2,240,811
Current financial assets, net		5,6,9,11,12,13,44,45,46		4,567,211		4,250,164
Trade and other receivables, net		5,8,20,24,44,45,46		12,144,289		12,618,480
Inventories, net		14		11,139,739		10,152,724
Current income tax assets				77,340		91,579
Current non-financial assets		15		1,789,485		1,361,630

Total current assets				32,340,128		30,715,388

Non-current assets
Non-current financial assets, net		5,6,9,10,11,12,13,44,46		4,976,872		4,565,561
Non-current trade and other receivables, net		5,8,20,44,45,46		3,209,795		3,124,185
Property, plant and equipment, net		18,24,27,48		192,398,264		187,751,538
Investment properties, net		19,27		185,596		238,772
Goodwill, net		16		99,393		99,303
Intangible assets other than goodwill, net		21,27		1,041,364		1,001,295
Investments in associates		4,17		7,192,084		6,851,456
Investments in joint ventures		4,17		7,018,364		6,512,332
Defined benefit assets, net		25		179,051		104,344
Deferred tax assets				12,895,235		12,950,032
Non-current non-financial assets		15		1,025,218		1,013,251

Total non-current assets				230,221,236		224,212,069

Total assets		4	W	262,561,364		254,927,457

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of financial position, Continued

As of June 30, 2026 and December 31, 2025 (Unaudited)


In millions of won	*Note*		June 30, 2026		December 31, 2025
Liabilities
Current liabilities
Trade and other payables		5,22,24,44,46	W	10,066,126		8,621,671
Current financial liabilities		5,12,23,44,46		50,707,759		45,939,089
Current income tax liabilities				1,193,655		1,571,143
Current non-financial liabilities		20,28,29		6,745,611		6,805,171
Current provisions		26,44		4,276,428		4,170,243

Total current liabilities				72,989,579		67,107,317

Non-current liabilities
Non-current trade and other payables		5,22,24,44,46		4,057,453		4,028,808
Non-current financial liabilities		5,12,23,44,46		82,735,285		83,995,702
Non-current non-financial liabilities		28,29		14,241,426		13,726,159
Employee benefits liabilities, net		25,44		1,026,156		1,381,852
Deferred tax liabilities				6,516,435		6,500,975
Non-current provisions		26,44		29,149,823		28,863,700

Total non-current liabilities				137,726,578		138,497,196

Total liabilities		4	W	210,716,157		205,604,513

Equity
Contributed capital		1,30,44
Share capital			W	3,209,820		3,209,820
Share premium				843,758		843,758

				4,053,578		4,053,578

Retained earnings		31
Legal reserves				1,604,910		1,604,910
Voluntary reserves				6,807,034		567,469
Unappropriated retained earnings				22,000,850		26,328,205

				30,412,794		28,500,584

Other components of equity		33
Other capital surplus				1,568,699		1,566,635
Accumulated other comprehensive income				1,932,167		1,340,560
Other equity				12,708,585		12,708,585

				16,209,451		15,615,780

Equity attributable to owners of the controlling company				50,675,823		48,169,942

Non-controlling interests		16,32		1,169,384		1,153,002

Total equity			W	51,845,207		49,322,944

Total liabilities and equity			W	262,561,364		254,927,457

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income

For each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of Won, except per share information			June 30, 2026						June 30, 2025
	*Note*		Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Sales		4,34,44,46
Sale of goods		2	W	21,268,065			45,042,990			21,392,996			45,202,445
Sales of services				180,711			353,174			156,882			303,574
Sales of construction services		20		244,740			470,018			181,271			237,468
Revenue related to transfer of assets from customers		28		225,336			451,157			218,989			430,635

				21,918,852			46,317,339			21,950,138			46,174,122

Cost of sales		14,25,42,46
Cost of sale of goods				(19,597,437	)		(39,080,586	)		(18,588,673	)		(37,783,716	)
Cost of sales of services				(251,649	)		(375,462	)		(144,919	)		(286,024	)
Cost of sales of construction services				(157,407	)		(448,716	)		(285,950	)		(706,746	)

				(20,006,493	)		(39,904,764	)		(19,019,542	)		(38,776,486	)

Gross profit				1,912,359			6,412,575			2,930,596			7,397,636

Selling and administrative expenses		25,35,42,46		(783,807	)		(1,499,854	)		(794,724	)		(1,508,157	)


Operating profit		4		1,128,552			4,912,721			2,135,872			5,889,479

Other income		36		60,403			217,038			93,373			186,180

Other expenses		36		(90,394	)		(168,434	)		(75,220	)		(95,098	)

Other gains, net		37		56,731			68,435			20,611			119,183

Finance income		5,12,38		513,166			1,810,245			1,785,966			2,150,192

Finance expenses		5,12,39		(1,442,732	)		(3,521,217	)		(2,463,698	)		(3,646,278	)

Profit (loss) related to associates, joint ventures and subsidiaries		4,16,17
Share of profit of associates and joint ventures				258,201			637,767			166,283			484,739
Gain on disposal of investments in associates and joint ventures				3,368			3,391			3,838			3,879
Share of loss of associates and joint ventures				(50,874	)		(127,416	)		(1,846	)		(195,223	)
Loss on impairment of investments in associates and joint ventures				(10,304	)		(11,381	)		—			—

			W	200,391			502,361			168,275			293,395

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of comprehensive income, Continued

For each of the three-month and six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of Won, except per share information			June 30, 2026					June 30, 2025
	*Note*		Three-month period ended		Six-month period ended			Three-month period ended			Six-month period ended
Profit before income tax			W	426,117		3,821,149			1,665,179			4,897,053

Income tax expense		40		(148,580)		(1,024,605	)		(488,822	)		(1,358,988	)

Profit for the period				277,537		2,796,544			1,176,357			3,538,065

Other comprehensive income (loss), net of tax		5,12,25,31,33
Items that will not be reclassified subsequently to profit or loss:				13,342		156,404			84,494			(55,645	)
Remeasurements of defined benefit plans		25,31		50,433		121,423			2,037			(98,100	)
Share of other comprehensive income of associates and joint ventures		31		14,890		25,390			258			10
Net change in fair value of financial assets at fair value through other comprehensive income		33		(51,981)		9,591			82,199			42,445
Items that may be reclassified subsequently to profit or loss:				149,766		627,783			(703,252	)		(720,651	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting		5,12,33		5,180		14,230			(994	)		9,469
Foreign currency translation of foreign operations		33		(4,546)		79,504			(174,393	)		(149,836	)
Share of other comprehensive income (loss) of associates and joint ventures		33		149,132		534,049			(527,865	)		(580,284	)

Other comprehensive income (loss) for the period				163,108		784,187			(618,758	)		(776,296	)

Total comprehensive income for the period			W	440,645		3,580,731			557,599			2,761,769

Profit attributable to:
Owners of the controlling company		43	W	267,306		2,760,052			1,136,712			3,464,958
Non-controlling interests				10,231		36,492			39,645			73,107

			W	277,537		2,796,544			1,176,357			3,538,065

Total comprehensive income (loss) attributable to:
Owners of the controlling company			W	413,635		3,493,726			560,245			2,738,012
Non-controlling interests				27,010		87,005			(2,646	)		23,757

			W	440,645		3,580,731			557,599			2,761,769

Earnings per share (in won)		43
Basic earnings per share			W	416		4,299			1,771			5,397
Diluted earnings per share				416		4,299			1,771			5,397

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity

For the six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2025	W	4,053,578		20,128,247			15,733,411			39,915,236			1,447,597			41,362,833
Total comprehensive income (loss) for the period
Profit for the period		—		3,464,958			—			3,464,958			73,107			3,538,065
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		(88,189	)		—			(88,189	)		(9,911	)		(98,100	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		10			—			10			—			10
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			42,447			42,447			(2	)		42,445
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			10,295			10,295			(826	)		9,469
Foreign currency translation of foreign operations, net of tax		—		—			(111,225	)		(111,225	)		(38,611	)		(149,836	)
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			(580,284	)		(580,284	)		—			(580,284	)
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(136,738	)		—			(136,738	)		(74,714	)		(211,452	)
Additional paid-in capital and others		—		—			127			127			(6,826	)		(6,699	)
Equity transaction within the consolidated entity		—		—			5,187			5,187			(12,171	)		(6,984	)
Dividends paid for hybrid bonds		—		—			—			—			(2,128	)		(2,128	)
Repayment of hybrid bond		—		—			—			—			(230,000	)		(230,000	)

Balance as of June 30, 2025	W	4,053,578		23,368,288			15,099,958			42,521,824			1,145,515			43,667,339

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of changes in equity, Continued

For the six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of won	Equity attributable to owners of the controlling company											Non- controlling interests
	Contributed capital		Retained earnings			Other components of equity			Subtotal			Non- controlling interests			Total equity
Balance as of January 1, 2026	W	4,053,578		28,500,584			15,615,780			48,169,942			1,153,002			49,322,944
Total comprehensive income (loss) for the period
Profit for the period		—		2,760,052			—			2,760,052			36,492			2,796,544
Items that will not be reclassified subsequently to profit or loss:
Remeasurement of defined benefit plans, net of tax		—		116,677			—			116,677			4,746			121,423
Share of other comprehensive income of associates and joint ventures, net of tax		—		25,390			—			25,390			—			25,390
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax		—		—			9,590			9,590			1			9,591
Items that may be reclassified subsequently to profit or loss:
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			13,848			13,848			382			14,230
Foreign currency translation of foreign operations, net of tax		—		—			34,120			34,120			45,384			79,504
Share of other comprehensive income of associates and joint ventures, net of tax		—		—			534,049			534,049			—			534,049
Transactions with owners of the Group, recognized directly in equity
Dividends paid		—		(989,909	)		—			(989,909	)		(62,946	)		(1,052,855	)
Additional paid-in capital and others		—		—			(64	)		(64	)		55			(9	)
Equity transaction within the consolidated entity		—		—			2,128			2,128			(7,732	)		(5,604	)

Balance as of June 30, 2026	W	4,053,578		30,412,794			16,209,451			50,675,823			1,169,384			51,845,207

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows

For the six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of won	June 30, 2026			June 30, 2025
Cash flows from operating activities
Profit for the period	W	2,796,544			3,538,065

Adjustments to reconcile profit for the period to net cash provided by operating activities:
Income tax expense		1,024,605			1,358,988
Depreciation		6,763,349			6,911,418
Amortization		74,319			82,466
Retirement benefit expenses		218,861			227,929
Bad debt expense		92,107			25,803
Interest expense		2,079,121			2,211,256
Loss on disposal of financial assets		1,211			2,683
Loss on disposal of property, plant and equipment		39,202			50,140
Loss on abandonment of property, plant and equipment		64,776			70,001
Loss on impairment of property, plant and equipment		825			—
Loss on impairment of intangible assets		1,115			30
Loss on disposal of intangible assets		1			13
Increase in provisions, net		720,507			1,009,317
Loss (gain) on foreign currency translation, net		1,134,458			(1,263,030	)
Gain on valuation of financial assets at fair value through profit or loss		(40,525	)		(34,789	)
Loss on valuation of financial assets at fair value through profit or loss		28,890			387
Loss (gain) on valuation and transaction of derivative instruments, net		(1,338,143	)		1,115,023
Share of profit of investments in associates and joint ventures, net		(510,351	)		(289,516	)
Gain on disposal of financial assets		(28,109	)		(19,496	)
Reversal of impairment loss on intangible assets		(47	)		(40	)
Gain on disposal of property, plant and equipment		(3,627	)		(8,075	)
Gain on disposal of intangible assets		—			(16	)
Gain on disposal of associates and joint ventures		(3,391	)		(3,879	)
Loss on impairment of investments in associates and joint ventures		11,381			—
Interest income		(194,405	)		(215,046	)
Dividends income		(25,962	)		(23,321	)
Others, net		73,773			(311,770	)

		10,183,941			10,896,476

Changes in:
Trade receivables		878,518			696,551
Non-trade receivables		160,521			392,070
Accrued income		(96,923	)		(52,232	)
Other receivables		69,794			66,819
Other current assets		(662,476	)		(352,446	)
Inventories		(1,965,344	)		(527,713	)
Other non-current assets		64,412			(128,890	)
Trade payables		851,156			(760,931	)
Non-trade payables		321,072			323,957
Accrued expenses		(186,718	)		121,391
Other current liabilities		36,512			150,807
Other non-current liabilities		475,233			672,458
Investments in associates and joint ventures (dividends received)		501,724			142,745
Provisions		(942,197	)		(644,872	)
Payments of employee benefit obligations		(478,183	)		(145,537	)
Plan assets		(22,892	)		(1,240	)

	W	(995,791	)		(47,063	)

(Continued)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Condensed consolidated interim statements of cash flows, Continued

For the six-month periods ended June 30, 2026 and 2025 (Unaudited)


In millions of won	June 30, 2026			June 30, 2025
Cash generated from operating activities	W	11,984,694			14,387,478
Dividends received		25,962			23,321
Interest paid		(2,044,732	)		(2,247,651	)
Interest received		161,094			183,180
Income taxes paid		(1,581,451	)		(999,742	)

Net cash flows provided by operating activities		8,545,567			11,346,586

Cash flows from investing activities
Proceeds from disposals of investments in associates and joint ventures		10,468			12,097
Acquisition of investments in associates and joint ventures		(159,251	)		(1,966,262	)
Proceeds from disposals of property, plant and equipment		133,270			113,294
Acquisition of property, plant and equipment		(9,571,309	)		(8,920,625	)
Proceeds from disposals of intangible assets		171			1,430
Acquisition of intangible assets		(69,878	)		(42,668	)
Proceeds from disposals of financial assets		2,141,327			8,478,049
Acquisition of financial assets		(1,958,724	)		(9,929,595	)
Increase in loans		(101,574	)		(90,047	)
Collection of loans		39,476			177,106
Increase in deposits		(82,169	)		(85,179	)
Decrease in deposits		80,638			71,894
Proceeds from disposals of assets held-for-sale		—			14,363
Receipt of government grants		8,905			5,931
Other cash outflow from investing activities, net		(211,687	)		(64,513	)

Net cash flows used in investing activities		(9,740,337	)		(12,224,725	)

Cash flows from financing activities
Proceeds of short-term borrowings, net		1,319,064			3,159,911
Proceeds from long-term borrowings		1,443,235			1,122,664
Proceeds from debt securities		13,175,160			15,434,199
Repayment of long-term borrowings		(221,336	)		(235,025	)
Repayment of debt securities		(13,438,165	)		(18,749,783	)
Payment of lease liabilities		(287,247	)		(329,894	)
Settlement of derivative instruments, net		583,316			539,303
Change in non-controlling interests		(5,594	)		(41,363	)
Repayment of hybrid bond		—			(230,000	)
Dividends paid for hybrid bond		—			(2,128	)
Dividends paid		(1,052,853	)		(211,452	)
Other cash outflow from financing activities, net		(5,200	)		(1,267	)

Net cash flows provided by financing activities		1,510,380			455,165

Net increase (decrease) in cash and cash equivalents before effect of exchange rate fluctuations		315,610			(422,974	)
Effect of exchange rate fluctuations on cash held		65,643			(34,256	)

Net increase (decrease) in cash and cash equivalents		381,253			(457,230	)
Cash and cash equivalents as of January 1, 2026 and 2025		2,240,811			2,382,979

Cash and cash equivalents as of June 30, 2026 and 2025	W	2,622,064			1,925,749

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

1.	Reporting Entity (Description of the controlling company)

Korea Electric Power Corporation (“KEPCO”), the controlling company as defined in International Financial Reporting Standards as adopted by the Republic of Korea (“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. With the enforcement of the Act on the Management of Public Institutions on April 1, 2007, KEPCO was designated as a public institution (market-oriented public corporation). 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-si, Jeonnam-Gwangju Special Metropolitan City.

As of June 30, 2026, KEPCO’s share capital amounts to W3,209,820 million and KEPCO’s shareholders are as follows:


	Number of shares (in shares)		Percentage of ownership
The Government of the Republic of Korea		116,841,794		18.20	%
Korea Development Bank		211,235,264		32.90	%
Other (*1)		313,887,019		48.90	%

		641,964,077		100.00	%

(*1)	As of the most recent closing date of the shareholders’ register (May 4, 2026), the number of shares held by foreign shareholders is 135,481,515 shares (21.10%).

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

(1)

Statement of compliance

These condensed consolidated financial statements have been prepared in accordance with KIFRS 1034 Interim Financial Reporting, as prescribed in the Act on External Audit of Stock Companies in the Republic of Korea. The accompanying consolidated financial statements have been translated into English from Korean language financial statements. In the event of any differences in interpreting the financial statements or the independent auditor’s report thereon, the Korean version, which is used for regulatory reporting purposes, shall prevail.

(2)

Basis of measurement

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

•

financial instruments at fair value through profit or loss;

•

financial instruments at fair value through other comprehensive income;

•

derivative financial instruments are measured at fair value; and

•

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments

The preparation of the condensed 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.

Meanwhile, the Group considers climate-related risks resulting from climate change and the establishment of a global greenhouse gas reduction implementation system in its estimates and assumptions. Climate-related risks increase the uncertainty of the estimates and assumptions considered in various items of the financial statements, and the Group carefully monitors climate-related changes and developments, such as new climate-related legislation, even if it does not have a material impact on current measurements.

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

(i)

Useful lives of property, plant and equipment, intangible assets other than goodwill and estimations on provision for decommissioning costs.

The Group reviews the estimated useful lives of property, plant and equipment, intangible assets other than goodwill at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.

The Group records the present 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.

(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.

(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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(4)

Use of estimates and judgments, Continued

(iii)

Valuations of financial instruments at fair values, Continued

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.

(iv)

Defined employee benefit liabilities

The Group offers its employees defined benefit plans. The cost of providing benefits is determined by 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 their long-term nature (refer to Note 25).

(v)

Unbilled revenue

Electricity delivered but neither metered nor billed is estimated at the reporting date based on the estimated volume of electricity delivered and the estimated selling price, which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Unbilled revenue recognized at the end of the six-month periods ended June 30, 2026 and 2025 is W2,046,875 million and W2,063,977 million, respectively.

(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 total contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.

(vii)

Impairment of non-financial assets other than goodwill

The Group reviews, at the end of each reporting period, whether there is any indication that property, plant and equipment or intangible assets other than goodwill may be impaired. When such indication exists, the Group estimates the recoverable amount of the asset (or a CGU) to determine the amount of impairment loss that should be recognized, if any. The Group measures value in use of a CGU based on discounted cash flows. In determining value in use, key assumptions applied in discounted cash flow model include the discount rate, forecasted future sales volumes, unit sales prices, and cost of purchased power.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(5)

Changes in accounting policies

The Group has applied the following new accounting standards and amendments for its annual reporting period commencing January 1, 2026. The amendments have no significant impact on the Group’s consolidated financial statements. The Group has not early adopted any other standards, interpretations or amendments that have been issued but are not yet effective.

1) Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures” - Classification and Measurement of Financial Instruments

The amendments to KIFRS 1109 and KIFRS 1107 regarding the classification and measurement of financial instruments include the following:

- Clarification of the requirements for recognition and derecognition of financial assets and financial liabilities. In particular, although a financial liability is derecognized on its settlement date, the amendments introduce an accounting policy option that permits an entity to derecognize a financial liability that is settled through an electronic payment system before the settlement date, provided that specified criteria are met;

- Additional guidance for assessing the contractual cash flow characteristics of financial assets with ESG and other similar features;

- Clarification of what constitutes a non-recourse feature and of the characteristics of contractually linked instruments; and

- Introduction of disclosure requirements for financial instruments with contingent features and additional disclosure requirements for equity instruments measured at fair value through other comprehensive income (FVOCI).

These amendments are not expected to have a material impact on the Group’s condensed consolidated interim financial statements.

2) Annual Improvements to KIFRS Accounting Standards - Volume 11

Annual Improvements to KIFRS Volume 11 have been issued to enhance consistency among the requirements of accounting standards, to clarify ambiguous matters and to improve understandability. The improvements affect the following standards:

- KIFRS 1101, “First-time Adoption of Korean International Financial Reporting Standards”: Application of hedge accounting by a first-time adopter;

- KIFRS 1107, “Financial Instruments: Disclosures”: Gain or loss on derecognition and implementation guidance;

- KIFRS 1109, “Financial Instruments”: Derecognition accounting for lease liabilities and the definition of transaction price;

- KIFRS 1110, “Consolidated Financial Statements”: Determination of a “de facto” agent; and

- KIFRS 1007, “Statement of Cash Flows”: Cost method.

These amendments are not expected to have a material impact on the Group’s condensed consolidated interim financial statements.

3) Amendments to KIFRS 1109, “Financial Instruments” and KIFRS 1107, “Financial Instruments: Disclosures” - Contracts Referencing Nature-dependent Electricity

The amendments to KIFRS 1109 and KIFRS 1107 regarding contracts referencing nature-dependent electricity have been issued, the key elements of which are as follows:

- Clarification of the application of the “own-use” requirements to contracts within the scope of the amendments;

- Amendments to the requirements for designating the hedged item in a cash flow hedge relationship for contracts within the scope of the amendments; and

- Introduction of new disclosure requirements to enable investors to understand the impact of such contracts on the entity’s financial performance and cash flows.

These amendments are not expected to have a material impact on the Group’s condensed consolidated interim financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(6)

New accounting standards and interpretations not yet adopted

1) KIFRS 1118, “Presentation and Disclosure in Financial Statements”

KIFRS 1118, “Presentation and Disclosure in Financial Statements,” replaces KIFRS 1001, “Presentation of Financial Statements.” The standard is effective for annual reporting periods beginning on or after January 1, 2027, with early application permitted; however, the Group has not early adopted the standard.

KIFRS 1118 requires a more structured statement of profit or loss and greater disaggregation of information. The Group is currently analyzing the anticipated impact of the adoption of KIFRS 1118 on the consolidated financial statements.

The expected impacts upon initial application are described below; however, the actual impact of applying the new standard on January 1, 2027 may differ because:

- The Group has not yet completed the design and assessment of the changes to its processes and controls; and

- The new accounting policies are subject to change until the Group issues its first annual financial statements that include the date of initial application of this standard.

① Structure of the statement of profit or loss

KIFRS 1118 requires all income and expenses to be classified into one of five categories: operating, investing, financing, income taxes and discontinued operations. The classification of income and expenses into the categories depends on an entity’s main business activities. The Group has not assessed any of its specified business activities, such as investing in assets or providing financing to customers, as main business activities.

The application of KIFRS 1118 will not change the Group’s profit or loss for the period or net assets. However, the Group will be required to present two newly defined subtotals - “Operating profit” and “Profit before financing and income taxes” - and the “Operating profit” subtotal will differ from the operating profit currently presented by the Group. Based on currently available information, the Group is performing an overall preliminary assessment of the impact of applying KIFRS 1118. Examples of items expected to have a material impact on the Group’s financial statements upon initial application are as follows:

a. Income and expenses arising from investments accounted for using the equity method are always classified in the investing category in accordance with KIFRS 1118. Accordingly, the Group’s share of profit (loss) of associates, joint ventures and subsidiaries will be presented in the investing category.

b. Interest income and interest expense are, under the Group’s current accounting policies, generally included in finance income and finance expenses and presented as the subtotals “Finance income” and “Finance expenses.” KIFRS 1118 provides specific guidance on income and expenses classified in the investing and financing categories, and in accordance with such guidance the Group will classify and present its interest income and interest expense in the operating, investing and financing categories.

c. Foreign exchange differences are currently included in other income, other expenses, finance income or finance expenses, depending on their nature. Under KIFRS 1118, foreign exchange differences are required to be classified in the same category as the income and expenses arising from the item that gave rise to the foreign exchange differences; accordingly, the Group will classify foreign exchange differences into the operating, investing and financing categories based on the source of such differences.

② Management-defined Performance Measures (MPMs)

Management-defined Performance Measures (MPMs) are subtotals of income and expenses, other than those listed or required by KIFRS Accounting Standards, that an entity uses in public communications outside the financial statements and that communicate management’s view of an aspect of the financial performance of the entity as a whole to users of the financial statements. The Group will be required to disclose specific information about its MPMs in a single note to the financial statements. The Group is currently reviewing the process for determining which public communications are relevant in identifying its MPMs.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements

June 30, 2026 and 2025 (unaudited)

2.	Basis of Preparation, Continued

(6)

New accounting standards and interpretations not yet adopted, continued

③ Principles of aggregation and disaggregation

KIFRS 1118 provides enhanced principles on how to group items of information by type for presentation in the financial statements (i.e., the primary financial statements and the notes). The standard also introduces guidance on how to label and describe items presented in the primary financial statements or disclosed in the notes. The Group is currently performing an assessment to aggregate and disaggregate items based on similar or dissimilar characteristics.

④ Amendments to other standards

The issuance of KIFRS 1118 resulted in amendments to KIFRS 1007, “Statement of Cash Flows.” When presenting cash flows from operating activities using the indirect method, the newly defined “Operating profit” subtotal is required to be used as the starting point of the indirect method. The Group currently uses “profit or loss for the period” as the starting point for cash flows from operating activities.

As a result, certain of the reconciling items to the indirect-method starting point will change. For example, the Group’s share of profit (loss) of equity-accounted investees is not included in the new starting point of operating profit and accordingly is no longer a reconciling item. Cash dividends received from such investees are presented in cash flows from investing activities.

In addition, the amendments to KIFRS 1007 provide specific guidance on the classification of cash flows arising from interest and dividends. In accordance with such guidance, the Group will classify cash flows from interest paid as financing activities rather than operating activities; interest received and dividends received will be classified as investing activities; and dividends paid will be classified as financing activities.

3.	Material 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, 2025, except for the changes described in Note 2.(5).

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

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 maker of the Group for the purpose of resource allocation and assessment of segment performance. The Group’s reportable segments classified in accordance with KIFRS 1108 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), which is the measure for segment profit or loss, is determined in the same way that condensed 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 condensed 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 condensed consolidated financial statements.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(2)

The financial information of the segments for each of the three and six-month periods ended June 30, 2026 and 2025, respectively, is as follows:

In millions of won


For the three and six-month period ended June 30, 2026
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Transmission and distribution	W	21,286,981			44,996,140			600,519			1,076,315			20,686,462		43,919,825		36,079			2,122,808			1,188,038			2,358,969			23,271			45,998			597,011			1,200,385			175,918			405,309
Electric power generation (Nuclear)		4,235,237			8,151,625			4,024,110			7,673,995			211,127		477,630		1,626,731			3,089,234			1,127,888			2,225,646			14,958			31,388			205,660			411,335			(6,420	)		(7,889	)
Electric power generation (Non-nuclear)		6,321,842			13,478,888			5,633,465			12,221,013			688,377		1,257,875		(505,834	)		(245,653	)		1,092,297			2,132,769			13,392			23,080			182,594			352,902			30,604			104,558
Plant maintenance & engineering service		816,620			1,604,001			688,358			1,319,406			128,262		284,595		67,996			141,913			43,451			85,283			5,348			11,552			758			2,362			289			383
Others		541,913			1,123,436			337,289			746,022			204,624		377,414		15,672			43,093			59,341			118,746			56,490			113,367			86,028			156,329			—			—
Consolidation adjustments		(11,283,741	)		(23,036,751	)		(11,283,741	)		(23,036,751	)		—		—		(112,092	)		(238,674	)		(43,640	)		(83,745	)		(16,009	)		(30,980	)		(22,656	)		(44,192	)		—			—

	W	21,918,852			46,317,339			—			—			21,918,852		46,317,339		1,128,552			4,912,721			3,467,375			6,837,668			97,450			194,405			1,049,395			2,079,121			200,391			502,361

In millions of won


For the three and six-month period ended June 30, 2025
Segment	Total segment revenue						Intersegment revenue						Revenue from external customers				Operating Profit (loss)						Depreciation and amortization						Interest income						Interest expense						Profit (loss) related to associates, joint ventures and subsidiaries
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Transmission and distribution	W	21,600,000			45,461,484			555,450			1,128,495			21,044,550		44,332,989		956,576			2,857,492			1,131,481			2,242,319			19,336			50,543			665,582			1,351,119			117,151			161,590
Electric power generation (Nuclear)		3,931,460			8,206,340			3,846,685			8,111,620			84,775		94,720		1,110,554			2,396,048			1,236,933			2,568,976			22,059			35,209			191,582			399,529			4,497			(9,684	)
Electric power generation (Non-nuclear)		6,023,117			13,052,147			5,559,259			11,931,118			463,858		1,121,029		(11,119	)		565,483			1,039,245			2,073,290			12,411			22,763			173,698			339,047			46,835			141,481
Plant maintenance & engineering service		848,404			1,518,012			703,242			1,262,161			145,162		255,851		90,014			120,773			42,618			84,988			7,162			15,917			1,108			3,129			(208	)		8
Others		521,913			1,084,917			310,120			715,384			211,793		369,533		16,620			39,582			54,678			117,121			56,871			119,984			84,011			162,164			—			—
Consolidation adjustments		(10,974,756	)		(23,148,778	)		(10,974,756	)		(23,148,778	)		—		—		(26,773	)		(89,899	)		(44,532	)		(92,810	)		(14,782	)		(29,370	)		(21,849	)		(43,732	)		—			—

	W	21,950,138			46,174,122			—			—			21,950,138		46,174,122		2,135,872			5,889,479			3,460,423			6,993,884			103,057			215,046			1,094,132			2,211,256			168,275			293,395

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

4.	Segment, Geographic and Other Information, Continued

(3)

The information related to segment assets and segment liabilities as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won
As of June 30, 2026
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	146,742,208			9,203,342		5,451,063			118,295,435
Electric power generation (Nuclear)		78,653,448			224,703		1,539,314			50,835,377
Electric power generation (Non-nuclear)		63,681,180			4,780,965		2,989,081			38,589,072
Plant maintenance & engineering service		4,280,548			1,438		76,639			1,311,259
Others		17,802,728			—		59,357			7,049,728
Consolidation adjustments		(48,598,748	)		—		(74,421	)		(5,364,714	)

	W	262,561,364			14,210,448		10,041,033			210,716,157


In millions of won
As of December 31, 2025
Segment	Segment assets			Investments in associates and joint ventures		Acquisition of non-current assets			Segment liabilities
Transmission and distribution	W	144,616,479			8,606,616		9,077,814			118,045,718
Electric power generation (Nuclear)		76,378,365			169,728		2,532,322			49,741,461
Electric power generation (Non-nuclear)		63,352,471			4,585,612		4,634,208			35,395,912
Plant maintenance & engineering service		4,363,345			1,832		202,142			1,346,629
Others		17,125,478			—		254,262			6,885,650
Consolidation adjustments		(50,908,681	)		—		(111,689	)		(5,810,857	)

	W	254,927,457			13,363,788		16,589,059			205,604,513

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

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								*Non-current assets (2)**
	June 30, 2026				June 30, 2025				June 30, 2026		December 31, 2025
Geographical unit	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		June 30, 2026		December 31, 2025
Domestic	W	21,583,355		45,587,161		21,698,359		45,715,418		202,604,898		196,736,382
Overseas (*1)		335,497		730,178		251,779		458,704		6,355,385		6,731,565

	W	21,918,852		46,317,339		21,950,138		46,174,122		208,960,283		203,467,947

(*1)	Middle East, Asia and the Americas 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 who accounts for 10% or more of the Group’s revenue for each of the six-month periods ended June 30, 2026 and 2025.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments

(1)

The classification of financial assets as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,622,064		—		2,622,064
Current financial assets
Current financial assets at fair value through profit or loss		1,791,646		—		—		—		1,791,646
Current financial assets at amortized costs		—		—		22,480		—		22,480
Current derivative assets		857,183		—		—		279,789		1,136,972
Loans		—		—		259,820		—		259,820
Other financial assets and others		—		—		1,356,293		—		1,356,293
Trade and other receivables		—		—		12,144,289		—		12,144,289

		2,648,829		—		16,404,946		279,789		19,333,564

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		710,320		—		—		—		710,320
Non-current financial assets at fair value through other comprehensive income		—		881,210		—		—		881,210
Non-current financial assets at amortized costs		—		—		8,306		—		8,306
Non-current derivative assets		1,470,828		—		—		181,381		1,652,209
Loans		—		—		828,335		—		828,335
Other financial assets and others		—		—		896,492		—		896,492
Trade and other receivables		—		—		3,209,795		—		3,209,795

		2,181,148		881,210		4,942,928		181,381		8,186,667

	W	4,829,977		881,210		21,347,874		461,170		27,520,231

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued

(1)

The classification of financial assets as of June 30, 2026 and December 31, 2025 is as follows, continued:


In millions of won	As of December 31, 2025
	Financial assets at fair value through profit or loss		Financial assets at fair value through other comprehensive income		Financial assets at amortized cost		Derivative assets (applying hedge accounting)		Total
Current assets
Cash and cash equivalents	W	—		—		2,240,811		—		2,240,811
Current financial assets
Current financial assets at fair value through profit or loss		1,299,027		—		—		—		1,299,027
Current financial assets at amortized costs		—		—		21,663		—		21,663
Current derivative assets		492,028		—		—		344,204		836,232
Loans		—		—		95,598		—		95,598
Other financial assets and others		—		—		1,997,644		—		1,997,644
Trade and other receivables		—		—		12,618,480		—		12,618,480

		1,791,055		—		16,974,196		344,204		19,109,455

Non-current assets
Non-current financial assets
Non-current financial assets at fair value through profit or loss		696,199		—		—		—		696,199
Non-current financial assets at fair value through other comprehensive income		—		885,173		—		—		885,173
Non-current financial assets at amortized costs		—		—		9,454		—		9,454
Non-current derivative assets		1,055,987		—		—		143,331		1,199,318
Loans		—		—		890,930		—		890,930
Other financial assets and others		—		—		884,487		—		884,487
Trade and other receivables		—		—		3,124,185		—		3,124,185

		1,752,186		885,173		4,909,056		143,331		7,689,746

	W	3,543,241		885,173		21,883,252		487,535		26,799,201

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued

(2)

The classification of financial liabilities as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		21,373,116		—		21,373,116
Debt securities		—		29,286,724		—		29,286,724
Derivative liabilities		47,919		—		—		47,919
Trade and other payables		—		10,066,126		—		10,066,126

		47,919		60,725,966		—		60,773,885

Non-current liabilities
Borrowings		—		3,206,373		—		3,206,373
Debt securities		—		79,450,730		—		79,450,730
Derivative liabilities		78,048		—		134		78,182
Trade and other payables		—		4,057,453		—		4,057,453

		78,048		86,714,556		134		86,792,738

	W	125,967		147,440,522		134		147,566,623


In millions of won	As of December 31, 2025
	Financial liabilities at fair value through profit or loss		Financial liabilities recognized at amortized cost		Derivative liabilities (applying hedge accounting)		Total
Current liabilities
Borrowings	W	—		18,721,522		—		18,721,522
Debt securities		—		27,165,448		—		27,165,448
Derivative liabilities		52,119		—		—		52,119
Trade and other payables		—		8,621,671		—		8,621,671

		52,119		54,508,641		—		54,560,760

Non-current liabilities
Borrowings		—		3,274,774		—		3,274,774
Debt securities		—		80,607,548		—		80,607,548
Derivative liabilities		113,254		—		126		113,380
Trade and other payables		—		4,028,808		—		4,028,808

		113,254		87,911,130		126		88,024,510

	W	165,373		142,419,771		126		142,585,270

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

5.	Classification of Financial Instruments, Continued

(3)

The classification of comprehensive income (loss) from financial instruments for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:


In millions of Won		June 30, 2026						June 30, 2025
		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Cash and cash equivalents	Interest income	W	17,030			34,377			23,134			52,064
	Gain (loss) on foreign currency transactions and translations		9,378			9,904			(11,860	)		(18,549	)
Financial assets at fair value through profit or loss	Interest income		9,969			18,403			12,081			19,720
	Dividends income		3,037			3,193			3,066			3,128
	Gain on valuation of financial assets		24,205			40,525			20,008			34,402
	Gain on disposal of financial assets		13,063			28,109			6,984			16,813
Financial assets at fair value through other comprehensive income	Dividends income		2,850			22,769			6,704			20,193
	Gain on valuation of financial assets at fair value through other comprehensive income (equity, before tax)		(67,413	)		3,420			105,260			52,179
Financial assets at amortized cost	Interest income		70,451			141,625			67,843			143,262
Financial assets at amortized cost	Gain (loss) on disposal of financial assets		(29	)		(30	)		1			—
	Bad debt expense (Reversal of bad debt allowance)		101,794			92,107			14,929			25,804
	Gain (loss) on foreign currency transactions and translations		46,466			103,392			(50,319	)		(44,327	)
Derivatives	Gain (loss) on valuation of derivatives (profit or loss)		226,844			1,175,953			(1,029,015	)		(992,007	)
	Gain (loss) on valuation of derivatives (equity, before tax)		8,825			24,906			(1,271	)		18,630
	Gain (loss) on transaction of derivatives		59,595			162,190			(167,697	)		(123,016	)
Financial liabilities carried at amortized cost	Interest expense of borrowings and debt securities		804,599			1,593,363			882,896			1,787,080
	Interest expense of trade and other Payables		43,554			66,550			41,637			85,166
	Interest expense of others		201,242			419,208			169,599			339,010
	Other finance income		569			1,351			679			1,510
	Other finance expenses		13,301			24,590			354			796
	Gain (loss) on foreign currency transactions and translations		(351,429	)		(1,356,709	)		1,523,362			1,612,879

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

6.	Restricted Deposits

Restricted deposits as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won		As of June30, 2026		As of December 31, 2025
Cash and cash equivalents	Escrow accounts	W	3,111		3,082
	Deposits for government project and others		27,984		27,023
	Collateral provided for borrowings		335,888		263,685
	Collateral provided for lawsuit		2		2
	Deposits for transmission regional support program		7,405		3,498
	Deposits for other business purposes		38,296		22,064
Short-term financial instruments	Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others		296,500		292,500
	Collateral provided for borrowings		23,614		23,614
	Bid bonds		74,070		68,010
Non-current financial assets at fair value through profit or loss	Decommissioning costs of nuclear power plants		259,067		257,649
Long-term financial instruments	Guarantee deposits for bank accounts at overseas branches		1		1
	Collateral provided for borrowings		26,153		18,245
	Long-term financial instruments Collateral for other business purposes		181		—
	Decommissioning costs of nuclear power plants		750,000		730,004
	Small and Medium Enterprise Development Fund		—		4,000
Long-term deposit	Court Deposit		4,588		4,588
Other non-current financial assets	Deposits for other business purposes		6,531		6,359

		W	1,853,391		1,724,324

7.	Cash and Cash Equivalents

Cash and cash equivalents as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Cash	W	11,529		10,982
Other demand deposits		1,864,794		1,562,485
Short-term deposits classified as cash equivalents		731,327		558,775
Short-term investments classified as cash equivalents		14,414		108,569

	W	2,622,064		2,240,811

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables

(1)

Trade and other receivables as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,000,390		(204,031	)		—			10,796,359
Other receivables		1,435,139		(83,399	)		(3,810	)		1,347,930

		12,435,529		(287,430	)		(3,810	)		12,144,289

Non-current assets
Trade receivables		1,091,594		(93,574	)		(79,141	)		918,879
Other receivables		2,430,346		(122,381	)		(17,049	)		2,290,916

		3,521,940		(215,955	)		(96,190	)		3,209,795

	W	15,957,469		(503,385	)		(100,000	)		15,354,084


In millions of won	As of December 31, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Trade receivables	W	11,811,493		(186,596	)		—			11,624,897
Other receivables		1,039,679		(42,415	)		(3,681	)		993,583

		12,851,172		(229,011	)		(3,681	)		12,618,480

Non-current assets
Trade receivables		1,037,726		(93,718	)		(83,101	)		860,907
Other receivables		2,395,952		(118,479	)		(14,195	)		2,263,278

		3,433,678		(212,197	)		(97,296	)		3,124,185

	W	16,284,850		(441,208	)		(100,977	)		15,742,665

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued

(2)

Other receivables as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	743,159		(36,408	)		(424	)		706,327
Accrued income		100,972		(11,702	)		—			89,270
Deposits		273,880		—			(3,386	)		270,494
Finance lease receivables (*1)		121,624		(5,594	)		—			116,030
Others		195,504		(29,695	)		—			165,809

		1,435,139		(83,399	)		(3,810	)		1,347,930

Non-current assets
Non-trade receivables		338,568		(49,769	)		(5,546	)		283,253
Accrued income		60,119		(6,627	)		—			53,492
Deposits		515,364		(414	)		(11,503	)		503,447
Finance lease receivables (*2)		1,217,294		(1,435	)		—			1,215,859
Others		299,001		(64,136	)		—			234,865

		2,430,346		(122,381	)		(17,049	)		2,290,916

	W	3,865,485		(205,780	)		(20,859	)		3,638,846

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W116,388 million.

(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W813,223 million.


In millions of won	As of December 31, 2025
	Gross amount		Allowance for doubtful accounts			Present value discount			Book value
Current assets
Non-trade receivables	W	478,822		(36,074	)		(474	)		442,274
Accrued income		43,123		—			—			43,123
Deposits		268,090		—			(3,207	)		264,883
Finance lease receivables (*1)		104,600		(5,048	)		—			99,552
Others		145,044		(1,293	)		—			143,751

		1,039,679		(42,415	)		(3,681	)		993,583

Non-current assets
Non-trade receivables		401,390		(76,770	)		(5,096	)		319,524
Accrued income		65,615		(6,320	)		—			59,295
Deposits		516,519		(414	)		(9,099	)		507,006
Finance lease receivables (*2)		1,172,687		(1,954	)		—			1,170,733
Others		239,741		(33,021	)		—			206,720

		2,395,952		(118,479	)		(14,195	)		2,263,278

	W	3,435,631		(160,894	)		(17,876	)		3,256,861

(*1)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W113,272 million.

