Companies: 10,651     total market cap: S$178.019 T
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Korea Electric Power
KEP
#935
Rank
S$33.00 B
Marketcap
๐Ÿ‡ฐ๐Ÿ‡ท South Korea
Country
S$25.71
Share price
-5.52%
Change (1 day)
158.76%
Change (1 year)
๐Ÿ”‹ Electricity โšก Energy
Categories
  1. Korea Electric Power
  2. Annual Reports (20-F)
  3. Financial Year 2021

Korea Electric Power - 20-F annual report 2021


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Korea Electric Power Corporation and subsidiariesKorea Development Bank and othersShinhan Bank and othersIncorporated on December 31, 1981 in accordance with the Korea Electric Power Corporation Act (the “KEPCO Act”)Engage in the generation, transmission and distribution of electricity and development of electric power resources. KEPCO also provides power plant construction services.0000887225falseFYAmerican depositary shares, each representing one-half of share of common stockM5KRKR2020.04.01 ~ 2020.12.312020.01.01 ~ 2020.12.312021.04.01 ~ 2022.06.30Including translation effect of foreign currency lease liabilities and others.Including the present value of unguaranteed residual value amounting to ￦16,407 million and ￦19,574 million, as of December 31, 2020 and 2021, respectively.Applicable tax rate is 27.5% as of December 31, 2019, 2020 and 2021.The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Company, made a resolution to sell its old office building in Yongin-si, Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.The Company had decided to sell its shares of DG Fairhaven Power, LLC, a subsidiary of the Company, and classified them as assets held-for-sale as of December 31, 2020. The disposal was completed during the year ended December 31, 2021.The effective tax rate for the year ended December 31, 2019 and 2021 is not calculated due to income tax benefit and the effective tax rate for the year ended December 31, 2020 is 30.05%. Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦105,127 million. Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,087,559 million.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦111,915 million.Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,082,712 million.Financial information of EWP America Inc. includes that of four other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC. Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC. Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC. Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X. The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Company obtained the majority of the voting power under the shareholders’ agreement.Considering treasury stocks, the effective percentage of ownership is 66.08%.As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate the CEO and key management members.As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power.The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.The subsidiary is included in the consolidated financial statements as the Company owns 50%+1 stake and has the ability to appoint a majority of the board members under the the shareholders’ agreement.As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate all 4 members of the board of directors.Korea Development Bank’s interest of ￦1,056,176 million is included.Equity investments held by the Company are excluded.Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.The effect on the shareholders’ equity excluding the impact of income taxes.Among the corporate bonds, each holder of Hee mang sunlight Power Co., Ltd.’s private equity bonds, amounting to ￦2,697 million, may exercise the right of early redemption on the 5th year (March 31, 2021) from the date of issuance of the bond and every year on March 31 thereafter, until the year before the redemption date. The effective percentage of ownership is less than 50%. However, this consolidated subsidiary is included in the consolidated financial statements as the Company has control over the board of directors under the shareholders’ agreement.Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK E-New Industry Fund VII, e-New Industry LB Fund 1, Songhyun e-New Industry Fund and BSK E-New Industry Fund X. The effect on the equity excluding the impact of income taxes.Excludes lease liabilities.The amounts exclude financial assets and deferred tax assets.Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.The Company has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’.The Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recognized its fair value as other derivative liabilities.The Company has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Company from financial investors, and the fair value of the obligation is recorded in ‘Others’.The maturities cannot be presently determined.Based on the credit limits of the respective loans.As of December 31, 2021, the Company has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.The effective percentage of ownership is 22.02% considering treasury stocks.According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022. The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures. As of December 31, 2020, it consisted of the deposits for small and medium enterprises at the Industrial Bank of Korea (IBK) and others for construction of Bitgaram Energy Valley and support for high potential businesses amounting to ￦200,000 million and the deposits were returned during the year ended December 31, 2021.The Company 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.‘Other’ includes MMT, etc.The Company has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2020.The contractual maturity is 2022 but is classified as short-term borrowing due to intention of early redemption in 3 months after borrowing.2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023. 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. 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. The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors. The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate. Included in non-financial liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2021 from the amounts included in contract liabilties at the end of the prior year is ￦87,934 million.Included in trade and other receivables, net, in the consolidated statements of financial position. The balance of trade receivables from construction contracts are ￦39,063 million and ￦57,639 million, as of December 31, 2020 and 2021, respectively.This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2020 and 2021 are ￦66,354 million and ￦80,841 million, respectively.The outstanding payment of ￦10,000 million as of December 31, 2019, has been received during the current year.For the year ended December 31, 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of ￦15,778 million, net of tax, is included in other comprehensive income (loss).Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.Not for trading, but only in connection with the listing of American depositary shares on the New York Stock Exchange, pursuant to the requirements of the Securities and Exchange Commission.Including power purchase agreements (“PPA”) with GS EPS and another LNG combined power supplier. 0000887225 2021-01-01 2021-12-31 0000887225 2020-01-01 2020-12-31 0000887225 2019-01-01 2019-12-31 0000887225 2021-12-31 0000887225 2020-12-31 0000887225 2019-12-31 0000887225 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Table of Contents
As filed with the Securities and Exchange Commission on April 29, 2022
 
 
 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 
 
Form
20-F
 
 
(Mark One)
 
☐
REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☑
ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
For the fiscal year ended December 31, 2021
OR
 
☐
TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
OR
 
☐
SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
Date of event requiring this shell company report
For the transition period from             to            
Commission File Number:
001-13372
 
 
KOREA ELECTRIC POWER CORPORATION
(Exact name of registrant as specified in its charter)
 
N/A
 
The Republic of Korea
(Translation of registrant’s name into English)
 
(Jurisdiction of incorporation or organization)
 
 
55
Jeollyeok-ro
,
Naju-si,
Jeollanam-do,
58322, Korea
(Address of principal executive offices)
 
 
Yoonjue Lee, +82 61 345 4213, yoonjue.lee@kepco.co.kr, +82 61 345 4299
55
Jeollyeok-ro
,
Naju-si,
Jeollanam-do,
58322, Korea
(Name, telephone, e-mail and/or facsimile number and address of company contact person)
 
 
Securities registered or to be registered pursuant to Section 12(b) of the Act:
 
Title of each class:
 
Trading Symbol(s):
 
Name of each exchange on which registered:
Common stock, par value Won 5,000 per share
 
KEP
 
New York Stock Exchange*
American depositary shares, each representing
 
one-half
of
share of common stock
 
KEP
 
New York Stock Exchange
 
*
Not for trading, but only in connection with the listing of American depositary shares on the New York Stock Exchange, pursuant to the requirements of the Securities and Exchange Commission.
 
 
Securities registered or to be registered pursuant to Section 12(g) of the Act:
None
Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act:
One Hundred Year 7.95%
Zero-to-Full
Debentures, due April 1, 2096
6% Debentures due December 1, 2026
7% Debentures due February 1, 2027
6
3
⁄
4
% Debentures due August 1, 2027
 
 
Indicate the number of outstanding shares of each of the issuer’s classes of capital or common stock as of the close of the period
covered by the annual report:
641,964,077
 
shares of common stock, par value of Won 5,000 per share
Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.    
 
Yes  ☑    No  ☐
If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.    
 
Yes  ☐    No  ☑
Note—Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections.
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports) and (2) has been subject to such filing requirements for the past 90 days:    Yes  ☑    No  ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation
S-T
(§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files):    Yes  ☑    No  ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a
non-accelerated
filer, or an emerging growth company. See definition of “large accelerated filer”, “accelerated filer”, and “emerging growth company” in Rule
12b-2
of the Exchange Act.
Large accelerated filer ☑                    Accelerated filer ☐                    
Non-accelerated
filer ☐                     Emerging Growth Company  ☐
If an emerging growth company that prepares its financial statements in accordance with U.S. GAAP, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards† provided pursuant to Section 13(a) of the Exchange Act. ☐
† The term “new or revised financial accounting standard” refers to any update issued by the Financial Accounting Standards Board to its Accounting Standards Codification after April 5, 2012.
Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internal control over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm that prepared or issued its audit report.  ☑
Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:
U.S. GAAP  ☐                International Financial Reporting Standards as issued by the International Accounting Standards Board  ☑            
 
Other  ☐
If “Other” has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow.    Item 17  ☐    Item 18  ☐
If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule
12b-2
of the Exchange Act).    Yes  ☐    No  ☑
(APPLICABLE ONLY TO ISSUERS INVOLVED IN BANKRUPTCY PROCEEDINGS DURING THE PAST FIVE YEARS)
Indicate by check mark whether the registrant has filed all documents and reports required to be filed by Sections 12, 13 or 15(d) of the Securities Exchange Act of 1934 subsequent to the distribution of securities under a plan confirmed by a court.     Yes   ☐    No  ☐
 
 
 
Table of Contents
TABLE OF CONTENTS
 
     
Page
 
PART I
   3 
ITEM 1.
 IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS   3 
ITEM 2.
 OFFER STATISTICS AND EXPECTED TIMETABLE   3 
ITEM 3.
 KEY INFORMATION   3 
 Item 3.A.  [Reserved]   3 
 Item 3.B.  Capitalization and Indebtedness   3 
 Item 3.C.  Reasons for the Offer and Use of Proceeds   3 
 Item 3.D.  Risk Factors   3 
ITEM 4.
 INFORMATION ON THE COMPANY    33 
 Item 4.A.  History and Development of the Company   33 
 Item 4.B.  Business Overview   34 
 Item 4.C.  Organizational Structure   86 
 Item 4.D.  Property, Plant and Equipment   92 
ITEM 4A.
 UNRESOLVED STAFF COMMENTS   93 
ITEM 5.
 OPERATING AND FINANCIAL REVIEW AND PROSPECTS   93 
 Item 5.A.  Operating Results   93 
 Item 5.B.  Liquidity and Capital Resources   102 
 Item 5.C.  Research and Development, Patents and Licenses, etc.   109 
 Item 5.D.  Trend Information   110 
 Item 5.E.  Critical Accounting Estimates   110 
ITEM 6.
 DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES    110 
 Item 6.A.  Directors and Senior Management   110 
 Item 6.B.  Compensation   115 
 Item 6.C.  Board Practices   115 
 Item 6.D.  Employees   116 
 Item 6.E.  Share Ownership   117 
ITEM 7.
 MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS    117 
 Item 7.A.  Major Shareholders   117 
 Item 7.B.  Related Party Transactions   117 
 Item 7.C.  Interests of Experts and Counsel   118 
ITEM 8.
 FINANCIAL INFORMATION    118 
 Item 8.A.  Consolidated Statements and Other Financial Information   118 
 Item 8.B.  Significant Changes   121 
ITEM 9.
 THE OFFER AND LISTING    121 
 Item 9.A.  Offer and Listing Details   121 
 Item 9.B.  Plan of Distribution   123 
 Item 9.C.  Markets   123 
 Item 9.D.  Selling Shareholders   126 
 Item 9.E.  Dilution   126 
 Item 9.F.  Expenses of the Issue   126 
ITEM 10.
 ADDITIONAL INFORMATION    126 
 Item 10.A.  Share Capital   126 
 Item 10.B.  Memorandum and Articles of Incorporation   127 
 Item 10.C.  Material Contracts   134 
 Item 10.D.  Exchange Controls   134 
 Item 10.E.  Taxation   140 
 Item 10.F.  Dividends and Paying Agents   151 
 Item 10.G.  Statements by Experts   151 
 
i
Table of Contents
     
Page
 
 Item 10.H.  Documents on Display   151 
 Item 10.I.  Subsidiary Information    152 
ITEM 11.
 QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK   152 
ITEM 12.
 DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES   157 
 Item 12.A.  Debt Securities   157 
 Item 12.B.  Warrants and Rights   157 
 Item 12.C.  Other Securities   158 
 Item 12.D.  American Depositary Shares   158 
PART II
   160 
ITEM 13.
 DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES   160 
ITEM 14.
 MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS   160 
ITEM 15.
 CONTROLS AND PROCEDURES   160 
ITEM 16.
 [RESERVED]   161 
ITEM 16A.
 AUDIT COMMITTEE FINANCIAL EXPERT   161 
ITEM 16B.
 CODE OF ETHICS   161 
ITEM 16C.
 PRINCIPAL ACCOUNTANT FEES AND SERVICES   162 
ITEM 16D.
 EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE   162 
ITEM 16E.
 PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS   162 
ITEM 16F.
 CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT   162 
ITEM 16G.
 CORPORATE GOVERNANCE   163 
ITEM 16H.
 MINE SAFETY DISCLOSURE   170 
ITEM 16I.
 DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS    170 
PART III
   171 
ITEM 17.
 
FINANCIAL STATEMENTS
   171 
ITEM 18.
 
FINANCIAL STATEMENTS
   171 
ITEM 19.
 
EXHIBITS
   171 
INDEX OF EXHIBITS
   172 
INDEX TO FINANCIAL STATEMENTS
   F-1 
 
ii
Table of Contents
CERTAIN DEFINED TERMS AND CONVENTIONS
All references to “Korea” or the “Republic” in this annual report on Form
20-F,
or this annual report, are references to the Republic of Korea. All references to the “Government” in this annual report are references to the government of the Republic of Korea. All references to “we,” “us,” “our,” “ours,” the “Company” or “KEPCO” in this annual report are references to Korea Electric Power Corporation and, as the context may require, its subsidiaries, and the possessive thereof, as applicable. All references to “the Ministry of Trade, Industry and Energy” and “the Ministry of Economy and Finance” include the respective predecessors thereof. All references to “tons” are to metric tons, equal to 1,000 kilograms, or 2,204.6 pounds. Any discrepancies in any table between totals and the sums of the amounts listed are due to rounding. All references to “IFRS” in this annual report are references to the International Financial Reporting Standards as issued by the International Accounting Standard Board. Unless otherwise stated, all of our financial information presented in this annual report has been prepared on a consolidated basis and in accordance with IFRS.
In addition, in this annual report, all references to:
 
 • 
“EWP” are to Korea East-West Power Co., Ltd.,
 
 • 
“KHNP” are to Korea Hydro & Nuclear Power Co., Ltd.,
 
 • 
“KOMIPO” are to Korea Midland Power Co., Ltd.,
 
 • 
“KOSEP” are to Korea South-East Power Co., Ltd.,
 
 • 
“KOSPO” are to Korea Southern Power Co., Ltd., and
 
 • 
“KOWEPO” are to Korea Western Power Co., Ltd.,
each of which is our wholly-owned generation subsidiary.
FORWARD-LOOKING STATEMENTS
This annual report includes “forward-looking statements” (as defined in Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934), including statements regarding our expectations and projections for future operating performance and business prospects. The words “believe,” “expect,” “anticipate,” “estimate,” “project” and similar words used in connection with any discussion of our future operation or financial performance identify forward-looking statements. In addition, all statements other than statements of historical facts included in this annual report are forward-looking statements. Although we believe that the expectations reflected in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to be correct. We caution you not to place undue reliance on the forward-looking statements, which speak only as of the date of this annual report.
This annual report discloses, under the caption Item 3.D. “Risk Factors” and elsewhere, important factors that could cause actual results to differ materially from our expectations (“Cautionary Statements”). All subsequent written and oral forward-looking statements attributable to us or persons acting on our behalf are expressly qualified in their entirety by the Cautionary Statements.
CURRENCY TRANSLATIONS AND EXCHANGE RATES
In this annual report, unless otherwise indicated, all references to “Won,” “KRW” or “
W
” are to the currency of Korea, all references to “U.S. dollars,” “Dollars,” “USD”, “$” or “US$” are to the currency of the United States of America; all references to “Euro”, “€” or “EUR” are references to the currency of the European Union; all references to “Yen”, “¥” or “JPY” are references to the currency of Japan; all references to “A$” or “AUD” are to the currency of Australia; all references to “HK$” or “HKD” are to the currency of Hong Kong; all references to “Fr.” or “CHF” are to the currency of Switzerland; all references to “kr” or “SEK” are to the currency of Sweden. Unless otherwise indicated, all translations from Won to U.S. dollars
 
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were made at Won 1,188.6 to US$1.00, which was the Noon Buying Rate of the Federal Reserve Board (the “Noon Buying Rate”) in effect as of December 31, 2021, which rates are available on the H.10 statistical release of the Federal Reserve Board. On April 8, 2022, the Noon Buying Rate was Won 1,225.1 to US$1.00. The exchange rate between the U.S. dollar and Korean Won may be highly volatile from time to time and no representation is made that the Won or U.S. dollar amounts referred to in this annual report could have been or could be converted into U.S. dollars or Won, as the case may be, at any particular rate or at all.
The following table sets forth, for the periods and dates indicated, certain information concerning the Noon Buying Rate in Won per US$1.00.
 
Year Ended December 31,
  
At End
of
Period
   
Average
(1)
   
High
   
Low
 
   
(Won per US$1.00)
 
2017
   1,067.4    1,141.6    1,207.2    1,067.4 
2018
   1,112.9    1,099.3    1,141.7    1,054.6 
2019
   1,155.5    1,165.8    1,220.7    1,111.8 
2020
   1,086.1    1,180.6    1,267.3    1,081.9 
2021
   1,188.6    1,144.9    1,198.7    1,081.6 
October
   1,174.9    1,181.9    1,198.7    1,167.3 
November
   1,187.5    1,184.1    1,194.4    1,177.0 
December
   1,188.6    1,183.9    1,192.4    1,173.6 
2022 (through April 8)
   1,225.1    1,207.1    1,242.7    1,187.0 
January
   1,206.8    1,196.0    1,209.0    1,187.0 
February
   1,202.3    1,199.1    1,209.4    1,192.1 
March
   1,211.6    1,220.8    1,242.7    1,204.3 
April (through April 8)
   1,225.1    1,216.5    1,225.1    1,212.6 
 
Source: Federal Reserve Board
Note:
 
(1)
The average rates for annual and interim periods were calculated by taking the simple average of the Noon Buying Rates on the last day of each month during the relevant period. The average rates for the monthly periods (or a portion thereof) were calculated by taking the simple average of the daily Noon Buying Rates during the relevant month (or a portion thereof).
 
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PART I
 
ITEM 1.
IDENTITY OF DIRECTORS, SENIOR MANAGEMENT AND ADVISERS
Not applicable.
 
ITEM 2.
OFFER STATISTICS AND EXPECTED TIMETABLE
Not applicable.
 
ITEM 3.
KEY INFORMATION
 
Item 3.A.
[Reserved]
 
Item 3.B.
Capitalization and Indebtedness
Not applicable.
 
Item 3.C.
Reasons for the Offer and Use of Proceeds
Not applicable.
 
Item 3.D.
Risk Factors
Our business and operations are subject to various risks, many of which are beyond our control. If any of the risks described below actually occurs, our business, financial condition or results of operations could be seriously harmed. Such risks fall primarily under the categories below:
Risks relating to KEPCO
primarily include:
 
 • 
increases in fuel prices which may not be passed on to customers;
 
 • 
Governmental policies that may affect the industry or our operations;
 
 • 
capacity expansion plans based on projections of long-term supply and demand of electricity proving to be inadequate against actual supply and demand;
 
 • 
being subject to various environmental legislations, regulations and Government initiatives;
 
 • 
incurrence of additional indebtedness;
 
 • 
the movement of Won against other currencies;
 
 • 
risks associated with new business strategies and overseas expansion opportunities;
 
 • 
an increase in electricity generated by and/or sourced from independent power producers eroding our market position;
 
 • 
labor unrest and increases in labor cost;
 
 • 
risks associated with the operation of nuclear power generation facilities;
 
 • 
opposition from civic groups in respect of the construction and operation of our facilities;
 
 • 
risk management policies and procedures failing to be effective, including but not limited to failing to prevent losses in our debt and foreign currency positions;
 
 • 
limited amount and scope of insurance coverage;
 
 • 
inability to raise equity capital without the Government’s participation;
 
 • 
claims by current or previous employees for unpaid wages;
 
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 • 
cyberattacks;
 
 • 
Russia-related dealings; and
 
 • 
the effects of
COVID-19.
Risks relating to Korea and Global Economy
primarily include:
 
 • 
unfavorable financial and economic conditions in Korea;
 
 • 
tensions with North Korea;
 
 • 
being subject to Korean corporate governance and disclosure standards; and
 
 • 
risks associated with enforcing a foreign judgment against us.
Risks relating to Our American Depositary Shares (ADSs)
primarily include:
 
 • 
restrictions on withdrawal and deposit of common shares under the depositary facility;
 
 • 
ownership of our shares being restricted under Korean law;
 
 • 
no preemptive rights in certain circumstances;
 
 • 
being affected by the volatility of the Korean securities market;
 
 • 
dividend payments being affected by fluctuations in the exchange rate; and
 
 • 
restriction on the depositary bank from converting and remitting dividends under emergency circumstances.
Risks Relating to KEPCO
Increases in fuel prices may adversely affect our results of operations and profitability as we may not be able to pass on the increased cost to customers at a sufficient level or on a timely basis.
In 2021, fuel costs constituted 30.5% of our cost of sales, and the ratio of fuel costs to our sales was 32.4%. Our generation subsidiaries purchase substantially all of the fuel that they use (except for anthracite coal) from suppliers outside Korea at prices determined in part by prevailing market prices in currencies other than Won. For example, most of the bituminous coal requirements (which accounted for approximately 42.6% of our fuel requirements in 2021 in terms of electricity output) are imported principally from Australia, Indonesia, Russia and, to a lesser extent, South Africa
and others, which accounted for approximately 48.9%, 20.0%, 11.5%, 4.1% and 15.5%, respectively, of the annual bituminous coal requirements of our generation subsidiaries in 2021. Approximately 92.9% of the bituminous coal requirements of our generation subsidiaries in 2021 were purchased under long-term contracts and the remaining 7.1% from the spot market. Pursuant to the terms of our long-term supply contracts, prices are adjusted periodically based on prevailing market conditions. In addition, our generation subsidiaries purchase a significant portion of their fuel requirements under contracts with limited duration. See Item 4.B. “Business Overview—Fuel Sources and Requirements.”
The prices of our main fuel types, namely, bituminous coal, oil and liquefied natural gas, or LNG, fluctuate, sometimes significantly, in tandem with their international market prices. For example, the average weekly spot price of “free on board” Newcastle coal 5500 NAR (Net As Received) published on Korea Mineral Resource Information Service by Korea Mine Rehabilitation and Mineral Resources Corporation increased from US$45.89 per ton in 2020 to US$84.77 per ton in 2021 and further increased to US$196.38 per ton as of April 15, 2022. The prices of oil and LNG are substantially dependent on the price of crude oil, and according to Bloomberg (Bloomberg Ticker: PGCRDUBA), the average daily spot price of Dubai crude oil increased from US$42.21 per barrel in 2020 to US$69.01 per barrel in 2021 and further increased to US$104.83 per barrel as of April 14, 2022. Furthermore, because the prices of LNG are dependent on the price of crude oil, an increase in such fuel prices can result in an increase in the prices of LNG, which, in turn, affect the cost of purchasing electricity from
 
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independent power producers. We cannot assure you that fuel prices will remain stable or will not significantly increase in the remainder of 2022 or thereafter. In addition, following the International Maritime Organization’s regulation referred to as IMO 2020 that regulates sulfur content of ships’ fuel oil, IMO 2023 will also be mandated from January 1, 2023. IMO 2023 will regulate energy efficiency and carbon emissions of ships by setting specific indices that all ships are required to comply with. While we have seen mixed reactions in the market, there is a likelihood that installation of energy saving devices or modification of ships to improve their carbon emissions level may increase as the regulation comes into force. Such trends may significantly increase the operating cost of the shipping lines and the increased costs are expected to be passed onto customers like us via higher freight rates. If fuel prices increase substantially in the future within a short span of time, our generation subsidiaries may be unable to secure adequate fuel supplies at prices commercially acceptable to them. In addition, any significant interruption or delay in the supply of fuel, bituminous coal in particular, from any of their suppliers may cause our generation subsidiaries to purchase fuel on the spot market at prices higher than the prices available under existing supply contracts, which would result in an increase in fuel costs.
As of January 1, 2021, we implemented a new cost pass-through tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers and to enhance transparency by separately billing fuel costs and climate/environment related costs. Previously, the electricity tariff consisted of two main components: (i) the base charge (the “Base Charge”) and (ii) the usage charge (the “Usage Charge”) based on the amount of electricity consumed by
end-users.
Under the new tariff system, there are new components to the tariff called the fuel cost adjusted charge (the “Fuel Cost Adjusted Charge”) and the climate/environment related charge (the “Climate/Environment Related Charge”). In principle, the Fuel Cost Adjusted Charge is calculated on a quarterly basis and the formula for calculating the amount of the Fuel Cost Adjusted Charge is multiplying (i) the unit price of the Fuel Cost Adjusted Charge (the “Unit Price of the Fuel Cost Adjusted Charge”), which is the difference between a base fuel cost (the “Base Fuel Cost”) and an actual fuel cost (the “Actual Fuel Cost”) and (ii) the amount of electricity consumed. The Base Fuel Cost is the past twelve-month average fuel price of bituminous coal, LNG and Bunker C oil as posted by the Korea Customs Service. The twelve-month average fuel price is measured by taking the average of monthly fuel prices of twelve months in between thirteen months and one month prior to the time a new Base Fuel Cost becomes effective. To illustrate, the Base Fuel Cost effective from 2022 is the average of the fuel prices from December 2020 to November 2021. On the other hand, the Actual Fuel Cost is the past three-month average fuel price of the same fuels we use to measure the Base Fuel Cost. The past three-month average fuel price is measured by taking the average of monthly fuel prices from three preceding months from one month before the start of each period when the applicable Fuel Cost Adjusted Charge will be updated. To illustrate, for the first quarter of 2022, we used the fuel costs for September, October and November 2021 to calculate the three-month average fuel price.
The quarterly-adjusted Fuel Cost Adjusted Charge has
built-in
limits in view of price stability and other public policy considerations. First, there are limits on the Unit Price of the Fuel Cost Adjusted Charge to be (i) no less than Won ±1 per kilowatt-hour and (ii) no greater than Won ±3 per kilowatt-hour as compared to the immediately preceding quarter. In other words, any change less than Won ±1 per kilowatt-hour will not be reflected to the Fuel Cost Adjusted Charge and any change greater than Won ±3 per kilowatt-hour will not be reflected to the extent of the portion that exceeds Won ±3 per kilowatt-hour. For example, in the first quarter of 2021, the Unit Price of the Fuel Cost Adjusted Charge was Won –10.5 per kilowatt-hour, meaning the Actual Fuel Cost was lower than the Base Fuel Cost, but after being subjected to the quarterly limit of Won ±3 per kilowatt-hour, the final rate for the Unit Price of the Fuel Cost Adjusted Charge came out to be Won –3.0 per kilowatt-hour. Second, the Unit Price of the Fuel Cost Adjusted Charge that exceeds Won ±5 per kilowatt-hour will not be reflected in the Fuel Cost Adjusted Charge. In other words, the maximum adjustment that can be incorporated to the Unit Price of the Fuel Cost Adjusted Charge is equal to Won ±5 per kilowatt-hour from the Base Fuel Cost that is in effect for a given period. The Base Fuel Cost can only be adjusted upon the revision of the Base Charge or the Usage Charge as described at further below in this risk factor.
However, our ability to pass on fuel and other cost increases to our customers may be limited due to the regulation of the Government on the rates we charge for the electricity we sell to our customers. In addition to
 
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the
built-in
limits described in the preceding paragraph, the new tariff system gives the discretion to the Government not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances. For example, in the second and third quarters of 2021, although the Unit Price of the Fuel Cost Adjusted Charge was Won –0.2 and 0.0 per kilowatt-hour respectively, the Government notified us to keep it at the same Won –3.0 per kilowatt-hour as the first quarter of 2021. In the fourth quarter of 2021, we increased the Unit Price of the Fuel Cost Adjusted Charge to Won 0.0 per kilowatt-hour. However, in the first and second quarters of 2022, although the Unit Price of the Fuel Cost Adjusted Charge as calculated should have been Won 3.0 per kilowatt-hour, the Government notified us to keep it at the same Won 0.0 per kilowatt-hour as the fourth quarter of 2021. The Government cited different reasons for withholding the application of the quarterly Fuel Cost Adjusted Charge for each quarter but one of the more consistent reasons has been to alleviate the hardship caused by the prolonged economic effects of
COVID-19
pandemic.
Also, because the Fuel Cost Adjusted Charge takes into account the fuel prices posted by Korea Customs Service, there may still be a mismatch in value between the actual prices the domestic generation companies pay for their fuels in the open market and the adjustment that can be made through the Fuel Cost Adjusted Charge. The domestic generation companies include not only our generation subsidiaries but also independent power producers that are unaffiliated to us and we do not have access to fuel costs incurred by the independent power producers. As such, we use fuel prices posted by Korea Customs Service, which are easily accessible to our customers, for calculating the Fuel Cost Adjusted Charge.
Due to the likelihood of the Actual Fuel Cost being substantially over the
built-in
limits of the new tariff system and the Government’s discretion not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, there may be certain portions of the fuel costs that cannot be charged to our customers, even though those portions should have been included in the Fuel Cost Adjusted Charge. In such cases, we may accumulate such portions and reflect them in what is called the total comprehensive cost (the “Total Comprehensive Cost”), which is a variable we use to calculate the Base Charge and the Usage Charge of the tariff. The Total Comprehensive Cost, submitted yearly to the Government by us, is calculated based on our budget for relevant costs. Under the Total Comprehensive Cost approach, the Base Charge and the Usage Charge are established at levels that would enable us to recover our operating costs attributable to our basic electricity generation, transmission and distribution operations as well as receive a fair investment return on capital used in those operations. The operating costs are defined as the sum of our operating expenses, which principally consists of cost of sales and selling and administrative expenses, and our adjusted income taxes. The Base Charge and the Usage Charge that are derived from the Total Comprehensive Cost need to be approved by the Government to be revised. We announced in December 2021 that we plan to increase the rate of the Usage Charge of the tariff by Won 4.9 per kilowatt-hour on April 1 and October 1, 2022, which will result in a total increase of Won 9.8 per kilowatt-hour. Such increases are intended to reflect the rise in fuel prices and are in line with the purpose of the cost pass-through tariff system. However, we have decided to increase it incrementally in two rounds to relieve people’s hardship including the prolonged effects of COVID-19 pandemic. The first round of increase has become effective on April 1, 2022. In addition, the Base Fuel Cost in principle can only be adjusted upon the revision of the Base Charge or the Usage Charge. Therefore, if the Base Charge and the Usage Charge are not timely adjusted by the Government, there can be a delay for the change in fuel costs to be fully reflected in the tariff. To illustrate, in connection with the aforementioned increase in the Usage Charge announced in December 2021, we also increased the Base Fuel Cost effective from 2022 to be the average of the monthly fuel prices from December 2020 to November 2021.
Overall, despite the new tariff system, we may not be able to adjust our tariff in accordance with such system due to the reasons we described in this risk factor. In addition, if fuel prices increase rapidly and substantially and the current level of electricity tariff is not increased to a level sufficient to offset the impact of high fuel prices or not adjusted responsive to fuel price movements, our profit margins will be adversely affected and/or we can even have operating and/or net losses, and our business, financial condition, results of operations and cash flows may be adversely affected. For example, as the fuel prices have increased rapidly in the last several months, we may experience substantial operating and net losses if the electricity tariff is not increased to a level sufficient to cover such increase in fuel prices.
 
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The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.
From time to time, the Government considers various policy initiatives to foster efficiency in the Korean electric power industry, and at times have adopted policy measures that have substantially modified our business and operations. For example, in January 1999, with the aim of introducing greater competition in the Korean electric power industry and thereby improving its efficiency, the Government announced a restructuring plan for the Korean electric power industry, or the Restructuring Plan. For a detailed description of the Restructuring Plan, see Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea.” As part of this initiative, in April 2001 the Government established the Korea Power Exchange to enable the sale and purchase of electricity through a competitive bidding process, established the Korea Electricity Commission to ensure fair competition in the Korean electric power industry, and, in order to promote competition in electricity generation, split off our electricity generation business to form one nuclear generation company and five
non-nuclear
generation companies, in each case, to be wholly owned by us. In 2002, the Government introduced a plan to privatize one of our five
non-nuclear
generation subsidiaries, but this plan was suspended indefinitely in 2004 due to prevailing market conditions and other policy considerations.
In August 2010, the Ministry of Trade, Industry and Energy announced the Proposal for the Improvement in the Structure of the Electric Power Industry, which was designed to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them. Pursuant to this proposal, while our six generation subsidiaries continued to be our wholly-owned subsidiaries, in January 2011 the six generation subsidiaries were officially designated as “market-oriented public enterprises” (same as us) under the Act on the Management of Public Institutions, whereupon the President of Korea appoints the president and the standing director who is to become a member of the audit committee of each such subsidiary; the selection of
non-standing
directors of each such subsidiary is subject to approval by the minister of the Ministry of Economy and Finance; the president of each such subsidiary is required to enter into a management contract directly with the minister of the Ministry of Trade, Industry and Energy; and the Committee for Management of Public Institutions (which is comprised largely of Government officials and those recommended by Government officials) conducts performance evaluation of such subsidiaries. Previously, our president appointed the president and the statutory auditor of each such subsidiary; the selection of
non-standing
directors of each such subsidiary was subject to approval by our president; the president of each such subsidiary entered into a management contract with our president; and our evaluation committee conducted performance evaluation of such subsidiaries. As a result of these changes, our six generation subsidiaries took on additional operational responsibilities and management autonomy with respect to construction and management of generation units and procurement of fuel, while we as the parent company continued to oversee and coordinate, among others, finances, corporate governance, overseas businesses, including nuclear export technology and overseas resource development, that jointly affect us and our generation subsidiaries. See also Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions—Applications of the Act on Our Generation Subsidiaries.”
In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing
non-core
assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to
end-users
should be liberalized to encourage more competition. In accordance therewith, we transferred a substantial portion of our assets and liabilities in our overseas resource business to our generation subsidiaries as of December 31, 2016. In addition, pursuant to this Proposal, we
 
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considered a sale in the public market of a minority of our shares in our five
non-nuclear
generation subsidiaries, KEPCO KDN and KHNP. However, the planned sales have been put on hold, primarily due to prevailing market conditions. In any event, we plan to maintain a controlling stake in each of these subsidiaries.
Other than as set forth above, we are not aware of any specific plans by the Government to resume the implementation of the Restructuring Plan or otherwise change the current structure of the electric power industry or the operations of us or our generation subsidiaries materially in the near future. However, for reasons relating to changes in policy considerations, socio-political, economic and market conditions and/or other factors, the Government may resume the implementation of the Restructuring Plan or initiate other steps that may change the structure of the Korean electric power industry or the operations of us or our generation subsidiaries materially. Any such measures may have a negative effect on our business, results of operations and financial condition. In addition, the Government, which beneficially owns a majority of our shares and exercises significant control over our business and operations, may from time to time pursue policy initiatives that could directly or indirectly impact our business and operations, and such initiatives may vary from the interest and objectives of our other shareholders.
The Government may adopt policy measures that affect the tariff rates in order to ease the burden on certain consumers, which may burden us financially.
Previously, there have been several adjustments to the existing tariff rates for certain consumers in order to ease the burden of electricity tariff on them. But these adjustments may be independent from fuel price movements and our business, results of operations, financial condition and profitability may suffer as a result. For example, effective on January 1, 2017, the progressive rate structure applicable to the residential sector, which applies a gradient of increasing tariff rates for heavier electricity usage, was changed from a
six-tiered
structure with the highest rate being no more than 11.7 times the lowest rate (which gradient system has been in place since 2005) into a three-tiered structure with the highest rate being no more than three times the lowest rate, in order to reflect the changes in the pattern of electricity consumption and reduce the electricity charges payable by consumers. Additionally, a new tariff structure was implemented to encourage energy saving by offering rate discounts to residential consumers that voluntarily reduce electricity consumption while charging special high rates to residential consumers with heavy electricity consumption during peak usage periods in the summer and the winter. Further, during July and August 2018, the residential electricity charges were reduced by temporarily relaxing the application of the then tariff structure and offering higher rate discounts to economically or otherwise disadvantaged customers to ease the burden on households that have significantly increased their use of air conditioners during a heatwave. Subsequently, a joint task force team, consisting of industry experts, scholars and Government officials, was formed, which announced a proposal for amending the tariff structure aimed to lower electricity rates for households during the summer. As a result, in July 2019, the residential electricity tariff rate system was amended to expand the usage ceiling for the first two tiers of rates (from 200 kilowatts to 300 kilowatts for the first tier and from 400 kilowatts to 450 kilowatts for the second tier) applied during July and August each year. With the implementation of the new tariff system as of September 1, 2021, the residents were given a new benefit to opt for a new schedule of residential tariff, which is an option we have already been providing to our industrial and commercial customers. The new schedule is called a seasonal and hourly tariff and it allows residents to be charged under a monthly Base Charge plus increments depending on time, day and season. Each household may also choose to stay under the current tariff schedule which in contrast is a progressive schedule with seasonal adjustments. Our plan is to provide this option to households in Jeju Province in Korea first as many of these households are equipped with the Advanced Metering Infrastructure (“AMI”) and review rolling it out to the rest of the country depending on the penetration rate of the AMI in each region.
On the other hand, there are also policy measures that have been repealed. For example, the rate discounts offered to residential consumers who voluntarily reduced electricity consumption and those offered to traditional wet markets were abolished in December 2019. The rate discounts for electric vehicles will be gradually terminated in phases by June 2022 and the rate discounts for households that use less than 200 kilowatt-hours
 
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were phased out to 50% in July 2021 and will be terminated in July 2022. Despite these, there can be no assurance that the current and future adjustments in electricity tariff rates and rate discounts will not have an adverse impact on our business, results of operations, financial condition and profitability. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates” for more information on electricity tariff charged to our consumers.
Our capacity expansion plans, which are principally based on projections on long-term supply and demand of electricity in Korea, may prove to be inadequate.
We and our generation subsidiaries make plans for expanding or upgrading our generation capacity and transmission infrastructure based on the Basic Plan Relating to the Long-Term Supply and Demand of Electricity, or the Basic Plan, which is generally revised and announced every two years by the Government. In December 2020, the Government announced the Ninth Basic Plan to revise the Eighth Basic Plan. The Ninth Basic Plan is effective for the period from 2020 to 2034. The Ninth Basic Plan focuses on, among other things, accelerating transition to
eco-friendly
power sources. The specific measures include: (i) thirty decrepit coal-fired power plants and eleven nuclear power plants will be retired, and, as a result, coal and nuclear generation capacities will be reduced to 29 gigawatts and 19.4 gigawatts respectively by 2034, (ii) twenty-four out of thirty decrepit coal-fired power plants will be retired, the total generation capacity for which is 12.7 gigawatts, and shall be converted into using LNG instead, and (iii) domestic renewable energy generation capacity will be expanded by 77.8 gigawatts by 2034 in accordance with the Green New Deal initiative of the Korean Government.
In June 2019, the Ministry of Trade, Industry and Energy adopted the Third Basic National Energy Plan following consultations with representatives from civic groups, the energy industry and academia. The Third Basic National Energy Plan, which is a comprehensive plan that covers the entire spectrum of energy industries in Korea, covers the period from 2019 to 2040. The Third Basic National Energy Plan is consistent with the First and the Second Basic National Energy Plans in terms of the general policy direction and aims to promote sustainable growth and improvement of people’s quality of life by converting to renewable energy. Specifically, it establishes the following five key tasks: (i) strengthening management of energy demand from various sectors, such as commerce and transportation, and promoting a rational electricity tariff system to improve the national energy consumption efficiency by 38% and reduce the energy demand by 18.6% by 2040; (ii) converting to clean and safe energy through gradual reduction of nuclear power generation and decisive reduction of coal power generation by prohibiting construction of new coal-fired power plants and increasing the proportion of renewable energy sources to approximately 35% by 2040; (iii) expanding the power distribution in areas near those with demands for renewable energy and fuel cells and strengthening the roles and responsibilities of local governments; (iv) fostering the growth of the future energy industries (including renewable energy, hydrogen fuel and other efficient sources of energy linked to technology), promoting the
value-add
for traditional energy industries and maintaining a core energy ecosystem for nuclear power plants; and (v) improving the energy, gas and heat market systems to facilitate the national energy conversion and building platforms based on big data to foster creation of new energy industries.
We cannot assure that the Ninth Basic Plan, the Third Basic National Energy Plan, or their respective successor plans will successfully achieve their intended goals, the foremost of which is to ensure, through carefully calibrated capacity expansion and other means, balanced overall electricity supply and demand in Korea to end users while promoting efficiency and environmental friendliness in the consumption and production of electricity. If there is significant variance between the projected electricity supply and demand considered in planning our capacity expansions and the actual electricity supply and demand, or if these plans otherwise fail to meet their intended goals or have other unintended consequences, this may result in inefficient use of our working capital, and undue financing costs on the part of us and our generation subsidiaries, among others, which may have a material adverse effect on our results of operations, financial condition and cash flows.
 
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From time to time, we may experience temporary power shortages or circumstances bordering on power shortages due to factors beyond our control, such as extreme weather conditions. Such circumstances may lead to increased
end-user
complaints and greater public scrutiny, which may in turn require us to modify our capacity expansion plans, and if we were to substantially modify our capacity plans, this might result in additional capital expenditures and, as a result, have a material adverse effect on our results of operations, financial condition and cash flows.
Although the Government makes significant efforts to encourage conservation of electricity, including through public education campaigns, there is no assurance that such efforts will have the desired effect of substantially reducing the demand for electricity or improving efficient use thereof.
We are subject to various environmental legislations, regulations and related Government initiatives, including in relation to climate change and carbon neutrality, which could cause significant compliance costs and operational liabilities.
We are subject to national, local and overseas environmental laws and regulations, including increasing pressure to reduce emission of carbon dioxide from our electricity generation. Our operations could expose us to the risk of substantial liability relating to environmental, health and safety issues, such as those resulting from the discharge of pollutants and carbon dioxide into the environment and the handling, storage and disposal of hazardous materials. We may be responsible for the investigation and remediation of environmental conditions at current or former operational sites. We may also be subject to related liabilities (including liabilities for environmental damage, third-party property damage or personal injury) resulting from lawsuits brought by the Government or private litigants. In the course of our operations, hazardous wastes may be generated, disposed of or treated at third-party-owned or -operated sites. If those sites become contaminated, we could also be held responsible for the cost of investigation and remediation of such sites for any related liabilities, as well as for civil or criminal fines or penalties.
We intend to fully comply with our environmental obligations. However, our environmental measures, including the use of, or replacement with, environment-friendly but more expensive parts and equipment and budgeting capital expenditures for the installation or modification of such facilities, may result in increased operating costs and liquidity requirement. The actual cost of installation, replacement, modification and/or operation of such equipment and related liquidity requirement may depend on a variety of factors that are beyond our control. There is no assurance that we will continue to be in material compliance with legal or regulatory requirements or satisfy social norms and expectations in the future in relation to the environment, including in respect of climate change.
In recent years, partly driven by growing public awareness and sensitivity toward climate change and other environmental issues as well as in an effort to capture the economic and social potential associated with renewable energy and “new energy”-related industries (such as smart grids, energy storage systems and electrical vehicles, among others), the Government has introduced and implemented a number of new measures designed to reduce greenhouse gas emission, minimize environmental damage and spur related business opportunities. Some key examples of such Government initiatives pertinent to our and our generation subsidiaries’ operations are as follows:
 
 • 
Greenhouse Gas Emission Trading System, Related Emission Reduction Targets and the Greenhouse Gas Reduction Roadmap
.
 
 
 
¡
 
In accordance with the Act on Allocation and Trading of Greenhouse Gas Emission Allowances enacted in March 2013, the Government implemented a greenhouse gas emission trading system under which the Government will allocate the amount of permitted greenhouse gas emission to companies by industry and a company whose business emits more carbon than the permitted amount is required to purchase the right to emit more carbon through the Korea Exchange. The categories of allowances traded include the Korean Allowance Unit (KAU), which is the
 
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emissions allowance allocated to applicable companies by the Government; Korean Credit Unit (KCU), which is a tradable unit converted from external carbon offset certifications including the Korean Offset Credit; and Korean Offset Credit (KOC), which is the verified carbon offset credit obtained by companies for reducing carbon emissions through absorption or otherwise. The greenhouse gas emission trading system is expected to be implemented in three stages. During the first phase (2015 to 2017), the Government gradually has set up and conducted a test run of the trading system to ensure its smooth operation, allocating the greenhouse gas emission allowances free of charge. In July 2018, the Government released the allocation plan for the second phase (2018 to 2020), during which 97% of the greenhouse gas emission allowances were allocated free of charge, with 3% allocated through an auction. During the third phase (2021 to 2025), the Government expanded the scale of the system with aggressive greenhouse gas emission reduction targets and allocating 10% of the greenhouse gas emission allowances through an auction.
 
 
 
¡
 
In connection with the Climate Change Response Initiatives and the 2030 National Greenhouse Gas Reduction Roadmap announced by the Government in December 2016, the government subsequently announced the Long-term Low Greenhouse Gas Emission Development Strategies, which presents a long-term vision and national strategy for achieving carbon neutrality in 2050, and the Nationally Determined Contributions (“NDC”), which sets forth the greenhouse gas reduction targets by 2030. According to the Framework Act on Carbon Neutral and Green Growth to Cope with Climate Crisis and the latest figures of NDC announced by the Government, the target level in 2030 is 436.6 million tons and represents 40% reduction as compared to the level in 2018, and the target level for the electricity conversion sector as a whole which we are the part of is 149.9 million tons and represents 44.4% reduction. We cannot assure you that the reduction target will not be further raised in the future. Adhering to such emission and greenhouse gas reduction requirement may result in significant additional compliance costs. For example, the daily market price of the Korean Allowance Units (KAU), one of the categories of allowance traded on the Korea Exchange and allocated to applicable companies by the Government, was Won 8,640 per ton in early 2015, and the price has increased continuously thereafter, reaching its peak price at Won 42,500 per ton on April 2, 2020. Since then, the price has decreased due to the influence of
COVID-19,
and, as of the March 31, 2022, the price has been formed in the range of Won 23,000 per ton. We cannot predict how the price of the KAUs will fluctuate over time, and such volatility may adversely affect our results of operation, financial condition and cash flows.
 
 • 
Obligatory and Voluntary Regulation
of Coal-Fired Generation Units.
As a measure to address the high level of particulate matter pollution, in October 2018, the Government introduced a pilot regulation to lower the output of 35 coal-fired generation units to approximately 80% of their capacity that emit more than a certain amount of particulate matter. The regulation was formally implemented in January 2019, targeting 40 coal-fired power plants with high emissions of particulate matter. From March to June 2019, the scope expanded to cover 60 units in total. From November 2019, the Government pursued a reduction of coal-fired generation units in order to implement the Special Measures to Respond to the High Concentration Period (December to March) of Particulate Matter. We plan to continue to participate in the effort to reduce the particulate matter emissions from coal-fired generation units, not only during the winter but also during the spring. For example, from December 2021 to March 2022, up to 12 coal-fired generation units were shut down, with a maximum of 46 coal-fired generation units subject to a cap of 80% on the output within the remaining reserve capacity range. Additionally, the Government adjusted the schedule to close down two decrepit coal-fired generation units (Boryeong #1 and #2), which were shut down in December 2020. Also, other coal-fired generation units, Samcheonpo #1 and #2 were shut down in May 2021 and Honam #1 and #2 units in December 2021. According to the Ninth Basic Plan announced in December 2020, the total coal-fired power plant capacity in 2030 will decrease to 32.6 gigawatts from 35.8 gigawatts in 2020, and its percentage of total power generation capacity will decrease to 18.9% from 28.1% in 2020. In addition, the Government will introduce a system that will limit the annual power generation of coal-fired power plants in line with its greenhouse gas reduction target. While such measures may be subject
 
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to change, we expect to incur significant costs of complying with such measures, including in connection with more stringent particulate matter pollution regulations, retrofitting and overall replacement of environmental facilities. In 2021, our generation subsidiaries introduced a voluntary regulation to lower the output of coal-fired generation units, suspending the operations of up to 13 coal power generation plants and imposing a cap of 80% on the output of up to 40 coal-fired generation units.
 
 • 
Coal and LNG Consumption Taxes
. In January 2014, largely based on policy considerations of tax equity among different fuel types as well as environmental concerns, the Ministry of Economy and Finance announced that, effective July 1, 2014, consumption tax will apply to bituminous coal, which previously was not subject to consumption tax unlike other fuel types such as LNG or bunker oil. Pursuant to the amended Individual Consumption Tax Act effective as of April 1, 2019, which involved an increase of the unit tax rate for coal by Won 10 per kilogram across the board, the base tax rate (which is subject to certain adjustments) is Won 46 per kilogram for bituminous coal; however, due to concerns on the potential adverse effect on industrial activities, the applicable tax rate is applied differently based on the net heat generation amount. The currently applicable tax rate for bituminous coal is Won 43 per kilogram for net heat generation of less than 5,000 kilocalories, Won 46 per kilogram for net heat generation of 5,000 to 5,500 kilocalories and Won 49 per kilogram for net heat generation of 5,500 kilocalories or more. In contrast, the consumption tax and surcharge on importation of LNG decreased by Won 48 and Won 20.4 per kilogram, respectively, which came into effect in April 2019. The currently applicable consumption tax rate and surcharge on importation of LNG are Won 12 and Won 3.8 per kilogram, respectively. We expect any increase in tax rates may adversely affect our overall fuel costs and power purchase cost.
 
 • 
Renewable Portfolio Standard
. Under this program, each of our generation subsidiaries is required to generate a specified percentage of total electricity to be generated by such generation subsidiary in a given year in the form of renewable energy or, in case of a shortfall, purchase a corresponding amount of a Renewable Energy Certificate (a form of renewable energy credit) from other generation companies whose renewable energy generation surpass such percentage. The target percentage was 5.0% in 2018, 6.0% in 2019, 7.0% in 2020, and 9.0% in 2021. In 2020, all six of our generation subsidiaries met the target through renewable energy generation and/or the purchase of a Renewable Energy Certificate. Compliance by our generation subsidiaries of the 2021 target is currently under evaluation, and if any generation subsidiary is found to have failed to meet the target for 2021 or for subsequent years, such generation subsidiary may become subject to fines. From October 2021, an amendment to the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy will raise the upper limit of the target percentage even higher to 25% from the previous threshold of 10%. The Enforcement Decree of the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy was amended and became effective on January 4, 2022 to gradually increase the annual upper limit of target percentage to 12.5% in 2022, 14.5% in 2023, 17.0% in 2024, 20.5% in 2025 in order to raise the upper limit of target percentage to 25% in 2026. Such increase may result in additional expenses for our generation subsidiaries.
 
   
2022
  
2023
  
2024
  
2025
  
2026
 
Target Percentage under Renewable Portfolio Standard
   12.5%   14.5%   17.0%   20.5%   25.0% 
 
 • 
Renewable Energy Expansion Plan
. In December 2017, the Ministry of Trade, Industry and Energy announced the Renewable Energy 3020 Plan, an initiative to increase the generation and use of renewable energy on a nationwide basis. The Government plans to increase the required percentage of total electricity to be generated from renewable energy sources from 7% in 2016 to 10.5% and 20% by 2022 and 2030, respectively. Moreover, the Government plans to increase the domestic renewable energy generation capacity to 63.8 gigawatts by 2030 through the expansion of solar and wind power generation capacities to 36.5 gigawatts and 17.7 gigawatts, respectively. According to the Ninth Basic
 
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Plan and the Fifth Basic Plan on Renewable Energy announced in December 2020, the Government has set national targets of 82.2 gigawatts in renewable energy generation in 2034, with the goal of increasing the percentage of total electricity to be generated from renewable energy sources to 30% by 2030.
 
 • 
New Energy Industry Fund.
In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles,
small-sized
self-sustaining electricity generation grids known as “micro-grids,” among others, as well as invest in
start-up
companies, ventures, small- to
medium-sized
enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.
 
 • 
Environmental and safety considerations in electricity supply and demand planning
. In March 2017, the Electric Utility Act was amended to the effect that starting in June 2017, future national planning for electricity supply and demand in Korea should consider the environmental and safety impacts of such planning. Accordingly, the costs related to environmental and safety impacts, such as the desulfurization costs, have been reflected in our variable cost of generating electricity since August 2019. In December 2019, the Regulation on the Operation of the Electricity Market was revised to reflect the cost of trading greenhouse gas emission allowances in our variable cost of generating electricity and the revision was implemented in January 2022.
 
 • 
Renewable Energy 100.
In line with the spread of Renewable Energy 100 (“RE100”), a global campaign by companies around the world to cover 100% of their electricity use with renewable energy by 2050, the Government introduced its own version of RE100 that allows companies and other consumers to choose energy sources from which their electricity is generated. In order for a domestic company to participate in RE100, it may enter into a power purchase agreement (“PPA”) either with a renewable energy generator through us as an intermediary (“third-party PPA”) or with a renewable energy generator directly such that the generator will supply electricity to the company without going through the existing electricity market (“direct PPA”). The relevant legislation for the direct PPA was enacted in the National Assembly in March 2021 and has been in force since October 2021. The Ministry of Trade, Industry and Energy announced that detailed guideline for direct PPA will be finalized and announced within 2022. If there is an expansion in the use of direct PPA, it may adversely affect our market share in electricity sales.
 
 • 
2050 Carbon-Neutrality Declaration
. In response to the Paris Agreement and the United Nations Framework Convention on Climate Change (UNFCCC)’s goal to comprehensively replace fossil fuels and achieve global
net-zero
emission by 2050, the Korean national assembly has passed a
non-binding
resolution on September 24, 2020 to establish a special committee on climate change and urge the Government to meet its 2030 carbon reduction goal and bolster its efforts to achieve carbon neutrality by 2050. On November 27, 2020, the Government officially announced the Government’s commitment to implement policies in all areas of the industry to achieve Korea’s carbon neutrality by 2050. On December 10, 2020, the Government followed up with broad 2050 carbon neutrality development strategies. In May 2021, the Government launched a carbon neutrality committee which issued a preliminary draft of the carbon neutrality scenario in August 2021. After going through the process of collecting opinions from the consultative bodies in various sectors and citizen participation groups, the committee deliberated and finalized the 2050 carbon neutrality scenarios in October 2021. According to the two scenarios that have been finalized, both them will aim to achieve
net-zero
domestic carbon dioxide emissions by 2050. Scenario A will completely suspend thermal power generation, while scenario B will actively utilize technologies such as carbon capture, utilization and storage (CCUS) while allowing some thermal power generation to continue. If any specific regulation or policy affecting our business is announced or implemented, we may experience an increased regulatory scrutiny over carbon dioxide emission from our electricity generation activities and related projects
 
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overseas. We and our generation subsidiaries announced the 2050 Carbon-Neutrality Vision in November 2021 and will further invest in various renewable energy power generation projects, new business opportunities and core technology development with a goal of entirely replacing domestic coal power generation by 2050. In the process of pursuing such, our business strategy and investment plan may change from time to time and it may result in additional costs to us, including, among other things, increased production costs, additional taxes, reduced emission allowances or additional restrictions on production or operations, particularly as they may relate to our power generation business. In addition, the achievement of carbon neutrality by 2050 may be delayed or made impossible due to unexpected changes in policies or power market conditions including a major shift in the supply and demand of electricity.
Complying with these Government initiatives and operating programs in furtherance thereof has involved and will likely continue to involve significant costs and resources on our part, which may adversely affect our results of operation, financial condition and cash flows. Our cost of complying with the Renewable Portfolio Standard increased as the target percentage for compliance increased in 2021. We expect our future compliance costs may increase as the requirements under Government initiatives and operating programs continue to become more rigorous. We may not be able to pass on the increased cost to customers at a sufficient level or on a timely basis. Further, we and our generation subsidiaries could also become subject to substantial fines and other forms of penalties for
non-compliance.
Even without such financial losses, increased public awareness and adverse publicity about potential impacts on climate change or environmental harm from us or our industry could harm our reputation or otherwise impact the Company adversely. In recent years, investors have also begun to show increased interest about sustainability and climate change as it relates to their investment decisions.
According to the new tariff system which came into effect on January 1, 2021, the Government introduced an additional component to the tariff called the Climate/Environment Related Charge. Previously, our climate and environment costs were embedded in the Usage Charge component of the tariff and our consumers could not discern the exact magnitude of such costs. By separating it out as an independent component, we intend to provide more information and transparency to our customers while having the flexibility to adjust it in alignment with the underlying costs. The Climate/Environment Related Charge for the coming year is calculated by multiplying (i) our total estimated costs of complying with the Renewable Portfolio Standard program, the Greenhouse Gas Emission Trading System and the coal-fired generation reduction program for the current year, and then dividing it by the electricity sales projected for the coming year (the “Climate/Environment Related Base Rate”), and (ii) the amount of electricity consumed. The value of the Climate/Environment Related Base Rate for 2021 was Won 5.3 per kilowatt-hour. In accordance with the tariff increase plan we announced in December 2021, we further reflected increased environmental costs in 2022 to raise the Climate/Environment Related Base Rate by Won 2.0 to Won 7.3 per kilowatt-hour, the original implementation date for which as of January 1, 2022 has been postponed to April 1, 2022 by the Government to alleviate the hardship caused by the prolonged economic effects of
COVID-19
pandemic. As such case illustrates, even though the Climate/Environment Related Charge is planned to be adjusted every year by reflecting the change in climate and environment-related costs, the Government may change the date of adjustment under reasonable circumstances. There is no guarantee the Climate/Environment Related Charge will be regularly updated, even though our climate and environment-related costs will likely increase each year. If there are discrepancies between our costs and the Climate/Environment Related Charge, we may accumulate such discrepancies and reflect them in our Total Comprehensive Cost. However, the electricity rate based on the Total Comprehensive Cost needs to be approved by the Government to be revised. There is no assurance that, particularly given the wide-ranging policy priorities of the Government, it will in fact raise the electricity rate to a level sufficient to fully cover additional costs associated with implementing and operating programs as described in this risk factor and do so on a timely basis or at all. If the Government does not do so or provide us and our generation subsidiaries with other forms of assistance to offset the costs involved, our results of operation, financial condition and cash flows may be materially and adversely affected.
See Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”
 
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We may require a substantial amount of additional indebtedness to refinance existing debt and for future capital expenditures.
We anticipate that a substantial amount of additional indebtedness will be required in the coming years in order to refinance existing debt, make capital expenditures for construction of generation plants and other facilities and/or make acquisitions, invest in renewable energy and the “new energy industry” projects and fund our overseas businesses. In 2019, 2020 and 2021, our capital expenditures in relation to the foregoing amounted to Won 15,795 billion, Won 15,485 billion and Won 13,964 billion, respectively, and our budgeted capital expenditures for 2022, 2023 and 2024 amount to Won 15,360 billion, Won 16,172 billion and Won 16,133 billion, respectively.
Furthermore, as fuel prices surge, our cost of purchasing electricity from domestic generation companies through the Korea Power Exchange may increase significantly. If we fail to recoup more tariff from our customers to account for such electricity sales-related costs, our debt may further increase.
While we are not currently experiencing any material difficulties in procuring long-term and short-term borrowings, there is no assurance that we will continue to be able to do so, particularly given the potential risk of increasing financial losses and the adverse business environment as discussed above. We expect that a portion of our long-term debt will need to be paid or refinanced through foreign currency-denominated borrowings and capital raising in international capital markets. Such financing may not be available on terms commercially acceptable to us or at all, especially if the global financial markets experience significant turbulence or a substantial reduction in liquidity or due to other factors beyond our control. If we are unable to obtain financing on commercially acceptable terms on a timely basis, or at all, we may be unable to meet our funding requirements for capital expenditures or debt repayment obligations, which could have a material adverse impact on our business, results of operations and financial condition.
We and our generation subsidiaries have undertaken various programs to reduce debt and improve the overall financial health. For further information, see Item 4.B. “Business Overview—Debt Reduction Program and Related Activities.” Despite our best efforts, however, for reasons beyond our control, including macroeconomic environments, government regulations and market forces (such as international market prices for our fuels), we cannot assure whether we or our generation subsidiaries will be able to successfully reduce debt burdens or otherwise improve our financial health to a level that would be optimal for our capital structure. If we or our generation subsidiaries fail to do so or the measures taken by us or our generation subsidiaries to reduce debt levels or improve financial health have unintended adverse consequences, such developments may have an adverse effect on our business, results of operations and financial condition.
The movement of Won against the U.S. dollar and other currencies may have a material adverse effect on us.
The Won has fluctuated significantly against major currencies from time to time. Even slight depreciation of Won against U.S. dollar and other foreign currencies may result in a material increase in the cost of fuel and equipment purchased by us from overseas since the prices for substantially all of the fuel materials and a significant portion of the equipment we purchase are denominated in currencies other than Won, generally in U.S. dollar.
Changes in foreign exchange rates may also impact the cost of servicing our foreign currency-denominated debt. As of December 31, 2021, 16.4% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions, was denominated in foreign currencies, principally U.S. dollar. In addition, even if we make payments in Won for certain fuel materials and equipment, some of these fuel materials may originate from other countries and their prices may be affected accordingly by the exchange rates between the Won and foreign currencies, especially the U.S. dollar. Since the substantial majority of our revenues are denominated in Won, we must generally obtain foreign currencies through foreign currency-denominated financings or from foreign currency exchange markets to make such purchases or service such debt. As a result, any significant depreciation of Won against the U.S. dollar or other major foreign currencies will have a material adverse effect on our profitability and results of operations.
 
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We may not be successful in implementing new business strategies.
As part of our overall medium- to long-term business strategies created in 2022, we plan to (i) establish power grid system which could further contribute to achieving carbon neutrality, (ii) expand clean energy and promote strategic demand response, (iii) lead future energy market and improve sales competitiveness, (iv) lead platform-based new businesses, (v) transform overseas business portfolio to focus on
eco-friendly
projects and core competencies, (vi) secure future technologies and build a research and development ecosystem, (vii) promote digitalization in overall supply chain, and (viii) establish a highly reliable and highly efficient management system with respect to human beings and environment.
Due to their inherent uncertainties, such new and expanded strategic initiatives expose us to a number of risks and challenges, including the following:
 
 • 
there may be restrictions on business diversification due to various regulations that we and our subsidiaries must comply with;
 
 • 
new and expanded business activities may require unanticipated capital expenditures, although our revenue may not be sufficient to cover such expenditures;
 
 • 
if domestic and foreign competitions intensify due to a limited pool of professionals and core technology to pursue new businesses, we may lose competitiveness;
 
 • 
new and expanded business activities may result in less growth or profit than we currently anticipate, and there can be no assurance that such business activities will become profitable at the level we desire or at all;
 
 • 
certain of our new and expanded businesses, particularly in the areas of renewable energy, require substantial Government subsidies to become profitable, and such subsidies may be substantially reduced or entirely discontinued;
 
 • 
we may fail to identify and enter into new business opportunities in a timely fashion, putting us at a disadvantage
vis-à-vis
competitors; and
 
 • 
we may need to hire or retrain personnel to supervise and conduct the relevant business activities.
As part of our business strategy, we may also seek, evaluate or engage in potential acquisitions, joint ventures, strategic alliances, restructurings, combinations, rationalizations, divestments or other similar opportunities. The prospects of these initiatives are uncertain, and there can be no assurance that we will be able to successfully implement or grow new ventures, and these ventures may prove more difficult or costly than what we originally anticipated. In addition, we regularly review the profitability and growth potential of our existing and new businesses. As a result of such review, we may decide to exit from or to reduce the resources that we allocate to new or existing ventures in the future. There is a risk that these ventures may not achieve profitability or operational efficiencies to the extent originally anticipated, and we may fail to recover investments or expenditures that we have already made. Any of the foregoing may have a material adverse effect on our reputation, business, results of operations, financial condition and cash flows.
We plan to pursue overseas expansion opportunities that may subject us to different or greater risks than those associated with our domestic operations.
While our operations have,
to-date,
been primarily based in Korea, we and our generation subsidiaries may expand, on a selective and opportunistic basis, overseas operations in the future. In particular, we and our generation subsidiaries may further expand the construction and operation of renewable energy power plants, transmission and distribution and (primarily through our generation subsidiaries) mining and development of fuel sources.
 
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Overseas operations often involve risks that are different from those we face in our domestic operations, including the following:
 
 • 
challenges of complying with multiple foreign laws and regulatory requirements, including tax laws and laws regulating our operations and investments;
 
 • 
volatility of overseas economic conditions, including fluctuations in foreign currency exchange rates;
 
 • 
difficulties in enforcing creditors’ rights in foreign jurisdictions;
 
 • 
risk of expropriation and exercise of sovereign immunity where the counterparty is a foreign government;
 
 • 
difficulties in establishing, staffing and managing foreign operations;
 
 • 
differing labor regulations;
 
 • 
political and economic instability, natural calamities, war and terrorism;
 
 • 
lack of familiarity with local markets and competitive conditions;
 
 • 
changes in applicable laws and regulations in Korea that affect foreign operations;
 
 • 
obstacles to the repatriation of earnings and cash; and
 
 • 
environmental regulations and public complaints regarding overseas coal-fired power plants.
Any failure by us to recognize or respond to these differences may adversely affect the success of our operations in those markets, which in turn could materially and adversely affect our business and results of operations.
Furthermore, while we seek to enter into overseas business opportunities in a prudent manner, some of our new international business ventures carry inherent risks that are different from our traditional business of electricity power generation, transmission and distribution. While the overseas businesses in the aggregate currently do not comprise a material portion of our overall business, the actual revenues and profitability from, and investments and expenditures into, such ventures may be substantially different from what we plan or anticipate and may have a material adverse impact on our overall business, results of operations, financial condition and cash flows.
An increase in electricity generated by and/or sourced from independent power producers may erode our market position and hurt our business, growth prospects, revenues and profitability.
As of December 31, 2021, we and our generation subsidiaries owned approximately 61.5% of the total electricity generation capacity in Korea (excluding plants generating electricity for private or emergency use). New entrants to the electricity business will erode our market share and create significant competition, which could have a material adverse impact on our financial condition and results of operations.
In particular, we compete with independent power producers with respect to electricity generation. The independent power producers accounted for 30.6% of total power generation in 2021 and 38.5% of total generation capacity as of December 31, 2021. As of December 31, 2021, there were 33 independent power producers in Korea, excluding renewable energy producers. Private enterprises became permitted to own and operate coal-fired power plants in Korea only after the Ministry of Trade, Industry and Energy approved plans for independent power producers to construct coal-fired power plants under the Sixth Basic Plan announced in February 2013. Under the Ninth Basic Plan announced in December 2020, six coal-fired power plants are planned to be constructed by independent power producers by 2024. Two of the six coal-fired power plants planned for construction were completed in 2021, one is expected to be completed in 2022, followed by two in 2023, and one in 2024. While it remains to be seen whether construction of these generation units will be completed as scheduled, if these units were to be completed as scheduled and/or independent power producers are permitted to build additional generation capacity (whether coal-fired or not), our market share in Korea may decrease, which may have a material adverse effect on our results of operations and financial condition.
 
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In addition, under the Community Energy System adopted by the Government in 2004, a minimal amount of electricity is supplied directly to consumers on a localized basis by independent power producers outside the cost-based pool system. Such system is used by our generation subsidiaries and most independent power producers to distribute electricity nationwide. The purpose of this system is to geographically decentralize electricity supply and thereby reduce transmission losses and improve the efficiency of energy use. These entities do not supply electricity on a national level but are licensed to supply electricity on a limited basis to their respective districts under the Community Energy System. As of March 31, 2022, the aggregate generation capacity of suppliers participating in the Community Energy System amounted to less than 1% of that of our generation subsidiaries in the aggregate.
We currently do not expect the Community Energy System to be widely adopted, especially in light of the significant level of capital expenditure required for such direct supply. However, if the Community Energy System is widely adopted, it may erode our currently dominant market position in the generation and distribution of electricity in Korea and may have a material adverse effect on our business, results of operations and financial condition.
While we are currently the dominant market player in the electricity distribution in Korea, we cannot assure you that our market dominance will not face potential erosion in the future. For example, in June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector), which contemplated a gradual opening of the electricity trading market to the private sector. Although the proposal was withdrawn after a year of deliberation, a number of economists and civic groups are continuing to demand for the liberalization of the electricity trading market. It is difficult to predict whether and in what direction the liberalization of the electricity trading market will happen in the future, and such event may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows.
See also Item 4.B. “Business Overview—Competition.”
Labor unrest or increases in labor cost may adversely affect our operations.
We and each of our generation subsidiaries have separate labor unions. As of December 31, 2021, approximately 73.7% of our and our generation subsidiaries’
employees in the aggregate were members of these labor unions. Since a
six-week
labor strike in 2002 by union members of our generation subsidiaries in response to a proposed privatization of one of our generation subsidiaries, there has been no material labor dispute. However, we cannot assure you that there will not be a major labor strike or other material disruptions of operations by the labor unions of us and our generation subsidiaries if the Government resumes privatization or other restructuring initiatives or for other reasons, which may adversely affect our business and results of operations.
Furthermore, the Government, as part of a response to low fertility amidst an aging population in Korea and to make the lives of workers more stable, has pledged to reduce the number of
non-permanent
workers and increase the employment of permanent workers, in part by transitioning from
non-permanent
to permanent positions in the public sector. We have completed transitioning temporary workers to permanent workers at the end of 2019. Our generation subsidiaries have partially completed transitioning of
non-permanent
workers to permanent positions by hiring them for an indefinite period or establishing subsidiaries and hiring them through such subsidiaries. Our thermal generation subsidiaries plan to form a labor-management consultative body to transition the
in-house
subcontracted workers for the fuel and environmental facilities to permanent positions. Although the Government guidelines suggest that we transition the
non-permanent
workers to permanent positions within our existing budget for the related business, we cannot assure you that this will not result in increased costs for us or our generation subsidiaries and have an adverse impact on us or our generation subsidiaries’ financial condition and results of operations.
Additionally, domestic and international policy changes may affect our relationship with our employees, such as the Government’s ratification of seven of the eight essential conventions of International Labor
 
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Organization and potential reformation of the public employee wage structure. We cannot assure you that such policy changes will not negatively affect our relationship with our employees, which may in turn adversely affect our business and results of operations.
Operation of nuclear power generation facilities inherently involves numerous hazards and risks, any of which could result in a material loss of revenues or increased expenses.
Through KHNP, we currently operate 24 nuclear-fuel generation units. Operation of nuclear power plants is subject to certain hazards, including environmental hazards such as leaks, ruptures and discharge of toxic and radioactive substances and materials. These hazards can cause personal injuries or loss of life, severe damage to or destruction of property and natural resources, pollution or other environmental damage,
clean-up
responsibilities, regulatory investigation and penalties and suspension of operations. Nuclear power has a stable and relatively inexpensive cost structure (which is least costly among the fuel types used by our generation subsidiaries) and is the second largest source of Korea’s electricity supply, accounting for 27.4% of electricity generated in Korea in 2021. Due to significantly lower unit fuel costs compared to those for thermal power plants, our nuclear power plants are generally operated at full capacity with only routine shutdowns for fuel replacement and maintenance, with limited exceptions.
From time to time, our nuclear generation units may experience unexpected shutdowns or maintenance-related stoppage. For example, following an earthquake in the vicinity in September 2016, four nuclear generation units at the Wolsong site were shut down for approximately three months as part of a preventive and safety assurance program although these units were not directly affected by the earthquake. Any prolonged or substantial breakdown, failure or suspension of operation of a nuclear unit could result in a material loss of revenues, an increase in fuel costs related to the use of alternative power sources, additional repair and maintenance costs, greater risk of litigation and increased social and political hostility to the use of nuclear power, any of which could have a material adverse impact on our financial condition and results of operations.
In addition, heightened concerns regarding the safety of operating nuclear generation units could impede with our ability to operating them for an extended period of time or at all. For example, the nuclear power plant at Wolsong #1 unit began operations in 1982 and ended its operations in 2012 pursuant to its
30-year
operating license. In February 2015, the Nuclear Safety and Security Commission (“NSSC”) evaluated the safety of operating Wolsong #1 unit and approved its extended operation until November 2022. However, a civic group filed a lawsuit to annul such decision, and in February 2017, the Seoul Administrative Court ruled against the NSSC. The NSSC appealed this decision, and the civic group filed an injunction to suspend the operation of the Wolsong #1 unit. The civic group’s injunction was denied in July 2017. KHNP, which operated the unit pursuant to the NSSC’s initial decision, has joined this lawsuit.
There are ten other nuclear generation units whose life under their initial operating license will expire by 2030, and we may find it more difficult to have the life of other nuclear units extended as well. The failure to extend the life of these units would result in a loss of revenues from such units and the increase in our overall fuel costs (as nuclear fuel is the cheapest compared to coal, LNG or oil), which could adversely affect our results of operation and financial condition. In May 2019, a group of 729 Korean nationals brought a lawsuit against the NSSC to suspend the operation of Shin-Kori #4. In July 2019, we applied to participate in the lawsuit as a stakeholder. In February 2021, the Seoul Administrative Court dismissed the plaintiffs’ claim. The plaintiffs subsequently appealed in March 2021 and the case is currently being adjudicated in the Seoul High Court. We cannot assure you that there will not be new challenges to prohibit the construction of these new nuclear units in the future, whereby we may experience a loss of revenues and an increase in fuel costs (as nuclear fuel is the cheapest compared to coal, LNG or oil) as a result of such prohibition, which could adversely affect our results of operation and financial condition.
In order to prevent damages to the nuclear facilities such as a result of the tsunami and earthquake in March 2011 in Japan, KHNP prepared a comprehensive safety improvement plan including, but are not limited to,
 
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installing additional automatic shut-down systems for earthquakes, extending coastal barriers for seismic waves, procuring mobile power generators and storage batteries, installing passive hydrogen removers at nuclear facilities and improving the radiology emergency medical system. All
follow-up
measures will be finalized in December 2024 due to changes in the plan. KHNP also developed 10 additional supplementary safety measures by analysis of overseas plants and its current operations and implemented nine of such measures in 2017, with the one remaining measure to be implemented by 2023. However, there is no assurance that a similar or worse natural disaster may require the adoption and implementation of additional safety measures, which may be costly and have a material adverse impact on our financial condition and results of operations.
Subsequently, the Government unveiled its roadmap to shift in energy sources in October 2017 and announced the Eighth Basic Plan to implement such roadmap in December 2017. The Ninth Basic Plan announced in December 2020 also focuses on the same agenda as the Eighth Basic Plan. These Basic Plans focus on, among other things, decreasing the reliance on nuclear and coal-based supply sources. Accordingly, six new nuclear generation units in a planning stage (Shin-Hanul #3 and #4, Chunji #1 and #2 and Daejin #1 and #2) would not be constructed, while new nuclear plants under construction, including Shin-Kori #5, #6, Shin-Hanul #1 and #2, shall begin operation by 2024 upon completion of their construction. Shin-Hanul #1 and #2 will finish construction in 2022 and 2023 respectively, while actual construction of Shin-Kori #5 and #6 would be completed in 2024 and 2025 respectively to prevent undue speed in construction in light of the recent enactment of the Serious Accident Punishment Act. Future extensions of life of decrepit nuclear generation units would not be granted and the proportion of renewable energy sources would be increased. However, the current scheme for the construction and operation of nuclear generation units may be altered in the future. For example, in April 2022, KHNP submitted a safety evaluation report to the NSSC for the approval for an extension of the life of Kori #2, which is scheduled to shut down in April 2023. As future procedures will be carried out in accordance with relevant laws and regulations, it is not known at this time whether such extension of life will be granted or not. In addition, we cannot assure you that the current or future policies will not have an adverse impact on our or our generation subsidiaries’ financial condition and results of operations.
On June 15, 2018, the board of directors of KHNP decided to (i) retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the economic viability and regional sentiment of its continuing operation and (ii) discontinue the construction of Chunji #1 and #2 as well as Daejin #1 and #2 units. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1 unit. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Wolsong #1 unit accrued to Won 572,216 million and reversal of impairment loss was Won 16,693 million. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Chunji #1 and #2 as well as Daejin #1 and #2 units amounted to Won 38,886 million. Although the board of directors did not make any decisions regarding Shin-Hanul #3 and #4 units, which are new nuclear plants under construction, we cannot assure you that the construction of these units will not be discontinued. From the beginning of 2018 to the end of 2019, impairment loss in connection with the property, plant and equipment of Shin-Hanul #3 and #4 units accrued to Won 134,736 million. The Government revised the Enforcement Decree of the Electricity Business Act in June 2021 and enacted a notice that will allow KHNP to be compensated for reasonable costs incurred in relation to the
phase-out
of nuclear power plants in accordance with the Government’s energy transition policy. However, even if KHNP may apply for such compensation, there is no guarantee that it will cover the entire cost as the scope of such compensation has not been specifically determined yet. If KHNP cannot recoup its total cost, it may have an adverse impact on our financial condition.
The construction and operation of our generation, transmission and distribution facilities involve difficulties, such as opposition from civic groups, which may have an adverse effect on us.
From time to time, we encounter social and political opposition against construction and operation of our generation facilities (particularly nuclear units) and, to a lesser extent, our transmission and distribution facilities. For example, we recently faced intense opposition from local residents and civic groups to the construction of transmission lines in the Milyang area, which we resolved through various compensatory and other support
 
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programs. Such opposition delayed the schedule for completion of this project. Although we and the Government have undertaken various community programs to address concerns of residents in areas near our facilities, civic and community opposition could result in delayed construction or relocation of our planned facilities, which could have a material adverse impact on our business and results of operations.
Our risk management policies and procedures may not be fully effective at all times.
In the course of our operations, we must manage a number of risks, such as regulatory risks, market risks and operational risks. Although we devote significant resources to developing and improving our risk management policies and procedures and expect to continue to do so in the future, our risk management practices may not be fully effective at all times in eliminating or mitigating risk exposures in all market environments or against all types of risk, including risks that are unidentified or unanticipated, such as natural disasters or employee misconduct. For example, in November 2019, prosecutors indicted six of KHNP’s employees for, among others, failing to immediately shut down Hanbit #1 reactor when its thermal output exceeded the threshold specified by the nuclear safety technical operations manual and filing false reports to the NSSC. KHNP is also indicted for secondary liability from its employees’ alleged wrongdoings. The case stemmed from the NSSC’s investigations into the manual shutdown of Hanbit #1 reactor during a diagnostic test in May 2019. In February 2021, the Gwangju District Court acquitted the employees of their charges of violating the safety technical operations manual and driving a vehicle without a license during the incident. However, three employees were fined for filing false reports to NSSC and KHNP was also fined in accordance with the disciplinary regulations. The prosecutors appealed the District Court’s decision and the case is currently being adjudicated in the Gwangju District Court. We cannot assure you that the outcomes of the ongoing case will not have any material adverse effect on us, our reputation and our operating results. To prevent similar incidents from occurring again, KHNP is working to improve its risk monitoring and management system. For additional information, see Item 4.B. “Business Overview—Nuclear Safety.”
In April 2019, a forest fire broke out in Goseong in Gangwon Province, about 210 kilometers from Seoul, causing damages to nearby towns, covering approximately 1,260 hectares. The National Forensic Service has investigated the cause of the fire and has determined that the fire seems to have started by an electrical arc from our utility pole’s wire, which broke as a result of a strong wind. Based on this finding, the Police Department of Goseong conducted
follow-up
investigations and issued a recommendation to prosecute seven employees of KEPCO in connection with the fire. The prosecutors have taken over the case and a trial is underway, the results of which may have a material adverse effect on us, our reputation and our operating results. In the meantime, we have settled with and completed compensation payment of Won 62.7 billion to victims as of February 2022. We expect settlements with the remaining victims would cost us approximately Won 6.1 billion. In addition, we are compensating the fire victims by providing a number of services, such as free supply of electricity, and implementing measures to prevent future fires that may result from an electrical arc, including a special maintenance program during the dry season between March and May. Also, we implemented operational measures such as tailored operation of protective devices and suspension of operation during periods of low loads and plan to change power facility designs to reflect regional and seasonal characteristics, all of which are intended to help prevent similar incidents from happening in the future. Despite our efforts, however, such incidents may occur again, and we cannot assure you that they will not have any material adverse effect on us, our reputation and our operating results.
Furthermore, our operational activities like the generation of electricity involve inherent operating risks that may result in accidents involving serious injury or loss of life, environmental damage or property damage. In December 2018, an employee of KOWEPO’s subcontractor died in an accident at a Taean thermal power unit, leading to a public scrutiny and review by the Ministry of Employment and Labor. As a result, KOWEPO was required to halt the operations of three Taean thermal power units (Taean #9 and #10 units as well as Taean Integrated Gasification Combined Cycle (IGCC)) between December 2018 and May 2019. Even though we plan to prioritize
on-site
safety management by engaging in communications with different stakeholders and investing more in safe environment, there is no guarantee that there will not be future accidents due to our inherent operating risks.
 
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The Serious Accident Punishment Act (the “SAPA”) was enacted on January 26, 2021 and took effect on January 27, 2022. The SAPA imposes criminal liability on individuals and entities responsible for “serious accidents”. Under SAPA, the term “serious accident” encompasses not only accidents at industrial sites (e.g., at factories or construction sites), but also “public” disasters caused by defects in the design, manufacture, installation and management of products, product ingredients or public facilities/transportation. The SAPA imposes criminal liability against (i) business owners or executives (as defined by the law) who fail to ensure the safety of their business operations and (ii) businesses or institutions who fail their supervisory duties. In case of willful misconduct or gross negligence, the SAPA also imposes punitive damages of up to five times the actual damages. The SAPA also impacts the impending class action and punitive damages legislation, since a serious accident could very well trigger liability under all three laws. For instance, if a serious accident leads to injury or death, and involves 50 or more claimants with a common question of law or fact, this would trigger a potential class action, punitive damages and criminal penalties under the SAPA. As such, the risks faced by companies and senior management under SAPA are amplified by the new class action/punitive damages system, and vice versa. Although we have analyzed the potential impacts on us of the SAPA and aligned our policies, internal regulations and manuals in preparation for the implement of the SAPA prior to the enactment of the SAPA, there is no guarantee that the SAPA would not adversely affect our business, financial condition and result of operations given that the SAPA is very broad but not yet tested by way of court precedents or official rulings of the Government.
We believe we and our subsidiaries are in compliance in all material respects with internal compliance policies and procedures and all other additional safety measures initiated internally or required by regulatory and governmental agencies. Under the SAPA, businesses may avoid punishment if it is found that they duly performed their duties to ensure the safety and health of the participants in their business operations. However, we cannot assure you that, despite all precautionary and preventative measures undertaken by us, these measures will prove to be fully effective at all times against all the risks we face or that an incident that could cause harm to our reputation and operation will not happen in the future, including due to factors beyond our control.
Our risk management procedures may not prevent losses in debt and foreign currency positions.
We manage interest rate exposure for our debt instruments by limiting our variable rate debt exposure as a percentage of our total debt and closely monitoring the movements in market interest rates. We also actively manage currency exchange rate exposure for our foreign currency-denominated liabilities by measuring the potential loss therefrom using risk analysis software and entering into derivative contracts to hedge such exposure when the possible loss reaches a certain risk limit. To the extent we have unhedged positions or our hedging and other risk management procedures do not work as planned, our results of operations and financial condition may be adversely affected.
The amount and scope of coverage of our insurance are limited.
Substantial liability may result from the operations of our nuclear generation units, the use and handling of nuclear fuel and possible radioactive emissions associated with such nuclear fuel. KHNP carries insurance for its generation units and nuclear fuel transportation, and we believe that the level of insurance is generally adequate and is in compliance with relevant laws and regulations. In addition, KHNP is the beneficiary of Government indemnity that covers damages which the insurance cannot cover. However, such insurance is limited in terms of amount and scope of coverage and does not cover all types or amounts of losses which could arise in connection with the ownership and operation of nuclear plants. Accordingly, material adverse financial consequences could result from a serious accident or a natural disaster to the extent it is neither insured nor covered by the government indemnity.
In addition, our
non-nuclear
generation subsidiaries carry insurance covering certain risks, including fire, in respect of their key assets, including buildings and equipment located at their respective power plants,
construction-in-progress
and imported fuel and procurement in transit. Such insurance and indemnity, however, cover only a portion of the assets that these generation subsidiaries own and operate and do not cover all types or
 
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amounts of loss that could arise in connection with the ownership and operation of these power plants. In addition, our generation subsidiaries are not permitted to self-insure, and accordingly have not self-insured, against risks of their uninsured assets or business. Accordingly, material adverse financial consequences could result from a serious accident to the extent it is uninsured.
In addition, because neither we nor our
non-nuclear
generation subsidiaries carry any insurance against terrorist attacks, an act of terrorism would result in significant financial losses. See Item 4.B. “Business Overview—Insurance.”
We may not be able to raise equity capital in the future without the participation of the Government.
Under applicable laws, the Government is required to directly or indirectly own at least 51% of our issued capital stock. As of December 31, 2021, the Government, directly and through Korea Development Bank (a statutory banking institution wholly owned by the Government), owned 51.1% of our issued capital stock. Accordingly, without changes in the existing Korean law, it may be difficult or impossible for us to undertake, without the participation of the Government, any equity financing in the future.
We may be exposed to potential claims made by current or previous employees for unpaid wages for the past three years under the expanded scope of ordinary wages and become subject to additional labor costs arising from the broader interpretation of ordinary wages under such decision.
Under the Labor Standards Act, an employee is legally entitled to “ordinary wages.” Under the guidelines previously issued by the Ministry of Employment and Labor, ordinary wages include base salary and certain fixed monthly allowances for work performed overtime during night shifts and holidays. Prior to the Supreme Court decision described below, many companies in Korea had typically interpreted these guidelines as excluding from the scope of ordinary wages fixed bonuses that are paid other than on a monthly basis, namely on a
bi-monthly,
quarterly or semi-annual basis, although such interpretation had been a subject of controversy and had been overruled in a few court cases.
In December 2013, the Supreme Court of Korea ruled that regular bonuses fall under the category of ordinary wages on the condition that those bonuses are paid regularly and uniformly, and that any agreement which excludes such regular bonuses from ordinary wage is invalid. One of the key rulings provides that bonuses that are given to employees (i) on a regular and continuous basis and (ii) calculated according to the actual number of days worked (iii) that are not incentive-based must be included in the calculation of “ordinary wages.” The Supreme Court further ruled that in spite of invalidity of such agreements, employees shall not retroactively claim additional wages incurred due to such court decision, in case that such claims bring to employees unexpected benefits which substantially exceeds the wage level agreed by employers and employees and cause an unpredicted increase in expenditures for their company, which would lead the company to material managerial difficulty or would be a threat to the existence of the company. In that case, the claim is not acceptable since it is unjust and is in breach of the principle of good faith. However, in December 2021, the Supreme Court ruled that the claim of workers for additional wages should not be easily rejected for the reason of good faith if there is a possibility of overcoming business difficulties in the future.
As a result of such ruling by the Supreme Court of Korea, we and our subsidiaries became subject to a number of lawsuits filed by various industry-wide and company-specific labor unions based on claims that ordinary wage had been paid without including certain items that should have been included as ordinary wage. In July 2016, the court ruled against us, and in accordance with the court’s ruling, in August 2016 we paid Won 55.1 billion to the employees for three years of back pay plus interest. As of December 31, 2021, 12 lawsuits were pending against our subsidiaries for an aggregate claim amount of Won 38 billion, for which our subsidiaries set aside an aggregate amount of Won 3.2 billion to cover any potential future payments of additional ordinary wage in relation to the related lawsuits. We cannot presently assure you that the court will not rule against our subsidiaries in these lawsuits, or that the foregoing reserve amount will be sufficient to cover the amounts payable under the court rulings.
 
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Additionally, since the issue of determining which labor costs should be additionally included as part of ordinary wages has not been fully resolved by the courts reviewing the lawsuits to which our subsidiaries are a party and other ordinary wage lawsuits filed against other companies, we cannot presently assure you that there will not be additional lawsuits in relation to ordinary wages and that we or our subsidiaries may not become liable for greater amount of damages as a result of these lawsuits. Furthermore, court decisions or labor legislations expanding the definition of ordinary wages may prospectively increase the labor costs of us and our subsidiaries. As a result, there can be no assurance that the above-described lawsuits and circumstances will not have a material adverse effect on our results of operations. See Item 8.A. “Consolidated Statements and Other Financial Information—Legal Proceedings.”
We are subject to cyber security risk.
Recently, our activities have been subject to an increasing risk of cyber-attacks and information leakages, the nature of which is continually evolving. For example, in December 2014, KHNP became subject to a cyber terror incident. Hackers hacked into the computer network of former KHNP employees and threatened to shut down certain of KHNP’s nuclear plants, even though such incident did not jeopardize our nuclear operation in any material respect and none of the stolen information was material to our nuclear operation or the national nuclear policy. Also, even though past cyber-attacks were mostly unspecified attacks, recent attacks are more targeted and intelligent attacks, such as a ransomware that encrypts a victim’s files, whereupon an attacker demands a ransom from the victim to restore access to the victim’s data upon payment. In particular,
non-face-to-face
business environment due to
COVID-19
has led to more sophisticated phishing
e-mail
attacks that impersonate service providers and acquaintances. In light of the new developments, there is no assurance that a similar or more serious hacking or other forms of cyber terror will not happen with respect to us and our generation subsidiaries, which could have a material adverse impact on our business, financial condition and results of operations. See Item 4.B. “Business Overview—Cyber Security.”
We engage in Russia-related dealings, including purchasing fuel supply, goods and services from Russia and Russian companies, and we may be adversely impacted in a material manner by sanctions concerning Russia imposed by the United States and other jurisdictions.
In 2021, we purchased 11.5% of our bituminous coal requirements from Russia. Additionally, we also purchase uranium and conversion and enrichment services of uranium concentrates from Russian suppliers and also purchase Russian origin LNG. In 2021, the total value of all goods and services purchased from Russia was approximately US$0.9 billion.
OFAC sanctions concerning Russia,
inter alia
, block the property of certain designated individuals and entities, target certain sectors of the Russian economy, including the energy sector, and prohibit certain transactions by U.S. persons with certain targeted persons in targeted sectors of the Russian economy, and restrict investment in and trade with the Crimea region of Ukraine.
Non-U.S.
persons that engage in certain prohibited transactions concerning Russia or with certain sanctioned Russian persons or entities may be subject to sanctions if any such dealings or transactions involve a nexus to U.S. jurisdiction. In addition, in August 2017, the United States Congress passed CAATSA, which introduced a host of new U.S. secondary sanctions concerning Russia including,
inter alia
, for certain dealings with the Russian energy sector, support for Russia’s energy export pipelines and engaging in a “significant transaction” with a person that is part of, or operates for or on behalf of, Russia’s defense or intelligence sectors. Additionally, a
non-U.S.
person that knowingly facilitates a “significant transaction” or transactions for or on behalf of any person subject to sanctions imposed by the U.S. with respect to sanctioned Russian persons or entities, or their immediate family members, may also be subject to secondary sanctions.
In February, March, and April 2022, the United States, the European Union, the United Kingdom, and other countries began to impose a host of new economic sanctions on Russia and certain related persons in response to Russia’s military activities in Ukraine, including comprehensive, territory-wide sanctions on the self-described
 
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Donetsk People’s Republic (“DNR”) and Luhansk People’s Republic (“LNR”), as well as export controls and bans on certain items and technologies, blocking sanctions on certain major Russian financial institutions and their affiliates, Russian oligarchs and persons active in the energy, banking and finance sectors (along with their family members) and Russian government officials, and debt and equity restrictions on certain Russian state-owned enterprises. The U.S. government also imposed a ban on importation into the U.S. of Russian crude oil, certain petroleum products, LNG, and coal, and also prohibited new investments in Russia by U.S. persons, wherever located. Additionally, both the European Union and Switzerland, among other jurisdictions, have imposed a ban on the importation of coal and certain other solid fossil fuels. Other countries, including Japan and the United Kingdom have announced plans to phase out Russian coal imports in the future. Further sanctions by the U.S. and other jurisdictions including the European Union, Switzerland, and the United Kingdom may also be forthcoming.
We source Russian fuel products from counterparties in a number of these jurisdictions, including the European Union, Japan, and Switzerland and sanctions that have been or will be imposed by these and other jurisdictions may require us to restrict or modify our operations. While the U.S. and other countries’ sanctions measures announced to date do not amount to a comprehensive embargo against Russia and Russian persons, it is not possible to predict with a reasonable degree of certainty how developments in Russia and Ukraine may impact our Russia-related business dealings, including but not limited to our purchase of fuel sources from Russia, such as bituminous coal, uranium, uranium concentrates conversion and enrichment services, and LNG or with regard to other business with Russian counterparties.
While we do not believe that our dealings related to Russia violate applicable economic sanctions, our ongoing dealings related to Russia expose us to risk. If the parties we are dealing or planning to deal with (directly or indirectly) become subject to sanctions, including suppliers of fuel sources, we may need to terminate our relationships with them and substitute them with alternative parties in order to not be in violation of any sanctions. There is no guarantee that we will be able to procure contractual terms with the alternative parties that are better or at least similar to our current terms. In addition, the current and future sanctions against Russia-related business dealings may cause the global prices of fuels including coal, uranium, and LNG to rise as the overall fuel supply will be curbed. Also, we may not be able to pursue other business with Russian counterparties. Our failure to comply with applicable economic sanctions or export controls affecting Russia or Russian companies may result in administrative, civil, or criminal penalties. Such events may have a material adverse effect on our reputation, business, results of operations, financial condition and cash flows.
The extent to which the recent coronavirus
(COVID-19)
outbreak impacts our business, results of operations and financial condition will depend on future developments, which are highly uncertain and cannot be predicted.
The rapid and diffuse spread of the recent coronavirus
(COVID-19)
and global health concerns relating to this outbreak have had severe negative impact on, among other things, financial markets, liquidity, economic conditions and trade and could continue to do so or could worsen for an unknown period of time, which could in turn have a material adverse impact on our business, results of operations and financial condition. Although a number of governments and organizations project GDP growth forecasts for 2022, as they did in 2021, to reflect the economic recovery after the
COVID-19
vaccines are being rolled out both domestically and internationally, it is possible that the prolonged
COVID-19
will cause a recession depending on the timeliness and effectiveness of actions taken or not taken to contain and mitigate the effects of
COVID-19
both in Korea and internationally by governments, central banks, healthcare providers, health system participants, other businesses and individuals. The effects on the economy are still highly uncertain and cannot be predicted. Risks associated with a prolonged outbreak of
COVID-19
include:
 
 • 
disruption in the normal operations of our industrial and commercial customers, which in turn may decrease demand for electricity for such uses;
 
 • 
the likelihood that the Government may not increase our tariff in a timely manner in an effort to ease the burden on the public, which will lead to a decrease in our revenue;
 
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 • 
an increase in unemployment among, and/or decrease in disposable income of, Korean consumers, which may decrease demand for electricity for residential use and the products and services of our industrial and commercial customers, thereby also leading to a decrease in demand for electricity for such uses;
 
 • 
disruption in the supply of fuel and equipment from our suppliers;
 
 • 
disruptions or delays in the construction of new generation facilities or maintenance and refurbishment of existing generation facilities;
 
 • 
disruption in the normal operations of our business resulting from contraction of
COVID-19
by our employees, which may necessitate our employees to be quarantined and/or our generation facilities or offices to be temporarily shut down;
 
 • 
disruption resulting from the necessity for social distancing, including implementation of temporary adjustment of work arrangements requiring employees to work remotely, which may lead to a reduction in labor productivity;
 
 • 
depreciation of the Won against major foreign currencies, which in turn may increase the cost of imported raw materials and equipment;
 
 • 
unstable global and Korean financial markets, which may adversely affect our ability to meet our funding needs on a timely and cost-effective basis;
 
 • 
significant or extended incline in the prices of LNG, which may lead to the replacement of thermal generation with
LNG-combined
cycle generation;
 
 • 
impairments in the fair value of our investments in companies that may be adversely affected by the pandemic; and
 
 • 
global inflation caused by expansionary monetary policies and global supply chain disruptions leading to higher commodity prices including fuels.
In addition to the factors listed above, the Government may enact emergency measures such as electricity tariff adjustments to ease the burden on the economically disadvantaged customers, each of which could have an adverse impact on our financial condition, results of operations, and cash flows. Each of and any combination of the factors listed above and the emergency governmental measures could have an adverse impact on our financial conditions, results of operations and cash flows.
Risks Relating to Korea and the Global Economy
Unfavorable financial and economic conditions in Korea and globally may have a material adverse impact on us.
We are incorporated in Korea, where most of our assets are located and most of our income is generated. As a result, we are subject to political, economic, legal and regulatory risks specific to Korea, and our business, results of operations and financial condition are substantially dependent on the Korean consumers’ demand for electricity, which are in turn largely dependent on developments relating to the Korean economy.
The Korean economy is closely integrated with, and is significantly affected by, developments in the global economy and financial markets. In recent years, adverse conditions and volatility in the worldwide financial markets, fluctuations in oil and commodity prices and the general weakness of the global economy have contributed to the uncertainty of global economic prospects in general and have adversely affected, and may continue to adversely affect, the Korean economy, which in turn could adversely affect our business, financial condition and results of operations. As the Korean economy is highly dependent on the health and direction of the global economy, the prices of our securities may be adversely affected by investors’ reactions to developments in other countries. In addition, due to the ongoing volatility in the global financial markets, the value of the Won relative to the U.S. dollar has also fluctuated significantly in recent years, which in turn also may adversely affect our financial condition and results of operations.
 
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Factors that determine economic and business cycles in the Korean or global economy are for the most part beyond our control and inherently uncertain. In light of the high level of interdependence of the global economy, any of the foregoing developments could have a material adverse effect on the Korean economy and financial markets, and in turn on our business and profitability.
More specifically, factors that could have an adverse impact on Korea’s economy in the future include, among others:
 
 • 
the global uncertainty and economic recession caused by the novel coronavirus
(COVID-19)
and its likelihood to further spread in the general population and stifle Korea’s economic activities and also those of the other countries that have economic ties with Korea;
 
 • 
increases in inflation levels, volatility in foreign currency reserve levels, commodity prices (including oil prices), exchange rates (particularly against the U.S. dollar), interest rates, stock market prices and inflows and outflows of foreign capital, either directly, into the stock markets, through derivatives or otherwise, including as a result of increased uncertainty in the wake of the United Kingdom’s formal exit from the European Union on January 31, 2020, commonly known as “Brexit”;
 
 • 
difficulties in the financial sectors in Europe, China and elsewhere and increased sovereign default risks in certain countries and the resulting adverse effects on the global financial markets;
 
 • 
adverse developments in the economies of countries and regions to which Korea exports goods and services (such as the United States, Europe, China and Japan), or in emerging market economies in Asia or elsewhere that could result in a loss of confidence in the Korean economy, including potentially as a result of the Brexit;
 
 • 
potential escalation of the ongoing trade war between the U.S. and China as each country introduces tariffs on goods traded with the other;
 
 • 
social and labor unrest or declining consumer confidence or spending resulting from
lay-offs,
increasing unemployment and lower levels of income;
 
 • 
uncertainty and volatility and further increases in the market prices of Korean real estate;
 
 • 
a decrease in tax revenues and a substantial increase in the Government’s expenditures for unemployment compensation and other social programs that together could lead to an increased Government budget deficit;
 
 • 
political uncertainty, including as a result of increasing strife among or within political parties in Korea, and political gridlock within the Government or in the legislature, which prevents or disrupts timely and effective policy making to the detriment of Korean economy, as well as the impeachment and indictment of the former president following a series of scandals and social unrest, which also involved the investigation of several leading Korean conglomerates and arrest of their leaders on charges of bribery and other possible misconduct;
 
 • 
deterioration in economic or diplomatic relations between Korea and its trading partners or allies, including deterioration resulting from territorial or trade disputes or disagreements in foreign policy, including as a result of any potential renegotiation of free trade agreements;
 
 • 
increases in social expenditures to support the aging population in Korea or decreases in economic productivity due to the declining population size in Korea;
 
 • 
any other development that has a material adverse effect in the global economy, such as an act of war, the spread of terrorism or a breakout of an epidemic such as SARS, avian flu, swine flu, Middle East Respiratory Syndrome, Ebola or Zika virus, or natural disasters, earthquakes and tsunamis and the related disruptions in the relevant economies with global repercussions;
 
 • 
hostilities involving
oil-producing
countries in the Middle East and elsewhere and any material disruption in the supply of oil or a material increase in the price of oil resulting from such hostilities; and
 
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 • 
an increase in the level of tensions or an outbreak of hostilities in the Korean peninsula or between North Korea and the United States.
Any future deterioration of the Korean economy could have an adverse effect on our business, financial condition and results of operations.
Tensions with North Korea could have an adverse effect on us and the market value of our shares.
Relations between Korea and North Korea have been tense throughout Korea’s modern history. The level of tension between the two Koreas has fluctuated and may increase abruptly as a result of current and future events. In particular, there continues to be uncertainty regarding the long-term stability of North Korea’s political leadership since the succession of Kim
Jong-un
to power following the death of his father in December 2011, which has raised concerns with respect to the political and economic future of the region. In February 2017, Kim
Jong-un’s
half-brother, Kim
Jong-nam,
was reported to have been assassinated in an international airport in Malaysia.
In addition, there continues to be heightened security tension in the region stemming from North Korea’s hostile military and diplomatic actions, including in respect of its nuclear weapons and long-range missile programs. Some examples from recent years include the following:
 
 • 
In November 2017, North Korea conducted a test launch of another intercontinental ballistic missile, which, due to its improved size, power and range of distance, may potentially enable North Korea to target the United States mainland.
 
 • 
Recently, on September 3, 2017, North Korea conducted its sixth nuclear test, claiming it had tested a hydrogen bomb that could be mounted on an intercontinental ballistic missile. In response, on September 12, 2017, the United Nations Security Council unanimously adopted a resolution imposing additional sanctions on North Korea including new limits on gas, petrol and oil imports, a ban on textile exports and measures to limit North Korean laborers from working abroad.
 
 • 
On August 29, 2017, North Korea tested an intermediate-range ballistic missile which flew directly over northern Japan before landing in the Pacific Ocean. In response, the United Nations Security Council unanimously adopted a statement condemning such launch, reiterating demands that North Korea halt its ballistic missile and nuclear weapons programs.
 
 • 
On July 4, 2017, North Korea tested its first intercontinental ballistic missile. In response, the U.S. government and the Government both issued statements condemning North Korea and conducted a joint military exercise on July 5, 2017. On July 28, 2017, North Korea tested a second intercontinental ballistic missile which landed in the Sea of Japan, inside Japan’s Economic Exclusion Zone. In response, on August 5, 2017, the United Nations Security Council unanimously adopted a resolution that strengthened sanctions on North Korea. The resolution includes a total ban on all exports of coal, iron, iron ore, lead, lead ore and seafood, which is expected to reduce North Korea’s export revenue by a third each year.
 
 • 
In March 2017, North Korea launched four
mid-range
missiles, which landed off the east coast of the Korean peninsula.
 
 • 
On September 9, 2016, North Korea conducted its fifth nuclear test, which has been the largest in scale among North Korea’s nuclear tests thus far. According to North Korean announcements, the test was successful in detonating a nuclear missile. The test created a sizable earthquake in South Korea. In response, in February 2017 the U.N. Security Council adopted Resolution 2321 (2016) against North Korea, the purpose of which is to strengthen its sanctions regime against North Korea and to condemn North Korea’s September 9, 2016 nuclear test in the strongest terms.
 
 • 
On February 10, 2016, in retaliation of North Korea’s recent launch of a long-range rocket, South Korea announced that it would halt its operations of the Gaeseong Industrial Complex to impede North
 
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Korea’s utilization of funds from the industrial complex to finance its nuclear and missile programs. In response, North Korea announced on February 11, 2016 that it would expel all South Korean employees from the industrial complex and freeze all South Korean assets there.
 
 • 
On February 7, 2016, North Korea launched a rocket, claimed by them to be carrying a satellite intended for scientific observation. The launch was widely suspected by the international community to be a cover for testing a long-range missile capable of carrying a nuclear warhead. On February 18, 2016, the President of the United States signed into law mandatory sanctions on North Korea to punish it for its recent nuclear and missile tests, human rights violations and cybercrimes. The bill, which marks the first measure by the United States to exclusively target North Korea, is intended to seize the assets of anyone engaging in business related to North Korea’s weapons program, and authorizes US$50 million over five years to transmit radio broadcasts into the country and support humanitarian assistance projects. On March 2, 2016, the United Nations Security Council voted unanimously to adopt a resolution to impose sanctions against North Korea, which include inspection of all cargo going to and from North Korea, a ban on all weapons trade and the expulsion of North Korean diplomats who engage in “illicit activities.” Also, on March 4, 2016, the European Union announced that it would expand its sanctions on North Korea, adding additional companies and individuals to its list of sanction targets. On April 1, 2016, North Korea fired a short-range
surface-to-air
missile in apparent protest of these sanctions adopted by the United States and the United Nations Security Council.
 
 • 
On January 6, 2016, North Korea announced that it had successfully conducted its first hydrogen bomb test, hours after international monitors detected a 5.1 magnitude earthquake near a known nuclear testing site in the country. The claims have not been verified independently. The alleged test followed a statement made in the previous month by Kim
Jong-un,
who claimed that North Korea had developed a hydrogen bomb.
 
 • 
In August 2015, two Korean soldiers were injured in a landmine explosion near the South Korean demilitarized zone. Claiming the landmines were set by North Koreans, the South Korean army
re-initiated
its propaganda program toward North Korea utilizing loudspeakers near the demilitarized zone. In retaliation, the North Korean army fired artillery rounds on the loudspeakers, resulting in the highest level of military readiness for both Koreas. High-ranking officials from North and South Korea subsequently met for discussions and entered into an agreement on August 25, 2015 intending to deflate military tensions.
 
 • 
From time to time, North Korea has fired short- to medium-range missiles from the coast of the Korean peninsula into the sea. In March 2015, North Korea fired seven
surface-to-air
missiles into waters off its east coast in apparent protest of annual joint military exercises being held by Korea and the United States.
 
 • 
North Korea renounced its obligations under the Nuclear
Non-Proliferation
Treaty in January 2003 and conducted three rounds of nuclear tests between October 2006 to February 2013, which increased tensions in the region and elicited strong objections worldwide. In response, the United Nations Security Council unanimously passed resolutions that condemned North Korea for the nuclear tests and expanded sanctions against North Korea.
North Korea’s economy also faces severe challenges, including severe inflation and food shortages, which may further aggravate social and political tensions within North Korea. In addition, reunification of Korea and North Korea could occur in the future, which would entail significant economic commitment and expenditure by Korea that may outweigh any resulting economic benefits of reunification. On April 27, 2018, May 26, 2018 and September 18, 2018, President Moon
Jae-in
met Kim
Jong-un
in a summit to discuss, among other matters, denuclearization of the Korean Peninsula. On June 12, 2018, President Donald Trump and Kim
Jong-un
in turn had an official summit in Singapore and on February 27, 2019, the parties held the second official summit in Hanoi, Vietnam. However, in March 2019, announcement was made that no agreement was reached in the second bilateral summit meeting between the United States and North Korea. On June 30 2019, for the first time, President Moon
Jae-in,
President Donald Trump and Kim
Jong-un
met in Panmunjom, a symbolic place of
 
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division in Korea, and the parties agreed to resume the United States and North Korea working-level negotiations, and on October 4, 2019, such working-level negotiations took place in Stockholm, Sweden. However, the negotiations did not result in any definitive agreement or any
follow-up
plans. On June 16, 2020, North Korea destroyed the joint liaison office in Gaeseong, citing anti-regime propaganda allegedly disseminated using balloons across the border by Korean activists, and cut all other communication channels with Korea. On July 27, 2021, both South and North Korea announced that a part of the communication channels have been reconnected. However, there has been no further discussion of resuming any operations in the Gaeseong Industrial Complex or any transactions that we are involved in.
There can be no assurance that the level of tension on the Korean peninsula will not escalate in the future or that the political regime in North Korea may not suddenly collapse. Any further increase in tension or uncertainty relating to the military, political or economic stability in the Korean peninsula, including a breakdown of diplomatic negotiations over the North Korean nuclear program, occurrence of military hostilities, heightened concerns about the stability of North Korea’s political leadership or its actual collapse, a leadership crisis, a breakdown of high-level contacts or accelerated reunification could have a material adverse effect on our business, financial condition and results of operations, as well as the price of our common shares and our American depositary shares.
We are generally subject to Korean corporate governance and disclosure standards, which differ in significant respects from those in other countries.
Companies in Korea, including us, are subject to corporate governance standards applicable to Korean public companies which differ in many respects from standards applicable in other countries, including the United States. As a reporting company registered with the Securities and Exchange Commission and listed on the New York Stock Exchange, we are, and will continue to be, subject to certain corporate governance standards as mandated by the Sarbanes-Oxley Act of 2002, as amended. However, foreign private issuers, including us, are exempt from certain corporate governance standards required under the Sarbanes-Oxley Act or the rules of the New York Stock Exchange. We and our generation subsidiaries are also subject to a number of special laws and regulations to Government-controlled entities, including the Act on the Management of Public Institutions. For a description of significant differences in corporate governance standards, see Item 16.G. “Corporate Governance.” There may also be less publicly available information about Korean companies, such as us, than is regularly made available by public or
non-public
companies in other countries. Such differences in corporate governance standards and less public information could result in less than satisfactory corporate governance practices or disclosure to investors in certain countries.
You may not be able to enforce a judgment of a foreign court against us.
We are a corporation with limited liability organized under the laws of Korea. Substantially all of our directors and officers and other persons named in this annual report reside in Korea, and all or a significant portion of the assets of our directors and officers and other persons named in this annual report and substantially all of our assets are located in Korea. As a result, it may not be possible for holders of the American depository shares to affect service of process within the United States, or to enforce against them or us in the United States judgments obtained in United States courts based on the civil liability provisions of the federal securities laws of the United States. There is doubt as to the enforceability in Korea, either in original actions or in actions for enforcement of judgments of United States courts, of civil liabilities predicated on the United States federal securities laws.
Risks Relating to Our American Depositary Shares (ADSs)
There are restrictions on withdrawal and deposit of common shares under the depositary facility.
Under the deposit agreement, holders of shares of our common stock may deposit those shares with the depositary bank’s custodian in Korea and obtain American depositary shares, and holders of American depositary shares may surrender American depositary shares to the depositary bank and receive shares of our common
 
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stock. However, under current Korean laws and regulations, the depositary bank is required to obtain our prior consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (i) the aggregate number of shares deposited by us for the issuance of American depositary shares (including deposits in connection with the initial and all subsequent offerings of American depositary shares and stock dividends or other distributions related to these American depositary shares) and (ii) the number of shares on deposit with the depositary bank at the time of such proposed deposit.
We have consented to the deposit of outstanding shares of common stock as long as the number of American depositary shares outstanding at any time does not exceed 80,153,810 shares. As a result, if you surrender American depositary shares and withdraw shares of common stock, you may not be able to deposit the shares again to obtain American depositary shares.
Ownership of our shares is restricted under Korean law.
Under the Financial Investment Services and Capital Markets Act, with certain exceptions, a foreign investor may acquire shares of a Korean company without being subject to any single or aggregate foreign investment ceiling. As one such exception, certain designated public corporations, such as us, are subject to a 40% ceiling on acquisitions of shares by foreigners in the aggregate. The Financial Services Commission may impose other restrictions as it deems necessary for the protection of investors and the stabilization of the Korean securities and derivatives market.
In addition to the aggregate foreign investment ceiling set out under the Financial Investment Services and Capital Markets Act, our Articles of Incorporation set a 3% ceiling on acquisition by a single investor (whether domestic or foreign) of the shares of our common stock. Any person (with certain exceptions) who holds our issued and outstanding shares in excess of such 3% ceiling cannot exercise voting rights with respect to our shares exceeding such limit.
The ceiling on aggregate investment by foreign investors applicable to us may be exceeded in certain limited circumstances, including as a result of acquisition of:
 
 • 
shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares);
 
 • 
shares by exercise of warrant, conversion right under convertible bonds, exchange right under exchangeable bonds or withdrawal right under depositary receipts issued outside of Korea;
 
 • 
shares from the exercise of shareholders’ rights; or
 
 • 
shares by gift, inheritance or bequest.
A foreign investor who has acquired our shares in excess of any ceiling described above may not exercise his voting rights with respect to our shares exceeding such limit and the Financial Services Commission may take necessary corrective action against him.
Holders of our ADSs will not have preemptive rights in certain circumstances.
The Korean Commercial Act and our Articles of Incorporation require us, with some exceptions, to offer shareholders the right to subscribe for new shares in proportion to their existing ownership percentage whenever new shares are issued. If we offer any rights to subscribe for additional shares of our common stock or any rights of any other nature, the depositary bank, after consultation with us, may make the rights available to you or use reasonable efforts to dispose of the rights on your behalf and make the net proceeds available to you. The depositary bank, however, is not required to make available to you any rights to purchase any additional shares unless it deems that doing so is lawful and feasible and:
 
 • 
a registration statement filed by us under the U.S. Securities Act of 1933, as amended, is in effect with respect to those shares; or
 
 • 
the offering and sale of those shares is exempt from or is not subject to the registration requirements of the U.S. Securities Act.
 
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We are under no obligation to file any registration statement with the U.S. Securities and Exchange Commission in relation to the registration rights. If a registration statement is required for you to exercise preemptive rights but is not filed by us, you will not be able to exercise your preemptive rights for additional shares and you will suffer dilution of your equity interest in us.
The market value of your investment in our ADSs may fluctuate due to the volatility of the Korean securities market.
Our common stock is listed on the KRX KOSPI Division of the Korea Exchange, which has a smaller market capitalization and is more volatile than the securities markets in the United States and many European countries. The market value of ADSs may fluctuate in response to the fluctuation of the trading price of shares of our common stock on the Stock Market Division of the Korea Exchange. The Stock Market Division of the Korea Exchange has experienced substantial fluctuations in the prices and volumes of sales of listed securities and the Stock Market Division of the Korea Exchange has prescribed a fixed range in which share prices are permitted to move on a daily basis. Like other securities markets, including those in developed markets, the Korean securities market has experienced problems including market manipulation, insider trading and settlement failures. The recurrence of these or similar problems could have a material adverse effect on the market price and liquidity of the securities of Korean companies, including our common stock and ADSs, in both the domestic and the international markets.
The Korean government has the ability to exert substantial influence over many aspects of the private sector business community, and in the past has exerted that influence from time to time. For example, the Korean government has promoted mergers to reduce what it considers excess capacity in a particular industry and has also encouraged private companies to publicly offer their securities. Similar actions in the future could have the effect of depressing or boosting the Korean securities market, whether or not intended to do so. Accordingly, actual or perceived actions or inactions by the Korean government may cause sudden movements in the market prices of the securities of Korean companies in the future, which may affect the market price and liquidity of our common stock and ADSs.
Your dividend payments and the amount you may realize in connection with a sale of your ADSs will be affected by fluctuations in the exchange rate between the U.S. dollar and the Won.
Investors who purchase the American depositary shares will be required to pay for them in U.S. dollars. Our outstanding shares are listed on the Korea Exchange and are quoted and traded in Won. Cash dividends, if any, in respect of the shares represented by the American depositary shares will be paid to the depositary bank in Won and then converted by the depositary bank into U.S. dollars, subject to certain conditions. Accordingly, fluctuations in the exchange rate between the Won and the U.S. dollar will affect, among other things, the amounts a registered holder or beneficial owner of the American depositary shares will receive from the depositary bank in respect of dividends, the U.S. dollar value of the proceeds which a holder or owner would receive upon sale in Korea of the shares obtained upon surrender of American depositary shares and the secondary market price of the American depositary shares.
If the Government deems that certain emergency circumstances are likely to occur, it may restrict the depositary bank from converting and remitting dividends in U.S. dollars.
Under the Foreign Exchange Transaction Act, if the Government deems that certain emergency circumstances are likely to occur, it may impose restrictions such as requiring foreign investors to obtain prior Government approval for the acquisition of Korean securities or for the repatriation of interest or dividends arising from Korean securities or sales proceeds from disposition of such securities. These emergency circumstances include any or all of the following:
 
 • 
sudden fluctuations in interest rates or exchange rates;
 
 • 
extreme difficulty in stabilizing the balance of payments; and
 
 • 
a substantial disturbance in the Korean financial and capital markets.
 
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The depositary bank may not be able to secure such prior approval from the Government for the payment of dividends to foreign investors when the Government deems that there are emergency circumstances in the Korean financial markets.
 
ITEM 4.
INFORMATION ON THE COMPANY
Item 4.A. History and Development of the Company
General Information
Our legal and corporate name is Korea Electric Power Corporation. We were established by the Government on December 31, 1981 as a statutory juridical corporation in Korea under the Korea Electric Power Corporation Act (the “KEPCO Act”) as the successor to Korea Electric Company. Our registered office is located at
55 Jeollyeok-ro,
Naju-si,
Jeollanam-do,
58322, Korea, and our telephone number is
82-61-345-4213.
Our website address is
www.kepco.co.kr
.
Our agent in the United States is Korea Electric Power Corporation, North America Office, located at 7th Floor, Parker Plaza, 400 Kelby Street, Fort Lee, NJ 07024.
The Korean electric utility industry traces its origin to the establishment of the first electric utility company in Korea in 1898. On July 1, 1961, the industry was reorganized by the merger of Korea Electric Power Company, Seoul Electric Company and South Korea Electric Company, which resulted in the formation of Korea Electric Company. From 1976 to 1981, the Government acquired the private minority shareholdings in Korea Electric Company. After the Government acquired all the remaining shares of Korea Electric Company, Korea Electric Company was dissolved, and we were incorporated in 1981 and assumed the assets and liabilities of Korea Electric Company. We ceased to be wholly owned by the Government in 1989 when the Government sold 21% of our common stock. As of December 31, 2021, the Government maintained 51.1% ownership in aggregate of our common shares by direct holdings by the Government and indirect holdings through Korea Development Bank, a statutory banking institution wholly owned by the Government.
Under relevant laws of Korea, the Government is required to own, directly or indirectly, at least 51% of our capital. Direct or indirect ownership of more than 50% of our outstanding common voting stock enables the Government to control the approval of certain corporate matters relating to us that require a shareholders’ resolution, including approval of dividends. The rights of the Government and Korea Development Bank as holders of our common stock are exercised by the Ministry of Trade, Industry and Energy, based on the Government’s ownership of our common stock and a proxy received from Korea Development Bank, in consultation with the Ministry of Economy and Finance.
We operate under the general supervision of the Ministry of Trade, Industry and Energy. The Ministry of Trade, Industry and Energy, in consultation with the Ministry of Economy and Finance, is responsible for approving, subject to review by the Korea Electricity Commission, the electricity rates we charge our customers. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.” We furnish reports to officials of the Ministry of Trade, Industry and Energy, the Ministry of Economy and Finance and other Government agencies and regularly consult with such officials on matters relating to our business and affairs. See Item 4.B. “Business Overview—Regulation.” Our
non-standing
directors, who comprise a majority of our board of directors, must be appointed by the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions (which is established by law and chaired by the minister of the Ministry of Economy and Finance and whose members consist of Government officials and others appointed by the President of the Republic based on recommendation by the minister of the Ministry of Economy and Finance) from a pool of candidates recommended by the director nomination committee. Our president and standing directors who concurrently serve as members of our audit committee must be appointed by the President of the Republic upon the motion of the minister of the Ministry of Trade, Industry and Energy (in the case of our president) and the minister of the Ministry of Economy and Finance (in the case of our standing director who
 
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concurrently serves as a member of the audit committee) and following the nomination by our director nomination committee, the review and resolution of the Committee for Management of Public Institutions and an approval at the general meeting of shareholders. See Item 6.A. “Directors and Senior Management—Board of Directors” and Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions.”
Item 4.B. Business Overview
Introduction
We are an integrated electric utility company engaged in the transmission and distribution of substantially all of the electricity in Korea. Through our six wholly-owned generation subsidiaries, we also generate the substantial majority of electricity produced in Korea. As of December 31, 2021, we and our generation subsidiaries owned approximately 61.5% of the total electricity generation capacity in Korea (excluding plants generating electricity primarily for private or emergency use). In 2021, we sold to our customers 533,431 gigawatt-hours of electricity. We purchase electricity principally from our generation subsidiaries and, to a lesser extent, from independent power producers. Of the 535,985 gigawatt-hours of electricity we purchased in 2021, 28.9% was generated by KHNP, our wholly-owned nuclear and hydroelectric power generation subsidiary, 41.9% was generated by our wholly-owned five
non-nuclear
generation subsidiaries and 29.2% was generated by independent power producers that trade electricity to us through the cost-based pool system of power trading (excluding independent power producers that supply electricity under power purchase agreements with us). Our five
non-nuclear
generation subsidiaries are KOSEP, KOMIPO, KOWEPO, KOSPO and EWP, each of which is wholly owned by us and is incorporated in Korea. We derive substantially all of our revenues and profit from Korea, and substantially all of our assets are located in Korea.
In 2021, we had sales of Won 59,914 billion and net loss of Won 5,229 billion, compared to sales of Won 57,926 billion and net profit of Won 2,092 billion in 2020.
Our revenues are closely tied to demand for electricity in Korea. Demand for electricity in Korea increased at a compounded average growth rate of 1.0% per annum from 2017 to 2021, compared to the real gross domestic product, or GDP, which increased at a compounded average growth rate of 2.1% during the same period, according to the Bank of Korea. During 2021, the GDP growth rate was 4.0%, while the demand for electricity in Korea during the same year increased by 4.7%.
Strategy
We established our 2035 medium- to long-term strategy to leap forward as a global integrated energy platform company that leads changes in the industrial ecosystem. We plan to achieve it by pursuing the following eight strategic initiatives. Through this, we aim to provide better value to various stakeholders including but not limited to our country, customers and society. More specifically, our goal for the country is to contribute to the achievement of national policy goals for energy transition such as establishing the foundation for carbon neutrality. Our goal for the customers is to expand clean energy supply by enhancing digital-based customer interaction and renewable energy transactions. Our goal for the society is to create a future-oriented energy market by developing and commercializing carbon-neutral technology through collaboration with major stakeholders. Our eight strategic initiatives to achieve such goals are:
 
 • 
Establish power grid system which could further contribute to achieving carbon neutrality
.
We plan to contribute to achieving carbon neutrality in 2050 with power grid innovation. We aim to secure grid capability for connecting renewable energy units by preemptively constructing power facilities based on forecast and further enhance grid stability with intelligent and advanced grid system.
 
 • 
Expand clean energy and promote strategic demand response.
We plan to establish a foundation for expanding renewable energy by cooperating with our subsidiaries and independent power producers. Also, we aim to improve demand-side energy efficiency by collaborating with demand management business operators.
 
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 • 
Lead future energy market and improve sales competitiveness
. We plan to create reliable and resilient electricity system to achieve competency in future electricity market. We will also strive to expand our customized services through digital technologies and power data and establish reasonable and sustainable cost-based tariff system.
 
 • 
Lead platform-based new businesses
. We plan to expand charging infrastructure and foster transition into electric vehicles. We also aim to improve energy efficiency by boosting operation of dispersed energy resources in a form of energy platform business.
 
 • 
Transform overseas business portfolio to focus on
eco-friendly
projects and core competencies.
We plan to end our overseas coal-fired generation projects and switch substantial amount of our overseas business portfolio into
eco-friendly
projects. We aim to improve our competency and profitability by strengthening our overseas business capacity.
 
 • 
Secure future technologies and build a research and development (“R&D”) ecosystem
.
We plan to secure core technologies necessary for achieving carbon neutrality with aggressive R&D investment. In addition, we aim to introduce an R&D system based on collaboration among industry, university and research institutes to establish a foundation for technological innovation and enhance our R&D capability.
 
 • 
Promote digitalization in overall supply chain
. We will strengthen work efficiency and stability by introducing the latest digital technology and infrastructure to our business environment and develop a business model with new customer services based on data platforms.
 
 • 
Establish a highly reliable and highly efficient management system with respect to human beings and environment.
We plan to establish a comprehensive ESG management system that promotes environment, safety and coexistence. Also, we aim to enhance our financial stability by pursuing management efficiency and stable profit structure.
Government Ownership and Our Interactions with the Government
The KEPCO Act requires that the Government own at least 51% of our capital stock. Direct or indirect ownership of more than 50% of our outstanding common voting stock enables the Government to control the approval of certain corporate matters which require a shareholders’ resolution, including approval of dividends. The rights of the Government and Korea Development Bank as holders of our common stock are exercised by the Ministry of Trade, Industry and Energy in consultation with the Ministry of Economy and Finance. We are currently not aware of any plans of the Government to cease to own, directly or indirectly, at least 51% of our outstanding common stock.
We play an important role in the implementation of the Government’s national energy policy, which is established in consultation with us, among other parties. As an entity formed to serve public policy goals of the Government, we seek to maintain a fair level of profitability and strengthen our capital base in order to support the growth of our business in the long term.
The Government, through its various policy initiatives for the Korean energy industry as well as direct and indirect supervision of us and our industry, plays an important role in our business and operations. Most importantly, the electricity tariff rates we charge to our customers are regulated by the Government taking into account, among others, our needs to recover the costs of operations, make capital investments and recoup a fair return on capital invested by us, as well as the Government’s overall policy considerations, such as inflation. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”
In addition, pursuant to the Basic Plan determined by the Government, we and our generation subsidiaries have made, and plan to make, substantial expenditures for the construction of generation plants and other facilities to meet demand for electric power. See Item 5.B. “Liquidity and Capital Resources—Capital Requirements.”
 
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Restructuring of the Electric Power Industry in Korea
On January 21, 1999, the Ministry of Trade, Industry and Energy published the Restructuring Plan. The overall objectives of the Restructuring Plan consisted of: (i) introducing competition and thereby increasing efficiency in the Korean electric power industry, (ii) ensuring a long-term, inexpensive and stable electricity supply, and (iii) promoting consumer convenience through the expansion of consumer choice.
The following provides further details relating to the Restructuring Plan.
Phase I
During Phase I, which served as a preparatory stage for Phase II and lasted from the announcement of the Restructuring Plan in January 1999 until April 2001, we undertook steps to split our generation business units off into one wholly-owned nuclear generation subsidiary (namely, KHNP) and five wholly-owned
non-nuclear
generation subsidiaries (namely, KOSEP, KOMIPO, KOWEPO, KOSPO and EWP), each with its own management structure, assets and liabilities. These steps were completed upon approval at our shareholders’ meeting in April 2001.
The Government’s principal objectives in the
split-off
of the generation units into separate subsidiaries were to: (i) introduce competition and thereby increase efficiency in the electricity generation industry in Korea, and (ii) ensure a stable supply of electricity in Korea.
Following the implementation of Phase I, we have substantial monopoly with respect to the transmission and distribution of electricity in Korea.
While our ownership percentage of our generation subsidiaries will depend on further adjustments to the Restructuring Plan to be adopted by the Government, we plan to retain 100% ownership of our transmission and distribution business.
Phase II
At the outset of Phase II in April 2001, the Government introduced a cost-based competitive bidding pool system under which we purchase power from our generation subsidiaries and other independent power producers for transmission and distribution to customers. For a further description of this system, see “—Purchase of Electricity—Cost-based Pool System” below.
Pursuant to the Electric Utility Act amended in December 2000, the Government established the Korea Power Exchange in April 2001. The primary function of the Korea Power Exchange is to deal with the sale of electricity and implement regulations governing the electricity market to allow for electricity distribution through a competitive bidding process. The Government also established the Korea Electricity Commission in April 2001 to regulate the Korean electric power industry and ensure fair competition among industry participants. To facilitate this goal, the Korea Power Exchange established the Electricity Market Rules relating to the operation of the bidding pool system. To amend the Electricity Market Rules, the Korea Power Exchange must have the proposed amendment reviewed by the Korea Electricity Commission and then obtain the approval of the Ministry of Trade, Industry and Energy.
The Korea Electricity Commission’s main functions include implementation of standards and measures necessary for electricity market operation and review of matters relating to licensing participants in the Korean electric power industry. The Korea Electricity Commission also acts as an arbitrator in tariff-related disputes among participants in the Korean electric power industry and investigates illegal or deceptive activities of the industry participants.
 
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Privatization of Generation Subsidiaries
In April 2002, the Ministry of Trade, Industry and Energy released the basic privatization plan for five of our generation subsidiaries other than KHNP. Pursuant to this plan, we commenced the process of selling our equity interest in KOSEP in 2002. According to the original plan, this process was, in principle, to take the form of a sale of management control, potentially supplemented by an initial public offering as a way of broadening the investor base. In November 2003, KOSEP submitted its application to the Korea Exchange for a preliminary screening review, which was approved in December 2003. However, in June 2004, KOSEP made a request to the Korea Exchange to delay its stock listing due to unfavorable stock market conditions at that time.
In accordance with the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016, we considered a sale in the public market of a minority of our shares in our five
non-nuclear
generation subsidiaries, KEPCO KDN and KHNP gradually. However, the planned sales have been put on hold, primarily due to prevailing market conditions. In any event, we plan to maintain a controlling stake in each of these subsidiaries.
Suspension of the Plan to Form and Privatize Distribution Subsidiaries
In 2003, the Government established a Tripartite Commission consisting of representatives of the Government, leading businesses and labor unions in Korea to deliberate on ways to introduce competition in electricity distribution, such as by forming and privatizing new distribution subsidiaries. In 2004, the Tripartite Commission recommended not pursuing such privatization initiatives but instead creating independent business divisions within us to improve operational efficiency through internal competition. Following the adoption of such recommendation by the Government in 2004 and further studies by Korea Development Institute, in 2006 we created nine “strategic business units” (which, together with our other business units, were subsequently restructured into 14 such units in February 2012) that have a greater degree of autonomy with respect to management, financial accounting and performance evaluation while having a common focus on increasing profitability.
Initiatives to Improve the Structure of Electricity Generation
In August 2010, the Ministry of Trade, Industry and Energy announced the Proposal for Improvement in the Structure of the Electric Power Industry in order to resolve uncertainty related to restructuring plans for the electric power industry and maintain competitiveness of the electric power industry. Key initiatives of the proposal included the following: (i) maintain the current structure of having six generation subsidiaries and designate the six generation subsidiaries as market-oriented public enterprises under the Act on the Management of Public Institutions in order to foster competition among the generation subsidiaries and promote efficiency in their operations, (ii) clarify the scope of the business of us and the six generation subsidiaries (namely, that we shall manage the financial structure and governance of the six generation subsidiaries and nuclear power plant and overseas resources development projects, while the six generation subsidiaries will have greater autonomy with respect to construction and management of generation units and procurement of fuel), (iii) create a nuclear power export business unit to systematically enhance our capabilities to win projects involving the construction and operation of nuclear power plants overseas, (iv) further rationalize the electricity tariff by adopting a fuel-cost based tariff system in 2011 and a voltage-based tariff system in a subsequent year, and (v) create separate accounting systems for electricity generation, transmission, distribution and sales with the aim of introducing competition in electricity sales in the intermediate future. The fuel-cost based tariff system went into effect on July 1, 2011 but the Ministry of Trade, Industry and Energy issued a hold order on July 29, 2011 and subsequently informed us it needs to be reassessed in light of the circumstances.
In January 2011, the Ministry of Economy and Finance created a “joint cooperation unit” consisting of officers and employees selected from the five thermal power generation subsidiaries in order to reduce inefficiencies in areas such as fuel transportation, inventories, materials and equipment and construction, etc. and
 
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allow the thermal power generation subsidiaries to continue utilizing the benefits of economy of scale after split off of our generation business units into separate subsidiaries. The purpose of the joint cooperation unit was to give greater autonomy to the generation subsidiaries with regard to power plant construction and management and fuel procurements, and thereby enhance efficiency in operating power plants. The main functions of the joint cooperation unit are as follows: (i) maintain inventories of bituminous coal through volume exchanges and joint purchases, (ii) reduce shipping and demurrage expenses through joint operation and distribution of dedicated vessels, (iii) reduce costs by sharing information on generation material inventories and (iv) sharing human resources among the five thermal power generation subsidiaries for construction projects, among other things.
Furthermore, in January 2011 the six generation subsidiaries were officially designated as “market-oriented public enterprises,” whereupon the President of Korea appoints the president and the statutory auditor of each such subsidiary; the selection of
non-standing
directors of each such subsidiary is subject to approval by the minister of the Ministry of Economy and Finance; the president of each such subsidiary is required to enter into a management contract directly with the minister of the Ministry of Trade, Industry and Energy; and the Public Enterprise Management Evaluation Team which is established by the Committee for Management of Public Institutions conducts performance evaluation of such subsidiaries. Previously, our president appointed the president and the statutory auditor of each such subsidiary; the selection of
non-standing
directors of each such subsidiary was subject to approval by our president; the president of each such subsidiary entered into a management contract with our president; and our evaluation committee conducted performance evaluation of such subsidiaries. For further details of the impact of the designation of our generation subsidiaries as “market-oriented public enterprises,” see Item 16.G. “Corporate Governance—The Act on the Management of Public Institutions.”
Proposal for Adjustment of Functions of Public Institutions (Energy Sector)
In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing
non-core
assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to
end-users
should be liberalized to encourage more competition. In accordance therewith, we transferred a substantial portion of our assets and liabilities in our overseas resource business to our generation subsidiaries as of December 31, 2016. In addition, this Proposal contemplated selling a minority stake in our generation subsidiaries and KEPCO KDN, but
the planned sales have been put on hold, as discussed above in “ –Privatization of Generation Subsidiaries.”
Proposed Amendment for Direct Participation in Renewable Energy
An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to directly participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The proposed amendment allows a market-type public institution like ourselves to directly participate in renewable power generation business to a limited degree. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.
 
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Purchase of Electricity
Cost-based Pool System
Since April 2001, the purchase and sale of electricity in Korea is required to be made through the Korea Power Exchange, which is a statutory
not-for-profit
organization established under the Electric Utility Act with responsibilities for setting the price of electricity, handling the trading and collecting relevant data for the electricity market in Korea. The suppliers of electricity in Korea consist of our six generation subsidiaries, which were
split-off
from us in April 2001, and independent power producers, which numbered 33 (excluding renewable energy producers) as of December 31, 2021. We distribute electricity purchased through the Korea Power Exchange to end users.
Our Relationship with the Korea Power Exchange
The key features of our relationships with the Korea Power Exchange include the following: (i) we and our six generation subsidiaries are member corporations of the Korea Power Exchange and collectively own 100% of its share capital, (ii) three of the 11 members of the board of directors of the Korea Power Exchange are currently our or our subsidiaries’ employees, and (iii) one of our employees is currently a member in three of the key committees of the Korea Power Exchange that are responsible for evaluating the costs of producing electricity, making rules for the Korea Power Exchange and gathering and disclosing information relating to the Korean electricity market.
Notwithstanding the foregoing relationships, however, we do not have control over the Korea Power Exchange or its policies since, among others, (i) the Korea Power Exchange, its personnel, policies, operations and finances are closely supervised and controlled by the Government, namely through the Ministry of Trade, Industry and Energy, and are subject to a host of laws and regulations, including, among others, the Electric Utility Act and the Act on the Management of Public Institutions, as well as the Articles of Incorporation of the Korea Power Exchange, (ii) we are entitled to elect no more than
one-third
of the Korea Power Exchange directors and our representatives represent only a minority of its board of directors and committees (with the other members being comprised of representatives of the Ministry of Trade, Industry and Energy, employees of the Korea Power Exchange, businesspersons and/or scholars), and (iii) the role of our representatives in the policy making process for the Korea Power Exchange is primarily advisory based on their technical expertise derived from their employment at us or our generation subsidiaries. Consistent with this view, the Finance Supervisory Service issued a ruling in 2005 that stated that we are not deemed to have significant influence or control over the decision-making process of the Korea Power Exchange relating to its business or financial affairs.
Pricing Factors
The price of electricity in the Korean electricity market is determined principally based on the cost of generating electricity using a system known as the “cost-based pool” system. Under the cost-based pool system, the price of electricity has two principal components, namely the marginal price (representing the variable cost of generating electricity) and the capacity price (representing the fixed cost of generating electricity).
Under the merit order system, the electricity purchase allocation, the system marginal price (as described below) and the final allocation adjustment are automatically determined based on an objective formula. The variable cost (including the adjusted coefficient as described below) and the capacity price are determined in advance of trading by the Cost Evaluation Committee, which is comprised of representatives from the Ministry of Trade, Industry and Energy, the Korea Power Exchange, us, generation companies, scholars and researchers (the “Cost Evaluation Committee”). Accordingly, a supplier of electricity cannot exercise control over the merit order system or its operations to such supplier’s strategic advantage.
 
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Marginal Price
The primary purpose of the marginal price is to compensate the generation companies for fuel costs, which represents the principal component of the variable costs of generating electricity. We currently refer such marginal price as the “system marginal price.”
The system marginal price represents, in effect, the marginal price of electricity at a given hour at which the projected demand for electricity and the projected supply of electricity for such hour intersect, as determined by the merit order system, which is a system used by the Korea Power Exchange to allocate which generation units will supply electricity for which hour and at what price. To elaborate, the projected demand for electricity for a given hour is determined by the Korea Power Exchange based on a forecast made one day prior to trading, and such forecast takes into account, among others, historical statistics relating to demand for electricity nationwide by day and by hour, season and
on-peak-hour
versus
off-peak
hour demand analysis. The projected supply of electricity at a given hour is determined as the aggregate of the available capacity of all generation units that have submitted bids to supply electricity for such hour. These bids are submitted to the Korea Power Exchange one day prior to trading.
Under the merit order system, the generation unit with the lowest variable cost of producing electricity among all the generation units that have submitted a bid for a given hour is first awarded a purchase order for electricity up to the available capacity of such unit as indicated in its bid. The generation unit with the next lowest variable cost is then awarded a purchase order up to its available capacity in its bid, and so forth, until the projected demand for electricity for such hour is met. We refer to the variable cost of the generation unit that is the last to receive the purchase order for such hour as the system marginal price, which also represents the highest price at which electricity can be supplied at a given hour based on the demand and supply for such hour. Generation units whose variable costs exceed the system marginal price for a given hour do not receive purchase orders to supply electricity for such hour. The variable cost of each generation unit is determined by the Cost Evaluation Committee on a monthly basis and reflected in the following month based on the fuel costs two months prior to such determination. The purpose of the merit order system is to encourage generation units to reduce its electricity generation costs by making its generation process more efficient, sourcing fuels from most cost-effective sources or adopting other cost savings programs.
The final allocation of electricity supply is further adjusted on the basis of other factors, including the proximity of a generation unit to the geographical area to which power is being supplied, network and fuel constraints and the amount of power loss. This adjustment mechanism is designed to adjust for transmission losses in order to improve overall cost-efficiency in the transmission of electricity to
end-users.
The price of electricity at which our generation subsidiaries sell electricity to us is determined using the following formula:
Variable cost + [System marginal price – Variable cost] * Adjusted coefficient
An adjusted coefficient applies in principle to all generation units operated by our generation subsidiaries and the coal-fired generation units operated by independent power producers. The adjusted coefficient applicable to the generation units operated by our generation subsidiaries is determined based on considerations of, among others, electricity tariff rates and the relative fair returns on investment in respect of us compared to our generation subsidiaries. The purpose of the adjusted coefficient here is to prevent electricity trading from resulting in undue imbalances as to the relative financial results among generation subsidiaries as well as between us (as the purchaser of electricity) and our generation subsidiaries (as sellers of electricity). Such imbalances may arise from excessive profit taking by base load generators (on account of their inherently cheaper fuel cost structure compared to
non-base
load generators) as well as from fluctuations in fuel prices (it being the case that during times of rapid and substantial rises in fuel costs which are not offset by corresponding rises in electricity tariff rates charged by us to
end-users,
on a
non-consolidated
basis our profitability will decline compared to that our generation subsidiaries since our generation subsidiaries are entitled to sell
 
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electricity to us at cost plus a guaranteed margin). In comparison, the adjusted coefficient applicable to the coal-fired generation units operated by independent power producers is determined to enable such independent power producers to recover the total costs of building and operating such units.
The adjusted coefficient is determined by the Cost Evaluation Committee in principle on an annual basis, although in exceptional cases driven by external or structural factors such as rapid and substantial changes in fuel costs, adjustments to electricity tariff rates or changes in the electricity pricing structure, the adjusted coefficient may be adjusted on a quarterly basis.
Previously, it was contemplated that the vesting contract system, as described below, would gradually replace the application of the adjusted coefficient. However, since the implementation of the vesting contract system has been suspended indefinitely, it is unlikely to impact the application of the adjusted coefficient in the foreseeable future.
Capacity Price
In addition to payment in respect of the variable cost of generating electricity, generation units receive payment in the form of capacity price, the purpose of which is to compensate them for the fixed costs of constructing generation facilities, provide incentives for construction of new generation units and maintain reliability of the nationwide electricity transmission network.
The capacity price is determined by the Cost Evaluation Committee as a function of the following factors: (i) reference capacity price, (ii) reserve capacity factor,
(iii) time-of-the-day
capacity coefficient and (iv) since October 2016, fuel switching factor. The
time-of-the-day
capacity coefficient are determined annually before the end of December for the subsequent twelve-month period. The reference capacity price, reserve capacity factor and the fuel switching factor are determined annually before the end of June for the subsequent twelve-month period.
The reference capacity price refers to the Won amount per kilowatt-hour payable annually for annualized available capacity indicated in the bids submitted the day before trading (provided that such capacity is actually available on the relevant day of trading), and is determined based on the construction costs and maintenance costs of a standard generation unit and related transmission access facilities, and a base rate for loading electricity. Prior to October 2016, the same reference capacity price applied uniformly to all generation units. Since October 2016, the reference capacity price applies differentially to each generation unit depending on the start year of its commercial operation. Accordingly, the reference capacity price currently ranges from Won 9.61 to 10.65 per kilowatt hour.
The reserve capacity factor relates to the requirement to maintain a standard capacity reserve margin in the range of 13% in order to prevent excessive capacity
build-up
as well as induce optimal capacity investment at the regional level. The capacity reserve margin is the ratio of peak demand to the total available capacity. Under this system, generation units in a region where available capacity is insufficient to meet demand for electricity as evidenced by failing to meet the standard capacity reserve margin receive increased capacity price. Conversely, generation units in a region where available capacity exceeds demand for electricity as evidenced by exceeding the standard capacity reserve margin receive reduced capacity price. Since October 2016, the reserve capacity factor also factors in the transmission loss per generation unit in order to favor transmission of electricity from a nearby generation unit.
The
time-of-the-day
capacity coefficient allows hourly and seasonal adjustments in order to incentivize our generation subsidiaries to operate their generation facilities at full capacity during periods of highest demand. For example, the capacity price paid differs depending on whether the relevant hour is an
“on-peak”
hour, a
“mid-peak”
hour or an
“off-peak”
hour (the capacity price being highest for the
on-peak
hours and lowest for the
off-peak
hours) and the capacity price paid is highest during the months of January, July and August when electricity usage is highest due to weather conditions.
 