(*2)	The gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of W818,800 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%, calculated on a daily basis, on the overdue trade receivables for the first month and the following month. The Group holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers whose contracts have been cancelled due to delinquent payments.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

8.	Trade and Other Receivables, Continued

(4)

The aging analysis of trade receivables as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Trade receivables not overdue	W	11,701,826			12,472,407

Trade receivables overdue and impairment - reviewed:		390,158			376,812

Less than 60 days		5,282			15,256
60 ~ 90 days		48,277			54,093
90 ~ 120 days		17,559			21,317
120 days ~ 1 year		77,178			65,435
More than 1 year		241,862			220,711

		12,091,984			12,849,219
Less: allowance for doubtful accounts		(297,605	)		(280,314	)
Less: present value discount		(79,141	)		(83,101	)

	W	11,715,238			12,485,804

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)

Changes in the allowance for doubtful accounts for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026						For the year ended December 31, 2025
	Trade receivables			Other receivables			Trade receivables			Other receivables
Beginning balance	W	280,314			160,894			260,774			140,168
Bad debts expense		32,078			68,272			84,625			8,155
Write-off		(12,205	)		(313	)		(37,639	)		(14,675	)
Reversal		(6,587	)		(2,659	)		(2,223	)		(4,101	)
Others		4,005			(20,414	)		(25,223	)		31,347

Ending balance	W	297,605			205,780			280,314			160,894

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

9.	Financial Assets at Fair Value through Profit or Loss

Financial assets at fair value through profit or loss as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Financial assets at fair value through profit or loss
Beneficiary certificate	W	10,455		150,013		320		125,837
Cooperative		—		6,559		—		6,413
Others (*1)		1,781,191		422,655		1,298,707		428,389

		1,791,646		579,227		1,299,027		560,639

Financial assets designated as at fair value through profit or loss
Debt with embedded derivatives and others		—		131,093		—		135,560

	W	1,791,646		710,320		1,299,027		696,199

(*1)	Others consist of MMT, equity securities and others.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income

(1)

Changes in financial assets at fair value through other comprehensive income for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	517,251		—		—			176			20		517,447
Unlisted		363,128		—		(8,805	)		3,245			1,401		358,969

		880,379		—		(8,805	)		3,421			1,421		876,416

Debt securities
Corporate bond		4,794		—		—			—			—		4,794

	W	885,173		—		(8,805	)		3,421			1,421		881,210

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		885,173		—		(8,805	)		3,421			1,421		881,210

In millions of won	For the year ended December 31, 2025
	Beginning balance		Acquisition		Disposal			Valuation			Others		Ending balance
Equity securities
Listed	W	360,096		—		(3,091	)		160,245			1		517,251
Unlisted		309,709		—		(10	)		52,343			1,086		363,128

		669,805		—		(3,101	)		212,588			1,087		880,379

Debt securities
Corporate bond		5,045		—		—			(251	)		—		4,794

	W	674,850		—		(3,101	)		212,337			1,087		885,173

Current financial assets at fair value through other comprehensive income	W	—		—		—			—			—		—
Non-current financial assets at fair value through other comprehensive income		674,850		—		(3,101	)		212,337			1,087		885,173

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		146,259		146,259
KG Mobility Co., Ltd.		12,205		0.01	%		428		34		34
SM Korea Line Corp.		180		—			1		—		—
Namkwang Engineering & Construction Co., Ltd.		121		—			15		1		1
Bumyang Construction Co., Ltd.		35		—			2		—		—
ELCOMTEC Co., Ltd.		6,575		0.04	%		217		19		19
PAN Ocean Co., Ltd.		1,492		—			14		7		7
Codes Combine Co., Ltd.		291		—			1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		93,727		93,727
Denison Mines Corp.		58,284,000		7.46	%		84,134		275,104		275,104
Paladin Energy		10,760		0.01	%		41		110		110
KS Industry Co., Ltd		1,457		0.01	%		38		1		1
Vitzrosys Co., Ltd.		79		—			2		—		—
EMnI Co., Ltd.		628		—			25		1		1
Vissem electronics, Co., Ltd.		301		—			11		2		2
KC Industry Co., Ltd.		139		—			6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		804		804
A One Cubetech Co., Ltd. (formerly Aone Alform Co., Ltd.)		2,672		0.04	%		19		2		2
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
Q-Aid Co., Ltd. (formerly Winia Aid Co., Ltd.)		4,826		0.01	%		22		20		20
EONE-DIAGNOMICS Co., Ltd.		1,518		—			1		1		1

							326,023		517,447		517,447

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		310,808		310,808
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,806		5,806
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,144		2,144
H Robotics Co., Ltd.		903,601		7.05	%		4,000		400		400
Good Tcells Co., Ltd.		11,364		0.33	%		500		630		630
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		873		873
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		862		862
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,714		1,714
Agencore Co., Ltd.		175,779		6.31	%		2,200		2,934		2,934
SamHong Machinery Co., Ltd.		992,601		6.05	%		4,685		9,775		9,775
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		639		639
Dailyshot Co., Ltd.		1,695		1.64	%		1,001		1,205		1,205
Mediquitous Co., Ltd.		5,080		0.48	%		1,250		1,546		1,546
Black Materials Co., Ltd.		37,038		8.31	%		500		431		431
Monit Co., Ltd.		333,334		14.29	%		1,000		853		853
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		337		337
Kalman Co., Ltd.		23,172		9.54	%		1,000		821		821
Himet Co., Ltd.		1,754,386		13.93	%		5,000		4,182		4,182
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Suwon New Power Co., Ltd. and others (*7,8)							12,795		8,598		8,598

							348,437		358,969		358,969

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of June 30, 2026
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd. (*9)		—		—	W	491		—		—
Ino Platech Co., Ltd.		—		—		1,080		1,278		1,278
Daebon Tech Co., Ltd.		—		—		3,000		3,516		3,516

						4,571		4,794		4,794

					W	679,031		881,210		881,210

(*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, and cost represents the best estimate of fair value within that range.

(*2)	The Group has estimated the fair value of Set Holding by using the income approach 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 six-month period ended June 30, 2026.

(*3)

The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4)	Prior to the year ended December 31, 2025, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5)

The entity commenced corporate rehabilitation procedures prior to the year ended December 31, 2025, and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income. As of June 30, 2026, liquidation procedures are in progress, and the carrying amount was measured at nil considering its recoverability.

(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7)

During the six-month period ended June 30, 2026, KEPCO Engineering & Construction Company, Inc., a subsidiary of the Group, disposed of its equity interest in Suwon New Power Co., Ltd. Accordingly, the remaining shares held by the Group were reclassified as financial assets at fair value through other comprehensive income.

(*8)	Equity securities acquired through debt-to-equity swaps of electricity receivables and others, consisting of Suwon New Power Co., Ltd. and 533 other companies.

(*9)	For Aron Flying Ship Industrial Co., Ltd., the valuation amount arising from the fair value estimated using the market approach was recognized in accumulated other comprehensive income as net change in fair value of financial assets at fair value through other comprehensive income.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of December 31, 2025
	Shares (in shares)		Ownership			Acquisition cost		Book value		Fair value
Listed
Korea District Heating Corp.		2,264,068		19.55	%	W	173,201		218,255		218,255
KG Mobility Co., Ltd.		12,205		0.01	%		428		43		43
SM Korea Line Corp.		180		—			1		—		—
Namkwang Engineering & Construction Co., Ltd.		46		—			15		—		—
Bumyang Construction Co., Ltd.		35		—			2		—		—
ELCOMTEC Co., Ltd.		32,875		0.04	%		217		26		26
PAN Ocean Co., Ltd.		1,492		—			14		6		6
Codes Combine Co., Ltd.		291		—			1		1		1
PT Almatri Resources Indonesia		480,000,000		1.60	%		65,028		74,369		74,369
Denison Mines Corp.		58,284,000		7.46	%		84,134		222,278		222,278
Paladin Energy		10,760		0.01	%		41		98		98
KS Industry Co., Ltd		1,457		0.01	%		38		1		1
Vitzrosys Co., Ltd.		399		—			2		—		—
EMnI Co., Ltd.		628		—			25		1		1
Vissem electronics, Co., Ltd.		301		—			11		2		2
KC Industry Co., Ltd.		139		—			6		—		—
Ihsung CNI Co., Ltd.		142,860		4.43	%		1,500		813		813
Aone Alform Co., Ltd.		2,672		0.04	%		19		3		3
Kodaco Co., Ltd.		131,698		0.85	%		1,317		1,354		1,354
Q-Aid Co., Ltd. (formerly Winia Aid Co., Ltd.)		129		—			1		1		1

							326,001		517,251		517,251

Unlisted (*1)
Set Holding (*2)		1,100,220		2.50	%		229,255		310,808		310,808
SGC Greenpower Co., Ltd.		580,000		5.00	%		2,900		5,807		5,807
Le Soleil KHNP LLC		137,600		19.00	%		1,376		1,376		1,376
Ihsung CNI Co., Ltd.		127,660		3.96	%		1,500		2,144		2,144
H Robotics Co., Ltd.		903,601		7.05	%		4,000		399		399
Good Tcells Co., Ltd.		11,364		0.33	%		500		630		630
IPS Bio Co., Ltd.		1,975		3.13	%		1,000		873		873
Nine B Co., Ltd.		5,000		4.96	%		1,000		1,000		1,000
Orano Expansion		5,742,405		4.72	%		—		—		—
Common Computer Co., Ltd.		3,856		1.64	%		1,000		862		862
Fine Powerex Co., Ltd.		72,633		4.45	%		1,500		1,714		1,714
Agencore Co., Ltd.		175,779		6.31	%		2,200		2,934		2,934
SamHong Machinery Co., Ltd.		1,543,837		9.13	%		7,000		15,099		15,099
Aloha Factory Co., Ltd.		2,970		3.70	%		1,000		639		639
Dailyshot Co., Ltd.		1,695		1.64	%		1,001		1,205		1,205
Mediquitous Co., Ltd.		5,080		0.48	%		1,250		1,546		1,546
Black Materials Co., Ltd.		37,038		8.31	%		500		431		431
Monit Co., Ltd.		333,334		14.29	%		1,000		853		853
3i Powergen Inc.(*6)		—		15.00	%		1,482		—		—
Enersys Co., Ltd.		9,763		19.62	%		2,050		337		337
Kalman Co., Ltd.		23,172		9.54	%		1,000		821		821
Himet Co., Ltd.		1,754,386		13.93	%		5,000		4,182		4,182
PT.KedapSayaaq		671		10.00	%		18,540		—		—
Joongang Platec Co., Ltd.		3,591		0.75	%		72		35		35
Pioneer Gas Power Limited (*5)		123,200,010		38.50	%		49,831		—		—
Bobaek C&S Co., Ltd.		13,246		0.87	%		2,000		2,000		2,000
BDI Co., Ltd. (*3,4)		6,390,478		32.50	%		—		—		—
Hwan Young Steel Co., Ltd. and others (*7)		—		—			11,631		7,433		7,433

							349,588		363,128		363,128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

10.

Financial Assets at Fair Value through Other Comprehensive Income, Continued

(2)

Financial assets at fair value through other comprehensive income as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of December 31, 2025
	Shares (in shares)		Ownership		Acquisition cost		Book value		Fair value
Debt securities (*1)
Aron Flying Ship Co., Ltd.		—		—	W	491		—		—
Ino Platech Co., Ltd.		—		—		1,080		1,278		1,278
Daebon Tech Co., Ltd.		—		—		3,000		3,516		3,516

						4,571		4,794		4,794

					W	680,160		885,173		885,173

(*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, and cost represents the best estimate of fair value within that range.

(*2)	The Group has estimated the fair value of Set Holding by using the income approach 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, 2025.

(*3)

The Group acquired shares in the entity through conversion of investments performed in accordance with corporate rehabilitation procedures before the prior year, and classified the investments in the entity as financial assets at fair value through other comprehensive income as the Group does not hold a significant influence over the entity until the corporate rehabilitation procedures are completed.

(*4)	During the year ended December 31, 2025, BDI Co., Ltd. was delisted as the Court dismissed the application for temporary injunction requiring the suspension of delisting decision and others.

(*5)

The entity commenced corporate rehabilitation procedures during the year ended December 31, 2025, and the Group cannot hold significant influence over the entity until the corporate rehabilitation procedures are completed. Therefore, investments in the entity were reclassified as financial assets at fair value through other comprehensive income. As of December 31, 2025, liquidation procedures were in progress, and the carrying amount was measured at nil considering its recoverability.

(*6)	The Group has recognized an impairment loss on 3i Powergen Inc. for the difference between the carrying amount and the recoverable amount, due to the discontinuation of its operations.

(*7)	Equity securities, acquired through debt-for-equity swaps of electricity rate bonds and others, consist of Hwan Young Steel Co., Ltd. and 505 other companies.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

11.

Financial Assets at Amortized Cost

Financial assets at amortized cost as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Financial assets at amortized cost		Book value
Government bonds	W	1,397		1,397
Others		29,389		29,389

	W	30,786		30,786

Current	W	22,480		22,480
Non-current		8,306		8,306

In millions of won	As of December 31, 2025
	Financial assets at amortized cost		Book value
Government bonds	W	1,423		1,423
Others		29,694		29,694

	W	31,117		31,117

Current	W	21,663		21,663
Non-current		9,454		9,454

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives

(1)

Derivatives as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Derivative assets
Currency forward	W	4,939		—		76		—
Currency swap		1,119,619		1,326,290		833,715		927,127
Interest rate swap		12,414		221,028		2,441		174,195
Others (*2,3)		—		104,891		—		97,996

	W	1,136,972		1,652,209		836,232		1,199,318

Derivative liabilities
Currency forward	W	4,038		—		9,078		—
Currency swap		4,797		3,788		4,786		23,761
Interest rate swap		830		19,606		—		37,560
Others (*1,2,4)		38,254		54,788		38,255		52,059

	W	47,919		78,182		52,119		113,380

(*1)

In relation to the agreement to purchase hybrid bonds issued by Samcheok Eco Materials Co., Ltd., a joint venture of the Group, the performance obligation as of June 30, 2026 which amounts to W23,494 million (W23,494 million as of December 31, 2025) to the underwriter of the bonds was recorded as other derivative liabilities.

(*2)

The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its associate, Hyundai Green Power Co., Ltd., as other derivatives assets and liabilities. Also, the fair value of derivatives under the power purchase agreement of the subsidiary, Elara Energy Project, LLC, has been recognized as other derivative liabilities.

(*3)	The Group recorded the fair value of derivatives regarding the Power Purchase Agreement (“PPA”) of its subsidiary Columboola Solar Farm Hold Co Pty., Ltd. as other derivative assets.

(*4)	The Group recorded the fair value of derivatives in accordance with the shareholders’ agreement of its joint venture, Wadi Noor Solar Power, as other derivative liabilities.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(2)

Currency forward contracts which are not designated as hedging instruments as of June 30, 2026 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract date		Maturity date		Contract amounts				Contract exchange rate (in won)
Counterparty	Contract date		Maturity date		Pay		Receive		Contract exchange rate (in won)
JP Morgan		2026.06.18		2026.07.16	W	15,230		USD 10,000	W	1,522.95
Nonghyup Bank		2026.06.15		2026.07.09		12,048		USD 8,000		1,506.05
Nonghyup Bank		2026.06.26		2026.07.21		15,457		USD 10,000		1,545.70
Morgan Stanley		2026.06.17		2026.07.14		15,124		USD 10,000		1,512.40
Mizuho Bank		2026.06.26		2026.07.23		15,492		USD 10,000		1,549.20
Shinhan Bank		2026.06.16		2026.07.10		15,125		USD 10,000		1,512.50
Woori Bank		2026.06.26		2026.07.20		15,459		USD 10,000		1,545.85
MUFG		2026.06.11		2026.07.07		15,262		USD 10,000		1,526.20
Kookmin Bank		2026.06.11		2026.07.07		15,263		USD 10,000		1,526.30
Mizuho Bank		2026.06.11		2026.07.07		15,264		USD 10,000		1,526.40
Korea Development Bank		2026.06.16		2026.07.07		13,615		USD 9,000		1,512.78
MUFG		2026.06.16		2026.07.07		12,103		USD 8,000		1,512.90
JP Morgan		2026.06.16		2026.07.07		12,104		USD 8,000		1,513.05
Korea Development Bank		2026.06.29		2026.07.23		10,791		USD 7,000		1,541.62
Deutsche Bank		2026.06.29		2026.07.23		10,793		USD 7,000		1,541.84
MUFG		2026.04.23		2026.07.01		USD 16,826		24,834		1,475.90
MUFG		2026.05.19		2026.07.01		USD 500		753		1,505.80
Nonghyup Bank		2026.06.15		2026.07.20		15,038		USD 10,000		1,503.80
MUFG		2026.06.29		2026.07.02		15,388		USD 10,000		1,538.83
JP Morgan		2026.06.29		2026.07.31		USD 7,452		11,433		1,534.30
MUFG		2026.06.30		2026.07.31		USD 16,826		25,943		1,541.80
MUFG		2026.06.30		2026.07.31		USD 500		771		1,541.80
Bank of America		2026.05.12		2026.07.31		USD 11,985		17,619		1,470.15
JP Morgan		2026.06.11		2026.10.30		USD 9,646		14,674		1,521.32
JP Morgan		2026.06.15		2026.07.02		66,743		USD 44,220		1,509.35
SMBC		2026.06.29		2026.07.28		10,765		USD 7,000		1,537.84
Kyongnam Bank		2026.04.01		2026.07.31		USD 34,445		51,709		1,501.20
Mizuho Bank		2026.06.08		2026.07.07		7,707		USD 5,000		1,541.40
Mizuho Bank		2026.06.29		2026.07.28		10,779		USD 7,000		1,539.85
Busan Bank		2026.06.01		2026.07.07		7,524		USD 5,000		1,504.70
Busan Bank		2026.06.08		2026.07.07		10,835		USD 7,000		1,547.90
Shinhan Bank		2026.06.08		2026.07.07		6,132		USD 4,000		1,533.00
Hana Bank		2026.06.08		2026.07.07		7,768		USD 5,000		1,553.55
MUFG		2026.06.08		2026.09.09		10,750		USD 7,000		1,535.75
Woori Bank		2026.06.26		2026.10.08		4,094		USD 2,670		1,533.50
Shinhan Bank		2026.06.26		2026.09.28		7,668		USD 5,000		1,533.57
Hana Bank		2026.06.26		2026.10.08		7,671		USD 5,000		1,534.19
MUFG		2026.06.29		2026.09.28		9,248		USD 6,000		1,541.40

(3)

Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Standard Chartered	2014~2029	W	102,470		USD 100,000		3.14	%		3.57	%	W	1,024.70
Woori Bank	2019~2027		21,708		USD 19,417		5.04	%		6.75	%		1,118.00
Kookmin Bank	2020~2026		76,355		USD 70,445		5.83	%		6.00	%		1,083.90
Woori Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
Korea Development Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
Hana Bank	2021~2026		118,170		USD 100,000		1.11	%		1.13	%		1,181.70
JP Morgan	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Woori Bank	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Kookmin Bank	2022~2027		128,600		USD 100,000		3.56	%		4.00	%		1,286.00
Korea Development Bank	2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
Woori Bank	2022~2028		141,910		USD 100,000		5.13	%		5.50	%		1,419.10
Hana Bank	2023~2026		256,000		USD 200,000		3.97	%		5.38	%		1,280.00
Shinhan Bank	2023~2026		192,000		USD 150,000		3.99	%		5.38	%		1,280.00

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(3)

Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Kookmin Bank	2023~2026	W	128,000		USD 100,000		4.03	%		5.38	%	W	1,280.00
Korea Development Bank	2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
Bank of America	2023~2026		128,000		USD 100,000		4.04	%		5.38	%		1,280.00
Standard Chartered	2023~2026		128,000		USD 100,000		4.04	%		5.38	%		1,280.00
Woori Bank	2023~2026		192,000		USD 150,000		4.05	%		5.38	%		1,280.00
Shinhan Bank	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Kookmin Bank	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Korea Development Bank	2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
Bank of America	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
Standard Chartered	2024~2027		133,060		USD 100,000		3.53	%		4.88	%		1,330.60
IBK Securities Co., Ltd.	2024~2027		199,590		USD 150,000		3.53	%		4.88	%		1,330.60
Shinhan Bank	2024~2034		138,010		USD 100,000		3.64	%		5.13	%		1,380.10
Hana Bank	2024~2034		138,010		USD 100,000		3.69	%		5.13	%		1,380.10
Woori Bank	2024~2034		119,958		USD 86,920		3.74	%		5.13	%		1,380.10
Kookmin Bank	2025~2028		292,640		USD 200,000		2.99	%		Compounded Daily SOFR + 0.62	%		1,463.20
Bank of America	2025~2028		219,480		USD 150,000		2.99	%		Compounded Daily SOFR + 0.62	%		1,463.20
Hana Bank	2025~2028		146,320		USD 100,000		3.00	%		Compounded Daily SOFR + 0.62	%		1,463.20
Korea Development Bank	2025~2028		73,160		USD 50,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
Shinhan Bank	2025~2028		146,320		USD 100,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
Shinhan Bank	2025~2030		146,320		USD 100,000		3.18	%		4.13	%		1,463.20
Hana Bank	2025~2030		438,960		USD 300,000		3.21	%		4.13	%		1,463.20
Woori Bank	2017~2027		111,610		USD 100,000		2.25	%		3.13	%		1,116.10
Korea Development Bank	2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
Hana Bank	2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
Korea Development Bank	2018~2028		108,600		HKD 800,000		2.69	%		3.35	%		135.75
Shinhan Bank	2018~2028		115,387		HKD 850,000		2.66	%		3.35	%		135.75
Korea Development Bank	2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(3)

Currency swap contracts which are not designated as hedging instruments as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Woori Bank	2022~2027	W	262,000		USD 200,000		3.62	%		4.25	%	W	1,310.00
Export-Import Bank of Korea	2022~2027		131,000		USD 100,000		3.63	%		4.25	%		1,310.00
Kookmin Bank	2022~2027		131,000		USD 100,000		3.62	%		4.25	%		1,310.00
Hana Bank	2022~2027		131,000		USD 100,000		3.61	%		4.25	%		1,310.00
Korea Development Bank	2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
Export-Import Bank of Korea	2022~2032		349,829		HKD 1,935,000		4.87	%		5.16	%		180.79
JP Morgan	2022~2032		75,194		HKD 415,000		5.00	%		5.16	%		181.19
Export-Import Bank of Korea	2023~2030		172,982		HKD 1,037,000		4.25	%		4.51	%		166.81
Hana Bank	2024~2028		128,940		USD 100,000		3.73	%		5.00	%		1,289.40
JP Morgan	2024~2028		128,940		USD 100,000		3.85	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
Korea Development Bank	2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40
Hana Bank	2024~2029		138,540		USD 100,000		3.15	%		4.63	%		1,385.40
Shinhan Bank	2024~2029		138,540		USD 100,000		3.15	%		4.63	%		1,385.40
Kookmin Bank	2024~2029		138,540		USD 100,000		3.16	%		4.63	%		1,385.40
Woori Bank	2024~2029		138,540		USD 100,000		3.17	%		4.63	%		1,385.40
Korea Development Bank	2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
Credit Agricole	2025~2028		218,963		HKD 1,166,000		2.85	%		4.10	%		187.79
Korea Development Bank	2025~2030		556,560		USD 400,000		2.75	%		SOFR + 0.79	%		1,391.40
Hana Bank	2025~2030		139,140		USD 100,000		2.76	%		SOFR + 0.79	%		1,391.40
Kookmin Bank	2026~2031		302,000		USD 200,000		4.08	%		4.50	%		1,510.00
Hana Bank	2026~2031		151,000		USD 100,000		4.08	%		4.50	%		1,510.00
Korea Development Bank	2026~2031		302,000		USD 200,000		4.09	%		4.50	%		1,510.00

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(4)

Currency swap contracts which are designated as hedging instruments as of June 30, 2026 are as follows:

In millions of won and thousands of foreign currencies except contract exchange rate information


Counterparty	Contract year	Contract amount				Contract interest rate						Contract exchange rate (in won)
Counterparty	Contract year	Pay		Receive		Pay			Receive			Contract exchange rate (in won)
Nomura	2017~2037	W	52,457	EUR	40,000		2.60	%		1.70	%		1,311.42
Nomura	2017~2037		59,423	SEK	450,000		2.62	%		2.36	%		132.05
Kookmin Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Hana Bank	2021~2026		114,230	USD	100,000		1.27	%		1.25	%		1,142.30
Korea Development Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Woori Bank	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
JP Morgan	2022~2027		123,710	USD	100,000		3.41	%		3.63	%		1,237.10
Shinhan Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Nonghyup Bank	2023~2026		132,930	USD	100,000		4.05	%		5.38	%		1,329.30
Kookmin Bank	2023~2026		132,930	USD	100,000		4.07	%		5.38	%		1,329.30
Woori Bank	2023~2028		259,000	USD	200,000		3.83	%		4.88	%		1,295.00
Korea Development Bank	2023~2028		129,500	USD	100,000		3.85	%		4.88	%		1,295.00
Bank of America	2023~2028		64,750	USD	50,000		3.85	%		4.88	%		1,295.00
Woori Bank	2025~2031		142,900	USD	100,000		2.93	%		4.00	%		1,429.00
Hana Bank	2025~2031		142,900	USD	100,000		2.93	%		4.00	%		1,429.00
Shinhan Bank	2025~2031		71,450	USD	50,000		2.94	%		4.00	%		1,429.00
Bank of America	2025~2031		71,450	USD	50,000		2.94	%		4.00	%		1,429.00

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(5)

Interest rate swap contracts which are not designated as hedging instruments as of June 30, 2026 are as follows:

In millions of won and thousands of foreign currencies


Counterparty	Contract year		Contract amount		Contract interest rate per annum
Counterparty	Contract year		Contract amount		Pay			Receive
Nomura (*1)		2018~2038	W	30,000		3M CD + 0.10	%		3.75	%
Hana Bank		2022~2027		200,000		3.02%			3M CD + 0.61	%
Hana Bank		2022~2027		200,000		3.04%			3M CD + 0.58	%
Hana Bank		2022~2027		250,000		3.38%			3M CD + 0.59	%
Nomura		2022~2027		200,000		3.55%			3M CD + 0.60	%
Shinhan Bank		2022~2027		150,000		3.53%			3M CD + 0.55	%
Hana Bank		2022~2027		200,000		3.70%			3M CD + 0.59	%
Nomura		2022~2027		300,000		3.89%			3M CD + 0.67	%
Hana Bank		2022~2027		200,000		3.93%			3M CD + 0.67	%
Nomura		2022~2027		200,000		3.80%			3M CD + 0.68	%
Nomura		2022~2027		300,000		4.04%			3M CD + 0.60	%
Hana Bank		2022~2027		100,000		4.68%			3M CD + 1.04	%
Hana Bank		2022~2027		100,000		5.45%			3M CD + 1.20	%
Shinhan Bank		2023~2028		200,000		4.27%			3M CD + 0.76	%
Shinhan Bank		2023~2028		50,000		4.27%			3M CD + 0.76	%
Nomura		2023~2028		250,000		4.13%			3M CD + 0.73	%
Hana Bank		2023~2028		200,000		3.74%			3M CD + 0.51	%
Hana Bank		2023~2028		100,000		4.19%			3M CD + 0.50	%
Shinhan Bank		2023~2028		300,000		3.81%			3M CD + 0.70	%
Hana Bank		2023~2028		200,000		3.95%			3M CD + 0.50	%
Shinhan Bank		2024~2029		200,000		3.84%			3M CD + 0.50	%
Hana Bank		2024~2027		250,000		3.72%			3M CD + 0.34	%
Hana Bank		2024~2027		250,000		3.77%			3M CD + 0.31	%
Hana Bank		2024~2027		250,000		3.31%			3M CD + 0.31	%
Hana Bank		2024~2027		200,000		3.46%			3M CD + 0.53	%
Nomura		2024~2027		200,000		3.38%			3M CD + 0.50	%
Hana Bank		2024~2027		300,000		3.18%			3M CD + 0.53	%
Hana Bank		2025~2028		200,000		2.86%			3M CD + 0.45	%
Hana Bank		2025~2028		200,000		2.85%			3M CD + 0.25	%
Shinhan Bank		2025~2026		100,000		3.30%			3M CD + 0.45	%
Hana Bank		2025~2030		200,000		3.28%			3M CD + 0.57	%
Hana Bank		2025~2030		200,000		3.28%			3M CD + 0.62	%
Shinhan Bank		2025~2030		200,000		2.82%			3M CD + 0.50	%
Nomura		2017~2032		52,457		2.55% + floating rate			2.60	%
Nomura		2017~2032		59,423		2.57% + floating rate			2.62	%
Nomura (*2)		2021~2041		30,000		3M CMT + 0.35%			2.60	%
Nomura (*3)		2021~2041		50,000		3M CMT + 0.35%			2.38	%
MUFG		2022~2048	USD	155,941		3M SOFR			3.71	%
Mizuho Capital Markets LLC		2022~2048	USD	155,941		3M SOFR			1.05	%
NORD LB Bank		2022~2036	USD	16,121		1.83%			6M SOFR
Rabobank		2022~2036	USD	19,619		1.83%			6M SOFR
Mizuho Capital Markets LLC		2024~2045	USD	76,168		3M USD Synthetic Libor			1.14	%

(*1)	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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

12.

Derivatives, Continued

(6)

Interest rate swap contracts which are designated as hedging instruments as of June 30, 2026 are as follows:

In thousands of foreign currencies

Counterparty

Contract year

Contract
amount

Contract interest rate per annum

Pay

Receive

Export-Import Bank of Korea

2015~2031

USD 11,021

2.67

SOFR + 0.43

ING Bank

2015~2031

USD 27,178

2.67

SOFR + 0.43

BNP Paribas

2015~2031

USD 28,994

2.67

SOFR + 0.43

BNP Paribas

2009~2027

USD 10,021

4.16

6M USD Synthetic Libor

KFW

2009~2027

USD 10,021

4.16

6M USD Synthetic Libor

Export-Import Bank of Korea

2016~2036

USD 48,323

3.00

6M USD Synthetic Libor

SMTB

2025~2036

JPY 3,431,220

1.82

6M TIBOR + 0.55

(7)

Gains and losses on valuation and transaction of derivatives for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows and they are included as finance income and expenses in the consolidated statements of comprehensive income (loss):


In millions of Won	Net income effects of valuation gain (loss)											Net income effects of transaction gain (loss)												Accumulated other *comprehensive income (loss) (1)**
	June 30, 2026					June 30, 2025						June 30, 2026						June 30, 2025						June 30, 2026				June 30, 2025
	Three- month period ended			Six- month period ended		Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended			Three- month period ended		Six- month period ended		Three- month period ended			Six- month period ended
Currency forward	W	(3,324	)		721		(4,555	)		(1,221	)		15,065			37,086			(17,438	)		(27,107	)		—		—		—			—
Currency swap		231,867			1,113,960		(1,018,448	)		(970,626	)		48,264			134,473			(173,221	)		(127,568	)		8,065		23,346		147			22,721
Interest rate swap		(1,699	)		61,272		(6,012	)		(28,515	)		(3,734	)		(9,369	)		(5,132	)		(5,924	)		760		1,560		(1,418	)		(4,091	)
Other derivatives (*2)		—			—		—			8,355			—			—			28,094			37,583			—		—		—			—

	W	226,844			1,175,953		(1,029,015	)		(992,007	)		59,595			162,190			(167,697	)		(123,016	)		8,825		24,906		(1,271	)		18,630

(*1)	For each of the six-month periods ended June 30, 2026 and 2025, the net gain on valuation of derivatives applying cash flow hedge accounting of W14,230 million and W9,469 million, net of tax, are included in other comprehensive income (loss), respectively.

(*2)

The Group entered into a Price Return Swap (PRS) contract to exchange gains or losses arising from fluctuations in the stock price of its subsidiary, KEPCO Engineering & Construction Company, Inc. The settlement of the PRS contract was completed during the year ended December 31, 2025, and in relation to this transaction, the Group recognized a gain on valuation of derivative instruments of W8,355 million and a gain on transaction of derivative instruments of W3,572 million for the six-month period ended June 30, 2025.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

13.

Loans and Other Financial Instruments

(1)

Other financial assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026						As of December 31, 2025
	Current			Non-current			Current			Non-current
Loans	W	265,842			891,042			101,773			992,012
Less: allowance for doubtful accounts		(5,156	)		(26,207	)		(5,191	)		(66,807	)
Less: present value discount		(866	)		(36,500	)		(984	)		(34,275	)

		259,820			828,335			95,598			890,930

Long-term / short-term financial instruments		1,356,293			896,492			1,997,644			884,487

	W	1,616,113			1,724,827			2,093,242			1,775,417

(2)

Loans as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	32,978		(5,155	)		(866	)		26,957
Loans for housing		44,590		—			—			44,590
Other loans		188,274		(1	)		—			188,273

		265,842		(5,156	)		(866	)		259,820

Long-term loans
Loans for tuition		317,651		(930	)		(36,500	)		280,221
Loans for housing		231,225		—			—			231,225
Loans for related parties		327,319		(25,277	)		—			302,042
Other loans		14,847		—			—			14,847

		891,042		(26,207	)		(36,500	)		828,335

	W	1,156,884		(31,363	)		(37,366	)		1,088,155


In millions of won	As of December 31, 2025
	Face value		Allowance for doubtful accounts			Present value discount			Carrying value
Short-term loans
Loans for tuition	W	34,290		(5,155	)		(984	)		28,151
Loans for housing		40,515		—			—			40,515
Other loans		26,968		(36	)		—			26,932

		101,773		(5,191	)		(984	)		95,598

Long-term loans
Loans for tuition		326,941		(983	)		(34,275	)		291,683
Loans for housing		243,651		—			—			243,651
Loans for related parties		359,519		(24,218	)		—			335,301
Other loans		61,901		(41,606	)		—			20,295

		992,012		(66,807	)		(34,275	)		890,930

	W	1,093,785		(71,998	)		(35,259	)		986,528

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

13.

Loans and Other Financial Instruments, Continued

(3)

Changes in the allowance for doubtful accounts of loans for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	71,998			71,994
Bad debts expense		1,003			(3,455	)
Write-off		(41,638	)		(447	)
Others		—			3,906

Ending balance	W	31,363			71,998

(4)

Long-term and short-term financial instruments as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Time deposits	W	985,646		117,734		1,602,572		155,487
CD		51,621		—		40,000		—
Others		319,026		778,758		355,072		729,000

	W	1,356,293		896,492		1,997,644		884,487

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

14.

Inventories

Inventories as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	5,626,886		(670	)		5,626,216
Merchandises		2,734		—			2,734
Work-in-progress		233,774		—			233,774
Finished goods		59,280		—			59,280
Supplies		3,662,780		—			3,662,780
Inventories-in-transit		1,532,452		—			1,532,452
Other inventories		22,503		—			22,503

	W	11,140,409		(670	)		11,139,739


In millions of won	As of December 31, 2025
	Acquisition cost		Valuation allowance			Book value
Raw materials	W	5,299,493		(670	)		5,298,823
Merchandises		3,447		—			3,447
Work-in-progress		213,919		—			213,919
Finished goods		93,379		—			93,379
Supplies		3,564,892		—			3,564,892
Inventories-in-transit		962,337		—			962,337
Other inventories		15,927		—			15,927

	W	10,153,394		(670	)		10,152,724

The reversal of the allowance for loss on inventory valuation included in cost of sales for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 amounts to W4,719 million and W6,477 million, respectively. The amounts of loss from inventory valuation included in other gains or losses for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 were W4,719 million and W4,944 million, respectively.

15.

Non-Financial Assets

Non-financial assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advanced payments	W	653,286		658,998		632,235		634,986
Prepaid expenses		467,397		207,572		416,297		236,141
Others (*1)		668,802		158,648		313,098		142,124

	W	1,789,485		1,025,218		1,361,630		1,013,251

(*1)	Details of others in non-financial assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Greenhouse gas emissions rights	W	264,898		—		107,550		—
Other quick assets		403,904		158,648		205,548		142,124

	W	668,802		158,648		313,098		142,124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries

(1)

Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2026			As of December 31, 2025
Korea Hydro & Nuclear Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea South-East Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Midland Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Western Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea Southern Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Korea East-West Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KEPCO Engineering & Construction Company, Inc. (*1)	Engineering and construction for utility plant and others	Korea		51.00	%		51.00	%
KEPCO Plant Service & Engineering Co., Ltd.	Utility plant maintenance and others	Korea		51.00	%		51.00	%
KEPCO Nuclear Fuel Co., Ltd.	Nuclear fuel	Korea		96.36	%		96.36	%
KEPCO KDN Co., Ltd.	Electric power information technology and others	Korea		100.00	%		100.00	%
KEPCO International HongKong Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO International Philippines Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Gansu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Philippines Holdings Inc.	Holding company	Philippines		100.00	%		100.00	%
KEPCO Philippines Corporation	Operation of utility plant	Philippines		100.00	%		100.00	%
KEPCO Ilijan Corporation	Construction and operation of utility plant	Philippines		51.00	%		51.00	%
KEPCO Neimenggu International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KEPCO Shanxi International Ltd.	Holding company	Hong Kong		100.00	%		100.00	%
KOMIPO Global Pte Ltd.	Holding company	Singapore		100.00	%		100.00	%
KEPCO Netherlands B.V.	Holding company	Netherlands		100.00	%		100.00	%
KEPCO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSEP Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KEPCO Middle East Holding Company	Holding company	Bahrain		100.00	%		100.00	%
Qatrana Electric Power Company	Construction and operation of utility plant	Jordan		80.00	%		80.00	%
KHNP Canada Energy Ltd.	Holding company	Canada		100.00	%		100.00	%
KEPCO Bylong Australia Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
Korea Waterbury Uranium Limited Partnership (*8)	Holding company	Canada		83.76	%		80.82	%
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. (*9)	Power generation	Korea		82.40	%		70.00	%
KOMIPO America Inc.	Holding company	USA		100.00	%		100.00	%
PT. EWP Indonesia	Holding company	Indonesia		99.99	%		99.99	%
KEPCO Netherlands J3 B.V.	Holding company	Netherlands		100.00	%		100.00	%
Korea Offshore Wind Power Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Global One Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Global Energy Pioneer B.V.	Holding company	Netherlands		100.00	%		100.00	%
Mira Power Limited (*3)	Power generation	Pakistan		76.00	%		76.00	%
KOSEP Material Co., Ltd.	Recycling fly ashes	Korea		86.22	%		86.22	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2026			As of December 31, 2025
KEPCO KPS Philippines Corp.	Utility plant maintenance and others	Philippines		99.99	%		99.99	%
KOSPO Chile SpA	Holding company	Chile		100.00	%		100.00	%
Hee Mang Sunlight Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Fujeij Wind Power Company	Operation of utility plant	Jordan		100.00	%		100.00	%
KOSPO Youngnam Power Co., Ltd.	Operation of utility plant	Korea		100.00	%		100.00	%
Chitose Solar Power Plant LLC	Power generation	Japan		65.00	%		65.00	%
KEPCO ES Co., Ltd.	Energy service	Korea		100.00	%		100.00	%
KEPCO Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
KOSPO Power Services Ltda.	Utility plant maintenance and others	Chile		65.00	%		65.00	%
Energy New Industry Specialized Investment Private Investment Trust	Holding company	Korea		99.01	%		99.01	%
KOEN Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOMIPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOSPO Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
EWP Bylong Pty., Ltd.	Resources development	Australia		100.00	%		100.00	%
KOWEPO Lao International	Utility plant maintenance and others	Laos		100.00	%		100.00	%
KEPCO Mangilao Holdings LLC	Holding company	USA		100.00	%		100.00	%
Mangilao Investment LLC (*5)	Holding company	USA		69.21	%		69.21	%
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 (*7)	Holding company	Korea		—			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	%
KOSPO Niles LLC (formerly, Nambu USA LLC)	Holding company	USA		100.00	%		100.00	%
Tamra Offshore Wind Power Co., Ltd.	Power generation	Korea		63.00	%		63.00	%
KEPCO MCS Co., Ltd.	Electric meter reading and others	Korea		100.00	%		100.00	%
KEPCO FMS Co., Ltd.	Security service and others	Korea		100.00	%		100.00	%
Firstkeepers Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Secutec Co., Ltd.	Security service	Korea		100.00	%		100.00	%
SE Green Energy Co., Ltd. (*6)	Power generation	Korea		100.00	%		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	%
Paju Ecoenergy Co., Ltd. (*6)	Power generation	Korea		93.68	%		93.68	%
Guam Ukudu Power LLC	Power generation	USA		100.00	%		100.00	%
K-SOLAR SHINAN Co., Ltd.	Power generation	Korea		90.00	%		90.00	%
KPS Partners Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
KEPCO E&C Service Co., Ltd.	Facility maintenance and service	Korea		100.00	%		100.00	%
Moha solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
Ogiri Solar Power Co., Ltd.	Power generation	Korea		70.00	%		70.00	%
KHNP USA LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Vanphong Power Service LLC	Utility plant maintenance and others	Vietnam		100.00	%		100.00	%

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:


Subsidiaries	Key operation activities	Location	Percentage of ownership (%)
Subsidiaries	Key operation activities	Location	As of June 30, 2026			As of December 31, 2025
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		99.99	%		99.99	%
KOEN Bio Co., Ltd.	Wood pellet utilization business	Korea		70.00	%		70.00	%
KOMIPO Energy Solution America, LLC	Holding company	USA		100.00	%		100.00	%
Elara Investment Holdings, LLC (*4)	Holding company	USA		0.10	%		0.10	%
Elara Equity Holdings, LLC	Holding company	USA		54.00	%		54.00	%
Elara Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Elara Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
Elara Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Development, LLC	Holding company	USA		100.00	%		100.00	%
Elara Energy Holdings, LLC	Holding company	USA		61.62	%		61.62	%
Elara Energy Project, LLC	Power generation	USA		100.00	%		100.00	%
KOMIPO Iberian Solar Group, S.L.U.	Holding company	Spain		100.00	%		100.00	%
Jeongam Wind Power Co., Ltd.	Power generation	Korea		80.00	%		80.00	%
KOWEPO Europe B.V.	Holding company	Netherlands		100.00	%		100.00	%
CVS Equity Holdings, LLC	Holding company	USA		80.96	%		80.96	%
CVS Class B Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development Holdings, LLC	Holding company	USA		100.00	%		100.00	%
CVS Development, LLC	Holding company	USA		100.00	%		100.00	%
CVS Class B Member, LLC	Holding company	USA		100.00	%		100.00	%
CVS Energy Holdings, LLC	Holding company	USA		62.62	%		62.62	%
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	%
UI Carbon-Neutrality Fund	Holding company	Korea		78.97	%		78.97	%
KA Power Limited	Power generation	Pakistan		100.00	%		100.00	%
Western Power Changgi Solar Co., Ltd.	Power generation	Korea		100.00	%		100.00	%
EWP Australia Pty., Ltd.	Holding company	Australia		100.00	%		100.00	%
Columboola Solar Farm Hold Co Pty., Ltd. (*3,5)	Power generation	Australia		74.04	%		74.04	%
Digital Innovation Growth Fund	Holding company	Korea		76.92	%		76.92	%
KEPCO Holding Company	Holding company	Saudi Arabia		100.00	%		100.00	%
KEPCO for Maintenance Company	Utility plant maintenance and others	Saudi Arabia		100.00	%		100.00	%
KOSPO Trumbull LLC	Holding company	USA		100.00	%		100.00	%
Changjuk Wind Power Co., Ltd.	Power generation	Korea		73.00	%		73.00	%
Chile Solar JV SpA	Power generation	Chile		100.00	%		100.00	%
KEPCO KPS South Africa Pty., Ltd.	Utility plant maintenance and others	Republic of South Africa		98.96	%		98.96	%
KOWEPO Holding Limited	Holding company	United Arab Emirates		100.00	%		100.00	%
Magna Energy New Industrial Fund	Holding company	Korea		71.30	%		71.30	%
Columboola Solar Farm Nominees Pty., Ltd. (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Op Trust (*3)	Power generation	Australia		100.00	%		100.00	%
Columboola Solar Farm Fin Co Pty., Ltd. (*3)	Holding company	Australia		100.00	%		100.00	%
EWP ESS Holdings, LLC	Holding company	USA		100.00	%		100.00	%
Fairhaven ESS LLC	Holding company	USA		100.00	%		100.00	%
KOSPO Rutile, LLC	Holding company	USA		100.00	%		100.00	%
KEPCO Yona America LLC	Holding company	USA		100.00	%		100.00	%
KEPCO SADAWI – FZCO	Holding company	United Arab Emirates		100.00	%		100.00	%
EWP Yona America LLC	Holding company	USA		100.00	%		100.00	%
KOMIPO Middle East Energy L.L.C-FZ	Holding company	United Arab Emirates		100.00	%		100.00	%
Nuclear Energy Industry Growth Fund II	Holding company	Korea		99.99	%		99.99	%
UI Carbon-Neutrality Fund II	Holding company	Korea		79.80	%		—

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(1)

Consolidated subsidiaries as of June 30, 2026 and December 31, 2025 are as follows, continued:

(*1)	Considering treasury stocks, the effective percentage of ownership is 51.24%.

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

(*3)	As of June 30, 2026, the annual reporting period of all subsidiaries ends on December 31, except for Mira Power Limited, Columboola Solar Farm Hold Co Pty., Ltd., Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust and Columboola Solar Farm Fin Co Pty., Ltd.

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

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

(*6)	The ownership interest changed due to a disproportionate capital reduction with consideration during the year ended December 31, 2025.

(*7)	This entity was liquidated during the six-month period ended June 30, 2026.

(*8)	The ownership interest changed due to a disproportionate paid-in capital increase during the six-month period ended June 30, 2026.

(*9)	The ownership interest changed due to a disproportionate capital reduction with consideration during the six-month period ended June 30, 2026.

(2)

Subsidiaries newly included in the scope of consolidation and subsidiaries excluded from the scope of consolidation during the six-month period ended June 30, 2026 are as follows:


Subsidiaries		Reason
UI Carbon-Neutrality Fund II		New investment


Subsidiaries		Reason
Songhyun e-New Industry Fund		Liquidation

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:


In millions of won

As of and for the six-month period ended June 30, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	78,653,448		50,835,377		8,151,625		2,055,129
Korea South-East Power Co., Ltd.		12,307,538		6,863,341		2,948,417		(58,648	)
Korea Midland Power Co., Ltd.		13,926,199		9,659,984		2,600,670		(164,394	)
Korea Western Power Co., Ltd.		12,929,653		8,440,345		2,760,959		(53,668	)
Korea Southern Power Co., Ltd.		12,465,199		7,327,153		2,612,025		(8,448	)
Korea East-West Power Co., Ltd.		12,052,591		6,298,249		2,556,817		56,420
KEPCO Engineering & Construction Company, Inc.		791,895		199,185		216,618		16,829
KEPCO Plant Service & Engineering Co., Ltd.		1,668,619		331,974		770,089		67,138
KEPCO Nuclear Fuel Co., Ltd.		1,073,998		551,699		255,697		30,536
KEPCO KDN Co., Ltd.		753,821		228,401		361,597		12,626
KEPCO International HongKong Ltd.		158,515		—		—		3,712
KEPCO International Philippines Inc.		14,586		—		—		203
KEPCO Gansu International Ltd.		7,739		429		—		661
KEPCO Philippines Holdings Inc.		201,481		1,062		—		11,698
KEPCO Philippines Corporation		3,143		—		—		59
KEPCO Ilijan Corporation		32,867		290		—		(377	)
KEPCO Neimenggu International Ltd.		251,205		867		—		12,835
KEPCO Shanxi International Ltd.		865,342		365,736		—		35,755
KOMIPO Global Pte Ltd.		432,393		2,669		—		10,323
KEPCO Netherlands B.V.		154,249		100		—		(44	)
KEPCO Australia Pty., Ltd.		365		163		—		(35	)
KOSEP Australia Pty., Ltd.		61,631		2,386		—		(311	)
KOMIPO Australia Pty., Ltd.		61,508		4,914		12,922		(2,680	)
KOWEPO Australia Pty., Ltd.		51,823		16		—		1,668
KOSPO Australia Pty., Ltd.		42,266		16		—		1,518
KEPCO Middle East Holding Company		150,605		155,736		—		(2,692	)
Qatrana Electric Power Company		549,514		151,686		15,632		12,277
KHNP Canada Energy Ltd.		300,364		31,105		—		94
KEPCO Bylong Australia Pty., Ltd.		52,430		618,139		—		3,721
Korea Waterbury Uranium Limited Partnership		25,005		91		—		(66	)
KEPCO Holdings de Mexico		577		3,457		—		21
KST Electric Power Company, S.A.P.I. de C.V.		674,624		526,679		46,990		6,077
KEPCO Energy Service Company		3,600		1,865		6,600		552
KEPCO Netherlands S3 B.V.		57,847		167		—		673
PT. KOMIPO Pembangkitan Jawa Bali		22,693		3,876		14,572		5,199
PT. Cirebon Power Service		4,120		1,124		5,369		47
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		36,508		13,789		24,087		5,307
EWP America Inc. (*1)		72,920		3,129		13,717		8,144
KNF Canada Energy Limited		2,627		43		—		(34	)
EWP Barbados 1 SRL		533,443		369		—		17,921
Gyeonggi Green Energy Co., Ltd.		264,604		344,961		52,957		(9,946	)
PT. Tanggamus Electric Power		224,686		129,348		4,101		5,291
Gyeongju Wind Power Co., Ltd.		76,144		30,538		9,115		1,448
KOMIPO America Inc. (*2)		618,695		288,813		8,701		4,681
PT. EWP Indonesia		110,931		15		—		4,040
KEPCO Netherlands J3 B.V.		171,660		6,019		—		29,304
Korea Offshore Wind Power Co., Ltd.		341,324		127,088		17,553		804
Global One Pioneer B.V.		1,887,457		136		—		35,598
Global Energy Pioneer B.V.		566		92		—		(55	)
Mira Power Limited		435,552		265,419		1,265		16,326
KOSEP Material Co., Ltd.		7,525		577		2,075		75
KEPCO KPS Philippines Corp.		7,176		1,621		1,201		(1,171	)
KOSPO Chile SpA		207,967		96,007		—		(981	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won

As of and for the six-month period ended June 30, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,935		2,331		286		45
Fujeij Wind Power Company		243,819		151,938		—		10,825
KOSPO Youngnam Power Co., Ltd.		326,979		213,247		169,608		5,627
Chitose Solar Power Plant LLC		87,552		78,521		7,509		1,321
KEPCO ES Co., Ltd.		336,425		23,454		4,781		3,228
KEPCO Solar Co., Ltd.		245,921		30,278		12,914		4,832
KOSPO Power Services Ltda.		13,618		9,484		9,329		1,694
Energy New Industry Specialized Investment Private Investment Trust (*3)		481,805		10,273		12,324		(16,120	)
KOEN Bylong Pty., Ltd.		20		223		—		—
KOMIPO Bylong Pty., Ltd.		20		226		—		(7	)
KOWEPO Bylong Pty., Ltd.		20		225		—		—
KOSPO Bylong Pty., Ltd.		12		341		—		(41	)
EWP Bylong Pty., Ltd.		19		23		—		—
KOWEPO Lao International		14,980		1,031		6,332		2,725
KEPCO Mangilao Holdings LLC		104,122		53,539		438		(218	)
Mangilao Investment LLC		218,705		13,968		—		6,846
KEPCO Mangilao Solar, LLC		235,531		10,142		8,952		1,712
Jeju Hanlim Offshore Wind Co., Ltd.		634,797		556,873		36,379		1,869
PT. Siborpa Eco Power		21,652		7,204		—		(33	)
PT. Korea Energy Indonesia		14,385		5,686		8,883		4,330
KOLAT SpA		56,485		374		1,690		342
KEPCO California, LLC		54,222		7,859		355		(419	)
KEPCO Mojave Holdings, LLC		101,505		94,905		—		(2,407	)
Incheon Fuel Cell Co., Ltd.		213,329		223,727		33,927		(5,963	)
KOEN Service Co., Ltd.		9,431		5,325		20,127		461
KOMIPO Service Co., Ltd.		12,230		5,575		22,071		1,591
KOWEPO Service Co., Ltd.		10,635		6,302		23,834		903
KOSPO Service Co., Ltd.		9,015		4,960		17,930		899
EWP Service Co., Ltd.		7,362		4,216		15,460		692
PT. KOMIPO Energy Indonesia		5,589		131		2,570		1,180
KNF Partners Co., Ltd.		3,008		902		3,335		104
KOSPO USA Inc.		937,726		21,748		—		(319	)
KOSPO Niles LLC (formerly, Nambu USA LLC)		346,221		1,205		48		125,028
Tamra Offshore Wind Power Co., Ltd.		103,251		59,749		9,539		2,167
KEPCO MCS Co., Ltd.		55,257		57,334		128,494		(9,085	)
KEPCO FMS Co., Ltd.		25,025		22,286		58,127		318
Firstkeepers Co., Ltd.		32,608		16,811		53,759		1,971
Secutec Co., Ltd.		20,957		12,793		41,422		330
SE Green Energy Co., Ltd.		111,361		83,266		19,392		2
Mangilao Intermediate Holdings LLC		223,664		126,443		—		(2,229	)
KEPCO CSC Co., Ltd.		19,133		10,095		23,254		1,385
KOAK Power Limited		17,384		259		—		(142	)
KOMIPO Europe B.V.		97,247		133		351		2,129
Hangang Haenanum Seobu Power Energy Private Special Asset Investment Trust (Haenanum Energy Fund)		7,464		3		594		575
Paju Ecoenergy Co., Ltd.		47,655		2,811		6,423		(1,141	)
Guam Ukudu Power LLC		992,895		871,340		22,083		(25,395	)
K-SOLAR SHINAN Co., Ltd.		263,504		243,363		18,592		2,522
KPS Partners Co., Ltd.		5,085		2,589		7,820		474
KEPCO E&C Service Co., Ltd.		10,619		1,865		8,945		639

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won

As of and for the six-month period ended June 30, 2026
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Moha solar Co., Ltd.	W	24,332		25,668		—		20
Ogiri Solar Power Co., Ltd.		1,035		21		—		(17	)
KHNP USA LLC		61,425		373		649		122
KOMIPO Vanphong Power Service LLC		44,252		2,229		18,942		9,065
Energy Innovation Fund I		41,035		2,325		—		(467	)
KHNP Chile SpA		4,953		3,665		—		81
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,389		1,193		100		54
Yeong Yang Corporation Co., Ltd.		1,365		1,183		98		52
SolarVader Co., Ltd.		1,378		1,186		100		54
Yeong Yang Innovation Co., Ltd.		1,359		1,183		94		47
Yeong Yang Horus Photovoltaic Co., Ltd.		1,337		1,183		90		45
Yeong Yang Solar Management Co., Ltd.		1,389		1,186		102		57
LSG Hydro Power Limited		298		3		—		(75	)
KOEN Bio Co., Ltd.		1,983		1,468		1,261		69
KOMIPO Iberian Solar Group, S.L.U.		89,739		78,716		—		4,207
Jeongam Wind Power Co., Ltd.		66,229		57,266		4,290		(555	)
KOWEPO Europe B.V.		32		4,302		—		(105	)
Yeongdeok Sunrise Wind Power Co., Ltd.		107,989		83,548		7,229		1,368
KA Power Limited		6,760		3,471		—		(78	)
Western Power Changgi Solar Co., Ltd.		38,900		31,155		4,385		1,399
EWP Australia Pty., Ltd.		57,844		768		491		(2,182	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		382,846		276,319		9,777		(2,584	)
Digital Innovation Growth Fund		8,173		77		—		(1,195	)
KEPCO Holding Company		103,221		95,015		—		(668	)
KEPCO for Maintenance Company		5,390		10,070		3,292		444
KOSPO Trumbull LLC		501,448		56		—		(13	)
Changjuk Wind Power Co., Ltd.		27,494		2,575		3,232		2,143
Chile Solar JV SpA		90,362		75,216		5,004		(1,007	)
KEPCO KPS South Africa Pty., Ltd.		17,553		9,481		20,911		(1,521	)
KOWEPO Holding Limited		61,108		39,710		—		(89	)
KOSPO Rutile, LLC		55,691		388		979		1,120
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI – FZCO		201		7		—		(179	)
EWP Yona America LLC		—		1		—		(1	)
KOMIPO Middle East Energy L.L.C-FZ		1,425		420		—		(11	)
Nuclear Energy Industry Growth Fund II		14,040		50		—		(8	)

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

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

(*3)

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Korea Hydro & Nuclear Power Co., Ltd.	W	76,378,365		49,741,461		15,346,722		1,579,701
Korea South-East Power Co., Ltd.		12,476,339		6,456,780		6,509,651		290,916
Korea Midland Power Co., Ltd.		13,811,313		8,879,106		5,652,535		253,721
Korea Western Power Co., Ltd.		12,912,790		7,923,730		5,464,991		140,365
Korea Southern Power Co., Ltd.		12,392,402		6,686,458		6,100,647		338,992
Korea East-West Power Co., Ltd.		11,759,627		5,449,839		4,983,146		433,932
KEPCO Engineering & Construction Company, Inc.		883,518		258,552		518,768		85,368
KEPCO Plant Service & Engineering Co., Ltd.		1,687,760		350,731		1,545,256		123,796
KEPCO Nuclear Fuel Co., Ltd.		1,077,308		558,433		488,251		50,601
KEPCO KDN Co., Ltd.		721,868		178,913		773,511		54,656
KEPCO International HongKong Ltd.		143,964		—		—		6,256
KEPCO International Philippines Inc.		13,382		1		—		64
KEPCO Gansu International Ltd.		8,347		1,046		—		(58	)
KEPCO Philippines Holdings Inc.		224,385		321		—		63,550
KEPCO Philippines Corporation		2,987		4		—		120
KEPCO Ilijan Corporation		30,998		201		—		(2,228	)
KEPCO Neimenggu International Ltd.		220,764		119		—		(266	)
KEPCO Shanxi International Ltd.		779,800		350,253		—		(5,502	)
KOMIPO Global Pte Ltd.		393,031		3,992		—		9,259
KEPCO Netherlands B.V.		143,789		57		—		2,936
KEPCO Australia Pty., Ltd.		389		174		—		(22	)
KOSEP Australia Pty., Ltd.		57,023		1,117		19,672		7,192
KOMIPO Australia Pty., Ltd.		58,960		5,264		25,387		9,358
KOWEPO Australia Pty., Ltd.		100,454		38		17,109		4,864
KOSPO Australia Pty., Ltd.		42,150		5,311		17,109		3,666
KEPCO Middle East Holding Company		138,608		138,829		—		(7,010	)
Qatrana Electric Power Company		528,581		170,136		30,432		22,596
KHNP Canada Energy Ltd.		247,213		24,175		—		316
KEPCO Bylong Australia Pty., Ltd.		47,486		562,939		—		17,442
Korea Waterbury Uranium Limited Partnership		25,002		64		—		(122	)
KEPCO Holdings de Mexico		1,366		3,986		—		154
KST Electric Power Company, S.A.P.I. de C.V.		629,930		498,093		91,552		16,287
KEPCO Energy Service Company		4,733		3,683		15,711		328
KEPCO Netherlands S3 B.V.		77,919		18,595		—		1,706
PT. KOMIPO Pembangkitan Jawa Bali		17,032		3,540		21,982		1,074
PT. Cirebon Power Service		3,724		980		10,612		674
KOWEPO International Corporation		—		11		—		—
KOSPO Jordan LLC		43,705		26,213		14,446		3,446
EWP America Inc. (*1)		60,246		2,993		25,064		11,990
KNF Canada Energy Limited		2,445		32		—		(70	)
EWP Barbados 1 SRL		479,658		777		—		17,314
Gyeonggi Green Energy Co., Ltd.		236,006		306,417		71,149		(3,822	)
PT. Tanggamus Electric Power		213,263		129,988		3,876		7,737
Gyeongju Wind Power Co., Ltd.		84,225		33,877		16,636		3,889
KOMIPO America Inc. (*2)		594,895		286,998		25,586		14,841
PT. EWP Indonesia		103,086		48		—		7,007
KEPCO Netherlands J3 B.V.		173,301		19,880		—		(1,183	)
Korea Offshore Wind Power Co., Ltd.		342,516		129,083		43,562		8,209
Global One Pioneer B.V.		1,755,583		99		—		(261	)
Global Energy Pioneer B.V.		398		99		—		(184	)
Mira Power Limited		404,476		262,983		2,651		33,464
KOSEP Material Co., Ltd.		7,596		555		5,453		1,583
KEPCO KPS Philippines Corp.		7,853		1,326		8,123		967
KOSPO Chile SpA		191,746		86,580		—		5,074

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won
As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Hee Mang Sunlight Power Co., Ltd.	W	5,882		2,323		559		39
Fujeij Wind Power Company		232,988		146,500		—		15,343
KOSPO Youngnam Power Co., Ltd.		330,664		220,060		315,616		3,322
Chitose Solar Power Plant LLC		84,332		77,481		15,122		2,674
KEPCO ES Co., Ltd.		336,045		23,142		9,516		6,320
KEPCO Solar Co., Ltd.		243,087		28,763		23,412		7,023
KOSPO Power Services Ltda.		12,674		10,361		16,919		403
Energy New Industry Specialized Investment Private Investment Trust (*3)		543,694		5,879		—		49,341
KOEN Bylong Pty., Ltd.		17		201		—		(18	)
KOMIPO Bylong Pty., Ltd.		18		197		—		(8	)
KOWEPO Bylong Pty., Ltd.		18		203		—		(24	)
KOSPO Bylong Pty., Ltd.		193		453		—		(24	)
EWP Bylong Pty., Ltd.		18		21		—		(4	)
KOWEPO Lao International		21,202		1,085		12,712		5,021
KEPCO Mangilao Holdings LLC		97,123		49,828		844		1,764
Mangilao Investment LLC		208,610		19,622		—		(19,432	)
KEPCO Mangilao Solar, LLC		213,916		741		17,346		2,961
Jeju Hanlim Offshore Wind Co., Ltd.		633,525		555,268		80,467		12,289
PT. Siborpa Eco Power		17,564		4,083		—		(62	)
PT. Korea Energy Indonesia		8,462		5,142		8,227		760
KOLAT SpA		53,759		377		2,963		1,061
KEPCO California, LLC		50,809		7,248		672		(518	)
KEPCO Mojave Holdings, LLC		95,077		88,595		—		(4,491	)
Incheon Fuel Cell Co., Ltd.		212,662		217,098		75,963		(20,384	)
KOEN Service Co., Ltd.		8,055		4,959		41,138		171
KOMIPO Service Co., Ltd.		11,114		6,010		40,652		1,560
KOWEPO Service Co., Ltd.		10,223		6,762		44,485		271
KOSPO Service Co., Ltd.		7,875		4,718		34,049		593
EWP Service Co., Ltd.		7,234		4,462		29,819		1,296
PT. KOMIPO Energy Indonesia		5,855		1,616		5,425		1,421

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16. Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
KNF Partners Co., Ltd.	W	3,222		1,220		7,416		429
KOSPO USA Inc.		853,452		509		—		(5,976	)
KOSPO Niles LLC		353,430		1,077		532		33,255
Tamra Offshore Wind Power Co., Ltd.		102,795		64,577		16,720		281
KEPCO MCS Co., Ltd.		63,700		54,752		280,479		(19,492	)
KEPCO FMS Co., Ltd.		23,883		21,889		117,234		220
Firstkeepers Co., Ltd.		27,337		14,052		102,366		4,563
Secutec Co., Ltd.		18,000		12,273		81,175		431
SE Green Energy Co., Ltd.		120,726		92,633		38,335		(407	)
Mangilao Intermediate Holdings LLC		212,243		119,591		—		(8,057	)
KEPCO CSC Co., Ltd.		20,227		12,573		50,773		2,084
KOAK Power Limited		16,089		126		—		(170	)
KOMIPO Europe B.V.		91,488		89		1,214		(3,124	)
Hangang Haenanum Seobu Power Energy Private Special Asset Investment Trust (Haenanum Energy Fund)		7,416		3		951		902
Paju Ecoenergy Co., Ltd.		60,776		2,791		16,199		1,477
Guam Ukudu Power LLC		922,687		793,769		31,801		(34,266	)
K-SOLAR SHINAN Co., Ltd.		265,222		248,630		33,441		746
KPS Partners Co., Ltd.		4,300		2,422		14,787		238
KEPCO E&C Service Co., Ltd.		10,278		2,208		16,789		1,321
Moha solar Co., Ltd.		25,401		26,861		—		985
Ogiri Solar Power Co., Ltd.		1,052		21		—		(22	)
KHNP USA LLC		59,782		391		1,244		157
KOMIPO Vanphong Power Service LLC		35,596		5,201		30,289		7,091
Energy Innovation Fund I		43,596		1,194		—		(790	)
KHNP Chile SpA		4,650		3,433		—		(48	)
Yeong Yang Apollon Photovoltaic Co., Ltd.		1,379		1,237		208		44
Yeong Yang Corporation Co., Ltd.		1,356		1,227		204		40
SolarVader Co., Ltd.		1,368		1,230		206		42
Yeong Yang Innovation Co., Ltd.		1,356		1,227		200		36
Yeong Yang Horus Photovoltaic Co., Ltd.		1,337		1,228		192		28

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(3)

The summarized financial information of consolidated subsidiaries as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won

As of and for the year ended December 31, 2025
Subsidiaries	Total assets		Total liabilities		Sales		Profit (loss) for the period
Yeong Yang Solar Management Co., Ltd.	W	1,376		1,230		213		49
LSG Hydro Power Limited		350		4		—		(250	)
KOEN Bio Co., Ltd.		1,371		925		1,872		(35	)
KOMIPO Iberian Solar Group, S.L.U.		76,791		74,519		—		(6,552	)
Jeongam Wind Power Co., Ltd.		68,826		59,308		8,189		(1,084	)
KOWEPO Europe B.V.		51		4,036		—		(145	)
Yeongdeok Sunrise Wind Power Co., Ltd.		109,860		84,334		11,908		(617	)
KA Power Limited		6,373		3,258		—		(31	)
Western Power Changgi Solar Co., Ltd.		38,918		32,572		6,485		(109	)
EWP Australia Pty., Ltd.		54,134		461		—		(16,420	)
Columboola Solar Farm Hold Co Pty., Ltd. (*4)		348,779		247,899		12,210		(22,288	)
Digital Innovation Growth Fund		9,506		215		—		1,650
KEPCO Holding Company		201,433		197,847		—		(56	)
KEPCO for Maintenance Company		4,522		1,307		8,920		3,889
KOSPO Trumbull LLC		466,732		—		—		359
Changjuk Wind Power Co., Ltd.		25,394		2,618		6,921		657
Chile Solar JV SpA		91,608		73,301		8,079		2,419
KEPCO KPS South Africa Pty., Ltd.		18,991		10,106		30,900		1,979
KOWEPO Holding Limited		21,077		1,072		—		11,875
KOSPO Rutile, LLC		50,508		112		373		557
KEPCO Yona America LLC		—		—		—		—
KEPCO SADAWI – FZCO		389		—		—		(83	)
EWP Yona America LLC		—		—		—		—
KOMIPO Middle East Energy L.L.C-FZ		1,327		380		—		(7	)
Nuclear Energy Industry Growth Fund II		7,004		7		—		(3	)

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

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

(*3)

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2026 are as follows:


Company		Nature and extent of any significant restrictions
Gyeonggi Green Energy Co., Ltd.		Acquisition or disposal of assets of more than W10 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the entity.

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

Jeongam Wind Power Co., Ltd.		Dividends may be payable only when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Also, payments to the contracting party may be restricted depending on the financial management priority of the contract. The 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 entity.

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

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

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

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

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

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

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

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

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

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

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(4)

Significant restrictions on the Group’s abilities to its subsidiaries as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

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

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

Fujeij Wind Power Company		Incurring additional borrowings not specified in the loan agreement, or changing the PPA schedule without the lender’s prior written consent is restricted. In addition, capital acquisition and new share issuance other than dividends payment to investors are restricted.

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

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

(5)

As of June 30, 2026, the Group has following commitments unrecognized in relation to its subsidiaries as per its shareholders’ 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 a right to purchase the shares at fair value after consulting with the parties on the timing and size of the acquisition, taking into 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(6)

Details of non-controlling interests prior to intra-company eliminations as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won

As of and for the six-month period ended June 30, 2026
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	32,091			996,764			456,811			1,428,746			2,914,412
Non-current assets		776			671,855			335,084			4,570,361			5,578,076
Current liabilities		(290	)		(326,489	)		(195,027	)		(1,099,400	)		(1,621,206	)
Non-current liabilities		—			(5,485	)		(4,158	)		(2,600,279	)		(2,609,922	)
Net assets		32,577			1,336,645			592,710			2,299,428			4,261,360
Book value of non-controlling interests		15,963			654,956			289,006			209,459			1,169,384
Sales		—			770,089			216,618			621,754			1,608,461
Profit for the period		(377	)		67,138			16,829			89,044			172,634
Profit for the period attributable to non-controlling interests		(185	)		32,898			8,206			(4,427	)		36,492
Cash flows from operating activities		(292	)		(17,927	)		(23,462	)		472,196			430,515
Cash flows from investing activities		(2	)		122,348			70,304			(27,353	)		165,297
Cash flows from financing activities before dividends to non-controlling interests		—			(46,918	)		(26,749	)		(314,444	)		(388,111	)
Dividends to non-controlling interests		—			(36,405	)		(24,987	)		(1,103	)		(62,495	)
Effect of exchange rate fluctuation		2,186			1,751			102			15,312			19,351
Net increase (decrease) in cash and cash equivalents		1,892			22,849			(4,792	)		144,608			164,557


In millions of won
As of and for the year ended December 31, 2025
Description	KEPCO Ilijan Corporation			KEPCO Plant Service & Engineering Co., Ltd.			KEPCO Engineering & Construction Company, Inc.			Others			Total
Percentage of ownership		49.00	%		49.00	%		48.76	%
Current assets	W	30,284			987,560			540,208			1,285,167			2,843,219
Non-current assets		714			700,200			343,310			4,508,792			5,553,016
Current liabilities		(201	)		(344,162	)		(253,981	)		(1,025,572	)		(1,623,916	)
Non-current liabilities		—			(6,569	)		(4,571	)		(2,594,928	)		(2,606,068	)
Net assets		30,797			1,337,029			624,966			2,173,459			4,166,251
Book value of non-controlling interests		15,091			655,144			304,734			178,033			1,153,002
Sales		—			1,545,256			518,768			1,157,679			3,221,703
Profit for the period		(2,228	)		123,796			85,368			108,860			315,796
Profit for the period attributable to non-controlling interests		(1,092	)		60,660			41,625			20,545			121,738
Cash flows from operating activities		(1,752	)		136,753			26,999			378,589			540,589
Cash flows from investing activities		22			30,866			(7,722	)		(111,354	)		(88,188	)
Cash flows from financing activities before dividends to non-controlling interests		(24,464	)		(70,264	)		(20,479	)		(202,212	)		(317,419	)
Dividends to non-controlling interests		—			(54,441	)		(18,530	)		(9,342	)		(82,313	)
Effect of exchange rate fluctuation		(1,603	)		(670	)		(35	)		(4,794	)		(7,102	)
Net increase (decrease) in cash and cash equivalents		(27,797	)		42,244			(19,767	)		50,887			45,567

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

16.

Consolidated Subsidiaries, Continued

(7)

Changes in goodwill

(i)

Details of goodwill as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Acquisition cost	W	101,975			101,885
Less: accumulated impairment		(2,582	)		(2,582	)

Carrying book value	W	99,393			99,303

(ii)

Changes in goodwill for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
In millions of won	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,885			—		—		—		90		101,975
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)

Carrying book value	W	99,303			—		—		—		90		99,393


In millions of won	For the year ended December 31, 2025
In millions of won	Beginning			Increase		Decrease		Impairment		Others		Ending
Acquisition cost	W	101,761			—		—		—		124		101,885
Less: accumulated impairment		(2,582	)		—		—		—		—		(2,582	)

Carrying book value	W	99,179			—		—		—		124		99,303

(8)

Disposals of subsidiaries

The Group completed the liquidation of Songhyun e-New Industry Fund during the six-month period ended June 30, 2026. In addition, the Group disposed of a portion of its equity interest in Commerce and Industry Energy Co., Ltd. and reclassified it from a subsidiary to an associate during the year ended December 31, 2025. Also, the Group completed the liquidation of J Wind First, LLC and Sprott Chile Solar I SpA during the year ended December 31, 2025.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures

(1)

Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,491,023
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		83,816
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		264,247
Daeryun Power Co., Ltd. (*3)	Power generation		Korea		6.85	%		46,373		36,803
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		117,455
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		909,752
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		177,198
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		37,500
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		720,023
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		209,834
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		80,452
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		266,316
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		228,099
Shin Pyeongtaek Power Co., Ltd. (*16)	Power generation		Korea		48.60	%		72,000		136,802
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		104,219
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		296,081
Nepal Water & Energy Development Company Private Limited (*6,19)	Construction and operation of utility plant		Nepal		55.67	%		110,332		193,164
Indeck Niles Development, LLC	Overseas investment business		USA		50.00	%		249,274		264,730
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		38,657
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		105,244
Shinan-Ui Offshore Wind Power Co., Ltd. (*8)	Power generation		Korea		18.84	%		96,100		92,678
Others (Taebaek Guinemi Wind Power Co., Ltd. and 88 others)								268,218		337,991

								3,510,998		7,192,084

<Joint ventures>
Shuweihat Asia Power Investment B.V.	Overseas investment business		Netherlands		49.00	%		44,405		94,616
KEPCO SPC Power Corporation (*4,10)	Construction and operation of utility plant		Philippines		60.00	%		94,579		121,337
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		237,991
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		55,950
Rabigh Electricity Company (*9)	Power generation		Saudi Arabia		40.00	%		109,743		307,832
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		459,688
Amman Asia Electric Power Company (*10)	Power generation		Jordan		60.00	%		111,476		277,264
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,669
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		663,795
Kelar S.A. (*14)	Power generation		Chile		65.00	%		78,060		174,581
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		105,495
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,737,112
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		32,962
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00	%		17,475		27,958
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		53,378
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		81,422
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		48,958
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		55,401
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		59,934
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		263,409
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		79,437
Naepo Green Energy Co., Ltd. (*17)	Power generation		Korea		29.20	%		29,200		70,984
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		296,872		556,723
Prime Swedish Holding AB	Overseas investment business		Sweden		45.00	%		35,410		41,964
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vapor and hot/cold water		Korea		70.10	%		149,313		146,592

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of June 30, 2026
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Joint ventures>
Trumbull Development Partners, LLC (*15)	Overseas investment business		USA		56.23	%	W	442,880		461,983
Grove Energy Capital IV, LLC (*18)	Overseas investment business		USA		16.00	%		58,900		51,768
Others (Dangjin Ecopower Co., Ltd. and 99 others)								697,415		713,161

								5,030,940		7,018,364

							W	8,541,938		14,210,448

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

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.

(*3)

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.

(*4)

The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of June 30, 2026.

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

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.

(*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 less than 20%. However, the entity is classified as an associate because the Group exercises significant influence over the critical decisions related to finance and operation.

(*9)

The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.

(*10)

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 shareholders at the board of directors. Accordingly, the entities are classified as joint ventures.

(*11)

The effective percentage of ownership is less than 50%. However, all critical financial and operating decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.

(*12)

Although the nominal percentage of ownership of Daegu Green Power Co., Ltd. is 29.00%, the effective percentage of ownership is 54.2%, considering the interest of financial investors as a liability component. In addition, the entity was classified as a joint venture considering the minimum board voting-right requirement for decisions on significant financial and operating policies under the joint shareholders’ agreement.

(*13)

Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture because decisions on relevant activities require the unanimous consent of all parties.

(*14)

Although the Group’s effective percentage of ownership is more than 50%, the entity is classified as a joint venture since the entity’s critical financial and operating decisions require unanimous agreement of members in the board of directors.

(*15)

Although the Group’s ownership interest exceeds 50%, the investee is classified as a joint venture considering the minimum required board voting rights for significant financial and operating policies under the joint agreement between shareholders.

(*16)

The nominal ownership percentage of Shin Pyeongtaek Power Co., Ltd. is 48.6%, and the effective ownership percentage considering redeemable convertible preferred shares is 40%.

(*17)

Although the Group’s ownership percentage is less than 50%, it is classified as a joint venture considering the minimum required voting rights at the board of directors for significant financial and operating policies under the joint agreement between shareholders.

(*18)

Although the Group’s ownership percentage is less than 50%, it is classified as a joint venture as unanimous consent is required for decisions on relevant activities.

(*19)

The Group’s ownership percentage changed due to a disproportionate capital increase by a financial investor during the six-month period ended June 30, 2026.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of December 31, 2025
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Associates>
Korea Gas Corporation (*1)	Importing and wholesaling LNG		Korea		20.47	%	W	94,500		2,283,535
Hyundai Green Power Co., Ltd.	Power generation equipment consignment and operation service		Korea		29.00	%		88,885		86,549
Korea Power Exchange (*2)	Management of power market and others		Korea		100.00	%		127,839		262,069
Daeryun Power Co., Ltd. (*3)	Power generation		Korea		6.85	%		46,373		34,475
SPC Power Corporation (*4)	Power generation		Philippines		38.00	%		20,635		107,067
Gemeng International Energy Co., Ltd.	Power generation		China		42.00	%		516,007		812,292
PT. Cirebon Electric Power	Power generation		Indonesia		27.50	%		40,365		162,112
PT Wampu Electric Power	Power generation		Indonesia		46.00	%		21,292		36,516
PT. Bayan Resources TBK	Resources development		Indonesia		20.00	%		615,860		731,714
S-Power Co., Ltd.	Power generation		Korea		49.00	%		132,300		200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.	Power generation		Laos		25.00	%		87,426		65,612
Goseong Green Power Co., Ltd.	Power generation		Korea		29.00	%		262,740		276,085
Gangneung Eco Power Co., Ltd.	Power generation		Korea		29.00	%		261,000		227,683
Shin Pyeongtaek Power Co., Ltd. (*16)	Power generation		Korea		48.60	%		72,000		148,586
Dongducheon Dream Power Co., Ltd. (*5)	Power generation		Korea		33.61	%		148,105		102,321
GS Donghae Electric Power Co., Ltd.	Power generation		Korea		34.00	%		204,000		286,796
Nepal Water & Energy Development Company Private Limited (*6,18)	Construction and operation of utility plant		Nepal		66.10	%		110,332		192,705
Indeck Niles Development, LLC	Holding company		USA		50.00	%		249,274		363,675
Saemangeum Sebit Power Plant Co., Ltd. (*7)	Power generation		Korea		55.14	%		21,037		37,662
PT. Cirebon Energi Prasarana (*8)	Power generation		Indonesia		10.00	%		26,710		94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)								261,969		339,662

							W	3,408,649		6,851,456

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of December 31, 2025
Investees	Key operation activities	Location		Percentage of ownership			Acquisition cost		Book value
<Joint ventures>
Shuweihat Asia Power Investment B.V.	Holding company		Netherlands		49.00	%	W	44,405		82,230
KEPCO SPC Power Corporation (*4,10)	Construction and operation of utility plant		Philippines		60.00	%		94,579		119,443
Datang Chifeng Renewable Power Co., Ltd.	Power generation		China		40.00	%		121,928		212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.	Power generation		China		40.00	%		39,872		49,501
Rabigh Electricity Company (*9)	Power generation		Saudi Arabia		40.00	%		109,743		285,805
Jamaica Public Service Company Limited	Power generation		Jamaica		40.00	%		301,910		412,277
Amman Asia Electric Power Company (*10)	Power generation		Jordan		60.00	%		111,476		274,751
Chun-cheon Energy Co., Ltd.	Power generation		Korea		29.90	%		52,700		36,703
Nghi Son 2 Power LLC	Power generation		Vietnam		50.00	%		175,261		566,700
Kelar S.A. (*14)	Power generation		Chile		65.00	%		78,060		153,294
PT. Tanjung Power Indonesia	Power generation		Indonesia		35.00	%		57,039		98,221
Barakah One Company (*11)	Power generation		UAE		18.00	%		1,794,166		1,672,507
Daegu Green Power Co., Ltd. (*12)	Power generation		Korea		29.00	%		46,225		31,119
Yeonggwang Wind Power Co., Ltd.	Power generation		Korea		46.00	%		17,475		29,258
South Jamaica Power Company Limited	Power generation		Jamaica		20.00	%		20,430		48,675
RE Holiday Holdings LLC	Power generation		USA		50.00	%		42,948		80,631
RE Pioneer Holdings LLC	Power generation		USA		50.00	%		27,891		48,831
RE Barren Ridge 1 Holdings LLC	Power generation		USA		50.00	%		28,021		54,825
Solar Philippines Calatagan Corporation	Power generation		Philippines		38.00	%		47,903		61,113
PT Barito Wahana Tenaga	Power generation		Indonesia		30.61	%		59,574		225,828
Cheongna Energy Co., Ltd. (*13)	Generating and distributing vapor and hot/cold water		Korea		50.10	%		49,344		67,846
Naepo Green Energy Co., Ltd. (*17)	Power generation		Korea		29.20	%		29,200		59,242
OneEnergy Asia Limited	Power generation		Vietnam		40.00	%		296,872		494,403
Prime Swedish Holding AB	Holding company		Sweden		45.00	%		35,410		38,664
Namyangju Combined Heat and Power Co., Ltd. (*14)	Generating and distributing vapor and hot/cold water		Korea		70.10	%		149,313		147,146
Trumbull Development Partners, LLC (*15)	Holding company		USA		56.23	%		415,467		439,268
Others (Dangjin Eco Power Co., Ltd. and 95 others)								703,432		721,921

								4,950,644		6,512,332

							W	8,359,293		13,363,788

(*1)

The effective percentage of ownership, including the effect of hybrid bond, is 21.66%.

(*2)

(*3)

(*4)

The Group is planning to sell its investment in SPC Power Corporation, KEPCO SPC Power Corporation and time or proceeds of sales are not specified as of December 31, 2025.

(*5)

The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.

(*6)

(*7)

(*8)

(*9)

(*10)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(1)

Investments in associates and joint ventures as of June 30, 2026 and December 31, 2025 are as follows, continued:

(*11)

The effective percentage of ownership is less than 50%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.

(*12)

(*13)

Although the Group’s effective percentage of ownership is more than 50%, However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as a joint venture.

(*14)

(*15)

(*16)

The nominal ownership percentage of Shin Pyeongtaek Power Co., Ltd. is 48.6%, and the effective ownership percentage considering redeemable convertible preferred shares is 40%.