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The fuel switching factor, which was introduced in October 2016 to promote environmental sensitivities to climate change, seeks to encourage reduced greenhouse gas emission by penalizing generation units (mostly coal-fired units) for excessive greenhouse gas emission.
Other than subject to the aforementioned variations, the same capacity pricing mechanism applies to all generation units regardless of fuel types used.
Vesting Contract System
In May 2014, the Electric Utility Act was amended to introduce a “vesting contract” system in determining the price and quantity of electricity to be sold and purchased between the purchaser of electricity (namely, us) and the sellers of electricity (namely, our generation subsidiaries and independent power producers). Under the vesting contract system, electricity generators using base load fuels (such as nuclear, coal, hydro and
by-product
gas) at a particular generation unit were to be required to enter into a contract with the purchaser of electricity (namely, us), which specifies, among other things, the quantity of electricity to be generated and sold at a particular generation unit and the price at which such electricity is sold, subject to certain adjustments.
The vesting contract system was introduced principally to prevent excessive profit-taking by
low-cost
producers of electricity using base load fuels (such as nuclear, coal, hydro and
by-product
gas) by replacing the adjusted coefficient as the basis for determining the guaranteed return to generation companies, as well as to enhance the stability of electricity supply by requiring long-term contractual arrangements for the purchase and sale of electricity and promote cost savings, productivity enhancements and operational efficiency by providing incentives and penalties depending on the degree to which the generation companies could supply electricity at costs below the contracted electricity prices.
In order to minimize undue shock to the electricity trading market in Korea, the vesting contract system was to be implemented in phases starting with
by-product
gas-based
electricity in 2015, which accounted for 1.8% of electricity purchased by us during such year. The rollout of the vesting contract system was further studied by a task force consisting of representatives from the Government, the Korea Power Exchange and generation companies.
Following such study, the Government announced in June 2016 that, due to changes in the electricity business environment (including an increase in generation capacity relative to peak usage, reduced fuel costs following a decline in oil prices and greater environmental concerns related to coal-fired electricity generation), it will indefinitely suspend any further rollout of the vesting contract system beyond
by-product
gas-based
electricity, and revert to the adjusted coefficient-based electricity pricing adjustment mechanism. As of the end of 2021, there are no active contracts remaining under the vesting contract system.
 
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Power Trading Results
The results of power trading, as effected through the Korea Power Exchange, for us and our generation subsidiaries and independent power producers in 2021 are as follows:
 
   
Items
 
Volume
(Gigawatt
hours)
  
Percentage
of Total
Volume
(%)
  
Sales to
KEPCO
(2)

(in
billions of
Won)
  
Percentage
of Total
Sales (%)
  
Unit Price
(Won/kWh)
 
Generation Companies
  KHNP  154,842   28.9   9,069   17.6   58.57 
   KOSEP  43,824   8.2   4,581   8.9   104.54 
   KOMIPO  46,203   8.6   5,250   10.2   113.62 
   KOWEPO  44,469   8.3   4,825   9.3   108.51 
   KOSPO  48,605   9.1   5,654   11.0   116.33 
   EWP  41,530   7.7   4,604   8.9   110.86 
   Others
(1)
  156,513   29.2   17,586   34.1   112.36 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
Total
  535,985   100.0   51,569   100.0   96.21 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Energy Sources
  Nuclear  150,163   28.0   8,451   16.4   56.28 
   Bituminous coal  186,813   34.9   19,001   36.9   101.71 
   Anthracite coal  1,654   0.3   172   0.3   103.92 
   Oil  2,110   0.4   460   0.9   218.12 
   LNG/Combined-cycle  163,079   30.4   19,955   38.7   122.37 
   Renewables  23,368   4.4   2,497   4.8   106.88 
   Hydro  2,349   0.4   253   0.5   107.64 
   Pumped storage  3,667   0.7   515   1.0   140.38 
   Others  2,785   0.5   265   0.5   95.06 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
Total
  535,985   100.0   51,569   100.0   96.21 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Load
  Base load  338,629   63.2   27,624   53.6   81.57 
   
Non-base
load		  197,356   36.8   23,945   46.4   121.33 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
Total
  535,985   100.0   51,569   100.0   96.21 
     
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
Notes:
 
(1)
Others represent independent power producers that trade electricity through the cost-based pool system of power trading (excluding independent power producers that supply electricity under power purchase agreements with us).
(2)
Based on the payment made by us through Korea Power Exchange.
Power Purchased from Independent Power Producers under Power Purchase Agreements
In 2021, we purchased an aggregate of 18,904
gigawatt hours of electricity generated by independent power producers under existing power purchase agreements. These independent power producers had an aggregate generation capacity of 13,602
megawatts as of December 31, 2021.
Power Generation
As of December 31, 2021, we and our generation subsidiaries had a total of 763 generation units, including nuclear, thermal, hydroelectric and internal combustion units, representing total installed generation capacity of 82,459 megawatts. Our thermal units produce electricity using steam turbine generators fired by coal, oil and LNG. Our internal combustion units use oil or diesel-fired gas turbines and our combined-cycle units are primarily
LNG-fired.
We also purchase power from several generation plants not owned by our generation subsidiaries.
 
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The table below sets forth as of and for the year ended December 31, 2021 the number of units, installed capacity and the average capacity factor for each type of generating facilities owned by us and our generation subsidiaries.
 
   
Number
of Units
   
Installed
Capacity
(1)
   
Average Capacity
Factor
(2)
 
       
(Megawatts)
   
(%)
 
Nuclear
   24    23,250    74.5 
Thermal:
               
Coal
   53    32,559    60.5 
Oil
   3    1,200    14.2 
LNG
   4    1,400    9.6 
Total thermal
   60    35,159    56.8 
   
 
 
   
 
 
   
 
 
 
Internal combustion
   214    177    31.7 
Combined-cycle
(3)
   117    16,652    36.8 
Integrated gasification combined cycle
(4)
   1    346    72.2 
Hydro
   61    5,358    10.1 
Wind
   16    168    13.3 
Solar
   236    329    17.1 
Fuel cell
   26    305    74.6 
Bio
   7    705    56.2 
Others
(5)
   1    10    75.2 
   
 
 
   
 
 
   
 
 
 
Total
   763    82,459    55.4 
   
 
 
   
 
 
   
 
 
 
 
Notes:
 
(1)
Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment.
(2)
Average capacity factor represents the total number of kilowatt hours of electricity generated in the indicated period divided by the total number of kilowatt hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage.
(3)
Involves generation through gas and oil.
(4)
Involves generation through coal and gasified coal.
(5)
Includes
waste-to-energy.
The expected useful life of a unit, assuming no substantial renovation, is approximately as follows: nuclear, over 40 years; thermal, over 30 years; internal combustion, over 25 years; and hydroelectric, over 55 years. Substantial renovation can extend the useful life of thermal units by up to 20 years.
We seek to achieve efficient use of fuels and diversification of generation capacity by fuel type. In the past, we relied principally upon
oil-fired
thermal generation units for electricity generation. Since the oil shock in 1974, however, Korea’s power development plans have emphasized the construction of nuclear generation units. While nuclear units are more expensive to construct than thermal generation units of comparable capacity, nuclear fuel is less expensive than fossil fuels in terms of electricity output per unit cost. However, efficient operation of nuclear units requires that such plants be run continuously at relatively constant energy output levels. As it is impractical to store large quantities of electrical energy, we seek to maintain nuclear power production capacity at approximately the level at which demand for electricity is continuously stable. During those times when actual demand exceeds the usual level of electricity supply from nuclear power, we rely on units fired by fossil fuels and hydroelectric units, which can be started and shut down more quickly and efficiently than nuclear units, to meet the excess demand. Bituminous coal has been the least expensive thermal fuel per kilowatt-hour of electricity produced, and therefore our use of bituminous coal for generation needs takes the largest portion in excess of the stable demand level, except for meeting short-term surges in demand
 
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which require rapid
start-up
and shutdown. Thermal units fired by LNG, hydroelectric units and internal combustion units are the most efficient types of units for rapid
start-ups
and shutdowns, and therefore we use such units principally to meet short-term surges in demand. Anthracite coal is a less efficient fuel source than bituminous coal in terms of electricity output per unit cost.
Our generation subsidiaries have constructed and operated thermal and internal combustion units in order to help meet power demand. Subject to market conditions, our generation subsidiaries plan to continue to add additional thermal and internal combustion units. These units generally take less time to complete construction than nuclear units.
The high average age of our
oil-fired
thermal units is attributable to our reliance on
oil-fired
thermal units as the primary means of electricity generation until
mid-1970s.
Since then, we have diversified our fuel sources and constructed relatively few
oil-fired
thermal units compared to units of other fuel types.
The table below sets forth, for the periods indicated, the amount of electricity generated by facilities linked to our grid system and the amount of power used or lost in connection with transmission and distribution.
 
   
2017
   
2018
   
2019
   
2020
   
2021
   
% of 2021
Gross
Generation
(1)
 
   
(in gigawatt hours, except percentages)
 
Electricity generated by us and our generation subsidiaries:
                              
Nuclear
   148,426    133,505    145,910    160,184    158,015    27.4 
Coal
   227,187    222,818    211,785    178,808    172,419    29.9 
Oil
   5,225    5,845    1,842    1,504    1,494    0.3 
LNG
   220    —      —      587    1,177    0.2 
Internal combustion
   513    529    579    405    491    0.1 
Combined-cycle
   36,957    46,780    39,049    41,446    53,609    9.3 
Hydro
   5,263    5,187    4,477    4,501    4,762    0.8 
Wind
   209    195    192    202    195    0.0 
Solar
   142    183    209    236    493    0.1 
Fuel cells
   273    527    1,036    1,528    1,993    0.3 
Others
   2,069    2,758    3,991    5,121    5,725    1.0 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total generation by us and our generation subsidiaries
   426,484    418,327    409,070    394,522    400,373    69.4 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Electricity generated by IPPs:
                              
Thermal
   103,727    125,830    124,128    123,856    140,891    24.4 
Hydro, other renewable and others
   23,319    26,490    29,842    33,784    35,454    6.2 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total generation by IPPs
   127,046    152,320    153,970    157,640    176,345    30.6 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Gross generation
   553,530    570,647    563,040    552,162    576,718    100 
Auxiliary use
(2)
   21,707    21,390    21,573    21,135    21,254    3.7 
Pumped-storage
(3)
   5,477    5,106    4,588    4,351    4,856    0.8 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total net generation
(4)
   526,346    544,151    536,879    526,676    550,608    95.5 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Transmission and distribution losses
(5)
   18,790    19,359    19,000    18,610    19,424    3.5 
 
IPPs = Independent power producers
Notes:
 
(1)
Unless otherwise indicated, percentages are based on gross generation.
 
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(2)
Auxiliary use represents electricity consumed by generation units in the course of generation.
(3)
Pumped storage represents electricity consumed during low demand periods in order to store water which is utilized to generate hydroelectric power during peak demand periods.
(4)
Total net generation represents gross generation minus auxiliary and pumped-storage use.
(5)
Transmission and distribution losses rate represents total transmission and distribution losses divided by total net generation.
The table below sets forth our total capacity at the time of peak usage, and peak and average loads during, the indicated periods.
 
   
2017
   
2018
   
2019
   
2020
   
2021
 
   
(Megawatts)
 
Total capacity
   116,657    117,205    121,147    127,819    131,330 
Peak load
   85,133    92,478    90,314    89,091    91,141 
Average load
   63,188    65,142    64,274    62,860    65,835 
Korea Hydro & Nuclear Power Co., Ltd.
We commenced nuclear power generation activities in 1978 when our first nuclear generation unit, Kori #1, began commercial operation. On April 2, 2001, all of our nuclear and hydroelectric power generation assets and liabilities were transferred to KHNP.
KHNP owns and operates 24 nuclear generation units at five power plant complexes in Korea, located in Kori (Busan), Saeul (Ulsan), Wolsong (Gyeongju), Hanbit (Yonggwang) and Hanul (Ulchin), 53 hydroelectric generation units including 16 pumped storage hydro generation units as well as 45 solar generation units and one wind generation unit as of December 31, 2021.
The table below sets forth the number of units and installed capacity as of December 31, 2021 and the average capacity factor by types of generation units in 2021.
 
   
Number of Units
   
Installed Capacity
(1)
   
Average Capacity
Factor
(2)
 
       
(Megawatts)
   
(%)
 
Nuclear
   24    23,250    74.5 
Hydroelectric
   53    5,307.475    10.0 
Solar
   45    61.94    15.2 
Wind
   1    0.75    —   
   
 
 
   
 
 
      
Total
   123    28,620.16      
   
 
 
   
 
 
      
 
Notes:
 
(1)
Installed capacity represents the level of output that may be sustained continuously without significant risk of damage to plant and equipment.
(2)
Average capacity factor represents the total number of kilowatt hours of electricity generated in the indicated period divided by the total number of kilowatt hours that would have been generated if the generation units were continuously operated at installed capacity, expressed as a percentage.
KHNP commenced commercial operation of Shin-Kori #3, with a 1,400 megawatt capacity, in December 2016, and Shin-Kori #4 began commercial operations on August 2019. KHNP is currently building four additional nuclear generation units, two at the Shin-Kori and two at Shin-Hanul sites, each with a 1,400 megawatt capacity. KHNP expects to complete these units between 2022 and 2025. In June 2018, the board of directors of KHNP decided to retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the unit’s economic viability and regional sentiment of its continuing operation. The initial phase of the decommissioning of Kori #1, which primarily involves safety inspections and the removal of spent nuclear fuels, has begun after its permanent shutdown in June 2017.
 
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Nuclear
The table below sets forth certain information with respect to the nuclear generation units of KHNP as of December 31, 2021.
 
Unit
(5)
 
Reactor Type
(1)
  
Reactor Design
(2)
 
Turbine and
Generation
(3)
 
Commencement
of Operations
  
Installed
Capacity
  
Average
Capacity
Factor(4)
(%)
 
            
(Megawatts)
    
Kori-2
  PWR  W GEC  1983   650   97.9 
Kori-3
  PWR  W GEC, Hitachi  1985   950   63.2 
Kori-4
  PWR  W GEC, Hitachi  1986   950   63.9 
Shin-Kori-1
  PWR  D, KEPCO E&C, W D, GE  2011   1,000   78.7 
Shin-Kori-2
  PWR  D, KEPCO E&C, W D, GE  2012   1,000   84.1 
Shin-Kori-3
  PWR  D, KEPCO E&C, W D, GE  2016   1,400   75.6 
Shin-Kori-4
  PWR  D, KEPCO E&C, W D, GE  2019   1,400   74.3 
Wolsong-2
  PHWR  AECL, H, K H, GE  1997   700   93.9 
Wolsong-3
  PHWR  AECL, H H, GE  1998   700   89.1 
Wolsong-4
  PHWR  AECL, H H, GE  1999   700   85.9 
Shin-Wolsong-1
  PWR  D, KEPCO E&C, W D, GE  2012   1,000   76.9 
Shin-Wolsong-2
  PWR  D, KEPCO E&C, W D, GE  2015   1,000   87.2 
Hanbit-1
  PWR  W W, D  1986   950   72.6 
Hanbit-2
  PWR  W W, D  1987   950   98.2 
Hanbit-3
  PWR  H, CE, K H, GE  1995   1,000   100.1 
Hanbit-4
  PWR  H, CE, K H, GE  1996   1,000   0.0 
Hanbit-5
  PWR  D, CE, W, KEPCO E&C D, GE  2002   1,000   18.7 
Hanbit-6
  PWR  D, CE, W, KEPCO E&C D, GE  2002   1,000   62.4 
Hanul-1
  PWR  F A  1988   950   95.2 
Hanul-2
  PWR  F A  1989   950   74.0 
Hanul-3
  PWR  H, CE, K H, GE  1998   1,000   66.2 
Hanul-4
  PWR  H, CE, K H, GE  1999   1,000   70.9 
Hanul-5
  PWR  D, KEPCO E&C, W D, GE  2004   1,000   84.9 
Hanul-6
  PWR  D, KEPCO E&C, W D, GE  2005   1,000   100.0 
              
 
 
  
 
 
 
Total nuclear
              23,250   74.5 
              
 
 
  
 
 
 
 
Notes:
 
(1)
“PWR” means pressurized light water reactor; “PHWR” means pressurized heavy water reactor.
(2)
“W” means Westinghouse Electric Corporation (U.S.A.); “AECL” means Atomic Energy of Canada Limited (Canada); “F” means Framatome (France); “H” means Hanjung; “CE” means Combustion Engineering (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “K” means Korea Atomic Energy Research Institute; “KEPCO E&C” means KEPCO Engineering & Construction.
(3)
“GEC” means General Electric Company (U.K.); “W” means Westinghouse Electric Corporation (U.S.A.); “A” means Alstom (France); “H” means Hanjung; “GE” means General Electric (U.S.A.); “D” means Doosan Heavy Industries & Construction Co., Ltd.; “Hitachi” means Hitachi Ltd. (Japan).
(4)
The average fuel cost per kilowatt in 2021 for the entire generation units, including nuclear fuel cost, power purchase cost and material cost, was Won 7.75 per kilowatt.
Hanbit-4
Unit was under an overhaul during 2021 as we had planned.
(5)
Kori-1
was permanently shut down on June 18, 2017.
Shin-Kori-4
commenced operations on August 29, 2019. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1.
 
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Under extended-cycle operations, nuclear units can be run continuously for periods longer than the conventional twelve-month period between scheduled shutdowns for refueling and maintenance. Since 1987, we have adopted the mode of extended-cycle operations for all of our pressurized light water reactor units and plan to use it for our newly constructed units. The duration of shutdown for fuel replacement, maintenance and the evaluation period for approval to start after maintenance was 1,989.8 days in the aggregate in 2021. In addition, KHNP’s nuclear units experienced an average of 0.25 unplanned shutdowns per unit in 2021. In the ordinary course of operations, KHNP’s nuclear units routinely experience damage and wear and tear, which are repaired during routine shutdown periods or during unplanned temporary suspensions of operations. No significant damage has occurred in any of KHNP’s nuclear reactors, and no significant nuclear exposure or release incidents have occurred at any of KHNP’s nuclear facilities since the first nuclear plant commenced operation in 1978.
Hydroelectric
The table below sets forth certain information relating to KHNP’s pumped-storage and hydroelectric business units, including the installed capacity as of December 31, 2021 and the average capacity factor in 2021.
 
Location of Unit
  
Number of Units
   
Classification
   
Year
Built
   
Installed Capacity
   
Average Capacity
Factor
 
               
(Megawatts)
   
(%)
 
Hwacheon
   4    Dam waterway    1944    108.0    13.9 
Chuncheon
   2    Dam    1965    62.28    15.1 
Euiam
   2    Dam    1967    48.0    24.4 
Cheongpyung
   4    Dam    1943    140.1    17.1 
Paldang
   4    Dam    1973    120.0    31.2 
Chilbo (Seomjingang)
   3    Basin deviation    1945    35.4    23.3 
Boseonggang
   2    Basin deviation    1937    4.5    39.4 
Kwoesan
   2    Dam    1957    2.8    35.6 
Anheung (GangLim)
   3    Dam waterway    1978    0.4    3.3 
Kangreung
   2    Basin deviation    1991    82.0    0.0 
Topyeong
   1    Dam    2011    0.045    12.4 
Muju
   1    Dam    2003    0.4    10.0 
Sancheong
   2    Dam    2001    0.995    39.9 
Yangyang
   2    Dam    2005    1.4    38.3 
Yangyang
   1    Dam    2020    0.15    75.2 
Yecheon
   1    Dam    2011    0.9    19.8 
Yecheon (Mini)
   1    Dam    2018    0.025    90.8 
Cheongpeoung
   2    Pumped Storage    1980    400.0    9.3 
Samrangjin
   2    Pumped Storage    1985    600.0    11.1 
Muju
   2    Pumped Storage    1995    600.0    12.0 
Sancheong
   2    Pumped Storage    2001    700.0    12.0 
Yangyang
   4    Pumped Storage    2006    1,000.0    10.7 
Cheongsong
   2    Pumped Storage    2006    600.0    8.9 
Yecheon
   2    Pumped Storage    2011    800.0    0.0 
   
 
 
             
 
 
   
 
 
 
Total
   53              5,307.475    10.0 
   
 
 
             
 
 
   
 
 
 
 
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Solar/Wind
The table below sets forth certain information, including the installed capacity as of December 31, 2021 and the average capacity factor in 2021, of the solar and wind power units of KHNP.
 
Location of Unit
  
Classification
  
Year Built
   
Installed Capacity
   
Average Capacity
Factor
 
          
(Megawatts)
   
(%)
 
Yonggwang
  Solar   
2008-2021
    21.56    15.3 
Yecheon
  Solar   2012    2.01    14.9 
Kori
  Wind   2008    0.75    0.0 
Kori
  Solar   
2017-2021
    6.85    17.3 
Gapyeong
  Solar   2017    0.07    14.8 
Hydro Technical Training Center
  Solar   2017    0.09    14.2 
Cheongpyung
  Solar   2018    0.09    14.3 
Cheongsong
  Solar   
2018-2021
    4.49    15.9 
Kwoesan
  Solar   2018    0.25    15.1 
Boseonggang
  Solar   2018    1.99    13.0 
Samrangjin
  Solar   2019    2.77    15.2 
Yeoncheon
  Solar   2020    0.99    14.3 
Jeju
  Solar   
2020-2021
    14.08    13.6 
Gyeongju
  Solar   
2020-2021
    6.67    15.1 
           
 
 
      
Total
           62.69      
           
 
 
      
Korea Water Resources Corporation, which is a Government-owned entity, assumes full control of multi-purpose dams, while KHNP maintains the dams used for power generation. Existing hydroelectric power units have exploited most of the water resources in Korea available for commercially viable hydroelectric power generation. Consequently, we expect that no new major hydroelectric power plants will be built in the foreseeable future. Due to the ease of its
start-up
and shut-down mechanism, hydroelectric power generation is reserved for peak demand periods.
Korea South-East Power Co., Ltd.
The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2021 and the average capacity factor and average fuel cost per kilowatt in 2021 based upon the net amount of electricity generated, of KOSEP.
 
  
Weighted
Average Age
of Units
  
Installed

Capacity
  
Average
Capacity
Factor
  
Average Fuel
Cost per kWh
 
  
(Years)
  
(Megawatts)
  
(%)
  
(Won)
 
Bituminous:
                
Samcheonpo #3, 4, 5, 6
  26.2   2,120   42.4   63.5 
Yeongheung #1, 2, 3, 4, 5, 6
  12.7   5,080   65.4   63.3 
Yeosu # 2
  7.8   668.6   61.8   92.4 
Combined cycle and internal Combustion:
                
Bundang gas turbine #1,2,3,4,5,6,7,8; steam turbine #1, 2
  28   922.1   28.9   135.5 
Hydro, Solar and other renewable energy
      489.6   55.3   137.9 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  23.4   9,280.3   55.2   73.1 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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Korea Midland Power Co., Ltd.
The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2021 and the average capacity factor and average fuel cost per kilowatt in 2021 based upon the net amount of electricity generated, of KOMIPO.
 
  
Weighted
Average Age
of Units
  
Installed
Capacity
  
Average
Capacity
Factor
  
Average Fuel
Cost per kWh
 
  
(Years)
  
(Megawatts)
  
(%)
  
(Won)
 
Bituminous:
                
Boryeong #3, 4, 5, 6, 7, 8
  22.96   3,050   59.08   61.55 
Shin Boryeong #1, 2
  4.46   2,038   68.72   55.54 
Shin Seocheon #1
  0.58   1,018   58.30   76.95 
Oil-fired:
                
Jeju #2, 3
  21.46   150   48.79   302.10 
Combined-cycle and internal combustion:
                
Boryeong gas turbine #1, 2, 3, 4, 5, 6; steam
turbine #1, 2, 3
  22.82   1,350   14.98   113.39 
Incheon gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2, 3
  12.88   1,462.45   34.09   110.70 
Seoul gas turbine #1, 2; steam turbine #1, 2
  2.38   738.35   71.60   89.95 
Jeju gas turbine #1, 2; steam turbine #1, 2
  3.51   228.73   54.25   113.44 
Sejong gas turbine #1, 2; steam turbine #1
  8.17   530.44   78.05   94.96 
Jeju Internal Combustion Engine #1,2
  14.58   80   27.46   159.97 
Wind:
                
Yangyang #1, 2
  15.58   3   15.62   6.59 
Sejong Maebongsan Wind
  15.47   8.80   —     —   
Jeju Sangmyung Wind
  5.5   21   15.63   2.69 
Combined heat and power:
                
Wonju #1
  6.67   10   75.17   84.55 
Hydroelectric:
                
Boryeong
  12.86   7.50   15.41   0.46 
Shin Boryeong
  5.25   5   38.52   0.01 
Shin Seocheon
  0.58   2.59   22.51   0.0007 
Photovoltaic (“PV”) power and fuel cell generation:
                
Boryeong (PV) site
  4.32   3.11   13.48   3.67 
Shin Boryeong (PV) site
  5.58   2.90   13.61   0.01 
Seocheon (PV) site
  14   1.23   12.40   0.0003 
Jeju (PV) site
  4.84   4.29   11.42   0.42 
Seoul (PV) site
  10.42   1.30   14.43   4.55 
Sejong (PV) site
  4.08   0.33   13.98   0.001 
Yeosu (PV) site
  9.83   2.22   15.03   0.0003 
Incheon (PV) site
  4.18   1.58   13.65   0.001 
Shin Boryeong (fuel cell) site
  4.17   7.48   72.05   148.24 
Incheon (fuel cell) site
  1.92   15.84   94.26   132.22 
Seoul (fuel cell) site
  1.25   6   93.23   78.77 
Sejong (fuel cell) site
  1.92   5.28   94.62   101.29 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  13.14   10,755.46   52.81   77.90 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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Table of Contents
Korea Western Power Co., Ltd.
The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2021 and the average capacity factor and average fuel cost per kilowatt in 2021 based upon the net amount of electricity generated, of KOWEPO.
 
  
Weighted
Average Age
of Units
  
Installed

Capacity
  
Average

Capacity

Factor
  
Average Fuel
Cost per kWh
 
  
(Years)
  
(Megawatts)
  
(%)
  
(Won)
 
Bituminous:
                
Taean #1, 2, 3, 4, 5, 6, 7, 8, 9, 10
  15.7   6,100   59.1   63.58 
LNG-fired:
                
Pyeongtaek #1, 2, 3, 4
(1)
  40.1   1,400   9.6   143.85 
Combined cycle:
                
Pyeongtaek #2
  7.2   868.5   65.7   97.84 
Gunsan
  11.6   718.4   28.7   118.30 
West Incheon
  29.1   1,800   28.6   112.74 
Hydroelectric:
                
Taean
  14.3   7.2   19.2   —   
Solar:
                
Taean
  4.4   17.3   13.4   —   
Pyeongtaek
  4.5   3.9   13.0   —   
West Incheon
  4.5   1.2   12.8   —   
Gunsan
  6.2   1.0   16.5   —   
Samryangjin
  14.1   3.0   14.2   —   
Sejong City
  9.5   5.0   13.3   —   
Gyeonggi-do
  8.7   2.5   13.8   —   
Yeongam
  8.8   13.3   15.3   —   
Goheung
  2.7   1.0   14.9   —   
Fuel Cell:
                
West Incheon 1
  6.7   16.6   40.2   146.29 
West Incheon 2
  2.4   60.3   76.0   134.25 
Cheonan Cheongsu
  2   5.3   85.3   147.96 
Hwaseong Namyang
  0.5   20.2   79.5   158.29 
Gyeonggi Uiwang
  0.4   9.9   95.5   114.82 
Daejeon Hakha
  0.1   6.2   84.1   112.64 
Wind Power:
                
Hwasun
  6   16   16.4   —   
Jangheung
  0.3   18   9.9   —   
Integrated gasification combined cycle:
                
Taean
  5.4   346.3   72.2   56.14 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  19.5   11,441.1   47.0   77.09 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
Notes:
 
(1)
Pyeongtaek #1, 2, 3 and 4 were converted into
LNG-fired
power plant in February 2020.
 
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Korea Southern Power Co., Ltd.
The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2021 and the average capacity factor and average fuel cost per kilowatt in 2021 based upon the net amount of electricity generated, of KOSPO.
 
  
Weighted
Average Age
of Units
  
Installed
Capacity
  
Average
Capacity
Factor
  
Average Fuel
Cost per kWh
 
  
(Years)
  
(Megawatts)
  
(%)
  
(Won)
 
Bituminous:
                
Hadong #1, 2, 3, 4, 5, 6, 7, 8
  20.6   4,000   64.8   63.3 
Samcheok #1, 2
  4.8   2,044   59.5   72.3 
Combined cycle:
                
Shin Incheon #1, 2, 3, 4
  24.4   1,800   36.2   109.9 
Busan #1, 2, 3, 4
  18.2   1,800   46.3   102.5 
Yeongwol #1
  11.2   848   10.9   113.8 
Hallim
  24.4   105   50.8   141.2 
Andong #1
  7.8   362   52.7   88.7 
Nam Jeju #1
  1.1   146   9.2   248.9 
Bio Oil:
                
Nam Jeju #1, 2
  15   200   43.8   289.0 
Wind power:
                
Hankyung
  15.2   21   19.8   1.4 
Seongsan
  12.2   20   21.5   1.0 
Solar
  4.8   34   14.1   0.2 
Small Hydropower
  4.4   3   45.3   0.0 
Fuel Cell
  2.2   94   91.3   133.5 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  16.3   11,477   50.8   83.1 
  
 
 
  
 
 
  
 
 
  
 
 
 
Korea East-West Power Co., Ltd.
The table below sets forth, by fuel type, the weighted average age and installed capacity as of December 31, 2021 and the average capacity factor and average fuel cost per kilowatt in 2021 based upon the net amount of electricity generated, of EWP.
 
  
Weighted
Average Age
of Units
  
Installed

Capacity
  
Average

Capacity
Factor
  
Average Fuel

Cost per kWh
 
  
(Years)
  
(Megawatts)
  
(%)
  
(Won)
 
Bituminous:
                
Dangjin #1, 2, 3, 4, 5, 6, 7, 8, 9, 10
  14.0   6,040   54.8   63.3 
Anthracite:
                
Donghae #1, 2
  22.8   400   52.9   96.0 
Oil-fired:
                
Ulsan #4, 5, 6
  41.4   1,200   14.2   201.5 
Combined cycle:
                
Ulsan gas turbine #1, 2, 3, 4, 5, 6, 7, 8; steam
turbine #1, 2, 3, 4
  18.0   2,072   39.5   102.7 
Ilsan gas turbine #1, 2, 3, 4, 5, 6; steam turbine #1, 2
  27.8   900   15.6   146.3 
Mini hydro, Photovoltaic, Fuel Cell, Wind-Power, Biomass:
      164   40.3   71.9 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  20.7   11,276   44.6   79.7 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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Power Plant Remodeling and Recommissioning
Our generation subsidiaries supplement power generation capacity through remodeling or recommissioning of thermal units. Recommissioning includes installation of anti-pollution devices, modification of control systems and overall rehabilitation of existing equipment. The following table shows recent remodeling and recommissioning initiatives by our generation subsidiaries.
 
Power Plant
  
Capacity
  
Completed (Year)
  
Extension
  
Company
Taean #1 - 10
  
6,100 MW
(500 MW×8,
1,050 MW×2)
  
EP
(1)
upgrade (#5, 2009)
EP upgrade (#6, 2010)
EP upgrade (#2, 2016)
EP upgrade (#1, 2017)
EP upgrade (#3, 4, 2018)
SCR
(2)
upgrade (#2, 4, 7, 2016)
SCR upgrade (#1, 8, 2017)
SCR upgrade (#3, 5, 6, 2018)
FGD
(5)
upgrade (#1, 2017)
FGD upgrade (#2, 3, 4, 2018)
  Anti-pollution  KOWEPO
Pyeongtaek
#1-
4
  
1,400 MW
(350 MW×4)
  Steam turbine upgrade (#2, 3, 2014)  
10-year
performance-improvement		  KOWEPO
Boryeong #3 - 6
  
2,000 MW
(500 MW×8)
  
Retrofit (#3, 2019)
Retrofit (#4, 2022)
Conversion into
LNG-fired
plant(#5, 6, 2021)
  
Lifetime extension
Conversion into
LNG-fired
Plant
  KOMIPO
Boryeong #7, 8
  
1,000 MW
(500 MW×2)
  
FGD, EP upgrade (#7, 2025)
FGD, EP upgrade (#8, 2026)
  Performance-improvement  KOMIPO
Yeosu #1, 2
  
668.6MW
(#1:340, #2:328.6MW)
  
Boiler Type Change
(CFBC
(3)
:#1:2016, #2:2011)
  30 years  KOSEP
Samcheonpo #5, 6
  
1,000 MW
(500 MW ×2)
  
EP upgrade(2016 ~ 2017),
FGD, SCR, WESP
(6)
installation
(2019 ~ 2020)
  Anti-pollution  KOSEP
Yeongheung #1, 2
  
1,600 MW
(800 MW ×2)
  EP, FGD, SCR Upgrade (2022)  Anti-pollution  KOSEP
Yeongdong #1. 2
  
325 MW
(#1:125, #2:200 MW)
  
Boiler, Hybrid SCR & EP, Draft System Retrofit
(Biomass
(
4
)
#1: 2017, #2: 2020)
  Renewable energy  KOSEP
Dangjin #1 - 4
  
2,000MW
(500MW×4)
  FGD, EP, SCR upgrade (2022)  Performance-improvement  EWP
Dangjin #5 - 8
  
2,000MW
(500MW×4)
  FGD, EP, SCR upgrade (2024)  Performance-improvement  EWP
Dangjin #9 - 10
  
2,040MW
(1,020MW×2)
  FGD, EP, SCR upgrade (2026)  Performance-improvement  EWP
Donghae #1, 2
  
400 MW
(200 MW×2)
  FGD (2022)  Anti-pollution & modification of control systems  EWP
 
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Power Plant
  
Capacity
  
Completed (Year)
  
Extension
  
Company
Hadong #1 - 8
  
4,000 MW
(500 MW×8)
  
SCR Upgrade (#5. 2016)
SCR Upgrade (#2,3,5. 2017)
SCR Upgrade (#1,4,6,7. 2018)
SCR Upgrade (#8. 2019)
FGD Upgrade (#6, 2018)
FGD Upgrade (#2, 3, 2019)
FGD Upgrade (#4 2020)
FGD Upgrade (#5 2021)
  Anti-pollution  KOSPO
 
Notes:
 
(1)
“EP” means an electrostatic precipitation system.
(2)
“SCR” means a selective catalytic reduction system.
(3)
“CFBC” means a circulating fluidized bed combustion system.
(4)
“Biomass” means wood pallet powered plant.
(5)
“FGD” means
flue-gas
desulfurization designed to remove sulfur oxides.
(6)
“WESP” means wet electrostatic precipitator.
Transmission and Distribution
We currently transmit and distribute substantially all of the electricity in Korea.
As of December 31, 2021, our transmission system consisted of 34,923 circuit kilometers of lines of 765 kilovolts and others including high-voltage direct current lines, and we had 892 substations with aggregate installed transformer capacity of 344,286 megavolt-amperes.
As of December 31, 2021, our distribution system consisted of 132,376 megavolt-amperes of transformer capacity and 9,940,440 units of support with a total line length of 532,348 circuit kilometers.
We make substantial investments in our transmission and distribution systems to minimize power interruptions and improve efficiency. Our current projects principally focus on increasing capabilities of the existing power networks and reducing our transmission and distribution loss, which was 3.53% of our gross generation in 2021. To cope with increasing damages to large-scale transmission and distribution facilities, we plan to reinforce stability of our transmission and distribution facilities through stricter design and material specifications. In addition, we also plan to expand underground transmission and distribution facilities to meet customer demand for more environment-friendly facilities. In order to reduce the interruption time in power distribution, which is an indicator of the quality of electricity transmission, we are also continuing to invest in automation of electricity transmission and development of new transmission technologies, among others.
Some of the facilities we own and use in our distribution system use rights of way and other concessions granted by municipal and local authorities in areas where our facilities are located. These concessions are generally renewed upon expiration.
New Energy Industry Projects
Certain of our new energy industry projects are described below.
Advanced Metering Infrastructure
In July 2012, the Government implemented a master plan to build out a smart grid, which includes the Advanced Metering Infrastructure (“AMI”) roadmap, and revised the plan to focus on building electricity market ecosystem in August 2018. In accordance with such plan, we are in the process of installing “smart meters” and related communication networks and operating systems as part of the “smart grid” initiative in an effort to
 
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enhance efficiency in the power electricity industry and alleviate growing energy shortage concerns. Our goal is to complete such installation for all of the households in Korea. Smart meters refer to digital meters that record, on a real-time basis, electricity consumption within a household so that consumers will have a price-based incentive to enhance efficiency in their electricity usage. As of December 31, 2021, we have established data communication network that enables smart meters for 11 million households and plan to establish it for 12 million additional households by 2024. We have spent Won 900 billion on the AMI project until 2021 and expect to spend an additional Won 500 billion, bringing the total cost to approximately Won 1.4 trillion.
Smart Grids
Smart grids refer to next-generation networks for electricity distribution that integrate information technology into existing power grids with the aim of enabling
two-way
real time exchange of information between electricity suppliers and consumers for optimal efficiency in electricity use. As part of our overall business strategy, we are currently developing and implementing smart grids based on advanced information technology in order to promote more efficient allocation and use of electricity by consumers. We expect that such technology will improve efficiency and reduce electricity loss over the course of electricity transmission and distribution. We also expect that the smart grid initiative will significantly increase efficient energy consumption by providing real-time data to customers, which would in turn help to reduce greenhouse gas emission and decrease Korea’s reliance on foreign energy sources. Leveraging our experience gained through high-tech intelligent power transmission and distribution network, or “smart grid” test beds in Jeju Province from 2009 to 2013, we plan to expand our smart grid project.
As a way to commercialize an integrated grid system for apartments, we entered into a business agreement with Seoul City Gas for the joint use of the AMI infrastructure in September 2021 and are generating new revenue by providing meter reading services for both electricity and gas. Also, we are running an integrated grid system and smart city system based on a digital twin city approach in Siheung,
Gyeonggi-do
and Sejong City by drawing on our smart city research and development achievements from Naju Innovation City. In addition, we are conducting a project to build an energy integration platform and provide energy-related services in the Magok district of Seoul.
Energy Storage Systems
In October 2013, as part of an endeavor to create new markets for energy demand management applications using information and communication technology, we established a business plan to roll out energy storage systems for frequency regulation nationwide. These systems involve the establishment and operation of batteries and transformers with
large-sized
charge and discharge capabilities adjacent to substations to transmit electricity stably with regulated frequencies and optimize the efficiency of the substation operation. This system allows full conversion of reserve capacity for frequency regulation at existing
low-cost
generators into electricity storage and, if operated in sizable scale, offers opportunities for substantial cost savings in purchase of electricity.
In December 2014, we conducted a pilot project for this initiative by installing a 52 megawatts energy storage system at the
Seo-Anseong
substation and the Shin-Yongin substation. In July 2015, these substations began to commercially operate energy storage systems, and we expanded the energy storage capacity nationwide by an additional 184 megawatts in 2016, an additional 140 megawatts in 2017, with a total capacity of 376 megawatts as of December 31, 2021. Among them, we completed construction of the largest indoor energy storage systems for frequency regulation in Gimje substation with a 48 megawatts capacity.
Electric Vehicle Charging Infrastructure
In order to promote the use of environment-friendly electric vehicles, we began constructing infrastructures for electric vehicles in 2009. Since 2016, we have installed electric vehicle charging stations throughout public space and residential building complexes. In 2017, we created a platform for businesses in the electric vehicle
 
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charging industry by charging for the service and making the infrastructures available to the market. We have installed 9,998 high speed electric vehicle charging stations by the end of 2021 and plan to expand such stations in line with the Government policy to popularize electric vehicles.
In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund. For further details, see “—Capital Investment Program.”
Fuel Sources and Requirements
Nuclear
Uranium, the principal fuel source for nuclear power, accounted for 35.7%, 40.6% and 39.5% the fuel requirements for electricity generation by us and our generation subsidiaries in 2019, 2020 and 2021, respectively.
All uranium ore concentrates used by KHNP are imported from, and conversion and enrichment of such concentrates are provided by, sources outside Korea and are paid for with currencies other than Won, primarily U.S. dollars.
In order to ensure a stable supply, KHNP enters into long-term and medium-term contracts with various suppliers and supplements such supplies with purchases in spot markets. In 2021, KHNP purchased approximately 4,595 tons of its uranium concentrate requirement under both long-term and spot supply contracts with suppliers in Canada, France, the United Kingdom, Switzerland, Australia, Germany, Hong Kong, Japan and Uzbekistan. Under the long-term supply contracts, the purchase prices of uranium concentrates are adjusted annually based on base prices and spot market prices prevailing at the time of actual delivery. The conversion and enrichment services of uranium concentrates are provided by suppliers in Canada, France, Japan, Russia, the United Kingdom and Switzerland. A Korean supplier typically provides fabrication of fuel assemblies. Except for certain fixed contract prices, contract prices for processing of uranium are adjusted annually in accordance with the general rate of inflation. KHNP intends to obtain its uranium requirements in the future, in part, through purchases under medium- to long-term contracts and, in part, through spot market purchases.
Coal
Bituminous coal accounted for 51.1%, 44.8% and 42.6% of the fuel requirements for electricity generation by us and our generation subsidiaries in 2019, 2020 and 2021, respectively, and anthracite coal accounted for 0.6%, 0.5% and 0.5% of our fuel requirements for electricity generation in 2019, 2020 and 2021, respectively.
In 2021, our generation subsidiaries purchased approximately 67 million tons of bituminous coal, of which approximately 48.9%, 20.0%, 11.5%, 4.1% and 15.5% were imported from Australia, Indonesia, Russia, South Africa and others, respectively. Approximately 92.9% of the bituminous coal requirements of our generation subsidiaries in 2021 were purchased under long-term contracts with the remaining 7.1% purchased in the spot market. Some of our long-term contracts relate to specific generating plants and extend through the end of the projected useful lives of such plants, subject in some cases to periodic renewal. Pursuant to the terms of our long-term supply contracts, prices are adjusted periodically based on market conditions. The average cost of bituminous coal per ton purchased under such contracts amounted to Won 101,624, Won 69,748 and Won 103,893 in 2019, 2020 and 2021, respectively.
In 2021, our generation subsidiaries purchased approximately 1 million tons of anthracite coal. The prices for anthracite coal under such contracts are set by the Government. The average cost of anthracite coal per ton purchased under such contracts was Won 136,526, Won 137,116 and Won 155,826 in 2019, 2020 and 2021, respectively.
 
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Oil
Oil accounted for 0.5%, 0.4% and 0.4% of the fuel requirements for electricity generation by us and our generation subsidiaries in 2019, 2020 and 2021, respectively.
In 2021, our generation subsidiaries purchased approximately 5 million barrels of fuel oil, substantial portion of which was purchased from domestic refiners through competitive open bidding. Purchase prices are based on the spot market price in Singapore. The average cost per barrel was Won 100,827, Won 91,566 and Won 127,644 in 2019, 2020 and 2021, respectively.
LNG
LNG accounted for 9.5%, 10.6% and 13.7% of the fuel requirements for electricity generation by us and our generation subsidiaries in 2019, 2020 and 2021, respectively. In 2021, for use in electricity generation we purchased approximately 7 million tons of LNG from Korea Gas Corporation, a Government-controlled entity in which we currently own a 20.47% equity interest (excluding treasury shares). In 2021, we purchased a substantial portion of our LNG requirements for use in power generation from Korea Gas Corporation. Under the terms of the LNG contract with Korea Gas Corporation, all of our five
non-nuclear
generation subsidiaries jointly and severally agreed to purchase a total of 5.8 million tons of LNG in 2021, subject to an automatic price adjustment annually based on a
pre-determined
formula if the actual purchased amount exceeds or falls short of the contracted amount. We believe the quantities of LNG provided under such contract will be adequate to meet the needs of our generation subsidiaries for LNG for the next several years. The LNG supply contracts between our generation subsidiaries and Korea Gas Corporation generally have a term of 20 years and provide for minimum purchase requirements for our generation subsidiaries, the specific terms of which are subject to negotiation between Korea Gas Corporation and our generation subsidiaries and approval by the Government. The average cost per ton of LNG was Won 727,083, Won 556,564 and Won 724,682, in 2019, 2020 and 2021, respectively. Korea Gas Corporation implemented a new individual tariffs formula, whereby the domestic power plants can negotiate lower prices directly with Korea Gas Corporation. The new formula applies to domestic power plants whose current contracts with Korea Gas Corporation expire after January 2022 and also to new power plants commencing operations from January 2022. Meanwhile, KOMIPO procures LNG directly through a contract with a brokerage firm, in addition to the amount supplied by Korea Gas Corporation. In 2021, the total amount of KOMIPO’s direct LNG procurement was 0.8 million tons, with 24.7%, 16.9%, 16.3%, 15.0%, 14.0% and 13.1% of the total imported from Australia, Malaysia, Russia, United States, United Arab Emirates and other countries, respectively.
Hydroelectric
Hydroelectric power generation accounted for 1.1%, 1.1% and 1.2%, of the fuel requirements for electricity generation by us and our generation subsidiaries in 2019, 2020 and 2021, respectively. The availability of water for hydroelectric power depends on rainfall and competing uses for available water supplies, including residential, commercial, industrial and agricultural consumption. Pumped storage enables us to increase the available supply of water for use during periods of peak electricity demand.
Sales and Customers
Our sales depend principally on the level of demand for electricity in Korea and the rates we charge for the electricity we sell to the
end-users.
Demand for electricity in Korea grew at a compounded average rate of 1.0% per annum for the five years ended December 31, 2021. According to the Bank of Korea, the compounded growth rate for GDP was approximately 2.1% per annum for the same period. The GDP growth rate was approximately 2.0%,
-1.0%
and 4.0% during 2019, 2020 and 2021, respectively.
 
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The table below sets forth, for the periods indicated, the annual rate of growth in Korea’s GDP and the annual rate of growth in electricity demand (measured by total annual electricity consumption) on a
year-on-year
basis.
 
   
2017
  
2018
  
2019
  
2020
  
2021
 
Growth in GDP
   3.1%   2.7%   2.0%   (1.0)%   4.0% 
Growth in electricity consumption
   2.2%   3.6%   (1.1)%   (2.2)%   4.7% 
Electricity demand in Korea varies within each year for a variety of reasons other than the general growth in GDP demand. Electricity demand tends to be higher during daylight hours due to heightened commercial and industrial activities and electronic appliance use. Due to the use of air conditioning during the summer and heating during the winter, electricity demand is higher during these two seasons than the spring or the fall. Variation in weather conditions may also cause significant variation in electricity demand.
We do not use any marketing channels, including any special sales methods, to sell electricity to our customers, other than to install electricity meters
on-site
and take monthly readings of such meters, based upon which invoices are sent to our customers.
Demand by the Type of Usage
The table below sets forth consumption of electric power, and growth of such consumption on a
year-on-year
basis, by the type of usage (in gigawatt hours) for the periods indicated.
 
  
2017

(GWh)
  
YoY
growth
(%)
  
2018

(GWh)
  
YoY
growth
(%)
  
2019

(GWh)
  
YoY
growth
(%)
  
2020

(GWh)
  
YoY
growth
(%)
  
2021

(GWh)
  
YoY
growth
(%)
  
% of
Total
2021
 
Residential
  68,544   0.7   72,895   6.3   72,639   (0.4)   76,303   5.0   79,915   4.7   15.0 
Commercial
  111,298   2.5   116,934   5.1   116,227   (0.6)   113,639   (2.2)   119,550   5.2   22.4 
Educational
  8,316   2.9   8,678   4.3   8,561   (1.4)   7,515   (12.2)   8,423   12.1   1.6 
Industrial
  285,969   2.6   292,999   2.5   289,240   (1.3)   278,660   (3.7)   291,333   4.6   54.6 
Agricultural
  17,251   4.0   18,504   7.3   18,882   2.0   19,029   0.8   20,603   8.3   3.9 
Street lighting
  3,557   2.7   3,582   0.7   3,571   (0.3)   3,507   (1.8)   3,445   (1.8)   0.6 
Overnight Power
  12,811   (4.5)   12,557   (2.0)   11,379   (9.4)   10,616   (6.7)   10,162   (4.3)   1.9 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Total
  507,746   2.2   526,149   3.6   520,499   (1.1)   509,270   (2.2)   533,431   4.7   100.0 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
The industrial sector represents the largest segment of electricity consumption in Korea. Demand for electricity from the industrial sector was 291,333 gigawatt hours in 2021, representing a 4.6% increase from 2020, largely due to a base effect from continued demand decreases for the last two years, a rapid recovery of domestic economy and consequent increases of industrial products. Demand for electricity from the commercial sector depends largely on the level and scope of commercial activities in Korea. Demand for electricity from the commercial sector increased to 119,550 gigawatt hours in 2021, representing a 5.2% increase from 2020, largely due to an improved consumer sentiment on service industry and increased heating and air conditioning each in January, February, July and August. Demand for electricity from the residential sector is largely dependent on population growth and use of heaters, air conditioners and other electronic appliances. Demand for electricity from the residential sector increased to 79,915 gigawatt hours in 2021, representing a 4.7% increase compared to 2020, largely due to an increase in household electricity usage from an increased time spent at home and telecommuting in response to the
COVID-19
pandemic and tightened disinfection guidelines.
Demand Management
Our ability to provide adequate supply of electricity is principally measured by the facility reserve margin and the supply reserve margin. The facility reserve margin represents the difference between the peak usage during a year and the installed capacity at the time of such peak usage, expressed as a percentage of such
 
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peak usage. The supply reserve margin represents the difference between the peak usage in a year and the available capacity at the time of such peak usage, expressed as a percentage of such peak usage. The following table sets forth our facility reserve margin and supply reserve margin for the periods indicated.
 
   
2017
  
2018
  
2019
  
2020
  
2021
 
Facility reserve margin
   37.0%   26.7%   36.2%   43.5%   44.1% 
Supply reserve margin
   12.9%   7.7%   6.7%   9.9%   10.5% 
While we seek to meet the growing demand for electricity in Korea primarily by continuing to expand our generation capacity, we have also implemented several measures to curtail electricity consumption, especially during peak periods. We apply
time-of-use
and seasonal tariff, which are structured so that higher tariffs are charged at the time and months of peak demand to select types of customers, and we also apply a progressive rate structure for the residential use of electricity. We have several demand management programs to control demand and induce power conservation during peak hours and peak seasons such as providing incentives for reducing power consumption during peak hours.
Electricity Rates
The Electric Utility Act and the Price Stabilization Act of 1975, each as amended from time to time, prescribe the procedures for the approval and establishment of rates charged for the electricity we sell. We submit our proposals for revisions of rates or changes in the rate structure to the Ministry of Trade, Industry and Energy. The Ministry of Trade, Industry and Energy then reviews these proposals and, following consultation with the Ministry of Economy and Finance and review by the Korea Electricity Commission, makes the final decision.
Under the Electric Utility Act and the Price Stabilization Act, electricity rates are established at levels that would enable us to recover our operating costs attributable to our basic electricity generation, transmission and distribution operations as well as receive a fair investment return on capital used in those operations.
For the purposes of rate approval, operating costs are defined as the sum of our operating expenses (which principally consists of cost of sales and selling and administrative expenses) and our adjusted income taxes.
Fair investment return represents an amount equal to the rate base multiplied by the rate of return.
The rate base is currently equal to the sum of:
 
 • 
net utility plant in service (which is equal to utility plant minus accumulated depreciation minus revaluation reserve);
 
 • 
the portion of working capital which is equal to the appropriate level of operating costs minus depreciation and other
non-cash
charges while taking into account the actual time of cost recovery; and
 
 • 
the portion of
construction-in-progress
which is charged from our retained earnings.
The amounts used for the variables in the rates are those projected by us for the periods to be covered by the rate approval.
For the purpose of determining the fair rate of return, the rate base is divided into two components in proportion to our total equity and our total debt. The rate of return permitted in relation to the debt component of the rate base is set at a level designed to approximate the weighted average interest cost on all types of borrowing for the periods covered by the rate approval. The rate of return permitted in relation to the equity component of the rate base is set by applying the capital asset pricing model which takes account of the risk-free rate, the return on the Korea Stock Price Index, KOSPI, and the correlation of the stock price of our company with KOSPI.
 
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In 2020, the approved rate of return on the debt component of the rate base was 0.63% while the approved rate of return on the equity component of the rate base was 3.94%. As a result of such approved rates of returns, the fair rate of return in 2020 was determined to be 4.57%. The fair rates of return for 2021 have not yet been determined.
The Electric Utility Act and the Price Stabilization Act do not specify a basis for determining the reasonableness of our operating expenses or any other items (other than the level of the fair investment return) for the purposes of the rate calculation. However, the Government exercises substantial control over our budgeting and other financial and operating decisions.
In addition to the calculations described above, a variety of other factors are considered in setting overall tariff levels. These other factors include consumer welfare, our projected capital requirements, the effect of electricity tariff on inflation in Korea and the effect of tariff on demand for electricity.
From time to time, our actual rate of return on invested capital may differ significantly from the fair rate of return on invested capital assumed for the purposes of electricity tariff approvals, for reasons, among others, related to movements in fuel prices, exchange rates and demand for electricity that differ from what is assumed for determining our fair rate of return. For example, between 1987 and 1990, the actual rate of return was above the fair rate of return due to declining fuel costs and rising demand for electricity at a rate not anticipated for purposes of determining our fair rate of return. Similarly, depreciation of the Won against the U.S. dollar accounted for our actual rates of return being lower than the fair rate of return for the period from 1996 to 2000. For the period between 2006 and 2013, our actual rates of return were lower than the fair rate of return largely due to a general increase in fuel costs and additional facility investment costs incurred, the effects of which were not offset by timely increases in our tariff rates. Between 2014 and 2016, however, largely due to a decrease in fuel costs reflective of the drop in oil prices, our actual rate of return has surpassed the fair rate of return; however, substantially all of the resulting excess has been used to fund capital expenditure and repair and maintenance, and make investments in renewable energy and other environmental programs.
Partly in response to the variance between our actual rates of return and the fair rates of return, the Government from time to time increases the electricity tariff rates, but there typically is a significant time lag for the tariff increases as such increases requires a series of deliberation processes and administrative procedures and the Government also has to consider other policy considerations, such as the inflationary effect of overall tariff increases and the efficiency of energy use from sector-specific tariff increases.
As of January 1, 2021, we implemented a new tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers, among other changes. The new tariff system consists of three main changes.
First, we implemented a new cost pass-through tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers and to enhance transparency by separately billing fuel costs and climate/environment related costs. Previously, the electricity tariff consisted of two main components: (i) the base charge (the “Base Charge”) and (ii) the usage charge (the “Usage Charge”) based on the amount of electricity consumed by
end-users.
Under the new tariff system, there are new components to the tariff called the fuel cost adjusted charge (the “Fuel Cost Adjusted Charge”) and the climate/environment related charge (the “Climate/Environment Related Charge”). In principle, the Fuel Cost Adjusted Charge is calculated on a quarterly basis and the formula for calculating the amount of the Fuel Cost Adjusted Charge is multiplying (i) the unit price of the Fuel Cost Adjusted Charge (the “Unit Price of the Fuel Cost Adjusted Charge”), which is the difference between a base fuel cost (the “Base Fuel Cost”) and an actual fuel cost (the “Actual Fuel Cost”) and (ii) the amount of electricity consumed. The Base Fuel Cost is the past twelve-month average fuel price of bituminous coal, LNG and Bunker C oil as posted by the Korea Customs Service. The twelve-month average fuel price is measured by taking the average of monthly fuel prices of twelve months in between thirteen months and one month prior to the time a new Base Fuel Cost becomes effective. To illustrate, the Base Fuel Cost effective
 
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from January 2022 is the average of the fuel prices from December 2020 to November 2021. On the other hand, the Actual Fuel Cost is the past three-month average fuel price of the same fuels we use to measure the Base Fuel Cost. The past three-month average fuel price is measured by taking the average of monthly fuel prices from three preceding months from one month before the start of each period when the applicable Fuel Cost Adjusted Charge will be updated. To illustrate, for the first quarter of 2022, we used the fuel costs for September, October and November 2021 to calculate the three-month average fuel price.
The quarterly-adjusted Fuel Cost Adjusted Charge has
built-in
limits in view of price stability and other public policy considerations. First, there are limits on the Unit Price of the Fuel Cost Adjusted Charge to be (i) no less than Won ±1 per kilowatt-hour and (ii) no greater than Won ±3 per kilowatt-hour as compared to the immediately preceding quarter. In other words, any change less than Won ±1 per kilowatt-hour will not be reflected to the Fuel Cost Adjusted Charge and any change greater than Won ±3 per kilowatt-hour will not be reflected to the extent of the portion that exceeds Won ±3 per kilowatt-hour. For example, in the first quarter of 2021, the Unit Price of the Fuel Cost Adjusted Charge was Won –10.5 per kilowatt-hour, meaning the Actual Fuel Cost was lower than the Base Fuel Cost, but after being subjected to the quarterly limit of Won ±3 per kilowatt-hour, the final rate for the Unit Price of the Fuel Cost Adjusted Charge came out to be Won –3.0 per kilowatt-hour. Second, the Unit Price of the Fuel Cost Adjusted Charge that exceeds Won ±5 per kilowatt-hour will not be reflected in the Fuel Cost Adjusted Charge. In other words, the maximum adjustment that can be incorporated to the Unit Price of the Fuel Cost Adjusted Charge is equal to Won ±5 per kilowatt-hour from the Base Fuel Cost that is in effect for a given period. The Base Fuel Cost can only be adjusted upon the revision of the Base Charge or the Usage Charge as described at further below in this section.
In addition to the
built-in
limits described in the preceding paragraph, the new tariff system gives the discretion to the Government not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances. For example, in the second and third quarters of 2021, although the Unit Price of the Fuel Cost Adjusted Charge was Won –0.2 and 0.0 per kilowatt-hour respectively, the Government notified us to keep it at the same Won –3.0 per kilowatt-hour as the first quarter of 2021. In the fourth quarter of 2021, we increased the Unit Price of the Fuel Cost Adjusted Charge to Won 0.0 per kilowatt-hour. However, in the first and second quarters of 2022, although the Unit Price of the Fuel Cost Adjusted Charge as calculated should have been Won 3.0 per kilowatt-hour, the Government notified us to keep it at the same Won 0.0 per kilowatt-hour as the fourth quarter of 2021. The Government cited different reasons for withholding the application of the quarterly Fuel Cost Adjusted Charge for each quarter but one of the more consistent reasons has been to alleviate the hardship caused by the prolonged economic effects of
COVID-19
pandemic.
Because the Fuel Cost Adjusted Charge takes into account the fuel prices posted by Korea Customs Service, there may still be a mismatch in value between the actual prices the domestic generation companies pay for their fuels in the open market and the adjustment that can be made through the Fuel Cost Adjusted Charge. The domestic generation companies include not only our generation subsidiaries but also independent power producers that are unaffiliated to us and we do not have access to fuel costs incurred by the independent power producers. As such, we use fuel prices posted by Korea Customs Service, which are easily accessible to our customers, for calculating the Fuel Cost Adjusted Charge.
Due to the likelihood of the Actual Fuel Cost being substantially over the
built-in
limits of the new tariff system and the Government’s discretion not to wholly or partially adjust the quarterly Fuel Cost Adjusted Charge in case of extenuating circumstances, there may be certain portions of the fuel costs that cannot be charged to our customers, even though those portions should have been included in the Fuel Cost Adjusted Charge. In such cases, we may accumulate such portions and reflect them in what is called the total comprehensive cost (the “Total Comprehensive Cost”), which is a variable we use to calculate the Base Charge and the Usage Charge of the tariff. The Total Comprehensive Cost, submitted yearly to the Government by us, is calculated based on our budget for relevant costs. Under the Total Comprehensive Cost approach, the Base Charge and the Usage Charge are established at levels that would enable us to recover our operating costs attributable to our basic electricity generation, transmission and distribution operations as well as receive a fair investment return on capital used in
 
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those operations. The operating costs are defined as the sum of our operating expenses, which principally consists of cost of sales and selling and administrative expenses, and our adjusted income taxes. The Base Charge and the Usage Charge that are derived from the Total Comprehensive Cost need to be approved by the Government to be revised.
Also, the new tariff system introduced an additional component to the tariff called a climate/environment related charge (the “Climate/Environment Related Charge”). Previously, our climate and environment costs were embedded in the Usage Charge component of the tariff and our consumers could not discern the exact magnitude of such costs. By separating it out as an independent component, we intend to provide more information and transparency to our customers while having the flexibility to adjust it in alignment with the underlying costs. The Climate/Environment Related Charge for the coming year is calculated by multiplying (i) our total estimated costs of complying with the Renewable Portfolio Standard program, the Greenhouse Gas Emission Trading System and the coal-fired generation reduction program for the current year, and then dividing it by the electricity sales projected for the coming year (the “Climate/Environment Related Base Rate”), and (ii) the amount of electricity consumed. The value of the Climate/Environment Related Base Rate for 2021 was Won 5.3 per kilowatt-hour. The Climate/Environment Related Charge is planned to be adjusted every year by reflecting the change in climate and environment-related costs but the Government may change the date of adjustment under reasonable circumstances. If there are discrepancies between our costs and the Climate/Environment Related Charge, we may accumulate such discrepancies and reflect them in our Total Comprehensive Cost. However, the electricity rate based on the Total Comprehensive Cost needs to be approved by the Government to be revised.
We announced in December 2021 that we plan to increase the rate of the Usage Charge of the tariff by Won 4.9 per kilowatt-hour on April 1 and October 1, 2022, which will result in a total increase of Won 9.8 per kilowatt-hour. Such increases are intended to reflect the rise in fuel prices and are in line with the purpose of the cost pass-through tariff system. However, we have decided to increase it incrementally in two rounds to relieve people’s hardship including the prolonged effects of COVID-19 pandemic. The first round of increase has become effective on April 1, 2022. In connection with the announcement of the increase in the Usage Charge, we also increased the Base Fuel Cost effective from 2022 to be the average of the monthly fuel prices from December 2020 to November 2021. Also, we announced we plan to further reflect increased environmental costs in 2021 to raise the Climate/Environment Related Base Rate by Won 2.0 to Won 7.3 per kilowatt-hour as of April 1, 2022. The increase has become effective on April 1, 2022.
Second, the new tariff system amended the residential electricity rate system starting in July 2021. Under the old system, households that use less than 200 kilowatt-hours of electricity received a discount on their tariffs. The new system redirected this benefit by phasing out the discount to 50% in July 2021 and terminating it in July 2022. Instead, the new tariff system allows households to choose a new schedule of residential tariff starting from September 2021, which is an option we have already been providing to our industrial and commercial customers. The new schedule is called a seasonal and hourly tariff and it allows residents to be charged under a monthly Base Charge plus increments depending on time, day and season. Each household may also choose to stay under the current tariff schedule which in contrast is a progressive schedule with seasonal adjustments. Our plan is to provide this option to households in Jeju Province in Korea first as many of these households are equipped with the Advanced Metering Infrastructure (“AMI”) and review rolling it out to the rest of the country depending on the penetration rate of the AMI in each region.
Third, the new tariff system ended certain special discounts we previously provided to our customers. The first of two such discounts was for customers who installed energy storage system (“ESS”). The benefits included tariff discounts of three times the Base Charge and 50% of the Usage Charge. Starting in January 2021, we rolled back the discount for ESS by decreasing it from three times the Base Charge to one times the Base Charge and discontinuing the 50% discount on the Usage Charge. The discount of one times the Base Charge is planned to also phase out in March 2026 as we originally intended. In addition, we intend to designate a three-hour time period during peak time and induce electricity discharge of the ESS during that period by giving more discount to
 
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the customers who made such discharge so they will increase supply during peak time. The second of the two discounts being rolled back is a 50% discount for customers who installed a renewable energy generator for their own industrial and general uses. We discontinued this discount in 2020 while only maintaining it for customers who are unable to sell their electricity in the market because of their small generation capacities (less than 10 kilowatts). The discount for such customers is planned to be discontinued by 2023.
Lastly, the new tariff system included a plan to minimize the public burden of tariff increase by reducing power supply cost of us and our generation subsidiaries through cost reduction measures. To this end, it was contemplated that an annual increase limit of 3% on certain electricity supply costs including labor costs and selling, general and administrative expenses would be set and an increase in excess of the 3% limit would not be reflected in the tariff. However, as of present, the precise scope of what constitutes electricity supply costs and the method of execution on the plan has not yet been determined. However, if the annual increase limit of 3% on electricity supply costs is implemented, it could have an adverse effect on our business, financial condition and results of operations.
The tariff rates we charge for electricity vary among the different classes of consumers, which principally consist of industrial, commercial, residential, educational and agricultural consumers. The tariff also varies depending upon the voltage used, the season, the time of usage, the rate option selected by the user and, in the residential sector, the amount of electricity used per household, as well as other factors. For example, we adjust for seasonal tariff variations by applying higher rates when demand tends to rise such as during the months of June, July and August (when the demand tends to rise due to increased use of air conditioning) and November, December, January and February (when demand tends to rise due to increased use of heating), which reflects the policy of the Korean government to cope with the rise in electricity demand during peak seasons by encouraging a more efficient use of electricity by customers. In addition, we provide discounts on tariff rates to certain users such as low income households.
Our current tariff schedule reflecting the adjustments outlined above and effective from April 1, 2022 is summarized below by the type of usage:
 
 • 
Industrial
. The monthly Base Charge varies from Won 5,550 per kilowatt to Won 9,810 per kilowatt depending on the type of contract, the voltage used and the rate option. The energy Usage Charge varies from Won 52.7 per kilowatt-hour to Won 196.5 per kilowatt-hour depending on the type of contract, the voltage used, the season, the time of day and the rate option.
 
 • 
Commercial
. The monthly Base Charge varies from Won 6,160 per kilowatt to Won 9,810 per kilowatt depending on the type of contract, the voltage used and the rate option. The energy Usage Charge varies from Won 53.6 per kilowatt-hour to Won 196.5 per kilowatt-hour depending on the type of contract, the voltage used, the season, the time of day and the rate option.
 
 • 
Residential
. The monthly Base Charge varies from Won 910 for electricity usage of less than 200 kilowatt hours to Won 7,300 for electricity usage in excess of 400 kilowatt hours. During the months of July and August each year, the usage ceiling for the first two tiers of rates is increased from 200 kilowatts to 300 kilowatts for the first tier and from 400 kilowatts to 450 kilowatts for the second tier. Residential tariff also includes an energy Usage Charge ranging from Won 93.2 to Won 280.5 per kilowatt-hour for electricity usage depending on the amount of usage and voltage. During the peak usage periods during summer and winter, namely the months of July and August and December to February, a higher energy Usage Charge of Won 709.4 per kilowatt-hour applies to residential consumers whose monthly electricity consumption exceeds 1,000 kilowatts hour. In accordance with the new tariff system, residents may also opt for our new seasonal and hourly tariff schedule as an alternative. Under the new schedule, the monthly Base Charge is Won 4,310 per kilowatt. The Usage Charge varies from Won 99.0 per kilowatt-hour to Won 193.7 per kilowatt-hour depending on season and time of the day.
 
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 • 
Educational
. The monthly Base Charge varies from Won 5,230 per kilowatt to Won 6,980 per kilowatt depending on the voltage used and the rate option. The energy Usage Charge varies from Won 43.7 per kilowatt-hour to Won 160.3 per kilowatt-hour depending on the voltage used, the season and the rate option.
 
 • 
Agricultural
. The monthly Base Charge varies from Won 360 per kilowatt to Won 1,210 per kilowatt depending on the type of usage. The energy Usage Charge varies from Won 21.5 per kilowatt-hour to Won 41.8 per kilowatt-hour depending on the type of contract, the voltage used and the season.
 
 • 
Street-lighting
. The monthly Base Charge is Won 6,290 per kilowatt and the energy Usage Charge is Won 85.8 per kilowatt-hour. For electricity capacity of less than 1 kilowatt or for places where the installation of the electricity meter is difficult, a fixed rate of Won 37.5 per watt applies, with the minimum monthly charge of Won 1,220.
In 2001, as part of implementing the Restructuring Plan, the Ministry of Trade, Industry and Energy established the Electric Power Industry Basis Fund to enable the Government to take over certain public services previously performed by us. In 2021, 3.7% of the tariff we collected from our customers was transferred to this fund prior to recognizing our sales revenue.
Power Development Strategy
We and our generation subsidiaries make plans for expanding or upgrading our generation capacity based on the Basic Plan, which is generally revised and announced every two years by the Government. In December 2020, the Government announced the Ninth Basic Plan which is more environmentally focused than the Eighth Basic Plan and effective for the period from 2020 to 2034. The Ninth Basic Plan focuses on, among other things, accelerating transition to an
eco-friendly
power source. The Ninth Basic Plan focuses on, among other things, (i) decreasing the reliance on nuclear and coal-based supply sources, (ii) converting retired coal-fired power plants into
LNG-fired
ones for stable power supply and (iii) accelerating the use expansion of renewable energies in light of the Green New Deal initiative of the Korean Government. Furthermore, the Ninth Basic Plan includes the following specific measures: (i) thirty decrepit coal-fired power plants and eleven nuclear power plants will be retired, and, as a result, coal and nuclear generation capacities will be reduced to 29 gigawatts and 19.4 gigawatts respectively by 2034, (ii) twenty-four out of thirty decrepit coal-fired power plants will be retired, the total generation capacity for which is 12.7 gigawatts, and shall be converted into using LNG instead, and (iii) domestic renewable energy generation capacity will be expanded by 77.8 gigawatts by 2034 in accordance with the Green New Deal initiative of the Korean Government.
In June 2019, the Ministry of Trade, Industry and Energy adopted the Third Basic National Energy Plan following consultations with representatives from civic groups, the energy industry and academia. The Third Basic National Energy Plan, which is a comprehensive plan that covers the entire spectrum of energy industries in Korea, covers the period from 2019 to 2040. The Third Basic National Energy Plan is consistent with the First and the Second Basic National Energy Plans in terms of the general policy direction and aims to promote sustainable growth and improvement of people’s quality of life by converting to renewable energy. Specifically, it establishes the following five key tasks: (i) strengthening management of energy demand from various sectors, such as commerce and transportation, and promoting a rational electricity tariff system to improve the national energy consumption efficiency by 38% and reduce the energy demand by 18.6% by 2040; (ii) converting to clean and safe energy through gradual reduction of nuclear power generation and decisive reduction of coal power generation by prohibiting construction of new coal-fired power plants and increasing the proportion of renewable energy sources to approximately 35% by 2040; (iii) expanding the power distribution in areas near those with demands for renewable energy and fuel cells and strengthening the roles and responsibilities of local governments; (iv) fostering the growth of the future energy industries (including renewable energy, hydrogen fuel and other efficient sources of energy linked to technology), promoting the
value-add
for traditional energy industries and maintaining a core energy ecosystem for nuclear power plants; and (v) improving the energy, gas and heat market systems to facilitate the national energy conversion and building platforms based on big data to foster creation of new energy industries.
 
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We cannot assure that the Ninth Basic Plan, the Third Basic National Energy Plan or the respective plans to be subsequently adopted will successfully achieve their intended goals, the foremost of which is to ensure, through carefully calibrated capacity expansion and other means, balanced overall electricity supply and demand in Korea at to end users while promoting efficiency and environmental friendliness in the consumption and production of electricity. If there is significant variance between the projected electricity supply and demand considered in planning our capacity expansions and the actual electricity supply and demand or if these plans otherwise fail to meet their intended goals or have other unintended consequences, this may result in inefficient use of our working capital, mispricing of electricity and undue financing costs on the part of us and our generation subsidiaries, among others, which may have a material adverse effect on our results of operations, financial condition and cash flows.
Capital Investment Program
The table below sets forth, for each of the years ended December 31, 2019, 2020 and 2021, the amounts of capital expenditures for the construction of generation, transmission and distribution facilities.
 
2019
  
2020
  
2021
 
(In billions of Won)
 
W
15,795
 		 
W
15,485
 		 
W
13,964
 
The table below sets forth the currently estimated installed capacity for new or expanded generation units to be completed by our generation subsidiaries in each year from 2022 to 2025 based on the Ninth Basic Plan, as amended.
 
Year
  
Number of Units
  
Type of Units
  
Total Installed Capacity
 
         
(Megawatts)
 
2022
  1  Nuclear power   1,400 
  36  Renewables   186 
2023
  1  Nuclear power   1,400 
  1  
LNG-combined
   495 
  26  Renewables   300 
2024
  1  Nuclear power   1,400 
  2  
LNG-combined
   1,158 
  12  Renewables   211 
2025
  1  Nuclear power   1,400 
  3  
LNG-combined
   1,500 
  To be determined  Renewables   To be determined 
As part of our capital investment program, we also intend to add new transmission lines and substations, continue to replace overhead lines with underground cables and improve the existing transmission and distribution systems.
The actual number and capacity of generation units and transmission and distribution facilities we construct and the timing of such construction are subject to change depending upon a variety of factors, including, among others, changes in the Basic Plan, demand growth projections, availability and cost of financing, changes in fuel prices and availability of fuel, ability to acquire necessary plant sites, environmental considerations and community opposition.
 
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The table below sets forth, for the period from 2022 to 2024, the budgeted amounts of capital expenditures pursuant to our capital investment program, which primarily consist of budgets for the construction of generation, transmission and distribution facilities and, to a lesser extent, renewable energy generation and new energy industry projects.
The budgeted amounts may vary from the actual amounts of capital expenditures for a variety of reasons, including, among others, the implementation of the Ninth Basic Plan currently in place, changes in the number of units to be constructed, the actual timing of such construction, changes in rates of exchange between the Won and foreign currencies and changes in interest rates.
 
   
2022
   
2023
   
2024
   
Total
 
   
(in billions of Won)
 
Generation
(1)
:
        
Nuclear
  
W
3,141
 		  
W
2,851
 		  
W
 2,252
 		  
W
8,244
 
Thermal
   3,392    3,544    4.169    11,105 
Renewables and others
   969    1,237    1,184    3,390 
  
 
 
   
 
 
     
 
 
 
Sub-total
   7,502    7,632    7,605    22,739 
  
 
 
   
 
 
   
 
 
   
 
 
 
Transmission and Distribution:
        
Transmission
   2,794    2,954    3,028    8,776 
Distribution
   3,613    3,933    3,987    11,533 
  
 
 
   
 
 
   
 
 
   
 
 
 
Sub-total
   6,407    6,887    7,015    20,809 
  
 
 
   
 
 
   
 
 
   
 
 
 
Others
(2)
   1,451    1,653    1,513    4,617 
  
 
 
   
 
 
   
 
 
   
 
 
 
Total
  
W
 15,360
 		  
W
16,172
 		  
W
16,133
 		  
W
47,665
 
  
 
 
   
 
 
   
 
 
   
 
 
 
 
Notes:
 
(1)
The budgeted amounts for our generation facilities are based on the Ninth Basic Plan, as amended.
(2)
Principally consists of investments in telecommunications and new energy industry projects, among others.
In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles,
small-sized
self-sustaining electricity generation grids known as “micro-grids”, among others, as well as invest in
start-up
companies, ventures, small- to
medium-sized
enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.
Furthermore, as a measure to address the high level of particulate matter pollution, in October 2018, the Government introduced a pilot regulation to lower the output of 35 coal-fired generation units to approximately 80% of their capacity that emit more than a certain amount of particulate matter. The regulation was formally implemented in January 2019, targeting 40 coal-fired power plants with high emissions of particulate matter. From March to June 2019, the scope expanded to cover 60 units in total. In addition, coal-fired generation units originally scheduled for preventive maintenance during the second half of 2019 were required to undertake such maintenance earlier in the spring of 2019. In November 2019, the Government pursued a reduction of coal-fired generation units in order to implement the Special Measures to Respond to the High Concentration Period (December to March) of Particulate Matter. We plan to continue to participate in the effort to reduce the particulate matter emissions from coal-fired generation units, not only during the winter but also during the spring. For example, from December 2021 to March 2022, up to 12 coal-fired generation units were shut down, with a maximum of 46 coal-fired generation units subject to a cap of 80% on the output within the remaining reserve capacity range. Additionally, the Government adjusted the schedule to close down two decrepit coal-fired generation units (Boryeong #1 and #2), which were shut down in December 2020. Also, other coal-fired generation units, Samcheonpo #1 and #2, were shut down in May 2021 and Honam #1 and #2 units in December
 
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2021. According to the Ninth Basic Plan announced in December 2020, the total coal-fired power plant capacity in 2030 will decrease to 32.6 gigawatts from 35.8 gigawatts in 2020, and its percentage of total power generation capacity will decrease to 18.9% from 28.1% in 2020. In addition, the Government will introduce a system that will limit the annual power generation of coal-fired power plants in line with its greenhouse gas reduction target. While such measures may be subject to change, we expect to incur significant costs of complying with such measures, including in connection with more stringent particulate matter pollution regulations, retrofitting and overall replacement of environmental facilities.
We have financed, and plan to finance in the future, our capital investment programs primarily through net cash provided by our operating activities and financing in the form of debt securities and loans from domestic financial institutions, and to a lesser extent, borrowings from overseas financial institutions. In addition, in order to prepare for potential liquidity shortage, we maintain several credit facilities with financial institutions in the aggregate amounts of Won 4,926 billion and US$1,645 million on a consolidated basis, the full amount of which was available as of December 31, 2021. We, KHNP, KOMIPO and KOWEPO also maintain global medium-term note programs in the aggregate amount of US$13 billion, of which approximately US$7 billion remains currently available for future drawdown. See also Item 5.B. “Liquidity and Capital Resources—Capital Resources.”
Environmental, Social, and Governance Programs
The Environmental Policy Basic Act, the Air Quality Preservation Act, the Water Quality Preservation Act, the Marine Pollution Prevention Act and the Waste Management Act, collectively referred in this annual report as the Environmental Acts, are the major laws of Korea that regulate atmospheric emissions, waste water, noise and other emissions from our facilities, including power generators and transmission and distribution units. Our existing facilities are currently in material compliance with the requirements of these environmental laws and international agreements, such as the United Nations Framework Convention on Climate Change, the Montreal Protocol on Substances that Deplete the Ozone Layer, the Stockholm Convention on Persistent Organic Pollutants and the Basel Convention on the Control of Transboundary Movements of Hazardous Wastes and Their Disposal. In order to foster coordination among us and our generation subsidiaries in respect of climate change, we and 10 of our electricity-related subsidiaries formed the CEO Coordination Committee. Additionally, we are endeavoring to develop and implement greenhouse gas reduction strategy in line with the new climate regime set forth by the Paris Climate Agreement.
We continuously endeavor to contribute to sustainable growth (whether as an economy, a society or an ecosystem) by actively taking actions that befit our social responsibility as a corporate citizen in the energy industry. For example, in 2005, we became the first public company in Korea to join the United Nations Global Compact, an international voluntary initiative designed to hold a forum for corporations, United Nations agencies, labor and civic groups to promote reforms in economic, environmental and social policies. As part of our involvement with such initiative, we issue an annual report named the “Sustainability Report” to disclose our activities from the perspectives of economy, environment and society, in accordance with the reporting guidelines of the Global Reporting Initiative, the official collaborating center of the United Nations Environment Program that works in cooperation with United Nations Secretary General. In recognition of our efforts and achievements to reduce greenhouse gas emissions in response to global climate change, in May 2013, we obtained the Carbon Trust Standard certification issued by Carbon Trust, a British nonprofit organization with the goal of establishing a sustainable, low carbon economy. In 2015, we obtained recertification from Carbon Trust by satisfying even more rigorous evaluation criteria. We are also a participant of the Carbon Disclosure Project, an international organization that promotes transparency in informational disclosure of carbon management process, and from 2016 to 2021, we were recognized by the Carbon Disclosure Project and received honors in energy and utility sector. In 2021, pursuant to the Dow Jones Sustainability Indices, which measures management performance in terms of contribution to sustainability, we were selected as one of the notable companies in the Asia Pacific in the global electricity utility sector for eight years in a row from 2014. We recognize the interest in ESG within the investors’ community and are continuously pursuing safe and clean energy supply and distribution by reducing greenhouse gas emissions and enhancing our ability to respond to
 
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climate change, the details of such efforts provided through periodic sustainability reports. In addition, from 2020, we made detailed disclosures on our sustainability reports in accordance with the recommendations of the Task Force on Climate-Related Financial Disclosures (TCFD) and the standards of the Sustainability Accounting Standards Board (SASB) regarding our activities in response to the global climate crisis and our efforts to transition into safe and clean energy sources. In October 2020, we made a statement that we intend to focus on
low-carbon
and
eco-friendly
overseas projects, such as new renewable energy and combined gas power generation, and not pursue new projects in coal-fired power plants. For those overseas coal-fired power plant projects we are already engaged in, we intend to work on those in an environment-friendly way by applying more stringent environmental standards than the international standards. We established an Environment, Social and Governance (“ESG”) Committee in our board of directors in December 2020 to reinforce
ESG-based
management system and to ensure continuous performance in this area. Our ESG Committee is charged with resolving major management issues related to ESG, establishing ESG management strategies and business plans and checking on the overall direction of sustainable management. In addition to the ESG committee, we established an advisory subcommittee within our ESG Committee. The subcommittee coordinates closely with the ESG Committee to strategically address more complicated and diverse ESG issues we are facing. All of our generation subsidiaries also established ESG Committee composed mainly of
non-standing
directors. Furthermore, we and our generation subsidiaries issued green bonds in 2019, 2020 and 2021, total issuance with the principal amount of US$800 million, US$800 million, and US$750 million respectively, to expand domestic and overseas renewable energy businesses and renewable energy related facilities. We and our generation subsidiaries declared the carbon-neutrality vision called “ZERO for Green” in November 2021. The slogans for the vision include (i) “Zero Emission” of carbon in the power generation sector through bold transition to carbon-free power sources such as renewable energy and hydrogen; (ii) “Reliable Energy” to ensure stable supply to clean electricity to consumers through preemptive measures and optimal operation of the power grid; and (iii) “On Time” to secure core technology for carbon neutrality in a timely manner by dramatically expanding research and development investment. Also, in December 2021, we and our generation subsidiaries established the Carbon Neutrality Promotion Committee composed of our management and external experts to establish Company-wide strategies for carbon neutrality and to strengthen internal and external communication.
The table below sets forth the number of emission control equipment installed at thermal power plants by our generation subsidiaries as of December 31, 2021.
 
   
KOSEP
   
KOMIPO
   
KOWEPO
   
KOSPO
   
EWP
 
Flue Gas Desulfurization System
   14    13    10    10    13 
Selective Non-catalytic Reduction System
   1    —      1    —      5 
Selective Catalytic Reduction System
   24    25    19    26    27 
Electrostatic Precipitation System
   16    15    10    12    15 
Low NO2 Combustion System
   22    402    27    34    25 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
   77    455    67    82    85 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
In accordance with the Act on Allocation and Trading of Greenhouse Gas Emission Allowances, enacted in March 2013, the Government implemented a greenhouse gas emission trading system under which the Government will allocate the amount of permitted greenhouse gas emission to companies by industry and a company whose business emits more carbon than the permitted amount is required to purchase the right to emit more carbon through the Korea Exchange. The categories of allowances traded include the Korean Allowance Unit (KAU), which is the emissions allowance allocated to applicable companies by the Government; Korean Credit Unit (KCU), which is a tradable unit converted from external carbon offset certifications including the Korean Offset Credit; and Korean Offset Credit (KOC), which is the verified carbon offset credit obtained by companies for reducing carbon emissions through absorption or otherwise. The greenhouse gas emission trading system is expected to be implemented in three stages. During the first phase (2015 to 2017), the Government set up and conducted a test run of the trading system to ensure its smooth operation, allocating the greenhouse gas emission allowances free of charge. In July 2018, the Government released the allocation plan for the second
 
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phase (2018 to 2020), during which 97% of the greenhouse gas emission allowances were allocated free of charge, with 3% allocated through an auction. During the third phase (2021 to 2025), the Government expanded the scale of the system with aggressive greenhouse gas emission reduction targets and allocating 10% of the greenhouse gas emission allowances through an auction.
In December 2016, the Government announced the Climate Change Response Initiatives and the 2030 National Greenhouse Gas Reduction Roadmap, which set forth the greenhouse gas emission trading system as one of the primary means to reach the emission and greenhouse gas reduction targets of the policies. According to the Framework Act on Carbon Neutral and Green Growth to Cope with Climate Crisis and the latest figures of Nationally Determined Contributions (NDC) announced by the Government, the target level in 2030 is 436.6 million tons and represents 40% reduction as compared to the level in 2018, and the target level for the electricity conversion sector as a whole which we are the part of is 149.9 million tons and represents 44.4% reduction. In October 2021, the carbon neutrality committee set up by the Government deliberated and confirmed the two 2050 carbon neutrality scenarios, all of which aim to achieve
net-zero
domestic carbon dioxide emissions by 2050. Scenario A will completely suspend thermal power generation, while scenario B will actively utilize technologies such as carbon capture, utilization and storage (CCUS) while allowing some thermal power generation to continue.
Adhering to such emission and greenhouse gas reduction requirement may result in significant additional compliance costs. For example, the daily market price of the KAUs traded through the Korea Exchange was Won 8,640 per ton in early 2015, and the price has increased continuously thereafter, reaching its peak price at Won 42,500 per ton on April 2, 2020. Since then, the price has decreased due to the influence of
COVID-19,
and, as of March 31, 2022, the price has been formed in the range of Won 23,000 per ton.
The table below sets forth the amount of annual emission from all generating facilities of our generation subsidiaries for the periods indicated. The amount of CO
2
emissions is expected to decrease in the long-term, principally due to an increased use of LNG on account of the fact that 24 coal-fired power plants with total capacity of 12.7 gigawatts are scheduled to be converted into
LNG-fired
power plants before the end of 2034, an increased use of renewable energy and the implementation of the greenhouse gas emission trading system.
 
Year
(1)
  
SOx

(g/MWh)
   
NOx
(g/MWh)
   
TSP
(2)

(g/MWh)
   
CO
2

(kg/MWh)
 
2017
   138    177    7    506 
2018
   120    146    7    516 
2019
   92    118    6    494 
2020
   61    77    4    445 
 
Notes:
 
(1)
The amounts of annual SOx, NOx and TSP emission for 2020 are expected to be determined by the end of 2022 and CO
2
emission in June 2022.
(2)
“TSP” means Total Suspended Particles.
For additional information, see Item 3.D. “Risk Factors—Risks Relating to KEPCO—We are subject to various environmental legislations, regulations and related Government initiatives, including in relation to climate change and carbon neutrality, which could cause significant compliance costs and operational liabilities.”
In order to comply with the current and expected environmental standards and address related legal and social concerns, we intend to continue to install additional equipment, make related capital expenditures and undertake several environment-friendly measures to foster community goodwill. For example, under the Persistent Organic Pollutants Management Act enacted in 2007, we are required to remove polychlorinated biphenyl, or PCB, a toxin, from the insulating oil of our transformers by 2025. In addition, when constructing certain large new transmission and distribution facilities, we assess and disclose their environmental impact at the
 
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planning stage of such construction, and we consult with local residents, environmental groups and technical experts to generate community support for such projects. We exercise additional caution in cases where such facilities are constructed near ecologically sensitive areas such as wetlands or preservation areas. We also make reasonable efforts to minimize any negative environmental impact, for example, by using more environment-friendly technology and hardware. Additionally, we also undertake measures to minimize losses during the transmission and distribution process by making our power distribution network more energy-efficient in terms of loss of power, as well as to lower consumption of energy, water and other natural resources. Furthermore, we and our subsidiaries acquired the ISO 14001 certification, an environmental management system widely adopted internationally, in 2007 and have made it a high priority to make our electricity generation and distribution more environment-friendly. In 2014, we were awarded the presidential award for environmental contributions as a corporate citizen, after scoring the highest among 102 corporations that competed for the award. In order to encourage the implementation of environment-friendly measures by other corporations and enhance environmental awareness at a social level, we have been disclosing our environment-related activities and achievements to the public through the Environment Information System managed by the Ministry of Environment since 2012.
Our environmental measures, including the use of environment-friendly but more expensive parts and equipment and allocation of capital expenditures for the installation of such facilities, may result in increased operating costs and liquidity requirement. The actual cost of installation and operation of such equipment and related liquidity requirement will depend on a variety of factors which may be beyond our control. There is no assurance that we will continue to be in material compliance with legal or social standards or requirements in the future in relation to the environment.
As part of our medium- to long-term strategic initiatives, we plan to take other measures designed to promote the generation and use of environment-friendly or green energy. See Item 4.B. “Business Overview—Strategy.”
Some of our generation facilities are powered by renewable energy sources, such as solar energy, wind power and hydraulic power. While such facilities are currently insignificant as a proportion of our total generation capacity or generation volume of our generation subsidiaries, we expect that the portion will increase in the future, especially since we are required to comply with the Renewable Portfolio Standard program as described below.
The following table sets forth the generation capacity and generation volume in 2021 of our generation facilities that are powered by renewable energy sources.
 
   
Generation Capacity
(megawatts)
  
Generation Volume
(gigawatt-hours)
 
Hydraulic Power
(1)
   659   1,079 
Wind Power
   168   195 
Solar Energy
   329   493 
Fuel Cells
   305   1,993 
Others
   1,051   5,660 
  
 
 
  
 
 
 
Subtotal
   2,512   9,420 
As percentage of total
(2)
   3.05%   2.35% 
 
Notes:
 
(1)
Excluding generation capacity and volume of pumped storage, which is generally not classified as renewable energy.
(2)
As a percentage of the total generation capacity or total generation volume, as applicable, of us and our generation subsidiaries.
 
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In order to deal with shortage of fuel and other resources and also to comply with various environmental standards, in 2012 the Government adopted the Renewable Portfolio Standard program, which replaced the Renewable Portfolio Agreement which had been in effect from 2006 to 2011. Under this program, each of our generation subsidiaries is required to generate a specified percentage of total electricity to be generated by such generation subsidiary in a given year in the form of renewable energy or, in case of a shortfall, purchase a corresponding amount of a Renewable Energy Certificate (a form of renewable energy credit) from other generation companies whose renewable energy generation surpass such percentage. The target percentage was 5.0% in 2018, 6.0% in 2019, 7.0% in 2020 and 9.0% in 2021. Fines are to be levied on any subsidiary that fails to do so in the prescribed timeline. In 2020, all six of our generation subsidiaries met the target through renewable energy generation and/or the purchase of a Renewable Energy Certificate. Compliance by our generation subsidiaries of the 2021 target is currently under evaluation, and if any generation subsidiary is found to have failed to meet the target for 2021 or for subsequent years, such generation subsidiary may become subject to fines. Additionally, as the target percentage is subject to change, changes to the target percentage may result in additional expenses for our generation subsidiaries. From October 2021, an amendment to the Act on the Promotion of the Development, Use, and Diffusion of New and Renewable Energy became effective to raise the upper limit of the target percentage even higher to 25% from the previous threshold of 10%. In January 2022, the Enforcement Decree of the above law was amended to set out the target percentage for each year from 2022 to 2026 as listed in the table below.
 
   
2022
  
2023
  
2024
  
2025
  
2026
 
Target Percentage under Renewable Portfolio Standard
   12.5%   14.5%   17.0%   20.5%   25.0% 
As to how we plan to finance our capital expenditures related to our environmental programs, see “—Capital Investment Program.”
In March 2017, the Electric Utility Act was amended to the effect that starting in June 2017, future national planning for electricity supply and demand in Korea should consider the environmental and safety impacts of such planning, such as desulfurization costs. Accordingly, the costs related to environmental and safety impacts such as the desulfurization costs, have been reflected in our variable cost of generating electricity since August 2019. In December 2019, the Regulation on the Operation of the Electricity Market was revised to reflect the cost of trading greenhouse gas emission allowances in our variable cost of generating electricity and the revision was implemented in January 2022.
Furthermore, under the new electricity rate structure effected by the Government effective January 1, 2017, a temporary rate discount will apply in the case of investments in environment-friendly facilities such as energy storage systems, renewable energy and electric cars. While the initial temporary rate discount had applied between 2017 and 2019, it was extended until 2020. Starting in January 2021, we rolled back the discount for energy storage systems by decreasing it from three times the Base Charge to one times the Base Charge and discontinuing the 50% discount on the Usage Charge. The discount of one times the Base Charge is planned to also phase out in March 2026 as we originally intended. In addition, we intend to designate a three-hour time period during peak time and induce discharge during that period by giving more discount benefits to the customers. The second of the two discounts being rolled back is a 50% discount for customers who installed a renewable energy generator for their own industrial and general uses. We originally introduced this discount to encourage an increased supply of renewable energy. We discontinued this discount in 2020 while only maintaining it for customers who are unable to sell their electricity in the market because of their small generation capacities (less than 10 kilowatts). The discount for such customers is planned to be discontinued by 2023. Furthermore, in order to mitigate any potential burden on the consumers and shock to the electric car market, the temporary rate discount will be incrementally phased out by June 2022.
In line with the spread of RE100, a global campaign by companies around the world to cover 100% of their electricity use with renewable energy by 2050, the Government introduced its own version of RE100 that allows companies and other consumers to choose the energy sources from which their electricity is generated. In order
 
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for a domestic company to participate in RE100, it needs to enter into either a third-party PPA or a direct PPA, or general and industrial customers may also purchase renewable energy through us in a competitive bidding process and be issued with a certificate of use of renewable energy, which we refer to as the green premium system. On June 21, 2021, the Ministry of Trade, Industry and Energy announced the “Guidelines on the Transaction Contract for Renewable Energy Power Generation Power between Third Parties” that stipulated the method of transaction of renewable energy power among third parties. However, there is only one third-party PPA in process so far, and the electricity sales method of third-party PPA complies similarly with the existing method, which makes our performance unaffected. The relevant legislation for the direct PPA was enacted in the National Assembly in March 2021 and has been in force since October 2021. The Ministry of Trade, Industry and Energy announced that detailed guideline for direct PPA will be finalized and announced within 2022. If there is an expansion in the use of direct PPA, it may adversely affect our market share in electricity sales. The green premium system started in January 2021 and we, on behalf of Korea Energy Agency, are in charge of managing the bidding for renewable energy, receiving bid prices from winning companies, issuing a certificate of use of renewable energy to companies on a quarterly basis and receiving fees from Korea Energy Agency for our service.
Community Programs
Building goodwill with local communities is important to us in light of concerns among the local residents and civic groups in Korea regarding construction and operation of generation units, particularly nuclear generation units. The Act for Supporting the Communities Surrounding Power Plants and the Act on the Compensation and Support for Areas Adjacent to Transmission and Substation Facilities require that the generation companies and the affected local governments carry out various activities up to a certain amount annually to address neighboring community concerns. Pursuant to these Acts, we and our generation subsidiaries, in conjunction with the affected local and municipal governments, undertake various programs, including scholarships and financial assistance to
low-income
residents.
Under the Act for Supporting the Communities Surrounding Power Plants, activities required to be undertaken under the Act are funded partly by the Electric Power Industry Basis Fund (see “—Sales and Customers—Electricity Rates”) and partly by KHNP as part of its budget. KHNP is required to make annual contributions to the affected local communities in an amount equal to Won 0.25 per kilowatt-hour of electricity generated by its nuclear generation units during the
one-year
period before the immediately preceding fiscal year, Won 5 million per thousand kilowatts of hydroelectric generation capacity and Won 0.5 million per thousand kilowatts of pumped-storage generation capacity.
In addition, under Korean tax law, KHNP is required to pay local tax levied on its nuclear generation units in an amount equal to Won 1 (effective January 1, 2015, which reflects an increase from the previous Won 0.5 per kilowatt-hour of their generation volume in the affected areas) and Won 2 per 10 cubic meters of water used for hydroelectric generation.
The Act on the Compensation and Support for Areas Adjacent to Transmission and Substation Facilities, enacted in January 2014 with effect from July 2014, prescribes measures to be taken by power generation or transmission companies with respect to the communities adjacent to transmission and substation facilities. Under this Act, those who own land or houses in the vicinity of transmission lines and substation may claim compensation for damages or compel purchase of such properties by the power generation or transmission companies which are legally obligated in principle to pay for such damages or purchase such properties. In addition, under this Act, residents of communities adjacent to transmission and substation facilities are entitled to subsidies on electricity tariff as well as support for a variety of welfare projects and collective business ventures.
Prior to the construction of a generation unit, our generation subsidiaries perform an environmental impact assessment which is designed to evaluate public hazards, damage to the environment and concerns of local residents. A report reflecting this evaluation and proposing measures to address the problems identified must be submitted to and approved by the Ministry of Trade, Industry and Energy following agreement with related administrative bodies, including the Ministry of Environment prior to the construction of the unit. Our generation
 
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subsidiaries are then required to implement the measures reflected in the approved report. Despite these activities, civic community groups may still oppose the construction and operation of generation units (including nuclear units), and such opposition could adversely impact our construction plans for generation units (including nuclear units) and have a material adverse effect on our business, results of operations and cash flow.
Upon relocation of our corporate headquarters in November 2014, we developed and established Bitgaram Energy Valley as a smart energy hub city in Gwangju and
Jeollanam-do,
to attract and facilitate the growth of
start-ups
and research institutions related to new energy industries while contributing to the local economy, balanced regional development and job creation. To achieve this goal, we provide funding, business networks and research and development assistance to companies which entered into investment contracts with us. As of December 31, 2021, we have signed agreements with 556 companies relating to investments in the Bitgaram Energy Valley, outperforming our target in 2021 of 550 companies. We are currently developing Bitgaram Energy Valley to establish a spontaneous industrial ecosystem, which will contribute to the power industry as well as the national economy.
Nuclear Safety
KHNP takes nuclear safety as its top priority and continues to focus on ensuring the safe and reliable operation of nuclear power plants. KHNP also focuses on enhancing corporate ethics and transparency in the operation of its plants.
KHNP has a corporate code of ethics and is firmly committed to enhancing nuclear safety, developing new technologies and improving transparency. KHNP has also established the “Statement of Safety Policy for Nuclear Power Plants” to ensure the highest level of nuclear safety. Furthermore, KHNP invests approximately 5% of its total annual sales into research and development for the enhancement of nuclear safety and operational performance.
KHNP implements comprehensive programs to monitor, ensure and improve safety of nuclear power plants. In order to enhance nuclear safety through risk-informed assessment, KHNP conducts probabilistic safety assessments, including for low power-shutdown states, for all its nuclear power plants. In order to systematically verify nuclear safety and identify the potential areas for safety improvements, KHNP performs periodic safety reviews on a
10-year
frequency basis for all its operating units. These reviews have been completed for Kori #1, #2, #3, #4; Hanbit #1, #2, #3, #4, #5, #6; Wolsong #1, #2, #3, #4; and Hanul #1, #2, #3, #4, #5, #6 once or more. Reviews for Shin-Kori #1 and #2 are in progress. In order to enhance nuclear safety and plant performance, KHNP has established a maintenance effectiveness monitoring program based on the maintenance rules issued by the United States Nuclear Regulatory Commission, which covers all of KHNP’s nuclear power plants in commercial operation.
KHNP has developed the Risk Monitoring System for operating nuclear power plants, which it implements in all of its nuclear power plants. The Risk Monitoring System is intended to help ensure nuclear plant safety. In addition, KHNP has developed and implemented the Severe Accident Management Guidelines and is developing the Severe Accident Management Guidelines for Low Power-Shutdown States in order to manage severe accidents for all of its nuclear power plants.
KHNP conducts various activities to enhance nuclear safety such as quality assurance audits and reviews by the KHNP Nuclear Review. KHNP maintains a close relationship with international nuclear organizations in order to enhance nuclear safety. KHNP invites international safety review teams such as the World Association of Nuclear Operators (“WANO”) Peer Review Team to its nuclear plants for purposes of meeting international standards for independent review of its facilities. KHNP actively exchanges relevant operational information and technical expertise with its peers in other countries. For example, KHNP conducted WANO
Pre-Startup
Peer Reviews for Shin-Hanul #1 unit in 2021. The recommendations and findings from this event were shared with KHNP’s other nuclear plants to implement improvements at such plants. In addition, KHNP has applied for the
 
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Operational Safety Review Team at the International Atomic Energy Agency to conduct a mission at Shin-Kori #3 and #4 units in the second half of 2022. The purpose of such application was to ensure that KHNP nuclear generation units reflect the global safety standards.
The average level of radiation dose per unit amounted to a relatively low level of 0.34
man-Sv
in 2021, which was substantially lower than the global average of 0.64
man-Sv/year
in 2021 as reported in the WANO performance indicator report.
In response to the damage to the nuclear facilities in Japan as a result of the tsunami and earthquake in March 2011, the Government conducted additional safety inspections on nuclear power plants by a group of experts from governmental authorities, civic groups and academia. As a result of such inspections, the Government required KHNP to perform 46 comprehensive safety improvement measures. As of December 31, 2021, KHNP has completed implementation of 45 measures and will implement the one remaining measure by 2024. The Government also established the Nuclear Safety & Security Commission in October 2011 for neutral and independent safety appraisals. KHNP developed ten additional measures through benchmarking of overseas cases and internal analysis of current operations. As of December 31, 2021, KHNP has completed implementation of nine measures and will implement the one remaining measure by 2023.
From time to time, our nuclear generation units may experience unexpected shutdowns. For example, on September 12, 2016, multiple earthquakes including a magnitude 5.8 earthquake hit the city of Gyeongju, a home to KHNP’s headquarters and Wolsong Nuclear Power Plants. Although there was no material safety issues, KHNP had manually stopped the operations of Wolsong #1, #2, #3, and #4 units according to the safety guidelines. All units have resumed their operations on December 5, 2016, with the approval by the Nuclear Power Safety Commission. KHNP finished implementing measures to improve the safety by reinforcing seismic capability of its core facilities and performing stress tests across all its nuclear power plants. In 2018, KHNP finished the implementation of such measures for 24 units and enhanced seismic capability of the core facilities to withstand a magnitude 7.0 earthquake (6.5 before implementation). As for the units under construction
(Shin-Kori
#5 and #6), the core facilities will be able to withstand a magnitude 7.4 earthquake.
Low and intermediate level waste (“LILW”), and spent nuclear fuels (“SNFs”) are stored in temporary storage facilities at each nuclear site of KHNP. The temporary LILW storage facilities at the nuclear sites had been sufficient to accommodate all LILWs produced up to 2015. Korea Radioactive Waste Agency (“KORAD”) completed the construction of a LILW disposal facility in the city of Gyeongju, and government approval for its operations was obtained in December 2014.
In order to increase the storage capacity of temporary storage facilities for SNFs, KHNP has been pursuing various projects, such as installing high-density racks in SNFs pools and building dry storage facilities. Through these activities, we expect that the storage capacity for SNFs in all nuclear power plant sites will be adequate to temporarily accommodate all SNFs produced by the operation of nuclear power plants before the operation of an intermediate storage facility. In December 2021, the Government decided on the national policy for the management of SNFs (Reference: The second master plan for High-Level Radioactive waste management) to secure an intermediate storage and disposal facility. The national policy for the management of SNFs includes a temporary operation plan for
on-site
SNFs storage facility on nuclear power plants before the operation of the intermediate storage facility.
In 2009, the Radioactive Waste Management Act (“RWMA”) was enacted in order to centralize management of the disposal of SNFs and LILW and enhance the security and efficiency of related management processes. The RWMA designates KORAD to manage the disposal of SNFs and LILW. Pursuant to the RWMA, the Government has established the Radioactive Waste Management Fund. The management expense for LILW is paid when LILW is transferred to KORAD, and the charge for SNFs is paid based on the quantity generated every quarter. LILW-related management costs and charges for SNFs are reviewed by the Ministry of Trade, Industry and Energy every two years. In December 2021, after the review by the committee composed of
 
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Government officials, KHNP, KORAD and experts in finance and accounting, LILW-related management costs were decreased while charges for SNFs remained the same. The change in LILW-related management costs caused a decrease in KHNP’s expenses relating to radioactive waste.
In addition, in February 2021, in accordance with the Government’s guidelines for strengthening the safety of nuclear power plants, the period for verifying seismic resilience of major equipment was extended. In light of the fact that forced efforts to shorten the process could endanger the workers, the construction period of Shin-Kori #5 and #6 units have been extended by twelve months and nine months to March 2024 and March 2025, respectively.
All of KHNP’s nuclear plants are currently in compliance with Korean law and regulations and the safety standards of the IAEA in all material respects. For a description of certain past incidents relating to quality assurance in respect of KHNP, see Item 3.D. “Risk Factors—Risks Relating to KEPCO—Our risk management policies and procedures may not be fully effective at all times.”
Decommissioning
Decommissioning of a nuclear power unit is the process whereby the unit is shut down at the end of its life, the fuel is removed and the unit is eventually dismantled. KHNP implements a dismantling policy under which dismantling would take place five to ten years after the unit’s closure. KHNP renewed the operating license of Kori #1, the first nuclear power plant constructed in Korea, which commenced operation in 1978, for an additional ten years in 2007. At the recommendation of the Ministry of Trade, Industry and Energy, KHNP has decided not to renew the operating license of Kori #1 and the initial phase of decommissioning (namely, safety inspection and removal of spent nuclear fuels) of Kori #1 has begun after its permanent shutdown in June 2017. KHNP retains full financial and operational responsibility for decommissioning its units.
KHNP has accumulated decommissioning costs as a liability since 1983. The decommissioning costs of nuclear facilities are defined by the Radioactive-Waste Management Act, which requires KHNP to credit annual appropriations separately. These costs are estimated based on studies conducted by the relevant committees, and are reviewed by the Ministry of Trade, Industry and Energy every two years. In 2021, the actual discount rates decreased and the decommissioning cost per unit increased. As of December 31, 2021, KHNP was required to accrue Won 22,496 billion for the costs of dismantling and decontaminating existing nuclear power plants, which consisted of dismantling costs of nuclear plants of Won 19,461 billion and dismantling costs of spent nuclear fuels and radioactive waste of Won 3,034 billion.
Overseas Activities
We are engaged in a number of overseas activities. We believe that such activities help us diversify our revenue streams by leveraging the operational experience of us and our subsidiaries gathered from providing a full range of services, such as power plant construction and specialized engineering and maintenance services in Korea, as well as establishing strategic relationships with countries that are or may become providers of fuels.
Throughout the years, we have sought to expand our project portfolio to include the construction and operation of conventional thermal generation units, nuclear generation units and renewable energy power plants, transmission and distribution and mining and development of fuel sources. While strategically important, we believe that our overseas activities, as currently being conducted, are not in the aggregate significant in terms of scope or amount compared to our domestic activities. In addition, a number of the overseas contracts currently being pursued are based on
non-binding
memoranda of understanding and the details of such projects may significantly change during the course of negotiating the definitive agreements. In October 2020, we made a statement that we intend to focus on
low-carbon
and
eco-friendly
overseas projects, such as new renewable energy and combined gas power generation, and not pursue new projects in coal-fired power plants. For those
 
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overseas coal-fired power plant projects we are already engaged in, we intend to work on those in an environment-friendly way by applying more stringent environmental standards than the international standards.
Below is a description of our major overseas projects.
Generation Projects
Nuclear Generation Projects
In December 2009, following an international open bidding process, we entered into a prime contract for the original contract amount of US$18.6 billion with the Emirates Nuclear Energy Corporation (“ENEC”), a state-owned nuclear energy provider of the United Arab Emirates (“UAE”), to design and construct four civil nuclear power generation units to be located in Barakah, a region approximately 270 kilometers from Abu Dhabi, for the UAE’s peaceful nuclear energy program. Under the contract, we and our subcontractors, some of which are our subsidiaries, are to perform various duties including, among others, designing and constructing four nuclear power generation units each with a capacity of 1,400 megawatts, supplying nuclear fuel for three fuel cycles including initial loading, with each cycle currently projected to last for approximately 18 months, and providing technical support, training and education related to plant operation. The contract amount of US$18.6 billion was increased to US$19.1 billion as per the amendment signed in November 2017.
On October 20, 2016, in order to foster a long-term strategic partnership and stable management of the units’ post-construction we entered into an investment agreement with ENEC to jointly establish Barakah One PJSC, a special purpose company which will oversee the operation and management of the nuclear power plant currently being constructed in Barakah, UAE. Barakah One PJSC is mainly capitalized with loans in the amount of US$19.6 billion and equity of US$4.7 billion. We have an 18% equity interest in Barakah One PJSC, and also have an 18% equity interest in Nawah Energy Company, a subsidiary of ENEC, which will also be responsible for the operation and maintenance of the Barakah nuclear power plant. On December 20, 2018, the board of directors of KEPCO resolved to invest additional US$380 million in Barakah One PJSC. With the additional investment, KEPCO’s total capital investment amount in Barakah One PJSC is expected to be US$1.28 billion. KEPCO’s equity interest in the project is 18%, which remains unchanged. The total project cost of the construction and operation of the Barakah nuclear power plant is expected to be approximately US$29.5 billion. Barakah One PJSC successfully achieved the commercial operation of Unit #1 and #2 of Barakah nuclear power plant in April 2021 and March 2022 respectively, with an expected plant life span of 60 years. Unit #3 completed construction in 2021 and is preparing operation pending regulatory approval, while Unit #4 will conduct hot functional testing later this year. The commercial operation of Unit #3 and #4 is projected to be consecutively achieved between 2023 and 2025. Actual capital contribution is currently scheduled to be made in 2025.
Non-nuclear
Generation Projects
We are currently engaged in three major power projects in the Philippines: (i) a “build, operate and transfer” of a
1,200-megawatt
combined-cycle power plant project in Ilijan, of which an energy conversion agreement with National Power Corporation (“NPC”) was entered into in November 1997. Construction of this project was completed in June 2002 and is being operated by us until 2022. The project cost of the Ilijan project was US$721 million, for which project finance on a limited recourse basis was provided), (ii) ownership of a 39.96% equity interest in SPC Power Corporation, an independent power producer, and a 39.96% equity interest in two distribution companies in the Philippines, and (iii) a “build, operate and own” of a
200-megawatt
CFBC coal power plant in Cebu whose construction and was completed in May 2011, followed by operation thereof until 2036. The project cost of the Cebu project was US$451 million, for which project financing on a limited recourse basis was provided.
In April 2007, we formed a limited partnership with Shanxi International Electricity Group and Deutsche Bank in China to develop and operate power projects in Shanxi province, China, which was approved by the
 
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Chinese government. The total capital investment in these projects amounted to US$1.33 billion, of which our capital investment was US$450 million. We expect to participate in the operation of the project for a period of 50 years ending 2057. The total capacity of these projects is 9,292 megawatts and our equity interest in the partnership is 34%.
In July 2008, a consortium consisting of us and Xenel of Saudi Arabia won the bid to “build, own and operate” a
gas-fired
power plant with installed capacity of 373 megawatts in Al Qatrana, near Amman, and we entered into definitive agreements in October 2009. Construction of this project was completed in December 2011, and the plant is currently in operation and will be operated until 2035. The total project cost was US$461 million, of which the consortium made an equity contribution of US$143 million and the remainder was funded with debt financing. We and Xenel own 80:20 equity interests in the project, respectively.
In December 2008, we formed a consortium with ACWA Power International of Saudi Arabia and submitted a bid for the 1,204 megawatts
oil-fired
power project in Rabigh, Saudi Arabia. In March 2009, we were selected as the preferred bidder, and in July 2009, we entered into a power purchase agreement (“PPA”) with Saudi Electricity Company. Construction of the project was completed in April 2013, and we will participate in the operation of the plant for 20 years. The total project cost was approximately US$2.5 billion. We currently hold a 40.0% equity interest in the joint venture entity, Rabigh Electricity Company, which operates the project.
In August 2010, we led a consortium and won the bid to “build, own and operate” the
433-megawatt
Norte II
gas-fueled
combined-cycle electricity generation facility in Chihuahua, Mexico, as ordered by the Commission Federal de Electricidad (“CFE”) of Mexico. The consortium established a special purpose vehicle, KST Electric Power Company (“KST”), to act as the operating entity, and in September 2010, KST entered into a PPA with CFE, of which the operation period will run for 25 years until 2038. The total cost of the project is approximately US$427 million and we hold a 56% equity interest in the consortium. Our wholly-owned subsidiary, KEPCO Energy Service Company, currently manages the operation of the project.
In October 2010, a consortium including us was selected by Abu Dhabi Water & Electricity Authority (“ADWEA”), a
state-run
utilities provider in the UAE, as the preferred bidder in an international bidding for the construction and operation of the combined-cycle natural
gas-fired
electricity generation facilities in Shuweihat, UAE with aggregate capacity of 1,600 megawatts. Construction was completed in July 2014 and we will participate in the operation of the plant until 2039. The total project cost was approximately US$1.4 billion, of which 20% was financed through equity investments by the consortium members and the remaining 80% through debt financing.
In January 2012, a consortium consisting of us, Mitsubishi Corporation and Wartsila Development & Financial Services of Finland was selected by National Electric Power Corporation, a
state-run
electricity provider in Jordan, to construct and operate a
573-megawatt
diesel engine power project in Al Manakher. Construction of this project was completed in October 2014 and the plant is currently in operation and will be operated until 2039. The total project cost was approximately US$760 million, of which the consortium made an equity contribution of approximately US$190 million and the remainder was funded with debt financing.
In March 2013, a consortium consisting of us and Marubeni, a Japanese corporation, was selected by the Ministry of Industry and Trade of Vietnam for the construction and operation of a 1,200 megawatts coal-fired power plant in Thanh Hoa province, Vietnam. We started construction in July 2018 and will complete completion by July 2022, followed by operation for 25 years. The total project cost is expected to be US$2.5 billion, of which 24% will be funded by equity contribution and the remaining 76% by debt financing. The share capital of the special purpose entity in charge of this project is US$568 million, and we, Marubeni, and Tohoku Power hold 50%, 40%, and 10% equity interest in the consortium, respectively.
 
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On January 2, 2020, Pulau Indah Power Plant, a special purpose company in which KEPCO owned 25% shares, received a Letter of Notification to develop a 1,200 megawatts combined-cycle
gas-fired
power plant from Energy Commission, the host entity of the project. The construction started in December 2020 and is expected to be completed by January 2024. The total project cost is expected to be approximately US$766 million, and we expect to invest approximately US$39 million for the equity interest. We signed a PPA in August 2020 with Tenaga Nasional Berhad, which will be effective from January 2024 for a period of 21 years.
On November 5, 2019, we entered into an Energy Conversion Agreement comprising of a PPA with the Guam Power Authority for a term of 25 years to construct and operate Ukudu
gas-fired
power plants in Guam, United States, including 198 megawatts gas-fired power plant, 39 megawatts
back-up
diesel generator and 25 megawatts energy storage facility. KEPCO and Korea East-West Power Co., Ltd., hold 60% and 40% shares in the project, respectively. The total project cost is expected to be approximately US$765 million, and we expect to invest US$92 million for the equity interest. The construction of the project is expected to commence in 2022 upon approval of the environmental impact assessment and the issuance of relevant permits. The power station is expected to commence commercial operation in 2024. The completed power plants are expected to be operated as base load generators, replacing the existing old heavy fuel power plants in Guam.
On June 30, 2020, our board of directors approved our plan to invest US$51 million in the expansion of two coal-fired power plants called Java 9 and Java 10 on the Indonesian island of Java. We will invest together with PT Perusahaan Listrik Negara (“PLN”), an Indonesian state electricity company, and PT Barito Pacific Tbk., an Indonesian company. The total investment will be approximately US$3.39 billion and each of KEPCO, PLN and Barito Pacific will respectively own 15%, 51% and 34% shares in the joint venture. The joint venture will manage the construction of two planned units of one gigawatt generation capacity each. The construction of Java 9 is expected to be completed in the fourth quarter of 2024 and Java 10 is expected to be completed in the first quarter of 2025. The joint venture is a party to a
25-year
PPA with PLN.
On October 5, 2020, our board of directors approved our plan to invest US$2.05 million in the construction of Vung Ang 2 coal-fired power plant in Vietnam in exchange for 40% shares in the project. The new plant will be located in Ha Tinh Province, Vietnam, adjacent to Vung Ang 1 power plant and will consist of two units with 600 megawatts generation capacity each. We started the construction in October 2021 and the power plant is expected to be completed in 2025. Diamond Generating Asia, a subsidiary of Mitsubishi Corporation, a Japanese corporation, is the main sponsor of this project. We will operate this plant together with other
co-investors
for 25 years.
Exploration and Production Projects
In order to secure a more reliable supply of fuel for power generation and hedge against fluctuations in fuel price, from 2007 to 2016, we pursued overseas exploration and production projects, including five bituminous coal projects and five uranium projects involving investments of approximately Won 1.4 trillion. However, pursuant to the Government’s Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced in June 2016, as of December 31, 2016, except for the Bylong project described below, we transferred all our assets and liabilities for our overseas resource business to our six generation subsidiaries, which are the
end-consumers
of fuels and are therefore expected to more responsively manage these projects. The amount of net assets that we transferred to our generation subsidiaries as of December 31, 2016 was Won 622 billion.
One exception to the transfers on such date was our 90% equity interest in KEPCO Bylong Pty Ltd (“KEPCO Bylong”). We transferred 10% of our equity interest in the KEPCO Bylong to our five
non-nuclear
generation subsidiaries as of December 31, 2016. In July 2015, KEPCO Bylong lodged a development application to the State Government of New South Wales (the “NSW”) of Australia. In September 2019, Independent Planning Commission of the NSW, which is the governmental authority with the approval power, refused to accept our Bylong development application. After many rounds of legal proceedings, our request for
 
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appeal to the High Court of Australia was finally rejected in February 2022. As of December 31, 2021, we have invested approximately Won 810 billion in the Bylong project, and, as of December 31, 2021, the impairment loss in connection with the Bylong project accrued to approximately Won 540 billion. We are currently reviewing various alternative plans to minimize our business losses.
Our nuclear generation subsidiary, KHNP, is also pursuing development projects for procurements of uranium in countries including Canada, France and Niger.
Renewable Energy, Transmission & Distribution Projects
Our overseas renewable energy and transmission & distribution projects are currently insignificant relative to our total overseas activities and our generation activities. However, we expect the portion of renewable energy projects to increase in the future as we seek to penetrate the overseas renewable energy market, diversify our businesses and actively address climate change. We expect to further diversify our business in the renewable energy sector to also include smart transmission and distribution facilities, smart grids and utilization of new energy related technologies.
Since 2005, joint ventures between us and China Datang Corporation of the People’s Republic of China have built and operated a number of wind farms in Inner Mongolia, Liaoning and Gansu provinces. We own 40% of these joint ventures, whose equity in the aggregate amount is approximately US$450 million. The projects are funded
one-third
by equity contributions and
two-thirds
by debt financing. As of December 31, 2021, the joint venture operated 22 wind farms with a total capacity of 1,017 megawatts and a
7-megawatt
photovoltaic power station.
In December 2015, we entered into an agreement with the Ministry of Energy and Mineral Resources of Jordan to build, own and operate a wind farm with installed capacity of 89.1 megawatts in Fujeij, Ma’an, Jordan. Commercial operations commenced on July 14, 2019. Total project cost is approximately US$181 million, of which 40% is financed through equity investments by us and the remaining 60% through debt financing.
In June 2015, we entered into a memorandum of understanding with Energy Product, a Japanese local developer, to build, own and operate photovoltaic power station with a capacity of 28 megawatts, together with a 13.7 megawatts-hour energy storage system, in Chitose, Hokkaido prefecture in Japan. The power station, in which we own 80.1% interest, started commercial operation in July 2017. Total project cost is approximately JPY 10.9 billion, of which 20% was financed through 80:20 equity investments by us and EP. In July 2020, our 15.1% equity interest and whole equity interest of Energy Product, 19.9%, was sold to
NH-Amundi.
As a result, we now have 65% and
NH-Amundi
has 35% of the total equity interest.
In August 2016, we entered into a Purchase and Sale Agreement with Cogentrix Solar Holdings to operate a photovoltaic power station in Colorado, United States, with a capacity of 30 megawatts for 25 years. Total project cost is approximately US$85 million, of which 50.1% was financed through 50.1:49.9 equity investments by us and a private equity fund formed by us and National Pension Service. It was our first foray into the North American power market. We are currently pursuing the sale of the power plant and liquidation of the business in 2022.
In June 2017, we won a project to build, own and operate a photovoltaic power station in Guam, United States, with a capacity of 60 megawatts and a 32 megawatts-hour energy storage system for 25 years. The total project cost is approximately US$183 million, and we will be financing 23% of the cost through equity investment and hold 100% of the equity interests. The remaining 77% will be funded through debt and tax equity financing. We have entered into a PPA with Guam Power Authority in August 2018. The construction started in May 2020, and it is expected to be completed in June 2022. The entire volume of electricity generated from the power station will be purchased by Guam Power Authority for 25 years.
 
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In September 2017, we entered into an agreement with Recurrent Energy to operate 3 solar photovoltaic project in southern California, United States, with a capacity of 235 megawatts for 34 years. KEPCO partnered with the Corporate Partnership Fund, a Korean private equity fund. We invested USD 38 million in the project.
In October 2018, we entered into a Share Purchase Agreement and Share Subscription Agreement to operate a photovoltaic power station with a capacity of 50 megawatts in Calatagan in the Philippines. We own 38% interest and financed PHP 2.25 billion (approximately USD 42.8 million) for the project, of which 80% was financed through equity investments and the remaining 20% was funded through debt financing.
In October 2019, KEPCO and Sprott Korea as a consortium entered into a Share Purchase Agreement and Shareholders Agreement with Canadian Solar INC to develop and operate a photovoltaic power station with a capacity of 294 megawatts in Mexico, including the State of Sonora, for 35 years. We invested USD 41 million in the project, and the transaction marks KEPCO’s first investment in the solar market in Mexico. The construction of the power station in Horus, Mexico was completed in November 2020.
In December 2021, a consortium comprising of us, Japan’s Kyushu Electric Power Co., Inc. and Électricité de France (EDF) has been nominated as the successful bidder for the
HVDC-VSC
subsea transmission system construction and operation project of UAE announced by the Abu Dhabi National Oil Company (“ADNOC”), and clinched the deal through an international tender against numerous competitors. This project will supply power for the offshore production operations of ADNOC, by constructing and operating for 35 years a subsea transmission system along 2 routes with a total length of 259 kilometers. This mega project is worth $3.6 billion and is expected to generate a stable profit through a long-term transmission agreement with the Procurer for 35 years.
North Korea
Gaeseong Industrial Complex
Since 2005, we have provided electricity to the industrial complex located in Gaeseong, North Korea, which was established pursuant to an agreement made during the summit meeting of the two Koreas in June 2000. The Gaeseong Industrial Complex is the largest economic project between the two Koreas and is designed to combine the Republic’s capital and entrepreneurial expertise with the availability of land and labor of North Korea. In March 2005, we built a 22.9 kilovolt distribution line from Munsan substation in Paju,
Gyeonggi-do
to the Gaeseong Industrial Complex and became the first to supply electricity to pilot zones such as ShinWon Ebenezer. In April 2006, we started to construct a 154 kilovolt, 16 kilometer transmission line connecting Munsan substation to the Gaeseong Industrial Complex as well as Pyunghwa substation in the complex and began operations in May 2007.
At the end of 2015, we supplied electricity to 254 units, including administrative agencies, support facilities and resident corporations, using a tariff structure identical to that of South Korea. However, we suspended power transmission to the Gaeseong Industrial Complex since February 11, 2016 following the Government’s decision to halt operations of the industrial complex to impede North Korea’s utilization of funds from the industrial complex to finance its nuclear and missile programs. On August 14, 2018, we resumed power transmission to the facilities that are part of the Joint Liaison Office between South and North Korea but we suspended it again on June 16, 2020 in compliance with the request by the Ministry of Unification of the Korean Government. It has been reported in the media that the parties have now temporarily closed the Joint Liaison Office in accordance with the request by North Korea to stop the spread of
COVID-19
and all KEPCO personnel have withdrawn from the facilities without resuming power transmission since June 16, 2020.
As of December 31, 2021, the book value of our facility located at the Gaeseong Industrial Complex was Won 14.5 billion. For the year ended December 31, 2021, the amount of trade receivables from the companies residing in Gaeseong Industrial Complex was Won 2.9 billion. It is currently uncertain if we can exercise the
 
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property rights for our facility in the Gaeseong Industrial Complex. No assurance can be given that we will not experience any material losses as a result of the suspension of this project or failure of the project as a result of a breakdown or escalation of hostilities in the relationship between the Republic and North Korea. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy—Tensions with North Korea could have an adverse effect on us and the market value of our shares.”
Insurance
We and our generation subsidiaries carry insurance covering against certain risks, including fire, in respect of key assets, including buildings, equipment, machinery,
construction-in-progress
and procurement in transit, as well as, in the case of us, directors’ and officers’ liability insurance. We and our generation subsidiaries maintain casualty and liability insurance against risks related to our business to the extent we consider appropriate. Other than KHNP, neither we nor our generation subsidiaries separately insure against terrorist attacks. These insurance and indemnity policies, however, cover only a portion of the assets that we own and operate and do not cover all types or amounts of loss that could arise in connection with the ownership and operation of these assets.
Substantial liability may result from the operations of our nuclear generation units, the use and handling of nuclear fuel and possible radioactive emissions associated with such nuclear fuel. KHNP maintains property and liability insurance against risks of its business to the extent required by the related law and regulations or considered as appropriate and otherwise self-insures against such risks. KHNP carries insurance for its generation units against certain risks, including property damage, nuclear fuel transportation and liability insurance for personal injury and property damage. KHNP carries property damage insurance covering up to US$1 billion per accident for all properties within its plant complexes, which includes property insurance coverage for acts of terrorism up to US$300 million and for breakdown of machinery up to US$300 million. In addition to the insurance on operating nuclear power generation units, KHNP has construction insurance for Shin-Kori #5 and #6 and Shin-Hanul #1 and #2. KHNP maintains nuclear liability insurance for personal injury and third-party property damage for coverage of up to 300 million Special Drawing Rights, or SDRs, which amounts to approximately US$419.9 million, at the rate of 1 SDR = US$1.399593 as posted on the Internet homepage of the International Monetary Fund on December 23, 2021 per plant complex, for a total coverage of 1.8 billion SDRs. KHNP is also the beneficiary of a government indemnity with respect to such risks for damage claims of up to Won 300 million SDRs per nuclear plant complex, for a total coverage of 1.8 billion SDRs. Under the Nuclear Damage Compensation Act of 1969, as amended, KHNP is liable only up to 900 million SDRs, per single accident per plant complex; provided that such limitation will not apply where KHNP intentionally causes harm or knowingly fails to prevent the harm from occurring. KHNP will receive the Government’s support, subject to the approval of the National Assembly, if (i) the damages exceed the insurance coverage amount of 300 million SDRs and (ii) the Government deems such support to be necessary for the purposes of protecting damaged persons and supporting the development of nuclear energy business. KHNP carries insurance for its generation units and nuclear fuel transportation, and we believe that the level of insurance is generally adequate and is in compliance with relevant laws and regulations. In addition, KHNP is the beneficiary of government indemnity which covers a portion of liability in excess of the insurance. However, such insurance is limited in terms of amount and scope of coverage and does not cover all types or amounts of losses which could arise in connection with the ownership and operation of nuclear plants. Accordingly, material adverse financial consequences could result from a serious accident or a natural disaster to the extent it is neither insured nor covered by the government indemnity. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The amount and scope of coverage of our insurance are limited.”
Competition
As of December 31, 2021, we and our generation subsidiaries owned approximately 61.5% of the total electricity generation capacity in Korea (excluding plants generating electricity for private or emergency use). New entrants to the electricity business will erode our market share and create significant competition, which could have a material adverse impact on our financial condition and results of operations.
 
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In particular, we compete with independent power producers with respect to electricity generation. The independent power producers accounted for 30.6% of total power generation in 2021 and 38.5% of total generation capacity as of December 31, 2021. As of December 31, 2021, there were 33 independent power producers in Korea, excluding renewable energy producers. Private enterprises became permitted to own and operate coal-fired power plants in Korea only after the Ministry of Trade, Industry and Energy approved plans for independent power producers to construct coal-fired power plants under the Sixth Basic Plan announced in February 2013. Under the Ninth Basic Plan announced in December 2020, six coal-fired power plants are planned to be constructed by independent power producers by 2024. Two of the six coal-fired power plants planned for construction were completed in 2021, one is expected to be completed in 2022, followed by two in 2023, and one in 2024. While it remains to be seen whether construction of these generation units will be completed as scheduled, if these units were to be completed as scheduled and/or independent power producers are permitted to build additional generation capacity (whether coal-fired or not), our market share in Korea may decrease.
An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The proposed amendment allows a market-type public institution like us to participate in renewable power generation business to a limited degree. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.
In addition, under the Community Energy System adopted by the Government in 2004, a minimal amount of electricity is supplied directly to consumers on a localized basis by independent power producers outside the cost-based pool system. Such system is used by our generation subsidiaries and most independent power producers to distribute electricity nationwide. The purpose of this system is to geographically decentralize electricity supply and thereby reduce transmission losses and improve the efficiency of energy use. These entities do not supply electricity on a national level but are licensed to supply electricity on a limited basis to their respective districts under the Community Energy System. As of March 31, 2022, the aggregate generation capacity of suppliers participating in the Community Energy System amounted to less than 1% of that of our generation subsidiaries in the aggregate. We currently do not expect the Community Energy System to be widely adopted, especially in light of the significant level of capital expenditure required for such direct supply. However, if the Community Energy System is widely adopted, it may erode our currently dominant market position in the generation and distribution of electricity in Korea and may have a material adverse effect on our business, results of operations and financial condition.
Our market dominance in the electricity distribution in Korea also may face potential erosion in light of the recent Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016. This proposal contemplates a gradual opening of the electricity trading market to the private sector although no detailed roadmap has been provided for such opening. It is currently premature to predict to what extent, or in what direction, the liberalization of the electricity trading market will happen. Nonetheless, any significant liberalization of the electricity trading market may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows.
The electric power industry, which began its liberalization process with the establishment of our power generation subsidiaries in April 2001, may become further liberalized in accordance with the Restructuring Plan. See Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea.”
 
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In the residential sector, consumers may use natural gas, oil and coal for space and water heating and cooking. However, currently there is no practical substitute for electricity for lighting and other household appliances, which is available on commercially affordable terms.
In the commercial sector, electricity is the dominant energy source for lighting, office equipment and air conditioning. For its other uses, such as space and water heating, natural gas and, to a lesser extent, oil, provide competitive alternatives to electricity.
In the industrial sector, electricity is the dominant energy source for a number of industrial applications, including lighting and power for many types of industrial machinery and processes that are available on commercially affordable terms. For other uses, such as heating, electricity competes with oil and natural gas and potentially with
gas-fired
combined heating and power plants.
Regulation
We are a statutory juridical corporation established under the KEPCO Act for the purpose of ensuring a stable supply of electric power and further contributing toward the sound development of the national economy through facilitating development of electric power resources and carrying out proper and effective operation of the electricity business. The KEPCO Act (including the amendment thereto) prescribes that we engage in the following activities:
 
 1.
development of electric power resources;
 
 2.
generation, transmission, transformation and distribution of electricity and other related business activities;
 
 3.
research and development of technology related to the businesses mentioned in items 1 and 2;
 
 4.
overseas businesses related to the businesses mentioned in items 1 through 3;
 
 5.
investments or contributions related to the businesses mentioned in items 1 through 4;
 
 6.
businesses incidental to items 1 through 5;
 
 7.
Development and operation of certain real estate held by us to the extent that:
 
 a.
it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or
 
 b.
it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and
 
 8.
other activities entrusted by the Government.
The KEPCO Act currently requires that our profits be applied in the following order of priority:
 
 • 
first, to make up any accumulated deficit;
 
 • 
second, to set aside 20.0% or more of profits as a legal reserve until the accumulated reserve reaches
one-half
of our capital;
 
 • 
third, to pay dividends to shareholders;
 
 • 
fourth, to set aside a reserve for expansion of our business;
 
 • 
fifth, to set aside a voluntary reserve for the equalization of dividends; and
 
 • 
sixth, to carry forward surplus profit.
 
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As of December 31, 2021, the legal reserve was Won 1,605 billion and the voluntary reserve was Won 33,283 billion, which consisted of reserve for business expansion of Won 27,465 billion, reserve for investment in social overhead capital of Won 5,277 billion, reserve for research and human development of Won 330 billion and reserve for equalizing dividends of Won 210 billion.
We are under the supervision of the Ministry of Trade, Industry and Energy, which has principal supervisory responsibility (in consultation with other Government agencies, such as the Ministry of Economy and Finance, as applicable) over us with respect to the appointments of our directors and our other senior management as well as approval of electricity tariff rate adjustments, among others.
Because the Government owns part of our capital stock, the Government’s Board of Audit and Inspection may audit our books.
The Electric Utility Act requires that licenses be obtained in relation to generation, transmission, distribution and sales of electricity, with limited exceptions. We hold the license to transmit, distribute and sell electricity. Each of our six generation subsidiaries holds an electricity generation license. The Electric Utility Act governs the formulation and approval of electricity rates in Korea. See “—Sales and Customers—Electricity Rates” above. An amendment to the Electric Utility Act is underway that will enable us to directly participate in the development of renewable power generation. Under the current Electric Utility Act, a single business entity cannot participate in two or more types of electric businesses. Notwithstanding the foregoing, our power generation subsidiaries are allowed to directly participate in the development of renewable power generation and we may also do so by forming new entities to participate in such development. The amendment bill was proposed in July 2020 and is now pending deliberation by the Korean national assembly. When the bill passes, we intend to pursue renewable power generation projects such as large-scale offshore wind power.
Our operations are subject to various laws and regulations relating to environmental protection and safety.
Debt Reduction Program and Related Activities
In light of the general policy guideline of the Government for public institutions (including us and our generation subsidiaries) to reduce their respective overall debt levels, we and our generation subsidiaries have, in consultation with the Ministry of Trade, Industry and Energy and the Ministry of Economy and Finance. We set target
debt-to-equity
levels every year and undertook various programs to reduce debt and improve the overall financial stability, including disposing of
non-core
assets (such as
non-core
or loss-generating overseas operations and real property unrelated to operations), reducing costs and exploring alternative ways to generate additional revenue. In 2021, we adopted a new tariff system more aligned to our costs (including fuel cost pass-through adjustment) to lay the foundation for mid and long-term financial stability. See Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.” In addition, we are pursuing systematic cost management efforts by dividing the areas of cost in detail and reinforcing the concept of cost per unit.
Despite our best efforts, however, for reasons beyond our control, including macroeconomic environments, government regulations and market forces (such as international market prices for our fuels), we cannot assure whether we or our generation subsidiaries will be able to successfully reduce debt burdens or otherwise improve our financial health or to a level that would be optimal for our capital structure. If we or our generation subsidiaries fail to do so or the measures taken by us or our generation subsidiaries to reduce debt levels or improve financial health have unintended adverse consequences, such developments may have an adverse effect on our business, results of operations and financial condition.
Establishment of a University
In order to enhance the competitiveness of the national energy industry, cultivate high-quality talents to revitalize the Bitgaram Energy Valley, and secure a differentiated research platform to create a new energy market, we established a university in
Jeollanam-do
Province in the southwestern region of Korea in accordance with the Government’s five-year state management plan.
 
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The university is a research and entrepreneurship-oriented university specializing in the energy field and aims to be a small yet robust university with 100 faculty members and 1,000 students. On April 17, 2020, the Ministry of Education gave us the permission to form a legal entity for the university. The total funding expected until 2025 when the university’s organization will be completed is Won 828.9 billion, excluding the land that was freely endowed to us.
The funding for establishing the university will be jointly borne by us and the central and municipal governments. We plan to cooperate with one another through an intra-governmental university establishment and support committee.
For ten years after the commencement of the university in 2022, we expect to receive funding (to be used as expenses for operating the university) from the municipal government in the amount of Won 200 billion. In addition, we expect to receive funding from the central government that is at least in the same amount as we expect to receive from the municipal government. After taking into account the funding from the governments, we anticipate our contribution to the university until 2025 to be approximately Won 500 billion depending on the amount of contribution from the central government.
On August 8, 2019, our board of directors resolved to make an initial contribution of Won 60 billion for the promotion, initial operation and the design of the university campus, and the actual contribution was made in 2020. On March 24, 2021, a special law was passed in the National Assembly and finally enacted on April 1, 2021, that gives autonomy to the university and lays out the basis for direct financial support from the central government and the municipal government. On May 21, 2021, the legal entity of the university changed into special juristic person from school juristic person with the above law. On the same day, our board resolved to make an additional contribution of Won 64.5 billion to the university and Won 41.3 billion of such contribution was made in December 2021. The remaining Won 23.2 billion will be contributed by our generation subsidiaries in 2022 upon resolution by their board of directors. The total amount of contribution in 2022 and thereafter will be determined in discussion with the Government and the university but it is likely to be not greater than the total amount in 2021.
On March 2, 2022, the university, which is now called as Korea Institute of Energy Technology (“KENTECH”), had entrance ceremony and proclaimed its vision with congratulations from the President of Republic of Korea. KENTECH recruited a total of 107 students as its first students through a competitive admissions process, proving its recognition and appeal among students
.
In order to minimize potential financial risks, we plan to let the university generate its own profits too, by, for example, attracting development funds and research and development investments and commercializing new technology among other means. Despite our efforts and anticipated funding from the municipal and central governments, we cannot assure you that the magnitude of our expected or actual contribution to the university will not have material adverse effects on our profit margins, results of operations or cash flows.
Proposed Sale and Purchase of Certain Power Plants and Equity Interests
KEPCO Engineering & Construction Co., Inc.
Pursuant to the Third Phase of the Public Institution Reform Plan announced by the Government in August 2008, we conducted the initial public offering of Korea Engineering and Construction Co., Inc., or KEPCO E&C formerly known as Korea Power Engineering Co., Ltd., in December 2009 for gross proceeds to us of Won 165 billion, following which we owned 77.9% of KEPCO E&C’s shares. In furtherance of the Public Institution Reform Plan and to improve our financial profile, we sold our equity interests representing 3.1%, 4.0%, 4.5% and 0.54% of KEPCO E&C shares in November 2011, December 2013, December 2014 and December 2016, respectively, in each case to third party investors. We currently hold a 65.77% equity interest in KEPCO E&C.
 