(*17)

(*18)

The Group’s ownership percentage changed due to a disproportionate capital increase by a financial investor during the year ended December 31, 2025.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(2)

The fair values of investments in associates which are actively traded in an open market as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won

Investees	As of June 30, 2026		As of December 31, 2025
<Associates>
Korea Electric Power Industrial Development Co., Ltd.	W	109,855		98,511
Korea Gas Corporation		603,855		742,770
SPC Power Corporation		152,896		134,901
PT. Bayan Resources TBK		6,580,800		8,959,467

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won

For the six-month period ended June 30, 2026
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,283,535		—		—			(21,811	)		192,284			35,967			1,048			2,491,023
Hyundai Green Power Co., Ltd.		86,549		—		—			(3,555	)		822			—			—			83,816
Korea Power Exchange		262,069		—		—			—			2,178			—			—			264,247
Daeryun Power Co., Ltd.		34,475		—		—			—			2,327			—			1			36,803
SPC Power Corporation		107,067		—		—			—			6,657			3,731			—			117,455
Gemeng International Energy Co., Ltd.		812,292		—		—			(40,867	)		46,552			91,775			—			909,752
PT. Cirebon Electric Power		162,112		—		—			—			2,928			12,158			—			177,198
PT Wampu Electric Power		36,516		—		—			(2,048	)		555			2,477			—			37,500
PT. Bayan Resources TBK		731,714		—		—			(153,194	)		82,955			58,600			(52	)		720,023
S-Power Co., Ltd.		200,335		—		—			—			9,499			—			—			209,834
Xe-Pian Xe-Namnoy Power Co., Ltd.		65,612		—		—			—			9,306			5,534			—			80,452
Goseong Green Power Co., Ltd.		276,085		—		—			—			(9,769	)		—			—			266,316
Gangneung Eco Power Co., Ltd.		227,683		—		—			—			416			—			—			228,099
Shin Pyeongtaek Power Co., Ltd.		148,586		—		—			(8,000	)		(3,784	)		—			—			136,802
Dongducheon Dream Power Co., Ltd.		102,321		—		—			—			1,898			—			—			104,219
GS Donghae Electric Power Co., Ltd.		286,796		—		—			—			9,285			—			—			296,081
Nepal Water & Energy Development Company Private Limited		192,705		—		—			—			(13,554	)		14,013			—			193,164
Indeck Niles Development, LLC		363,675		—		—			(125,149	)		46,362			(20,158	)		—			264,730
Saemangeum Sebit Power Plant Co., Ltd.		37,662		—		—			—			995			—			—			38,657
PT. Cirebon Energi Prasarana		94,005		—		—			—			2,904			8,335			—			105,244
Shinan-Ui Offshore Wind Power Co., Ltd.		—		96,100		—			—			(6,407	)		—			2,985			92,678
Others (Taebaek Guinemi Wind Power Co., Ltd. and 89 others)		339,662		9,516		(2,868	)		(19,226	)		5,993			5,377			(463	)		337,991

		6,851,456		105,616		(2,868	)		(373,850	)		390,402			217,809			3,519			7,192,084

<Joint ventures>
Shuweihat Asia Power Investment B.V.		82,230		—		—			—			1,944			10,442			—			94,616
KEPCO SPC Power Corporation		119,443		—		—			(5,942	)		3,842			3,994			—			121,337
Datang Chifeng Renewable Power Co., Ltd.		212,130		—		—			(13,830	)		2,365			37,326			—			237,991
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		49,501		—		—			—			927			5,522			—			55,950
Rabigh Electricity Company		285,805		—		—			—			(1,293	)		23,320			—			307,832
Jamaica Public Service Company Limited		412,277		—		—			—			16,155			31,256			—			459,688
Amman Asia Electric Power Company		274,751		—		—			(28,450	)		10,163			20,800			—			277,264
Chun-cheon Energy Co., Ltd.		36,703		—		—			—			(34	)		—			—			36,669
Nghi Son 2 Power LLC		566,700		—		—			—			40,996			56,099			—			663,795
Kelar S.A.		153,294		—		—			—			9,528			11,513			246			174,581
PT. Tanjung Power Indonesia		98,221		—		—			(4,620	)		4,129			8,932			(1,167	)		105,495
Barakah One Company		1,672,507		—		—			(35,691	)		(6,473	)		106,769			—			1,737,112
Daegu Green Power Co., Ltd.		31,119		—		—			—			1,843			—			—			32,962
Yeonggwang Wind Power Co., Ltd.		29,258		—		—			—			(1,300	)		—			—			27,958
South Jamaica Power Company Limited		48,675		—		—			(1,155	)		2,241			3,617			—			53,378
RE Holiday Holdings LLC		80,631		—		—			—			(4,843	)		5,634			—			81,422
RE Pioneer Holdings LLC		48,831		—		—			—			(3,422	)		3,549			—			48,958
RE Barren Ridge 1 Holdings LLC		54,825		—		—			(1,484	)		(1,919	)		3,979			—			55,401
Solar Philippines Calatagan Corporation		61,113		—		—			(6,351	)		3,176			1,996			—			59,934
PT Barito Wahana Tenaga		225,828		—		—			—			18,505			19,076			—			263,409

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:


In millions of won

For the six-month period ended June 30, 2026
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)		Others			Ending balance
<Joint ventures>
Cheongna Energy Co., Ltd.	W	67,846		—		—			—			11,591			—		—			79,437
Naepo Green Energy Co., Ltd.		59,242		—		—			(11,972	)		23,714			—		—			70,984
OneEnergy Asia Limited		494,403		—		—			—			22,500			39,820		—			556,723
Prime Swedish Holding AB		38,664		—		—			—			2,310			990		—			41,964
Namyangju Combined Heat and Power Co., Ltd.		147,146		—		—			—			(554	)		—		—			146,592
Trumbull Development Partners, LLC		439,268		27,413		—			—			(39,200	)		34,502		—			461,983
Grove Energy Capital IV, LLC		—		58,900		—			—			(8,588	)		1,456		—			51,768
Others (Dangjin Ecopower Co., Ltd. and 101 others)		721,921		27,560		(3,159	)		(18,403	)		11,646			19,111		(45,515	)		713,161

		6,512,332		113,873		(3,159	)		(127,898	)		119,949			449,703		(46,436	)		7,018,364

	W	13,363,788		219,489		(6,027	)		(501,748	)		510,351			667,512		(42,917	)		14,210,448

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:


In millions of won

For the year ended December 31, 2025
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others			Ending balance
<Associates>
Korea Gas Corporation	W	2,289,304		—		—			(27,500	)		28,811			(5,964	)		(1,116	)		2,283,535
Hyundai Green Power Co., Ltd.		87,393		—		—			(3,555	)		2,678			—			33			86,549
Korea Power Exchange		273,962		—		—			—			(5,173	)		—			(6,720	)		262,069
Daeryun Power Co., Ltd.		31,093		—		—			—			3,381			—			1			34,475
SPC Power Corporation		107,574		—		—			(16,876	)		20,767			(4,398	)		—			107,067
Gemeng International Energy Co., Ltd.		728,338		—		—			(19,510	)		87,732			15,732			—			812,292
PT. Cirebon Electric Power		157,530		—		—			—			8,270			(3,688	)		—			162,112
PT Wampu Electric Power		39,268		—		—			(3,928	)		1,699			(523	)		—			36,516
PT. Bayan Resources TBK		717,376		—		—			(109,528	)		142,742			(18,784	)		(92	)		731,714
S-Power Co., Ltd.		180,372		—		—			—			19,962			1			—			200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.		73,065		—		—			—			(4,845	)		(2,608	)		—			65,612
Goseong Green Power Co., Ltd.		284,542		—		—			—			(8,457	)		—			—			276,085
Gangneung Eco Power Co., Ltd.		241,814		—		—			—			(14,131	)		—			—			227,683
Shin Pyeongtaek Power Co., Ltd.		139,059		—		—			—			9,523			—			4			148,586
Dongducheon Dream Power Co., Ltd.		91,351		—		—			—			10,975			—			(5	)		102,321
GS Donghae Electric Power Co., Ltd.		279,432		—		—			(12,029	)		19,675			—			(282	)		286,796
Nepal Water & Energy Development Company Private Limited		170,955		—		—			—			25,028			(3,278	)		—			192,705
Indeck Niles Development, LLC		370,970		—		—			(37,126	)		60,484			(30,653	)		—			363,675
Saemangeum Sebit Power Plant Co., Ltd.		37,110		—		—			—			552			—			—			37,662
PT. Cirebon Energi Prasarana		96,846		—		—			—			3,341			(6,182	)		—			94,005
Others (Taebaek Guinemi Wind Power Co., Ltd. and 86 others)		307,400		15,109		(1,791	)		(15,384	)		32,434			11			1,883			339,662

		6,704,754		15,109		(1,791	)		(245,436	)		445,448			(60,334	)		(6,294	)		6,851,456

<Joint ventures>
Shuweihat Asia Power Investment B.V.		86,450		—		—			(1,087	)		1,699			(4,832	)		—			82,230
KEPCO SPC Power Corporation		159,139		—		—			(39,832	)		6,106			(5,970	)		—			119,443
Datang Chifeng Renewable Power Co., Ltd.		204,516		—		—			—			3,974			3,640			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		48,325		—		—			—			330			846			—			49,501
Rabigh Electricity Company		269,893		—		—			(1,696	)		28,441			(10,833	)		—			285,805
Jamaica Public Service Company Limited		412,616		—		—			(9,700	)		14,193			(5,435	)		603			412,277
Amman Asia Electric Power Company		268,864		—		—			—			17,500			(11,613	)		—			274,751
Chun-cheon Energy Co., Ltd.		36,599		—		—			—			104			—			—			36,703
Nghi Son 2 Power LLC		563,079		—		—			—			44,061			(40,440	)		—			566,700
Kelar S.A.		152,367		—		—			—			7,027			(6,100	)		—			153,294
PT. Tanjung Power Indonesia		100,580		—		—			(4,785	)		7,202			(4,229	)		(547	)		98,221
Barakah One Company		—		1,794,047		—			—			(92,162	)		(29,378	)		—			1,672,507
Daegu Green Power Co., Ltd.		30,513		—		—			—			583			—			23			31,119
Yeonggwang Wind Power Co., Ltd.		26,146		—		—			—			3,112			—			—			29,258
South Jamaica Power Company Limited		48,760		—		—			(3,618	)		4,568			(1,035	)		—			48,675
RE Holiday Holdings LLC		89,780		—		—			—			(6,460	)		(2,689	)		—			80,631
RE Pioneer Holdings LLC		55,622		—		—			—			(5,430	)		(1,361	)		—			48,831
RE Barren Ridge 1 Holdings LLC		59,806		—		—			(1,663	)		(1,781	)		(1,537	)		—			54,825
Solar Philippines Calatagan Corporation		63,695		—		—			(6,480	)		6,258			(2,360	)		—			61,113
PT Barito Wahana Tenaga		207,565		—		—			—			37,915			(19,652	)		—			225,828
Cheongna Energy Co., Ltd.		46,158		—		—			—			21,688			—			—			67,846

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(3)

Changes in investments in associates and joint ventures for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:


In millions of won

For the year ended December 31, 2025
Investees	Beginning balance		Acquisition		Disposals			Dividends received			Share of income (loss)			Other comprehen- sive income (loss)			Others		Ending balance
<Joint ventures>
Naepo Green Energy Co., Ltd.	W	48,031		—		—			(13,432	)		24,643			—			—		59,242
OneEnergy Asia Limited		465,349		38,861		—			—			26,030			(35,837	)		—		494,403
Prime Swedish Holding AB		37,559		—		—			(203	)		(2,301	)		3,609			—		38,664
Namyangju Combined Heat and Power Co., Ltd.		51,768		95,336		—			—			36			6			—		147,146
Trumbull Development Partners, LLC		355,379		110,631		—			—			(11,696	)		(15,046	)		—		439,268
Others (Dangjin Ecopower Co., Ltd. and 98 others)		692,781		52,542		(11,708	)		(18,271	)		19,587			(23,183	)		10,173		721,921

		4,581,340		2,091,417		(11,708	)		(100,767	)		155,227			(213,429	)		10,252		6,512,332

	W	11,286,094		2,106,526		(13,499	)		(346,203	)		600,675			(273,763	)		3,958		13,363,788

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

The summarized financial information of associates and joint ventures as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:


In millions of won
As of and for the six-month period ended June 30, 2026
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	52,346,044		40,589,801		19,310,167		887,143
Hyundai Green Power Co., Ltd.		628,599		237,370		54,979		5,024
Korea Power Exchange		348,327		84,080		55,340		2,519
Daeryun Power Co., Ltd.		1,114,337		565,101		234,449		31,751
SPC Power Corporation		354,707		45,618		31,772		17,614
Gemeng International Energy Co., Ltd.		9,172,831		5,975,568		1,509,824		94,999
PT. Cirebon Electric Power		765,459		121,105		155,651		10,646
PT Wampu Electric Power		193,317		111,798		1,511		1,206
PT. Bayan Resources TBK		5,669,214		1,843,643		2,582,073		608,763
S-Power Co., Ltd.		663,994		233,898		323,478		19,275
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,636,518		1,171,403		113,614		37,140
Goseong Green Power Co., Ltd.		4,794,170		3,839,575		550,189		(32,423	)
Gangneung Eco Power Co., Ltd.		5,290,910		4,626,276		378,951		(9,699	)
Shin Pyeongtaek Power Co., Ltd.		1,002,924		637,144		214,491		(10,288	)
Dongducheon Dream Power Co., Ltd.		1,309,595		967,361		517,809		2,069
GS Donghae Electric Power Co., Ltd.		1,832,288		961,462		275,828		27,307
Nepal Water & Energy Development Company Private Limited		932,029		586,297		27,767		(2,109	)
Indeck Niles Development, LLC		1,304,746		993,029		362,334		94,214
Saemangeum Sebit Power Plant Co., Ltd.		143,500		73,549		11,605		1,809
PT. Cirebon Energi Prasarana		3,730,453		2,678,010		290,582		29,049
Shinan-Ui Offshore Wind Power Co., Ltd.		865,566		382,000		—		(20,398	)

<Joint ventures>
Shuweihat Asia Power Investment B.V.		193,186		91		—		(85	)
KEPCO SPC Power Corporation		242,807		40,577		82,423		4,655
Datang Chifeng Renewable Power Co., Ltd.		910,003		315,022		59,945		5,925
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		192,449		52,572		15,511		2,307
Rabigh Electricity Company		2,543,613		1,688,661		146,799		(9,625	)
Jamaica Public Service Company Limited		3,035,760		1,927,003		757,930		44,302
Amman Asia Electric Power Company		756,045		293,939		21,268		17,467
Chun-cheon Energy Co., Ltd.		507,855		384,397		190,073		116
Nghi Son 2 Power LLC		4,657,505		3,329,915		513,489		82,040
Kelar S.A.		740,310		477,189		59,466		11,729
PT. Tanjung Power Indonesia		740,543		439,129		57,247		11,692
Barakah One Company		47,362,215		38,852,885		4,494,025		6,730
Daegu Green Power Co., Ltd.		452,818		354,626		137,133		3,195
Yeonggwang Wind Power Co., Ltd.		200,463		140,755		10,513		(2,015	)
South Jamaica Power Company Limited		546,129		279,221		148,643		11,722
RE Holiday Holdings LLC		343,582		180,739		3,466		(3,619	)
RE Pioneer Holdings LLC		261,585		163,670		3,452		(2,197	)
RE Barren Ridge 1 Holdings LLC		212,322		101,520		3,118		(1,833	)
Solar Philippines Calatagan Corporation		177,940		54,066		10,195		5,738
PT Barito Wahana Tenaga		860,469		—		—		79,696
Cheongna Energy Co., Ltd.		492,108		337,469		94,471		23,115
Naepo Green Energy Co., Ltd.		781,139		549,828		190,221		50,996
OneEnergy Asia Limited		4,067,029		2,739,003		329,376		56,198
Prime Swedish Holding AB		159,829		70,317		8,012		5,134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

The summarized financial information of associates and joint ventures as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won
As of and for the six-month period ended June 30, 2026
Investees	Total assets		Total liabilities		Sales			Profit (loss) for the period
Namyangju Combined Heat and Power Co., Ltd.	W	340,617		131,774		—			(790	)
Trumbull Development Partners, LLC		2,014,826		1,290,376		134,442			(69,715	)
Grove Energy Capital IV, LLC		185,122		694		(50,701	)		(53,670	)


In millions of won
As of and for the year ended December 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
<Associates>
Korea Gas Corporation	W	53,627,847		42,828,922		35,727,336		132,251
Hyundai Green Power Co., Ltd.		656,989		256,336		111,887		9,787
Korea Power Exchange		350,477		88,408		126,117		2,817
Daeryun Power Co., Ltd.		1,102,566		587,322		393,540		48,372
SPC Power Corporation		313,540		31,783		73,796		55,063
Gemeng International Energy Co., Ltd.		8,504,351		5,688,462		3,149,333		222,146
PT. Cirebon Electric Power		724,772		135,272		304,258		30,071
PT Wampu Electric Power		190,896		111,514		19,113		3,694
PT. Bayan Resources TBK		4,842,617		1,149,228		4,874,768		1,118,309
S-Power Co., Ltd.		664,275		253,454		660,755		40,452
Xe-Pian Xe-Namnoy Power Co., Ltd.		1,533,443		1,127,607		213,673		(23,055	)
Goseong Green Power Co., Ltd.		4,953,795		3,966,676		1,307,686		(17,519	)
Gangneung Eco Power Co., Ltd.		5,413,851		4,752,300		932,084		(27,205	)
Shin Pyeongtaek Power Co., Ltd.		1,021,409		625,341		697,349		22,149
Dongducheon Dream Power Co., Ltd.		1,266,052		928,870		1,123,208		31,456
GS Donghae Electric Power Co., Ltd.		1,794,220		950,702		544,701		57,866
Nepal Water & Energy Development Company Private Limited		868,222		578,041		146,768		25,127
Indeck Niles Development, LLC		1,208,801		685,577		456,748		123,823
Saemangeum Sebit Power Plant Co., Ltd.		143,281		75,139		20,428		1,003
PT. Cirebon Energi Prasarana		3,650,107		2,710,061		525,647		33,411

<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,992		177		—		(405	)
KEPCO SPC Power Corporation		234,570		35,498		159,381		10,392
Datang Chifeng Renewable Power Co., Ltd.		827,575		297,251		111,688		13,150
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		179,775		56,023		27,350		986
Rabigh Electricity Company		2,473,573		1,667,517		367,680		66,776
Jamaica Public Service Company Limited		2,903,070		1,910,042		1,530,704		41,735
Amman Asia Electric Power Company		758,903		300,985		30,651		29,223
Chun-cheon Energy Co., Ltd.		499,150		375,580		363,995		325
Nghi Son 2 Power LLC		4,243,607		3,110,208		824,849		87,686
Kelar S.A.		678,813		448,065		114,267		15,295
PT. Tanjung Power Indonesia		695,407		414,774		105,871		20,516
Barakah One Company		45,516,321		37,236,879		2,373,596		171,548
Daegu Green Power Co., Ltd.		450,953		356,158		258,151		1,309
Yeonggwang Wind Power Co., Ltd.		210,262		147,728		31,232		7,664
South Jamaica Power Company Limited		522,505		279,114		287,408		22,842
RE Holiday Holdings LLC		334,702		173,439		16,417		(7,622	)
RE Pioneer Holdings LLC		251,486		153,824		14,708		(7,711	)
RE Barren Ridge 1 Holdings LLC		206,966		97,315		12,685		(1,673	)

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(4)

The summarized financial information of associates and joint ventures as of and for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows, continued:


In millions of won
As of and for the year ended December 31, 2025
Investees	Total assets		Total liabilities		Sales		Profit (loss) for the period
Solar Philippines Calatagan Corporation	W	162,588		46,665		22,752		11,978
PT Barito Wahana Tenaga		737,706		—		—		100,948
Cheongna Energy Co., Ltd.		495,919		364,410		160,101		43,278
Naepo Green Energy Co., Ltd.		759,180		568,084		427,122		80,207
OneEnergy Asia Limited		3,529,252		2,357,026		139,025		61,186
Prime Swedish Holding AB		151,330		69,152		10,691		(5,114	)
Namyangju Combined Heat and Power Co., Ltd.		211,193		1,559		—		51
Trumbull Development Partners, LLC		1,812,101		1,121,329		10,137		(20,709	)

(5)

The financial information of associates and joint ventures reconciled to the Group’s investments in condensed consolidated financial statements as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won
As of June 30, 2026
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	11,756,243		21.66	%		2,546,402		—		—			(55,379	)		2,491,023
Hyundai Green Power Co., Ltd.		391,229		29.00	%		113,456		—		—			(29,640	)		83,816
Korea Power Exchange		264,247		100.00	%		264,247		—		—			—			264,247
Daeryun Power Co., Ltd.		549,236		6.85	%		37,623		—		—			(820	)		36,803
SPC Power Corporation		309,089		38.00	%		117,455		—		—			—			117,455
Gemeng International Energy Co., Ltd.		3,197,263		42.00	%		1,342,852		—		—			(433,100	)		909,752
PT. Cirebon Electric Power		644,354		27.50	%		177,198		—		—			—			177,198
PT Wampu Electric Power		81,519		46.00	%		37,500		—		—			—			37,500
PT. Bayan Resources TBK		3,825,571		20.00	%		765,114		31,289		—			(76,380	)		720,023
S-Power Co., Ltd.		430,096		49.00	%		210,747		—		(913	)		—			209,834
Xe-Pian Xe-Namnoy Power Co., Ltd.		465,115		25.00	%		116,278		305		(884	)		(35,247	)		80,452
Goseong Green Power Co., Ltd.		954,595		29.00	%		276,832		—		(10,516	)		—			266,316
Gangneung Eco Power Co., Ltd.		664,634		29.00	%		192,744		44,383		(9,028	)		—			228,099
Shin Pyeongtaek Power Co., Ltd.		365,780		40.00	%		146,312		3,559		(13,069	)		—			136,802
Dongducheon Dream Power Co., Ltd.		342,234		34.01	%		116,394		1,757		(1,350	)		(12,582	)		104,219
GS Donghae Electric Power Co., Ltd.		870,826		34.00	%		296,081		—		—			—			296,081
Nepal Water & Energy Development Company Private Limited		345,732		55.67	%		192,459		705		—			—			193,164
Indeck Niles Development, LLC		311,717		50.00	%		155,858		104,201		—			4,671			264,730
Saemangeum Sebit Power Plant Co., Ltd.		69,951		55.00	%		38,475		182		—			—			38,657
PT. Cirebon Energi Prasarana		1,052,443		10.00	%		105,244		—		—			—			105,244
Shinan-Ui Offshore Wind Power Co., Ltd.		483,566		18.84	%		91,104		1,574		—			—			92,678

<Joint ventures>
Shuweihat Asia Power Investment B.V.		193,095		49.00	%		94,616		—		—			—			94,616
KEPCO SPC Power Corporation		202,230		60.00	%		121,337		—		—			—			121,337
Datang Chifeng Renewable Power Co., Ltd.		594,981		40.00	%		237,991		—		—			—			237,991
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		139,877		40.00	%		55,950		—		—			—			55,950
Rabigh Electricity Company		854,952		40.00	%		341,980		—		(33,343	)		(805	)		307,832
Jamaica Public Service Company Limited		1,108,757		40.00	%		443,503		29,357		—			(13,172	)		459,688
Amman Asia Electric Power Company		462,106		60.00	%		277,264		—		—			—			277,264
Chun-cheon Energy Co., Ltd.		123,458		29.90	%		36,914		3		—			(248	)		36,669
Nghi Son 2 Power LLC		1,327,590		50.00	%		663,795		—		—			—			663,795
Kelar S.A.		263,121		65.00	%		171,028		3,553		—			—			174,581
PT. Tanjung Power Indonesia		301,414		35.00	%		105,495		—		—			—			105,495
Barakah One Company		8,509,330		18.00	%		1,531,679		—		205,433			—			1,737,112
Daegu Green Power Co., Ltd.		98,192		54.24	%		53,259		84		—			(20,381	)		32,962
Yeonggwang Wind Power Co., Ltd.		59,708		46.00	%		27,466		492		—			—			27,958

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)


In millions of won
As of June 30, 2026
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
South Jamaica Power Company Limited	W	266,908		20.00	%		53,381		—		—			(3	)		53,378
RE Holiday Holdings LLC		162,843		50.00	%		81,422		—		—			—			81,422
RE Pioneer Holdings LLC		97,915		50.00	%		48,958		—		—			—			48,958
RE Barren Ridge 1 Holdings LLC		110,802		50.00	%		55,401		—		—			—			55,401
Solar Philippines Calatagan Corporation		123,874		38.00	%		47,072		—		—			12,862			59,934
PT Barito Wahana Tenaga		860,469		30.61	%		263,409		—		—			—			263,409
Cheongna Energy Co., Ltd.		154,639		50.10	%		77,474		3,137		(1,174	)		—			79,437
Naepo Green Energy Co., Ltd.		231,311		29.20	%		67,542		3,442		—			—			70,984
OneEnergy Asia Limited		1,328,026		40.00	%		531,211		25,512		—			—			556,723
Prime Swedish Holding AB		89,512		45.00	%		40,280		1,684		—			—			41,964
Namyangju Combined Heat and Power Co., Ltd.		208,843		70.10	%		146,400		192		—			—			146,592
Trumbull Development Partners, LLC		724,450		56.23	%		407,358		54,625		—			—			461,983
Grove Energy Capital IV, LLC		184,428		16.00	%		29,508		22,260		—			—			51,768

In millions of won


As of December 31, 2025
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
<Associates>
Korea Gas Corporation	W	10,798,925		21.66	%		2,339,047		—		—			(55,512	)		2,283,535
Hyundai Green Power Co., Ltd.		400,653		29.00	%		116,189		—		—			(29,640	)		86,549
Korea Power Exchange		262,069		100.00	%		262,069		—		—			—			262,069
Daeryun Power Co., Ltd.		515,244		6.85	%		35,295		—		—			(820	)		34,475
SPC Power Corporation		281,757		38.00	%		107,067		—		—			—			107,067
Gemeng International Energy Co., Ltd.		2,815,889		42.00	%		1,182,674		—		—			(370,382	)		812,292
PT. Cirebon Electric Power		589,500		27.50	%		162,112		—		—			—			162,112
PT Wampu Electric Power		79,382		46.00	%		36,516		—		—			—			36,516
PT. Bayan Resources TBK		3,693,389		20.00	%		738,678		69,416		—			(76,380	)		731,714
S-Power Co., Ltd.		410,821		49.00	%		201,302		—		(967	)		—			200,335
Xe-Pian Xe-Namnoy Power Co., Ltd.		405,836		25.00	%		101,459		305		(905	)		(35,247	)		65,612
Goseong Green Power Co., Ltd.		987,119		29.00	%		286,264		—		(10,179	)		—			276,085
Gangneung Eco Power Co., Ltd.		661,551		29.00	%		191,850		45,212		(9,379	)		—			227,683
Shin Pyeongtaek Power Co., Ltd.		396,068		40.00	%		158,428		3,559		(13,401	)		—			148,586
Dongducheon Dream Power Co., Ltd.		337,182		34.01	%		114,675		1,757		(1,529	)		(12,582	)		102,321
GS Donghae Electric Power Co., Ltd.		843,518		34.00	%		286,796		—		—			—			286,796
Nepal Water & Energy Development Company Private Limited		290,181		66.12	%		191,868		837		—			—			192,705
Indeck Niles Development, LLC		523,224		50.00	%		261,613		97,643		—			4,419			363,675
Saemangeum Sebit Power Plant Co., Ltd.		68,142		55.00	%		37,480		182		—			—			37,662
PT. Cirebon Energi Prasarana		940,046		10.00	%		94,005		—		—			—			94,005

<Joint ventures>
Shuweihat Asia Power Investment B.V.		167,815		49.00	%		82,230		—		—			—			82,230
KEPCO SPC Power Corporation		199,072		60.00	%		119,443		—		—			—			119,443
Datang Chifeng Renewable Power Co., Ltd.		530,324		40.00	%		212,130		—		—			—			212,130
Datang KEPCO Chaoyang Renewable Power Co., Ltd.		123,752		40.00	%		49,501		—		—			—			49,501
Rabigh Electricity Company		806,056		40.00	%		322,423		—		(35,813	)		(805	)		285,805
Jamaica Public Service Company Limited		993,028		40.00	%		397,211		29,357		—			(14,291	)		412,277
Amman Asia Electric Power Company		457,918		60.00	%		274,751		—		—			—			274,751
Chun-cheon Energy Co., Ltd.		123,570		29.90	%		36,948		3		—			(248	)		36,703
Nghi Son 2 Power LLC		1,133,399		50.00	%		566,700		—		—			—			566,700
Kelar S.A.		230,748		65.00	%		149,986		3,308		—			—			153,294
PT. Tanjung Power Indonesia		280,633		35.00	%		98,221		—		—			—			98,221
Barakah One Company		8,279,442		18.00	%		1,490,300		—		182,207			—			1,672,507

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(5)


As of December 31, 2025
Investees	Net assets		Percentage of ownership (*)			Share in net assets		Investment differential		Intercompany transaction			Others			Book value
Daegu Green Power Co., Ltd.	W	94,795		54.24	%		51,416		84		—			(20,381	)		31,119
Yeonggwang Wind Power Co., Ltd.		62,534		46.00	%		28,766		492		—			—			29,258
South Jamaica Power Company Limited		243,391		20.00	%		48,678		—		—			(3	)		48,675
RE Holiday Holdings LLC		161,263		50.00	%		80,631		—		—			—			80,631
RE Pioneer Holdings LLC		97,662		50.00	%		48,831		—		—			—			48,831
RE Barren Ridge 1 Holdings LLC		109,651		50.00	%		54,825		—		—			—			54,825
Solar Philippines Calatagan Corporation		115,923		38.00	%		44,050		—		—			17,063			61,113
PT Barito Wahana Tenaga		737,706		30.61	%		225,828		—		—			—			225,828
Cheongna Energy Co., Ltd.		131,509		50.10	%		65,886		3,137		(1,177	)		—			67,846
Naepo Green Energy Co., Ltd.		191,096		29.20	%		55,800		—		—			3,442			59,242
OneEnergy Asia Limited		1,172,226		40.00	%		468,891		25,512		—			—			494,403
Prime Swedish Holding AB		82,178		45.00	%		36,980		1,684		—			—			38,664
Namyangju Combined Heat and Power Co., Ltd.		209,634		70.10	%		146,953		193		—			—			147,146
Trumbull Development Partners, LLC		690,772		56.23	%		388,421		50,847		—			—			439,268

(*)	The percentage of ownership shown above is an effective percentage of ownership including the treasury stocks and others.

(6)

The share of losses of associates and joint ventures that has not been recognized due to the discontinuation of loss recognition as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won
	As of June 30, 2026					As of December 31, 2025
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Boim Combined Heat and Power Generation Co., Ltd.	W	(5,199	)		25,918		2,394			31,117
Samcheok Eco Materials Co., Ltd.		(3	)		5,318		(5	)		5,321
Barakah One Company		—			—		(174,713	)		—
KAPES, Inc.		1,332			12,140		6,877			10,808
ITR Co., Ltd.		30			31		(14	)		1
SEP Co., Ltd.		—			15		—			15
Noeul Green Energy Co., Ltd.		(895	)		1,506		(1,434	)		2,401
PlatformN. Co., Ltd.		—			20		2			20
KEPCO KPS CARABAO Corp.		8			184		(68	)		176
Bitsolar Energy Co., Ltd.		8			1,628		356			1,620
Green Energy Electricity Generation Co., Ltd.		—			—		(396	)		—
O2&B Global Co., Ltd.		3			23		14			20
Pulau Indah O&M Sdn. Bhd.		—			—		(1	)		—
Foresight Iberian Solar Group Holding (*2)		(3,988	)		5,814		5,407			9,802
Green Radiation Co., Ltd.		—			—		(11	)		—
Hoenggye Renewable Energy Co., Ltd.		—			—		(266	)		—
CapMan Lynx SCA, SICAR (*1)		—			—		(31,090	)		—
G.GURU Co., Ltd.		1			3		2			2
International Offshore Power Transmission Holding Company Limited		(76	)		—		76			76
Jeju Gimnyeong Wind Power Co., Ltd.		(76	)		—		76			76
Korea Energy Data Co., Ltd.		(8	)		—		8			8
Wadi Noor Solar Power Company SAOC		3,559			4,270		711			711
Jaeun Resident Wind Power Plant Co., Ltd.		(759	)		—		759			759

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(6)

The share of losses of associates and joint ventures that has not been recognized due to the discontinuation of loss recognition as of June 30, 2026 and December 31, 2025 is as follows, continued:


In millions of won
	As of June 30, 2026					As of December 31, 2025
	Unrecognized equity interest			Accumulated unrecognized equity interest		Unrecognized equity interest			Accumulated unrecognized equity interest
Lucy Equity Holdings, LLC	W	(3,538	)		—		3,538			3,538
Remal First Holding Company		(6,008	)		1,524		7,532			7,532
Naseem First Holding Company		(5,837	)		2,333		8,170			8,170
KNOC Nigerian East Oil Co., Ltd. (*2)		1,029			14,876		(333	)		13,847
KNOC Nigerian West Oil Co., Ltd. (*2)		959			13,691		(306	)		12,732
Siraj AlTaqa AlNazifa		106			106		—			—
Luluah SKY Energy Holding Ltd.		633			633		—			—
Chungsongmeon BongSan wind power Co., Ltd.		99			99		—			—

(*1)	The entity was liquidated during the year ended December 31, 2025.

(*2)	The unrecognized losses arising from the discontinuation of recognition are additionally recognized against the loans that form part of the net investment in the investee.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

As of June 30, 2026, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:

(i)

HORUS SOLAR, S.A. DE C.V.

Provided that the contractual conditions precedent are satisfied, the Group has the right to acquire the 15.6% equity interest held by Canadian Solar at the point when two years have elapsed after the commencement of commercial operation.

(ii)

RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.

(iii)

SUNMEX RENOVABLES, S.A. DE C.V.

(iv)

Noeul Green Energy Co., Ltd.

In accordance with the shareholders’ agreement of Noeul Green Energy Co., Ltd., an associate of the Group, the Group has the right to purchase all or part of the preferred shares held by the financial investors at 100% of the issue price from the day following the tenth anniversary of the issue date of the preferred shares.

(v)

Namyangju Combined Heat and Power Co., Ltd.

The Group has an obligation to purchase certain shares from Narae Energy Co., Ltd. at fair value when Narae Energy Co., Ltd. intends to sell its shares in Namyangju Combined Heat and Power Co., Ltd. on the exercise date agreed upon in accordance with the shareholders’ agreement. If Narae Energy Co., Ltd. becomes the largest shareholder by selling, assigning, or transferring shares in accordance with the shareholders’ agreement, the Group is obligated to guarantee the drag-along right that allows Narae Energy Co., Ltd. to sell the shares held by both shareholders under the same conditions.

(vi)

Taebaek Wind Power Co., Ltd.

In the case where non-controlling shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period in the EPC contract of defect repair for wind power generator has expired, the 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.

(vii)

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 consideration of various factors such as financial status and business situation.

(viii)

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.

(ix)

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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(7)

As of June 30, 2026, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:

(x)

Omisan Wind Power Co., Ltd.

The Group has the right to claim Unison Co., Ltd. to transfer its shares in Omisan Wind Power Co., Ltd. either as a whole or as a part after the completion of the power generation complex, and if the Group exercises its right to claim transfer, Unison Co., Ltd. is obliged to transfer such shares at fair value to the Group or a third party designated by the Group.

(xi)

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. The Group notified the exercise of the right on June 17, 2026, and the purchase price has not been agreed.

(xii)

Taebaek Guinemi Wind Power Co., Ltd.

If shareholders of Taebaek Guinemi Wind Power Co., Ltd. other than the Group intend to sell their shares after the elapse of warranty period for wind power generators specified in the EPC contract, the Group has preferential right to other parties and third parties to take over the shares that the shareholders want to sell at fair value by reaching agreement with the shareholders on the timing of sales and volume of shares to be sold considering the financial conditions, management conditions and others.

(xiii)

HORANG ENERGY Inc.

The Group has the right to purchase all or partial shares of HORANG ENERGY Inc. held by other shareholders after three years have elapsed from the date of commencing the operations under the unanimous agreement of all shareholders. The Group also has an obligation to sell its shares in HORANG ENERGY Inc. either as a whole or as a part to CNcore Co., Ltd. after three years have elapsed from the date of commencing the operations upon the claim of CNcore Co., Ltd., under the unanimous agreement of all shareholders.

(xiv)

Jeongeup Green Power Co., Ltd.

The Group has the right to acquire the shares held by M Eco Co., Ltd. at fair value on the date when it has been third, seventh, and tenth year from the beginning date of commercial operation. However, if M Eco Co., Ltd. transfers its shares to the entity holding the majority of shares in M Eco Co., Ltd., its right to transfer shares to the shareholder prevails the Group’s right to acquire shares from M Eco Co., Ltd.

(xv)

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.

(xvi)

Seokmun Green Energy

According to the special conditions of the REC trading contract, the Group may demand the sale of ownership stakes held by other investors to the Group, 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 Group, they may demand that the Group purchase their stakes in the future if certain conditions are met.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates and joint ventures as of June 30, 2026 are as follows:


Company		Nature and extent of any significant restrictions

Nepal Water & Energy Development Company Private Limited		The Group must maintain a minimum percentage of ownership (50%) until the project completion date and thereafter.

Goseong Green Power Co., Ltd.		Shares cannot be either wholly or partially transferred before the final completion date of the project without the consent of the stakeholders.

Gangneung Eco Power Co., Ltd.		Shares cannot be either wholly or partially transferred until two years have elapsed from the final completion date of the project without the consent of the stakeholders.

S-Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.

Dongducheon Dream Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid only when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haeng Bok Do Si Photovoltaic Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior consent of the stakeholders.

Shin Pyeongtaek Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seoroseoro Sunny Power Plant Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Anjwa Smart Farm & Solar City Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Muan Solar Park Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

YuDang Solar Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haemodum Solar Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the prior written consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Cheongna Energy Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Hapcheon Floating Photovoltaic Power Plant Inc.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Yeongwol Eco Wind Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gurae Resident Power Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Gunsan Land Solar Co., Ltd.		Principals and interest payments on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions is obtained. When the internal rate of return defined in shareholders’ agreement is met, any excessive dividend income must be provided to Gunsan City.

Eumseong Eco Park Co., Ltd.		Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

PungBack Wind Farm Corporation		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Seobusambo highway photovoltaics Co., Ltd.		Principals and interest on subordinated loans or dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Daegu Green Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.

Pyeongchang Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Daeryun Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the financial institutions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

KNH Solar Co., Ltd.		Shares cannot be wholly or partially transferred without the prior written consent of other shareholders.

Korea Power Engineering Service Co., Ltd.		Shares cannot be wholly or partially transferred without the consent of the board of directors.

Daehan Wind Power PSC		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Daejung Offshore Wind Power Co., Ltd.		Before the commencement of the operation period of the project, shares cannot be wholly or partially transferred without the consent of other shareholders. Also, dividends can only be paid when the conditions of the shareholders’ agreement are satisfied.

Naepo Green Energy Co., Ltd.		Dividends can only be paid to shareholders when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of interested parties. All or part of the stocks held cannot be transferred without the written consent of the financial institution and if the conditions for the O&M utilization rate are not met or if a payment deferment is necessary due to the fulfillment of the obligation to provide funds, the contract amount will be paid in a subordinated order.

Solaseado Solar Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of other stakeholders including shareholders and financial institutions.

Samcheok Eco Materials Co., Ltd.		Dividends can only be paid when all conditions of the shareholders’ agreement are satisfied. Also, shares cannot be wholly or partially transferred without the written consent of the other shareholders.

Taebaek Guinemi Wind Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and consent of the financial institutions is obtained. Also, shares cannot be wholly or partially transferred without the written consent of the financial institutions.

Indeck Niles Asset Management, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Indeck Niles Development, LLC		Shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar IV SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Chester Solar V SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Diego de Almagro Solar SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

Laurel SpA		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

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.

Omisan Wind Power Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, and prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without the consent of the stakeholders including other shareholders and financial institutions. Also, either of Korea Southern Power Co., Ltd., a subsidiary of the Group, and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party become less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.

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 the financial instituitions.

Trumbull Asset Management, LLC		Shares cannot be either wholly or partially transferred without the consent of the stakeholders.

HORANG ENERGY Inc.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be either wholly or partially transferred before three years have passed after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.

Haman Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares without the consent of other shareholders until five years have elapsed from the date of issuance of the acquisition notice after the comprehensive completion of the EPC contract for the project, and shares cannot be wholly or partially transferred without prior written consent of the financial institutions.

Jeongeup Green Power Co., Ltd.		Dividends to investors are only possible when the conditions in the loan agreement are met or prior written consent from the financial institution is obtained, and subordinated loans cannot be paid to investors before the loan principal and interest are fully repaid. Additionally, all or part of the shares held cannot be transferred without the consent of other shareholders before the commencement of commercial operation of this business. The entity’s stocks may not be transferred to a third party or otherwise disposed of in a manner not permitted in the financial documents without the prior written consent of the agent bank.

Rutile BESS Holdings, LLC		Shares cannot be either wholly or partially transferred without prior written consent of other stakeholders.

HyChangwon Fuel Cell. Co., Ltd.		Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. In addition, the Group cannot transfer all or part of its shares until five years have elapsed from the date of issuance of the acquisition notice. Shares cannot be wholly or partially transferred without obtaining prior written consent of the financial institutions.

Roof One Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Namjeju Bitdream Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Cheonwang Green Energy Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be either wholly or partially transferred without prior written consent of the financial institutions.

Haetbyeotgil Solar Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Luluah SKY Energy Holding Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement are satisfied. Shares cannot be wholly or partially transferred without obtaining prior consent of the stakeholders.

Balgeun Jindo Energy Storage Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.

Goheung Naro Energy Storage Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred without prior consent of the stakeholders. Unless all conditions of the loan agreement are satisfied, no payment in violation of the subordination terms, including repayment of subordinated loans, can be made.

Goheung New Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of the financial institutions is obtained.

GS Donghae Electric Power Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Honam Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.

Seokmun Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Chun-cheon Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, principals and interests on subordinated loans shall not be paid until the payment conditions are satisfied.

Yeonggwangbaeksu Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.

Yeonggwang Wind Power Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Jamaica Public Service Company Limited		Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

PT. Tanjung Power Indonesia		Dividends can only be paid when all conditions of the loan agreement are satisfied.

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 and 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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

17.

Investments in Associates and Joint Ventures, Continued

(8)

Significant restrictions on the Group’s abilities on associates or joint ventures as of June 30, 2026 are as follows, continued:


Company		Nature and extent of any significant restrictions

Bitsolar Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied.

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.

KPE Green Energy Co., Ltd.		Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.

Cheongju Eco Park Co., Ltd.		Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.

Seokmun 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.

Hoenggye Renewable Energy Co., Ltd.		Dividends can be paid either when all conditions of the loan agreement are satisfied or when prior written consent of financial institutions is obtained.

Busan Shinho Solar Power Co., Ltd.		Dividends can only be paid when all conditions prescribed in the loan agreement entered into with the financial institutions are satisfied.

Kumyang Eco Park Co., Ltd.		Dividends and payables from settlement for renewable energy certificates can only be paid when all conditions of the loan agreement are satisfied or a prior written consent of financial institutions is obtained.

Yanggu Floating Photovoltaic Power Plant Inc.		Payment of dividends or repayment of loans such as subordinated loans to the investors can be made only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

South Jamaica Power Company Limited		Dividends can be paid only when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.

Amaala Sustainable Company for Energy		Dividends may be payable only when all conditions prescribed in the loan agreement between Amaala Sustainable Company for Energy LLC and financial institution are satisfied.

Jeju Bukchon BES Power Co., Ltd.		Interest payments on shareholder loans, dividends to investors and capital reduction with consideration are only possible when all conditions of the loan agreement are satisfied or prior written consent of the financial institutions is obtained.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment

(1)

Property, plant and equipment as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	15,072,760		(27,391	)		—			(33,980	)		15,011,389
Buildings		28,120,700		(36,143	)		(14,296,389	)		(7,120	)		13,781,048
Structures		95,590,435		(144,448	)		(42,001,917	)		(18,678	)		53,425,392
Machinery		130,098,386		(91,532	)		(73,294,506	)		(546,009	)		56,166,339
Ships		17,870		—			(10,130	)		—			7,740
Vehicles		557,340		(2,790	)		(421,366	)		(164	)		133,020
Equipment		2,740,426		(938	)		(2,273,962	)		(904	)		464,622
Tools		1,523,196		(815	)		(1,339,547	)		(1	)		182,833
Construction-in-progress		39,672,979		(233,939	)		—			(22,795	)		39,416,245
Right-of-use assets		5,485,196		—			(2,956,346	)		(23	)		2,528,827
Asset retirement costs		18,493,381		—			(9,610,558	)		(146,423	)		8,736,400
Others		19,176,921		—			(16,632,356	)		(156	)		2,544,409

	W	356,549,590		(537,996	)		(162,837,077	)		(776,253	)		192,398,264


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	14,867,112		(27,392	)		—			(30,756	)		14,808,964
Buildings		27,544,929		(38,077	)		(13,779,225	)		(7,119	)		13,720,508
Structures		93,340,759		(149,558	)		(40,552,716	)		(18,678	)		52,619,807
Machinery		126,564,408		(94,337	)		(70,384,493	)		(546,317	)		55,539,261
Ships		17,870		—			(9,199	)		—			8,671
Vehicles		538,604		(2,683	)		(402,753	)		(116	)		133,052
Equipment		2,641,393		(1,868	)		(2,191,439	)		(376	)		447,710
Tools		1,495,250		(982	)		(1,305,965	)		(1	)		188,302
Construction-in-progress		36,779,508		(230,573	)		—			(22,795	)		36,526,140
Right-of-use assets		5,441,389		—			(2,809,452	)		—			2,631,937
Asset retirement costs		18,347,513		—			(9,302,981	)		(146,422	)		8,898,110
Others		18,380,931		—			(16,151,855	)		—			2,229,076

	W	345,959,666		(545,470	)		(156,890,078	)		(772,580	)		187,751,538

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

Changes in property, plant and equipment for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,836,356			10,647			(411	)		—			(825	)		193,013			15,038,780
(Government grants)		(27,392	)		—			1			—			—			—			(27,391	)
Buildings		13,758,585			4,158			(5,894	)		(513,638	)		—			573,980			13,817,191
(Government grants)		(38,077	)		—			—			1,934			—			—			(36,143	)
Structures		52,769,365			15,444			(119,410	)		(1,535,071	)		—			2,439,512			53,569,840
(Government grants)		(149,558	)		—			266			4,849			—			(5	)		(144,448	)
Machinery		55,633,598			264,329			(82,356	)		(3,258,158	)		—			3,700,458			56,257,871
(Government grants)		(94,337	)		(272	)		60			6,777			—			(3,760	)		(91,532	)
Ships		8,671			—			—			(931	)		—			—			7,740
Vehicles		135,735			3,381			(19	)		(29,879	)		—			26,592			135,810
(Government grants)		(2,683	)		(162	)		2			691			—			(638	)		(2,790	)
Equipment		449,578			65,610			(523	)		(106,086	)		—			56,981			465,560
(Government grants)		(1,868	)		—			—			1,060			—			(130	)		(938	)
Tools		189,284			8,797			(18	)		(40,694	)		—			26,279			183,648
(Government grants)		(982	)		—			—			227			—			(60	)		(815	)
Construction-in-progress		36,756,713			9,531,359			(23	)		(59	)		—			(6,637,806	)		39,650,184
(Government grants)		(230,573	)		(7,668	)		—			—			—			4,302			(233,939	)
Right-of-use assets		2,631,937			72,587			(10,328	)		(223,134	)		—			57,765			2,528,827
Asset retirement costs		8,898,110			21			—			(582,819	)		—			421,088			8,736,400
Others		2,229,076			3,321			—			(487,945	)		—			799,957			2,544,409

	W	187,751,538			9,971,552			(218,653	)		(6,762,876	)		(825	)		1,657,528			192,398,264

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

18.

Property, Plant and Equipment, Continued

(2)

Changes in property, plant and equipment for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:


In millions of won	For the year ended December 31, 2025
	Beginning balance			Acquisition			Disposal			Depreciation			Impairment			Others			Ending balance
Land	W	14,548,055			3,397			(14,757	)		—			—			299,661			14,836,356
(Government grants)		(27,403	)		—			11			—			—			—			(27,392	)
Buildings		13,397,461			29,671			(27,419	)		(1,008,638	)		(16	)		1,367,526			13,758,585
(Government grants)		(41,718	)		—			4			3,937			—			(300	)		(38,077	)
Structures		51,792,939			8,593			(304,274	)		(3,015,461	)		—			4,287,568			52,769,365
(Government grants)		(149,737	)		—			687			9,552			—			(10,060	)		(149,558	)
Machinery		56,955,731			478,592			(238,182	)		(6,371,551	)		(14,246	)		4,823,254			55,633,598
(Government grants)		(105,546	)		(1,150	)		384			15,011			—			(3,036	)		(94,337	)
Ships		10,534			—			—			(1,863	)		—			—			8,671
Vehicles		81,451			5,967			(108	)		(49,732	)		—			98,157			135,735
(Government grants)		(2,745	)		(484	)		6			1,309			—			(769	)		(2,683	)
Equipment		438,096			88,908			(166	)		(212,174	)		—			134,914			449,578
(Government grants)		(3,915	)		(19	)		—			2,119			—			(53	)		(1,868	)
Tools		173,736			36,172			(48	)		(78,791	)		—			58,215			189,284
(Government grants)		(1,306	)		—			—			437			—			(113	)		(982	)
Construction-in-progress		31,284,358			15,755,397			(65	)		—			—			(10,282,977	)		36,756,713
(Government grants)		(223,566	)		(21,758	)		—			—			—			14,751			(230,573	)
Right-of-use assets		3,046,396			100,430			(5,876	)		(477,663	)		—			(31,350	)		2,631,937
Asset retirement costs		9,748,444			—			—			(1,437,687	)		—			587,353			8,898,110
Others		2,061,498			2,850			—			(1,007,904	)		—			1,172,632			2,229,076

	W	182,982,763			16,486,566			(589,803	)		(13,629,099	)		(14,262	)		2,515,373			187,751,538

(3)

For the six-month period ended June 30, 2026, the Group’s subsidiaries including Korea Hydro & Nuclear Power Co., Ltd. recognized proceeds and costs from selling items produced before the assets’ intended use. As a result, W85,320 million (W331 million for the six-month period ended June 30, 2025) was recognized as revenue and W113,853 million (W669 million for the six-month period ended June 30, 2025) was recognized as cost of sales in profit or loss, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2025 and 2024 (unaudited)

19.

Investment Properties

(1)

Investment properties as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	173,627		—			—			173,627
Buildings		28,249		(21	)		(16,259	)		11,969

	W	201,876		(21	)		(16,259	)		185,596


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated depreciation			Book value
Land	W	218,041		—			—			218,041
Buildings		38,311		(22	)		(17,558	)		20,731

	W	256,352		(22	)		(17,558	)		238,772

(2)

Changes in investment properties for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance			Disposal		Depreciation			Others			Ending balance
Land	W	218,041			—		—			(44,414	)		173,627
Buildings		20,753			—		(474	)		(8,289	)		11,990
(Government grants)		(22	)		—		1			—			(21	)

	W	238,772			—		(473	)		(52,703	)		185,596


In millions of won	For the year ended December 31, 2025
	Beginning balance			Disposal		Depreciation			Others		Ending balance
Land	W	210,509			—		—			7,532		218,041
Buildings		18,497			—		(1,082	)		3,338		20,753
(Government grants)		(22	)		—		—			—		(22	)

	W	228,984			—		(1,082	)		10,870		238,772

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

19.

Investment Properties, Continued

(3)

Income and expenses related to investment properties for the six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026						June 30, 2025
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Rental income	W	3,282			6,417			2,694			5,478
Operating and maintenance expenses related to rental income		(222	)		(484	)		(317	)		(518	)

	W	3,060			5,933			2,377			4,960


(4) Fair values of investment properties as of June 30, 2026 and December 31, 2025 are as follows:

In millions of won	As of June 30, 2026						As of December 31, 2025
	Book value			Fair value			Book value			Fair value
Land	W	173,627			291,433			218,041			363,922
Buildings		11,969			12,515			20,731			24,126

	W	185,596			303,948			238,772			388,048

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.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

20.

Construction Contracts

(1)

Changes in the total contract amount in which revenue is not yet recognized for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:

In millions of won

For the six-month period ended June 30, 2026

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

34,187,761

1,965,472

(470,018

)

35,683,215

(*)	For the six-month period ended June 30, 2026, the increased balance of contracts from new orders is W1,974,311 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W8,839 million.

In millions of won

For the year ended December 31, 2025

Beginning
balance

Increase
(decrease) (*)

Recognized as
revenue

Ending
balance

Nuclear power plant construction in overseas and others

6,136,773

28,724,681

(673,693

)

34,187,761

(*)	For the year ended December 31, 2025, the increased balance of contracts from new orders is W29,718,160 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is W993,479 million.

(2)

Accumulated earned revenue, expense and others related to the Group’s construction contracts in progress as of June 30, 2026 and December 31, 2025 are as follows:

In millions of won

As of June 30, 2026

Accumulated
earned revenue

Accumulated
expense

Accumulated
Profit (loss)

Unearned
advance receipts

Nuclear power plant construction in overseas and others

24,359,393

25,847,333

(1,487,940

)

108,743

In millions of won

As of December 31, 2025

Accumulated
earned revenue

Accumulated
expense

Accumulated
profit

Unearned
advance receipts

Nuclear power plant construction in overseas and others

23,954,612

25,468,062

(1,513,450

)

102,359

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

20.

Construction Contracts, Continued

(3)

The gross amounts due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract works as of June 30, 2026 and December 31, 2025 are as follows:

In millions of won

As of June 30, 2026

As of December 31, 2025

Contract assets
(*1)

Contract liabilities
(*2)

Contract assets
(*1)

Contract liabilities
(*2)

Nuclear power plant construction in overseas and others

764,623

371,097

538,057

363,521

(*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 for the six-month period ended June 30, 2026 from the amounts included in contract liabilities at the end of the prior year was W177,051 million.

(4)

The contracts with customers state that the disclosure of information related to the UAE nuclear power plant project, the Egypt Eldaba nuclear power plant construction project, the Romania Cernavodă Unit 1 refurbishment project and the Czech Dukovany Units 5 and 6 new nuclear power plant project, such as rate of progress, unbilled construction, impairment losses, etc., is not allowed without consent from the customers. The customers 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 of each project company that those items will not be disclosed in the notes to the condensed consolidated financial statements.


	Contract date		Completion date
Egypt Eldaba nuclear power plant construction projects		August 25, 2022		April 8, 2029
Romania Cernavodă Unit 1 refurbishment project		December 19, 2024		June 15, 2030
Czech Dukovany Units 5 and 6 new nuclear power plant project (*)		June 17, 2025		—

(*)	The completion date of the Czech Dukovany nuclear power plant project is information excluded from disclosure in accordance with the laws of the relevant country.

(5)

The Group is in discussion with the contracting parties about the prolongation costs and liquidated damages for the UAE nuclear power plant project. As of June 30, 2026, the Group recognized the amount of estimated outflow of resources embodying economic benefits related to the prolongation costs as provisions.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

20.

Construction Contracts, Continued

(6)

The operating segment 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 six-month period ended June 30, 2026 is as follows:


In millions of won	For the six-month period ended June 30, 2026
	Effect from changes in accounting estimates															Contract assets from construction contracts				Trade receivables from construction contracts
	Expected loss on construction contracts		The effect on profit or loss of changes in estimates of contract revenue and contract costs			Amounts recognized in current profit or loss			Amounts to be recognized in future profit or loss		Changes in estimated total contract costs			Revenue recognized from performance obligations satisfied in previous periods		Gross		Allowance for doubtful accounts		Gross		Allowance for doubtful accounts
Transmission and distribution	W	16,473		(168,024	)		(168,058	)		34		46,794			—		320,732		—		—		—
Electric power generation (Nuclear)		1,270,441		1,186,731			172,448			1,014,283		624,135			—		355,867		—		45,911		—
Plant maintenance & engineering Service and others		1,691		106,076			(1,892	)		107,968		(54,192	)		5,485		80,168		4		34,558		5,600
Others		—		—			—			—		—			—		7,856		—		13,504		50

	W	1,288,605		1,124,783			2,498			1,122,285		616,737			5,485		764,623		4		93,973		5,650

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill

(1)

Intangible assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,271,193		(599	)		(1,103,716	)		(1,134	)		165,744
Copyrights, patents rights and other industrial rights		57,919		—			(43,373	)		—			14,546
Mining rights		689,292		—			(19,009	)		(661,053	)		9,230
Development expenditures		1,041,144		(394	)		(978,607	)		—			62,143
Intangible assets under development		114,208		(5,673	)		—			—			108,535
Usage rights of donated assets and others		622,647		—			(477,042	)		(136	)		145,469
Leasehold rights		28,185		—			(26,265	)		(538	)		1,382
Greenhouse gas emissions rights		127,456		—			—			—			127,456
Others		644,243		(90	)		(225,121	)		(12,173	)		406,859

	W	4,596,287		(6,756	)		(2,873,133	)		(675,034	)		1,041,364


In millions of won	As of December 31, 2025
	Acquisition cost		Government grants			Accumulated amortization			Accumulated impairment losses			Book value
Software	W	1,237,800		(804	)		(1,064,876	)		(19	)		172,101
Copyrights, patents rights and other industrial rights		57,100		—			(42,168	)		—			14,932
Mining rights		626,449		—			(16,125	)		(601,636	)		8,688
Development expenditures		1,033,744		(540	)		(965,175	)		—			68,029
Intangible assets under development		125,687		(5,044	)		—			—			120,643
Usage rights of donated assets and others		602,139		—			(470,762	)		(136	)		131,241
Leasehold rights		28,185		—			(25,959	)		(538	)		1,688
Greenhouse gas emissions rights		108,300		—			—			—			108,300
Others		631,396		(136	)		(243,363	)		(12,224	)		375,673

	W	4,450,800		(6,524	)		(2,828,428	)		(614,553	)		1,001,295

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(2)

Changes in intangible assets for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance			Acquisition			Disposal			Amortization			Impairment			Others			Ending balance
Software	W	172,905			13,688			(1	)		(41,013	)		(1,115	)		21,879			166,343
(Government grants)		(804	)		—			—			222			—			(17	)		(599	)
Copyrights, patents rights and other industrial rights		14,932			56			—			(1,049	)		—			607			14,546
Mining rights		8,688			—			—			(220	)		—			762			9,230
Development expenditures		68,569			—			—			(13,502	)		—			7,470			62,537
(Government grants)		(540	)		—			—			146			—			—			(394	)
Intangible assets under development		125,687			28,654			—			—			—			(40,133	)		114,208
(Government grants)		(5,044	)		(683	)		—			—			—			54			(5,673	)
Usage rights of donated assets and others		131,241			—			—			(6,308	)		—			20,536			145,469
Leasehold rights		1,688			—			—			(306	)		—			—			1,382
Greenhouse gas emissions rights		108,300			26,131			—			—			—			(6,975	)		127,456
Others		375,809			1,635			(172	)		(12,335	)		47			41,965			406,949
(Government grants)		(136	)		—			—			46			—			—			(90	)

	W	1,001,295			69,481			(173	)		(74,319	)		(1,068	)		46,148			1,041,364


In millions of won	For the year ended December 31, 2025
	Beginning balance			Acquisition			Disposal			Amortization			Impairment			Others			Ending balance
Software	W	179,989			23,008			(2,267	)		(89,309	)		40			61,444			172,905
(Government grants)		(844	)		—			—			342			—			(302	)		(804	)
Copyrights, patents rights and other industrial rights		26,631			389			(12	)		(4,937	)		(8,348	)		1,209			14,932
Mining rights		29,422			30			(972	)		(1,569	)		—			(18,223	)		8,688
Development expenditures		73,673			—			—			(27,901	)		—			22,797			68,569
(Government grants)		(939	)		—			—			496			—			(97	)		(540	)
Intangible assets under development		87,641			76,900			—			—			(30	)		(38,824	)		125,687
(Government grants)		(3,473	)		(1,608	)		—			—			—			37			(5,044	)
Usage rights of donated assets and others		133,379			—			—			(11,599	)		—			9,461			131,241
Leasehold rights		2,431			—			—			(743	)		—			—			1,688
Greenhouse gas emissions rights		135,534			1,523			—			—			—			(28,757	)		108,300
Others		383,703			2,251			(1,350	)		(23,483	)		(58	)		14,746			375,809
(Government grants)		(229	)		—			—			93			—			—			(136	)

	W	1,046,918			102,493			(4,601	)		(158,610	)		(8,396	)		23,491			1,001,295

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

21.

Intangible Assets other than Goodwill, Continued

(3)

Significant specific intangible assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won and thousands of Australian dollars
As of June 30, 2026
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		2,077	1 year and 5 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*1)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing channel contributions	KRW		1,891	5 months
	Songdo International City sharing channel contributions	KRW		4,217	4 years
Others	Occupancy and use of public waters	KRW		57,272	10 years and 7 months
	Greenhouse gas emissions rights	KRW		127,456	—
	Business rights	KRW		172,234	29 years and 11 months
(*1) 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
As of December 31, 2025
Type	Description	Currency	Amount		Remaining useful lives
Software	S/4HANA ERP license	KRW		2,810	1 year and 11 months
Mining rights	Mining rights of Bylong mine	AUD		—	— (*1)
Usage rights of donated assets and others	Sejong Haengbogdosi sharing channel contributions	KRW		4,159	11 months
	Songdo International City sharing channel contributions	KRW		4,745	4 years and 6 months
Others	Occupancy and use of public waters	KRW		59,977	11 years and 1 month
	Greenhouse gas emissions rights	KRW		108,300	—
	Business rights	KRW		143,216	24 years and 11 months

(1) 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 six-month periods ended June 30, 2026 and 2025, the Group recognized research and development expenses of W349,784 million and W357,110 million, respectively.

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

22.

Trade and Other Payables

Trade and other payables as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Trade payables	W	4,403,067		—		3,543,008		—
Non-trade payables		2,820,120		1,352,772		2,413,056		1,298,781
Accrued expenses		2,227,319		40,547		2,066,595		39,309
Leasehold deposits received		3,645		2,691		5,448		956
Other deposits received		86,622		43,486		82,116		38,788
Lease liabilities		525,094		2,609,621		510,105		2,640,775
Dividends payable		234		—		1,319		—
Others (*1)		25		8,336		24		10,199

	W	10,066,126		4,057,453		8,621,671		4,028,808

(*1)	Details of others in trade and other payables as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advance received from local governments	W	—		2,689		—		2,689
Others		25		5,647		24		7,510

	W	25		8,336		24		10,199

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities

(1)

Borrowings and debt securities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Current liabilities
Short-term borrowings	W	11,302,132			9,979,420
Current portion of long-term borrowings		10,072,961			8,744,156
Current portion of debt securities		29,296,661			27,173,916
Less: current portion of discount on long-term borrowings		(1,977	)		(2,054	)
Less: current portion of discount on debt securities		(9,937	)		(8,468	)

		50,659,840			45,886,970

Non-current liabilities
Long-term borrowings		3,243,028			3,317,261
Debt securities		79,619,192			80,769,677
Less: discount on long-term borrowings		(36,655	)		(42,487	)
Less: discount on debt securities		(168,462	)		(162,129	)

		82,657,103			83,882,322

	W	133,316,943			129,769,292

(2)

Repayment schedules of borrowings and debt securities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won
As of June 30, 2026
Type	Borrowings		Debt Securities
Less than 1 year	W	21,375,093		29,296,661
1~ 5 years		1,173,806		59,651,193
More than 5 years		2,069,222		19,967,999

	W	24,618,121		108,915,853


In millions of won
As of December 31, 2025
Type	Borrowings		Debt Securities
Less than 1 year	W	18,723,576		27,173,916
1~ 5 years		1,268,982		59,991,872
More than 5 years		2,048,279		20,777,805

	W	22,040,837		107,943,593

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(3)

Short-term borrowings as of June 30, 2026 and December 31, 2025 are as follows:

In millions of won and thousands of USD

As of June 30, 2026

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities and others

2.81 ~ 4.31

2026.07.01 ~
2027.04.25

—

8,256,000

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.46 ~ 2.90

2026.07.04 ~
2027.06.24

—

2,604,500

Foreign short-term borrowings

Hana Bank and others

SOFR(1M) + 0.40 ~ 0.90

2026.08.11 ~
2026.11.25

USD 49,224

75,879

Local bank overdrafts

Korea Development Bank

3.37

2026.07.01 ~

2026.07.07

—

100,000

Local bank overdrafts

Nonghyup Bank

3.53

2026.07.01

—

195,000

Local bank overdrafts

Nonghyup Bank

MOR + 0.48

3.72

2026.07.01

—

70,753

11,302,132

In millions of won and thousands of USD

As of December 31, 2025

Type

Creditor

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Local short-term borrowings

Yuanta Securities and others

2.82 ~ 3.65

2026.01.02 ~
2026.05.18

—

7,018,433

Local short-term borrowings

Nonghyup Bank and others

3M CD + 0.62 ~ 0.80

2026.05.27 ~
2026.07.11

—

2,600,000

Local short-term borrowings

Korea Development Bank

short-term loan base rate + 1.03

2026.02.24

—

30,000

Local short-term borrowings

The Export-Import Bank of Korea

2.97 ~ 3.30

2026.09.18 ~
2026.12.29

—

30,000

Foreign short-term borrowings

Hana Bank and others

SOFR(1M) + 0.40 ~ 0.90

2026.08.11 ~
2026.11.25

USD 49,165

70,547

Local bank overdrafts

Nonghyup Bank

3.26

2026.01.08

—

183,300

Local bank overdrafts

Hana Bank

1yr bank debenture rate + 1.07

2026.10.31

—

47,140

9,979,420

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won
As of June 30, 2026
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Rural development fund loans	0.50	2026~2044		—	W	940
	Facility loans	4.60~4.94	2028~2042		—		44,395
	Facility loans	CB rate+0.90	2029		—		6,463
Hana Bank and others	Commercial paper	3M CD + 0.25~1.20	2026~2030		—		9,750,000
	Facility loans	4.60	2028		—		2,905
	Facility loans	3yr KTB rate-1.25	2026~2028		—		1,495
The Export-Import Bank of Korea	Facility loans	1.32	2027~2028		—		40,000
	Operating funds	3M KEXIM bond rate+0.66	2026		—		50,000
Korea Energy Agency	Development of overseas resources	3yr KTB rate-2.25 1.75	2028		—		6,076
	Project loans	0.00	2033		—		1,197
Shinhan Bank and others	Facility loans	CB rate+0.90~1.10	2028~2029		—		8,881
Others		3.95	2034		—		58,778
Others		base rate+1.00	2034		—		58,778
Kookmin Bank	Facility loans	4.58~4.93 91-day CD rate+1.79	2030~2037		—		156,880
Woori Bank	Facility loans	3M CD+1.90 base rate+1.60 4.93	2034~2042		—		90,065
IBK	Facility loans	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility loans	4.58~4.68	2030~2041		—		39,093
Others	Facility loans	3.30~6.80	2028~2042		—		743,777
	Facility loans	CB rate+1.10 1.75~4.68	2028~2041		—		18,297
Others		4.40~7.90	2038~2039		—		62,037
Others		2.10~5.41	2031~2034		—		49,817

						W	11,220,564

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

As of June 30, 2026

Type

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

13,478

The Export-Import Bank of Korea and others

Export-Import Bank

of Korea and others

Fixed+compound SOFR
1.80~3.20

2036

USD 62,064

95,671

Export-Import Bank of Korea and others

6M Synthetic Libor
+2.25~3.70

2027

USD 10,305

15,885

Facility loans

TermSOFR(3M)+
26.161bps(adj)+197.5bps

2028

USD 81,858

126,184

Facility loans

SOFR+0.43~1.83

2029~2031

USD 121,727

187,643

Facility loans

SOFR+0.78

2029

SAR 221,310

90,845

POSCO E&C and others

Shareholder’s Loan

8.00

2026

USD 3,228

4,976

Shareholder’s Loan

8.00

2031

USD 6,845

10,551

NH-Amundi

Syndicated Loan

8.00

2032

JPY 456,419

4,345

SMTB

Syndicated Loan

((0.55%+TIBOR
6M)×40%)+
(1.8225%×60%)

2036

JPY5,605,985

53,368

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 36,196

63,744

MUFG Bank and others

Facility loans

SOFR(3M)+1.50
SOFR(6M)+CAS+5.00
5.08~5.53

2027~2049

USD 678,641

1,046,125

Hanwha US Solar Private Fund 1 and others

Facility loans

6.00

2038

USD 61,239

94,400

Shinhan Bank

Facility loans

1M BBSY+1.40~2.25

2026

AUD 223,472

237,280

Nonghyup Bank and others

Facility loans

10.40

2039

USD 33,038

50,930

2,095,425

13,315,989

Less: discount on long-term borrowings

(38,632

)

Less: current portion of long-term borrowings

(10,072,961

)

Add: current portion of discount on long-term borrowings

1,977

3,206,373

100

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won
As of December 31, 2025
Type		Interest rate (%)	Maturity	Foreign currency		Local currency
Local long-term borrowings
Korea Development Bank	Rural development fund loans	0.50	2025~2044		—	W	1,097
	Facility loans	4.60~4.94	2028~2042		—		46,340
	Facility loans	CB rate+0.90	2029		—		7,457
Hana Bank and others	Commercial paper	3M CD + 0.31~1.20	2025~2030		—		8,350,000
	Facility loans	4.60	2028		—		3,578
	Facility loans	3yr KTB rate-1.25	2025~2028		—		1,827
The Export-Import Bank of Korea	Inter-Korean Cooperation Fund	1.00	2026		—		1,473
	Facility loans	1.32	2026~2028		—		48,000
	Operating funds	3M KEXIM bond rate+0.66	2026		—		50,000
Korea Energy Agency	Development of overseas resources	3yr KTB rate-2.25 1.75	2028		—		6,438
	Project loans	0.00	2033		—		1,197
Shinhan Bank and others	Facility loans	CB rate+0.90~1.10	2028~2029		—		10,586
Others		3.95	2034		—		61,820
Others		base rate+1.00	2034		—		61,820
Kookmin Bank	Facility loans	4.36~5.93	2030~2037		—		161,114
Woori Bank	Facility loans	3M CD+1.90 4.65~5.20	2034~2042		—		92,963
IBK	Facility loans	4.00~5.80	2042~2044		—		30,690
Nonghyup Bank	Facility loans	5.60~5.70	2030~2041		—		39,093
Others	Facility loans	3.30~6.80	2028~2042		—		768,821
	Facility loans	CB rate+1.10 1.75~5.70	2028~2041		—		20,549
Others		4.40~7.90	2038~2039		—		79,296
Others		2.00~5.41	2031~2034		—		49,819

						W	9,893,978

101

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(4)

Long-term borrowings as of June 30, 2026 and December 31, 2025 are as follows, continued:

In millions of won and thousands of foreign currencies

As of December 31, 2025

Type

Interest rate (%)

Maturity

Foreign
currency

Local
currency

Foreign long-term borrowings

Korea Energy Agency

Project loans

—

2026

USD 8,744

12,546

The Export-Import Bank of Korea and others

Export-Import Bank of Korea and others

6.72~8.12

2036

USD 65,616

94,152

Export-Import Bank of Korea and others

6M Synthetic Libor
+2.25~3.70

2027

USD 32,621

46,808

Facility loans

SOFR+0.43~1.83

2029~2031

USD 125,556

180,160

Facility loans

SOFR+0.78

2029

SAR 517,167

197,847

POSCO E&C and others

Shareholder’s Loan

8.00

2026

USD 4,086

5,863

Shareholder’s Loan

8.00

2031

USD 6,845

9,822

NH-Amundi

Syndicated Loan

8.00

2032

JPY 491,448

4,510

SMTB

Syndicated Loan

((0.55%+TIBOR
6M)×40%)
+(1.8225%×60%)

2036

JPY 5,792,647

53,155

Kiwoom Solar Power Professional Investor Private Placement Investment Trust V

Senior borrowing

3.90

2029

EUR 36,060

60,786

MUFG Bank and others

Facility loans

SOFR(3M)+1.60~1.99
SOFR(6M)+5.00

5.67~6.18

2026~2032

USD 801,862

1,150,592

Hanwha US Solar Private Fund 1 and others

Facility loans

6.00

2038

USD 60,818

87,267

Shinhan Bank

Facility loans

1M BBSY+1.40~2.25

2026

AUD 223,008

214,315

Nonghyup Bank and others

Facility loans

10.40

2039

USD 34,577

49,616

2,167,439

12,061,417

Less: discount on long-term borrowings

(44,541

)

Less: current portion of long-term borrowings

(8,744,156

)

Add: current portion of discount on long-term borrowings

2,054

3,274,774

102

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(5)

Local debt securities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won
	Issue date		Maturity		Interest rate (%)		As of June 30, 2026			As of December 31, 2025
Electricity Bonds		2012.03.27 ~2026.06.25		2026.07.04 ~2052.04.21		1.48~5.69	W	59,390,000			59,850,000
Corporate Bonds (*)		2009.10.16 ~2026.06.25		2026.07.06 ~2054.06.28		1.29~10.00		32,007,317			29,957,353
Corporate Bonds		2021.05.26 ~2023.12.28		2041.05.25 ~2043.09.15		1.75~7.00		41,578			41,578

								91,438,895			89,848,931
Less: discount on local debt securities								(57,557	)		(52,559	)
Less: current portion of local debt securities								(22,991,558	)		(21,801,584	)
Add: current portion of discount on local debt securities								4,373			2,163

							W	68,394,153			67,996,951

(*)

Each holder of the private placement bonds of Heemangbit Power Co., Ltd. (W1,548 million) among the debt securities may exercise an early redemption right on the date five years from the issuance date (March 31, 2021) and on March 31 of each year thereafter until the year immediately preceding the maturity date.

103

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

Foreign debt securities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won and thousands of foreign currencies
June 30, 2026
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	429,618
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		485,136
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		442,287
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		154,150
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		462,450
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		70,444
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		71,465
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		324,390
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		190,933
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 300,253		462,840
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		462,450
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		462,450
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		462,450
FY-22	2022.06.14	2027.06.14	4.00		USD 300,000		462,450
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		1,079,050
FY-22	2022.10.06	2028.04.06	5.50		USD 300,000		462,450
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		462,010
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		203,874
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		539,525
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		770,750
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,541,500
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		462,450
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,849,800
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		770,750
FY-25	2025.02.13	2028.02.13	4.75		USD 400,000		616,600
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000		229,236
FY-25	2025.07.30	2030.07.30	SOFR+0.79		USD 500,000		770,750
FY-25	2025.11.04	2031.05.04	4.00		USD 300,000		462,450
FY-25	2025.11.12	2028.11.12	Compounded Daily SOFR+0.62		USD 600,000		924,900
FY-25	2025.11.12	2030.11.12	4.13		USD 400,000		616,600
FY-26	2026.06.16	2031.06.16	4.50		USD 500,000		770,750

						W	17,476,958

Less: discount on foreign debt securities							(120,842	)
Less: current portion of foreign debt securities							(6,305,103	)
Add: current portion of discount on foreign debt securities							5,564

						W	11,056,577

104

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

23.

Borrowings and Debt Securities, Continued

(6)

Foreign debt securities as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won and thousands of foreign currencies
As of December 31, 2025
Type	Issue date	Maturity	Interest rate (%)	Foreign currency		Local currency
FY-96	1996.04.01~1996.12.06	2026.12.01~2096.04.01	6.00~7.95		USD 278,701	W	399,908
FY-97	1997.01.31~1997.08.04	2027.02.01~2027.08.01	6.75~7.00		USD 314,717		451,587
FY-04	2004.04.23	2034.04.23	5.13		USD 286,920		411,702
FY-14	2014.07.30	2029.07.30	3.57		USD 100,000		143,490
FY-17	2017.07.25	2027.07.25	3.13		USD 300,000		430,470
FY-17	2017.10.30	2037.10.30	1.70		EUR 40,000		67,429
FY-17	2017.11.16	2037.11.16	2.36		SEK 450,000		70,187
FY-18	2018.03.13	2028.03.13	3.35		HKD 1,650,000		304,277
FY-19	2019.07.19	2027.07.19	0.05		CHF 100,000		181,197
FY-19	2019.12.19	2037.12.31	3.30~5.70		USD 310,682		445,798
FY-20	2020.08.03	2026.02.03	0.61		USD 300,000		430,470
FY-21	2021.01.27	2026.01.27	0.75		USD 450,000		645,705
FY-21	2021.04.27	2026.04.27	1.25		USD 500,000		717,450
FY-21	2021.08.09	2026.08.09	1.25		USD 300,000		430,470
FY-21	2021.09.24	2026.09.24	1.13		USD 300,000		430,470
FY-22	2022.04.21	2027.04.21	3.63		USD 300,000		430,470
FY-22	2022.06.14	2027.06.14	4.00		USD 300,000		430,470
FY-22	2022.07.27	2027.07.27	4.25		USD 700,000		1,004,430
FY-22	2022.10.06	2026.04.06~2028.04.06	5.38~5.50		USD 800,000		1,147,920
FY-22	2022.10.06~2022.11.01	2032.10.06	5.16		HKD 2,350,000		433,364
FY-23	2023.06.07	2030.06.07	4.51		HKD 1,037,000		191,233
FY-23	2023.07.12	2028.07.12	4.88		USD 350,000		502,215
FY-23	2023.07.18	2028.07.18	5.00		USD 500,000		717,450
FY-23	2023.07.31	2026.07.31	5.38		USD 1,000,000		1,434,900
FY-23	2023.09.21	2026.09.21	5.38		USD 300,000		430,470
FY-24	2024.01.31	2027.01.31	4.88		USD 1,200,000		1,721,880
FY-24	2024.07.29	2029.07.29	4.63		USD 500,000		717,450
FY-25	2025.02.13	2028.02.13	4.75		USD 400,000		573,960
FY-25	2025.03.05	2028.03.05	4.10		HKD 1,166,000		215,022
FY-25	2025.07.30	2030.07.30	SOFR+0.79		USD 500,000		717,450
FY-25	2025.11.04	2031.05.04	4.00		USD 300,000		430,470
FY-25	2025.11.12	2028.11.12	Compounded Daily SOFR+0.62		USD 600,000		860,939
FY-25	2025.11.12	2030.11.12	4.13		USD 400,000		573,959

						W	18,094,662

Less: discount on foreign debt securities							(118,038	)
Less: current portion of foreign debt securities							(5,372,332	)
Add: current portion of discount on foreign debt securities							6,305

						W	12,610,597

(7)

Changes in borrowings and debt securities for the six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026								For the six-month period ended June 30, 2025
	Borrowings		Debt Securities			Total			Borrowings			Debt Securities			Total
Beginning balance	W	21,996,296		107,772,996			129,769,292			20,659,381			111,874,019			132,533,400
Cash flow		2,540,963		(263,005	)		2,277,958			4,047,550			(3,315,584	)		731,966
Effect of exchange rate fluctuations		36,321		1,235,265			1,271,586			(148,978	)		(1,251,911	)		(1,400,889	)
Others		5,909		(7,802	)		(1,893	)		(19,540	)		16,656			(2,884	)

	W	24,579,489		108,737,454			133,316,943			24,538,413			107,323,180			131,861,593

105

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

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 W125,170 million and W53,916 million respectively, as expense for the six-month periods ended June 30, 2026 and 2025. The Group also applies the leases of low-value assets recognition exemption to lease contracts with underlying assets considered to be low value (i.e., approximately less than W5 million), and recognized W1,711 million and W1,827 million respectively, as expense for the six-month periods ended June 30, 2026 and 2025. The Group has lease contracts for various items such as consecutive voyage charter contracts, real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.

(2)

Right-of-use assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
	Acquisition Cost		Accumulated depreciation			Accumulated impairment losses			Book value
Land	W	1,057,684		(429,678	)		—			628,006
Buildings		238,117		(133,978	)		(23	)		104,116
Structures		55,982		(16,742	)		—			39,240
Machinery		56,791		(36,533	)		—			20,258
Ships		3,620,505		(2,170,640	)		—			1,449,865
Vehicles		64,361		(41,532	)		—			22,829
Others		391,756		(127,243	)		—			264,513

	W	5,485,196		(2,956,346	)		(23	)		2,528,827


In millions of won	As of December 31, 2025
	Acquisition Cost		Accumulated depreciation			Book value
Land	W	1,025,978		(401,002	)		624,976
Buildings		220,277		(126,636	)		93,641
Structures		54,310		(15,125	)		39,185
Machinery		56,211		(33,535	)		22,676
Ships		3,630,728		(2,066,439	)		1,564,289
Vehicles		72,416		(47,670	)		24,746
Others (*)		381,469		(119,045	)		262,424

	W	5,441,389		(2,809,452	)		2,631,937

(*)	During the year ended December 31, 2025, the power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd., an LNG combined-cycle power project operator, was terminated.

106

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(3)

Changes in right-of-use assets for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Increase		Decrease			Depreciation			Others			Ending balance
Land	W	624,976		11,633		(29,637	)		(8,907	)		29,941			628,006
Buildings		93,641		25,832		(21,194	)		(1,303	)		7,140			104,116
Structures		39,185		313		(4,162	)		—			3,904			39,240
Machinery		22,676		342		(3,170	)		(7	)		417			20,258
Ships		1,564,289		21,698		(147,014	)		—			10,892			1,449,865
Vehicles		24,746		4,708		(7,094	)		(111	)		580			22,829
Others		262,424		8,061		(10,863	)		—			4,891			264,513

	W	2,631,937		72,587		(223,134	)		(10,328	)		57,765			2,528,827


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase		Decrease			Depreciation			Others			Ending balance
Land	W	677,602		9,402		(59,793	)		(2,035	)		(200	)		624,976
Buildings		105,841		25,783		(41,921	)		(2,282	)		6,220			93,641
Structures		40,859		1,889		(8,433	)		(96	)		4,966			39,185
Machinery		27,060		1,364		(6,515	)		(19	)		786			22,676
Ships		1,931,093		9,688		(316,823	)		—			(59,669	)		1,564,289
Vehicles		20,920		21,280		(15,498	)		(1,444	)		(512	)		24,746
Others		243,021		31,024		(28,680	)		—			17,059			262,424

	W	3,046,396		100,430		(477,663	)		(5,876	)		(31,350	)		2,631,937

107

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(4)

Lease liabilities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Less than 1 year	W	541,120			526,324
1 ~ 5 years		1,720,070			1,614,003
More than 5 years		1,191,029			1,407,310

		3,452,219			3,547,637
Less: present value discounts and others		(317,504	)		(396,757	)

Present value of lease payment	W	3,134,715			3,150,880

(5)

Details of the liquidity classification of lease liabilities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Current lease liabilities	W	525,094		510,105
Non-current lease liabilities		2,609,621		2,640,775

	W	3,134,715		3,150,880

(6)

Changes in lease liabilities for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**		Ending balance
Lease liabilities	W	3,150,880		67,712		(322,188	)		34,941		203,370		3,134,715

(*)	Other changes include the effect of translation of lease liabilities denominated in foreign currencies.


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase		Decrease			Interest expenses		*Others ()**			Ending balance
Lease liabilities	W	3,699,456		90,362		(626,586	)		76,935		(89,287	)		3,150,880

(*)	Other changes include the effect of translation of lease liabilities denominated in foreign currencies.

108

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

24.

Lease, Continued

1)	Group as a lessee, Continued

(7)

Details of expense relating to lease contracts as lessee for the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026				June 30, 2025
	Three-month period ended		Six-month period ended		Three-month period ended			Six-month period ended
Depreciation of right-of-use assets	W	109,701		223,134		126,449			253,460
Interest expenses of lease liabilities		17,508		34,941		19,194			40,015
Lease expenses for short-term leases		68,089		125,170		32,913			53,916
Lease expenses for leases of low-value assets		795		1,711		991			1,827
Variable lease payments		17,518		22,681		(6,454	)		(2,744	)

	W	213,611		407,637		173,093			346,474

(8)

The total cash outflow related to the lease contracts amounts to W471,750 million and W422,908 million, for the six-month periods ended June 30, 2026 and 2025, respectively.

109

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

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 7 energy storage system installation projects and 317 energy efficiency contracts as finance leases with a lease term of 3 to 11 years. Also, the Group entered into a PPA with the Comision 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)

Profits and losses related to finance leases for the three and six-month periods ended June 30, 2026 and 2025 are as follows:

In millions of Won

June 30, 2026

June 30, 2025

Three-month
period ended

Six-month
period ended

Three-month
period ended

Six-month
period ended

Finance income on the net investment in the lease

30,569

61,354

30,550

60,379

(3)

The maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Less than 1 year	W	238,012			217,872
1 ~ 2 years		215,337			206,023
2 ~ 3 years		203,440			194,195
3 ~ 4 years		205,973			184,626
4 ~ 5 years		185,310			187,851
More than 5 years		1,220,457			1,218,793

		2,268,529			2,209,360
Less: unearned finance income		(929,611	)		(932,072	)

Net investment in the lease (*1)	W	1,338,918			1,277,288

(*1)	The present value of unguaranteed residual value of W38,273 million (December 31, 2025: W34,047 million) is included as of June 30, 2026.

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 3.46% up to 17.85% per year as of June 30, 2026 (0.00%~17.37% as of December 31, 2025).

110

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

24.

Lease, Continued

2)	Group as a lessor, Continued

(4)

Changes in the allowance for doubtful accounts of finance lease receivables for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026		For the year ended December 31, 2025
Beginning balance	W	7,002		5,255
Bad debt expense		26		1,977
Write-off		—		(230	)

Ending balance	W	7,028		7,002

111

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

25.

Employment Benefits

(1)

Employment benefit obligations as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Net defined benefit asset	W	179,051		104,344
Net defined benefit obligations		1,002,579		1,380,352
Other long-term employee benefit obligations		23,577		1,500

(2)

Principal assumptions used for actuarial valuation as of June 30, 2026 and December 31, 2025 are as follows:


	As of June 30, 2026			As of December 31, 2025
Discount rate		3.80% ~ 6.20	%		3.38% ~ 5.44	%
Future salary and benefit levels		4.83	%		4.83	%
Weighted average duration		9.34 years			9.65 years

(3)

Details of expense relating to defined benefit plans for the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026						June 30, 2025
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Current service cost	W	108,846			220,072			115,824			228,692
Interest cost		44,412			89,983			42,465			83,412
Expected return on plan assets		(34,697	)		(67,939	)		(30,551	)		(59,882	)

	W	118,561			242,116			127,738			252,222

Expenses described above are recognized in those items below in the condensed consolidated financial statements.


In millions of Won	June 30, 2026				June 30, 2025
	Three-month period ended		Six-month period ended		Three-month period ended		Six-month period ended
Cost of sales	W	85,707		174,614		91,058		179,554
Selling and administrative expenses		21,705		44,247		24,428		48,375
Others including construction-in-progress		11,149		23,255		12,252		24,293

	W	118,561		242,116		127,738		252,222

In addition, for the six-month periods ended June 30, 2026 and 2025, benefit expenses which the Group paid for the defined contribution plan in accordance with ratio defined in the Group’s retirement benefit plan are classified as follows: W60,187 million and W49,043 million as cost of sales; W9,066 million and W7,138 million as selling and administrative expenses; and W9,910 million and W8,589 million as construction-in-progress and others.

112

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

25.