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Korea Electric Power Industrial Development Co., Ltd.
In 2003, we privatized Korea Electric Power Industrial Development, or KEPID, formerly our wholly-owned subsidiary, by selling 51.0% of its equity interest to Korea Freedom Federation. Pursuant to the Fifth Phase of the Public Institution Reform Plan announced by the Government in 2009, we sold 20% of the KEPID shares through additional listing. Although we had originally planned to sell the remaining 29% as well, we are currently working on converting KEPID into a public institution to transition its non-permanent employees to permanent employees in light of the Government’s recent guideline promoting the transition of
non-permanent
employees to permanent employees in the public sector. Acquisition by us is essential for the designation of KEPID as a public institution by the Government. As a result, we and our five subsidiaries are now working on reacquiring the KEPID shares we previously sold.
Cyber Security
Recently, our activities have been subject to an increasing risk of cyber-attacks and information leakages, the nature of which is continually evolving. For example, in December 2014, KHNP became subject to a cyber terror incident. Hackers hacked into the computer network of former KHNP employees and threatened to shut down certain of KHNP’s nuclear plants. The hacking incident did not jeopardize our nuclear operation in any material respect and none of the stolen information was material to our nuclear operation or the national nuclear policy. In response to such incident, we and our subsidiaries have further bolstered anti-hacking and other preventive and remedial measures in relation to potential cyber terror.
In the past, cyber-attacks were mostly unspecified attacks, but the recent trend has been shifting towards more targeted and intelligent attacks, such as ransomware that encrypts a victim’s files, whereupon the attacker demands a ransom from the victim to restore access to the data upon payment. In particular,
non-face-to-face
business environment due to
COVID-19
has led to more sophisticated phishing
e-mail
attacks that impersonate service providers and acquaintances. In order to effectively respond to these cyber threats, we have established a cyber security management system and are continuously implementing prevention and response activities. In addition, specialized education and training are being conducted to foster cybersecurity experts, and the latest information protection system is being established and our cooperation with the Government is being strengthened. In accordance with laws and regulations, we have established and implemented a cybersecurity management system, and is receiving regular inspections from the Government on the prevention and response status against cyberattacks and threats.
KHNP is also continuing to strengthen our security management system by maintaining the international standard security standard, ISO27001, and the Korean standard, Personal Information & Information Security Management System certification. In September 2019, KHNP has established an organization dedicated to nuclear control security in accordance with the Government’s strengthened information security regulation.
In anticipation of the amendment of the Act on Promotion of Information and Communications Network Utilization and Information Protection in January 2020, we designated in December 2019 a Chief Information Security Officer (“CISO”) who is dedicated to cyber security management. By the end of 2020, we reorganized our security management organization to enhance its independence by transferring it from being under our Safety and Security Department to being directly under our Management Support Division. Under further amendment to the Act on Promotion of Information and Communications Network Utilization and Information Protection in December 2021, our generation subsidiaries also designated a CISO and reported their designation to the Ministry of Science and ICT of the Government.
Item 4.C. Organizational Structure
As of December 31, 2021, we have 153 subsidiaries, 90 associates and 96 joint ventures (not including any special purpose entities).
 
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Subsidiaries
Our wholly-owned six generation subsidiaries are KHNP, KOSEP, KOMIPO, KOWEPO, KOSPO and EWP. Our
non-generation
subsidiaries include KEPCO E&C, KEPCO KPS, KEPCO NF, and KEPCO KDN. For a full list of our subsidiaries, including foreign subsidiaries, and their respective jurisdiction of incorporation, please see Exhibit 8.1 attached to this annual report.
Associates and Joint Ventures
An associate is an entity over which we have significant influence and that is neither a subsidiary nor a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e. joint ventures) have rights to the net assets of the arrangement.
The table below sets forth each of our associates and joint ventures as of December 31, 2021 by name, the percentage of our shareholdings and their principal activities.
 
   
Ownership
(%)
   
Principal Activities
Associates:
        
Korea Gas Corporation
(1)
   20.47   Importing and wholesaling LNG
Korea Electric Power Industrial Development Co., Ltd.
   29.00   Electricity metering and others
YTN Co., Ltd.
   21.43   Broadcasting
Gangwon Wind Power Co., Ltd.
(2)
   15.00   Power generation
Hyundai Green Power Co., Ltd.
   29.00   Power generation equipment consignment and operation service
Korea Power Exchange
(3)
   100.00   Management of power market and others
Taebaek Wind Power Co., Ltd.
   25.00   Power generation
Taebaek Guinemi Wind Power Co., Ltd.
   25.00   Power generation
Pyeongchang Wind Power Co., Ltd.
   25.00   Power generation
Daeryun Power Co., Ltd.
(2)
   9.34   Power generation
Changjuk Wind Power Co., Ltd.
   30.00   Power generation
KNH Solar Co., Ltd.
   27.00   Power generation
SPC Power Corporation
   38.00   Power generation
Gemeng International Energy Co., Ltd.
   34.00   Power generation
PT. Cirebon Electric Power
   27.50   Power generation
KNOC Nigerian East Oil Co., Ltd.
(4)
   14.63   Resources development
KNOC Nigerian West Oil Co., Ltd.
(4)
   14.63   Resources development
PT Wampu Electric Power
   46.00   Power generation
PT. Bayan Resources TBK
   20.00   Resources development
S-Power
Co., Ltd.
   49.00   Power generation
Pioneer Gas Power Limited
   38.50   Power generation
Eurasia Energy Holdings
   40.00   Power generation and resources development
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
   25.00   Power generation
PT. Mutiara Jawa
   29.00   Manufacturing and operating floating coal terminal
Samcheok Eco Materials Co., Ltd.
(5)
   2.35   Recycling fly ashes
Noeul Green Energy Co., Ltd.
   29.00   Power generation
Goseong Green Power Co., Ltd.
   29.00   Power generation
Gangneung Eco Power Co., Ltd.
(2)
   1.61   Power generation
Shin Pyeongtaek Power Co., Ltd.
   40.00   Power generation
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
   28.00   Power generation
 
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Ownership
(%)
   
Principal Activities
Dongducheon Dream Power Co., Ltd.
(6)
   33.61   Power generation
Jinbhuvish Power Generation Pvt. Ltd.
(2)
   5.16   Power generation
Daejung Offshore Wind Power Co., Ltd.
   46.59   Power generation
GS Donghae Electric Power Co., Ltd.
   34.00   Power generation
Daegu Photovoltaic Co., Ltd.
   29.00   Power generation
Busan Green Energy Co., Ltd.
   29.00   Power generation
Gunsan Bio Energy Co., Ltd.
(2)
   18.87   Power generation
Korea Electric Vehicle Charging Service
(2)
   17.50   Electric vehicle charge service
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)
   28.98   Electric material agency
Korea Electric Power Corporation Fund
(8)
   98.09   Developing electric enterprises
Energy Infra Asset Management Co., Ltd.
(2)
   9.90   Asset management
Daegu clean Energy Co., Ltd.
   28.00   Renewable power generation
Yaksu ESS Co., Ltd.
   29.00   Installing ESS related equipment
Nepal Water & Energy Development Company Private Limited
(8)
     69.06   Construction and operation of utility plant
Gwangyang Green Energy Co., Ltd.
   20.00   Power generation
PND Solar Co., Ltd.
   29.00   Power generation
Hyundai Eco Energy Co., Ltd.
(2)
   19.00   Power generation
YeongGwang Yaksu Wind Electric Co., Ltd.
(2)
   9.63   Power generation
Green Energy Electricity Generation Co., Ltd.
   29.00   Power generation
Korea Energy Solutions Co., Ltd.
   20.00   R & D
ITR Co., Ltd.
   20.00   R & D
Structure test network Co., Ltd.
   20.00   Technical testing and consulting
Namjeongsusang Solar Power Operation Co., Ltd.
(9)
   15.00   Power generation
Indeck Niles Development, LLC
(10)
   56.25   Power generation
Indeck Niles Asset Management, LLC
   33.33   Power generation
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
   49.00   Holding company
Suwon New Power Co., Ltd.
   39.90   Power generation
KPGE Inc.
   29.00   Power generation materials business
Gwangbaek Solar Power Investment Co., Ltd.
   44.00   Power generation
Go deok Clean Energy Co., Ltd.
   40.00   Fuel cell generation
SureDataLab Co., Ltd.
   23.95   R & D
SEP Co., Ltd.
   21.26   R & D
Hankook Electric Power Information Co., Ltd.
   25.25   R & D
Tronix Co., Ltd.
   20.00   R & D
O2&B Global Co., Ltd.
   20.00   R & D
Muan Sunshine Solar Power Plant Co., Ltd.
   20.00   Power generation
Bigeum Resident Photovoltaic Power Co., Ltd.
   29.90   Power generation
Goesan Solar Park Co., Ltd.
   29.00   Power generation
Saemangeum Heemang Photovoltaic Co., Ltd.
   35.00   Power generation
Bitgoel Eco Energy Co., Ltd.
   29.00   Power generation
Jeju Gimnyeong Wind Power Co., Ltd.
   30.00   Power generation
Seoroseoro Sunny Power Plant Co., Ltd.
   42.58   Power generation
Muan Solar Park Co., Ltd.
   20.00   Power generation
YuDang Solar Co., Ltd.
   20.00   Power generation
Anjwa Smart Farm & Solar City Co., Ltd.
   20.00   Power generation
Daewon Green Energy Co., Ltd.
   25.36   Power generation
G.GURU Co., Ltd.
   24.65   R & D
 
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Ownership
(%)
   
Principal Activities
UD4M Co., Ltd.
(2)
   12.50   R & D
Dongbu Highway Solar Co., Ltd.
   20.00   Power generation
Seobu Highway Solar Co., Ltd.
   20.00   Power generation
Korea Energy Data Co., Ltd.
   29.37   R & D
Gangneung Sacheon Fuel Cell Co., Ltd.
(7)
   65.00   Power generation
Kosture Co., Ltd.
(2)
   0.26   Coal recycling business
Digital Innovation Growth Fund
(7)
   76.92   Holding company
Taebaek Gadeoksan Wind Power Co., Ltd.
(18)
   39.65   Power generation
Chuncheon Green Energy Co., Ltd.
(7)
   68.00   Power generation
Yeomsubong Wind Power Co., Ltd.
   48.72   Power generation
Yeongyang Wind Power Corporation II
   30.00   Power generation
Haeparang Energy Co., Ltd.
   25.00   Power generation
Saemangeum Sebit Power Plant Co., Ltd.
(7)
   69.55   Power generation
   
Joint Ventures:
        
KEPCO-Uhde Inc.
(11)
     52.80   Power generation
Shuweihat Asia Power Investment B.V.
   49.00   Holding company
Shuweihat Asia Operation & Maintenance Company
(11)
   55.00   Maintenance of utility plant
Waterbury Lake Uranium L.P.
   33.10   Resources development
ASM-BG
Investicii AD
   50.00   Power generation
RES Technology AD
   50.00   Power generation
KV Holdings, Inc.
   40.00   Power generation
KEPCO SPC Power Corporation
(11)
   75.20   Construction and operation of utility plant
Gansu Datang Yumen Wind Power Co., Ltd.
   40.00   Power generation
Datang Chifeng Renewable Power Co., Ltd.
   40.00   Power generation
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
   40.00   Power generation
Rabigh Electricity Company
   40.00   Power generation
Rabigh Operation & Maintenance Company Limited
   40.00   Maintenance of utility plant
Jamaica Public Service Company Limited
   40.00   Power generation
KW Nuclear Components Co., Ltd.
   45.00   Manufacturing
Busan Shinho Solar Power Co., Ltd.
   25.00   Power generation
Global Trade Of Power System Co., Ltd.
(12)
   29.00   Exporting products and technology of small or medium business by proxy
Expressway Solar-light Power Generation Co., Ltd.
(12)
   29.00   Power generation
Amman Asia Electric Power Company
(11)
   60.00   Power generation
KAPES, Inc.
(11)
   51.00   R & D
Honam Wind Power Co., Ltd.
   29.00   Power generation
Korea Power Engineering Service Co., Ltd.
   29.00   Construction and service
Chun-cheon Energy Co., Ltd.
   29.90   Power generation
Yeonggwangbaeksu Wind Power Co., Ltd.
(12)
   15.00   Power generation
Nghi Son 2 Power LLC
   50.00   Power generation
Kelar S.A.
(11)
   65.00   Power generation
PT. Tanjung Power Indonesia
   35.00   Power generation
Incheon New Power Co., Ltd.
(13)
   29.00   Power generation
Seokmun Energy Co., Ltd.
   29.00   Power generation
Daehan Wind Power PSC
   50.00   Power generation
Barakah One Company
(14)
   18.00   Power generation
 
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Ownership
(%)
   
Principal Activities
Nawah Energy Company
(14)
   18.00   Operation of utility plant
Momentum
   33.33   International thermonuclear experimental reactor construction management
Daegu Green Power Co., Ltd.
(15)
   29.00   Power generation
Yeonggwang Wind Power Co., Ltd.
   46.00   Power generation
Chester Solar IV SpA
   45.00   Power generation
Chester Solar V SpA
   45.00   Power generation
Diego de Almagro Solar SpA
   45.00   Power generation
South Jamaica Power Company Limited
   20.00   Power generation
Daesan Green Energy Co., Ltd.
   35.00   Power generation
RE Holiday Holdings LLC
   50.00   Power generation
RE Pioneer Holdings LLC
   50.00   Power generation
RE Barren Ridge 1 Holdings LLC
   50.00   Power generation
RE Astoria 2 LandCo LLC
     50.00   Power generation
RE Barren Ridge LandCo LLC
   50.00   Power generation
Laurel SpA
   45.00   Power generation
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.
(12)
   12.37   Power generation
Chile Solar JV SpA
   50.00   Power generation
Cheong-Song Noraesan Wind Power Co., Ltd.
   29.01   Power generation
Chester Solar I SpA
   45.00   Power generation
Solar Philippines Calatagan Corporation
   38.00   Power generation
Saemangeum Solar Power Co., Ltd.
(16)
   81.00   Power generation
Chungsongmeon BongSan wind power Co.,
Ltd.
(12)
   29.00   Power generation
Jaeun Resident Wind Power Plant Co., Ltd.
   29.00   Power generation
DE Energia SpA
   49.00   Power generation
Dangjin Eco Power Co., Ltd.
   34.00   Power generation
Haemodum Solar Co., Ltd.
   49.00   Power generation
Yangyang Wind Power Co., Ltd.
   50.00   Power generation
Horus Solar, S.A. De C.V.
(17)
   14.95   Renewable power generation
Recursos Solares PV De Mexico II, S.A. De C.V.
(17)
   14.95   Renewable power generation
Sunmex Renovables, S.A. De C.V.
(17)
   14.95   Renewable power generation
Stavro Holding II A.B.
   20.00   Holding company
Solaseado Solar Power Co., Ltd.
   38.90   Power generation
Yeongam Solar Power Co., Ltd.
(12)
   19.00   Power generation
Samsu Wind Power Co., Ltd.
(12)
   19.00   Power generation
Pulau Indah Power Plant Sdn. Bhd.
   25.00   Power generation
Sam-Yang
Photovoltaic Power Co., Ltd.
   49.00   Power generation
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
   29.53   Holding company
Shin-han
BNPP Private Investment Trust for
East-West
Sunlight Dream
(11)
   90.00   Holding company
PT Barito Wahana Tenaga
   30.61   Power generation
Cheongna Energy Co., Ltd.
(16)
   50.10   Generating and distributing vapor and hot/cold water
Naepo Green Energy Co., Ltd.
   29.20   Power generation
Dayone Energy Co., Ltd.
(19)
   30.66   Power generation
OneEnergy Asia Limited
   40.00   Power generation
KAS Investment I LLC
   29.89   Holding company
 
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Ownership
(%)
   
Principal Activities
KAS Investment II LLC
   29.89   Holding company
Energyco Co., Ltd. (formerly, Energyco LLC)
   29.00   Power generation
CAES, LLC
   36.00   Holding company
Hapcheon Floating Photovoltaic Power Plant Inc.
(12)
   49.00   Power generation
Busan Industrial Solar Power Co., Ltd.
   28.02   Power generation
Bitsolar Energy Co., Ltd.
   27.10   Power generation
Pulau Indah O&M Sdn. Bhd.
(20)
   60.00   Power generation
Guadalupe Solar SpA
(20)
   60.00   Power generation
Omisan Wind Power Co., Ltd.
   42.00   Power generation
Foresight Iberian Solar Group Holding, S.L.
(20)
     75.00   Power generation
Yeongwol Eco Wind Co., Ltd.
   29.00   Power generation
Gurae Resident Power Co., Ltd.
   29.00   Power generation
Cheongju Eco Park Co., Ltd.
   29.00   Power generation
Enel X Midland Photovoltaic, LLC
   20.00   Power generation
Geumsungsan Wind Power Co., Ltd.
   29.00   Power generation
KEPCO KPS Carabao Corp.
   40.00   Utility plant maintenance
Prime Swedish Holding AB
   45.00   Holding company
Goheung New Energy Co., Ltd.
   46.15   Power generation
Gunsan Land Solar Co., Ltd.
(20)
   75.29   Power generation
CapMan Lynx SCA, SICAR
   50.00   Holding company
International Offshore Power Transmission Holding Company Limited
   35.00   Undersea transmission network operation
 
Notes:
(1)
Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.
(2)
The effective percentage of ownership is less than 20%. However, we 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 our financial and operating policy of the board of directors.
(3)
The effective percentage of ownership is 100%. However, the Government regulates our ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and our other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. We can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
(4)
The effective percentage of ownership is less than 20%. However, we can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, we have significant financial transactions, which can affect its significant influence on the entity.
(5)
Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as liability component.
(6)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
(7)
The effective percentage of ownership is more than 50% but we do not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
(8)
The effective percentage of ownership is more than 50% but we do not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
(9)
The effective percentage of ownership is less than 20%. However, we consider the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.
 
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(10)
According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.
(11)
The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
(12)
According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures.
(13)
The joint arrangement which we have joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
(14)
The effective percentage of ownership is less than 20%. However, decisions in relevant activities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
(15)
Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.
(16)
The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
(17)
The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related principal operation must be agreed by all ownership parties. Accordingly, we can exercise significant influence.
(18)
The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights.
(19)
According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, we have a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, we were deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, we have joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.
(20)
The effective percentage of ownership is more than 50%. However, decisions in relevant activities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
Item 4.D. Property, Plant and Equipment
Our property consists mainly of power generation, transmission and distribution equipment and facilities in Korea. See Item 4.B. “Business Overview—Power Generation,” “—Transmission and Distribution” and “—Capital Investment Program.” In addition, we own our corporate headquarters building complex at
55 Jeollyeok-ro,
Naju-si,
Jeollanam-do,
58322, Korea. As of December 31, 2021, the net book value of our property, plant and equipment was Won 173,120 billion. As of December 31, 2021, investment property, which is accounted for separately from our property, plant and equipment, amounted to Won 213 billion. No significant amount of our properties is leased. There are no material encumbrances on our properties, including power generation, transmission and distribution equipment and facilities.
Pursuant to a Government plan announced in 2005, which mandated relocation of the headquarters of select government-invested enterprises from the Seoul metropolitan area to other provinces in Korea as part of an initiative to foster balanced economic growth in the provinces, we, our generation subsidiaries and our certain subsidiaries relocated our respective headquarters to the designated locations during 2014 and 2015. Our headquarters are currently located in Naju in
Jeollanam-do,
while the headquarters of our six generation subsidiaries and other subsidiaries are various cities outside of Seoul across Korea.
In connection with the relocation of our headquarters, in September 2014 we entered into an agreement to sell the property housing our prior headquarters to a consortium consisting of members of the Hyundai Motor group for Won 10,550 billion through an open bidding. The sale was completed in September 2015.
 
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During 2021, we completed the disposal of 185 properties on a separate basis (including residential properties, storage spaces, and substation lots that are located in Korea) which are not directly related to our operations for an aggregate sale price of approximately Won 49 billion. The book value of such properties amounted to Won 38 billion, representing 0.4% of our total real properties as of December 31, 2021. The foregoing sales reflect our ongoing efforts to improve our financial soundness through related debt reduction and enhance our management efficiency, selling noncore properties that have no direct relations to electricity facilities.
 
ITEM 4A.
UNRESOLVED STAFF COMMENTS
We do not have any unresolved comments from the SEC staff regarding our periodic reports under the Securities Exchange Act of 1934, as amended (the “Exchange Act”).
 
ITEM 5.
OPERATING AND FINANCIAL REVIEW AND PROSPECTS
You should read the following discussion on our operating and financial review and prospects together with our consolidated financial statements and the related notes which appear elsewhere in this annual report. Our results of operations, financial condition and cash flows may materially change from time to time, for reasons including various policy initiatives (including changes to the Restructuring Plan) by the Government in relation to the Korean electric power industry, and accordingly our historical performance may not be indicative of our future performance. See Item 4.B. “Business Overview—Restructuring of the Electric Power Industry in Korea” and Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”
Item 5.A. Operating Results
Overview
We are a predominant market participant in the Korean electric power industry, and our business is heavily regulated by the Government, including with respect to the rates we charge to customers for the electricity we sell. In addition, our business requires a high level of capital expenditures for the construction of electricity generation, transmission and distribution facilities and is subject to a number of variable factors, including demand for electricity in Korea and fluctuations in fuel costs, which are in turn impacted by the movements in the exchange rates between the Won and other currencies.
Under the Electric Utility Act and the Price Stabilization Act, the Government generally establishes electricity rates at levels that are expected to permit us to recover our operating costs attributable to our basic electricity generation, transmission and distribution operations in addition to receiving a fair investment return on capital used in those operations. For a detailed description of the fair investment return, see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”
If fuel prices were to rise substantially and rapidly in the future, such rise may have a material adverse effect on our results of operations and profitability. For example, the net losses between 2018 and first half of 2019, were largely due to sustained rises in fuel costs that were neither timely nor sufficiently offset by a corresponding rise in electricity tariff rates. In part to address these concerns, the Government from time to time increases the electricity tariff rates. However, such increases may be insufficient to fully offset the adverse impact from the rise in fuel costs, and since such increases typically require lengthy public deliberations in order to be implemented, the tariff increases often occur with a significant time lag and as a result our results of operations and cash flows may suffer. We have amended the basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy on December 17, 2020 to implement a new cost pass-through tariff system that reinforces the correlation between the costs we incur and the tariff we charge to our customers, among other changes. Such tariff system has been applied to the electricity rate since January 1, 2021 in accordance with the amendment. For further information, please see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”
 
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In addition, we expect complying with the Government environmental-related initiatives and regulations to continue to involve significant costs and resources on our part, which may adversely affect our results of operation, financial condition and cash flows. For example, we have recognized as cost Won 710 billion for greenhouse gas emission allowances in 2019, Won 310 billion in 2020 and Won 518 billion in 2021. The decrease in 2020 compared to 2019 was due to the decrease in coal-fired power generation to comply with environmental regulations including the efforts to reduce a high level of particulate matter pollution. The increase in 2021 compared to 2020 was due to the strengthened regulations regarding coal-fired power generation, which resulted in reduced allowances received free of charge from the Government. Further, as we are required to supply increasing amount of renewable energy, we expect that the environmental-related risks will continue to increase.
The results of our operations are largely affected by the following factors:
 
 • 
demand for electricity;
 
 • 
electricity rates we charge to our customers;
 
 • 
fuel costs; and
 
 • 
the exchange rates of Won against other foreign currencies, in particular the U.S. dollar.
Demand for Electricity
Our sales are largely dependent on the level of demand for electricity in Korea and the rates we charge for the electricity we sell.
Demand for electricity in Korea grew at a compounded average rate of 1.0% per annum for the five years ended December 31, 2021. According to the Bank of Korea, the compounded growth rate for GDP was approximately 2.1% for the same period. The GDP growth rate was approximately 2.0%,
-1.0%
and 4.0% during 2019, 2020 and 2021, respectively.
The table below sets forth, for the periods indicated, the annual rate of growth in Korea’s GDP and the annual rate of growth in electricity demand (measured by total annual electricity consumption) on a
year-on-year
basis.
 
   
2017
  
2018
  
2019
  
2020
  
2021
 
Growth in GDP
   3.1%   2.7%   2.0%   (1.0%)   4.0% 
Growth in electricity consumption
   2.2%   3.6%   (1.1%)   (2.2%)   4.7% 
Demand for electricity may be categorized either by the type of its usage or by the type of customers. The following describes the demand for electricity by the type of its usage, namely, industrial, commercial and residential:
 
 • 
The industrial sector represents the largest segment of electricity consumption in Korea. Demand for electricity from the industrial sector was 291,333 gigawatt hours in 2021, representing a 4.6% increase from 2020, largely due to a base effect from continued demand decreases for the last two years, a rapid recovery of domestic economy and consequent increases of industrial products.
 
 • 
Demand for electricity from the commercial sector depends largely on the level and scope of commercial activities in Korea. Demand for electricity from the commercial sector increased to 119,550 gigawatt hours in 2021, representing a 5.2% increase from 2020, largely due to an improved consumer sentiment on service industry and increased heating and air conditioning each in January, February, July and August.
 
 • 
Demand for electricity from the residential sector is largely dependent on population growth and use of heaters, air conditioners and other electronic appliances. Demand for electricity from the residential
 
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sector increased to 79,915 gigawatt hours in 2021, representing a 4.7% increase compared to 2020, largely due to an increase in household electricity usage from an increased time spent at home and telecommuting in response to the
COVID-19
pandemic and tightened disinfection guidelines. For a discussion on demand by the type of customers, see Item 4.B. “Business Overview—Sales and Customers—Demand by the Type of Usage.”
Since our inception, we have had the predominant market share in terms of electricity generated in Korea. As for electricity we purchase from the market for transmission and distribution to our
end-users,
our generation subsidiaries accounted for 73.2%, 72.6% and 70.8% in 2019, 2020 and 2021, respectively, while the remainder was accounted for by independent power producers. As for transmission and distribution of electricity, we have historically handled, expect to continue to handle, substantially all of such activities in Korea.
We expect that we will continue to have a dominant market share in the generation, transmission and distribution of electricity in Korea for the foreseeable future, absent any substantial changes to the Restructuring Plan or other policy initiatives by the Government in relation to the Korean electric power industry, or an unexpected level of market penetration by independent power producers or localized electricity suppliers under the Community Energy System. However, our market dominance in the electricity distribution in Korea may face potential erosion in light of the recent Proposal for Adjustment of Functions of Public Institutions (Energy Sector) announced by the Government in June 2016. This proposal contemplates a gradual opening of the electricity trading market to the private sector although no detailed roadmap has been provided for such opening. It is currently premature to predict to what extent, or in what direction, the liberalization of the electricity trading market will happen. Nonetheless, any significant liberalization of the electricity trading market may result in substantial reduction of our market share in electricity distribution in Korea, which would have a material adverse effect on our business, results of operation and cash flows. See Item 4.B. “Business Overview—Competition.”
Electricity Rates
Under the Electric Utility Act and the Price Stabilization Act, electricity rates are established at levels that will permit us to recover our operating costs attributable to our basic electricity generation, transmission and distribution operations in addition to receiving a fair investment return on capital used in those operations. From time to time, our actual rate of return on invested capital may differ significantly from the fair rate of return on invested capital assumed for the purposes of electricity tariff approvals, for reasons, among others, related to movements in fuel prices, exchange rates and demand for electricity that differs from what is assumed for determining our fair rate of return. As of January 1, 2021, we implemented a new tariff system to reinforce the correlation between the costs we incur and the tariff we charge to our customers, among other changes. However, even under the new system, our ability to pass on fuel and other cost increases to our customers may be limited due to the regulation of the Government on the electricity rates. For further discussion of the fair investment return and the new tariff system, see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates.”
Fuel Costs
Our results of operations are also significantly affected by the cost of producing electricity, which is subject to a variety of factors, including, in particular, the cost of fuel.
Cost of fuel in any given year is a function of the volume of fuels consumed and the unit fuel cost for the various types of fuel used for generation of electricity which affects the cost structure for both our generation subsidiaries and independent power producers from whom we purchase electric power. A significant change in the unit fuel costs materially impacts the costs of electricity generated by our generation subsidiaries, which mainly comprise our fuel costs under the cost of sales, as well as, to our knowledge, the costs of electricity generated by the independent power producers that sell their electricity to us (see Item 4.B. “Business Overview—Purchase of
Electricity—Cost-based
Pool System”), which mainly comprise our purchased power costs under the cost of sales. We are however unable to provide a comparative analysis since the unit fuel cost information for independent power producers and their cost structures are proprietary information.
 
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Fuel costs constituted 31.6%, 28.6% and 30.5% of our cost of sales, and the ratio of fuel costs to our sales was 31.2%, 25.5% and 32.4% in 2019, 2020 and 2021, respectively. Substantially all of the fuel (except for anthracite coal) used by our generation subsidiaries is imported from outside of Korea at prices determined in part by prevailing market prices in currencies other than Won. In addition, our generation subsidiaries purchase a significant portion of their fuel requirements under contracts with limited quantity and duration. Pursuant to the terms of our long-term supply contracts, prices are adjusted from time to time subject to prevailing market conditions. See Item 4.B. “Business Overview—Fuel Sources and Requirements.”
Coal accounted for 51.8%, 45.3% and 43.1% of our fuel requirements in 2019, 2020 and 2021, respectively. Uranium accounted for 35.7%, 40.6% and 39.5% of our fuel requirements in 2019, 2020 and 2021, respectively. LNG accounted for 9.5%, 10.6% and 13.7% of our fuel requirements in 2019, 2020 and 2021, respectively. Oil accounted for 0.5%, 0.4% and 0.4% of our fuel requirements in 2019, 2020 and 2021, respectively. In each case, the fuel requirements are measured by the amount of electricity generated by us and our generation subsidiaries and do not include electricity purchased from independent power producers. In order to ensure stable supplies of fuel materials, our generation subsidiaries enter into long-term and medium-term contracts with various suppliers and supplement such supplies with fuel materials purchased on spot markets.
The price of bituminous coal, which represents our largest fuel requirement, fluctuates significantly from time to time. In 2021, approximately 92.9% of the bituminous coal requirements of our generation subsidiaries were purchased under long-term contracts and the remaining 7.1% purchased on the spot market. The average weekly spot price of “free on board” Newcastle coal 5500 NAR (Net As Received) published through Korea Mineral Resource Information Service by Korea Mine Rehabilitation and Mineral Resources Corporation increased from US$45.89 per ton in 2020 to US$84.77 per ton in 2021 and further increased to US$196.38 per ton as of April 15, 2022. If the price of bituminous coal were to sharply rise, our generation subsidiaries may not be able to secure their respective bituminous coal supplies at prices commercially acceptable to them. In addition, any significant interruption or delay in the supply of fuel, bituminous coal in particular, from any of their suppliers could cause our generation subsidiaries to purchase fuel on the spot market at prices higher than contracted, resulting in an increase in fuel cost.
From 2019 to 2021, the prices of oil and LNG fluctuated significantly. The prices of oil and LNG are substantially dependent on the price of crude oil, and according to Bloomberg (Bloomberg Ticker: PGCRDUBA), the average daily spot price of Dubai crude oil decreased from US$63.22 per barrel in 2019 to US$42.21 per barrel in 2020 but increased to US$69.01 per barrel in 2021 and further increased to US$104.83 per barrel as of April 14, 2022. While there was a significant increase in the price of crude oil recently, there is no guarantee that this trend will continue.
Nuclear power has a stable and relatively
low-cost
structure and forms a significant portion of electricity supplied in Korea. Due to significantly lower unit fuel costs compared to those for thermal power plants, our nuclear power plants are generally operated at full capacity with only routine shutdowns for fuel replacement and maintenance, with limited exceptions. In case of shortage in electricity generation resulting from stoppages of the nuclear power plants, we seek to make up for such shortage with power generated by our thermal power plants.
Because the Government heavily regulates the rates we charge for the electricity we sell (see Item 4.B. “Business Overview—Sales and Customers—Electricity Rates”), our ability to pass on such cost increases to our customers is limited.
Movements of the Won against the U.S. Dollar and Other Foreign Currencies
Korean Won has fluctuated significantly against major currencies from time to time. For fluctuations in exchange rates, see pages
1-2
of this annual report. In particular, Korean Won underwent substantial fluctuations during the recent global financial crisis, and remains subject to significant volatility. The Noon Buying Rate per one U.S. dollar decreased from Won 1,155.5 on December 31, 2019 to Won 1,086.1 on December 31, 2020 and
 
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increased to Won 1,188.6 on December 31, 2021 and further increased to Won 1,225.1 as of April 8, 2022. In 2019 and 2021, the Won generally depreciated against U.S. dollar and other foreign currencies, and such depreciation may result in a significant increase in the cost of fuel materials and equipment purchased from overseas as well as the cost of servicing our foreign currency debt. As of December 31, 2021, 16.4% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions was denominated in foreign currencies, principally U.S. dollars. The prices for substantially all of the fuel materials and a significant portion of the equipment we purchase are stated in currencies other than Won, generally in U.S. dollars. Since a substantial portion of our revenues is denominated in Won, we must generally obtain foreign currencies through foreign currency-denominated financings or from foreign currency exchange markets to make such purchases or service such debt, fulfill our obligations under existing overseas investments and make new overseas investments. As a result, any significant depreciation of Won against U.S. dollar or other foreign currencies will have a material adverse effect on our profitability and results of operations. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The movement of Won against the U.S. dollar and other currencies may have a material adverse effect on us.”
Recent Accounting Changes
See Note 2. (5) to our consolidated financial statements included in this annual report for changes in accounting standards. We believe that these new and revised standards have no material impact on our consolidated financial statements.
Critical Accounting Policies
See Note 3 to our consolidated financial statements included in this annual report for significant accounting policies.
Consolidated Results of Operations
The selected consolidated financial data set forth below as of and for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.
You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.
 
   
2019
  
2020
  
2021
  
2021
 
              
   
(rounded to billions of Won and millions of US$)
(1)
 
Sales
  
W
58,568
 		 
W
57,926
 		 
W
59,914
 		 $50,407 
Cost of sales
   57,780   51,805   63,559   53,474 
Gross profit (loss)
   788   6,121   (3,646)   (3,067) 
Selling and administrative expenses
   2,670   2,678   2,876   2,419 
Other income (expenses), net
   756   619   776   653 
Other gains (losses), net
   (582)   35   9   7 
Operating profit (loss)
   (1,708)   4,097   (5,737)   (4,826) 
Finance income (expenses), net
   (1,772)   (1,386)   (1,843)   (1,551) 
Profit (loss) before income tax
   (3,266)   2,992   (7,085)   (5,961) 
Profit (loss) related to associates, joint ventures and subsidiaries
   214   281   495   416 
Income tax benefit (expense)
   1,002   (899)   1,856   1,561 
Profit (loss) for the period
   (2,264)   2,092   (5,229)   (4,399) 
Other comprehensive income (loss)
   135   (220)   600   504 
Total comprehensive income (loss)
   (2,128)   1,873   (4,630)   (3,895) 
 
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Note:
(1)
The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021.
2021 Compared to 2020
In 2021, our consolidated sales, which is principally derived from the sale of electric power, increased by 3.4% to Won 59,914 billion in 2021 from Won 57,926 billion in 2020, primarily reflecting an increase in sales of electric power. Our sale of electric power increased by 3.6% to Won 58,702 billion in 2021 from Won 56,684 billion in 2020, primarily due to an increase in the volume of electricity sold. The volume of electricity sold increased by 4.7% to 533,431 gigawatt hours in 2021 from 509,270 gigawatt hours in 2020, primarily due to a 4.5% increase in the volume of electricity sold to the industrial sector, which represents the largest segment of electricity consumption in Korea, to 291,333 gigawatt hours in 2021 from 278,660 gigawatt hours in 2020 and a 5.2% increase in the volume of electricity sold to the commercial sector, which represents the second largest segment of electricity consumption in Korea, to 119,550 gigawatt hours in 2021 from 113,639 gigawatt hours in 2020 coupled with a 4.7% increase in the volume of electricity sold to the residential sector to 79,915 gigawatt hours in 2021 from 76,303 gigawatt hours in 2020. The increase in the volume of electricity sold to the industrial sector was primarily due to an increase in export sales recovered after recession in the light of
COVID-19
pandemic since the manufacturing industry has traditionally been a major consumer of electricity. The increase in the volume of electricity sold to the commercial sector was primarily due to the increase in domestic demand in response to the Government’s ‘with Corona’ strategy which relaxed social distancing policy after
COVID-19
pandemic. The increase in the volume of electricity sold to the residential sector was primarily due to increased time spent at home and telecommuting in response to the
COVID-19
pandemic and increased use of cooling and heating appliances to cope with increased number of hot summer and cold winter days. Average unit sales price decreased by 1.5% to Won 108.1 per kilowatt-hour in 2021 from Won 109.80 per kilowatt-hour in 2020, primarily due to a decrease in each unit sales price in the commercial and industrial sector. Our sales of construction services decreased by 7.0% to Won 755 billion in 2021 from Won 812 billion in 2020, primarily due to a decrease in sales amount recorded from the ongoing construction of our nuclear complex construction projects in the United Arab Emirates as the construction projects progress over time.
Our consolidated cost of sales, which is principally derived from the purchase of power from independent power producers and to a lesser extent, from raw materials used and depreciation, increased by 22.7%, to Won 63,559 billion in 2021 from Won 51,805 billion in 2020, primarily due to a 37.6% increase in power purchase, a 37.1% increase in raw material used and a 3.6% increase in depreciation.
Power purchase, which accounted for 34.0% and 30.4% of our cost of sales in 2021 and 2020, respectively, increased by 37.6% to Won 21,632 billion in 2021 from Won 15,725 billion in 2020, primarily due to increase in both quantity and the unit price of power purchase. The increased unit price of power purchase was mainly due to increased fuel costs.
Depreciation expense, excluding amortization of nuclear fuel charged to fuel costs in the amounts of Won 1,134 billion and Won 1,173 billion in 2021 and 2020, respectively, increased by 4.4% to Won 10,414 billion in 2021 from Won 9,978 billion in 2020 primarily due to an additional property, plant and equipment acquired in relation to the construction of new generation facilities pursuant to our capital investment program.
Other cost of sales increased by 9.8% to Won 2,022 billion in 2021 from Won 1,843 billion in 2020 primarily due to an increase in our greenhouse gas emission and related costs. For example, we have spent approximately Won 518 billion for the greenhouse gas emission allowances in 2021, compared to Won 310 billion in 2020. For further information, please see Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”
 
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As a cumulative result of the foregoing factors, we recognized consolidated gross loss of Won 3,646 billion in 2021 compared to consolidated gross profit of Won 6,121 billion in 2020, and our consolidated gross profit margin decreased to (6.1)% in 2021 from 10.6% in 2020. The decreases in our consolidated gross profit and consolidated gross profit margin were largely attributable to a 22.7% increase in our consolidated cost of sales (which was mainly due to 37.6% increase in the power purchase costs, 37.1% increase in raw materials used, and 3.6% increase in depreciation expense) which substantially outpaced the 3.4% increase in our consolidated sales (which was primarily due to a 4.7% increase in the volume of electricity sold).
Our consolidated selling and administrative expenses slightly increased by 7.4% to Won 2,876 billion in 2021 from Won 2,678 billion in 2020, largely due to an increase in commissions and repairs and maintenance expense.
Our consolidated other income, net of expenses, increased by 25.5% to Won 776 billion in 2021 from Won 619 billion in 2020, mainly as a result of a decrease in donation for establishment of laboratory for nuclear power plant decommissioning.
Our consolidated net other gains decreased to Won 9 billion in 2021 from Won 35 billion in 2020, mainly as a result of decrease in gains on disposal of property, plant and equipment.
As a cumulative effect of the foregoing factors, we recognized consolidated operating loss of Won 5,737 billion in 2021 compared to a profit of Won 4,097 billion in 2020, and our consolidated operating profit margin decreased to (9.6)% in 2021 from 7.1% in 2020. This was mainly due to increased fuel costs as a result of a higher price of LNG, increased power purchased and increased emission costs to comply with the stricter greenhouse gas emission trading system.
Our consolidated finance expenses, net, increased by 33.0% to Won 1,843 billion in 2021 from Won 1,386 billion in 2020, primarily as a result of increased losses on foreign currency translation regarding financial liabilities carried at amortized cost.
Our consolidated profit related to associates, joint ventures and subsidiaries increased by 75.9% to Won 495 billion in 2021 from Won 281 billion in 2020, primarily due to increased share in profit of Korea Gas Corporation, owing to increased LNG price.
As a cumulative result of the foregoing factors, we recognized consolidated loss before income taxes of Won 7,085 billion in 2021 compared to consolidated profit before income taxes of Won 2,992 billion in 2020.
Our income tax benefit increased to Won 1,856 billion in 2021 from income tax expense of Won 899 billion in 2020, largely as a result of the increase in our loss before income taxes. Our effective tax rate, which represents tax expense as a percentage of profit before income taxes, was not calculated because income tax benefit was recognized in 2021.
See Note 41 to our consolidated financial statements included in this annual report.
As a cumulative result of the above factors, we recognized consolidated loss of Won 5,229 billion in 2021 compared to consolidated profit of Won 2,092 billion in 2020. Our consolidated net profit margin also decreased to (8.7)% in 2021 from 3.6% in 2020. Our loss attributable to the owners of the company was Won 5,315 billion in 2021 compared to a profit of Won 1,991 billion in 2020.
We recognized other comprehensive income of Won 600 billion in 2021 compared to other comprehensive loss of Won 220 billion in 2020, largely due to an increase in the remeasurement of defined benefit liability and share in other comprehensive income (loss) of associates and joint ventures, net of tax.
As a cumulative result of the above factors, we recognized consolidated total comprehensive loss of Won 4,630 billion in 2021 compared to total comprehensive income of Won 1,873 billion in 2020.
 
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2020 Compared to 2019
In 2020, our consolidated sales, which is principally derived from the sale of electric power, decreased by 1.1% to Won 57,926 billion in 2020 from Won 58,568 billion in 2019, primarily reflecting a decrease in sales of electric power. Our sale of electric power decreased by 0.4% to Won 56,684 billion for 2020 from Won 56,895 billion for 2019, primarily due to a decrease in the volume of electricity sold. The volume of electricity sold decreased by 2.2% to 509,270 gigawatt hours in 2020 from 520,499 gigawatt hours in 2019, primarily due to a 3.7% decrease in the volume of electricity sold to the industrial sector, which represents the largest segment of electricity consumption in Korea, to 278,660 gigawatt hours in 2020 from 289,240 gigawatt hours in 2019 and a 2.2% decrease in the volume of electricity sold to the commercial sector, which represents the second largest segment of electricity consumption in Korea, to 113,639 gigawatt hours in 2020 from 116,227 gigawatt hours in 2019; which was offset in part by a 5.0% increase in the volume of electricity sold to the residential sector to 76,303 gigawatt hours in 2020 from 72,639 gigawatt hours in 2019. The decrease in the volume of electricity sold to the industrial sector was primarily due to a decrease in the industrial electricity usage from a recession in the manufacturing industry in light of the
COVID-19
pandemic, even though the manufacturing industry has traditionally been a major consumer of electricity. The decrease in the volume of electricity sold to the commercial sector was primarily due to the decrease in the commercial electricity usage from a slowdown in the service industry as a consequence of the social distancing in response to the
COVID-19
pandemic and less air conditioning used in the stores as a result of a more temperate weather conditions. The increase in the volume of electricity sold to the residential sector was primarily due to increased time spent at home and telecommuting in response to the
COVID-19
pandemic and increased use of heat appliances to cope with cold winter. Average unit sales price increased by 1.0% to Won 109.80 per kilowatt-hour in 2020 from Won 108.66 per kilowatt-hour in 2019, primarily due to an increase in each unit sales price in the residential and industrial sector. Our sales of construction services decreased by 35.8% to Won 812 billion in 2020 from Won 1,265 billion in 2019, primarily due to a decrease in sales amount recorded from the ongoing construction of our nuclear complex construction projects in the United Arab Emirates as the construction projects progress over time.
Our consolidated cost of sales, which is principally derived from the purchase of power from independent power producers and to a lesser extent, from raw materials used and depreciation, decreased by 10.3%, to Won 51,805 billion in 2020 from Won 57,780 billion in 2019, primarily due to a 13.9% decrease in power purchase, a 20.7% decrease in raw material used and a 29.5% decrease in other cost of sales, which was partially offset by a 3.9% increase in depreciation.
Power purchase, which accounted for 30.4% and 31.6% of our cost of sales in 2020 and 2019, respectively, decreased by 13.9% to Won 15,725 billion in 2020 from Won 18,270 billion in 2019, primarily due to a decrease in the unit price of power purchase.
Depreciation expense, excluding amortization of nuclear fuel charged to fuel costs in the amounts of Won 1,173 billion and Won 1,050 billion in 2020 and 2019, respectively, increased by 3.0% to Won 9,978 billion in 2020 from Won 9,684 billion in 2019 primarily due to an additional property, plant and equipment acquired in relation to the construction of new generation facilities pursuant to our capital investment program.
Other cost of sales decreased by 29.5% to Won 1,843 billion in 2020 from Won 2,613 billion in 2019 primarily due to a decrease in the price of the greenhouse gas emission allowances and related costs, as our emission decreased from a decrease in coal-fired power generation. For example, we have spent approximately Won 311 billion for the greenhouse gas emission allowances in 2020, compared to Won 710 billion in 2019. For further information, please see Item 4.B. “Business Overview—Environmental, Social and Governance Programs.”
As a cumulative result of the foregoing factors, our consolidated gross profit increased by 676.8% to Won 6,121 billion in 2020 from Won 788 billion in 2019, and our consolidated gross profit margin increased to
 
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10.6% in 2020 from 1.3% in 2019. The increases in our consolidated gross profit and consolidated gross profit margin were largely attributable to a 10.3% decrease in our consolidated cost of sales (which was mainly due to 13.9% decrease in the power purchase costs and a 20.7% decrease in raw materials used, which were partially offset by a 3.9% increase in depreciation expense) which substantially outpaced the 1.1% decrease in our consolidated sales (which was primarily due to a 2.2% decrease in the volume of electricity sold and a decrease in sales amount recorded from the ongoing construction of our nuclear complex construction projects in the United Arab Emirates as the construction projects progress over time).
Our consolidated selling and administrative expenses slightly increased by 0.3% to Won 2,678 billion in 2020 from Won 2,670 billion in 2019, largely due to an increase in the labor-related costs from increases in average wage, which was partially offset by a decrease in commissions.
Our consolidated other income, net of expenses, decreased by 18.1% to Won 619 billion in 2020 from Won 756 billion in 2019, mainly as a result of an increase in donation for establishment of laboratory for nuclear power plant decommissioning and of Korea Institute of Energy Technology, formerly known as KEPCO Tech University.
Our consolidated net other gains increased to Won 35 billion in 2020 from net other losses of Won 582 billion in 2019, as the net other losses in 2019 was primarily due to the impairment loss of mining rights in Bylong, Australia.
As a cumulative effect of the foregoing factors, our performance has turned around resulting in our consolidated operating profit of Won 4,097 billion in 2020 from consolidated operating loss of Won 1,708 billion in 2019, and our consolidated operating profit margin increased to 7.1% in 2020 from (2.9)% in 2019. This was mainly due to lower fuel costs from decreasing coal generation to comply with policies to reduce particulate matters in the atmosphere, lower purchasing power price as a result of a declined price of LNG, and lower emission costs as a result of the lower amount of emission caused by a decrease in coal generation.
Our consolidated finance expenses, net, decreased by 21.8% to Won 1,386 billion in 2020 from Won 1,772 billion in 2019, primarily as a result of lower interest payment expenses due to decrease in interest rate and finding new funding sources with lower interest rates.
Our consolidated profit related to associates, joint ventures and subsidiaries increased by 31.3% to Won 281 billion in 2020 from Won 214 billion in 2019, primarily due to decrease in operational expenses owing to lower fuel unit price and higher operating profit after the achievement of commercial operation of facilities owned by joint ventures.
As a cumulative result of the foregoing factors, our consolidated profit (loss) before income taxes turned surplus to a profit of Won 2,992 billion in 2020 from a loss of Won 3,266 billion in 2019.
Our income tax benefit turned significantly into an expense of Won 899 billion in 2020 from a benefit of Won 1,002 billion in 2019, largely as a result of the increase in our profit before income taxes. Our effective tax rate, which represents tax expense as a percentage of profit before income taxes, was 30.05% in 2020.
See Note 41 to our consolidated financial statements included in this annual report.
As a cumulative result of the above factors, our consolidated profit (loss) turned surplus to a profit of Won 2,093 billion in 2020 from a loss of Won 2,264 billion in 2019. Our consolidated net profit margin also increased to 3.6% in 2020 from (3.9)% in 2019. Our loss attributable to the owners of the company was a profit of Won 1,991 billion in 2020 compared to a loss of Won 2,346 billion in 2019.
We reported consolidated other comprehensive loss of Won 220 billion in 2020 compared to consolidated other comprehensive income of Won 135 billion in 2019, largely due to a decrease in the remeasurement of defined benefit liability, shares in other comprehensive loss of associates and joint ventures, net of tax, and foreign currency translation loss of foreign operations, net of tax.
 
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As a cumulative result of the above factors, our consolidated total comprehensive income was Won 1,873 billion in 2020, turned into surplus from a loss of Won 2,128 billion in 2019.
Segment Results
We operate the following business segments: transmission and distribution, nuclear power generation and thermal power generation and all others. The transmission and distribution segment, which is operated by us, the parent company, consists of operations related to the transmission, distribution and sale to
end-users
of electricity purchased from our generation subsidiaries as well as from independent power producers. The power generation segment, which is operated by our one nuclear generation subsidiary and five
non-nuclear
generation subsidiaries, consists of operations related to the generation of electricity sold to us through the Korea Power Exchange. The transmission and distribution segment and the power generation segment together represent our electricity business. The remainder of our operation is categorized as “all others.” The all other segment consists primarily of operations related to the plant maintenance and engineering service, information services, and sales of nuclear fuel, communication line leasing, overseas businesses and others. In 2019, 2020 and 2021, the unaffiliated revenues of the power generation segment (representing the six generation subsidiaries) and all our other revenues in the aggregate amounted to only 2.7%, 3.1% and 4.3% of our consolidated revenues, respectively, and the results of operations for our business segments substantially mirror our consolidated results of operations. For further information, see Note 4 of the notes to our consolidated financial statements included in this annual report.
Other
Our operations are materially affected by the policies of or factors relating to the Government. See Item 4.B. “Business Overview—Regulation.”
 
Item 5.B.
Liquidity and Capital Resources
We expect that our capital requirements, capital resources and liquidity position may change in the course of implementing the Restructuring Plan. See Item 4.B. “—Business Overview—Restructuring of the Electric Power Industry in Korea” and Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”
Capital Requirements
We anticipate that the following represent the major sources of our capital requirements in the short-term to intermediate future:
 
 • 
capital expenditures pursuant to our capital investment program;
 
 • 
working capital requirements, the largest component of which is fuel purchases;
 
 • 
payment of principal and interest on our existing debt; and
 
 • 
overseas investments.
In addition, if there were to occur unanticipated material changes to the Restructuring Plan, the Basic Plan or other major policy initiatives of the Government relating to the electric power industry, or natural disasters, such developments may require a significant amount of additional capital requirements.
Capital Expenditures
We anticipate that capital expenditures will be the most significant use of our funds for the next several years. Our capital expenditures relate primarily to the construction of new generation units, maintenance of
 
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existing generation units and expansion of our transmission and distribution systems. Our capital expenditures generally follow budgets established under the Basic Plan, which contains projections relating to the supply and demand of electricity of Korea based on which we plan the construction of additional generation units and transmission systems.
Our total capital expenditures for the construction of generation, transmission and distribution facilities were Won 15,795 billion, Won 15,485 billion and Won 13,964 billion in 2019, 2020 and 2021, respectively, and under our current budgets, are estimated to be approximately Won 15,360 billion, Won 16,172 billion and Won 16,133 billion in 2022, 2023 and 2024, respectively. We plan to finance our capital expenditures primarily through issuance of securities in the capital markets, borrowings from financial institutions and construction grants.
In January 2016, the Ministry of Trade, Industry and Energy announced an initiative to promote the new energy industry by creating the New Energy Industry Fund, which is made up of funds sponsored by Government-affiliated energy companies. We contributed Won 500 billion to the funds in 2016. The purpose of these funds is to invest in substantially all frontiers of the new energy industry, including renewable energy, energy storage systems, electric vehicles,
small-sized
self-sustaining electricity generation grids known as “micro-grids”, among others, as well as invest in
start-up
companies, ventures, small- to
medium-sized
enterprise and project businesses that engage in these businesses but have not previously attracted sufficient capital from the private sector.
Furthermore, as part of the Comprehensive Measures against Particulate Matter and the Eighth and Ninth Basic Plan, announced by the Government in September 2017, December 2017 and December 2020, respectively, the Government set forth the following policy directions relating to coal-fired generation units: (i) two coal-fired generation units scheduled for construction and four existing coal-fired generation units shall convert to LNG fuel use, (ii) in principle, construction of new coal-fired generation units shall not be planned, (iii) seven of the coal-fired generation units that are 30 years or older will be shut down on an accelerated schedule, (iv) beginning in 2018, coal-fired generation units that are 30 years or older shall temporarily cease operations from March through June of each year, (v) coal-fired generation units shall be put through comprehensive functional and environmental upgrades and (vi) coal-fired generation units shall be subject to emission standards that came into effect in January 2019 that are twice as more rigorous than the previous standards. Compliance with such measures is expected to result in significant additional costs.
We plan to establish a research and entrepreneurship-oriented university specializing in the energy field. See Item 4.B. “Business Overview—Establishment of a University.” On August 8, 2019, our board of directors resolved to make an initial contribution of Won 60 billion for the promotion, initial operation and the design of the university campus. On May 21, 2021, our board resolved to make an additional contribution of Won 64.5 billion to the university and Won 41.3 billon of such contribution was made in December 2021. The total amount of contribution in 2022 and thereafter will be determined in discussion with the Government and the university but it is likely to be not greater than the total amount in 2021.
Fuel Purchases
We require significant funds to finance our operations, principally in relation to the purchase of fuels by our generation subsidiaries for generation of electricity. In 2019, 2020 and 2021, fuel costs constituted 31.6%, 28.6% and 30.5% of our cost of sales and the ratio of fuel costs to our sales was 31.2%, 25.5% and 32.4%, respectively. We plan to fund our fuel purchases primarily with net operating cash, although in cases of rapid increases in fuel prices as is the case from time to time, we may also rely on borrowings from financial institutions and issuance of debt securities in the capital markets.
Repayment of Existing Debt
Payments of principal and interest on indebtedness will require considerable resources. The table below sets forth the scheduled maturities of the outstanding interest-bearing debt (excluding original issue discounts and
 
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premium) without taking into consideration of swap transactions of us and our six wholly-owned generation subsidiaries as of December 31, 2021 for each year from 2022 to 2026 and thereafter. As of December 31, 2021, such debt represented 96.0% of our outstanding debt on a consolidated basis.
 
Year ended December 31
  
Local
Currency
Borrowings
   
Foreign Currency
Borrowings
   
Domestic
Debentures
   
Foreign
Debentures
   
Total
(1)
 
   
(in billions of Won)
 
2022
   3,387.1    363.8    7,430.4    2,193.2    13,374.5 
2023
   6.3    —      7,920.0    1,659.7    9,586.0 
2024
   5.8    —      7,500.0    1,369.4    8,875.3 
2025
   155.0    —      4,020.0    1,896.8    6,071.8 
2026
   3.2    10.4    7,330.0    2,276.7    9,620.2 
Thereafter
   57.4    —      27,960.3    1,927.6    29,945.3 
Total
(1)
   3,614.9    374.2    62,160.7    11,323.3    77,473.1 
 
Note:
 
(1)
The figures may not add up to the relevant total numbers due to rounding.
We and our six wholly-owned generation subsidiaries incurred interest charges (including capitalized interest) in relation to our interest-bearing debt of Won 2,536 billion, Won 2,438 billion and Won 2,337 billion in 2019, 2020 and 2021, respectively. We anticipate that interest charges will increase in future years because of, among other factors, anticipated increases in our long-term debt. See “—Capital Resources” below. The weighted average rates of interest on our and our six wholly-owned generation subsidiaries’ interest-bearing long-term debt and borrowings under existing swap contracts were 2.75%, 2.55% and 2.35% in 2019, 2020 and 2021, respectively.
Overseas Investments
As part of our revenue diversification strategy, we plan to continue to make overseas investments on a selective basis, which will be funded primarily through foreign currency-denominated borrowings and debt securities issuances as well as net operating cash from such projects.
Capital Resources
The selected consolidated financial data set forth below as of and for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.
You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.
 
   
2019
   
2020
   
2021
   
2021
 
   
(rounded to billions of Won and millions of US$)
(1)
 
Net cash provided by operating activities
  
W
8,213
 		  
W
13,208
 		  
W
4,473
 		  $3,763 
Long-term debt (excluding current portion)
(2)
   59,019    59,050    66,500    55,948 
Current portion of the long-term debt
   7,759    9,238    11,109    9,347 
Total long-term debt
(3)
   66,890    68,450    77,781    65,440 
Won-denominated
long-term debt
   55,196    56,759    64,995    54,683 
Foreign currency-denominated long-term debt
   11,694    11,692    12,786    10,757 
Other long-term liabilities
(4)
   45,457    47,544    47,565    40,018 
Short-term borrowings
   1,099    1,437    2,921    2,457 
Total equity
   68,890    70,667    65,312    54,949 
 
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Notes:
 
(1)
The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021.
(2)
Long-term debt, net consists of long-term borrowings and debt securities (excluding the current portions but including original issue discounts and premiums) without taking into consideration of swap transactions.
(3)
Total
long-term
debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions.
(4)
Other long-term liabilities consist of total
non-current
liabilities of our consolidated financial statements included in this annual report minus long-term debt (excluding current portion) of this table.
We have traditionally met our working capital and other capital requirements primarily from net cash provided by operating activities, issuance of debt securities and borrowings from financial institutions. Net cash provided by operating activities is primarily a function of electricity sales and fuel purchases and is also affected by increases and decreases in trade receivables, trade payables and inventory related to electricity sales and fuel purchases. Net cash provided by operating activities was Won 8,213 billion, Won 13,208 billion and Won 4,473 billion in 2019, 2020 and 2021, respectively.
As of December 31, 2019, 2020 and 2021, our long-term debt (excluding the current portion but including original issue discounts and premium), without taking into consideration of swap transactions, amounted to Won 59,019 billion, Won 59,050 billion and Won 66,500 billion, respectively, representing 85.7%, 83.6% and 101.8% of equity, respectively, as of such dates. As of December 31, 2019, 2020 and 2021, the current portions of our long-term debt were Won 7,759 billion, Won 9,238 billion and Won 11,109 billion, respectively. As of December 31, 2019, 2020 and 2021, our short-term borrowings amounted to Won 1,099 billion, Won 1,437 billion and Won 2,921 billion, respectively. See Note 23 of the notes to our consolidated financial statements included in this annual report. Total long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, as of December 31, 2021 was Won 77,781 billion, of which Won 64,995 billion was denominated in Won and an equivalent of Won 12,786 billion was denominated in foreign currencies, primarily U.S. dollars. We, KHNP, KOMIPO and KOWEPO also maintain global medium-term note programs in the aggregate amount of US$13 billion, of which approximately US$7 billion remains currently available for future drawdown.
Subject to the implementation of our capital expenditure plan and the sale of our interests in our generation subsidiaries and other subsidiaries, our long-term debt may increase or decrease in future years. Until recently, a significant portion of our long-term debt was raised through foreign currency-denominated borrowings. Our foreign currency-denominated long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, amounted to Won 11,692 billion and Won 12,786 billion as of December 31, 2020 and 2021, respectively.
Our ability to incur long-term debt in the future is subject to a variety of factors, many of which are beyond our control, including, the amount of capital that other Korean entities may seek to raise in capital markets. Economic, political and other conditions in Korea may also affect investor demand for our securities and those of other Korean entities. In addition, our ability to incur debt will also be affected by the Government’s policies relating to foreign currency borrowings, the liquidity of the Korean capital markets and our operating results and financial condition. In case of adverse developments in Korea, the price at which such financing may be available may not be acceptable to us.
We incur our short-term borrowings primarily through commercial papers sold to domestic financial institutions. We have not had any material difficulties in obtaining short-term borrowings. In addition, in order to prepare for potential liquidity shortage, we maintain several credit facilities with financial institutions, with
Won-denominated
facilities amounting to Won 4,926 billion in aggregate and foreign currency-denominated
 
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facilities amounting to US$1,645 million in aggregate. The full amount of these facilities was available as of December 31, 2021.
We may raise capital from time to time through the issuance of equity securities. However, there are certain restrictions on our ability to issue equity instrument, including limitations on shareholdings by foreigners. In addition, without changes in the existing KEPCO Act which requires that the Government, directly or pursuant to the Korea Development Bank Act, through Korea Development Bank, own at least 51% of our capital stock, it may be difficult or impossible for us to undertake any equity financing other than sales of treasury stock without the participation of the Government. Even if we are able to conduct equity financing with the participation of the Government, prevailing market conditions may be such that we may not be able conduct equity financing on terms that are commercially acceptable to us. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy.”
Our total equity decreased by 7.6% from Won 70,667 billion as of December 31, 2020 to Won 65,312 billion as of December 31, 2021, mainly as a result of a decrease in total comprehensive income.
Liquidity
The selected consolidated financial data set forth below as of and for the years ended December 31, 2019, 2020 and 2021 have been derived from our audited consolidated financial statements which have been prepared in accordance with IFRS.
You should read the following data with the more detailed information contained in Item 18. “Financial Statements.” Historical results do not necessarily predict future results.
 
   
2019
  
2020
  
2021
  
2021
 
   
(rounded to billions of Won and millions of US$)
(1)
 
Property, plant and equipment, net
  
W
164,702
 		 
W
168,709
 		 
W
173,120
 		 $145,651 
Current trade and other payables, net
   6,649   6,257   8,153   6,860 
Current financial liabilities, net
   8,931   10,725   14,037   11,810 
Net cash provided by operating activities
   8,213   13,208   4,473   3,763 
Net cash used in investing activities
   (13,499)   (14,832)   (12,354)   (10,394) 
Net cash provided by financing activities
   5,775   1,881   8,435   7,097 
Net working capital (deficit)
(2)
   (4,749)   (5,319)   (9,681)   (8,145) 
 
Notes:
 
(1)
The financial information denominated in Won as of and for the year ended December 31, 2021 has been translated into U.S. dollars at the exchange rate of Won 1,188.6 to US$1.00, which was the Noon Buying Rate as of December 31, 2021.
(2)
Net working capital is defined as current assets minus current liabilities. For the periods indicated, current liabilities exceeded current assets, which resulted in working capital deficit for such periods.
Our liquidity is substantially affected by our acquisition of property, plant and equipment, fuel purchases and schedule of repayment of debt. Our property, plant and equipment increased by 2.6% from Won 168,709 billion as of December 31, 2020 to Won 173,120 billion as of December 31, 2021. As the fuel costs increased by 31.2% from Won 14,794 billion in 2020 to Won 19,408 billion in 2021, our current trade and other payables also increased from Won 6,257 billion as of December 31, 2020 to Won 8,153 billion as of December 31, 2021. Our current financial liabilities increased by 30.9% from Won 10,725 billion as of December 31, 2020 to Won 14,037 billion as of December 31, 2021 according to our debt repayment schedule.
Our cash flows are also impacted by other factors. Our net cash provided by operating activities decreased by 66.1% from Won 13,208 billion in 2020 to Won 4,473 billion in 2021. There was a decrease in profit of Won 7,322 billion during 2021 compared to 2020.
 
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Our cash flows from investing activities are mainly affected by the acquisition of property, plant and equipment and financial assets, which was Won 18,562 billion in 2021, as well as the proceeds from disposals of financial assets, which was Won 7,024 billion in 2021. Our net cash used in investing activities decreased by 16.7% from Won 14,832 billion in 2020 to Won 12,354 billion in 2021, mainly due to the decrease in acquisition of financial assets of Won 3,310 billion and decrease in acquisition of property, plant and equipment of Won 613 billion offset by a decrease in proceeds from disposals of financial assets of Won 997 billion.
Our cash flows from financing activities are mainly affected by the proceeds and repayment of long-term borrowings and debt securities, which was a net inflow of Won 8,032 billion in 2021, as well as dividend paid, which was Won 812 billion in 2021. Our net cash from financing activities increased by 348.5% from Won 1,881 billion in 2020 to Won 8,435 billion in 2021, largely due to an increase of Won 7,222 billion in proceeds from long-term borrowings and securities.
Due to the capital-intensive nature of our business as well as significant volatility in fuel prices, from time to time we operate with working capital deficits, and we may have substantial working capital deficits in the future. As of December 31, 2019, 2020 and 2021, we had a working capital deficit of Won 4,749 billion, Won 5,319 billion and Won 9,681 billion, respectively. We have traditionally met our working capital and other capital requirements primarily with net cash provided by operating activities, issuance of debt securities, borrowings from financial institutions and construction grants. We also incur short-term borrowings primarily through commercial papers sold to domestic financial institutions. We have not had any material difficulties in obtaining short-term borrowings. See “—Capital Resources.”
We may face liquidity concerns in the case of sudden and sharp depreciation of the Won against major foreign currencies or depreciation over a sustained period of time. While substantially all of our revenues and our cash and cash equivalents are denominated in Won, we pay for substantially all of our fuel purchases in foreign currencies. Furthermore, as a substantial portion of our long-term debt is denominated in foreign currencies, the payment of principal and interest thereon is made in foreign currencies. In the past, we have incurred foreign currency debt principally due to the limited availability and the high cost of
Won-denominated
financing in Korea. However, in light of the increasing sophistication of the Korean capital markets and the recent increase
in Won liquidity in the Korean financial markets, we plan to reduce the portion of our debt which is denominated in foreign currencies although we intend to continue to raise certain amounts of capital through long-term foreign currency debt for purposes of maintaining diversity in our funding sources as well as paying for overseas investments and fuel procurements in foreign currencies. As of December 31, 2021, 16.4% of our long-term debt (including the current portion but excluding original issue discounts and premium) without taking into consideration of swap transactions was denominated principally in U.S. dollars.
We enter into currency swaps and other hedging arrangements with respect to our foreign currency denominated debt only to a limited extent primarily due to the limited size of the Korean market for such derivative instrument. Such instruments include combined currency and interest rate swap agreements, interest rate swaps and foreign exchange agreements. We do not enter into derivative financial instruments in order to hedge market risk resulting from fluctuations in fuel costs. Our policy is to hold or issue derivative financial instruments for hedging purposes only. See Note 12 of the notes to our consolidated financial statements.
We did not pay any dividends in respect of fiscal year 2019 and 2021 on a separate basis. We paid dividends of Won 1,216 per share in respect of fiscal year 2020 on a separate basis.
Contractual Obligations
The following summarizes our known contractual obligations on a consolidated basis as of December 31, 2021 and the effect such obligations are expected to have on liquidity and cash flow in future
 
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periods. See Note 45 (2) of the notes to our consolidated financial statements included in this annual report for our management of short, medium and long-term funding and liquidity management requirements.
 
Contractual Obligations
  
Less than
1 Year
   
1~2 Years
   
2~5 Years
   
More than
5 Years
   
Total
(3)
 
   
In billions of Won
 
Borrowings and debt securities
(1)
  
W
15,834
 		   11,230    28,664    36,224    91,950 
Lease liabilities
   620    637    1,521    2,151    4,929 
Trade and other payables
   7,570    777    725    667    9,739 
Financial guarantee contracts
(2)
   436    —      3,106    177    3,718 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
(3)
  
W
24,459
 		   12,643    34,016    39,218    110,337 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
Notes:
 
(1)
These includes interest payments on the borrowings and debts for the periods indicated.
(2)
This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2020 and 2021 are Won 66,354 million and Won 80,841 million, respectively.
(3)
The figures may not add up to the relevant total numbers due to rounding.
For a description of our commercial commitments and contingent liabilities, see Note 50 of the notes to our consolidated financial statements included in this annual report.
We entered into a power purchase agreement with GS EPS Co., Ltd. and CGN Yulchon Generation Co., Ltd. respectively, which are non-renewable energy independent power producers that are not part of the Community Energy System, under which we are required to purchase all electricity generated by these companies to the extent such electricity is traded through the Korea Power Exchange. The purchase prices for such electricity are predetermined under the power purchase agreements, subject to annual adjustments.
We purchased power from these companies in the amounts of Won 500 billion, Won 379 billion and Won 371 billion in 2019, 2020 and 2021, respectively.
As a result of the expiration of the contractual periods, our agreement with GS EPS Co., Ltd. terminated on March 31, 2021.
We meet our coal requirements primarily through purchases of bituminous coal and anthracite coal under long-term supply contracts with domestic and foreign suppliers to purchase. Under these long-term supply contracts, purchase prices are adjusted periodically based on prevailing market conditions. We have entered into several fuel purchase agreements under which we are committed to purchasing minimum quantities of fuel, including approximately 60 to 70 million tons of bituminous coal in 2021.
We also purchase a substantial portion of our LNG requirements from Korea Gas Corporation, a related party. We negotiate annually with Korea Gas Corporation and other suppliers to purchase LNG. We have also entered into long-term transportation contracts with Pan Ocean Co., Ltd. and others.
We import all uranium ore concentrates from sources outside Korea (including Canada, France, the United Kingdom, Switzerland, Australia, Germany, Hong Kong, Japan and Uzbekistan) through medium- to long-term contracts and purchases in spot markets, and pay for such concentrates with currencies other than Won, primarily U.S. dollars. Contract prices for processing of uranium are generally based on market prices.
The fuel purchase price is typically negotiated near or at the time of purchase subject to prevailing market conditions. In 2021, the fuel cost incurred to us was Won 19.4 trillion. See Note 49 of the notes to our consolidated financial statements for further details of these contracts.
Under the Long-term Transmission and Substation Plan approved by the Ministry of Trade, Industry and Energy, we are liable for the construction of all of our power transmission facilities and the maintenance and repair expenses for such facilities. Also, our generation subsidiaries make plans for expanding our generation
 
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capacity based on the Basic Plan Relating to the Long-Term Supply and Demand of Electricity, which is generally revised and announced every two years by the Government. For a description of our commitments for acquisition of property, plant and equipment, see Note 49 of the notes to our consolidated financial statements included in this annual report.
Payment guarantee
See Note 50 to our consolidated financial statements included in this annual report for payment guarantees and short-term credit facilities from financial institutions.
Overdraft and Others
See Note 47 to our consolidated financial statements included in this annual report for existing guarantees provided by us to our associates and joint ventures.
Other than as described in this annual report and also in Notes 47 and 50 of the notes to our consolidated financial statements included in this annual report, we did not have any other material credit lines and guarantee commitments provided to any third parties as of December 31, 2021.
 
Item 5.C.
Research and Development, Patents and Licenses, etc.
Research and Development
Our research and development program is focused on developing advanced electric power, renewable energy, smart grid and customer-friendly electricity service technologies that will enable us to become a global leader in the energy industry and to preemptively respond to changes in the energy paradigm and to improve the quality of the electricity. As a result, we secured 37 core strategic technologies and 201
first-in-class
technologies in the related fields such as power network upgrading, the fourth industrial revolution and renewable energy. In 2022, consistent with the Government guidelines, we plan to invest approximately 5.15% of our annual estimated net sales on a separate basis, in the research and development. We also actively cope with changes in the external environment represented by carbon neutrality and established medium- to long-term technology development strategies for core strategies to create sustainable new growth engines.
Our research and development activities plan to focus on the following:
 
 • 
in the electric power system sector, enhancing renewable electricity capacity and storage of renewable energy surplus;
 
 • 
in the power generation sector, reducing CO
2
emissions and establishing an environment-friendly power generation system;
 
 • 
establishing an intelligent plant operation system using data, networks, and artificial intelligence;
 
 • 
commercializing high efficiency transmission technologies including superconductor; and
 
 • 
establishing a system for avoiding safety incidents and disaster damage.
In addition, we cooperate closely with several other electric utility companies and research institutes, both foreign and domestic, on various projects to diversify the scope and scale of our research and development activities.
We invested Won 976 billion, Won 887 billion and Won 910 billion, in 2019, 2020 and 2021, respectively, and currently plan to invest Won 1,087 billion in 2022, on research and development. Our current focus in research and development is primarily in the area of low-carbon and clean energy development and
ICT-based
smart energy technological development. We had 1,287 employees engaged in research and development activities as of December 31, 2021. As a result of our research, we
had 5.902 registered patents and 7,189 patent applications outstanding in Korea and abroad as of December 31, 2021.
 
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Item 5.D.
Trend Information
Trends, uncertainties and events which could have a material impact on our sales, liquidity and capital resources are discussed above in Item 5.A. “Operating Results” and Item 5.B. “Liquidity and Capital Resources.”
 
Item 5.E.
Critical Accounting Estimates
See Note 2. (4) to our consolidated financial statements included in this annual report and other sections of our consolidated financial statements referred to thereunder for accounting estimates that have the most significant effect on the amounts recognized in our consolidated financial statements.
 
ITEM 6.
DIRECTORS, SENIOR MANAGEMENT AND EMPLOYEES
Item 6.A. Directors and Senior Management
Board of Directors
Under the KEPCO Act, the Act on the Management of Public Institutions and our Articles of Incorporation, our board of directors, which is required to consist of not more than 15 directors, including the president, is vested with the authority over our management.
Pursuant to the Act on the Management of Public Institutions and our Articles of Incorporation, we have two types of directors: standing directors (‘
sang-im-isa
’ in Korean) and
non-standing
directors (‘
bi-sang-im-isa
’ in Korean). Please see the below discussion under “—Standing Directors” and
“—Non-standing
Directors” for more information.
Under our Articles of Incorporation, there may not be more than seven standing directors, including our president, and more than eight
non-standing
directors. The number of
non-standing
directors must exceed the number of standing directors, including our president. A senior
non-standing
director appointed by the Ministry of Economy and Finance becomes our chairperson of the board following the review and resolution of the Committee for Management of Public Institutions.
Under the Act on the Management of Public Institutions amended on February 3, 2022 and to become effective on August 4, 2022, the labor director system will be introduced where one
non-standing
director of the public institution must be appointed among its employees who have held their offices for at least three years and (i) is recommended by the representative of the employees (or the representative of the labor union of the public institution if there is a labor union comprising the majority of the employees) or (ii) obtains consent from the majority of the employees of a public institution. The specific guidelines is not yet released for the implementation of such Act, but once released, we expect to take appropriate measures including amending our articles of incorporation in order to appoint a new labor director in accordance with such Act.
Standing Directors
The standing directors refer to our directors who serve their directorship positions in full-time capacity.
Our president serves as our chief executive officer and represents us and administers our
day-to-day
business in all matters and bears the responsibility for the management’s performance. Our president is appointed by the President of the Republic upon the motion of the Ministry of Trade, Industry and Energy following the nomination by our director nomination committee, the review and resolution of the Committee for Management of Public Institutions pursuant to the Act on the Management of Public Institutions and an approval at the general meeting of our shareholders.
In the event the president acts in violation of law or the Articles of Incorporation, is negligent in his duties, or otherwise is deemed to be significantly impeded in performing his official duties as president, the board of directors may by resolution request the minister of the Ministry of Trade, Industry and Energy to dismiss or recommend the dismissal of the president.
 
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Our standing director(s) who concurrently serves as a member of the audit committee is appointed through the same appointment process applicable to our president, except that the motion for appointment is made by the Ministry of Economy and Finance instead of the Ministry of Trade, Industry and Energy. Such director is
non-executive
in that he or she does not participate in the management of us and our subsidiaries and meets the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule
10A-3
under the Exchange Act.
Standing directors other than our president or those who concurrently serve as members of the audit committee are appointed by our president with the approval at the general meeting of our shareholders.
The names, titles and outside occupations, if any, of the standing directors as of April 8, 2022 and the respective years in which they took office are set forth below.
 
Name (Gender)
 
Age
 
Position
 
Outside Occupation
 
Position Held Since
Cheong,
Seung-Il
(Male)
 56 President & Chief Executive Officer None June 1, 2021
Choi,
Young-Ho
(Male)
 57 Comptroller & Auditor General and Member of the Audit Committee
(Non-executive)
 None November 16, 2020
Lee,
Heyn-Bin
(Male)
 59 Corporate Senior Executive Vice President & Chief Business Management Officer None September 14, 2020
Lee, Jong-Hwan (Male)
 61 Corporate Senior Executive Vice President & Chief Safety Officer & Chief Business Operations Officer None November 9, 2020
Park,
Heon-Gyu
(Male)
 59 Corporate Senior Executive Vice President & Chief Financial & Strategic Planning Officer None May 28, 2021
Kim,
Tae-Ok
(Male)
 59 Corporate Senior Executive Vice President & Chief Power Grid Officer None March 25, 2021
Lee,
Heung-Joo
(Male)
 60 Corporate Senior Executive Vice President & Chief Global & Nuclear Business Officer None October 14, 2021
Cheong,
Seung-Il
has
been our President and CEO since June 1, 2021. Prior to his current position, he served as a Vice Minister of the Ministry of Trade, Industry and Energy, Deputy Minister of the Office of Energy and Resources, Director General for Energy Industry Policy under the Ministry of Trade, Industry and Energy and the President and CEO of Korea Gas Corporation. Mr. Cheong received an M.B.A. from Seoul National University.
Choi,
Young-Ho
has been our Standing Director since November 16, 2020. Mr. Choi previously served as an Expert Advisor at Presidential Committee for Balanced National Development and a mayor of
Nam-gu,
which is a local government in Gwangju Metropolitan City, as elected by popular vote. Mr. Choi received a M.A. in social work from Gwangju University.
Lee,
Heyn-Bin
has been our Standing Director since September 14, 2020. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Business Management Officer and previously served as the Vice President & Head of KEPCO-Tech Project Department of KEPCO and Vice President & Head of Human Resources Department. Mr. Lee received a Korean Executive M.B.A. in utilities management from Helsinki School of Economics.
 
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Lee, Jong-Hwan
has been our Standing Director since November 9, 2020. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Safety Officer & Chief Business Operations Officer and previously served as the Executive Vice President & Chief Technology Officer and Vice President & Head of New Business Promotion Department. Mr. Lee received a M.E. in electrical engineering from Konkuk University.
Park,
Heon-Gyu
has been our Standing Director since May 28, 2021. Mr. Park also currently serves as our Corporate Senior Executive Vice President & Chief Financial & Strategic Planning Officer and previously served as the Executive Vice President & Chief Cooperations Officer and Vice President & Head of Audit & Inspection Office. Mr. Park received a Korean Executive M.B.A. in utilities management from Helsinki School of Economics.
Kim,
Tae-Ok
has been our Standing Director since March 25, 2021. Mr. Kim also currently serves as our Corporate Senior Executive Vice President & Chief Power Grid Officer and previously served as the Vice President of Regional Headquarters KEPCO Gwangju-Jeonnam and Vice President & Head of Technology Planning Department. Mr. Kim received a B.E. in electrical engineering from Ajou University.
Lee,
Heung-Joo
has been our Standing Director since October 14, 2021. Mr. Lee also currently serves as our Corporate Senior Executive Vice President & Chief Global & Nuclear Business Officer and previously served as the Corporate Vice President & Head of UAE Nuclear Project Department and the Assistant Vice President & Head of Program Management Team under UAE Nuclear Project Department. Mr. Lee received a B.ME from Inha University.
Non-standing
Directors
The
non-standing
directors refer to our directors who do not serve their directorship positions in full-time capacity. The
non-standing
directors currently do not hold any executive positions with us or our subsidiaries.
Our
non-standing
directors must be appointed by the minister of the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee and must have ample knowledge and experience in business management. Appointment of
non-standing
directors to become part of the audit committee is subject to approval at the general meeting of our shareholders.
Although the classification of the directors applicable to us as a statutory juridical corporation established under the KEPCO Act is different from the classification under the Korean Commercial Act which consists of (i) an inside director (‘
sa-nae-isa
’ in Korean), (ii) an outside director (‘
sa-oe-isa
’ in Korean) and (iii) other directors who do not serve their directorship positions in full-time capacity but do not qualify as outside directors (‘
gita-bi-sang-moo-isa
’ in Korean), all of our
non-standing
directors have been, and are currently appointed from, candidates who satisfy the qualifications of an outside director under the Korean Commercial Act, as the KEPCO Act generally requires us to apply the Korean Commercial Act as applicable.
We strictly scrutinize whether a
non-standing
director candidate engaged in any related party transactions that would disqualify such candidate from his or her directorship under the Korean Commercial Act. Moreover, we have reinforced the decision-making power of
non-standing
directors by requiring both a majority and the chairperson of the board be
non-standing
directors. Our
non-standing
directors may request any information necessary to fulfill their duties from our president, and except in special circumstances, our president must comply with such request.
 
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The names, titles and outside occupations, if any, of the
non-standing
directors as of April 8, 2022 and the respective years in which they took office are set forth below.
 
Name (Gender)
 
Age
 
Position
 
Principal Occupation
 
Position Held Since
Seong,
Si-Heon
(Male)
 61 
Non-Executive
Director, Chairperson of the Board of Directors and the ESG Committee		 None June 10, 2020
Kim, Jae-Shin (Female)
 55 Non-Executive Director and Chairperson of the Audit Committee Certified public accountant of Saedure Accounting Firm July 9, 2021
Park,
Jong-Bae
(Male)
 58 
Non-Executive
Director		 Professor of Electrical and Electronics Engineering, Konkuk University January 31, 2020
Bang,
Su-Ran
(Female)
 35 
Non-Executive
Director and Member of the ESG Committee		 
Senior Advisor of Seoul Energy Corporation
Attorney-at-law/Partner
of Law Firm S
 September 1, 2020
Park,
Hyo-Sung
(Male)
 63 
Non-Executive
Director and Member of the Audit Committee		 None April 14, 2021
Lee,
Kee-Man
(Male)
 61 
Non-Executive
Director		 Professor of Aerospace Engineering, Sunchon University April 14, 2021
Hwang,
Cheol-Ho
(Male)
 44 
Non-Executive
Director and Member of the ESG Committee		 Head of Research support group on Carbon-neutral City under International Climate & Environment Center April 14, 2021
Lee,
Kye-Sung
(Male)
 65 
Non-Executive
Director		 None July 9, 2021
Seong,
Si-Heon
has been our
Non-Standing
Director since June 10, 2020. Mr. Seong previously served as the Chairperson and President of Korea Evaluation Institute of Industrial Technology and the Administrator of Korean Agency for Technology and Standards under the Ministry of Trade, Industry and Energy. Mr. Seong graduated from Chunchon
High School.
Kim, Jae-Shin
has been our Non-Standing Director since July 9, 2021. Ms. Kim currently serves a certified public accountant of Saedure Accounting Firm, Non-standing director of the Korean Institute of Certified Public Accountants and the President of women’s association of the Korean Institute of Certified Public Accountants. Ms. Kim received a B.A. and M.B.A. from Ewha Womans University.
Park,
Jong-Bae
has been our
Non-Standing
Director since January 31, 2020. Mr. Park is currently the professor of Electrical and Electronics Engineering at Konkuk University. Mr. Park previously served as a Head of the Office of Career Development and Placement at Konkuk University. Mr. Park received a B.S. and a Ph.D in Electrical and Electronics Engineering from Seoul National University.
Bang,
Su-Ran
has been our
Non-Standing
Director since September 1, 2020. Ms. Bang is currently the Senior Advisor of Seoul Energy Corporation and the
Attorney-at-law
and Partner of Law Firm S, Ms. Bang previously served as the
Non-executive
Director of Korea Energy Information Culture Agency. Ms. Bang previously served as the
Non-executive
Director of Korea Energy Information Culture Agency. Ms. Bang received a L.L.B. from Ewha Womans University.
Park, Hyo-Sung
has been our
Non-Standing
Director since April 14, 2021. Mr. Park previously served as a Consul-General of Korean Consulate General in New York, U.S.A., Ambassador Extraordinary and Plenipotentiary to Romania and Ambassador and Deputy Permanent Representative of Korean Permanent
 
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Mission to the UN Office and other International Organizations in Geneva, Switzerland. Mr. Park received a B.A. in Political Science and International Relations from Hankuk University of Foreign Studies and a M.A. in International Relations and M.G.A. (Master of Governmental Administration) from University of Pennsylvania.
Lee,
Kee-Man
has been our
Non-Standing
Director since April 14, 2021. Mr. Lee is currently the professor of Aerospace Engineering at Sunchon University. Mr. Lee previously served as the professor of Mechanical and Automotive Engineering at Jeonnam State University. Mr. Lee received a B.E. and a M.E. in Mechanical Engineering from Inha University and a Ph.D. in Mechanical Engineering from Korea Advanced Institute for Science and Technology (KAIST).
Hwang,
Cheol-Ho
has been our
Non-Standing
Director since April 14, 2021. Mr. Hwang is currently the Head of Research support group on Carbon-neutral City under International Climate & Environment Center and a civilian member of Korea’s Presidential Committee on Green Growth. Mr. Hwang received a B.E. and a M.E. in Environmental Engineering from Chosun University and a Ph.D. in Environmental Engineering from Chosun University.
Lee,
Kye-Sung
has been our
Non-Standing
Director since July 9, 2021. Mr. Lee previously served as a Senior Secretary for Political Affairs of National Assembly Speaker and a Spokesman of National Assembly Speaker. Mr. Lee received a B.A. in Political Science from Seoul National University and a M.A. in North Korean Studies from Yonsei University.
Term of Office of Directors
The term of our president is three years, while that of our directors (standing or
non-standing,
but except the president) is two years. According to the Act on the Management of Public Institutions, our president’s term cannot be terminated unless done so by the President of the Republic pursuant to the Act on the Management of Public Institutions or upon an event as specified in our Articles of Incorporation.
Resolutions of meeting of the Board of Directors
Attendance by a majority of the board members constitutes a voting quorum for our board meetings, and resolutions can be passed by a majority of the board members.
The business address of our directors is 55
Jeollyeok-ro,
Naju-si,
Jeollanam-do,
58322, Korea.
Audit Committee
Under the Act on the Management of Public Institutions, which took effect as of April 1, 2007, we are designated as a “market-oriented public enterprise” and, as such, are required to establish an audit committee in lieu of the
pre-existing
board of auditors upon expiration of the term of the last remaining member of the board of auditors. In September 2007, we amended our Articles of Incorporation to establish, in lieu of the
pre-existing
board of auditors, an audit committee meeting the requirements under the Sarbanes-Oxley Act. Under the Act on the Management of Public Institutions, the Korean Commercial Act and the amended Articles of Incorporation, we are required to maintain an audit committee consisting of three members, of which not less than two members are required to be
non-standing
directors. In addition, pursuant to certain amendments to the Act on the Management of Public Institutions that became effective as of January 1, 2021, in appointing the standing member of the audit committee, the director nomination committee shall recommend the person who is qualified in any of the followings: (i) a person who is qualified as a certified public accountant or an attorney and has a minimum of three years of experience in work related to such qualification, (ii) a person who has served as an assistant professor or at a higher position for at least three years in areas directly related to audit, investigation and judicial affairs, budget and accounting, investigation, planning and evaluation, etc. (hereinafter referred to as “audit-related works”) at a school under subparagraphs 1 through 5 of Article 2 of the Higher Education Act),
 
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(iii) a person who has been in charge of audit-related works for at least three years at a public institution, stock-listed corporation or research institute under Article 9(15)3 of the Financial Investment Services and Capital Markets Act and has experience prescribed by Presidential Decree, (iv) person who has been in charge of audit-related works for at least three years at the state or a local government and has served as a public official at the level prescribed by Presidential Decree, or (v) person with other expertise in accordance with the affairs of the relevant institution and qualified as prescribed by Presidential Decree.
The roles and responsibilities of our audit committee members are to perform the functions of an audit committee meeting the requirements under the Sarbanes-Oxley Act. Our audit committee was established on December 8, 2008.
On April 2, 2021, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires at least one director who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders.
Choi,
Young-Ho,
a standing director, Kim,
Jae-Shin
and Park,
Hyo-Sung,
both
non-standing
directors, are currently members of our audit committee. 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.
ESG Committee
We established an Environment, Social and Governance (“ESG”) Committee in our board of directors to reinforce
ESG-based
management system and to ensure continuous performance in this area. The ESG Committee is to consist of three directors. As of the date of this annual report, Seong, Si-Heon, Bang, Su-Ran and Hwang,
Cheol-Ho,
all
non-standing
directors, are the members of our ESG committee. Our ESG Committee is charged with resolving major management issues related to ESG, establishing ESG management strategies and business plans and checking on the overall direction of sustainable management.
Item 6.B. Compensation
The aggregate amount of remuneration paid to our standing and
non-standing
directors in the aggregate consist of (i) salaries and wages paid to standing and
non-standing
directors, which amounted to Won 1,512 million in aggregate in 2021, and (ii) accrued retirement and severance benefits for standing directors, which amounted to Won 21 million in 2021. Under the Act on the Management of Public Institution, our executive officers consist of the president and the standing and
non-standing
directors. Standing directors, except the standing director who concurrently serves as a member of our audit committee, take executive positions with our company while the other directors, including
non-standing
directors, do not. We do not have any other officer who is in charge of a principal business unit, division or function, any other officer who performs a policy making function or any other person who performs similar policy making functions for us.
Item 6.C. Board Practices
Under the Act on the Management of Public Institutions and our Articles of Incorporation, for appointments made after April 1, 2007, the term of office for our president is three years and the term of our office for our directors (whether standing or
non-standing
but not the president) is two years. Our president and directors may be reappointed for one or more additional terms of one year. In order to be reappointed, the president must be evaluated on the basis of his management performance; a standing director, on the basis of the performance of the duties for which he was elected to perform, or if the standing director has executed an incentive bonus contract, on the basis of his performance under the contract; and a
non-standing
director, on the basis of his performance of the duties for which he was elected to perform.
 
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Our board currently does not maintain a compensation committee. See Item 16.G. “Corporate Governance.” However, we currently maintain an audit committee meeting the requirements of the Sarbanes-Oxley Act to perform the roles and responsibilities of the compensation committee. Prior to the establishment of the audit committee on December 8, 2008 pursuant to the Act on the Management of Public Institutions, we maintained a board of auditors, which performed the roles and responsibilities required of an audit committee under the Sarbanes-Oxley Act, including the supervision of the financial and accounting audit by the independent registered public accountants.
Our president’s management contract includes benefits upon termination of his employment. The amount for termination benefits payable equals the average value of compensation for one month times the number of years the president is employed by us, provided that the president is only eligible for termination benefits after more than one year of continuous service.
The termination benefits for our standing directors are determined in accordance with our internal regulations for executive compensation. Standing directors are eligible for benefits only upon termination of employment or death following one year of continuous service.
See also Item 16.G. “Corporate Governance” for a further description of our board practices.
Item 6.D. Employees
As of December 31, 2021, we and our generation subsidiaries had a total of 48,809 regular employees, almost all of whom are employed within Korea. Approximately 10.9% of our regular employees (including employees of our generation subsidiaries) are located at our head office.
The following table sets forth the number of and other information relating to our regular employees, not including directors or senior management, as of December 31, 2021.
 
   
KEPCO
   
KHNP
   
KOSEP
   
KOMIPO
   
KOWEPO
   
KOSPO
   
EWP
   
Total
 
Regular Employees
                
Administrative
   5,207    1,037    355    417    280    313    271    7,880 
Engineers
   12,518    9,925    2,239    2,158    2,154    1,952    2,109    33,055 
Others
   5,556    1,130    213    175    257    418    125    7,874 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Total
   23,281    12,092    2,807    2,750    2,691    2,683    2,505    48,809 
  
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Head Office Employees
   1,778    1,409    465    420    393    450    403    5,318 
% of total
   7.6%    11.7%    16.6%    15.3%    14.6%    16.8%    16.1%    10.9% 
Members of Labor Union
   18,119    8,611    2,023    1,715    1,894    1,796    1,807    35,965 
% of total
   77.8%    71.2%    72.1%    62.4%    70.4%    66.9%    72.1%    73.7% 
We and each of our generation subsidiaries have separate labor unions. Approximately 73.7% of our and our generation subsidiaries’ employees in the aggregate are members of these labor unions, each of which negotiates a collective bargaining agreement for its members each year. Under applicable Korean law, an employee-employer cooperation committee comprised of an equal number of representatives of management and labor (which shall be no less than three and no more than ten representatives from each of management and labor) is required to be established. Accordingly, an employee-employer cooperation committee composed of eight representatives of management and eight representatives of labor has been established at us and at each of our generation subsidiaries. The committee meets periodically to discuss various labor issues.
Since our formation in 1981, our businesses had not been interrupted by any work stoppages or strikes except in early 2002, when employees belonging to our five
non-nuclear
generation subsidiaries went on strike for six weeks to protest the Government’s decision to privatize such
non-nuclear
generation subsidiaries
 
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according to the Restructuring Plan, which privatization plan has since been suspended indefinitely. See Item 3.D. “Risk Factors—Risks Relating to KEPCO—The Government may adopt policy measures to substantially restructure the Korean electric power industry or our operational structure, which may have a material adverse effect on our business, operations and profitability.”
We believe our relations with our employees are generally good.
Item 6.E. Share Ownership
As of December 31, 2021, none of our directors and members of our administrative, supervisory or management bodies own more than 0.1% of our common stock individually and in aggregate.
 
ITEM 7.
MAJOR SHAREHOLDERS AND RELATED PARTY TRANSACTIONS
Item 7.A. Major Shareholders
The following table sets forth certain information relating to certain owners of our capital stock as of December 31, 2021:
 
Title of Class
  
Identity of Person or Group
  
Shares Owned
   
Percentage of

Class
(1)
(%)
 
Common stock
  Government   116,841,794    18.2 
  Korea Development Bank
(2)
   211,235,264    32.9 
    
 
 
   
 
 
 
  Subtotal   328,077,058    51.1 
  National Pension Service   37,969,179    5.9 
  Employee Stock Ownership Association   4,874,457    0.8 
  Directors as a group   1,789    0.0 
  Public
(non-Koreans)
   91,105,897    14.2 
  
Common shares
   79,780,464    12.4 
  
American depositary shares
   11,325,433    1.8 
  Public (Koreans)   179,935,697    28.0 
    
 
 
   
 
 
 
  Total   641,964,077    100.0 
    
 
 
   
 
 
 
 
Notes:
 
(1)
Percentages are based on issued shares of common stock.
(2)
Korea Development Bank is a Government-controlled entity.
All of our shareholders have equal voting rights. See Item 10.B. “Memorandum and Articles of Incorporation—Description of Capital Stock—Voting Rights.”
Item 7.B. Related Party Transactions
We are engaged in a variety of transactions with our affiliates. We have related party transactions with Government-controlled entities such as Korea Gas Corporation, our consolidated subsidiaries and our equity investees. In addition, we engage in related party transactions with Korea Development Bank, one of our major shareholders. See Note 47 of the notes to our consolidated financial statements included in this annual report for a description of transaction and balances with our related parties.
In the past three years, our related party transactions principally consisted of purchases of LNG from Korea Gas Corporation and long-term borrowings from Korea Development Bank. In 2019, 2020 and 2021, we and our generation subsidiaries purchased LNG from Korea Gas Corporation in the aggregate amount of Won 4,049 billion, Won 3,271 billion and Won 5,647 billion, respectively. As of December 31, 2021, we had borrowings from Korea Development Bank in the aggregate amount of Won 353 billion, which had an interest rate range of 0.50% to 4.60% as well as 1 year KoFC bond rate between +0.81 and +0.95 for certain operating funds.
 
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We also engage in extensive transactions with our consolidated generation subsidiaries, including the purchase of electricity from them through Korea Power Exchange, sales of electricity to them, payment and receipt of commissions for services and receivables and payables transactions. These are eliminated in the consolidation process. See Note 50 to our consolidated financial statements included in this annual report for payment guarantees. We also provide guarantees for certain of our affiliates. We also have certain relationships with the Korea Power Exchange. See Item 4.B. “Business Overview—Purchase of Electricity—Cost-based Pool System.”
For a further description of our transactions with our affiliates, see Note 47 of the notes to our consolidated financial statements included in this annual report.
Item 7.C. Interests of Experts and Counsel
Not applicable.
 
ITEM 8.
FINANCIAL INFORMATION
Item 8.A. Consolidated Statements and Other Financial Information
See Item 18. “Financial Statements” and our consolidated financial statements included in this annual report.
Legal Proceedings
As of December 31, 2021, we and our subsidiaries were engaged in 683 lawsuits as a defendant and 284 lawsuits as a plaintiff. As of the same date, the total amount of damages claimed against us and our subsidiaries was Won 689 billion, for which we have made a provision of Won 115 billion as of December 31, 2021, and the total amount claimed by us and our subsidiaries was Won 784 billion as of December 31, 2021. While the outcome of any of these lawsuits cannot presently be determined with certainty, our management currently believes that the final results from these lawsuits will not have a material adverse effect on our liquidity, financial position or results of operations.
The following are potentially significant claims pertaining to us and our subsidiaries.
In December 2013, the Supreme Court of Korea ruled that regular bonuses fall under the category of ordinary wages on the condition that those bonuses are paid regularly and uniformly, and that any agreement which excludes such regular bonuses from ordinary wage is invalid. One of the key rulings provides that bonuses that are given to employees (i) on a regular and continuous basis and (ii) calculated according to the actual number of days worked (iii) that are not incentive-based must be included in the calculation of “ordinary wages.” The Supreme Court further ruled that in spite of invalidity of such agreements, employees shall not retroactively claim additional wages incurred due to such court decision, in case that such claims bring to employees unexpected benefits which substantially exceeds the wage level agreed by employers and employees and cause an unpredicted increase in expenditures for their company, which would lead the company to material managerial difficulty or would be a threat to the existence of the company. In that case, the claim is not acceptable since it is unjust and is in breach of the principle of good faith. As a result of such ruling by the Supreme Court of Korea, we and our subsidiaries became subject to a number of lawsuits filed by various industry-wide and company-specific labor unions based on claims that ordinary wage had been paid without including certain items that should have been included as ordinary wage. In July 2016, the court ruled against us, and in accordance with the court’s ruling, in August 2016 we paid Won 55.1 billion to the employees for three years of back pay plus interest. As of December 31, 2021, however, 12 lawsuits were pending against our subsidiaries for an aggregate claim amount of Won 38 billion, for which our subsidiaries set aside an aggregate amount of Won 3.2 billion to cover any potential future payments of additional ordinary and average wage in relation to the related lawsuits.
 
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All cases are currently
on-going
at various stages of proceedings. We cannot presently assure you that the courts will not ultimately rule against our subsidiaries in these lawsuits, or that the amount of our reserves against these lawsuits will be sufficient to cover the amounts actually payable under court rulings. Any of these developments would adversely affect our results of operations.
During the period from 2014 to 2021, certain residential customers filed class action lawsuits against us based on the claim that electricity tariffs, determined under the progressive rate structure, were excessive. As of December 31, 2021, we were subject to 14 such lawsuits brought by approximately 10,000 plaintiffs with an aggregate claim amount of Won 7.1 billion. Of these 14 lawsuits, seven cases are currently pending in the third round of proceedings (for which we won all of the first and second rounds of proceedings, except for one case) and four cases are currently pending in the second round of proceedings (for which we won all of the first rounds of proceedings). Three cases are currently pending in the first round of proceedings.
In November 2019, prosecutors indicted six of KHNP’s employees for, among others, failing to immediately shut down Hanbit #1 reactor when its thermal output exceeded the threshold specified by the nuclear safety technical operations manual and filing false reports to the NSSC. KHNP is also indicted for secondary liability from its employees’ alleged wrongdoings. The case stemmed from the NSSC’s investigations into the manual shutdown of Hanbit #1 reactor during a diagnostic test in May 2019. In February 2021, the Gwangju District Court acquitted the employees of their charges of violating the safety technical operations manual and driving a vehicle without a license during the incident. However, three employees were fined for filing false reports to the NSSC and KHNP was also fined in accordance with the disciplinary regulations. The prosecutors appealed the District Court’s decision and the case is currently being adjudicated in the Gwangju District Court.
We cannot assure you that the outcomes of the ongoing case will not have any material adverse effect on us, our reputation and our operating results.
In addition, our generation subsidiaries, currently and from time to time, are involved in lawsuits incidental to the conduct of their business. A significant number of such lawsuits are based on the claim that the construction and operation of the electricity generation units owned by our generation subsidiaries have impaired neighboring fish farms. Our generation subsidiaries normally pay compensation to the members of fishery associations near our power plant complex for expected losses and damages arising from the construction and operation of their power plants in advance. Despite such compensation paid by us, a claim may still be filed against our generation subsidiaries challenging the compensation paid by us.
The nuclear power plant at Wolsong #1 unit began operations in 1982 and ended its operations in 2012 pursuant to its
30-year
operating license. In February 2015, the NSSC evaluated the safety of operating Wolsong #1 unit and approved its extended operation until November 2022. However, on June 15, 2018, the board of directors of KHNP decided to retire Wolsong #1 unit earlier than planned due to comprehensive evaluation of the economic viability and regional sentiment of its continuing operation. On December 24, 2019, the NSSC approved the permanent shutdown of Wolsong #1 unit. The Board of Audit and Inspection of Korea carried out an investigation into whether the shutdown of Wolsong #1 unit was economically feasible and reported that the benefits of continued operations were set unreasonably low compared to the benefits of being immediately shut down, which may have led to the approval of the permanent shutdown of Wolsong #1 unit. According to the results for the investigation on October 20, 2020, KHNP established new guidelines for economic feasibility assessment in December 2021. On June 30, 2021, the Daejeon District Prosecutor’s Office indicted the CEO of KHNP for his role in approving the early retirement of Wolsong #1 unit, which was the subject of the aforementioned investigation by the Board of Audit Inspection of Korea. The CEO of KHNP is facing charges of breach of trust and obstruction of business and the case is currently being adjudicated at the Daejeon District Court.
In May 2019, a group of 729 Korean nationals brought a lawsuit against the NSSC to suspend the operation of Shin-Kori #4. In July 2019, we have applied to participate in the lawsuit as a stakeholder. In February 2021, the Seoul Administrative Court dismissed the plaintiffs’ claim. The plaintiffs subsequently appealed in March 2021 and the case is currently being adjudicated in the Seoul High Court. We cannot assure you that there will not be new challenges to prohibit the construction of new nuclear units in the future, whereby we may experience
 
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a loss of revenues and an increase in our overall fuel costs (as nuclear fuel is the cheapest compared to coal, LNG or oil) as a result of such prohibition, which could adversely affect our results of operation and financial condition.
Currently, KHNP is going through a trial at a district court against 3,910 people who have brought a retirement pension and severance payment claim. In connection with such lawsuit, KHNP has recognized Won 11.73 billion as a litigation provision.
Currently, KEPCO KDN is facing a contract dispute claim on appeal at the Seoul High Court. The parties are disputing the commencement of commercial operations in connection with the construction project of a waste oil refining power generation plant of Next energy Co., Ltd. In connection with such lawsuit, KEPCO KDN has recognized Won 18.45 billion as a provision to reflect the amount of probable outflow of resources.
On May 18, 2021, the Gwangju District Prosecutor’s Office indicted one KHNP employee for falsely reporting the results of the investigation on welding errors in the reactor head penetration pipe to the Nuclear Safety Committee. The case is currently going through trial in the Gwangju District Court.
We and our subsidiaries are also involved in the following arbitrations, among others.
 
 • 
Enzen, one of our subcontractors, filed an arbitration case against us over a contractual dispute in connection with the electric power IT modernization project in Kerala, India. We have not recognized any losses because the probability of economic benefit outflow is remote and the related amount cannot be reasonably determined.
 
 • 
GE Energy Products France SNC and General Electric Global Services GmbH filed for arbitration against us to the Korea Commercial Arbitration Board regarding additional payments of construction cost, but we have not recognized any estimated provision because we believe the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated.
On November 9, 2018, certain of our former executive and employees were convicted in a district court on charges for receiving bribes. In May 2019, the appellate court confirmed the charges.
As part of our efforts to prevent recurrence of similar cases, we have implemented the following measures:
 
 • 
Implementing web training program on integrity for all employees,
 
 • 
Strengthening integrity and anti-corruption evaluation systems for high-ranking officers and reflecting such results in performance evaluations,
 
 • 
Increasing the punishment and penalties for employee corruption, and
 
 • 
Declaring management unaffected by conflicts of interest through banning the pursuit of private interests in the course of job performance and creating a work environment that caters integrity.
We do not believe such claims or proceedings, individually or in the aggregate, have had or will have a material adverse effect on us and our generation subsidiaries. However, we cannot assure you that this will be the case in the future, given the possibility that we may become subject to more legal and arbitral proceedings arising from changes in the environmental laws and regulations as they become applicable to us and our generation subsidiaries, and the related growth in demand for more compensation by actual and potential affected parties. Further, we cannot assure you that the above convictions and/or related events will not have an adverse effect on our reputation as well as the price of our common shares and our American depositary shares.
Dividend Policy
For our dividend policy, see Item 10.B. “Memorandum and Articles of Incorporation—Description of Capital Stock—Dividend Rights.” For a description of the tax consequences of dividends paid to our
 
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shareholders, see Item 10.E. “Taxation—Korean Taxes—Shares or ADSs—Dividends on the Shares of Common Stock or ADSs” and Item 10.E. “Taxation—U.S. Federal Income Tax Consideration for U.S. Persons—Tax Consequences with Respect to Common Stock and ADSs—Distributions on Common Stock or ADSs.”
Item 8.B. Significant Changes
Except as disclosed elsewhere in this annual report, we have not experienced any significant changes since the date of our audited consolidated financial statements included in this annual report.
 
ITEM 9.
THE OFFER AND LISTING
Item 9.A. Offer and Listing Details
Notes
We have issued the following registered notes and debentures, which are traded principally in the
over-the-counter
market:
 
 • 
7.95%
Zero-To-Full
Debentures, due April 1, 2096 (the “7.95% Debentures”);
 
 • 
6% Debentures due December 1, 2026, (the “6% Debentures”);
 
 • 
7% Debentures due February 1, 2027 (the “7% Debentures”); and
 
 • 
6-3/4%
Debentures due August 1, 2027 (the
“6-3/4%
Debentures,” and together with the 7.95% Debentures, the 6% Debentures and the 7% Debentures, the “Registered Debt Securities”).
Sales prices for the Registered Debt Securities are not regularly reported on any United States securities exchange or other United States securities quotation service.”
Share Capital
The principal trading market for our common stock is the Korea Exchange. Our common stock is also listed on the New York Stock Exchange in the form of ADSs. The ADSs have been issued by Citibank, N.A. as depositary and are listed on the New York Stock Exchange under the symbol “KEP.” One ADS represents
one-half
of one share of our common stock. As of December 31, 2021, 22,650,866 ADSs representing 1.8% shares of our common stock were outstanding.
 
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Common Stock
Shares of our common stock are listed on the KRX KOSPI Market of the Korea Exchange. The table below shows the high and low closing prices on the KRX KOSPI Market of the Korea Exchange for our common stock since 2017.
 
   
Closing Price
 
Period
  
High
   
Low
 
   
(In Won)
 
2017
    
First Quarter
      48,750      40,350 
Second Quarter
   46,700    40,800 
Third Quarter
   45,500    38,200 
Fourth Quarter
   41,100    37,350 
2018
    
First Quarter
   37,750    30,850 
Second Quarter
   37,750    32,000 
Third Quarter
   33,300    28,700 
Fourth Quarter
   34,350    23,850 
2019
    
First Quarter
   35,800    29,900 
Second Quarter
   30,350    24,700 
Third Quarter
   27,950    24,700 
Fourth Quarter
   29,250    25,100 
October
   26,300    25,100 
November
   28,150    25,250 
December
   29,250    27,450 
2020
    
First Quarter
   28,500    16,250 
Second Quarter
   23,850    19,000 
Third Quarter
   21,950    18,700 
Fourth Quarter
   28,300    19,950 
October
   21,750    19,950 
November
   22,550    20,300 
December
   28,300    21,500 
December
   29,250    27,450 
2021
    
First Quarter
   27,150    22,700 
Second Quarter
   27,150    23,350 
Third Quarter
   25,650    23,150 
Fourth Quarter
   23,750    20,750 
October
   23,450    22,250 
November
   23,750    20,750 
December
   22,500    20,950 
2022
    
First Quarter
   24,750    20,100 
January
   22.350    20.100 
February
   23,200    21,100 
March
   24,750    22,550 
April (through April 8)
   23,250    22,000 
 
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ADSs
The table below shows the high and low closing prices on the New York Stock Exchange for the outstanding ADSs since 2017. Each ADS represents
one-half
of one share of our common stock.
 
   
Closing Price per ADS
 
Period
  
    High    
   
    Low    
 
   
(In US$)
 
2017
    
First Quarter
   21.35    17.53 
Second Quarter
   20.80    17.82 
Third Quarter
   20.38    16.73 
Fourth Quarter
   18.22    16.60 
2018
    
First Quarter
   17.83    14.28 
Second Quarter
   17.43    14.34 
Third Quarter
   14.70    12.62 
Fourth Quarter
   14.96    10.52 
2019
    
First Quarter
   15.75    13.01 
Second Quarter
   13.20    10.42 
Third Quarter
   11.79    10.24 
Fourth Quarter
   12.22    10.52 
2020
    
First Quarter
   17.82    10.51 
Second Quarter
   15.65    10.15 
Third Quarter
   14.59    11.20 
Fourth Quarter
   16.25    11.47 
October
   12.62    11.47 
2021
    
First Quarter
   12.37    10.04 
Second Quarter
   12.18    10.39 
Third Quarter
   11.06    9.84 
Fourth Quarter
   10.04    8.77 
October
   10.01    8.77 
November
   10.04    8.78 
December
   9.65    8.77 
2022
    
First Quarter
   10.18    8.34 
January
   9.29    8.34 
February
   9.70    8.71 
March
   10.18    9.31 
April (through April 8)
   9.54    9.00 
Item 9.B. Plan of Distribution
Not applicable.
Item 9.C. Markets
The Korea Exchange
The Korea Exchange began its operations in 1956, originally under the name of the Korea Stock Exchange. On January 27, 2005, pursuant to the Korea Securities and Futures Exchange Act, the Korea Exchange was
 
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officially created through the consolidation of the Korea Stock Exchange, the Korea Futures Exchange, the KOSDAQ Stock Market, Inc., or KOSDAQ, and the KOSDAQ Committee within the Korea Securities Dealers Association, which was in charge of the management of the KOSDAQ. The KRX KOSPI Market of the Korea Exchange, formerly the Korea Stock Exchange, has a single trading floor located in Seoul. The Korea Exchange is a limited liability company, the shares of which are held by (i) securities companies and futures companies that were the members of the Korea Stock Exchange or the Korea Futures Exchange and (ii) the shareholders of the KOSDAQ.
As of March 31, 2022, the aggregate market value of equity securities listed on the KOSPI of the Korea Exchange was approximately Won 2,164,962 billion. The average daily trading volume of equity securities for the first quarter of 2022 was approximately 601 million shares with an average transaction value of Won 11,109 billion.
The Korea Exchange has the power in some circumstances to suspend trading of shares of a given company or to
de-list
a security. The Korea Exchange also restricts share price movements. All listed companies are required to file accounting reports annually, semi-annually and quarterly and to release immediately all information that may affect trading of a security.
The Government has in the past exerted, and continues to exert, substantial influence over many aspects of the private sector business community which can have the intention or effect of depressing or boosting the market. In the past, the Government has informally both encouraged and restricted the declaration and payment of dividends, induced mergers to reduce what it considers excess capacity in a particular industry and induced private companies to publicly offer their securities.
The Korea Exchange publishes the Korea Composite Stock Price Index, or KOSPI, every ten seconds, which is an index of all equity securities listed on the KRX KOSPI Market of the Korea Exchange. On January 1, 1983, the method of computing KOSPI was changed from the Dow Jones method to the aggregate value method. In the new method, the market capitalizations of all listed companies are aggregated, subject to certain adjustments, and this aggregate is expressed as a percentage of the aggregate market capitalization of all listed companies as of the base date, January 4, 1980.
Movements in KOSPI in the past five years are set out in the following table:
 
   
Opening
   
High
   
Low
   
Closing
 
2017
   2,026.16    2,557.97    2,026.16    2,467.49 
2018
   2,479.65    2,598.19    1,996.05    2,041.04 
2019
   2,010.00    2,248.63    1,909.71    2,197.67 
2020
   2,175.17    2,873.47    1,457.64    2,873.47 
2021
   2,944.45    3,305.21    2,839.01    2,977.65 
2022 (through April 8)
   2,988.77    2,989.24    2,614.49    2,700.39 
 
Source:
The Korea Exchange
Shares are quoted
“ex-dividend”
on the first trading day of the relevant company’s accounting period; since the calendar year is the accounting period for the majority of listed companies, this may account for the drop in KOSPI between its closing level at the end of one calendar year and its opening level at the beginning of the following calendar year.
With certain exceptions, principally to take account of a share being quoted
“ex-dividend”
and
“ex-rights,”
upward and downward movements in share prices of any category of shares on any day are limited under the
 
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rules of the Korea Exchange to 30% of the previous day’s closing price of the shares, rounded down as set out below:
 
Previous Day’s Closing Price (Won)
  
Rounded Down to (Won)
 
less than 5,000
  
W
5
 
5,000 to less than 10,000
   10 
10,000 to less than 50,000
   50 
50,000 to less than 100,000
   100 
100,000 to less than 500,000
   500 
500,000 or more
   1,000 
As a consequence, if a particular closing price is the same as the price set by the fluctuation limit, the closing price may not reflect the price at which persons would have been prepared, or would be prepared to continue, if so permitted, to buy and sell shares. Orders are executed on an auction system with priority rules to deal with competing bids and offers.
Due to deregulation of restrictions on brokerage commission rates, the brokerage commission rate on equity securities transactions may be determined by the parties, subject to commission schedules being filed with the Korea Exchange by the securities companies. In addition, a securities transaction tax will generally be imposed on the transfer of shares or certain securities representing rights to subscribe for shares. A special agricultural and fishery tax of 0.15% of the sales prices will also be imposed on transfer of these shares and securities on the Korea Exchange. See Item 10.E. “Taxation—Korean Taxes.”
The number of companies listed on the KRX KOSPI Market of the Korea Exchange since 2016, the corresponding total market capitalization at the end of the periods indicated and the average daily trading volume for those periods are set forth in the following table:
 
Year
 
Number

of Listed
Companies
  
Total Market Capitalization on the Last
Day for Each Period
  
Average Daily Trading
Volume, Value
 
 
(Millions of Won)
  
(Thousands of U.S.
dollars)
(1)
  
(Thousands
of Shares)
  
(Millions of Won)
  
(Thousands of
U.S. dollars)
(1)
 
2017
  774   1,605,820,912   1,504,422,814   340,457   5,325,760   4,989,470 
2018
  788   1,343,971,858   1,207,630,387   397,972   6,548,622   5,884,286 
2019
  799   1,475,909,366   1,277,290,667   470,723   4,989,807   4,318,309 
2020
  795   1,980,543,162   1,823,536,656   895,256   12,200,417   11,233,235 
2021
  818   2,203,366,546   1,853,749,408   1,039,479   15,424,224   12,976,800 
2022 (through April 8)
  821   2,119,201,356   1,729,819,081   656,227   11,067,694   9,034,114 
 
Source
: The Korea Exchange
Note:
 
(1)
Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul at the end of the periods indicated.
The Korean securities markets are principally regulated by the Financial Services Commission and the Financial Investment Services and Capital Markets Act. The law imposes restrictions on insider trading and price manipulation, requires specified information to be made available by listed companies to investors and establishes rules regarding margin trading, proxy solicitation, takeover bids, acquisition of treasury shares and reporting requirements for shareholders holding substantial interests.
Protection of Customer’s Interest in Case of Insolvency of Financial Investment Companies with a Brokerage License
Under Korean law, the relationship between a customer and a financial investment company with a brokerage license in connection with a securities sell or buy order is deemed to be consignment, and the
 
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securities acquired by a consignment agent (i.e., the financial investment company with a brokerage license) through such sell or buy order are regarded as belonging to the customer insofar as the customer and the consignment agent’s creditors are concerned. Therefore, in the event of bankruptcy or reorganization procedures involving a financial investment company with a brokerage license, the customer of such financial investment company is entitled to the proceeds of the securities sold by such financial investment company.
When a customer places a sell order with a financial investment company with a brokerage license which is not a member of the Korea Exchange and this financial investment company places a sell order with another financial investment company with a brokerage license which is a member of the Korea Exchange, the customer is still entitled to the proceeds of the securities sold received by the
non-member
company from the member company regardless of the bankruptcy or reorganization of the
non-member
company.
Likewise, when a customer places a buy order with a
non-member
company and the
non-member
company places a buy order with a member company, the customer has the legal right to the securities received by the
non-member
company from the member company because the purchased securities are regarded as belonging to the customer insofar as the customer and the
non-member
company’s creditors are concerned.
Under the Financial Investment Services and Capital Markets Act, the Korea Exchange is obliged to indemnify any loss or damage incurred by a counterparty as a result of a breach by its members. If a financial investment company with a brokerage license which is a member of the Korea Exchange breaches its obligation in connection with a buy order, the Korea Exchange is obliged to pay the purchase price on behalf of the breaching member.
As the cash deposited with a financial investment company with a brokerage license is regarded as belonging to such financial investment company, which is liable to return the same at the request of its customer, the customer cannot take back deposited cash from the financial investment company with a brokerage license if a bankruptcy or reorganization procedure is instituted against such financial investment company and, therefore, can suffer from loss or damage as a result. However, the Depositor Protection Act provides that Korean Deposit Insurance Corporation will, upon the request of the investors, pay investors up to Won 50 million per depositor per financial institution in case of the such financial investment company’s bankruptcy, liquidation, cancellation of securities business license or other insolvency events (collectively, the “Insolvency Events”). Pursuant to the Financial Investment Services and Capital Markets Act, subject to certain exceptions, financial investment companies with a brokerage license are required to deposit the cash received from their customers with the Korea Securities Finance Corporation, a special entity established pursuant to the Financial Investment Services and Capital Markets Act.
Set-off
or attachment of cash deposits by financial investment companies with a brokerage license is prohibited. The premiums related to this insurance under the Depositor Protection Act are paid by financial investment companies with a brokerage license.
Item 9.D. Selling Shareholders
Not applicable.
Item 9.E. Dilution
Not applicable.
Item 9.F. Expenses of the Issue
Not applicable.
ITEM 10.
ADDITIONAL INFORMATION
Item 10.A. Share Capital
Not applicable.
 
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Item 10.B. Memorandum and Articles of Incorporation
Set forth below is information relating to our capital stock, including brief summaries of material provisions of our Articles of Incorporation, the KEPCO Act, the Financial Investment Services and Capital Markets Act, the Korean Commercial Act and certain related laws of Korea, all currently in effect. The following summaries are qualified in their entirety by reference to our Articles of Incorporation and the applicable provisions of the KEPCO Act, Financial Investment Services and Capital Markets Act, the Korean Commercial Act, the Act on the Management of Public Institutions and certain related laws of Korea. On April 2, 2021, we amended our Articles of Incorporation to accommodate new requirements under the Korean Commercial Act by requiring at least one director who will serve as a member of the audit committee to be appointed separately from other directors and adding details to the dividend record date in the article on shareholder rights.
Objects and Purposes
We are a statutory juridical corporation established under the KEPCO Act for the purpose of ensuring “stabilization of the supply and demand of electric power, and further contributing toward the sound development of the national economy through expediting development of electric power resources and carrying out proper and effective operation of the electricity business.” The KEPCO Act and our Articles of Incorporation (Article 2) contemplate that we engage in the following activities:
 
 1.
development of electric power resources;
 
 2.
generation, transmission, transformation and distribution of electricity and other related business activities;
 
 3.
research and development of technology related to the businesses mentioned in items 1 and 2;
 
 4.
overseas businesses related to the businesses mentioned in items 1 through 3;
 
 5.
investments or contributions related to the businesses mentioned in items 1 through 4;
 
 6.
businesses incidental to items 1 through 5;
 
 7.
development and operation of certain real estate held by us to the extent that:
 
 a.
it is necessary to develop certain real estate held by us due to external factors, such as relocation, consolidation, conversion to indoor or underground facilities or deterioration of our substation or office; or
 
 b.
it is necessary to develop certain real estate held by us to accommodate development of relevant real estate due to such real estate being incorporated into or being adjacent to an area under planned urban development; and
 
 8.
other activities entrusted by the Government.
Our registered name is “Hankook Chollryuk Kongsa” in Korean and “Korea Electric Power Corporation” in English. Our registration number in the commercial registry office is 114671-0001456.
Directors
Under the KEPCO Act and our Articles of Incorporation, our board of directors consists of our president, standing directors and
non-standing
directors. A majority of the board members constitutes a voting quorum, and resolutions will be passed by a majority of the board members. Directors who have an interest in certain agenda proposed to the board may not vote on such issues.
The standards of remuneration for our officers, including directors, shall be determined by a resolution of the board of directors, provided that the maximum amount of remuneration to be paid to our officers shall be
 
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determined by shareholder resolution and provided that the remuneration standards for the president and standing directors shall be determined by board resolution in accordance with the guideline thereon established by the minister of the Ministry of Economy and Finance through review and resolution of our management committee. Directors who have an interest may not participate in the meeting of the board of directors for determining the remuneration for officers.
Neither the KEPCO Act nor our Articles of Incorporation have provisions relating to (i) borrowing powers exercisable by the directors and how such borrowing powers can be varied, (ii) retirement or
non-retirement
of directors under an age limit requirement, or (iii) the number of shares required for a director’s qualification.
Share Capital
Currently, our authorized share capital is 1,200,000,000 shares, which consists of shares of common stock and shares of
non-voting
preferred stock, par value Won 5,000 per share. Under our Articles of Incorporation, we are authorized to issue up to 150,000,000
non-voting
preferred shares. As of December 31, 2021, 641,964,077 common shares were issued and no
non-voting
preferred shares have been issued. All of the issued and outstanding common shares are fully-paid and
non-assessable
and are in registered form. Our shares are electronically registered with our account management institution in lieu of issuing share certificates.
Description of Capital Stock
Dividend Rights
Under the KEPCO Act, we are authorized to pay preferential dividends on our shares held by public shareholders as opposed to those held by the Government. Dividends to public shareholders are distributed in proportion to the number of shares of the relevant class of capital stock owned by each public shareholder following approval by the shareholders at a general meeting of shareholders. Korea Development Bank may receive dividends in proportion to the numbers of our shares held by them. Under the Korean Commercial Act and our Articles of Incorporation, we will pay full annual dividends on newly issued shares.
Under our Articles of Incorporation, holders of
non-voting
preferred shares (of which there are currently none) are entitled to receive an amount not less than 8% of their par value as determined by a resolution of the board of directors at the time of their issuance. However, stock dividends shall be paid based on par value and may not exceed the amount equivalent to a half of the total amount of profit available for dividend payment.
We declare our dividend annually at the annual general meeting of shareholders which is held within three months after the end of the fiscal year. The annual dividend is paid to the shareholders on record as of the end of the fiscal year preceding the annual shareholders’ meeting. Annual dividends may be distributed either in cash or in our shares. However, a dividend of shares must be distributed at par value, and dividends in shares may not exceed
one-half
of the annual dividend.
Under the Korean Commercial Act and our Articles of Incorporation, we do not have an obligation to pay any annual dividend unclaimed for five years from the payment date.
The KEPCO Act provides that we shall not pay an annual dividend unless we have made up any accumulated deficit and set aside as a legal reserve an amount equal to 20.0% or more of our net profit until our accumulated reserve reaches
one-half
of our stated capital.
Distribution of Free Shares
In addition to dividends in the form of shares to be paid out of retained or current earnings, the Korean Commercial Act permits us to distribute to our shareholders an amount transferred from our capital surplus or legal reserve to stated capital in the form of free shares.
 
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Voting Rights
Holders of our common shares are entitled to one vote for each common share, except that voting rights with respect to any common shares held by us or by a corporate shareholder, more than
one-tenth
of whose outstanding capital stock is directly or indirectly owned by us, may not be exercised. Any person (with certain exceptions) who holds more than 3% of our issued and outstanding shares cannot exercise voting rights with respect to the shares in excess of this 3% limit. See “—Limitation on Shareholdings.” Pursuant to the Korean Commercial Act, cumulative voting is permissible in relation to the appointment of directors. Under the Korean Commercial Act, a cumulative vote can be requested by the shareholders of a corporation representing at least 1% of the total voting shares of such corporation if the relevant shareholders’ meeting is intended to elect more than two seats of the board of directors and the request for cumulative voting is made to the management of the corporation in writing at least six weeks in advance of the shareholders’ meeting. Under this new voting method, each shareholder will have multiple voting rights corresponding to the number of directors to be appointed in such voting and may exercise all such voting rights to elect one director. Shareholders are entitled to vote cumulatively unless the Articles of Incorporation expressly prohibit cumulative voting. Our current Articles of Incorporation do not prohibit cumulative voting. Except as otherwise provided by law or our Articles of Incorporation, a resolution can be adopted at a general meeting of shareholders by affirmative majority vote of the voting shares of the shareholders present or represented at a meeting, which must also represent at least
one-fourth
of the voting shares then issued and outstanding. The holders of our
non-voting
preferred shares (other than enfranchised preferred shares (as described below)) are not entitled to vote on any resolution or to receive notice of any general meeting of shareholders unless the agenda of the meeting includes consideration of a resolution on which such holders are entitled to vote. If we are unable to pay any dividend to holders of
non-voting
preferred shares as provided in our Articles of Incorporation, the holders of
non-voting
preferred shares will become enfranchised and will be entitled to exercise voting rights until such dividends are paid. The holders of these “enfranchised preferred shares” have the same rights as holders of our common shares to request, receive notice of, attend and vote at a general meeting of shareholders. Pursuant to the KEPCO Act and our Articles of Incorporation, the appointment of standing directors, the president and standing member of the audit committee are subject to shareholder approval.
Under the Korean Commercial Act, for the purpose of electing our standing member of the audit committee, a shareholder (together with certain related persons) holding more than 3% of the total shares having voting rights may not exercise voting rights with respect to shares in excess of such 3% limit and, according to the amendments to Articles of Incorporation and the Korean Commercial Act, the standing member of the audit committee should be appointed separately from other directors with the procedures and methods stipulated in Article
542-12
of the Korean Commercial Act.
The Korean Commercial Act provides that the approval by holders of at least
two-thirds
of those shares having voting rights present or represented at a meeting, where such shares also represent at least
one-third
of the total issued and outstanding shares having voting rights, is required in order to, among other things:
 
 • 
amend our Articles of Incorporation;
 
 • 
remove a director (including a member of the audit committee);
 
 • 
effect any dissolution, merger, consolidation or
spin-off
of us;
 
 • 
transfer the whole or any significant part of our business;
 
 • 
effect the acquisition by us of all of the business of any other company;
 
 • 
effect the acquisition by us of the business of another company that may have a material effect on our business;
 
 • 
reduce capital; or
 
 • 
issue any new shares at a price lower than their par value.
 
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Under our Articles of Incorporation, an approval by the Ministry of Trade, Industry and Energy is required in order to amend the Articles of Incorporation. Any change to our authorized share capital requires an amendment to our Articles of Incorporation.
In addition, in the case of amendments to our Articles of Incorporation or any merger or consolidation of us or in certain other cases which affect the rights or interests of the
non-voting
preferred shares a resolution must be adopted by a meeting of the holders of
non-voting
preferred shares approving such event. This resolution may be adopted if approval is obtained from holders of at least
two-thirds
of those
non-voting
preferred shares present or represented at such meeting and such
non-voting
preferred shares also represent at least
one-third
of our total issued and outstanding
non-voting
preferred shares.
A shareholder may exercise his voting rights by proxy. The proxy shall present the power of attorney prior to the start of the general meeting of shareholders. Under the Financial Investment Services and Capital Markets Act and our Articles of Incorporation, no one other than us may solicit a proxy from shareholders.
Subject to the provisions of the deposit agreement, holders of our American Depositary Shares (“ADSs”) are entitled to instruct the depositary, whose agent is the record holder of the underlying common shares, how to exercise voting rights relating to those underlying common shares.
Preemptive Rights and Issuance of Additional Shares
Authorized but unissued shares may be issued at such times and, unless otherwise provided in the Korean Commercial Act, upon such terms as our board of directors may determine. The new shares must be offered on uniform terms to all our shareholders who have preemptive rights and who are listed on the shareholders’ register as of the record date. Subject to the limitations described under “—Limitation on Shareholdings” below and with certain other exceptions, all our shareholders are entitled to subscribe for any newly issued shares in proportion to their existing shareholdings. Under the Korean Commercial Act, we may vary, without shareholder approval, the terms of such preemptive rights for different classes of shares. Public notice of the preemptive rights to new shares and their transferability must be given not less than two weeks (excluding the period during which the shareholders’ register is closed) prior to the record date. Our board of directors may determine how to distribute shares for which preemptive rights have not been exercised or where fractions of shares occur.
Our Articles of Incorporation provide that new shares that are (1) publicly offered pursuant to the Financial Investment Services and Capital Markets Act, (2) issued to members of our employee stock ownership association, (3) represented by depositary receipts, (4) issued through offering to public investors, or (5) issued to investors in kind under the State Property Act may be issued pursuant to a resolution of the board of directors to persons other than existing shareholders, who in such circumstances will not have preemptive rights.
Under our Articles of Incorporation, we may issue convertible bonds or bonds with warrants each up to an aggregate principal amount of Won 2,000 billion and Won 1,000 billion, respectively, to persons other than existing shareholders. However, the aggregate principal amount of convertible bonds and bonds with warrants so issued to persons other than existing shareholders may not exceed Won 2,000 billion. The convertible bonds or bonds with warrants issued by us shall be electronically registered on the electronic registry maintained by the electronic registrar, in lieu of issuing any physical certificates representing such bonds in accordance with the Electronic Registration Act.
Under the Financial Investment Services and Capital Markets Act and our Articles of Incorporation, members of our employee stock ownership association, whether or not they are our shareholders, have a preemptive right, subject to certain exceptions, to subscribe for up to 20.0% of any shares publicly offered pursuant to the Financial Investment Services and Capital Markets Act. This right is exercisable only to the extent that the total number of shares so acquired and held by members of our employee stock ownership association does not exceed 20.0% of the total number of shares then outstanding.
 