Employment Benefits, Continued

(4)

Details of defined benefit obligations as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Present value of defined benefit obligation from funded plans	W	4,360,579			4,978,795
Fair value of plan assets		(3,537,051	)		(3,702,787	)

Net liabilities incurred from defined benefit plans	W	823,528			1,276,008

(5)

Changes in the present value of defined benefit obligations for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	4,978,795			4,960,645
Current service cost		220,072			486,139
Interest cost		89,983			173,362
Remeasurement component		(209,331	)		32,568
Actual payments		(719,078	)		(673,863	)
Others		138			(56	)

Ending balance	W	4,360,579			4,978,795

(6)

Changes in the fair value of plan assets for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	3,702,787			3,551,233
Expected return		67,939			124,639
Remeasurement component		(15,672	)		(12,236	)
Contributions by the employers		22,892			350,970
Actual payments		(240,895	)		(311,819	)

Ending balance	W	3,537,051			3,702,787

113

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

25.

Employment Benefits, Continued

(7)

Details of the fair value of plan assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Equity instruments	W	1,739		879
Debt instruments		506,939		527,278
Bank deposits		227,851		275,590
Others (*)		2,800,522		2,899,040

	W	3,537,051		3,702,787

(*)	Other plan assets consist of various financial assets managed by external asset management companies.

For the six-month period ended June 30, 2026 and for the year ended December 31, 2025, actual returns on plan assets amounted to W52,267 million and W112,403 million, respectively.

(8)

Remeasurement components recognized in other comprehensive income (loss) for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Actuarial loss from changes in financial assumptions	W	(250,592	)		(172,587	)
Actuarial loss from experience adjustments, etc.		41,261			205,155
Expected loss		15,672			12,236

	W	(193,659	)		44,804

Remeasurement component recognized as other comprehensive income or loss is included in retained earnings.

In addition, gain on accumulated remeasurement component amounting to W143,091 million and W8,027 million have been recognized as other comprehensive income as of June 30, 2026 and December 31, 2025, respectively.

114

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

26.

Provisions

(1)

Provisions as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
In millions of won	Current		Non-current		Current		Non-current
Employment benefits
Provisions for employment benefits	W	1,266,932		—		1,145,049		—
Litigation
Litigation provisions		4,563		285,654		10,114		342,213
Decommissioning cost
Nuclear plants		55,874		24,444,628		55,874		24,121,023
Spent fuel		879,085		2,021,986		700,694		2,044,650
Radioactive waste		86,937		1,746,084		72,616		1,699,429
PCBs		—		8,727		—		14,073
Other recovery provisions		—		57,380		—		55,843
Others
Power plant regional support program		166,197		—		132,818		—
Transmission regional support program		223,367		—		344,824		—
Provisions for financial guarantee		17,366		29,361		21,815		28,894
Provisions for RPS		12,973		—		—		—
Provisions for greenhouse gas emissions obligations		194,379		—		151,187		—
Provision for Onerous Contracts		1,288,202		66		1,448,037		1,656
Provision for defects liability		376		99,297		311		111,885
Provision for product warranties		960		—		977		—
Others		79,217		456,640		85,927		444,034

	W	4,276,428		29,149,823		4,170,243		28,863,700

(2)

Changes in provisions for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,145,049		603,059		(481,148	)		(28	)		—			1,266,932
Litigation
Litigation provisions		352,327		16,746		(70,029	)		(5,055	)		(3,772	)		290,217
Decommissioning cost
Nuclear plants		24,176,897		355,577		(31,972	)		—			—			24,500,502
Spent fuel		2,745,344		421,631		(265,904	)		—			—			2,901,071
Radioactive waste		1,772,045		65,346		(4,370	)		—			—			1,833,021
PCBs		14,073		228		(5,574	)		—			—			8,727
Other recovery provisions		55,843		904		—			—			633			57,380
Others
Power plant regional support program		132,818		60,126		(26,747	)		—			—			166,197
Transmission regional support program		344,824		5,367		(126,824	)		—			—			223,367
Provisions for financial guarantee		50,709		3,357		(5,345	)		(2,421	)		427			46,727
Provisions for RPS		—		642,857		(611,849	)		(18,035	)		—			12,973
Provisions for greenhouse gas emissions obligations		151,187		44,307		—			(1,115	)		—			194,379
Provision for Onerous Contracts		1,449,693		7,859		—			(169,284	)		—			1,288,268
Provision for defects liability		112,196		13,929		(26,421	)		(31	)		—			99,673
Provision for product warranties		977		4		(5	)		(16	)		—			960
Others		529,961		62,832		(59,709	)		2,270			503			535,857

	W	33,033,943		2,304,129		(1,715,897	)		(193,715	)		(2,209	)		33,426,251

115

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

26.

Provisions, Continued

(2)

Changes in provisions for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows, continued:


In millions of won	For the year ended December 31, 2025
	Beginning balance		Increase in provision		Payment			Reversal			Others			Ending balance
Employment benefits
Provisions for employment benefits	W	1,093,625		1,364,058		(1,301,555	)		(11,079	)		—			1,145,049
Litigation
Litigation provisions		488,421		44,700		(167,170	)		(13,638	)		14			352,327
Decommissioning cost
Nuclear plants		23,272,373		1,005,286		(63,355	)		(37,407	)		—			24,176,897
Spent fuel		2,923,745		578,601		(411,377	)		(345,625	)		—			2,745,344
Radioactive waste		1,761,791		108,910		(56,879	)		(41,777	)		—			1,772,045
PCBs		39,389		1,144		(19,958	)		(6,502	)		—			14,073
Other recovery provisions		50,407		18,963		(1,290	)		(280	)		(11,957	)		55,843
Others
Power plant regional support program		130,256		59,769		(57,207	)		—			—			132,818
Transmission regional support program		302,631		212,701		(170,508	)		—			—			344,824
Provisions for financial guarantee		30,924		45,864		(22,553	)		(3,347	)		(179	)		50,709
Provisions for RPS		—		1,107,704		(1,101,002	)		(6,702	)		—			—
Provisions for greenhouse gas emissions obligations		156,463		247,135		(241,024	)		(7,204	)		(4,183	)		151,187
Provision for Onerous Contracts		1,767		1,448,691		—			(765	)		—			1,449,693
Provision for defects liability		121,402		30,329		(39,416	)		(119	)		—			112,196
Provision for product warranties		967		50		(9	)		(28	)		(3	)		977
Others		256,844		278,428		(5,195	)		—			(116	)		529,961

	W	30,631,005		6,552,333		(3,658,498	)		(474,473	)		(16,424	)		33,033,943

116

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

27.

Government Grants

(1)

Government grants as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Land	W	27,391		27,392
Buildings		36,143		38,077
Structures		144,448		149,558
Machinery		91,532		94,337
Vehicles		2,790		2,683
Equipment		938		1,868
Tools		815		982
Construction-in-progress		233,939		230,573
Investment properties		21		22
Software		599		804
Development expenditures		394		540
Intangible assets under development		5,673		5,044
Other intangible assets		90		136

	W	544,773		552,016

117

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

27.

Government Grants, Continued

(2)

Changes in government grants for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue			Others			Ending balance
Cash	W	—		8,905		(8,785	)		—			—			(120	)		—			—
Land		27,392		—		—			—			(1	)		—			—			27,391
Buildings		38,077		—		—			(1,934	)		—			—			—			36,143
Structures		149,558		—		—			(4,849	)		(266	)		—			5			144,448
Machinery		94,337		—		272			(6,777	)		(60	)		—			3,760			91,532
Vehicles		2,683		—		162			(691	)		(2	)		—			638			2,790
Equipment		1,868		—		—			(1,060	)		—			—			130			938
Tools		982		—		—			(227	)		—			—			60			815
Construction-in-progress		230,573		—		7,668			—			—			—			(4,302	)		233,939
Investment properties		22		—		—			(1	)		—			—			—			21
Software		804		—		—			(222	)		—			—			17			599
Development expenditures		540		—		—			(146	)		—			—			—			394
Intangible assets under development		5,044		—		683			—			—			—			(54	)		5,673
Other intangible assets		136		—		—			(46	)		—			—			—			90

	W	552,016		8,905		—			(15,953	)		(329	)		(120	)		254			544,773


In millions of won	For the year ended December 31, 2025
	Beginning balance		Receipt		Acquisition			Offset the items of depreciation expense and others			Disposal			Revenue			Others			Ending balance
Cash	W	—		25,243		(25,019	)		—			—			(224	)		—			—
Land		27,403		—		—			—			(11	)		—			—			27,392
Buildings		41,718		—		—			(3,937	)		(4	)		—			300			38,077
Structures		149,737		—		—			(9,552	)		(687	)		—			10,060			149,558
Machinery		105,546		—		1,150			(15,011	)		(384	)		—			3,036			94,337
Vehicles		2,745		—		484			(1,309	)		(6	)		—			769			2,683
Equipment		3,915		—		19			(2,119	)		—			—			53			1,868
Tools		1,306		—		—			(437	)		—			—			113			982
Construction-in-progress		223,566		—		21,758			—			—			—			(14,751	)		230,573
Investment properties		22		—		—			—			—			—			—			22
Software		844		—		—			(342	)		—			—			302			804
Development expenditures		939		—		—			(496	)		—			—			97			540
Intangible assets under development		3,473		—		1,608			—			—			—			(37	)		5,044
Other intangible assets		229		—		—			(93	)		—			—			—			136

	W	561,443		25,243		—			(33,296	)		(1,092	)		(224	)		(58	)		552,016

118

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

28.

Deferred Revenue

Changes in deferred revenues for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 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	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	14,099,143			13,652,565
Increase		777,322			1,308,338
Recognized as revenue		(451,157	)		(861,760	)

Ending balance	W	14,425,308			14,099,143

29.

Non-financial Liabilities

Non-financial liabilities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Current		Non-current		Current		Non-current
Advance received	W	3,765,681		643,228		3,742,661		423,445
Unearned revenue		62,731		14,786		56,306		18,364
Deferred revenue		853,949		13,571,359		826,003		13,273,140
Withholdings		382,825		1,024		300,016		1,024
Others		1,680,425		11,029		1,880,185		10,186

	W	6,745,611		14,241,426		6,805,171		13,726,159

119

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

30.

Contributed Capital

(1)

Details of share capital as of June 30, 2026 and December 31, 2025 are as follows:

In millions of won except share information

As of June 30, 2026

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*1)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*1)	Equity of W1,056,176 million held by Korea Development Bank is included.

In millions of won except share information

As of December 31, 2025

Shares
authorized
(in shares)

Shares issued
(in shares)

Par value
per share
(in won)

Owned by
government (*1)

Owned by
others

Total

Common shares

1,200,000,000

641,964,077

5,000

1,640,385

1,569,435

3,209,820

(*1)	Equity of W1,056,176 million held by Korea Development Bank is included.

(2)

Details in the number of floating capital stock for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


Number of shares	For the six-month period ended June 30, 2026		For the year ended December 31, 2025
Beginning balance		641,964,077		641,964,077

Ending balance		641,964,077		641,964,077

(3)

Details of share premium as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Share premium	W	843,758		843,758

120

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

31.

Retained Earnings and Dividends Paid

(1)

Details of retained earnings as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Legal reserve (*1)	W	1,604,910		1,604,910
Voluntary reserves		6,807,034		567,469
Retained earnings before appropriations		22,000,850		26,328,205

Retained earnings	W	30,412,794		28,500,584

(*1)

In accordance with Article 14 of the Korea Electric Power Corporation Act, the Group is required to appropriate at least 20% of its net income as a legal reserve each year until the reserve reaches 50% of its share capital. The legal reserve may not be distributed as cash dividends and may only be used to offset accumulated deficits or be transferred to capital through a resolution of the shareholders’ meeting.

(2)

Details of voluntary reserves as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Reserve for business expansion	W	6,807,034		567,469

(3)

Changes in retained earnings for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	28,500,584			20,128,247
Profit for the year attributed to owners of the controlling company		2,760,052			8,544,918
Changes in equity method retained earnings		25,390			(5,944	)
Remeasurements of defined benefit liability, net of tax		116,677			(29,899	)
Dividend paid		(989,909	)		(136,738	)

Ending balance	W	30,412,794			28,500,584

121

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

31.

Retained Earnings and Dividends Paid, Continued

(4)

Dividends paid for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:

In millions of won

For the six-month period ended June 30, 2026

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

1,542

989,909

In millions of won

For the year ended December 31, 2025

Number of
shares issued
(in shares)

Number of
treasury stocks
(in shares)

Number of
shares eligible for
dividends (in shares)

Dividends paid
per share
(in won)

Dividends
paid

Common shares

641,964,077

—

641,964,077

213

136,738

(5)

Changes in retained earnings of investments in associates and joint ventures for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	(23,364	)		(17,420	)
Changes		25,390			(5,944	)

Ending balance	W	2,026			(23,364	)

(6)

Changes in remeasurement components related to defined benefit liability for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026			For the year ended December 31, 2025
Beginning balance	W	8,027			(95,694	)
Changes		188,913			(47,266	)
Income tax effect		(72,236	)		17,367
Transfer to reserve for business expansion		18,387			133,620

Ending balance	W	143,091			8,027

122

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

32.

Hybrid Bonds

The 2nd hybrid bond issued by Korea South-East Power Co., Ltd., a subsidiary of the Group, was fully redeemed during the year ended December 31, 2025. Accordingly, there are no outstanding hybrid bonds classified as non-controlling interests as of June 30, 2026 and December 31, 2025.

33.

Other Components of Equity

(1)

Other components of equity as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Other capital surplus	W	1,568,699		1,566,635
Accumulated other comprehensive income		1,932,167		1,340,560
Other equity		12,708,585		12,708,585

	W	16,209,451		15,615,780

(2)

Changes in other capital surplus for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026								For the year ended December 31, 2025
	Gains on disposal of treasury stocks		Others			Total			Gains on disposal of treasury stocks		Others			Total
Beginning balance	W	387,524		1,179,111			1,566,635			387,524		1,213,288			1,600,812
Additional paid-in capital of subsidiaries		—		(64	)		(64	)		—		(855	)		(855	)
Equity transaction within the consolidated entity		—		2,128			2,128			—		(33,322	)		(33,322	)

Ending balance	W	387,524		1,181,175			1,568,699			387,524		1,179,111			1,566,635

123

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

33.

Other Components of Equity, Continued

(3)

Changes in accumulated other comprehensive income (loss) for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Financial assets at fair value through other comprehensive income valuation reserve		Shares of other comprehensive income of investments in associates and joint ventures			Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	224,645		1,340,165			(236,978	)		12,728			1,340,560
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		9,590		—			—			—			9,590
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		534,049			—			—			534,049
Foreign currency translation of foreign operations, net of tax		—		—			34,120			—			34,120
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			—			13,848			13,848

Ending balance	W	234,235		1,874,214			(202,858	)		26,576			1,932,167


In millions of won	For the year ended December 31, 2025
	Financial assets at fair value through other comprehensive income valuation reserve		Shares of other comprehensive income of investments in associates and joint ventures			Reserve for overseas operations translation credit			Reserve for gain (loss) on valuation of derivatives			Total
Beginning balance	W	80,757		1,597,958			(231,946	)		(22,755	)		1,424,014
Changes in the unrealized fair value of financial assets at FVOCI, net of tax		143,888		—			—			—			143,888
Shares of other comprehensive loss of associates and joint ventures, net of tax		—		(257,793	)		—			—			(257,793	)
Foreign currency translation of foreign operations, net of tax		—		—			(5,032	)		—			(5,032	)
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax		—		—			—			35,483			35,483

Ending balance	W	224,645		1,340,165			(236,978	)		12,728			1,340,560

(4)

Other equity as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Statutory revaluation reserve	W	12,708,704			12,708,704
Changes in other equity		(119	)		(119	)

	W	12,708,585			12,708,585

124

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

34.

Sales

Details of sales for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026
	Domestic				Overseas				Total
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
[Type of goods and services]
Sale of goods	W	21,188,212		44,847,073		79,853		195,917		21,268,065		45,042,990
Electricity		20,740,787		43,964,066		—		—		20,740,787		43,964,066
Heat supply		27,435		180,212		—		—		27,435		180,212
Others		419,990		702,795		79,853		195,917		499,843		898,712
Sales related to rendering of services		121,747		196,367		58,964		156,807		180,711		353,174
Sales related to construction services		48,060		92,564		196,680		377,454		244,740		470,018
Revenue related to transfer of assets from customers		225,336		451,157		—		—		225,336		451,157

	W	21,583,355		45,587,161		335,497		730,178		21,918,852		46,317,339

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	21,188,212		44,847,073		79,853		195,917		21,268,065		45,042,990
Performance obligations satisfied over time		395,143		740,088		255,644		534,261		650,787		1,274,349

	W	21,583,355		45,587,161		335,497		730,178		21,918,852		46,317,339


In millions of Won	June 30, 2025
	Domestic				Overseas				Total
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
[Type of goods and services]
Sale of goods	W	21,295,111		44,994,678		97,885		207,767		21,392,996		45,202,445
Electricity		20,946,333		44,157,533		—		—		20,946,333		44,157,533
Heat supply		54,495		241,183		—		—		54,495		241,183
Others		294,283		595,962		97,885		207,767		392,168		803,729
Sales related to rendering of services		112,928		199,518		43,954		104,056		156,882		303,574
Sales related to construction services		71,331		90,587		109,940		146,881		181,271		237,468
Revenue related to transfer of assets from customers		218,989		430,635		—		—		218,989		430,635

	W	21,698,359		45,715,418		251,779		458,704		21,950,138		46,174,122

[Timing of revenue recognition]
Performance obligations satisfied at a point in time	W	21,295,111		44,994,678		97,885		207,767		21,392,996		45,202,445
Performance obligations satisfied over time		403,248		720,740		153,894		250,937		557,142		971,677

	W	21,698,359		45,715,418		251,779		458,704		21,950,138		46,174,122

125

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

35.

Selling and Administrative Expenses

Selling and administrative expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026				June 30, 2025
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Salaries	W	294,100		587,259		293,934		579,663
Retirement benefit expense		25,941		53,313		27,406		55,513
Contributions to employee welfare fund		5		5		4		4
Welfare and benefit expense		41,606		82,851		40,915		73,739
Insurance expense		2,383		15,498		8,499		16,215
Depreciation		60,998		121,547		58,753		116,264
Amortization of intangible assets		17,082		37,287		23,072		45,390
Bad debt expense		9,609		25,491		14,171		31,544
Commission		107,419		213,614		99,019		205,026
Advertising expense		7,673		17,957		6,292		16,776
Training expense		2,530		4,656		2,329		4,315
Vehicle maintenance expense		2,619		4,580		2,280		4,318
Publishing expense		781		1,464		805		1,516
Business promotion expense		726		1,486		679		1,387
Rent expense		13,914		26,470		14,393		26,165
Telecommunication expense		2,321		5,312		2,309		5,147
Transportation expense		307		661		297		542
Taxes and dues		80,509		90,289		74,296		84,447
Expendable supplies expense		2,933		5,438		2,376		4,228
Water, light and heating expense		3,358		7,776		3,316		7,941
Repairs and maintenance expense		21,297		38,033		37,771		66,832
Ordinary development expense		43,269		76,295		47,363		90,963
Travel expense		5,957		11,785		5,821		10,728
Clothing expense		3,265		3,709		2,326		2,872
Survey and analysis expense		212		409		211		397
Membership fee		801		1,370		790		1,423
Others		32,192		65,299		25,297		54,802

	W	783,807		1,499,854		794,724		1,508,157

126

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

36.

Other Income and Expenses Continued

(1)

Other income for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026					June 30, 2025
	Three- month period ended			Six- month period ended		Three- month period ended			Six- month period ended
Reversal of other provisions	W	3,675			5,906		970			4,083
Reversal of other bad debt allowance		(22,910	)		2,659		(757	)		5,743
Gains on government grants		58			120		55			102
Gains on assets contributed		71			2,894		1,332			1,513
Gains on liabilities exempted		929			981		427			707
Compensation and reparations revenue		20,561			46,204		25,688			45,895
Revenue from foundation fund		25			36		9			163
Rental income		50,223			103,078		52,340			105,189
Others		7,771			55,160		13,309			22,785

	W60,403			217,038		93,373			186,180

(2)

Other expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026				June 30, 2025
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Compensation and indemnification expense	W	—		—		1,309		1,310
Accretion expenses of other provisions		625		672		315		755
Depreciation expenses on investment properties		217		473		313		508
Depreciation expenses on idle assets		896		1,797		903		1,807
Other bad debt expense		69,275		69,275		—		2
Donations		11,692		84,764		64,634		76,745
Others		7,689		11,453		7,746		13,971

	W90,394		168,434		75,220		95,098

127

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

37.

Other Gains (Losses)

Composition of other gains (losses) for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:


In millions of Won	June 30, 2026						June 30, 2025
	Three- month period ended			Six- month period ended			Three- month period ended			Six- month period ended
Other gains
Gains on disposal of property, plant and equipment	W	1,926			3,627			2,712			8,075
Gains on disposal of intangible assets		—			—			16			16
Reversal of impairment loss on property, plant and equipment		—			1			—			—
Reversal of impairment loss on intangible assets		47			47			40			40
Gains on foreign currency translation		16,634			57,417			9,677			13,839
Gains on foreign currency transactions		27,726			47,812			31,125			75,738
Gains on insurance proceeds		1,281			2,081			1,015			1,015
Others		92,376			192,363			109,052			281,516

Other losses
Losses on disposal of property, plant and equipment		(19,253	)		(39,202	)		(12,982	)		(50,140	)
Losses on disposal of intangible assets		(1	)		(1	)		—			(13	)
Loss on impairment of property, plant and equipment		—			(825	)		—			—
Loss on impairment of intangible assets		—			(1,115	)		(30	)		(30	)
Losses on foreign currency translation		(4,176	)		(31,100	)		(36,974	)		(47,056	)
Losses on foreign currency transactions		(44,916	)		(85,578	)		(17,706	)		(37,394	)
Others		(14,913	)		(77,092	)		(65,334	)		(126,423	)

	W	56,731			68,435			20,611			119,183

128

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

38.

Finance Income

Finance income for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:


In millions of Won	June 30, 2026				June 30, 2025
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Interest income	W	97,450		194,405		103,058		215,046
Dividends income		5,887		25,962		9,770		23,321
Gains on disposal of financial assets		13,063		28,109		8,932		19,496
Gains on valuation of financial assets at fair value through profit or loss		24,204		40,525		20,180		34,789
Gains on valuation of derivatives		236,210		1,189,821		—		31,735
Gains on transaction of derivatives		95,197		209,464		60,048		139,178
Gains on foreign currency translation		36,399		111,934		1,329,479		1,391,376
Gains on foreign currency transactions		4,185		8,673		253,818		293,741
Others		571		1,352		681		1,510

	W	513,166		1,810,245		1,785,966		2,150,192

129

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

39.

Finance Expenses

Finance expenses for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won	June 30, 2026				June 30, 2025
	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Interest expense	W	1,049,395		2,079,121		1,094,132		2,211,256
Losses on valuation of derivatives		9,366		13,868		1,029,015		1,023,742
Losses on transaction of derivatives		35,602		47,274		227,745		262,194
Losses on foreign currency translation		268,797		1,272,709		65,639		95,129
Losses on foreign currency transactions		62,640		79,862		42,597		45,112
Others		16,932		28,383		4,570		8,845

	W	1,442,732		3,521,217		2,463,698		3,646,278

Capitalization rates for the six-month periods ended June 30, 2026 and 2025 are 2.27%~5.80% and 2.31%~3.29%, respectively.

130

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

40.

Income Taxes

(1)

Income tax expense is calculated by adjusting prior year adjustments, changes in deferred tax assets and liabilities resulting from temporary differences, and income tax expense related to items recognized as other than profit or loss. The average effective tax rate for each of the six-month periods ended June 30, 2026 and 2025 is 26.81% and 27.75%, respectively.

(2)

Pillar two model rules

The Group has assessed the potential exposure arising from the Pillar Two legislation based on the financial information. Based on the assessment carried out so far, the Group has identified its potential exposure to Pillar Two income taxes on profits earned from its constituent entities operating in Nepal, Pakistan, Vietnam, and other jurisdictions where the expected Pillar Two effective tax rate is likely to be lower than 15%. As a result, the Group expects that KEPCO and its constituent entities operating therein will pay additional Pillar Two income taxes on the profit from such constituent entities.

The current income tax expense recognized for the six-month period ended June 30, 2026 in relation with the additional Pillar Two income taxes amounts to W3,363 million (W1,421 million for the six-month period ended June 30, 2025). The Group has applied the mandatory exception to recognition and disclosure of deferred taxes arising from Pillar Two income taxes.

41.

Assets Held-for-Sale

Although the Group entered into a contract to sell the site of the Majang Materials Center during the year ended December 31, 2025, the asset was not classified as assets held-for-sale as of June 30, 2026, as it was not considered highly probable that the sale would be completed within one year.

131

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

42.

Expenses Classified by Nature

Expenses classified by nature for the six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		9,837,734		9,837,734
Power purchase		—		17,206,862		17,206,862
Salaries		587,259		2,393,280		2,980,539
Retirement benefit expense		53,313		234,801		288,114
Contributions to employee welfare fund		5		100		105
Welfare and benefit expense		82,851		313,699		396,550
Insurance expense		15,498		71,349		86,847
Depreciation		121,547		6,639,532		6,761,079
Amortization of intangible assets		37,287		37,032		74,319
Bad debt expense		25,491		—		25,491
Commission		213,614		181,306		394,920
Advertising expense		17,957		4,942		22,899
Training expense		4,656		7,740		12,396
Vehicle maintenance expense		4,580		4,203		8,783
Publishing expense		1,464		1,215		2,679
Business promotion expense		1,486		1,328		2,814
Rent expense		26,470		84,961		111,431
Telecommunication expense		5,312		5,326		10,638
Transportation expense		661		23,922		24,583
Taxes and dues		90,289		401,274		491,563
Expendable supplies expense		5,438		25,878		31,316
Water, light and heating expense		7,776		19,086		26,862
Repairs and maintenance expense		38,033		1,402,031		1,440,064
Ordinary development expense		76,295		273,489		349,784
Travel expense		11,785		36,923		48,708
Clothing expense		3,709		3,463		7,172
Survey and analysis expense		409		2,193		2,602
Membership fee		1,370		5,857		7,227
Others		65,299		685,238		750,537

	W	1,499,854		39,904,764		41,404,618

132

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

42.

Expenses Classified by Nature, Continued

Expenses classified by nature for the six-month periods ended June 30, 2026 and 2025 are as follows, continued:


In millions of won	For the six-month period ended June 30, 2025
	Selling and administrative expenses		Cost of sales		Total
Raw materials used	W	—		8,718,869		8,718,869
Power purchase		—		17,357,843		17,357,843
Salaries		579,663		2,349,931		2,929,594
Retirement benefit expense		55,513		228,597		284,110
Contributions to employee welfare fund		4		122		126
Welfare and benefit expense		73,739		271,721		345,460
Insurance expense		16,215		71,501		87,716
Depreciation		116,264		6,792,839		6,909,103
Amortization of intangible assets		45,390		37,076		82,466
Bad debt expense		31,544		—		31,544
Commission		205,026		153,795		358,821
Advertising expense		16,776		4,299		21,075
Training expense		4,315		7,119		11,434
Vehicle maintenance expense		4,318		4,255		8,573
Publishing expense		1,516		1,245		2,761
Business promotion expense		1,387		1,238		2,625
Rent expense		26,165		80,351		106,516
Telecommunication expense		5,147		5,433		10,580
Transportation expense		542		34,168		34,710
Taxes and dues		84,447		377,524		461,971
Expendable supplies expense		4,228		23,246		27,474
Water, light and heating expense		7,941		18,810		26,751
Repairs and maintenance expense		66,832		1,221,685		1,288,517
Ordinary development expense		90,963		266,147		357,110
Travel expense		10,728		37,291		48,019
Clothing expense		2,872		2,482		5,354
Survey and analysis expense		397		1,965		2,362
Membership fee		1,423		12,799		14,222
Others		54,802		694,135		748,937

	W	1,508,157		38,776,486		40,284,643

133

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

43.

Earnings Per Share

(1)

Basic earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:

In Won

June 30, 2026

June 30, 2025

Type

Three-
month
period
ended

Six-
month
period
ended

Three-
month
period
ended

Six-
month
period
ended

Basic earnings per share

416

4,299

1,771

5,397

(2)

Profits for the periods and the weighted average number of common shares used in the calculation of basic earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of Won except number of shares	June 30, 2026				June 30, 2025
Type	Three- month period ended		Six- month period ended		Three- month period ended		Six- month period ended
Profit attributable to controlling interest	W	267,306		2,760,052		1,136,712		3,464,958
Profit used in the calculation of total basic earnings per share		267,306		2,760,052		1,136,712		3,464,958
Weighted average number of common shares (in shares)		641,964,077		641,964,077		641,964,077		641,964,077

(3)

The weighted average number of common shares used in the calculation of basic earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025 is as follows:


In number of shares	June 30, 2026				June 30, 2025
Type	Three- Month period ended		Six- month period ended		Three- month period ended		Six- month period ended
The number of common shares issued at beginning of the year		641,964,077		641,964,077		641,964,077		641,964,077
Weighted average number of common shares		641,964,077		641,964,077		641,964,077		641,964,077

(4)

There are no potential dilutive instruments, thus diluted earnings per share are same as basic earnings per share for each of the three and six-month periods ended June 30, 2026 and 2025.

134

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management

The Group manages various risks that may arise from each business segment, primarily focusing on credit risk, market risk, interest rate risk, and liquidity risk. These risks are identified, measured, controlled, and reported in accordance with the Group’s established basic policy for risk management.

(1)

Capital risk management

The Group manages its capital to ensure the ability to continue as a going concern while minimizing the cost of capital and maximizing returns to shareholders. The management of the Group periodically reviews the capital structure and maintains an optimal capital mix through short and long-term borrowings and equity issuances. The capital structure consists of net debt (calculated as borrowings less cash and cash equivalents) and equity. The Group’s overall capital risk management policy remains consistent with the prior year.

Details of the Group’s capital management accounts as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026			As of December 31, 2025
Total borrowings and debt securities	W	133,316,943			129,769,292
Cash and cash equivalents		2,622,064			2,240,811

Net borrowings and debt securities		130,694,879			127,528,481

Total equity		51,845,207			49,322,944

Ratio of net borrowings and debt securities to total equity		252.09	%		258.56	%

(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.

(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.

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.

②

Impairment and allowance account

In accordance with the Group’s policies, individual financial assets over the materiality threshold are reviewed on a regular basis. Allowances for doubtful accounts on individually reviewed trade receivables are determined by assessing, on a case-by-case basis, whether an incurred loss exists at the end of the reporting period, and this applies to all individually material trade receivables. The assessments usually include the collateral obtained on the individual accounts (including reconfirmation of its enforceability) and the expected collections.

Allowances for doubtful accounts assessed on a collective basis are established for (i) groups of homogeneous assets that are individually below the materiality threshold, and (ii) losses that have been incurred but not yet identified, by overdue period based on the due dates, using available historical experience, judgment and statistical techniques.

135

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

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 June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026		As of December 31, 2025
Cash and cash equivalents	W	2,622,064		2,240,811
Financial assets at fair value through profit or loss (*1)		2,319,012		1,800,539
Derivative assets (trading)		2,328,011		1,548,015
Financial assets at fair value through other comprehensive income (debt securities)		4,794		4,794
Financial assets at amortized cost		30,786		31,117
Loans		1,088,155		986,528
Long-term/short-term financial instruments		2,252,785		2,882,131
Derivative assets (applying hedge accounting)		461,170		487,535
Trade and other receivables		15,354,084		15,742,665
Financial guarantee contracts (*2)		3,743,906		4,091,813

(*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.

For the six-month period ended June 30, 2026, 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.

(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.

136

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

(iii)

Sensitivity analysis

Significant assets and liabilities with uncertainties in underlying assumptions.

①

Defined benefit obligation

A sensitivity analysis of defined benefit obligation assuming a 1%p increase and decrease in the actuarial valuation assumptions as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won		As of June 30, 2026						As of December 31, 2025
Type	Accounts	1%p Increase			1%p Decrease			1%p Increase			1%p Decrease
Future salary increases	Increase (decrease) in defined benefit obligation	W	415,270			(366,388	)		460,237			(412,611	)
Discount rate	Increase (decrease) in defined benefit obligation		(360,452	)		420,524			(427,236	)		491,119

Changes in retirement benefit costs assuming a 1%p increase and decrease in discount rate on plan asset for the six-month periods ended June 30, 2026 and 2025 are W17,337 million and W16,506 million, respectively.

②

Provisions

The underlying assumptions to estimate provisions as of June 30, 2026 and December 31, 2025 are as follows:


Accounts	Type	As of June 30, 2026			As of December 31, 2025
PCBs	Inflation rate		3.29	%		3.29	%
	Discount rate		3.24	%		3.24	%
Nuclear plants	Inflation rate		2.04	%		2.04	%
	Discount rate		2.89	%		2.89	%
Spent fuel	Inflation rate		2.04	%		2.04	%
	Discount rate		2.47	%		2.47	%
Radioactive waste	Inflation rate		2.45	%		2.45	%
	Discount rate		4.03	%		4.03	%

A sensitivity analysis of provisions assuming a 0.1%p increase and decrease in the underlying assumptions as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won		As of June 30, 2026						As of December 31, 2025
Type	Accounts	0.1%p Increase			0.1%p Decrease			0.1%p Increase			0.1%p Decrease
Discount rate	PCBs	W	(14	)		14			(17	)		17
	Nuclear plants		(473,738	)		490,380			(478,760	)		495,645
	Spent fuel		(155,392	)		166,417			(147,517	)		157,989
	Radioactive waste		(13,454	)		14,762			(13,625	)		14,951
Inflation rate	PCBs		14			(14	)		17			(17	)
	Nuclear plants		531,471			(514,058	)		523,954			(506,787	)
	Spent fuel		166,982			(156,177	)		158,525			(148,263	)
	Radioactive waste		15,501			(14,203	)		14,868			(13,625	)

137

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Management judgment effected by uncertainties in underlying assumptions.

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 June 30, 2026 and December 31, 2025 are as follows:


In thousands of foreign currencies	Assets				Liabilities
Type	As of June 30, 2026		As of December 31, 2025		As of June 30, 2026		As of December 31, 2025
AED		52,882		51,617		3,452		4,927
AUD		30		49		—		—
BDT		2,247		2,251		—		—
BWP		725		726		—		—
CAD		1		579		—		—
CHF		—		—		99,995		99,946
CZK		605		—		—		—
DOP		4,783		6,378		—		—
EGP		1,878,455		759,561		—		—
EUR		209,877		89,734		87,450		44,482
GBP		143		90		—		—
HKD		—		—		6,300,061		6,286,899
IDR		70,662,548		37,788,922		2,361,755		49,014,235
INR		1,045,332		1,175,785		148,977		161,578
JOD		1,472		646		198		433
JPY		986,070		60,443		837,942		746,066
KZT		—		1,485		—		—
MGA		6,346,981		7,038,637		360,566		577,908
MMK		188,021		188,021		—		—
MYR		1,202		2,805		—		—
PHP		94,772		71,400		—		—
PKR		63,777,268		64,839,210		10,418		10,418
RON		1,463		748		4		—
SAR		1,034		1,069		—		—
SEK		—		—		449,372		449,349
SGD		268		1,783		—		—
USD		1,398,053		1,356,230		12,362,370		13,851,077
UYU		223,889		93,414		789		1,285
VND		1,168,489		772,198		—		—
ZAR		65,736		84,167		—		—

A sensitivity analysis on the Group’s profit before income tax and equity assuming a 10% increase and decrease in currency exchange rates as of June 30, 2026 and December 31, 2025 is as follows:


In millions of won	As of June 30, 2026					As of December 31, 2025
Type	10% Increase			10% Decrease		10% Increase			10% Decrease
Increase (decrease) of profit before income tax	W	(1,770,526)			1,770,526		(1,885,349	)		1,885,349
Increase (decrease) of shareholder’s equity (*1)		(1,770,526	)		1,770,526		(1,885,349	)		1,885,349

(*1)	The effect on the shareholder’s equity excluding the impact of income taxes.

138

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

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 June 30, 2026 and December 31, 2025.

To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Group has a policy to enter into currency swap 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 item. As of June 30, 2026, the hedging instrument (cross-currency swap) hedges the risk of the hedged item (repayment of foreign debt securities and others).

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 June 30, 2026 and December 31, 2025 are as follows:


In millions of won
Type	As of June 30, 2026		As of December 31, 2025
Short-term borrowings	W	2,851,132		2,747,687
Long-term borrowings		12,088,846		10,787,203
Debt securities		1,737,228		1,619,967

	W	16,677,206		15,154,857

A sensitivity analysis on the Group’s borrowings and debt securities assuming a 1%p increase and decrease in interest rates for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 is as follows:


In millions of won	For the six-month period ended June 30, 2026				For the year ended December 31, 2025
Type	1%p Increase		1%p Decrease		1%p Increase			1%p Decrease
Increase (decrease) of profit before income tax	W	(83,386)		83,386		(151,549	)		151,549
Increase (decrease) of shareholder’s equity (*1)		(83,386)		83,386		(151,549	)		151,549

(*1)	The effect on the shareholder’s 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.

139

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

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 profit before income tax and equity assuming a 1% increase and decrease in price of electricity for the six-month periods ended June 30, 2026 and 2025 is as follows:


In millions of won	For the six-month period ended June 30, 2026					For the six-month period ended June 30, 2025
Type	1% Increase		1% Decrease			1% Increase		1% Decrease
Increase (decrease) of profit before income tax	W	439,641		(439,641	)		441,575		(441,575	)
Increase (decrease) of shareholder’s equity (*1)		439,641		(439,641	)		441,575		(441,575	)

(*1)	The effect on the shareholder’s equity excluding the impact of income taxes.

(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 of non-derivative financial liabilities as of June 30, 2026 and December 31, 2025 in detail are as follows:


In millions of won	As of June 30, 2026
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	22,998,986		574,485		745,549		2,756,745		27,075,765
Debt securities		31,522,365		26,805,295		39,382,873		26,810,411		124,520,944
Lease liabilities		541,120		516,425		1,203,645		1,191,029		3,452,219
Trade and other payables (*1)		9,541,031		380,883		531,466		535,484		10,988,864
Financial guarantee contracts (*2)		3,743,906		—		—		—		3,743,906

	W	68,347,408		28,277,088		41,863,533		31,293,669		169,781,698

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of June 30, 2026, the Group has recognized W 46,727 million as a provision for financial guarantee contracts.

140

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued


In millions of won	As of December 31, 2025
Type	Less than 1 year		1~2 Years		2~5 Years		More than 5 years		Total
Borrowings	W	20,100,531		597,717		792,513		2,512,018		24,002,779
Debt securities		29,172,320		28,897,889		37,383,870		24,539,981		119,994,060
Lease liabilities		526,324		473,319		1,140,684		1,407,310		3,547,637
Trade and other payables (*1)		8,111,566		343,906		618,231		425,896		9,499,599
Financial guarantee contracts (*2)		4,091,813		—		—		—		4,091,813

	W	62,002,554		30,312,831		39,935,298		28,885,205		161,135,888

(*1)	Excludes lease liabilities.

(*2)

The total amount represents the maximum exposure that the Group would be obliged to bear in the event of a financial guarantee occurrence, allocated to the earliest period in which the guarantee may be called upon. As of December 31, 2025, the Group has recognized W 50,709 million as a provision for financial guarantee contracts.

As the Group manages liquidity based on net assets and net liabilities, information about non-derivative financial assets should be included in the disclosure for better understanding of liquidity risk management.

The expected maturities of non-derivative financial assets as of June 30, 2026 and December 31, 2025 in detail are as follows:


In millions of won	As of June 30, 2026
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	2,622,064		—		—		—		2,622,064
Financial assets at fair value through other comprehensive income		—		—		—		881,210		881,210
Financial assets at amortized cost		22,480		8,306		—		—		30,786
Loans and receivables		260,686		381,273		339,135		144,427		1,125,521
Long-term/short-term financial Instruments		1,356,293		15,035		9,322		872,135		2,252,785
Financial assets at fair value through profit or loss		1,798,808		328,544		661,954		495,547		3,284,853
Trade and other receivables		12,333,289		2,099,444		4,912,377		—		19,345,110

	W	18,393,620		2,832,602		5,922,788		2,393,319		29,542,329

(*)	The maturities cannot be presently determined.


In millions of won	As of December 31, 2025
Type	Less than 1 year		1~5 Years		More than 5 years		*Other ()**		Total
Cash and cash equivalents	W	2,240,811		—		—		—		2,240,811
Financial assets at fair value through other comprehensive income		—		—		—		885,173		885,173
Financial assets at amortized cost		21,663		9,454		—		—		31,117
Loans and receivables		96,582		420,903		344,853		159,449		1,021,787
Long-term/short-term financial Instruments		1,997,644		19,423		—		865,064		2,882,131
Financial assets at fair value through profit or loss		1,309,159		325,496		681,967		487,841		2,804,463
Trade and other receivables		12,840,965		2,063,420		4,768,062		—		19,672,447

	W	18,506,824		2,838,696		5,794,882		2,397,527		29,537,929

(*)	The maturities cannot be presently determined.

141

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(2)

Financial risk management, continued

Derivative liabilities classified by maturity periods from reporting date to maturity dates as per the contracts as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
Type	Less than 1 year			1~2 Years			2~5 Years		More than 5 years			Total
Net settlement
- Trading	W	—			—			—		—			—
Gross settlement
- Trading and others		(48,846	)		(18,987	)		15,747		(57,924	)		(110,010	)
- Hedging		—			—			—		(135	)		(135	)

	W	(48,846)			(18,987	)		15,747		(58,059	)		(110,145	)


In millions of won	As of December 31, 2025
Type	Less than 1 year			1~2 Years			2~5 Years			More than 5 years			Total
Net settlement
- Trading	W	—			—			—			—			—
Gross settlement
- Trading and others		(53,973	)		(14,327	)		(10,395	)		(89,024	)		(167,719	)
- Hedging		—			—			—			(126	)		(126	)

	W	(53,973)			(14,327	)		(10,395	)		(89,150	)		(167,845	)

142

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value measurement

The fair value of financial instruments traded in active markets (such as financial assets at fair value through profit or loss and financial assets at fair value through other comprehensive income) is based on quoted market prices at the end of the reporting period. The quoted market price used for financial assets held by the Group is the current bid price.

The fair value of financial instruments that are not traded in an active market (e.g., over-the-counter derivatives) is determined by using valuation techniques. The Group uses a variety of valuation techniques and makes assumptions that are based on market conditions existing at the end of each reporting period.