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Liquidation Rights
In the event of our liquidation, the assets remaining after payment of all debts, liquidation expenses and taxes will be distributed among shareholders in proportion to the number of shares held. Holders of our
non-voting
preferred shares have no preference in liquidation.
Rights of Dissenting Shareholders
In certain limited circumstances (including, without limitation, the transfer of the whole or any significant part of our business or the merger, or consolidation upon a
split-off
of us with another company), dissenting holders of shares have the right to require us to purchase their shares. To exercise such right, shareholders must submit a written notice of their intention to dissent to us prior to the general meeting of shareholders or the class meeting of holders of
non-voting
preferred shares, as the case may be. Within 20 days after the date on which the relevant resolution is passed at such meeting, such dissenting shareholders must request us in writing to purchase their shares. We are obligated to purchase the shares of dissenting shareholders within one month after the expiration of such
20-day
period. The purchase price for such shares must be determined through negotiation between the dissenting shareholders and us. Under the Financial Investment Services and Capital Markets Act, if we cannot agree on a price through negotiation, the purchase price will be the average of (1) the weighted average of the daily share price on the Korea Exchange for a
two-month
period before the date of adoption of the relevant board resolution, (2) the weighted average of the daily share price on the Korea Exchange for the one month period before such date and (3) the weighted average of the daily share price on the Korea Exchange for the one week period before such date. However, if we or dissenting shareholders who requested us to purchase their shares oppose such purchase price, the determination of a purchase price may be filed with a court. Holders of ADSs will not be able to exercise dissenter’s rights unless they have withdrawn the underlying Common Stock and become our direct shareholders.
Transfer of Shares
Under the Electronic Registration Act, the transfer of shares is effected by the electronic registration of such transfers on an electronic register pursuant to the Electronic Registration Act, under which the electronic registration of stocks, bonds and transfers thereof will be required. To assert shareholders’ right against us, the transferee must have his name and address registered on our electronic register of shareholders. For this purpose, a shareholder is required to apply for electronic registration of transfers between accounts.
These requirements do not apply to the holders of ADSs. Under current Korean regulations, the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies with a dealing, brokerage or collective investment license and internationally recognized foreign custodians are authorized to act as agents and provide related services for foreign shareholders. Our transfer agent is Kookmin Bank, located at 26,
Gukjegeumyung-ro
8-gil,
Yeongdeungpo-gu,
Seoul, Korea. Certain foreign exchange controls and securities regulations apply to the transfer of our shares by
non-residents
of Korea or
non-Koreans.
See Item 9. “The Offer and Listing.”
Acquisition of Our Own Shares
Under the Korean Commercial Act, we may acquire our own shares through (1) purchases on a stock exchange or (2) purchase of the shares in proportion to the number of shares held by each shareholder on equal terms and conditions, by a resolution at a Shareholders’ meeting. The aggregate amount of the acquisition price shall not exceed the excess of our net assets, on a
non-consolidated
basis, over the sum of (1) our stated capital, (2) the total amount of our capital surplus reserve and earned surplus reserve which have accumulated up to the end of the previous fiscal year, (3) our earned surplus required to be accumulated for the then current fiscal year and (4) our net assets stated in the balance sheet as being increased as a result of the evaluation of the assets and liabilities in accordance with our accounting principles without being set off against any unrealized losses. In
 
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addition, under the Korean Commercial Act, we may not acquire our own shares if our net assets may fall short of the aggregate amount of the item (1) to (4) above, on a
non-consolidated
basis, as of the conclusion of the relevant business year of us. In general, our subsidiaries 50% or more of whose shares are owned by us may not acquire our shares.
General Meeting of Shareholders
The ordinary general meeting of our shareholders is held within three months after the end of each fiscal year, and subject to board resolution or court approval, an extraordinary general meeting of our shareholders may be held as necessary or at the request of shareholders holding an aggregate of 1.5% or more of our outstanding common shares for at least six consecutive months. Under the Korean Commercial Act, an extraordinary general meeting of shareholders may be convened at the request of our audit committee, subject to a board resolution or court approval. Holders of
non-voting
preferred shares may only request a general meeting of shareholders once the
non-voting
preferred shares have become enfranchised as described under “—Description of Capital Stock—Voting Rights” above. Written notices setting forth the date, place and agenda of the meeting must be given to shareholders at least two weeks prior to the date of the general meeting of shareholders. However, pursuant to the Korean Commercial Act and our Articles of Incorporation, with respect to holders of less than 1% of the total number of our issued and outstanding shares which are entitled to vote, notice may be given by placing at least two public notices at least two weeks in advance of the meeting in at least two daily newspapers published in Seoul or by placing a public notice in the electrical disclosure system of the Financial Supervisory Service or the Korea Exchange, at least two weeks in advance of the meeting. Currently, for giving such notice, we use an electronic disclosure system available for access at a website maintained by the Financial Supervisory Service (known as the Data Analysis, Retrieval and Transfer System, or DART). Shareholders not on the shareholders’ register as of the record date are not entitled to receive notice of the general meeting of shareholders or attend or vote at such meeting. Holders of the enfranchised preferred shares on the shareholders’ register as of the record date are entitled to receive notice of, and to attend and vote at, the general meetings. Otherwise, holders of
non-voting
preferred shares are not entitled to receive notice of general meetings of shareholders or vote at such meetings but may attend such meetings.
The general meeting of shareholders is held in Naju,
Jeollanam-do.
Register of Shareholders and Record Dates
Our transfer agent, Kookmin Bank, maintains the register of our shareholders at its office in Seoul, Korea. It registers transfers of our shares on the register of shareholders upon presentation of the share certificates.
The record date for annual dividends is December 31. For the purpose of determining the holders of shares entitled to annual dividends, the register of shareholders may be closed from January 1 to January 31 of each year. Further, the Korean Commercial Act and our Articles of Incorporation permit us at least two weeks’ public notice to set a record date and/or close the register of shareholders for not more than three months for the purpose of determining the shareholders entitled to certain rights pertaining to our shares. The trading of our shares and the electronic registration of share transfer between accounts pursuant to the Electronic Registration Act in respect of them may continue while the register of shareholders is closed.
Annual Report
At least one week prior to the annual general meeting of shareholders, our business report and audited consolidated financial statements must be made available for inspection at our principal office and at all branch offices. Copies of business reports, the audited
non-consolidated
financial statements and any resolutions adopted at the general meeting of shareholders will be available to our shareholders.
Under the Financial Investment Services and Capital Markets Act, we must file with the Financial Services Commission and the Korea Exchange an annual report within 90 days after the end of our fiscal year, a half-year
 
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report within 45 days after the end of the first six months of our fiscal year and quarterly reports within 45 days after the end of the first three months and nine months of our fiscal year. Following our adoption of IFRS starting in January 1, 2011 pursuant to regulatory requirements for listed companies in Korea, we are required to file annual, half-year and quarterly reports containing annual and interim financial statements and notes thereto on a consolidated basis as well as on a separate basis.
In addition, pursuant to the Enforcement Decree of the Commercial Act amended on January 29, 2020 and implemented from January 1, 2021, when a Korean listed company convokes a meeting of shareholders, it shall provide shareholders with the annual report and the audit report by sending them via email or posting them on its website no later than a week prior to the meeting of shareholders.
Limitation on Shareholdings
No person other than the Government, our employee stock ownership association and persons who obtain an approval from the Financial Services Commission may hold for its account more than 3% of our total issued and outstanding shares. In calculating shareholdings for this purpose, shares held by your spouse and your certain relatives or by your certain affiliates (such spouses, relatives and affiliates are together referred to as “Affiliated Holders”) are deemed to be held by you. If you hold our shares in violation of this 3% limit, you are not entitled to exercise the voting rights or preemptive rights of our shares in excess of such 3% limit and the Financial Services Commission may order you to take necessary corrective action. In addition, the KEPCO Act currently requires that the Government, directly or through Korea Development Bank, own not less than 51% of our capital. For other restrictions on shareholdings, see Item 9. “The Offer and Listing.”
Change of Control
The KEPCO Act requires that the Government, directly or pursuant to the Korea Development Bank Act, through Korea Development Bank, own not less than 51% of our capital.
Disclosure of Share Ownership
Under the Financial Investment Services and Capital Markets Act, any person whose direct or beneficial ownership of a listed company’s shares with voting rights, equity-related debt securities including convertible bonds, bonds with warrants, exchangeable bonds, certificates representing the rights to subscribe for common shares, derivatives-linked securities and depository receipts of the aforementioned securities (collectively referred to as “Equity Securities”), together with the Equity Securities directly or beneficially owned by certain related persons or by any person acting in concert with the person, accounts for 5% or more of our total outstanding Equity Securities is required to report the status and purpose (in terms of whether the purpose of shareholding is to participate in the management of the issuer) of the holdings and the material contents of the agreements relating to the Equity Securities and other matters prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act to the Financial Services Commission of Korea and the Korea Exchange within five business days after reaching the 5% ownership interest threshold.
In addition, (A) any change in the number of the owned Equity Securities that is 1% or more of the total outstanding Equity Securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the Equity Securities (whether such shareholding or ownership is to participate in the management of the listed company or not), (ii) whether such shareholding or ownership is for a simple investment purpose or not (limited to the case where the purpose of the shareholding or ownership of the Equity Securities is not to participate in the management of the listed company), (iii) the major terms and conditions of the agreements relating to the Equity Securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant Equity Securities is 1% or more of the total outstanding Equity Securities or (iv) the type of the ownership (direct ownership or holdings) to the extent the number of relevant Equity Securities is equal to or exceeds 1% of the total outstanding Equity Securities, subsequent to the report, must be reported to the Financial
 
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Services Commission and the Korea Exchange. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act) with a purpose of simple investment, or within ten business days from the date of such change in the case of a person with a purpose of general investment with no intent to seek management control).
Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the Financial Investment Services and Capital Markets Act may report the 5% ownership status and the changes described in (A) above to the Financial Services Commission and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.
When filing a report to the Financial Services Commission and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must be sent to the relevant listed company. Violation of these reporting requirements may subject a person to sanctions such as prohibition on the exercise of voting rights with respect to the Equity Securities for which the reporting requirement was violated or fines or imprisonment. Furthermore, the Financial Services Commission may order the disposal of the Equity Securities for which the reporting requirement was violated or may impose administrative fine.
A person reporting to the Financial Services Commission and the Korea Exchange that his purpose of holding the Equity Securities is to participate in the management of the listed company is prohibited from acquiring additional Equity Securities of the listed company and exercising voting rights during the period commencing from the date on which the event triggering the reporting requirements occurs to the fifth day from the date on which the report is made.
Item 10.C. Material Contracts
None.
Item 10.D. Exchange Controls
General
The Foreign Exchange Transaction Act and the Presidential Decree and regulations under that Act and Decree, or collectively the Foreign Exchange Transaction Laws, regulate investment in Korean securities by
non-residents
and issuance of securities outside Korea by Korean companies.
Non-residents
may invest in Korean securities pursuant to the Foreign Exchange Transaction Laws. The Financial Services Commission has also adopted, pursuant to its authority under the Financial Investment Services and Capital Markets Act, regulations that regulate investment by foreigners in Korean securities and issuance of securities outside Korea by Korean companies.
Subject to certain limitations, the Ministry of Economy and Finance has the authority to take the following actions under the Foreign Exchange Transaction Laws: (i) if the Government deems it necessary on account of war, armed conflict, natural disaster or grave, sudden and significant changes in domestic or foreign economic circumstances or similar events or circumstances, the Ministry of Economy and Finance may temporarily suspend performance under any or all foreign exchange transactions, in whole or in part, to which the Foreign Exchange Transaction Laws apply (including suspension of payment and receipt of foreign exchange) or impose an obligation to deposit, safe-keep or sell any instruments of payment to the Bank of Korea or certain other governmental agencies or a foreign exchange equalization fund or financial institutions, or effective from July 18, 2017, impose an obligation on resident creditors to collect and recover debts owed by
non-resident
debtors, and (ii) if the Government concludes that the international balance of payments and international
 
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financial markets are experiencing or are likely to experience significant disruption or that the movement of capital between Korea and other countries are likely to adversely affect the Korean Won, exchange rates or other macroeconomic policies, the Ministry of Economy and Finance may take action to require any person who intends to effect or effects a capital transaction to obtain permission or to deposit a portion of the instruments of payment acquired in such transactions with the Bank of Korea or a foreign exchange equalization fund or financial institutions.
Government Review of Issuances of Debt Securities and ADSs and Report for Payments
In order for us to issue debt securities of any series outside of the Republic, we are required to file a report with our designated foreign exchange bank or the Ministry of Economy and Finance on the issuance of such debt securities, depending on the issuance amount. The Ministry of Economy and Finance may at its discretion direct us to take measures as necessary to avoid undue exchange rate fluctuations before it accepts such report. Furthermore, in order for us to make payments of principal of or interest on the debt securities of any series and other amounts as provided in an indenture and such debt securities, we are required to present relevant documents to the designated foreign exchange bank at the time of each actual payment. The purpose of such presentation is to ensure that the actual remittance is consistent with the terms of the transaction reported to our designated foreign exchange bank or the Ministry of Economy and Finance.
In order for us to offer for purchase shares of our common stock held in treasury in the form of ADSs or issue shares of our common stock represented by the ADSs, we are required to file a prior report of such offer or issuance with our designated foreign exchange bank or the Ministry of Economy and Finance, depending on the offering amount. The Ministry of Economy and Finance may at its discretion direct us to take measures as necessary to avoid undue exchange rate fluctuations before it accepts such report. No further governmental approval is necessary for the initial offering and issuance of the ADSs.
In order for a depositary to acquire any existing shares of our common stock from holders of these shares of common stock (other than from us) for the purpose of issuance of depositary receipts representing these shares of common stock, the depositary would be required to obtain our consent for the number of shares to be deposited in any given proposed deposit which exceeds the difference between (1) the aggregate number of shares deposited by us or with our consent for the issuance of ADSs (including deposits in connection with the initial and all subsequent offerings of ADSs and stock dividends or other distributions related to these ADSs) and (2) the number of shares on deposit with the depositary at the time of such proposed deposit. We may not grant this consent for the deposit of shares of our common stock in the future, if our consent is required. Therefore, a holder of ADSs who surrenders ADSs and withdraws shares of our common stock may not be permitted subsequently to deposit such shares and obtain ADSs.
In addition, we are also required to notify the Ministry of Economy and Finance upon receipt of the full proceeds from the offering of ADSs. No additional governmental approval is necessary for the offering and issuance of ADSs.
Reporting Requirements for Holders of Substantial Interests
Under the Financial Investment Services and Capital Markets Act, any person whose direct beneficial ownership of a listed company’s Equity Securities, together with the Equity Securities beneficially owned by certain related persons or by any person acting in concert with such person, accounts for 5% or more of our total outstanding Equity Securities is required to report the status and purpose (namely, whether the purposes of the share ownership is to participate in the management of the issuer) of the holdings and the material contents of the agreements relating to the Equity Securities and other matters prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act to the Financial Services Commission and the Korea Exchange within five business days after reaching the 5% ownership interest and any change in ownership interest subsequent to the report which equals or exceeds 1.0% of the total outstanding Equity Securities is
 
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required to be reported to the Financial Services Commission and the Korea Exchange within five business days from the date of the change.
In addition, (A) any change in the number of the owned Equity Securities that is 1% or more of the total outstanding Equity Securities subsequent to the report or (B) any change in (i) the purpose of the shareholding or ownership of the Equity Securities (whether such shareholding or ownership is to participate in the management of the listed company or not), (ii) whether such shareholding or ownership is for a simple investment purpose or not (limited to the case where the purpose of the shareholding or ownership of the Equity Securities is not to participate in the management of the listed company), (iii) the major terms and conditions of the agreements relating to the Equity Securities owned (such as trust agreements and collateral agreements) to the extent the number of relevant Equity Securities is 1% or more of the total outstanding Equity Securities or (iv) the type of the ownership (direct ownership or holdings) to the extent the number of relevant Equity Securities is equal to or exceeds 1% of the total outstanding Equity Securities, subsequent to the report, must be reported to the Financial Services Commission and the Korea Exchange. Changes set forth in clauses (A) and (B) above must be reported within five business days from the date of such change (or by the tenth day of the month following the month in which the change described in (A) above occurs, in the case of a person (other than certain professional investors prescribed by the Presidential Decree under the Financial Investment Services and Capital Markets Act) with a purpose of simple investment, or within ten business days from the date of such change in the case of a person with a purpose of general investment with no intent to seek management control).
Notwithstanding the foregoing, certain professional investors prescribed by the Presidential Decree of the Financial Investment Services and Capital Markets Act may report the 5% ownership status and the changes described in (A) above to the Financial Services Commission and the Korea Exchange by the tenth day of the month immediately following the end of the quarter in which such 5% ownership interest is reached or the change occurs.
When filing a report to the Financial Services Commission and the Korea Exchange in accordance with the reporting requirements described above, a copy of such report must be sent to the relevant listed company. Violation of these reporting requirements may subject a person to sanctions such as prohibition on the exercise of voting rights with respect to the Equity Securities for which the reporting requirement was violated or fines or imprisonment. Furthermore, the Financial Services Commission may order the disposal of the Equity Securities for which the reporting requirement was violated or may impose administrative fine.
A person reporting to the Financial Services Commission and the Korea Exchange that his purpose of holding the Equity Securities is to participate in the management of the listed company is prohibited from acquiring additional Equity Securities of the listed company and exercising voting rights during the period commencing from the date on which the event triggering the reporting requirements occurs to the fifth day from the date on which the report is made.
In addition to the reporting requirements described above, any person whose direct or beneficial ownership of our voting stock and/or depository receipts for our voting stock accounts for 10.0% or more of the total issued and outstanding voting stock, whom we refer to as a major shareholder, must file a report to the Securities and Futures Commission and to the Korea Exchange within five business days after the date on which the person reached such shareholding percentage. In addition, such person must file a report to the Securities and Futures Commission and to the Korea Exchange regarding any subsequent change in his/her shareholding. Such report on subsequent change in shareholding must be filed within five business days of the occurrence of any such change. Violation of these reporting requirements may subject a person to criminal sanctions such as fines and imprisonment.
Restrictions Applicable to ADSs
No governmental approval is necessary for the sale and purchase of ADSs in the secondary market outside Korea or for the withdrawal of shares of our common stock underlying ADSs and the delivery inside Korea of
 
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the withdrawn shares. However, a foreigner who intends to acquire shares must obtain an Investment Registration Card from the Financial Supervisory Service as described below. The acquisition of shares by a foreigner must be reported by the foreigner or his standing proxy in Korea immediately to the Governor of the Financial Supervisory Service.
Special Reporting Requirement for Companies Whose Securities Are Listed on Foreign Exchanges
Under the regulations of the Financial Services Commission and the Korea Exchange, (i) if a company listed on the Korea Exchange has submitted a public disclosure of material matters to a foreign financial investment supervisory authority pursuant to the laws of the foreign jurisdiction, then it must submit a copy of the public disclosure and a Korean translation thereof to the Financial Services Commission of Korea and the Korea Exchange, and (ii) if a company listed on the Korea Exchange is approved for listing on a foreign stock market or determined to be
de-listed
from the foreign stock market or actually listed on, or
de-listed
from, a foreign stock market, then it must submit a copy of any document, which it submitted to or received from the relevant foreign government, foreign financial investment supervisory authority or the foreign stock market, and a Korean translation thereof to the Financial Services Commission of Korea and the Korea Exchange.
Persons who have acquired shares of our common stock as a result of the withdrawal of shares of common stock underlying ADSs may exercise their preemptive rights for new shares, participate in free distributions and receive dividends on shares of our common stock without any further governmental approval.
Restrictions Applicable to Common Stock
Under the Foreign Exchange Transaction Laws and the Regulations on Financial Investment Business (together, the “Investment Rules”), foreigners are permitted to invest, subject to certain exceptions and procedural requirements, in all shares of Korean companies unless prohibited by specific laws. Foreign investors may trade shares listed on the Korea Exchange only through the Korea Exchange except for certain limited circumstances. These circumstances include, among others,
(1) odd-lot
trading of shares, (2) acquisition of shares by a foreign company as a result of a merger, (3) acquisition or disposal of shares in connection with a tender offer, (4) acquisition of shares by exercise of warrant, conversion right under convertible bonds, exchange right under exchangeable bonds or withdrawal right under depositary receipts issued outside of Korea by a Korean company, such shares being “Converted Shares,” (5) acquisition of shares through exercise of rights under securities issued outside of Korea, (6) acquisition of shares as a result of inheritance, donation, bequest or exercise of shareholders’ rights (including preemptive rights or rights to participate in free distributions and receive dividends), (7)
over-the-counter
transactions between foreigners of a class of shares for which a ceiling on aggregate acquisition by foreigners (as explained below) exists and has been reached or exceeded, (8) acquisition of shares by direct investment under the Foreign Investment Promotion Law, (9) acquisition and disposal of shares on an overseas stock exchange market, if such shares are simultaneously listed on the KRX KOSPI Market or the KRX KOSDAQ Market of the Korea Exchange and such overseas stock exchange, and (10) arm’s length transactions between foreigners in the event all such foreigners belong to an investment group managed by the same person. For
over-the-counter
transactions of shares listed on the Korea Exchange outside the Korea Exchange between foreigners of a class of shares for which a ceiling on aggregate acquisition by foreigners exists and has been reached or exceeded, a financial investment company with a brokerage license in Korea must act as an intermediary.
Odd-lot
trading of shares listed on the Korea Exchange outside the Korea Exchange must involve a financial investment company with a dealing license in Korea as the other party. Foreign investors are prohibited from engaging in margin transactions with respect to shares subject to a ceiling on acquisition by foreigners.
The Investment Rules require a foreign investor who wishes to invest in or dispose of shares on the Korea Exchange (including Converted Shares) to register his/her identity with the Financial Supervisory Service prior to making any such investment or disposal unless he/she had previously registered. However, such registration requirement does not apply to foreign investors who acquire Converted Shares with the intention of selling them
 
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within three months from the date they were acquired. Upon registration, the Financial Supervisory Service will issue to the foreign investor an Investment Registration Card which must be presented each time the foreign investor opens a brokerage account with a financial investment company or financial institution in Korea. Foreigners eligible to obtain an Investment Registration Card include any foreign nationals who are individuals (with residence abroad for six months or more), foreign governments, foreign municipal authorities, foreign public institutions, international financial institutions or similar international organizations, corporations incorporated under foreign laws and any person in any additional category designated by the Decree of the Financial Services and Capital Markets Act. All Korean branches of a foreign corporation as a group are treated as a separate foreigner from the head office of the foreign corporation. However, a foreign branch of a Korean securities company, a foreign corporation or a depositary issuing depositary receipts may obtain one or more Investment Registration Cards in its name in certain circumstances as described in the relevant regulations.
Upon a foreign investor’s purchase of shares through the Korea Exchange, no separate report by the investor is required because the Investment Registration Card system is designed to control and oversee foreign investment through a computer system. However, a foreign investor’s acquisition or sale of shares outside the Korea Exchange (as discussed above) must be reported by the foreign investor or his standing proxy to the Governor of the Financial Supervisory Service at the time of each acquisition or sale. However, a foreign investor must ensure that any acquisition or sale by it of shares outside the Korea Exchange in the case of trades in connection with a tender offer,
odd-lot
trading of shares or trades of a class of shares for which the aggregate foreign ownership limit has been reached or exceeded, is reported to the Governor of the Financial Supervisory Service by the Korea Securities Depository, financial investment companies with a dealing or brokerage license or securities finance companies engaged to facilitate such transactions. In the event a foreign investor desires to acquire or sell shares outside the Korea Exchange and the circumstances in connection with such sale or acquisition do not fall within the exceptions made for certain limited circumstances described above, then the foreign investor must obtain the prior approval of the Governor. In addition, in the event a foreign investor acquires or sells shares outside the Korea Exchange, a prior report to the Governor of the Financial Supervisory Service may also be required in certain circumstances. A foreign investor may appoint one or more standing proxies from among the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies (including domestic branches of foreign financial investment companies) with a dealing, brokerage or collective investment license and certain eligible foreign custodians which will exercise shareholders’ rights or perform any matters related to the foregoing activities if the foreign investor does not perform these activities himself. Generally, a foreign investor may not permit any person, other than his/her standing proxy, to exercise rights relating to his shares or perform any tasks related thereto on his behalf. However, a foreign investor may be exempted from complying with these standing proxy rules with the approval of the Governor of the Financial Supervisory Service in cases deemed inevitable by reason of conflict between the laws of Korea and those of the home country of the foreign investor.
The shares of a listed Korean company owned by a foreign investor must be electronically registered in accordance with the Electronic Registration Act through an eligible custodian in Korea. Only the Korea Securities Depository, foreign exchange banks (including domestic branches of foreign banks), financial investment companies (including domestic branches of foreign financial investment companies) with a dealing, brokerage or collective investment license and certain eligible foreign custodians are eligible to be a custodian of shares for a foreign investor; provided, however, that a foreign investor is exempted from the above requirement if it (i) acquires shares publicly offered or sold outside Korea for the purpose of listing on an overseas stock exchange or (ii) acquires or disposes of shares through an overseas stock exchange if such shares are simultaneously listed on the Korea Exchange and such overseas stock exchange.
Under the Investment Rules, with certain exceptions, a foreign investor may acquire shares of a Korean company without being subject to any single or aggregate foreign investment ceiling. However, certain designated public corporations are subject to a 40.0% ceiling on acquisitions of shares by foreigners in the aggregate and a ceiling on acquisitions of shares by a single foreign investor provided in the Articles of Incorporation of such corporations. Of the Korean companies listed on the Korea Exchange, we are so
 
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designated. The Financial Services Commission may impose other restrictions as it deems necessary for the protection of investors and the stabilization of the Korean securities and derivatives market. Generally, the ownership of Converted Shares constitutes foreign ownership for purposes of such aggregate foreign ownership limit. However, the acquisition of Converted Shares is one of the exceptions under which foreign investors may acquire shares of designated corporations in excess of the 40.0% ceiling.
In addition to the aggregate foreign investment ceiling set out under the Financial Investment Services and Capital Markets Act, our Articles of Incorporation set a 3% ceiling on acquisition by a single investor (whether domestic or foreign) of the shares of our common stock. Any person (with certain exceptions) who holds more than 3% of our issued and outstanding shares cannot exercise voting rights with respect to our shares in excess of this 3% limit.
The ceiling on aggregate investment by foreigners applicable to us may be exceeded in certain limited circumstances, including as a result of acquisition of:
 
 • 
shares by a depositary issuing depositary receipts representing such shares (whether newly issued shares or outstanding shares);
 
 • 
Converted Shares;
 
 • 
shares from the exercise of shareholders’ rights; or
 
 • 
shares by gift, inheritance or bequest.
A foreigner who has acquired shares in excess of any ceiling described above may not exercise his voting rights with respect to the shares exceeding such limit and the Financial Services Commission may take necessary corrective action against him.
Under the Foreign Exchange Transaction Laws, a foreign investor who intends to acquire shares must designate a foreign exchange bank at which he must open a foreign currency account and a Won account exclusively for stock investments. No approval is required for remittance into Korea and deposit of foreign currency funds in the foreign currency account. Foreign currency funds may be transferred from the foreign currency account at the time required to place a deposit for, or settle the purchase price of, a stock purchase transaction to a Won account opened at a securities company. Funds in the foreign currency account may be remitted abroad without any governmental approval.
Dividends on shares of our common stock are paid in Won. No governmental approval is required for foreign investors to receive dividends on, or the Won proceeds of the sale of, any shares to be paid, received and retained in Korea. Dividends paid on, and the Won proceeds of the sale of, any shares held by a
non-resident
of Korea must be deposited either in a Won account with the investor’s securities company or the investor’s Won account. Funds in the investor’s Won account may be transferred to his foreign currency account or withdrawn for local living expenses, provided that any withdrawal of local living expenses in excess of a certain amount should be reported to the Governor of the Financial Supervisory Service. Funds in the investor’s Won account may also be used for future investment in shares or for payment of the subscription price of new shares obtained through the exercise of preemptive rights.
Financial investment companies with a securities dealing, brokerage or collective investment license are allowed to open foreign currency accounts with foreign exchange banks exclusively for accommodating foreign investors’ stock investments in Korea. Through these accounts, these securities companies and asset management companies may enter into foreign exchange transactions on a limited basis, such as conversion of foreign currency funds and Won funds, either as a counterparty to or on behalf of foreign investors without the foreign investors having to open their own accounts with foreign exchange banks.
 
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Item 10.E. Taxation
Korean Taxes
The following summary describes the material Korean tax consequences of ownership of the Registered Debt Securities and ADSs. Persons considering the purchase of the Registered Debt Securities or ADSs should consult their own tax advisors with regard to the application of the Korean income tax laws to their particular situations as well as any tax consequences arising under the laws of any other taxing jurisdiction. Reference is also made to a tax treaty between the Republic and the United States entitled “Convention Between the United States of America and the Republic of Korea for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion with Respect to Taxes on Income and the Encouragement of International Trade and Investment,” signed on June 4, 1976 and entered into force on October 20, 1979.
The following summary of Korean tax considerations applies to you so long as you are not:
 
 • 
a resident of Korea;
 
 • 
a corporation having its head office, principal place of business or place of effective management in Korea; or
 
 • 
engaged in a trade or business in Korea through a permanent establishment or a fixed base to which the relevant income is attributable or with which the relevant income is effectively connected.
Registered Debt Securities
Taxation of Interest
Pursuant to the Special Tax Treatment Control Law (“STTCL”), when we make payments of interest to you on the Registered Debt Securities, no amount will be withheld from such payments for, or on account of, any income taxes of any kind imposed, levied, withheld or assessed by Korea or any political subdivision or taxing authority thereof or therein, provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL.
If the tax exemption under the STTCL referred to above were to cease to be in effect, the rate of income tax or corporation tax applicable to the interest on the Registered Debt Securities would be 14% of income for a
non-resident
without a permanent establishment in Korea. In addition, local income tax would be imposed at the rate of 10.0% of the income tax or corporation tax (which would increase the total tax rate to 15.4%), unless reduction is available under an applicable income tax treaty. If you are a qualified resident in a country that has entered into a tax treaty with Korea, you may qualify for an exemption or a reduced rate of Korean withholding tax. See the discussion under “—Shares or ADSs—Tax Treaties” below for an additional explanation on treaty benefits.
In order to obtain the benefits of an exemption or a reduced withholding tax rate under a tax treaty, you must submit to us, prior to the interest payment date, such evidence of tax residence as may be required by the Korean tax authorities in order to establish your entitlement to the benefits of the applicable tax treaty.
Furthermore, Korean tax laws require the beneficial owner to submit an application for entitlement to a reduced tax rate together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available reduced tax rate pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, an overseas investment vehicle (which is defined as an organization established in a foreign jurisdiction that manages funds collected through investment solicitation by acquiring, disposing or otherwise investing in proprietary targets and then distributes the proceeds thereof to investors) (the “Overseas Investment Vehicle”) must obtain an application for entitlement to a reduced tax rate from the beneficial owner and submit to the withholding obligor an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.
 
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Due to recent amendment to the Korean tax laws, which applies for fiscal years beginning on or after January 1, 2020, Overseas Investment Vehicles may be regarded as beneficial owners of Korean sourced income in certain situations. Pursuant to such amendment, Overseas Investment Vehicles may be treated as beneficial owners of Korean source income if one of the following conditions are met: (i) the Overseas Investment Vehicle is subject to taxation in the jurisdiction in which it resides and there is no intentional tax avoidance purpose to establishing the Overseas Investment Vehicle in the jurisdiction; (ii) the Overseas Investment Vehicle is deemed as the beneficial owner under a tax treaty; or (iii) the Overseas Investment Vehicle is unable to confirm its list of beneficial owners investing in the Overseas Investment Vehicle (if only a portion of the beneficial owners are confirmed, applies with respect to the remaining unconfirmed list of beneficial owners). Overseas Investment Vehicles that are not regarded as foreign “corporations” for purposes of the Korean tax law may be recognized as beneficial owners if one of the above conditions (ii) or (iii) are met. Starting from January 1, 2022, the above conditions (i) and (ii) are changed as follows: (i) under the applicable tax treaty, the Overseas Investment Vehicle bears tax liabilities in the country in which it is established and the Korean source income is eligible for the treaty benefits under the tax treaty; and (ii) where the Overseas Investment Vehicle does not meet the above condition (i), the Overseas Investment Vehicle is deemed to be the beneficial owner of the Korean source income under the applicable tax treaty and the Korean source income is eligible for the treaty benefits under the tax treaty. Further, Overseas Investment Vehicles that meet condition (iii) would be subject to the default statutory withholding tax rate under the Korean tax laws and the treaty withholding rates under relevant tax treaties would not apply even though the Overseas Investment Vehicles are deemed to be beneficial owners of Korean source income.
Taxation of Capital Gains
Korean tax laws currently exclude from Korean taxation gains made by a
non-resident
without a permanent establishment in Korea from the sale of a Registered Debt Security to another
non-resident
(except where a
non-resident
sells Registered Debt Securities to another
non-resident’s
permanent establishment in Korea, if any). In addition, capital gains realized from the transfer of Registered Debt Securities outside Korea by
non-residents
with or without permanent establishments in Korea are currently exempt from taxation by virtue of the STTCL, provided that the issuance of such Registered Debt Securities is deemed to be an overseas issuance of foreign currency-denominated bonds under the STTCL. If you sell or otherwise dispose of a Registered Debt Security through other ways than those mentioned above, any gain realized on the transaction will be taxable at ordinary Korean withholding tax rates (which is the lesser of 22.0% (including local income tax) of the net gain or 11.0% (including local income tax) of the gross sale proceeds, subject to the production of satisfactory evidence of the acquisition cost of such Registered Debt Securities and certain direct transaction costs attributable to the disposal of such Registered Debt Securities), unless an exemption is available under an applicable income tax treaty. See the discussion under “—Shares or ADSs—Tax Treaties” below for an additional explanation on treaty benefits.
Inheritance Tax and Gift Tax
If you die while you are the holder of Registered Debt Securities, the subsequent transfer of the Registered Debt Securities by way of succession will be subject to Korean inheritance tax. Similarly, if you transfer Registered Debt Securities as a gift, the donee will be subject to Korean gift tax and you may be required to pay the gift tax if the donee fails to do so.
At present, Korea has not entered into any tax treaty relating to inheritance or gift taxes.
Shares or ADSs
Dividends on the Shares of Common Stock or ADSs
We will deduct Korean withholding tax from dividends (whether in cash or in shares) paid to you at a rate of 22% (inclusive of local income tax). If you are a qualified resident in a country that has entered into a tax treaty with Korea, you may qualify for a reduced rate of Korean withholding tax. See the discussion under “—Tax Treaties” below for an additional explanation on treaty benefits.
 
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In order to obtain the benefits of a reduced withholding tax rate under a tax treaty, you must submit to the Korea Securities Depository, prior to the dividend payment date, such evidence of tax residence as may be required by the Korean tax authorities in order to establish your entitlement to the benefits of the applicable tax treaty. Evidence of tax residence may be submitted to the Korea Securities Depository through the withholding tax agent. If we distribute to you free shares representing a transfer of certain capital reserves or asset revaluation reserves into
paid-in
capital, such distribution may be subject to Korean withholding tax.
Furthermore, Korean tax laws require the beneficial owner to submit an application for entitlement to a reduced tax rate together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available reduced tax rate pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for entitlement to a reduced tax rate from the beneficial owner and submit to the withholding obligor an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.
If you hold common shares or ADSs and receive the dividend through an account at the Korea Securities Depository held by a foreign depositary settlement institute, you are not required to submit the application for entitlement to a reduced tax rate. However, evidence of tax residence may need to be submitted to us through such foreign depositary settlement institute.
Taxation of Capital Gains
As a general rule, capital gains earned by
non-residents
upon the transfer of the common shares or ADSs would be subject to Korean income tax at a rate equal to the lesser of (i) 11.0% (including local income tax) of the gross proceeds realized or (ii) 22.0% (including local income tax) of the net realized gain (subject to the production of satisfactory evidence of the acquisition costs and certain direct transaction costs arising out of the transfer of such common shares or ADSs), unless such
non-resident
is exempt from Korean income taxation under an applicable Korean tax treaty into which Korea has entered with the
non-resident’s
country of tax residence. Please see the discussion under “—Tax Treaties” below for an additional explanation on treaty benefits. Even if you do not qualify for any exemption under a tax treaty, you will not be subject to the foregoing income tax on capital gains if you qualify for the relevant Korean domestic tax law exemptions discussed in the following paragraphs.
You will not be subject to Korean income taxation on capital gains realized upon the transfer of our common stocks or ADSs through the Korea Exchange if you (i) have no permanent establishment in Korea and (ii) did not own or have not owned (together with any shares owned by any entity which you have a certain special relationship with and possibly including the shares represented by the ADSs) 25.0% or more of our total issued and outstanding shares at any time during the calendar year in which the sale occurs and during the five calendar years prior to the calendar year in which the sale occurs.
It should be noted that (i) capital gains earned by you (regardless of whether you have a permanent establishment in Korea) from the transfer of ADSs outside Korea will be exempted from Korean income taxation provided that ADSs are deemed to have been issued overseas under the STTCL, but (ii) if and when an owner of the underlying shares of stock transfers ADSs after conversion of the underlying shares into ADSs, the exemption described in (i) is not applicable.
If you are subject to tax on capital gains with respect to the sale of ADSs, or of shares of common stock which you acquired as a result of a withdrawal, the purchaser or, in the case of the sale of shares of common stock on the Korea Exchange or through an investment dealer or investment broker under the Financial Investment Services and Capital Markets Act, an investment dealer or investment broker is required to withhold Korean tax from the sales price in an amount equal to 11.0% (including local income tax) of the gross realization
 
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proceeds and to make payment of these amounts to the Korean tax authority, unless you establish your entitlement to an exemption under an applicable tax treaty or domestic tax law or produce satisfactory evidence of your acquisition cost and transaction costs for the shares of common stock or the ADSs.
However, if you transfer the ADSs following an exchange of the underlying shares of stock owned by you for ADSs to a purchaser who is a
non-resident
or a foreign company without a permanent establishment in Korea, you are obligated to file an income tax return and pay tax on gain realized from such transfer unless exempt under an applicable tax treaty or domestic law. Further, if you transfer the shares of common stock outside of Korea (excluding a transfer on a foreign exchange) to
non-residents
or foreign companies without permanent establishments in Korea, you are obligated to file an income tax return and pay income tax on capital gain realized from such transfer unless exempt under an applicable tax treaty or domestic law. If a purchaser or an investment dealer or investment broker, as the case may be, withholds and remits the tax on capital gains derived from transfer of shares of common stock or ADSs, your obligation to file an income tax return and pay income tax will not apply.
In order to obtain the benefit of an exemption from tax pursuant to a tax treaty, you must submit to the purchaser or the investment dealer or the investment broker, or through the ADS depositary, as the case may be, prior to or at the time of payment, such evidence of your tax residence as the Korean tax authorities may require in support of your claim for treaty benefits. Please see the discussion under “—Tax Treaties” below for an additional explanation on claiming treaty benefits. Furthermore, Korean tax laws require the beneficial owner to submit an application for tax exemption together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available exemption pursuant to the relevant tax treaty. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for tax exemption from the beneficial owner and forward it to the withholding obligor along with an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.
Tax Treaties
Korea has entered into a number of income tax treaties with other countries (including the United States), which would reduce or exempt Korean withholding tax on dividends on, and capital gains on transfer of, shares of our common stock or ADSs. For example, under the Korea-United States income tax treaty, reduced rates of Korean withholding tax of 16.5% or 11.0% (respectively, including local income tax, depending on your status and shareholding ratio) on dividends and an exemption from Korean withholding tax on capital gains are available to residents of the United States that are beneficial owners of the relevant dividend income or capital gains. However, under Article 17 (Investment of Holding Companies) of the Korea-United States income tax treaty, such reduced rates and exemption do not apply if (i) you are a United States corporation, (ii) by reason of any special measures, the tax imposed on you by the United States with respect to such dividends or capital gains is substantially less than the tax generally imposed by the United States on corporate profits, and (iii) 25.0% or more of your capital is held of record or is otherwise determined, after consultation between competent authorities of the United States and Korea, to be owned directly or indirectly by one or more persons who are not individual residents of the United States. Also, under Article 16 (Capital Gains) of the Korea-United States income tax treaty, the exemption on capital gains does not apply if you are an individual, and (a) you maintain a fixed base in Korea for a period or periods aggregating 183 days or more during the taxable year and your ADSs or shares of common stock giving rise to capital gains are effectively connected with such fixed base or (b) you are present in Korea for a period or periods of 183 days or more during the taxable year.
You should inquire for yourself whether you are entitled to the benefit of an income tax treaty with Korea. It is the responsibility of the party claiming the benefits of an income tax treaty in respect of dividend payments or capital gains to submit to us, the purchaser or the investment dealer or the investment broker, as applicable, a certificate as to his tax residence. In the absence of sufficient proof, we, the purchaser or the investment dealer or
 
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the investment broker, as applicable, must withhold tax at the normal rates. Further, in order for you to obtain the benefit of a tax exemption on certain Korean source income (e.g., interest, dividends and capital gains) under an applicable tax treaty, Korean tax laws require you (or your agent) to submit an application for tax exemption (if there is no change in the content of such application, it is not required to submit such application again within a period of three years thereafter) along with a certificate of your tax residence issued by a competent authority of your country of tax residence. Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for tax exemption from the beneficial owner and forward it to the withholding obligor along with an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner. The withholding obligor must submit the application and the report to the relevant tax office by the ninth day of the month following the date of the first payment of such income.
Furthermore, the Korean tax laws require the beneficial owner to submit an application for entitlement to a reduced tax rate (if there is no change in the content of such application, it is not required to submit such application again within a period of three years thereafter) together with evidence of tax residence (including a certificate of tax residence of the beneficial owner issued by a competent authority of the country of tax residence of the beneficial owner) to a withholding obligor paying Korean source income in order to benefit from the available reduced tax rate pursuant to the relevant tax treaty. If you hold the shares of common stock or ADSs and receive the dividend through an account at the Korea Securities Depository held by a foreign depositary settlement institute, you are not required to submit the application for entitlement to a reduced tax rate. However, evidence of tax residence may need to be submitted to us through such foreign depositary settlement institute.
Under Korean tax laws and subject to certain exceptions, the Overseas Investment Vehicle must obtain an application for a reduced tax rate from the beneficial owner and submit to the withholding obligor an overseas investment vehicle report (prepared by the Overseas Investment Vehicle) which includes a detailed statement on the beneficial owner.
Inheritance Tax and Gift Tax
If you die while holding an ADS or donate an ADS, it is unclear whether, for Korean inheritance and gift tax purposes, you will be treated as the owner of the shares of common stock underlying the ADSs. If the tax authority interprets depositary receipts as the underlying share certificates, you may be treated as the owner of the shares of common stock and your heir or the donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance or gift tax presently at the rate of 10.0% to 50.0%, depending on the value of the ADSs or shares of common stock.
If you die while holding a share of common stock or donate a share of common stock, your heir or donee (or in certain circumstances, you as the donor) will be subject to Korean inheritance or gift tax at the same rate as indicated above.
At present, Korea has not entered into any tax treaty relating to inheritance or gift taxes.
Securities Transaction Tax
If you transfer shares of common stock on the Stock Market of the Korea Exchange, you will be subject to securities transaction tax at the rate of 0.08% (which will be reduced to 0% for transfers on or after January 1, 2023) and an agriculture and fishery special surtax at the rate of 0.15% of the sale price of the shares of common stock. If your transfer of the shares of common stock is not made on the Stock Market of the Korea Exchange, subject to certain exceptions you will be subject to securities transaction tax at the rate of 0.43% for transfers prior to January 1, 2023 and 0.35% for transfers on or after January 1, 2023 and will not be subject to an agriculture and fishery special surtax.
 
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Under the Securities Transaction Tax Law, depositary receipts (such as ADSs) constitute share certificates subject to the securities transaction tax. However, a transfer of depositary receipts listed on the New York Stock Exchange, NASDAQ National Market or other qualified foreign exchanges will be exempt from the securities transaction tax although depositary receipts, including ADSs, constitute share certificates subject to the securities transaction tax.
In principle, the securities transaction tax, if applicable, must be paid by the transferor of the shares or rights. When the transfer is effected through the Korea Securities Depository, the Korea Securities Depository is generally required to withhold and pay the tax to the tax authorities. When such transfer is made through an investment dealer or investment broker under the Financial Investment Services and Capital Markets Act only, such investment dealer or investment broker is required to withhold and pay the tax. Where the transfer is effected by a
non-resident
without a permanent establishment in Korea, other than through the Korea Securities Depository or an investment dealer or investment broker, the transferee is required to withhold the securities transaction tax for payment to the Korean tax authority.
U.S. Federal Income Tax Considerations for U.S. Persons
The following is a summary of certain U.S. federal income tax consequences for beneficial owners of the Registered Debt Securities, common stock and ADSs that are “U.S. Persons” (as defined below). For purposes of this summary, you are a “U.S. Person” if you are any of the following for U.S. federal income tax purposes:
 
 • 
an individual citizen or resident of the United States;
 
 • 
a corporation, or other entity treated as a corporation for U.S. federal income tax purposes, created or organized in or under the laws of the United States, any state thereof or the District of Columbia;
 
 • 
an estate the income of which is subject to U.S. federal income taxation regardless of its source; or
 
 • 
a trust if (1) it is subject to the primary supervision of a court within the United States and one or more United States persons have the authority to control all substantial decisions of the trust or (2) it has a valid election in effect under applicable U.S. Treasury regulations to be treated as a United States person.
This summary is based on current law, which is subject to change (perhaps retroactively), is for general purposes only and should not be considered tax advice. This summary does not represent a detailed description of the U.S. federal income tax consequences and does not address the effects of the Medicare contribution tax on net investment income, U.S. federal estate and gift taxes or foreign, state, local or other tax considerations that may be relevant to you in light of your particular circumstances. The discussion set forth below is applicable to you if (i) you are a resident of the United States for purposes of the current income tax treaty between the United States and Korea (the “Treaty”), (ii) your Registered Debt Securities, common stock or ADSs are not, for purposes of the Treaty, effectively connected with a permanent establishment in Korea and (iii) you otherwise qualify for the full benefits of the Treaty. This summary deals only with Registered Debt Securities, common stock or ADSs held as capital assets, and it does not represent a detailed description of the U.S. federal income tax consequences applicable to you if you are subject to special treatment under the U.S. federal income tax laws (including if you are a dealer in securities or currencies, a financial institution, a regulated investment company, a real estate investment trust, an insurance company, a tax-exempt organization, a person holding the Registered Debt Securities, common stock or ADSs as part of a hedging, integrated or conversion transaction, constructive sale or straddle, a person owning 10.0% or more of our stock (by vote or value), a trader in securities that elects to use a
mark-to-market
method of accounting for your securities holdings, a person liable for the alternative minimum tax, a person required to accelerate the recognition of any item of gross income with respect to the Registered Debt Securities, common stock or ADSs as a result of such income being recognized on an applicable financial statement, a partnership or other pass-through entity (or an investor therein), or a U.S. Person whose “functional currency” is not the U.S. dollar). We cannot assure you that a change in law will not alter significantly the tax considerations that we describe in this summary.
 
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If a partnership (or other entity treated as a partnership for U.S. federal income tax purposes) holds the Registered Debt Securities, common stock or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and the activities of the partnership. If you are a partner of a partnership holding our Registered Debt Securities, common stock or ADSs, you should consult your tax advisor.
Because of the
100-year
maturity of the One Hundred Year 7.95%
Zero-to-Full
Debentures, due April 1, 2096 (the “ZTF Debentures”), it is not certain whether the ZTF Debentures will be treated as debt for U.S. federal income tax purposes. The discussion below assumes that the ZTF Debentures (as well as the other Registered Debt Securities) will be treated as debt, except that a summary of the consequences to you if the ZTF Debentures were not treated as debt is provided under “Tax Consequences with Respect to Registered Debt Securities Generally—ZTF Debentures Treated as Equity” below.
The discussion below of the tax consequences of the ownership of common stock and ADSs is based, in part, upon representations made by the depositary to us and assumes that the deposit agreement, and all other related agreements, will be performed in accordance with their terms.
You should consult your own tax advisor concerning the particular U.S. federal income tax consequences to you of the ownership of the Registered Debt Securities, common stock and ADSs, as well as the consequences to you arising under the laws of any other taxing jurisdiction.
Tax Consequences with Respect to Registered Debt Securities Generally
Payments
Except as provided below with regard to original issue discount (as defined below) on the ZTF Debentures, interest on a Registered Debt Security will generally be taxable to you as ordinary income at the time it is paid or accrued in accordance with your method of accounting for tax purposes. Principal payments on an amortizing Registered Debt Security generally will constitute a
tax-free
return of capital to you.
Although interest payments to you are currently exempt from Korean taxation provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL (see—“Korean Taxes—Registered Debt Securities—Taxation of Interest,” above), if the Korean law providing for the exemption is repealed, then, in addition to interest payments on the Registered Debt Securities and original issue discount on the ZTF Debentures, you will be required to include in income any additional amounts paid and any Korean tax withheld from interest payments notwithstanding that you in fact did not receive such withheld tax. You may be entitled to deduct or credit such Korean tax (up to the Treaty rate), subject to applicable limitations in the Internal Revenue Code of 1986, as amended (the “Code”). Your election to deduct or credit foreign taxes will apply to all of your foreign taxes for a particular taxable year. Interest income on a Registered Debt Security (including additional amounts and any Korean taxes withheld in respect thereof) and original issue discount on a ZTF Debenture generally will constitute foreign source income and generally will be considered passive category income for purposes of computing the foreign tax credit. You will generally be denied a foreign tax credit for Korean taxes imposed with respect to the Registered Debt Securities where you do not meet a minimum holding period requirement during which you are not protected from risk of loss. The rules governing the foreign tax credit are complex. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.
Original Issue Discount
The ZTF Debentures were issued with original issue discount (“OID”) for U.S. federal income tax purposes equal to the difference between (i) the sum of all scheduled amounts payable on the ZTF Debentures (including the interest payable on such ZTF Debentures) and (ii) the “issue price” of the ZTF Debentures. The “issue price” of each ZTF Debenture is the first price at which a substantial amount of the ZTF Debentures was sold to the
 
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public (other than to an underwriter, broker, placement agent or wholesaler). If you hold ZTF Debentures, then (subject to the discussion in “—Acquisition Premium; Bond Premium” below) you generally must include OID in gross income (as ordinary income) in advance of the receipt of cash attributable to that income, regardless of your method of accounting. However, you generally will not be required to include separately in income cash payments received on the ZTF Debentures, even if denominated as interest.
The amount of OID includible in income by the holder of a ZTF Debenture is the sum of the “daily portions” of OID with respect to the ZTF Debenture for each day during the taxable year or portion of the taxable year in which such holder held such ZTF Debenture, or “accrued OID” (for a discussion relevant to subsequent purchasers, see “—Market Discount” and “—Acquisition Premium; Bond Premium,” below). The daily portion is determined by allocating to each day in any “accrual period” a pro rata portion of the OID allocable to that accrual period. The “accrual period” for a ZTF Debenture may be of any length and may vary in length over the term of the ZTF Debenture, provided that each accrual period is no longer than one year and each scheduled payment of principal or interest occurs on the first day or the final day of an accrual period. The amount of OID allocable to any accrual period other than the final accrual period is an amount equal to the product of the ZTF Debenture’s adjusted issue price at the beginning of such accrual period and its yield to maturity (determined on the basis of compounding at the close of each accrual period and properly adjusted for the length of the accrual period). OID allocable to a final accrual period is the difference between the amount payable at maturity and the adjusted issue price at the beginning of the final accrual period. The “adjusted issue price” of a ZTF Debenture at the beginning of any accrual period is equal to its issue price increased by the accrued OID for each prior accrual period (for subsequent purchasers, determined without regard to the amortization of any acquisition or bond premium, as described below) and reduced by any payments previously made on such ZTF Debenture. Under these rules, you will have to include in income increasingly greater amounts of OID in successive accrual periods. We are required to provide information returns stating the amount of OID accrued on ZTF Debentures held of record by persons other than corporations and other exempt holders.
As discussed above, although interest payments to you are currently exempt from Korean taxation provided that Registered Debt Securities are deemed to be foreign currency-denominated bonds issued outside of Korea for the purpose of the STTCL (see—“Korean Taxes—Registered Debt Securities—Taxation of Interest,” above), if the Korean law providing for the exemption is repealed, then Korean withholding tax may be imposed at times that differ from the times at which you are required to include interest or OID in income for U.S. federal income tax purposes and this disparity may limit the amount of foreign tax credit available.
Market Discount
If you purchased a Registered Debt Security other than a ZTF Debenture for an amount that is less than its stated redemption price at maturity, or, in the case of a ZTF Debenture, its adjusted issue price, the amount of the difference will be treated as “market discount” for U.S. federal income tax purposes, unless that difference is less than a specified de minimis amount. Under the market discount rules, you will be required to treat any principal payment on, or any gain on the sale, exchange, retirement or other disposition of, a Registered Debt Security as ordinary income to the extent of the market discount that you have not previously included in income and are treated as having accrued on the Registered Debt Security at the time of the payment or disposition. In addition, you may be required to defer, until the maturity of the Registered Debt Security or its earlier disposition in a taxable transaction, the deduction of all or a portion of the interest expense on any indebtedness attributable to the Registered Debt Security. Any amount treated as ordinary income pursuant to the market discount rules generally should be treated as foreign source income (although the matter is not free from doubt).
Any market discount will be considered to accrue ratably during the period from the date of acquisition to the maturity date of the Registered Debt Security, unless you elect to accrue on a constant interest method. Your election to accrue market discount on a constant interest method is to be made for the taxable year in which you acquired the Registered Debt Security, applies only to that Registered Debt Security and cannot be revoked. You may elect to include market discount in income currently as it accrues, on either a ratable or constant interest
 
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method, in which case the rule described above regarding deferral of interest deductions will not apply. Your election to include market discount in income currently, once made, applies to all market discount obligations acquired by you on or after the first day of the first taxable year to which your election applies and may not be revoked without the consent of the Internal Revenue Service (the “IRS”). You should consult your own tax advisor before making this election.
Acquisition Premium; Bond Premium
If you purchased a ZTF Debenture for an amount that is greater than its adjusted issue price but equal to or less than the sum of all amounts payable on the ZTF Debenture after the purchase date, you will be considered to have purchased that ZTF Debenture at an “acquisition premium.” Under the acquisition premium rules, the amount of OID that you must include in gross income with respect to a ZTF Debenture for any taxable year will be reduced by the portion of the acquisition premium properly allocable to that year.
If you purchased a Registered Debt Security for an amount in excess of the sum of all amounts payable on the Registered Debt Security after the purchase date other than qualified stated interest (as defined in the Code), you will be considered to have purchased the Registered Debt Security at a “premium” and, if such Registered Debt Security is a ZTF Debenture, you will not be required to include any OID in income. You generally may elect to amortize the premium over the remaining term of the Registered Debt Security on a constant yield method as an offset to interest when includible in income under your regular accounting method. In the case of instruments that provide for alternative payment schedules, bond premium is calculated by assuming that (a) you will exercise or not exercise options in a manner that maximizes your yield, and (b) we will exercise or not exercise options in a manner that minimizes your yield (except that we will be assumed to exercise call options in a manner that maximizes your yield). If you do not elect to amortize bond premium, that premium will decrease the gain or increase the loss you would otherwise recognize on disposition of a Registered Debt Security. Your election to amortize premium on a constant yield method will also apply to all taxable debt obligations held or subsequently acquired by you on or after the first day of the first taxable year to which the election applies. You may not revoke the election without the consent of the IRS. You should consult your own tax advisor before making this election.
Sale, Exchange and Retirement of Registered Debt Securities
Upon the sale, exchange, retirement or other disposition of a Registered Debt Security, you generally will recognize gain or loss equal to the difference between the amount you receive (not including an amount equal to any accrued qualified stated interest, which will be taxable as ordinary income to the extent not previously included in income) and your adjusted tax basis in the Registered Debt Security. Your adjusted tax basis in a Registered Debt Security other than a ZTF Debenture will generally be your cost of obtaining the Registered Debt Security, increased by any market discount included in income and reduced by payments of principal you receive and any bond premium that you have previously amortized. Your adjusted tax basis in a ZTF Debenture will, in general, be your cost therefor, increased by any market discount and OID previously included in income and reduced by any cash payments on the ZTF Debenture and any bond premium that you have previously amortized. Except as described above with respect to market discount, your gain or loss realized upon the sale, exchange, retirement or other disposition of a Registered Debt Security will be capital gain or loss and will generally be long-term capital gain or loss if, at the time of the sale, exchange, retirement or other disposition, you have held the Registered Debt Security for more than one year. Long-term capital gains of
non-corporate
U.S. Persons (including individuals) are eligible for reduced rates of taxation. Your ability to deduct capital losses is subject to limitations.
Except as described above with respect to market discount, your gain or loss realized upon the sale, exchange, retirement or other disposition of a Registered Debt Security will generally be treated as U.S. source gain or loss. Consequently, you may not be able to use a foreign tax credit for any Korean tax imposed on the disposition of Registered Debt Securities unless such credit can be applied (subject to applicable limitations)
 
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against tax due on other income treated as derived from foreign sources. However, pursuant to recently issued U.S. Treasury regulations that apply to taxes paid or accrued in taxable years beginning on or after December 28, 2021, any such Korean tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.
ZTF Debentures Treated as Equity
If the ZTF Debentures were treated as equity for U.S. federal income tax purposes, amounts actually or deemed paid with respect to the ZTF Debentures would be deemed dividends for U.S. federal income tax purposes to the extent paid out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes).
You would include the amounts actually or deemed paid by us on the ZTF Debentures (before reduction for Korean withholding tax, if any) as dividend income when actually or constructively paid by us. Section 305 of the Code, which would apply to the ZTF Debentures if they were treated as equity for U.S. federal income tax purposes, requires current accrual of dividends under principles similar to the accrual of OID. Amounts treated as dividends will not be eligible for the dividends received deduction generally allowed to U.S. corporations.
Tax Consequences with Respect to Common Stock and ADSs
In general, for U.S. federal income tax purposes, holders of ADSs will be treated as the owners of the underlying common stock that is represented by such ADSs. Accordingly, deposits or withdrawals of common stock for ADSs will not be subject to U.S. federal income tax.
Distributions on Common Stock or ADSs
The gross amount of distributions (other than certain pro rata distributions of common stock or rights to subscribe for common stock) to holders of common stock or ADSs (including amounts withheld in respect of Korean withholding taxes) will be taxable dividends to such holders, to the extent paid out of our current or accumulated earnings and profits, as determined under U.S. federal income tax principles. Such income (including withheld taxes) will be includable in the gross income of a holder as ordinary income on the day actually or constructively received by the holder, in the case of common stock, or by the depositary, in the case of ADSs. Such dividends will not be eligible for the dividends received deduction allowed to corporations under the Code.
Subject to applicable limitations (including a minimum holding period requirement), certain dividends received by
non-corporate
U.S. Persons from a qualified foreign corporation may be treated as “qualified dividend income” that is subject to reduced rates of taxation. A qualified foreign corporation includes a foreign corporation that is eligible for the benefits of an income tax treaty with the United States, if such treaty contains an exchange of information provision and the U.S. Treasury Department had determined that the treaty is satisfactory for purposes of the legislation. The U.S. Treasury Department has determined that the Treaty, which contains an exchange of information provision, is satisfactory for these purposes. In addition, we believe we are eligible for the benefits of the Treaty. In addition, a foreign corporation is also treated as a qualified foreign corporation with respect to dividends paid by that corporation on shares (or ADSs backed by such shares) that are readily tradable on an established securities market in the United States. Although shares of our common stock will generally not be considered readily tradable for these purposes, U.S. Treasury Department guidance indicates that our ADSs, which are listed on the New York Stock Exchange, are readily tradable on an established securities market in the United States. There can be no assurance that our ADSs will be considered readily tradable on an established securities market in the United States in later years. Holders should consult their own tax advisors regarding the application of the foregoing rules to their particular circumstances.
 
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The amount of any dividend paid in Won will equal the U.S. dollar value of the Won received calculated by reference to the exchange rate in effect on the date the dividend is received by the holder, in the case of common stock, or by the depositary, in the case of ADSs, regardless of whether the Won are converted into U.S. dollars. If the Won received as a dividend are not converted into U.S. dollars on the date of receipt, a holder will have a basis in the Won equal to their U.S. dollar value on the date of receipt. Any gain or loss realized on a subsequent conversion or other disposition of the Won will be treated as U.S. source ordinary income or loss. The amount of any distribution of property other than cash will be the fair market value of such property on the date of distribution.
The maximum rate of withholding tax on dividends paid to you pursuant to the Treaty is 16.5%. You will be required to properly demonstrate your entitlement to the reduced rate of withholding under the Treaty (see “—Korean Taxes—Shares or ADSs—Tax Treaties”). Subject to certain conditions and limitations, Korean withholding taxes (up to the Treaty rate) will be treated as foreign taxes eligible for deduction or credit against your U.S. federal income tax liability. Your election to deduct or credit foreign taxes will apply to all of your foreign taxes for a particular taxable year. For purposes of calculating the foreign tax credit, dividends paid on the common stock or ADSs will be treated as foreign source income and will generally constitute passive category income. Further, in certain circumstances, if you have held common stock or ADSs for less than a specified minimum period during which you are not protected from risk of loss, or are obligated to make payments related to the dividends, you will not be allowed a foreign tax credit for foreign taxes imposed on dividends paid on common stock or ADSs. The rules governing the foreign tax credit are complex. Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances, including the possible adverse impact on creditability to the extent you are entitled to a refund of any Korean tax withheld or a reduced rate of withholding.
To the extent that the amount of any distribution exceeds our current and accumulated earnings and profits for a taxable year, as determined under U.S. federal income tax principles, the distribution will first be treated as a
tax-
free return of capital, causing a reduction in the adjusted basis of the common stock or ADSs (thereby increasing the amount of gain, or decreasing the amount of loss, to be recognized by the investor on a subsequent disposition of the common stock or ADSs), and the balance in excess of adjusted basis will be taxed as capital gain recognized on a sale or exchange of property. Consequently, such distributions in excess of our current and accumulated earnings and profits would not give rise to foreign source income and you generally would not be able to use a foreign tax credit for any Korean withholding tax imposed on such distributions unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. However, we do not expect to keep earnings and profits in accordance with U.S. federal income tax principles. Therefore, you should expect that a distribution will generally be treated as a dividend (as discussed above).
Distributions of common stock or rights to subscribe for common stock that are received as part of a pro rata distribution to all of our shareholders generally will not be subject to U.S. federal income tax. Consequently, such distributions will not give rise to foreign source income and you generally will not be able to use a foreign tax credit for any Korean withholding tax imposed on such distributions unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources.
Sale, Exchange or Other Disposition of ADSs or Common Stock
Upon the sale, exchange or other disposition of ADSs or common stock, you generally will recognize capital gain or loss equal to the difference between the amount realized upon the sale, exchange or other disposition and your adjusted tax basis in the ADSs or common stock, both as determined in U.S. dollars. The capital gain or loss will be long-term capital gain or loss if, at the time of sale, exchange or other disposition, the ADSs or common stock have been held by you for more than one year. Under current law, long-term capital gains of
non-corporate
U.S. Persons (including individuals) are eligible for reduced rates of taxation. The deductibility of capital losses is subject to limitations. Any gain or loss recognized by you will generally be
 
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treated as U.S. source gain or loss. Consequently, you may not be able to use a foreign tax credit for any Korean tax imposed on the disposition of ADSs or common stock unless such credit can be applied (subject to applicable limitations) against tax due on other income treated as derived from foreign sources. However, pursuant to recently issued U.S. Treasury regulations that apply to taxes paid or accrued in taxable years beginning on or after December 28, 2021, any such Korean tax would generally not be a foreign income tax eligible for a foreign tax credit (regardless of any other income that you may have that is derived from foreign sources). Investors are urged to consult their tax advisors regarding the availability of the foreign tax credit under their particular circumstances.
You should note that any Korean securities transaction tax will not be treated as a creditable foreign tax for U.S. federal income tax purposes.
Passive Foreign Investment Company Rules
Based upon the past and projected composition of our income and assets and the valuation of our assets, we do not believe that we were a passive foreign investment company (a “PFIC”) for 2021, and we do not expect to be a PFIC in 2022 or to become one in the foreseeable future, although there can be no assurance in this regard. If, however, we become a PFIC, such characterization could result in adverse U.S. tax consequences to you. For example, if we become a PFIC, our U.S. investors may become subject to increased tax liabilities under U.S. tax laws and regulations and will become subject to burdensome reporting requirements. In addition,
non-corporate
U.S. Persons will not be eligible for reduced rates of taxation on any dividends received from us if we are a PFIC in the taxable year in which such dividends are paid or in the preceding taxable year. Our PFIC status is determined on an annual basis and depends on the composition of our income and assets in each year. Specifically, we will be classified as a PFIC for U.S. federal income tax purposes for any taxable year if either: (i) 75% or more of our gross income in such year is passive income, or (ii) the average percentage of our assets by value in such year which produce or are held for the production of passive income (which generally includes cash) is at least 50%. We cannot assure you that we will not be a PFIC for 2022 or any future taxable year.
Information Reporting and Backup Withholding
In general, information reporting requirements will apply to principal, interest, OID and premium payments on Registered Debt Securities and dividend payments in respect of the common stock or ADSs or the proceeds received on the sale, exchange, retirement or other disposition of the Registered Debt Securities, common stock or ADSs that are paid within the United States (and in certain cases, outside of the United States), unless you are an exempt recipient. A backup withholding tax may apply to such amounts if you fail to provide an accurate taxpayer identification number or certification of exempt status or fail to report interest and dividends required to be shown on your U.S. federal income tax returns. The amount of any backup withholding from a payment to you will be allowed as a refund or a credit against your U.S. federal income tax liability, provided the required information is timely furnished to the IRS.
Item 10.F. Dividends and Paying Agents
Not applicable.
Item 10.G. Statements by Experts
Not applicable.
Item 10.H. Documents on Display
We are subject to the information requirements of the Exchange Act, and, in accordance therewith, are required to file reports, including annual reports on Form
20-F,
and other information with the U.S. Securities
 
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and Exchange Commission. You may inspect and copy these materials, including this annual report and the exhibits thereto, at SEC’s Public Reference Room 100 Fifth Street, N.E., Washington D.C. 20549. Please call the Commission at
1-800-SEC-0330
for further information on the public reference rooms. As a foreign private issuer, we are also required to make filings with the Commission by electronic means. Any filings we make electronically will be available to the public over the Internet at the Commission’s web site at http://www.sec.gov.
Item 10.I. Subsidiary Information
Not applicable.
ITEM 11.
QUANTITATIVE AND QUALITATIVE DISCLOSURES ABOUT MARKET RISK
Our primary market risk exposures are to fluctuations in exchange rates, interest rates and fuel prices. We are exposed to foreign exchange risk related to foreign currency-denominated liabilities. As of December 31, 2021, 16.4% of our long-term debt (including the current portion but excluding original issue discounts and premium), without taking into consideration of swap transactions, was denominated in foreign currencies, principally U.S. dollar. However, a substantial portion of our revenues is denominated in Won. As a result, changes in exchange rates, particularly between the Won and the U.S. dollar, significantly affect us due to our significant amounts of foreign currency-denominated debt and the effect of such changes on the amount of funds required by us to make interest and principal payments on such debt. In order to reduce the impact of foreign exchange rate fluctuations on our results of operations, we have entered into currency swaps and other hedging arrangements with respect to our foreign currency denominated debt.
We are also exposed to foreign exchange risk related to our purchases of fuel since we obtain substantially all of our fuel materials (other than anthracite coal) directly or indirectly from sources outside Korea. Prices for such fuel materials are quoted based on prices stated in, and in many cases are paid for in, currencies other than Won. In 2021, fuel costs represented 32.4% of our sales.
We are exposed to interest rate risk due to significant amounts of debt. Upward fluctuations in interest rates increase the cost of additional debt and the interest cost of outstanding floating rate borrowings. We are also exposed to fluctuations in prices of fuel materials. In 2021, for electricity generation, uranium accounted for 39.5% of our fuel requirements, coal accounted for 43.1%, LNG accounted for 13.7%, oil accounted for 0.4%, and others accounted for 3.3%, measured in each case by the amount of electricity we generated. In 2020, for electricity generation, uranium accounted for 40.6% of our fuel requirements, coal accounted for 45.3%, LNG accounted for 10.6%, oil accounted for 0.4%, and others accounted for 3.1%, measured in each case by the amount of electricity we generated.
For additional discussions of our market risks, see Item 3.D. “Risk Factors” and Item 5.B. “Liquidity and Capital Resources—Liquidity.”
 
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We have entered into various swap contracts to hedge exchange rate risks arising from foreign currency-denominated debts. Details of currency swap contracts outstanding as of December 31, 2021 are as follows:
 
  
Counterparty
 
Contract
Year
  
Settlement
Year
  
Contract amounts
  
Contract

interest rate
 
Contract

Exchange
Rate
 
Type
 
          Pay          
  
      Receive      
  
Pay
 
Receive
                      
          
(in millions of Won or
thousands of foreign
currencies except contract
exchange rate information)
        
Trading
 Standard Chartered  2014   2029   KRW 102,470   USD 100,000  3.14% 3.57%  1,024.70 
 Societe Generale  2014   2024   KRW 105,017   USD 100,000  4.92% 5.13%  1,050.17 
 Hana Bank  2015   2024   KRW 107,970   USD 100,000  4.75% 5.13%  1,079.70 
 Credit Agricole  2015   2024   KRW 94,219   USD 86,920  4.85% 5.13%  1,083.97 
 Woori Bank  2019   2027   KRW 21,708   USD 19,417  5.04% 6.75%  1,118.00 
 Woori Bank  2019   2024   KRW 296,000   USD 250,000  1.21% 2.50%  1,184.00 
 Korea Development Bank  2019   2024   KRW 177,600   USD 150,000  1.24% 2.50%  1,184.00 
 Hana Bank  2019   2024   KRW 118,400   USD 100,000  1.24% 2.50%  1,184.00 
 Woori Bank  2020   2025   KRW 241,320   USD 200,000  0.54% 1.13%  1,206.60 
 Korea Development Bank  2020   2025   KRW 241,320   USD 200,000  0.54% 1.13%  1,206.60 
 Kookmin Bank  2020   2025   KRW 120,660   USD 100,000  0.54% 1.13%  1,206.60 
 Kookmin Bank  2020   2026   KRW 76,355   USD 70,445  5.83% 6.00%  1,083.90 
 Woori Bank  2021   2026   KRW 118,170   USD 100,000  1.11% 1.13%  1,181.70 
 Korea Development Bank  2021   2026   KRW 118,170   USD 100,000  1.11% 1.13%  1,181.70 
 Hana Bank  2021   2026   KRW 118,170   USD 100,000  1.11% 1.13%  1,181.70 
 Citibank  2012   2022   KRW 112,930   USD 100,000  2.79% 3.00%  1,129.30 
 JP Morgan  2012   2022   KRW 112,930   USD 100,000  2.79% 3.00%  1,129.30 
 Bank of America  2012   2022   KRW 112,930   USD 100,000  2.79% 3.00%  1,129.30 
 Shinhan Bank  2016   2022   KRW 112,930   USD 100,000  2.79% 3.00%  1,129.30 
 HSBC  2012   2022   KRW 111,770   USD 100,000  2.89% 3.00%  1,117.70 
 Hana Bank  2012   2022   KRW 111,770   USD 100,000  2.87% 3.00%  1,117.70 
 Standard Chartered  2012   2022   KRW 111,770   USD 100,000  2.89% 3.00%  1,117.70 
 Deutsche Bank  2012   2022   KRW 55,885   USD 50,000  2.79% 3.00%  1,117.70 
 Nomura  2015   2025   KRW 111,190   USD 100,000  2.60% 3.25%  1,111.90 
 Korea Development Bank  2015   2025   KRW 111,190   USD 100,000  2.62% 3.25%  1,111.90 
 Woori Bank  2015   2025   KRW 55,595   USD 50,000  2.62% 3.25%  1,111.90 
 Hana Bank  2015   2025   KRW 55,595   USD 50,000  2.62% 3.25%  1,111.90 
 Woori Bank  2017   2027   KRW 111,610   USD 100,000  2.25% 3.13%  1,116.10 
 Korea Development Bank  2017   2027   KRW 111,610   USD 100,000  2.31% 3.13%  1,116.10 
 Hana Bank  2017   2027   KRW 111,610   USD 100,000  2.31% 3.13%  1,116.10 
 Korea Development Bank  2018   2028   KRW 108,600   HKD 800,000  2.69% 3.35%  135.75 
 Shinhan Bank  2018   2028   KRW 115,387   HKD 850,000  2.66% 3.35%  135.75 
 Korea Development Bank  2018   2023   KRW 170,280   USD 150,000  2.15% 3.75%  1,135.20 
 Woori Bank  2018   2023   KRW 170,280   USD 150,000  2.18% 3.75%  1,135.20 
 Hana Bank  2018   2023   KRW 113,520   USD 100,000  2.17% 3.75%  1,135.20 
 Shinhan Bank  2018   2023   KRW 227,040   USD 200,000  2.17% 3.75%  1,135.20 
 Citibank  2019   2024   KRW 239,956   CHF 200,000  1.44% 0.00%  1,199.78 
 Korea Development Bank  2019   2027   KRW 119,978   CHF 100,000  1.43% 0.05%  1,199.78 
 Woori Bank  2021   2026   KRW 222,800   USD 200,000  0.93% 1.25%  1,114.00 
 Shinhan Bank  2021   2026   KRW 111,400   USD 100,000  0.92% 1.25%  1,114.00 
 Korea Development Bank  2021   2026   KRW 111,400   USD 100,000  0.93% 1.25%  1,114.00 
 Nonghyup Bank  2021   2026   KRW 111,400   USD 100,000  0.93% 1.25%  1,114.00 
 HSBC  2019   2024   USD 205,500   AUD 300,000  3M Libor +
0.78%		 3M BBSW +
0.97%		  USD 0.69 
Cash flow hedge
 Kookmin Bank  2020   2025   KRW 118,780   USD 100,000  1.29% 2.13%  1,187.80 
 Shinhan Bank  2020   2025   KRW 118,780   USD 100,000  1.29% 2.13%  1,187.80 
 Hana Bank  2020   2025   KRW 118,780   USD 100,000  1.29% 2.13%  1,187.80 
 Korea Development Bank  2020   2026   KRW 118,910   USD 100,000  0.61% 1.00%  1,189.10 
 Hana Bank  2020   2026   KRW 118,910   USD 100,000  0.61% 1.00%  1,189.10 
 Woori Bank  2020   2026   KRW 118,910   USD 100,000  0.62% 1.00%  1,189.10 
 Nomura  2017   2037   KRW 52,457   EUR 40,000  2.60% 1.70%  1,311.42 
 
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Counterparty
 
Contract
Year
  
Settlement
Year
  
Contract amounts
  
Contract

interest rate
 
Contract

Exchange
Rate
 
Type
 
          Pay          
  
      Receive      
  
Pay
 
Receive
                      
          
(in millions of Won or
thousands of foreign
currencies except contract
exchange rate information)
        
 Nomura  2017   2037   KRW 59,423   SEK 450,000  2.62% 2.36%  132.05 
 Korea Development Bank  2019   2022   KRW 112,650   USD 100,000  1.80% 3.38%  1,126.50 
 Kookmin Bank  2019   2022   KRW 112,650   USD 100,000  1.80% 3.38%  1,126.50 
 Woori Bank  2019   2022   KRW 112,650   USD 100,000  1.80% 3.38%  1,126.50 
 Kookmin Bank  2021   2026   KRW 114,230   USD 100,000  1.27% 1.25%  1,142.30 
 Korea Development Bank  2021   2026   KRW 114,230   USD 100,000  1.27% 1.25%  1,142.30 
 Hana Bank  2021   2026   KRW 114,230   USD 100,000  1.27% 1.25%  1,142.30 
 Korea Development Bank  2018   2023   KRW 320,880   USD 300,000  2.03% 3.75%  1,069.60 
 BNP Paribas  2019   2024   KRW 111,841   CHF 100,000  1.78% 0.13%  1,118.41 
 Kookmin Bank  2019   2024   KRW 111,841   CHF 100,000  1.78% 0.13%  1,118.41 
 Korea Development Bank  2019   2022   KRW 117,340   USD 100,000  1.06% 2.38%  1,173.40 
 
Hana Bank
  2019   2022   KRW 117,340   USD 100,000  1.06% 2.38%  1,173.40 
 
Kookmin Bank
  2019   2022   KRW 117,340   USD 100,000  1.06% 2.38%  1,173.40 
 
Woori Bank
  2021   2026   KRW 220,600   USD 200,000  0.47% 0.75%  1,103.00 
 
Shinhan Bank
  2021   2026   KRW 220,600   USD 200,000  0.47% 0.75%  1,103.00 
 
Hana Bank
  2021   2026   KRW 55,150   USD 50,000  0.48% 0.75%  1,103.00 
 
Hana Bank
  2017   2022   KRW 226,600   USD 200,000  1.94% 2.63%  1,133.00 
 
Korea Development Bank
  2017   2022   KRW 113,300   USD 100,000  1.94% 2.63%  1,133.00 
 
Nomura
  2017   2022   KRW 113,300   USD 100,000  1.95% 2.63%  1,133.00 
 
Woori Bank
  2017   2022   KRW 56,650   USD 50,000  1.95% 2.63%  1,133.00 
 
Kookmin Bank
  2017   2022   KRW 56,650   USD 50,000  1.95% 2.63%  1,133.00 
 
Korea Development Bank
  2018   2023   KRW 169,335   USD 150,000  2.26% 3.88%  1,128.90 
 
Woori Bank
  2018   2023   KRW 169,335   USD 150,000  2.26% 3.88%  1,128.90 
 
Credit Agricole
  2018   2023   KRW 112,890   USD 100,000  2.26% 3.88%  1,128.90 
 
Hana Bank
  2018   2023   KRW 56,445   USD 50,000  2.26% 3.88%  1,128.90 
 
Kookmin Bank
  2018   2023   KRW 56,445   USD 50,000  2.26% 3.88%  1,128.90 
 
Woori Bank
  2020   2025   KRW 245,560   USD 200,000  0.93% 1.75%  1,227.80 
 
Hana Bank
  2020   2025   KRW 245,560   USD 200,000  0.93% 1.75%  1,227.80 
 
Korea Development Bank
  2020   2025   KRW 122,780   USD 100,000  0.93% 1.75%  1,227.80 
Under these currency swap contracts, we recognized net valuation gain of Won 787 billion in 2021.
 
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Details of interest rate contracts outstanding as of December 31, 2021 are as follows:
 
   
Counterparty
 
Contract
Year
   
Settlement
Year
   
Contract amounts
   
Contract interest rate per annum
Type
  
Pay
  
Receive
             
(in millions of
Won or thousands
of USD)
       
Trading
  Hana Bank  2017    2022    KRW 100,000   2.01%  3M CD + 0.24%
  Hana Bank  2017    2022    KRW 100,000   2.06%  3M CD + 0.27%
  Nomura
(1)
  2018    2038    KRW 30,000   2.56%  3.75%
  Hana Bank  2018    2023    KRW 200,000   2.15%  3M CD + 0.19%
  Hana Bank  2018    2023    KRW 200,000   2.17%  3M CD + 0.19%
  Hana Bank  2018    2023    KRW 150,000   2.03%  3M CD + 0.21%
  Hana Bank  2019    2024    KRW 200,000   1.87%  3M CD + 0.13%
  Shinhan Bank  2021    2025    KRW 100,000   2.32%  3M CD + 0.43%
  Societe Generale  2017    2022    KRW 200,000   3M Libor + 3.44%  3.77%
  Nomura  2017    2032    KRW 52,457   3M Libor + 2.22%  2.60%
  Nomura  2017    2032    KRW 59,423   3M Libor + 2.24%  2.62%
  Nomura
(2)
  2021    2041    KRW 30,000   1.84%  2.60%
  Nomura
(3)
  2021    2041    KRW 50,000   1.87%  2.38%
Cash flow hedge
  
Export-Import Bank

of Korea		  2015    2031    USD 15,893   2.67%  6M USD Libor
  ING Bank  2015    2031    USD 7,861   2.67%  6M USD Libor
  BNP Paribas  2015    2031    USD 7,861   2.67%  6M USD Libor
  BNP Paribas  2009    2027    USD 60,316   4.16%  6M USD Libor
  KFW  2009    2027    USD 60,316   4.16%  6M USD Libor
  Export-Import Bank
of Korea		  2016    2036    USD 71,116   3.00%  6M USD Libor
 
Notes:
 
(1)
2.56% of the contract interest rate for paying is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on exercise of counterparty’s right, it can be reimbursed before the due date on the same day of every year starting 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.
Under these interest rate swap contracts, we recognized net valuation gain of Won 18 billion in 2021.
 
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We engage in transactions denominated in foreign currencies and consequently become exposed to fluctuations in exchange rates. The carrying amounts of our foreign currency-denominated monetary assets and monetary liabilities as of December 31, 2020 and 2021 were as follows:
 
   
Assets
   
Liabilities
 
Type
  
        2020        
   
        2021        
   
        2020        
   
        2021        
 
                 
   
(In thousands of foreign currencies)
 
AED
   39,678    6,481    31,594    31,637 
AUD
   133    3,733    707,538    926,960 
BDT
   93,442    50,145    —      577 
BWP
   890    939    —      —   
EGP
   —      —      948    595 
CAD
   247    582    1,840    2,266 
CHF
   —      —      500,406    500,230 
CZK
   —      —      2,033    386 
EUR
   310    1,809    121,069    42,981 
GBP
   —      —      43    —   
HKD
   —      —      1,651,839    1,651,665 
IDR
   342,496    768,731    555,241    995,510 
INR
   1,231,895    1,715,900    155,134    342,833 
JOD
   1,673    1,852    —      118 
JPY
   825,269    697,747    484,585    153,383 
KZT
   1,510    1,510    —      —   
MGA
   5,645,349    4,262,857    —      475,807 
MMK
   11,032    210,335    —      —   
MYR
   —      1,964    —      —   
PHP
   191,122    164,167    104,161    104,245 
PKR
   371,328    200,844    12,222    74,423 
SAR
   2,178    2,615    —      —   
SEK
   —      —      449,824    449,167 
USD
   1,445,522    1,381,441    12,234,563    12,023,085 
UYU
   78,265    90,930    1,585    3,097 
VND
   672,563    952,135    —      262,372 
ZAR
   303    31,971    —      —   
The following analysis sets forth the sensitivity of our consolidated net income before income taxes (our
“pre-tax
income”) to changes in exchange rates, interest rates, electricity rates and fuel costs. For purposes of this section, we and our related parties are deemed one entity. The range of changes in such risk categories represents our view of the changes that are reasonably possible over a
one-year
period, although it is difficult to predict such changes as a result of adverse economic developments in Korea. See Item 3.D. “Risk Factors—Risks Relating to Korea and the Global Economy—Unfavorable financial and economic conditions in Korea and globally may have a material adverse impact on us.” The following discussion only addresses material market risks faced by us and does not discuss other risks which we face in the normal course of business, including country risk, credit risk and legal risk. Unless otherwise specified, all calculations are made under IFRS.
If the Won depreciates against the U.S. dollar and all other foreign currencies held by us by 10%, and all other variables are held constant from their levels as of December 31, 2021, we estimate that our unrealized foreign exchange translation losses will increase by Won 1,439 billion in 2022. Such sensitivity analysis is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency as of December 31, 2020 and 2021, without taking into consideration of the hedge effect of swap transactions. To manage our foreign currency risk related to foreign currency-denominated receivables and payables, we have a policy of entering into currency forward agreements. In addition, to manage our foreign currency risk related to
 
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foreign currency-denominated expected sales transactions and purchase transactions, we enter into cross-currency swap agreements.
We are exposed to interest rate risk due to our borrowings with floating interest rates. If interest rates increase by 1% on all of our borrowings and debentures bearing variable interest, and all other variables are held constant as of December 31, 2021, we estimate that our profit before income taxes will decrease by Won 31 billion (not reflecting the fact that a portion of such interest may be capitalized under IFRS) in 2022. Such sensitivity analysis does not take into consideration of the hedge effect of interest rate swap transactions. To manage our interest rate risks, we, in addition to maintaining an appropriate mix of fixed and floating rate loans, have entered into certain interest rate swap agreements.
We are exposed to electricity rates risk due to the rate regulation by the Government, which considers the effect of electricity rate changes on the national economy. If the electricity rate rises by 1% and all other variables are held constant as of December 31, 2021, we estimate that our profit before income taxes will increase by Won 572 billion in 2022.
We are exposed to fuel price risks due to the heavy influence of fuel costs on our sales and cost of sales. If the fuel prices of anthracite and bituminous coal, oil, LNG and others used for generation by us and our generation subsidiaries rise by 1% and all other variables are held constant as of December 31, 2021, we estimate that our profit before income taxes will decrease by Won 190 billion in 2022.
The above discussion and the estimated amounts generated from the sensitivity analyzes referred to above include “forward-looking statements,” which assume for analytical purposes that certain market conditions may occur. Accordingly, such forward-looking statements should not be considered projections by us of future events or losses.
See Note 45 of the notes to our consolidated financial statements included in this annual report for further related information.
 
ITEM 12.
DESCRIPTION OF SECURITIES OTHER THAN EQUITY SECURITIES
Item 12.A. Debt Securities
Of the four debt securities issued by us that are registered under the Exchange Act as set forth in the cover page of this annual report, the One Hundred Year 7.95%
Zero-to-Full
Debentures due April 1, 2096, were guaranteed by Korea Development Bank. However, such guarantee expired on April 1, 2016 by reason of the expiration of a put option period applicable to such debentures in accordance with the terms of such debentures.
Korea Development Bank, a statutory bank for the Korean government, is 100% beneficially owned by the Korean government. The voting rights in our equity interest held by Korea Development Bank are effectively exercised by the Korean government.
The guarantee by Korea Development Bank of our above-mentioned registered debt securities was itself a security registered under the Securities Act. Korea Development Bank is a Schedule B issuer and periodically files registration statements with the Commission. These registration statements typically include financial statements prepared in accordance with the applicable generally accepted accounting principles, currently the Korean International Financial Reporting Standards, and audited in accordance with generally accepted auditing standards in the Republic of Korea.
Item 12.B. Warrants and Rights
Not applicable.
 
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Item 12.C. Other Securities
Not applicable.
Item 12.D. American Depositary Shares
Under the terms of the Deposit Agreement in respect of our ADSs, the holder and beneficiary owners of ADSs, any party depositing or withdrawing or surrendering ADSs or ADRs, whichever applicable, may be required to pay the following fees and charges to Citibank, N.A., whose principal executive office located in 388 Greenwich St. New York, NY 10013, acting as depositary for our ADSs:
 
Item
  
Services
  
Fees
1  Taxes and other governmental charges  As applicable
2  Registration of transfer of common shares generally on our shareholders’ register, any institution authorized under the applicable law to effect book-entry transfers of securities (including Korea Securities Depositary), or any entity that presently carries out the duties of registrar for the common shares, and applicable to transfers of common shares to the name of the Depositary or its nominee on the making of deposits or withdrawals  A fee of US$1.50 or less per ADS
3  Cable, telex and facsimile transmission expenses  As applicable
4  Expenses incurred by the Depositary in the conversion of foreign currency  As applicable
5  Execution and delivery of ADRs and the surrender of ADRs  Fee of US$0.05 or less per ADS
6  Cash distribution made by the Depositary or its agent  Fee of US$0.02 or less per ADS
7  Fee for the distribution of proceeds of sales of securities or rights for distribution other than cash, common shares or rights to subscribe for shares, distribution in shares or distribution in rights to subscribe for shares  Lesser of (i) the fee for the execution and delivery of ADRs referred to above which would have been charged as a result of the deposit by the holders of securities or common shares received in exercise of rights distributed to them, but which securities or rights are instead sold by the Depositary and the net proceeds distributed and (ii) the amount of such proceeds
8  Depositary services performed in administering the ADRs (which fee shall be assessed against holders of ADSs as of the record date or dates and shall be payable at the sole discretion of the Depositary by billing such holders or by deducting such charge from one or more cash dividends or other cash distributions)  Fee of US$0.02 or less per ADS per calendar year
Depositary fees payable upon the issuance and cancellation of ADSs are typically paid to the depositary by the brokers (on behalf of their clients) receiving the newly-issued ADSs from the depositary and by the brokers
 
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(on behalf of their clients) delivering the ADSs to the depositary for cancellation. The brokers in turn charge these transaction fees to their clients.
Depositary fees payable in connection with distributions of cash or securities to ADS holders and the depositary services fee are charged by the depositary to the holders of record of ADSs as of the applicable ADS record date. The depositary fees payable for cash distributions are generally deducted from the cash being distributed. In the case of distributions other than cash (i.e., stock dividends, rights offerings), the depositary charges the applicable fee to the ADS record date holders concurrent with the distribution. In the case of ADSs registered in the name of the investor (whether certificated or
un-certificated
in direct registration), the depositary sends invoices to the applicable record date ADS holders. In the case of ADSs held in brokerage and custodian accounts via the central clearing and settlement system, the Depository Trust Company (“DTC”), the depositary generally collects its fees through the systems provided by DTC (whose nominee is the registered holder of the ADSs held in DTC) from the brokers and custodians holding ADSs in their DTC accounts. The brokers and custodians who hold their clients’ ADSs in DTC accounts in turn charge their clients’ accounts the amount of the fees paid to the depositary.
In the event of refusal to pay the depositary fees, the depositary may, under the terms of the Deposit Agreement, refuse the requested service until payment is received or may
set-off
the amount of the depositary fees from any distribution to be made to the ADS holder.
The fees and charges the ADS holders may be required to pay may vary over time and may be changed by us and by the depositary. The ADS holders will receive prior notice of such changes.
Depositary Payments for the Fiscal Year 2021
The following table sets forth our expenses incurred in 2021, which were reimbursed by Citibank, N.A. in the aggregate:
 
   
(In thousands
of U.S. dollars)
(1)
 
Reimbursement of legal fees
  US$148,993 
Contributions towards our investor relations and other financing efforts (including investor conferences,
non-deal
roadshows and market information services)
   224,295 
Other
   140,604 
  
 
 
 
Total
  US$513,892 
  
 
 
 
 
Note:
 
(1)
Converted at the market average exchange rate as announced by Seoul Money Brokerage Services, Ltd. in Seoul for the year ended December 31, 2021.
 
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PART II
 
ITEM 13.
DEFAULTS, DIVIDEND ARREARAGES AND DELINQUENCIES
Not applicable.
 
ITEM 14.
MATERIAL MODIFICATIONS TO THE RIGHTS OF SECURITY HOLDERS AND USE OF PROCEEDS
Not applicable.
 
ITEM 15.
CONTROLS AND PROCEDURES
Disclosure Control
Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of the design and operation of our disclosure controls and procedures (as defined in Rule
13a-15(e)
under the Exchange Act) as of December 31, 2021. There are inherent limitations to the effectiveness of any system of disclosure controls and procedures, including the possibility of human error and the circumvention or overriding of the controls and procedures. Accordingly, even effective disclosure controls and procedures can provide only reasonable assurance of achieving their control objectives. Based upon our evaluation, our chief executive officer and chief financial officer concluded that the design and operation of our disclosure controls and procedures as of December 31, 2021 were effective to provide reasonable assurance that information required to be disclosed by us in the reports we file and submit under the Exchange Act is recorded, processed, summarized and reported, within the time periods specified in the applicable rules and forms, and that it is accumulated and communicated to our management, including our chief executive officer and chief financial officer, as appropriate to allow timely decision regarding required disclosure.
Management’s Annual Report on Internal Control over Financial Reporting
Our management is responsible for establishing and maintaining adequate internal control over financial reporting, as such term is defined in Rules
13a-15(f)
and
15d-15(f)
under the Exchange Act, for our company. Under the supervision and with the participation of our management, including our chief executive officer and chief financial officer, we have evaluated the effectiveness of our internal control over financial reporting as of December 31, 2021 based on the framework established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013). Our internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of consolidated financial statements in accordance with generally accepted accounting principles and includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of a company’s assets, (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of consolidated financial statements in accordance with generally accepted accounting principles, and that a company’s receipts and expenditures are being made only in accordance with authorizations of a company’s management and directors, and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use or disposition of a company’s assets that could have a material effect on the consolidated financial statements.
Because of its inherent limitations, a system of internal control over financial reporting can provide only reasonable assurance with respect to consolidated financial statement preparation and presentation and may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
 
 
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Following the overhaul in May 2013 by the Committee of Sponsoring Organization of the Treadway (“COSO”) of the COSO Framework relating to internal controls and adoption of the 2013 Integrated Framework of the Committee of Sponsoring Organizations of the Treadway Commission (the “COSO Framework (2013)”), we have, effective January 1, 2014, adopted the COSO Framework (2013) and incorporated it into our internal control system for us and our subsidiaries in order to comply with the Sarbanes Oxley Act and to standardize our internal control system. As required by Section 404 of the Sarbanes-Oxley Act of 2002 and related rules as promulgated by the Securities and Exchange Commission, management assessed the effectiveness of our internal control over financial reporting as of December 31, 2021 using criteria established by the COSO Framework (2013). Based on this evaluation, our management concluded that our internal control over financial reporting was effective as of December 31, 2021 based on the criteria established by the COSO Framework (2013).
Audit Report of the Independent Registered Public Accounting Firm
Ernst & Young Han Young has issued an audit report on the effectiveness of our internal control over financial reporting as of December 31, 2021, which is included elsewhere in this annual report.
Changes in Internal Controls
There were no changes in our internal control over financial reporting that occurred during the year ended December 31, 2021 that have materially affected, or are reasonably likely to materially affect, our internal control over financial reporting. Our adoption of the COSO Framework (2013) did not have, and is not reasonably likely to have, any material effect on our internal control over financial reporting.
On the other hand, in preparation for seamless transition to the new cost pass-through system, we have adopted an enhancement to our internal control over financial reporting effective as of January 1, 2021. Nevertheless, such enhancement did not have any effect on our consolidated financial statements included in this annual report or related internal controls to have any effect on our assessment of internal control over financial reporting as of December 31, 2021. We believe such enhancement would not have, and is not likely to have, any material effect on our internal control over financial reporting in 2022.
We operate an integrated ERP system for a transparent and efficient management of the core ERP components, including personnel, accounting, procurement, construction and facilities maintenance. In addition, we also operate a strategic enterprise management system that includes business warehouse, management information and business planning and simulation systems. We will continue to upgrade and improve the ERP system, which is being used as our core information infrastructure.
 
ITEM 16.
[RESERVED]
ITEM 16A. AUDIT COMMITTEE FINANCIAL EXPERT
Our board of directors has determined that we have at least one “audit committee financial expert” as such term is defined by the regulations of the Securities and Exchange Commission issued pursuant to Section 407 of the Sarbanes-Oxley Act of 2002. Our audit committee financial expert is Kim,
Jae-Shin.
Such member is independent within the meaning of the Korea Exchange listing standards, the regulations promulgated under the Enforcement Decree of the Korean Commercial Act and the New York Stock Exchange listing standards.
ITEM 16B. CODE OF ETHICS
We have adopted a code of ethics for our principal executive officer, principal financial officer, principal accounting officer or controller, or persons performing similar functions as required under Section 406 of the Sarbanes-Oxley Act of 2002, together with an insider reporting system in compliance with Section 301 of the
 
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Sarbanes-Oxley Act. The code of ethics is available on our website www.kepco.co.kr. We have not granted any waiver, including an implicit waiver, from a provision of the code of ethics to any of the above-mentioned officers during our most recently completed fiscal year.
ITEM 16C. PRINCIPAL ACCOUNTANT FEES AND SERVICES
The following table sets forth the aggregate fees billed for each of the years ended December 31, 2020 and 2021 for professional services rendered by our principal accountant for such year, for various types of services and a brief description of the nature of such services. Ernst & Young Han Young, a Korean independent registered public accounting firm, was our principal accountant for the years ended December 31, 2020 and 2021 and we currently expect Ernst & Young Han Young to serve as our principal accountant for the year ended December 31, 2022.
 
   
Aggregate Fees Billed During
    
Type of Services
  
        2020        
   
        2021        
   
Nature of Services
   
(In millions of Won)
    
Audit Fees
  
W
 7,774
 		  
W
8,002
 		  Audit service including interim review service for KEPCO and its subsidiaries.
Audit-Related Fees
   516    498   Comfort letter services.
Tax Fees
   56    20   Tax return and consulting advisory service.
All Other Fees
   —      —     All other services which do not meet the three categories above.
  
 
 
   
 
 
   
Total
  
W
 8,346
 		  
W
8,520
 		  
  
 
 
   
 
 
   
 
The U.S. law and regulations in effect since May 6, 2003 generally require all service of the principal accountant to be
pre-approved
by an independent audit committee or, if no such committee exists with respect to an issuer, by the entire board of directors. We have adopted the following policies and procedures for consideration and approval of requests to engage our principal accountant to perform audit and
non-audit
services. If the request relates to services that would impair the independence of our principal accountant, the request must be rejected. If the service request relates to audit and permitted
non-audit
services for us and our subsidiaries, it must be forwarded to our audit committee and receive
pre-approval.
In addition, the U.S. law and regulations permit the
pre-approval
requirement to be waived with respect to engagements for
non-audit
services aggregating no more than five percent of the total amount of revenues we paid to our principal auditors, if such engagements were not recognized by us at the time of engagement and were promptly brought to the attention of our audit committee or a designated member thereof and approved prior to the completion of the audit.
ITEM 16D. EXEMPTIONS FROM THE LISTING STANDARDS FOR AUDIT COMMITTEE
Not applicable.
ITEM 16E. PURCHASES OF EQUITY SECURITIES BY THE ISSUER AND AFFILIATED PURCHASERS
Neither we nor any “affiliated purchaser,” as defined in Rule
10b-18(a)(3)
of the Exchange Act, purchased any of our equity securities during the period covered by this annual report.
ITEM 16F. CHANGE IN REGISTRANT’S CERTIFYING ACCOUNTANT
Not applicable.
 
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ITEM 16G. CORPORATE GOVERNANCE
We are committed to high standards of corporate governance. We are in compliance with the corporate governance provisions of the KEPCO Act, the Act on the Management of Public Institutions, the Korean Commercial Act, the Financial Investment Services and Capital Markets Act of Korea and the Listing Rules of the Korea Exchange.
We, like all other companies in Korea, must comply with the corporate governance provisions under the Korean Commercial Act, except to the extent the KEPCO Act and the Act on the Management of Public Institutions otherwise require. Our corporate governance is also affected by various regulatory guidelines, including those promulgated by the Ministry of Economy and Finance. In addition, as a company listed on the Korea Exchange, we are subject to the Financial Investment Services and Capital Markets Act of Korea, unless the Financial Investment Services and Capital Markets Act of Korea otherwise provides.
The Act on the Management of Public Institutions
General Provisions
On April 1, 2007, the Act on the Management of Public Institutions took effect by abolishing and replacing the Government-invested Enterprise Management Basic Act, which was enacted in 1984. Unless stated otherwise therein, the Act on the Management of Public Institutions takes precedence over any other laws and regulations in the event of inconsistency. On April 2, 2007, pursuant to this Act the minister of the Ministry of Economy and Finance designated us as a “market-oriented public enterprise” as defined under this Act, and we became subject to this Act accordingly. We incorporated the applicable provisions of this Act into our Articles of Incorporation by amendment thereto in September 2007.
The Act on the Management of Public Institutions sets out the rules for corporate governance for entities that are subject to this Act, including the appointment of their respective president and directors. Under this Act as it applies to us as a “market-oriented public enterprise”, (i) a senior
non-standing
director as appointed by the minister of the Ministry of Economy and Finance becomes the chairperson of our board of directors following the review and resolution of the Committee for Management of Public Institutions; (ii) our president and our standing directors who concurrently serve as members of our audit committee are appointed by the President of the Republic upon the motion of the Ministry of Trade, Industry and Energy (in the case of our president) or of the Ministry of Economy and Finance (in the case of standing directors who concurrently serve as members of our audit committee), following the nomination by such enterprise’s director nomination committee, the review and resolution of the Committee for Management of Public Institutions pursuant to the Act on the Management of Public Institutions and an approval at the general meeting of our shareholders; (iii) our standing directors other than the president and those who also serve as audit committee members must be appointed by our president with the approval at the general meeting of our shareholders from a pool of candidates recommended by our director nomination committee; and (iv) our
non-standing
directors must be appointed by the minister of the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee, and must have ample knowledge and experience in business management.
The Committee for Management of Public Institutions is established pursuant to the Act on the Management of Public Institutions and is comprised of one chairperson who is the Minister of the Ministry of Economy and Finance and the following members: (i) one Vice Minister-level public official from the Office for Government Policy Coordination as nominated by the minister of the Office for Government Policy Coordination; (ii) one Vice Minister, Deputy Administrator or an equivalent public official of the related administrative agency as prescribed by Presidential Decree; (iii) one Vice Minister, Deputy Administrator, or an equivalent public official of the competent agency who does not fall under subclause (ii); and (iv) 11 or fewer persons commissioned by the President based on the recommendation of the Minister of the Ministry of Economy and Finance from among persons in various fields including law, economy, press, academia, labor, who have good knowledge and experience in the operation and business administration of public institutions as well as good reputation for impartiality.
 
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Our director nomination committee, which is also known as the Committee for Recommendation of Executive Officers, is comprised of
non-standing
directors and members appointed by the board of directors. The number of members ranges from five to 15 persons and must be decided by a resolution of the board of directors; provided that, the number of members appointed by the board of directors must be less than half of the total number of members of our director nomination committee.
Under the Act on the Management of Public Institutions and our Articles of Incorporation, the term of office is three years for our president and two years for our directors (standing and
non-standing)
other than our president. Our directors (including the president) may be reappointed for one or more additional terms of one year. In order to be reappointed, the president must be evaluated on the basis of his management performance; a standing director, on the basis of the performance of the duties for which he was elected to perform, or if the standing director has executed an incentive bonus contract, on the basis of his performance under the contract; and a
non-standing
director, on the basis of his performance of the duties for which he was elected to perform.
Under the Act on the Management of Public Institutions and our Articles of Incorporation, a recommendation from the director nomination committee is required for the appointment of our executive officers, except in the case of reappointments. The director nomination committee consists of five to fifteen members, including private-sector members appointed by the board of directors.
Non-standing
directors must comprise at least a majority of the director nomination committee. One of the private-sector members must be able to represent our opinion and must not be currently employed by us. As required under the Act on the Management of Public Institutions, we established an audit committee. At least
two-thirds
of the audit committee members must be
non-standing
directors, and at least one committee member must be an expert in finance or accounting. According to the Act on the Management of Public Institutions, our president’s term cannot be terminated unless done so by the President of the Republic pursuant to the Act on the Management of Public Institutions or upon an event as specified in our Articles of Incorporation.
As required under Act on the Management of Public Institutions, we submit to the Government by October 31 every year a report on our medium- to long-term management goals. Under the Act on the Management of Public Institutions, we are also required to give separate public notice of important management matters, such as our budget and financial statements, status of directors and annual reports. In addition, for purposes of providing a comparison of the management performances of Government agencies, we are required to post on a designated website a notice on a standard form detailing our management performance. Following consultation with the minister of the Ministry of Trade, Industry and Energy and the review and resolution of the Committee for Management of Public Institutions, the Ministry of Economy and Finance must examine the adequacy and competency of Government agencies and establish plans on merger, abolishment, restructuring and privatization of public agencies. In such case, the minister of the Ministry of Trade, Industry and Energy must execute these plans and submit a performance report to the Ministry of Economy and Finance.
Under certain amendments to the Act on the Management of Public Institutions that became effective as of July 1, 2019, our president is required to establish a plan to appoint directors and senior management based on the gender equality, endeavor to follow such plan, and submit an annual report on our gender equality plan regarding appointment of directors and senior management to the Ministry of Economy and Finance.
Application of the Act to Our Generation Subsidiaries
On January 24, 2011, the Ministry of Economy and Finance changed the designation of our six generation subsidiaries from “other public institutions” to “market-oriented public enterprises”, each as defined in the Act on the Management of Public Institutions, and all of our generation subsidiaries accordingly amended their respective articles of incorporation in 2011 to be in compliance with this Act. As “other public institutions”, our generation subsidiaries previously were not subject to the same regulations under the Act on the Management of Public Institutions applicable to us with regards to corporate governance matters such as the appointment and dismissal of directors and the composition of the boards of directors. However, as “market-oriented public enterprises”, our generation subsidiaries are currently subject to the same such regulations that are applicable to us.
 
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Specifically, prior to such designation, (i) our president appointed the presidents and the statutory auditors of our generation subsidiaries; (ii) the selection of
non-standing
directors of each such subsidiary was subject to approval by our president; (iii) the president of each such subsidiary entered into a management contract with our president; and (iv) our evaluation committee conducted performance evaluation of such subsidiaries. However, following such designation, akin to the appointment process applicable to us, (i) the President of the Republic appoints the presidents and standing directors of our generation subsidiaries that concurrently serve as members of the audit committees; (ii) the selection of
non-standing
directors of these subsidiaries is subject to approval by the minister of the Ministry of Economy and Finance; (iii) the president of each such generation subsidiary is required to enter into a management contract directly with the minister of the Ministry of Trade, Industry and Energy; and the Committee for Management of Public Institutions conducts performance evaluation of such subsidiaries.
Our Control over the Generation Subsidiaries
Designation of our generation subsidiaries as “market-oriented public enterprises” was intended to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them so as to provide improved service to the general public. Such designation also has had the effect of the Government exercising greater direct control over the appointment of the governing body of our generation subsidiaries (in ways that are similar how the Government exercises such control over us as our majority shareholder as well as our regulator).
In addition, the Government has imposed a number of regulations that further affect the respective operational boundaries between us and our generation subsidiaries, including as follows:
 
 • 
In August 2010, in furtherance of the Act on the Management of Public Institutions, the Ministry of Economy and Finance announced the Proposal for the Improvement in the Structure of the Electric Power Industry, which was designed to promote responsible management by and improve operational efficiency of Government-affiliated electricity companies by fostering competition among them. Key initiatives of the proposal included the following: (i) maintain the current structure of having six generation subsidiaries and designate the six generation subsidiaries as market-oriented public enterprises under the Act on the Management of Public Institutions in order to foster competition among the generation subsidiaries and promote efficiency in their operations, and (ii) clarify the scope of the business of us and the six generation subsidiaries (namely, that we shall manage the financial structure and governance of the six generation subsidiaries and nuclear power plant and overseas resources development projects, while the six generation subsidiaries will have greater autonomy with respect to construction and management of generation units and procurement of fuel, among others).
 
 • 
In January 2011, the Ministry of Economy and Finance created a “joint cooperation unit” consisting of officers and employees selected from the five thermal power generation subsidiaries in order to reduce inefficiencies in areas such as fuel transportation, inventories, materials and equipment and construction, etc. and allow the thermal power generation subsidiaries to continue utilizing the benefits of economy of scale after split off of our generation business units into separate subsidiaries. The purpose of the joint cooperation unit was to give greater autonomy to the generation subsidiaries with regard to power plant construction and management and fuel procurements, and thereby enhance efficiency in operating power plants. The main functions of the joint cooperation unit are as follows: (i) maintain inventories of bituminous coal through volume exchanges and joint purchases, (ii) reduce shipping and demurrage expenses through joint operation and distribution of dedicated vessels, (iii) reduce costs by sharing information on generation material inventories and (iv) sharing human resources among the five thermal power generation subsidiaries for construction projects, among other things.
 
 • 
In June 2016, the Government announced the Proposal for Adjustment of Functions of Public Institutions (Energy Sector) for the purpose of streamlining the operations of Government-affiliated
 
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energy companies by discouraging them from engaging in overlapping or similar businesses with each other, reducing
non-core
assets and activities and improving management and operational efficiency. The initiatives contemplated in this proposal that would affect us and our generation subsidiaries include the following: (i) the generation companies should take on greater responsibilities in overseas resource exploration and production projects as these involve procurement of fuels necessary for electricity generation while fostering cooperation among each other through closer coordination, (ii) KHNP should take a greater role in export of nuclear technology, and (iii) the current system of retail sale of electricity to
end-users
should be liberalized to encourage more competition.
However, notwithstanding these developments, we, also a government-controlled entity, remain as the sole shareholder of our generation subsidiaries and continue to exercise significant control over them in such capacity as the sole shareholder well as through other practical means as further described below.
First, as the sole shareholder, we continue to have the right, under the Act on the Management of Public Institutions, to approve or disapprove the appointment of key members of the governing body of our generation subsidiaries (namely, the president, the standing directors, and the
non-standing
directors) by way of a vote at the general shareholders meeting before such appointments are ultimately approved and made by the President of the Republic (in the case of the presidents and standing directors concurrently serving as audit committee members of the generation subsidiaries) or by the president of each generation subsidiary (in the case of other standing directors of such generation subsidiary). Our right to exercise such voting right as a shareholder is also protected by the Commercial Act of Korea.
Second, in practice we retain significant control over our generation subsidiaries through the following means:
 
 • 
We are the sole purchaser of electricity produced by the generation subsidiaries and continue to have near monopoly in terms of transmitting and distributing electricity in Korea. Accordingly, we continue to have significant influence over our generation subsidiaries in the electricity industry.
 
 • 
Our president holds regular meetings (known as “CEO Meetings”) with the presidents of our generation subsidiaries for which our president determines whether and when to convene such meetings, sets the agenda for such meetings and chairs such meetings. Since significant issues that jointly affect us and our generation subsidiaries are often discussed and decided at these meetings, the leadership role exercised by our president in such meetings is significant in setting the policies and direction for us and our generation subsidiaries as a whole.
 
 • 
We maintain and operate the Affiliated Company Management Team within the parent company organizational structure. The purpose of this team is to support and coordinate the management of the generation subsidiaries. Activities of the Affiliated Company Management Team include preparation of the CEO meetings, deliberation on major issues to be discussed at CEO Meetings, convening a general meeting of shareholders of the generation subsidiaries and coordination on the decision-making process for the general meeting of shareholders of the generation subsidiaries.
Ultimately, our control over our generation subsidiaries is derived from the fact that the Government owns the majority of our shares and effectively controls us as the supervisor and regulator in a heavily regulated industry, and in effect also exercises the same degree of control over our generation subsidiaries through our sole share ownership over our generation subsidiaries as well as its statutory power of direct appointment of the governing bodies of our generation subsidiaries. In effect, we are acting as an intermediate holding company in a vertical control structure involving the Government, us and our generation subsidiaries, where the Government holds the ultimate control over both us and our generation subsidiaries and exercises its control over our generation subsidiaries in part through us acting as the sole shareholder and the parent company.
 
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Differences between Korean and New York Stock Exchange Corporate Governance Practices
We are a “foreign private issuer” (as such term is defined in Rule
3b-4
under the Exchange Act), and our ADSs are listed on the New York Stock Exchange, or NYSE. Under Section 303A of the NYSE Listed Company Manual, NYSE-listed companies that are foreign private issuers are permitted to follow home country practice in lieu of the corporate governance provisions specified by the NYSE with limited exceptions. Under the NYSE Listed Company Manual, we as a foreign private issuer are required to disclose significant differences between NYSE’s corporate governance standards and those we follow under Korean law. The following summarizes some significant ways in which our corporate governance practices differ from those followed by U.S. companies listed on the NYSE under the listing rules of the NYSE.
Majority of Independent Directors on the Board
Under the NYSE listing rules, U.S. companies listed on the NYSE must have a board, the majority of which is comprised of independent directors satisfying the requirements of “independence” as set forth in Rule
10A-3
under the Exchange Act. No director qualifies as “independent” unless the board of directors affirmatively determines that the director has no material relationship with the listed company (either directly or as a partner, shareholder or officer of an organization that has a relationship with us). The NYSE rules include detailed tests for determining director independence. As a foreign private issuer, we are exempt from this requirement. Under the Act on the Management of Public Institutions, more than
one-half
of our directors must be
non-standing
directors. For a discussion on qualifications of
non-standing
directors, see Item 6.A. “Directors and Senior Management—Board of Directors.” Under the Act on the Management of Public Institutions, a
non-standing
director is appointed by the Ministry of Economy and Finance following the review and resolution of the Committee for Management of Public Institutions from a pool of candidates recommended by the director nomination committee, and must have ample knowledge and experience in business management. Government officials that are not part of the teaching staff in national and public schools are ineligible to become our
non-standing
directors.
Executive Session
Under the NYSE listing rules,
non-management
directors of U.S. companies listed on the NYSE are required to meet on a regular basis without management present and independent directors must meet separately at least once per year. While no such requirement currently exists under applicable Korean law, listing standards or our Articles of Incorporation, executive sessions were held from time to time in 2018 and in 2021 in order to promote the exchange of diverse opinions by
non-standing
directors.
Audit Committee
Under the NYSE listing rules, listed companies must have an audit committee that has a minimum of three members, and all audit committee members must satisfy the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule
10A-3
under the Exchange Act. Our audit committee members meet the requirements of independence set forth in Section 303A.02 of the NYSE Listed Company Manual and Rule
10A-3
under the Exchange Act. The audit committee must be directly responsible for the appointment, compensation, retention and oversight of the work of the independent registered public accountants. Our audit committee performs the roles and responsibilities required of an audit committee under the Sarbanes-Oxley Act, including the supervision of the audit by the independent registered public accountants. Under the Korea Exchange listing rules and the Korean Commercial Act, a large listed company must also establish an audit committee of which at least
two-thirds
of its members must be
non-standing
directors and whose chairperson must be a
non-standing
director. Under the Act on the Management of Public Institutions, the Korean Commercial Act, the amended Articles of Incorporation and the Korea Exchange listing rules, we are required to maintain an audit committee consisting of three members, of which not less than two members are required to be
non-standing
directors. In addition, pursuant to certain amendments to the Act on the Management
 
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of Public Institutions that became effective as of January 1, 2021, in appointing the standing member of the audit committee, the director nomination committee shall recommend the person who is qualified in any of the followings: (i) a person who is qualified as a certified public accountant or an attorney and has a minimum of three years of experience in work related to such qualification, (ii) a person who has served as an assistant professor or at a higher position for at least three years in areas directly related to audit, investigation and judicial affairs, budget and accounting, investigation, planning and evaluation, etc. (hereinafter referred to as “audit related works”) at a school under subparagraphs 1 through 5 of Article 2 of the Higher Education Act), (iii) a person who has been in charge of audit-related works for at least three years at a public institution, stock-listed corporation or research institute under Article 9(15)3 of the Financial Investment Services and Capital Markets Act and has experience prescribed by Presidential Decree, (iv) person who has been in charge of audit-related works for at least three years at the state or a local government and has served as a public official at the level prescribed by Presidential Decree, or (v) person with other expertise in accordance with the affairs of the relevant institution and qualified as prescribed by Presidential Decree.
Our audit committee is in compliance with the foregoing requirements under the Act on the Management of Public Institutions, the Korean Commercial Act, the amended Articles of Incorporation and the Korea Exchange listing rules.
On April 2, 2021, we amended our Articles of Incorporation to incorporate an amendment to the Commercial Act implemented on December 29, 2020, which requires at least one director who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders. Our amended Articles of Incorporation requires all three directors who will serve as a member of the audit committee to be appointed separately from other directors at the meeting of shareholders.
Nomination/Corporate Governance Committee
Under the NYSE listing rules, U.S. companies listed on the NYSE must have a nomination/corporate governance committee composed entirely of independent directors. In addition to identifying individuals qualified to become board members, this committee must develop and recommend to the board a set of corporate governance principles. Under the Act on the Management of Public Institutions, we are required to have a director nomination committee which consists of
non-standing
directors and ad hoc members appointed by our board of directors. Our standing directors and executives as well as governmental officials that are not part of the teaching staff in national and public schools are ineligible to become a member of our director nomination committee. There is no requirement to establish a corporate governance committee under applicable Korean law.
Pursuant to the NYSE listing standards,
non-management
directors must meet on a regular basis without management present and independent directors must meet separately at least once per year. No such requirement currently exists under applicable Korean law.
Compensation Committee
Under the NYSE listing rules, U.S. companies listed on the NYSE are required to have a compensation committee which is composed entirely of independent directors. In January 2013, the SEC approved amendments to the listing rules of NYSE and NASDAQ regarding the independence of compensation committee members and the appointment, payment and oversight of compensation consultants. The listing rules were adopted as required by Section 952 of the Dodd-Frank Act and rule
10C-1
of the Exchange Act, which direct the national securities exchanges to prohibit the listing of any equity security of a company that is not in compliance with the rule’s compensation committee director and advisor independence requirements. Certain elements of the listing rules became effective on July 1, 2013 and companies listed on the NYSE must comply with such listing rules by the earlier of the company’s first annual meeting after January 15 or October 31, 2014.
No such requirement currently exists under applicable Korean law or listing standards, and we currently do not have a compensation committee.
 
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Corporate Governance Guidelines and Code of Business Conduct and Ethics
Under the NYSE listing rules, U.S. companies listed on the NYSE are required to establish corporate governance guidelines and to adopt a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers. As a foreign private issuer, we are exempt from this requirement. Pursuant to the requirements of the Sarbanes-Oxley Act, we have adopted a code of ethics applicable to our President & Chief Executive Officer and all other directors and executive officers including the Chief Financial Officer and the Chief Accounting Officer, as well as all financial, accounting and other officers that are involved in the preparation and disclosure of our consolidated financial statements and internal control of financial reporting pursuant to Section 404 of the Sarbanes-Oxley Act. We have also adopted an insider reporting system in compliance with Section 301 of the Sarbanes-Oxley Act. The code of ethics applicable to our executive officers and financial officers are available on
www.kepco.co.kr
.
Shareholder Approval of Equity Compensation Plans
Under the NYSE listing rules, shareholders of U.S. companies listed on the NYSE are required to approve all equity compensation plans. Under Korean law and regulations, stock options can be granted to employees to the extent expressly permitted by the articles of incorporation. We currently do not have any equity compensation plans.
Annual Certification of Compliance
Under the NYSE listing rules, a chief executive officer of a U.S. company listed on the NYSE must annually certify that he or she is not aware of any violation by the company of NYSE corporate governance standards. As a foreign private issuer, we are not subject to this requirement. However, in accordance with rules applicable to both U.S. companies and foreign private issuers, we are required to promptly notify the NYSE in writing if any executive officer becomes aware of any material noncompliance with the NYSE corporate governance standards applicable to us. In addition, foreign private issuers, including us, are required to submit to the NYSE an annual written affirmation relating to compliance with Sections 303A.06 and 303A.11 of the NYSE listed company manual, which are the NYSE corporate governance standards applicable to foreign private issuers. All written affirmations must be executed in the form provided by the NYSE, without modification. An annual written affirmation is required to be submitted to the NYSE within 30 days of filing with the SEC our annual report on Form
20-F.
We have been in compliance with this requirement in all material respects and plan to submit such affirmation within the prescribed time line.
Whistle Blower Protection
On May 25, 2011, the SEC adopted final rules to implement whistleblower provisions of the Dodd-Frank Act, which are applicable to foreign private issuers with securities registered under the U.S. securities laws. The final rules provide that any eligible whistleblower who voluntarily provides the SEC with original information that leads to the successful enforcement of an action brought by the SEC under U.S. securities laws must receive an award of between 10 and 30 percent of the total monetary sanctions collected if the sanctions exceed US$1,000,000. An eligible whistleblower is defined as someone who provides information about a possible violation of the securities laws that he or she reasonably believes has occurred, is ongoing, or is about to occur. The possible violation does not need to be material, probably or even likely, but the information must have a “facially plausible relationship to some securities law violation”; frivolous submissions would not qualify. The final rules also prohibit retaliation against the whistleblower. While the final rules do not require employees to first report allegations of wrongdoing through a company’s corporate compliance system, they do seek to incentivize whistleblowers to utilize internal corporate compliance first by, among other things, (i) giving employees who first report information internally the benefit of the internal reporting date for purposes of the SEC program so long as the whistleblower submits the same information to the SEC within 120 days of the initial disclosure; (ii) clarifying that the SEC will consider, as part of the criteria for determining the amount of a
 
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whistleblower’s award, whether the whistleblower effectively utilized the company’s corporate compliance program or hindered the function of the program; and (iii) crediting a whistleblower who reports internally first and whose company passes the information along to the SEC, which would mean the whistleblower could receive a potentially higher award for information gathered in an internal investigation initiated as a result of the whistleblower’s internal report.
In addition, the final rules address concerns that the whistleblower rules incentivize officers, directors and those with legal, audit, compliance or similar responsibilities to abuse these positions by making whistleblower complaints to the SEC with respect to information they obtained in these roles by generally providing that information obtained through a communication subject to attorney-client privilege or as a result of legal representation would not be eligible for a whistleblower award unless disclosure would be permitted by attorney conduct rules. Accordingly, officers and directors, auditors and compliance personnel and other persons in similar roles would not be eligible to receive awards for information received in these positions unless (x) they have a reasonable basis to believe that (1) disclosure of the information is necessary to prevent the entity from engaging in conduct that is likely to cause substantial injury to the financial interests of the entity or investors; or (2) the entity is engaging in conduct that will impede an investigation of the misconduct, for example, destroying documents or improperly influencing witnesses; or (y) 120 days have passed since the whistleblower provided the information to senior responsible persons at the entity or 120 days have passed since the whistleblower received the information at a time when these people were already aware of the information.
In Korea, under the Financial Investment Services and Capital Markets Act, anyone may provide or furnish the Financial Services Commission or the Securities and Futures Commission with information on unfair trading or any other violation of the Financial Investment Services and Capital Markets Act. The Financial Services Commission shall keep the identity of the whistleblower confidential, and any institution, organization or company to which the whistleblower belongs may not treat the whistleblower unfavorably, directly or indirectly. In addition, the Financial Services Commission may also reward the whistleblower within the limit of the budget of the Financial Services Commission.
 
ITEM 16H.
MINE SAFETY DISCLOSURE
Not applicable.
 
ITEM 16I.
DISCLOSURE REGARDING FOREIGN JURISDICTIONS THAT PREVENT INSPECTIONS
Not applicable.
 
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PART III
 
ITEM 17.
FINANCIAL STATEMENTS
We have responded to Item 18 in lieu of responding to this item.
 
ITEM 18.
FINANCIAL STATEMENTS
Reference is made to Item 19(a). “Exhibits” for a list of all financial statements filed as part of this annual report.
 
ITEM 19.
EXHIBITS
 
(a)
Exhibits filed as part of this Annual Report
See Index of Exhibits beginning on page 172 of this annual report.
 
(b)
Financial Statements filed as part of this Annual Report
See Index to Financial Statements on page
F-1
of this annual report.
 
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Table of Contents
INDEX OF EXHIBITS
 
    1.1  Articles of Incorporation, as amended on April 2, 2021 (in English)*
  
    2.1  Form of Deposit Agreement**
  
    8.1  List of Subsidiaries
  
  12.1  Certifications of our Chief Executive Officer required by Rule 13a-14(a) of the Exchange Act (Certifications under Section 302 of the Sarbanes-Oxley Act of 2002)
  
  12.2  Certifications of our Chief Financial Officer required by Rule 13a-14(a) of the Exchange Act (Certifications under Section 302 of the Sarbanes-Oxley Act of 2002)
  
  13.1  Certifications of our Chief Executive Officer required by Rule 13a-14(b) and Section 1350 of Chapter 63 of the United States Code (18 U.S.C. 1350) (Certifications under Section 906 of the Sarbanes-Oxley Act of 2002)
  
  13.2  Certifications of our Chief Financial Officer required by Rule 13a-14(b) and Section 1350 of Chapter 63 of the United States Code (18 U.S.C. 1350) (Certifications under Section 906 of the Sarbanes-Oxley Act of 2002)
  
  15.1  The Korea Electric Power Corporation Act, as amended on March 21, 2017 (in English)***
  
  15.2  Enforcement Decree of the Korea Electric Power Corporation Act, as amended on January 5, 2021 (in English)*
  
  15.3  The Act on the Management of Public Institutions, as amended on March 31, 2020 (in English)*
  
  15.4  Enforcement Decree of the Act on the Management of Public Institutions, as amended on February 17, 2022 (in English)
  
101.INS  Inline XBRL Instance Document — the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document
  
101.SCH  Inline XBRL Taxonomy Extension Schema Document
  
101.CAL  Inline XBRL Taxonomy Extension Calculation Linkbase Document
  
101.DEF  Inline XBRL Taxonomy Extension Definition Linkbase Document
  
101.LAB  Inline XBRL Taxonomy Extension Label Linkbase Document
  
101.PRE  Inline XBRL Taxonomy Extension Presentation Linkbase Document
  
104  The cover page for the Company’s Annual Report on Form 20-F for the year ended December 31, 2021, has been formatted in Inline XBRL
 
*
Incorporated by reference to the Registrant’s annual report on Form
20-F
(No.
001-13372)
previously filed on April 30, 2021.
**
Incorporated by reference to the Registrant’s Registration Statement on Form
F-6
with respect to the ADSs, registered under Registration
No. 333-196703.
***
Incorporated by reference to the Registrant’s annual report on Form
20-F
(No.
001-13372)
previously filed on April 30, 2019.
 
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SIGNATURES
The registrant hereby certifies that it meets all of the requirements for filing on Form
20-F
and that it has duly caused and authorized the undersigned to sign this Annual Report on its behalf.
 
KOREA ELECTRIC POWER CORPORATION
By: 
/s/ Cheong,
Seung-Il
Name: 
Cheong,
Seung-Il
Title: President and Chief Executive Officer
Date: April 29, 2022
 
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Table of Contents
INDEX TO FINANCIAL STATEMENTS
 
   
Page
 
Report of Independent Registered Public Accounting Firm (Ernst & Young Han Young; PCAOB ID No. 1437) on Consolidated Financial Statements (as of December 31, 2020 and 2021 and for each of the three years in the period ended December 31, 2021)
   
F-2
 
Report of Independent Registered Public Accounting Firm on Internal Control Over Financial Reporting
   
F-4
 
Consolidated Statements of Financial Position as of December 31, 2020 and 2021
   
F-5
 
Consolidated Statements of Comprehensive Income (Loss) for the Years Ended December 31, 2019, 2020 and 2021
   
F-7
 
Consolidated Statements of Changes in Equity for the Years Ended December 31, 2019, 2020 and 2021
   
F-9
 
Consolidated Statements of Cash Flows for the Years Ended December 31, 2019, 2020 and 2021
   
F-12
 
Notes to the Consolidated Financial Statements
   
F-14
 
 
 
F-1
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON CONSOLIDATED FINANCIAL STATEMENTS
To the Shareholders and Board of Directors of
Korea Electric Power Corporation
Opinion on the Consolidated Financial Statements
We have audited the accompanying consolidated statements of financial position of Korea Electric Power Corporation and subsidiaries (the “Company”) as of December 31, 2020 and 2021, the related consolidated statements of comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively, the “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material respects, the financial position of the Company as of December 31, 2020 and 2021, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2021, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the Company’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control-Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework), and our report dated April 2
9
, 2022 expressed an unqualified opinion thereon.
Basis for Opinion
These consolidated financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on the Company’s consolidated financial statements based on our audits. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud. Our audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide a reasonable basis for our opinion.
Critical Audit Matter
The critical audit matter communicated below is a matter arising from the current period audit of the financial statements that was communicated or required to be communicated to the audit committee and that: (1) relates to accounts or disclosures that are material to the financial statements and (2) involved our especially challenging, subjective or complex judgments. The communication of the critical audit matter does not alter in any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit matter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which it relates.
 
 
Impairment of property, plant and equipment in electricity transmission and distribution business
Description of the Matter
 
As described in note 18 to the consolidated financial statements, the aggregate carrying value of the Company’s property, plant and equipment (“PP&E”) as of December 31, 2021 is KRW 173,119,781 million, and no impairment charge was recognized during the year ended December 31, 2021. Since the Company was operating at a loss during the year, the Company evaluated its cash-generating unit (“CGU”) in its electricity transmission and distribution business for recoverability by comparing the carrying amount of the CGU with its
value-in-use
(“VIU”) amount measured using the discounted cash flow model and concluded that the CGU was fully recoverable as of December 31, 2021.
 
Auditing the Company’s impairment assessment involved subjective judgment and required the involvement of specialists because, in preparing the VIU estimate, management uses estimates in the discounted cash flow model that include, among others, assumptions about future sales volumes, unit sales prices, cost of power
 
F-2
Table of Contents
 purchases, and discount rates, that are inherently uncertain. Further, the carrying amount of PP&E to the consolidated financial statements is material and as such these assumptions have a significant effect on the outcome of the impairment assessment.
How We Addressed the
Matter in Our Audit
 
We obtained an understanding, evaluated the design, and tested the operating effectiveness, of controls over the Company’s processes in determining the VIU of the CGU. This included our evaluation of management review controls over significant assumptions (i.e., future sales volumes, unit sales prices, cost of power purchases, and discount rates) used to develop the discounted cash flow forecasts.
 
Our testing of the Company’s impairment calculation included, among other procedures, evaluating the discounted cash flow model used by the Company by involving our valuation specialists to assist in testing the significant assumptions used to develop the cash flow forecasts and testing the completeness and accuracy of the underlying data. We assessed the accuracy of the Company’s historical projections by comparing them with actual operating results, evaluated management’s methodology for determining the discount rate used to calculate the present value of the forecasted cash flows by comparing it against our own calculated rate using both market and entity-specific information, searched for and evaluated information that corroborates or contradicts the Company’s assumptions, and performed sensitivity analyses of significant assumptions to evaluate the changes in the VIU estimate that could result from changes in the assumptions. Furthermore, we considered the Company’s business plan and external market data for major unobservable inputs such as future sales volumes, unit sales prices and cost of power purchases, that were used in estimating the VIU. For example, we compared these significant assumptions to current industry practice, market and economic trends, historical results of the Company’s business and other relevant factors.
/s/ Ernst & Young Han Young
We have served as the Company’s auditor since 2018.
Seoul, the Republic of Korea
April 2
9
, 2022
 
F-3
Table of Contents
REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM
ON INTERNAL CONTROL OVER FINANCIAL REPORTING
To the Shareholders and Board of Directors of Korea Electric Power Corporation
Opinion on Internal Control Over Financial Reporting
We have audited Korea Electric Power Corporation and subsidiaries (the “Company”)’s internal control over financial reporting as of December 31, 2021, based on criteria established in Internal Control—Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission (2013 framework) (the COSO criteria). In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2021, based on the COSO criteria.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) (PCAOB), the consolidated statements of financial position of the Company as of December 31, 2020 and 2021, the related consolidated statements of comprehensive income (loss), changes in equity and cash flows for each of the three years in the period ended December 31, 2021, and the related notes (collectively, the “consolidated financial statements”), and our report dated April 2
9
, 2022 expressed an unqualified opinion thereon.
Basis for Opinion
The Company’s management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting included in the accompanying Management’s Annual Report on Internal Control Over Financial Reporting. Our responsibility is to express an opinion on the Company’s internal control over financial reporting based on our audit. We are a public accounting firm registered with the PCAOB and are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.
We conducted our audit in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects.
Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.
Definition and Limitations of Internal Control Over Financial Reporting
A company’s internal control over financial reporting is a process designed to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. A company’s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company’s assets that could have a material effect on the financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.
/s/ Ernst & Young Han Young
Seoul, the Republic of Korea
April 2
9
, 2022
 
F-4
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Position
As of December 31, 2020 and 2021
 
                 
  
Note
     
2020
  
2021
 
        
In millions of won
 
Assets
                
Current assets
                
Cash and cash equivalents
  5,6,7,45  ￦    
2,029,584
   
2,635,238
 
Current financial assets, net
  5,6,9,11,12,13,45,47       
2,800,220
   
1,868,796
 
Trade and other receivables, net
  5,8,20,24,45,46,47       
7,918,470
   
8,122,415
 
Inventories, net
  14       
6,742,909
   
7,608,182
 
Income tax receivables
  41       
49,675
   
41,344
 
Current
non-financial
assets
  15       
1,020,158
   
1,758,991
 
Assets
held-for-sale
  16,42       
925
   
15,879
 
          
 
 
  
 
 
 
Total current assets
          
20,561,941
   
22,050,845
 
          
 
 
  
 
 
 
Non-current
assets
                
Non-current
financial assets, net
  5,6,9,10,11,12,13,45,47       
2,472,821
   
2,909,810
 
Non-current
trade and other receivables, net
  5,8,20,45,46,47       
1,861,569
   
1,906,861
 
Property, plant and equipment, net
  18,24,27,49       
168,709,387
   
173,119,781
 
Investment properties, net
  19,27       
225,195
   
212,784
 
Goodwill
  16,51       
98,166
   
105,647
 
Intangible assets other than goodwill, net
  21,27,46       
1,055,730
   
1,044,077
 
Investments in associates
  4,17       
4,250,787
   
5,232,373
 
Investments in joint ventures
  4,17       
1,919,746
   
2,239,011
 
Defined benefit assets, net
  25       
7,231
   
20,871
 
Deferred tax assets
  41       
1,733,146
   
1,901,992
 
Non-current
non-financial
assets
  15       
246,392
   
364,818
 
          
 
 
  
 
 
 
Total
non-current
assets
          
182,580,170
   
189,058,025
 
          
 
 
  
 
 
 
Total Assets
  4  ￦    
203,142,111
   
211,108,870
 
          
 
 
  
 
 
 
(Continued)    
 
F-5
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Financial Position, Continued
As of December 31, 2020 and 2021
 
                 
  
Note
     
2020
  
2021
 
        
In millions of won
 
Liabilities
                
Current liabilities
                
Trade and other payables, net
  5,22,24,45,47  ￦    
6,256,521
   
8,153,426
 
Current financial liabilities, net
  5,12,23,45,47       
10,724,689
   
14,037,125
 
Income tax payables
  41       
476,898
   
229,460
 
Current
non-financial
liabilities
  20,28,29       
5,971,450
   
6,466,333
 
Current provisions
  26,45       
2,451,664
   
2,845,876
 
          
 
 
  
 
 
 
Total current liabilities
          
25,881,222
   
31,732,220
 
          
 
 
  
 
 
 
Non-current
liabilities
                
Non-current
trade and other payables, net
  5,22,24,45,47       
6,480,412
   
5,996,498
 
Non-current
financial liabilities, net
  5,12,23,45,47       
59,365,011
   
66,570,419
 
Non-current
non-financial
liabilities
  28,29       
9,661,941
   
10,216,364
 
Employee benefits liabilities, net
  25,45       
1,910,860
   
1,679,158
 
Deferred tax liabilities
  41       
9,100,247
   
7,100,938
 
Non-current
provisions
  26,45       
20,075,572
   
22,501,424
 
          
 
 
  
 
 
 
Total
non-current
liabilities
          
106,594,043
   
114,064,801
 
          
 
 
  
 
 
 
Total Liabilities
  4  ￦    
132,475,265
   
145,797,021
 
          
 
 
  
 
 
 
Equity
                
Contributed capital
  1,30,45             
Share capital
     ￦    
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
          
32,179,066
   
33,282,817
 
Unappropriated retained earnings
          
17,349,625
   
10,359,255
 
          
 
 
  
 
 
 
           
51,133,601
   
45,246,982
 
          
 
 
  
 
 
 
Other components of equity
  34             
Other capital surplus
          
1,224,105
   
1,231,109
 
Accumulated other comprehensive loss
          
(409,577
)   
(57,632
) 
Other equity
          
13,294,973
   
13,294,973
 
          
 
 
  
 
 
 
           
14,109,501
   
14,468,450
 
          
 
 
  
 
 
 
     
Equity attributable to owners of the controlling company
          
69,296,680
   
63,769,010
 
Non-controlling
interests
  16,33       
1,370,166
   
1,542,839
 
          
 
 
  
 
 
 
Total Equity
     ￦    
70,666,846
   
65,311,849
 
          
 
 
  
 
 
 
Total Liabilities and Equity
     ￦    
203,142,111
   
211,108,870
 
          
 
 
  
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-6
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss)
For the years ended December 31, 2019, 2020 and 2021
 
   
Note
       
2019
  
2020
  
2021
 
           
In millions of won, except per share information
 
Sales
   4,35,45,47       
Sales of goods
    ￦    56,894,876   56,684,312   58,702,209 
Sales of construction services
   20      1,264,916   812,175   754,998 
Sales of services
       408,290   429,350   456,400 
      
 
 
  
 
 
  
 
 
 
       58,568,082   57,925,837   59,913,607 
      
 
 
  
 
 
  
 
 
 
Cost of sales
   14,25,43,47       
Cost of sales of goods
       (55,750,468)   (50,353,315)   (62,079,313) 
Cost of sales of construction services
       (998,766)   (1,009,430)   (898,963) 
Cost of sales of services
       (1,030,601)   (441,851)   (580,902) 
      
 
 
  
 
 
  
 
 
 
       (57,779,835)   (51,804,596)   (63,559,178) 
      
 
 
  
 
 
  
 
 
 
Gross profit (loss)
       788,247   6,121,241   (3,645,571) 
Selling and administrative expenses
   25,36,43,47      (2,669,576)   (2,678,443)   (2,875,784) 
Other income
   28,37      997,973   1,036,448   1,034,133 
Other expenses
   37      (241,913)   (417,720)   (257,932) 
Other gains (losses), net
   38      (582,258)   35,094   8,519 
      
 
 
  
 
 
  
 
 
 
Operating profit (loss)
   4      (1,707,527)   4,096,620   (5,736,635) 
Finance income
   5,12,39      1,009,706   1,510,249   1,402,614 
Finance expenses
   5,12,40      (2,782,156)   (2,896,443)   (3,245,777) 
Profit (loss) related to associates, joint ventures and subsidiaries
   4,16,17       
Share in profit of associates and joint ventures
       257,673   398,972   775,588 
Gain on disposal of investments in associates and joint ventures
       70,094   10,165   1,844 
Share in loss of associates and joint ventures
       (90,853)   (119,848)   (218,532) 
Loss on disposal of investments in associates and joint ventures
       (2)   (16)   (64,119) 
Impairment loss on investments in associates and joint ventures
       (22,517)   (1,556)   —   
Loss on disposal of investments in subsidiaries
       (256)   (6,610)   (197) 
      
 
 
  
 
 
  
 
 
 
       214,139   281,107   494,584 
      
 
 
  
 
 
  
 
 
 
Profit (loss) before income tax
       (3,265,838)   2,991,533   (7,085,214) 
Income tax benefit (expense)
   41      1,002,303   (899,064)   1,855,989 
      
 
 
  
 
 
  
 
 
 
Profit (loss) for the year
    ￦    (2,263,535)   2,092,469   (5,229,225) 
(Continued)
 
F-7
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Comprehensive Income (Loss), Continued
For the years ended December 31, 2019, 2020 and 2021
 
   
Note
       
2019
  
2020
  
2021
 
           
In millions of won, except per share information
 
Other comprehensive income (loss), net of tax
   5,12,25,31,34       
Items that will not be reclassified subsequently to profit or loss:
        
Remeasurements of defined benefit liability
   25,31   ￦    42,315   (69,804)   210,409 
Share in other comprehensive income (loss) of associates and joint ventures
   31      (6,789)   3,181   3,609 
Net change in fair value of financial assets at fair value through other comprehensive income
   34      (11,732)   (8,532)   59,024 
Items that are or may be reclassified subsequently to profit or loss:
        
Net change in the unrealized fair value of derivatives using cash flow hedge accounting
   5,12,34      19,242   64,561   (15,778) 
Foreign currency translation of foreign operations
   34      72,816   (76,442)   41,189 
Share in other comprehensive income (loss) of associates and joint ventures
   34      19,344   (132,805)   301,161 
      
 
 
  
 
 
  
 
 
 
Other comprehensive income (loss) for the year
       135,196   (219,841)   599,614 
      
 
 
  
 
 
  
 
 
 
Total comprehensive income (loss) for the year
    ￦    (2,128,339)   1,872,628   (4,629,611) 
      
 
 
  
 
 
  
 
 
 
Profit (loss) attributable to:
        
Owners of the controlling company
   44   ￦    (2,345,517)   1,991,347   (5,315,055) 
Non-controlling
interests
       81,982   101,122   85,830 
      
 
 
  
 
 
  
 
 
 
    ￦    (2,263,535)   2,092,469   (5,229,225) 
      
 
 
  
 
 
  
 
 
 
Total comprehensive income (loss) attributable to:
        
Owners of the controlling company
    ￦    (2,239,147)   1,802,824   (4,754,046) 
Non-controlling
interests
       110,808   69,804   124,435 
      
 
 
  
 
 
  
 
 
 
    ￦    (2,128,339)   1,872,628   (4,629,611) 
      
 
 
  
 
 
  
 
 
 
Earnings (loss) per share (in won)
   44       
Basic and diluted earnings (loss) per share
    ￦    (3,654)   3,102   (8,279) 
See accompanying notes to the consolidated financial statements.
 
F-8
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity
For the years ended December 31, 2019, 2020 and 2021
 
 
 
 
 
 
Equity attributable to owners of the controlling company
 
 
Non-

controlling
interests
 
 
 
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
Total

equity
 
 
 
 
 
 
In millions of won
 
Balance at January 1, 2019
  ￦   4,053,578   51,519,119   14,171,228   69,743,925   1,348,837   71,092,762 
Total comprehensive income (loss) for the year
                            
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Profit (loss) for the year
      —     (2,345,517)   —     (2,345,517)   81,982   (2,263,535) 
Items that will not be reclassified subsequently to profit or loss:
                            
Remeasurements of defined benefit liability, net of tax
      —     36,160   —     36,160   6,155   42,315 
Share in other comprehensive loss of associates and joint ventures, net of tax
      —     (6,789)   —     (6,789)   —     (6,789) 
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax
      —     —     (11,732)   (11,732)   —     (11,732) 
Items that are or 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
      —     —     14,041   14,041   5,201   19,242 
Foreign currency translation of foreign operations, net of tax
      —     —     55,347   55,347   17,469   72,816 
Share in other comprehensive income of associates and joint ventures, net of tax
      —     —     19,343   19,343   1   19,344 
Transactions with owners of the Company, recognized directly in equity
                            
Dividends paid
      —     —     —     —     (99,255)   (99,255) 
Issuance of shares of capital by subsidiaries and others
      —     —     —     —     21,071   21,071 
Transactions between consolidated entities
      —     —     (8,460)   (8,460)   323   (8,137) 
Changes in consolidation scope
      —     —     —     —     24,932   24,932 
Dividends paid (hybrid bond)
      —     —     —     —     (13,385)   (13,385) 
Others
      —     (840)   840   —     —     —   
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Balance at December 31, 2019
  ￦   4,053,578   49,202,133   14,240,607   67,496,318   1,393,331   68,889,649 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
(Continued)
 
F-9
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2019, 2020 and 2021
 
 
 
 
 
 
 
Equity attributable to owners of the controlling company 
 
 
Non-

controlling
interests
 
 
 
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
Total

equity
 
 
 
 
 
 
In millions of won
 
Balance at January 1, 2020
 
 
￦
 
  4,053,578   49,202,133   14,240,607   67,496,318   1,393,331   68,889,649 
Total comprehensive income (loss) for the year
                            
Profit for the year
      —     1,991,347   —     1,991,347   101,122   2,092,469 
Items that will not be reclassified subsequently to profit or loss:
                            
Remeasurements of defined benefit liability, net of tax
      —     (62,857)   —     (62,857)   (6,947)   (69,804) 
Share in other comprehensive income of associates and joint ventures, net of tax
      —     3,181   —     3,181   —     3,181 
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax
      —     —     (8,533)   (8,533)   1   (8,532) 
Items that are or 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
      —     —     58,523   58,523   6,038   64,561 
Foreign currency translation of foreign operations, net of tax
      —     —     (46,032)   (46,032)   (30,410)   (76,442) 
Share in other comprehensive loss of associates and joint ventures, net of tax
      —     —     (132,805)   (132,805)   —   (132,805) 
Transactions with owners of the Company, recognized directly in equity
                            
Dividends paid
      —     —     —     —     (81,011)   (81,011) 
Issuance of shares of capital by subsidiaries and others
      —     —     (148)   (148)   (5,297)   (5,445) 
Transactions between consolidated entities
      —     (203)   (2,111)   (2,314)   1,040   (1,274) 
Changes in consolidation scope
      —     —     —     —     5,684   5,684 
Dividends paid (hybrid bond)
      —     —     —     —     (13,385)   (13,385) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Balance at December 31, 2020
  ￦   4,053,578   51,133,601   14,109,501   69,296,680   1,370,166   70,666,846 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
(Continued)
 
F-10
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Changes in Equity, Continued
For the years ended December 31, 2019, 2020 and 2021
 
 
 
 
 
 
 
 Equity attributable to owners of the controlling company 
 
 
Non-

controlling
interests
 
 
Total

equity
 
 
 
 
 
 
Contributed
capital
 
 
Retained

earnings
 
 
Other

components

of equity
 
 
Subtotal
 
 
 
 
 
 
In millions of won
 
Balance at January 1, 2021
  ￦   4,053,578   51,133,601   14,109,501   69,296,680   1,370,166   70,666,846 
Total comprehensive income (loss) for the year
                            
Profit (loss) for the year
      —     (5,315,055)   —     (5,315,055)   85,830   (5,229,225) 
Items that will not be reclassified subsequently to profit or loss:
                            
Remeasurements of defined benefit liability, net of tax
      —     201,067   —     201,067   9,342   210,409 
Share in other comprehensive income of associates and joint ventures, net of tax
      —     3,609   —     3,609   —     3,609 
Net change in fair value of financial assets at fair value through other comprehensive income, net of tax
      —     —     59,022   59,022   2   59,024 
Items that are or 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
      —     —     (19,610)   (19,610)   3,832   (15,778) 
Foreign currency translation of foreign operations, net of tax
      —     —     15,760   15,760   25,429   41,189 
Share in other comprehensive loss of associates and joint ventures, net of tax
      —     —     301,161   301,161   —     301,161 
Transactions with owners of the Company, recognized directly in equity
                            
Dividends paid
      —     (780,628)   —     (780,628)   (31,516)   (812,144) 
Issuance of shares of capital by subsidiaries and others
      —     —     (491)   (491)   75,702   75,211 
Transactions between consolidated entities
      —     —     7,452   7,452   (42,199)   (34,747) 
Changes in consolidation scope
      —     —     43   43   59,636   59,679 
Dividends paid (hybrid bond)
      —     —     —     —     (13,385)   (13,385) 
Others
      —     4,388   (4,388)   —     —     —   
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Balance at December 31, 2021
  ￦   4,053,578   45,246,982   14,468,450   63,769,010   1,542,839   65,311,849 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-11
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows
For the years ended December 31, 2019, 2020 and 2021
 
 
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In millions of won
 
Cash flows from operating activities
        
Profit (loss) for the year
 ￦    (2,263,535)   2,092,469   (5,229,225) 
      
 
 
  
 
 
  
 
 
 
Adjustments to reconcile profit (loss) for the year to net cash provided by operating activities:
                
Income tax expense (benefit)
      (1,002,303)   899,064   (1,855,989) 
Depreciation
      10,971,825   11,377,553   11,772,111 
Amortization
      156,915   170,466   166,161 
Employee benefit expense
      725,120   492,288   511,942 
Bad debt expense
      16,629   50,686   67,242 
Interest expense
      2,046,811   1,995,425   1,914,457 
Loss on disposal of financial assets
      2,106   648   1,045 
Loss on disposal of property, plant and equipment
      72,508   162,725   92,622 
Loss on abandonment of property, plant and equipment
      364,233   255,346   207,934 
Loss on impairment of property, plant and equipment
      50,034   80,413   4,056 
Loss on impairment of intangible assets
      513,609   3,599   —   
Loss on disposal of intangible assets
      827   392   145 
Increase in provisions
      2,301,215   1,832,765   2,466,452 
Loss (gain) on foreign currency translation, net
      370,309   (782,167)   997,119 
Gain on valuation of financial assets at fair value through profit or loss
      (5,575)   (12,904)   (14,338) 
Loss on valuation of financial assets at fair value through profit or loss
      4,513   7,396   5,480 
Valuation and transaction loss (gain) on derivative instruments, net
      (403,765)   390,322   (907,076) 
Share in profit of associates and joint ventures, net
      (166,820)   (279,124)   (557,056) 
Gain on disposal of financial assets
      (3,866)   (11,992)   (7,718) 
Reversal of impairment loss on intangible assets
      —     —     (14) 
Gain on disposal of property, plant and equipment
      (43,784)   (93,195)   (56,284) 
Gain on disposal of intangible assets
      (206)   (1,556)   (1) 
Gain on disposal of investments in associates and joint ventures
      (70,094)   (10,165)   (1,844) 
Loss on disposal of investments in associates and joint ventures
      2   16   64,119 
Impairment loss on investments in associates and joint ventures
      22,517   1,556   —   
Loss on disposal of investments in subsidiaries
      256   6,610   197 
Interest income
      (268,118)   (242,586)   (221,874) 
Dividend income
      (13,838)   (7,316)   (10,522) 
Others, net
      128,237   30,411   (169,856) 
      
 
 
  
 
 
  
 
 
 
       15,769,297   16,316,676   14,468,510 
      
 
 
  
 
 
  
 
 
 
Changes in working capital:
                
Trade receivables
      95,345   (107,639)   (216,734) 
Non-trade
receivables
      64,027   459,524   869,870 
Accrued income
      83,589   (258,963)   (17,918) 
Other receivables
      (116,583)   (32,536)   24,306 
Other current assets
      (271,986)   (462,125)   (569,732) 
Inventories
      (980,216)   (723,495)   (1,738,000) 
Other
non-current
assets
      (611,066)   (140,017)   (3,462) 
Trade payables
      (546,159)   (262,985)   2,144,561 
Non-trade
payables
      192,506   (363,260)   (571,051) 
Accrued expenses
      (454,501)   (222,113)   (456,992) 
Other current liabilities
      373,403   388,163   379,378 
Other
non-current
liabilities
      650,468   755,005   458,007 
Investments in associates and joint ventures (dividends received)
      215,612   237,695   288,242 
Provisions
      (1,473,461)   (1,499,436)   (2,426,017) 
Payments of employee benefit obligations
      (65,242)   (74,848)   (159,477) 
Plan assets
      (348,386)   (582,275)   (317,707) 
      
 
 
  
 
 
  
 
 
 
  ￦    (3,192,650)   (2,889,305)   (2,312,726) 
      
 
 
  
 
 
  
 
 
 
(Continued)
 
F-12
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Consolidated Statements of Cash Flows, Continued
For the years ended December 31, 2019, 2020 and 2021
 
 
 
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In millions of won
 
Cash generated from operating activities
 ￦    10,313,112   15,519,840   6,926,559 
Dividends received (financial assets at fair value through other comprehensive income)
      24,255   7,316   10,522 
Interest paid
      (2,027,850)   (2,081,663)   (1,928,160) 
Interest received
      186,122   215,183   201,022 
Income taxes paid
      (282,211)   (452,203)   (736,757) 
      
 
 
  
 
 
  
 
 
 
Net cash provided by operating activities
      8,213,428   13,208,473   4,473,186 
      
 
 
  
 
 
  
 
 
 
Cash flows from investing activities
                
Proceeds from disposals of investments in associates and joint ventures
      —     5,444   4,472 
Acquisition of investments in associates and joint ventures
      (107,821)   (342,116)   (673,017) 
Proceeds from disposals of property, plant and equipment
      522,742   331,777   277,998 
Acquisition of property, plant and equipment
      (14,000,359)   (13,281,294)   (12,668,534) 
Proceeds from disposals of intangible assets
      7,702   10,871   59 
Acquisition of intangible assets
      (229,426)   (120,371)   (113,100) 
Proceeds from disposals of financial assets
      2,783,474   8,020,406   7,023,674 
Acquisition of financial assets
      (2,165,342)   (9,203,450)   (5,893,404) 
Increase in loans
      (335,773)   (336,744)   (223,950) 
Collection of loans
      292,745   215,292   218,704 
Increase in deposits
      (280,637)   (276,255)   (222,924) 
Decrease in deposits
      275,314   280,941   166,066 
Proceeds from disposals of assets
held-for-sale
      30,662   32,578   1,148 
Receipt of government grants
      21,705   41,209   37,920 
Cash outflow from merger
      (154,311)   —     —   
Net cash outflow from changes in consolidation scope
      (2,917)   (24,624)   (63,492) 
Other cash outflow from investing activities, net
      (157,116)   (185,475)   (225,948) 
      
 
 
  
 
 
  
 
 
 
Net cash used in investing activities
      (13,499,358)   (14,831,811)   (12,354,328) 
      
 
 
  
 
 
  
 
 
 
Cash flows from financing activities
                
Proceeds from short-term borrowings, net
      188,957   345,338   1,621,440 
Proceeds from long-term borrowings and debt securities
      13,221,407   10,170,107   17,392,311 
Repayment of long-term borrowings and debt securities
      (7,068,290)   (7,976,658)   (9,360,357) 
Payment of lease liabilities
      (573,437)   (613,977)   (572,036) 
Settlement of derivative instruments, net
      102,146   42,263   98,068 
Change in
non-controlling
interests
      17,365   11,554   90,096 
Dividends paid (hybrid bond)
      (13,385)   (13,385)   (13,385) 
Dividends paid
      (99,356)   (81,298)   (812,159) 
Other cash outflow from financing activities, net
      —     (3,120)   (8,901) 
      
 
 
  
 
 
  
 
 
 
Net cash provided by financing activities
      5,775,407   1,880,824   8,435,077 
      
 
 
  
 
 
  
 
 
 
Net increase in cash and cash equivalents before effect of exchange rate fluctuations
      489,477   257,486   553,935 
Effect of exchange rate fluctuations on cash held
      (37,693)   (38,031)   51,719 
      
 
 
  
 
 
  
 
 
 
Net increase in cash and cash equivalents
      451,784   219,455   605,654 
Cash and cash equivalents at January 1
      1,358,345   1,810,129   2,029,584 
      
 
 
  
 
 
  
 
 
 
Cash and cash equivalents at December 31
 ￦    1,810,129   2,029,584   2,635,238 
      
 
 
  
 
 
  
 
 
 
See accompanying notes to the consolidated financial statements.
 