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 the future contractual cash flows based on current market interest rates applied to similar financial instruments.

(i)

Fair values and book values of financial assets and liabilities as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
Type	Book value		Fair value		Book value		Fair value
Assets recognized at fair value
Financial assets at fair value through other comprehensive income	W	881,210		881,210		885,173		885,173
Derivative assets (trading)		2,328,011		2,328,011		1,548,015		1,548,015
Derivative assets (applying hedge accounting)		461,170		461,170		487,535		487,535
Financial assets at fair value through profit or loss		2,501,966		2,501,966		1,995,226		1,995,226

	W	6,172,357		6,172,357		4,915,949		4,915,949

Assets carried at amortized cost
Financial assets at amortized cost	W	30,786		30,786		31,117		31,117
Loans and receivables		1,088,155		1,088,155		986,528		986,528
Trade and other receivables		15,354,084		15,354,084		15,742,665		15,742,665
Long-term financial instruments		896,492		896,492		884,487		884,487
Short-term financial instruments		1,356,293		1,356,293		1,997,644		1,997,644
Cash and cash equivalents		2,622,064		2,622,064		2,240,811		2,240,811

	W	21,347,874		21,347,874		21,883,252		21,883,252

Liabilities recognized at fair value
Derivative liabilities (trading)	W	125,967		125,967		165,373		165,373
Derivative liabilities (applying hedge accounting)		134		134		126		126

	W	126,101		126,101		165,499		165,499

Liabilities carried at amortized cost
Secured borrowings	W	1,265,717		1,265,717		1,245,289		1,245,289
Unsecured bond		108,737,454		108,814,599		107,772,996		106,751,304
Lease liabilities		3,134,715		3,134,715		3,150,880		3,150,880
Unsecured borrowings		22,948,019		22,892,482		20,520,567		20,473,189
Trade and other payables (*1)		10,988,864		10,988,864		9,499,599		9,499,599
Overdraft		365,753		365,753		230,440		230,440

	W	147,440,522		147,462,130		142,419,771		141,350,701

(*1)	Excludes lease liabilities

143

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value measurement, continued

(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 rates used for calculating fair value as of June 30, 2026 and December 31, 2025 are as follows:


Type	As of June 30, 2026		As of December 31, 2025
Derivatives		0.00% ~ 5.02%		0.00% ~ 4.88%
Borrowings and debt securities		0.39% ~ 5.84%		0.33% ~ 5.50%
Leases		3.46% ~ 17.85%		0.00% ~ 17.37%

(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 June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	517,447		—		363,763		881,210
Derivative assets		—		2,684,290		104,891		2,789,181
Financial assets at fair value through profit or loss		19,667		2,300,544		181,755		2,501,966

	W	537,114		4,984,834		650,409		6,172,357

Financial liabilities at fair value
Derivative liabilities	W	—		33,059		93,042		126,101


In millions of won	As of December 31, 2025
Type	Level 1		Level 2		Level 3		Total
Financial assets at fair value
Financial assets at fair value through other comprehensive income	W	517,251		—		367,922		885,173
Derivative assets		—		1,937,554		97,996		2,035,550
Financial assets at fair value through profit or loss		—		1,988,813		6,413		1,995,226

	W	517,251		3,926,367		472,331		4,915,949

Financial liabilities at fair value
Derivative liabilities	W	—		75,185		90,314		165,499

The fair value of financial assets traded in the market (including those measured at FVTPL and FVOCI) is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unmarketable financial assets (including those measured at FVTPL and FVOCI) is calculated using the fair value measurement performed by external pricing service agents. In addition, the Group considered the major economic indicators and economic environment of the derivatives to be evaluated, and measured the fair value of the derivatives using a discounted cash flow model that reflects the Group’s credit risk.

144

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

44.

Risk Management, Continued

(3)

Fair value measurement, continued

Changes in financial assets and liabilities which are classified as level 3 for the six-month period ended June 30, 2026 and for the year ended December 31, 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
	Beginning balance		Acquisitions		Reclassified category		Valuation		Disposal			Foreign currency translation and others		Ending balance
Financial assets at fair value:
Financial assets at fair value through profit or loss
Cooperative	W	6,413		—		—		167		(21	)		—		6,559
Unlisted securities		—		3,323		35,501		5,802		(15,209	)		19,098		48,515
Debt securities		—		7,000		4,909		—		—			—		11,909
Compound financial instruments		—		7,500		108,272		—		(1,000	)		—		114,772
Financial assets at fair value through other comprehensive income
Unlisted securities		363,128		—		—		3,244		(8,805	)		1,402		358,969
Debt securities		4,794		—		—		—		—			—		4,794
Derivatives
Other derivative assets		97,996		—		—		—		—			6,896		104,892
Financial liabilities at fair value:
Derivatives
Other derivative liabilities		90,314		—		—		—		—			2,729		93,043


In millions of won	For the year ended December 31, 2025
	Beginning balance		Acquisitions		Reclassified category		Valuation			Disposal			Foreign currency translation and others			Ending balance
Financial assets at fair value:
Financial assets at fair value through profit or loss
Cooperative	W	6,872		—		—		(459	)		—			—			6,413
Financial assets at fair value through other comprehensive income
Unlisted securities		309,709		—		—		52,343			(10	)		1,086			363,128
Debt securities		5,045		—		—		(251	)		—			—			4,794
Derivatives
Other derivative assets		—		7,496		129,359		8,293			(53,373	)		6,221			97,996
Financial liabilities at fair value:
Derivatives
Other derivative liabilities		—		3		170,244		(11,282	)		(67,752	)		(899	)		90,314

145

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements

(1)

Hydroelectric Power Generation at Semangka, Indonesia

(i)

Significant terms and concession period of the arrangement

Regarding Semangka hydroelectric power-generation business in Indonesia, the Group has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Group shall provide electricity generated for about 30 years (2018 – 2048) subsequent to the completion of plant construction and shall receive tariffs consisting of capital cost recovery tariff, fixed O&M cost recovery tariff, river water usage fee recovery tariff, variable O&M cost recovery tariff and transmission-line investment recovery tariff during the concession period.

(ii)

Rights to use the specified assets

The Group has the rights to use, own and operate 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.

(iii)

Classification method

This project allows PT PLN to acquire ownership of the plant after the end of the 30 years concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	35,596
1 ~ 2 years		35,596
2 ~ 3 years		35,596
Over 3 years		521,725

	W	628,513

146

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements, Continued

(2)

Pakistan Gulpur Hydropower Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with CPPAg (Central Power Purchasing Agency Guarantee Limited) whereby the Group shall provide electricity generated for approximately 30 years (2020 – 2050) subsequent to the completion of plant construction and shall receive tariffs consisting of capital cost recovery tariff, borrowing cost recovery tariff, variable O&M cost recovery tariff, fixed O&M cost recovery tariff, water usage fee recovery tariff and insurance cost recovery tariff during the contract period.

(ii)

Rights to use the specified assets

The Group has the rights to use, own and operate the power plant during the concession period from 2020 to 2050. The Government of Pakistan has an option to take over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Government of Pakistan to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	81,654
1 ~ 2 years		81,654
2 ~ 3 years		81,654
Over 3 years		824,430

	W	1,069,392

147

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

45.

Service Concession Arrangements, Continued

(3)

Guam Ukudu Combined thermal power plant Project

(i)

Significant terms and concession period of the arrangement

The Group has entered into a contract with Guam Power Authority whereby the Group shall provide electricity generated for approximately 25 years (from 2025 to 2050) subsequent to the completion of plant construction and shall receive charge tariff rates designed to recover variable O&M cost, fixed O&M cost and others during the concession period.

(ii)

Rights to use the specified assets

The Group has the rights to use, own and operate the power plant during the concession period from 2025 to 2050. The Guam Power Authority takes over the ownership of the power plant from the Group after the concession period has elapsed.

(iii)

Classification method

This project allows the Guam Power Authority to acquire ownership of the plant after the end of the concession period.

(iv)

The Group’s expected future collections of service concession arrangements as of June 30, 2026 are as follows:


In millions of won

Type	Amounts
Less than 1 year	W	123,806
1 ~ 2 years		124,938
2 ~ 3 years		115,494
Over 3 years		2,946,779

	W	3,311,017

148

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties

(1)

The Group’s related parties as of June 30, 2026 are as follows:


Type		Related party
Parent		Republic of Korea government

Subsidiaries (169 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 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, 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 ES 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 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, 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., KOSPO Niles LLC (formerly, 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., 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, 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., UI Carbon-Neutrality Fund, KA Power Limited, Western Power Changgi Solar Co., Ltd., EWP Australia Pty., Ltd., Columboola Solar Farm Hold Co Pty., Ltd., Digital Innovation Growth Fund, KEPCO Holding Company, KEPCO for Maintenance Company, KOSPO Trumbull LLC, Changjuk Wind Power Co., Ltd., KEPCO KPS South Africa Pty., Ltd., Chile Solar JV SpA, KOWEPO Holding Limited, Columboola Solar Farm Nominees Pty., Ltd., Columboola Solar Farm Op Trust, Columboola Solar Farm Fin Co Pty., Ltd., Magna Energy New Industrial Fund, EWP ESS Holdings, LLC, Fairhaven ESS LLC, KOSPO Rutile, LLC, KEPCO Yona America LLC, EWP Yona America LLC, KEPCO SADAWI – FZCO, KOMIPO Middle East Energy L.L.C-FZ, Nuclear Energy Industry Growth Fund II, UI Carbon-Neutrality Fund II

149

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(1)

The Group’s related parties as of June 30, 2026 are as follows, continued:


Type		Related party
Associates (110 entities) (*1)		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., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, 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, 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., Hansuwon KNP Co., Ltd., Korea Electric Power Corporation Fund, Energy Infra Asset Management 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., STN Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Gwangbaek Solar Power Investment Co., Ltd., Godeok 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., KPE 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., 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., PlatformN. Co., Ltd., PT. Cirebon Energi Prasarana, Future Convergence Technology Laboratory. Co., Ltd., ECO Motion Co., Ltd., REC’s Innovation Co., Ltd., ACE, Co., Ltd., Environment and Energy Co., Ltd., Green Radiation Co., Ltd., Santiago Solar Power SpA, Yanggu Floating Photovoltaic Power Plant Inc., Changwon SG energy Co., Ltd., Donpyung Technology. Co., Ltd., Power Embedded, HORANG ENERGY Inc., Hoenggye Renewable Energy Co., Ltd., Haman Green Energy Co., Ltd., Songsan Green Energy Co., Ltd., SkyPic Inc., HyChangwon Fuel Cell. Co., Ltd., Dreams Co., Ltd., DEEPAI Co., Ltd., Amaala Sustainable Company for Energy LLC, Remal First Holding Company, Naseem First Holding Company, Cheonwang Green Energy Co., Ltd., Namjeju Bitdream Energy Co., Ltd., Jeju Bukchon BES Power Co., Ltd., Commerce and Industry Energy Co., Ltd., Gunsan Green Energy Co., Ltd., KI Tech Co., Ltd., Enlight Energy Advanced Industry Venture Fund, Shinan-Ui Offshore Wind Power Co., Ltd., Daebul Green Power Co., Ltd., Hapcheon Floating Photovoltaic Power Plant II Inc., VL Gustav Private Equity Limited Partnership

Joint ventures (127 entities) (*1)		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., 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, 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., 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., Boim Combined Heat and Power Generation 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., International Offshore Power Transmission Holding Company Limited, Eumseong Eco Park Co., Ltd., Changwon Nu-ri Energy Co., Ltd., PungBack Wind Farm Corporation, Seobusambo highway photovoltaics Co., Ltd., Seokmun Green Energy, Pyeongchang Wind Power Co., Ltd., Trumbull Asset Management, LLC, S-Power Chile SpA, Taebaek Wind Power Co., Ltd., Yangyang Suri Wind Power Co., Ltd., KEPCO for Power Company, Kumyang Eco Park Co., Ltd., Jeongeup Green Power Co., Ltd., Namyangju Combined Heat and Power Co., Ltd., Wadi Noor Solar Power Company SAOC, Rutile BESS Holdings, LLC, Trumbull Development Partners, LLC, Samcheok Eco Materials Co., Ltd., Imha Floating Photovoltaic Power Plant Inc., Roof One Energy Co., Ltd., EDFR KOWEPO AJBAN PV HOLDING LIMITED, Taean Haetdeulwon Solar Co., Ltd., Haetbyeotgil Solar Co., Ltd., KES Yona Holdings L.L.C, Siraj AlTaqa AlNazifa, Seongseo Neulpureun Energy Co., Ltd., Luluah SKY Energy Holding Ltd., Nour Ibri Solar Power Company, Lucy Equity Holdings, LLC, Grove Energy Capital IV, LLC, Gwangju Solarlink Co., Ltd., Solarlink Inverter Co., Ltd., Balgeun Jindo Energy Storage Co., Ltd., Goheung Naro Energy Storage Co., Ltd., Coastal Power SAOC, EDFPS KOWEPO ZARRAF PV HOLDING LIMITED

Others (1 entity)		Korea Development Bank

(*1)	Subsidiaries of associates and joint ventures are included.

150

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(2)

Transactions between the Group and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.

(3)

The related party transactions for the six-month periods ended June 30, 2026 and 2025 are as follows:

<Sales and Others>


In millions of won		Sales and others
Company name	Transaction type	June 30, 2026		June 30, 2025
<Associates>
Korea Gas Corporation	Fuel purchase and others	W	172,395		109,605
Goseong Green Power Co., Ltd.	Electricity sales		264,654		224,912
Dongducheon Dream Power Co., Ltd.	Electricity sales		5,096		12,062
S-Power Co., Ltd.	Service		1,257		1,022
GS Donghae Electric Power Co., Ltd.	Electricity sales		4,990		17,537
Shin Pyeongtaek Power Co., Ltd.	Electricity sales		28,459		11,799
Gangneung Eco Power Co., Ltd.	Fuel sales		228,517		223,458
Korea Electric Power Industrial Development Co., Ltd.	Service		6,614		6,729
PT. Bayan Resources TBK	Dividends income and others		153,194		—
Indeck Niles Development, LLC	Dividends income		125,149		5,871
Korea Power Exchange	Service		15,101		16,943
Gemeng International Energy Co., Ltd.	Dividends income		40,867		20,644
Chuncheon Green Energy Co., Ltd.	Electricity sales		11,927		10,447
Gangneung Sacheon Fuel Cell Co., Ltd.	Electricity sales		6,968		6,039
Taebaek Gadeoksan Wind Power Co., Ltd.	Electricity sales		5,904		3,411
KPE Green Energy Co., Ltd.	Others		108		100
Yeongyang Wind Power Corporation II	Commission		2,405		—
Gangwon Wind Power Co., Ltd.	Electricity sales		1,512		1,480
Godeok Clean Energy Co., Ltd.	Electricity sales		1,889		615
Bitgoel Eco Energy Co., Ltd.	Service and others		577		1,069
Noeul Green Energy Co., Ltd.	REC purchase and others		3,768		3,725
Others (Hyundai Eco Energy Co., Ltd. and 56 others)	Electricity sales		30,430		33,546

151

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(3)

The related party transactions for the six-month periods ended June 30, 2026 and 2025 are as follows, continued:


In millions of won		Sales and others
Company name	Transaction type	June 30, 2026		June 30, 2025
<Joint ventures>
Chun-cheon Energy Co., Ltd.	Electricity sales	W	1,460		482
Daegu Green Power Co., Ltd.	Electricity sales		973		999
Daesan Green Energy Co., Ltd.	Electricity sales		227		81
KAPES, Inc.	Others		134		2,060
Amman Asia Electric Power Company	Construction revenue and others		44,289		12,729
Solaseado Solar Power Co., Ltd.	Electricity sales		8,705		502
Seokmun Energy Co., Ltd.	REC purchase and others		1,099		1,031
Cheongju Eco Park Co., Ltd.	Electricity sales		89		93
Yeongam Solar Power Co., Ltd.	Electricity sales		1,422		245
Datang Chifeng Renewable Power Co., Ltd.	Dividends income		13,830		—
Naepo Green Energy Co., Ltd.	Electricity sales		13,791		15,122
Yeonggwang Wind Power Co., Ltd.	Electricity sales		543		534
Cheongna Energy Co., Ltd.	Others		12,787		26,031
Kelar S.A.	Service and interest income		12,122		10,070
Boim Combined Heat and Power Generation Co., Ltd.	Power generation service revenue and others		5,074		1,363
Eumseong Eco Park Co., Ltd.	Electricity sales		10		10
Seokmun Green Energy Co., Ltd.	Electricity sales		31		30
Goheung New Energy Co., Ltd.	Electricity sales		3,189		108
Yeonggwangbaeksu Wind Power Co., Ltd.	Electricity sales		1,037		1,009
KEPCO SPC Power Corporation	Dividends income and others		7,828		818
Others (Namyangju Combined Heat and Power Co., Ltd. and 61 others)	Electricity sales		123,568		144,883

<Others>
Korea Development Bank	Electricity fees and others		2,653		2,544
	Interest income		1,961		3,728

		W	1,368,603		935,486

152

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(3)

The related party transactions for each of the six-month periods ended June 30, 2026 and 2025 are as follows, continued:

<Purchase and Others>


In millions of won			Purchase and others
Company name	Transaction type		June 30, 2026		June 30, 2025
<Associates>
Korea Gas Corporation		Fuel purchase and others	W	2,808,452		2,834,688
Goseong Green Power Co., Ltd.		Electricity sales		546,763		504,481
Dongducheon Dream Power Co., Ltd.		Electricity sales		517,812		614,531
S-Power Co., Ltd.		Service		306,920		344,711
GS Donghae Electric Power Co., Ltd.		Electricity sales		268,252		244,817
Shin Pyeongtaek Power Co., Ltd.		Electricity sales		215,453		368,957
Gangneung Eco Power Co., Ltd.		Fuel sales		106		70
Korea Electric Power Industrial Development Co., Ltd.		Service		186,915		162,675
PT. Bayan Resources TBK		Dividends income and others		39,237		34,835
Daeryun Power Co., Ltd.		Electricity sales		156,627		143,442
Korea Power Exchange		Service		78,126		10,687
Chuncheon Green Energy Co., Ltd.		Electricity sales		26,487		35,812
Gangneung Sacheon Fuel Cell Co., Ltd.		Electricity sales		17,391		24,014
Taebaek Gadeoksan Wind Power Co., Ltd.		Electricity sales		14,138		16,928
KPE Green Energy Co., Ltd.		Others		18,702		20,525
Yeongyang Wind Power Corporation II		Commission		12,000		12,367
Gangwon Wind Power Co., Ltd.		Electricity sales		13,064		15,463
Godeok Clean Energy Co., Ltd.		Electricity sales		12,336		14,988
Bitgoel Eco Energy Co., Ltd.		Service and others		13,275		6,533
Noeul Green Energy Co., Ltd.		REC purchase and others		9,967		14,008
Haman Green Energy Co., Ltd.		REC purchase		13,596		4,408
Others (Hyundai Eco Energy Co., Ltd. and 56 others)		Electricity sales		136,549		141,757

153

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(3)

The related party transactions for each of the six-month periods ended June 30, 2026 and 2025 are as follows, Continued


In millions of won			Purchase and others
Company name	Transaction type		June 30, 2026		June 30, 2025
< Joint ventures >
Chun-cheon Energy Co., Ltd.		Electricity sales	W	190,083		190,770
Daegu Green Power Co., Ltd.		Electricity sales		131,578		152,187
Daesan Green Energy Co., Ltd.		Electricity sales		83,299		87,046
KAPES, Inc.		Others		46,892		102,054
Solaseado Solar Power Co., Ltd.		Electricity sales		17,098		16,564
Seokmun Energy Co., Ltd.		REC purchase and others		24,314		28,504
Cheongju Eco Park Co., Ltd.		Electricity sales		19,842		20,200
Yeongam Solar Power Co., Ltd.		Electricity sales		15,379		16,201
Datang Chifeng Renewable Power Co., Ltd.		Dividends income		—		—
Yeonggwang Wind Power Co., Ltd.		Electricity sales		12,785		16,779
Cheongna Energy Co., Ltd.		Others		63		63
Boim Combined Heat and Power Generation Co., Ltd.		Power generation service revenue and others		6,232		2,062
Eumseong Eco Park Co., Ltd.		Electricity sales		10,736		11,446
Seokmun Green Energy Co., Ltd.		Electricity sales		10,524		14,883
Goheung New Energy Co., Ltd.		Electricity sales		7,152		5,805
Yeonggwangbaeksu Wind Power Co., Ltd.		Electricity sales		7,100		6,380
KEPCO SPC Power Corporation		Dividends income and others		—		—
Others (Namyangju Combined Heat and Power Co., Ltd. and 61 others)		Electricity sales		55,351		79,081

<Others>
Korea Development Bank		Electricity fees and others		—		—
		Interest income		—		—
		Interest expense		1,374		4,862
		Dividends paid		325,725		—

			W	6,377,695		6,325,584

154

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won		Receivables				Payables
Company name	Type	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
<Associates>
Korea Gas Corporation	Trade receivables	W	110,498		15,486		—		—
	Non-trade receivables and others		21,811		447		—		—
	Trade payables		—		—		415,596		381,353
	Non-trade payables and others		—		—		60		466
Goseong Green Power Co., Ltd.	Trade receivables		25,083		69,535		—		—
	Non-trade receivables and others		719		16		—		—
	Trade payables		—		—		81,928		112,314
	Non-trade payables and others		—		—		39,388		41,070
GS Donghae Electric Power Co., Ltd.	Trade receivables		702		975		—		—
	Non-trade receivables and others		101		109		—		—
	Trade payables		—		—		191,115		154,984
	Non-trade payables and others		—		—		55		17
Dongducheon Dream Power Co., Ltd.	Trade receivables		609		1,254		—		—
	Non-trade receivables and others		413		637		—		—
	Trade payables		—		—		96,788		58,610
PT. Bayan Resources TBK	Non-trade receivables and others		82,634		—		—		—
	Trade payables		—		—		7,737		5,899
S-Power Co., Ltd.	Trade receivables		112		360		—		—
	Non-trade receivables and others		64		60		—		—
	Trade payables		—		—		58,002		49,089
Busan Green Energy Co., Ltd.	Trade receivables		1		2		—		—
	Non-trade receivables and others		53,429		50,846		—		—
	Non-trade payables and others		—		—		4,051		3,688
Chuncheon Green Energy Co., Ltd.	Non-trade receivables and others		43,302		31,676		—		—
	Non-trade payables and others		—		—		9,415		14,305
Gangneung Eco Power Co., Ltd.	Trade receivables		29,223		29,354		—		—
	Trade payables		—		—		13,936		—
	Non-trade payables and others		—		—		271		1,071
Others (Noeul Green Energy Co., Ltd. and 50 others)	Trade receivables		14,297		13,572		—		—
	Non-trade receivables and others		124,712		96,771		—		—
	Trade payables		—		—		72,514		106,174
	Non-trade payables and others		—		—		64,585		38,017

155

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(4)

Receivables and payables arising from the related party transactions as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won		Receivables				Payables
Company name	Type	June 30, 2026		December 31, 2025		June 30, 2026		December 31, 2025
<Joint ventures>
KEPCO for Power Company	Non-trade receivables and others	W	60,392		1,011		—		—
Kelar S.A.	Trade receivables		3,845		3,504		—		—
	Non-trade receivables and others		43,935		38,193		—		—
Chun-cheon Energy Co., Ltd.	Trade receivables		138		307		—		—
	Non-trade receivables and others		165		222		—		—
	Trade payables		—		—		34,853		23,654
	Non-trade payables and others		—		—		2		—
Boim Combined Heat and Power Generation Co., Ltd.	Trade receivables		46		46		—		—
	Non-trade receivables and others		4,132		5,045		—		—
	Trade payables		—		—		1,182		861
	Non-trade payables and others		—		—		27,449		27,834
SUNMEX RENOVABLES, S.A. DE C.V.	Non-trade receivables and others		29,673		3,856		—		—
Others (Daegu Green Power Co., Ltd. and 66 others)	Trade receivables		315,351		363,580		—		—
	Non-trade receivables and others		77,880		218,113		—		—
	Trade payables		—		—		50,655		41,392
	Non-trade payables and others		—		—		74,360		63,207

<Others>
Korea Development Bank	Accrued Interest Receivable		243		1,642		—		—
	Non-trade receivables and others		32,984		32,354		—		—
	Non-trade payables and others		—		—		325,769		44
	Derivatives		298,375		183,662		—		1,085

		W	1,374,869		1,162,635		1,569,711		1,125,134

156

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(5)

Loans and others arising from the related party transactions as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won
Type	Company name	Beginning balance			Loans			Collection			Others		Ending balance
Associates	KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd.	W	33,776			597			—			—		34,373
	(Allowance for doubtful accounts)		(33,776	)		(597	)		—			—		(34,373	)
Associates	Xe-Pian Xe-Namnoy Power Co., Ltd.		25,971			—			—			1,929		27,900
Associates	PT. Cirebon Energi Prasarana		50,674			3,043			(17,956	)		3,754		39,515
Associates	Daejung Offshore Wind Power Co., Ltd.		1,000			—			—			—		1,000
Associates	Bitgoel Eco Energy Co., Ltd.		22,507			—			(1,953	)		—		20,554
Associates	Saemangeum Sebit Power Plant Co., Ltd.		21,802			—			(760	)		—		21,042
Associates	Remal First Holding Company		1			—			—			—		1
Associates	Naseem First Holding Company		1			—			—			—		1
Associates	Jeju Bukchon BES Power Co., Ltd.		7,380			—			—			—		7,380
Associates	Gunsan Green Energy Co., Ltd.		627			—			—			—		627
Associates	Hoenggye Renewable Energy Co., Ltd.		—			2,407			—			—		2,407
Joint ventures	Solaseado Solar Power Co., Ltd.		33,930			—			(509	)		—		33,421
Joint ventures	Recursos Solares PV de Mexico II, S.A. de C.V.		15,550			—			—			1,156		16,706
	(Allowance for doubtful accounts)		—			(16,706	)		—			—		(16,706	)
Joint ventures	Horus Solar, S.A. de C.V.		16,794			—			(3,600	)		1,160		14,354
	(Allowance for doubtful accounts)		—			(14,343	)		—			—		(14,343	)
Joint ventures	Sunmex Renovables, S.A. de C.V.		23,859			—			—			1,773		25,632
	(Allowance for doubtful accounts)		—			(25,632	)		—			—		(25,632	)
Joint ventures	Kelar S.A.		18,320			—			—			1,919		20,239
Joint ventures	Daehan Wind Power PSC		14,778			—			(1,773	)		966		13,971
Joint ventures	Bitsolar Energy Co., Ltd.		3,165			—			—			—		3,165
Joint ventures	Daesan Green Energy Co., Ltd.		3,302			—			—			—		3,302
Joint ventures	Yangyang Wind Power Co., Ltd.		3,257			—			—			—		3,257
Joint ventures	Nghi Son 2 Power LLC		144,927			—			(10,799	)		9,913		144,041
Joint ventures	Guadalupe Solar SpA		3,073			—			(97	)		325		3,301
Joint ventures	Foresight Iberian Solar Group Holding, S.L.		72,211			2,729			—			1,941		76,881
Joint ventures	S-Power Chile SpA		287			—			—			21		308
Joint ventures	Omisan Wind Power Co., Ltd.		8,894			—			—			—		8,894
Joint ventures	Gurae Resident Power Co., Ltd.		106			—			—			—		106
Joint ventures	Yeongwol Eco Wind Co., Ltd.		2,178			—			—			—		2,178
Joint ventures	KAS Investment I LLC		7,333			6,163			—			878		14,374
Joint ventures	KAS Investment II LLC		7,391			6,213			—			885		14,489
Joint ventures	Chungsongmeon BongSan wind power Co., Ltd.		5,563			—			—			—		5,563
Joint ventures	KEPCO for Power Company		—			58,077			—			2,350		60,427
Joint ventures	Luluah SKY Energy Holding Ltd.		—			84,319			—			2,122		86,441

		W	514,881			106,270			(37,447	)		31,092		614,796

157

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(6)

Borrowings arising from the related party transactions as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won
Related parties	Type	Beginning balance		Borrowings		Repayment			Others		Ending balance
Korea Development	Facility	W	74,942		—		(3,459	)		4,432		75,915
Bank	Others		1,097		—		(157	)		—		940
	Operating funds		130,000		782,137		(812,137	)		—		100,000
	EBL and others		99,690		5,174		(2,052	)		4,751		107,563

		W	305,729		787,311		(817,805	)		9,183		284,418

158

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows:

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		USD 1,387	Rabigh Electricity Company
Korea Electric Power Corporation	Rabigh Electricity Company	Performance guarantees		SAR 4,151	Hana Bank
Korea Electric Power Corporation	Nghi Son 2 Power LLC	Certification of payment on L/C		USD 44,350	SMBC Singapore and others
Korea Electric Power Corporation	Barakah One Company	Performance guarantees and others		USD 3,691,065	First Abu Dhabi Bank and others
Korea Electric Power Corporation	RE Holiday Holdings LLC	Performance guarantees (*9)		USD 203,981	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	Shuweihat Asia Power Investment B.V.	Certification of payment on L/C		USD 9,800	Hana Bank
Korea Electric Power Corporation	Amman Asia Electric Power Company	Certification of payment on L/C		USD 12,000	Hana Bank
Korea Electric Power Corporation	Horus Solar S.A. De C.V.	Other performance guarantees		USD 1,331	CENACE
Korea Electric Power Corporation		Other performance guarantees		MXN 17,362	CFE Transmission and others
Korea Electric Power Corporation	Recursos Solares PV de Mexico II S.A. de C.V.	Other performance guarantees		MXN 1,518	SEMARNAT
Korea Electric Power Corporation	Sunmex Renovables S.A. de C.V.	Other performance guarantees		USD 9,078	CENACE
Korea Electric Power Corporation		Other performance guarantees		MXN 3,666	CFE Transmission and others
Korea Electric Power Corporation	International Offshore Power Transmission Holding Company Limited	Performance guarantees		USD 52,500	Mizuho bank
Korea Electric Power Corporation		Other performance guarantees		USD 7,000	Credit Agricole
Korea Electric Power Corporation	Pulau Indah Power Plant Sdn. Bhd.	Other guarantees		MYR 30,889	Mizuho Bank
Korea Electric Power Corporation	KEPCO for Power Company	Debt guarantees		USD 108,000	Shinhan Bank

159

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Electric Power Corporation		Other performance guarantees		USD 70,000	SMBC Seoul
Korea Electric Power Corporation	Remal Energy Company	Debt guarantees (*16)		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation	Naseem Energy Company	Debt guarantees (*17)		USD 146,400	DBS BANK Ltd. (Hong Kong)
Korea Electric Power Corporation	Yona Intermediate Holdings LLC	Debt guarantees (*19)		USD 69,460	KEXIM, DBS Bank Ltd.
Korea Western Power Co., Ltd.	Cheongna Energy Co., Ltd.	Collateralized money invested		KRW 28,202	Kookmin Bank and others
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Dongducheon Dream Power Co., Ltd.	Collateralized money invested (*5)		KRW 53,233	Kookmin Bank and others
Korea Western Power Co., Ltd.		Loan payment guarantee		KRW 18,200	HY Seobu Jeilcha Co., Ltd.
Korea Western Power Co., Ltd.	PT.Mutiara Jawa	Collateralized money invested		—	Woori Bank
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.	Xe-Pian Xe-Namnoy Power Co.,Ltd	Collateralized money invested		KRW 80,452	Krung Thai Bank
Korea Western Power Co., Ltd.		Impounding bonus guarantees (*10)		USD 5,000	SK Eco Plant Co., Ltd.
Korea Western Power Co., Ltd.	Haeng Bok Do Si Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 194	Nonghyup Bank
Korea Western Power Co., Ltd.	Shin Pyeongtaek Power Co., Ltd.	Collateralized money invested		KRW 72,000	Kookmin Bank and others
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Haemodum Solar Co., Ltd.	Collateralized money invested		KRW 1,225	Nonghyup Bank
Korea Western Power Co., Ltd.	Seoroseoro Sunny Power Plant Co., Ltd.	Collateralized money invested		KRW 706	Hana Bank and others
Korea Western Power Co., Ltd.	Muan Solar Park Co., Ltd.	Collateralized money invested		KRW 4,400	IBK and others

160

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Western Power Co., Ltd.	YuDang Solar Co., Ltd.	Collateralized money invested		KRW 360	Hana Bank and others
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Anjwa Smart Farm & Solar City Co., Ltd.	Collateralized money invested		KRW 5,651	Hana Bank and others
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant Inc.	Collateralized money invested		KRW 7,512	Nonghyup Bank
Korea Western Power Co., Ltd.	Gurae Resident Power Co., Ltd.	Collateralized money invested		KRW 386	Hana Bank and others
Korea Western Power Co., Ltd.	Yeongwol Eco Wind Co., Ltd.	Collateralized money invested		KRW 3,089	Hana Bank and others
Korea Western Power Co., Ltd.	Gunsan Land Solar Co., Ltd.	Collateralized money invested		KRW 19,091	Hana Bank and others
Korea Western Power Co., Ltd.	Seobusambo highway photovoltaics Co., Ltd.	Collateralized money invested		KRW 3,020	Hana Bank and others
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Eumseong Eco Park Co., Ltd.	Collateralized money invested		KRW 5,741	Kyobo Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	PungBack Wind Farm Corporation	Collateralized money invested		KRW 7,885	Hanwha Life Insurance Co., Ltd. and others
Korea Western Power Co., Ltd.	Wadi Noor Solar Power	Loan payment guarantee		USD 54,855	DBS Bank
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	EDFR KOWEPO Ajban PV Holding Limited	Loan payment guarantee		USD 57,090	First Abu Dhabi Bank
Korea Western Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Western Power Co., Ltd.	Taean Haetdeulwon Solar Co., Ltd.	Collateralized money invested		KRW 7,992	Kookmin Bank and others
Korea Western Power Co., Ltd.	Hapcheon Floating Photovoltaic Power Plant 2nd Inc.	Collateralized money invested		KRW 1,811	Woori Bank and others
Korea Western Power Co., Ltd.	Coastal Power SAOC	Loan payment guarantee		USD 73,150	DBS Bank

161

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

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.	Seokmun Energy Co., Ltd.	Collateralized money invested		KRW 13,959	Kookmin Bank and others
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Chun-cheon Energy Co., Ltd.	Collateralized money invested		KRW 36,669	Kookmin Bank and others
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Honam Wind Power Co., Ltd.	Collateralized money invested		KRW 4,632	Shinhan Bank and others
Korea East-West Power Co., Ltd.	GS Donghae Electric Power Co., Ltd.	Collateralized money invested		KRW 296,081	Korea Development Bank and others
Korea East-West Power Co., Ltd.	Yeonggwangbaeksu Wind Power Co., Ltd.	Collateralized money invested		KRW 3,698	Kookmin Bank and others
Korea East-West Power Co., Ltd.	Daesan Green Energy Co., Ltd.	Collateralized money invested		KRW 23,125	IBK
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—	IBK
Korea East-West Power Co., Ltd.	Taebaek Gadeoksan Wind Power Co., Ltd.	Collateralized money invested		KRW 21,491	Samsung Fire & Marine Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	PT.Tanjung Power Indonesia	Collateralized money invested		KRW 105,495	MUFG Bank Ltd. and others
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	South Jamaica Power Company Limited	Performance guarantees (*13)		USD 14,400	Credit Agricole Corporate and Investment Bank Seoul, Hana Bank
Korea East-West Power Co., Ltd.		Collateralized money invested		KRW 53,378	JCSD Trustee Services Ltd. and others
Korea East-West Power Co., Ltd.	Cheongju Eco Park Co., Ltd.	Collateralized money invested		KRW 10,423	Kyobo Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Busan Industrial Solar Co., Ltd.	Collateralized money invested		KRW 1,341	Shinhan Bank and others
Korea East-West Power Co., Ltd.	Yangyang Wind Power Co., Ltd.	Collateralized money invested		KRW 15,896	Hana Bank and others

162

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

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.		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	Goheung New Energy Co., Ltd.	Collateralized money invested		KRW 5,547	Woori Bank and others
Korea East-West Power Co., Ltd.	Yanggu Floating Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 940	Korea Development Bank
Korea East-West Power Co., Ltd.	Hoenggye Renewable Energy Co., Ltd.	Collateralized money invested		KRW 2,375	IBK
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—	IBK
Korea East-West Power Co., Ltd.	Kumyang Eco Park Co., Ltd.	Collateralized money invested		KRW 6,024	Woori Bank and others
Korea East-West Power Co., Ltd.	Amaala Sustainable Company for Energy LLC	Loan payment guarantee (*7)		USD 38,054	First Abu Dhabi Bank PJSC
Korea East-West Power Co., Ltd.		Collateralized money invested		KRW 7,692
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea East-West Power Co., Ltd.	KPE Green Energy Co., Ltd.	Collateralized money invested		KRW 10,677	Hana Bank and others
Korea East-West Power Co., Ltd.	Yeonggwang Wind Power Co., Ltd.	Collateralized money invested		KRW 27,958	KDB Capital and others
Korea East-West Power Co., Ltd.	Bitsolar Energy Co., Ltd.	Collateralized money invested		—	Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.	Jeju Bukchon BES Power Co., Ltd.	Collateralized money invested		KRW 1,696	Woori Bank and others
Korea East-West Power Co., Ltd.		Guarantees for supplemental funding (*1)		—	Woori Bank and others
Korea Southern Power Co., Ltd.	Daeryun Power Co., Ltd.	Collateralized money invested		KRW 36,803	Korea Development Bank and others
Korea Southern Power Co., Ltd.	Daegu Green Power Co., Ltd.	Collateralized money invested		KRW 32,962	Shinhan Bank and others
Korea Southern Power Co., Ltd.		Performance guarantees		—
Korea Southern Power Co., Ltd.	Kelar S.A.	Performance guarantees		USD 26,520	Hana Bank and MUFG
Korea Southern Power Co., Ltd.		Payment guarantees (*11)		USD 11,707	Hana Bank
Korea Southern Power Co., Ltd.	Daehan Wind Power PSC	Payment guarantees (*6)		USD 2,000	Hana Bank
Korea Southern Power Co., Ltd.		Performance guarantees (*14)		USD 1,800	Shinhan Bank
Korea Southern Power Co., Ltd.		Collateralized money invested		KRW 28,620	Standard Chartered Bank
Korea Southern Power Co., Ltd.	Pyeongchang Wind Power Co., Ltd.	Collateralized money invested		KRW 12,245	Woori Bank, Shinhan Bank and others
Korea Southern Power Co., Ltd.		Performance guarantees		—
Korea Southern Power Co., Ltd.	Taebaek Guinemi Wind Power Co., Ltd.	Collateralized money invested		KRW 15,202	IBK
Korea Southern Power Co., Ltd.	Samcheok Eco Materials Co., Ltd.	Payment guarantees (*2)		—	KIS SF Jeisipicha Co., Ltd.
Korea Southern Power Co., Ltd.		Performance guarantees		—	HC Base Materials Co., Ltd.
Korea Southern Power Co., Ltd.	Solaseado Solar Power Co., Ltd.	Collateralized money invested		KRW 15,153	Kookmin Bank and others
Korea Southern Power Co., Ltd.	Naepo Green Energy Co., Ltd.	Collateralized money invested		KRW 70,984	IBK and others

163

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Southern Power Co., Ltd.	Omisan Wind Power Co., Ltd.	Collateralized money invested		KRW 12,752	Shinhan Bank and others
Korea Southern Power Co., Ltd.		Performance guarantees and guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Geumsungsan Wind Power Co., Ltd.	Collateralized money invested		KRW 8,639	Kookmin Bank and others
Korea Southern Power Co., Ltd.	HORANG ENERGY Inc.	Collateralized money invested		KRW 3,911	Woori Bank and others
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haman Green Energy Co., Ltd.	Collateralized money invested		KRW 6,729	Hana Bank and others
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Jeongeup Green Power Co., Ltd.	Collateralized money invested		KRW 6,369	Mirae Asset Securities Co., Ltd.
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	HyChangwon Fuel Cell. Co., Ltd.	Collateralized money invested		KRW 8,722	Woori Bank and others
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Roof One Energy Co., Ltd.	Collateralized money invested		KRW 2,332	Woori Bank
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Namjeju Bitdream Energy Co., Ltd.	Collateralized money invested		KRW 4,819	Woori Bank and others
Korea Southern Power Co., Ltd.	Cheonwang Green Energy Co., Ltd.	Collateralized money invested		KRW 492	Samsung Fire & Marine Insurance Co., Ltd. and others
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Haetbyeotgil Sunlight Co., Ltd.	Collateralized money invested		KRW 730	Kyobo Life Insurance Co., Ltd. and Heungkuk Asset Management Co., Ltd.
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Rutile BESS. LLC	Payment guarantees		USD 17,700	Nonghyup Bank and JPMorgan Chase Bank
Korea Southern Power Co., Ltd.	Luluah SKY Energy Holding Ltd	Collateralized money invested		—	Export-Import Bank of Korea and others
Korea Southern Power Co., Ltd.	Goheung Naro Energy Storage Co., Ltd.	Collateralized equity invested		KRW 8,460	Kyobo Life Insurance Co., Ltd. and others
Korea Southern Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Southern Power Co., Ltd.	Balgeun Jindo Energy Storage Co., Ltd.	Collateralized equity invested		KRW 8,040	IBK Asset Management Co., Ltd.
KOSPO Chile SpA	Kelar S.A.	Collateralized money invested		KRW 174,582	Export-Import Bank of Korea and others
KOSPO Chile SpA	Chester Solar I SpA	Collateralized money invested		KRW 3,052	IBK
KOSPO Chile SpA	Chester Solar IV SpA	Collateralized money invested		KRW 6,825	IBK
KOSPO Chile SpA	Chester Solar V SpA	Collateralized money invested		KRW 630	IBK
KOSPO Chile SpA	Diego de Almagro Solar SpA	Collateralized money invested		KRW 4,727	IBK
KOSPO Chile SpA	Laurel SpA	Collateralized money invested		KRW 2,466	IBK