F-13
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements
December 31, 2020 and 2021
 
1.
Reporting Entity (Description of the controlling company)
Korea Electric Power Corporation (“KEPCO”) was incorporated on December 31, 1981 in accordance with the
Korea Electric Power Corporation
Act (the “KEPCO Act”) to engage in the generation, transmission and distribution of electricity and development of electric power resources in the Republic of Korea. KEPCO also provides power plant construction services. KEPCO’s stock was first listed on the Korea Stock Exchange on August 10, 1989 and subsequently on the New York Stock Exchange on October 27, 1994 through its depository receipts. KEPCO’s headquarters is located in Naju-si, Jeollanam-do.
As of December 31, 2021, KEPCO’s share capital amounts to
W
3,209,820 million and KEPCO’s shareholders are as
follows:
 
 
  
Number of
shares
 
  
Percentage of

ownership
 
The Government of the Republic of Korea
   116,841,794    18.20% 
Korea Development Bank
 (KDB)
   211,235,264    32.90% 
Foreign investors
   91,105,897    14.19% 
Other
   222,781,122    34.71% 
   
 
 
   
 
 
 
    641,964,077    100.00% 
   
 
 
   
 
 
 
In accordance with the Restructuring Plan enacted on January 21, 1999 by the Ministry of Trade, Industry and Energy, KEPCO spun off its power generation divisions on April 2, 2001, resulting in the establishment of six power generation subsidiaries.
 
2.
Basis of Preparation
The consolidated financial statements of KEPCO and its subsidiaries (the “Company”) were approved by the Board of Directors of KEPCO on February 24, 2022 and authorized on April 22, 2022 for the purpose of Form
20-F
filing with the Securities and Exchange Commission.
 
(1)
Statement of compliance
These consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”).
 
(2)
Basis of measurement
These consolidated financial statements have been prepared on the historical cost basis, except for the following material items in the consolidated statements of financial position:
 
 • 
financial assets at fair value through profit or loss
 
 • 
financial assets at fair value through other comprehensive income
 
 • 
derivative financial instruments are measured at fair value
 
 • 
liabilities for defined benefit plans are recognized at the net of the total present value of defined benefit obligations less the fair value of plan assets
 
(3)
Functional and presentation currency
These consolidated financial statements are presented in Korean won (presented as “won” or “KRW”), which is also the functional currency of KEPCO and most of the significant operating subsidiaries.
 
(4)
Use of estimates and judgments
The preparation of the consolidated financial statements in conformity with IFRS 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.
 
F-14
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
2.
Basis of Preparation, Continued
 
(4)
Use of estimates and judgments, continued
 
Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognized in the period in which the estimates are revised and in any future periods affected.
The followings are the key assumptions and other key sources of estimation uncertainty at the end of the reporting period, that have a significant risk of causing a material adjustment to the carrying amounts of assets and liabilities within the next financial year.
 
 (i)
Useful lives of property, plant and equipment, and estimations on provision for decommissioning costs
The Company reviews the estimated useful lives of property, plant and equipment at the end of each annual reporting period. Management’s assumptions could affect the determination of estimated economic useful lives.
The Company records the fair value of estimated decommissioning costs as a liability in the period in which the Company 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 Company 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 Company 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 Company 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 Company’s accounting policies and disclosures require the measurement of fair values, for both financial and
non-financial
assets and liabilities. The Company 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 IFRS 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 Company uses market observable data as far as possible. Fair values are categorized into different levels in a fair value hierarchy based on the inputs used in the valuation techniques as follows.
If the inputs used to measure the fair value of an asset or a liability might be categorized in different levels of the fair value hierarchy, then the fair value measurement is categorized in its entirety in the same level of the fair value hierarchy as the lowest level input that is significant to the entire measurement. The Company 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 Company offers its employees defined benefit plans. The cost of providing benefits is determined using the Projected Unit Credit Method, with actuarial valuations being carried out at the end of each reporting period. For actuarial valuations, certain inputs such as discount rates and future salary increases are estimated. Defined benefit plans contain significant uncertainties in estimations due to its long-term nature (refer to Note 25).
 
F-15
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
2.
Basis of Preparation, Continued
 
(4)
Use of estimates and judgments, continued
 
 (v)
Unbilled revenue
Electricity delivered but neither metered nor billed is estimated at the reporting date based on the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, and etc. Unbilled revenue recognized as of December 31, 2020 and 2021 are ￦1,691,294 million and ￦1,725,444 million, respectively.
 
 (vi)
Construction contracts
The Company recognizes revenue over time using the cost-based input method which represents a faithful depiction of the Company’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 Company’s efforts or inputs expected to be incurred. Costs incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however, it can also be affected by uncertainties resulting from unexpected future events.
 
 
(vii)
Early shutdown of the Wolsong Unit 1 nuclear power plant and changes in new nuclear power plants construction
The
30-year
design life of the Wolsong Unit 1 nuclear power plant of the Company expired on November 20, 2012. On February 27, 2015, however, approval from the Nuclear Safety and Security Commission (NSSC) was received to continue its operation until November 20, 2022.
According to the Eighth Basic Plan for Electricity Supply and Demand announced by the Ministry of Trade, Industry and Energy in 2017, the Wolsong Unit 1 nuclear power plant was expected to go through a comprehensive evaluation for the feasibility of continuous operation including economic efficiency and acceptability of household and community in 2018 in order to decide whether to shut down early. On June 15, 2018, the board of directors of Korea Hydro & Nuclear Power Co., Ltd. (“KHNP”), a subsidiary of KEPCO, decided to shut down the Wolsong Unit 1 on the grounds that its deficit was increasing and its economic efficiency was low due to the nonoptimal utilization rate. On December 24, 2019, the NSSC approved permanent shutdown of the Wolsong Unit 1.
In addition, the Company has also decided to discontinue the construction of the Cheonji Unit 1 and 2 and Daejin Unit 1 and 2 pursuant to the Korean government’s energy transformation policy. Accordingly, the Company recognized impairment loss and other expenses during the year ended December 31, 2018.
Among the new nuclear power plants under construction, the Shin-Hanwool Unit 3 and 4, for which approval for power generation business was previously obtained, are not included in the list of construction suspension as determined by the board of directors of KHNP. However, it is highly likely that the construction of the Shin-Hanwool Unit 3 and 4 will be suspended according to the government’s policy. Accordingly, the Company recognized impairment loss during the year ended December 31, 2018, as the Company believed that there was a significant change in its operating environment.
In relation to the Korean government’s nuclear phase-out plan pursuant to its energy transformation policy, the Korean government has established a legal basis and relevant procedures to make up for the Company’s losses relating to the decommissioning of the nuclear power plants to be achieved in stages.
As of December 31, 2021, there is no indication that the above-mentioned impairment has ceased to exist or reduced.
 
F-16
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
2.
Basis of Preparation, Continued
 
(4)
Use of estimates and judgments, continued
 
Information about critical judgments in applying accounting policies that have the most significant effect on the amounts recognized in the consolidated financial statements is included in the following notes:
 
 ✓
Note 17 – Investments in Associates and Joint Ventures
 ✓
Note 18 – Property, Plant and Equipment
 ✓
Note 20 – Construction Contracts
 ✓
Note 45 – Risk Management
Information about assumptions and estimation uncertainties that have a significant risk of resulting in a material adjustment within the next financial year is included in the following notes:
 
 ✓
Note 25 – Employment Benefits
 ✓
Note 41 – Income Taxes
 
(5)
Changes in accounting policies
Changes in accounting standards effective from January 1, 2021 are as follows. The Company believes that these amendments have no significant impact on the Company’s consolidated financial statements. The Company has not applied the new and revised standards in issue but not yet effective for the periods starting from January 1, 2021, even though the early adoption of these standards is possible.
Amendments to IFRS 9 ’Financial Instruments’, IAS 39 ‘Financial Instruments: Recognition and Measurement’, IFRS 7 ‘Financial Instruments: Disclosures’, IFRS 4 ‘Insurance Contracts’ and IFRS 16 ‘
Leases’
—Interest Rate Benchmark Reform Phase II.
The amendments provide temporary reliefs which address the financial reporting effects when an interbank offered rate (IBOR) is replaced with an alternative nearly risk-free interest rate (RFR). The amendments include the following practical expedients:
 
 • 
A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest
 
 • 
Permit changes required by IBOR reform to be made to hedge designations and hedge documentation without the hedging relationship being discontinued
 
 • 
Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component
 
F-17
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies
The accounting policies applied by the Company in these consolidated financial statements are the same as those applied by the Company in its consolidated financial statements as of and for the year ended December 31, 2020, except for the changes described in Note 2.(5).
 
(1)
Basis of consolidation
The consolidated financial statements are the financial statements of the Company in which the assets, liabilities, equity, income, expenses and cash flows of KEPCO and its subsidiaries are presented as those of a single economic entity. Subsidiaries are those entities controlled by the Company. The Company controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity.
Income and expense of a subsidiary acquired or disposed of during the year are included in the consolidated statement of comprehensive income (loss) from the effective date of acquisition and up to the effective date of disposal, as appropriate. Total comprehensive income of subsidiaries is attributed to the owners of the Company and to the
non-controlling
interests even if this results in the
non-controlling
interests having a deficit balance.
When necessary, adjustments are made to the financial statements of subsidiaries to bring their accounting policies in line with those of the Company.
All intra-company assets and liabilities, equity, income, expenses and cash flows relating to transactions between entities within the Company are eliminated in full on consolidation.
Changes in the Company’s ownership interests in a subsidiary that do not result in the Company losing control over the subsidiary are accounted for as equity transactions. The carrying amounts of the Company’s interests and the
non-controlling
interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the amount by which the
non-controlling
interests are adjusted and the fair value of the consideration paid or received is recognized directly in equity and attributed to owners of the Company.
When the Company loses control of a subsidiary, the income or loss on disposal is calculated as the difference between (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest and (ii) the previous carrying amount of the assets (including goodwill), and liabilities of the subsidiary and any
non-controlling
interests. When assets of the subsidiary are carried at revalued amounts or fair values and the related cumulative gain or loss has been recognized in other comprehensive income and accumulated in equity, the amounts previously recognized in other comprehensive income and accumulated in equity are accounted for as if the Company had directly disposed of the relevant assets (i.e., reclassified to profit or loss or transferred directly to retained earnings). The fair value of any investment retained in the former subsidiary at the date when control is lost is recognized as the fair value on initial recognition for subsequent accounting under IFRS 9 ‘Financial Instruments’ or, when applicable, the cost on initial recognition of an investment in an associate or a jointly controlled entity.
 
(2)
Business combinations
A business combination is accounted for by applying the acquisition method, unless it is a combination involving entities or businesses under common control.
The consideration transferred in a business combination is measured at fair value, which is calculated as the sum of the acquisition-date fair values of the assets transferred by the Company, liabilities incurred by the Company to the former owners of the acquiree and the equity interests issued by the Company in exchange for control of the acquiree. Acquisition-related costs are generally recognized in profit or loss as incurred.
 
F-18
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(2)
Business combinations, continued
 
At the acquisition date, the identifiable assets acquired and the liabilities assumed are recognized at their fair value at the acquisition date, except that:
 
 • 
deferred tax assets or liabilities and liabilities or assets related to employee benefit arrangements are recognized and measured in accordance with IAS 12 ‘Income Taxes’ and IAS 19 ‘Employee Benefits’ respectively;
 
 • 
assets (or disposal groups) that are classified as held for sale in accordance with IFRS 5
‘Non-current
Assets Held for Sale’ are measured in accordance with that standard.
Goodwill is measured as the excess of the sum of the consideration transferred, the amount of any
non-controlling
interests in the acquiree, and the fair value of the acquirer’s previously held equity interest in the acquiree (if any) over the net of the acquisition-date amounts of the identifiable assets acquired and the liabilities assumed. If, after reassessment, net of the acquisition-date amounts of the identifiable assets acquired and liabilities assumed exceeds the sum of the consideration transferred, the amount of any
non-controlling
interests in the acquiree and the fair value of the acquirer’s previously held interest in the acquiree (if any), the excess is recognized immediately in profit or loss as a bargain purchase gain.
Non-controlling
interest that is present on acquisition day and entitles the holder to a proportionate share of the entity’s net assets in an event of liquidation, may be initially measured either at fair value or at the
non-controlling
interest’s proportionate share of the recognized amounts of the acquiree’s identifiable net assets. The choice of measurement can be elected on a
transaction-by-transaction
basis. Other types of
non-controlling
interests are measured at fair value or, when applicable, on the basis specified in other IFRSs.
When the consideration transferred by the Company in a business combination includes assets or liabilities resulting from a contingent consideration arrangement, the contingent consideration is measured at its acquisition-date fair value and included as part of the consideration transferred in a business combination. Changes in the fair value of the contingent consideration that qualify as measurement period adjustments are adjusted retrospectively, with corresponding adjustments against goodwill. Measurement period adjustments are adjustments that arise from additional information obtained during the ‘measurement period’ (which cannot exceed one year from the acquisition date) about facts and circumstances that existed at the acquisition date.
The subsequent accounting for changes in the fair value of the contingent consideration that do not qualify as measurement period adjustments depends on how the contingent consideration is classified. Contingent consideration that is classified as equity is not
re-measured
at subsequent reporting dates and its subsequent settlement is accounted for within equity. Contingent consideration that is classified as an asset or a liability is
re-measured
at subsequent reporting dates in accordance with IFRS 9 ‘Financial Instruments’, or with IAS 37 ‘Provisions, Contingent Liabilities and Contingent Assets’ as appropriate, with the corresponding gain or loss being recognized in profit or loss.
When a business combination is achieved in stages, the Company’s previously held equity interest in the acquiree is
re-measured
to fair value at the acquisition date (i.e., the date when the Company obtains control) and the resulting gain or loss, if any, is recognized in profit or loss. Amounts arising from interests in the acquiree prior to the acquisition date that have previously been recognized in other comprehensive income are reclassified to profit or loss where such treatment would be appropriate if that interest were disposed of.
If the initial accounting for a business combination is incomplete by the end of the reporting period in which the combination occurs, the Company reports provisional amounts for the items for which the accounting is incomplete. Those provisional amounts are adjusted during the measurement period (see above), or additional assets or liabilities are recognized, to reflect new information obtained about facts and circumstances that existed at the acquisition date that, if known, would have affected the amounts recognized at that date.
The assets and liabilities acquired under business combinations under common control are recognized at the carrying amounts recognized previously in the consolidated financial statements of the ultimate parent. The difference between consideration transferred and carrying amounts of net assets acquired is recognized as part of share premium.
 
F-19
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(3)
Investments in associates
An associate is an entity over which the Company has significant influence and that is neither a subsidiary nor an interest in a joint venture. Significant influence is the power to participate in the financial and operating policy decisions of the investee but does not control or joint control over those policies. If the Company holds 20% ~ 50% of the voting power of the investee, it is presumed that the Company has significant influence over the investee.
The results and assets and liabilities of associates are incorporated in these consolidated financial statements using the equity method of accounting. If the investment is classified as held for sale, in which case it is accounted for in accordance with IFRS 5
‘Non-current
Assets Held for Sale’, any retained portion of an investment in associates that has not been classified as held for sale shall be accounted for using the equity method until disposal of the portion that is classified as held for sale takes place. After the disposal takes place, the Company shall account for any retained interest in associates in accordance with IFRS 9 ‘Financial Instruments’ unless the retained interest continues to be an associate, in which case the entity uses the equity method.
Under the equity method, an investment in an associate is initially recognized in the consolidated statement of financial position at cost and adjusted thereafter to recognize the Company’s share of the profit or loss and other comprehensive income of the associate. When the Company’s share of losses of an associate exceeds the Company’s interest in that associate (which includes any long-term interests that, in substance, form part of the Company’s net investment in the associate), the Company discontinues recognizing its share of further losses. Additional losses are recognized only to the extent that the Company has incurred legal or constructive obligations or made payments on behalf of the associate.
Any excess of the cost of acquisition over the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of an associate recognized at the date of acquisition is recognized as goodwill, which is included within the carrying amount of the investment. Any excess of the Company’s share of the net fair value of the identifiable assets, liabilities and contingent liabilities over the cost of acquisition, after reassessment, is recognized immediately in profit or loss.
Upon disposal of an associate that results in the Company losing significant influence over that associate, any retained investment is measured at fair value at that date and the fair value is regarded as its fair value on initial recognition as a financial asset in accordance with IFRS 9. The difference between the previous carrying amount of the associate attributable to the retained interest and its fair value is included in the determination of the gain or loss on disposal of the associate.
In addition, the Company accounts for all amounts previously recognized in other comprehensive income in relation to that associate on the same basis as would be required if that associate had directly disposed of the related assets or liabilities. Therefore, if a gain or loss previously recognized in other comprehensive income by that associate would be reclassified to profit or loss on the disposal of the related assets or liabilities, the Company reclassifies the gain or loss from equity to profit or loss (as a reclassification adjustment) when it loses significant influence over that associate.
The requirements of IAS 28’ Investments in Associates and Joint Ventures’ are applied to determine whether it is necessary to recognize any impairment loss with respect to the Company’s investment in an associate. When necessary, the entire carrying amount of the investment (including goodwill) is tested for impairment in accordance with IAS 36 ‘Impairment of Assets’ as a single asset by comparing its recoverable amount (higher of value in use and fair value less costs to sell) with its carrying amount, any impairment loss recognized forms part of the carrying amount of the investment. Any reversal of that impairment loss is recognized in accordance with IAS 36 to the extent that the recoverable amount of the investment subsequently increases.
When the Company transacts with its associate, incomes and losses resulting from the transactions with the associate are recognized in the Company’s consolidated financial statements only to the extent of interests in the associate that are not related to the Company.
 
F-20
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(4)
Joint arrangements
A joint arrangement is an arrangement of which two or more parties have joint control. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require the unanimous consent of the parties sharing control. Joint arrangements are classified into two types - joint operations and joint ventures. A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement (i.e., joint operators) have rights to the assets, and obligations for the liabilities, relating to the arrangement. A joint venture is a joint arrangement whereby the parties that have joint control of the arrangement (i.e., joint ventures) have rights to the net assets of the arrangement.
The classification of a joint arrangement as a joint operation or a joint venture depends upon the rights and obligations of the parties to the arrangement. The Company determines the type of joint arrangement in which it is involved by considering the structure and form of the arrangement, the terms agreed by the parties in the contractual arrangement and other facts and circumstances.
If the joint arrangement is a joint operation, the Company is to recognize and measure the assets and liabilities (and recognize the related revenues and expenses) in relation to its interest in the arrangement in accordance with relevant IFRSs applicable to the particular assets, liabilities, revenues and expenses. If the joint arrangement is a joint venture, the Company is to account for that investment using the equity method accounting in accordance with IAS 28 ‘Investment in Associates and Joint Ventures’ (refer to Note 3.(3)), except when the Company is applicable to the IFRS 5
‘Non-current
Assets Held for Sale’.
 
(5)
Non-current
assets held for sale
Non-current
assets and disposal groups are classified as held for sale if their carrying amount will be recovered principally through a sale transaction rather than through continuing use. This condition is regarded as met only when the sale is highly probable and the
non-current
asset (or disposal group) is available for immediate sale in its present condition. Management must be committed to the sale, which should be expected to qualify for recognition as a completed sale within one year from the date of classification.
When the Company is committed to a sale plan involving loss of control of a subsidiary, all of the assets and liabilities of that subsidiary are classified as held for sale when the criteria described above are met, regardless of whether the Company will retain a
non-controlling
interest in its former subsidiary after the sale.
Non-current
assets (and disposal groups) classified as held for sale are measured at the lower of their carrying amount and fair value less costs to sell.
 
(6)
Goodwill
The Company measures goodwill which acquired in a business combination at the amount recognized at the date on which it obtains control of the acquiree (acquisition date) less any accumulated impairment losses. Goodwill acquired in a business combination is allocated to each cash-generating unit (CGU) that is expected to benefit from the synergies arising from the business acquired.
The Company assesses at the end of each reporting period and whenever there is an indication that the asset may be impaired. An impairment loss is recognized if the carrying amount of an asset or a CGU exceeds its recoverable amount. Impairment losses are recognized in profit or loss.
Any impairment identified at the CGU level will first reduce the carrying value of goodwill and then be used to reduce the carrying amount of the other assets in the CGU on a pro rata basis. Except for impairment losses in respect of goodwill which are never reversed, an impairment loss is reversed if there has been a change in the estimates used to determine the recoverable amount. An impairment loss is reversed only to the extent that the asset’s carrying amount does not exceed the carrying amount that would have been determined, net of depreciation or amortization, if no impairment loss had been recognized.
On disposal of the relevant CGU, the amount of goodwill is included in the determination of the gain or loss on disposal.
 
F-21
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(7)
Revenue from Contracts with Customers
The Company recognizes revenue by applying the five-step approach (Step 1: Identify the contract(s) with a customer, Step 2: Identify the performance obligations in the contract, Step 3: Determine the transaction price, Step 4: Allocate the transaction price to the performance obligations in the contract, Step 5: Recognize revenue when the entity satisfied a performance obligation). The Company recognizes revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services, excluding amounts collected on behalf of third parties. Also, the Company recognizes revenue when the Company satisfies a performance obligation by transferring a promised good or service to a customer.
 
 (i)
Sale of goods
The Company sells electricity to customers and accounts for the generation, transmission and distribution of electricity together as a single performance obligation. The sale of electricity is recognized at a point in time when electricity has been distributed to the customer. The transaction price includes variable consideration due to the progressive electricity billing system, discounts on electricity bills for government policy purposes and penalties. In situations where electricity had been delivered but not yet billed, the Company also estimates the volume of electricity delivered which can vary significantly as a result of customer usage patterns, customer mix, meter reading schedules, weather, etc. Variable consideration is estimated by using the expected value method which predicts the amount of consideration to which the Company will be entitled and is recognized only to the extent that it is highly probable that a significant reversal in the amount of cumulative revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved which is when the customer is billed.
 
 (ii)
Sale of construction services
The Company provides power plant construction and EPC services which are each identified as a single performance obligation and is recognized over time on the estimated progress to completion using the cost-based input method. The Company believes using the cost-based input method represents a faithful depiction of the transfer of services to the customer. Cost incurred towards contract completion include costs associated with direct materials, labor, and other indirect costs related to contract performance. Judgment is required in estimating the costs expected to incur in completing the construction projects which involves estimating future materials, labor, contingencies and other related costs. Revenue is estimated based on the contractual amount; however it can also be affected by uncertainties resulting from unexpected future events.
Revenue may be recognized in advance of billing the customer which results in the recording of a contract asset. Once the Company meets the billing criteria and its rights to consideration become unconditional, the contract asset is then transferred to trade receivable. Billing requirements are generally structured around the completion of certain construction milestones. On some instances, contract liability is recognized when the Company receives consideration before being able to recognize revenue. Once revenue recognition conditions are met, the contract liability is subsequently released to revenue.
 
 (iii)
Sale of services
The Company develops electric power resources including the provision of power generation byproducts and O&M services which are accounted for as a separate performance obligation under each contract. The Company recognizes revenue over time when customers consume the benefits provided by the Company under the terms of the service agreement.
 
 
(iv)
Adoption of the cost pass-through tariff system
The Company amended the basic supply terms and conditions with the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020. The cost pass-through tariff system has been applied to the electricity rate after January 1, 2021 in accordance with the amendment. The Company expects the adoption of the new system would not affect the existing accounting policies including ‘revenue from contracts with customers’.
 
F-22
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(8)
Deferred Revenue
The Company receives consideration in the form of an item of property, equipment or cash for constructing or acquiring an item of property or equipment in exchange for supplying electricity to its customers. The transaction price is based on the fair value of the consideration received and is initially recorded in deferred revenue included in current and
non-current
non-financial
liabilities of the Company’s consolidated statement of financial position. The Company determines the supply of electricity to be a single performance obligation. Deferred revenue is released to other income over time on a straight-line basis throughout the estimated service period which does not exceed the transferred asset’s useful life.
 
(9)
Leases
The lessee and the lessor account for each lease component separately from
non-lease
component, in the lease contracts or contracts that contain lease. However, the Company applied a practical expedient to each type of underlying asset in accounting as a lessee, and instead of separating the
non-lease
component from the lease component, it applied a method of accounting for each lease component and the related
non-lease
component as a single lease contract. The lessor’s accounting has not changed significantly. Therefore, a lease that transfers most of the risks and rewards of ownership of the underlying asset is classified as a finance lease, and a lease that does not transfer most of the risks and rewards of ownership of the underlying asset is classified as an operating lease.
 
 (i)
The Company as a lessor
In the case of finance leases, the Company recognizes the same amount of the net investment in the lease as finance lease receivables and recognizes interest income using the effective interest rate method. Income from operating leases is recognized using the straight-line basis over the lease term, and lease opening direct costs incurred during the negotiation and contract phase of the operating lease contract are added to the carrying amount of the lease asset and recognized as expenses over the lease term on a straight-line basis.
 
 (ii)
The Company as a lessee
 
 (a)
Right-of-use
assets
The Company recognizes
right-of-use
assets at the commencement date of the lease.
Right-of-use
assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any
re-measurement
of lease liabilities. The cost of
right-of-use
assets includes the amount of lease liabilities recognized, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized
right-of-use
assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term.
Right-of-use
assets are subject to impairment.
 
 (b)
Lease liabilities
At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including
in-substance
fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Company and payments of penalties for terminating a lease, if the lease term reflects the Company exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognized as expenses in the period on which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Company uses its incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the
in-substance
fixed lease payments or a change in the assessment of an option to purchase the underlying asset.
 
F-23
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(9)
Leases, continued
 
 (c)
Short-term leases and leases of
low-value
assets
The Company applies the short-term leases recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the leases of
low-value
assets recognition exemption to leases of office equipment that are considered to be low value. Lease payments on short-term leases and leases of
low-value
assets are recognized as expense on a straight-line basis over the lease term.
Book value and changes in book value of
right-of-use
assets and lease liabilities during the period are described in Note 24.
 
(10)
Foreign currencies
Transactions in foreign currencies are translated to the respective functional currencies of the Company entities at exchange rates at the dates of the transactions. Monetary items in foreign currencies are retranslated to the functional currency using the reporting date’s exchange rate.
Non-monetary
items that are measured at fair value in foreign currencies are retranslated to the functional currency at the exchange rate at the date that the fair value was determined, while non-monetary items that are measured in terms of historical cost in foreign currencies shall not be retranslated.
Exchange differences are recognized in profit or loss in the period in which they arise except for:
 
 • 
Exchange differences on foreign currency borrowings relating to assets under construction for future productive use, which are included in the cost of those assets when they are regarded as an adjustment to interest costs on those foreign currency borrowings;
 
 • 
Exchange differences on transactions entered into in order to hedge certain foreign currency risks (refer to note 3.(24) Derivative financial instruments, including hedge accounting); and
 
 • 
Exchange differences on monetary items receivable from or payable to a foreign operation for which settlement is neither planned nor likely to occur (therefore forming part of the net investment in the foreign operation), which are recognized initially in other comprehensive income and reclassified from equity to profit or loss on disposal or partial disposal of the net investment.
For the purpose of presenting financial statements, the assets and liabilities of the Company’s foreign operations are expressed in Korean won using exchange rates prevailing at the end of the reporting period. Income and expense items are translated at the average exchange rates for the period, unless exchange rates fluctuated significantly during that period, in which case the exchange rates at the dates of the transactions are used. Exchange differences arising, if any, are recognized in other comprehensive income and accumulated in equity (if applicable, in
non-controlling
interests).
On the disposal of a foreign operation, the cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the controlling interests shall be reclassified from equity to profit or loss (as a reclassification adjustment). The cumulative amount of the exchange differences relating to that foreign operation that have been attributed to the
non-controlling
interests shall be derecognized, but shall not be reclassified to profit or loss.
On the partial disposal of a subsidiary that includes a foreign operation, the entity shall
re-attribute
the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income to the
non-controlling
interests in that foreign operation. In any other partial disposal of a foreign operation the entity shall reclassify to profit or loss only the proportionate share of the cumulative amount of the exchange differences recognized in other comprehensive income.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities arising on the acquisition of that foreign operation shall be treated as assets and liabilities of the foreign operation. Thus they shall be expressed in the functional currency of the foreign operation and shall be translated at the closing rate. Such exchange differences shall be recognized in equity.
 
F-24
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(11)
Borrowing costs
The Company capitalizes borrowing costs directly attributable to the acquisition, construction or production of a qualifying asset as part of the cost of that asset. Other borrowing costs are recognized in expense as incurred. A qualifying asset is an asset that requires a substantial period of time to get ready for its intended use or sale.
Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization.
All other borrowing costs are recognized in profit or loss in the period in which they are incurred.
 
(12)
Government grants
Government grants are not recognized unless there is reasonable assurance that the Company will comply with the grant’s conditions and that the grant will be received.
Benefit from a government loan at a below-market interest rate is treated as a government grant, measured as the difference between proceeds received and the fair value of the loan based on prevailing market interest rates.
 
 
(i)
If the Company received grants related to assets, government grants whose primary condition is that the Company purchases, constructs or otherwise acquires long-term assets are deducted in calculating the carrying amount of the asset. The grant is recognized in profit or loss over the life of a depreciable asset as a reduced depreciation expense.
 
 
(ii)
If the Company received grants related to expenses, government grants which are intended to compensate the Company for expenses incurred are recognized as other income (government grants) in profit or loss over the periods in which the Company recognizes the related costs as expenses.
 
(13)
Employee benefits
When an employee has rendered service to the Company during a period, the Company recognizes the contribution payable to a defined contribution plan in exchange for that service as a liability (accrued expense).
For defined benefit pension plans and other post-employment benefits, the net periodic pension expense is actuarially determined by “Pension Actuarial System” developed by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using interest rates of high-quality corporate bonds that are denominated in the currency in which the benefits will be paid and that have terms to maturity approximating the terms of the related pension liability. However, if there is not a deep market, market yields on government bonds are used.
Net defined benefit liability’s measurement is composed of actuarial gains and losses, return on plan assets excluding net interest on net defined benefit liability, and any change in the effect of the asset ceiling, excluding net interest, which are immediately recognized in other comprehensive income. The actuarial gains or losses recognized in other comprehensive income which will not be reclassified into net profit or loss for later periods are immediately recognized in retained earnings. Past service cost will be recognized as expenses upon the earlier of the date of change or reduction to the plan, or the date of recognizing termination benefits.
The retirement benefit obligation recognized in the consolidated statement of financial position represents the present value of the defined benefit obligation as adjusted for unrecognized actuarial gains and losses and unrecognized past service cost, and as reduced by the fair value of plan assets. Any asset resulting from this calculation is limited to unrecognized actuarial losses and past service cost, plus the present value of available refunds and reductions in future contributions to the plan.
 
F-25
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(14)
Income taxes
Income tax expense comprises current and deferred tax. Current tax and deferred tax are recognized in profit or loss except to the extent that it relates to a business combination, or items recognized directly in equity or in other comprehensive income.
 
 
(i)
Current tax
Current tax is the expected tax payable or receivable on the taxable profit or loss for the year, using tax rates enacted or substantively enacted at the end of the reporting period and any adjustment to tax payable in respect of previous years. The taxable profit is different from the accounting profit for the period since the taxable profit is calculated excluding the temporary differences, which will be taxable or deductible in determining taxable profit (tax loss) of future periods, and
non-taxable
or
non-deductible
items from the accounting profit.
Current tax assets and liabilities are offset only if, the Company: (a) has a legally enforceable right to set off the recognized amounts; and (b) intends either to settle on a net basis, or to realize the asset and settle the liability simultaneously.
 
 
(ii)
Deferred tax
Deferred tax is recognized, using the asset-liability method, in respect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. A deferred tax liability is recognized for all taxable temporary differences. A deferred tax asset is recognized for all deductible temporary differences to the extent that it is probable that taxable profit will be available against which they can be utilized. However, deferred tax is not recognized for the following temporary differences: taxable temporary differences arising on the initial recognition of goodwill, or the initial recognition of assets or liabilities in a transaction that is not a business combination and that affects neither accounting profit or loss nor taxable income.
In certain circumstances such as when accounting for leases or decommissioning costs of nuclear power plants, the carrying amount of the asset recorded is equal to the liability recognized at initial recognition. When recording its deferred tax balances, the Company considers these assets and liabilities separately on a gross basis. Accordingly, the taxable temporary difference relating to the asset and the deductible temporary difference relating to the liability are separately recognized and presented on a net basis in the consolidated financial statements.
The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Deferred tax assets or deferred tax liabilities on investment properties measured at fair value, unless any contrary evidence exists, are measured using the assumption that the carrying amount of the property will be recovered entirely through sale.
The Company recognizes a deferred tax liability for all taxable temporary differences associated with investments in subsidiaries, associates, and interests in joint ventures, except to the extent that the Company is able to control the timing of the reversal of the temporary difference and it is probable that the temporary difference will not reverse in the foreseeable future. The Company recognizes a deferred tax asset for all deductible temporary differences arising from investments in subsidiaries and associates, to the extent that it is probable that the temporary difference will reverse in the foreseeable future and taxable profit will be available against which the temporary difference can be utilized.
The carrying amount of a deferred tax asset is reviewed at the end of each reporting period and reduces the carrying amount to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred tax asset to be utilized.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period when the asset is realized or the liability is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and deferred tax assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period to recover or settle the carrying amount of its assets and liabilities.
Deferred tax assets and liabilities are offset only if there is a legally enforceable right to offset the related current tax liabilities and assets, and they relate to income taxes levied by the same tax authority and they intend to settle current tax liabilities and assets on a net basis.
 
F-26
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(14)
Income taxes, continued
 
 (iii)
Current and deferred tax for the year
Current and deferred tax are recognized in profit or loss, except when they relate to items that are recognized in other comprehensive income or directly in equity, in which case, the current and deferred tax are also recognized in other comprehensive income or directly in equity respectively. Where current tax or deferred tax arises from the initial accounting for a business combination, the tax effect is included in the accounting for the business combination.
 
(15)
Property, plant and equipment
Property, plant and equipment are initially measured at cost and after initial recognition, are carried at cost less accumulated depreciation and accumulated impairment losses. The cost of property, plant and equipment includes expenditures arising directly from the construction or acquisition of the asset, any costs directly attributable to bringing the asset to the location and condition necessary for it to be capable of operating in the manner intended by management and the initial estimate of the costs of dismantling and removing the item and restoring the site on which it is located.
Subsequent costs are recognized in the carrying amount of property, plant and equipment at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the
day-to-day
servicing are recognized in profit or loss as incurred.
Property, plant and equipment, except for land, are depreciated on a straight-line basis over estimated useful lives that appropriately reflect the pattern in which the asset’s future economic benefits are expected to be consumed. For loaded nuclear fuel related to
long-term
raw materials and spent nuclear fuels related to asset retirement costs, the Company uses the
unit-of-production
method to measure and recognize depreciation expenses.
The estimated useful lives of the Company’s property, plant and equipment are as
follows:
 
 
  
Useful lives (years)
Buildings
  8 ~ 40
Structures
  5 ~ 50
Machinery
  2 ~ 32
Vehicles
  3 ~ 8
Loaded heavy water
  30
Asset retirement costs
  18, 30, 40, 60
Right-of-use
assets
  1 ~ 65
Ships
  9
Others
  4 ~ 15
A component that is significant compared to the total cost of property, plant and equipment is depreciated over its separate useful life.
Depreciation methods, residual values and useful lives of property, plant and equipment are reviewed at the end of each reporting period and if change is deemed appropriate, it is treated as a change in accounting estimate.
Property, plant and equipment are derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an item of property, plant and equipment, measured as the difference between the net disposal proceeds and the carrying amount of the asset, are recognized in profit or loss when the asset is derecognized.
 
F-27
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(16)
Investment property
A property held for the purpose of earning rentals or benefiting from capital appreciation is classified as investment property. Investment property is initially measured at its cost. Transaction costs are included in the initial measurement. Subsequently, investment property is carried at depreciated cost less any accumulated impairment losses.
Subsequent costs are recognized in the carrying amount of investment property at cost or, if appropriate, as separate items if it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. The carrying amount of the replaced part is derecognized. The costs of the
day-to-day
servicing are recognized in profit or loss as incurred.
Investment properties except for land, are depreciated on a straight-line basis over 8 ~ 40 years as estimated useful lives.
The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate accounted for on a prospective basis.
An investment property is derecognized upon disposal or when the investment property is permanently withdrawn from use and no future economic benefits are expected from the disposal. Any gain or loss arising on derecognition of the property (calculated as the difference between the net disposal proceeds and the carrying amount of the asset) is included in profit or loss in the period in which the property is derecognized.
 
(17)
Intangible assets
 
 (i)
Intangible assets acquired separately
Intangible assets with finite useful lives that are acquired separately are carried at cost less accumulated amortization and accumulated impairment losses. Amortization is recognized on a straight-line basis over their estimated useful lives. The estimated useful life and amortization method are reviewed at the end of each reporting period, with the effect of any changes in estimate being accounted for on a prospective basis. Intangible assets with indefinite useful lives that are acquired separately are carried at cost less accumulated impairment losses.
 
 (ii)
Research and development
Expenditure on research activities is recognized as an expense in the period in which it is incurred. An internally-generated intangible asset arising from development (or from the development phase of an internal project) is recognized if, and only if, all of the following have been demonstrated:
 
 • 
The technical feasibility of completing the intangible asset so that it will be available for use or sale;
 
 • 
The intention to complete the intangible asset and use or sell it;
 
 • 
The ability to use or sell the intangible asset;
 
 • 
How the intangible asset will generate probable future economic benefits;
 
 • 
The availability of adequate technical, financial and other resources to complete the development and to use or sell the intangible asset; and
 
 • 
The ability to measure reliably the expenditure attributable to the intangible asset during its development.
The amount initially recognized for internally-generated intangible assets is the sum of the expenditure incurred from the date when the intangible asset first meets the recognition criteria listed above. When the development expenditure does not meet the criteria listed above, an internally-generated intangible asset cannot be recognized and the expenditure is recognized in profit or loss in the period in which it is incurred.
Internally-generated intangible assets are reported at cost less accumulated amortization and accumulated impairment losses.
 
F-28
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(17)
Intangible assets, continued
 
The estimated useful lives and amortization methods of the Company’s intangible assets are as follows:
 
 
  
Useful lives (years)
  
Amortization methods
Usage rights for donated assets
  10 ~ 30  Straight line
Software
  4, 5  Straight line
Industrial rights
  5 ~ 10  Straight line
Development expenditures
  5  Straight line
Leasehold rights
  8 ~ 10  Straight line
Others
  3 ~ 50 or indefinite  Straight line
Mining rights
  —    Unit of production

 (iii)
Intangible assets acquired in a business combination
Intangible assets that are acquired in a business combination are recognized separately from goodwill are initially recognized at their fair value at the acquisition date.
Subsequent to initial recognition, intangible assets acquired in a business combination are reported at cost less accumulated amortization and accumulated impairment losses, on the same basis as intangible assets that are acquired separately.
 
 (iv)
Derecognition of intangible assets
An intangible asset is derecognized on disposal, or when no future economic benefits are expected from its use or disposal. Gains or losses arising from derecognition of an intangible asset are measured as the difference between the net disposal proceeds and the carrying amount of the asset, and are recognized in profit or loss when the asset is derecognized.
 
(18)
Greenhouse gas emissions rights (allowances) and obligations
In accordance with the Act on the Allocation and Trading of Greenhouse Gas Emission Rights and its Enforcement Decree, the Company applies the following accounting policies for greenhouse gas emissions rights and obligations.
 
 (i)
Greenhouse gas emissions rights
Greenhouse gas emissions rights consist of the allowances received free of charge from the government and the ones purchased. The cost of the greenhouse gas emissions rights includes expenditures arising directly from the acquisition and any other costs incurred during normal course of the acquisition.
Greenhouse gas emissions rights are held by the Company to fulfill the legal obligation and recorded as intangible assets. To the extent that the portion to be submitted to the government within one year from the end of reporting period, the greenhouse gas emissions rights are classified as current assets. Greenhouse gas emissions rights recorded as intangible assets are initially measured at cost and substantially remeasured at cost less accumulated impairment losses.
Greenhouse gas emissions rights are derecognized on submission to the government or when no future economic benefits are expected from its use or disposal.
 
 (ii)
Greenhouse gas emissions obligations
Greenhouse gas emissions obligations are the Company’s present legal obligation to submit the greenhouse gas emissions allowances to the government and recognized when an outflow of resources is probable and a reliable estimate can be made of the amount of the obligation. Greenhouse gas emissions obligations are measured as the sum of the carrying amount of the allocated rights that will be submitted to the government and the best estimate of expenditure required to settle the obligation at the end of the reporting period for any excess emission.
 
F-29
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(19)
Impairment of
non-financial
assets other than goodwill
At the end of each reporting period, the Company reviews the carrying amounts of its property, plant and equipment and intangible assets with definite useful lives to determine whether there is any indication that those assets may have been impaired. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any). Where it is not possible to estimate the recoverable amount of an individual asset, the Company estimates the recoverable amount of the cash-generating unit to which the asset belongs. Where a reasonable and consistent basis of allocation can be identified, corporate assets are also allocated to individual cash-generating units, or otherwise they are allocated to the smallest group of cash-generating units for which a reasonable and consistent allocation basis can be identified.
Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment at least annually, and whenever there is an indication that the asset may be impaired.
Recoverable amount is the higher of fair value less costs to sell and value in use. In assessing value in use, the estimated future cash flows are discounted to their present value using a
pre-tax
discount rate that reflects current market assessments of the time value of money and the risks specific to the asset for which the estimates of future cash flows have not been adjusted.
If the recoverable amount of an asset (or a CGU) is estimated to be less than its carrying amount, the carrying amount of the asset (or CGU) is reduced to its recoverable amount. An impairment loss is recognized immediately in profit or loss.
When an impairment loss subsequently reverses, the carrying amount of the asset (or a CGU) is increased to the revised estimate of its recoverable amount, to the extent the increased carrying amount does not exceed the carrying amount that would have been determined had no impairment loss been recognized for the asset (or CGU) in prior years. A reversal of an impairment loss is recognized immediately in profit or loss.
 
(20)
Inventories
Inventories are measured at the lower of cost and net realizable value. Cost of inventories for inventories in transit are measured by using specific identification method. Cost of inventories, except for those in transit, are measured under the weighted average method and consists of the purchase price, cost of conversion and other costs incurred in bringing the inventories to their present location and condition.
Net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. The amount of any write-down of inventories to net realizable value and all losses of inventories are recognized as an expense in the period the write-down or loss occurs. The amount of any reversal of any write-down of inventories, arising from an increase in net realizable value, are recognized as a reduction in the amount of inventories recognized as an expense in the period in which the reversal occurs.
 
(21)
Provisions
Provisions are recognized when the Company has a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation and a reliable estimate can be made of the amount of the obligation.
The risks and uncertainties that inevitably surround many events and circumstances are taken into account in reaching the best estimate of a provision. Where the effect of the time value of money is material, provisions are determined at the present value of the expected future cash flows.
 
F-30
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(21)
Provisions, continued
 
Where some or all of the expenditures required to settle a provision are expected to be reimbursed by another party, the reimbursement shall be recognized when, and only when, it is virtually certain that reimbursement will be received if the entity settles the obligation. The reimbursement shall be treated as a separate asset.
Provisions are reviewed at the end of each reporting period and adjusted to reflect the current best estimates. If it is no longer probable that an outflow of resources embodying economic benefits will be required to settle the obligation, the provision is reversed.
 
 (i)
Provision for employment benefits
The Company determines the provision for employment benefits as the incentive payments based on the results of the individual performance evaluation or management assessment.
 
 (ii)
Provision for decommissioning costs of nuclear power plants
The Company records the fair value of estimated decommissioning costs as a liability in the period in which the Company incurs a legal obligation associated with retirement of long-lived assets that result from acquisition, construction, development and/or normal use of the assets. Accretion expense consists of
period-to-period
changes in the liability for decommissioning costs resulting from the passage of time and revisions to either the timing or the amount of the original estimate of undiscounted cash flows.
 
 (iii)
Provision for disposal of spent nuclear fuel
Under the Radioactive Waste Management Act, the Company is levied to pay the spent nuclear fuel fund for the management of spent nuclear fuel. The Company recognizes the provision of present value of the payments.
 
 (iv)
Provision for low and intermediate radioactive wastes
Under the Radioactive Waste Management Act, the Company recognizes the provision for the disposal of low and intermediate radioactive wastes in best estimate of the expenditure required to settle the present obligation.
 
 (v)
Provision for Polychlorinated Biphenyls (“PCBs”)
Under the Persistent Organic Pollutants Control Act, enacted in 2007, the Company is required to remove PCBs, a toxin, from the insulating oil of its transformers by 2025. As a result of the enactments, the Company is required to inspect the PCBs contents of transformers and dispose of PCBs in excess of safety standards under the legally settled procedures. The Company’s estimates and assumptions used to determine fair value can be affected by many factors, such as the estimated costs of inspection and disposal, inflation rate, discount rate, regulations and the general economy.
 
 (vi)
Provisions for the power plant region support programs
The power plant region support programs consist of scholarship programs to local students, local economy support programs, local culture support programs, environment development programs, and local welfare programs. The Company recognizes the provision in relation to the power plant region support programs.
 
 (vii)
Provisions for the transmission and transformation facilities-neighboring areas support
The Company has present obligation to conduct certain programs to support neighboring areas of our transmission and transformation facilities under the Act on Assistance to Electric Power Plants-Neighboring Areas. The Company recognizes the provision of estimated amount to fulfill the obligation.
 
 (viii)
Renewable Portfolio Standard (“RPS”) provisions
RPS program is required to generate a specified percentage of total electricity to be generated in the form of renewable energy and provisions are recognized for the governmental regulations to require the production of energies from renewable energy sources such as solar, wind and biomass.
 
F-31
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(22)
Financial instruments
The Company recognizes financial assets and financial liabilities in the consolidated statement of financial position when the Company becomes a party to the contractual provisions of the instrument. Upon initial recognition, financial assets and financial liabilities are measured at their fair value plus, in the case of a financial asset or financial liabilities not at fair value through profit or loss, transaction costs that are directly attributable to the asset’s acquisition or issuance.
 
 (i)
Classification and measurement of financial assets
The Company classifies financial assets into three principal categories; measured at amortized cost, fair value through other comprehensive income (FVOCI) and fair value through profit or loss (FVTPL) based on the business model in which assets are managed and their cash flow characteristics. The Company assesses the hybrid financial instrument in which derivatives embedded as a whole for
classification.
 
  
Cash flow characteristics
Business model
 
Solely payments of
principal and interest
(SPPI)
 
Other than SPPI
To collect contractual cash flows
 Amortized cost 
FVTPL
(*2)
Both collecting contractual cash flows and selling financial assets
 FVOCI
(*1)
To sell financial assets
 FVTPL
 
 
(*1)
To eliminate or reduce an accounting mismatch, the Company may elect to recognize the amount of change in fair value in profit or loss.
 
 
(*2)
On initial recognition of an equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in the investment’s fair value in OCI.
① A financial asset is measured at amortized cost if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is to hold assets to collect contractual cash flows; and 2) its contractual terms of the financial asset give rise on specified dates to cash flows that are solely payments of principal and interest on the principal amount outstanding.
② A financial asset is measured at FVOCI if it meets both of the following conditions and is not designated as at FVTPL: 1) it is held within a business model whose objective is achieved by both collecting contractual cash flows and selling financial assets; and 2) its contractual terms of the financial asset give rise on specified dates to cash flow that are solely payments of principal and interest on the principal amount outstanding.
③ All financial assets not classified as measured at amortized cost or FVOCI as described above are measured at FVTPL. On initial recognition of equity investment that is not held for trading, the Company may irrevocably elect to present subsequent changes in fair value in OCI, and will not reclassify (recycle) those items in OCI to profit or loss subsequently.
 
 
(ii)
Classification and measurement of financial liabilities
Financial liabilities are classified as FVTPL or other financial liabilities.
① A financial liability is classified as at FVTPL if it is classified as
held-for-trading,
it is a derivative or it is designated as such on initial recognition. Financial liabilities at FVTPL are measured at fair value and net gains and losses, including any interest expense, are recognized in profit or loss.
② A
non-derivative
financial liability that is not classified as at FVTPL is classified as other financial liabilities. Other financial liabilities are measured initially at its fair value minus transaction costs that are directly attributable to the acquisition or issue. Other financial liabilities are subsequently measured at amortized cost using the effective interest rate method.
 
F-32
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(22)
Financial instruments, continued
 
 (iii)
Impairment: Financial assets and contract assets
The Company applies a forward-looking ‘expected credit loss’ (ECL) model for debt instruments, lease receivables, contractual assets, loan commitments and financial guarantee contracts.
The Company recognizes loss allowances measured on either of the
12-month
or lifetime ECL based on the extent of increase in credit risk since inception as shown in the below table.
 
Classification
 
Loss allowances
Stage 1
 
Credit risk has not increased significantly since the initial recognition
 
12-month ECL:
 
ECLs that resulted from possible default events within the 12 months after the reporting date
Stage 2
 
Credit risk has increased
significantly since the initial recognition
 
Lifetime ECL:
 
ECL that resulted from all possible default events over the expected life of a financial instrument
Stage 3
 
Credit-impaired
 
 
Under IFRS 9, the Company always measures the loss allowance at an amount equal to lifetime expected credit losses for trade receivables or contract assets that result from transactions that are within the scope of IFRS 15 and that do not contain a significant financing component in accordance with IFRS 15, and if the trade receivables or contract assets include a significant financing component, the Company may choose as its accounting policy to measure the loss allowance at an amount equal to lifetime expected credit losses.
The Company has chosen to measure the loss allowance at an amount equal to lifetime expected credit losses for the trade receivables, contract assets and lease receivables that contain a significant financing component.
 
 (iv)
Derecognition
The Company derecognizes a financial asset when the contractual rights to the cash flows from the financial asset expire, or it transfers the rights to receive the contractual cash flows in a transaction in which substantially all of the risks and rewards of ownership of the financial asset are transferred or in which the Company neither transfers nor retains substantially all of the risks and rewards of ownership and it does not retain control of the financial asset. The Company enters into transactions whereby it transfers assets recognized in its consolidated statement of financial position, but retains either all or substantially all of the risks and rewards of the transferred assets. In these cases, the transferred assets are not derecognized.
The Company derecognizes a financial liability when its contractual obligations are discharged or cancelled or expire. On derecognition of a financial liability, the difference between the carrying amount extinguished and the consideration paid (including any
non-cash
assets transferred or liabilities assumed) is recognized in profit or loss.
 
(23)
Service Concession Arrangements
The Company recognizes revenues from construction services and operating services related to service concession arrangements in accordance with IFRS 15 ‘Revenue from Contracts with Customers’.
The Company recognizes a financial asset to the extent that it has an unconditional contractual right to receive cash or another financial asset for the construction services and an intangible asset to the extent that it receives a right (license) to charge users of the public service. Borrowing costs attributable to the arrangement are recognized as an expense in the period in which they are incurred unless the Company has a contractual right to receive an intangible asset (a right to charge users of the public service). In this case, borrowing costs attributable to the arrangement are capitalized during the construction phase of the arrangement.
 
F-33
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(24)
Derivative financial instruments, including hedge accounting
The Company enters into a variety of derivative arrangements to manage its exposure to interest rate and foreign exchange rate risk, including foreign exchange forward contracts, interest rate swaps and cross currency swaps and others.
Derivatives are initially recognized at fair value. Subsequent to initial recognition, derivatives are measured at fair value.
The resulting gain or loss is recognized in profit or loss immediately unless the derivative is designated and effective as a hedging instrument, in such case the timing of the recognition in profit or loss depends on the nature of the hedge relationship.
A derivative with a positive fair value is recognized as a financial asset; a derivative with a negative fair value is recognized as a financial liability. A derivative is presented as a
non-current
asset or a
non-current
liability if the remaining maturity of the instrument is more than 12 months and it is not expected to be realized or settled within 12 months. Other derivatives are presented as current assets or current liabilities.
 
 (i)
Separable embedded derivatives
Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives when their risks and characteristics are not closely related to those of the host contracts and when the host contracts are not measured at FVTPL.
An embedded derivative is presented as a
non-current
asset or a
non-current
liability if the remaining maturity of the hybrid instrument to which the embedded derivative is part of, is more than 12 months and it is not expected to be realized or settled within 12 months. All other embedded derivatives are presented as current assets or current liabilities.
 
 (ii)
Hedge accounting
The Company designates certain hedging instruments, which include derivatives, embedded derivatives and
non-derivatives
in respect of foreign currency risk, as either fair value hedges or cash flow hedges. Hedges of foreign exchange risk on firm commitments are accounted for as cash flow hedges.
At the inception of the hedge relationship, the entity documents the relationship between the hedging instrument and the hedged item, along with its risk management objectives and its strategy for undertaking various hedge transactions. Furthermore, at the inception of the hedge and on an ongoing basis, the Company documents whether the hedging instrument is highly effective in offsetting changes in fair values or cash flows of the hedged item.
 
 (iii)
Fair value hedges
Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognized in profit or loss immediately, together with any changes in the fair value of the hedged asset or liability that are attributable to the hedged risk. The changes in the fair value of the hedging instrument and the change in the hedged item attributable to the hedged risk relating to the hedged items are recognized in the consolidated statements of comprehensive income (loss).
Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or when it no longer qualifies for hedge accounting. The fair value adjustment to the carrying amount of the hedged item arising from the hedged risk is amortized and recognized as profit or loss from that date.
 
F-34
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
3.
Significant Accounting Policies, Continued
 
(24)
Derivative financial instruments, including hedge accounting, continued
 
 (iv)
Cash flow hedges
The effective portion of changes in the fair value of derivatives that are designated and qualify as cash flow hedges is recognized in other comprehensive income. The gain or loss relating to the ineffective portion is recognized immediately in profit or loss, and is included in the ‘finance income and expense’.
Amounts previously recognized in other comprehensive income and accumulated in equity are reclassified to profit or loss in the periods when the hedged item is recognized in profit or loss, in the same line of the consolidated statement of comprehensive income (loss) as the recognized hedged item. However, when the forecast transaction that is hedged results in the recognition of a
non-financial
asset or a
non-financial
liability, the gains or losses previously accumulated in equity are transferred from equity and included in the initial measurement of the cost of the
non-financial
asset or
non-financial
liability.
Hedge accounting is discontinued when the Company revokes the hedging relationship, when the hedging instrument expires or is sold, terminated, or exercised, or it no longer qualifies for hedge accounting. Any gain or loss accumulated in equity at that time remains in equity and is recognized when the forecast transaction is ultimately recognized in profit or loss. When a forecast transaction is no longer expected to occur, the gain or loss accumulated in equity is recognized immediately in profit or loss.
 
(25)
Assets
held-for-sale
The Company classifies
non-current
assets or disposal groups as held for sale if their carrying amounts will be recovered principally through a sale or distribution rather than through continuing use. The criteria for
assets-held-for-sale
classification is regarded as met only when the disposal is highly probable, and the asset or disposal group is available for immediate distribution in its present condition. Management must be committed to the distribution expected within one year from the date of the classification.
Such
non-current
assets and disposal groups classified as held for sale or as held for distribution are measured at the lower of their carrying amount and fair value less costs to sell or to distribute.
 
F-35
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information
 
(1)
Segment determination and explanation of the measurements
The Company’s operating segments are its business components that generate discrete financial information that is reported to and regularly reviewed by chief operating decision makers of the Company including but not limited to the Chief Executive Officer, for the purpose of resource allocation and assessment of segment performance. The Company’s reportable segments are ‘Transmission and distribution’, ‘Electric power generation (Nuclear)’, ‘Electric power generation
(Non-nuclear)’,
‘Plant maintenance & engineering service’ and ‘Others’; others mainly represent the business unit that manages the Company’s foreign operations.
Segment operating profit (loss) is determined the same way that consolidated operating profit is determined under IFRS without any adjustment for corporate allocations. The accounting policies used by each segment are consistent with the accounting policies used in the preparation of the consolidated financial statements. Segment assets and liabilities are determined based on separate financial statements of the entities instead of on a consolidated basis. There are various transactions between the reportable segments, including sales of property, plant and equipment and so on, that are conducted on an
arm’s-length
basis at market prices that would be applicable to an independent third party. For subsidiaries which are in a different segment from that of its immediate parent company, their carrying amount in separate financial statements is eliminated in the consolidating adjustments in the tables below. In addition, consolidation adjustments in the table below include adjustments of the amount of investment in associates and joint ventures from the cost basis amount reflected in segment assets to that determined using equity method in the consolidated financial statements.
 
F-36
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information, Continued 
 
(2)
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows:
 
 
 
 
 
 
2019
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
 ￦    58,328,372   1,336,725   56,991,647   3,814,428   73,478   777,120   140,757   298,144   350,865   987,828       (2,568,529) 
Electric power generation (Nuclear)
      8,937,026   8,908,803   28,223   3,227,695   37,277   511,864   (5,497)   132,283   —     672,134       782,511 
Electric power generation
(Non-nuclear)
      24,254,957   23,472,153   782,804   3,955,333   35,626   655,466   77,641   163,626   13,364   766,407       551,287 
Plant maintenance & engineering service
      2,627,539   2,254,841   372,698   125,546   14,214   2,861   1,237   124,745   —     124,242       312,341 
Others
      1,049,324   656,614   392,710   127,364   141,262   134,248   —     18,409   4   2,408       (489,585) 
Consolidation adjustments
      (36,629,136)   (36,629,136)   —     (121,626)   (33,739)   (34,748)   —     (12,087)   —     (251,804)       (295,552) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
  ￦    58,568,082   —     58,568,082   11,128,740   268,118   2,046,811   214,138   725,120   364,233   2,301,215       (1,707,527) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
Finance income
                                                  1,009,706 
                                                  
 
 
 
Finance expense
                                                  (2,782,156) 
                                                  
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                  214,139 
                                                  
 
 
 
Loss before income tax
                                             ￦    (3,265,838) 
                                                  
 
 
 
 
F-37
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information, Continued
 
(2)
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows, continued:
 
 
 
 
 
 
2020
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
 ￦    57,345,933   1,224,602   56,121,331   3,836,355   48,220   737,973   169,176   190,302   236,727   731,194       3,045,912 
Electric power generation (Nuclear)
      9,938,941   9,817,147   121,794   3,564,120   25,581   503,485   (4,905)   86,672   —     691,052       1,168,833 
Electric power generation
(Non-nuclear)
      20,329,611   19,552,376   777,235   4,034,024   20,843   622,346   115,096   112,775   17,679   346,195       (172,884) 
Plant maintenance & engineering service
      2,703,472   2,283,333   420,139   119,056   11,789   1,250   1,740   101,255   —     230,264       197,553 
Others
      1,582,001   1,096,663   485,338   122,092   167,005   162,843   —     50,889   940   3,711       148,393 
Consolidation adjustments
      (33,974,121)   (33,974,121)   —     (127,628)   (30,852)   (32,472)   —     (49,605)   —     (169,651)       (291,187) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
  ￦    57,925,837   —     57,925,837   11,548,019   242,586   1,995,425   281,107   492,288   255,346   1,832,765       4,096,620 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
Finance income
                                                  1,510,249 
                                                  
 
 
 
Finance expense
                                                  (2,896,443) 
                                                  
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                  281,107 
                                                  
 
 
 
Loss before income tax
                                             ￦    2,991,533 
                                                  
 
 
 
 
F-38
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information, Continued
 
(2)
Financial information of the segments for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows, continued:
 
 
 
 
 
 
2021
 
Segment
 
 
 
 
Total segment
revenue
 
 
Intersegment
revenue
 
 
Revenue
from
external
customers
 
 
Depreciation
and
amortization
 
 
Interest
income
 
 
Interest
expense
 
 
Profit (loss)
related to
associates,
joint
ventures and
subsidiaries
 
 
Employee
benefit
expense
 
 
Loss on
abandonment
of property,
plant and
equipment
 
 
Increase in
provisions, net
 
 
 
 
 
Operating
profit (loss)
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
 ￦    58,999,388   1,672,776   57,326,612   3,990,464   36,831   678,986   391,116   193,412   202,262   1,194,643       (7,244,319) 
Electric power generation (Nuclear)
      9,324,391   9,207,516   116,875   3,611,594   22,209   477,512   (18,146)   86,730   —     680,358       762,164 
Electric power generation
(Non-nuclear)
      25,837,982   24,518,167   1,319,815   4,178,520   22,226   624,391   109,765   121,020   5,672   285,152       364,572 
Plant maintenance & engineering service
      2,805,785   2,370,900   434,885   121,493   9,515   933   11,849   94,269   —     213,500       245,360 
Others
      2,010,843   1,295,423   715,420   158,952   158,680   162,345   —     52,698   —     2,981       200,363 
Consolidation adjustments
      (39,064,782)   (39,064,782)   —     (122,751)   (27,587)   (29,710)   —     (36,187)   —     89,818       (64,775) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
  ￦    59,913,607   —     59,913,607   11,938,272   221,874   1,914,457   494,584   511,942   207,934   2,466,452       (5,736,635) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
      
 
 
 
Finance income
                                                  1,402,614 
                                                  
 
 
 
Finance expense
                                                  (3,245,777) 
                                                  
 
 
 
Gain related to associates, joint ventures and subsidiaries
                                                  494,584 
                                                  
 
 
 
Profit before income tax
                                             ￦    (7,085,214) 
                                                  
 
 
 
 
F-39
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information, Continued
 
(3)
Information related to segment assets and segment liabilities as of and for the years ended December 31, 2020 and 2021 are as follows:
 

 
 
 
 
 
2020
 
Segment
 
 
 
 
Segment

assets
 
 
Investments
in associates
and joint
ventures
 
 
Acquisition of

non-current
assets
 
 
Segment
liabilities
 
 
 
 
 
 
In millions of won
 
Transmission and distribution
 ￦    113,115,667   4,204,090   6,535,380   59,772,046 
Electric power generation (Nuclear)
      61,850,865   116,867   2,419,939   35,652,467 
Electric power generation (Non-nuclear)
      54,531,155   1,807,409   3,758,795   33,292,680 
Plant maintenance & engineering service
      3,492,571   42,167   141,226   1,061,949 
Others
      8,923,046   —     577,056   4,039,220 
      
 
 
  
 
 
  
 
 
  
 
 
 
Segment totals
      241,913,304   6,170,533   13,432,396   133,818,362 
      
 
 
  
 
 
  
 
 
  
 
 
 
Consolidation adjustments:
                    
Elimination of inter-segment amounts
      (39,762,888)   —     (30,731)   (6,749,728) 
Equity method adjustment
      1,372,001   —     —     —   
Deferred taxes
      47,664   —     —     5,417,629 
Others
      (427,970)   —     —     (10,998) 
      
 
 
  
 
 
  
 
 
  
 
 
 
       (38,771,193)   —     (30,731)   (1,343,097) 
      
 
 
  
 
 
  
 
 
  
 
 
 
Consolidated totals
 ￦    203,142,111   6,170,533   13,401,665   132,475,265 
      
 
 
  
 
 
  
 
 
  
 
 
 
   
     
2021
 
Segment
    
Segment

assets
  
Investments
in associates
and joint
ventures
  
Acquisition of

non-current
assets
  
Segment
liabilities
 
     
In millions of won
 
Transmission and distribution
 ￦    115,578,517   4,700,863   6,754,298   68,531,927 
Electric power generation (Nuclear)
      64,628,651   141,885   1,959,479   38,361,337 
Electric power generation (Non-nuclear)
      57,304,296   2,575,019   3,331,813   35,803,289 
Plant maintenance & engineering service
      3,672,366   53,617   110,330   1,086,926 
Others
      10,861,823   —     637,715   4,961,880 
      
 
 
  
 
 
  
 
 
  
 
 
 
Segment totals
      252,045,653   7,471,384   12,793,635   148,745,359 
      
 
 
  
 
 
  
 
 
  
 
 
 
Consolidation adjustments:
                    
Elimination of inter-segment amounts
      (41,701,400)   —     (12,001)   (8,101,011) 
Equity method adjustment
      1,866,554   —     —     —   
Deferred taxes
      1,881   —     —     5,248,627 
Others
      (1,103,818)   —     —     (95,954) 
      
 
 
  
 
 
  
 
 
  
 
 
 
       (40,936,783)   —     (12,001)   (2,948,338) 
      
 
 
  
 
 
  
 
 
  
 
 
 
Consolidated totals
 ￦    211,108,870   7,471,384   12,781,634   145,797,021 
      
 
 
  
 
 
  
 
 
  
 
 
 
 
F-40
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
4.
Segment, Geographic and Other Information, Continued
 
(4)
Geographic information
Electricity sales, the main operations of the Company, 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:
 
 
  
 
 
 
Revenue from external customers
 
 
Non-current assets
(*2)
 
Geographical unit
  
 
 
 
2019
 
 
2020
 
 
2021
 
 
2019
 
 
2020
 
 
2021
 
 
  
 
 
 
In millions of won
 
Domestic
  ￦    56,942,128   56,774,578   58,672,484   169,366,365   173,673,478   178,745,707 
Overseas (*1)
       1,625,954   1,151,259   1,241,123   2,743,755   2,831,925   3,572,784 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    58,568,082   57,925,837   59,913,607   172,110,120   176,505,403   182,318,491 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 (*1)
Middle East and other Asian countries make up the majority of overseas revenue and non-current assets. Since the overseas revenue or non-current assets attributable to particular countries are not material, they are not disclosed individually.
 
 (*2)
The amounts exclude financial assets and deferred tax assets.
 
(5)
Information on significant customers
There is no single customer which accounts for 10% or more of the Company’s revenue for the years ended December 31, 2019, 2020 and 2021.
 
F-41
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
5.
Classification of Financial Instruments
 
(1)
Classification of financial assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
2020
 
 
 
 
 
 
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
 
 
 
 
 
 
In millions of won
 
Current assets
                        
Cash and cash equivalents
 ￦    —     —     2,029,584   —     2,029,584 
Current financial assets
                        
Current financial assets at fair value through profit or loss
      1,196,101   —     —     —     1,196,101 
Current financial assets at amortized costs
      —     —     13,149   —     13,149 
Current derivative assets
      18,332   —     —     11,193   29,525 
Other financial assets
      —     —     1,561,445   —     1,561,445 
Trade and other receivables
      —     —     7,918,470   —     7,918,470 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,214,433   —     11,522,648   11,193   12,748,274 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Non-current assets
                        
Non-current financial assets
                        
Non-current financial assets at fair value through profit or loss
      685,281   —     —     —     685,281 
Non-current financial assets at fair value through other comprehensive income
      —     358,559   —     —     358,559 
Non-current financial assets at amortized costs
      —     —     1,273   —     1,273 
Non-current derivative assets
      92,432   —     —     44,456   136,888 
Other financial assets
      —     —     1,290,820   —     1,290,820 
Trade and other receivables
      —     —     1,861,569   —     1,861,569 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       777,713   358,559   3,153,662   44,456   4,334,390 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    1,992,146   358,559   14,676,310   55,649   17,082,664 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-42
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
5.
Classification of Financial Instruments, Continued
 
(1)
Classification of financial assets as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
2021
 
 
 
 
 
 
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
 
 
 
 
 
 
In millions of won
 
Current assets
                        
Cash and cash equivalents
 ￦    —     —     2,635,238   —     2,635,238 
Current financial assets
                        
Current financial assets at fair value through profit or loss
      360,833   —     —     —     360,833 
Current financial assets at amortized costs
      —     —     15,422   —     15,422 
Current derivative assets
      93,374   —     —     33,564   126,938 
Other financial assets
      —     —     1,365,603   —     1,365,603 
Trade and other receivables
      —     —     8,122,415   —     8,122,415 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       454,207   —     12,138,678   33,564   12,626,449 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Non-current assets
                        
Non-current financial assets
                        
Non-current financial assets at fair value through profit or loss
      672,031   —     —     —     672,031 
Non-current financial assets at fair value through other comprehensive income
      —     435,107   —     —     435,107 
Non-current financial assets at amortized costs
      —     —     9,851   —     9,851 
Non-current derivative assets
      349,653   —     —     171,192   520,845 
Other financial assets
      —     —     1,271,976   —     1,271,976 
Trade and other receivables
      —     —     1,906,861   —     1,906,861 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,021,684   435,107   3,188,688   171,192   4,816,671 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    1,475,891   435,107   15,327,366   204,756   17,443,120 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-43
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
5.
Classification of Financial Instruments, Continued
 
(2)
Classification of financial liabilities as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
 
2020
 
 
  
 
 
 
Financial liabilities

at fair value through

profit or loss
 
  
Financial liabilities
recognized at
amortized cost
 
  
Derivative liabilities
(applying hedge
accounting)
 
  
Total
 
 
  
 
 
 
In millions of won
 
Current liabilities
                        
Borrowings
  ￦    —      2,113,181    —      2,113,181 
Debt securities
       —      8,561,624    —      8,561,624 
Derivative liabilities
       13,053    —      36,831    49,884 
Trade and other payables
       —      6,256,521    —      6,256,521 
       
 
 
   
 
 
   
 
 
   
 
 
 
        13,053    16,931,326    36,831    16,981,210 
       
 
 
   
 
 
   
 
 
   
 
 
 
Non-current liabilities
                        
Borrowings
       —      3,003,999    —      3,003,999 
Debt securities
       —      56,045,777    —      56,045,777 
Derivative liabilities
       144,873    —      170,362    315,235 
Trade and other payables
       —      6,480,412    —      6,480,412 
       
 
 
   
 
 
   
 
 
   
 
 
 
        144,873    65,530,188    170,362    65,845,423 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    157,926    82,461,514    207,193    82,826,633 
       
 
 
   
 
 
   
 
 
   
 
 
 
   
      
2021
 
      
Financial liabilities

at fair value through

profit or loss
   
Financial liabilities
recognized at
amortized cost
   
Derivative liabilities
(applying hedge
accounting)
   
Total
 
      
In millions of won
 
Current liabilities
                        
Borrowings
  ￦    —      4,382,218    —      4,382,218 
Debt securities
       —      9,647,616    —      9,647,616 
Derivative liabilities
       6,838    —      453    7,291 
Trade and other payables
       —      8,153,426    —      8,153,426 
       
 
 
   
 
 
   
 
 
   
 
 
 
        6,838    22,183,260    453    22,190,551 
       
 
 
   
 
 
   
 
 
   
 
 
 
Non-current liabilities
                        
Borrowings
       —      2,265,624    —      2,265,624 
Debt securities
       —      64,234,055    —      64,234,055 
Derivative liabilities
       49,418    —      21,322    70,740 
Trade and other payables
       —      5,996,498    —      5,996,498 
       
 
 
   
 
 
   
 
 
   
 
 
 
        49,418    72,496,177    21,322    72,566,917 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    56,256    94,679,437    21,775    94,757,468 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
F-44
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
5.
Classification of Financial Instruments, Continued
 
(3)
Classification of comprehensive income (loss) from financial instruments for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
  
 
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
  
 
 
 
 
 
In millions of won
 
Cash and cash equivalents
  
Interest income
 ￦    42,861   9,419   12,692 
   
Gain (loss) on foreign currency transactions and translations
      (3,332)   (15,911)   34,923 
Financial assets at fair value through profit or loss
  
Interest income
      29,411   19,114   18,415 
   
Dividends income
      6,984   4,734   2,949 
   
Gain (loss) on valuation of derivatives
      151,604   (52,447)   450,896 
   
Gain (loss) on transaction of derivatives
      63,329   36,563   54,352 
   
Gain (loss) on valuation of financial assets
      1,062   5,508   8,858 
   
Gain (loss) on disposal of financial assets
      1,760   11,344   4,221 
Financial assets at fair value through other comprehensive income
  
Dividends income
      6,854   2,582   7,573 
Financial assets at amortized cost
  
Interest income
      539   612   797 
   
Gain (loss) on foreign currency transactions and translations
      (690)   (1,733)   (3,647) 
Loans
  
Interest income
      63,448   26,232   25,196 
   
Gain (loss) on foreign currency transactions and translations
      (631)   (527)   729 
Trade and other receivables
  
Interest income
      69,941   151,035   144,543 
   
Gain (loss) on disposal of financial assets
      —     —     2,452 
   
Gain (loss) on foreign currency transactions and translations
      (31,500)   23,458   14,207 
Short-term financial instruments
  
Interest income
      49,070   25,540   7,531 
   
Gain (loss) on foreign currency transactions and translations
      39,845   (38,088)   32,218 
Long-term financial instruments
  
Interest income
      12,794   10,406   12,470 
   
Gain (loss) on foreign currency transactions and translations
      —     —     27 
Other financial assets
  
Interest income
      54   228   230 
Derivatives (applying hedge accounting)
  
Gain (loss) on valuation of derivatives (profit or loss)
      123,730   (77,733)   211,180 
   
Gain (loss) on valuation of derivatives (equity, before tax)
      38,305   9,925   (11,734) 
   
Gain (loss) on transaction of derivatives
      65,651   36,053   31,351 
Financial liabilities at fair value through profit or loss
  
Gain (loss) on valuation of derivatives
      27,686   (104,607)   2,751 
   
Gain (loss) on transaction of derivatives
      (493)   (49,788)   (15,358) 
Financial liabilities carried at amortized cost
  
Interest expense of borrowings and debt securities
      1,394,328   1,365,801   1,316,269 
   
Gain (loss) on repayment of financial liabilities
      —     (35)   (10) 
   
Interest expense of trade and other payables
      94,019   88,757   213,765 
   
Interest expense of others
      558,464   540,867   384,423 
   
Other finance income
      —     —     1,284 
   
Other finance expenses
      —     —     2,504 
   
Gain (loss) on foreign currency transactions and translations
      (409,867)   772,045   (1,162,835) 
Derivatives (applying hedge accounting)
  
Gain (loss) on valuation of derivatives (profit or loss)
      14,330   (220,928)   158,167 
   
Gain (loss) on valuation of derivatives (equity, before tax)
      (2,578)   101,295   (28,726) 
   
Gain (loss) on transaction of derivatives
      (42,072)   42,565   13,737 
 
F-45
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
6.
Restricted Deposits
Restricted deposits as of December 31, 2020 and 2021 are as follows:
 
 
  
 
  
 
 
 
2020
 
  
2021
 
 
  
 
  
 
 
 
In millions of won
 
Cash and cash equivalents
  
Escrow accounts
  ￦    544    —   
   
Deposits for government project and others
       5,066    22,286 
   
Collateral provided for borrowings
       117,747    264,813 
   
Collateral provided for lawsuit
       42    42 
   
Deposits for transmission regional support program
       5,469    5,921 
   
Deposits for other business purposes
       —      3,050 
Short-term financial instruments
  
Restriction on withdrawal related to ‘win-win growth program’ for small and medium enterprises and others
       109,000    114,000 
   
Collateral provided for borrowings
       —      11,745 
Non-current financial assets at fair value through profit or loss
  
Decommissioning costs of nuclear power plants
       577,481    531,720 
Long-term financial instruments
  
Escrow accounts
       76    70 
   
Guarantee deposits for banking accounts at oversea branches
       306    333 
   
Collateral provided for borrowings
       11,745    —   
   
Decommissioning costs of nuclear power plants
       258,282    324,609 
   
Funds for developing small and medium enterprises (*)
       210,000    10,000 
          
 
 
   
 
 
 
      ￦    1,295,758    1,288,589 
          
 
 
   
 
 
 
 
 (*)
As of December 31, 2020, it consisted of the deposits for small and medium enterprises at the Industrial Bank of Korea (IBK) and others for construction of Bitgaram Energy Valley and support for high potential businesses amounting to ￦200,000 million and the deposits were returned during the year ended December 31, 2021.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
7.
Cash and Cash Equivalents
Cash and cash equivalents as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
 
2020
 
  
2021
 
 
  
 
 
 
In millions of won
 
Cash
  ￦    871    19,623 
Other demand deposits
       1,291,058    1,825,751 
Short-term deposits classified as cash equivalents
       432,263    407,921 
Short-term investments classified as cash equivalents
       305,392    381,943 
       
 
 
   
 
 
 
   ￦    2,029,584    2,635,238 
       
 
 
   
 
 
 
 
F-47
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
8.
Trade and Other Receivables
 
(1)
Trade and other receivables as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
 
  
 
 
  
Gross
amount
 
  
Allowance for

doubtful accounts
 
  
Present value

discount
 
  
Book
value
 
 
  
 
 
  
In millions of won
 
Current assets
                         
Trade receivables
  ￦     7,370,923    (208,184)    —      7,162,739 
Other receivables
        799,598    (42,332)    (1,535)    755,731 
        
 
 
   
 
 
   
 
 
   
 
 
 
         8,170,521    (250,516)    (1,535)    7,918,470 
        
 
 
   
 
 
   
 
 
   
 
 
 
Non-current assets
                         
Trade receivables
        227,261    (806)    —      226,455 
Other receivables
        1,728,486    (90,047)    (3,325)    1,635,114 
        
 
 
   
 
 
   
 
 
   
 
 
 
         1,955,747    (90,853)    (3,325)    1,861,569 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     10,126,268    (341,369)    (4,860)    9,780,039 
        
 
 
   
 
 
   
 
 
   
 
 
 
   
       
2021
 
       
Gross
amount
   
Allowance for

doubtful accounts
   
Present value

discount
   
Book
value
 
       
In millions of won
 
Current assets
                         
Trade receivables
  ￦     7,743,735    (203,838)    —      7,539,897 
Other receivables
        602,113    (18,555)    (1,040)    582,518 
        
 
 
   
 
 
   
 
 
   
 
 
 
         8,345,848    (222,393)    (1,040)    8,122,415 
        
 
 
   
 
 
   
 
 
   
 
 
 
Non-current assets
                         
Trade receivables
        185,512    (1,501)    —      184,011 
Other receivables
        1,792,895    (64,155)    (5,890)    1,722,850 
        
 
 
   
 
 
   
 
 
   
 
 
 
         1,978,407    (65,656)    (5,890)    1,906,861 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     10,324,255    (288,049)    (6,930)    10,029,276 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
F-48
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
8.
Trade and Other Receivables, Continued
 
(2)
Other receivables as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
 
  
 
 
  
Gross
amount
 
  
Allowance for

doubtful accounts
 
 
Present value
discount
 
 
Book
value
 
 
  
 
 
  
In millions of won
 
Current assets
                       
Non-trade receivables
  ￦     441,031    (37,062)   —     403,969 
Accrued income
        38,956    —     —     38,956 
Deposits
        239,011    —     (1,535)   237,476 
Finance lease receivables(*1)
        57,084    (365)   —     56,719 
Others
        23,516    (4,905)   —     18,611 
        
 
 
   
 
 
  
 
 
  
 
 
 
         799,598    (42,332)   (1,535)   755,731 
        
 
 
   
 
 
  
 
 
  
 
 
 
Non-current assets
                       
Non-trade receivables
        215,136    (80,451)   —     134,685 
Accrued income
        834    —     —     834 
Deposits
        364,855    —     (3,325)   361,530 
Finance lease receivables(*2)
        1,065,982    (625)   —     1,065,357 
Others
        81,679    (8,971)   —     72,708 
        
 
 
   
 
 
  
 
 
  
 
 
 
         1,728,486    (90,047)   (3,325)   1,635,114 
        
 
 
   
 
 
  
 
 
  
 
 
 
   ￦     2,528,084    (132,379)   (4,860)   2,390,845 
        
 
 
   
 
 
  
 
 
  
 
 
 
 
(*1)  Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦105,127 million.
 
(*2)  Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,087,559 million.
 
   
   
       
2021
 
       
Gross
amount
   
Allowance for

doubtful accounts
  
Present value
discount
  
Book
value
 
       
In millions of won
 
Current assets
                       
Non-trade receivables
  ￦     232,172    (17,084)   (9)   215,079 
Accrued income
        57,300    —     —     57,300 
Deposits
        212,666    —     (1,031)   211,635 
Finance lease receivables(*1)
        60,613    (178)   —     60,435 
Others
        39,362    (1,293)   —     38,069 
        
 
 
   
 
 
  
 
 
  
 
 
 
         602,113    (18,555)   (1,040)   582,518 
        
 
 
   
 
 
  
 
 
  
 
 
 
Non-current assets
                       
Non-trade receivables
        123,537    (56,407)   (281)   66,849 
Accrued income
        1,828    —     —     1,828 
Deposits
        441,393    —     (5,609)   435,784 
Finance lease receivables(*2)
        1,140,080    (590)   —     1,139,490 
Others
        86,057    (7,158)   —     78,899 
        
 
 
   
 
 
  
 
 
  
 
 
 
         1,792,895    (64,155)   (5,890)   1,722,850 
        
 
 
   
 
 
  
 
 
  
 
 
 
   ￦     2,395,008    (82,710)   (6,930)   2,305,368 
        
 
 
   
 
 
  
 
 
  
 
 
 
 
 (*1)
Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦111,915 million.
 
 (*2)
Gross amount of finance lease receivables is the net lease investment by deducting unearned finance income of ￦1,082,712 million.
 
(3)
Trade and other receivables are classified as financial assets at amortized cost and are measured using the effective interest rate method. No interest is accrued for trade receivables related to electricity for the duration between the billing date and the payment due dates. However once trade receivables are overdue, the Company imposes a monthly interest rate of 1.5% on the overdue trade receivables. The Company holds deposits of three months’ expected electricity usage for customers requesting temporary usage and customers with delinquent payments.
 
F-49
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
8.
Trade and Other Receivables, Continued
 
(4)
Aging analysis of trade receivables as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Trade receivables: (not overdue)
  ￦     7,274,773    7,603,472 
        
 
 
   
 
 
 
Trade receivables: (impairment reviewed)
        323,411    325,775 
        
 
 
   
 
 
 
Less than 60 days
        3,505    11,577 
60 ~ 90 days
        28,729    27,201 
90 ~ 120 days
        10,687    28,230 
120 days ~ 1 year
        34,036    51,945 
Over 1 year
        246,454    206,822 
        
 
 
   
 
 
 
         7,598,184    7,929,247 
Less: allowance for doubtful accounts
        (208,990)    (205,339) 
        
 
 
   
 
 
 
   ￦     7,389,194    7,723,908 
        
 
 
   
 
 
 
At the end of each reporting period, the Company assesses whether the credit to trade receivables is impaired. The Company recognizes loss allowances for trade receivables individually when there is any objective evidence that trade 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 Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
 
(5)
Aging analysis of other receivables as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Other receivables: (not overdue)
  ￦     2,363,967    2,251,474 
        
 
 
   
 
 
 
Other receivables: (impairment reviewed)
        164,117    143,534 
        
 
 
   
 
 
 
Less than 60 days
        46,399    87 
60 ~ 90 days
        31,183    4,881 
90 ~ 120 days
        1,873    1,248 
120 days ~ 1 year
        11,803    11,438 
Over 1 year
        72,859    125,880 
        
 
 
   
 
 
 
         2,528,084    2,395,008 
Less: allowance for doubtful accounts
        (132,379)    (82,710) 
Less: present value discount
        (4,860)    (6,930) 
        
 
 
   
 
 
 
   ￦     2,390,845    2,305,368 
        
 
 
   
 
 
 
At the end of each reporting period, the Company assesses whether the credit to other receivables is impaired. The Company recognizes loss allowances for other receivables individually when there is any objective evidence that other receivables are impaired and significant, and classifies the other receivables that are not individually assessed as the other receivables subject to be assessed on a collective basis. Also, the Company recognizes loss allowances based on an ‘expected credit loss’ (ECL) model.
 
F-50
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
8.
Trade and Other Receivables, Continued
 
(6)
Changes in the allowance for doubtful accounts for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
  
 
 
  
2019
 
 
2020
 
 
2021
 
 
  
 
 
  
Trade
receivables
 
 
Other
receivables
 
 
Trade
receivables
 
 
Other
receivables
 
 
Trade
receivables
 
 
Other
receivables
 
 
  
 
 
  
In millions of won
 
Beginning balance
  ￦     215,868   104,726   212,759   114,155   208,990   132,379 
Bad debt expense
        29,221   19,206   24,021   27,329   19,039   18,411 
Write-off
        (10,106)   (1,146)   (20,332)   (1,910)   (21,809)   (58,762) 
Reversal
        (41,940)   —     (3,373)   (2,464)   (1,071)   (79) 
Others
        19,716   (8,631)   (4,085)   (4,731)   190   (9,239) 
        
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
  ￦     212,759   114,155   208,990   132,379   205,339   82,710 
        
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-51
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
9.
Financial Assets at Fair Value through Profit or Loss
 
(1)
Financial assets at fair value through profit or loss as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Financial assets at fair value through profit or loss
                         
Beneficiary Certificate
  ￦     1,313    155,122    629    206,160 
Cooperative
        —      5,692    —      5,797 
Other (*)
        1,194,788    312,401    360,204    202,003 
        
 
 
   
 
 
   
 
 
   
 
 
 
         1,196,101    473,215    360,833    413,960 
        
 
 
   
 
 
   
 
 
   
 
 
 
Financial assets designated as at fair value through profit or loss
                         
Debt with embedded derivatives
        —      212,066    —      258,071 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     1,196,101    685,281    360,833    672,031 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
(*)
‘Other’ includes MMT, etc.
(2)
Details of income (loss) from financial assets at fair value through profit or loss for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
In millions of won
 
Beneficiary Certificate
 ￦     6,127    13,632 
Cooperative
       645    110 
Debt with embedded derivatives
       3,598    854 
Other
       30,329    19,848 
       
 
 
   
 
 
 
  ￦     40,699    34,444 
       
 
 
   
 
 
 
 
F-52
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income
 
(1)
Changes in financial assets at fair value through other comprehensive income for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning
balance
   
Acquisition
   
Disposal
  
Valuation
  
Others
  
Ending
balance
 
      
In millions of won
 
Listed
 ￦     201,201    —      (4)   (7,809)   1,281   194,669 
Unlisted
       177,969    2,900    (1)   (23,128)   6,150   163,890 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
        379,170    2,900    (5)   (30,937)   7,431   358,559 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
Current financial assets at fair value through other comprehensive income
 ￦     —      —      —     —     —     —   
Non-current financial assets at fair value through other comprehensive income
       379,170    2,900    (5)   (30,937)   7,431   358,559 
   
      
2021
 
      
Beginning
balance
   
Acquisition
   
Disposal
  
Valuation
  
Others
  
Ending
balance
 
      
In millions of won
 
Equity securities
                               
Listed
 ￦     194,669    1,500    (8,208)   81,112   4,753   273,826 
Unlisted
       163,890    8,929    (13)   (12,335)   319   160,790 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
        358,559    10,429    (8,221)   68,777   5,072   434,616 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
Debt securities
                               
Corporate bond
       —      500    —     —     (9)   491 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
        358,559    10,929    (8,221)   68,777   5,063   435,107 
       
 
 
   
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
Current financial assets at fair value through other comprehensive income
 ￦     —      —      —     —     —     —   
Non-current financial assets at fair value through other comprehensive income
       358,559    10,929    (8,221)   68,777   5,063   435,107 
 
F-53
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows:
 
 
 
2020
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Listed
 
 
 
 
 
 
Korea District Heating Corp.
  2,264,068   19.55%  ￦    173,201   91,356   91,356 
Ssangyong Motor Co., Ltd.
  38,568   0.03%       428   107   107 
SM Korea Line Corp.
  180   0.00%       1   1   1 
Namkwang Engineering & Construction Co., Ltd.
  121   0.00%       15   1   1 
Bumyang Construction Co., Ltd.
  35   0.00%       2   —     —   
Elcomtec
Co., Ltd.
  32,875   0.04%       217   49   49 
P
an
Ocean Co., Ltd.
  1,492   0.00%       14   7   7 
Dongbu Corp.
  955   0.02%       12   13   13 
KSP Co., Ltd.
  22,539   0.08%       53   34   34 
STX Heavy Industries Co., Ltd.
  7,419   0.12%       107   29   29 
Codes Combine Co., Ltd.
  291   0.00%       1   1   1 
PT Adaro Energy Tbk.
  480,000,000   1.50%       65,028   53,127   53,127 
Energy Fuels Inc.
  1,711,814   1.31%       16,819   7,888   7,888 
Bunji Corporation Limited
  99,763   0.07%       18,445   —     —   
Denison Mines Corp.
  58,284,000   9.76%       84,134   41,776   41,776 
Fission 3.0
  75,000   0.05%       —     6   6 
Fission Uranium Corp.
  800,000   0.16%       785   266   266 
SangSangin Industry Co., Ltd.(formerly, DMC Co., Ltd.)
  5,831   0.02%       38   4   4 
Vitzosys Co., Ltd.
  399   0.00
%

      2   2   2 
EMnI Co., Ltd.
  1,257   0.00%       25   2   2 
              
 
 
  
 
 
  
 
 
 
               359,327   194,669   194,669 
              
 
 
  
 
 
  
 
 
 
Unlisted
(*1)
                        
Intellectual Discovery Co., Ltd.
  1,000,000   6.00%  ￦    5,000   954   954 
Hwan Young Steel Co., Ltd.
  10,916   0.14%       1,092   97   97 
Sambo Auto
. Co., Ltd.
  15,066   0.02%       38   38   38 
Mobo Co., Ltd.
  504   0.00%       14   14   14 
Dae Kwang Semiconductor Co., Ltd.
  589   0.07%       6   6   6 
Sanbon Department Store
  828   0.01%       124   3   3 
Miju Steel Mfg. Co., Ltd.
  1,097   0.23%       50   50   50 
Sungwon Co., Ltd.
  117   0.07%       15   15   15 
KC Development Co., Ltd.
  839   0.02%       6   6   6 
Imhwa
Corp.
  329   0.11%       5   5   5 
Dalim
Special Vehicle Co., Ltd.
  58   0.08%       10   10   10 
ASA
Jeonju
Co., Ltd.
  34,846   1.34%       697   69   69 
Moonkyung Silica Co., Ltd.
  42   0.56%       —     —     —   
Sungkwang Timber Co., Ltd.
  3   0.08%       5   5   5 
HJ Steel Co., Ltd.
  218   0.07%       2   2   2 
KS Remicon Co., Ltd.
  12   0.04%       3   3   3 
Joongang Platec Co., Ltd.
  3,591   0.75%       72   35   35 
Pyungsan SI Co., Ltd.
  434   0.01%       9   9   9 
Samgong Development Co., Ltd.
  12   0.01%       7   7   7 
Joongang Development Co., Ltd.
  540   0.12%       8   8   8 
AJS Co., Ltd.
  12,906   0.23%       32   32   32 
MSE Co., Ltd.
  429   0.13%       9   9   9 
Ilrim Nano Tec Co., Ltd.
  1,520   0.07%       15   15   15 
Youngjin Hi-Tech Co., Ltd.
  2,512   0.25%       126   21   21 
Buyoung Co., Ltd.
  270   0.00%       3   3   3 
Ilsuk Co., Ltd.
  152   0.17%       10   10   10 
Dongyang Telecom Co., Ltd.
  1,760   0.01%       11   1   1 
Jongwon Remicon Co., Ltd.
  31   0.18%       13   13   13 
Zyle Daewoo Motor Sales Co., Ltd.
  22   0.00%       —     —     —   
Daewoo Development Co., Ltd.
  8   0.00%       —     —     —   
Seyang Inc.
  537   0.05%       27   27   27 
 
F-54
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2020
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Seungri Enterprise Co., Ltd.
  93   0.05%       3   3   3 
Shin-E P&C Co., Ltd.
  1,569   0.64%       111   3   3 
Ejung Ad Co., Ltd.
  132   0.09%       3   3   3 
Solvus Co., Ltd.
  1,056   0.04%       3   3   3 
Myung Co., Ltd.
  89   0.05%       2   2   2 
Shinil Engineering Co., Ltd.
  887   0.06%       3   3   3 
Biwang Industry Co., Ltd
  406   0.04%       2   2   2 
Young Sung Co., Ltd.
  89   0.40%       26   26   26 
Yuil Industrial Electronics Co., Ltd.
  804   0.32%       15   15   15 
Woojin Industry Corporation
  3   0.00%       16   16   16 
Kwang Sung Industry Co., Ltd.
  325   0.35%       7   7   7 
Futech Mold Co., Ltd.
  274   0.27%       14   14   14 
Woojoo Environment Ind. Co., Ltd.
  101   0.11%       13   13   13 
Hyungji Esquire Co., Ltd.
  61   0.02%       22   22   22 
Kolmar Pharma Co., Ltd.
  1,426   0.01%       52   3   3 
Morado Co., Ltd.
  209   0.04%       2   2   2 
Myung Sung Tex Co., Ltd.
  20   0.00%       2   2   2 
Kwang Sung Co., Ltd.
  610   0.53%       31   31   31 
Seen Business and Technology co., Ltd.
  29,424   0.73%       148   7   7 
Woobang Construction Co., Ltd.
  8   0.00%       8   8   8 
Shin Pyung Co., Ltd.
  6   0.03%       3   3   3 
JMC Heavy Industries Co., Ltd.
  2,724   0.10%       27   2   2 
Najin Steel Co., Ltd.
  37   0.06%       5   5   5 
Sinkwang Industry Co., Ltd.
  1,091   1.68%       5   5   5 
Elephant & Friends Co., Ltd.
  563   0.61%       3   3   3 
Mireco Co., Ltd.
  109   0.25%       11   11   11 
L&K Industry Co., Ltd.
  1,615   0.60%       24   24   24 
JO Tech Co., Ltd.
  1,263   0.62%       25   25   25 
Kendae Printing Co., Ltd.
  422   0.60%       21   21   21 
Dauning Co., Ltd.
  231   0.41%       6   6   6 
Korea Trecision Co., Ltd.
  22   0.45%       5   5   5 
Ace Track Co., Ltd.
  3,130   1.08%       219   59   59 
Dung Hwan Co., Ltd.
  556   0.02%       6   6   6 
Hurim Biocell Co., Ltd.
  1,021   0.00%       5   5   5 
Smart Power Co., Ltd.
  133,333   4.14%       200   200   200 
Sunjin Power Tech Co., Ltd.
  4,941   0.92%       247   32   32 
Beer Yeast Korea Inc.
  1,388   0.43%       7   7   7 
B CON Co., Ltd.
  96   1.16%       6   6   6 
Ace Integration Co., Ltd
  105   0.09%       24   24   24 
AceInti Agricultural Co., Ltd.
  16   0.02%       5   5   5 
KyungDong Co., Ltd.
  130   0.01%       1   1   1 
ChunWon Development Co., Ltd.
  193   0.19%       39   39   39 
SungLim Industrial Co., Ltd.
  29   0.03%       1   1   1 
Korea Minerals Co., Ltd.
  191   0.05%       134   1   1 
HyoDong Development Co., Ltd.
  128   0.16%       25   25   25 
Haspe Tech Co., Ltd.
  652   0.55%       20   20   20 
JoHyun Co., Ltd.
  350   1.56%       18   18   18 
KC Co., Ltd.
  5,107   0.17%       26   26   26 
SeongJi Industrial Co.,Ltd.
  41   0.05%       1   1   1 
 
F-55
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2020
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Dong Yang Metal Co., Ltd.
  2,951   1.97%       161   147   147 
Seyang Precision Ind.Co., Ltd.
  829   0.23%       41   41   41 
Dooriwon Food System Co., Ltd.
  13   0.27%       1   1   1 
ShinShin Co., Ltd
  339   1.12%       17   17   17 
Sung Kwang Co., Ltd.
  23   0.37%       6   6   6 
Shinheung petrol. Co., Ltd.
  699   0.14%       35   35   35 
Force TEC Co., Ltd.
  3,501   0.02%       18   18   18 
Samsung Tech Co., Ltd.
  486   1.28%       97   36   36 
Tae Hyung Co., Ltd.
  28   0.43%       20   20   20 
Younil Metal Co., Ltd.
  41   0.21%       21   21   21 
Hankook Precision Ind Co., Ltd.
  110   0.06%       3   3   3 
CJ Paradise Co.,Ltd
  24   0.02%       12   12   12 
Han Young Technology Company Co.,Ltd.
  35   0.00%       —     —     —   
STX Offshore & Shipbuilding Co., Ltd.
  8,622   0.25%       1,078   1,078   1,078 
Ptotronics Co., Ltd.
  843   0.42%       84   6   6 
NFT Co., Ltd.
  136   0.40%       8   8   8 
Hyundaitech Co.,Ltd.
  1,363   0.87%       27   27   27 
Dasan Material Co., Ltd.
  29   0.04%       22   22   22 
Fish World Co.,Ltd.
  47   0.21%       2   2   2 
SG Shinsung Engineering and Construction Co., Ltd.
  10   0.00%       6   6   6 
Samdo Industry Electric Co.,Ltd.
  48   0.02%       1   1   1 
Taejung Industries Co.,Ltd.
  9,268   0.30%       5   5   5 
Shinsei Trading Co., Ltd.
  64   0.72%       6   6   6 
Dynamic Co., Ltd.
  111   0.19%       3   3   3 
Green Alchemy Co.,Ltd.
  38,202   1.48%       191   17   17 
Youone TBM Engineering & Construction Co., Ltd.
  615   0.27%       31   31   31 
KM Leatech Co., Ltd.
  1,648   0.98%       8   8   8 
Semist Co.,Ltd.
  555   0.80%       3   3   3 
Sewon Bus Co.,Ltd
  12   0.00%       —     —     —   
Enertec Co., Ltd.
  7,937   0.19%       44   44   44 
Sangji Co., Ltd.
  20   0.26%       4   4   4 
Bellie Doughnuts Co., Ltd.
  169   0.19%       10   10   10 
Airtech
Information communication Co., Ltd
  2,379   0.60%       12   12   12 
Shin kwang Industrial Co., Ltd.
  884   0.35%       55   55   55 
Kiscom Co., Ltd.
  1,493   0.04%       1   1   1 
Wonil laser Co., Ltd
  157   0.37%       16   16   16 
Pyung Hwa Industrial Co.,Ltd.
  3,388   3.00%       85   85   85 
PT. Kedap Saayq
  671   10.00%       18,540   —     —   
Set Holding (*2)
  1,100,220   2.50%       229,255   143,765   143,765 
PT. Cirebon Energi Prasarana
  22,420   10.00%       2,612   2,440   2,440 
Choheung packing Co.,Ltd.
  61   0.13%       12   12   12 
Jaewoo Co., Ltd.
  359   0.24%       11   11   11 
Wooyang HC Co., Ltd
  1,375   0.01%       159   159   159 
Sungsan Parts Co., Ltd.
  629   0.80%       63   63   63 
TheYeonriji Co., Ltd.
  116   0.10%       6   6   6 
Flusys Co., Ltd.
  9   0.08%       2   2   2 
DongSeo Electronics Co., Ltd.
  347   0.07%       17   17   17 
Daewoo Display Co., Ltd.
  177   0.03%       5   5   5 
Yeong-gwang Remicon Co., Ltd.
  15   0.12%       2   2   2 
NTS Co., Ltd.
  143   0.22%       36   36   36 
 
F-56
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2020
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
AID C
o
., Ltd.
  1,212   0.57%       36   36   36 
Changwon Eco-friendly farming Corp.
  3   0.01%       —     —     —   
Kumo Hitech Co., Ltd.
  6,697   0.53%       100   100   100 
Kyung Pyo Industry Co., Ltd.
  186   0.76%       19   19   19 
Daedong Industry Co., Ltd.
  617   0.55%       46   46   46 
Doosung Heavy Industries Co., Ltd.
  53   0.06%       5   5   5 
Samjoo Hightech Co., Ltd.
  522   0.08%       3   3   3 
Samkwang Chemical Co., Ltd.
  204   1.27%       51   51   51 
SG Corp.
  213   0.54%       21   21   21 
Shinseung Chemical Industy Co., Ltd.
  5   0.01%       60   60   60 
KJ Alloy Co., Ltd.
  368   0.20%       7   7   7 
SM Hi-tech Co., Ltd.
  22   0.39%       22   22   22 
Keum Mun Industry Co., Ltd.
  1,320   0.97%       330   56   56 
Puruen Environment Co., Ltd.
  967   1.34%       19   19   19 
Miretech Co., Ltd.
  9,111   0.27%       18   18   18 
SIE Co., Ltd.
  12   0.02%       1   1   1 
Sejin Hightech Co., Ltd.
  17,980   0.16%       18   18   18 
Eun Sung Enterprise Co., Ltd.
  1,131   0.72%       17   17   17 
Dongdo Basalt Industry Co., Ltd.
  182   1.50%       73   73   73 
Shinyoung Textiles Co., Ltd.
  523   1.01%       52   23   23 
Ilwoo Steel Co., Ltd.
  41   0.28%       17   17   17 
Dong-un Tech Co., Ltd.
  1,159   6.28%       81   81   81 
Wongwang Door Corp.
  575   1.00%       29   29   29 
Seobu Highway Solar Co., Ltd.
  19,460   2.86%       195   195   195 
Dongbu Highway Solar Co., Ltd.
  19,020   4.99%       190   190   190 
Mansu Co.,Ltd.
  344   0.25%       15   15   15 
Eanskorea Co., Ltd.
  39   0.05%       2   2   2 
Youngdongseafood Co., Ltd.
  165   0.33%       8   8   8 
Hyunwoo Winstar Co., Ltd.
  1   0.00%       —     —     —   
Sehwa Diecasting Co., Ltd.
  299   1.66%       44   44   44 
Sungchang Tech Co., Ltd.
  159   0.31%       10   10   10 
Yuchang Industry Co., Ltd.
  90   0.11%       5   5   5 
Jeongpum Co., Ltd.
  322   0.35%       16   16   16 
Korea Steel Power Co., Ltd.
  2,761   1.88%       55   55   55 
Amanex Co., Ltd.
  10   0.02%       9   9   9 
Dae-A Leisure Co., Ltd.
  23   0.00%       4   4   4 
Caffe Bene Co.,Ltd.
  1,908   0.03%       2   2   2 
Daechang HRSG Co.,Ltd.
  618   0.12%       62   62   62 
Shinjin International Corp.
  4   0.01%       1   1   1 
Daewoon Shell Tech Co., Ltd.
  666   2.81%       33   33   33 
Jinhung Packaging Co.,Ltd
  4,329   3.02%       22   22   22 
Donglim Eng Co., Ltd.
  26   0.11%       3   3   3 
SIP Co., Ltd.
  274   0.55%       7   7   7 
Clizen Co., Ltd.
  615   0.34%       31   31   31 
Daedong Millennium
 Co., Ltd.
  159   0.42%       32   32   32 
Daeji Product Co., Ltd.
  15   0.05%       1   —     —   
Cheong Hae Myeong Ga Co.,Ltd.
  1,867   0.11%       5   5   5 
Jaein Circuit Co., Ltd.
  498   1.12%       65   65   65 
SSET Co., Ltd.
  181   0.30%       18   18   18 
Sewon PM Tech Co., Ltd.
  963   1.11%       48   48   48 
Dawon Yuhwa Co., Ltd.
  506   1.94%       25   25   25 
Ogokbaekkwa Co., Ltd.
  101   0.12%       1   1   1 
Shinwoo Toptech Co., Ltd.
  834   0.51%       83   83   83 
KMLC Co., Ltd.
  281   0.14%       22   22   22 
 
F-57
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2020
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Seinfood Co., Ltd.
  13   0.17%       7   7   7 
TaeSung Eco-Tech. Co., Ltd.
  1,368   4.55%       34   34   34 
Kukex Inc.
  639   0.05%       3   3   3 
Youngshin Plus Co., Ltd.
  104   0.12%       5   5   5 
Chang won Engineering Co., Ltd.
  22   0.00%       4   4   4 
Samsung Silup Co., Ltd.
  47   0.19%       5   5   5 
Samwon Bio Tech Co., Ltd.
  390   0.25%       6   6   6 
IZU K
orea
Co., Ltd.
  48   0.00%       2   2   2 
Dongdo CNP Co., Ltd.
  234   0.36%       6   6   6 
Dae Bang Industry Co.,Ltd.
  115   0.13%       6   6   6 
S.I.T. Co.,Ltd
  2,213   0.44%       22   22   22 
Taejin Hiech Co., Ltd.
  78   0.26%       3   3   3 
Headone Co.,Ltd.
  69   0.12%       7   7   7 
Enaindustry Co., Ltd.
  201   0.28%       141   141   141 
TCT Co., Ltd.
  3,277   0.55%       82   82   82 
E-Won Solutech Co., Ltd.
  158   0.16%       40   40   40 
MJT Co., Ltd.
  1,013   0.20%       51   51   51 
KPL Circuit Co., Ltd.
  283   0.08%       14   14   14 
Road Solar Co., Ltd.
  12   0.00%       —     —     —   
Sung Ae Co., Ltd.
  190   0.80%       10   10   10 
Han Mi Flexible Co.,Ltd.
  143   0.20%       43   43   43 
Samhwa Casting Co., Ltd.
  200   0.04%       100   100   100 
Millennium PNT Co., Ltd.
  227   0.37%       6   6   6 
GN Chem Co., Ltd.
  40   0.07%       1   1   1 
GW Industry Co., Ltd.
  505   0.07%       51   51   51 
TM Construction Co., Ltd.
  4   0.00%       —     —     —   
Dae Myung Co., Ltd.
  114   0.08%       3   3   3 
Nanomicart Co., Ltd.
  176   1.06%       35   35   35 
Young San Heavy Industries Co., Ltd.
  74   0.11%       7   7   7 
Samchungwon Co., Ltd.
  15   0.24%       2   2   2 
Wooyang Frozen Foods Co., Ltd.
  66   0.82%       27   27   27 
Nanomic Co., Ltd.
  94   0.63%       38   38   38 
Samsung Nonferrous Metal Co., Ltd.
  89   0.26%       9   9   9 
Daewha Fuel Pump Ind., Ltd.
  83   0.05%       10   10   10 
HIC Co., Ltd.
  7,408   0.71%       111   111   111 
Addies Direct Co., Ltd.
  1   0.00%       —     —     —   
World
 
CnM Inc.
  131   1.09%       10   10   10 
Superone Co., Ltd.
  1,585   1.45%       8   8   8 
Deok-u Co., Ltd.
  1,626   1.92%       195   195   195 
Buyoung Panji Co., Ltd.
  478   0.44%       12   12   12 
International Paint Korea Co., Ltd.
  111   0.48%       11   11   11 
EI Lighting Co., Ltd.
  358   0.36%       18   18   18 
Hightech Mnp Co., Ltd.
  123   0.35%       6   6   6 
Dongjin Foundry Industry Co., Ltd.
  966   4.10%       193   193   193 
Yooseung Co., Ltd.
  10   0.08%       1   1   1 
Sungkwang Co., Ltd.
  48   0.35%       2   2   2 
Taeyang
Gasteel
Co., Ltd.
  8   0.02%       1   1   1 
Ajin KSB Co., Ltd.
  204   0.31%       18   18   18 
Sewon Ceramic Co., Ltd.
  530   1.01%       5   5   5 
Choyang Tech Co., Ltd.
  465   1.01%       23   23   23 
 
F-58
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2020
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
TK Co., Ltd.
  307   0.70%       15   15   15 
Sungdo Co., Ltd.
  130   1.10%       52   52   52 
KSM Tecj Co., Ltd.
  25   0.11%       1   1   1 
Arari Co., Ltd.
  14   0.05%       1   1   1 
Potech Co., Ltd.
  39   0.13%       14   14   14 
C&S Corporation Co., Ltd.
  1,304   0.01%       13   13   13 
Sungshin Parts Co., Ltd.
  345   0.40%       14   14   14 
Global The One of Korea Co., Ltd.
  62   0.06%       3   3   3 
Steellife Co., Ltd.
  85   0.06%       4   4   4 
D&C Castech Co., Ltd.
  330   1.89%       25   25   25 
Geumhan Co., Ltd.
  498   0.24%       7   7   7 
Mokgan Co., Ltd.
  5   0.02%       1   1   1 
Wenex Co., Ltd.
  373   0.53%       19   19   19 
Sulim Co., Ltd.
  30   0.20%       6   6   6 
Shinkwang Engineering
 
Co., Ltd.
  24   0.36%       2   2   2 
Ek Cookware Co., Ltd.
  60   0.04%       1   1   1 
KTTW Co., Ltd.
  28   0.05%       2   2   2 
Avajar Co., Ltd.
  1,061   0.01%       1   1   1 
Koomin Precisions Co., Ltd.
  124   0.26%       12   12   12 
Woosung I.B. Co.,Ltd
  7,071   0.07%       14   14   14 
CAP Korea Co., Ltd.
  16   0.30%       3   3   3 
MSM Co., Ltd.
  25   0.08%       —     —     —   
Ddpopstyle Co., Ltd.
  22   0.14%       1   1   1 
Finemetal Co., Ltd.
  49   0.08%       1   1   1 
Sungkyeong Co., Ltd.
  52   0.24%       2   2   2 
RMK Co., Ltd.
  63   0.90%       22   22   22 
Tpp Co., Ltd.
  36,645   11.72%       1,832   1,832   1,832 
Kuklim Plastic New Technology Co., Ltd.
  393   0.29%       8   8   8 
Dukeong Metal Heat Treatment Co., Ltd.
  843   3.61%       84   84   84 
Newko Co., Ltd.
  331   0.06%       10   10   10 
KMC&R Co., Ltd.
  16   0.11%       1   1   1 
Dongsung Mulsan Co., Ltd.
  137   0.34%       14   14   14 
Pizzakorea Co., Ltd.
  42   0.18%       9   9   9 
Geumdani Co., Ltd.
  2,377   1.82%       36   36   36 
Mezzanine I-pack Co., Ltd.
  38   0.02%       1   1   1 
Newclean Livestock Co., Ltd.
  86   0.17%       4   4   4 
Ltop Co., Ltd.
  36   0.06%       7   7   7 
Simile Aluminium Co., Ltd.
  428   0.31%       9   9   9 
GT Tooling Co., Ltd.
  604   0.17%       6   6   6 
Panax Korea Co., Ltd.
  58   0.14%       9   9   9 
Team Korea Co., Ltd.
  4,782   0.37%       24   24   24 
Donghwa TCA Co., Ltd.
  1,012   0.30%       25   25   25 
Hankook Piaget Co., Ltd.
  4   0.01%       1   1   1 
Coco Food Co., Ltd.
  648   1.24%       33   33   33 
Woori Industry Co., Ltd.
  102   1.05%       21   21   21 
Para Belleza Co., Ltd
  1,211   1.74%       74   74   74 
Dongsung Co., Ltd.
  1,983   1.63%       198   198   198 
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.
  83   0.07%       4   4   4 
SH Co., Ltd.
  31   0.20%       6   6   6 
 
F-59
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2020
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Namsunnam Co., Ltd.
  1,275   0.19%       6   6   6 
Daeyoung Co., Ltd.
  75   0.01%       8   8   8 
Chandown Food Co., Ltd.
  46   0.14%       9   9   9 
Getron Co., Ltd.
  7,259   0.20%       37   37   37 
Jungmun Co., Ltd.
  19   0.26%       2   2   2 
Andong Trading Corporation Co., Ltd.
  42   0.00%       2   2   2 
JM Tech Co., Ltd.
  403   0.67%       82   82   82 
SGC Energy Co., Ltd.
  580,000   5.00%       2,900   2,900   2,900 
Ihsung CNI Co., Ltd.
  13,526   18.22%       3,000   3,000   3,000 
H Robotics Co., Ltd.
  9,192   4.55%       1,000   1,000   1,000 
Good Tcells Co., Ltd.
  11,364   0.34%       500   500   500 
              
 
 
  
 
 
  
 
 
 
               275,496   163,890   163,890 
              
 
 
  
 
 
  
 
 
 
          ￦    634,823   358,559   358,559 
              
 
 
  
 
 
  
 
 
 
 (*1)
The Company used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.
 
 (*2)
The Company has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2020.
 
F-60
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Listed
                        
Korea District Heating Corp.
  2,264,068   19.55%  ￦    173,201   87,733   87,733 
Ssangyong Motor Co., Ltd.
  38,568   0.03%       428   —     —   
SM Korea Line Corp.
  180   0.00%       1   —     —   
Namkwang Engineering & Construction Co., Ltd.
  121   0.00%       15   1   1 
Bumyang Construction Co., Ltd.
  35   0.00%       2   —     —   
Elcomtec
Co., Ltd.
  32,875   0.04%       217   42   42 
P
an
Ocean Co., Ltd.
  1,492   0.00%       14   8   8 
STX Heavy Industries Co., Ltd.
  7,419   0.03%       107   35   35 
Codes Combine Co., Ltd.
  291   0.00%       1   1   1 
PT Adaro Energy Tbk.
  480,000,000   1.50%       65,028   89,747   89,747 
Denison Mines Corp.
  58,284,000   9.76%       84,134   94,376   94,376 
Fission Uranium Corp.
  100,000   0.02%       41   73   73 
SangSangin Industry Co., Ltd.
  5,831   0.01%       38   6   6 
Vitzosys Co., Ltd.
  399   0.00%       2   2   2 
EMnI Co., Ltd.
  628   0.00%       25   2   2 
Vissem electronics, Co., Ltd.
  229   0.00%       11   2   2 
KC Industry Co., Ltd.
  139   0.00%       6   1   1 
Ihsung CNI Co., Ltd.
  142,860   4.81%       1,500   1,779   1,779 
Aone Alform Co., Ltd.
  2,672   0.08%       19   18   18 
              
 
 
  
 
 
  
 
 
 
               324,790   273,826   273,826 
              
 
 
  
 
 
  
 
 
 
Unlisted
(*1)
                        
Intellectual Discovery Co., Ltd.
  1,000,000   6.00%  ￦    5,000   954   954 
Hwan Young Steel Co., Ltd.
  10,916   0.14%       1,092   97   97 
Sambo Auto
. Co., Ltd.
  15,066   0.02%       38   38   38 
Mobo Co., Ltd.
  504   0.00%       14   14   14 
Dae Kwang Semiconductor Co., Ltd.
  589   0.07%       6   6   6 
Sanbon Department Store
  828   0.01%       124   3   3 
Miju Steel Mfg. Co., Ltd.
  1,097   0.23%       50   50   50 
Sungwon Co., Ltd.
  117   0.07%       29   29   29 
Imhwa
Corp.
  329   0.11%       5   5   5 
Dalim
Special Vehicle Co., Ltd.
  58   0.08%       10   10   10 
ASA
Jeonju
Co., Ltd.
  34,846   1.34%       697   69   69 
Moonkyung Silica Co., Ltd.
  42   0.56%       —     —     —   
Sungkwang Timber Co., Ltd.
  3   0.08%       5   5   5 
HJ Steel Co., Ltd.
  218   0.07%       2   2   2 
KS Remicon Co., Ltd.
  12   0.04%       3   3   3 
Joongang Platec Co., Ltd.
  3,591   0.75%       72   35   35 
Pyungsan SI Co., Ltd.
  434   0.01%       9   9   9 
Samgong Development Co., Ltd.
  12   0.01%       7   7   7 
Joongang Development Co., Ltd.
  540   0.12%       8   8   8 
AJS Co., Ltd.
  12,906   0.23%       32   32   32 
MSE Co., Ltd.
  429   0.13%       9   9   9 
Ilrim Nano Tec Co., Ltd.
  1,520   0.07%       15   15   15 
Youngjin Hi-Tech Co., Ltd.
  11,109   0.25%       255   150   150 
Buyoung Co., Ltd.
  270   0.00%       3   3   3 
Ilsuk Co., Ltd.
  152   0.17%       10   10   10 
Zyle Daewoo Motor Sales Co., Ltd.
  22   0.00%       —     —     —   
Daewoo Development Co., Ltd.
  8   0.00%       —     —     —   
Seyang Inc.
  537   0.05%       27   27   27 
Seungri Enterprise Co., Ltd.
  93   0.05%       3   3   3 
Shin-E P&C Co., Ltd.
  1,569   0.64%       111   2   2 
Ejung Ad Co., Ltd.
  132   0.09%       3   3   3 
 
F-61
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Solvus Co., Ltd.
  1,056   0.04%       3   3   3 
Myung Co., Ltd.
  89   0.05%       2   2   2 
Biwang Industry Co., Ltd
  406   0.04%       2   2   2 
Young Sung Co., Ltd.
  89   0.40%       26   26   26 
Yuil Industrial Electronics Co., Ltd.
  804   0.32%       15   15   15 
Woojin Industry Corporation
  3   0.00%       16   16   16 
Kwang Sung Industry Co., Ltd.
  325   0.35%       7   7   7 
Futech Mold Co., Ltd.
  274   0.27%       14   14   14 
Woojoo Environment Ind. Co., Ltd.
  101   0.11%       13   13   13 
Hyungji Esquire Co., Ltd.
  61   0.02%       22   22   22 
Morado Co., Ltd.
  209   0.04%       2   2   2 
Myung Sung Tex Co., Ltd.
  20   0.00%       2   2   2 
Kwang Sung Co., Ltd.
  610   0.53%       31   31   31 
Seen Business and Technology co., Ltd.
  29,424   0.73%       148   7   7 
Woobang Construction Co., Ltd.
  8   0.00%       8   8   8 
Shin Pyung Co., Ltd.
  6   0.03%       3   3   3 
JMC Heavy Industries Co., Ltd.
  2,724   0.10%       27   2   2 
Najin Steel Co., Ltd.
  37   0.06%       5   5   5 
Sinkwang Industry Co., Ltd.
  1,091   1.68%       5   5   5 
Elephant & Friends Co., Ltd.
  563   0.61%       3   3   3 
Mireco Co., Ltd.
  109   0.25%       11   11   11 
L&K Industry Co., Ltd.
  1,615   0.60%       24   24   24 
JO Tech Co., Ltd.
  1,263   0.62%       25   25   25 
Kendae Printing Co., Ltd.
  422   0.60%       21   21   21 
Dauning Co., Ltd.
  231   0.41%       6   6   6 
Korea Trecision Co., Ltd.
  22   0.45%       5   5   5 
Ace Track Co., Ltd.
  3,130   1.08%       219   59   59 
Dung Hwan Co., Ltd.
  556   0.02%       6   6   6 
Hurim Biocell Co., Ltd.
  1,021   0.00%       5   5   5 
Smart Power Co., Ltd.
  133,333   4.14%       200   200   200 
Sunjin Power Tech Co., Ltd.
  4,941   0.92%       247   32   32 
Beer Yeast Korea Inc.
  1,388   0.43%       7   7   7 
B CON Co., Ltd.
  96   1.16%       6   6   6 
Ace Integration Co., Ltd
  105   0.09%       24   24   24 
AceInti Agricultural Co., Ltd.
  16   0.02%       5   5   5 
KyungDong Co., Ltd.
  130   0.01%       1   1   1 
ChunWon Development Co., Ltd.
  193   0.19%       39   39   39 
SungLim Industrial Co., Ltd.
  29   0.03%       1   1   1 
Korea Minerals Co., Ltd.
  191   0.05%       134   1   1 
HyoDong Development Co., Ltd.
  128   0.16%       25   1   1 
Haspe Tech Co., Ltd.
  652   0.55%       20   20   20 
JoHyun Co., Ltd.
  350   1.56%       18   18   18 
KC Co., Ltd.
  5,107   0.17%       26   26   26 
SeongJi Industrial Co.,Ltd.
  41   0.05%       1   1   1 
Seyang Precision Ind.Co., Ltd.
  829   0.23%       41   41   41 
Dooriwon Food System Co., Ltd.
  13   0.27%       1   1   1 
ShinShin Co., Ltd
  339   1.12%       17   17   17 
Sung Kwang Co., Ltd.
  23   0.37%       6   6   6 
Shinheung
P
etrol Co., Ltd.
  699   0.14%       35   35   35 
 
F-62
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Force TEC Co., Ltd.
  3,501   0.02%       18   18   18 
Samsung Tech Co., Ltd.
  486   1.28%       97   36   36 
Younil Metal Co., Ltd.
  41   0.21%       21   21   21 
CJ Paradise Co.,Ltd
  24   0.02%       12   12   12 
Han Young Technology Company Co.,Ltd.
  35   0.00%       —     —     —   
K Shipbuilding Co., Ltd. (formerly, STX Offshore & Shipbuilding Co., Ltd.)
  8,622   0.25%       1,078   1,078   1,078 
Ptotronics Co., Ltd.
  843   0.42%       84   6   6 
NFT Co., Ltd.
  136   0.40%       8   8   8 
Hyundaitech Co.,Ltd.
  1,363   0.87%       27   27   27 
Dasan Material Co., Ltd.
  29   0.04%       22   22   22 
Fish World Co.,Ltd.
  47   0.21%       2   2   2 
SG Shinsung Engineering and Construction Co., Ltd.
  10   0.00%       6   —     —   
Samdo Industry Electric Co.,Ltd.
  48   0.02%       1   1   1 
Taejung Industries Co.,Ltd.
  9,268   0.30%       5   5   5 
Shinsei Trading Co., Ltd.
  64   0.72%       6   6   6 
Dynamic Co., Ltd.
  111   0.19%       3   3   3 
Green Alchemy Co.,Ltd.
  38,202   1.48%       191   17   17 
Youone TBM Engineering & Construction Co., Ltd.
  615   0.27%       31   31   31 
KM Leatech Co., Ltd.
  1,648   0.98%       8   8   8 
Semist Co.,Ltd.
  555   0.80%       3   3   3 
Sewon Bus Co.,Ltd
  12   0.00%       —     —     —   
Enertec Co., Ltd.
  7,937   0.19%       44   44   44 
Sangji Co., Ltd.
  20   0.26%       4   4   4 
Bellie Doughnuts Co., Ltd.
  169   0.19%       10   10   10 
Airtech
Information communication Co., Ltd
  2,379   0.60%       12   12   12 
Kiscom Co., Ltd.
  1,493   0.04%       1   1   1 
Wonil laser Co., Ltd
  157   0.37%       16   16   16 
Pyung Hwa Industrial Co.,Ltd.
  3,388   3.00%       85   85   85 
Set Holding (*2)
  1,100,220   2.50%       229,255   131,036   131,036 
PT. Cirebon Energi Prasarana
  22,420   10.00%       2,612   2,658   2,658 
Choheung packing Co.,Ltd.
  61   0.13%       12   12   12 
Jaewoo Co., Ltd.
  359   0.24%       11   11   11 
Wooyang HC Co., Ltd
  1,375   0.01%       159   13   13 
TheYeonriji Co., Ltd.
  116   0.10%       6   6   6 
Flusys Co., Ltd.
  9   0.08%       2   2   2 
DongSeo Electronics Co., Ltd.
  347   0.07%       16   17   17 
Daewoo Display Co., Ltd.
  177   0.03%       5   5   5 
NTS
C
o., Ltd.
  143   0.22%       36   36   36 
AID C
o
., Ltd.
  1,212   0.57%       36   36   36 
Changwon Eco-friendly farming Corp.
  3   0.01%       —     —     —   
Kumo Hitech Co., Ltd.
  6,697   0.53%       100   32   32 
Kyung Pyo Industry Co., Ltd.
  186   0.76%       19   19   19 
Daedong Industry Co., Ltd.
  617   0.55%       46   46   46 
Doosung Heavy Industries Co., Ltd.
  53   0.06%       5   5   5 
Samjoo Hightech Co., Ltd.
  522   0.08%       3   3   3 
Samkwang Chemical Co., Ltd.
  204   1.27%       51   51   51 
SG Corp.
  213   0.54%       21   21   21 
Shinseung Chemical Industy Co., Ltd.
  5   0.01%       60   60   60 
KJ Alloy Co., Ltd.
  368   0.20%       7   7   7 
SM Hi-tech Co., Ltd.
  22   0.39%       22   22   22 
 
F-63
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Puruen Environment Co., Ltd.
  967   1.34%       19   19   19 
Miretech Co., Ltd.
  9,111   0.27%       18   18   18 
Sejin Hightech Co., Ltd.
  17,980   0.16%       18   18   18 
Eun Sung Enterprise Co., Ltd.
  1,131   0.72%       17   17   17 
Dongdo Basalt Industry Co., Ltd.
  182   1.50%       73   73   73 
Shinyoung Textiles Co., Ltd.
  523   1.01%       52   23   23 
Ilwoo Steel Co., Ltd.
  41   0.28%       17   17   17 
Dong-un Tech Co., Ltd.
  1,159   6.28%       81   81   81 
Wongwang Door Corp.
  575   1.00%       29   29   29 
Mansu Co.,Ltd.
  344   0.25%       15   15   15 
Eanskorea Co., Ltd.
  39   0.05%       2   2   2 
Youngdongseafood Co., Ltd.
  165   0.33%       8   8   8 
Hyunwoo Winstar Co., Ltd.
  1   0.00%       —     —     —   
Sehwa Diecasting Co., Ltd.
  299   1.66%       44   44   44 
Sungchang Tech Co., Ltd.
  159   0.31%       10   10   10 
Yuchang Industry Co., Ltd.
  90   0.11%       5   5   5 
Jeongpum Co., Ltd.
  322   0.35%       16   16   16 
Korea Steel Power Co., Ltd.
  2,761   1.88%       55   55   55 
Amanex Co., Ltd.
  10   0.02%       9   9   9 
Dae-A Leisure Co., Ltd.
  23   0.00%       4   4   4 
Caffe Bene Co.,Ltd.
  1,908   0.03%       9   9   9 
Shinjin International Corp.
  4   0.01%       1   1   1 
Jinhung Packaging Co.,Ltd
  4,329   3.02%       22   22   22 
Donglim Eng Co., Ltd.
  26   0.11%       3   3   3 
SIP Co., Ltd.
  274   0.55%       7   7   7 
Clizen Co., Ltd.
  615   0.34%       31   31   31 
Daedong Millennium
 Co., Ltd.
  159   0.42%       32   32   32 
Daeji Product Co., Ltd.
  15   0.05%       1   —     —   
Jaein Circuit Co., Ltd.
  498   1.12%       65   65   65 
SSET Co., Ltd.
  181   0.30%       18   18   18 
Sewon PM Tech Co., Ltd.
  963   1.11%       48   48   48 
Dawon Yuhwa Co., Ltd.
  506   1.94%       25   25   25 
Ogokbaekkwa Co., Ltd.
  101   0.12%       1   1   1 
Shinwoo Toptech Co., Ltd.
  834   0.51%       83   6   6 
KMLC Co., Ltd.
  281   0.14%       22   22   22 
Seinfood Co., Ltd.
  13   0.17%       7   7   7 
TaeSung Eco-Tech. Co., Ltd.
  1,368   4.55%       34   34   34 
Kukex Inc.
  639   0.05%       3   3   3 
Youngshin Plus Co., Ltd.
  104   0.12%       5   5   5 
Chang won Engineering Co., Ltd.
  22   0.00%       4   4   4 
Samsung Silup Co., Ltd.
  47   0.19%       5   5   5 
Samwon Bio Tech Co., Ltd.
  390   0.25%       6   6   6 
IZU K
orea
 Co., Ltd.
  48   0.00%       2   2   2 
Dongdo CNP Co., Ltd.
  234   0.36%       6   6   6 
Dae Bang Industry Co.,Ltd.
  115   0.13%       6   6   6 
S.I.T. Co.,
 
Ltd
.
  2,213   0.44%       22   22   22 
Taejin Hiech Co., Ltd.
  78   0.26%       3   3   3 
Headone Co.,Ltd.
  69   0.12%       7   7   7 
E-Won Solutech Co., Ltd.
  158   0.16%       40   40   40 
MJT Co., Ltd.
  1,013   0.20%       51   51   51 
KPL Circuit Co., Ltd.
  283   0.08%       14   14   14 
Road Solar Co., Ltd.
  12   0.00%       —     —     —   
Han Mi Flexible Co.,Ltd.
  143   0.20%       43   43   43 
Samhwa Casting Co., Ltd.
  200   0.04%       100   100   100 
 
F-64
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Millennium PNT Co., Ltd.
  227   0.37%       6   6   6 
GN Chem Co., Ltd.
  40   0.07%       1   1   1 
GW Industry Co., Ltd.
  505   0.07%       51   51   51 
TM Construction Co., Ltd.
  4   0.00%       —     —     —   
Dae Myung Co., Ltd.
  114   0.08%       3   3   3 
Nanomicart Co., Ltd.
  176   1.06%       35   35   35 
Young San Heavy Industries Co., Ltd.
  74   0.11%       7   7   7 
Samchungwon Co., Ltd.
  15   0.24%       2   2   2 
Wooyang Frozen Foods Co., Ltd.
  66   0.82%       27   27   27 
Nanomic Co., Ltd.
  94   0.63%       38   38   38 
Samsung Nonferrous Metal Co., Ltd.
  89   0.26%       9   9   9 
Daewha Fuel Pump Ind., Ltd.
  83   0.05%       10   10   10 
Addies Direct Co., Ltd.
  1   0.00%       —     —     —   
WorldCnM Inc.
  131   1.09%       10   10   10 
Superone Co., Ltd.
  1,585   1.45%       8   8   8 
Buyoung Panji Co., Ltd.
  478   0.44%       12   12   12 
International Paint Korea Co., Ltd.
  111   0.48%       11   11   11 
EI Lighting Co., Ltd.
  358   0.36%       18   18   18 
Hightech Mnp Co., Ltd.
  123   0.35%       6   6   6 
Yooseung Co., Ltd.
  10   0.08%       1   1   1 
Sungkwang Co., Ltd.
  48   0.35%       2   2   2 
Taeyang
G
asteel Co., Ltd.
  8   0.02%       1   1   1 
Ajin KSB Co., Ltd.
  204   0.31%       18   18   18 
Sewon Ceramic Co., Ltd.
  530   1.01%       5   5   5 
Choyang Tech Co., Ltd.
  465   1.01%       23   23   23 
TK Co., Ltd.
  307   0.70%       15   15   15 
Arari Co., Ltd.
  14   0.05%       1   1   1 
Potech Co., Ltd.
  39   0.13%       14   14   14 
C&S Corporation Co., Ltd.
  1,304   0.01%       13   13   13 
Global The One of Korea Co., Ltd.
  62   0.06%       3   3   3 
Steellife Co., Ltd.
  85   0.06%       4   4   4 
D&C Castech Co., Ltd.
  330   1.89%       25   25   25 
Geumhan Co., Ltd.
  498   0.24%       7   7   7 
Mokgan Co., Ltd.
  5   0.02%       1   1   1 
Wenex Co., Ltd.
  373   0.53%       19   19   19 
Sulim Co., Ltd.
  30   0.20%       6   6   6 
Shinkwang Engineering Co., Ltd.
  24   0.36%       2   2   2 
Ek Cookware Co., Ltd.
  60   0.04%       1   1   1 
KTTW Co., Ltd.
  28   0.05%       2   2   2 
Avajar Co., Ltd.
  1,061   0.01%       1   1   1 
Woosung I.B. Co.,Ltd
  7,071   0.07%       14   14   14 
CAP Korea Co., Ltd.
  16   0.30%       3   3   3 
MSM Co., Ltd.
  25   0.08%       —     —     —   
Ddpopstyle Co., Ltd.
  22   0.14%       —     —     —   
Finemetal Co., Ltd.
  49   0.08%       1   1   1 
Sungkyeong Co., Ltd.
  52   0.24%       2   2   2 
RMK Co., Ltd.
  63   0.90%       22   22   22 
Tpp Co., Ltd.
  36,645   11.72%       1,832   1,832   1,832 
Dukeong Metal Heat Treatment Co., Ltd.
  843   3.61%       84   84   84 
Newko Co., Ltd.
  331   0.06%       10   10   10 
KMC&R Co., Ltd.
  16   0.11%       1   1   1 
Dongsung Mulsan Co., Ltd.
  137   0.34%       14   14   14 
Pizzakorea Co., Ltd.
  42   0.18%       9   9   9 
 
F-65
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares
  
Ownership
     
Acquisition
 
cost
  
Book value
  
Fair value
 
           
In millions of won
 
Geumdani Co., Ltd.
  2,377   1.82%       36   36   36 
Mezzanine I-pack Co., Ltd.
  38   0.02%       1   1   1 
Ltop Co., Ltd.
  36   0.06%       7   7   7 
Simile Aluminium Co., Ltd.
  428   0.31%       9   9   9 
GT Tooling Co., Ltd.
  604   0.17%       6   6   6 
Team Korea Co., Ltd.
  4,782   0.37%       24   24   24 
Donghwa TCA Co., Ltd.
  1,012   0.30%       25   25   25 
Hankook Piaget Co., Ltd.
  4   0.01%       1   1   1 
Coco Food Co., Ltd.
  648   1.24%       33   33   33 
Woori Industry Co., Ltd.
  102   1.05%       21   21   21 
Ssangyong Youngweol Plant Service&Engineering Co., Ltd.
  83   0.07%       4   1   1 
SH Co., Ltd.
  39   0.20%       8   8   8 
Namsunnam Co., Ltd.
  1,275   0.19%       6   1   1 
Daeyoung Co., Ltd.
  75   0.01%       8   8   8 
Chandown Food Co., Ltd.
  46   0.14%       9   9   9 
Getron Co., Ltd.
  7,259   0.20%       37   4   4 
Jungmun Co., Ltd.
  19   0.26%       2   2   2 
Andong Trading Corporation Co., Ltd.
  42   0.00%       2   2   2 
JM Tech Co., Ltd.
  403   0.67%       82   10   10 
SGC Energy Co., Ltd.
  580,000   5.00%       2,900   2,900   2,900 
Le Soleil KHNP LLC
  137,600   19.00%       1,376   1,376   1,376 
Ihsung CNI Co., Ltd.
  127,660   4.30%       1,500   2,618   2,618 
H Robotics Co., Ltd.
  903,601   8.05%       4,000   5,639   5,639 
Good Tcells Co., Ltd.
  11,364   0.34%       500   457   457 
IPS Bio Co., Ltd.
  1,975   3.13%       1,000   1,000   1,000 
Nine B Co., Ltd.
  5,000   4.96%       1,000   1,000   1,000 
Choigang-gujo Co., Ltd.
  61   0.45%       6   1   1 
DS Cotec Co., Ltd.
  973   0.71%       15   5   5 
Youngheung Industry Co., Ltd.
  101   0.05%       5   1   1 
Hosungsteel Co., Ltd.
  323   0.26%       14   3   3 
Uktae IND. Co., Ltd.
  140   0.12%       7   1   1 
Gangdong R&S Co., Ltd.
  69   1.25%       1   1   1 
JFC Co., Ltd.
  16   0.01%       2   2   2 
Seokjin E&T Co., Ltd.
  81   0.06%       8   8   8 
Hyundai Tech Co., Ltd.
  28   0.69%       10   10   10 
Daeil Co., Ltd.
  301   0.42%       15   2   2 
Seohan Food Co., Ltd.
  83   0.19%       2   2   2 
Daehyeon Recycle Co., Ltd.
  59   0.61%       12   12   12 
Metal Link Inc. Co., Ltd.
  709   0.17%       35   4   4 
Pipetec Korea Co., Ltd.
  50   0.07%       10   1   1 
SungJin Tech Co., Ltd.
  803   1.20%       24   8   8 
Yujin E&C Co., Ltd.
  29   0.18%       6   —     —   
Daishin Logistics Co., Ltd.
  13   0.09%       1   1   1 
JinSung Engineering Co., Ltd.
  18   0.30%       18   18   18 
Yongho Industry Co., Ltd.
  157   0.22%       32   1   1 
Wow tech Co., Ltd.
  369   0.75%       11   11   11 
World Power Tech Co., Ltd.
  16   0.28%       24   24   24 
PBM Auto Co., Ltd.
  1,001   1.06%       10   10   10 
K2 Motors Co., Ltd.
  54   0.28%       1   1   1 
CL Tech Co., Ltd.
  801   2.25%       40   40   40 
Mirae Industry Co., Ltd.
  39   0.04%       6   6   6 
Gentak Korea Co., Ltd.
  301   0.31%       8   8   8 
 
F-66
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2021
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Sungjin Chemical Co., Ltd.
  118   0.36%       4   4   4 
LMAT Co., Ltd.
  198   0.04%       20   20   20 
Poong Lim Industrial Co., Ltd.
  25   0.00%       38   38   38 
Dae Sung GeoTech Co., Ltd.
  631   1.28%       32   32   32 
Saeheemang Co., Ltd.
  756   0.60%       15   15   15 
Hakbong Precision Co., Ltd.
  1,460   1.18%       15   15   15 
Vornech Co., Ltd.
  431   0.37%       11   2   2 
Woojin Formtech Co., Ltd.
  76   0.08%       8   1   1 
Korea Engineer Manufacturing Co., Ltd.
  114   0.26%       6   1   1 
Sinwa J&K Co., Ltd.
  476   0.28%       5   5   5 
Owon E&G Co., Ltd.
  132   0.20%       4   4   4 
Guseong Co., Ltd.
  141   0.20%       4   4   4 
Irefarm Co., Ltd.
  45   0.30%       3   3   3 
Nam-hae E&C Co., Ltd.
  117   0.10%       2   2   2 
Haenarae Agricultural Corp.
  15   0.03%       2   2   2 
Ja Yeon Science Ind. Co., Ltd.
  10   0.05%       2   2   2 
DECO&E Co., Ltd.
  1,261   0.00%       2   2   2 
Design Beyond Co., Ltd.
  17   0.19%       2   2   2 
LBK Co., Ltd.
  8   0.05%       1   1   1 
Duckwon industrial Co., Ltd.
  32   0.43%       13   13   13 
ASPT Co., Ltd.
  64   0.82%       19   19   19 
SIMA Co., Ltd.
  29   0.05%       3   3   3 
Jingkang Resources Co., Ltd.
  90   1.57%       13   13   13 
Eslin Co., Ltd.
  39   0.14%       8   8   8 
Shinwon Co., Ltd.
  275   0.42%       19   19   19 
CIC Tech Co., Ltd.
  96   0.54%       10   10   10 
Orano Expansion
  5,742,405   4.72%       —     —     —   
Fourever Co., Ltd.
  44   0.10%       4   4   4 
Segyo Hitech Co., Ltd.
  156   0.24%       8   8   8 
Myungil Metal Co., Ltd.
  80   0.10%       4   4   4 
Daeshin ECM Co., Ltd.
  182   0.30%       9   9   9 
Greencarbon Co., Ltd.
  79   0.06%       1   1   1 
Sunkoo Co., Ltd.
  4   0.10%       2   2   2 
Jians Construction Co., Ltd.
  13   0.00%       2   2   2 
DH trading Co., Ltd.
  891   0.04%       178   178   178 
Diotech Co., Ltd.
  2,186   2.84%       219   219   219 
Sangsin Co., Ltd.
  29   0.09%       15   15   15 
Steel focus Co., Ltd.
  154   0.20%       4   4   4 
Kamada Korea Co., Ltd.
  437   0.33%       22   22   22 
Fosys Co., Ltd.
  19   0.08%       4   4   4 
GB precision Co., Ltd.
  137   0.57%       1   1   1 
Ewon Art Co., Ltd.
  185   0.61%       9   9   9 
DI Tech Co., Ltd.
  3   0.00%       —     —     —   
Hans AD Co., Ltd.
  33   0.35%       2   2   2 
 
F-67
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2021
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Chaegim Environment Development Co., Ltd.
  158   0.01%       3   3   3 
Daesung Stain Co., Ltd.
  32   0.32%       2   2   2 
YSM Co., Ltd.
  281   2.07%       14   14   14 
Dong In Industry Co., Ltd.
  65   0.13%       3   3   3 
U&I Co., Ltd.
  50   0.22%       5   5   5 
World One Co., Ltd.
  401   0.58%       10   10   10 
Yewon Co., Ltd.
  24   0.02%       1   —     —   
Seeun P&P Co., Ltd.
  163   0.48%       33   33   33 
TSNT Co., Ltd.
  119   0.00%       24   24   24 
Shinsung Tech Co., Ltd.
  314   0.01%       16   16   16 
JSL Co., Ltd.
  51   0.49%       3   3   3 
Loft Garden Co., Ltd.
  1   0.04%       —     —     —   
Handon Co., Ltd.
  74   0.25%       11   11   11 
GH Tech Co., Ltd.
  82   0.22%       3   3   3 
Daeo Co., Ltd.
  13   0.23%       4   4   4 
Bokwang Co., Ltd.
  76   0.00%       15   15   15 
Samkum Industry Co., Ltd.
  201   0.48%       40   40   40 
Dyntex Korea Co., Ltd.
  75   0.28%       15   15   15 
IGSP Co., Ltd.
  17,662   0.21%       18   18   18 
Mirae Engineering Co., Ltd.
  66   0.15%       1   1   1 
Mideumeul-juneun-namu Co., Ltd.
  119   0.53%       6   6   6 
Leagis Co., Ltd.
  829   1.38%       66   66   66 
Seil Textile Co., Ltd.
  16   0.15%       3   3   3 
Ilshin Tech Co., Ltd.
  36   0.00%       7   7   7 
Magtec Co., Ltd.
  28   0.00%       6   6   6 
Sukwon Co., Ltd.
  2,885   0.59%       29   29   29 
Hae-sung Metal Co., Ltd.
  159   0.17%       3   3   3 
White&Clean Foods Co., Ltd.
  330   0.00%       3   3   3 
Michang Cable Co., Ltd.
  861   0.13%       4   4   4 
G.M Foods Co., Ltd.
  57   0.16%       9   9   9 
Wecan Global Inc. Co., Ltd.
  165   0.08%       8   8   8 
Daeju Steel Co., Ltd.
  11   0.20%       1   1   1 
Hyundai Glass Co., Ltd.
  860   0.83%       43   43   43 
MEC Co., Ltd.
  16,468   1.17%       41   41   41 
Daeyeoneco Co., Ltd.
  151   0.00%       15   15   15 
Hyesung Cable&Communication Inc.
  762   0.39%       38   38   38 
Sangjin Co., Ltd.
  428   0.35%       21   21   21 
Topis Co., Ltd.
  246   0.71%       14   14   14 
G&L Tech Co., Ltd.
  2   0.06%       —     —     —   
Cheonhae Co., Ltd.
  72   0.00%       2   2   2 
Iksan-guwon Co., Ltd.
  563   0.00%       11   11   11 
Korea Remicon Co., Ltd.
  36   0.03%       5   5   5 
New Tech Co., Ltd.
  23   0.15%       2   2   2 
Segeon Co., Ltd.
  124   0.00%       4   4   4 
 
F-68
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
10.
Financial Assets at Fair Value through Other Comprehensive Income, Continued
 
(2)
Financial assets at fair value through other comprehensive income as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
2021
 
 
 
Shares
 
 
Ownership
 
 
 
 
 
Acquisition cost
 
 
Book value
 
 
Fair value
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
MS Tech Co., Ltd.
  9   0.15%       1   1   1 
J.I Steel Co., Ltd.
  21   0.00%       2   2   2 
HNT Co., Ltd.
  172   0.00%       9   9   9 
Taejin Co., Ltd.
  27   0.08%       3   3   3 
Macroad Co., Ltd.
  953   0.17%       10   10   10 
Jinsung Electronics Co., Ltd.
  69   1.41%       14   14   14 
Woongjin Energy Co., Ltd.
  94   0.00%       9   9   9 
Electric Contractors’ Financial Cooperative Co., Ltd.
  —     0.00%       38   38   38 
Information&Communication Financial Cooperative Co., Ltd.
  —     0.00%       15   15   15 
Common Computer Co., Ltd.
  3,856   1.87%       1,000   1,000   1,000 
Fine Powerex Co., Ltd.
  72,633   4.92%       1,500   1,500   1,500 
              
 
 
  
 
 
  
 
 
 
               263,904   160,790   160,790 
              
 
 
  
 
 
  
 
 
 
Debt securities
                        
Aron Flying Ship Co., Ltd.(*1)
              500   491   491 
              
 
 
  
 
 
  
 
 
 
          ￦    589,194   435,107   435,107 
              
 
 
  
 
 
  
 
 
 
 
 (*1)
The Company used initial cost as their fair value because there was not enough information to determine fair value, and the range of the estimated fair value is wide.
 
 (*2)
The Company has estimated the fair value of Set Holding by using the discounted cash flow method and has recognized the difference between its fair value and book value as gain or loss on valuation of financial assets at FVOCI in other comprehensive income or loss during the year ended December 31, 2021.
 
F-69
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
11.
Financial Assets at Amortized Cost
Financial assets at amortized cost as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Financial assets

at amortized cost
   
Government

grants
   
Allowance for

doubtful accounts
   
Others
   
Book

value
 
       
In millions of won
 
Government bonds
  ￦     1,422    —      —      —      1,422 
Others
        13,000    —      —      —      13,000 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     14,422    —      —      —      14,422 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Current
  ￦     13,149    —      —      —      13,149 
Non-current
        1,273    —      —      —      1,273 
   
       
2021
 
       
Financial assets

at amortized cost
   
Government

grants
   
Allowance for

doubtful accounts
   
Others
   
Book

value
 
       
In millions of won
 
Government bonds
  ￦     1,308    —      —      —      1,308 
Others
        23,965    —      —      —      23,965 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     25,273    —      —      —      25,273 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
Current
  ￦     15,422    —      —      —      15,422 
Non-current
        9,851    —      —      —      9,851 
 
F-70
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
12.
Derivatives
 
(1)
Derivatives as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Derivative assets
                         
Currency forward
  ￦     18,332    —      559    6,899 
Currency swap
        11,193    127,386    125,877    506,957 
—Trading
        —      82,931    92,313    335,765 
—Hedging
        11,193    44,455    33,564    171,192 
Interest rate swap
        —      9,502    502    6,980 
—Trading
        —      9,502    502    6,980 
—Hedging
        —      —      —      —   
Others
        —      —      —      9 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     29,525    136,888    126,938    520,845 
        
 
 
   
 
 
   
 
 
   
 
 
 
Derivative liabilities
                         
Currency forward
  ￦     10,014    4,977    301    —   
Currency swap
        36,088    232,669    4,446    16,708 
—Trading
        —      93,245    4,446    15,576 
—Hedging
        36,088    139,424    —      1,132 
Interest rate swap
        3,782    66,451    2,544    28,138 
—Trading
        2,192    22,687    174    2,829 
—Hedging
        1,590    43,764    2,370    25,309 
Others (*1,2,3)
        —      11,138    —      25,894 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     49,884    315,235    7,291    70,740 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
 (*1)
The Company has an obligation to settle the convertible preferred stock to financial investors pursuant to the settlement contract with Samcheok Eco Materials Co., Ltd. and the fair value of the obligation is recorded in ‘Others’.
 
 (*2)
The Company has granted stock option to Chester Solar IV SpA, a joint venture of the Company, and 4 other third party investors, and recognized its fair value as other derivative liabilities.
 
 (*3)
The Company has an obligation to purchase the shares of Hyundai Green Power Co., Ltd., an associate of the Company from financial investors, and the fair value of the obligation is recorded in ‘Others’.
 
F-71
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
12.
Derivatives, Continued
 
(2)
Currency forward contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
Contract
date
   
Maturity

date
   
Contract amounts
       
Contract

exchange rate

(in won)
 
Counterparty
      
Pay
   
Receive
     
   
In millions of won and thousands of USD except contract exchange rate information
 
Korea Development Bank   2021.09.27    2022.01.07   ￦     59,049    USD 50,050   ￦     1,179.80 
Shinhan Bank   2021.12.13    2022.01.04         17,354    USD 14,720         1,178.95 
Hana Bank   2021.12.24    2022.01.11         1,185    USD 1,000         1,185.35 
Hana Bank   2021.12.30    2022.01.06         11,840    USD 10,004         1,183.53 
Kookmin Bank   2021.12.23    2022.01.14         11,869    USD 10,000         1,186.92 
Mizuho Bank   2021.12.27    2022.01.17         11,862    USD 10,000         1,186.20 
Morgan Stanley   2021.12.24    2022.01.13         11,865    USD 10,000         1,186.50 
Nonghyup Bank   2021.12.10    2022.01.03         11,746    USD 10,000         1,174.60 
Nonghyup Bank   2021.12.30    2022.01.18         11,880    USD 10,000         1,188.00 
Nonghyup Bank   2021.12.23    2022.01.12         5,921    USD 5,000         1,184.10 
Standard Chartered   2021.12.24    2022.01.13         11,796    USD 10,000         1,179.62 
Woori Bank   2021.12.16    2022.01.13         8,985    USD 7,590         1,183.90 
Woori Bank   2021.12.29    2022.01.20         11,870    USD 10,000         1,187.00 
JP Morgan   2021.12.23    2022.01.04         14,243    USD 12,000         1,186.88 
JP Morgan   2021.12.23    2022.01.04         6,532    USD 5,500         1,187.68 
HSBC   2021.12.30    2022.01.07         16,601    USD 14,000         1,185.77 
JP Morgan   2021.12.30    2022.01.07         16,601    USD 14,000         1,185.82 
Nonghyup Bank   2021.12.23    2022.01.10         11,871    USD 10,000         1,187.10 
Standard Chartered   2021.12.23    2022.01.12         10,690    USD 9,000         1,187.80 
Mizuho Bank   2021.12.29    2022.01.03         5,932    USD 5,000         1,186.40 
JP Morgan   2021.12.29    2022.01.03         4,744    USD 4,000         1,186.00 
HSBC   2021.12.29    2022.01.20         5,936    USD 5,000         1,187.14 
HSBC   2021.12.30    2022.01.21         17,771    USD 15,000         1,184.70 
MUFG   2021.12.30    2022.01.25         5,925    USD 5,000         1,184.90 
HSBC   2020.10.19    2024.10.29         140,913    USD 125,000         1,127.30 
HSBC   2021.11.30    2022.01.07         5,939    USD 5,000         1,187.70 
HSBC   2021.11.30    2022.01.07         5,934    USD 5,000         1,186.70 
HSBC   2021.11.30    2022.01.07         5,929    USD 5,000         1,185.70 
Woori Bank   2021.12.01    2022.01.07         11,856    USD 10,000         1,185.55 
Woori Bank   2021.12.29    2022.01.28         11,885    USD 10,000         1,188.50 
MUFG   2021.12.29    2022.01.28         11,876    USD 10,000         1,187.55 
Woori Bank   2021.12.30    2022.01.28         11,852    USD 10,000         1,185.20 
Woori Bank   2021.12.23    2022.02.18         8,316    USD 7,000         1,188.00 
HSBC   2021.12.29    2022.02.18         11,880    USD 10,000         1,188.00 
Shinhan Bank   2021.12.24    2022.02.25         5,938    USD 5,000         1,187.50 
Hana Bank   2021.12.24    2022.02.25         5,935    USD 5,000         1,186.99 
Standard Chartered   2021.12.29    2022.02.25         11,885    USD 10,000         1,188.50 
MUFG   2021.12.17    2022.03.18         259    USD 219         1,183.74 
 
F-72
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
12.
Derivatives, Continued
 
(3)
Currency swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
Contract year
     
Contract amount
  
Contract interest rate
    
Contract
exchange rate

(in won, USD)
 
Counterparty
 
Pay
  
Receive
  
Pay
 
Receive
   
  
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Standard Chartered  2014~2029  ￦    102,470   USD 100,000  3.14% 3.57% ￦    1,024.70 
Societe Generale  2014~2024       105,017   USD 100,000  4.92% 5.13%      1,050.17 
Hana Bank  2015~2024       107,970   USD 100,000  4.75% 5.13%      1,079.70 
Credit Agricole  2015~2024       94,219   USD 86,920  4.85% 5.13%      1,083.97 
Woori Bank  2019~2027       21,708   USD 19,417  5.04% 6.75%      1,118.00 
Woori Bank  2019~2024       296,000   USD 250,000  1.21% 2.50%      1,184.00 
Korea Development Bank  2019~2024       177,600   USD 150,000  1.24% 2.50%      1,184.00 
Hana Bank  2019~2024       118,400   USD 100,000  1.24% 2.50%      1,184.00 
Woori Bank  2020~2025       241,320   USD 200,000  0.54% 1.13%      1,206.60 
Korea Development Bank  2020~2025       241,320   USD 200,000  0.54% 1.13%      1,206.60 
Kookmin Bank  2020~2025       120,660   USD 100,000  0.54% 1.13%      1,206.60 
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 
Citibank  2012~2022       112,930   USD 100,000  2.79% 3.00%      1,129.30 
JP Morgan  2012~2022       112,930   USD 100,000  2.79% 3.00%      1,129.30 
Bank of America  2012~2022       112,930   USD 100,000  2.79% 3.00%      1,129.30 
Shinhan Bank  2016~2022       112,930   USD 100,000  2.79% 3.00%      1,129.30 
HSBC  2012~2022       111,770   USD 100,000  2.89% 3.00%      1,117.70 
Hana Bank  2012~2022       111,770   USD 100,000  2.87% 3.00%      1,117.70 
Standard Chartered  2012~2022       111,770   USD 100,000  2.89% 3.00%      1,117.70 
Deutsche Bank  2012~2022       55,885   USD 50,000  2.79% 3.00%      1,117.70 
Nomura  2015~2025       111,190   USD 100,000  2.60% 3.25%      1,111.90 
Korea Development Bank  2015~2025       111,190   USD 100,000  2.62% 3.25%      1,111.90 
Woori Bank  2015~2025       55,595   USD 50,000  2.62% 3.25%      1,111.90 
Hana Bank  2015~2025       55,595   USD 50,000  2.62% 3.25%      1,111.90 
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  2018~2023       170,280   USD 150,000  2.15% 3.75%      1,135.20 
Woori Bank  2018~2023       170,280   USD 150,000  2.18% 3.75%      1,135.20 
Hana Bank  2018~2023       113,520   USD 100,000  2.17% 3.75%      1,135.20 
Shinhan Bank  2018~2023       227,040   USD 200,000  2.17% 3.75%      1,135.20 
Citibank  2019~2024       239,956   CHF 200,000  1.44% 0.00%      1,199.78 
Korea Development Bank  2019~2027       119,978   CHF 100,000  1.43% 0.05%      1,199.78 
Woori Bank  2021~2026       222,800   USD 200,000  0.93% 1.25%      1,114.00 
Shinhan Bank  2021~2026       111,400   USD 100,000  0.92% 1.25%      1,114.00 
Korea Development Bank  2021~2026       111,400   USD 100,000  0.93% 1.25%      1,114.00 
Nonghyup Bank  2021~2026       111,400   USD 100,000  0.93% 1.25%      1,114.00 
HSBC  2019~2024       USD 205,500   AUD 300,000  3M Libor + 0.78% 3M BBSW + 0.97%      USD 0.69 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
12.
Derivatives, Continued
 
(4)
Currency swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Counterparty
 
Contract year
     
Contract amount
  
Contract interest rate
    
Contract
exchange rate

(in won)
 
 
Pay
  
Receive
  
Pay
 
Receive
   
  
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Kookmin Bank  2020~2025  ￦    118,780   USD 100,000  1.29% 2.13% ￦    1,187.80 
Shinhan Bank  2020~2025       118,780   USD 100,000  1.29% 2.13%      1,187.80 
Hana Bank  2020~2025       118,780   USD 100,000  1.29% 2.13%      1,187.80 
Korea Development Bank  2020~2026       118,910   USD 100,000  0.61% 1.00%      1,189.10 
Hana Bank  2020~2026       118,910   USD 100,000  0.61% 1.00%      1,189.10 
Woori Bank  2020~2026       118,910   USD 100,000  0.62% 1.00%      1,189.10 
Nomura  2017~2037       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 
Korea Development Bank  2019~2022       112,650   USD 100,000  1.80% 3.38%      1,126.50 
Kookmin Bank  2019~2022       112,650   USD 100,000  1.80% 3.38%      1,126.50 
Woori Bank  2019~2022       112,650   USD 100,000  1.80% 3.38%      1,126.50 
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  2018~2023       320,880   USD 300,000  2.03% 3.75%      1,069.60 
BNP Paribas  2019~2024       111,841   CHF 100,000  1.78% 0.13%      1,118.41 
Kookmin Bank  2019~2024       111,841   CHF 100,000  1.78% 0.13%      1,118.41 
Korea Development Bank  2019~2022       117,340   USD 100,000  1.06% 2.38%      1,173.40 
Hana Bank  2019~2022       117,340   USD 100,000  1.06% 2.38%      1,173.40 
Kookmin Bank  2019~2022       117,340   USD 100,000  1.06% 2.38%      1,173.40 
Woori Bank  2021~2026       220,600   USD 200,000  0.47% 0.75%      1,103.00 
Shinhan Bank  2021~2026       220,600   USD 200,000  0.47% 0.75%      1,103.00 
Hana Bank  2021~2026       55,150   USD 50,000  0.48% 0.75%      1,103.00 
Hana Bank  2017~2022       226,600   USD 200,000  1.94% 2.63%      1,133.00 
Korea Development Bank  2017~2022       113,300   USD 100,000  1.94% 2.63%      1,133.00 
Nomura  2017~2022       113,300   USD 100,000  1.95% 2.63%      1,133.00 
Woori Bank  2017~2022       56,650   USD 50,000  1.95% 2.63%      1,133.00 
Kookmin Bank  2017~2022       56,650   USD 50,000  1.95% 2.63%      1,133.00 
Korea Development Bank  2018~2023       169,335   USD 150,000  2.26% 3.88%      1,128.90 
Woori Bank  2018~2023       169,335   USD 150,000  2.26% 3.88%      1,128.90 
Credit Agricole  2018~2023       112,890   USD 100,000  2.26% 3.88%      1,128.90 
Hana Bank  2018~2023       56,445   USD 50,000  2.26% 3.88%      1,128.90 
Kookmin Bank  2018~2023       56,445   USD 50,000  2.26% 3.88%      1,128.90 
Woori Bank  2020~2025       245,560   USD 200,000  0.93% 1.75%      1,227.80 
Hana Bank  2020~2025       245,560   USD 200,000  0.93% 1.75%      1,227.80 
Korea Development Bank  2020~2025       122,780   USD 100,000  0.93% 1.75%      1,227.80 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
12.
Derivatives, Continued
 
(5)
Interest rate swap contracts which are not designated as hedging instruments as of December 31, 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Counterparty
  
Contract
year
   
Contract amount
   
Contract interest rate per annum
  
Pay
  
Receive
        
 
In millions of won
 
      
Hana Bank   2017~2022   ￦100,000   2.01%  3M CD + 0.24%
Hana Bank   2017~2022    100,000   2.06%  3M CD + 0.27%
Nomura (*1)
   2018~2038    30,000   2.56%  3.75%
Hana Bank   2018~2023    200,000   2.15%  3M CD + 0.19%
Hana Bank   2018~2023    200,000   2.17%  3M CD + 0.19%
Hana Bank   2018~2023    150,000   2.03%  3M CD + 0.21%
Hana Bank   2019~2024    200,000   1.87%  3M CD + 0.13%
Shinhan Bank   2021~2025    100,000   2.32%  3M CD + 0.43%
Societe Generale   2017~2022    200,000   3M Libor + 3.44%  3.77%
Nomura   2017~2032    52,457   3M Libor + 2.22%  2.60%
Nomura   2017~2032    59,423   3M Libor + 2.24%  2.62%
Nomura (*2)
   2021~2041    30,000   1.84%  2.60%
Nomura (*3)
   2021~2041    50,000   1.87%  2.38%
 
 (*1)
2.56% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CD + 0.10% is applied thereafter. Depending on the counterparty exercising the right, the contract may be early settled on the same date every year from June 15, 2023.
 
 (*2)
1.84% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.
 
 (*3)
1.87% of the contract paying interest rate is applied for five years from the date of issuance, and 3M CMT + 0.35% is applied thereafter.
 
(6)
Interest rate swap contracts which are designated as hedging instruments as of December 31, 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Counterparty
  
Contract
year
   
Contract amount
   
Contract interest rate per annum
 
  
Pay
  
Receive
 
       
In thousands of USD
        
Export-Import Bank of Korea   2015~2031    USD 15,893   2.67%   6M USD Libor 
ING Bank   2015~2031    USD 7,861   2.67%   6M USD Libor 
BNP Paribas   2015~2031    USD 7,861   2.67%   6M USD Libor 
BNP Paribas   2009~2027    USD 60,316   4.16%   6M USD Libor 
KFW   2009~2027    USD 60,316   4.16%   6M USD Libor 
Export-Import Bank of Korea   2016~2036    USD 71,116   3.00%   6M USD Libor 
 
(7)
Gain and loss on valuation and transaction of derivatives for the years ended December 31, 2019, 2020 and 2021 are as follows and included in finance income and expenses in the consolidated statements of comprehensive income (loss):
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
    
Net income effects of
valuation gain (loss)
  
Net income effects of
transaction gain (loss)
  
Other

comprehensive
income (loss) (*)
 
    
2019
  
2020
  
2021
  
2019
  
2020
  
2021
  
2019
  
2020
  
2021
 
    
In millions of won
 
Currency forward
 ￦  24,265   (40,590)   33,066   12,488   (17,911)   33,032   —     —     —   
Currency swap
    310,732   (406,607)   787,264   110,813   93,557   61,353   38,802   105,642   (59,108) 
- Trading
    172,087   (108,090)   420,551   52,842   16,661   16,265   —     —     —   
- Hedging
    138,645   (298,517)   366,713   57,971   76,896   45,088   38,802   105,642   (59,108) 
Interest rate swap
    (16,231)   (1,845)   18,123   (36,886)   (10,253)   (10,303)   (3,075)   5,578   18,648 
- Trading
    (15,647)   (309)   18,123   (2,495)   (11,975)   (10,303)   —     —     —   
- Hedging
    (584)   (1,536)   —     (34,391)   1,722   —     (3,075)   5,578   18,648 
Other derivatives
    (1,416)   (6,673)   (15,459)   —     —     —     —     —     —   
    
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦ 317,350  (455,715)  822,994  86,415  65,393  84,082  35,727  111,220  (40,460) 
    
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 (*)
For the year ended December 31, 2021, the net loss on valuation of derivatives applying cash flow hedge accounting of ￦15,778 million, net of tax, is included in other comprehensive income (loss).
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
13.
Other Financial Assets
 
(1)
Other financial assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
  
2021
 
       
Current
  
Non-current
  
Current
  
Non-current
 
       
In millions of won
 
Loans
  ￦     78,806   762,555   88,406   903,397 
Less: Allowance for doubtful accounts
        (1)   (20,266)   (10)   (52,667) 
Less: Present value discount
        (842)   (30,090)   (807)   (29,248) 
        
 
 
  
 
 
  
 
 
  
 
 
 
         77,963   712,199   87,589   821,482 
        
 
 
  
 
 
  
 
 
  
 
 
 
Long-term / short-term financial instruments
        1,483,482   578,621   1,278,014   450,494 
        
 
 
  
 
 
  
 
 
  
 
 
 
    ￦    1,561,445   1,290,820   1,365,603   1,271,976 
        
 
 
  
 
 
  
 
 
  
 
 
 
 
(2)
Loans as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Face value
   
Allowance for
doubtful accounts
  
Present value
discount
  
Carrying value
 
       
In millions of won
 
Short-term loans
                       
Loans for tuition
  ￦     33,864    —     (842)   33,022 
Loans for housing
        21,988    —     —     21,988 
Fisheries loan
        3,816    —     —     3,816 
Other loans
        19,138    (1)   —     19,137 
        
 
 
   
 
 
  
 
 
  
 
 
 
         78,806    (1)   (842)   77,963 
        
 
 
   
 
 
  
 
 
  
 
 
 
Long-term loans
                       
Loans for tuition
        420,274    (9,091)   (30,090)   381,093 
Loans for housing
        237,100    —     —     237,100 
Loans for related parties
        50,682    (1,047)   —     49,635 
Other loans
        54,499    (10,128)   —     44,371 
        
 
 
   
 
 
  
 
 
  
 
 
 
         762,555    (20,266)   (30,090)   712,199 
        
 
 
   
 
 
  
 
 
  
 
 
 
   ￦     841,361    (20,267)   (30,932)   790,162 
        
 
 
   
 
 
  
 
 
  
 
 
 
   
       
2021
 
       
Face value
   
Allowance for
doubtful accounts
  
Present value
discount
  
Carrying value
 
       
In millions of won
 
Short-term loans
                       
Loans for tuition
  ￦     28,975    —     (807)   28,168 
Loans for housing
        25,750    —     —     25,750 
Other loans
        33,681    (10)   —     33,671 
        
 
 
   
 
 
  
 
 
  
 
 
 
         88,406    (10)   (807)   87,589 
        
 
 
   
 
 
  
 
 
  
 
 
 
Long-term loans
                       
Loans for tuition
        431,002    (37,783)   (29,248)   363,971 
Loans for housing
        282,833    —     —     282,833 
Loans for related parties
        150,541    (14,861)   —     135,680 
Fisheries loan
        203    —     —     203 
Other loans
        38,818    (23)   —     38,795 
        
 
 
   
 
 
  
 
 
  
 
 
 
         903,397    (52,667)   (29,248)   821,482 
        
 
 
   
 
 
  
 
 
  
 
 
 
   ￦     991,803    (52,677)   (30,055)   909,071 
        
 
 
   
 
 
  
 
 
  
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
13.
Other Financial Assets, Continued
 
(3)
Changes in the allowance for doubtful accounts of loans for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Beginning balance
  ￦     4,952    15,094    20,267 
Bad debt expense
        10,142    5,173    30,942 
Other
        —      —      1,468 
        
 
 
   
 
 
   
 
 
 
Ending balance
  ￦     15,094    20,267    52,677 
        
 
 
   
 
 
   
 
 
 
 
(4)
Long-term and short-term financial instruments as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Time deposits
  ￦     996,265    160,433    976,899    103,607 
CD
        50,000    —      —      —   
RP
        203,008    —      —      —   
Others
        234,209    418,188    301,115    346,887 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     1,483,482    578,621    1,278,014    450,494 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
14.
Inventories
Inventories as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Acquisition cost
   
Valuation allowance
  
Book value
 
       
In millions of won
 
Raw materials
  ￦     3,602,073    (885)   3,601,188 
Merchandises
        234    —     234 
Work-in-progress
        148,067    —     148,067 
Finished goods
        42,070    —     42,070 
Supplies
        2,280,682    (7,892)   2,272,790 
Inventories-in-transit
        666,967    —     666,967 
Other inventories
        11,593    —     11,593 
        
 
 
   
 
 
  
 
 
 
   ￦     6,751,686    (8,777)   6,742,909 
        
 
 
   
 
 
  
 
 
 
   
       
2021
 
       
Acquisition cost
   
Valuation allowance
  
Book value
 
       
In millions of won
 
Raw materials
  ￦     3,655,588    (1,247)   3,654,341 
Merchandises
        512    —     512 
Work-in-progress
        180,220    —     180,220 
Finished goods
        27,254    —     27,254 
Supplies
        2,541,028    (3,869)   2,537,159 
Inventories-in-transit
        1,195,148    —     1,195,148 
Other inventories
        13,548    —     13,548 
        
 
 
   
 
 
  
 
 
 
   ￦     7,613,298    (5,116)   7,608,182 
        
 
 
   
 
 
  
 
 
 
The reversals of the allowance for loss on inventory valuation due to increase in the net realizable value of inventories deducted from cost of sales for the years ended December 31, 2019, 2020 and 2021 were ￦4,872 million, ￦2,020 million and ￦11,422 million, respectively.
The amounts of loss from inventory valuation included in other gains or losses for the years ended December 31, 2019, 2020 and 2021 were ￦3,127 million, ￦4,998 million and ￦7,761 million, respectively.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
15.
Non-Financial Assets
Non-financial assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Advanced payments
  ￦     169,737    32,693    161,466    124,305 
Prepaid expenses
        216,073    140,730    756,729    151,095 
Others (*1)
        634,348    72,969    840,796    89,418 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     1,020,158    246,392    1,758,991    364,818 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
(*1)  Details of others as of December 31, 2020 and 2021 are as follows:
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Greenhouse gas emissions rights
  ￦     357,355    —      524,658    —   
Other quick assets
        276,993    72,969    316,138    89,418 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     634,348    72,969    840,796    89,418 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries
 
(1)
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2020        
 
 
        2021        
 
Korea Hydro & Nuclear Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Korea South-East Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Korea Midland Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Korea Western Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Korea Southern Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Korea East-West Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
KEPCO Engineering & Construction Company, Inc.(*1)
 Engineering and construction for utility plant and others Korea  65.77%   65.77% 
KEPCO Plant Service & Engineering Co., Ltd.
 Utility plant maintenance and others Korea  51.00%   51.00% 
KEPCO Nuclear Fuel Co., Ltd.
 Nuclear fuel Korea  96.36%   96.36% 
KEPCO KDN Co., Ltd.
 Electric power information technology and others Korea  100.00%   100.00% 
KEPCO International HongKong Ltd.
 Holding company Hong Kong  100.00%   100.00% 
KEPCO International Philippines Inc.
 Holding company Philippines  100.00%   100.00% 
KEPCO Gansu International Ltd.
 Holding company Hong Kong  100.00%   100.00% 
KEPCO Philippines Holdings Inc.
 Holding company Philippines  100.00%   100.00% 
KEPCO Philippines Corporation
 Operation of utility plant Philippines  100.00%   100.00% 
KEPCO Ilijan Corporation
 Construction and operation of utility plant Philippines  51.00%   51.00% 
KEPCO Lebanon SARL
 Operation of utility plant Lebanon  100.00%   100.00% 
KEPCO Neimenggu International Ltd.
 Holding company Hong Kong  100.00%   100.00% 
KEPCO Shanxi International Ltd.
 Holding company Hong Kong  100.00%   100.00% 
KOMIPO Global Pte Ltd.
 Holding company Singapore  100.00%   100.00% 
KEPCO Netherlands B.V.
 Holding company Netherlands  100.00%   100.00% 
Korea Imouraren Uranium Investment Corp.
 Holding company France  100.00%   —   
KEPCO Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOSEP Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOMIPO Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOWEPO Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOSPO Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KEPCO Middle East Holding Company
 Holding company Bahrain  100.00%   100.00% 
Qatrana Electric Power Company
 Construction and operation of utility plant Jordan  80.00%   80.00% 
KHNP Canada Energy Ltd.
 Holding company Canada  100.00%   100.00% 
KEPCO Bylong Australia Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
Korea Waterbury Uranium Limited Partnership
 Resources development Canada  80.00%   80.00% 
KEPCO Holdings de Mexico
 Holding company Mexico  100.00%   100.00% 
KST Electric Power Company, S.A.P.I. de C.V.
 Construction and operation of utility plant Mexico  56.00%   56.00% 
KEPCO Energy Service Company
 Operation of utility plant Mexico  100.00%   100.00% 
KEPCO Netherlands S3 B.V.
 Holding company Netherlands  100.00%   100.00% 
PT. KOMIPO Pembangkitan Jawa Bali
 Operation of utility plant Indonesia  51.00%   51.00% 
PT. Cirebon Power Service(*2)
 Operation of utility plant Indonesia  27.50%   27.50% 
KOWEPO International Corporation
 Operation of utility plant Philippines  99.99%   99.99% 
KOSPO Jordan LLC
 Operation of utility plant Jordan  100.00%   100.00% 
EWP America Inc.
 Holding company USA  100.00%   100.00% 
EWP Renewable Corporation
 Holding company USA  100.00%   100.00% 
DG Fairhaven Power, LLC
 Power generation USA  100.00%   —   
KNF Canada Energy Limited
 Holding company Canada  100.00%   100.00% 
EWP Barbados 1 SRL
 Holding company Barbados  100.00%   100.00% 
California Power Holdings, LLC
 Power generation USA  100.00%   100.00% 
Gyeonggi Green Energy Co., Ltd.
 Power generation Korea  62.01%   62.01% 
PT. Tanggamus Electric Power
 Power generation Indonesia  52.50%   52.50% 
Gyeongju Wind Power Co., Ltd.
 Power generation Korea  70.00%   70.00% 
KOMIPO America Inc.
 Holding company USA  100.00%   100.00% 
EWPRC Biomass Holdings, LLC
 Holding company USA  100.00%   100.00% 
KOSEP USA, Inc.
 Power generation USA  100.00%   —   
PT. EWP Indonesia
 Holding company Indonesia  99.96%   99.96% 
KEPCO Netherlands J3 B.V.
 Holding company Netherlands  100.00%   100.00% 
Korea Offshore Wind Power Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Global One Pioneer B.V.
 Holding company Netherlands  100.00%   100.00% 
Global Energy Pioneer B.V.
 Holding company Netherlands  100.00%   100.00% 
Mira Power Limited(*3)
 Power generation Pakistan  76.00%   76.00% 
 
F-80
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2020        
  
        2021        
 
KOSEP Material Co., Ltd.
 Recycling fly ashes Korea  86.22%   86.22% 
Commerce and Industry Energy Co., Ltd.(*4)
 RDF power generation Korea  85.03%   85.03% 
KEPCO KPS Philippines Corp.
 Utility plant maintenance and others Philippines  99.99%   99.99% 
KOSPO Chile SpA
 Holding company Chile  100.00%   100.00% 
PT. KOWEPO Sumsel Operation And Maintenance Services
 Utility plant maintenance and others Indonesia  95.00%   95.00% 
Hee mang sunlight Power Co., Ltd.
 Operation of utility plant Korea  100.00%   100.00% 
Fujeij Wind Power Company
 Operation of utility plant Jordan  100.00%   100.00% 
KOSPO Youngnam Power Co., Ltd.(*5)
 Operation of utility plant Korea  50.00%   50.00% 
VI Carbon Professional Private Special Asset Investment Trust 1
 Holding company Korea  96.67%   —   
Chitose Solar Power Plant LLC
 Power generation Japan  80.10%   65.00% 
KEPCO Energy Solution Co., Ltd.
 Energy service Korea  100.00%   100.00% 
KEPCO Solar Co., Ltd.
 Power generation Korea  100.00%   100.00% 
KOSPO Power Services Ltda.
 Utility plant maintenance and others Chile  65.00%   65.00% 
Energy New Industry Specialized Investment Private Investment Trust
 Holding company Korea  99.01%   99.01% 
KOEN Bylong Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOMIPO Bylong Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOWEPO Bylong Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOSPO Bylong Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
EWP Bylong Pty., Ltd.
 Resources development Australia  100.00%   100.00% 
KOWEPO Lao International
 Utility plant maintenance and others Laos  100.00%   100.00% 
KEPCO US Inc.
 Holding company USA  100.00%   100.00% 
KEPCO Alamosa LLC
 Holding company USA  50.10%   50.10% 
KEPCO Solar of Alamosa LLC
 Power generation USA  100.00%   100.00% 
KEPCO Mangilao Holdings LLC(*6)
 Holding company USA  100.00%   100.00% 
Mangilao Investment LLC
 Holding company USA  100.00%   100.00% 
KEPCO Mangilao Solar, LLC
 Power generation USA  100.00%   100.00% 
Jeju Hanlim Offshore Wind Co., Ltd.
 Power generation Korea  75.99%   79.03% 
PT. Siborpa Eco Power
 Construction and operation of utility plant Indonesia  55.00%   55.00% 
BSK
E-New
Industry Fund VII
 Holding company Korea  81.67%   81.67% 
e-New
Industry LB Fund 1
 Holding company Korea  76.11%   76.11% 
Songhyun
e-New
Industry Fund
 Holding company Korea  80.65%   80.65% 
BSK
E-New
Industry Fund X
 Holding company Korea  66.80%   66.80% 
PT. Korea Energy Indonesia
 Utility plant maintenance and others Indonesia  95.00%   95.00% 
KOLAT SpA
 Utility plant maintenance and others Chile  100.00%   100.00% 
KEPCO California, LLC
 Holding company USA  100.00%   100.00% 
KEPCO Mojave Holdings, LLC
 Holding company USA  100.00%   100.00% 
Incheon Fuel Cell Co., Ltd.
 Power generation Korea  60.00%   60.00% 
KOEN Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
KOMIPO Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
KOWEPO Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
KOSPO Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
EWP Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
PT. KOMIPO Energy Indonesia
 Utility plant maintenance and others Indonesia  95.00%   95.00% 
KNF Partners Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
KOSPO USA Inc.
 Holding company USA  100.00%   100.00% 
Nambu USA LLC
 Holding company USA  100.00%   100.00% 
Tamra Offshore Wind Power Co., Ltd.
 Power generation Korea  63.00%   63.00% 
KEPCO MCS Co., Ltd.
 Electric meter reading and others Korea  100.00%   100.00% 
KEPCO FMS Co., Ltd.
 Security service and others Korea  100.00%   100.00% 
Firstkeepers Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
Secutec Co., Ltd.
 Security service Korea  100.00%   100.00% 
SE Green Energy Co., Ltd.
 Power generation Korea  84.80%   84.80% 
KEPCO Mangilao America LLC(*7)
 Holding company USA  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% 
 
F-81
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
Percentage of ownership (%)
 
Subsidiaries
 
Key operation activities
 
Location
 
        2020        
  
        2021        
 
Paju Ecoenergy Co., Ltd.
 Power generation Korea  89.00%   89.00% 
Guam Ukudu Power LLC
 Power generation USA  100.00%   100.00% 
TS Energy No. 25 Co., Ltd.
 Power generation Korea  90.00%   90.00% 
KPS Partners Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
KEPCO E&C Service Co., Ltd.
 Facility maintenance and service Korea  100.00%   100.00% 
Moha solar Co., Ltd.
 Power generation Korea  100.00%   100.00% 
Ogiri Solar Power Co., Ltd.
 Power generation Korea  70.00%   70.00% 
KHNP USA LLC
 Holding company USA  100.00%   100.00% 
KOMIPO Vanphong Power Service LLC
 Utility plant maintenance and others Vietnam  100.00%   100.00% 
Energy Innovation Fund I
 Holding company Korea  71.91%   71.91% 
KHNP Chile SpA
 Holding company Chile  —     100.00% 
Yeong Yang Apollon Photovoltaic Co., Ltd.
 Power generation Korea  —     100.00% 
Yeong Yang Corporation Co., Ltd.
 Power generation Korea  —     100.00% 
SolarVader Co., Ltd.
 Power generation Korea  —     100.00% 
Yeong Yang Innovation Co., Ltd.
 Power generation Korea  —     100.00% 
Yeong Yang Horus Photovoltaic Co., Ltd.
 Power generation Korea  —     100.00% 
Yeong Yang Solar Management Co., Ltd.
 Power generation Korea  —     100.00% 
LSG Hydro Power Limited
 Holding company Pakistan  —     99.80% 
KOEN Bio Co., Ltd.
 Wood pellet utilization business Korea  —     70.00% 
KOMIPO Energy Solution America, LLC
 Holding company USA  —     100.00% 
Elara Investment Holdings, LLC(*8)
 Holding company USA  —     0.10% 
Elara Equity Holdings, LLC
 Holding company USA  —     51.22% 
Elara Class B Holdings, LLC
 Holding company USA  —     100.00% 
Elara Class B Member, LLC
 Holding company USA  —     100.00% 
Elara Development Holdings, LLC
 Holding company USA  —     100.00% 
Elara Development, LLC
 Holding company USA  —     100.00% 
Elara Energy Holdings, LLC(*8)
 Holding company USA  —     43.94% 
Elara Energy Project, LLC
 Power generation USA  —     100.00% 
KOMIPO Iberian Solar Group, S.L.U.
 Holding company Spain  —     100.00% 
Jeongam Wind Power Co., Ltd.
 Power generation Korea  —     80.00% 
KOWEPO Europe B.V.
 Holding company Netherlands  —     100.00% 
CVS Equity Holdings, LLC
 Holding company USA  —     100.00% 
CVS Class B Holdings, LLC
 Holding company USA  —     100.00% 
CVS Development Holdings, LLC
 Holding company USA  —     100.00% 
CVS Development, LLC
 Holding company USA  —     100.00% 
CVS Class B Member, LLC
 Holding company USA  —     100.00% 
CVS Energy Holdings, LLC
 Holding company USA  —     100.00% 
Concho Valley Energy, LLC
 Holding company USA  —     100.00% 
Concho Valley Solar, LLC
 Power generation USA  —     100.00% 
Yeongdeok Sunrise Wind Power Co., Ltd.
 Power generation Korea  —     70.00% 
KHNP Spain, S.L.
 Holding company Spain  —     100.00% 
 
F-82
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(1)
Consolidated subsidiaries as of December 31, 2020 and 2021 are as follows, continued:
 
(*1)
Considering treasury stocks, the effective percentage of ownership is 66.08%.
 
(*2)
The effective percentage of ownership is less than 50%. However, this subsidiary is included in the consolidated financial statements as the Company obtained the majority of the voting power under the shareholders’ agreement.
 
(*3)
As of the reporting date, the annual reporting period of all subsidiaries is December 31, except for Mira Power.
 
(*4)
The Company guarantees a certain return on investment related to Commerce and Industry Energy Co., Ltd. for the financial investors. The financial investors have a right to sell their shares to the Company which can be exercised 84 months after the date of investment. Accordingly, the purchase price including the return on investment is classified as a liability.
 
(*5)
The subsidiary is included in the consolidated financial statements as the Company owns 50%+1 stake and has the ability to appoint a majority of the board members under the shareholders’ agreement.
 
(*6)
As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate all 4 members of the board of directors.
 
(*7)
As of the end of the reporting period, the Company does not have a shareholding; however, this subsidiary is included in the consolidated financial statements as the Company has control over the entity by virtue of the right to nominate the CEO and key management members.
 
(*8)
The effective percentage of ownership is less than 50%. However, this consolidated subsidiary is included in the consolidated financial statements as the Company has control over the board of directors under the shareholders’ agreement.
 
F-83
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(2)
Subsidiaries newly included in and excluded from consolidation for the year ended December 31, 2021 are as follows:
Subsidiaries included in consolidation during the year ended December 31, 2021.
 
Subsidiaries
  
Reason
KHNP Chile SpA
  Newly established
Yeong Yang Apollon Photovoltaic Co., Ltd.
  New investment
Yeong Yang Corporation Co., Ltd.
  New investment
SolarVader Co., Ltd.
  New investment
Yeong Yang Innovation Co., Ltd.
  New investment
Yeong Yang Horus Photovoltaic Co., Ltd.
  New investment
Yeong Yang Solar Management Co., Ltd.
  New investment
LSG Hydro Power Limited
  Newly established
KOEN Bio Co., Ltd.
  Newly established
KOMIPO Energy Solution America, LLC
  Newly established
Elara Investment Holdings, LLC
  Newly established
Elara Equity Holdings, LLC
  Newly established
Elara Class B Holdings, LLC
  Newly established
Elara Class B Member, LLC
  Newly established
Elara Development Holdings, LLC
  Newly established
Elara Development, LLC
  Newly established
Elara Energy Holdings, LLC
  Newly established
Elara Energy Project, LLC
  New investment
KOMIPO Iberian Solar Group, S.L.U.
  New investment
Prime Swedish Holding AB
  Newly established
Jeongam Wind Power Co., Ltd.
  Change in a relationship
KOWEPO Europe B.V.
  Newly established
CVS Equity Holdings, LLC
  Newly established
CVS Class B Holdings, LLC
  Newly established
CVS Development Holdings, LLC
  Newly established
CVS Development, LLC
  Newly established
CVS Class B Member, LLC
  Newly established
CVS Energy Holdings, LLC
  Newly established
Concho Valley Energy, LLC
  Newly established
Concho Valley Solar, LLC
  New investment
Yeongdeok Sunrise Wind Power Co., Ltd.
  Newly established
KHNP Spain, S.L.
  Newly established
Subsidiaries excluded from consolidation during the year ended December 31, 2021.
 
Subsidiaries
  
Reason
DG Fairhaven Power, LLC
  Disposal
VI Carbon Professional Private Special Asset Investment Trust 1
  Liquidation
Prime Swedish Holding AB
  Change in a relationship
KOSEP USA, Inc.
  Liquidation
Korea
Imouraren Uranium Investment Corp.
  Liquidation
 
F-84
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Subsidiaries
      
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
       
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
  ￦     61,859,753    35,652,467      9,938,941         647,641 
Korea South-East Power Co., Ltd.
        10,858,645    5,954,129    4,258,904    (139,149) 
Korea Midland Power Co., Ltd.
        13,028,436    9,357,603    4,293,364    (29,880) 
Korea Western Power Co., Ltd.
        10,357,023    6,594,779    3,605,986    (108,953) 
Korea Southern Power Co., Ltd.
        10,658,015    6,411,524    4,015,941    (17,588) 
Korea East-West Power Co., Ltd.
        9,619,485    4,974,645    4,155,416    (65,427) 
KEPCO Engineering & Construction Company, Inc.
        699,244    200,169    431,723    20,160 
KEPCO Plant Service & Engineering Co., Ltd.
        1,345,857    296,515    1,299,186    85,916 
KEPCO Nuclear Fuel Co., Ltd.
        798,368    390,155    331,228    14,542 
KEPCO KDN Co., Ltd.
        647,496    174,192    641,308    45,207 
KEPCO International HongKong Ltd.
        120,213    —      —      1,571 
KEPCO International Philippines Inc.
        133,215    366    —      35,182 
KEPCO Gansu International Ltd.
        7,753    512    —      (19) 
KEPCO Philippines Holdings Inc.
        187,375    127    —      65,792 
KEPCO Philippines Corporation
        6,173    17    —      (187) 
KEPCO Ilijan Corporation
        322,066    47,234    81,400    39,443 
KEPCO Lebanon SARL
        1,669    9,195    —      (59) 
KEPCO Neimenggu International Ltd.
        213,444    2,492    —      26,593 
KEPCO Shanxi International Ltd.
        508,363    196,408    —      2,278 
KOMIPO Global Pte Ltd.
        263,378    656    —      12,460 
KEPCO Netherlands B.V.
        117,449    71    —      14,503 
Korea Imouraren Uranium Investment Corp.
        13,955    123    —      (675) 
KEPCO Australia Pty., Ltd.
        451    17    —      71 
KOSEP Australia Pty., Ltd.
        34,249    3,500    14,327    2,150 
KOMIPO Australia Pty., Ltd.
        45,250    3,782    14,327    2,685 
KOWEPO Australia Pty., Ltd.
        44,270    2,909    14,327    1,663 
KOSPO Australia Pty., Ltd.
        38,341    2,750    14,327    2,242 
KEPCO Middle East Holding Company
        90,601    78,553    —      (1,539) 
Qatrana Electric Power Company
        464,507    287,859    21,279    24,717 
KHNP Canada Energy Ltd.
        63,794    26    —      (7) 
KEPCO Bylong Australia Pty., Ltd.
        44,691    349,542    —      16,897 
Korea Waterbury Uranium Limited Partnership
        20,908    165    —      (76) 
KEPCO Holdings de Mexico
        148    27    —      (14) 
KST Electric Power Company, S.A.P.I. de C.V.
        531,367    410,743    65,695    37,899 
KEPCO Energy Service Company
        2,255    994    5,880    507 
KEPCO Netherlands S3 B.V.
        44,042    54    —      2,833 
PT. KOMIPO Pembangkitan Jawa Bali
        12,946    3,298    20,306    4,775 
PT. Cirebon Power Service
        1,825    550    8,642    344 
KOWEPO International Corporation
        —      10    —      —   
KOSPO Jordan LLC
        31,620    15,654    9,356    1,570 
EWP America Inc.(*1)
        37,681    2,683    14,312    (14,327) 
KNF Canada Energy Limited
        1,871    22    —      (50) 
EWP Barbados 1 SRL
        313,409    1,170    2,950    44,729 
Gyeonggi Green Energy Co., Ltd.
        265,768    240,366    64,660    (9,968) 
PT. Tanggamus Electric Power
        217,730    184,057    3,491    11,942 
Gyeongju Wind Power Co., Ltd.
        105,726    68,629    13,939    2,108 
KOMIPO America Inc.
        105,926    918    342    (1,783) 
KOSEP USA, Inc.
        1    4,837    —      —   
PT. EWP Indonesia
        33,900    1,125    —      7,083 
KEPCO Netherlands J3 B.V.
        138,824    84    —      28,242 
Korea Offshore Wind Power Co., Ltd.
        354,643    187,576    26,838    98 
Global One Pioneer B.V.
        177    60    —      (76) 
Global Energy Pioneer B.V.
        338    64    —      (70) 
Mira Power Limited
        348,737    266,565    31,172    (2,960) 
KOSEP Material Co., Ltd.
        2,312    429    3,457    189 
 
F-85
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Subsidiaries
     
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
      
In millions of won
 
Commerce and Industry Energy Co., Ltd.
  ￦   89,681    41,384    31,603    1,623 
KEPCO KPS Philippines Corp.
      3,119    284    5,151    158 
KOSPO Chile SpA
      128,795    48,813    —      (542) 
PT. KOWEPO Sumsel Operation And Maintenance Services
      108    241    —      (15) 
Hee mang sunlight Power Co., Ltd.
      7,261    4,339    423    (142) 
Fujeij Wind Power Company
      194,844    174,051    —      13,720 
KOSPO Youngnam Power Co., Ltd.
      389,071    294,408    254,966    3,405 
VI Carbon Professional Private Special Asset Investment Trust 1
      3,006    4    —      7 
Chitose Solar Power Plant LLC
      133,643    118,783    17,073    1,521 
KEPCO Energy Solution Co., Ltd.
      313,754    4,093    5,585    3,656 
KEPCO Solar Co., Ltd.
      230,443    23,098    3,933    1,888 
KOSPO Power Services Ltda.
      4,354    1,644    10,846    1,011 
Energy New Industry Specialized Investment Private Investment Trust(*2)
      279,489    24,173    23,682    8,248 
KOEN Bylong Pty., Ltd.
      6    75    —      (11) 
KOMIPO Bylong Pty., Ltd.
      7    76    —      (11) 
KOWEPO Bylong Pty., Ltd.
      6    64    —      —   
KOSPO Bylong Pty., Ltd.
      153    213    —      (2) 
EWP Bylong Pty., Ltd.
      6    35    —      28 
KOWEPO Lao International
      8,982    392    8,466    4,706 
KEPCO US Inc.
      16,154    —      —      (21) 
KEPCO Alamosa LLC
      31,353    270    127    (237) 
KEPCO Solar of Alamosa LLC
      68,336    42,910    9,096    (2,052) 
KEPCO Mangilao Holdings LLC
      25,785    28,924    —      (502) 
Mangilao Investment LLC
      38,090    14    —      (15) 
KEPCO Mangilao Solar, LLC
      69,830    34,029    —      (253) 
Jeju Hanlim Offshore Wind Co., Ltd.
      20,525    9,805    —      (3,049) 
PT. Siborpa Eco Power
      10,491    14    —      (361) 
PT. Korea Energy Indonesia
      1,746    196    2,428    190 
KOLAT SpA
      31,109    425    243    (216) 
KEPCO California, LLC
      41,973    4,683    —      (1,330) 
KEPCO Mojave Holdings, LLC
      95,326    67,138    —      (4,358) 
Incheon Fuel Cell Co., Ltd.
      192,184    170,976    —      (979) 
KOEN Service Co., Ltd.
      6,239    5,598    32,150    129 
KOMIPO Service Co., Ltd.
      3,381    3,649    28,596    (479) 
KOWEPO Service Co., Ltd.
      6,045    4,849    29,559    726 
KOSPO Service Co., Ltd.
      5,617    4,708    25,103    832 
EWP Service Co., Ltd.
      4,568    4,074    23,223    (15) 
PT. KOMIPO Energy Indonesia
      2,473    154    2,391    52 
KNF Partners Co., Ltd.
      1,470    743    5,487    256 
KOSPO USA Inc.
      120,380    266    —      (1,611) 
Nambu USA LLC
      42,739    —      —      544 
Tamra Offshore Wind Power Co., Ltd.
      150,957    112,184    22,200    4,575 
KEPCO MCS Co., Ltd.
      59,227    36,786    342,053    19,190 
KEPCO FMS Co., Ltd.
      14,390    12,585    89,228    837 
Firstkeepers Co., Ltd.
      13,981    12,234    68,538    2,994 
Secutec Co., Ltd.
      11,473    9,771    62,256    1,609 
SE Green Energy Co., Ltd.
      152,205    122,606    19,731    2,463 
KEPCO Mangilao America LLC
      1,793    —      —      —   
Mangilao Intermediate Holdings LLC
      100,609    80,210    —      (3,708) 
KEPCO CSC Co., Ltd.
      8,817    5,551    38,465    2,479 
KOAK Power Limited
      15,864    1,118    —      607 
 
F-86
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Subsidiaries
     
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
      
In millions of won
 
KOMIPO Europe B.V.
  ￦   43,198    46    333    (386) 
Haenanum Energy Fund
      28,219    132    128    (13) 
Paju Ecoenergy Co., Ltd.
      57,320    3,506    3,069    247 
Guam Ukudu Power LLC
      3,165    3,589    —      (1,577) 
TS Energy No. 25 Co., Ltd.
      184,667    142,709    —      (3,779) 
KPS Partners Co., Ltd.
      2,139    1,127    3,562    313 
KEPCO E&C Service Co., Ltd.
      2,514    1,549    4,989    464 
Moha solar Co., Ltd.
      7,390    7,809    —      (364) 
Ogiri Solar Power Co., Ltd.
      1,032    —      —      —   
KHNP USA LLC
      464    23    229    119 
KOMIPO Vanphong Power Service LLC
      1,727    12    —      (34) 
Energy Innovation Fund I
      8,412    1    25    (201) 
 
 (*1)
Financial information of EWP America Inc. includes that of four other subsidiaries, EWP Renewable Corporation, DG Fairhaven Power, LLC, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC.
 
 (*2)
Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK
E-New
Industry Fund VII,
e-New
Industry LB Fund 1, Songhyun
e-New
Industry Fund and BSK
E-New
Industry Fund X.
 
F-87
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Subsidiaries
      
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
       
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
  ￦     64,638,690    38,361,337      9,324,391         302,232 
Korea South-East Power Co., Ltd.
        11,487,325    6,510,826    5,188,856    (58,096) 
Korea Midland Power Co., Ltd.
        13,756,040    9,912,907    5,263,302    54,869 
Korea Western Power Co., Ltd.
        10,822,780    7,116,671    4,970,805    (171,562) 
Korea Southern Power Co., Ltd.
        11,350,984    7,099,881    5,671,989    (113,352) 
Korea East-West Power Co., Ltd.
        9,895,739    5,163,005    4,743,030    10,872 
KEPCO Engineering & Construction Company, Inc.
        705,043    191,592    433,127    16,452 
KEPCO Plant Service & Engineering Co., Ltd.
        1,420,705    311,607    1,375,668    98,132 
KEPCO Nuclear Fuel Co., Ltd.
        837,249    405,614    323,729    25,799 
KEPCO KDN Co., Ltd.
        721,634    189,242    673,261    67,244 
KEPCO International HongKong Ltd.
        128,968    —      —      341 
KEPCO International Philippines Inc.
        154,317    482    —      8,766 
KEPCO Gansu International Ltd.
        7,151    559    —      (25) 
KEPCO Philippines Holdings Inc.
        191,757    128    —      60,192 
KEPCO Philippines Corporation
        6,122    19    —      (68) 
KEPCO Ilijan Corporation
        259,069    38,555    60,532    12,981 
KEPCO Lebanon SARL
        1,729    9,794    —      (86) 
KEPCO Neimenggu International Ltd.
        241,299    3,106    —      16,762 
KEPCO Shanxi International Ltd.
        551,407    207,844    —      3,526 
KOMIPO Global Pte Ltd.
        302,340    1,351    —      11,462 
KEPCO Netherlands B.V.
        133,610    866    —      5,395 
Korea Imouraren Uranium Investment Corp.
        83    —      —      (13,898) 
KEPCO Australia Pty., Ltd.
        481    11    —      25 
KOSEP Australia Pty., Ltd.
        44,798    5,561    22,013    8,268 
KOMIPO Australia Pty., Ltd.
        54,162    5,648    22,013    5,942 
KOWEPO Australia Pty., Ltd.
        54,564    4,766    22,013    7,387 
KOSPO Australia Pty., Ltd.
        43,886    4,502    22,013    5,940 
KEPCO Middle East Holding Company
        104,068    89,756    —      1,144 
Qatrana Electric Power Company
        480,809    262,725    21,368    19,156 
KHNP Canada Energy Ltd.
        109,326    25    —      29 
KEPCO Bylong Australia Pty., Ltd.
        44,319    394,349    —      (37,065) 
Korea Waterbury Uranium Limited Partnership
        20,920    159    —      (57) 
KEPCO Holdings de Mexico
        148    27    —      (8) 
KST Electric Power Company, S.A.P.I. de C.V.
        584,625    435,796    151,467    18,499 
KEPCO Energy Service Company
        2,500    956    12,070    574 
KEPCO Netherlands S3 B.V.
        51,045    150    —      3,199 
PT. KOMIPO Pembangkitan Jawa Bali
        13,499    3,314    18,296    885 
PT. Cirebon Power Service
        2,545    631    8,664    505 
KOWEPO International Corporation
        —      10    —      —   
KOSPO Jordan LLC
        33,782    16,298    9,698    816 
EWP America Inc.(*1)
        46,687    1,278    18,335    6,807 
KNF Canada Energy Limited
        2,101    17    —      (43) 
EWP Barbados 1 SRL
        354,024    1,172    2,861    16,168 
Gyeonggi Green Energy Co., Ltd.
        243,977    224,132    93,794    (5,588) 
PT. Tanggamus Electric Power
        212,161    167,409    2,903    3,017 
Gyeongju Wind Power Co., Ltd.
        96,937    60,702    15,289    3,132 
KOMIPO America Inc.(*2)
        329,986    56,325    1,715    (1,311) 
PT. EWP Indonesia
        47,031    1,226    —      4,615 
KEPCO Netherlands J3 B.V.
        151,478    172    —      27,365 
Korea Offshore Wind Power Co., Ltd.
        359,393    188,507    36,020    3,820 
Global One Pioneer B.V.
        119    116    —      (132) 
Global Energy Pioneer B.V.
        293    131    —      (147) 
Mira Power Limited
        424,183    311,459    70,287    34,018 
KOSEP Material Co., Ltd.
        3,405    842    4,518    442 
Commerce and Industry Energy Co., Ltd.
        85,315    35,543    30,531    1,345 
KEPCO KPS Philippines Corp.
        8,051    3,652    9,768    1,493 
KOSPO Chile SpA
        142,956    56,688    —      (851) 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Subsidiaries
      
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
       
In millions of won
 
PT. KOWEPO Sumsel Operation And Maintenance Services
  ￦     116    259    —      —   
Hee mang sunlight Power Co., Ltd.
        6,242    3,272    499    47 
Fujeij Wind Power Company
        200,783    169,340    —      14,739 
KOSPO Youngnam Power Co., Ltd.
        393,745    292,765    318,770    6,339 
Chitose Solar Power Plant LLC
        125,578    109,470    16,630    1,794 
KEPCO Energy Solution Co., Ltd.
        317,676    4,938    21,423    3,104 
KEPCO Solar Co., Ltd.
        231,567    22,229    11,305    2,014 
KOSPO Power Services Ltda.
        8,007    5,800    21,133    (356) 
Energy New Industry Specialized Investment Private Investment Trust(*3)
        336,932    28,536    19,405    11,116 
KOEN Bylong Pty., Ltd.
        8    86    —      —   
KOMIPO Bylong Pty., Ltd.
        8    86    —      (8) 
KOWEPO Bylong Pty., Ltd.
        8    86    —      (18) 
KOSPO Bylong Pty., Ltd.
        73    168    —      (20) 
EWP Bylong Pty., Ltd.
        8    54    —      —   
KOWEPO Lao International
        12,974    70    8,543    5,681 
KEPCO US Inc.
        17,601    —      —      —   
KEPCO Alamosa LLC
        34,100    297    124    (62) 
KEPCO Solar of Alamosa LLC
        57,104    41,953    8,008    (742) 
KEPCO Mangilao Holdings LLC
        28,504    32,501    —      (556) 
Mangilao Investment LLC
        43,459    29    —      (14) 
KEPCO Mangilao Solar, LLC
        206,018    166,095    —      (865) 
Jeju Hanlim Offshore Wind Co., Ltd.
        41,325    5,139    —      (2,893) 
PT. Siborpa Eco Power
        11,306    —      —      (105) 
PT. Korea Energy Indonesia
        1,917    215    1,681    37 
KOLAT SpA
        28,349    849    180    (464) 
KEPCO California, LLC
        43,732    4,113    1,310    160 
KEPCO Mojave Holdings, LLC
        95,294    71,358    —      (4,254) 
Incheon Fuel Cell Co., Ltd.
        259,111    236,901    46,034    962 
KOEN Service Co., Ltd.
        8,963    6,557    35,190    2,326 
KOMIPO Service Co., Ltd.
        4,384    4,475    32,323    (96) 
KOWEPO Service Co., Ltd.
        7,289    5,869    31,700    303 
KOSPO Service Co., Ltd.
        5,762    4,990    26,257    31 
EWP Service Co., Ltd.
        5,483    5,455    24,957    14 
PT. KOMIPO Energy Indonesia
        2,996    395    2,077    106 
KNF partners Co., Ltd.
        1,800    969    5,664    152 
KOSPO USA Inc.
        286,081    293    —      968 
Nambu USA LLC
        277,698    —      —      568 
Tamra Offshore Wind Power Co., Ltd.
        146,736    106,961    21,731    5,168 
KEPCO MCS Co., Ltd.
        80,277    39,139    349,116    19,043 
KEPCO FMS Co., Ltd.
        17,188    15,577    94,210    214 
Firstkeepers Co., Ltd.
        17,152    16,041    77,189    19 
Secutec Co., Ltd.
        13,176    10,662    65,963    1,774 
SE Green Energy Co., Ltd.
        153,105    119,461    38,867    4,025 
KEPCO Mangilao America LLC
        2,173    1    —      —   
Mangilao Intermediate Holdings LLC
        220,690    205,421    —      (6,975) 
KEPCO CSC Co., Ltd.
        8,093    6,799    41,854    (2,101) 
KOAK Power Limited
        14,363    393    —      (551) 
KOMIPO Europe B.V.
        70,431    97    402    (503) 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(3)
Summary of financial information of consolidated subsidiaries as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Subsidiaries
      
Total

assets
   
Total

liabilities
   
Sales
   
Profit (loss)

for the year
 
       
In millions of won
 
Haenanum Energy Fund
  ￦     7,463    3    40    (74) 
Paju Ecoenergy Co., Ltd.
        57,795    2,118    15,425    2,234 
Guam Ukudu Power LLC
        30,133    30,438    —      (2,030) 
TS Energy No. 25 Co., Ltd.
        353,324    318,977    421    (7,525) 
KPS Partners Co., Ltd.
        2,809    1,529    9,520    323 
KEPCO E&C Service Co., Ltd.
        4,054    1,889    15,985    1,242 
Moha solar Co., Ltd.
        32,808    33,933    48    (706) 
Ogiri Solar Power Co., Ltd.
        1,041    1    —      9 
KHNP USA LLC
        766    10    1,001    267 
KOMIPO Vanphong Power Service LLC
        3,758    860    3,853    958 
Energy Innovation Fund I
        22,616    3,202    —      (888) 
KHNP Chile SpA
        5,294    3,879    —      17 
Yeong Yang Apollon Photovoltaic Co., Ltd.
        1,775    1,632    5    (30) 
Yeong Yang Corporation Co., Ltd.
        1,776    1,623    9    (19) 
SolarVader Co., Ltd.
        1,772    1,627    —      (26) 
Yeong Yang Innovation Co., Ltd.
        1,773    1,622    5    (21) 
Yeong Yang Horus Photovoltaic Co., Ltd.
        1,771    1,624    9    (24) 
Yeong Yang Solar Management Co., Ltd.
        1,774    1,625    —      (23) 
LSG Hydro Power Limited
        1    —      —      —   
KOEN Bio Co., Ltd.
        394    199    51    (305) 
KOMIPO Iberian Solar Group, S.L.U.
        70,993    56,707    —      1,354 
Jeongam Wind Power Co., Ltd.
        86,853    74,267    10,476    1,027 
KOWEPO Europe B.V.
        39,973    1,449    —      (744) 
Yeongdeok Sunrise Wind Power Co., Ltd.
        21,252    768    —      (116) 
KHNP Spain, S.L.
        5    —      —      —   
 
 (*1)
Financial information of EWP America Inc. includes that of three other subsidiaries, EWP Renewable Corporation, California Power Holdings, LLC and EWPRC Biomass Holdings, LLC.
 
 (*2)
Financial information of KOMIPO America Inc. includes that of 17 other subsidiaries including Elara Equity Holdings, LLC and CVS Equity Holdings, LLC.
 
 (*3)
Financial information of Energy New Industry Specialized Investment Private Investment Trust includes that of four other subsidiaries, BSK
E-New
Industry Fund VII,
e-New
Industry LB Fund 1, Songhyun
e-New
Industry Fund and BSK
E-New
Industry Fund X.
 
F-90
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(4)
Significant restrictions on abilities to subsidiaries are as follows:
 
 
 
 
 
Company
  
Nature and extent of significant restrictions
Gyeonggi Green Energy Co., Ltd.
  Acquisition or disposal of assets of more than ￦35 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 Company.
  
KOSPO Youngnam Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. The Company’s shares cannot be wholly or partially transferred without prior written consent of financial institutions.
  
Jeongam Wind Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied, and payments to the contracting party may be restricted depending on the financial management priority of the contract. The Company’s shares cannot be wholly or partially transferred without prior consent of other stakeholders including shareholders or financial institutions.
  
Incheon Fuel Cell Co., Ltd.
  Acquisition or disposal of assets of more than ￦20 billion, change in the capacity of cogeneration units (except for the change due to performance improvement of equipment, maintenance) will require unanimous consent of all directors of the Company.
  
Gyeongju Wind Power 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.
  
Korea Offshore Wind Power Co., Ltd.
  Principals and interest payments on subordinated loans or dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
 
(5)
As of December 31, 2021, the Company has following entitlements in relation to its subsidiaries as per its shareholder’s agreements:
 
 
 
 
 
Company
  
Nature and extent of significant restrictions
KOSPO Youngnam Power Co., Ltd.
  The Company holds the right to purchase all shares held by the financial investors of KOSPO Youngnam Power Co., Ltd., a subsidiary of the Company, at face value of the issued shares on the 7th and 12th years from the Company’s establishment date.
  
Jeongam Wind Power Co., Ltd.
  When the Company requests other shareholders to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares at fair value.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(6)
Details of
non-controlling
interests prior to intra-Company eliminations as of and for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2019
 
Description
      
KEPCO Ilijan
Corporation
  
KEPCO Plant
Service &
Engineering
Co., Ltd.
  
KEPCO
Engineering &

Construction
Company, Inc.
  
Others
  
Total
 
       
In millions of won
 
Percentage of ownership
        49.00%   49.00%   33.92%         
Current assets
  ￦     173,931   779,764   257,593   864,596   2,075,884 
Non-current
assets
        197,446   577,219   477,614   3,169,317   4,421,596 
Current liabilities
        (11,990)   (247,737)   (223,522)   (450,311)   (933,560) 
Non-current
liabilities
        (44,166)   (47,020)   (19,472)   (2,193,501)   (2,304,159) 
Net assets
        315,221   1,062,226   492,213   1,390,101   3,259,761 
Book value of
non-controlling
interests
        154,458   520,491   166,959   551,423   1,393,331 
Sales
        95,072   1,244,613   448,635   855,023   2,643,343 
Profit (loss) for the period
        40,818   157,737   26,398   (48,963)   175,990 
Profit (loss) for the period attributable to
non-controlling
interests
        20,001   77,291   8,954   (24,264)   81,982 
Cash flows from operating activities
        101,707   164,373   27,081   219,450   512,611 
Cash flows from investing activities
        4,458   (89,159)   47,219   (356,434)   (393,916) 
Cash flows from financing activities before dividends to
non-controlling
interests
        (68,678)   (44,332)   (34,632)   223,233   75,591 
Dividends to
non-controlling
interests
        (48,750)   (39,466)   (1,807)   (9,233)   (99,256) 
Effect of exchange rate fluctuation
        2,111   (593)   (14)   2,501   4,005 
Net increase (decrease) of cash and cash equivalents
        (9,152)   (9,177)   37,847   79,517   99,035 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020

 
Description
      
KEPCO Ilijan
Corporation
  
KEPCO Plant
Service &
Engineering
Co., Ltd.
  
KEPCO
Engineering &

Construction
Company, Inc.
  
Others
  
Total
 
       
In millions of won
 
Percentage of ownership
        49.00%   49.00%   33.92%         
Current assets
  ￦     236,602   755,454   235,805   801,813   2,029,674 
Non-current
assets
        85,464   590,403   463,439   3,499,258   4,638,564 
Current liabilities
        (12,322)   (254,495)   (186,296)   (414,673)   (867,786) 
Non-current
liabilities
        (34,912)   (42,020)   (13,873)   (2,511,848)   (2,602,653) 
Net assets
        274,832   1,049,342   499,075   1,374,550   3,197,799 
Book value of
non-controlling
interests
        134,668   514,177   169,286   552,035   1,370,166 
Sales
        81,400   1,299,186   431,723   956,692   2,769,001 
Profit for the period
        39,443   85,916   20,160   107,661   253,180 
Profit for the period attributable to
non-controlling
interests
        19,327   42,099   6,838   32,858   101,122 
Cash flows from operating activities
        121,835   74,159   15,225   240,987   452,206 
Cash flows from investing activities
        7,561   26,748   (34,333)   (661,820)   (661,844) 
Cash flows from financing activities before dividends to
non-controlling
interests
        (31,793)   (47,809)   (9,165)   371,448   282,681 
Dividends to
non-controlling
interests
        (30,319)   (42,336)   (4,000)   (4,643)   (81,298) 
Effect of exchange rate fluctuation
        (8,153)   (2,171)   (22)   (7,893)   (18,239) 
Net increase (decrease) of cash and cash equivalents
        59,131   8,591   (32,295)   (61,921)   (26,494) 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(6)
Details of
non-controlling
interests prior to intra-Company eliminations as of and for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Description
      
KEPCO Ilijan
Corporation
  
KEPCO Plant
Service &
Engineering
Co., Ltd.
  
KEPCO
Engineering &

Construction
Company, Inc.
  
Others
  
Total
 
       
In millions of won
 
Percentage of ownership
        49.00%   49.00%   33.92%         
Current assets
  ￦     234,224   793,995   253,958   1,030,049   2,312,226 
Non-current
assets
        24,845   626,710   451,085   3,829,243   4,931,883 
Current liabilities
        (30,783)   (265,017)   (183,100)   (599,373)   (1,078,273) 
Non-current
liabilities
        (7,772)   (46,590)   (8,492)   (2,666,345)   (2,729,199) 
Net assets
        220,514   1,109,098   513,451   1,593,574   3,436,637 
Book value of
non-controlling
interests
        108,052   543,458   174,163   717,166   1,542,839 
Sales
        60,532   1,375,668   433,127   1,277,848   3,147,175 
Profit for the year
        12,981   98,132   16,452   120,488   248,053 
Profit for the year attributable to
non-controlling
interests
        6,361   48,085   5,581   25,803   85,830 
Cash flows from operating activities
        116,440   133,160   (16,270)   295,532   528,862 
Cash flows from investing activities
        2,216   (39,444)   19,061   (301,402)   (319,569) 
Cash flows from financing activities before dividends to
non-controlling
interests
        (88,927)   (30,599)   (8,467)   125,685   (2,308) 
Dividends to
non-controlling
interests
        —     (25,269)   (3,639)   (2,608)   (31,516) 
Effect of exchange rate fluctuation
        10,683   885   38   7,243   18,849 
Net increase (decrease) of cash and cash equivalents
        40,412   38,733   (9,277)   124,450   194,318 
 
(7)
Changes in goodwill
 
 (i)
Details of goodwill as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
In millions of won
 
Acquisition cost
  ￦    98,166    105,647 
Less: Accumulated impairment
       —      —   
       
 
 
   
 
 
 
Carrying book value
  ￦    98,166    105,647 
       
 
 
   
 
 
 
 
 (ii)
Changes in goodwill for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning
   
Increase
   
Decrease
   
Ending
 
      
In millions of won
 
Acquisition cost
  ￦    97,977    189    —      98,166 
Less: Accumulated impairment
       —      —      —      —   
       
 
 
   
 
 
   
 
 
   
 
 
 
Carrying book value
  ￦    97,977    189    —      98,166 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Beginning
   
Increase
   
Decrease
   
Ending
 
      
In millions of won
 
Acquisition cost
  ￦    98,166    7,481    —      105,647 
Less: Accumulated impairment
       —      —      —      —   
       
 
 
   
 
 
   
 
 
   
 
 
 
Carrying book value
  ￦    98,166    7,482    —      105,647 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
16.
Consolidated Subsidiaries, Continued
 
(8)
Disposals of subsidiaries
The Company has completed the liquidation process of VI Carbon Professional Private Special Asset Investment Trust 1, KOSEP USA, Inc., and
Korea
Imouraren Uranium Investment Corp. and has disposed of shares of DG Fairhaven Power, LLC during the year ended December 31, 2021. The Company had completed the liquidation process of EWP Philippines Corporation and had disposed of shares of DG Whitefield, LLC and Springfield Power, LLC during the year ended December 31, 2020.
 
(9)
Cash dividends received from subsidiaries for the years ended December 31, 2019, 2020 and 2021, respectively, are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Subsidiaries
      
2019
   
2020
   
2021
 
       
In millions of won
 
Korea Hydro & Nuclear Power Co., Ltd.
  ￦     —      106,675    279,779 
Korea South-East Power Co., Ltd.
        7,143    11,905    —   
Korea Midland Power Co., Ltd.
        —      —      —   
Korea Western Power Co., Ltd.
        —      —      —   
Korea Southern Power Co., Ltd.
        15,277    —      —   
Korea East-West Power Co., Ltd.
        985    17,959    —   
KEPCO Engineering & Construction Company, Inc.
        3,519    7,793    7,089 
KEPCO Plant Service & Engineering Co., Ltd.
        41,084    44,068    26,301 
KEPCO Nuclear Fuel Co., Ltd.
        4,219    7,270    5,206 
KEPCO KDN Co., Ltd.
        19,136    14,720    18,854 
KEPCO International HongKong Ltd.
        10,243    11,858    —   
KEPCO International Philippines Inc.
        70,480    —      —   
KEPCO Ilijan Corporation
        65,776    34,502    7,955 
KEPCO Philippines Holdings Inc.
        63,522    70,876    60,520 
KOSEP Australia Pty., Ltd.
        8,120    1,856    —   
KOSPO Australia Pty., Ltd.
        4,335    —      3,095 
Qatrana Electric Power Company
        10,313    —      2,615 
KEPCO KPS Philippines Corp.
        3,854    1,215    —   
Tamra Offshore Wind Power Co., Ltd.
        4,823    2,640    —   
KEPCO Netherlands S3 B.V.
        874    6,981    —   
PT. KOMIPO Pembangkitan Jawa Bali
        1,971    —      153 
KEPCO Netherlands J3 B.V.
        —      —      27,237 
Gyeongju Wind Power Co., Ltd.
        2,800    2,800    2,800 
VI Carbon Professional Private Special Asset Investment Trust 1
        11    7    —   
KOSPO Power Services Limitada
        745    —      —   
KEPCO Netherlands B.V.
        13,266    11,098    —   
PT. Cirebon Power Service
        —      221    —   
Chitose Solar Power Plant LLC
        814    858    —   
Fujeij Wind Power Company
        —      6,306    11,920 
KOSPO Jordan LLC
        —      535    731 
Energy Innovation Fund I
        —      19    —   
        
 
 
   
 
 
   
 
 
 
   ￦     353,310    362,162    454,255 
        
 
 
   
 
 
   
 
 
 
 
F-94
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
<Associates>
                    
Korea Gas Corporation(*1)
 Importing and wholesaling LNG Korea  20.47%  ￦    94,500   1,647,325 
Korea Electric Power Industrial Development Co., Ltd.
 Electricity metering and others Korea  29.00%       4,727   25,630 
YTN Co., Ltd.
 Broadcasting Korea  21.43%       59,000   40,549 
Gangwon Wind Power Co., Ltd.(*2)
 Power generation Korea  15.00%       5,725   11,443 
Hyundai Green Power Co., Ltd.
 Power generation Korea  29.00%       88,885   132,774 
Korea Power Exchange(*3)
 Management of power market and others Korea  100.00%       127,839   269,122 
Taebaek Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,810   6,392 
Taebaek Guinemi Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,420   3,087 
Pyeongchang Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,875   5,027 
Daeryun Power Co., Ltd.(*2)
 Power generation Korea  9.34%       40,854   26,353 
Changjuk Wind Power Co., Ltd.
 Power generation Korea  30.00%       3,801   7,867 
KNH Solar Co., Ltd.
 Power generation Korea  27.00%       1,296   2,436 
SPC Power Corporation
 Power generation Philippines  38.00%       20,635   69,912 
Gemeng International Energy Co., Ltd.
 Power generation China  34.00%       413,153   679,708 
PT. Cirebon Electric Power
 Power generation Indonesia  27.50%       40,365   117,811 
KNOC Nigerian East Oil Co., Ltd.(*4)
 Resources development Nigeria  14.63%       12   —   
KNOC Nigerian West Oil Co., Ltd.(*4)
 Resources development Nigeria  14.63%       12   —   
PT Wampu Electric Power
 Power generation Indonesia  46.00%       21,292   27,865 
PT. Bayan Resources TBK
 Resources development Indonesia  20.00%       615,860   425,234 
S-Power
Co., Ltd.
 Power generation Korea  49.00%       132,300   110,292 
Pioneer Gas Power Limited
 Power generation India  38.50%       49,831   —   
Eurasia Energy Holdings
 Power generation and resources development Russia  40.00%       461   —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
 Power generation Laos  25.00%       87,426   64,570 
Hadong Mineral Fiber Co., Ltd.(*2)
 Recycling fly ashes Korea  8.33%       50   —   
PT. Mutiara Jawa
 Manufacturing and operating floating coal terminal Indonesia  29.00%       2,978   1,780 
Samcheok Eco Materials Co., Ltd.(*5)
 Recycling fly ashes Korea  2.35%       686   —   
Noeul Green Energy Co., Ltd.
 Power generation Korea  29.00%       1,740   4,197 
Goseong Green Power Co., Ltd.(*2)
 Power generation Korea  1.12%       2,900   2,186 
Gangneung Eco Power Co., Ltd.(*2)
 Power generation Korea  1.61%       2,900   2,368 
Shin Pyeongtaek Power Co., Ltd.
 Power generation Korea  40.00%       72,000   69,591 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
 Power generation Korea  28.00%       194   210 
Dongducheon Dream Power Co., Ltd.(*6)
 Power generation Korea  33.61%       148,105   80,637 
Jinbhuvish Power Generation Pvt. Ltd.(*2, 7)
 Power generation India  5.16%       9,000   —   
Daejung Offshore Wind Power Co., Ltd.
 Power generation Korea  46.59%       5,190   2,165 
GS Donghae Electric Power Co., Ltd.
 Power generation Korea  34.00%       204,000   244,426 
Daegu Photovoltaic Co., Ltd.
 Power generation Korea  29.00%       1,230   2,066 
Busan Green Energy Co., Ltd.
 Power generation Korea  29.00%       5,243   8,778 
Gunsan Bio Energy Co., Ltd.(*2)
 Power generation Korea  18.87%       1,000   —   
Korea Electric Vehicle Charging Service
 Electric vehicle charge service Korea  28.00%       2,800   576 
Korea Nuclear Partners Co., Ltd.
 Electric material agency Korea  28.98%       537   200 
Korea Electric Power Corporation Fund(*8)
 Developing electric enterprises Korea  98.09%       51,500   41,926 
Energy Infra Asset Management Co., Ltd.(*2)
 Asset management Korea  9.90%       297   938 
Daegu clean Energy Co., Ltd.
 Renewable power generation Korea  28.00%       140   12 
Yaksu ESS Co., Ltd.
 Installing ESS related equipment Korea  29.00%       210   454 
Nepal Water & Energy Development Company Private Limited(*9)
 Construction and operation of utility plant Nepal  60.35%       50,268   42,677 
Gwangyang Green Energy Co., Ltd.
 Power generation Korea  20.00%       2,000   926 
PND
S
olar Co., Ltd.
 Power generation Korea  29.00%       1,250   1,149 
Hyundai Eco Energy Co., Ltd.(*2)
 Power generation Korea  19.00%       3,610   4,250 
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)
 Power generation Korea  9.63%       533   312 
Green Energy Electricity Generation Co., Ltd.
 Power generation Korea  29.00%       1,189   25 
Korea Energy Solutions Co., Ltd.
 R & D Korea  20.00%       300   197 
ITR Co., Ltd.
 R & D Korea  20.00%       50   40 
Structure test network Co., Ltd.
 Technical testing and consulting Korea  20.00%       25   27 
Namjeongsusang Solar Power Operation Co., Ltd.(*10)
 Power generation Korea  15.00%       969   103 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
Indeck Niles Development, LLC(*11)
 Power generation USA  24.08%  ￦    45,562   20,627 
Indeck Niles Asset Management, LLC
 Power generation USA  33.33%       —     101 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
 Holding company Korea  49.00%       7,300   7,326 
Suwon New Power Co., Ltd.
 Power generation Korea  39.90%       798   1,054 
KPGE Inc.
 Power generation materials business Korea  29.00%       287   287 
Gwangbaek Solar Power Investment Co., Ltd.
 Power generation Korea  44.00%       4,757   4,682 
Go deok Clean Energy Co., Ltd.(*12)
 Fuel cell generation Korea  61.00%       1,830   960 
SureDataLab Co., Ltd.
 R & D Korea  23.95%       126   85 
SEP Co., Ltd.
 R & D Korea  21.26%       27   14 
Hankook Electric Power Information Co., Ltd.
 R & D Korea  25.25%       38   139 
Tronix Co., Ltd.
 R & D Korea  20.00%       75   119 
O2&B Global Co., Ltd.
 R & D Korea  20.00%       25   22 
Muan Sunshine Solar Power Plant Co., Ltd.
 Power generation Korea  20.00%       1,570   1,096 
Bigeum Resident Photovoltaic Power Co., Ltd.
 Power generation Korea  29.90%       1   —   
Jeju SolarOne Co., Ltd.(*13)
 Power generation Korea  10.00%       161   159 
Goesan Solar Park Co., Ltd.
 Power generation Korea  29.00%       1,276   1,684 
Saemangeum Heemang Photovoltaic Co., Ltd.
 Power generation Korea  35.00%       11,022   11,022 
Bitgoel Eco Energy Co., Ltd.
 Power generation Korea  29.00%       29   29 
Jeju Gimnyeong Wind Power Co., Ltd.
 Power generation Korea  30.00%       714   1,578 
Seoroseoro Sunny Power Plant Co., Ltd.(*14)
 Power generation Korea  19.46%       230   230 
Muan Solar Park Co., Ltd.(*14)
 Power generation Korea  19.00%       4,180   4,180 
YuDang Solar Co., Ltd.
 Power generation Korea  20.00%       360   360 
Anjwa Smart Farm & Solar City Co., Ltd.(*14)
 Power generation Korea  19.50%       5,510   5,510 
Daewon Green Energy Co., Ltd.
 Power generation Korea  25.36%       3,910   3,910 
              
 
 
  
 
 
 
               2,481,761   4,250,787 
              
 
 
  
 
 
 
<Joint ventures>
                    
KEPCO-Uhde Inc.(*15)
 Power generation Korea  52.80%       11,355   100 
Shuweihat Asia Power Investment B.V.
 Holding company Netherlands  49.00%       44,405   13,264 
Shuweihat Asia Operation & Maintenance Company(*15)
 Maintenance of utility plant Cayman  55.00%       30   1,057 
Waterbury Lake Uranium L.P.
 Resources development Canada  33.10%       26,602   19,797 
ASM-BG
Investicii AD
 Power generation Bulgaria  50.00%       16,101   18,200 
RES Technology AD
 Power generation Bulgaria  50.00%       15,595   15,930 
KV Holdings, Inc.
 Power generation Philippines  40.00%       2,103   2,405 
KEPCO SPC Power Corporation(*15)
 Construction and operation of utility plant Philippines  75.20%       94,579   201,663 
Gansu Datang Yumen Wind Power Co., Ltd.
 Power generation China  40.00%       16,621   6,530 
Datang Chifeng Renewable Power Co., Ltd.
 Power generation China  40.00%       121,928   188,478 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
 Power generation China  40.00%       39,872   42,530 
Rabigh Electricity Company
 Power generation Saudi Arabia  40.00%       109,743   97,157 
Rabigh Operation & Maintenance Company Limited
 Maintenance of utility plant Saudi Arabia  40.00%       70   3,813 
Jamaica Public Service Company Limited
 Power generation Jamaica  40.00%       301,910   266,221 
KW Nuclear Components Co., Ltd.
 Manufacturing Korea  45.00%       833   11,171 
Busan Shinho Solar Power Co., Ltd.
 Power generation Korea  25.00%       2,100   5,378 
Global Trade Of Power System Co., Ltd.(*16)
 Exporting products and technology of small or medium business by proxy Korea  29.00%       290   546 
Expressway Solar-light Power Generation Co., Ltd.(*16)
 Power generation Korea  29.00%       1,856   2,896 
Amman Asia Electric Power Company(*15)
 Power generation Jordan  60.00%       111,476   161,253 
KAPES, Inc.(*15)
 R & D Korea  51.00%       5,629   —   
Honam Wind Power Co., Ltd.
 Power generation Korea  29.00%       3,480   3,887 
Jeongam Wind Power Co., Ltd.
 Power generation Korea  40.00%       5,580   4,620 
Korea Power Engineering Service Co., Ltd.
 Construction and service Korea  29.00%       290   5,362 
Chun-cheon Energy Co., Ltd.
 Power generation Korea  29.90%       52,700   27,518 
Yeonggwangbaeksu Wind Power Co., Ltd.(*16)
 Power generation Korea  15.00%       3,000   3,124 
Nghi Son 2 Power LLC
 Power generation Vietnam  50.00%       2,781   —   
Kelar S.A.(*15)
 Power generation Chile  65.00%       78,060   71,449 
 
F-96
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
PT. Tanjung Power Indonesia
 Power generation Indonesia  35.00%  ￦    26,892   33,063 
Incheon New Power Co., Ltd.(*17)
 Power generation Korea  29.00%       461   —   
Seokmun Energy Co., Ltd.
 Power generation Korea  29.00%       15,370   14,814 
Daehan Wind Power PSC
 Power generation Jordan  50.00%       7,493   —   
Barakah One Company(*18)
 Power generation UAE  18.00%       118   —   
Nawah Energy Company(*18)
 Operation of utility plant UAE  18.00%       296   270 
Momentum
 International thermonuclear experimental reactor construction management France  33.33%       1   565 
Daegu Green Power Co., Ltd.(*19)
 Power generation Korea  29.00%       46,225   23,045 
Yeonggwang Wind Power Co., Ltd.
 Power generation Korea  46.00%       17,475   17,256 
Chester Solar IV SpA
 Power generation Chile  45.00%       1,700   1,064 
Chester Solar V SpA
 Power generation Chile  45.00%       525   277 
Diego de Almagro Solar SpA
 Power generation Chile  45.00%       2,091   1,490 
South Jamaica Power Company Limited
 Power generation Jamaica  20.00%       20,521   31,897 
Daesan Green Energy Co., Ltd.
 Power generation Korea  35.00%       17,850   22,552 
RE Holiday Holdings LLC
 Power generation USA  50.00%       42,948   68,809 
RE Pioneer Holdings LLC
 Power generation USA  50.00%       27,891   49,639 
RE Barren Ridge 1 Holdings LLC
 Power generation USA  50.00%       28,021   4,466 
RE Astoria 2 LandCo LLC
 Power generation USA  50.00%       5,188   5,230 
RE Barren Ridge LandCo LLC
 Power generation USA  50.00%       2,187   1,847 
Laurel SpA
 Power generation Chile  45.00%       1,222   1,092 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*16)
 Power generation Australia  12.37%       4,095   4,129 
Chile Solar JV SpA
 Power generation Chile  50.00%       37,689   34,883 
Taebaek Gadeoksan Wind Power Co., Ltd.
 Power generation Korea  47.31%       12,570   13,362 
Cheong-Song Noraesan Wind Power Co., Ltd.
 Power generation Korea  29.01%       3,200   3,453 
Chester Solar I SpA
 Power generation Chile  45.00%       1,181   1,621 
Solar Philippines Calatagan Corporation
 Power generation Philippines  38.00%       47,903   49,017 
Saemangeum Solar Power Co., Ltd.(*20)
 Power generation Korea  81.00%       26,399   24,292 
Chungsongmeon BongSan wind power Co., Ltd.(*16)
 Power generation Korea  29.00%       2,900   4,124 
Jaeun Resident Wind Power Plant Co., Ltd.(*16)
 Power generation Korea  29.00%       2,494   2,195 
DE Energia SpA
 Power generation Chile  49.00%       8,364   8,187 
Dangjin Eco Power Co., Ltd.
 Power generation Korea  34.00%       25,661   25,523 
Haemodum Solar Co., Ltd.
 Power generation Korea  49.00%       2,940   3,065 
Yangyang Wind Power Co., Ltd.
 Power generation Korea  50.00%       10,800   10,485 
Horus Solar, S.A. De C.V.(*21)
 Renewable power generation Mexico  14.95%       5,068   3,394 
Recursos Solares PV De Mexico II, S.A. De C.V.(*21)
 Renewable power generation Mexico  14.95%       3,678   3,660 
Sunmex Renovables, S.A. De C.V.(*21)
 Renewable power generation Mexico  14.95%       307   240 
Stavro Holding II A.B.
 Holding company Sweden  20.00%       8,829   9,277 
Solaseado Solar Power Co., Ltd.
 Power generation Korea  38.90%       7,020   9,915 
Yeongam Solar Power Co., Ltd.(*16)
 Power generation Korea  19.00%       6,460   6,042 
Samsu Wind Power Co., Ltd.(*16)
 Power generation Korea  19.00%       2,637   2,607 
Pulau Indah Power Plant Sdn. Bhd.
 Power generation Malaysia  25.00%       11,569   11,204 
Sam-Yang
Photovoltaic Power Co., Ltd.
 Power generation Korea  49.00%       5,245   5,535 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
 Holding company Korea  29.53%       20,952   22,242 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream(*15)
 Holding company Korea  90.00%       15,699   16,129 
PT Barito Wahana Tenaga
 Power generation Indonesia  30.61%       59,395   63,029 
Cheongna Energy Co., Ltd.(*20, 22)
 Generating and distributing vapor and hot/cold water Korea  50.10%       49,344   4,940 
Naepo Green Energy Co., Ltd.(*23)
 Power generation Korea  29.20%       29,200   —   
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)(*24)
 Power generation Korea  30.66%       71,070   —   
OneEnergy Asia Limited
 Power generation Vietnam  40.00%       56,654   56,654 
KAS Investment I LLC(*25)
 Holding company USA  29.89%       23,437   23,437 
KAS Investment II LLC(*25)
 Holding company USA  29.89%       23,343   23,343 
Energyco LLC
 Power generation Korea  29.00%       1,659   1,659 
 
F-97
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
CAES, LLC
 Holding company USA  36.00%  ￦    19,414   17,626 
Hapcheon Floating Photovoltaic Power Plant Inc.(*16)
 Power generation Korea  19.47%       1,890   1,890 
Busan Industrial Solar Power Co., Ltd.
 Power generation Korea  28.02%       510   510 
Bitsolar Energy Co., Ltd.
 Power generation Korea  27.10%       352   352 
              
 
 
  
 
 
 
               1,943,392   1,919,746 
              
 
 
  
 
 
 
          ￦    4,425,153   6,170,533 
              
 
 
  
 
 
 
 
(*1)
The effective percentage of ownership is 22.02% considering treasury stocks.
 
(*2)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
 
(*4)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its significant influence on the entity.
 
(*5)
Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.
 
(*6)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
 
(*7)
The Company recognized a full impairment loss for the carrying amount of Jinbhuvish Power Generation Pvt. Ltd. before the prior year, due to the Company’s decision to withdraw its business since there are no business activities occurring.
 
(*8)
The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
(*9)
The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*10)
The effective percentage of ownership is less than 20%. However, the Company considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.
 
(*11)
According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.
 
(*12)
Even though the effective percentage of ownership is more than 50%, the Company does not hold control over the entity as it has less than 50% of decision-making rights. However the Company can exercise significant influence on the entity by participating in the board of directors and others.Therefore the entity is classified as an associate.
 
(*13)
It was newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, it is classified as an associate, judging that the Company can exercise significant influence on the entity.
 
(*14)
The entities were newly invested during the year ended December 31, 2020. The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity.
 
F-98
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
(*15)
The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
 
(*16)
According to the shareholders’ agreement, the parties have joint control over all decisions related to financial and operation. Accordingly, the entity is classified as joint ventures.
 
(*17)
The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
 
(*18)
The effective percentage of ownership is less than 20%. However, all operation related decisions must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
 
(*19)
Although the nominal percentage of ownership is 29.00%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.
 
(*20)
The effective percentage of ownership is more than 50%. However, all operation related decisions must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*21)
The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Company can exercise significant influence.
 
(*22)
The classification of the entity was changed from an associate to a joint venture, due to the additional investment during the year ended December 31, 2020.
 
(*23)
The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from an associate to a joint venture, due to the changes in voting rights.
 
(*24)
The name of the entity has changed during the current year. According to the Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.) held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.
 
(*25)
The entities were included in the joint ventures due to the new investment during the year ended December 31, 2020. Since the final settlement of the entity was not completed before the Company’s financial statements date, the financial statements of October 7, were used for consolidation.
 
F-99
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
<Associates>
                    
Korea Gas Corporation(*1)
 Importing and wholesaling LNG Korea  20.47%  ￦    94,500   1,815,513 
Korea Electric Power Industrial Development Co., Ltd.
 Electricity metering and others Korea  29.00%       4,727   24,617 
YTN Co., Ltd.
 Broadcasting Korea  21.43%       59,000   51,828 
Gangwon Wind Power Co., Ltd.(*2)
 Power generation Korea  15.00%       5,725   10,554 
Hyundai Green Power Co., Ltd.
 Power generation equipment consignment and operation service Korea  29.00%       88,885   121,955 
Korea Power Exchange(*3)
 Management of power market and others Korea  100.00%       127,839   269,728 
Taebaek Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,810   6,800 
Taebaek Guinemi Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,420   3,357 
Pyeongchang Wind Power Co., Ltd.
 Power generation Korea  25.00%       3,875   5,411 
Daeryun Power Co., Ltd.(*2)
 Power generation Korea  9.34%       40,854   25,426 
Changjuk Wind Power Co., Ltd.
 Power generation Korea  30.00%       3,801   8,355 
KNH Solar Co., Ltd.
 Power generation Korea  27.00%       1,296   2,278 
SPC Power Corporation
 Power generation Philippines  38.00%       20,635   65,046 
Gemeng International Energy Co., Ltd.
 Power generation China  34.00%       413,153   595,218 
PT. Cirebon Electric Power
 Power generation Indonesia  27.50%       40,365   121,969 
KNOC Nigerian East Oil Co., Ltd.(*4)
 Resources development Nigeria  14.63%       12   —   
KNOC Nigerian West Oil Co., Ltd.(*4)
 Resources development Nigeria  14.63%       12   —   
PT Wampu Electric Power
 Power generation Indonesia  46.00%       21,292   35,077 
PT. Bayan Resources TBK
 Resources development Indonesia  20.00%       615,860   661,289 
S-Power
Co., Ltd.
 Power generation Korea  49.00%       132,300   122,786 
Pioneer Gas Power Limited
 Power generation India  38.50%       49,831   —   
Eurasia Energy Holdings
 Power generation and resources development Russia  40.00%       461   —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
 Power generation Laos  25.00%       87,426   92,441 
PT. Mutiara Jawa
 Manufacturing and operating floating coal terminal Indonesia  29.00%       2,978   2,569 
Samcheok Eco Materials Co., Ltd.(*5)
 Recycling fly ashes Korea  2.35%       686   —   
Noeul Green Energy Co., Ltd.
 Power generation Korea  29.00%       1,740   3,808 
Goseong Green Power Co., Ltd.
 Power generation Korea  29.00%       262,740   260,858 
Gangneung Eco Power Co., Ltd.(*2)
 Power generation Korea  1.61%       2,900   2,288 
Shin Pyeongtaek Power Co., Ltd.
 Power generation Korea  40.00%       72,000   93,074 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
 Power generation Korea  28.00%       194   223 
Dongducheon Dream Power Co., Ltd.(*6)
 Power generation Korea  33.61%       148,105   74,198 
Jinbhuvish Power Generation Pvt. Ltd.(*2)
 Power generation India  5.16%       9,000   —   
Daejung Offshore Wind Power Co., Ltd.
 Power generation Korea  46.59%       5,190   1,704 
GS Donghae Electric Power Co., Ltd.
 Power generation Korea  34.00%       204,000   243,772 
Daegu Photovoltaic Co., Ltd.
 Power generation Korea  29.00%       1,230   2,342 
Busan Green Energy Co., Ltd.
 Power generation Korea  29.00%       5,243   5,032 
Gunsan Bio Energy Co., Ltd.(*2)
 Power generation Korea  18.87%       1,000   —   
Korea Electric Vehicle Charging Service(*2)
 Electric vehicle charge service Korea  17.50%       2,800   1,250 
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)
 Electric material agency Korea  28.98%       537   219 
Korea Electric Power Corporation Fund(*7)
 Developing electric enterprises Korea  98.09%       48,410   47,983 
Energy Infra Asset Management Co., Ltd.(*2)
 Asset management Korea  9.90%       297   1,066 
Daegu clean Energy Co., Ltd.
 Renewable power generation Korea  28.00%       140   12 
YaksuESS Co., Ltd.
 Installing ESS related equipment Korea  29.00%       210   716 
Nepal Water & Energy Development Company Private Limited (*8)
 Construction and operation of utility plant Nepal  69.06%       70,228   66,333 
Gwangyang Green Energy Co., Ltd.
 Power generation Korea  20.00%       26,800   25,466 
PND
Solar
Co., Ltd.
 Power generation Korea  29.00%       1,250   1,229 
Hyundai Eco Energy Co., Ltd.(*2)
 Power generation Korea  19.00%       3,610   5,572 
YeongGwang Yaksu Wind Electric Co., Ltd.(*2)
 Power generation Korea  9.63%       533   233 
Green Energy Electricity Generation Co., Ltd.
 Power generation Korea  29.00%       1,189   1,713 
Korea Energy Solutions Co., Ltd.
 R & D Korea  20.00%       300   123 
ITR Co., Ltd.
 R & D Korea  20.00%       50   32 
Structure test network Co., Ltd.
 Technical testing and consulting Korea  20.00%       25   306 
Namjeongsusang Solar Power Operation Co., Ltd.(*9)
 Power generation Korea  15.00%       969   361 
 
F-100
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
Indeck Niles Development, LLC(*10)
 Power generation USA  56.25%  ￦    268,113   246,273 
Indeck Niles Asset Management, LLC
 Power generation USA  33.33%       —     111 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
 Holding company Korea  49.00%       7,112   7,138 
Suwon New Power Co., Ltd.
 Power generation Korea  39.90%       798   1,035 
KPGE Inc.
 Power generation materials business Korea  29.00%       287   309 
Gwangbaek Solar Power Investment Co., Ltd.
 Power generation Korea  44.00%       4,757   4,806 
Go deok Clean Energy Co., Ltd.
 Fuel cell generation Korea  40.00%       5,560   4,302 
SureDataLab Co., Ltd.
 R & D Korea  23.95%       126   128 
SEP Co., Ltd.
 R & D Korea  21.26%       27   7 
Hankook Electric Power Information Co., Ltd.
 R & D Korea  25.25%       38   161 
Tronix Co., Ltd.
 R & D Korea  20.00%       75   109 
O2&B Global Co., Ltd.
 R & D Korea  20.00%       25   35 
Muan Sunshine Solar Power Plant Co., Ltd.
 Power generation Korea  20.00%       1,570   1,268 
Bigeum Resident Photovoltaic Power Co., Ltd.
 Power generation Korea  29.90%       1   —   
Goesan Solar Park Co., Ltd.
 Power generation Korea  29.00%       1,276   1,927 
Saemangeum Heemang Photovoltaic Co., Ltd.
 Power generation Korea  35.00%       11,022   10,238 
Bitgoel Eco Energy Co., Ltd.
 Power generation Korea  29.00%       4,640   4,356 
Jeju Gimnyeong Wind Power Co., Ltd.
 Power generation Korea  30.00%       714   911 
Seoroseoro Sunny Power Plant Co., Ltd.
 Power generation Korea  42.58%       706   721 
Muan Solar
P
ark Co., Ltd.
 Power generation Korea  20.00%       4,400   6,083 
YuDang Solar Co., Ltd.
 Power generation Korea  20.00%       360   565 
Anjwa Smart Farm & Solar City Co., Ltd.
 Power generation Korea  20.00%       5,651   6,784 
Daewon Green Energy Co., Ltd.
 Power generation Korea  25.36%       3,910   3,877 
G.GURU Co., Ltd.
 R & D Korea  24.65%       493   403 
UD4M Co., Ltd.(*2)
 R & D Korea  12.50%       75   144 
Dongbu Highway Solar Co., Ltd.
 Power generation Korea  20.00%       190   265 
Seobu Highway Solar Co., Ltd.
 Power generation Korea  20.00%       195   289 
Korea Energy Data Co., Ltd.
 R & D Korea  29.37%       60   62 
Gangneung Sacheon Fuel Cell Co., Ltd.(*7)
 Power generation Korea  65.00%       1,950   1,878 
Kosture
 
Co., Ltd.(*2)
 Coal recycling business Korea  0.26%       —     —   
Digital Innovation Growth Fund(*7)
 Holding company Korea  76.92%       10,000   9,890 
Taebaek Gadeoksan Wind Power Co., Ltd.(*18)
 Power generation Korea  39.65%       12,570   16,495 
Chuncheon Green Energy Co., Ltd.(*7)
 Power generation Korea  68.00%       3,400   3,372 
Yeomsubong Wind Power Co., Ltd.
 Power generation Korea  48.72%       95   95 
Yeongyang Wind Power Corporation II
 Power generation Korea  30.00%       7,965   7,965 
Haeparang Energy Co., Ltd.
 Power generation Korea  25.00%       2,241   2,241 
Saemangeum Sebit Power Plant Co., Ltd.(*7)
 Power generation Korea  69.55%       6,000   6,000 
              
 
 
  
 
 
 
               3,059,835   5,232,373 
              
 
 
  
 
 
 
<Joint ventures>
                    
KEPCO-Uhde Inc.(*11)
 Power generation Korea  52.80%       11,355   58 
Shuweihat Asia Power Investment B.V.
 Holding company Netherlands  49.00%       44,405   37,069 
Shuweihat Asia Operation & Maintenance Company(*11)
 Maintenance of utility plant Cayman  55.00%       30   1,380 
Waterbury Lake Uranium L.P.
 Resources development Canada  33.10%       26,602   21,590 
ASM-BG
Investicii AD
 Power generation Bulgaria  50.00%       16,101   18,692 
RES Technology AD
 Power generation Bulgaria  50.00%       15,595   16,703 
KV Holdings, Inc.
 Power generation Philippines  40.00%       2,103   2,527 
KEPCO SPC Power Corporation(*11)
 Construction and operation of utility plant Philippines  75.20%       94,579   198,979 
Gansu Datang Yumen Wind Power Co., Ltd.
 Power generation China  40.00%       16,621   6,635 
Datang Chifeng Renewable Power Co., Ltd.
 Power generation China  40.00%       121,928   204,587 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
 Power generation China  40.00%       39,872   44,217 
Rabigh Electricity Company
 Power generation Saudi Arabia  40.00%       109,743   143,678 
Rabigh Operation & Maintenance Company Limited
 Maintenance of utility plant Saudi Arabia  40.00%       70   4,071 
Jamaica Public Service Company Limited
 Power generation Jamaica  40.00%       301,910   294,649 
KW Nuclear Components Co., Ltd.
 Manufacturing Korea  45.00%       833   15,734 
Busan Shinho Solar Power Co., Ltd.
 Power generation Korea  25.00%       2,100   5,841 
 
F-101
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
Global Trade Of Power System Co., Ltd.(*12)
 Exporting products and technology of small or medium business by proxy Korea  29.00%  ￦    290   597 
Expressway Solar-light Power Generation Co., Ltd.(*12)
 Power generation Korea  29.00%       1,856   3,084 
Amman Asia Electric Power Company(*11)
 Power generation Jordan  60.00%       111,476   178,679 
KAPES, Inc.(*11)
 R & D Korea  51.00%       5,629   —   
Honam Wind Power Co., Ltd.
 Power generation Korea  29.00%       3,480   4,041 
Korea Power Engineering Service Co., Ltd.
 Construction and service Korea  29.00%       290   5,415 
Chun-cheon Energy Co., Ltd.
 Power generation Korea  29.90%       52,700   25,896 
Yeonggwangbaeksu Wind Power Co., Ltd.(*12)
 Power generation Korea  15.00%       3,000   2,728 
Nghi Son 2 Power LLC
 Power generation Vietnam  50.00%       2,781   —   
Kelar S.A. (*11)
 Power generation Chile  65.00%       78,060   86,695 
PT. Tanjung Power Indonesia
 Power generation Indonesia  35.00%       26,892   46,546 
Incheon New Power Co., Ltd.(*13)
 Power generation Korea  29.00%       461   —   
Seokmun Energy Co., Ltd.
 Power generation Korea  29.00%       15,370   13,842 
Daehan Wind Power PSC
 Power generation Jordan  50.00%       7,493   5,154 
Barakah One Company(*14)
 Power generation UAE  18.00%       118   —   
Nawah Energy Company(*14)
 Operation of utility plant UAE  18.00%       296   294 
Momentum
 International thermonuclear experimental reactor construction management France  33.33%       1   368 
Daegu Green Power Co., Ltd.(*15)
 Power generation Korea  29.00%       46,225   24,054 
Yeonggwang Wind Power Co., Ltd.
 Power generation Korea  46.00%       17,475   17,646 
Chester Solar IV SpA
 Power generation Chile  45.00%       1,700   —   
Chester Solar V SpA
 Power generation Chile  45.00%       525   25 
Diego de Almagro Solar SpA
 Power generation Chile  45.00%       2,091   362 
South Jamaica Power Company Limited
 Power generation Jamaica  20.00%       20,430   37,360 
Daesan Green Energy Co., Ltd.
 Power generation Korea  35.00%       17,850   21,244 
RE Holiday Holdings LLC
 Power generation USA  50.00%       42,948   73,167 
RE Pioneer Holdings LLC
 Power generation USA  50.00%       27,891   47,015 
RE Barren Ridge 1 Holdings LLC
 Power generation USA  50.00%       28,021   1,883 
RE Astoria 2 LandCo LLC
 Power generation USA  50.00%       5,188   5,998 
RE Barren Ridge LandCo LLC
 Power generation USA  50.00%       2,187   2,120 
Laurel SpA
 Power generation Chile  45.00%       1,222   290 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd.(*12)
 Power generation Australia  12.37%       4,095   3,625 
Chile Solar JV SpA
 Power generation Chile  50.00%       37,689   32,457 
Cheong-Song Noraesan Wind Power Co., Ltd.
 Power generation Korea  29.01%       3,200   4,106 
Chester Solar I SpA
 Power generation Chile  45.00%       1,181   1,120 
Solar Philippines Calatagan Corporation
 Power generation Philippines  38.00%       47,903   58,231 
Saemangeum Solar Power Co., Ltd. (*16)
 Power generation Korea  81.01%       26,400   23,939 
Chungsongmeon BongSan wind power Co., Ltd.(*12)
 Power generation Korea  29.00%       2,900   3,808 
Jaeun Resident Wind Power Plant Co., Ltd.
 Power generation Korea  29.00%       2,494   1,958 
DE Energia SpA
 Power generation Chile  49.00%       8,364   8,921 
Dangjin Eco Power Co., Ltd.
 Power generation Korea  34.00%       25,661   26,109 
Haemodum Solar Co., Ltd.
 Power generation Korea  49.00%       2,940   3,081 
Yangyang Wind Power Co., Ltd.
 Power generation Korea  50.00%       12,000   11,191 
Horus Solar, S.A. De C.V.(*17)
 Renewable power generation Mexico  14.95%       5,068   5,842 
Recursos Solares PV De Mexico II, S.A. De C.V.(*17)
 Renewable power generation Mexico  14.95%       3,678   4,536 
Sunmex Renovables, S.A. De C.V.(*17)
 Renewable power generation Mexico  14.95%       1,678   1,610 
Stavro Holding II A.B.
 Holding company Sweden  20.00%       17,615   17,627 
Solaseado Solar Power Co., Ltd.
 Power generation Korea  38.90%       7,020   9,891 
Yeongam Solar Power Co., Ltd.(*12)
 Power generation Korea  19.00%       6,460   6,838 
Samsu Wind Power Co., Ltd.(*12)
 Power generation Korea  19.00%       2,637   2,828 
Pulau Indah Power Plant Sdn. Bhd.
 Power generation Malaysia  25.00%       23,833   22,099 
Sam-Yang
Photovoltaic Power Co., Ltd.
 Power generation Korea  49.00%       5,245   4,993 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
 Holding company Korea  29.53%       19,983   21,456 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream(*11)
 Holding company Korea  90.00%       15,699   16,288 
 
F-102
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
 
Key operation activities
 
Location
 
Percentage of
ownership
     
Acquisition
cost
  
Book

value
 
  
In millions of won
 
PT Barito Wahana Tenaga
 Power generation Indonesia  30.61%  ￦    59,535   81,595 
Cheongna Energy Co., Ltd.(*16)
 Generating and distributing vapor and hot/cold water Korea  50.10%       49,344   11,198 
Naepo Green Energy Co., Ltd.
 Power generation Korea  29.20%       29,200   —   
Dayone Energy Co., Ltd.(*19)
 Power generation Korea  30.66%       71,070   —   
OneEnergy Asia Limited
 Power generation Vietnam  40.00%       76,916   79,700 
KAS Investment I LLC
 Holding company USA  29.89%       23,437   15,273 
KAS Investment II LLC
 Holding company USA  29.89%       23,343   15,213 
Energyco Co., Ltd. (formerly, Energyco LLC)
 Power generation Korea  29.00%       1,659   1,535 
CAES, LLC
 Holding company USA  36.00%       19,414   18,435 
Hapcheon Floating Photovoltaic Power Plant Inc.(*12)
 Power generation Korea  49.00%       7,512   6,971 
Busan Industrial Solar Power Co., Ltd.
 Power generation Korea  28.02%       510   612 
Bitsolar Energy Co., Ltd.
 Power generation Korea  27.10%       352   352 
Pulau Indah O&M Sdn. Bhd.(*20)
 Power generation Malaysia  60.00%       —     —   
Guadalupe Solar SpA(*20)
 Power generation Chile  60.00%       1,397   659 
Omisan Wind Power Co., Ltd.
 Power generation Korea  42.00%       10,752   10,633 
Foresight Iberian Solar Group Holding, S.L.(*20)
 Power generation Spain  75.00%       9,697   9,743 
Yeongwol Eco Wind Co., Ltd.
 Power generation Korea  29.00%       3,089   3,196 
Gurae Resident Power Co., Ltd.
 Power generation Korea  29.00%       386   395 
Cheongju Eco Park Co., Ltd.
 Power generation Korea  29.00%       5,858   5,465 
Enel X Midland Photovoltaic, LLC
 Power generation Korea  20.00%       1,695   1,688 
Geumsungsan Wind Power Co., Ltd.
 Power generation Korea  29.00%       6,531   6,053 
KEPCO KPS
Carabao
 
Corp.
 Utility plant maintenance Philippines  40.00%       93   386 
Prime Swedish Holding AB
 Holding company Sweden  45.00%       14,514   15,441 
Goheung New Energy Co., Ltd.
 Power generation Korea  46.15%       12,959   11,708 
Gunsan Land Solar Co., Ltd.(*20)
 Power generation Korea  75.29%       19,091   19,317 
CapMan Lynx SCA, SICAR
 Holding company Luxembourg  50.00%       9,601   9,976 
International Offshore Power Transmission Holding Company Limited
 Undersea transmission network operation UAE  35.00%       —     —   
               2,069,491   2,239,011 
              
 
 
  
 
 
 
          ￦    5,129,326   7,471,384 
              
 
 
  
 
 
 
 
(*1)
Due to changes in equity, the nominal and effective percentage of ownership are 20.47%.
 
(*2)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint directors to the board of directors of the entity, and by strict decision criteria of the Company’s financial and operating policy of the board of directors.
 
(*3)
The effective percentage of ownership is 100%. However, the Government regulates the Company’s ability to make operating and financial decisions over the entity, as the Government requires maintaining arms-length transactions between KPX and the Company’s other subsidiaries. Accordingly, the entity is not classified as a consolidated subsidiary. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity.
 
(*4)
The effective percentage of ownership is less than 20%. However, the Company can exercise significant influence by virtue of its contractual right to appoint one out of four members of the steering committee of the entity. Moreover, the Company has significant financial transactions, which can affect its significant influence on the entity.
 
(*5)
Although the nominal percentage of ownership is 2.35%, the effective percentage of ownership is 25.54%, considering redeemable convertible preferred stock as a liability component.
 
(*6)
The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock.
 
(*7)
The effective percentage of ownership is more than 50% but the Company does not hold control over relevant business while it exercises significant influence by participating in the Investment Decision Committee. Accordingly, the entity is classified as an associate.
 
F-103
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(1)
Investments in associates and joint ventures as of December 31, 2020 and 2021 are as follows, continued:
 
(*8)
The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. Accordingly, the entity is classified as an associate.
 
(*9)
The effective percentage of ownership is less than 20%. However, the Company considers the major decision-making body to be the general decision of the board of directors, and the general decision of the board of directors can be passed only by two directors of Namjeongsusang Solar Power Operation Co., Ltd. Accordingly, the entity is classified as an associate.
 
(*10)
According to the shareholders’ agreement, additional investment of 50% of total stake is agreed by March 2022.
 
(*11)
The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all critical financial and operating decisions must be agreed to by all ownership parties. Accordingly, the entities are classified as joint ventures.
 
(*12)
According to the shareholders’ agreement, the parties have joint control over all decisions related to finance and operation. Accordingly, the entity is classified as joint ventures.
 
(*13)
The joint arrangement which the Company has joint control is structured through a separate company. The parties have joint control over the joint arrangement are classified as joint ventures, judging that they have rights to the net assets of the arrangement.
 
(*14)
The effective percentage of ownership is less than 20%. However, decisions in relevant actitvities must be agreed by ownership parties. Accordingly, the entity is classified as joint ventures.
 
(*15)
Although the nominal percentage of ownership is 29%, the effective percentage of ownership is 54.24%, considering the interest of financial investors as a liability component.
 
(*16)
The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
(*17)
The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions related pricipal operation must be agreed by all ownership parties. Accordingly, the Company can exercise significant influence.
 
(*18)
The percentage of ownership decreased due to the unequal capital increase. The entity was reclassified from a joint venture to an associate, due to the changes in voting rights.
 
(*19)
According to the Dayone Energy Co., Ltd. Investment Agreement signed in March 2011, the Company has a commitment to guarantee principal and certain returns on shares of Dayone Energy Co., Ltd. held by NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation. Since NH Power 2nd Co., Ltd. and the National Agricultural Cooperative Federation have put option regarding their share of the entity, the Company was deemed to have acquired an additional 15.64% stake. As a result, the effective percentage of ownership is 46.3% in the current and prior period. In accordance with shareholders’ agreement signed during the current period, the Company has joint control with other investors in making important financial and operation decisions, so it has been reclassified from an associate to a joint venture.
 
(*20)
The effective percentage of ownership is more than 50%. However, decisions in relevant actitvities must be agreed by all ownership parties. Accordingly, the entity is classified as a joint venture.
 
F-104
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(2)
The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2020 and 2021 are as follows:

Investees
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
<Associates>
  
  
  
Korea Electric Power Industrial Development Co., Ltd.
  ￦     45,048    115,339 
Korea Gas Corporation(*)
        584,010    738,990 
YTN Co., Ltd.
        27,000    26,550 
SPC Power Corporation
        139,698    203,589 
PT. Bayan Resources TBK
        798,510    1,495,801 
 
 (*)
An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (“KOGAS”) for the years ended December 31, 2020 and 2021 as management determined that the carrying amount of the investment in KOGAS at ￦1,647,325 million and ￦1,815,513 million respectively were significantly higher than its fair value. Accordingly, management has assessed the recoverable amount of the investment by estimating the Company’s share of the present value of the estimated future cash flows expected to be generated by KOGAS. The carrying amount of KOGAS as at December 31, 2020 and 2021 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2020 and 2021.
The recoverable amount estimate is most sensitive to assumptions regarding long-term revenue forecasts as well as the discount rate:
 
 • 
Revenue forecasts: price and volume of gas sold are based on the long-term natural gas supply and demand programs approved by the Ministry of Trade, Industry & Energy.
 
 • 
Discount rate: the discount rate is derived using the weighted average cost of capital methodology adjusted for any risks that are not reflected in the underlying cash flows. A real
post-tax
discount rate of 4.60% and 4.90% was applied to
post-tax
cash flows respectively as at December 31, 2020 and 2021.
Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates.
 
F-105
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows:
 
2020
 
Investees
 
 
 
 
Beginning
balance
 
 
Acquisitions
 
 
Disposals
 
 
Dividends
received
 
 
Share of
profit

(loss)
 
 
Other
comprehensive
income

(loss)
 
 
Others
 
 
Ending
balance
 
 
 
 
 
 
In millions of won
 
<Associates>
 
 
 
 
 
 
 
 
 
Korea Gas Corporation
 ￦    1,693,967   —     —     (7,182)   (14,104)   (25,023)   (333)   1,647,325 
Korea Electric Power Industrial Development Co., Ltd.
      25,393   —     —     (2,146)   3,806   —     (1,423)   25,630 
YTN Co., Ltd.
      39,747   —     —     (90)   1,086   (6)   (188)   40,549 
Cheongna Energy Co., Ltd.
      1,411   990   —     —     2,518   —     (4,919)   —   
Gangwon Wind Power Co., Ltd.
      12,327   —     —     (1,988)   1,104   —     —     11,443 
Hyundai Green Power Co., Ltd.
      124,253   —     —     (8,889)   17,410   —     —     132,774 
Korea Power Exchange
      258,899   —     —     —     1,860   1   8,362   269,122 
Dayone Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
Ecollite Co., Ltd.(*1)
      —     —     —     —     —     —     —     —   
Taebaek Wind Power Co., Ltd.
      7,039   —     —     (175)   (472)   —     —     6,392 
Taebaek Guinemi Wind Power Co., Ltd.
      2,553   —     —     —     534   —     —     3,087 
Pyeongchang Wind Power Co., Ltd.
      5,877   —     —     (813)   (37)   —     —     5,027 
Daeryun Power Co., Ltd.
      26,247   —     —     —     104   —     2   26,353 
Changjuk Wind Power Co., Ltd.
      8,520   —     —     (750)   97   —     —     7,867 
KNH Solar Co., Ltd.
      2,382   —     —     —     54   —     —     2,436 
SPC Power Corporation
      63,583   —     —     (10,764)   5,491   11,649   (47)   69,912 
Gemeng International Energy Co., Ltd.
      670,896   —     —     (11,620)   15,965   4,468   (1)   679,708 
PT. Cirebon Electric Power
      123,425   —     —     (9,782)   11,330   434   (7,596)   117,811 
KNOC Nigerian East Oil Co., Ltd.
      —     —     —     —     (22)   671   (649)   —   
KNOC Nigerian West Oil Co., Ltd.
      —     —     —     —     (22)   617   (595)   —   
PT Wampu Electric Power
      29,355   —     —     (1,303)   3,245   (1,639)   (1,793)   27,865 
PT. Bayan Resources TBK
      445,141   —     —     (15,720)   17,139   (21,256)   (70)   425,234 
S-Power
Co., Ltd.
      115,784   —     —     —     (5,429)   —     (63)   110,292 
Pioneer Gas Power Limited
      —     —     —     —     —     —     —     —   
Eurasia Energy Holdings
      —     —     —     —     —     —     —     —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      72,935   —     —     —     (2,896)   (5,469)   —     64,570 
Hadong Mineral Fiber Co., Ltd.
      —     —     —     —     —     —     —     —   
Green Biomass Co., Ltd.
      108   —     (108)   —     —     —     —     —   
PT. Mutiara Jawa
      1,438   —     —     —     459   (117)   —     1,780 
Samcheok Eco Materials Co., Ltd.
      —     —     —     —     —     —     —     —   
Noeul Green Energy Co., Ltd.
      6,610   —     —     —     (2,413)   —     —     4,197 
Naepo Green Energy Co., Ltd.
      —     —     —     —     (9,789)   —     9,789   —   
Goseong Green Power Co., Ltd.
      2,340   —     —     —     (154)   —     —     2,186 
Gangneung Eco Power Co., Ltd.
      2,430   —     —     —     (62)   —     —     2,368 
Shin Pyeongtaek Power Co., Ltd.
      66,956   —     —     —     11,877   (3,604)   (5,638)   69,591 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      215   —     —     —     (5)   —     —     210 
 
F-106
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
2020
 
Investees
 
 
 
 
Beginning
balance
 
 
Acquisitions
 
 
Disposals
 
 
Dividends
received
 
 
Share of
profit

(loss)
 
 
Other
comprehensive
income

(loss)
 
 
Others
 
 
Ending
balance
 
 
 
 
 
 
In millions of won
 
Dongducheon Dream Power Co., Ltd.
 ￦    76,547   —     —     —     4,095   —     (5)   80,637 
Jinbhuvish Power Generation Pvt. Ltd.
      —     —     —     —     —     —     —     —   
Daejung Offshore Wind Power Co., Ltd.
      2,361   —     —     —     (411)   —     215   2,165 
GS Donghae Electric Power Co., Ltd.
      255,983   —     —     (25,796)   14,265   —     (26)   244,426 
Daegu Photovoltaic Co., Ltd.
      2,060   —     —     (325)   331   —     —     2,066 
Busan Green Energy Co., Ltd.
      10,637   —     —     —     (1,862)   —     3   8,778 
Gunsan Bio Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
Korea Electric Vehicle Charging Service
      1,063   —     —     —     (491)   —     4   576 
Korea Nuclear Partners Co., Ltd.
      —     247   —     —     (43)   (4)   —     200 
Korea Electric Power Corporation Fund
      41,126   —     —     —     (908)   1,708   —     41,926 
Energy Infra Asset Management Co., Ltd.
      791   —     —     —     147   —     —     938 
Daegu clean Energy Co., Ltd.
      13   —     —     —     (1)   —     —     12 
YaksuESS Co., Ltd.
      516   —     —     —     (62)   —     —     454 
Nepal Water & Energy Development Company Private Limited
      31,145   14,697   —     —     (1,699)   (1,466)   —     42,677 
Gwangyang Green Energy Co., Ltd.
      948   —     —     —     (22)   —     —     926 
PND
Solar
Co., Ltd.
      1,144   —     —     —     5   —     —     1,149 
Hyundai Eco Energy Co., Ltd.
      3,781   —     —     —     469   —     —     4,250 
YeongGwang Yaksu Wind Electric Co., Ltd.
      386   —     —     —     (74)   —     —     312 
Green Energy Electricity Generation Co., Ltd.
      163   —     —     —     (138)   —     —     25 
Korea Energy Solutions Co., Ltd.
      259   —     —     —     (62)   —     —     197 
ITR Co., Ltd.
      33   —     —     —     7   —     —     40 
Structure test network Co., Ltd.
      21   —     —     —     6   —     —     27 
Namjeongsusang Solar Power Operation Co., Ltd.
      812   —     —     —     (709)   —     —     103 
Indeck Niles Development, LLC
      —     45,562   —     —     (13,344)   (9,846)   (1,745)   20,627 
Indeck Niles Asset Management, LLC
      87   —     —     (539)   559   —     (6)   101 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
      7,126   294   (99)   (291)   296   —     —     7,326 
Suwon New Power Co., Ltd.
      798   —     —     —     256   —     —     1,054 
KPGE Inc.
      287   —     —     —     —     —     —     287 
Gwangbaek Solar Power Investment Co., Ltd.
      2,054   2,703   —     —     (75)   —     —     4,682 
Go deok Clean Energy Co., Ltd.
      1,830   —     —     —     (843)   (27)   —     960 
SureDataLab Co., Ltd.
      —     126   —     —     (41)   —     —     85 
SEP Co., Ltd.
      —     27   —     —     (13)   —     —     14 
Hankook Electric Power Information Co., Ltd.
      —     38   —     —     101   —     —     139 
Tronix Co., Ltd.
      —     75   —     —     44   —     —     119 
O2&B Global Co., Ltd.
      —     25   —     —     (3)   —     —     22 
Muan Sunshine Solar Power Plant Co., Ltd.
      —     79   —     —     (475)   —     1,492   1,096 
Bigeum Resident Photovoltaic Power Co., Ltd.
      —     —     —     —     —     —     —     —   
Jeju SolarOne Co., Ltd.
      —     161   —     —     —     (2)   —     159 
Energy Innovation Fund I
      —     4,000   —     (2)   (159)   —     (3,839)   —   
Goesan Solar Park Co., Ltd.
      —     1,276   —     —     408   —     —     1,684 
Saemangeum Heemang Photovoltaic Co., Ltd.
      —     11,022   —     —     —     —     —     11,022 
Bitgoel Eco Energy Co., Ltd.
      —     29   —     —     —     —     —     29 
Jeju Gimnyeong Wind Power Co., Ltd.
      —     714   —     —     864   —     —     1,578 
 
F-107
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
2020
 
Investees
 
 
 
 
Beginning
balance
 
 
Acquisitions
 
 
Disposals
 
 
Dividends
received
 
 
Share of
profit

(loss)
 
 
Other
comprehensive
income

(loss)
 
 
Others
 
 
Ending
balance
 
 
 
 
 
 
In millions of won
 
Seoroseoro Sunny Power Plant Co., Ltd.
 ￦    —     230   —     —     —     —     —     230 
Muan Solar
Park
Co., Ltd.
      —     4,180   —     —     —     —     —     4,180 
YuDang Solar Co., Ltd.
      —     360   —     —     —     —     —     360 
Anjwa Smart Farm & Solar City Co., Ltd.
      —     5,510   —     —     —     —     —     5,510 
Daewon Green Energy Co., Ltd.
      —     3,910   —     —     —     —     —     3,910 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       4,251,802   96,255   (207)   (98,175)   59,092   (48,911)   (9,069)   4,250,787 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
<Joint ventures>
                                    
KEPCO-Uhde Inc.
      134   —     —     —     (34)   —     —     100 
Shuweihat Asia Power Investment B.V.
      18,318   —     —     (4,337)   5,919   (6,636)   —     13,264 
Shuweihat Asia Operation & Maintenance Company
      1,408   —     —     (922)   1,074   (503)   —     1,057 
Waterbury Lake Uranium L.P.
      20,562   —     —     —     4   (769)   —     19,797 
ASM-BG
Investicii AD
      19,376   —     —     (4,206)   2,575   455   —     18,200 
RES Technology AD
      16,248   —     —     (1,981)   1,051   612   —     15,930 
KV Holdings, Inc.
      2,441   —     —     (617)   580   1   —     2,405 
KEPCO SPC Power Corporation
      214,794   —     —     (48,486)   48,479   (12,995)   (129)   201,663 
Gansu Datang Yumen Wind Power Co., Ltd.
      8,149   —     —     —     (1,718)   99   —     6,530 
Datang Chifeng Renewable Power Co., Ltd.
      185,307   —     —     (13,453)   15,317   1,307   —     188,478 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      41,024   —     —     —     1,231   275   —     42,530 
Rabigh Electricity Company
      109,096   —     —     (14,956)   25,474   (22,458)   1   97,157 
Rabigh Operation & Maintenance Company Limited
      6,879   —     —     (5,340)   2,788   (514)   —     3,813 
Jamaica Public Service Company Limited
      253,607   —     —     (4,352)   24,669   (10,891)   3,188   266,221 
KW Nuclear Components Co., Ltd.
      9,052   —     —     (833)   2,952   —     —     11,171 
Busan Shinho Solar Power Co., Ltd.
      5,045   —     —     (330)   663   —     —     5,378 
Global Trade Of Power System Co., Ltd.
      571   —     —     —     (25)   —     —     546 
Expressway Solar-light Power Generation Co., Ltd.
      2,883   —     —     —     13   —     —     2,896 
Amman Asia Electric Power Company
      192,164   —     —     (28,281)   20,165   (22,795)   —     161,253 
KAPES, Inc.
      10,832   —     —     —     (10,806)   —     (26)   —   
Honam Wind Power Co., Ltd.
      4,375   —     —     (435)   (53)   —     —     3,887 
Jeongam Wind Power Co., Ltd.
      4,437   —     —     —     183   —     —     4,620 
Korea Power Engineering Service Co., Ltd.
      4,902   —     —     —     446   —     14   5,362 
Chun-cheon Energy Co., Ltd.
      34,872   —     —     —     (7,354)   —     —     27,518 
Yeonggwangbaeksu Wind Power Co., Ltd.
      3,040   —     —     —     84   —     —     3,124 
Nghi Son 2 Power LLC
      —     —     —     —     —     —     —     —   
Kelar S.A.
      70,462   —     —     —     14,864   (9,186)   (4,691)   71,449 
PT. Tanjung Power Indonesia
      34,327   —     —     —     7,522   (9,220)   434   33,063 
Incheon New Power Co., Ltd.
      —     —     —     —     —     —     —     —   
Seokmun Energy Co., Ltd.
      17,342   —     —     —     (2,528)   —     —     14,814 
Daehan Wind Power PSC
      1,757   4,302   —     —     (626)   (5,433)   —     —   
Barakah One Company
      —     —     —     —     —     —     —     —   
Nawah Energy Company
      285   —     —     —     2   (17)   —     270 
Momentum
      553   —     —     (404)   399   17   —     565 
Daegu Green Power Co., Ltd.
      22,824   —     —     —     128   —     93   23,045 
Yeonggwang Wind Power Co., Ltd.
      17,627   —     —     —     (371)   —     —     17,256 
Chester Solar IV SpA
      672   —     —     —     389   80   (77)   1,064 
Chester Solar V SpA
      146   —     —     —     135   17   (21)   277 
Diego de Almagro Solar SpA
      1,035   —     —     —     455   107   (107)   1,490 
South Jamaica Power Company Limited
      13,863   —     —     —     20,468   (2,432)   (2)   31,897 
Daesan Green Energy Co., Ltd.
      17,182   —     —     —     5,371   —     (1)   22,552 
 
F-108
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Beginning
balance
  
Acquisitions
  
Disposals
  
Dividends
received
  
Share of
profit

(loss)
  
Other
comprehensive
income

(loss)
  
Others
  
Ending
balance
 
     
In millions of won
 
RE Holiday Holdings LLC
 ￦    42,070   —     —     —     33,072   (6,333)   —     68,809 
RE Pioneer Holdings LLC
      31,156   —     —     (1,246)   24,466   (4,737)   —     49,639 
RE Barren Ridge 1 Holdings LLC
      42,916   —     —     (872)   (35,735)   (1,843)   —     4,466 
RE Astoria 2 LandCo LLC
      5,602   —     —     (249)   210   (333)   —     5,230 
RE Barren Ridge LandCo LLC
      1,966   —     —     (95)   95   (119)   —     1,847 
Laurel SpA
      595   —     —     —     498   80   (81)   1,092 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      4,024   —     —     —     (24)   129   —     4,129 
Chile Solar JV SpA
      34,859   —     —     —     187   (163)   —     34,883 
Taebaek Gadeoksan Wind Power Co., Ltd.
      7,846   4,070   —     —     1,468   (22)   —     13,362 
Cheong-Song Noraesan Wind Power Co., Ltd.
      3,043   —     —     —     409   —     1   3,453 
Chester Solar I SpA
      1,157   —     —     —     472   107   (115)   1,621 
Solar Philippines Calatagan Corporation
      48,930   —     —     (6,439)   6,745   (219)   —     49,017 
Saemangeum Solar Power Co., Ltd.
      8,324   16,399   —     —     (431)   —     —     24,292 
Chungsongmeon BongSan wind power Co., Ltd.
      2,764   —     —     —     (232)   1,592   —     4,124 
Jaeun Resident Wind Power Plant Co., Ltd.
      2,198   —     —     —     (3)   —     —     2,195 
DE Energia SpA
      8,665   —     —     —     506   572   (1,556)   8,187 
Dangjin Eco Power Co., Ltd.
      25,661   —     —     —     96   (237)   3   25,523 
Haemodum Solar Co., Ltd.
      2,940   —     —     —     140   (15)   —     3,065 
Yangyang Wind Power Co., Ltd.
      10,800   —     —     —     (286)   (29)   —     10,485 
Horus Solar, S.A. DE C.V.

      3,403   1,665   —     —     (1,985)   311   —     3,394 
Recursos Solares PV De Mexico II, S.A. De C.V.

      672   3,006   —     —     36   (54)   —     3,660 
Sunmex Renovables, S.A. De C.V.

      222   85   —     —     (46)   (21)   —     240 
Stavro Holding II A.B.
      5,625   3,305   —     —     (156)   346   157   9,277 
Solaseado Solar Power Co., Ltd.
      —     7,020   —     —     2,895   —     —     9,915 
Yeongam Solar Power Co., Ltd.
      —     6,460   —     —     (418)   —     —     6,042 
Samsu Wind Power Co., Ltd.
      —     2,637   —     —     (30)   —     —     2,607 
Pulau Indah Power Plant Sdn. Bhd.
      —     11,569   —     —     (144)   (221)   —     11,204 
Sam-Yang
Photovoltaic Power Co., Ltd.
      —     5,245   —     —     290   —     —     5,535 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      —     20,952   —     (1,388)   2,678   —     —     22,242 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      —     15,699   —     —     430   —     —     16,129 
PT Barito Wahana Tenaga
      —     59,395   —     —     4,923   (1,289)   —     63,029 
Cheongna Energy Co., Ltd.
      —     —     —     —     21   —     4,919   4,940 
Naepo Green Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
Dayone Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
OneEnergy Asia Limited
      —     56,654   —     —     —     —     —     56,654 
KAS Investment I LLC
      —     23,437   —     —     —     —     —     23,437 
KAS Investment II LLC
      —     23,343   —     —     —     —     —     23,343 
Energyco LLC
      —     1,659   —     —     —     —     —     1,659 
CAES, LLC
      —     19,414   —     (297)   —     —     (1,491)   17,626 
Hapcheon Floating Photovoltaic Power Plant Inc.
      —     1,890   —     —     —     —     —     1,890 
Busan Industrial Solar Power Co., Ltd.
      —     510   —     —     —     —     —     510 
Bitsolar Energy Co., Ltd.
      —     352   —     —     —     —     —     352 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,663,029   289,068   —     (139,519)   220,032   (113,377)   513   1,919,746 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    5,914,831   385,323   (207)   (237,694)   279,124   (162,288)   (8,556)   6,170,533 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(*1)
The Company recognized a impairment loss for the carrying amount of Ecollite Co., Ltd. during the prior period due to the suspension of operating activities. Ecollite Co., Ltd. has been removed from associates since it is under the process of liquidation as of December 31, 2020.
 