164

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	YeongGwang Yaksu Wind Electric Co., Ltd.	Collateralized money invested		KRW 31	IBK and others
Korea Midland Power Co., Ltd.	Hyundai Green Power Co., Ltd.	Collateralized money invested		KRW 83,816	Korea Development Bank and others
Korea Midland Power Co., Ltd.	PT Cirebon Electric Power	Debt guarantees		USD 3,795	Mizuho Bank
Korea Midland Power Co., Ltd.	PT Wampu Electric Power	Debt guarantees		USD 4,253	PT. Bank KB Bukopin
Korea Midland Power Co., Ltd.	Green Energy Power Co., Ltd.	Collateralized money invested		KRW 251	IBK
Korea Midland Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Yaksu ESS Co., Ltd.	Collateralized money invested		KRW 57	IBK
Korea Midland Power Co., Ltd.	Gwangbaek Solar Power Investment Co., Ltd.	Collateralized money invested		KRW 5,657	Kyobo Life Insurance Co., Ltd. and others
Korea Midland Power Co., Ltd.	Muan Haetbit Power Plant Co., Ltd.	Collateralized money invested		KRW 2,745	IBK
Korea Midland Power Co., Ltd.	Goesan Solar park Co., Ltd.	Collateralized money invested		KRW 2,874	IBK
Korea Midland Power Co., Ltd.	Bitgoel Eco Energy Co., Ltd.	Collateralized money invested		KRW 8,045	IBK and others

165

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Energyco Co., Ltd.	Collateralized money invested		KRW 2,622	Nonghyup Bank
Korea Midland Power Co., Ltd.	Jeju Gimnyeong Wind Power Co., Ltd.	Collateralized money invested		KRW 7	Nonghyup Bank
Korea Midland Power Co., Ltd.	Dongbu Highway Solar Co., Ltd.	Collateralized money invested		KRW 603	Shinhan Bank
Korea Midland Power Co., Ltd.	Seobu Highway Solar Co., Ltd.	Collateralized money invested		KRW 745	Shinhan Bank
Korea Midland Power Co., Ltd.	Yeongyang Wind Power Corporation II	Collateralized money invested		KRW 11,931	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Haeparang Energy Co., Ltd.	Collateralized money invested		KRW 2,346	Templeton Hana Asset Management Co., Ltd.
Korea Midland Power Co., Ltd.		Guarantees for supplemental funding (*1)		—
Korea Midland Power Co., Ltd.	Saemangeum Sebit Power Plant Co., Ltd.	Collateralized money invested		KRW 28,857	IBK and others
Korea Midland Power Co., Ltd.	Yeomsubong Wind Power Co., Ltd.	Collateralized money invested		KRW 430	Korea Development Bank
Korea Midland Power Co., Ltd.		Guarantees for supplemental funding (*1)		—	Korea Development Bank
Korea Midland Power Co., Ltd.	Commerce and Industry Energy Co., Ltd.	Collateralized money invested		KRW 498	IBK and others

166

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea Midland Power Co., Ltd.	Nour Ibri Solar Power SAOC	Performance guarantees		OMR 2,750	Oman Power and Water Procurement Company SAOC
Korea Midland Power Co., Ltd.		Loan payment guarantee		USD 17,300	Shinhan Bank
Korea Midland Power Co., Ltd.		Debt guarantees		USD 600
Korea Midland Power Co., Ltd.	Shinan-Ui Offshore Wind Power Co., Ltd.	Collateralized money invested		KRW 92,678	Korea Development Bank and others
Korea Midland Power Co., Ltd.	Gubbaberget Vindkraft AB	Performance guarantees		EUR 7,031	Microsoft Ireland Operations Limited
Korea Midland Power Co., Ltd.	Concho County Solar 1, LLC	Performance guarantees		USD 15,038	Deutsche Bank Trust Company Americas and others
Korea South-East Power Co., Ltd.	Boim Cogeneration Co., Ltd.	Collateralized money invested (*3,4)		—	IBK
Korea South-East Power Co., Ltd.		Guarantees for supplemental funding and others (*1,15)		KRW 76,800	NH Investment & Securities Co., Ltd. and others
Korea South-East Power Co., Ltd.	RES Technology AD	Collateralized money invested (*4)		EUR 7,210	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	ASM-BG investicii AD	Collateralized money invested (*4)		EUR 5,735	UniCredit Bulbank and others
Korea South-East Power Co., Ltd.	Goseong Green Power Co., Ltd.	Collateralized money invested (*4)		KRW 266,317	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Gangneung Eco Power Co., Ltd.	Collateralized money invested (*4)		KRW 228,099	Kyobo Life Insurance Co., Ltd. and others

167

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

In millions of won and thousands of foreign currencies


Primary guarantor	Principal obligor	Type of guarantees	Credit limit		Creditor
Korea South-East Power Co., Ltd.	PND Solar Co., Ltd.	Collateralized money invested (*4)		KRW 1,711	IBK
Korea South-East Power Co., Ltd.	Hyundai Eco Energy Co., Ltd.	Collateralized money invested (*4)		KRW 9,114	Samsung Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Jaeun Jumin Baram Power Plant Co., Ltd.	Collateralized money invested (*4)		KRW 45	IBK
Korea South-East Power Co., Ltd.	Chungsongmeon BongSan wind power Co., Ltd.	Collateralized money invested (*4)		—	Kyobo Life Insurance Co., Ltd. and others
Korea South-East Power Co., Ltd.	Yeongam Solar Power Co., Ltd.	Collateralized money invested (*4)		KRW 12,224	Kookmin Bank and others
Korea South-East Power Co., Ltd.	Samsu Wind Power Co., Ltd.	Collateralized money invested (*4)		KRW 3,507	Shinhan Bank and others
Korea South-East Power Co., Ltd.	Saemangeum Heemang Photovoltaic Co., Ltd.	Collateralized money invested (*4)		KRW 17,001	Woori Bank and others
Korea South-East Power Co., Ltd.	Nepal Water & Energy Development Company Pty.,Ltd.	Collateralized money invested (*4)		USD 95,960	International Finance Corporation and others
Korea South-East Power Co., Ltd.		Business reserve payment guarantee		USD 33,333
Korea South-East Power Co., Ltd.	Santiago Solar Power SpA	Debt guarantees (*8)		USD 8,000	Nonghyup Bank and others
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 1,392	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Godeok Clean Energy Co., Ltd.	Collateralized money invested		KRW 5,578	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.		Guarantees for supplemental funding (*18)		—
Korea Hydro & Nuclear Power Co., Ltd.	Cheong-Song Noraesan Wind Power Co., Ltd.	Collateralized money invested		KRW 3,742	Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gwangyang Green Energy Co., Ltd.	Collateralized money invested		KRW 23,526	Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Gangneung Sacheon Fuel Cell Co., Ltd.	Collateralized money invested		KRW 8,994	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Chuncheon Green Energy Co., Ltd.	Collateralized money invested		KRW 14,917	Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Yangyang Suri Wind Power Co., Ltd.	Collateralized money invested		KRW 9,396	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Bigeum Jumin Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 7,106	Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.	Songsan Green Energy Co., Ltd.	Collateralized money invested		KRW 11,865	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Changwon Nu-ri Energy Co., Ltd.	Collateralized money invested		KRW 9,652	Hana Bank
Korea Hydro & Nuclear Power Co., Ltd.	Imha Floating Photovoltaic Power Co., Ltd.	Collateralized money invested		KRW 7,501	Hana Bank
KHNP USA LLC	KAS INVESTMENT I LLC	Payment guarantees (*12)		USD 9,770	WOORI AMERICA BANK
KHNP USA LLC	KAS INVESTMENT II LLC	Payment guarantees (*12)		USD 9,730	WOORI AMERICA BANK

(*1)

The Group guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.

(*2)

Samcheok Eco Materials Co., Ltd., a joint venture of the Group has issued the hybrid bonds. If the bonds are not repaid by December 8, 2026, the parent company and shareholders except the parent company must purchase the bonds from the acquirer. As of June 30, 2026, derivative liabilities of W23,494 million were recognized in relation to this obligation. Meanwhile, the Group has entered into an agreement to compensate for potential losses in connection with the fulfillment of the obligated supply volume under the coal ash supply obligation agreement.

(*3)

The Group recognized an impairment loss on all of the equity securities of Boim Combined Heat and Power Generation Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is W47,067 million.

(*4)

The agreement includes an obligation to contribute, in proportion to the equity interest, any excess amount over the threshold in the event that the non-recognized portion of the guaranteed company’s capital expenditure exceeds the prescribed limit.

(*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 Jordan Tafila wind power project for opening L/C for Debt Service Reserve Account (DSRA).

168

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(7)

Guarantees provided to the related parties as of June 30, 2026 are as follows, continued:

(*7)

The Group provided EBL payment and EBL hedging guarantee to Amaala Sustainable Company for Energy LLC, an associate of the Group.

(*8)

The Group has issued a guaranteed letter of credit in the amount of USD 8,000 thousand under the interlender loan agreement with Santiago Solar Power SpA.

(*9)

The credit limits of guarantees to RE Holiday Holdings LLC include the credit limits of guarantees to their subsidiaries.

(*10)

Xe-Pian Xe-Namnoy Power Co., Ltd., an associate of the Group, has entered a contract to pay an incentive-type impounding bonus to SK Eco Plant Co., Ltd. when the Xe-Pian Xe-Namnoy Dam is completed. If Xe-Pian Xe-Namnoy Power Co., Ltd. fails to pay SK Eco Plant Co., Ltd., the Group guarantees the payment, and the amount is USD 5,000 thousand.

(*11)

The Group provided a payment guarantee to the Chile Kelar project for opening L/C for Debt Service Reserve Account (DSRA), and others.

(*12)

The credit limits of guarantees to KAS INVESTMENT I LLC, KAS INVESTMENT II LLC include the credit limits of guarantees to their subsidiaries.

(*13)

The payment guarantee is related to the gas combined cycle power project of South Jamaica Power Company Limited, a joint venture of the Group.

(*14)

The Group has provided a performance guarantee in connection with the Tafila Wind Power Project in Jordan.

(*15)

In accordance with the agreement, as an outflow of cash is probable and the amount required for the fulfillment of the obligation can be reliably estimated, the Group has recognized the estimated amount as other provisions, amounting to W12,093 million.

(*16)

This represents guarantees provided to Remal Energy Company, a subsidiary of Remal First Holding Company, an associate of the Group, in connection with the gas combined cycle power project.

(*17)

This represents guarantees provided to Naseem Energy Company, a subsidiary of Naseem First Holding Company, an associate of the Group, in connection with the gas combined cycle power project.

(*18)

The payment guarantee is a supplemental funding agreement for excessive construction costs and others of Chuncheon Green Energy Co., Ltd. The Group is obligated to pay, in proportion to its equity interest, for the excessive business expenses of the guaranteed company incurred before the completion date, and the debt guarantee is released after the date of overall completion.

(*19)

This represents guarantees provided to Yona Intermediate Holdings LLC, a joint venture of KEPCO Yona America LLC, a subsidiary of the Group, in connection with the solar power generation business.

169

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(8)

Guarantees received from the related parties as of June 30, 2026 are as follows:

(9)

Derivatives transactions with the related parties as of June 30, 2026 are as follows:

(i) Currency Swap


In millions of won and thousands of foreign currencies except contract exchange rate information
			Contract amounts				Contract interest rate per annum						Contract exchange
													rate
Counterparty	Contract year		Pay		Receive		Pay			Receive			(in won)
Korea Development Bank		2021~2026	W	118,170		USD 100,000		1.11	%		1.13	%	W	1,181.70
		2022~2028		283,820		USD 200,000		5.12	%		5.50	%		1,419.10
		2023~2026		256,000		USD 200,000		4.04	%		5.38	%		1,280.00
		2024~2027		864,890		USD 650,000		3.53	%		4.88	%		1,330.60
		2025~2028		73,160		USD 50,000		3.02	%		Compounded Daily SOFR + 0.62	%		1,463.20
		2017~2027		111,610		USD 100,000		2.31	%		3.13	%		1,116.10
		2018~2028		108,600		HKD 800,000		2.69	%		3.35	%		135.75
		2019~2027		119,978		CHF 100,000		1.43	%		0.05	%		1,199.78
		2022~2027		262,000		USD 200,000		3.63	%		4.25	%		1,310.00
		2024~2028		257,880		USD 200,000		3.80	%		5.00	%		1,289.40
		2024~2028		128,940		USD 100,000		3.69	%		5.00	%		1,289.40
		2024~2029		138,540		USD 100,000		3.19	%		4.63	%		1,385.40
		2025~2030		556,560		USD 400,000		2.75	%		SOFR + 0.79	%		1,391.40
		2026~2031		302,000		USD 200,000		4.09	%		4.50	%		1,510.00
		2021~2026		114,230		USD 100,000		1.27	%		1.25	%		1,142.30
		2022~2027		123,710		USD 100,000		3.41	%		3.63	%		1,237.10
		2023~2028		129,500		USD 100,000		3.85	%		4.88	%		1,295.00

(ii) Currency forward

In millions of Won and thousands of foreign currencies except contract exchange rate information

Contract amounts

Contract
exchange

rate

Counterparty

Contract date

Maturity date

Pay

Receive

(in Won)

Korea Development Bank

2026.06.16

2026.07.07

13,615

USD 9,000

1,512.78

2026.06.29

2026.07.23

10,791

USD 7,000

1,541.62

170

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

46.

Related Parties, Continued

(10)

The Group acquired financial instruments of W120,000 million from Korea Development Bank, an other related party, and disposed of W80,000 million of them during the year ended December 31, 2025.

(11)

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. The Group recorded salaries and other compensations related to the key management personnel as follows:


In millions of Won	June 30, 2026				June 30, 2025
Type	Three-month period ended		Six-month period ended		Three-month period ended		Six-month period ended
Salaries	W	715		932		722		954
Employee benefits		13		30		15		32

	W	728		962		737		986

171

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

47.

Statement of Cash Flows

(1)

Significant non-cash transactions for each of the six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of won
Transactions	For the six-month period ended June 30, 2026		For the six-month period ended June 30, 2025
Transfer from construction-in-progress to other assets	W	6,637,806		3,455,156
Recognition of asset retirement cost and related provision for decommissioning costs		421,072		252,052
Transfer from provision for disposal of used nuclear fuel to accrued expenses		265,905		207,685
Transfer from long-term borrowings to current portion of long-term borrowings		1,456,634		868,639
Transfer from debt securities to current portion of debt securities		15,371,779		12,379,107
Transfer from inventory to stored nuclear fuel		814,931		627,304
Recognition of right-of-use assets and others		72,587		43,906

(2)

Changes in liabilities incurred from financing activities for each of the six-month periods ended June 30, 2026 and 2025 are as follows:


In millions of won	For the six-month period ended June 30, 2026
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	21,996,296			2,540,963			—		42,230			24,579,489
Debt securities		107,772,996			(263,005	)		—		1,227,463			108,737,454
Lease liabilities		3,150,880			(287,247	)		67,712		203,370			3,134,715
Dividends Payable		1,319			(1,052,853	)		—		1,051,768			234
Derivative liabilities (assets), net		(1,870,050	)		583,316			—		(1,376,346	)		(2,663,080	)

	W	131,051,441			1,521,174			67,712		1,148,485			133,788,812


In millions of won	For the six-month period ended June 30, 2025
							Non-cash changes
	Beginning balance			Cash flows			Increase		Effect of exchange rate fluctuations and others			Ending balance
Borrowings	W	20,659,381			4,047,550			—		(168,518	)		24,538,413
Debt securities		111,874,019			(3,315,584	)		—		(1,235,255	)		107,323,180
Lease liabilities		3,699,456			(329,894	)		37,195		(157,398	)		3,249,359
Dividends Payable		5,063			(211,453	)		—		213,174			6,784
Derivative liabilities (assets), net		(2,406,338	)		539,303			—		1,131,167			(735,868	)

	W	133,831,581			729,922			37,195		(216,830	)		134,381,868

172

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure

(1)

The commitments for acquisition of property, plant and equipment as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)	W	57,235		425		57,226		417
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S		36,970		—		37,081		8,394
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Gwangyang S/S		37,744		140		37,744		140
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others (Kyungin Construction)		58,271		746		58,271		746
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S		35,282		224		35,282		4,749
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)		35,016		703		35,016		703
Purchase of cable (PVC, 1C, 2500SQ) 57,868M and others (Goduk-Seoansung)		40,937		654		40,937		654
Purchase of cable (PE, 1C, 2000SQ) 87,732M and others (Eulwangboonki)		36,446		1,015		36,446		1,015
Purchase of GIS (362kV,6300A,63kA) Type 18 – Wolsung S/Y		33,057		16,045		33,057		16,045
System stabilization ESS equipment (Bubuk S/S) Type 1		221,939		42,137		221,939		42,137
System stabilization ESS equipment (Yeongcheon S/S) Type 1		72,779		16,975		72,779		16,975
System stabilization ESS equipment (Yesan S/S) Type 1		56,174		11,471		56,174		11,471
System stabilization ESS equipment (Hamyang S/S) Type 1		35,764		11,468		35,764		11,468
Purchase of GIS (362kV, 6300A, 63kA) Type 31 – East Seoul S/S		39,345		39,275		38,520		38,520
Purchase of cable (PVC, 1C, 2000SQ) 68,613M and others (Dongducheon-Yangju)		41,249		—		40,933		15,651
Purchase of HVDC cable (PE, 2500SQ) 31,551M and others		39,664		10,644		40,323		31,810
Purchase of HVDC cable (PE, 2500SQ) 30,883M and others		40,059		10,564		40,130		31,505
Stationary reactive power compensation device (Phase 3, ±500MVAR) – Shin Jecheon S/S		39,300		39,300		39,300		39,300
Stationary reactive power compensation device (STATCOM, phase 3, ±500MVAR) – East coast #1C/S		37,756		37,756		37,600		37,600
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Gapyeong S/S		40,590		40,590		40,590		40,590
Stationary reactive power compensation device (STATCOM/Phase 3, ±500MVAR) – Shin Namwon S/S		37,100		37,100		37,100		37,100
Steel Pipe Towers (500kV HVDC), 6,105 tons – Donghae–Shingapyeong (Section 2)		32,381		2,261		32,381		11,453
Steel pipe towers (500KV HVDC) 6,143 tons – East Coast-Singapyeong (Section 3)		33,078		12		31,184		14,490
Purchase of GIS (362kV, 6300A, 63kA) Type 16 and others -East coast #1C/S		42,535		—		41,000		40,700
Purchase of cable (PVC, 1C, 2500SQ) 55,593M and others (Shin Anseong–Dong Yongin)		—		—		38,086		10,334
Concrete pole (10M, general purpose, 500KGF) 70,000 ea and five other equipment		—		—		31,838		18,411
AMIGO, 1P2W, 60(5)A, Electronic, Class 1.0, 220V, 709,616 units – Annual Unit Price (General)		54,544		6,022		40,475		29,546
AMIGO, 3P4W, 120(10)A, Electronic, Class 1.0, 220V, 422,751 units – Annual Unit Price (General)		47,476		2,133		42,252		12,262
Purchase of cable (PVC, 1C, 2000SQ) 74,647M and others (East Seoul#2-Tancheon)		31,352		31,352		30,471		30,471
154KV power cable (PE,1C,2500SQ) and 1 other type, 69,720M and accessories (Saemangeum-Dongbieung)		31,514		11,423		30,607		20,679
Static VAR compensator (3-phase, ±500MVAR), 1 unit – East Coast #2 converter station		36,400		36,400		36,400		36,400
GIS (800KV,8000A,50KA), 7 units – Dangjin Thermal Power Plant		65,264		65,264		63,903		63,903
765kV power transformers, 3 banks (15 tanks) – Dangjin Thermal Power Plant		62,332		61,100		61,100		61,100
345KV power cable (PVC,1C,2000SQ) 61,641M and accessories (Singangseo branch)		52,204		52,204		52,204		52,204
Static VAR compensator (STATCOM, 3-phase, ±500MVAR), 2 units – Sinokcheon S/S		61,844		61,844		58,650		58,650
Static VAR compensator (STATCOM, 3-phase, ±500MVAR), 1 unit – Sinjeongeup S/S		31,212		31,212		29,600		29,600

173

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure, Continued

(1)

The commitments for acquisition of property, plant and equipment as of June 30, 2026 and December 31, 2025 are as follows, continued:


In millions of won	As of June 30, 2026				As of December 31, 2025
Contracts	Commitment amounts		Remaining liability balances		Commitment amounts		Remaining liability balances
Insulated vinyl sheathed cable (600V,CV,1C,240SQ) 964,800M (annual unit price)	W	36,981		23,051		—		—
GIS (362KV 6300A/550KV 2000A,63KA), 22 units – East Coast #2 C/S		31,800		31,800		—		—
AMIGO, 1P2W, 60(5)A, electronic type, class 1.0, 220V 1,250,725EA – annual unit price (general)		34,695		34,695		—		—
[Re-announcement of remaining quantity] AMIGO, 1P2W, 60(5)A, electronic type, class 1.0, 220V 1,250,725EA – annual unit price (general) / remaining quantity: 750,435EA		34,695		34,695		—		—
Power cable (PVC,1C,2000SQ) 60,438M and accessories (154kV Sani branch)		39,405		39,405		—		—
154kV power cable (PE,1C,2000SQ) and 1 other type, 113,712M and accessories (Gook-Deukryang underground TL)		72,480		72,480		—		—
HVDC XLPE power cable (HFFR,2500SQ) 86,209M and accessories [Section 2]		133,025		133,025		—		—
HVDC (70kV, XLPE, HFFR 2,500SQ) 86,158M and accessories [Section 3]		82,000		82,000		—		—
HVDC XLPE power cable (HFFR,2500SQ) 86,158M and accessories [Section 1]		132,538		132,538		—		—
GIS (362KV,6300A,63KA), 27 units and 1 other type – Sinhanam S/S (new)		34,200		34,200		—		—
Construction of Saeul Units (#3,4)		11,718,217		122,001		11,718,217		921,006
Construction of Shin-Hanul Units (#3,4)		12,343,245		9,630,709		12,343,245		10,205,627
Other 64 contracts		2,294,689		1,380,127		2,245,116		1,583,953
Purchase of equipment for the construction project of Boryeong indoor coal storage yard		332,681		77,363		371,978		134,735
Purchase of main machine for Boryeong New Complex Unit 1		283,779		25,796		282,623		29,970
Boryeong New Complex Unit 1 Construction Project		238,130		64,831		221,475		93,617
Haman Combined Power Block Conditional Purchase Agreement		579,475		473,963		586,983		514,447
Purchase of gas turbine and turbine equipment of Gimpo combined heat & power plant		123,989		9,820		123,989		9,820
Construction of Gimpo combined heat & power plant		—		—		223,697		7,184
Purchase of gas turbines, steam turbines, and accessories for Gumi natural gas power plant		198,883		710		198,029		18,973
Purchase of heat recovery boiler and accessories for Gumi natural gas power plant		65,961		195		65,918		9,336
Construction of Gumi natural gas power plant		329,321		9,654		301,684		24,569
Construction of Gongju natural gas power plant		236,015		77,362		224,392		120,972
Purchase of natural gas main machine and accessories at Gongju natural gas power plant		308,337		33,576		310,322		257,822
Purchase of main equipment and ancillary facilities for the Yeosu Natural Gas Power Plant.		288,250		232,221		288,250		232,221
Purchase of gas turbine and auxiliary facilities for Asan cogeneration power plant		123,000		99,625		123,000		123,000
Construction of Yeosu natural gas power plant		231,659		231,659		—		—
Purchase of coal handling machine for construction of Samcheok Units (#1,2)		327,569		1,170		327,569		2,110
Purchase of main equipment for Shin-Sejong combined thermal power plant		234,392		531		234,392		2,862
Purchase for remaining works of indoor coal storage at Hadong Thermal Power Plant		62,335		30,425		61,859		49,504
Purchase of Samcheok hydrogen compound co-firing facility infrastructure		130,340		42,113		128,820		64,989
Construction of Andong Combined Unit 2 Power Plant		189,470		95,363		185,647		132,297
Purchase of main equipment for Andong Combined Unit 2		279,771		21,106		279,771		125,852
Service of designing Hadong Combined Unit 1		30,179		24,151		32,289		26,988
Purchase of gas turbine for Goyang Changneung		120,945		95,601		—		—
Purchase of gas turbine for Hadong		241,890		191,149		—		—

174

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

48.

Commitments for Expenditure, Continued

(2)

As of June 30, 2026, details of contracts for inventory purchase commitment are as follows:


Type	Periods	Contracted quantity
Concentrate	2026 ~ 2036	24,578 Ton U3O8
Conversion	2026 ~ 2034	20,703 Ton U
Enrichment	2026 ~ 2040	29,880 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 1,370 Ton U (contract periods: 2024 ~ 2033).

175

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments

(1)

Ongoing litigations and arbitrations related with contingent liabilities and contingent assets as of June 30, 2026 and December 31, 2025 are as follows:


In millions of won	As of June 30, 2026				As of December 31, 2025
	Number of cases		Amount		Number of cases		Amount
As the defendant		716	W	841,815		706	W	799,646
As the plaintiff		267		521,975		244		531,459

The above information has been prepared including the subsidiaries of each entity. As of June 30, 2026, there are 7 ongoing litigations and 1 arbitration case in which the Group is the plaintiff or the defendant.

The Group is the defendant against a number of litigations. The following is ongoing litigation pertaining to the Group which can potentially be significant:

There are multiple ongoing litigations against the Group related to ordinary wages, requesting payment of unpaid wages, with an aggregate claim amount of W196,569 million as of June 30, 2026. While the ultimate outcomes of these lawsuits cannot be predicted, management believes that their outcome would not have a material impact on the Group’s operations or financial position.

There are 8 arbitration cases pertaining to the Group as of June 30, 2026 and the significant arbitration cases are as follows:

During the year ended December 31, 2025, Hyosung Heavy Industries Co., Ltd. filed an arbitration claim with the Korean Commercial Arbitration Board against the Group in connection with the technology development agreement for the 200MW voltage-sourced HVDC facilities and the related acquisition price. The Group cannot reasonably estimate the amount and timing of resource outflows resulting from the arbitration.

ii)

The Group is in the process of an adjudication by the Electricity Commission of the Ministry of Climate, Energy and Environment regarding the application for adjudication seeking confirmation of the obligation to pay the installation costs of STATCOM (static synchronous compensator) for Saeul Units 3 and 4 (formerly Shin-Kori Units 5 and 6) and Hanbit Units 1 and 2. As of June 30, 2026, the Group cannot reasonably estimate the possibility of an outflow of economic benefits resulting from the adjudication.

176

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(2)

Guarantees of payments and commitments provided to other companies as of June 30, 2026 are as follows:

The Group, together with the other shareholders, has provided collateral to the syndicate of lenders of PT Indo Raya Tenaga, the project company of PT Barito Wahana Tenaga, by establishing a revolving pledge on the shares of PT Barito Wahana Tenaga for the project financing of PT Barito Wahana Tenaga as of June 30, 2026.

The Group has entered into a borrowing agreement with a limit of USD 264,800 thousand with a syndicate of lenders including 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. In relation to this financial agreement, the Group is providing its entire shares in Mira Power Limited and business-related PP&E as collateral to the lenders.

The Group has provided USD 6,015 thousand for a debt guarantee to Export-Import Bank of Korea, BNP Paribas and ING Bank, to guarantee the payment of debt related to hydroelectric power business of Tanggamus, Indonesia.

The Group has provided USD 4,253 thousand for a debt guarantee to PT. Bank KB Bukopin, to guarantee the payment of debt related to hydroelectric power business of Wampu, Indonesia.

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a performance guarantee up to USD 3,000 thousand regarding weatherization in relation with tax investors for the Concho Valley solar power project in the United States.

The Group has provided Microsoft Ireland Operations Limited a performance guarantee of EUR 7,031 thousand to guarantee the implementation of the power plant construction during the construction period for the Guba Buget wind power project in Sweden.

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.

The Group has provided Mizuho Bank, Ltd. a debt guarantee of USD 3,795 thousand to guarantee the Debt Service Reserve Account (DSRA) related to the Cirebon power generation business of PT. Cirebon Electric Power in Indonesia.

The Group has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,599,935 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.

10)

The Group has provided USD 30,000 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.

11)

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.

12)

The Group has provided Hana Bank a debt guarantee up to USD 40,000 thousand to guarantee Equity Bridge Loan for Concho Valley solar business in the United States.

13)

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.

14)

The Group has provided RBC Community Investments Impact Renewables HoldCo-1, LLC a guarantee for up to USD 62,800 thousand for the fulfillment of subscription obligation regarding Concho Valley solar power project in the United States.

15)

The Group has provided a performance guarantee of USD 4,413 thousand to Mondelez Global, LLC, as a guarantee for the U.S. Lucy solar power project undertaken by Concho County Solar 1, LLC.

16)

The Group has provided a performance guarantee of USD 10,625 thousand to Deutsche Bank Trust Company Americas for the U.S. Lucy solar power project performed by Concho County Solar 1, LLC.

17)

The Group has provided a performance guarantee of OMR 2,750 thousand to Oman Power and Water Procurement Company SAOC for the Ibri 3 solar project in Oman performed by the Consortium of MASDAR, KOMIPO, AL KHADRA and OQAE.

18)

The Group has provided an equity contribution guarantee of USD 17,515 thousand to Natixis for the Ibri 3 solar project in Oman performed by KOMIPO Middle East Energy L.L.C. FZ., a subsidiary of the Group.

19)

The Group has provided a performance guarantee of OMR 667 thousand to Oman Power and Water Procurement Company SAOC as a bid bond for the Al Kamil solar project in Oman performed by the Consortium of ABU DHABI FUTURE ENERGY COMPANY PJSC MASDAR, KOMIPO and AL KHADRA.

177

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(3)

Credit lines provided by financial institutions and others as of June 30, 2026 are as follows:


In millions of won and thousands of foreign currencies

Commitments	Financial institutions	Currency	Credit limit
Commitments on Bank-overdraft	Kookmin Bank and others	KRW		1,780,500
Limit amount available for CP	Hana Bank and others	KRW		9,750,000
General Loan, etc.	Nonghyup Bank and others	KRW		2,600,000
Limit amount available for card	Woori Card and others	KRW		48,458
Loan limit	Hana Bank and others	KRW		3,054,695
	Kookmin Bank and others	USD		1,640,000
Certification of payment on payables from foreign country	Nonghyup Bank	USD		8,700
Certification of payment on L/C	Kookmin Bank and others	USD		1,317,858
	Hana Bank and others	EUR		7,031
	Shinhan Bank	JPY		116,773
Certification of Performance guarantee on contract	Hana Bank and others	KRW		188,841
	Hana Bank and others	USD		1,696,728
	SMTB	JPY		6,500,000
	Hana Bank and others	EUR		387,813
	Hana Bank	INR		27,117
	Hana Bank	OMR		11,286
	First Abu Dhabi Bank	AED		52,500
	Saudi National Bank and others	SAR		120,000
Certification of bidding	Seoul Guarantee Insurance	KRW		11,880
	Abu Dhabi Commercial Bank and others	USD		16,200
	Commercial Bank of Kuwait	KWD		870
Advance payment bond, Warranty bond, Retention bond and others	Seoul Guarantee Insurance	KRW		110,226
	Deutsche Bank Saudi and others	USD		753,153
	Saudi National Bank	SAR		22,505
	Bank ABC	BHD		1,375
	Shinhan Bank and others	MXN		22,546
Others (*)	Shinhan Bank and others	KRW		621,913
	Hana Bank and others	USD		1,073,954
	Shinhan Bank	QAR		155,213
	Standard Chartered	AED		50
	Hana Bank	SAR		4,151
	MayBank	MYR		30,889
Secured loan of credit sales	Hana Bank and others	KRW		320,050
Inclusive credit	Hana Bank and others	KRW		28,000
	Shinhan Bank and others	USD		35,000
Equity Bridge Loan Guarantee	DBS Bank and others	USD		1,114,398
Trade finance	Kookmin Bank and others	USD		600,000

(*)	As of June 30, 2026, the Group has entered into a credit extension agreement for derivatives transactions with Nonghyup Bank, Hana Bank and Woori Bank as ancillary to currency swap transactions.

178

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(4)

As of June 30, 2026, promissory notes and assets provided as collaterals or pledges to financial institutions by the Group are as follows:

In millions of won and thousands of foreign currencies

Obligor

Creditor

Assets provided as
security (*2)

Currency

Amount

Description

Mira Power Limited

International Finance Corporation and others

Property, plant and Equipment and others

USD

264,800

Collateral for borrowings

(*1)

Tamra Offshore Wind Power Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

132,000

Collateral for borrowings

(*1)

Gyeonggi Green Energy Co., Ltd.

Korea Development Bank and others

Cash and cash equivalents and others

KRW

251,600

Collateral for borrowings

(*1)

Jeongam Wind Power Co., Ltd.

KDB Capital Corporation and others

Cash and cash equivalents and others

KRW

230,716

Collateral for borrowings (*1)

Gyeongju Wind Power Co., Ltd.

Shinhan Bank and others

Property, plant and equipment and others

KRW

68,400

Collateral for borrowings (*1)

Korea Offshore Wind Power Co., Ltd.

Woori Bank and others

Property, plant and equipment and others

KRW

244,500

Collateral for borrowings

(*1)

Qatrana Electric Power Company

The Islamic Development Bank and others

Finance lease receivable and property, plant and equipment and others

USD

10,320

Collateral for borrowings

(*1)

KST Electric Power Company, S.A.P.I. de C.V.

Export–Import Bank of Korea and others

Finance lease receivable and property, plant and equipment and others

USD

300,253

Collateral for debt securities (*1)

Incheon Fuel Cell Co., Ltd.

Kookmin Bank and others

Cash and cash equivalents and others

KRW

230,800

Collateral for borrowings

(*1)

K-SOLAR SHINAN Co., Ltd.

Kyobo Life Insurance Co., Ltd. and others

Property, plant and equipment and others

KRW

274,780

Collateral for borrowings

(*1)

KOSPO Youngnam Power Co., Ltd.

Shinhan Bank and others

Cash and cash equivalents and others

KRW

744,120

Collateral for borrowings (*1)

Jeju Hanlim Offshore Wind Co., Ltd.

Kookmin Bank and others

Property, plant and equipment and others

KRW

98,663

Collateral for borrowings

Western Power Changgi Solar Co., Ltd.

Samsung Life Insurance and others

Property, plant and equipment and others

KRW

45,000

Collateral for borrowings

(*1)

Yeongdeok Sunrise Wind Power Co., Ltd.

Korea Development Bank and others

Property, plant and equipment and others

KRW

96,240

Collateral for borrowings (*1)

Chitose Solar Power Plant LLC

SMTB

Cash and cash equivalents

JPY

515,265

Collateral for borrowings

Mangilao Intermediate Holdings LLC

Mizuho Bank and others

Trade receivables and others

USD

81,858

Collateral for borrowings (*1)

(*1)	This is based on the amount of loan commitment limit.

(*2)	In connection with the above borrowings, an assignment of rights as collateral, a revolving pledge on insurance claims under insurance contracts, revolving mortgages on factory foundations and revolving pledges on deposits, etc. have been established.

The Group has W1,197 million of project loans from the Korea Energy Agency as of June 30, 2026. The Group has provided one blank check as security for the repayment of the borrowings.

179

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

49.

Contingencies and Commitments, Continued

(5)

The Group temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of W53,909 million as of June 30, 2026, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of W226 million and depreciation on the idle assets of W1,797 million are recorded in other expenses for the six-month period ended June 30, 2026. 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 June 30, 2026.

(6)

As the government of the Republic of Korea announced the suspension of operation in Gaeseong Industrial District, it is uncertain if the Group can exercise the property rights for the Group’s facility in Gaeseong Industrial District as of June 30, 2026. Accordingly, the book value of the facility, amounting to W11,778 million, was recognized as an impairment loss, and trade receivables related to companies residing in the Gaeseong Industrial District were fully written off. As of June 30, 2026, the Group cannot make reasonable estimation on whether assets will be recovered or utilized in regular way related thereto.

(7)

As of June 30, 2026, the Group owns land at 6171-1 Nuri-ri, Yeongi-myeon, Sejong Special Self-Governing City as PP&E with limited ownership, and its book value is W64,371 million.

(8)

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.

(9)

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.

(10)

The Group believes that a potential obligation for mutual growth cooperation funds exists in connection with the nuclear power plants for which continued operation is being pursued as their design lives are close to expiration, considering past practices in the operation of nuclear power plants. As of June 30, 2026, the amount and terms of the payment have not been agreed upon, and therefore the Group cannot reasonably estimate the possibility of an outflow of economic benefits resulting from the fulfillment of the obligation.

(11)

The armed conflict in the Middle East that began in February 2026 and the related changes in the international situation may affect companies doing business directly or indirectly with the countries involved in the conflict, as well as companies directly or indirectly exposed to the industries or economies of those countries. The Group cannot reasonably estimate the future financial impact of the conflict in the Middle East.

180

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

50.

Subsequent Events

(1)

Subsequent to June 30, 2026, KEPCO and its subsidiaries, Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd. and Korea East-West Power Co., Ltd., issued bonds denominated in Korean won and foreign currencies for the purposes of operating funds and debt repayments. Details are as follows:


In millions of won and thousands of foreign currencies
Company	Type	Issue date		Maturity		Interest rate (%)			Amount
Korea Electric Power Corporation	#1600 Corporate bond		2026.07.02		2028.10.10		4.04		W510,000
	#1601 Corporate bond		2026.07.02		2029.04.03		4.09		300,000
	#1602 Corporate bond		2026.07.02		2029.07.02		4.12		700,000
	#1603 Corporate bond		2026.07.15		2029.07.13		4.24		300,000
	#1604 Corporate bond		2026.07.09		2029.05.03		4.17		600,000
	#1605 Corporate bond		2026.07.09		2029.07.09		4.26		50,000
	#1606 Corporate bond		2026.08.06		2029.05.03		4.07		290,000
	#1607 Corporate bond		2026.08.06		2029.08.06		4.11		780,000
	#1608 Corporate bond		2026.08.12		2028.08.11		4.00		80,000
	#1609 Corporate bond		2026.08.12		2029.08.10		4.22		70,000
	#1610 Corporate bond		2026.08.12		2031.08.12		4.41		50,000
	#19 Global bond		2026.07.21		2031.07.21		4.75		USD 300,000
	#20 Global bond		2026.07.21		2029.07.21		Compounded Daily SOFR + 0.62	%	USD 400,000
Korea South-East Power Co., Ltd.	#74-1 Corporate bond		2026.07.27		2029.07.27		4.45		220,000
	#74-2 Corporate bond		2026.07.27		2036.07.25		4.96		40,000
Korea Midland Power Co., Ltd.	#79-1 Corporate bond		2026.07.09		2028.07.09		4.16		30,000
	#79-2 Corporate bond		2026.07.09		2029.07.09		4.24		200,000
	Debt securities in foreign currencies		2026.07.28		2029.07.28		4.75		USD 300,000
Korea Western Power Co., Ltd.	#80-1 Corporate bond		2026.07.27		2028.07.27		4.34		250,000
	#80-2 Corporate bond		2026.07.27		2029.07.27		4.45		330,000
Korea Southern Power Co., Ltd.	#86 Corporate bond		2026.07.14		2029.07.13		4.27		200,000
Korea East-West Power Co., Ltd.	#26-1 Debt securities in foreign currencies		2026.07.13		2032.01.13		4.75		USD 500,000

(2)

On July 2, 2026, KEPCO invested W20,000 million in KEPCO Engineering Holdings Co., Ltd.

181

KOREA ELECTRIC POWER CORPORATION AND ITS SUBSIDIARIES

Notes to the condensed consolidated interim financial statements, Continued

June 30, 2026 and 2025 (unaudited)

51.

Adjusted Operating Profit (Loss)

The operating profit (loss) in the Group’s consolidated statements of comprehensive income or loss prepared in accordance with KIFRS included in this report differs from that in its consolidated statements of comprehensive income or loss prepared in accordance with IFRS Accounting Standards as issued by the IASB. The table below sets forth a reconciliation of the Group’s results from operating activities as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with KIFRS for each of the three and six-month periods ended June 30, 2026 and 2025 to the operating profit or loss as presented in the Group’s consolidated interim statements of comprehensive income or loss prepared in accordance with IFRS as issued by IASB for each of the corresponding periods.


In millions of Won	June 30, 2026						June 30, 2025
	Three-month period ended			Six-month period ended			Three-month period ended			Six-month period ended
Operating profit on the interim consolidated statements of comprehensive income (loss)	W	1,128,552			4,912,721			2,135,872			5,889,479
Add
Other income
Reversal of other provisions		3,675			5,906			970			4,083
Reversal of other bad debt allowance		(22,910	)		2,659			(757	)		5,743
Gains on government grants		58			120			55			102
Gains on assets contributed		71			2,894			1,332			1,513
Gains on liabilities exempted		929			981			427			707
Compensation and reparations revenue		20,561			46,204			25,688			45,895
Revenue from foundation fund		25			36			9			163
Rental income		50,223			103,078			52,340			105,189
Others		7,771			55,160			13,309			22,785
Other gains
Gains on disposal of property, plant and equipment		1,926			3,627			2,712			8,075
Gains on disposal of intangible assets		—			—			16			16
Reversal of impairment loss on property, plant and equipment		—			1			—			—
Reversal of impairment loss on intangible assets		47			47			40			40
Gains on foreign currency translation		16,634			57,417			9,677			13,839
Gains on foreign currency transactions		27,726			47,812			31,125			75,738
Gains on insurance proceeds		1,281			2,081			1,015			1,015
Others		92,376			192,363			109,052			281,516
Deduct
Other expenses
Compensation and indemnification expense		—			—			(1,309	)		(1,310	)
Accretion expenses of other provisions		(625	)		(672	)		(315	)		(755	)
Depreciation expenses on investment properties		(217	)		(473	)		(313	)		(508	)
Depreciation expenses on idle assets		(896	)		(1,797	)		(903	)		(1,807	)
Other bad debt expense		(69,275	)		(69,275	)		—			(2	)
Donations		(11,692	)		(84,764	)		(64,634	)		(76,745	)
Others		(7,689	)		(11,453	)		(7,746	)		(13,971	)
Other losses
Losses on disposal of property, plant and equipment		(19,253	)		(39,202	)		(12,982	)		(50,140	)
Losses on disposal of intangible assets		(1	)		(1	)		—			(13	)
Loss on impairment of property, plant and equipment		—			(825	)		—			—
Loss on impairment of intangible assets		—			(1,115	)		(30	)		(30	)
Losses on foreign currency translation		(4,176	)		(31,100	)		(36,974	)		(47,056	)
Losses on foreign currency transactions		(44,916	)		(85,578	)		(17,706	)		(37,394	)
Others		(14,913	)		(77,092	)		(65,334	)		(126,423	)

Adjusted operating profit	W	1,155,292			5,029,760			2,174,636			6,099,744

182