F-109
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
2021
 
Investees
 
 
 
 
Beginning
balance
 
 
Acquisitions
 
 
Disposals
 
 
Dividends
received
 
 
Share of
profit

(loss)
 
 
Other
comprehensive
income

(loss)
 
 
Others
 
 
Ending
balance
 
 
 
 
 
 
In millions of won
 
<Associates>
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Korea Gas Corporation
 ￦    1,647,325   —     —     —     209,357   13,017   (54,186)   1,815,513 
Korea Electric Power Industrial Development Co., Ltd.
      25,630   —     —     (1,966)   378   —     575   24,617 
YTN Co., Ltd.
      40,549   —     —     (270)   11,192   22   335   51,828 
Gangwon Wind Power Co., Ltd.
      11,443   —     —     (1,703)   814   —     —     10,554 
Hyundai Green Power Co., Ltd.
      132,774   —     —     (8,888)   (562)   (1,346)   (23)   121,955 
Korea Power Exchange
      269,122   —     —     —     (10)   —     616   269,728 
Taebaek Wind Power Co., Ltd.
      6,392   —     —     —     408   —     —     6,800 
Taebaek Guinemi Wind Power Co., Ltd.
      3,087   —     —     —     270   —     —     3,357 
Pyeongchang Wind Power Co., Ltd.
      5,027   —     —     —     384   —     —     5,411 
Daeryun Power Co., Ltd.
      26,353   —     —     —     (927)   —     —     25,426 
Changjuk Wind Power Co., Ltd.
      7,867   —     —     (449)   937   —     —     8,355 
KNH Solar Co., Ltd.
      2,436   —     —     —     (158)   —     —     2,278 
SPC Power Corporation
      69,912   —     —     (20,468)   5,311   10,291   —     65,046 
Gemeng International Energy Co., Ltd.
      679,708   —     —     (11,886)   (154,930)   82,326   —     595,218 
PT. Cirebon Electric Power
      117,811   —     —     (18,253)   10,679   1,396   10,336   121,969 
KNOC Nigerian East Oil Co., Ltd.
      —     —     —     —     (14)   (938)   952   —   
KNOC Nigerian West Oil Co., Ltd.
      —     —     —     —     (15)   (862)   877   —   
PT Wampu Electric Power
      27,865   —     —     —     3,196   1,355   2,661   35,077 
PT. Bayan Resources TBK
      425,234   —     —     (68,666)   267,874   36,885   (38)   661,289 
S-Power
Co., Ltd.
      110,292   —     —     —     12,437   57   —     122,786 
Pioneer Gas Power Limited
      —     —     —     —     —     —     —     —   
Eurasia Energy Holdings
      —     —     —     —     —     —     —     —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      64,570   —     —     —     19,306   8,565   —     92,441 
Hadong Mineral Fiber Co., Ltd.
      —     —     —     —     —     —     —     —   
PT. Mutiara Jawa
      1,780   —     —     —     630   159   —     2,569 
Samcheok Eco Materials Co., Ltd.
      —     —     —     —     —     —     —     —   
Noeul Green Energy Co., Ltd.
      4,197   —     —     —     (389)   —     —     3,808 
Goseong Green Power Co., Ltd.
      2,186   259,840   —     —     (1,168)   —     —     260,858 
Gangneung Eco Power Co., Ltd.
      2,368   —     —     —     (80)   —     —     2,288 
Shin Pyeongtaek Power Co., Ltd.
      69,591   —     —     —     23,476   —     7   93,074 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      210   —     —     —     13   —     —     223 
Dongducheon Dream Power Co., Ltd.
      80,637   —     —     —     (6,439)   —     —     74,198 
Jinbhuvish Power Generation Pvt. Ltd.
      —     —     —     —     —     —     —     —   
Daejung Offshore Wind Power Co., Ltd.
      2,165   —     —     —     (461)   —     —     1,704 
GS Donghae Electric Power Co., Ltd.
      244,426   —     —     (15,640)   14,972   —     14   243,772 
Daegu Photovoltaic Co., Ltd.
      2,066   —     —     (206)   482   —     —     2,342 
Busan Green Energy Co., Ltd.
      8,778   —     —     —     (3,750)   —     4   5,032 
Gunsan Bio Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
Korea Electric Vehicle Charging Service
      576   —     —     —     (283)   —     957   1,250 
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)
      200   —     —     —     19   —     —     219 
Korea Electric Power Corporation Fund
      41,926   —     (3,090)   —     9,065   82   —     47,983 
Energy Infra Asset Management Co., Ltd.
      938   —     —     —     128   —     —     1,066 
Daegu clean Energy Co., Ltd.
      12   —     —     —     —     —     —     12 
YaksuESS Co., Ltd.
      454   —     —     —     262   —     —     716 
Nepal Water & Energy Development Company Private Limited
      42,677   19,960   —     —     (616)   4,312   —     66,333 
Gwangyang Green Energy Co., Ltd.
      926   24,800   —     —     (138)   (122)   —     25,466 
PND
Solar
Co., Ltd.
      1,149   —     —     —     80   —     —     1,229 
Hyundai Eco Energy Co., Ltd.
      4,250   —     —     —     1,322   —     —     5,572 
YeongGwang Yaksu Wind Electric Co., Ltd.
      312   —     —     —     (79)   —     —     233 
Green Energy Electricity Generation Co., Ltd.
      25   —     —     —     1,688   —     —     1,713 
Korea Energy Solutions Co., Ltd.
      197   —     —     —     (74)   —     —     123 
ITR Co., Ltd.
      40   —     —     —     (8)   —     —     32 
Structure test network Co., Ltd.
      27   —     —     —     279   —     —     306 
Namjeongsusang Solar Power Operation Co., Ltd.
      103   —     —     —     258   —     —     361 
Indeck Niles Development, LLC
      20,627   222,551   —     —     (13,160)   6,652   9,603   246,273 
Indeck Niles Asset Management, LLC
      101   —     —     —     567   —     (557)   111 
 
F-110
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Beginning
balance
  
Acquisitions
  
Disposals
  
Dividends
received
  
Share of
profit

(loss)
  
Other
comprehensive
income

(loss)
  
Others
  
Ending
balance
 
     
In millions of won
 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
 ￦    7,326   —     (188)   —     399   —     (399)   7,138 
Suwon New Power Co., Ltd.
      1,054   —     —     —     (5)   (14)   —     1,035 
KPGE Inc.
      287   —     —     —     22   —     —     309 
Gwangbaek Solar Power Investment Co., Ltd.
      4,682   —     —     —     124   —     —     4,806 
Go deok Clean Energy Co., Ltd.
      960   3,730   —     —     (333)   (55)   —     4,302 
SureDataLab Co., Ltd.
      85   —     —     —     43   —     —     128 
SEP Co., Ltd.
      14   —     —     —     (7)   —     —     7 
Hankook Electric Power Information Co., Ltd.
      139   —     —     —     22   —     —     161 
Tronix Co., Ltd.
      119   —     —     —     (10)   —     —     109 
O2&B Global Co., Ltd.
      22   —     —     —     13   —     —     35 
Muan Sunshine Solar Power Plant Co., Ltd.
      1,096   —     —     —     172   —     —     1,268 
Bigeum Resident Photovoltaic Power Co., Ltd.
      —     —     —     —     —     —     —     —   
Jeju SolarOne Co., Ltd.
      159   45   (206)   —     (1)   —     3   —   
Goesan Solar Park Co., Ltd.
      1,684   —     —     —     249   (6)   —     1,927 
Saemangeum Heemang Photovoltaic Co., Ltd.
      11,022   —     —     —     (784)   —     —     10,238 
Bitgoel Eco Energy Co., Ltd.
      29   4,611   —     —     (261)   (23)   —     4,356 
Jeju Gimnyeong Wind Power Co., Ltd.
      1,578   —     —     —     (665)   (2)   —     911 
Seoroseoro Sunny Power Plant Co., Ltd.
      230   476   —     —     15   —     —     721 
Muan Solar
Park
Co., Ltd.
      4,180   220   —     —     1,683   —     —     6,083 
YuDang Solar Co., Ltd.
      360   —     —     —     205   —     —     565 
Anjwa Smart Farm & Solar City Co., Ltd.
      5,510   141   —     —     1,133   —     —     6,784 
Daewon Green Energy Co., Ltd.
      3,910   —     —     —     (33)   —     —     3,877 
G.GURU Co., Ltd.
      —     493   —     —     (90)   —     —     403 
UD4M Co., Ltd.
      —     75   —     —     217   —     (148)   144 
Dongbu Highway Solar Co., Ltd.
      —     —     —     —     74   —     191   265 
Seobu Highway Solar Co., Ltd.
      —     —     —     —     94   —     195   289 
Korea Energy Data Co., Ltd.
      —     60   —     —     2   —     —     62 
Gangneung Sacheon Fuel Cell Co., Ltd.
      —     1,950   —     —     (72)   —     —     1,878 
Kosture
Co., Ltd.
      —     —     —     —     —     —     —     —   
Digital Innovation Growth Fund
      —     10,000   —     —     (110)   —     —     9,890 
Taebaek Gadeoksan Wind Power Co., Ltd.
      —     —     —     —     2,532   —     13,963   16,495 
Chuncheon Green Energy Co., Ltd.
      —     3,400   —     —     (28)   —     —     3,372 
Yeomsubong Wind Power Co., Ltd.
      —     95   —     —     —     —     —     95 
Yeongyang Wind Power Corporation II
      —     7,965   —     —     —     —     —     7,965 
Haeparang Energy Co., Ltd.
      —     2,241   —     —     —     —     —     2,241 
Saemangeum Sebit Power Plant Co., Ltd.
      —     6,000   —     —     —     —     —     6,000 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       4,250,787   568,653   (3,484)   (148,395)   417,123   161,751   (14,062)   5,232,373 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-111
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Beginning
balance
  
Acquisitions
  
Disposals
  
Dividends
received
  
Share of
profit

(loss)
  
Other
comprehensive
income

(loss)
  
Others
  
Ending
balance
 
     
In millions of won
 
<Joint ventures>
                                    
KEPCO-Uhde Inc.
 ￦    100   —     —     —     (42)   —     —     58 
Shuweihat Asia Power Investment B.V.
      13,264   —     —     (2,467)   4,564   21,708   —     37,069 
Shuweihat Asia Operation & Maintenance Company
      1,057   —     —     (881)   1,101   103   —     1,380 
Waterbury Lake Uranium L.P.
      19,797   —     —     —     —     1,793   —     21,590 
ASM-BG
Investicii AD
      18,200   —     —     (2,703)   2,700   495   —     18,692 
RES Technology AD
      15,930   —     —     (676)   1,116   333   —     16,703 
KV Holdings, Inc.
      2,405   —     —     (901)   962   61   —     2,527 
KEPCO SPC Power Corporation
      201,663   —     —     (35,763)   37,073   (3,994)   —     198,979 
Gansu Datang Yumen Wind Power Co., Ltd.
      6,530   —     —     —     (619)   724   —     6,635 
Datang Chifeng Renewable Power Co., Ltd.
      188,478   —     —     (14,191)   9,342   20,958   —     204,587 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      42,530   —     —     (2,884)   1,562   3,009   —     44,217 
Rabigh Electricity Company
      97,157   —     —     (7,221)   17,896   35,846   —     143,678 
Rabigh Operation & Maintenance Company Limited
      3,813   —     —     (4,085)   3,489   854   —     4,071 
Jamaica Public Service Company Limited
      266,221   —     —     (4,578)   12,963   23,820   (3,777)   294,649 
KW Nuclear Components Co., Ltd.
      11,171   —     —     (833)   5,396   —     —     15,734 
Busan Shinho Solar Power Co., Ltd.
      5,378   —     —     (352)   815   —     —     5,841 
Global Trade Of Power System Co., Ltd.
      546   —     —     —     51   —     —     597 
Expressway Solar-light Power Generation Co., Ltd.
      2,896   —     —     —     188   —     —     3,084 
Amman Asia Electric Power Company
      161,253   —     —     (27,428)   18,487   26,367   —     178,679 
KAPES, Inc.
      —     —     —     —     —     —     —     —   
Honam Wind Power Co., Ltd.
      3,887   —     —     —     154   —     —     4,041 
Jeongam Wind Power Co., Ltd.
      4,620   5,808   (10,741)   —     313   —     —     —   
Korea Power Engineering Service Co., Ltd.
      5,362   —     —     —     206   —     (153)   5,415 
Chun-cheon Energy Co., Ltd.
      27,518   —     —     —     (1,622)   —     —     25,896 
Yeonggwangbaeksu Wind Power Co., Ltd.
      3,124   —     —     —     (396)   —     —     2,728 
Nghi Son 2 Power LLC
      —     —     —     —     —     —     —     —   
Kelar S.A.
      71,449   —     —     —     2,121   6,416   6,709   86,695 
PT. Tanjung Power Indonesia
      33,063   —     —     —     5,027   9,029   (573)   46,546 
Incheon New Power Co., Ltd.
      —     —     —     —     —     —     —     —   
Seokmun Energy Co., Ltd.
      14,814   —     —     —     (972)   —     —     13,842 
Daehan Wind Power PSC
      —     —     —     —     3,791   1,363   —     5,154 
Barakah One Company
      —     —     —     —     —     —     —     —   
Nawah Energy Company
      270   —     —     —     —     24   —     294 
Momentum

      565   —     —     (569)   368   4   —     368 
Daegu Green Power Co., Ltd.
      23,045   —     —     —     982   —     27   24,054 
Yeonggwang Wind Power Co., Ltd.
      17,256   —     —     —     390   —     —     17,646 
Chester Solar IV SpA
      1,064   —     —     —     (1,083)   (36)   55   —   
Chester Solar V SpA
      277   —     —     —     (269)   2   15   25 
Diego de Almagro Solar SpA
      1,490   —     —     —     (1,095)   (123)   90   362 
South Jamaica Power Company Limited
      31,897   —     —     —     2,515   2,949   (1)   37,360 
Daesan Green Energy Co., Ltd.
      22,552   —     —     —     (1,308)   —     —     21,244 
RE Holiday Holdings LLC
      68,809   —     —     (9,577)   6,299   7,636   —     73,167 
RE Pioneer Holdings LLC
      49,639   —     —     (14,199)   5,556   6,019   —     47,015 
RE Barren Ridge 1 Holdings LLC
      4,466   —     —     (1,365)   (3,162)   1,944   —     1,883 
RE Astoria 2 LandCo LLC
      5,230   —     —     (337)   619   486   —     5,998 
RE Barren Ridge LandCo LLC
      1,847   —     —     (140)   240   173   —     2,120 
Laurel SpA
      1,092   —     —     —     (798)   (71)   67   290 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      4,129   —     —     —     (111)   (393)   —     3,625 
Chile Solar JV SpA
      34,883   —     —     —     831   (3,257)   —     32,457 
Cheong-Song Noraesan Wind Power Co., Ltd.
      3,453   —     —     —     653   —     —     4,106 
Chester Solar I SpA
      1,621   —     —     —     (430)   (195)   124   1,120 
Solar Philippines Calatagan Corporation
      49,017   —     —     (5,961)   5,961   9,214   —     58,231 
Saemangeum Solar Power Co., Ltd.
      24,292   1   —     —     (354)   —     —     23,939 
 
F-112
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(3)
Changes in investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Beginning
balance
  
Acquisitions
  
Disposals
  
Dividends
received
  
Share of
profit

(loss)
  
Other
comprehensive
income

(loss)
  
Others
  
Ending
balance
 
     
In millions of won
 
Chungsongmeon BongSan wind power Co., Ltd.
 ￦    4,124   —     —     —     (316)   —     —     3,808 
Jaeun Resident Wind Power Plant Co., Ltd.
      2,195   —     —     —     (237)   —     —     1,958 
DE Energia SpA
      8,187   —     —     —     —     734   —     8,921 
Dangjin Eco Power Co., Ltd.
      25,523   —     —     —     274   312   —     26,109 
Haemodum Solar Co., Ltd.
      3,065   —     —     —     16   —     —     3,081 
Yangyang Wind Power Co., Ltd.
      10,485   1,200   —     —     (488)   (6)   —     11,191 
Horus Solar, S.A. De C.V.

      3,394   —     —     —     2,396   52   —     5,842 
Recursos Solares PV De Mexico II, S.A. DE C.V.

      3,660   —     —     —     766   110   —     4,536 
Sunmex Renovables, S.A. De C.V.

      240   1,371   —     —     (49)   48   —     1,610 
Stavro Holding II A.B.
      9,277   8,684   —     —     (55)   (271)   (8)   17,627 
Solaseado Solar Power Co., Ltd.
      9,915   —     —     —     (24)   —     —     9,891 
Yeongam Solar Power Co., Ltd.
      6,042   —     —     —     796   —     —     6,838 
Samsu Wind Power Co., Ltd.
      2,607   —     —     —     221   —     —     2,828 
Pulau Indah Power Plant Sdn. Bhd.
      11,204   12,264   —     —     (519)   (850)   —     22,099 
Sam-Yang
Photovoltaic Power Co., Ltd.
      5,535   —     —     —     (542)   —     —     4,993 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      22,242   —     (969)   (1,727)   1,910   —     —     21,456 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      16,129   —     —     —     159   —     —     16,288 
PT Barito Wahana Tenaga
      63,029   140   —     —     4,194   14,232   —     81,595 
Cheongna Energy Co., Ltd.
      4,940   —     —     —     6,258   —     —     11,198 
Naepo Green Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
Dayone Energy Co., Ltd.
      —     —     —     —     —     —     —     —   
OneEnergy Asia Limited
      56,654   20,262   —     —     (1,138)   3,922   —     79,700 
KAS Investment I LLC
      23,437   —     —     —     (6,876)   (1,288)   —     15,273 
KAS Investment II LLC
      23,343   —     —     —     (6,515)   (1,615)   —     15,213 
Energyco Co., Ltd. (formerly, Energyco LLC)
      1,659   —     —     —     (60)   (64)   —     1,535 
CAES, LLC
      17,626   —     —     (1,009)   (331)   850   1,299   18,435 
Hapcheon Floating Photovoltaic Power Plant Inc.
      1,890   5,622   —     —     (541)   —     —     6,971 
Busan Industrial Solar Power Co., Ltd.
      510   —     —     —     102   —     —     612 
Bitsolar Energy Co., Ltd.
      352   —     —     —     —     —     —     352 
Pulau Indah O&M Sdn. Bhd.
      —     —     —     —     —     —     —     —   
Guadalupe Solar SpA
      —     1,397   —     —     (672)   (66)   —     659 
Omisan Wind Power Co., Ltd.
      —     10,752   —     —     (119)   —     —     10,633 
Foresight Iberian Solar Group Holding, S.L.
      —     —     —     —     72   —     9,671   9,743 
Yeongwol Eco Wind Co., Ltd.
      —     3,089   —     —     122   (15)   —     3,196 
Gurae Resident Power Co., Ltd.
      —     386   —     —     12   (3)   —     395 
Cheongju Eco Park Co., Ltd.
      —     5,858   —     —     (393)   —     —     5,465 
Enel X Midland Photovoltaic, LLC
      —     1,695   —     —     (7)   —     —     1,688 
Geumsungsan Wind Power Co., Ltd.
      —     6,531   —     —     (478)   —     —     6,053 
KEPCO KPS
Carabao
Corp.
      —     93   —     —     293   —     —     386 
Prime Swedish Holding AB
      —     8,155   —     —     22   1,060   6,204   15,441 
Taebaek Gadeoksan Wind Power Co., Ltd.
      13,362   —     —     —     762   —     (14,124)   —   
Goheung New Energy Co., Ltd.
      —     12,959   —     —     (1,251)   —     —     11,708 
Gunsan Land Solar Co., Ltd.
      —     19,091   —     —     324   (98)   —     19,317 
CapMan Lynx SCA, SICAR
      —     9,601   —     —     375   —     —     9,976 
International Offshore Power Transmission Holding Company Limited
      —     —     —     —     —     —     —     —   
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,919,746   134,959   (11,710)   (139,847)   139,933   190,305   5,625   2,239,011 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    6,170,533   703,612   (15,194)   (288,242)   557,056   352,056   (8,437)   7,471,384 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-113
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the period
 
     
In millions of won
 
<Associates>
                    
Korea Gas Corporation(*1)
 ￦    35,909,775   28,174,619   20,833,722   (172,060) 
Korea Electric Power Industrial Development Co., Ltd.
      164,015   75,636   297,962   16,284 
YTN Co., Ltd.
      295,151   105,923   126,730   7,095 
Gangwon Wind Power Co., Ltd.
      77,297   1,336   23,350   7,472 
Hyundai Green Power Co., Ltd.
      874,574   416,732   390,442   55,591 
Korea Power Exchange
      337,577   68,455   104,698   979 
Taebaek Wind Power Co., Ltd.
      28,048   2,480   4,364   (561) 
Taebaek Guinemi Wind Power Co., Ltd.
      44,434   32,085   5,023   1,368 
Pyeongchang Wind Power Co., Ltd.
      72,713   52,606   8,387   (154) 
Daeryun Power Co., Ltd.
      789,277   498,346   126,343   1,941 
Changjuk Wind Power Co., Ltd.
      27,515   1,292   4,777   656 
KNH Solar Co., Ltd.
      18,240   9,219   3,564   728 
SPC Power Corporation
      255,462   17,705   47,091   39,677 
Gemeng International Energy Co., Ltd.
      7,427,157   5,428,013   1,955,707   64,077 
PT. Cirebon Electric Power
      730,020   301,615   246,014   40,676 
KNOC Nigerian East Oil Co., Ltd.
      22,215   93,736   —     (142) 
KNOC Nigerian West Oil Co., Ltd.
      23,999   89,739   —     (142) 
PT Wampu Electric Power
      199,841   139,264   20,265   7,372 
PT. Bayan Resources TBK
      1,544,875   795,131   1,646,390      219,406 
S-Power
Co., Ltd.
      782,561   554,393   421,519   (10,805) 
Pioneer Gas Power Limited
      260,344   359,790   —     (44,568) 
Eurasia Energy Holdings
      556   993   —     —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      1,138,994   876,336   140,069   (11,318) 
Hadong Mineral Fiber Co., Ltd.
      203   231   —     —   
PT. Mutiara Jawa
      23,061   16,923   7,946   2,523 
Samcheok Eco Materials Co., Ltd.
      24,024   598   10,483   23 
Noeul Green Energy Co., Ltd.
      116,929   102,457   27,486   (8,303) 
Goseong Green Power Co., Ltd.
      4,559,480   4,351,119   —     (12,280) 
Gangneung Eco Power Co., Ltd.
      2,630,752   2,475,848   —     (3,623) 
Shin Pyeongtaek Power Co., Ltd.
      1,020,650   814,369   520,468   32,002 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      2,001   1,258   387   (11) 
Dongducheon Dream Power Co., Ltd.
      1,374,640   1,095,926   524,890   10,982 
Jinbhuvish Power Generation Pvt. Ltd.
      58,699   12,122   —     —   
Daejung Offshore Wind Power Co., Ltd.
      6,281   1,634   —     (810) 
GS Donghae Electric Power Co., Ltd.
      2,174,835   1,455,935   685,579   41,955 
Daegu Photovoltaic Co., Ltd.
      13,843   6,718   3,343   1,149 
Busan Green Energy Co., Ltd.
      170,261   139,995   40,241   (6,422) 
Gunsan Bio Energy Co., Ltd.
      9,340   28,322   —     (1,501) 
Korea Electric Vehicle Charging Service
      8,173   6,116   10,807   (1,756) 
Korea Nuclear Partners Co., Ltd.
      1,350   105   1,062   (150) 
Korea Electric Power Corporation Fund
      42,988   249   82   (730) 
Energy Infra Asset Management Co., Ltd.
      10,424   946   5,130   1,488 
Daegu clean Energy Co., Ltd.
      368   324   —     (1) 
Yaksu ESS Co., Ltd.
      6,584   5,022   217   (212) 
Nepal Water & Energy Development Company Private Limited
      109,321   41,093   —     (444) 
Gwangyang Green Energy Co., Ltd.
      28,634   24,095   —     (113) 
PND
Solar
Co., Ltd.
      38,997   35,566   5,129   (121) 
Hyundai Eco Energy Co., Ltd.
      195,040   173,800   24,166   4,280 
YeongGwang Yaksu Wind Electric Co., Ltd.
      43,039   42,915   5,802   (637) 
Green Energy Electricity Generation Co., Ltd.
      53,934   56,533   —     (920) 
Korea Energy Solutions Co., Ltd.
      1,009   25   78   (280) 
ITR Co., Ltd.
      418   220   153   (66) 
Structure test network Co., Ltd.
      101   234   99   27 
Namjeongsusang Solar Power Operation Co., Ltd.
      63,041   62,488   1,128   (4,655) 
Indeck Niles Development, LLC
      772,124   738,826   —     (29,392) 
Indeck Niles Asset Management, LLC
      314   11   2,272   1,139 
 
F-114
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the period
 
     
In millions of won
 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
 ￦    15,157   206   634   603 
Suwon New Power Co., Ltd.
      1,974   8   —     —   
KPGE Inc.
      1,021   32   354   5 
Gwangbaek Solar Power Investment Co., Ltd.
      339,223   329,298   13,192   (329) 
Go deok Clean Energy Co., Ltd.
      1,639   65   —     (1,382) 
SureDataLab Co., Ltd.
      400   47   303   (108) 
SEP Co., Ltd.
      164   100   —     (63) 
Hankook Electric Power Information Co., Ltd.
      1,163   613   1,208   390 
Tronix Co., Ltd.
      942   349   2,030   (6) 
O2&B Global Co., Ltd.
      233   125   285   (57) 
Muan Sunshine Solar Power Plant Co., Ltd.
      147,908   144,898   6,017   (2,365) 
Bigeum Resident Photovoltaic Power Co., Ltd.
      11,164   11,551   —     (309) 
Jeju SolarOne Co., Ltd.
      1,608   14   —     (4) 
Goesan Solar Park Co., Ltd.
      56,332   50,524   2,809   (262) 
Saemangeum Heemang Photovoltaic Co., Ltd.
      35,447   6,070   —     (1,943) 
Bitgoel Eco Energy Co., Ltd.
      100   —     —     —   
Jeju Gimnyeong Wind Power Co., Ltd.
      72,557   67,297   8,927   (1,576) 
Seoroseoro Sunny Power Plant Co., Ltd.
      1,182   —     —     —   
Muan Solar Park Co., Ltd.
      245,431   225,057   14,359   (966) 
YuDang Solar Co., Ltd.
      23,360   20,876   1,611   686 
Anjwa Smart Farm & Solar City Co., Ltd.
      295,570   271,396   1,900   (1,684) 
Daewon Green Energy Co., Ltd.
      15,370   122   —     (93) 
      
<Joint ventures>
                    
KEPCO-Uhde Inc.
      208   11   —     (66) 
Shuweihat Asia Power Investment B.V.
      27,073   4   —     12,080 
Shuweihat Asia Operation & Maintenance Company
      1,960   38   2,689   1,953 
Waterbury Lake Uranium L.P.
      59,885   77   —     —   
ASM-BG
Investicii AD
      80,261   43,861   13,355   5,150 
RES Technology AD
      67,232   35,372   8,381   2,102 
KV Holdings, Inc.
      6,013   —     27   1,449 
KEPCO SPC Power Corporation
      289,271   21,102   184,481   66,311 
Gansu Datang Yumen Wind Power Co., Ltd.
      69,668   53,343   7,157   (4,295) 
Datang Chifeng Renewable Power Co., Ltd.
      747,990   276,796   119,955   39,439 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      182,342   76,018   26,378   2,914 
Rabigh Electricity Company
      2,294,880   1,898,701   293,722   94,927 
Rabigh Operation & Maintenance Company Limited
      28,666   19,133   26,268   7,318 
Jamaica Public Service Company Limited
      1,664,412   1,027,418   1,042,422   35,916 
KW Nuclear Components Co., Ltd.
      44,571   19,354   19,762   7,262 
Busan Shinho Solar Power Co., Ltd.
      39,266   17,754   7,296   2,652 
Global Trade Of Power System Co., Ltd.
      2,319   435   4,105   (96) 
Expressway Solar-light Power Generation Co., Ltd.
      14,801   4,816   2,298   144 
Amman Asia Electric Power Company
      725,101   456,346   20,586   33,608 
KAPES, Inc.
      127,418   95,322   167,201   10,908 
Honam Wind Power Co., Ltd.
      36,237   22,945   4,433   (220) 
Jeongam Wind Power Co., Ltd.
      89,829   78,279   9,757   412 
Korea Power Engineering Service Co., Ltd.
      24,162   5,674   9,435   1,538 
Chun-cheon Energy Co., Ltd.
      605,493   512,642   222,066   (24,597) 
Yeonggwangbaeksu Wind Power Co., Ltd.
      90,758   69,967   11,232   572 
Nghi Son 2 Power LLC
      2,207,764   2,474,324   819,706   108,832 
Kelar S.A.
      598,901   492,838   93,375   16,863 
PT. Tanjung Power Indonesia
      645,152   550,687   90,255   20,487 
Incheon New Power Co., Ltd.
      3,439   2,914   1,519   (670) 
Seokmun Energy Co., Ltd.
      227,539   176,457   33,677   (8,734) 
Daehan Wind Power PSC
      98,544   106,254   —     (765) 
Barakah One Company
      24,693,571   24,924,087   —     (4,520) 
 
F-115
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the period
 
     
In millions of won
 
Nawah Energy Company
 ￦    139,286   137,788   —     12 
Momentum

      10,772   9,076   31,161   1,122 
Daegu Green Power Co., Ltd.
      549,034   469,126   221,382   290 
Yeonggwang Wind Power Co., Ltd.
      249,999   213,556   26,535   1,690 
Chester Solar IV SpA
      14,232   11,990   1,688   485 
Chester Solar V SpA
      4,674   4,313   588   150 
Diego de Almagro Solar SpA
      17,916   14,808   1,824   535 
South Jamaica Power Company Limited
      405,804   246,310   209,596   12,208 
Daesan Green Energy Co., Ltd.
      275,911   211,476   62,286   15,346 
RE Holiday Holdings LLC
      320,908   183,290   19,659   13,247 
RE Pioneer Holdings LLC
      236,565   137,287   12,410   8,821 
RE Barren Ridge 1 Holdings LLC
      194,643   87,171   10,679   (722) 
RE Astoria 2 LandCo LLC
      10,733   274   664   541 
RE Barren Ridge LandCo LLC
      3,776   82   266   223 
Laurel SpA
      13,529   11,496   1,704   702 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      33,930   618   —     (191) 
Chile Solar JV SpA
      74,776   5,011   4,390   1,476 
Taebaek Gadeoksan Wind Power Co., Ltd.
      142,731   114,487   10,587   2,411 
Cheong-Song Noraesan Wind Power Co., Ltd.
      55,460   43,771   7,411   2,039 
Chester Solar I SpA
      12,795   9,713   1,111   824 
Solar Philippines Calatagan Corporation
      97,947   47,098   23,182   15,249 
Saemangeum Solar Power Co., Ltd.
      34,363   4,180   —     (532) 
Chungsongmeon BongSan wind power Co., Ltd.
      64,341   56,264   —     (1,206) 
Jaeun Resident Wind Power Plant Co., Ltd.
      63,940   56,371   —     (645) 
DE Energia SpA
      48,327   54,934   3,789   (21,087) 
Dangjin Eco Power Co., Ltd.
      97,834   23,769   3,953   565 
Haemodum Solar Co., Ltd.
      19,041   12,786   1,188   286 
Yangyang Wind Power Co., Ltd.
      20,917   33   —     (572) 
Horus Solar, S.A. De C.V.

      181,432   182,674   —     (13,285) 
Recursos Solares PV De Mexico II, S.A. De C.V.

      81,257   71,295   —     243 
Sunmex Renovables, S.A. De C.V.

      7,781   6,204   —     (309) 
Stavro Holding II A.B.
      46,394   9   —     (782) 
Solaseado Solar Power Co., Ltd.
      349,855   327,865   43,782   7,443 
Yeongam Solar Power Co., Ltd.
      312,960   285,231   17,347   (3,324) 
Samsu Wind Power Co., Ltd.
      59,597   45,877   —     243 
Pulau Indah Power Plant Sdn. Bhd.
      31,538   9,293   —     (894) 
Sam-Yang
Photovoltaic Power Co., Ltd.
      55,345   44,049   2,769   592 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      73,573   39   1,770   8,989 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      17,932   11   6   478 
PT Barito Wahana Tenaga
      205,894   —     —     28,631 
Cheongna Energy Co., Ltd.
      341,478   335,736   78,387   5,995 
Naepo Green Energy Co., Ltd.
      152,003   159,805   7,056   (28,043) 
Dayone Energy
Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)
      441,875   496,355   93,832   30,269 
OneEnergy Asia Limited
      78,005   150   —     (578) 
KAS
Investment
I LLC
      78,410   —     —     —   
KAS
Investment
II LLC
      78,096   —     —     —   
Energyco LLC
      3,425   563   —     (2,856) 
CAES, LLC
      40,840   —     —     (1,656) 
Hapcheon Floating Photovoltaic Power Plant Inc.
      9,708   —     —     —   
Busan Industrial Solar Power Co., Ltd.
      15,283   14,499   19   (485) 
Bitsolar Energy Co., Ltd.
      144,758   149,561   —     (6,116) 
 
(*1)
The loss for the year ended December 31, 2020 is reduced by the associate entity’s net income (loss) attributable to
non-controlling
interests.
 
F-116
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the year
 
     
In millions of won
 
<Associates>
                    
Korea Gas Corporation(*1)
 ￦    43,669,902   34,550,567   27,520,756   950,757 
Korea Electric Power Industrial Development Co., Ltd.
      158,163   73,278   312,705   7,233 
YTN Co., Ltd.
      367,950   126,062   137,439   51,044 
Gangwon Wind Power Co., Ltd.
      71,153   1,121   19,623   5,433 
Hyundai Green Power Co., Ltd.
      812,287   391,754   101,818   (280) 
Korea Power Exchange
      331,640   61,912   110,075   492 
Taebaek Wind Power Co., Ltd.
      30,375   3,176   5,744   1,588 
Taebaek Guinemi Wind Power Co., Ltd.
      43,411   29,985   5,910   1,371 
Pyeongchang Wind Power Co., Ltd.
      69,939   48,295   10,087   1,537 
Daeryun Power Co., Ltd.
      757,157   476,152   188,193   (10,232) 
Changjuk Wind Power Co., Ltd.
      29,539   1,690   6,213   3,265 
KNH Solar Co., Ltd.
      13,859   5,423   3,222   805 
SPC Power Corporation
      242,058   18,535   54,042   35,441 
Gemeng International Energy Co., Ltd.
      8,151,333   5,976,164   2,511,377   (404,570) 
PT. Cirebon Electric Power
      697,614   254,089   273,650   39,965 
KNOC Nigerian East Oil Co., Ltd.
      24,693   102,722   —     (99) 
KNOC Nigerian West Oil Co., Ltd.
      26,625   98,360   —     (99) 
PT Wampu Electric Power
      209,172   132,917   20,294   7,102 
PT. Bayan Resources TBK
      2,884,474   743,452   3,264,057   1,456,893 
S-Power
Co., Ltd.
      856,963   603,519   608,259   24,998 
Pioneer Gas Power Limited
      282,577   438,366   —     (36,864) 
Eurasia Energy Holdings
      606   1,082   —     —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      1,321,406   947,430   161,686   76,996 
PT. Mutiara Jawa
      24,355   15,498   10,958   2,835 
Samcheok Eco Materials Co., Ltd.
      26,545   1,854   14,281   1,237 
Noeul Green Energy Co., Ltd.
      109,354   96,222   36,029   (1,269) 
Goseong Green Power Co., Ltd.
      5,412,537   4,509,791   740,028   51,450 
Gangneung Eco Power Co., Ltd.
      4,001,681   3,851,537   —     (4,188) 
Shin Pyeongtaek Power Co., Ltd.
      1,028,028   764,551   653,117   57,202 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      1,823   1,033   426   46 
Dongducheon Dream Power Co., Ltd.
      1,398,244   1,139,521   750,127   (16,685) 
Jinbhuvish Power Generation Pvt. Ltd.
      62,926   12,995   —     —   
Daejung Offshore Wind Power Co., Ltd.
      5,321   1,664   —     (149) 
GS Donghae Electric Power Co., Ltd.
      2,149,060   1,432,083   760,323   44,035 
Daegu Photovoltaic Co., Ltd.
      13,046   4,970   3,519   1,621 
Busan Green Energy Co., Ltd.
      163,016   145,664   45,088   (10,843) 
Gunsan Bio Energy Co., Ltd.
      8,503   28,981   —     (1,496) 
Korea Electric Vehicle Charging Service
      13,351   6,207   13,808   (1,022) 
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)
      1,409   100   836   64 
Korea Electric Power Corporation Fund
      49,150   237   9,773   9,534 
Energy Infra Asset Management Co., Ltd.
      11,196   426   4,703   1,306 
Daegu clean Energy Co., Ltd.
      368   324   —     (1) 
YaksuESS Co., Ltd.
      6,999   4,535   1,715   903 
Nepal Water & Energy Development Company Private Limited
      153,184   58,545   —     (642) 
Gwangyang Green Energy Co., Ltd.
      128,375   1,136   —     (688) 
PND
S
olar Co., Ltd.
      37,152   33,444   5,078   (128) 
Hyundai Eco Energy Co., Ltd.
      186,309   158,111   25,762   6,921 
YeongGwang Yaksu Wind Electric Co., Ltd.
      40,484   41,176   7,066   (914) 
Green Energy Electricity Generation Co., Ltd.
      75,664   72,442   2,796   (58) 
Korea Energy Solutions Co., Ltd.
      654   40   228   (347) 
ITR Co., Ltd.
      529   372   135   (29) 
Structure test network Co., Ltd.
      1,665   400   1,451   1,134 
Namjeongsusang Solar Power Operation Co., Ltd.
      56,376   54,104   7,095   (1,280) 
Indeck Niles Development, LLC
      1,051,557   729,078   —     (25,184) 
Indeck Niles Asset Management, LLC
      347   13   2,232   1,135 
 
F-117
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the year
 
     
In millions of won
 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
 ￦    14,778   211   848   815 
Suwon New Power Co., Ltd.
      1,997   30   —     2 
KPGE Inc.
      1,086   20   709   77 
Gwangbaek Solar Power Investment Co., Ltd.
      320,001   309,796   14,615   125 
Go deok Clean Energy Co., Ltd.
      65,566   54,811   —     (2,482) 
SureDataLab Co., Ltd.
      612   79   733   205 
SEP Co., Ltd.
      132   100   —     (2) 
Hankook Electric Power Information Co., Ltd.
      1,512   876   1,887   229 
Tronix Co., Ltd.
      1,002   455   2,228   89 
O2&B Global Co., Ltd.
      231   54   345   3 
Muan Sunshine Solar Power Plant Co., Ltd.
      142,858   138,987   15,582   (156) 
Bigeum Resident Photovoltaic Power Co., Ltd.
      22,159   23,158   —     (608) 
Goesan Solar Park Co., Ltd.
      52,443   45,799   6,388   836 
Saemangeum Heemang Photovoltaic Co., Ltd.
      157,298   130,158   902   (2,237) 
Bitgoel Eco Energy Co., Ltd.
      51,471   36,450   —     (900) 
Jeju Gimnyeong Wind Power Co., Ltd.
      65,754   62,716   6,915   (2,085) 
Seoroseoro Sunny Power Plant Co., Ltd.
      5,833   4,186   469   36 
Muan Solar
Park
Co., Ltd.
      226,920   198,132   30,990   8,639 
YuDang Solar Co., Ltd.
      22,430   19,604   3,452   626 
Anjwa Smart Farm & Solar City Co., Ltd.
      278,981   249,143   37,691   5,996 
Daewon Green Energy Co., Ltd.
      131,218   116,100   18   (130) 
G.GURU Co., Ltd.
      1,644   8   58   (346) 
UD4M Co., Ltd.
      1,359   205   1,004   196 
Dongbu Highway Solar Co., Ltd.
      18,794   17,721   2,394   163 
Seobu Highway Solar Co., Ltd.
      19,828   18,384   2,647   315 
Korea Energy Data Co., Ltd.
      238   27   86   6 
Gangneung Sacheon Fuel Cell Co., Ltd.
      2,758   3   —     (123) 
Kosture
 
Co., Ltd.
      150   26   166   11 
Digital Innovation Growth Fund
      12,857   —     4   (143) 
Taebaek Gadeoksan Wind Power Co., Ltd.
      166,172   124,570   22,773   8,732 
Chuncheon Green Energy Co., Ltd.
      4,901   20   —     (101) 
Yeomsubong Wind Power Co., Ltd.
      400   396   —     (17) 
Yeongyang Wind Power Corporation II
      28,972   9,456   —     (1,233) 
Haeparang Energy Co., Ltd.
      9,566   681   —     (2) 
Saemangeum Sebit Power Plant Co., Ltd.
      105,259   96,963   —     (190) 
      
<Joint ventures>
                    
KEPCO-Uhde Inc.
      128   14   —     (84) 
Shuweihat Asia Power Investment B.V.
      75,652   —     —     23,905 
Shuweihat Asia Operation & Maintenance Company
      2,586   77   2,821   2,002 
Waterbury Lake Uranium L.P.
      65,240   14   —     —   
ASM-BG
Investicii AD
      74,977   37,593   13,161   5,365 
RES Technology AD
      63,495   30,090   8,142   2,220 
KV Holdings, Inc.
      6,318   1   10   2,405 
KEPCO SPC Power Corporation
      290,981   26,381   181,443   49,499 
Gansu Datang Yumen Wind Power Co., Ltd.
      75,268   58,680   9,666   (1,547) 
Datang Chifeng Renewable Power Co., Ltd.
      827,213   315,746   120,989   24,398 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      198,437   87,895   29,094   3,905 
Rabigh Electricity Company
      2,410,335   1,910,203   266,822   34,268 
Rabigh Operation & Maintenance Company Limited
      29,107   18,930   32,079   9,808 
Jamaica Public Service Company Limited
      2,174,800   1,469,297   1,113,943   41,277 
KW Nuclear Components Co., Ltd.
      42,033   6,678   32,938   12,335 
Busan Shinho Solar Power Co., Ltd.
      37,016   13,653   7,918   3,261 
Global Trade Of Power System Co., Ltd.
      2,443   385   6,355   76 
Expressway Solar-light Power Generation Co., Ltd.
      13,747   3,113   2,637   466 
Amman Asia Electric Power Company
      731,745   433,946   17,753   30,815 
 
F-118
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the year
 
     
In millions of won
 
KAPES, Inc.
 ￦    92,790   59,099   87,775   1,571 
Honam Wind Power Co., Ltd.
      33,623   19,800   5,395   531 
Korea Power Engineering Service Co., Ltd.
      24,068   5,397   11,259   709 
Chun-cheon Energy Co., Ltd.
      610,650   523,223   327,534   (5,451) 
Yeonggwangbaeksu Wind Power Co., Ltd.
      82,439   64,290   8,411   (2,302) 
Nghi Son 2 Power LLC
      2,982,805   3,020,684   548,027   84,276 
Kelar S.A.
      655,236   526,063   84,504   3,641 
PT. Tanjung Power Indonesia
      713,715   580,727   89,491   14,511 
Incheon New Power Co., Ltd.
      3,240   2,606   2,336   109 
Seokmun Energy Co., Ltd.
      219,414   171,682   41,555   (3,434) 
Daehan Wind Power PSC
      137,388   127,080   6,794   7,581 
Barakah One Company
      29,707,801   29,951,656   253,653   4,011 
Nawah Energy Company
      155,191   153,559   —     —   
Momentum
      7,546   6,442   34,527   1,105 
Daegu Green Power Co., Ltd.
      541,304   459,536   295,645   1,796 
Yeonggwang Wind Power Co., Ltd.
      239,701   202,410   25,892   958 
Chester Solar IV SpA
      11,966   12,144   1,344   (2,060) 
Chester Solar V SpA
      4,034   4,256   440   (601) 
Diego de Almagro Solar SpA
      15,155   14,572   1,615   (2,103) 
South Jamaica Power Company Limited
      474,664   287,852   224,159   5,743 
Daesan Green Energy Co., Ltd.
      264,618   203,921   88,147   (3,310) 
RE Holiday Holdings LLC
      335,130   188,796   19,724   10,897 
RE Pioneer Holdings LLC
      220,390   126,361   12,925   9,307 
RE Barren Ridge 1 Holdings LLC
      201,629   87,291   10,575   (541) 
RE Astoria 2 LandCo LLC
      12,294   298   889   799 
RE Barren Ridge LandCo LLC
      4,328   89   345   315 
Laurel SpA
      10,566   10,350   1,159   (1,425) 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      30,809   1,573   —     (916) 
Chile Solar JV SpA
      68,445   3,531   3,060   1,408 
Cheong-Song Noraesan Wind Power Co., Ltd.
      57,047   43,106   7,929   2,309 
Chester Solar I SpA
      12,965   11,043   1,065   (1,146) 
Solar Philippines Calatagan Corporation
      117,324   46,759   19,418   11,782 
Saemangeum Solar Power Co., Ltd.
      35,323   5,771   —     (631) 
Chungsongmeon BongSan wind power Co., Ltd.
      74,683   67,696   —     (1,186) 
Jaeun Resident Wind Power Plant Co., Ltd.
      81,477   74,724   —     (1,325) 
DE Energia SpA
      49,201   59,587   5,219   (2,954) 
Dangjin Eco Power Co., Ltd.
      98,010   22,223   4,139   805 
Haemodum Solar Co., Ltd.
      23,038   16,750   1,799   45 
Yangyang Wind Power Co., Ltd.
      53,586   31,291   —     (965) 
Horus Solar, S.A. De C.V.
      192,650   177,514   8,392   16,664 
Recursos Solares PV De Mexico II, S.A. De C.V.
      153,855   138,033   —     4,842 
Sunmex Renovables, S.A. De C.V.
      90,956   80,218   —     (333) 
Stavro Holding II A.B.
      88,220   87   —     (276) 
Solaseado Solar Power Co., Ltd.
      367,915   345,987   41,684   4,170 
Yeongam Solar Power Co., Ltd.
      324,132   292,213   37,301   4,930 
Samsu Wind Power Co., Ltd.
      69,213   54,331   3,918   1,162 
Pulau Indah Power Plant Sdn. Bhd.
      404,458   338,635   228   (2,589) 
Sam-Yang
Photovoltaic Power Co., Ltd.
      50,837   40,647   7,376   150 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      70,910   38   3,428   6,468 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      18,121   23   333   288 
PT Barito Wahana Tenaga
      266,584   39   —     25,839 
Cheongna Energy Co., Ltd.
      357,248   338,763   77,640   12,743 
Naepo Green Energy Co., Ltd.
      222,885   249,415   7,044   (21,392) 
Dayone Energy Co., Ltd.
      452,509   504,351   143,870   409 
 
F-119
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(4)
Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Total assets
  
Total liabilities
  
Sales
  
Profit (loss) for

the year
 
     
In millions of won
 
OneEnergy Asia Limited
 ￦    136,247   777   —     (2,844) 
KAS Investment I LLC
      52,681   1,583   (19,390)   (23,007) 
KAS Investment II LLC
      52,476   1,581   (19,311)   (21,801) 
Energyco Co., Ltd. (formerly, Energyco LLC)
      59,662   57,227   168   (2,514) 
CAES, LLC
      43,089   —     —     (923) 
Hapcheon Floating Photovoltaic Power Plant Inc.
      73,978   59,832   1,120   (972) 
Busan Industrial Solar Power Co., Ltd.
      19,085   17,937   1,879   566 
Bitsolar Energy Co., Ltd.
      80,307   85,340   8,298   (1,105) 
Pulau Indah O&M Sdn. Bhd.
      —     —     —     —   
Guadalupe Solar SpA
      8,774   7,839   12   (1,119) 
Omisan Wind Power Co., Ltd.
      128,724   103,802   —     (320) 
Foresight Iberian Solar Group Holding, S.L.
      90,610   79,519   168   (603) 
Yeongwol Eco Wind Co., Ltd.
      43,784   39,066   —     421 
Gurae Resident Power Co., Ltd.
      6,932   5,734   —     42 
Cheongju Eco Park Co., Ltd.
      138,657   120,485   6,454   (1,708) 
Enel X Midland Photovoltaic, LLC
      9,053   611   122   (31) 
Geumsungsan Wind Power Co., Ltd.
      66,862   47,906   —     (2,146) 
KEPCO KPS
Carabao
Corp.
      3,482   2,516   5,309   733 
Prime Swedish Holding AB
      34,257   20   —     (5) 
Goheung New Energy Co., Ltd.
      55,145   32,125   —     (2,711) 
Gunsan Land Solar Co., Ltd.
      86,654   60,996   432   432 
CapMan Lynx SCA, SICAR
      113,658   93,706   —     —   
International Offshore Power Transmission Holding Company Limited
      5   —     —     —   
 
(*1)
The profit for the year ended December 31, 2021 is reduced by the associate entity’s net income (loss) attributable to
non-controlling
interests.
 
F-120
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Associates>
                                
Korea Gas Corporation
 ￦    7,735,156   22.02%   1,703,281   —     —     (55,956)   1,647,325 
Korea Electric Power Industrial Development Co., Ltd.
      88,379   29.00%   25,630   —     —     —     25,630 
YTN Co., Ltd.
      189,228   21.43%   40,549   —     —     —     40,549 
Gangwon Wind Power Co., Ltd.
      75,961   15.00%   11,394   49   —     —     11,443 
Hyundai Green Power Co., Ltd.
      457,842   29.00%   132,774   —     —     —     132,774 
Korea Power Exchange
      269,122   100.00%   269,122   —     —     —     269,122 
Taebaek Wind Power Co., Ltd.
      25,568   25.00%   6,392   —     —     —     6,392 
Taebaek Guinemi Wind Power Co., Ltd.
      12,349   25.00%   3,087   —     —     —     3,087 
Pyeongchang Wind Power Co., Ltd.
      20,107   25.00%   5,027   —     —     —     5,027 
Daeryun Power Co., Ltd.
      290,931   9.34%   27,173   —     —     (820)   26,353 
Changjuk Wind Power Co., Ltd.
      26,223   30.00%   7,867   —     —     —     7,867 
KNH Solar Co., Ltd.
      9,021   27.00%   2,436   —     —     —     2,436 
SPC Power Corporation
      237,757   38.00%   90,348   —     —     (20,436)   69,912 
Gemeng International Energy Co., Ltd.
      1,999,144   34.00%   679,709   —     —     (1)   679,708 
PT. Cirebon Electric Power
      428,405   27.50%   117,811   —     —     —     117,811 
KNOC Nigerian East Oil Co., Ltd.
      (71,521)   14.63%   (10,464)   —     —     10,464   —   
KNOC Nigerian West Oil Co., Ltd.
      (65,740)   14.63%   (9,618)   —     —     9,618   —   
PT Wampu Electric Power
      60,577   46.00%   27,865   —     —     —     27,865 
PT. Bayan Resources TBK
      749,744   20.00%   149,949   351,662   —     (76,377)   425,234 
S-Power
Co., Ltd.
      228,168   49.00%   111,802   —     (1,510)   —     110,292 
Pioneer Gas Power Limited
      (99,446)   38.50%   (38,284)   22,278   —        16,006   —   
Eurasia Energy Holdings
      (437)   40.00%   (175)   —     —     175   —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      262,658   25.00%   65,665   305   (1,110)   (290)   64,570 
Hadong Mineral Fiber Co., Ltd.
      (28)   8.33%   (2)   —     —     2   —   
PT. Mutiara Jawa
      6,138   29.00%   1,780   —     —     —     1,780 
Samcheok Eco Materials Co., Ltd.
      23,426   25.54%   5,983   —     —     (5,983)   —   
Noeul Green Energy Co., Ltd.
      14,472   29.00%   4,197   —     —     —     4,197 
Goseong Green Power Co., Ltd.
      208,361   1.12%   2,324   —     (138)   —     2,186 
Gangneung Eco Power Co., Ltd.
      154,904   1.61%   2,496   —     (128)   —     2,368 
Shin Pyeongtaek Power Co., Ltd.
      206,281   40.00%   82,512   3,559   (16,480)   —     69,591 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      743   28.00%   208   —     —     2   210 
Dongducheon Dream Power Co., Ltd.
      278,714   34.01%   94,791   1,757   (3,329)   (12,582)   80,637 
Jinbhuvish Power Generation Pvt. Ltd.
      46,577   5.16%   2,403   —     —     (2,403)   —   
Daejung Offshore Wind Power Co., Ltd.
      4,647   46.59%   2,165   —     —     —     2,165 
GS Donghae Electric Power Co., Ltd.
      718,900   34.00%   244,426   —     —     —     244,426 
Daegu Photovoltaic Co., Ltd.
      7,125   29.00%   2,066   —     —     —     2,066 
Busan Green Energy Co., Ltd.
      30,266   29.00%   8,777   —     —     1   8,778 
Gunsan Bio Energy Co., Ltd.
      (18,982)   18.87%   (3,582)   —     —     3,582   —   
Korea Electric Vehicle Charging Service
      2,057   28.00%   576   —     —     —     576 
Korea Nuclear Partners Co., Ltd.
      1,245   28.98%   361   —     —     (161)   200 
Korea Electric Power Corporation Fund
      42,739   98.09%   41,923   —     —     3   41,926 
Energy Infra Asset Management Co., Ltd.
      9,478   9.90%   938   —     —     —     938 
Daegu clean Energy Co., Ltd.
      44   28.00%   12   —     —     —     12 
Yaksu ESS Co., Ltd.
      1,562   29.00%   453   1   —     —     454 
Nepal Water & Energy Development Company Private Limited
      68,228   58.59%   39,975   971   —     1,731   42,677 
Gwangyang Green Energy Co., Ltd.
      4,539   20.00%   908   18   —     —     926 
PND
S
olar Co., Ltd.
      3,431   29.00%   995   154   —     —     1,149 
Hyundai Eco Energy Co., Ltd.
      21,240   19.00%   4,036   214   —     —     4,250 
YeongGwang Yaksu Wind Electric Co., Ltd.
      124   9.63%   12   300   —     —     312 
Green Energy Electricity Generation Co., Ltd.
      (2,599)   29.00%   (754)   779   —     —     25 
Korea Energy Solutions Co., Ltd.
      984   20.00%   197   —     —     —     197 
ITR Co., Ltd.
      198   20.00%   40   1   —     (1)   40 
Structure test network Co., Ltd.
      (133)   20.00%   (27)   54   —     —     27 
 
F-121
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 

 
2020

 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value

 
     
In millions of won

 
<Associates>
                        
 
Namjeongsusang Solar Power Operation Co., Ltd.
 ￦    553   15.00%   83   20   —     —     103
 
Indeck Niles Development, LLC
      33,298   24.08%   8,017   12,610   —     —     20,627
 
Indeck Niles Asset Management, LLC
      303   33.33%   101   —     —     —     101
 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
      14,951   49.00%   7,326   —     —     —     7,326
 
Suwon New Power Co., Ltd.
      1,966   33.11%   651   —     267   136   1,054
 
KPGE Inc.
      989   29.00%   287   —     —     —     287
 
Gwangbaek Solar Power Investment Co., Ltd.
      9,925   44.00%   4,367   315   —     —     4,682
 
Go deok Clean Energy Co., Ltd.
      1,574   61.00%   960   —     —     —     960
 
SureDataLab Co., Ltd.
      353   23.95%   85   —     —     —     85
 
SEP Co., Ltd.
      64   21.26%   14   —     —     —     14
 
Hankook Electric Power Information Co., Ltd.
      550   25.25%   139   —     —     —     139
 
Tronix Co., Ltd.
      593   20.00%   119   —     —     —     119
 
O2&B Global Co., Ltd.
      108   20.00%   22   —     —     —     22
 
Muan Sunshine Solar Power Plant Co., Ltd.
      3,010   20.00%   602   494   —     —     1,096
 
Bigeum Resident Photovoltaic Power Co., Ltd.
      (387)   29.90%   (116)   —     —     116   —  
 
Jeju SolarOne Co., Ltd.
      1,594   10.00%   159   —     —     —     159
 
Goesan Solar Park Co., Ltd.
      5,808   29.00%   1,684   —     —     —     1,684
 
Saemangeum Heemang Photovoltaic Co., Ltd.
      29,377   35.00%   10,282   740   —     —     11,022
 
Bitgoel Eco Energy Co., Ltd.
      100   29.00%   29   —     —     —     29
 
Jeju Gimnyeong Wind Power Co., Ltd.
      5,260   30.00%   1,578   —     —     —     1,578
 
Seoroseoro Sunny Power Plant Co., Ltd.
      1,182   19.46%   230   —     —     —     230
 
Muan Solar Park Co., Ltd.
      20,374   19.00%   3,871   309   —     —     4,180
 
YuDang Solar Co., Ltd.
      2,484   20.00%   497   —     —     (137)   360
 
Anjwa Smart Farm & Solar City Co., Ltd.
      24,174   19.50%   4,714   796   —     —     5,510
 
Daewon Green Energy Co., Ltd.
      15,248   25.36%   3,866   44   —     —     3,910
 
<Joint ventures>
                               
 
KEPCO-Uhde Inc.
      197   50.80%   100   —     —     —     100
 
Shuweihat Asia Power Investment B.V.
      27,069   49.00%   13,264   —     —     —     13,264
 
Shuweihat Asia Operation & Maintenance Company
      1,922   55.00%   1,057   —     —     —     1,057
 
Waterbury Lake Uranium L.P.
      59,808   33.10%   19,797   —     —     —     19,797
 
ASM-BG
Investicii AD
      36,400   50.00%   18,200   —     —     —     18,200
 
RES Technology AD
      31,860   50.00%   15,930   —     —     —     15,930
 
KV Holdings, Inc.
      6,013   40.00%   2,405   —     —     —     2,405
 
KEPCO SPC Power Corporation
      268,169   75.20%   201,663   —     —     —     201,663
 
Gansu Datang Yumen Wind Power Co., Ltd.
      16,325   40.00%   6,530   —     —     —     6,530
 
Datang Chifeng Renewable Power Co., Ltd.
      471,194   40.00%   188,478   —     —     —     188,478
 
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
      106,324   40.00%   42,530   —     —     —     42,530
 
Rabigh Electricity Company
      396,179   40.00%   158,472   —     (60,511)   (804)   97,157
 
Rabigh Operation & Maintenance Company Limited
      9,533   40.00%   3,813   —     —     —     3,813
 
Jamaica Public Service Company Limited
      636,994   40.00%   254,798   29,357   —     (17,934)   266,221
 
KW Nuclear Components Co., Ltd.
      25,217   45.00%   11,348   —     —     (177)   11,171
 
Busan Shinho Solar Power Co., Ltd.
      21,512   25.00%   5,378   —     —     —     5,378
 
Global Trade Of Power System Co., Ltd.
      1,884   29.00%   546   —     —     —     546
 
Expressway Solar-light Power Generation Co., Ltd.
      9,985   29.00%   2,896   —     —     —     2,896
 
Amman Asia Electric Power Company
      268,755   60.00%   161,253   —     —     —     161,253
 
KAPES, Inc.
      32,096   51.00%   16,369   —     (19,567)   3,198   —  
 
 
F-122
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Joint ventures>
                                
Honam Wind Power Co., Ltd.
 ￦    13,292   29.00%   3,855   32   —     —     3,887 
Jeongam Wind Power Co., Ltd.
      11,550   40.00%   4,620   —     —     —     4,620 
Korea Power Engineering Service Co., Ltd.
      18,488   29.00%   5,362   —     —     —     5,362 
Chun-cheon Energy Co., Ltd.
      92,851   29.90%   27,762   3   —     (247)   27,518 
Yeonggwangbaeksu Wind Power Co., Ltd.
      20,791   15.00%   3,119   5   —     —     3,124 
Nghi Son 2 Power LLC
      (266,560)   50.00%   (133,280)   —     —     133,280   —   
Kelar S.A.
      106,063   65.00%   68,941   2,508   —     —     71,449 
PT. Tanjung Power Indonesia
      94,465   35.00%   33,063   —     —     —     33,063 
Incheon New Power Co., Ltd.
      525   29.00%   152   —     —     (152)   —   
Seokmun Energy Co., Ltd.
      51,082   29.00%   14,814   —     —     —     14,814 
Daehan Wind Power PSC
      (7,710)   50.00%   (3,855)   —     —     3,855   —   
Barakah One Company
      (230,516)   18.00%   (41,493)   —     (27,845)   69,338   —   
Nawah Energy Company
      1,498   18.00%   270   —     —     —     270 
Momentum

      1,696   33.33%   565   —     —     —     565 
Daegu Green Power Co., Ltd.
      79,908   54.24%   43,342   84   —     (20,381)   23,045 
Yeonggwang Wind Power Co., Ltd.
      36,443   46.00%   16,764   492   —     —     17,256 
Chester Solar IV SpA
      2,242   45.00%   1,009   55   —     —     1,064 
Chester Solar V SpA
      361   45.00%   162   115   —     —     277 
Diego de Almagro Solar SpA
      3,108   45.00%   1,399   91   —     —     1,490 
South Jamaica Power Company Limited
      159,494   20.00%   31,899   —     —     (2)   31,897 
Daesan Green Energy Co., Ltd.
      64,435   35.00%   22,552   —     —     —     22,552 
RE Holiday Holdings LLC
      137,618   50.00%   68,809   —     —     —     68,809 
RE Pioneer Holdings LLC
      99,278   50.00%   49,639   —     —     —     49,639 
RE Barren Ridge 1 Holdings LLC
      107,472   50.00%   53,736   —     —     (49,270)   4,466 
RE Astoria 2 LandCo LLC
      10,459   50.00%   5,230   —     —     —     5,230 
RE Barren Ridge LandCo LLC
      3,694   50.00%   1,847   —     —     —     1,847 
Laurel SpA
      2,033   45.00%   915   177   —     —     1,092 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      33,312   12.37%   4,121   8   —     —     4,129 
Chile Solar JV SpA
      69,765   50.00%   34,883   —     —     —     34,883 
Taebaek Gadeoksan Wind Power Co., Ltd.
      28,244   47.31%   13,362   —     —     —     13,362 
Cheong-Song Noraesan Wind Power Co., Ltd.
      11,689   29.01%   3,391   61   —     1   3,453 
Chester Solar I SpA
      3,082   45.00%   1,387   234   —     —     1,621 
Solar Philippines Calatagan Corporation
      50,849   38.00%   19,323   29,694   —     —     49,017 
Saemangeum Solar Power Co., Ltd.
      30,183   81.00%   24,450   (158)   —     —     24,292 
Chungsongmeon BongSan wind power Co., Ltd.
      8,077   29.00%   2,342   1,782   —     —     4,124 
Jaeun Resident Wind Power Plant Co., Ltd.
      7,569   29.00%   2,195   —     —     —     2,195 
DE Energia SpA
      (6,607)   49.00%   (3,237)   —     —     11,424   8,187 
Dangjin Eco Power Co., Ltd.
      74,065   34.00%   25,182   341   —     —     25,523 
Haemodum Solar Co., Ltd.
      6,255   49.00%   3,065   —     —     —     3,065 
Yangyang Wind Power Co., Ltd.
      20,884   50.00%   10,442   43   —     —     10,485 
Horus Solar, S.A. De C.V.

      (1,242)   14.95%   (186)   3,580   —     —     3,394 
Recursos Solares PV De Mexico II, S.A. De C.V.

      9,962   14.95%   1,489   2,171   —     —     3,660 
Sunmex Renovables, S.A. De C.V.

      1,577   14.95%   236   4   —     —     240 
Stavro Holding II A.B.
      46,385   20.00%   9,277   —     —     —     9,277 
Solaseado Solar Power Co., Ltd.
      21,990   38.90%   8,554   1,361   —     —     9,915 
Yeongam Solar Power Co., Ltd.
      27,729   19.00%   5,269   773   —     —     6,042 
Samsu Wind Power Co., Ltd.
      13,720   19.00%   2,607   —     —     —     2,607 
Pulau Indah Power Plant Sdn. Bhd.
      22,245   25.00%   5,561   5,643   —     —     11,204 
Sam-Yang
Photovoltaic Power Co., Ltd.
      11,296   49.00%   5,535   —     —     —     5,535 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      73,534   29.53%   21,715   —     —     527   22,242 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      17,921   90.00%   16,129   —     —     —     16,129 
 
F-123
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
2020
 
Investees
 
 
 
 
Net assets
 
 
Percentage
of ownership(*)
 
 
Share in

net
assets
 
 
Investment

differential
 
 
Intercompany

transaction
 
 
Others
 
 
Book value
 
 
 
 
 
 
In millions of won
 
PT Barito Wahana Tenaga
 ￦    205,894   30.61%   63,029   —     —     —     63,029 
Cheongna Energy Co., Ltd.
      5,742   50.10%   2,877   3,137   (1,074)   —     4,940 
Naepo Green Energy Co., Ltd.
      (7,802)   29.20%   (2,278)   —     —     2,278   —   
Dayone Energy Co., Ltd.
      (54,480)   46.30%   (25,224)   —     (923)   26,147   —   
OneEnergy Asia Limited
      77,855   40.00%   31,142   25,512   —     —     56,654 
KAS Investment I LLC
      78,410   29.89%   23,437   —     —     —     23,437 
KAS Investment II LLC
      78,096   29.89%   23,343   —     —     —     23,343 
Energyco LLC
      2,862   29.00%   830   829   —     —     1,659 
CAES, LLC
      40,840   36.00%   14,702   2,924   —     —     17,626 
Hapcheon Floating Photovoltaic Power Plant Inc.
      9,708   19.47%   1,890   —     —     —     1,890 
Busan Industrial Solar Power Co., Ltd.
      784   28.02%   220   290   —     —     510 
Bitsolar Energy Co., Ltd.
      (4,803)   27.10%   (1,302)   1,654   —     —     352 
 
(*)
The percentage of ownership shown above is after considering the treasury stocks and others.
 
F-124
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Associates>
                                
Korea Gas Corporation
 ￦    9,119,335   20.47%   1,866,728   —     —     (51,215)   1,815,513 
Korea Electric Power Industrial Development Co., Ltd.
      84,885   29.00%   24,617   —     —     —     24,617 
YTN Co., Ltd.
      241,863   21.43%   51,828   —     —     —     51,828 
Gangwon Wind Power Co., Ltd.
      70,032   15.00%   10,505   49   —     —     10,554 
Hyundai Green Power Co., Ltd.
      420,533   29.00%   121,955   —     —     —     121,955 
Korea Power Exchange
      269,728   100.00%   269,728   —     —     —     269,728 
Taebaek Wind Power Co., Ltd.
      27,199   25.00%   6,800   —     —     —     6,800 
Taebaek Guinemi Wind Power Co., Ltd.
      13,426   25.00%   3,357   —     —     —     3,357 
Pyeongchang Wind Power Co., Ltd.
      21,644   25.00%   5,411   —     —     —     5,411 
Daeryun Power Co., Ltd.
      281,005   9.34%   26,246   —     —     (820)   25,426 
Changjuk Wind Power Co., Ltd.
      27,849   30.00%   8,355   —     —     —     8,355 
KNH Solar Co., Ltd.
      8,436   27.00%   2,278   —     —     —     2,278 
SPC Power Corporation
      223,523   38.00%   84,939   —     —     (19,893)   65,046 
Gemeng International Energy Co., Ltd.
      2,175,169   34.00%   739,557   —     —     (144,339)   595,218 
PT. Cirebon Electric Power
      443,525   27.50%   121,969   —     —     —     121,969 
KNOC Nigerian East Oil Co., Ltd.
      (78,029)   14.63%   (11,416)   —     —     11,416   —   
KNOC Nigerian West Oil Co., Ltd.
      (71,735)   14.63%   (10,495)   —     —     10,495   —   
PT Wampu Electric Power
      76,255   46.00%   35,077   —     —     —     35,077 
PT. Bayan Resources TBK
      2,141,022   20.00%   428,204   309,464   —     (76,379)   661,289 
S-Power
Co., Ltd.
      253,444   49.00%   124,188   —     (1,402)   —     122,786 
Pioneer Gas Power Limited
      (155,789)   38.50%   (59,975)   22,278   —     37,697   —   
Eurasia Energy Holdings
      (476)   40.00%   (190)   —     —     190   —   
Xe-Pian
Xe-Namnoy
Power Co., Ltd.
      373,976   25.00%   93,494   305   (1,069)   (289)   92,441 
PT. Mutiara Jawa
      8,857   29.00%   2,569   —     —     —     2,569 
Samcheok Eco Materials Co., Ltd.
      24,691   25.54%   6,306   —     —     (6,306)   —   
Noeul Green Energy Co., Ltd.
      13,132   29.00%   3,808   —     —     —     3,808 
Goseong Green Power Co., Ltd.
      902,746   29.00%   261,796   —     (938)   —     260,858 
Gangneung Eco Power Co., Ltd.
      150,144   1.61%   2,419   —     (131)   —     2,288 
Shin Pyeongtaek Power Co., Ltd.
      263,477   40.00%   105,391   3,559   (15,876)   —     93,074 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
      790   28.00%   221   —     —     2   223 
Dongducheon Dream Power Co., Ltd.
      258,723   34.01%   87,992   1,757   (2,969)   (12,582)   74,198 
Jinbhuvish Power Generation Pvt. Ltd.
      49,931   5.16%   2,576   —     —     (2,576)   —   
Daejung Offshore Wind Power Co., Ltd.
      3,657   46.59%   1,704   —     —     —     1,704 
GS Donghae Electric Power Co., Ltd.
      716,977   34.00%   243,772   —     —     —     243,772 
Daegu Photovoltaic Co., Ltd.
      8,076   29.00%   2,342   —     —     —     2,342 
Busan Green Energy Co., Ltd.
      17,352   29.00%   5,032   —     —     —     5,032 
Gunsan Bio Energy Co., Ltd.
      (20,478)   18.87%   (3,864)   —     —     3,864   —   
Korea Electric Vehicle Charging Service
      7,144   17.50%   1,250   —     —     —     1,250 
Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.)
      1,309   28.98%   379   —     —     (160)   219 
Korea Electric Power Corporation Fund
      48,913   98.09%   47,979   —     —     4   47,983 
Energy Infra Asset Management Co., Ltd.
      10,770   9.90%   1,066   —     —     —     1,066 
Daegu clean Energy Co., Ltd.
      44   28.00%   12   —     —     —     12 
YaksuESS Co., Ltd.
      2,464   29.00%   715   1   —     —     716 
Nepal Water & Energy Development Company Private Limited
      94,639   69.06%   65,361   972   —     —     66,333 
Gwangyang Green Energy Co., Ltd.
      127,239   20.00%   25,448   18   —     —     25,466 
PND
Solar
Co., Ltd.
      3,708   29.00%   1,075   154   —     —     1,229 
Hyundai Eco Energy Co., Ltd.
      28,198   19.00%   5,358   214   —     —     5,572 
YeongGwang Yaksu Wind Electric Co., Ltd.
      (692)   9.63%   (67)   300   —     —     233 
Green Energy Electricity Generation Co., Ltd.
      3,222   29.00%   934   779   —     —     1,713 
Korea Energy Solutions Co., Ltd.
      614   20.00%   123   —     —     —     123 
ITR Co., Ltd.
      157   20.00%   31   1   —     —     32 
Structure
Test Network
Co., Ltd.
      1,265   20.00%   253   53   —     —     306 
 
F-125
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Associates>
 
 
 
 
 
 
Namjeongsusang Solar Power Operation Co., Ltd.
 ￦    2,272   15.00%   341   20   —     —     361 
Indeck Niles Development, LLC
      322,479   56.25%   181,395   64,878   —     —     246,273 
Indeck Niles Asset Management, LLC
      334   33.33%   111   —     —     —     111 
Hanwha Corporation-linked Sunlight Power Special
 
Private Equity Investment Trust No. 1
      14,567   49.00%   7,138   —     —     —     7,138 
Suwon New Power Co., Ltd.
      1,967   39.90%   785   —     250   —     1,035 
KPGE Inc.
      1,066   29.00%   309   —     —     —     309 
Gwangbaek Solar Power Investment Co., Ltd.
      10,205   44.00%   4,490   316   —     —     4,806 
Go deok Clean Energy Co., Ltd.
      10,755   40.00%   4,302   —     —     —     4,302 
SureDataLab Co., Ltd.
      533   23.95%   128   —     —     —     128 
SEP Co., Ltd.
      32   21.26%   7   —     —     —     7 
Hankook Electric Power Information Co., Ltd.
      636   25.25%   161   —     —     —     161 
Tronix Co., Ltd.
      547   20.00%   109   —     —     —     109 
O2&B Global Co., Ltd.
      177   20.00%   35   —     —     —     35 
Muan Sunshine Solar Power Plant Co., Ltd.
      3,871   20.00%   774   494   —     —     1,268 
Bigeum Resident Photovoltaic Power Co., Ltd.
      (999)   29.90%   (299)   24   —     275   —   
Goesan Solar Park Co., Ltd.
      6,644   29.00%   1,927   —     —     —     1,927 
Saemangeum Heemang Photovoltaic Co., Ltd.
      27,140   35.00%   9,499   739   —     —     10,238 
Bitgoel Eco Energy Co., Ltd.
      15,021   29.00%   4,356   —     —     —     4,356 
Jeju Gimnyeong Wind Power Co., Ltd.
      3,038   30.00%   911   —     —     —     911 
Seoroseoro Sunny Power Plant Co., Ltd.
      1,647   42.58%   701   20   —     —     721 
Muan Solar
Park
Co., Ltd.
      28,788   20.00%   5,758   325   —     —     6,083 
YuDang Solar Co., Ltd.
      2,826   20.00%   565   —     —     —     565 
Anjwa Smart Farm & Solar City Co., Ltd.
      29,838   20.00%   5,968   816   —     —     6,784 
Daewon Green Energy Co., Ltd.
      15,118   25.36%   3,833   44   —     —     3,877 
G.GURU Co., Ltd.
      1,636   24.65%   403   —     —     —     403 
UD4M Co., Ltd.
      1,154   12.50%   144   —     —     —     144 
Dongbu Highway Solar Co., Ltd.
      1,073   20.00%   215   50   —     —     265 
Seobu Highway Solar Co., Ltd.
      1,444   20.00%   289   —     —     —     289 
Korea Energy Data Co., Ltd.
      211   29.37%   62   —     —     —     62 
Gangneung Sacheon Fuel Cell Co., Ltd.
      2,755   65.00%   1,791   87   —     —     1,878 
Kosture
Co., Ltd.
      124   0.26%   —     —     —     —     —   
Digital Innovation Growth Fund
      12,857   76.92%   9,890   —     —     —     9,890 
Taebaek Gadeoksan Wind Power Co., Ltd.
      41,602   39.65%   16,495   —     —     —     16,495 
Chuncheon Green Energy Co., Ltd.
      4,881   68.00%   3,319   53   —     —     3,372 
Yeomsubong Wind Power Co., Ltd.
      4   48.72%   2   93   —     —     95 
Yeongyang Wind Power Corporation II
      19,516   30.00%   5,855   2,110   —     —     7,965 
Haeparang Energy Co., Ltd.
      8,885   25.00%   2,221   20   —     —     2,241 
Saemangeum Sebit Power Plant Co., Ltd.
      8,296   69.55%   5,770   230   —     —     6,000 
         
<Joint ventures>
                                
KEPCO-Uhde Inc.
      114   50.85%   58   —     —     —     58 
Shuweihat Asia Power Investment B.V.
      75,652   49.00%   37,069   —     —     —     37,069 
Shuweihat Asia Operation & Maintenance
 
Company
      2,509   55.00%   1,380   —     —     —     1,380 
Waterbury Lake Uranium L.P.
      65,226   33.10%   21,590   —     —     —     21,590 
ASM-BG
Investicii AD
      37,384   50.00%   18,692   —     —     —     18,692 
RES Technology AD
      33,405   50.00%   16,703   —     —     —     16,703 
KV Holdings, Inc.
      6,317   40.00%   2,527   —     —     —     2,527 
KEPCO SPC Power Corporation
      264,600   75.20%   198,979   —     —     —     198,979 
Gansu Datang Yumen Wind Power Co., Ltd.
      16,588   40.00%   6,635   —     —     —     6,635 
Datang Chifeng Renewable Power Co., Ltd.
      511,467   40.00%   204,587   —     —     —     204,587 
 
F-126
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Joint ventures>
                                
Datang KEPCO Chaoyang Renewable Power Co., Ltd.
 ￦    110,542   40.00%   44,217   —     —     —     44,217 
Rabigh Electricity Company
      500,132   40.00%   200,053   —     (55,571)   (804)   143,678 
Rabigh Operation & Maintenance Company Limited
      10,177   40.00%   4,071   —     —     —     4,071 
Jamaica Public Service Company Limited
      705,503   40.00%   282,201   29,357   —     (16,909)   294,649 
KW Nuclear Components Co., Ltd.
      35,355   45.00%   15,910   —     —     (176)   15,734 
Busan Shinho Solar Power Co., Ltd.
      23,363   25.00%   5,841   —     —     —     5,841 
Global Trade Of Power System Co., Ltd.
      2,058   29.00%   597   —     —     —     597 
Expressway Solar-light Power Generation Co., Ltd.
      10,634   29.00%   3,084   —     —     —     3,084 
Amman Asia Electric Power Company
      297,799   60.00%   178,679   —     —     —     178,679 
KAPES, Inc.
      33,691   51.00%   17,182   —     (20,697)   3,515   —   
Honam Wind Power Co., Ltd.
      13,823   29.00%   4,009   32   —     —     4,041 
Korea Power Engineering Service Co., Ltd.
      18,671   29.00%   5,415   —     —     —     5,415 
Chun-cheon Energy Co., Ltd.
      87,427   29.90%   26,141   3   —     (248)   25,896 
Yeonggwangbaeksu Wind Power Co., Ltd.
      18,149   15.00%   2,722   6   —     —     2,728 
Nghi Son 2 Power LLC
      (37,879)   50.00%   (18,940)   —     —     18,940   —   
Kelar S.A.
      129,173   65.00%   83,962   2,733   —     —     86,695 
PT. Tanjung Power Indonesia
      132,988   35.00%   46,546   —     —     —     46,546 
Incheon New Power Co., Ltd.
      634   29.00%   184   —     —     (184)   —   
Seokmun Energy Co., Ltd.
      47,732   29.00%   13,842   —     —     —     13,842 
Daehan Wind Power PSC
      10,308   50.00%   5,154   —     —     —     5,154 
Barakah One Company
      (243,855)   18.00%   (43,894)   —     1,058   42,836   —   
Nawah Energy Company
      1,632   18.00%   294   —     —     —     294 
Momentum

      1,104   33.33%   368   —     —     —     368 
Daegu Green Power Co., Ltd.
      81,768   54.24%   44,351   84   —     (20,381)   24,054 
Yeonggwang Wind Power Co., Ltd.
      37,291   46.00%   17,154   492   —     —     17,646 
Chester Solar IV SpA
      (178)   45.00%   (80)   60   —     20   —   
Chester Solar V SpA
      (222)   45.00%   (100)   125   —     —     25 
Diego de Almagro Solar SpA
      583   45.00%   262   100   —     —     362 
South Jamaica Power Company Limited
      186,812   20.00%   37,362   —     —     (2)   37,360 
Daesan Green Energy Co., Ltd.
      60,697   35.00%   21,244   —     —     —     21,244 
RE Holiday Holdings LLC
      146,334   50.00%   73,167   —     —     —     73,167 
RE Pioneer Holdings LLC
      94,029   50.00%   47,015   —     —     —     47,015 
RE Barren Ridge 1 Holdings LLC
      114,338   50.00%   57,169   —     —     (55,286)   1,883 
RE Astoria 2 LandCo LLC
      11,996   50.00%   5,998   —     —     —     5,998 
RE Barren Ridge LandCo LLC
      4,239   50.00%   2,120   —     —     —     2,120 
Laurel SpA
      216   45.00%   97   193   —     —     290 
KIAMCO KOWEPO Bannerton Hold Co Pty Ltd
      29,236   12.37%   3,616   9   —     —     3,625 
Chile Solar JV SpA
      64,914   50.00%   32,457   —     —     —     32,457 
Cheong-Song Noraesan Wind Power Co., Ltd.
      13,941   29.01%   4,045   61   —     —     4,106 
Chester Solar I SpA
      1,922   45.00%   865   255   —     —     1,120 
Solar Philippines Calatagan Corporation
      70,565   38.00%   26,815   —     —     31,416   58,231 
Saemangeum Solar Power Co., Ltd.
      29,552   81.01%   23,939   —     —     —     23,939 
Chungsongmeon BongSan wind power Co., Ltd.
      6,987   29.00%   2,026   1,782   —     —     3,808 
Jaeun Resident Wind Power Plant Co., Ltd.
      6,753   29.00%   1,958   —     —     —     1,958 
DE Energia SpA
      (10,386)   49.00%   (5,089)   —     —     14,010   8,921 
Dangjin Eco Power Co., Ltd.
      75,787   34.00%   25,768   341   —     —     26,109 
Haemodum Solar Co., Ltd.
      6,288   49.00%   3,081   —     —     —     3,081 
Yangyang Wind Power Co., Ltd.
      22,295   50.00%   11,148   43   —     —     11,191 
Horus Solar, S.A. De C.V.

      15,136   14.95%   2,262   3,580   —     —     5,842 
Recursos Solares PV De Mexico II, S.A. De C.V.

      15,822   14.95%   2,365   2,171   —     —     4,536 
Sunmex Renovables, S.A. De C.V.

      10,738   14.95%   1,605   5   —     —     1,610 
 
F-127
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(5)
Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2021
 
Investees
    
Net assets
  
Percentage
of ownership(*)
  
Share in

net
assets
  
Investment

differential
  
Intercompany

transaction
  
Others
  
Book value
 
     
In millions of won
 
<Joint ventures>
 
 
 
 
 
 
Stavro Holding II A.B.
 ￦    88,133   20.00%   17,627   —     —     —     17,627 
Solaseado Solar Power Co., Ltd.
      21,928   38.90%   8,530   1,361   —     —     9,891 
Yeongam Solar Power Co., Ltd.
      31,919   19.00%   6,065   773   —     —     6,838 
Samsu Wind Power Co., Ltd.
      14,882   19.00%   2,828   —     —     —     2,828 
Pulau Indah Power Plant Sdn. Bhd.
      65,823   25.00%   16,456   5,643   —     —     22,099 
Sam-Yang
Photovoltaic Power Co., Ltd.
      10,190   49.00%   4,993   —     —     —     4,993 
NH-Amundi
Global Infrastructure Investment Private Investment Trust 21
      70,872   29.53%   20,929   527   —     —     21,456 
Shin-han
BNPP Private Investment Trust for East-West Sunlight Dream
      18,098   90.00%   16,288   —     —     —     16,288 
PT Barito Wahana Tenaga
      266,545   30.61%   81,595   —     —     —     81,595 
Cheongna Energy Co., Ltd.
      18,485   50.10%   9,261   3,137   (1,200)   —     11,198 
Naepo Green Energy Co., Ltd.
      (26,530)   29.20%   (7,747)   —     —     7,747   —   
Dayone Energy Co., Ltd.
      (51,842)   46.30%   (24,003)   —     (882)   24,885   —   
OneEnergy Asia Limited
      135,470   40.00%   54,188   25,512   —     —     79,700 
KAS Investment I LLC
      51,098   29.89%   15,273   —     —     —     15,273 
KAS Investment II LLC
      50,895   29.89%   15,213   —     —     —     15,213 
Energyco Co., Ltd. (formerly, Energyco LLC)
      2,435   29.00%   706   829   —     —     1,535 
CAES, LLC
      43,089   36.00%   15,512   2,923   —     —     18,435 
Hapcheon Floating Photovoltaic Power Plant Inc.
      14,146   49.00%   6,932   39   —     —     6,971 
Busan Industrial Solar Power Co., Ltd.
      1,148   28.02%   322   290   —     —     612 
Bitsolar Energy Co., Ltd.
      (5,033)   27.10%   (1,364)   352   —     1,364   352 
Pulau Indah O&M Sdn. Bhd.
      —     60.00%   —     —     —     —     —   
Guadalupe Solar SpA
      935   60.00%   561   98   —     —     659 
Omisan Wind Power Co., Ltd.
      24,922   42.00%   10,467   166   —     —     10,633 
Foresight Iberian Solar Group Holding, S.L.
      11,091   75.00%   8,318   1,425   —     —     9,743 
Yeongwol Eco Wind Co., Ltd.
      4,718   29.00%   1,368   1,828   —     —     3,196 
Gurae Resident Power Co., Ltd.
      1,198   29.00%   347   48   —     —     395 
Cheongju Eco Park Co., Ltd.
      18,172   29.00%   5,270   195   —     —     5,465 
Enel X Midland Photovoltaic, LLC
      8,442   20.00%   1,688   —     —     —     1,688 
Geumsungsan Wind Power Co., Ltd.
      18,956   29.00%   5,497   556   —     —     6,053 
KEPCO KPS
Carabao
Corp.
      966   40.00%   386   —     —     —     386 
Prime Swedish Holding AB
      34,237   45.00%   15,407   34   —     —     15,441 
Goheung New Energy Co., Ltd.
      23,020   46.15%   10,624   1,084   —     —     11,708 
Gunsan Land Solar Co., Ltd.
      25,658   75.29%   19,317   —     —     —     19,317 
CapMan Lynx SCA, SICAR
      19,952   50.00%   9,976   —     —     —     9,976 
International Offshore Power Transmission Holding Company Limited
      5   35.00%   2   (2)   —     —     —   
 
(*)
The percentage of ownership shown above is after considering the treasury stocks and others.
 
F-128
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(6)
As of December 31, 2020, and 2021, unrecognized equity interest in investments in associates and joint ventures whose book value has been reduced to zero due to accumulated losses are as follows:
 
       
2020
   
2021
 
       
Unrecognized
equity interest
  
Accumulated

unrecognized
equity interest
   
Unrecognized
equity interest
  
Accumulated

unrecognized
equity interest
 
       
In millions of won
 
Hadong Mineral Fiber Co., Ltd.
  ￦     —     2    —     —   
Eurasia Energy Holdings
        (10)   175    15   190 
Gunsan Bio Energy Co., Ltd.
        290   3,582    282   3,864 
Daehan Wind Power PSC
        3,855   3,855    (3,855)   —   
Dayone Energy Co., Ltd.
        (14,035)   24,696    (1,244)   23,452 
Nghi Son 2 Power LLC
        30,456   133,280    (114,340)   18,940 
Samcheok Eco Materials Co., Ltd.
        (3)   785    (323)   462 
Naepo Green Energy Co., Ltd.
        (7,003)   2,278    5,469   7,747 
Barakah One Company
        (46,758)   69,338    (26,502)   42,836 
Pioneer Gas Power Limited
        15,824   15,938    21,691   37,629 
Incheon New Power Co., Ltd.
        194   194    (31)   163 
Bigeum Resident Photovoltaic Power Co., Ltd.
        116   116    182   298 
KAPES, Inc.
        3,198   3,198    317   3,515 
Chester Solar IV SpA
        —     —      21   21 
 
(7)
As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows:
 
 (i)
Gemeng International Energy Co., Ltd.
Gemeng International Energy Co., Ltd. issued put options on 8% of its shares to its financial investors, KEPCO Woori Sprott PEF (NPS
Co-Pa
PEF). If the investment fund is not collected until the maturity date (December 25, 2023, two years extension is possible), PEF can exercise the option at strike price which is the same as a principal investment price (including operating fees ratio of below 1% per annum), and also, the Company provided a performance guarantee on this agreement.
 
 (ii)
Taebaek Wind Power Co., Ltd.
In the case where
non-controlling
shareholders decide to dispose of their shares in Taebaek Wind Power Co., Ltd. after the warrant period of defect repair for wind power generator has expired, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.
 
 (iii)
Pyeongchang Wind Power Co., Ltd.
In the case where
non-controlling
shareholders decide to dispose of their shares in Pyeongchang Wind Power Co., Ltd. after commercial operation of the power plant has started, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with the careful consideration of various factors such as financial status and business situation. The Company is under agreement of O&M with the entity. Pursuant to the agreement, the Company guarantees a certain level of utilization rate and it is obligated to pay the penalty in the event of suspension in power generating.
 
 (iv)
Daeryun Power Co., Ltd.
The Company reserves the right to participate in the transfer of shares in Daeryun Power Co., Ltd. on the same terms as Daeryun E&S Co., Ltd., if Daeryun E&S Co., Ltd. wishes to transfer its shares in Daeryun Power Co., Ltd.
 
 (v)
Daegu Green Power Co., Ltd.
The Company has a right to purchase all the shares of Daegu Green Power Co., Ltd. held by the financial investors at the yield-based transfer amount agreed with the shareholders. The Company can exercise its right 5, 10 and 13 years after the date of the investment. The Company has a right to purchase all or part of the shares of Daegu Green Power Co., Ltd. held by Lotte Engineering & Construction Co. at the yield-based transfer amount agreed with the shareholders.
 
 (vi)
Yeonggwang Wind Power Co., Ltd.
In case the Company intends to purchase all or part of the shares from Daehan Green Energy Co., Ltd., which is a
non-controlling
shareholder, Daehan Green Energy Co., Ltd. has an obligation to evaluate the shares at fair value and transfer them to the Company.
 
F-129
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(7)
As of December 31, 2021, shareholders’ agreements on investments in associates and joint ventures that may cause future economic resource or cash outflows are as follows, continued:
 
(vii)
Chester Solar I SpA
According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.
 
 
(viii)
Chester Solar IV SpA
According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.
 
 
(ix)
Chester Solar V SpA
According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.
 
 
(x)
Diego de Almagro Solar SpA
According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.
 
 
(xi)
Laurel SpA
According to the shareholders’ agreement, the Company has an obligation to purchase the shares at the agreed yield-based transfer price on the agreed date of exercise and when Sprott Chile Solar I SpA intends to sell its shares.
 
 
(xii)
Samcheok Eco Materials Co., Ltd.
For Samcheok Eco Materials Co., Ltd., ordinary shareholders have the right to buy the shares of preferred shareholders if preferred shareholders intend to sell their preferred stock until December 26, 2023, and ordinary shareholders shall guarantee the investment principle of preferred shareholders.
 
 
(xiii)
Hyundai Green Power Co., Ltd.
As of December 31, 2021, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to sell its shares in Hyundai Green Power Co., Ltd. when claimed by the financial investors at certain period of time in the future. Also, at certain period of time in the future, the Company has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Group”), the operating investor of Hyundai Green Power Co., Ltd., according to the conditions of the agreement and also has an obligation to sell its shares upon request from Hyundai Steel Group.
 
 
(xiv)
Kosture Co., Ltd.
The Company acquires the shares with the settled amount of coal provided to Kosture Co., Ltd. every year until completion of the subscription set forth in the shareholders’ agreement.
 
 
(xv)
Omisan Wind Power Co., Ltd.
When the Company requests Unison Co., Ltd. to transfer shares after the completion of the power generation complex, the Company has a right to purchase the shares or transfer them to others at fair value.
 
 
(xvi)
Changjuk Wind Power Co., Ltd.
In the case where
non-controlling
shareholders decide to dispose of their shares in Changjuk Wind Power Co., Ltd. after the warrant period of defect repair for wind power generator has expired, the Company acquires those shares at fair value. The acquisition is to be made after the conditions of the acquisition are discussed among the parties involved, with consideration of various factors such as financial status and business situation.
 
 
(xvii)
Geumsungsan Wind Power Co., Ltd.
The Company has a right to purchase shares owned by Daemyung Energy Co., Ltd., within the range of 18%, for 3 years after the commencement of the operation.
 
F-130
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 are as follows:
 
Company
  
Nature and extent of any significant restrictions
Daegu Green Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions.
  
Pyeongchang Wind Power Co., Ltd.
  Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior consent of the stakeholders.
  
Daeryun Power Co., Ltd.
  Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions. Shares cannot be wholly or partially transferred without prior consent of the majority of major stakeholders.
  
KNH Solar Co., Ltd.
  Principals and interests on subordinated loans or dividends to shareholders cannot be paid without written consent of financial institutions. Also, shares cannot be wholly or partially transferred without the consent of other shareholders.
  
Korea Power Engineering Service Co., Ltd.
  Shares cannot be wholly or partially transferred without the consent of the board of directors.
  
Daehan Wind Power PSC
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Daejung Offshore Wind Power Co., Ltd.
  Before the commencement of the operation, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Naepo Green Energy Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Solaseado Solar Power Co., Ltd.
  Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Samcheok Eco Materials Co., Ltd.
  Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
KPGE Inc.
  Shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Taebaek Guinemi Wind Power Co., Ltd.
  Dividends can only be paid when all conditions of the shareholder’s agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Indeck Niles Asset Management, LLC
  Shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Indeck Niles Development, LLC
  Shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Chester Solar IV SpA
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Chester Solar V SpA
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Diego de Almagro Solar Spa
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Laurel SpA
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Chester Solar I SpA
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Kelar S.A.
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Also, shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
GS Donghae Electric Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
  
Busan Shinho Solar Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied.
  
Honam Wind Power Co., Ltd.
  Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied.
  
Seokmun Energy Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
  
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 collateralized debt is fully repaid.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
17.
Investments in Associates and Joint Ventures, Continued
 
(8)
Significant restrictions on the Company’s abilities on associates or joint ventures as of December 31, 2021 are as follows, continued:
 
Company
  
Nature and extent of any significant restrictions
  
Yeonggwangbaeksu Wind Power Co., Ltd.
  Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when written consent of financial institutions is obtained.
  
Yeonggwang Wind Power Co., Ltd.
  Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
  
Jamaica Public Service Company Limited
  Dividends can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
  
PT. Tanjung Power Indonesia
  Dividends can only be paid when all conditions of the loan agreement are satisfied.
  
DE Energia SpA
  Dividends can only be paid when all conditions of the loan agreement are satisfied.
  
Daesan Green Energy Co., Ltd.
  Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
  
Taebaek Gadeoksan Wind Power Co., Ltd.
  Dividends and settlement amount for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, principals and interests on subordinated loans can only be paid when prior written consent of financial institutions is obtained.
  
Bitsolar Energy Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied.
  
Omisan Wind Power Co., Ltd.
  Principals and interests on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained. Also, either of Omisan Wind Power Co., Ltd. and Unison Co., Ltd. shall not transfer their shares to others wholly or partially until 4 years have passed from the completion of power complex without the written consent from the other party. In case the shares of each party becomes less than 10% of outstanding shares after the transfer, it also requires the written consent from the other party.
  
Yangyang Wind Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
  
Busan Industrial Solar Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
  
Kosture
Co., Ltd.
  Shares cannot be wholly or partially transferred without the consent of the stakeholders.
  
Geumsungsan Wind Power Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied. Shares cannot be wholly or partially transferred for 3 years after the commencement of operation, and also cannot be transferred or disposed to the third party in a way not permitted in the financial documents without prior written consent of an agent bank.
  
Daewon Green Energy Co., Ltd.
  Dividends can only be paid when all conditions of the loan agreement are satisfied or prior written consent of financial institutions is obtained.
  
Cheongju Eco Park Co., Ltd.
  Dividends and settlement amounts for renewable energy certificate can only be paid when all conditions of the loan agreement are satisfied, or permitted by related financing contracts, or prior written consent of financial institutions is obtained.
  
Goheung New Energy Co., Ltd.
  Payment of dividends or repayment of loans such as subordinated loans to the investors can only be made when all conditions of the loan agreement are satisfied and prior written consent of financial institutions is obtained.
 
F-132
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
18.
Property, Plant and Equipment
 
(1)
Property, plant and equipment as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Acquisition

cost
   
Government

grants
  
Accumulated

depreciation
  
Accumulated
impairment

losses
  
Book

value
 
       
In millions of won
 
Land
  ￦     13,970,098    (23,475)   —     (26,772)   13,919,851 
Buildings
        21,773,824    (57,231)   (9,150,218)   (7,074)   12,559,301 
Structures
        74,136,523    (180,009)   (27,864,461)   (13,207)   46,078,846 
Machinery
        94,295,027    (157,785)   (43,740,838)   (515,402)   49,881,002 
Ships
        2,482    —     (2,227)   —     255 
Vehicles
        338,386    (632)   (259,288)   (115)   78,351 
Equipment
        1,895,528    (227)   (1,487,643)   (42)   407,616 
Tools
        1,195,721    (239)   (1,003,295)   (39)   192,148 
Construction-in-progress
        31,121,255    (79,126)   —     (157,530)   30,884,599 
Right-of-use
assets
        7,905,214    —     (3,363,048)   —     4,542,166 
Asset retirement costs
        12,260,732    —     (4,701,138)   (146,423)   7,413,171 
Others
        13,979,980    —     (11,227,899)   —     2,752,081 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
   ￦     272,874,770    (498,724)   (102,800,055)   (866,604)   168,709,387 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2021
 
       
Acquisition

cost
   
Government

grants
  
Accumulated

depreciation
  
Accumulated
impairment

losses
  
Book

value
 
       
In millions of won
 
Land
  ￦     14,135,452    (23,474)   —     (27,487)   14,084,491 
Buildings
        22,973,395    (52,122)   (10,041,270)   (7,073)   12,872,930 
Structures
        78,473,094    (172,021)   (30,171,363)   (13,205)   48,116,505 
Machinery
        101,049,793    (140,082)   (48,791,577)   (514,991)   51,603,143 
Ships
        2,068    —     (1,891)   —     177 
Vehicles
        371,207    (1,675)   (281,833)   (117)   87,582 
Equipment
        1,989,115    (149)   (1,591,890)   (42)   397,034 
Tools
        1,256,189    (64)   (1,073,086)   (38)   183,001 
Construction-in-progress
        30,313,624    (111,822)   —     (157,530)   30,044,272 
Right-of-use
assets
        7,848,138    —     (3,788,741)   —     4,059,397 
Asset retirement costs
        14,348,920    —     (5,277,109)   (146,423)   8,925,388 
Others
        14,852,245    —     (12,106,384)   —     2,745,861 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
   ￦     287,613,240    (501,409)   (113,125,144)   (866,906)   173,119,781 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
 
F-133
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
18.
Property, Plant and Equipment, Continued
 
(2)
Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning
balance
  
Acquisition
   
Disposal
  
Depreciation
  
Impairment
  
Others
  
Ending

balance
 
      
In millions of won
 
Land
 ￦     13,848,063   5,330    (31,304)   (273)   —     121,510   13,943,326 
(Government grants)
       (21,817)   —      2   —     —     (1,660)   (23,475) 
Buildings
       12,445,706   7,225    (16,015)   (875,680)   (2,107)   1,057,403   12,616,532 
(Government grants)
       (61,920)   —      —     5,206   —     (517)   (57,231) 
Structures
       45,178,870   36,091    (346,612)   (2,313,920)   (3,571)   3,707,997   46,258,855 
(Government grants)
       (186,554)   —      2,032   9,526   —     (5,013)   (180,009) 
Machinery
       49,907,300   407,521    (283,845)   (5,526,816)   (74,362)   5,608,989   50,038,787 
(Government grants)
       (158,907)   —      496   17,468   —     (16,842)   (157,785) 
Ships
       201   —      —     (106)   —     160   255 
Vehicles
       70,585   3,880    (151)   (35,036)   —     39,705   78,983 
(Government grants)
       (2,275)   —      4   2,064   —     (425)   (632) 
Equipment
       374,115   72,655    (86)   (186,004)   —     147,163   407,843 
(Government grants)
       (241)   —      —     149   —     (135)   (227) 
Tools
       164,064   28,048    (193)   (82,862)   —     83,330   192,387 
(Government grants)
       (403)   —      —     243   —     (79)   (239) 
Construction-in-progress
       28,419,470   12,726,469    (486)   —     7,799   (10,189,527)   30,963,725 
(Government grants)
       (61,211)   8,783    —     —     —     (26,698)   (79,126) 
Right-of-use
assets
       4,783,573   291,334    (827)   (586,254)   —     54,340   4,542,166 
Asset retirement costs
       7,374,527   131    (196)   (819,708)   —     858,417   7,413,171 
Others
       2,628,681   6,470    (8,145)   (984,097)   (366)   1,109,538   2,752,081 
       
 
 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     164,701,827   13,593,937    (685,326)   (11,376,100)   (72,607)   2,547,656   168,709,387 
       
 
 
  
 
 
   
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-134
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
18.
Property, Plant and Equipment, Continued
 
(2)
Changes in property, plant and equipment for the years ended December 31, 2021 and 2020 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Beginning
balance
  
Acquisition
  
Disposal
  
Depreciation
  
Impairment
  
Others
  
Ending

balance
 
      
In millions of won
 
Land
 ￦     13,943,326   9,561   (54,447)   —     —     209,525   14,107,965 
(Government grants)
       (23,475)   —     1   —     —     —     (23,474) 
Buildings
       12,616,532   9,036   (19,974)   (889,539)   —     1,208,997   12,925,052 
(Government grants)
       (57,231)   —     —     5,174   —     (65)   (52,122) 
Structures
       46,258,855   (5,472)   (319,287)   (2,582,488)   (741)   4,937,659   48,288,526 
(Government grants)
       (180,009)   —     1,811   9,517   —     (3,340)   (172,021) 
Machinery
       50,038,787   268,126   (135,803)   (5,759,155)   —     7,331,270   51,743,225 
(Government grants)
       (157,785)   —     531   17,519   —     (347)   (140,082) 
Ships
       255   —     —     (103)   —     25   177 
Vehicles
       78,983   4,807   (4,298)   (37,980)   —     47,745   89,257 
(Government grants)
       (632)   (26)   —     460   —     (1,477)   (1,675) 
Equipment
       407,843   54,875   (667)   (184,007)   —     119,139   397,183 
(Government grants)
       (227)   —     —     95   —     (17)   (149) 
Tools
       192,387   19,389   (89)   (81,984)   —     53,362   183,065 
(Government grants)
       (239)   —     —     209   —     (34)   (64) 
Construction-in-progress
       30,963,725   12,165,238   (66,965)   —     (3,315)   (12,902,589)   30,156,094 
(Government grants)
       (79,126)   5,027   —     —     —     (37,723)   (111,822) 
Right-of-use
assets
       4,542,166   78,213   (11,787)   (554,615)   —     5,420   4,059,397 
Asset retirement costs
       7,413,171   92   (209)   (844,518)   —     2,356,852   8,925,388 
Others
       2,752,081   5,311   (2,332)   (869,310)   —     860,111   2,745,861 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     168,709,387   12,614,177   (613,515)   (11,770,725)   (4,056)   4,184,513   173,119,781 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-135
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
19.
Investment Properties
 
(1)
Investment properties as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Acquisition
cost
   
Government
grants
   
Accumulated
depreciation
   
Book

value
 
      
In millions of won
 
Land
  ￦    200,391    —      —      200,391 
Buildings
       59,347    (29)    (34,514)    24,804 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    259,738    (29)    (34,514)    225,195 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Acquisition
cost
   
Government
grants
   
Accumulated
depreciation
   
Book

value
 
      
In millions of won
 
Land
  ￦    201,605    —      —      201,605 
Buildings
       19,543    (30)    (8,334)    11,179 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    221,148    (30)    (8,334)    212,784 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
(2)
Changes in investment properties for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning
balance
   
Depreciation
   
Others
   
Ending
balance
 
      
In millions of won
 
Land
  ￦    129,897    —      70,494    200,391 
Buildings
       28,696    (1,454)    (2,409)    24,833 
(Government grants)
       (13)    1    (17)    (29) 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    158,580    (1,453)     68,068    225,195 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Beginning
balance
   
Depreciation
   
Others
   
Ending
balance
 
      
In millions of won
 
Land
  ￦    200,391    —      1,214    201,605 
Buildings
       24,833    (1,387)    (12,237)    11,209 
(Government grants)
       (29)    1    (2)    (30) 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    225,195    (1,386)    (11,025)    212,784 
       
 
 
   
 
 
   
 
 
   
 
 
 
 
F-136
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
19.
Investment Properties, Continued
 
(3)
Income and expenses related to investment properties for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
In millions of won
 
Rental income
  ￦    8,335    10,118 
Operating and maintenance expenses related to rental income
       (1,453)    (1,386) 
       
 
 
   
 
 
 
   ￦    6,882    8,732 
       
 
 
   
 
 
 
 
(4)
Fair value of investment properties as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
Book value
   
Fair value
   
Book value
   
Fair value
 
      
In millions of won
 
Land
  ￦    200,391    300,001    201,605    268,702 
Buildings
       24,804    44,597    11,179    13,636 
       
 
 
   
 
 
   
 
 
   
 
 
 
   ￦    225,195    344,598    212,784    282,338 
       
 
 
   
 
 
   
 
 
   
 
 
 
The Company 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 Company. 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 IFRS transition date (January 1, 2010).
 
(5)
All of the Company’s investment properties are held under freehold interests.
 
F-137
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
20.
Construction Contracts
 
(1)
Changes in total contract amount in which revenue is not yet recognized for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
 
      
Beginning

balance
   
Increase
(decrease)(*)
   
Recognized as

revenue
   
Ending
balance
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    3,620,788    379,269    (1,264,916)    2,735,141 
 
 (*)
For the year ended December 31, 2019, the increased balance of contracts from new orders is ￦390,224 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦10,955 million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning

balance
   
Increase
(decrease)(*)
   
Recognized as

revenue
   
Ending
balance
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    2,735,141    1,229,759    (812,175)    3,152,725 
 
 (*)
For the year ended December 31, 2020, the increased balance of contracts from new orders is ￦1,512,460 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦282,701 million.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Beginning

balance
   
Increase
(decrease)(*)
   
Recognized as

revenue
   
Ending
balance
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    3,152,725    386,208    (754,998)    2,783,935 
 
 (*)
For the year ended December 31, 2021, the increased balance of contracts from new orders is ￦458,635 million and the decreased balance of contracts due to changes in scope of construction work and foreign exchange impact is ￦72,427 million.
 
(2)
Accumulated earned revenue, expense and others related to the Company’s construction contracts in progress as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Accumulated

earned revenue
   
Accumulated

expense
   
Accumulated

profit
   
Unearned

advance receipts
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    21,460,431    20,242,735    1,217,696    97,348 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2021
 
      
Accumulated

earned revenue
   
Accumulated

expense
   
Accumulated

profit
   
Unearned

advance receipts
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    22,051,129    20,967,097    1,084,032    23,238 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
20.
Construction Contracts, Continued
 
(3)
Gross amount due from customers recognized as contract assets and due to customers recognized as contract liabilities for contract work as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
Contract
assets(*1)
   
Contract
liabilities(*2)
   
Contract
assets(*1)
   
Contract
liabilities(*2)
 
      
In millions of won
 
Nuclear power plant construction in UAE and others
  ￦    79,662    88,126    82,306    5,330 
 
 (*1)
Included in trade and other receivables, net, in the consolidated statements of financial position. The balance of trade receivables from construction contracts are ￦39,063 million and ￦57,639 million, as of December 31, 2020 and 2021, respectively.
 
 (*2)
Included in
non-financial
liabilities as advance received in the consolidated statements of financial position. The revenue recognized on December 31, 2021 from the amounts included in contract liabilties at the end of the prior year is ￦87,934 million.
Revenue recognized for the year ended December 31, 2021 from performance obligations satisfied in previous periods is
(-) ￦6,480 million.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
21.
Intangible Assets other than Goodwill
 
(1)
Intangible assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Acquisition
cost
   
Government
grants
  
Accumulated
amortization
  
Accumulated
impairment
losses
  
Book

value
 
       
In millions of won
 
Software
  ￦     775,667    (136)   (623,504)   —     152,027 
Licenses and franchises
        547    —     (547)   —     —   
Copyrights, patents rights and other industrial rights
        101,866    —     (49,772)   (9,178)   42,916 
Mining rights
        604,703    —     (34,062)   (528,251)   42,390 
Development expenditures
        958,035    (5,043)   (862,850)   (19)   90,123 
Intangible assets under development
        79,862    (7,203)   —     (12,844)   59,815 
Usage rights of donated assets and other
        592,930    —     (408,455)   —     184,475 
Leasehold rights
        27,843    —     (21,503)   —     6,340 
Greenhouse gas emissions rights
        61,373    —     —     —     61,373 
Others
        566,200    (75)   (137,843)   (12,011)   416,271 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
   ￦     3,769,026    (12,457)   (2,138,536)   (562,303)   1,055,730 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2021
 
       
Acquisition
cost
   
Government
grants
  
Accumulated
amortization
  
Accumulated
impairment
losses
  
Book

value
 
       
In millions of won
 
Software
  ￦     867,185    (91)   (704,589)   —     162,505 
Copyrights, patents rights and other industrial rights
        103,428    —     (59,063)   (9,178)   35,187 
Mining rights
        623,122    —     (39,803)   (541,417)   41,902 
Development expenditures
        978,768    (3,820)   (905,805)   (19)   69,124 
Intangible assets under development
        94,275    (7,326)   —     (12,845)   74,104 
Usage rights of donated assets and others
        592,870    —     (423,087)   —     169,783 
Leasehold rights
        28,185    —     (22,337)   —     5,848 
Greenhouse gas emissions rights
        78,137    —     —     —     78,137 
Others
        574,957    (71)   (155,404)   (11,995)   407,487 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
   ￦     3,940,927    (11,308)   (2,310,088)   (575,454)   1,044,077 
        
 
 
   
 
 
  
 
 
  
 
 
  
 
 
 
 
F-140
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
21.
Intangible Assets other than Goodwill, Continued
 
(2)
Changes in intangible assets for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
 
     
Beginning
balance
  
Acquisition
  
Disposal
  
Amortization
  
Impairment
  
Others
  
Ending
balance
 
     
In millions of won
 
Software
 ￦    164,995   14,101   —     (77,501)   —     50,568   152,163 
(Government grants)
      (235)   —     —     99   —     —     (136) 
Copyrights, patents rights and other industrial rights
      53,261   369   (390)   (8,352)   —     (1,972)   42,916 
Mining rights
      43,723   1,664   —     (4,380)   —     1,383   42,390 
Development expenditures
      93,843   10,273   —     (32,034)   —     23,084   95,166 
(Government grants)
      (1,492)   —     —     1,453   —     (5,004)   (5,043) 
Intangible assets under development
      60,490   53,638   —     —     (23)   (47,087)   67,018 
(Government grants)
      (11,029)   —     —     —     —     3,826   (7,203) 
Usage rights of donated assets and other
      193,161   —     —     (18,448)   —     9,762   184,475 
Leasehold rights
      5,318   —     —     (831)   —     1,853   6,340 
Greenhouse gas emissions rights
      41,656   37,109   (9,271)   —     —     (8,121)   61,373 
Others
      426,364   3,217   (46)   (30,476)   (3,576)   20,863   416,346 
(Government grants)
      (79)   —     —     4   —     —     (75) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    1,069,976   120,371   (9,707)   (170,466)   (3,599)   49,155   1,055,730 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2021
 
     
Beginning
balance
  
Acquisition
  
Disposal
  
Amortization
  
Impairment
  
Others
  
Ending
balance
 
     
In millions of won
 
Software
 ￦    152,163   18,834   (1)   (77,881)   —     69,481   162,596 
(Government grants)
      (136)   —     —     64   —     (19)   (91) 
Copyrights, patents rights and other industrial rights
      42,916   166   (131)   (7,771)   —     7   35,187 
Mining rights
      42,390   1,022   —     (3,526)   —     2,016   41,902 
Development expenditures
      95,166   309   —     (37,033)   —     14,502   72,944 
(Government grants)
      (5,043)   —     —     1,439   —     (216)   (3,820) 
Intangible assets under development
      67,018   51,988   —     —     —     (37,576)   81,430 
(Government grants)
      (7,203)   —     —     —     —     (123)   (7,326) 
Usage rights of donated assets and others
      184,475   —     —     (13,594)   —     (1,098)   169,783 
Leasehold rights
      6,340   —     —     (834)   —     342   5,848 
Greenhouse gas emissions rights
      61,373   78,091   —     (31)   —     (61,296)   78,137 
Others
      416,346   2,229   —     (26,998)   14   15,967   407,558 
(Government grants)
      (75)   —     —     4   —     —     (71) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    1,055,730   152,639   (132)   (166,161)   14   1,987   1,044,077 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
21.
Intangible Assets other than Goodwill, Continued
 
(3)
Significant specific intangible assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
2020
Type
  
Description
  
Currency
  
Amount
   
Remaining useful lives
   
In millions of won and thousands of Australian dollars
Software
  ERP system and others  KRW   81   2 months ~ 4 months
Copyrights, patents rights and other industrial rights
  
Smart technology verification and standard
design project conducting right
  
KRW
  
 
4,936
 
  
1 year and 9 months
   Contributions to ARP NRC DC  KRW   29,219   7 years
Mining rights
  Mining rights of Bylong mine  AUD   —     —  (*)
Development expenditures
  Electricity sales information system  KRW   8,229   1 year and 2 months
Usage rights of donated assets and others
  
Sejong Haengbogdosi sharing charge
  
KRW
  
 
26,847
 
 
  
5 years and 11 months
 
 
Dangjin power plant load facility usage right

 
KRW

 
 
1,574

 
 
3 months
   Right of use electricity and gas supply facility (Community district of Songdo)  KRW   10,016   9 years and 6 months
Others
  Occupancy and use of public waters  KRW   87,035   16 years and 1 month
   Greenhouse gas emissions rights  KRW   61,373   —  
   Business rights  KRW   166,207   28 years and 11 months
 
(*)
The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.
 
 
 
 
 
 
 
 
 
 
 
 
2021
Type
  
Description
  
Currency
  
Amount
   
Remaining useful lives
   
In millions of won and thousands of Australian dollars
Software
  DAS MS-SQL CORE license  KRW   3,817   2 years and 8 months
Copyrights, patents rights and other industrial rights
  
 
Smart technology verification and standard
design project conducting right
  
KRW
  
 
1,851
 
  
9 months
   Contributions to ARP NRC DC  KRW   25,045   6 years
Mining rights
  Mining rights of Bylong mine  AUD   —     —(*)
Usage rights of donated assets and others
  
Sejong Haengbogdosi sharing charge
  
KRW
  
 
22,310
 
  
4 years and 11 months

  Right of use electricity and gas supply facility (Community district of Songdo)  

KRW
  
 
 
 
8,962
 
 
 
 

8 years and 6 months
Others
  Occupancy and use of public waters  KRW   81,623   15 years and 1 month
   Greenhouse gas emissions rights  KRW   78,137   —
   Business rights  KRW   160,459   27 years and 11 months
 
(*)
The carrying amount of mining rights is nil, because KEPCO Australia Pty., Ltd. and KEPCO Bylong Australia Pty., Ltd. had recognized impairment losses in full.
 
(4)
For the years ended December 31, 2019, 2020 and 2021, the Company recognized research and development expenses of
￦
735,715 million,
￦
700,642 million and
￦
689,397 million, respectively.
 
F-142
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
22.
Trade and Other Payables
Trade and other payables as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Trade payables
  ￦     2,606,861    —      4,780,260    —   
Non-trade payables
        1,785,068    2,324,965    1,536,976    2,032,260 
Accrued expenses
        1,197,815    2,038    1,174,765    8,095 
Leasehold deposits received
        2,336    943    1,699    741 
Other deposits received
        83,505    67,645    72,063    68,050 
Lease liabilities
        576,665    4,044,431    583,558    3,826,945 
Dividends payable
        4,271    —      4,105    —   
Others(*)
        —      40,390    —      60,407 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     6,256,521    6,480,412    8,153,426    5,996,498 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
 (*)
Details of others as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
       
In millions of won
 
Advance received from local governments
  ￦     —      4,278    —      3,477 
Others
        —      36,112    —      56,930 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     —      40,390    —      60,407 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities
 
(1)
Borrowings and debt securities as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
In millions of won
 
Current liabilities
               
Short-term borrowings
  ￦     1,436,922    2,920,563 
Current portion of long-term borrowings
        677,982    1,463,703 
Current portion of debt securities
        8,565,301    9,652,986 
Less : Current portion of discount on long-term borrowings
        (1,723)    (2,048) 
Less : Current portion of discount on debt securities
        (3,677)    (5,370) 
        
 
 
   
 
 
 
         10,674,805    14,029,834 
        
 
 
   
 
 
 
Non-current liabilities
               
Long-term borrowings
        3,018,898    2,278,481 
Debt securities
        56,188,234    64,385,784 
Less : Discount on long-term borrowings
        (14,899)    (12,857) 
Less : Discount on debt securities
        (143,823)    (152,760) 
Add: Premium on debt securities
        1,366    1,031 
        
 
 
   
 
 
 
         59,049,776    66,499,679 
        
 
 
   
 
 
 
   ￦     69,724,581    80,529,513 
        
 
 
   
 
 
 
 
(2)
Repayment schedule of borrowings and debt securities as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 

      
Borrowings
   
Debt Securities  
 
       
In millions of won
 
Less than 1 year
  ￦     2,114,904    8,565,301 
1~ 5 years
        1,564,252    28,746,117 
Over 5 years
        1,454,646    27,442,117 
        
 
 
   
 
 
 
   ￦     5,133,802    64,753,535 
        
 
 
   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2021
 

      
Borrowings
   
Debt Securities  
 
       
In millions of won
 
Less than 1 year
  ￦     4,384,266    9,652,986 
1~ 5 years
        1,013,500    34,156,038 
Over 5 years
        1,264,981    30,229,746 
        
 
 
   
 
 
 
   ￦     6,662,747    74,038,770 
        
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities, Continued
 
(3)
Short-term borrowings as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Type
 
Creditor
 
Interest rate (%)
  
Maturity
  
Foreign

currency
     
Local

currency
 
In millions of won and thousands of foreign currencies
 
Local short-term borrowings
 DB financial investment and others  0.80 ~ 4.60   
2021.01.05 ~2021.12.31 
 
  —    ￦    580,004 
Electronic short-term bonds
 KB Securities and others  0.75 ~ 1.35   
2021.01.13 ~2021.03.18 
 
  —         470,000 
Foreign short-term borrowings
 Shinhan Bank  0.71 ~ 0.74   
2021.01.04 ~2021.03.31 
 
  USD 55,393       60,268 
Foreign short-term borrowings(*)
 Korea Development Bank and others  1M Libor + 1.25 

 2022.04.29   USD 73,704       81,290 
Local bank overdraft
 Woori Bank  
 		Standard
overdraft rate +
1.26		 
 
 		  2021.02.26   —         29,960 
Local bank overdraft
 Korea Development Bank and others  1.42 ~ 1.88   2021.01.07~ 2021.04.26 
 		  —         215,400 
                    
 
 
 
                ￦    1,436,922 
                    
 
 
 
2021
 
Type
 
Creditor
 
Interest rate (%)
  
Maturity
  
Foreign

currency
     
Local

currency
 
In millions of won and thousands of foreign currencies
 
Local short-term borrowings
 DB financial investment and others  1.96~4.60   2022.01.07 ~
2022.12.31		 
 		  —    ￦    2,030,886 
Electronic short-term bonds
 BNK Securities and others  1.35~1.77   2022.01.21 ~
2022.02.08		 
 		  —         100,000 
Foreign short-term borrowings
 Shinhan Bank and others  0.34~0.45   2022.01.04 ~
2022.03.30		 
 		  USD 157,533       186,755 
Foreign short-term borrowings
 Korea Development Bank and others  1M Libor + 1.25 

 2022.04.29   USD 173,042       205,142 
Foreign short-term borrowings
 Shinhan Bank and others  0.57~0.80   2022.06.17 ~
2022.08.31		 
 		  USD 78,319       92,847 
Foreign short-term borrowings
 Credit Agricole and others  0.04   2022.06.28   EUR 72,199       96,915 
Local bank overdraft
 Korea Development Bank and others  1.73~2.25   2022.01.07 ~
2022.02.26		 
 		  —         208,018 
                    
 
 
 
                ￦    2,920,563 
                    
 
 
 
 
 (*)
The contractual maturity is 2022 but is classified as short-term borrowing due to intention of early redemption in 3 months after borrowing.
 
F-145
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities, Continued
 
(4)
Long-term borrowings as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
2020
 
Type
 
Interest rate (%)
 
Maturity
  
Foreign

currency
  
Local
currency
 
              
  
In millions of won and thousands of foreign currencies
 
Local long-term borrowings
 
Korea Development Bank
 Others 0.50  2021~2044   —    ￦2,946 
 Facility 2.50~4.60  2021~2028   —     50,293 
 Operating funds 2.33  2022   —     20,000 
  Operating funds 
1yr KoFC bond rate
+0.81~0.95
  2022~2023   —     24,300 
Hana Bank
 Commercial Paper 3M CD+0.13~0.32  2021~2024   —     1,150,000 
 Facility 4.60  2028   —     11,088 
 Facility 
3yr KTB rate-1.25
Standard overdraft rate+1.50~2.45
  2021~2035   —     43,419 
IBK
 PF Refinancing CD+1.25  2030   —     9,543 
Export-Import Bank of Korea
 Project loans 1.50  2026   —     16,204 
 Facility 1.32  2028   —     32,000 
 Operating funds 1.78  2023   —     15,700 
Korea Energy Agency
 Development of power resources 3yr KTB rate-2.25  2023~2025   —     2,509 
 Facility 3yr KTB rate-2.25  2021~2024   —     1,527 
 Project loans —   2023   —     1,197 
 Others KTB rate-2.25  2024~2028   —     14,045 
Shinhan Bank
 Facility CB rate+1.10  2028   —     16,632 
 Others 3.95  2034   —     89,257 
 Others Standard overdraft rate+1.00  2034   —     89,257 
Kookmin Bank
 Facility 
MOR+0.79
3M CD+1.79
  2021~2031   —     46,512 
Others
 Facility 1.75~6.80  2026~2037   —     510,262 
 Facility 
CB rate+1.10~1.20
3M CD+1.60
Standard overdraft rate+1.50~2.45
  2023~2037   —     89,506 
 PF Refinancing 4.10  2030   —     26,509 
 Others 3.90~7.90  2023~2039   —     222,356 
              
 
 
 
               2,485,062 
              
 
 
 
Foreign long-term borrowings
              
Korea Energy Agency
 Project loans —   2021~2023   USD 8,744   9,513 
Export-Import Bank of Korea and others
 Direct loan and others 1M Libor+1.80~3.20  2036   USD 96,014   104,463 
 Direct loan and others 3M LIBOR+2.75~3.70  2027   JOD 132,228   202,912 
 PF Loan 6M LIBOR+1.70~2.50  2032   USD 111,225   121,013 
 Others 3.88  2021   USD 289,509   314,986 
POSCO and others
 Shareholder’s loan 8.00  2023   USD 14,061   15,298 
  Shareholder’s loan 8.00  2031   JOD 4,853   7,447 
Samsung Life Insurance and others
 Syndicated Loans  3.10  2032   JPY 4,682,816   49,369 
Woori Bank and others
 Syndicated Loans  JPY 6M Libor+2.00  2032   JPY 3,020,746   31,847 
IFC and others
 Others 6M Libor+5.00  2031   USD 224,115   243,837 
Federal Financing Bank and others
 PF Loans 2.39~6.00  2031~2038   USD 97,347   105,913 
Others
 Others —   —    USD 4,798   5,220 
              
 
 
 
               1,211,818 
              
 
 
 
           3,696,880 
Less: Discount on long-term borrowings
          (16,622) 
Less: Current portion of long-term borrowings
          (677,982) 
Add: Current portion of discount on long-term borrowings
          1,723 
              
 
 
 
          ￦ 3,003,999 
          
 
 
 
 
F-146
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities, Continued
 
(4)
Long-term borrowings as of December 31, 2020 and 2021 are as follows, continued:
 
2021
 
Type
 
Interest rate (%)
 
Maturity
  
Foreign

currency
  
Local
currency
 
              
  
In millions of won and thousands of foreign currencies
 
Local long-term borrowings
 
Korea Development Bank
 Others 0.50  2023~2044   —    ￦2,509 
  Facility 2.50~4.60  2022~2028   —     39,430 
  Operating funds 2.33  2022   —     20,000 
  Operating funds 
1yr KoFC bond rate
+0.81~0.95
  2022~2023   —     64,300 
Hana Bank
 Commercial Paper 3M CD+0.13~0.43  2022~2025   —     1,050,000 
  Facility 4.60  2028   —     9,647 
  Facility 3yr KTB rate-1.25  2022~2028   —     4,485 
IBK
 PF Refinancing CD+1.25  2030   —     8,589 
Export-Import Bank of Korea
 Project loans 1.50  2026   —     13,258 
  Facility 1.32  2028   —     32,000 
  Operating funds 1.78  2023   —     15,700 
Korea Energy Agency
 Development of power resources 3yr KTB rate-2.25  2023~2025   —     8,971 
  Facility 3yr KTB rate-2.25  2022~2024   —     995 
  Project loans —   2023   —     1,197 
  Others 1.75  2028   —     4,893 
Shinhan Bank and others
 Facility CB rate+1.10  2028   —     14,470 
  Commercial paper 3M CD+0.38  2025   —     150,000 
  Others 3.95  2034   —     84,179 
  Others Standard overdraft rate+1.00  2034   —     84,179 
Kookmin Bank
 Facility 
MOR+0.79
3M CD+1.79
  2022~2031   —     59,333 
Others
 Facility 2.80~6.80  2024~2039   —     620,185 
  Facility 
CB rate+0.90~1.10
3M CD+1.60
3.37
  2028~2037   —     171,733 
  PF Refinancing 3.80~5.00  2030~2034   —     71,742 
  PF Refinancing 1.75  2029   —     22,265 
  Others 4.40~7.90  2022~2038   —     116,367 
  Others 1.80~4.50  2031~2034   —     49,928 
              
 
 
 
               2,720,355 
              
 
 
 
Foreign long-term borrowings
              
Korea Energy Agency
 Project loans —   2026   USD 8,744   10,366 
Export-Import Bank of Korea and others
 Direct loan and others 1M Libor+1.80~3.20  2036   USD 89,823   106,485 
  Direct loan and others 3M Libor+2.75~3.70  2027   JOD 107,868   180,363 
  PF Loan 6M Libor+1.70~2.50  2032   USD 103,340   122,509 
POSCO and others
 Shareholder’s loan 8.00  2025   USD 11,953   14,171 
  Shareholder’s loan 8.00  2031   JOD 4,853   8,114 
Samsung Life Insurance and others
 Syndicated Loans 3.10~8.00  2032   JPY 5,144,387   53,000 
Woori Bank and others
 Syndicated Loans JPY 6M Libor+2.00  2032   JPY 2,820,708   29,060 
KiwoomSolar Power Professional Investor Private Placement Investment Trust V
 Senior borrowing 3.90  2029   EUR 36,311   48,741 
IFC and others
 Others 6M Libor+5.00  2031   USD 230,018   272,686 
Federal Financing Bank and others
 PF Loans 2.39~6.00  2031~2038   USD 94,135   111,597 
Others
 Others —   —    USD 54,607   64,737 
              
 
 
 
               1,021,829 
              
 
 
 
               3,742,184 
Less: Discount on long-term borrowings
          (14,905) 
Less: Current portion of long-term borrowings
          (1,463,703) 
Add: Current portion of discount on long-term borrowings
          2,048 
              
 
 
 
          ￦2,265,624 
          
 
 
 
 
F-147
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities, Continued
 
(5)
Local debt securities as of December 31, 2020 and 2021 are as follows:
 
 
  
Issue date
 
  
Maturity
 
  
Interest
rate (%)
  
 
 
  
2020
 
 
2021
 
 
  
 
 
  
 
 
  
 
  
 
 
  
 
 
 
 
 
 
  
In millions of won
 
Electricity Bonds
   
2012.01.15~ 2021.12.23
 

   
2022.01.05~ 2049.10.24   1.02~4.20  ￦     27,810,000   34,080,000 
Corporate Bonds(*)
   
2009.10.16~ 2021.11.22    
2022.01.19~ 2051.11.22   0.86~6.00        26,463,577   28,194,472 
                     
 
 
  
 
 
 
         54,273,577   62,274,472 
Less: Discount on local debt securities
        (46,730)   (52,723) 
Less: Current portion of local debt securities
        (7,243,217)   (7,432,647) 
Add: Current portion of discount on local debt securities
        2,108   2,510 
                     
 
 
  
 
 
 
   ￦     46,985,738   54,791,612 
                     
 
 
  
 
 
 
 
(*)
Among the corporate bonds, each holder of Hee
Mang Sunlight
Power Co., Ltd.’s private equity bonds, amounting to ￦2,697 million, may exercise the early redemption
rights 
on the 5th year (March 31, 2021) from the date of issuance of the
bonds
and every year on March 31 thereafter, until the year before the redemption date.
 
(6)
Foreign debt securities as of December 31, 2020 and 2021 are as follows:
 
   
2020
 
Type
  
Issue date
  
Maturity
  
Interest rate (%)
  
Foreign currency
    
Local currency
 
                   
   
In millions of won and thousands of foreign currencies
 
FY-96
  1996.04.01~ 1996.12.06  2026.12.01~ 2096.04.01  6.00~7.95   USD 278,701  ￦
 
   303,227 
FY-97
  1997.01.31~ 1997.08.04  2027.02.01~ 2027.08.01  6.75~7.00   USD 314,717   
 
   342,412 
FY-04
  2004.04.23  2034.04.23  5.13   USD 286,920   
 
   312,169 
FY-11
  2011.07.13  2021.07.13  4.75   USD 500,000   
 
   544,000 
FY-12
  2012.09.19  2022.09.19  3.00   USD 750,000   
 
   816,000 
FY-14
  2014.07.30  2029.07.30  3.57   USD 100,000   
 
   108,800 
FY-15
  2015.06.15  2025.06.15  3.25   USD 300,000   
 
   326,400 
FY-16
  2016.01.21  2021.07.21  2.50   USD 300,000   
 
   326,400 
FY-17
  2017.06.19~ 2017.07.25  2022.06.19~ 2027.07.25  2.63~3.13   USD 800,000   
 
   870,400 
FY-17
  2017.10.30  2037.10.30  1.70   EUR 40,000   
 
   53,530 
FY-17
  2017.11.16  2037.11.16  2.36   SEK 450,000   
 
   59,747 
FY-18
  2018.01.29~ 2018.07.25  2021.01.29~ 2023.07.25  3.00~3.88   USD 1,800,000   
 
   1,958,400 
FY-18
  2018.03.13  2028.03.13  3.35   HKD 1,650,000   
 
   231,578 
FY-19
  2019.01.22~ 2019.06.24  2022.01.22~ 2024.06.24  2.50~3.38   USD 800,000   
 
   870,400 
FY-19
  2019.02.27  2024.02.27  0.13   CHF 200,000   
 
   246,866 
FY-19
  2019.07.19  2024.07.19~ 2027.07.19  0.00~0.05   CHF 300,000   
 
   370,299 
FY-19
  2019.07.22  2022.07.22  2.38   USD 300,000   
 
   326,400 
FY-19
  2019.10.30  2024.10.30  3M BBSW+0.97   AUD 300,000   
 
   250,968 
FY-19
  2019.12.19  2037.12.31  3.30~5.70   USD 387,098   
 
   421,163 
FY-20
  2020.02.03  2025.02.03  2.13   USD 300,000   
 
   326,400 
FY-20
  2020.06.15  2025.06.15  1.13   USD 500,000   
 
   544,000 
FY-20
  2020.05.06  2025.05.06  1.75   USD 500,000   
 
   544,000 
FY-20
  2020.08.03  2026.02.03  0.61   USD 300,000   
 
   326,399 
                 
 
  
 
 
 
        
 
   10,479,958 
Less : Discount on foreign debt securities
       
 
   (100,770) 
Add : Premium on foreign debt securities
       
 
   1,366 
Less : Current portion of foreign debt securities
       
 
   (1,322,084) 
Add : Current portion of discount on foreign debt securities
       
 
   1,569 
        
 
  
 
 
 
       ￦
 
   9,060,039 
        
 
  
 
 
 
 
F-148
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
23.
Borrowings and Debt Securities, Continued
 
(6)
Foreign debt securities as of December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
2021
 
Type
  
Issue date
   
Maturity
   
Interest rate (%)
  
Foreign currency
     
Local currency
 
                      
   
In millions of won and thousands of foreign currencies
 
FY-96
   1996.04.01~ 1996.12.06 
 		   2026.12.01~ 2096.04.01 
 		  6.00~7.95   USD 278,701  ￦    330,400 
FY-97
   1997.01.31~ 1997.08.04 
 		   2027.02.01~ 2027.08.01 
 		  6.75~7.00   USD 314,717       373,097 
FY-04
   2004.04.23    2034.04.23   5.13   USD 286,920       340,144 
FY-12
   2012.09.19    2022.09.19   3.00   USD 750,000       889,125 
FY-14
   2014.07.30    2029.07.30   3.57   USD 100,000       118,550 
FY-15
   2015.06.15    2025.06.15   3.25   USD 300,000       355,650 
FY-17
   2017.06.19~ 2017.07.25 
 		   2022.06.19~ 2027.07.25 
 		  2.63~3.13   USD 800,000       948,400 
FY-17
   2017.10.30    2037.10.30   1.70   EUR 40,000       53,694 
FY-17
   2017.11.16    2037.11.16   2.36   SEK 450,000       58,968 
FY-18
   2018.03.13    2028.03.13   3.35   HKD 1,650,000       250,850 
FY-18
   2018.06.07~ 2018.07.25 
 		   2023.06.07~ 2023.07.25 
 		  3.75~3.88   USD 1,400,000       1,659,700 
FY-19
   2019.01.22~ 2019.06.24 
 		   2022.01.22~ 2024.06.24 
 		  2.50~3.38   USD 800,000       948,400 
FY-19
   2019.02.27    2024.02.27   0.13   CHF 200,000       259,494 
FY-19
   2019.07.19    2024.07.19~
2027.07.19		 
 		  0.00~0.05   CHF 300,000       389,241 
FY-19
   2019.07.22    2022.07.22   2.38   USD 300,000       355,650 
FY-19
   2019.10.30    2024.10.30   3M BBSW+0.97   AUD 300,000       257,667 
FY-19
   2019.12.19    2037.12.31   3.30~5.70   USD 371,947       440,943 
FY-20
   2020.02.03    2025.02.03   2.13   USD 300,000       355,650 
FY-20
   2020.05.06    2025.05.06   1.75   USD 500,000       592,750 
FY-20
   2020.06.15    2025.06.15   1.13   USD 500,000       592,750 
FY-20
   2020.08.03    2026.02.03   0.61   USD 300,000       355,650 
FY-21
   2021.01.27    2026.01.27   0.75   USD 450,000       533,475 
FY-21
   2021.04.27    2026.04.27   1.25   USD 500,000       592,750 
FY-21
   2021.08.09    2026.08.09   1.25   USD 300,000       355,650 
FY-21
   2021.09.24    2026.09.24   1.13   USD 300,000       355,650 
                        
 
 
 
            11,764,298 
Less: Discount on foreign debt securities
           (105,407) 
Add: Premium on foreign debt securities
           1,031 
Less: Current portion of foreign debt securities
           (2,220,339) 
Add: Current portion of discount on foreign debt securities
           2,860 
           
 
 
 
       ￦    9,442,443 
           
 
 
 
 
(7)
Changes in borrowings and debt securities for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
             
       
In millions of won
 
Beginning balance
  ￦     67,876,541    69,724,581 
Cash flow
        2,538,787    9,653,394 
Effect of exchange rate fluctuations
        (640,304)    1,001,493 
Others
        (50,443)    150,045 
        
 
 
   
 
 
 
Ending balance
  ￦     69,724,581    80,529,513 
        
 
 
   
 
 
 
 
F-149
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
24.
Leases
Company as a lessee
 
(1)
Lease contracts
The Company 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 ￦45,787 million and ￦199,490 million respectively, as expense for the years ended December 31, 2020 and 2021. The Company also applies the leases of low-value assets recognition exemption to leases contracts with underlying assets considered to be
of 
low value (i.e., approximately less than ￦5 million), and recognized ￦2,796 million and ￦2,349 million respectively, as expense for the year ended December 31, 2020 and 2021. The Company has lease contracts for various items such as consecutive voyage charter contracts, power purchase agreements (PPA), real estate lease contracts including buildings, switchyard, and land for electric substation, vehicles, and other equipment.
 
(2)
Right-of-use assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
 
       
Acquisition

cost
   
Accumulated

depreciation
   
Book

value
 
                 
       
In millions of won
 
Land
  ￦     811,014    (104,435)    706,579 
Buildings
        82,749    (35,527)    47,222 
Structures
        24,175    (3,689)    20,486 
Machinery
        1,308    (613)    695 
Ships
        4,280,331    (842,968)    3,437,363 
Vehicles
        29,281    (15,756)    13,525 
Others(*)
        2,676,356    (2,360,060)    316,296 
        
 
 
   
 
 
   
 
 
 
   ￦     7,905,214    (3,363,048)    4,542,166 
        
 
 
   
 
 
   
 
 
 
 
 (*)
Including power purchase agreements (“PPA”) with GS EPS and another LNG combined power supplier.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2021
 
       
Acquisition

cost
   
Accumulated

depreciation
   
Book

value
 
                 
       
In millions of won
 
Land
  ￦     814,795    (162,000)    652,795 
Buildings
        106,823    (43,939)    62,884 
Structures
        26,374    (5,226)    21,148 
Machinery
        1,308    (743)    565 
Ships
        4,217,735    (1,188,516)    3,029,219 
Vehicles
        30,375    (16,757)    13,618 
Others(*)
        2,650,728    (2,371,560)    279,168 
        
 
 
   
 
 
   
 
 
 
   ￦     7,848,138    (3,788,741)    4,059,397 
        
 
 
   
 
 
   
 
 
 
 
 (*)
Including a power purchase agreement (“PPA”) with CGN Yulchon Generation Co., Ltd.
 
F-150
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
24.
Lease, Continued
 
(3)
Changes in right-of-use assets for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
  
 
 
  
2020
 
 
  
 
 
  
Beginning
balance
 
  
Increase
 
  
Depreciation
 
  
Decrease
 
  
Others
 
  
Ending
balance
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Land
  ￦     644,074    12,269    (52,069)    —      102,305    706,579 
Buildings
        34,577    53,182    (37,609)    (803)    (2,125)    47,222 
Structures
        25,644    260    (1,485)    —      (3,933)    20,486 
Machinery
        824    —      (129)    —      —      695 
Ships
        3,688,289    183,789    (427,221)    —      (7,494)    3,437,363 
Vehicles
        13,708    9,009    (7,747)    (21)    (1,424)    13,525 
Others
        376,457    32,825    (59,994)    (3)    (32,989)    316,296 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     4,783,573    291,334    (586,254)    (827)    54,340    4,542,166 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   
       
2021
 
       
Beginning
balance
   
Increase
   
Depreciation
   
Decrease
   
Others
   
Ending
balance
 
                             
       
In millions of won
 
Land
  ￦     706,579    7,312    (57,231)    —      (3,865)    652,795 
Buildings
        47,222    22,336    (25,780)    (1,469)    20,575    62,884 
Structures
        20,486    2,198    (1,536)    —      —      21,148 
Machinery
        695    —      (130)    —      —      565 
Ships
        3,437,363    9,694    (411,291)    —      (6,547)    3,029,219 
Vehicles
        13,525    9,583    (8,162)    (7)    (1,321)    13,618 
Others
        316,296    27,090    (50,485)    (10,311)    (3,422)    279,168 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     4,542,166    78,213    (554,615)    (11,787)    5,420    4,059,397 
        
 
 
   
 
 
   
 
 
   
 
 
   
 
 
   
 
 
 
 
F-151
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
24.
Lease, Continued
 
(4)
Lease liabilities as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Less than 1 year
  ￦     614,442    620,121 
1 ~ 5 years
        2,133,538    2,158,145 
More than 5 years
        2,461,557    2,150,722 
        
 
 
   
 
 
 
         5,209,537    4,928,988 
Less : Discount
        (588,441)    (518,485) 
        
 
 
   
 
 
 
Present value of lease payment
  ￦     4,621,096    4,410,503 
        
 
 
   
 
 
 
 
(5)
The details of the liquidity classification of lease liabilities as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Current lease liabilities
  ￦     576,665    583,558 
Non-current lease liabilities
        4,044,431    3,826,945 
        
 
 
   
 
 
 
   ￦     4,621,096    4,410,503 
        
 
 
   
 
 
 
 
(6)
Changes in lease liabilities for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
 
  
 
 
  
Beginning
balance
 
  
Increase
 
  
Decrease
 
  
Interest
expenses
 
  
Others(*)
 
  
Ending
balance
 
 
  
 
 
  
In millions of won
 
Lease liabilities
  ￦     5,070,133    280,114    (725,759)    111,782    (115,174)    4,621,096 
 
 (*)
Including translation effect of foreign currency lease liabilities and others.
 
 
  
 
 
  
2021
 
 
  
 
 
  
Beginning
balance
 
  
Increase
 
  
Decrease
 
  
Interest
expenses
 
  
Others(*)
 
  
Ending
balance
 
 
  
 
 
  
In millions of won
 
Lease liabilities
  ￦     4,621,096      73,090    (665,687)      93,651     288,353     4,410,503 
 
 (*)
Including translation effect of foreign currency lease liabilities and others.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
24.
Lease, Continued
 
(7)
Details of expense relating to lease contracts as lessee for the
years
ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Depreciation of right-of-use assets
  ￦     586,254    554,615 
Interest expenses of lease liabilities
        111,782    93,651 
Leases expenses for short-term leases
        45,787    199,490 
Leases expenses for leases of low-value assets
        2,796    2,349 
Variable lease payments
        33,267    54,675 
        
 
 
   
 
 
 
   ￦     779,886    904,780 
        
 
 
   
 
 
 
 
(8)
The total cash outflow related to the lease contracts, including cash outflows due to short-term leases and leases of low-value
assets
, amounts to
￦
807,609 million and
￦
922,200 million, for the years ended December 31, 2020 and 2021, respectively.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
24.
Lease, Continued
 
Company as a lessor
 
(1)
Finance lease contracts
The Company 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. Also, the Company has provided fly-ash pipe
conduits
as finance leases with an average lease term of 7 years. In addition, the Company provides 26 energy storage system installation projects and 131 energy efficiency contracts as finance leases with a lease term of 2 to 11 years. Also, the Company entered into a PPA with the Comission Federal de Electricidad in Mexico to provide for 25 years (from December 2013 to November 2038) all electricity generated from the power plant after completion of its construction and collect rates consisting of fixed costs (to recover the capital) and variable costs during the contracted period.
 
(2)
Profit and loss related to finance lease for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Finance income on the net investment in the lease
  ￦         117,763         111,569  
 
(3)
Maturity analysis of the lease payments receivable and reconciliation of the undiscounted lease payments to the net investment in the lease as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Less than 1 year
  ￦     162,211    172,528 
1 ~ 2 years
        148,485    163,937 
2 ~ 3 years
        144,913    158,933 
3 ~ 4 years
        139,605    156,450 
4 ~ 5 years
        136,962    155,068 
More than 5 years
        1,583,576    1,588,403 
        
 
 
   
 
 
 
         2,315,752    2,395,319 
Less : Unearned finance income
        (1,192,686)    (1,194,627) 
        
 
 
   
 
 
 
Net investment in the lease(*)
  ￦     1,123,066    1,200,692 
        
 
 
   
 
 
 
 
 (*)
Including the present value of unguaranteed residual value amounting to ￦16,407 million and ￦19,574 million, as of December 31, 2020 and 2021, respectively.
The implicit interest rate for a lease term is determined on the lease contract date. The implicit interest rate of the finance lease contracts is from 0.00% up to 16.83% per year as of December 31, 2021. (prior year : 1.39% ~ 16.60%)
 
(4)
Changes in the allowance for doubtful accounts of finance lease receivables for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Beginning balance
  ￦     862    990 
Bad debt expense
        128    —   
Reversal of allowance for doubtful accounts
        —      (222) 
        
 
 
   
 
 
 
Ending balance
  ￦     990    768 
        
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
25.
Employment Benefits
 
(1)
Employment benefit obligations as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Net defined benefit asset
  ￦     7,231    20,871 
Net defined benefit obligations
        1,907,013    1,675,741 
Other long-term employee benefit obligations
        3,847    3,417 
 
(2)
Principal assumptions
used for
actuarial valuation as of December 31, 2020 and 2021 are as follows:
 
 
  
2020
 
  
2021
 
Discount rate
   1.87%~2.12%    2.51% ~ 2.60% 
Future salary and benefit levels
   4.28%    4.28% 
Weighted average duration
   10.77 years    10.39 years 
 
(3)
Details of expense relating to defined benefit plans for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
  
 
 
  
2019
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Current service cost
  ￦     440,300    509,520    524,942 
Interest cost
        83,619    83,248    91,877 
Expected return on plan assets
        (41,597)    (42,742)    (52,782) 
Past service cost
        301,442    (2,027)    5,483 
Loss from settlement
        (2,017)    —      —   
        
 
 
   
 
 
   
 
 
 
   ￦     781,747    547,999    569,520 
        
 
 
   
 
 
   
 
 
 
Expenses described above are recognized in those items below in the consolidated financial statements.
 
 
  
 
 
  
2019
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Cost of sales
  ￦     580,623    397,442    415,959 
Selling and administrative expenses
        120,455    94,846    95,983  
Others (Construction-in-progress and others)
        80,669     55,711     57,578 
        
 
 
   
 
 
   
 
 
 
   ￦     781,747    547,999    569,520 
        
 
 
   
 
 
   
 
 
 
In addition, for the years ended December 31, 2019, 2020 and 2021, employee benefit obligations expenses of ￦71,844 million, ￦60,587 million and ￦71,875 million, respectively, are recognized as cost of sales, and ￦12,775 million, ￦9,121 million and ￦17,144 million, respectively, are recognized as selling and administrative expenses, and ￦13,893 million, ￦11,861 million and ￦13,126 million, respectively, are recognized as construction-in-progress and others, relates to the Company’s defined contribution plans.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
25.
Employment Benefits, Continued
 
(4)
Details of defined benefit obligations as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Present value of defined benefit obligation from funded plans
  ￦     4,570,614    4,564,417 
Fair value of plan assets
        (2,670,832)    (2,909,547) 
        
 
 
   
 
 
 
Net liabilities incurred from defined benefit plans
  ￦     1,899,782    1,654,870 
        
 
 
   
 
 
 
 
(5)
Changes in the present value of defined benefit obligations for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Beginning balance
  ￦      4,035,400      4,570,614  
Current service cost
        509,520    524,942 
Interest cost
        83,248    91,877 
Remeasurement component
        84,385    (345,755) 
Past service cost
        (2,027)    5,483 
Actual payments
        (139,956)    (282,794) 
Others
        44    50 
        
 
 
   
 
 
 
Ending balance
  ￦     4,570,614    4,564,417 
        
 
 
   
 
 
 
 
(6)
Changes in the fair value of plan assets for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Beginning balance
  ￦      2,111,313      2,670,832  
Expected return
        42,742    52,782 
Remeasurement component
        (390)    (8,457) 
Contributions by the employers
        582,275    317,707 
Actual payments
        (65,108)    (123,317) 
        
 
 
   
 
 
 
Ending balance
  ￦     2,670,832    2,909,547 
        
 
 
   
 
 
 
In addition, loss on accumulated remeasurement component amounting to ￦169,234 million and gain on accumulated remeasurement component amounting to ￦98,844 million have been recognized as other comprehensive income or loss for the years ended December 31, 2020 and 2021, respectively.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
25.
Employment Benefits, Continued
 
(7)
Details of the fair value of plan assets as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
In millions of won
 
Equity instruments
  ￦     253,358    344,002 
Debt instruments
        822,582    744,167 
Bank
deposits
        284,655    407,809 
Others
        1,310,237    1,413,569 
        
 
 
   
 
 
 
   ￦      2,670,832      2,909,547  
        
 
 
   
 
 
 
For the years ended December 31, 2020 and 2021, actual returns on plan assets amounted to ￦42,352 million and ￦44,325 million, respectively.
 
(8)
Remeasurement
components
recognized in other comprehensive income (loss) for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
In millions of won
 
Actuarial gain from changes in financial assumptions
  ￦     (2,979)    (258,194) 
Experience adjustments, etc.
              87,364     (87,561) 
Expected return
        390            8,457 
        
 
 
   
 
 
 
   ￦     84,775    (337,298) 
        
 
 
   
 
 
 
Remeasurement
components
recognized as other comprehensive income or loss
are
included in retained earnings.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
26.
Provisions
 
(1)
Provisions as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
  
2021
 
     
Current
  
Non-current
  
Current
  
Non-current
 
      
In millions of won
 
Employment benefits
                     
Provisions for employment benefits
  ￦    1,024,574   —     1,048,939   —   
Litigation
                     
Litigation provisions
       46,287   66,715   26,269   88,449 
Decommissioning cost
                     
Nuclear plants
       —     16,974,884   —     19,461,461 
Spent fuel
       487,529   866,472   457,466   893,196 
Radioactive waste
       46,369   1,845,244   137,342   1,695,193 
PCBs
       —     119,019   —     103,665 
Other recovery provisions
       —     25,840   —     30,231 
Others
                     
Power plant regional support program
       144,272   —     146,588   —   
Transmission regional support program
       96,895   —     250,288   —   
Provisions for financial guarantee
       22,250   44,104   21,032   59,809 
Provisions for RPS
       9,126   —     —     —   
Provisions for greenhouse gas emissions obligations
       393,121   —     655,544   —   
Others
       181,241   133,294   102,408   169,420 
       
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    2,451,664   20,075,572   2,845,876   22,501,424 
       
 
 
  
 
 
  
 
 
  
 
 
 
 
(2)
Changes in provisions for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
 
     
Beginning
balance
  
Increase in
provision
  
Payment
  
Reversal
  
Others
  
Ending

balance
 
     
In millions of won
 
Employment benefits
                            
Provisions for employment benefits
  ￦   975,619   1,078,382   (1,028,218)   —     (1,209)   1,024,574 
Litigation
                            
Litigation provisions
      88,398   81,990   (34,662)   (22,724)   —     113,002 
Decommissioning cost
                            
Nuclear plants
      15,994,039   1,028,580   (47,735)   —     —     16,974,884 
Spent fuel
      1,355,280   394,642   (395,921)   —     —     1,354,001 
Radioactive waste
      1,888,082   71,529   (67,998)   —     —     1,891,613 
PCBs
      152,981   3,017   (14,839)   (22,140)   —     119,019 
Other recovery provisions
      10,773   15,280   —     —     (213)   25,840 
Others
                            
Power plant regional support program
      140,133   39,445   (42,935)   —     7,629   144,272 
Transmission regional support program
      139,785   151,796   (194,686)   —     —     96,895 
Provisions for tax
      —     —     (24)   25   (1)   —   
Provisions for financial guarantee
      81,357   11,303   (20,962)   (5,317)   (27)   66,354 
Provisions for RPS
      2,889   494,199   (487,962)   —     —     9,126 
Provisions for greenhouse gas emissions obligations
      682,459   331,684   (633,482)   65,389   (52,929)   393,121 
Others
      158,974   210,051   (48,919)   (4,593)   (978)   314,535 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦   21,670,769   3,911,898   (3,018,343)   10,640   (47,728)   22,527,236 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
26.
Provisions, Continued
 
(2)
Changes in provisions for the years ended December 31, 2020 and 2021 are as follows, continued:
 
     
2021
 
     
Beginning
balance
  
Increase
in
provision
  
Payment
  
Reversal
  
Others
  
Ending

balance
 
     
In millions of won
 
Employment benefits
                            
Provisions for employment benefits
  ￦   1,024,574   1,048,569   (1,024,212)   —     8   1,048,939 
Litigation
                            
Litigation provisions
      113,002   67,443   (44,446)   (15,763)   (5,518)   114,718 
Decommissioning cost
                            
Nuclear plants
      16,974,884   2,545,803   (59,226)   —     —     19,461,461 
Spent fuel
      1,354,001   452,063   (455,402)   —     —     1,350,662 
Radioactive waste
      1,891,613   3,862   (51,666)   (11,274)   —     1,832,535 
PCBs
      119,019   2,182   (17,408)   (128)   —     103,665 
Other recovery provisions
      25,840   553   (169)   —     4,007   30,231 
Others
                            
Power plant regional support program
      144,272   49,596   (47,280)   —     —     146,588 
Transmission regional support program
      96,895   306,409   (153,016)   —     —     250,288 
Provisions for financial guarantee
      66,354   85,355   (72,109)   —     1,241   80,841 
Provisions for RPS
      9,126   445,402   (430,344)   (24,184)   —     —   
Provisions for greenhouse gas emissions obligations
      393,121   547,911   (235,469)   (2,174)   (47,845)   655,544 
Others
      314,535   104,416   (95,541)   (40,139)   (11,443)   271,828 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦   22,527,236   5,659,564   (2,686,288)   (93,662)   (59,550)   25,347,300 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(3)
Greenhouse gas emissions rights and obligations:
 
 (i)
Allowances received free of charge from the government for each planned period as of December 31, 2021 are as follows:
 
   
3rd planned period
 
   
2021
   
2022
   
2023
   
2024
   
2025
   
Total
 
   
In ten thousands of tons(tCO2-eq)
 
Allowances received free of charge from the government
   15,625    15,782    15,782    5,261    5,261    57,711 
 
 (ii)
Changes in greenhouse gas emissions rights for the years ended December 31, 2021 and 2020 are as follows:
 
   
2020
 
   
2nd planned period
 
   
Quantity
   
Amount
 
   
In ten thousands of
tons(tCO2-eq) and
millions of won
 
Beginning
   17,276    18,306 
Purchase (sell)
   723    270,338 
Government submission
   —      —   
Borrowing (carryforward)
   (94)    68,711 
   
 
 
   
 
 
 
Ending
         17,905          357,355 
   
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
26.
Provisions, Continued
 
(3)
Greenhouse gas emissions rights and obligations, continued:
 
  
2021
 
  
2nd planned period
  
3rd planned period
 
 
2020
  
2021
  
2022
  
2023
  
2024
  
2025
  
Total
 
 
Quantity
  
Amount
  
Quantity
  
Amount
  
Quantity
  
Amount
  
Quantity
  
Amount
  
Quantity
  
Amount
  
Quantity
  
Amount
  
Quantity
  
Amount
 
  
In ten thousands of tons(tCO2-eq) and millions of won
    
Beginning
  17,905   357,355   16,051   38,338   15,782   —     15,782   —     5,261   —     5,261   —     58,137   38,338 
Purchase (sell)
  433   95,375   1,426   410,099   (31)   7,296   (43)   5,479   (75)   —     (50)   6,873   1,227   429,747 
Government submission
  (17,560)   (280,924)   —     —     —     —     —     —     —     —     —     —     —     —   
Borrowing (carryforward)
  (539)   (113,014)   352   76,221   277   55,439   10   3,050   —     —     —     —     639   134,710 
Others
  (239)   (58,792)   —     —     —     —     —     —     —     —     —     —     —     —   
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending
  —     —     17,829   524,658   16,028   62,735   15,749   8,529   5,186   —     5,211   6,873   60,003   602,795 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 (iii)
The Company does not have greenhouse gas emissions rights pledged as collateral as of December 31, 2021.
 
 (iv)
The Company does not hold any greenhouse gas emissions rights
for a purpose of 
generating a profit from short-term
fluctuations
in price as of December 31, 2021.
 
 (v)
Estimated
greenhouse
gas emission of the Company for the year ended December 31, 2021 is 17,618 ten thousand tons.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
27.
Government Grants
 
(1)
Government grants as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
      
In millions of won
 
Land
  ￦    (23,475)    (23,474) 
Buildings
       (57,231)    (52,122) 
Structures
       (180,009)    (172,021) 
Machinery
       (157,785)    (140,082) 
Vehicles
       (632)    (1,675) 
Equipment
       (227)    (149) 
Tools
       (239)    (64) 
Construction-in-progress
       (79,126)    (111,822) 
Investment properties
       (29)    (30) 
Software
       (136)    (91) 
Development expenditures
       (5,043)    (3,820) 
Intangible assets under development
       (7,203)    (7,326) 
Other intangible assets
       (75)    (71) 
       
 
 
   
 
 
 
    ￦   (511,210)    (512,747) 
       
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
27.
Government Grants, Continued
 
(2)
Changes in government grants for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
 
      
Beginning
balance
  
Receipt
  
Acquisition
  
Offset the
items of
depreciation
expense and
others
  
Disposal
  
Others
  
Ending
balance
 
      
In millions of won
 
Cash
  ￦    —     (41,209)   —     —     —     41,209   —   
Land
       (21,817)   —     —     —     2   (1,660)   (23,475) 
Buildings
       (61,920)   —     —     5,206   —     (517)   (57,231) 
Structures
       (186,554)   —     —     9,526   2,032   (5,013)   (180,009) 
Machinery
       (158,907)   —     —     17,468   496   (16,842)   (157,785) 
Vehicles
       (2,275)   —     —     2,064   4   (425)   (632) 
Equipment
       (241)   —     —     149   —     (135)   (227) 
Tools
       (403)   —     —     243   —     (79)   (239) 
Construction-in-progress
       (61,211)   —     8,783   —     —     (26,698)   (79,126) 
Investment properties
       (13)   —     —     1   —     (17)   (29) 
Software
       (235)   —     —     99   —     —     (136) 
Development expenditures
       (1,492)   —     —     1,453   —     (5,004)   (5,043) 
Intangible assets under development
       (11,029)   —     —     —     —     3,826   (7,203) 
Other intangible assets
       (79)   —     —     4   —     —     (75) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    (506,176)   (41,209)   8,783   36,213   2,534   (11,355)   (511,210) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
      
2021
 
      
Beginning
balance
  
Receipt
  
Acquisition
  
Offset the
items of
depreciation
expense and
others
  
Disposal
  
Others
  
Ending
balance
 
      
In millions of won
 
Cash
  ￦    —     (37,920)   —     —     —     37,920   —   
Land
       (23,475)   —     —     —     1   —     (23,474) 
Buildings
       (57,231)   —     —     5,174   —     (65)   (52,122) 
Structures
       (180,009)   —     —     9,517   1,811   (3,340)   (172,021) 
Machinery
       (157,785)   —     —     17,519   531   (347)   (140,082) 
Vehicles
       (632)   —     (26)   460   —     (1,477)   (1,675) 
Equipment
       (227)   —     —     95   —     (17)   (149) 
Tools
       (239)   —     —     209   —     (34)   (64) 
Construction-in-progress
       (79,126)   —     5,027   —     —     (37,723)   (111,822) 
Investment properties
       (29)   —     —     1   —     (2)   (30) 
Software
       (136)   —     —     64   —     (19)   (91) 
Development expenditures
       (5,043)   —     —     1,439   —     (216)   (3,820) 
Intangible assets under development
       (7,203)   —     —     —     —     (123)   (7,326) 
Other intangible assets
       (75)   —     —     4   —     —     (71) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    (511,210)   (37,920)   5,001   34,482   2,343   (5,443)   (512,747) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
27.
Government Grants, Continued
 
(3)
Changes in government grants for specific business projects for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
   
2020
 
              
Increase
  
Decrease
       
              
Contribution
  
Interests
  
Execution
  
Return
       
Department
 
Project
 
Description
 
Period
 
Budget
  
Beginning
balance
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Others
  
Ending
balance
 
        
In millions of won
 
Ministry of Trade, Industry and Energy
 Temporary electricity bill support for small business owners Temporary electricity bill support for small business owners 2020.04.01
~ 
2020.12.31
  72,662   —     —     —     72,662   —     —     16   —     —     (71,914)   —     —     (16)   —     748 
  Energy Voucher 2020 Energy Voucher
Support		 2020.01.01
~
2020.12.31
  46,148   —     —     —     46,148   —     —     2   —     —     (46,148)   —     —     (2)   —     —   
  
   
2021
 
              
Increase
  
Decrease
       
              
Contribution
  
Interests
  
Execution
  
Return
       
Department
 
Project
 
Description
 
Period
 
Budget
  
Beginning
balance
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Self-
payment
  
Local
government
  
Government
subsidies
  
Others
  
Ending
balance
 
        
In millions of won
 
Ministry of Trade, industry and Energy
 Temporary electricity bill support for small business owners Temporary electricity bill support for small business owners 2021.04.01
~
2022.06.30
  211,235   748   —     —     139,550   —     —     —     —     —     (122,563)   —     —     —     —     17,735 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
28.
Deferred Revenues
Deferred revenue for the years ended December 31, 2020 and 2021 are as follows which included in current and non-current non-financial liabilities in the consolidated statements of financial position:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
             
       
In millions of won
 
Beginning balance
  ￦     9,201,538    9,868,189 
Increase
        1,310,128    1,149,578 
Recognized as revenue
        (643,477)    (661,212) 
        
 
 
   
 
 
 
Ending balance
  ￦     9,868,189    10,356,555 
        
 
 
   
 
 
 
 
29.
Non-financial Liabilities
Non-financial liabilities as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
       
Current
   
Non-current
   
Current
   
Non-current
 
                     
       
In millions of won
 
Advance received
  ￦     3,693,043    331,596    4,157,916    398,056 
Unearned revenue
        35,068    6,122    40,187    6,517 
Deferred revenue
        625,596    9,242,593    659,397    9,697,158 
Withholdings
        257,059    9,909    345,892    5,171 
Others
        1,360,684    71,721    1,262,941    109,462 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     5,971,450    9,661,941    6,466,333    10,216,364 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
30.
Contributed Capital
 
(1)
Details of shares issued as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2020
 
  
Shares

authorized
  
Shares
issued
     
Par value

per share

(in won)
  
Owned by
government(*)
  
Owned by
others
  
Total
 
                      
  
In millions of won except share information
    
Common shares
  1,200,000,000   641,964,077  ￦    5,000   1,640,385   1,569,435   3,209,820 
 
 (*)
Korea Development Bank’s interest of ￦1,056,176 million is included.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
  
Shares

authorized
  
Shares
issued
     
Par value

per share

(in won)
  
Owned by
government(*)
  
Owned by
others
  
Total
 
                      
  
In millions of won except share information
    
Common shares
  1,200,000,000   641,964,077  ￦    5,000   1,640,385   1,569,435   3,209,820 
 
 (*)
Korea Development Bank’s interest of ￦1,056,176 million is included.
 
(2)
Details in number of outstanding capital stock for the years ended December 31, 2020 and 2021 are as follows.
 
 
 
 
 
 
 
 
 
 
   
2020
   
2021
 
         
   
Number of shares
 
Beginning balance
   641,964,077    641,964,077 
   
 
 
   
 
 
 
Ending balance
   641,964,077     641,964,077  
   
 
 
   
 
 
 
 
(3)
Details of share premium as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
            
      
In millions of won
 
Share premium
  ￦          843,758            843,758  
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
31.
Retained Earnings and Dividends Paid
 
(1)
Details of retained earnings as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
             
       
In millions of won
 
Legal reserve(*)
  ￦     1,604,910    1,604,910 
Voluntary reserves
        32,179,066    33,282,817 
Retained earnings before appropriations
        17,349,625    10,359,255 
        
 
 
   
 
 
 
Retained earnings
  ￦       51,133,601       45,246,982  
        
 
 
   
 
 
 
 
 (*)
The KEPCO Act requires KEPCO to appropriate a legal reserve equal to at least 20 percent of net income for each accounting period until the reserve equals 50 percent of KEPCO’s common stock. The legal reserve is not available for cash dividends; however, this reserve may be credited to paid-in capital or offset against accumulated deficit by the resolution of the shareholders.
 
(2)
Details of voluntary reserves as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2020
   
2021
 
             
       
In millions of won
 
Reserve for investment on social overhead capital
  ￦     5,277,449    5,277,449 
Reserve for research and human development(*)
        330,000    330,000 
Reserve for business expansion
        26,361,617    27,465,368 
Reserve for equalizing dividends
        210,000    210,000 
        
 
 
   
 
 
 
   ￦       32,179,066       33,282,817  
        
 
 
   
 
 
 
 
 (*)
The reserve for research and human development is appropriated by KEPCO to use as qualified tax credits to reduce corporate tax liabilities. The reserve is available for cash dividends for a certain period as defined by the Restriction of Special Taxation Act of Korea.
 
(3)
Changes in retained earnings for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
      
2020
   
2021
 
            
      
In millions of won
 
Beginning balance
  ￦   49,202,133    51,133,601 
Profit (loss) for the period attributed to owner of the controlling Company
      1,991,347    (5,315,055) 
Changes in equity method retained earnings
      3,181    3,609 
Remeasurements of defined benefit liability, net of tax
      (62,857)    201,067 
Transfer of gain (loss) on valuation of financial assets at FVOCI
      —      4,388 
Dividends paid
      —      (780,628) 
Transactions between consolidated entities
      (203)    —   
      
 
 
   
 
 
 
Ending balance
  ￦     51,133,601      45,246,982 
      
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
31.
Retained Earnings and Dividends Paid, Continued
 
(4)
Dividends paid for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2019
 
In millions of won
 
Number of

shares issued
  
Number of

treasury stocks
  
Number of

shares eligible for

dividends
     
Dividends paid

per share
  
Dividends

paid
 
                   
              
(In won)
    
Common shares
  641,964,077   —     641,964,077  ￦         —          —   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2020
 
In millions of won
 
Number of

shares issued
  
Number of

treasury stocks
  
Number of

shares eligible for

dividends
     
Dividends paid

per share
  
Dividends

paid
 
                   
              
(In won)
    
Common shares
  641,964,077   —     641,964,077  ￦         —          —   
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
2021
 
In millions of won
 
Number of

shares issued
  
Number of

treasury stocks
  
Number of

shares eligible for

dividends
     
Dividends paid

per share
  
Dividends

paid
 
                   
              
(In won)
    
Common shares
  641,964,077   —     641,964,077  ￦    1,216   780,628 
 
(5)
Changes in retained earnings of investments in associates and joint ventures for the years ended December 31, 2020 and 2021 are as follows:
 
  
               
  
               
   
               
 
     
2020
   
2021
 
           
     
In millions of won
 
Beginning balance
 
￦
  
 
(2,820
) 
  
 
361
 
Changes
    
 
3,181
 
  
 
3,609
 
     
 
 
   
 
 
 
Ending balance
 
￦
  
 
        361
  
  
 
     3,970
  
     
 
 
   
 
 
 
 
(6)
Changes in remeasurement components related to defined benefit liability for the years ended December 31, 2020 and 2021 are as follows:
 
                                                     
     
2020
   
2021
 
           
     
In millions of won
 
Beginning balance
 
￦
  
 
(117,779
) 
  
 
(169,234
) 
Changes
    
 
(77,828
) 
  
 
327,957
 
Income tax effect
    
 
14,971
 
  
 
(126,890
) 
Transfer to reserve for business expansion
    
 
11,402
 
  
 
67,011
 
     
 
 
   
 
 
 
Ending balance
 
￦
  
 
(169,234
) 
  
 
98,844
 
     
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
32.
Statements
of Appropriation of Retained Earnings (Disposition of Deficit)
For the year ended December 31, 2020, KEPCO’s retained earnings were appropriated on March 25, 2021. For the year ended December 31, 2021, KEPCO’s deficits are expected to be disposed on March 29, 2022.
The statements
of disposition of deficit and appropriation of retained earnings of KEPCO, the controlling company, for the years ended December 31, 2020 and 2021, respectively, are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
   
2021
 
           
     
In millions of won except for
dividends per share
 
I.   Retained earnings before appropriations (undisposed deficit)
             
Unappropriated retained earnings (deficit) carried over from prior years
 ￦    —      —   
Net income (loss)
      1,951,498    (5,607,732) 
Remeasurement of the defined benefit plan
      (67,118)   107,884 
      
 
 
   
 
 
 
       1,884,380    (5,499,848) 
      
 
 
   
 
 
 
II. Transfer from voluntary reserves
      —      5,499,848 
      
 
 
   
 
 
 
III.  Subtotal ( I+II )
      1,884,380    —   
      
 
 
   
 
 
 
IV.  Appropriations of retained earnings (Disposition of deficit)
             
Legal reserve
      —      —   
Dividends (government, individual)
(Amount of dividends per share (%) : Current year – ￦ 0 (0%),
                                                             Prior year – ￦ 1,216 (24.32%))
      (780,628)   —   
Reserve for business expansion
      (1,103,752)   —   
      
 
 
   
 
 
 
       (1,884,380)   —   
      
 
 
   
 
 
 
V. Unappropriated retained earnings to be carried over forward to subsequent year
      —      —   
      
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
33.
Hybrid Bonds
Hybrid bonds classified as equity (non-controlling interest) as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Issuer
 
Hybrid bond
 
Issued date
  
Maturity
  
Yield (%)
     
2020
   
2021
 
                      
  
In millions of won
 
Korea South-East
 
Power Co., Ltd.
 1st hybrid bond  2012.12.07   2042.12.06   4.38  ￦    170,000    170,000 
Korea South-East
 
Power Co., Ltd.
 2nd hybrid bond  2012.12.07   2042.12.06   4.44       230,000    230,000 
Expense of issuance
 
      (1,090)    (1,090) 
                    
 
 
   
 
 
 
                ￦    398,910    398,910 
                    
 
 
   
 
 
 
Although these instruments have contractual maturity dates, th
e
 contractual agreements allow these subsidiaries to indefinitely extend the maturity dates and defer the payment of interest without modification to the other terms of the instruments. When the Company decides not to pay dividends on ordinary shares, they are not required to pay interest on the hybrid bonds.
As
these instruments have no contractual obligation to pay principal and interest, these instruments have been classified as equity (non-controlling interest) in the Company’s consolidated financial statements.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
34.
Other Components of Equity
 
(1)
Other components of equity of the parent as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
   
2021
 
     
In millions of won
 
Other capital surplus
 ￦    1,224,105    1,231,109 
Accumulated other comprehensive income (loss)
      (409,577)    (57,632) 
Other equity
      13,294,973    13,294,973 
      
 
 
   
 
 
 
  ￦    14,109,501    14,468,450 
      
 
 
   
 
 
 
 
(2)
Changes in other capital surplus for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
  
2021
 
    
Gains on
disposal of

treasury

stocks
  
Others
  
Subtotal
  
Gains on

disposal of

treasury

stocks
  
Others
  
Subtotal
 
     
In millions of won
 
Beginning balance
 ￦    387,524   838,840   1,226,364   387,524   836,581   1,224,105 
Changes in consolidation scope
      —     —     —     —     43   43 
Issuance of share capital of subsidiary
      —     (148)   (148)   —     (491)   (491) 
Others
      —     (2,111)   (2,111)   —     7,452   7,452 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
 ￦    387,524   836,581   1,224,105   387,524   843,585   1,231,109 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
34.
Other Components of Equity, Continued
 
(3)
Changes in accumulated other comprehensive income (loss) for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
 
     
Financial asset at

fair value through

other

comprehensive

income

valuation reserve
  
Shares in 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
 
     
In millions of won
 
Beginning balance
 ￦    (92,599)   142,896   (294,898)   (36,129)   (280,730) 
Changes in the unrealized fair value of financial assets at FVOCI, net of tax
      (8,533)   —     —     —     (8,533) 
Shares in other comprehensive Income(loss) of associates and joint ventures, net of tax
      —     (132,805)   —     —     (132,805) 
Foreign currency translation of foreign operations, net of tax
      —     —     (46,032)   —     (46,032) 
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
      —     —     —     58,523   58,523 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
 ￦    (101,132)   10,091   (340,930)   22,394   (409,577) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
     
2021
 
     
Financial assets at

fair value through

other

comprehensive

income

valuation reserve
  
Shares in 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
 
     
In millions of won
 
Beginning balance
 ￦    (101,132)   10,091   (340,930)   22,394   (409,577) 
Changes in the unrealized fair value of financial assets at FVOCI, net of tax
      59,022   —     —     —     59,022 
Shares in other comprehensive income of associates and joint ventures, net of tax
      —     301,161   —     —     301,161 
Foreign currency translation of foreign operations, net of tax
      —     —     15,760   —     15,760 
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
      —     —     —     (19,610)   (19,610) 
Others
      (4,388)   —     —     —     (4,388) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Ending balance
 ￦    (46,498)   311,252   (325,170)   2,784   (57,632) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(4)
Other equity as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2020
  
2021
 
     
In millions of won
 
Statutory revaluation reserve
 ￦    13,295,098   13,295,098 
Changes in other equity
      (125)   (125) 
      
 
 
  
 
 
 
  ￦    13,294,973   13,294,973 
      
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
35.
Sales
Details of sales for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
     
2019
  
2020
  
2021
 
     
Domestic
  
Overseas
  
Domestic
  
Overseas
  
Domestic
  
Overseas
 
     
In millions of won
 
[Type of goods and services]
                            
Sales of goods
 ￦    56,609,330   285,546   56,380,608   303,704   58,261,006   441,203 
Electricity
      55,939,001   —     55,730,985   —     57,210,231   —   
Heat supply
      220,948   —     198,715   —     232,294   —   
Others
      449,381   285,546   450,908   303,704   818,481   441,203 
Sales related to rendering of services
      222,106   186,184   223,075   206,275   252,216   204,184 
Sales of construction services
      110,692   1,154,224   170,895   641,280   159,262   595,736 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    56,942,128   1,625,954   56,774,578   1,151,259   58,672,484   1,241,123 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
[Timing of revenue recognition]
 
Performance obligations satisfied at a point in time
 ￦    56,609,330   285,546   56,380,608   303,704   58,261,006   441,203 
Performance obligations satisfied over time
      332,798   1,340,408   393,970   847,555   411,478   799,920 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    56,942,128   1,625,954   56,774,578   1,151,259   58,672,484   1,241,123 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
36.
Selling and Administrative Expenses
 
(1)
Selling and administrative expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
  
2020
   
2021
 
      
In millions of won
 
Salaries
  ￦    775,204   1,095,183    1,121,188 
Retirement benefit expense
       157,272   103,967    113,127 
Welfare and benefit expense
       120,463   155,071    155,558 
Insurance expense
       12,427   10,178    17,909 
Depreciation
       232,510   218,103    219,427 
Amortization of intangible assets
       76,547   87,086    91,428 
Bad debt expense
       (12,719)   20,648    17,968 
Commission
       632,849   368,275    410,275 
Advertising expense
       34,453   29,559    29,230 
Training expense
       7,174   5,196    4,923 
Vehicle maintenance expense
       9,525   9,435    8,849 
Publishing expense
       3,414   3,677    3,568 
Business promotion expense
       3,038   3,614    3,522 
Rent expense
       40,505   36,337    43,650 
Telecommunication expense
       8,451   8,686    8,569 
Transportation expense
       865   1,007    870 
Taxes and dues
       58,666   62,828    93,446 
Expendable supplies expense
       6,682   8,029    9,052 
Water, light and heating expense
       11,867   11,749    12,351 
Repairs and maintenance expense
       88,576   79,185    123,134 
Ordinary development expense
       224,463   197,436    213,936 
Travel expense
       15,652   10,793    11,099 
Clothing expense
       9,369   14,834    10,540 
Survey and analysis expense
       848   826    889 
Membership fee
       969   1,274    1,331 
Others
       150,506   135,467    149,945 
       
 
 
  
 
 
   
 
 
 
   ￦    2,669,576   2,678,443    2,875,784 
       
 
 
  
 
 
   
 
 
 
 
(2)
Details of “others” included in selling and administrative expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
  
2020
   
2021
 
      
In millions of won
 
Accommodation development expenses
  ￦    53,945   30,889    57,815 
Miscellaneous wages
       39,794   45,887    47,221 
Litigation and filing expenses
       21,768   19,341    16,383 
Compensation for damages
       (1,924)   8,374    3,303 
Outsourcing expenses
       3,293   3,610    3,799 
Reward expenses
       2,858   3,228    3,006 
Overseas market development expenses
       1,997   1,218    1,192 
Others
       28,775   22,920    17,226 
       
 
 
  
 
 
   
 
 
 
   ￦       150,506      135,467       149,945 
       
 
 
  
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
37.
Other Income and Expenses
 
(1)
Other income for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Reversal of other provisions
  ￦    16,542    25,826    15,548 
Reversal of other allowance for doubtful accounts
       —      2,465    98 
Gains on government grants
       281    269    458 
Gains on assets contributed
       6,921    24,324    9,347 
Gains on liabilities exempted
       916    1,314    1,830 
Compensation and reparations revenue
       113,292    95,407    104,826 
Revenue from foundation fund
       —      —      1 
Revenue from research contracts
       5,276    4,001    5,996 
Income related to transfer of assets from customers
       604,808    643,477    661,212 
Rental income
       191,088    193,567    204,123 
Others
       58,849    45,798    30,694 
       
 
 
   
 
 
   
 
 
 
   ￦    997,973    1,036,448    1,034,133 
       
 
 
   
 
 
   
 
 
 
 
(2)
Details of “others” included in other income for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Refund of claim for rectification
  ￦    1,969    11,880    7,274 
Adjustment of research project
       3,294    2,150    7,638 
Maintenance expenses on lease building
       153    2,785    160 
Training expenses
       3,167    3,852    1,739 
Deposit redemption
       436    314    378 
Reversal of expenses on litigation
       9,926    620    991 
Revenue on royalty fee
       —      —      173 
Reimbursement of insurance fee
       610    22    1 
Gains on guarantee contracts
       135    134    27 
Others
       39,159    24,041    12,313 
       
 
 
   
 
 
   
 
 
 
   ￦      58,849         45,798         30,694 
       
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
37.
Other Income and Expenses, Continued
 
(3)
Other expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Compensation and indemnification expense
  ￦    403    11,959    663 
Accretion expenses of other provisions
       7,939    17,991    2,711 
Depreciation expenses on investment properties
       5,069    1,453    1,386 
Depreciation expenses on idle assets
       6,542    6,604    3,621 
Other bad debt expense
       29,348    32,503    49,372 
Donations
       64,752    316,981    152,456 
Others
       127,860    30,229    47,723 
       
 
 
   
 
 
   
 
 
 
   ￦    241,913    417,720    257,932 
       
 
 
   
 
 
   
 
 
 
 
(4)
Details of “others” included in other expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Operating expenses related to the idle assets
  ￦    49    46    44 
Research grants
       399    91    109 
Expenses related to
farming and fishing village
 supports
       13,991    16,115    17,065 
Expenses related to 
Operating
of a
fitness center
       5,234    5,101    6,948 
Expenses on adjustment of research and development grants
       554    720    2,241 
Taxes and dues
       188    253    119 
Expenses on R&D
supports
       67    242    861 
Others
       107,378    7,661    20,336 
       
 
 
   
 
 
   
 
 
 
   ￦    127,860      30,229      47,723 
       
 
 
   
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
38.
Other Gains (Losses)
 
(1)
Composition of other gains (losses) for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Other gains
                   
Gains on disposal of property, plant and equipment
 ￦     43,784    93,195    56,284 
Gains on disposal of intangible assets
       206    1,556    1 
Reversal of impairment loss on property, plant and equipment
       16,692    7,805    —   
Reversal of impairment loss on intangible assets
       —      —      14 
Gains on foreign currency translation
       16,340    8,917    20,598 
Gains on foreign currency transaction
       53,152    61,865    48,671 
Gains on insurance proceeds
       17,410    43,800    144 
Others
       238,688    322,379    250,174 
     
Other losses
                   
Losses on disposal of property, plant and equipment
       (72,508)    (162,725)    (92,622) 
Losses on disposal of intangible assets
       (827)    (392)    (145) 
Losses on valuation of other non-current assets
       —      (241)    —   
Impairment loss on property, plant and equipment
       (50,034)    (80,413)    (4,056) 
Impairment loss on intangible assets
       (513,609)    (3,599)    —   
Impairment loss on other non-current assets
       (49,620)    —      (16,035) 
Losses on foreign currency translation
       (8,757)    (17,664)    (4,732) 
Losses on foreign currency transaction
       (55,283)    (49,694)    (67,990) 
Others
       (217,892)    (189,695)    (181,787) 
       
 
 
   
 
 
   
 
 
 
  ￦     (582,258)    35,094    8,519 
       
 
 
   
 
 
   
 
 
 
 
(2)
Details of “others” included in other gains for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Gains on disposal of inventories
 ￦     3,424    3,373    4,446 
Gains on proxy collection of TV license fee
       41,013    41,438    42,271 
Gains on compensation of impaired electric poles
       1,372    978    812 
Gains on harbor facilities dues
       3,741    2,231    3,281 
Gains on technical fees
       3,044    4,826    3,968 
Reversal of occupation development training fees
       1,472    352    229 
Gains on disposal of waste
       5,317    6,927    4,272 
Gains on insurance
       812    —      690 
Gains on tax rebate
       341    772    685 
Gains on other commission
       1,111    1,643    1,822 
Gains on disposal of greenhouse gas emissions rights
       —      —      8,739 
Gains on disposal of assets held-for-sale
       23,778    —      160 
Others
       153,263    259,839    178,799 
       
 
 
   
 
 
   
 
 
 
  ￦      238,688      322,379      250,174  
       
 
 
   
 
 
   
 
 
 
 
(3)
Details of “others” included in other losses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Losses on valuation of inventories
 ￦     3,127    4,998    7,761 
Losses on disposal of inventories
       10,456    37,644    8,874 
Losses due to disaster
       7,635    16,814    6,238 
Losses on rounding adjustment of electric charge surtax
       1,268    1,276    1,283 
Loss on disposal of greenhouse gas emissions rights
       —      —      11,282 
Others
       195,406    128,963    146,349 
       
 
 
   
 
 
   
 
 
 
  ￦     217,892      189,695       181,787  
       
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
39.
Finance Income
 
(1)
Finance income for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Interest income
  ￦     268,118    242,586    221,874 
Dividends income
        13,838    7,316    10,522 
Gains on disposal of financial assets
        3,866    11,992    7,718 
Gains on valuation of financial assets at fair value through profit or loss
        5,575    12,904    14,338 
Gains on valuation of derivatives
        362,735    57,563    860,011 
Gains on transaction of derivatives
        157,961    146,448    124,900 
Gains on foreign currency translation
        175,839    1,005,961    146,349 
Gains on foreign currency transactions
        21,774    24,009    15,618 
Other financial income
        —      1,470    1,284 
        
 
 
   
 
 
   
 
 
 
   ￦     1,009,706    1,510,249    1,402,614 
        
 
 
   
 
 
   
 
 
 
 
(2)
Details of interest income included in finance income for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Cash and cash equivalents
  ￦     42,861    9,419    12,692 
Financial assets at fair value through profit or loss
        29,411    19,114    18,415 
Financial assets at amortized cost
        539    612    797 
Loans
        63,448    26,232    25,196 
Short-term financial
instruments
        49,070    25,540    7,531 
Long-term financial
instruments
        12,794    10,406    12,470 
Other financial assets
        54    228    230 
Trade and other receivables
        69,941    151,035    144,543 
        
 
 
   
 
 
   
 
 
 
   ￦        268,118       242,586       221,874 
        
 
 
   
 
 
   
 
 
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
40.
Finance Expenses
 
(1)
Finance expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Interest expense
 ￦     2,046,811    1,995,425    1,914,457 
Losses on sale of financial assets
       2,106    648    1,045 
Losses on valuation of financial assets at fair value through profit or loss
       4,513    7,396    5,480 
Losses on valuation of derivatives
       45,385    513,278    37,017 
Losses on transaction of derivatives
       71,546    81,055    40,818 
Losses on foreign currency translation
       553,731    215,047    1,159,334 
Losses on foreign currency transaction
       55,509    79,103    83,558 
Losses on repayment of financial liabilities
       —      35    10 
Others
       2,555    4,456    4,058 
       
 
 
   
 
 
   
 
 
 
  ￦     2,782,156     2,896,443     3,245,777  
       
 
 
   
 
 
   
 
 
 
 
(2)
Details of interest expense included in finance expenses for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
2019
   
2020
   
2021
 
      
In millions of won
 
Trade and other payables
 ￦     94,019    88,757    213,765 
Short-term borrowings
       42,971    29,358    42,371 
Long-term borrowings
       119,806    118,678    115,141 
Debt securities
       1,827,511    1,805,253    1,728,588 
Other financial liabilities
       558,464    540,867    384,423 
       
 
 
   
 
 
   
 
 
 
        2,642,771    2,582,913    2,484,288 
Less: Capitalized borrowing costs
       (595,960)    (587,488)    (569,831) 
       
 
 
   
 
 
   
 
 
 
  ￦     2,046,811    1,995,425    1,914,457 
       
 
 
   
 
 
   
 
 
 
Capitalization rates for the years ended December 31, 2019, 2020 and 2021 are 2.37%~3.44%, 2.14%~4.84% and 2.02%~4.33%, respectively.
 
F-178
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
41.
Income Taxes
 
(1)
Income tax expense (benefit) for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Current income tax expense
                    
Payment of income tax
  ￦     538,223    671,179    357,767 
Adjustment in respect of prior years due to change in estimate
        (176,441)    (63,756)    153,113 
Current income tax directly recognized in equity
        (53,302)    51,486    (198,714) 
        
 
 
   
 
 
   
 
 
 
         308,480    658,909    312,166 
        
 
 
   
 
 
   
 
 
 
Deferred tax expense (benefit)
                    
Generation and realization of temporary differences
        (636,984)    (77,985)    (489,411) 
Changes of unrecognized tax losses, tax credit and temporary differences for prior periods
        (22,469)    (10,471)    (43,653) 
Changes in deferred tax on tax losses carryforwards
        (582,011)    296,070    (1,641,823) 
Tax credit carryforwards
        (71,306)    32,541    (12,199) 
Amount due to change in tax rate or regulations
        1,987    —      18,931 
        
 
 
   
 
 
   
 
 
 
         (1,310,783)    240,155    (2,168,155) 
        
 
 
   
 
 
   
 
 
 
Income tax expense (benefit)
  ￦     (1,002,303)       899,064    (1,855,989) 
        
 
 
   
 
 
   
 
 
 
 
(2)
Reconciliation between actual income tax expense (benefit) and amount computed by applying the statutory tax rate to profit (loss) before income taxes for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
  
2021
 
       
In millions of won
 
Profit (loss) before income tax
  ￦     (3,265,838)    2,991,533   (7,085,214) 
        
 
 
   
 
 
  
 
 
 
Income tax expense (benefit) computed at applicable tax rate(*1)
        (898,105)    822,672   (1,948,434) 
Adjustments
                   
Effect of applying gradual tax rate
        10,362    (10,362)   (10,362) 
Effect of non-taxable income
        (9,990)    (13,593)   (4,983) 
Effect of non-deductible expenses
        12,197    46,776   78,814 
Effect of tax losses that are not recognized as deferred tax asset
        57,490    —     1,351 
Effects of tax credits and deduction
        (76,983)    (63,753)   (43,931) 
Reversal of unrecognized deferred tax asset, net
        (22,469)    (10,471)   (43,641) 
Effect of change in deferred tax due to change in tax rate
        16,848    (17,590)   18,931 
Deduction of deferred tax assets
        —      55,682   73,887 
Deferred tax related to investments in subsidiaries, associates and joint ventures
        147,598    102,137   (135,878) 
Others, net
        (62,810)    51,322   5,144 
        
 
 
   
 
 
  
 
 
 
         72,243    140,148   (60,668) 
Adjustment in respect of prior years due to change in estimate
        (176,441)    (63,756)   153,113 
        
 
 
   
 
 
  
 
 
 
Income tax expense (benefit)
  ￦     (1,002,303)    899,064   (1,855,989) 
        
 
 
   
 
 
  
 
 
 
Effective tax rate
        (*2)    30.05%   (*2) 
 
 (*1)
Applicable tax rate is 27.5% as of December 31, 2019, 2020 and 2021.
 
 (*2)
The effective tax rate for the year ended December 31, 2019 and 2021 is not calculated due to income tax benefit and the effective tax rate for the year ended December 31, 2020 is 30.05%.
 
(3)
Income tax directly adjusted to equity (except for accumulated other comprehensive income (loss)) for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Dividends of hybrid bond
 and others
  ￦     3,432    4,273    4,736 
 
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Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
41.
Income Taxes, Continued
 
(4)
Income tax recognized as other comprehensive income (loss) for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
       
2019
   
2020
   
2021
 
       
In millions of won
 
Income tax recognized as other comprehensive income (loss)
                    
Gain (loss) on valuation of financial assets at fair value through other comprehensive income
  ￦     (4,217)    19,447    (9,753) 
Net change in the unrealized fair value of derivatives using cash flow hedge accounting, net of tax
        (15,642)    (47,231)    24,220 
Remeasurement of defined benefit liability
        (40,235)    14,971    (126,890) 
Investments in associates
        4,275    35,714    (53,672) 
Others
        (914)    24,312    (37,355) 
        
 
 
   
 
 
   
 
 
 
   ￦     (56,733)    47,213    (203,450) 
        
 
 
   
 
 
   
 
 
 
 
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Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
41.
Income Taxes, Continued
 
(5)
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
2020
 
 
 
 
 
 
Beginning

balance
 
 
Amounts
recognized in
profit or loss
 
 
Amount
recognized in
other
comprehensive
income (loss)
 
 
Amounts

recognized

directly

in equity
 
 
Ending

balance
 
 
 
 
 
 
In millions of won
 
Deferred tax on temporary differences
 
 
 
 
 
 
Employee benefits
  ￦   648,847   14,566   26,374   —     689,787 
Cash flow hedge
      (999)   63,817   (47,231)   —     15,587 
Investments in subsidiaries, associates and joint ventures
      (8,665,727)   (38,002)   35,714   —     (8,668,015) 
Property, plant and equipment
      (7,115,218)   (598,231)   —     —     (7,713,449) 
Finance lease
      (160,443)   (50,977)   —     —     (211,420) 
Intangible assets
      (55,906)   24,740   —     —     (31,166) 
Financial assets at fair value through profit or loss
      341   (328)   —     —     13 
Financial assets at fair value through other comprehensive income
      18,245   258   19,447   —     37,950 
Deferred revenue
      213,003   (13,302)   —     —     199,701 
Provisions
      5,456,919   459,884   —     —     5,916,803 
Doubtful receivables
      59   (59)   —     —     —   
Other finance liabilities
      39,364   (13,238)   —     4,273   30,399 
Gains or losses on foreign exchange translation
      57,961   (69,596)   —     —     (11,635) 
Allowance for doubtful accounts
      57,607   (1,478)   —     —     56,129 
Accrued income
      (4,376)   13,320   —     —     8,944 
Special deduction for property, plant and equipment
      (215,373)   (10,978)   —     —     (226,351) 
Others
      1,342,716   150,326   12,909   —     1,505,951 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       (8,382,980)   (69,278)   47,213   4,273   (8,400,772) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Deferred tax on unused tax losses and tax credit
                        
Unused tax losses
      1,111,813   (218,739)   —     —     893,074 
Excess of donation limit
      36,695   (1,514)   —     —     35,181 
Tax credit
      107,526   (2,110)   —     —     105,416 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,256,034   (222,363)   —     —     1,033,671 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦   (7,126,946)   (291,641)   47,213   4,273   (7,367,101) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
41.
Income Taxes, Continued
 
(5)
Changes in deferred tax assets (liabilities) recognized in the consolidated statements of financial position for the years ended December 31, 2020 and 2021 are as follows, continued:
 
 
 
 
 
2021
 
 
 
 
 
 
Beginning

balance
 
 
Amounts
recognized in
profit or loss
 
 
Amount
recognized in
other
comprehensive
income (loss)
 
 
Amounts

recognized

directly

in equity
 
 
Ending

balance
 
 
 
 
 
 
In millions of won
 
Deferred tax on temporary differences
 
 
 
 
 
 
Employee benefits
  ￦   689,787   (4,514)   (126,890)   —     558,383 
Cash flow hedge
      15,587   (90,217)   24,220   463   (49,947) 
Investments in subsidiaries, associates and joint ventures
      (8,668,015)   367   (53,672)   —     (8,721,320) 
Property, plant and equipment
      (7,713,449)   282,988   —     —     (7,430,461) 
Finance lease
      (211,420)   (204,138)   —     —     (415,558) 
Intangible assets
      (31,166)   (315)   —     —     (31,481) 
Financial assets at fair value through profit or loss
      13   (1)   —     —     12 
Financial assets at fair value through other comprehensive income
      37,950   (816)   (9,753)   —     27,381 
Deferred revenue
      199,701   (13,310)   —     —     186,391 
Provisions
      5,916,803   577,511   —     —     6,494,314 
Doubtful receivables
      —     801   —     —     801 
Other finance liabilities
      30,399   (3,262)   —     4,273   31,410 
Gains or losses on foreign exchange translation
      (11,635)   103,046   —     —     91,411 
Allowance for doubtful accounts
      56,129   8,135   —     —     64,264 
Accrued income
      8,944   1,058   —     —     10,002 
Special deduction for property, plant and equipment
      (226,351)   2,224   —     —     (224,127) 
Others
      1,505,951   (22,769)   (37,355)   —     1,445,827 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       (8,400,772)   636,788   (203,450)   4,736   (7,962,698) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Deferred tax on unused tax losses and tax credit
                        
Unused tax losses
      893,074   1,666,803   —     —     2,559,877 
Excess of donation limit
      35,181   34,004   —     —     69,185 
Tax credit
      105,416   29,274   —     —     134,690 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
       1,033,671   1,730,081   —     —     2,763,752 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦   (7,367,101)   2,366,869   (203,450)   4,736   (5,198,946) 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
41.
Income Taxes, Continued
 
(6)
Deferred tax assets (liabilities) recognized in the consolidated statements of financial position as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Deferred tax assets
  ￦     1,733,146    1,901,992 
Deferred tax liabilities
        (9,100,247)    (7,100,938) 
        
 
 
   
 
 
 
   ￦     (7,367,101)    (5,198,946) 
        
 
 
   
 
 
 
 
(7)
Details of deductible temporary differences, tax losses and unused tax credits for which no deferred tax assets were recognized as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Deductible temporary differences
  ￦     1,405,621    1,539,980 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
42.
Assets Held-for-Sale
Assets held-for-sale as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Land(*1)
  ￦     —      2,907 
Buildings(*1)
        1    12,971 
Investments(*1)
        —      1 
Others(*2)
        924    —   
        
 
 
   
 
 
 
   ￦     925    15,879 
        
 
 
   
 
 
 
 
 (*1)
The board of directors of KEPCO Engineering & Construction Company, Inc., a subsidiary of the Company,
made a resolution
to sell its old office building in Yongin
-si
, Gyeonggi-do during the year ended December 31, 2021, and reclassified the buildings, structures, and land as assets held-for-sale expecting its carrying amount would be recovered through a sale transaction.
 
 (*2)
The Company had decided to sell its shares of DG Fairhaven Power, LLC, a subsidiary of the Company, and classified them as assets held-for-sale as of December 31, 2020. The disposal was completed during the year ended December 31, 2021.
 
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Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
43.
Expenses Classified by Nature
Expenses classified by nature for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
 
 
 
 
 
2019
 
 
 
 
 
 
Selling and
administrative
expenses
 
 
Cost of
sales
 
  
Total
 
 
 
 
 
 
In millions of won
 
Raw materials used
 ￦    —     17,084,029    17,084,029 
Salaries
      775,204   3,834,772    4,609,976 
Retirement benefit expense
      157,272   652,467    809,739 
Welfare and benefit expense
      120,463   443,482    563,945 
Insurance expense
      12,427   93,702    106,129 
Depreciation
      232,510   10,734,246    10,966,756 
Amortization of intangible assets
      76,547   80,368    156,915 
Bad debt expense
      (12,719)   —      (12,719) 
Commission
      632,849   378,861    1,011,710 
Advertising expense
      34,453   9,852    44,305 
Training expense
      7,174   16,903    24,077 
Vehicle maintenance expense
      9,525   7,652    17,177 
Publishing expense
      3,414   3,423    6,837 
Business promotion expense
      3,038   3,981    7,019 
Rent expense
      40,505   176,413    216,918 
Telecommunication expense
      8,451   11,034    19,485 
Transportation expense
      865   4,555    5,420 
Taxes and dues
      58,666   481,684    540,350 
Expendable supplies expense
      6,682   32,999    39,681 
Water, light and heating expense
      11,867   32,378    44,245 
Repairs and maintenance expense
      88,576   2,210,278    2,298,854 
Ordinary development expense
      224,463   511,252    735,715 
Travel expense
      15,652   68,581    84,233 
Clothing expense
      9,369   7,539    16,908 
Survey and analysis expense
      848   3,949    4,797 
Membership fee
      969   12,730    13,699 
Power purchase
      —     18,269,732    18,269,732 
Others
      150,506   2,612,973    2,763,479 
      
 
 
  
 
 
   
 
 
 
  ￦    2,669,576   57,779,835    60,449,411 
      
 
 
  
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
43.
Expenses Classified by Nature, Continued
Expenses classified by nature for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
2020
 
 
 
 
 
 
Selling and
administrative
expenses
 
  
Cost of
sales
 
  
Total
 
 
 
 
 
 
In millions of won
 
Raw materials used
 ￦    —      13,544,827    13,544,827 
Salaries
      1,095,183    4,183,454    5,278,637 
Retirement benefit expense
      103,967    458,029    561,996 
Welfare and benefit expense
      155,071    484,319    639,390 
Insurance expense
      10,178    93,130    103,308 
Depreciation
      218,103    11,151,393    11,369,496 
Amortization of intangible assets
      87,086    83,380    170,466 
Bad debt expense
      20,648    —      20,648 
Commission
      368,275    376,047    744,322 
Advertising expense
      29,559    8,161    37,720 
Training expense
      5,196    12,912    18,108 
Vehicle maintenance expense
      9,435    7,161    16,596 
Publishing expense
      3,677    3,524    7,201 
Business promotion expense
      3,614    3,720    7,334 
Rent expense
      36,337    191,073    227,410 
Telecommunication expense
      8,686    9,961    18,647 
Transportation expense
      1,007    10,362    11,369 
Taxes and dues
      62,828    492,203    555,031 
Expendable supplies expense
      8,029    36,966    44,995 
Water, light and heating expense
      11,749    31,209    42,958 
Repairs and maintenance expense
      79,185    2,465,716    2,544,901 
Ordinary development expense
      197,436    503,206    700,642 
Travel expense
      10,793    60,896    71,689 
Clothing expense
      14,834    8,116    22,950 
Survey and analysis expense
      826    3,746    4,572 
Membership fee
      1,274    13,130    14,404 
Power purchase
      —      15,725,220    15,725,220 
Others
      135,467    1,842,735    1,978,202 
      
 
 
   
 
 
   
 
 
 
  ￦    2,678,443    51,804,596    54,483,039 
      
 
 
   
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
43.
Expenses Classified by Nature, Continued
Expenses classified by nature for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
 
 
 
 
 
2021
 
 
 
 
 
 
Selling and
administrative
expenses
 
  
Cost of
sales
 
  
Total
 
 
 
 
 
 
In millions of won
 
Raw materials used
 ￦    —      18,575,160    18,575,160 
Salaries
      1,121,188    4,272,971    5,394,159 
Retirement benefit expense
      113,127    487,834    600,961 
Welfare and benefit expense
      155,558    570,142    725,700 
Insurance expense
      17,909    104,544    122,453 
Depreciation
      219,427    11,547,677    11,767,104 
Amortization of intangible assets
      91,428    74,733    166,161 
Bad debt expense
      17,968    —      17,968 
Commission
      410,275    307,211    717,486 
Advertising expense
      29,230    9,552    38,782 
Training expense
      4,923    13,276    18,199 
Vehicle maintenance expense
      8,849    8,152    17,001 
Publishing expense
      3,568    3,300    6,868 
Business promotion expense
      3,522    3,777    7,299 
Rent expense
      43,650    193,470    237,120 
Telecommunication expense
      8,569    10,959    19,528 
Transportation expense
      870    53,365    54,235 
Taxes and dues
      93,446    529,183    622,629 
Expendable supplies expense
      9,052    41,367    50,419 
Water, light and heating expense
      12,351    42,934    55,285 
Repairs and maintenance expense
      123,134    2,492,030    2,615,164 
Ordinary development expense
      213,936    475,461    689,397 
Travel expense
      11,099    67,086    78,185 
Clothing expense
      10,540    7,994    18,534 
Survey and analysis expense
      889    3,955    4,844 
Membership fee
      1,331    8,492    9,823 
Power purchase
      —      21,632,127    21,632,127 
Others
      149,945    2,022,426    2,172,371 
      
 
 
   
 
 
   
 
 
 
  ￦    2,875,784    63,559,178    66,434,962 
      
 
 
   
 
 
   
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
44.
Earnings (Loss) Per Share
 
(1)
Basic earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
Type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In won
 
Basic earnings (loss) per share
 ￦ 
 
  (3,654)   3,102   (8,279) 
 
(2)
Diluted earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
Type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In won
 
Diluted earnings (loss) per share
 ￦ 
 
  (3,654)   3,102   (8,279) 
 
(3)
Basic earnings (loss) per share
Profit (loss) for the year and weighted average number of common shares used in the calculation of basic earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
Type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In millions of won except number of shares
 
Profit (loss) attributable to owners of the controlling company
 ￦    (2,345,517)   1,991,347   (5,315,055) 
Profit (loss) used in the calculation of total basic earnings (loss) per share
      (2,345,517)   1,991,347   (5,315,055) 
Weighted average number of common shares
      641,964,077   641,964,077   641,964,077 
 
(4)
Diluted earnings (loss) per share
Diluted earnings (loss) per share is calculated by applying adjusted weighted average number of common shares under the assumption that all dilutive potential common shares are converted to common shares.
Profit (loss) used in the calculation of total diluted earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021 are as follows:
 
Type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
In millions of won
 
Profit (loss) used in the calculation of total diluted earnings (loss) per share
 ￦    (2,345,517)   1,991,347   (5,315,055) 
Weighted average number of common shares used in calculating diluted earnings (loss) per share are adjusted from weighted average number of common shares used in calculating basic earnings (loss) per share. Detailed information of the adjustment for the years ended December 31, 2019, 2020 and 2021 are as follows:

 
Type
  
2019
 
  
2020
 
  
2021
 
 
  
In number of shares
 
Weighted average number of common shares
   641,964,077    641,964,077    641,964,077 
Diluted weighted average number of shares
   641,964,077    641,964,077    641,964,077 
 
(5)
There are no potential dilutive instruments, thus diluted earnings (loss) per share are same as basic earnings (loss) per share for the years ended December 31, 2019, 2020 and 2021.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management
 
(1)
Capital risk management
The Company manages its capital to ensure that entities in the Company will be able to continue while maximizing the return to shareholder through the optimization of the debt and equity balance. The capital structure of the Company consists of net debt (offset by cash and cash equivalents) and equity. The Company’s overall capital risk management strategy remains consistent with the prior year.
Details of the Company’s capital management accounts as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
 
2021
 
 
  
 
 
  
In millions of won
 
Total borrowings and debt securities
  ￦     69,724,581   80,529,513 
Cash and cash equivalents
        2,029,584   2,635,238 
        
 
 
  
 
 
 
Net borrowings and debt securities
        67,694,997   77,894,275 
        
 
 
  
 
 
 
Total equity
        70,666,846   65,311,849 
        
 
 
  
 
 
 
Debt to equity ratio
        95.79%   119.27% 
 
(2)
Financial risk management
The Company is exposed to various risks related to its financial instruments, such as, market risk (currency risk, interest rate risk, price risk), credit risk. The Company monitors and manages the financial risks relating to the operations of the Company through internal risk reports which analyze exposures by degree and magnitude of risks. The Company uses derivative financial instruments to hedge certain risk exposures. The Company’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 Company 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 Company makes transactions with are reputable financial institutions, the credit risk from them are considered limited. The Company 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 Company are the necessity for daily life and industrial activities of Korean nationals and have importance as one of the national key industries. The Company dominates the domestic market supplying electricity to customers. The Company is not exposed to significant credit risk as customers of the Company are diverse and are from various industries and areas. The Company 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 Company policies, individual material financial assets are assessed on a regular basis, trade receivables that are assessed not to be impaired individually are, in addition, assessed for impairment on a collective basis. Value of the acquired collateral (including the confirmation of feasibility) and estimated collectable amounts are included in this assessment.
Allowance for bad debts assessed on a collective basis are recognized for (i) the group of assets which individually are not material and (ii) incurred but not recognized losses that are assessed using statistical methods, judgment and past experience.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
Book values of the financial assets represent the maximum exposed amounts of the credit risk. Details of the Company’s level of maximum exposure to credit risk as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Cash and cash equivalents
 ￦    2,029,584   2,635,238 
Financial assets at fair value through profit or loss(*1)
      1,808,404   932,736 
Derivative assets (trading)
      110,764   443,027 
Financial assets at fair value through other comprehensive income (debt securities)
      —     491 
Financial assets at amortized cost
      14,422   25,273 
Loans
      790,162   909,071 
Long-term/short-term financial instruments
      2,062,103   1,728,508 
Derivative assets (applying hedge accounting)
      55,649   204,756 
Trade and other receivables
      9,780,039   10,029,276 
Financial guarantee contracts(*2)
      3,224,696   3,718,015 

 (*1)
Equity investments held by the Company are excluded.
 
 (*2)
Maximum exposure associated with the financial guarantee contracts is the maximum amounts of the obligation.
As of the reporting date, there are no financial assets and non-financial assets that were acquired through the exercise of the right of collateralized assets and reinforcement of credit arrangement.
 
 (ii)
Market risk
Market risk is the risk that the Company’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,
foreign 
currency risk and other price risk.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
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% increase and decrease movements in the actuarial valuation assumptions as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
2020
 
 
2021
 
Type
 
Accounts
 
 
 
 
1% Increase
 
 
1% Decrease
 
 
1% Increase
 
 
1% Decrease
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Future salary increases
 
Increase (decrease) in
defined benefit obligation
 ￦    488,087   (425,708)   466,832   (407,554) 
Discount rate
 Increase (decrease) in defined benefit obligation      (443,527)   524,856   (422,290)   499,571 
Changes of employee benefits assuming a 1% increase and decrease movements in discount rate on plan asset for the years ended December 31, 2020 and 2021 are ￦20,960 million and ￦25,649 million, respectively.
 
 ②
Provisions
Changes in provisions due to movements in underlying assumptions as of December 31, 2020 and 2021 are as follows:
 
Type
  
Accounts
  
2020
 
 
2021
 
PCBs
  Inflation rate   1.06%   1.37% 
   Discount rate   1.83%   1.88% 
Nuclear plants
  Inflation rate   1.07%   1.41% 
   Discount rate   2.20%   2.20% 
Spent fuel
  Inflation rate   2.93%   2.93% 
   Discount rate   4.49%   4.49% 
A sensitivity analysis of provisions assuming a 0.1% increase and decrease movements in the underlying assumptions as of December 31, 2020 and 2021 are as follows:
 
 
  
 
  
 
 
 
2020
 
 
2021
 
Type
  
Accounts
  
 
 
 
0.1% Increase
 
 
0.1% Decrease
 
 
0.1% Increase
 
 
0.1% Decrease
 
 
  
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
  
 
 
 
In millions of won
 
Discount rate
  PCBs  ￦    (292)   293   (222)   223 
   Nuclear plants       (326,926)   336,928   (369,540)   381,026 
   Spent fuel       (51,558)   53,571   (51,430)   53,438 
Inflation rate
  PCBs       295   (294)   224   (224) 
   Nuclear plants       357,676   (347,450)   403,420   (391,754) 
   Spent fuel       54,345   (52,375)   54,210   (52,245) 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
Management judgment effected by uncertainties in underlying assumptions
 
 ①
Foreign currency risk
The Company undertakes transactions denominated in foreign currencies; consequently, exposures to exchange rate fluctuations arise. The carrying amounts of the Company’s foreign currency denominated monetary assets and monetary liabilities as of December 31, 2020 and 2021 are as follows:
 
 
  
Assets
 
  
Liabilities
 
Type
  
2020
 
  
2021
 
  
2020
 
  
2021
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
In thousands of foreign currencies
 
AED
   39,678    6,481    31,594    31,637 
AUD
   133    3,733    707,538    926,960 
BDT
   93,442    50,145    —      577 
BWP
   890    939    —      —   
EGP
   —      —      948    595 
CAD
   247    582    1,840    2,266 
CHF
   —      —      500,406    500,230 
CZK
   —      —      2,033    386 
EUR
   310    1,809    121,069    42,981 
GBP
   —      —      43    —   
HKD
   —      —      1,651,839    1,651,665 
IDR
   342,496    768,731    555,241    995,510 
INR
   1,231,895    1,715,900    155,134    342,833 
JOD
   1,673    1,852    —      118 
JPY
   825,269    697,747    484,585    153,383 
KZT
   1,510    1,510    —      —   
MGA
   5,645,349    4,262,857    —      475,807 
MMK
   11,032    210,335    —      —   
MYR
   —      1,964    —      —   
PHP
   191,122    164,167    104,161    104,245 
PKR
   371,328    200,844    12,222    74,423 
SAR
   2,178    2,615    —      —   
SEK
   —      —      449,824    449,167 
USD
   1,445,522    1,381,441    12,234,563    12,023,085 
UYU
   78,265    90,930    1,585    3,097 
VND
   672,563    952,135    —      262,372 
ZAR
   303    31,971    —      —   
A sensitivity analysis on the Company’s income for the period assuming a 10% increase and decrease in currency exchange rates as of December 31, 2020 and 2021 are as follows:
 

 
  
 
 
  
2020
 
  
2021
 
Type
  
 
 
  
10% Increase
 
  
10% Decrease
 
  
10% Increase
 
  
10% Decrease
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Increase (decrease) of profit before income tax
  ￦     (1,336,821)    1,336,821    (1,439,185)    1,439,185 
Increase (decrease) of equity(*)
        (1,336,821)    1,336,821    (1,439,185)    1,439,185 
 
 (*)
The effect on the shareholders’ equity excluding the impact of income taxes.
The sensitivity analysis above is conducted for monetary assets and liabilities denominated in foreign currencies other than functional currency, without consideration of hedge effect of related derivatives, as of December 31, 2020 and 2021.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
To manage its foreign currency risk related to foreign currency denominated receivables and payables, the Company has a policy to enter into currency forward agreements. In addition, to manage its foreign currency risk related to foreign currency denominated expected sales transactions and purchase transactions, the Company enters into currency forward agreements.
There is an economic relationship between the hedged item and the hedging instrument as the terms of cross-currency swap agreement is consistent with the terms of expected transaction (repayment of foreign debt securities and others). The hedging ratio is 1:1 as the risk of cross-currency swap agreement matches the hedged instrument. As of December 31, 2021, 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 Company is exposed to interest rate risk due to its borrowing with floating interest rates. A 1% 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 Company’s borrowings and debt securities with floating interest rates as of December 31, 2020 and 2021 are as follows:
 
Type
  
 
 
  
2020
 
  
2021
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Short-term borrowings
  ￦     171,518    391,897 
Long-term borrowings
        2,191,322    2,405,244 
Debt securities
        250,968    257,667 
        
 
 
   
 
 
 
   ￦     2,613,808    3,054,808 
        
 
 
   
 
 
 
A sensitivity analysis on the Company’s long-term borrowings and debt securities assuming a 1% increase and decrease in interest rates, without consideration of hedge effect of related derivatives for the years ended December 31, 2020 and 2021 are as follows:
 
 
  
 
 
 
2020
 
 
2021
 
Type
  
 
 
 
1% Increase
 
 
1% Decrease
 
 
1% Increase
 
 
1% Decrease
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
In millions of won
 
Increase (decrease) of profit before income tax
  ￦    (26,138)   26,138   (30,548)   30,548 
Increase (decrease) of shareholder’s equity(*)
       (26,138)   26,138   (30,548)   30,548 
 
 (*)
The effect on the shareholders’ equity excluding the impact of income taxes.
The Company manages its interest rate risk by having a balanced portfolio of fixed and variable rate loans and borrowings. To manage this, the Company enters into interest rate swaps, in which it agrees to exchange, at specified intervals, the difference between fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. The above analysis measures the interest rate risk before reflecting the hedge effect by related derivatives.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
 ③
Electricity rates risk
Following the approval of the Ministry of Trade, Industry and Energy (MOTIE) on December 17, 2020, the Company has adopted a new pricing system, “the cost pass-through tariff system”, beginning January 1, 2021. Under the cost pass-through system, the electricity rates are not predetermined at fixed rates but change upon approval by the MOTIE under Electric Utility Act of the Republic of Korea.
The Company 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 Company’s income for the period assuming a 1% increase and decrease in price of electricity for the years ended December 31, 2020 and 2021 is as follows:
 
 
 
 
 
 
2020
 
 
2021
 
Type
 
 
 
 
1% Increase
 
 
1% Decrease
 
 
1% Increase
 
 
1% Decrease
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Increase (decrease) of profit before income tax
 ￦    557,310   (557,310)   572,102   (572,102) 
Increase (decrease) of shareholder’s equity(*)
      557,310   (557,310)   572,102   (572,102) 
 
 (*)
The effect on the equity excluding the impact of income taxes.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
 (iv)
Liquidity risk
The Company has established an appropriate liquidity risk management framework for the management of the Company’s short, medium and long-term funding and liquidity management requirements. The Company 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 Company 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 Company has the ability to utilize excess cash or long-term borrowings for major construction investments.
The expected maturities for non-derivative financial liabilities as of December 31, 2020 and 2021 in detail are as follows:
 
 
 
 
 
 
2020
 
Type
 
 
 
 
Less than

1 year
 
 
1~2 Years
 
 
2~5 Years
 
 
More than

5 years
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Borrowings and debt securities
 ￦    12,413,346   10,919,041   24,778,020   34,215,888   82,326,295 
Finance lease liabilities
      614,442   569,161   1,564,377   2,461,557   5,209,537 
Trade and other payables
      5,679,856   373,907   894,903   1,167,171   8,115,837 
Financial guarantee contracts(*)
      926,244   348,860   26,230   1,923,362   3,224,696 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    19,633,888   12,210,969   27,263,530   39,767,978     98,876,365 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 

 
 
 
 
 
2021
 
Type
 
 
 
 
Less than

1 year
 
 
1~2 Years
 
 
2~5 Years
 
 
More than

5 years
 
 
Total
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
Borrowings and debt securities
 ￦    15,833,589   11,229,657   28,663,693   36,223,543   91,950,482 
Lease liabilities
      620,121   636,724   1,521,421   2,150,722   4,928,988 
Trade and other payables
      7,569,869   777,017   725,231   667,304   9,739,421 
Financial guarantee contracts(*)
      435,729   —     3,105,599   176,687   3,718,015 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦    24,459,308   12,643,398   34,015,944   39,218,256   110,336,906 
      
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 (*)
This represents the total guarantee amounts associated with the financial guarantee contracts. Financial guarantee liabilities which are recognized as of December 31, 2020 and 2021 are ￦66,354 million and ￦80,841 million, respectively.
 
F-195
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
The following table shows the details of maturities of non-derivative financial liabilities as of December 31, 2020 and 2021. This table, based on the undiscounted cash flows of the non-derivative financial liabilities including estimated interests, has been prepared based on the respective liabilities’ earliest maturity date.
The expected maturities for non-derivative financial assets as of December 31, 2020 and 2021 in detail are as follows:
 

 
  
 
 
 
2020
 
Type
  
 
 
 
Less than

1 year
 
 
1~5 Years
 
 
More than

5 years
 
 
Other (*)
 
 
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
In millions of won
 
Cash and cash equivalents
  ￦    2,029,584   —     —     —     2,029,584 
Financial assets at fair value through other comprehensive income
       —     —     —     358,559   358,559 
Financial assets at amortized cost
       13,149   1,265   8   —     14,422 
Loans
       78,805   385,571   325,212   31,506   821,094 
Long-term/short-term financial instruments
       1,483,482   252,349   386   325,886   2,062,103 
Financial assets at fair value through profit or loss
       1,196,101   —     2,690   682,591   1,881,382 
Trade and other receivables
       7,920,005   1,160,400   704,494   —     9,784,899 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    12,721,126     1,799,585     1,032,790     1,398,542     16,952,043 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
  
 
 
 
2021
 
Type
  
 
 
 
Less than

1 year
 
 
1~5 Years
 
 
More than

5 years
 
 
Other (*)
 
 
Total
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
In millions of won
 
Cash and cash equivalents
  ￦    2,635,238   —     —     —     2,635,238 
Financial assets at fair value through other comprehensive income
       —     —     —     435,107   435,107 
Financial assets at amortized cost
       15,422   9,840   11   —     25,273 
Loans
       88,396   443,146   407,584   —     939,126 
Long-term/short-term financial instruments
       1,278,014   171,636   286   278,572   1,728,508 
Financial assets at fair value through profit or loss
       360,833   346   3,130   668,555   1,032,864 
Trade and other receivables
       8,123,455   1,233,703   679,048   —     10,036,206 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   ￦    12,501,358     1,858,671     1,090,059     1,382,234     16,832,322 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 (*)
The maturities cannot be presently determined.
 
F-196
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(2)
Financial risk management, continued
 
Derivative liabilities classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2020 and 2021 are as follows:
 

 
 
 
 
  
2020
 
Type
 
 
 
  
Less than

1 year
 
 
1~2 Years
 
 
2~5 Years
 
 
More than

5 years
 
 
Total
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
In millions of won
 
Net settlement
 
  
 
 
 
 
—Trading
 ￦     —     —     —     —     —   
Gross settlement
                         
—Trading
       (12,777)   (22,827)   (118,704)   (4,380)   (158,688) 
—Hedging
       (37,858)   (39,528)   (75,450)   (55,208)   (208,044) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     (50,635)   (62,355)   (194,154)   (59,588)   (366,732) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
      
2021
 
Type
     
Less than

1 year
  
1~2 Years
  
2~5 Years
  
More than

5 years
  
Total
 
                    
      
In millions of won
 
Net settlement
                         
—Trading
 ￦     —     —     —     —     —   
Gross settlement
                         
—Trading
       (6,628)   (4,954)   (33,635)   (2,291)   (47,508) 
—Hedging
       (2,555)   (638)   (1,914)   (23,704)   (28,811) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     (9,183)   (5,592)   (35,549)   (25,995)   (76,319) 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
Derivative assets classified by maturity periods which from reporting date to maturity dates as per the contracts as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
  
2020
 
Type
 
 
 
  
Less than

1 year
 
 
1~2 Years
 
 
2~5 Years
 
 
More than

5 years
 
 
Total
 
 
 
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
In millions of won
 
Net settlement
 
  
 
 
 
 
—Trading
 ￦     —     —     —     —     —   
Gross settlement
                         
—Trading
       18,332   1,529   45,237   52,163   117,261 
—Hedging
       11,191   —     41,206   3,252   55,649 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     29,523   1,529   86,443   55,415   172,910 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
   
      
2021
 
Type
     
Less than

1 year
  
1~2 Years
  
2~5 Years
  
More than

5 years
  
Total
 
                    
      
In millions of won
 
Net settlement
                         
—Trading
 ￦     —     —     —     —     —   
Gross settlement
                         
—Trading
       93,554   54,617   202,663   105,856   456,690 
—Hedging
       33,564   65,198   102,760   3,235   204,757 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  ￦     127,118   119,815   305,423   109,091   661,447 
       
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
F-197
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(3)
Fair value risk
The fair value of the Company’s actively-traded financial instruments (i.e., FVTPL, FVOCI, etc.) is based on the traded market-price as of the reporting period end. The fair value of the Company’s financial assets is the amount which the asset could be exchanged for or the amount a liability could be settled for.
The fair values of financial instruments where no active market exists or where quoted prices are not otherwise available are determined by using valuation techniques. Valuation techniques include using recent arm’s length market transactions between knowledgeable, willing parties, if available, reference to the current fair value of another instrument that is substantially the same, discounted cash flow analysis and option pricing models. If there is a valuation technique commonly used by market participants to price the instrument and that technique has been demonstrated to provide reliable estimates of prices obtained in actual market transactions, the Company uses that technique.
For trade receivables and payables, the Company 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 value and book value of financial assets and liabilities as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
Type
  
 
 
  
Book value
 
  
Fair value
 
  
Book value
 
  
Fair value
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Assets recognized at fair value
  
  
  
  
  
Financial assets at fair value through other comprehensive income
  ￦     358,559    358,559    435,107    435,107 
Derivative assets (trading)
        110,764    110,764    443,027    443,027 
Derivative assets (applying hedge accounting)
        55,649    55,649    204,756    204,756 
Financial assets at fair value through profit or loss
        1,881,382    1,881,382    1,032,864    1,032,864 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     2,406,354    2,406,354    2,115,754    2,115,754 
        
 
 
   
 
 
   
 
 
   
 
 
 
Assets carried at amortized cost
                         
Financial assets at amortized cost
  ￦     14,422    14,422    25,273    25,273 
Loans and receivables
        790,162    790,162    909,071    909,071 
Trade and other receivables
        9,780,039    9,780,039    10,029,276    10,029,276 
Long-term financial instruments
        578,621    578,621    450,494    450,494 
Short-term financial instruments
        1,483,482    1,483,482    1,278,014    1,278,014 
Cash and cash equivalents
        2,029,584    2,029,584    2,635,238    2,635,238 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     14,676,310    14,676,310    15,327,366    15,327,366 
        
 
 
   
 
 
   
 
 
   
 
 
 
Liabilities recognized at fair value
                         
Derivative liabilities (trading)
  ￦     157,926    157,926    56,256    56,256 
Derivative liabilities (applying hedge accounting)
        207,193    207,193    21,775    21,775 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     365,119    365,119    78,031    78,031 
        
 
 
   
 
 
   
 
 
   
 
 
 
Liabilities carried at amortized cost
                         
Secured borrowings
  ￦     63,614    63,614    176,358    176,358 
Unsecured bond
        64,607,401    68,839,316    73,881,671    69,803,043 
Lease liabilities
        4,621,096    4,621,096    4,410,503    4,410,503 
Unsecured borrowings
        4,808,206    5,513,242    6,471,484    5,938,613 
Trade and other payables(*)
        8,115,837    8,115,837    9,739,421    9,739,421 
Bank overdraft
        245,360    245,360    —      —   
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     82,461,514    87,398,465    94,679,437    90,067,938 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
 
(*)
Excludes lease liabilities.
 
F-198
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(3)
Fair value risk, 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 December 31, 2020 and 2021 are as follows:
 
Type
  
2020
 
  
2021
 
Derivatives
   (-) 0.73% ~ 3.08%    (-) 0.63% ~ 3.88% 
Borrowings and debt securities
   (-) 0.53% ~ 4.38%    (-) 0.30% ~ 4.38% 
Finance lease
   0.57% ~ 16.60%    0.00% ~ 16.83% 
 
 (iii)
Fair value hierarchy
The following table provides an analysis of financial instruments that are measured subsequent to initial recognition at fair value, classified as Level 1, 2 or 3, based on the degree to which the fair value is observable.
Level 1: Unadjusted quoted prices in active markets for identical assets or liabilities;
Level 2: Inputs other than quoted prices that are observable for the asset or liability either directly or indirectly; and
Level 3: Inputs that are not based on observable market data.
Fair values of financial instruments by hierarchy level as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
Type
  
 
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Financial assets at fair value
  
   
  
   
  
   
  
   
  
   
Financial assets at fair value through other comprehensive income
  ￦     194,670    —      163,889    358,559 
Derivative assets
        —      166,413    —      166,413 
Financial assets at fair value through profit or loss
        —      1,875,690    5,692    1,881,382 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     194,670    2,042,103    169,581    2,406,354 
        
 
 
   
 
 
   
 
 
   
 
 
 
Financial liabilities at fair value
                         
Derivative liabilities
  ￦     —      365,119    —      365,119 
        
 
 
   
 
 
   
 
 
   
 
 
 
 
 
  
 
 
  
2021
 
Type
  
 
 
  
Level 1
 
  
Level 2
 
  
Level 3
 
  
Total
 
 
  
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
  
 
 
  
In millions of won
 
Financial assets at fair value
  
   
  
   
  
   
  
   
  
   
Financial assets at fair value through other comprehensive income
  ￦     273,826    —      161,281    435,107 
Derivative assets
        —      647,783    —      647,783 
Financial assets at fair value through profit or loss
        —      1,027,067    5,797    1,032,864 
        
 
 
   
 
 
   
 
 
   
 
 
 
   ￦     273,826    1,674,850    167,078    2,115,754 
        
 
 
   
 
 
   
 
 
   
 
 
 
Financial liabilities at fair value
                         
Derivative liabilities
  ￦     —      78,031    —      78,031 
        
 
 
   
 
 
   
 
 
   
 
 
 
The fair value of financial assets (FVTPL and FVOCI) publicly traded is measured at the closing bid price quoted at the end of the reporting period. Meanwhile, the fair value of unquoted financial assets (FVTPL and FVOCI) is accounted for using the valuation results of external valuation services in which weighted average borrowing rates of interest of evaluated companies are used as the discount rates. The fair value of derivatives is measured using the discounted cash flow (DCM) model reflecting key input factors such as credit risks, interest rates and exchange rates.
 
F-199
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
45.
Risk Management, Continued
 
(3)
Fair value risk, continued
 
Changes of financial assets and liabilities which are classified as level 3 for the years ended December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
2020
 
 
 
 
 
 
Beginning
balance
 
 
Acquisitions
 
 
Reclassified
category
 
 
Valuation
 
 
Disposal
 
 
Foreign
currency
translation
and others
 
 
Ending
balance
 
 
 
 
 
 
In millions of won
 
Financial assets at fair value
 
   
 
   
 
   
 
   
 
   
 
   
 
   
 
   
Financial assets at fair value through profit or loss Cooperative
 ￦    5,156   359   —     623   (446)   —     5,692 
Financial assets at fair value through other comprehensive income
                                
Unlisted securities
      177,968   2,900   —     (23,128)   (1)   6,150    163,889 
   
     
2021
 
     
Beginning
balance
  
Acquisitions
  
Reclassified
category
  
Valuation
  
Disposal
  
Foreign
currency
translation
and others
  
Ending
balance
 
     
In millions of won
 
Financial assets at fair value
                                
Financial assets at fair value through profit or loss Cooperative
 ￦    5,692   —     —     105   —     —     5,797 
Financial assets at fair value through other comprehensive income
                                
Unlisted securities
      163,889   8,929   —     (12,335)     (13)      320   160,790 
Debt securities
      —     500   —     —     —     (9)   491 
 
F-200
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
46.
Service Concession Arrangements
 
(1)
Gas Complex . Thermal Power Plant at Ilijan, Philippines (BOT)
 
 (i)
Significant terms and concession period of the arrangement
The Company has entered into a contract with National Power Corporation (the “NPC”), based in the Republic of the Philippines whereby the Company can collect the electricity rates which are composed of fixed costs and variable costs during the concession period from 2002 to 2022 after building, rehabilitating, and operating the power plant.
 
 (ii)
Rights and classification of the arrangement
The Company has the rights to use and own the power plant during the concession period from 2002 to 2022. At the end of the concession period, the Company has an obligation to transfer its ownership of the power plant to NPC.
 
 (iii)
The Company’s expected future collections of service concession arrangements as of December 31, 2021 are as follows:
 
Type
  
 
 
  
Amounts
 
 
  
 
 
  
In millions of won
 
Less than 1 year
  ￦       51,596 
 
(2)
Hydroelectric Power Generation at Semangka, Indonesia (BOT)
 
 (i)
Significant terms and concession period of the arrangement
The Company has entered into a contract with PT. Perusahaan Listrik Negara (the “PT PLN”) whereby the Company provides electricity generated and charge tariff rates designed to recover capital cost, fixed O&M cost, water usage cost, variable O&M cost and special facilities cost during the concession period after building, rehabilitating, and operating the power plant for approximately 30 years (2018~2048) subsequent to the completion of plant construction.
 
 (ii)
Rights and classification of the arrangement
The Company has the rights to use and own the power plant during the concession period from 2018 to 2048. At the end of the concession period, PT PLN has an option to take over the ownership of the power plant from the Company.
 
 
(iii)
The Company’s expected future collections of service concession arrangements as of December 31, 2021 are as follows:
 
Type
  
 
 
  
Amounts
 
 
  
 
 
  
In millions of won
 
Less than 1 year
  ￦     29,576 
1 ~ 2 years
        29,610 
2 ~ 3 years
        29,747 
Over 3 years
        542,683 
        
 
 
 
   ￦     631,616 
        
 
 
 
 
F-201
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties
 
(1)
Related parties of the Company as of December 31, 2021 are as follows:
 
Type
  
Related party
Parent
  
Republic of Korea government
Subsidiaries
(153 subsidiaries)
  
Korea Hydro & Nuclear Power Co., Ltd., Korea South-East Power Co., Ltd., Korea Midland Power Co., Ltd., Korea Western Power Co., Ltd., Korea Southern Power Co., Ltd., Korea East-West Power Co., Ltd., KEPCO Engineering & Construction Company, Inc., KEPCO Plant Service & Engineering Co., Ltd., KEPCO Nuclear Fuel Co., Ltd., KEPCO KDN Co., Ltd., Gyeonggi Green Energy Co., Ltd., Korea Offshore Wind Power Co., Ltd., KOSEP Material Co., Ltd., KEPCO International HongKong Ltd., KEPCO International Philippines Inc., KEPCO Philippines Corporation, KEPCO Ilijan Corporation, KEPCO Gansu International Ltd., KEPCO Philippines Holdings Inc., KEPCO Lebanon SARL, KEPCO Neimenggu International Ltd., KEPCO Australia Pty., Ltd., KEPCO Shanxi International Ltd., KOMIPO Global Pte Ltd., KOSEP Australia Pty., Ltd., KOMIPO Australia Pty., Ltd., KOWEPO Australia Pty., Ltd., KOSPO Australia Pty., Ltd., KEPCO Netherlands B.V., KEPCO Middle East Holding Company, Qatrana Electric Power Company, KOWEPO International Corporation, KOSPO Jordan LLC, Korea Waterbury Uranium Limited Partnership, PT. Cirebon Power Service, EWP America Inc., KHNP Canada Energy Ltd., KEPCO Bylong Australia Pty., Ltd., KNF Canada Energy Limited, KEPCO Holdings de Mexico, KST Electric Power Company, S.A.P.I. de C.V., KEPCO Energy Service Company, KEPCO Netherlands S3 B.V., PT. KOMIPO Pembangkitan Jawa Bali, EWP Barbados 1 SRL, PT. Tanggamus Electric Power, KOMIPO America Inc., PT. EWP Indonesia, KEPCO Netherlands J3 B.V., Global One Pioneer B.V., Global Energy Pioneer B.V., Mira Power Limited, KEPCO KPS Philippines Corp., KOSPO Chile SpA, PT. KOWEPO Sumsel Operation And Maintenance Services, Commerce and Industry Energy Co., Ltd., Gyeongju Wind Power Co., Ltd., California Power Holdings, LLC, EWP Renewable Corporation, EWPRC Biomass Holdings, LLC, Hee mang sunlight Power Co., Ltd., Fujeij Wind Power Company, KOSPO Youngnam Power Co., Ltd., Chitose Solar Power Plant LLC., KEPCO Solar Co., Ltd., KEPCO Energy Solution Co., Ltd., KOSPO Power Services Ltda., KOEN Bylong Pty., Ltd., KOWEPO Bylong Pty., Ltd., KOSPO Bylong Pty., Ltd., EWP Bylong Pty., Ltd., KOWEPO Lao International, KOMIPO Bylong Pty., Ltd., Energy New Industry Specialized Investment Private Investment Trust., KEPCO US Inc., KEPCO Alamosa LLC, KEPCO Solar of Alamosa LLC, KEPCO Mangilao Holdings LLC, Mangilao Investment LLC, KEPCO Mangilao Solar, LLC, Jeju Hanlim Offshore Wind Co., Ltd., PT. Siborpa Eco Power, e-New Industry LB Fund 1, Songhyun e-New Industry Fund, BSK E-New Industry Fund VII, PT. Korea Energy Indonesia, KOLAT SpA, KEPCO California, LLC, KEPCO Mojave Holdings, LLC, Incheon Fuel Cell Co., Ltd., KOEN Service Co., Ltd., KOMIPO Service Co., Ltd., KOWEPO Service Co., Ltd., KOSPO Service Co., Ltd., EWP Service Co., Ltd., PT. KOMIPO Energy Indonesia, KNF Partners Co., Ltd., KOSPO USA Inc., Nambu USA LLC, Tamra Offshore Wind Power Co., Ltd., KEPCO MCS Co., Ltd., KEPCO FMS Co., Ltd., Firstkeepers Co., Ltd., Secutec Co., Ltd., SE Green Energy Co., Ltd., KEPCO Mangilao America LLC, 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, TS Energy No. 25 Co., Ltd., KPS Partners Co., Ltd., KEPCO E&C Service Co., Ltd., Moha solar Co., Ltd., KHNP USA LLC, KOMIPO Vanphong Power Service LLC, Ogiri Solar Power Co., Ltd., BSK E-New Industry Fund X, Energy Innovation Fund I, KHNP Chile SpA, Yeong Yang Apollon Photovoltaic Co., Ltd., Yeong Yang Corporation Co., Ltd., SolarVader Co., Ltd., Yeong Yang Innovation Co., Ltd., Yeong Yang Horus Photovoltaic Co., Ltd., Yeong Yang Solar Management Co., Ltd., LSG Hydro Power Limited, KOEN Bio Co., Ltd., KOMIPO Energy Solution America, LLC, Elara Investment Holdings, LLC, Elara Equity Holdings, LLC, Elara Class B Holdings, LLC, Elara Class B Member, LLC, Elara Development Holdings, LLC, Elara Development, LLC, Elara Energy Holdings, LLC, Elara Energy Project, LLC, KOMIPO Iberian Solar Group, S.L.U., KOWEPO Europe B.V., CVS Equity Holdings, LLC, CVS Class B Holdings, LLC, CVS Development Holdings, LLC, CVS Development, LLC, CVS Class B Member, LLC, CVS Energy Holdings, LLC, Concho Valley Energy, LLC, Concho Valley Solar, LLC, Jeongam Wind Power Co., Ltd., Yeongdeok Sunrise Wind Power Co., Ltd., KHNP Spain, S.L.
Associates
(90 associates)
  
Dongducheon Dream Power Co., Ltd., Korea Gas Corporation, Daegu Photovoltaic Co., Ltd., Haeng Bok Do Si Photovoltaic Power Co., Ltd., Korea Electric Power Industrial Development Co., Ltd., Goseong Green Power Co., Ltd., Gangneung Eco Power Co., Ltd., Shin Pyeongtaek Power Co., Ltd., Noeul Green Energy Co., Ltd., YTN Co., Ltd., Samcheok Eco Materials Co., Ltd., Gangwon Wind Power Co., Ltd., Gwangyang Green Energy Co., Ltd., Hyundai Green Power Co., Ltd., Korea Power Exchange, Taebaek Wind Power Co., Ltd., Taebaek Guinemi Wind Power Co., Ltd., Pyeongchang Wind Power Co., Ltd., Daeryun Power Co., Ltd., Changjuk Wind Power Co., Ltd., KNH Solar Co., Ltd., S-Power Co., Ltd., SPC Power Corporation, Gemeng International Energy Co., Ltd., PT. Cirebon Electric Power, KNOC Nigerian East Oil Co., Ltd., KNOC Nigerian West Oil Co., Ltd., PT Wampu Electric Power, PT. Bayan Resources TBK, Nepal Water & Energy Development Company Private Limited, Pioneer Gas Power Limited, Eurasia Energy Holdings, Xe-Pian Xe-Namnoy Power Co., Ltd., PT. Mutiara Jawa, Jinbhuvish Power Generation Pvt. Ltd., Daejung Offshore Wind Power Co., Ltd., GS Donghae Electric Power Co., Ltd., Busan Green Energy Co., Ltd., Gunsan Bio Energy Co., Ltd., Korea Electric Vehicle Charging Service, Hansuwon KNP Co., Ltd. (formerly, Korea Nuclear Partners Co., Ltd.), Korea Electric Power Corporation Fund, Energy Infra Asset Management Co., Ltd., Daegu clean Energy Co., Ltd., Yaksu ESS Co., Ltd., PND Solar Co., Ltd., Hyundai Eco Energy Co., Ltd., YeongGwang Yaksu Wind Electric Co., Ltd., Green Energy Electricity Generation Co., Ltd., Korea Energy Solutions Co., Ltd., ITR Co., Ltd., Structure test network Co., Ltd., Namjeongsusang Solar Power Operation Co., Ltd., Indeck Niles Development, LLC, Indeck Niles Asset Management, LLC, Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1, Suwon New Power Co., Ltd., KPGE Inc., Gwangbaek Solar Power Investment Co., Ltd., Go deok Clean Energy Co., Ltd., SureDataLab Co., Ltd., SEP Co., Ltd., Hankook Electric Power Information Co., Ltd., Tronix Co., Ltd., O2&B Global Co., Ltd., Muan Sunshine Solar Power Plant Co., Ltd., Bigeum Resident Photovoltaic Power Co., Ltd., Goesan Solar park Co., Ltd., Saemangeum Heemang Photovoltaic Co., Ltd., Bitgoel Eco Energy Co., Ltd., Jeju Gimnyeong Wind Power Co., Ltd., Seoroseoro Sunny Power Plant Co., Ltd., Muan Solar Park Co., Ltd., YuDang Solar Co., Ltd., Anjwa Smart Farm & Solar City Co., Ltd., Daewon Green Energy Co., Ltd., G.GURU Co., Ltd., UD4M Co., Ltd., Dongbu Highway Solar Co., Ltd., Seobu Highway Solar Co., Ltd., Korea Energy Data Co., Ltd., Gangneung Sacheon Fuel Cell Co., Ltd., Kosture Co., Ltd., Digital Innovation Growth Fund, 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.
 
F-202
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(1)
Related parties of the Company as of December 31, 2021 are as follows, continued:
 
Type
  
Related party
Joint ventures
(96 joint ventures)
  
Daegu Green Power Co., Ltd., KEPCO SPC Power Corporation, KAPES, Inc., Honam Wind Power Co., Ltd., Korea Power Engineering Service Co., Ltd., Seokmun Energy Co., Ltd., Incheon New Power Co., Ltd., Chun-cheon Energy Co., Ltd., Yeonggwangbaeksu Wind Power Co., Ltd., KW Nuclear Components Co., Ltd., KEPCO-Uhde Inc., Busan Shinho Solar Power Co., Ltd., Global Trade Of Power System Co., Ltd., Expressway Solar-light Power Generation Co., Ltd., Gansu Datang Yumen Wind Power Co., Ltd., Datang Chifeng Renewable Power Co., Ltd., Rabigh Electricity Company, Rabigh Operation & Maintenance Company Limited, Datang KEPCO Chaoyang Renewable Power Co., Ltd., Shuweihat Asia Power Investment B.V., Shuweihat Asia Operation & Maintenance Company, Waterbury Lake Uranium L.P., ASM-BG Investicii AD, RES Technology AD, Jamaica Public Service Company Limited, KV Holdings, Inc., Amman Asia Electric Power Company, Kelar S.A., PT. Tanjung Power Indonesia, Nghi Son 2 Power LLC, Daehan Wind Power PSC, Momentum, Barakah One Company, Nawah Energy Company, Yeonggwang Wind Power Co., Ltd., Chester Solar IV SpA, Chester Solar V SpA, Diego de Almagro Solar SpA, South Jamaica Power Company Limited, Daesan Green Energy Co., Ltd., RE Holiday Holdings LLC, RE Pioneer Holdings LLC, RE Barren Ridge 1 Holdings LLC, RE Astoria 2 LandCo LLC, RE Barren Ridge LandCo LLC, Laurel SpA, KIAMCO KOWEPO Bannerton Hold Co Pty Ltd, Chile Solar JV SpA, Cheong-Song Noraesan Wind Power Co., Ltd., Chester Solar I SpA, Solar Philippines Calatagan Corporation, Saemangeum Solar Power Co., Ltd., Chungsongmeon BongSan wind power Co., Ltd., Jaeun Resident Wind Power Plant Co., Ltd., DE Energia SpA, Dangjin Eco Power Co., Ltd., Haemodum Solar Co., Ltd., Yangyang Wind Power Co., Ltd., Horus Solar, S.A. De C.V., Recursos Solares PV De Mexico II, S.A. De C.V., S.A. De C.V., Sunmex Renovables, S.A. De C.V., Stavro Holding II AB, Solaseado Solar Power Co., Ltd., Yeongam Solar Power Co., Ltd., Samsu Wind Power Co., Ltd., Pulau Indah Power Plant Sdn. Bhd., Sam-Yang Photovoltaic Power Co., Ltd., NH-Amundi Global Infrastructure Investment Private Investment Trust 21, Shin-han BNPP Private Investment Trust for East-West Sunlight Dream, PT Barito Wahana Tenaga, Cheongna Energy Co., Ltd., Dayone Energy Co., Ltd., OneEnergy Asia Limited, KAS Investment I LLC, KAS Investment II LLC, Energyco Co., Ltd. (formerly, Energyco LLC), CAES, LLC, Hapcheon Floating Photovoltaic Power Plant Inc., Busan Industrial Solar Power Co., Ltd., Bitsolar Energy Co., Ltd., Naepo Green Energy Co., Ltd., Pulau Indah O&M Sdn. Bhd., Guadalupe Solar SpA, Omisan Wind Power Co., Ltd., Foresight Iberian Solar Group Holding, S.L., Yeongwol Eco Wind Co., Ltd., Gurae Resident Power Co., Ltd., Cheongju Eco Park Co., Ltd., Prime Swedish Holding AB, Enel X Midland Photovoltaic, LLC, Geumsungsan Wind Power Co., Ltd., KEPCO KPS Carabao Corp., Goheung New Energy Co., Ltd., Gunsan Land Solar Co., Ltd., CapMan Lynx SCA, SICAR, International Offshore Power Transmission Holding Company Limited
Other
  
Korea Development Bank
 
F-203
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(2)
Transactions between the Company and its subsidiaries are eliminated during the consolidation and are not disclosed in notes.
 
(3)
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows:
<Sales and Others>

 
 
 
 
 
 
 
 
Sales and others
 
Company name
 
Transaction type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
In millions of won
 
<Associates>
  
 
 
 
Dongducheon Dream Power Co., Ltd.
  Electricity sales                 ￦    7,071   7,757   19,923 
Korea Gas Corporation
  Electricity sales      116,484   97,685   96,362 
Daejung Offshore Wind Power Co., Ltd.
  Electricity sales      1   32   46 
Daegu Photovoltaic Co., Ltd.
  Electricity sales      327   325   207 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
  Electricity sales      2   2   2 
Korea Electric Power Industrial Development Co., Ltd.
  Service      11,085   10,833   11,208 
Goseong Green Power Co., Ltd.
  Electricity sales      19,245   47,701   514,470 
Gangneung Eco Power Co., Ltd.
  Service      7,446   10,178   14,200 
Shin Pyeongtaek Power Co., Ltd.
  Electricity sales      21,218   20,791   23,501 
Noeul Green Energy Co., Ltd.
  Electricity sales      30   30   30 
Samcheok Eco Materials Co., Ltd.
  Electricity sales      627   700   620 
YTN Co., Ltd.
  Electricity sales      2,257   1,805   1,922 
Busan Green Energy Co., Ltd.
  Electricity sales      18   34   49 
Gunsan Bio Energy Co., Ltd.
  Electricity sales      4,755   102   20 
Korea Electric Vehicle Charging Service
  Electricity sales      1,029   1,956   3,059 
Energy Infra Asset Management Co., Ltd.
  Electricity sales      —     —     4,629 
Gangwon Wind Power Co., Ltd.
  Electricity sales      2,433   2,109   1,865 
Gwangyang Green Energy Co., Ltd.
  Electricity sales      122   23   486 
Bigeum Resident Photovoltaic Power Co., Ltd.
  Electricity sales      —     85   755 
Hyundai Green Power Co., Ltd.
  Electricity sales and design service 
     13,106   17,257   11,934 
Korea Power Exchange
  Service      7,670   25,919   39,796 
Taebaek Wind Power Co., Ltd.
  Service      991   226   44 
Taebaek Guinemi Wind Power Co., Ltd.
  Electricity sales      77   37   26 
Pyeongchang Wind Power Co., Ltd.
  Electricity sales      1,189   2,064   1,180 
Daeryun Power Co., Ltd.
  Electricity sales      1,879   1,947   1,944 
Changjuk Wind Power Co., Ltd.
  Electricity sales      927   2,067   463 
GS Donghae Electric Power Co., Ltd.
  Electricity sales      15,792   31,557   21,127 
KNH Solar Co., Ltd.
  Electricity sales      17   16   14 
S-Power Co., Ltd.
  Service      6,535   6,682   5,229 
PND
Solar
Co., Ltd.
  Electricity sales      407   409   416 
Hyundai Eco Energy Co., Ltd.
  Electricity sales      117   167   187 
YeongGwang Yaksu Wind Electric Co., Ltd.
  Electricity sales      81   77   78 
Taebaek Gadeoksan Wind Power Co., Ltd.(*2)
  Electricity sales      —     —     295 
Korea Energy Solutions Co., Ltd.
  Electricity sales      52   7   2 
ITR Co., Ltd.
  Service      —     —     3 
Structure test network Co., Ltd.
  Service      —     —     5 
Green Energy Electricity Generation Co., Ltd.
  Electricity sales      —     14   —   
Namjeongsusang Solar Power Operation Co., Ltd.
  Electricity sales      —     14   22 
Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1
  Service      —     291   399 
Bitgoel Eco Energy Co., Ltd.
  Electricity sales      —     —     282 
Muan Solar Park Co., Ltd.
  Electricity sales      —     57   232 
Anjwa Smart Farm & Solar City Co., Ltd.
  Electricity sales      —     —     624 
Daewon Green Energy Co., Ltd.
  Electricity sales      —     —     155 
Saemangeum Heemang Photovoltaic Co., Ltd.
  Electricity sales      —     —     13 
UD4M Co., Ltd.
  Electricity sales      —     —     4 
Dongbu Highway Solar Co., Ltd.
  Electricity sales      —     —     5 
Seobu Highway Solar Co., Ltd.
  Electricity sales      —     —     8 
SureDataLab Co., Ltd.
  Electricity sales      —     —     1 
Suwon New Power Co., Ltd.
  Electricity sales      5,606   2,974   1,820 
Hankook Electric Power Information Co., Ltd.
  Electricity sales      —     —     1 
Kosture
Co., Ltd.
  Electricity sales      —     —     1 
Muan Sunshine Solar Power Plant Co., Ltd.
  Electricity sales      —     30   52 
9 Associates (Overseas)
  Electricity sales and others      98,450   66,755   125,723 
 
F-204
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
 
  
 
 
 
 
 
Sales and others
 
Company name
  
Transaction type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
  
 
 
 
 
 
In millions of won
 
<Joint ventures>
  
 
 
 
 
Naepo Green Energy Co., Ltd.
  Electricity sales ￦    154   217   467 
Cheongna Energy Co., Ltd.
  Service      9,922   13,791   16,469 
Dayone Energy Co., Ltd.(formerly, Hyundai Energy Co., Ltd.)
  Service      3,437   4,816   8,159 
Daegu Green Power Co., Ltd.
  Electricity sales      1,151   1,285   1,053 
KAPES, Inc.
  Commission      504   476   413 
Honam Wind Power Co., Ltd.
  Electricity sales      657   502   71 
Jeongam Wind Power Co., Ltd. (*1)
  Electricity sales and
Service		      1,198   1,213   588 
Korea Power Engineering Service Co., Ltd.
  Service      348   203   339 
Seokmun Energy Co., Ltd.
  Service      1,495   1,932   1,701 
Incheon New Power Co., Ltd.
  Construction revenue      354   14   14 
Chun-cheon Energy Co., Ltd.
  Electricity sales      2,397   2,657   2,329 
Yeonggwangbaeksu Wind Power Co., Ltd.
  Electricity sales      1,744   1,788   1,836 
Yeonggwang Wind Power Co., Ltd.
  Electricity sales      705   793   818 
Sam-Yang Photovoltaic Power Co., Ltd.
  Electricity sales      —     33   1,920 
NH-Amundi Global Infrastructure Investment Private Investment Trust 21
  Service      —     1,388   1,727 
KW Nuclear Components Co., Ltd.
  Service      721   1,639   2,598 
KEPCO-Uhde Inc.
  Electricity sales      15   8   10 
Busan Shinho Solar Power Co., Ltd.
  Electricity sales      452   353   376 
Daesan Green Energy Co., Ltd.
  Electricity sales      39   703   523 
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)
  Electricity sales      —     3   2 
Cheong-Song Noraesan Wind Power Co., Ltd.
  Electricity sales      6   29   30 
Chungsongmeon BongSan wind power Co., Ltd.
  Electricity sales      —     —     1 
Saemangeum Solar Power Co., Ltd.
  Service      2,230   2,846   1,141 
Jaeun Resident Wind Power Plant Co., Ltd.
  Electricity sales      105   —     —   
Dangjin Eco Power co., Ltd.
  Electricity sales      4   33   32 
Energyco Co., Ltd. (formerly, Energyco LLC)
  Electricity sales      —     —     1 
Busan Industrial Solar Power Co., Ltd.
  Electricity sales      —     —     9 
Bitsolar Energy Co., Ltd.
  Electricity sales      —     42   296 
Omisan Wind Power Co., Ltd.
  Electricity sales      —     —     1 
Haemodum Solar Co., Ltd.
  Electricity sales      —     4   6 
Yeongam Solar Power Co., Ltd.
  Electricity sales      —     165   339 
Solaseado Solar Power Co., Ltd.
  Electricity sales      —     66   2,890 
35 Joint ventures (Overseas)
  Electricity sales and others      1,275,279   831,596   773,289 
      
<Others>
                   
Korea Development Bank
  Electricity sales      3,948   4,248   4,177 
   Interest income      2,091   3,461   756 
 
F-205
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
<Purchase and Others>


 
 
 
 
 
 
 
Purchase and others
 
Company name
 
Transaction type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
In millions of won
 
<Associates>
  
 
 
 
 
Dongducheon Dream Power Co., Ltd.
  Electricity purchase ￦    689,510   552,692   750,148 
Korea Gas Corporation
  Purchase of power generation fuel      4,049,486   3,270,972   5,646,713 
Daegu Photovoltaic Co., Ltd.
  REC purchase      3,626   3,313   3,532 
Haeng Bok Do Si Photovoltaic Power Co., Ltd.
  REC purchase                      450   370   393 
Korea Electric Power Industrial Development Co., Ltd.
  Electricity metering service
 
fee		      245,057   212,366   241,925 
Goseong Green Power Co., Ltd.
  Electricity purchase      32   —     987,540 
Shin Pyeongtaek Power Co., Ltd.
  Electricity purchase      119,162   520,737   653,306 
Noeul Green Energy Co., Ltd.
  REC purchase      22,767   10,634   10,014 
Samcheok Eco Materials Co., Ltd.
  Electricity purchase      9,425   10,713   13,612 
YTN Co., Ltd.
  Service      333   353   388 
Busan Green Energy Co., Ltd.
  Electricity purchase      13,811   18,678   18,996 
Gunsan Bio Energy Co., Ltd.
  Electricity purchase      3,022   24   —   
Korea Electric Vehicle Charging Service
  Service      536   581   393 
Energy Infra Asset Management Co., Ltd.
  Service      —     —     2,657 
Yaksu ESS Co., Ltd.
  Service      1,191   217   1,715 
Gangwon Wind Power Co., Ltd.
  Electricity purchase      24,116   23,350   19,623 
Goesan Solar park Co., Ltd.
  Electricity purchase      —     —     6,209 
Hyundai Green Power Co., Ltd.
  Electricity purchase      507,662   349,778   —   
Korea Power Exchange
  Trading fees      120,509   87,361   86,716 
Taebaek Wind Power Co., Ltd.
  Electricity purchase      7,070   4,003   5,930 
Taebaek Guinemi Wind Power Co., Ltd.
  Electricity purchase      349   5,023   5,910 
Pyeongchang Wind Power Co., Ltd.
  Electricity purchase      5,188   3,969   4,099 
Daeryun Power Co., Ltd.
  Electricity purchase      144,862   99,523   157,234 
Changjuk Wind Power Co., Ltd.
  Electricity purchase      6,994   6,084   6,213 
GS Donghae Electric Power Co., Ltd.
  Electricity purchase      681,379   660,351   760,377 
KNH Solar Co., Ltd.
  Electricity purchase      3,377   3,564   3,222 
S-Power Co., Ltd.
  Electricity purchase      522,469   293,515   608,530 
PND
Solar
Co., Ltd.
  Electricity purchase      557   5,234   5,502 
Hyundai Eco Energy Co., Ltd.
  Electricity purchase      6,810   17,777   25,762 
YeongGwang Yaksu Wind Electric Co., Ltd.
  Electricity purchase      6,511   9,151   11,729 
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)
  Electricity purchase      —     —     16,360 
Green Energy Electricity Generation Co., Ltd.
  Electricity purchase      —     —     1,238 
Namjeongsusang Solar Power Operation Co., Ltd.
  Electricity purchase      —     —     14,286 
Jeju Gimnyeong Wind Power Co., Ltd.
  Electricity purchase      —     —     12,833 
Seoroseoro Sunny Power Plant Co., Ltd.
  Electricity purchase      —     —     217 
Muan Solar Park Co., Ltd.
  Electricity purchase      —     —     31,017 
YuDang Solar Co., Ltd.
  Electricity purchase      —     —     3,495 
Anjwa Smart Farm & Solar City Co., Ltd.
  Electricity purchase      —     —     24,601 
Dongbu Highway Solar Co., Ltd.
  Electricity purchase      —     —     2,605 
Seobu Highway Solar Co., Ltd.
  Electricity purchase      —     —     2,936 
Korea Energy Solution Co., Ltd.
  Electricity purchase      15   —     —   
Gwangbaek Solar Power Investment Co., Ltd.
  Electricity purchase      —     373   742 
Muan Sunshine Solar Power Plant Co., Ltd.
  Electricity purchase      —     —     15,900 
1 Associates (Overseas)
  Electricity purchase      —     —     502 
 
F-206
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(3)
Related party transactions for the years ended December 31, 2019, 2020 and 2021 are as follows, continued:
 
<Purchase and Others>

 
 
 
 
 
 
 
 
Purchase and others
 
Company name
 
Transaction type
 
 
 
 
2019
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
In millions of won
 
      
<Joint ventures>
  
 
 
   
 
   
 
   
 
   
Cheongna Energy Co., Ltd.
  Electricity purchase ￦    58,747   66   57 
Dayone Energy Co., Ltd. (formerly, Hyundai Energy Co., Ltd.)
  Electricity purchase      2,847   1,120   5,409 
Daegu Green Power Co., Ltd.
  Electricity purchase      296,464   215,224   289,052 
KAPES, Inc.
  Service      142,511   219,673   64,140 
Honam Wind Power Co., Ltd.
  Electricity purchase      5,306   4,382   4,807 
Jeongam Wind Power Co., Ltd. (*1)
  Electricity purchase      —     5,982   3,145 
Korea Power Engineering Service Co., Ltd.
  Service      1,774   1,594   1,315 
Seokmun Energy Co., Ltd.
  Electricity purchase      26,370   33,164   44,315 
Chun-cheon Energy Co., Ltd.
  Electricity purchase      313,471   222,069   327,536 
Yeonggwangbaeksu Wind Power Co., Ltd.
  Electricity purchase      11,739   11,232   9,471 
Yeonggwang Wind Power Co., Ltd.
  Electricity purchase      11,940   24,103   21,004 
Sam-Yang Photovoltaic Power Co., Ltd.
  Electricity purchase      —     3,848   5,852 
KW Nuclear Components Co., Ltd.
  Service      —     —     96 
Busan Shinho Solar Power Co., Ltd.
  REC purchase      7,843   7,296   7,895 
Global Trade Of Power System Co., Ltd.
  Service      502   337   323 
Expressway Solar-light Power Generation Co., Ltd.
  REC purchase      3,067   2,472   3,146 
Daesan Green Energy Co., Ltd.
  Electricity purchase      —     104,854   146,776 
Taebaek Gadeoksan Wind Power Co., Ltd. (*2)
  Electricity purchase      —     —     5,080 
Saemangeum Solar Power Co., Ltd.
  Electricity purchase      —     —     5 
Dangjin Eco Power Co., Ltd.
  Electricity purchase      —     3,953   4,139 
Busan Industrial Solar Power Co., Ltd.
  Electricity purchase      —     19   2,815 
Bitsolar Energy Co., Ltd.
  Electricity purchase      —     —     5,703 
Omisan Wind Power Co., Ltd.
  Electricity purchase      —     —     7 
Haemodum Solar Co., Ltd.
  Electricity purchase      —     967   1,625 
Yeongam Solar Power Co., Ltd.
  Electricity purchase      —     32,208   47,805 
Samsu Wind Power Co., Ltd.
  Electricity purchase      —     —     2,800 
Solaseado Solar Power Co., Ltd.
  Electricity purchase      —     28,516   31,031 
5 Joint ventures (Overseas)
  Electricity purchase and
others		      7,232   14,767   49,055 
      
<Others>
                   
Korea Development Bank
  Interest expense      4,063   3,872   2,756 
   Dividends paid      20   17   256,862 
 
(*1)
Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification.
 
(*2)
Reclassified from a joint venture to an associate during the year ended December 31, 2021.
 
F-207
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows:
 
 
 
 
 
 
 
 
Receivables
 
 
Payables
 
Company name
 
Type
 
 
 
 
2020
 
 
2021
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
<Associates>
 
 
 
   
 
   
 
   
 
   
 
   
Dongducheon Dream Power Co., Ltd.
 Trade receivables ￦    388   6,282   —     —   
  Non-trade receivables and others      213   493   —     —   
  Trade payables      —     —     65,794   114,613 
Korea Gas Corporation
 Trade receivables      9,969   10,015   —     —   
  Non-trade receivables and others      95   187   —     —   
  Trade payables      —     —     428,763   800,509 
  Non-trade payables and others      —     —     617   759 
Daejung Offshore Wind Power Co., Ltd.
 Non-trade receivables and others      31   77   —     —   
Daegu Photovoltaic Co., Ltd.
 Trade payables      —     —     57   115 
Korea Electric Power Industrial Development Co., Ltd.
 Trade receivables      508   269   —     —   
  Non-trade receivables and others      16   15   —     —   
  Trade payables      —     —     133   873 
  Non-trade payables and others      —     —     3,779   5,880 
Goseong Green Power Co., Ltd.
 Trade receivables      2,181   495   —     —   
  Non-trade receivables and others      9,214   76,855   —     —   
  Trade payables      —     —     —     218,627 
  Non-trade payables and others      —     —     64,986   59,987 
Gangneung Eco Power Co., Ltd.
 Trade receivables      661   826   —     —   
  Non-trade receivables and others      146   465   —     —   
  Non-trade payables and others      —     —     —     97 
Shin Pyeongtaek Power Co., Ltd.
 Trade receivables      1,348   1,788   —     —   
  Non-trade receivables and others      2,823   3,116   —     —   
  Trade payables      —     —     47,948   79,828 
  Non-trade payables and others      —     —     85   99 
Noeul Green Energy Co., Ltd.
 Trade receivables      3   3   —     —   
  Non-trade receivables and others      969   1,169   —     —   
Samcheok Eco Materials Co., Ltd.
 Trade receivables      47   52   —     —   
YTN Co., Ltd.
 Trade receivables      97   99   —     —   
Busan Green Energy Co., Ltd.
 Trade receivables      5   1   —     —   
  Non-trade receivables and others        13,946     20,658   —     —   
Gunsan Bio Energy Co., Ltd.
 Non-trade receivables and others      —     11,728   —     —   
Korea Electric Vehicle Charging Service
 Trade receivables      141   193   —     —   
  Non-trade receivables and others      281   120   —     —   
Yaksu ESS Co., Ltd.
 Trade payables      —     —     739   1,374 
Gangwon Wind Power Co., Ltd.
 Trade receivables      6   8   —     —   
  Trade payables      —     —     2,678   4,293 
Gwangyang Green Energy Co., Ltd.
 Non-trade receivables and others      1,356   532   —     —   
Bigeum Resident Photovoltaic Power Co., Ltd.
 Trade receivables      —     922   —     —   
Goesan Solar park Co., Ltd.
 Trade payables      —     —     —     73 
Hyundai Green Power Co., Ltd.
 Trade receivables      554   229   —     —   
  Trade payables      —     —     9,825   —   
Korea Power Exchange
 Trade receivables      1,608   627   —     —   
  Non-trade receivables and others      24   1,300   —     —   
  Trade payables      —     —     1,362   —   
  Non-trade payables and others      —     —     70,456   2,189 
Taebaek Wind Power Co., Ltd.
 Non-trade receivables and others      1,405   —     —     —   
  Trade payables      —     —     443   560 
  Non-trade payables and others      —     —     —     262 
Taebaek Guinemi Wind Power Co., Ltd.
 Trade payables      —     —     413   670 
  Non-trade payables and others      —     —     509   —   
Pyeongchang Wind Power Co., Ltd.
 Trade receivables      3   4   —     —   
Daeryun Power Co., Ltd.
 Trade receivables      189   213   —     —   
  Trade payables      —     —     16,079   21,362 
Changjuk Wind Power Co., Ltd.
 Trade payables      —     —     461   724 
  Non-trade payables and others      —     —     309   295 
GS Donghae Electric Power Co., Ltd.
 Trade receivables      386   383   —     —   
  Non-trade receivables and others      321   272   —     —   
  Trade payables      —     —     91,213   113,529 
  Non-trade payables and others      —     —     36   17 
 
F-208
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows, continued:
 
                       
 
 
 
 
 
 
 
Receivables
 
 
Payables
 
Company name
 
Type
 
 
 
 
2020
 
 
2021
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
<Associates>
 
 
 
   
 
   
 
   
 
   
 
   
KNH Solar Co., Ltd.
 Trade receivables ￦    
1
   
1
   —     —   
  Trade payables      —     —     
14
   —   
  Non-trade payables and others      —     —     
187
   —   
  Trade receivables      
137
   
82
   —     —   
S-Power Co., Ltd.
 Non-trade receivables and others      
46
   
48
   —     —   
  Trade payables      —     —     
23,415
   
91,277
 
PND
Solar
Co., Ltd.
 Trade payables      —     —     
58
   —   
Hyundai Eco Energy Co., Ltd.
 Trade receivables      
16
   
19
   —     —   
  Trade payables      —     —     —     
732
 
YeongGwang Yaksu Wind Electric Co., Ltd.
 Trade receivables      
8
   
6
   —     —   
Taebaek Gadeoksan Wind Power Co., Ltd.(*2)
 Non-trade receivables and others      —     
119
   —     —   
  Trade payables      —     —     —     
8,397
 
  Non-trade payables and others      —     —     —     
1,571
 
Bitgoel Eco Energy Co., Ltd.
 Non-trade receivables and others      —     
27
   —     —   
Jeju Gimnyeong Wind Power Co., Ltd.
 Trade payables      —     —     —     
885
 
Muan Solar
Park
Co., Ltd.
 Trade receivables      
24
   —     —     —   
  Non-trade receivables and others      —     
23
   —     —   
Daewon Green Energy Co., Ltd.
 Non-trade receivables and others      —     
94
   —     —   
Dongbu Highway Solar Co., Ltd.
 Trade receivables      —     
1
   —     —   
  Trade payables      —     —     —     
98
 
  Non-trade payables and others      —     —     —     
90
 
Seobu Highway Solar Co., Ltd.
 Trade payables      —     —     —     
177
 
  Non-trade payables and others      —     —     —     
105
 
Go deok Clean Energy Co., Ltd.
 Non-trade receivables and others      
1
   —     —     —   
Suwon New Power Co., Ltd.
 Trade receivables      
2
   —     —     —   
  Non-trade receivables and others      
712
   
1,198
   —     —   
Kosture
Co., Ltd.
 Trade receivables      —     
1
   —     —   
Muan Sunshine Solar Power Plant Co., Ltd.
 Trade payables      —     —     —     
1,748
 
4 Associates (Overseas)
 Non-trade receivables and others      
3,248
   
3,196
   —     —   
  Non-trade payables and others      —     —     —     
502
 
       
<Joint ventures>
                      
Naepo Green Energy Co., Ltd.
 Trade receivables      
56
   
42
   —     —   
Dayone Energy Co., Ltd.
 Trade receivables      
57
   
52
   —     —   
  Non-trade receivables and others        
11,749
     
13,297
   —     —   
  Trade payables      —     —     
10
   
1,009
 
  Non-trade payables and others      —     —     
9,119
     
11,306
 
Daegu Green Power Co., Ltd.
 Trade receivables      
44
   
71
   —     —   
  Non-trade receivables and others      
55
   
55
   —     —   
  Trade payables      —     —     
26,213
   
35,766
 
KAPES, Inc.
 Trade receivables      
2
   
2
   —     —   
  Non-trade receivables and others      
5,172
   —     —     —   
  Non-trade payables and others      —     —       
20,577
   
2,121
 
Honam Wind Power Co., Ltd.
 Trade payables      —     —     
216
   
575
 
  Non-trade payables and others      —     —     
345
   —   
Jeongam Wind Power Co., Ltd.(*1)
 Non-trade receivables and others      
162
   —     —     —   
  Non-trade payables and others      —     —     
692
   —   
Korea Power Engineering Service Co., Ltd.
 Non-trade receivables and others      
43
   
48
   —     —   
Seokmun Energy Co., Ltd.
 Trade receivables      
62
   
34
   —     —   
  Non-trade receivables and others      
9,460
   
149
   —     —   
  Trade payables      —     —     
4,898
   
7,941
 
  Non-trade payables and others      —     —     
9,559
   —   
Chun-cheon Energy Co., Ltd.
 Trade receivables      
98
   
126
   —     —   
  Non-trade receivables and others      
165
   
167
   —     —   
  Trade payables      —     —     
27,428
   
41,410
 
Yeonggwangbaeksu Wind Power Co., Ltd.
 Trade receivables      
8
   
6
   —     —   
  Non-trade receivables and others      
159
   
53
   —     —   
  Trade payables      —     —     
405
   
1,099
 
  Non-trade payables and others      —     —     
1,747
   —   
 
F-209
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(4)
Receivables and payables arising from related party transactions as of December 31, 2020 and 2021 are as follows, continued:
 
                       
 
 
 
 
 
 
 
Receivables
 
 
Payables
 
Company name
 
Type
 
 
 
 
2020
 
 
2021
 
 
2020
 
 
2021
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
In millions of won
 
<Joint ventures>
 
 
 
   
 
   
 
   
 
   
 
   
Cheongna Energy Co., Ltd.
 Trade receivables ￦    
1,592
   
4,164
   —     —   
  Non-trade receivables and others      
1,186
   
1,350
   —     —   
  Non-trade payables and others      —     —     —     
1
 
Yeonggwang Wind Power Co., Ltd.
 Trade receivables      
12
   
10
   —     —   
  Non-trade receivables and others      
54
   
59
   —     —   
  Trade payables      —     —     
886
   
730
 
  Non-trade payables and others      —     —     
3,038
   —   
Sam-Yang Photovoltaic Power Co., Ltd.
 Trade receivables      
5
   
5
   —     —   
  Non-trade payables and others      —     —     
625
   —   
KW Nuclear Components Co., Ltd.
 Trade receivables      
4
   —     —     —   
KEPCO-Uhde Inc.
 Non-trade payables and others      —     —     —     
10
 
Busan Shinho Solar Power Co., Ltd.
 Trade receivables      
2
   
2
   —     —   
  Trade payables      —     —     
135
   
281
 
  Non-trade payables and others      —     —     
780
   —   
Global Trade Of Power System Co., Ltd.
 Non-trade payables and others      —     —     —     
7
 
Expressway Solar-light Power Generation Co., Ltd.
 Trade payables      —     —     —     
102
 
Daesan Green Energy Co., Ltd.
 Trade receivables      
11
   
11
   —     —   
  Non-trade receivables and others      
216
   
120
   —     —   
  Trade payables      —     —     
7,694
   
5,120
 
Taebaek Gadeoksan Wind Power Co., Ltd.(*2)
 Non-trade receivables and others      
5
   —     —     —   
  Trade payables      —     —     
2,473
   —   
  Non-trade payables and others      —     —     
5
   —   
Cheong-Song Noraesan Wind Power Co., Ltd.
 Trade receivables      
2
   
2
   —     —   
Saemangeum Solar Power Co., Ltd.
 Non-trade receivables and others      
3,141
   
4,268
   —     —   
Dangjin Eco Power Co., Ltd.
 Trade receivables      
3
   
3
   —     —   
  Trade payables      —     —     
326
   
276
 
Busan Industrial Solar Power Co., Ltd.
 Trade receivables      —     
1
   —     —   
  Trade payables      —     —     
1
   
54
 
  Non-trade payables and others      —     —     —     
24
 
Bitsolar Energy Co., Ltd.
 Non-trade receivables and others      —     
7
   —     —   
  Non-trade payables and others      —     —     —     
54
 
Haemodum Solar Co., Ltd.
 Trade receivables      —     
1
   —     —   
Yeongam Solar Power Co., Ltd.
 Trade receivables      
26
   
29
   —     —   
  Trade payables      —     —     
14,652
   
3,324
 
Samsu Wind Power Co., Ltd.
 Trade payables      —     —     —     
1,300
 
18 Joint ventures (Overseas)
 Trade receivables      
58,839
   
84,150
   —     —   
  Non-trade receivables and others      
17,217
   
26,060
   —     —   
  Non-trade payables and others      —     —     
105,682
     
22,050
 
       
<Others>
                      
Korea Development Bank
 Accrued interest income      
51
   
154
   —     —   
  Non-trade receivables and others      
206,916
   
420,732
   —     —   
  Non-trade payables and others      —     —     
123
   
21,172
 
  Derivatives      
20,167
   
59,139
   
20,001
   —   
 
 
 (*1)
Reclassified from a joint venture to a subsidiary during the year ended December 31, 2021. Transactions are made before the reclassification.
 
 (*2)
Reclassified from a joint venture to an associate during the year ended December 31, 2021.
 
F-210
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(5)
Loans and others arising from related party transactions as of December 31, 2020 and 2021 are as follows:
 
Type
  
Company name
 
 
 
 
Beginning
balance
 
 
Loans
 
 
Collection
 
 
Others
 
 
Ending

balance
 
 
  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  
 
 
 
 
 
In millions of won
 
Associate
  
KNOC Nigerian East Oil Co., Ltd.,
KNOC Nigerian West Oil Co., Ltd.
 ￦    27,149   34   —     2,298   29,481 
   (Allowance for doubtful accounts)      (5,246)   —     —     (2,995)   (8,241) 
Associate
  Xe-Pian Xe-Namnoy Power Co., Ltd.      19,692   —     —     1,764   21,456 
Associate
  PT Wampu Electric Power      12,358   —     (1,349)   1,991   13,000 
Associate
  Gunsan Bio Energy Co., Ltd.      12,396   —     —     —     12,396 
   (Allowance for doubtful accounts)      (10,128)   (2,268)   —     —     (12,396) 
Associate
  Bigeum Resident Photovoltaic Power Co., Ltd.      3,500   7,712   —     —     11,212 
Associate
  Daejung Offshore Wind Power Co., Ltd.      1,000   —     —     —     1,000 
Associate
  Bitgoel Eco Energy Co., Ltd.      —     19,349   —     —     19,349 
Joint venture
  Solaseado Solar Power Co., Ltd.      64,000   10,000   (39,000)   —     35,000 
Joint venture
  
Recursos Solares
PV
De Mexico
II, S.A.
D
e
C.V.		      4,844   2,282   (1,450)   458   6,134 
Joint venture
  
Horus Solar
, S.A. D
e
C.V.		      13,380   2,755   (843)   1,222   16,514 
Joint venture
  Sunmex Renovables, S.A.
d
e
C.V.		      1,842   11,377   —     352   13,571 
Joint venture
  Kelar S.A.      39,616   —     —     3,551   43,167 
Joint venture
  DE Energia SpA      6,232   —     —     559   6,791 
Joint venture
  Daehan Wind Power PSC      10,700   1,927   —     1,047   13,674 
Joint venture
  PT. Tanjung Power Indonesia      705   314   —     71   1,090 
Joint venture
  Bitsolar Energy Co., Ltd.      3,165   —     —     —     3,165 
Joint venture
  Pulau Indah Power Plant Sdn. Bhd.      —     10,006   —     (10,006)   —   
Joint venture
  Guadalupe Solar SpA      —     3,365   (6)   1   3,360 
Joint venture
  Foresight Iberian Solar Group Holding, S.L.      —     9,376   (424)   50,381   59,333 
Joint venture
  Capman Lynx SCA, SICAR      —     30,001   —     (231)   29,770 
         
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
     ￦    205,205   106,230   (43,072)   50,463   318,826 
         
 
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
(6)
Borrowings arising from related party transactions as of December 31, 2020 and 2021 are as follows:
 
Related parties
  
Type
  
 
 
  
Beginning

balance
 
  
Borrowings
 
  
Repayment
 
 
Others
 
 
Ending

balance
 
 
  
 
  
 
 
  
 
 
  
 
 
  
 
 
 
 
 
 
 
 
 
  
 
  
 
 
  
In millions of won
 
Korea Development Bank
  Facility  ￦     50,293    56,906    (10,863)   1,684   98,020 
   Others        2,946    —      (437)   —     2,509 
   Operating funds        144,300    140,000    (100,000)   —     184,300 
   Syndicated 
Loans
        15,923    —      (1,042)   (351)   14,530 
   EBL and others        40,093    9,923    —     3,949   53,965 
           
 
 
   
 
 
   
 
 
  
 
 
  
 
 
 
      ￦     253,555    206,829    (112,342)   5,282   353,324 
           
 
 
   
 
 
   
 
 
  
 
 
  
 
 
 
 
F-211
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows:

Primary guarantor
  
Principal obligor
 
Type of guarantees
 
Credit limit
 
 
Creditor
 
  
 
 
 
 
In millions of won
and thousands of
foreign currencies
 
 
 
Korea Electric Power Corporation
  Shuweihat Asia Operation & Maintenance Company  Performance guarantees   USD 11,000   Shuweihat Asia Power
Investment B.V.
Korea Electric Power Corporation
  Rabigh Operation & Maintenance Company Limited  Performance guarantees and others   USD 1,387   Rabigh Electricity
Company
Korea Electric Power Corporation
  Nghi Son 2 Power LLC  Performance guarantees   USD 70,000   SMBC Ho Chi Minh and
others
      Debt guarantees   
USD 285,000
   SMBC Singapore
Korea Electric Power Corporation
  Barakah One Company  Debt guarantees   USD 1,223,355   Export-Import Bank of
Korea and others
      Performance guarantees and others   USD 4,349,360    
Korea Electric Power Corporation
  RE Holiday Holdings LLC  Performance guarantees(*10)   USD 222,077   EFS Renewables Holdings,
LLC, CA-CIB and others
Korea Electric Power Corporation
  RE Pioneer Holdings LLC  Performance guarantees   USD 106,873   EFS Renewables Holdings,
LLC
Korea Electric Power Corporation
  RE Barren Ridge 1 Holdings LLC  Performance guarantees(*10)   USD 68,838   Firstar Development, LLC
Korea Electric Power Corporation
  Shuweihat Asia Power Investment B.V.  Performance guarantees   USD 100,000   ING Bank
Korea Electric Power Corporation
  Amman Asia Electric Power Company  Performance guarantees   USD 16,800   Shinhan Bank
Korea Electric Power Corporation
  Horus Solar, S.A. De C.V.  Other performance guarantees   MXN 16,413   CENACE and others
Korea Electric Power Corporation
  Recursos Solares PV De Mexico II, S.A. De C.V.  Other performance guarantees   MXN 1,518   SEMARNAT
Korea Electric Power Corporation
  Sunmex Renovables, S.A. De C.V.  Other performance guarantees   USD 9,078   CENACE
Korea Electric Power Corporation
         MXN 3,666   SEMARNAT
Korea Electric Power Corporation
  Pulau Indah Power Plant Sdn. Bhd.  Collateralized money invested   KRW 22,099   Malaysian Trustee Berhad
Korea Western Power Co., Ltd.
  Cheongna Energy Co., Ltd.  Collateralized money invested   KRW 11,198   Kookmin Bank and others
      
Guarantees for supplemental
funding (*1)
   —      
Korea Western Power Co., Ltd.
  Xe-Pian Xe-Namnoy Power Co., Ltd.  Payment guarantees for business reserve   USD 2,500   Krung Thai Bank
      Collateralized money invested   
KRW 92,441
    
      Impounding bonus guarantees   
USD 5,000
   SK E&C
Korea Western Power Co., Ltd.
  
Rabigh Operation & Maintenance Company Limited
  Performance guarantees and others   SAR 11,200   National Bank of Kuwait
Korea Western Power Co., Ltd.
  Daegu Photovoltaic Co., Ltd.  Collateralized money invested   KRW 2,342   Korea Development Bank
Korea Western Power Co., Ltd.
  Dongducheon Dream Power Co., Ltd.  Collateralized money invested(*5)   KRW 39,524   Kookmin Bank and others
      Debt guarantees   KRW 20,300   BNK Securities
Korea Western Power Co., Ltd.
  PT. Mutiara Jawa  Collateralized money invested   KRW 2,569   Woori Bank
Korea Western Power Co., Ltd.
  Haeng Bok Do Si Photovoltaic Power Co., Ltd.  Collateralized money invested   KRW 223   Nonghyup Bank
Korea Western Power Co., Ltd.
  Shin Pyeongtaek Power Co., Ltd.  Collateralized money invested   KRW 93,074   Kookmin Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea Western Power Co., Ltd.
  Haemodum Solar Co., Ltd.  Collateralized money invested   KRW 3,081   Nonghyup Bank
Korea Western Power Co., Ltd.
  Sam-Yang Photovoltaic Power Co., Ltd.  Collateralized money invested   KRW 4,993   Korea Development Bank
and others
      Guarantees for supplemental funding(*1)   —      
Korea Western Power Co., Ltd.
  Muan Solar Park Co., Ltd.  Collateralized money invested   KRW 6,083   IBK and others
Korea Western Power Co., Ltd.
  
Anjwa Smart Farm & Solar City Co., Ltd.
  Collateralized money invested   KRW 6,784   Hana Bank and others
 
 
F-212
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued:
 
Primary guarantor
  
Principal obligor
 
Type of guarantees
 
Credit limit
 
 
Creditor
 
  
 
 
 
 
In millions of won
and thousands of
foreign currencies
 
 
 
Korea Western Power Co., Ltd.
  
Seoroseoro Sunny Power Plant Co., Ltd.
  Collateralized money invested   KRW 721   Hana Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea Western Power Co., Ltd.
  YuDang Solar Co., Ltd.  Collateralized money invested   KRW 565   Hana Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea Western Power Co., Ltd.
  Hapcheon Floating Photovoltaic Power Plant Inc.  Collateralized money invested   KRW 6,971   Nonghyup Bank and others
Korea Western Power Co., Ltd.
  Yeongwol Eco Wind Co., Ltd.  Collateralized money invested   KRW 3,197   Hana Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea Western Power Co., Ltd.
  Gurae Resident Power Co., Ltd.  
Collateralized money invested
Guarantees for supplemental funding(*1)
   
KRW 396
—  
 
 
  Hana Bank and others
Korea Western Power Co., Ltd
  Gunsan Land Solar Co., Ltd.  Collateralized money invested   KRW 19,317   Hana Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea East-West Power Co., Ltd.
  Busan Shinho Solar Power Co., Ltd.  Collateralized money invested   KRW 5,841   Korea Development Bank
and others
Korea East-West Power Co., Ltd.
  Seokmun Energy Co., Ltd.  Collateralized money invested   KRW 13,842   Kookmin Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea East-West Power Co., Ltd.
  Chun-cheon Energy Co., Ltd.  Collateralized money invested   KRW 25,896   Kookmin Bank and others
      Guarantees for supplemental funding(*1)   KRW 90,800    
Korea East-West Power Co., Ltd.
  Honam Wind Power Co., Ltd.  Collateralized money invested   KRW 4,041   Shinhan Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea East-West Power Co., Ltd.
  GS Donghae Electric Power Co., Ltd.  Collateralized money invested   KRW 243,772   Korea Development Bank
and others
Korea East-West Power Co., Ltd.
  Yeonggwangbaeksu Wind Power Co., Ltd.  Collateralized money invested   KRW 2,728   Kookmin Bank and others
Korea East-West Power Co., Ltd.
  Yeonggwang Wind Power Co., Ltd.  Collateralized money invested   KRW 17,646   KDB Capital Corporation
and others
Korea East-West Power Co., Ltd.
  Daesan Green Energy Co., Ltd.  Collateralized money invested   KRW 21,244   IBK
      Guarantees for supplemental funding(*1)   KRW 18,989    
Korea East-West Power Co., Ltd.
  Taebaek Gadeoksan Wind Power Co., Ltd.  Collateralized money invested   KRW 16,495   Hana Bank and others
      Guarantees for supplemental funding(*1)   —      
Korea East-West Power Co., Ltd.
  PT. Tanjung Power Indonesia  Debt guarantees   USD 24,544   Sumitomo mitsui banking
      Other guarantees   USD 3,150   PT. Adaro Indonesia
      Guarantees for supplemental funding(*1)   —     Sumitomo mitsui banking
and others
      Collateralized money invested   KRW 46,546   MUFG and others
Korea East-West Power Co., Ltd.
  South Jamaica Power Company Limited  Performance guarantees   USD 14,400   Credit Agricole Corporate & Investment Bank Seoul
      Collateralized money invested   KRW 37,360   JCSD Trustee Services
Limited and others
Korea East-West Power Co., Ltd.
  DE Energia SpA  Collateralized money invested   KRW 8,921   Mirae Asset Daewoo Co.,
Ltd. and others
      Collateralized loans   USD 5,728    
      Payment guarantees(*8)   USD 950   Hana Bank
Korea East-West Power Co., Ltd.
  Bitsolar Energy Co., Ltd.  Collateralized money invested   KRW 352   Mirae Asset Life Insurance Co., Ltd. and others
Korea East-West Power Co., Ltd.
  Cheongju Eco Park Co., Ltd.  Collateralized money invested   KRW 5,465   Kyobo Life Insurance Co.,
Ltd. and others
      
Guarantees for supplemental funding(*1)
   —      
Korea East-West Power Co., Ltd.
  
Busan Industrial Solar Power Co., Ltd.
  
Collateralized money invested
   KRW 612   Shinhan Bank and others
      
Guarantees for supplemental funding(*1)
   —      
Korea East-West Power Co., Ltd.
  Yangyang Wind Power Co., Ltd.  
Collateralized money invested
   
KRW 11,191


 Hana Bank and others
 
 
 
 
Guarantees for supplemental funding(*1)
 
 
—  
 
 
 
Korea East-West Power Co., Ltd.
  Daewon Green Energy Co., Ltd.  Collateralized money invested   
KRW 3,877

 
 
  Hana Bank and others
 
 
 
 
Guarantees for supplemental funding(*1)
 
 
—  
 
 
 
Korea East-West Power Co., Ltd.
  Goheung New Energy Co., Ltd.  
Collateralized money invested
   KRW 3,577   Woori Bank and others
      
Guarantees for supplemental funding(*1)
   —      
 
F-213
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued:
 
Primary guarantor
  
Principal obligor
 
Type of guarantees
 
Credit limit
 
 
Creditor
 
  
 
 
 
 
In millions of won
and thousands of
foreign currencies
 
 
 
Korea Southern Power Co., Ltd.
  KNH Solar Co., Ltd.  
Collateralized
money invested
   KRW 2,278   Shinhan Bank and others
      Performance guarantees and guarantees for supplemental funding(*1)   —      
Korea Southern Power Co., Ltd.
  Daeryun Power Co., Ltd.  Collateralized money invested   KRW 25,426   Korea Development Bank
and others
Korea Southern Power Co., Ltd.
  Daegu Green Power Co., Ltd.  Collateralized money invested   KRW 24,054   Shinhan Bank and others
      Performance guarantees   —      
Korea Southern Power Co., Ltd.
  Kelar S.A.  Performance guarantees   USD 54,282   Hana Bank, MUFG
Korea Southern Power Co., Ltd.
  Daehan Wind Power PSC  Performance guarantees   USD 1,500   Shinhan Bank
      Payment guarantees(*7)   USD 1,898   Hana Bank
Korea Southern Power Co., Ltd.
  Pyeongchang Wind Power Co., Ltd.  Collateralized money invested   KRW 5,411   Woori Bank and Shinhan
Bank and others
      Performance guarantees   —      
Korea Southern Power Co., Ltd.
  Taebaek Guinemi Wind Power Co., Ltd.  Collateralized money invested   KRW 3,357   IBK
Korea Southern Power Co., Ltd.
  Samcheok Eco Materials Co., Ltd.  Payment guarantees(*2)   —     SEM Investment Co., Ltd.
Korea Southern Power Co., Ltd.
  Solaseado Solar Power Co., Ltd.  Collateralized money invested   KRW 7,360   Kookmin Bank and others
Korea Southern Power Co., Ltd.
  Naepo Green Energy Co., Ltd.  Collateralized money invested(*9)   —     IBK and others
      Guarantees for supplemental funding(*1)   KRW 30,000    
      Guarantees for other supplemental funding and performance guarantees(*1)   —      
Korea Southern Power Co., Ltd.
  Omisan Wind Power Co., Ltd.  Collateralized money invested   KRW 10,634   Shinhan Bank and others
      Guarantees for supplemental funding and performance guarantees(*1)   —      
Korea Southern Power Co., Ltd.
  Geumsungsan Wind Power Co., Ltd.  
Collateralized money invested
Guarantees for supplemental funding(*1)
   
KRW 6,053
—  
 
 
  Kookmin Bank
KOSPO Chile SpA
  Kelar S.A.  Collateralized money invested   KRW 86,695   Export-Import Bank of
Korea and others
KOSPO Chile SpA
  Chester Solar I SpA  Collateralized money invested   KRW 1,120   IBK
KOSPO Chile SpA
  Chester Solar IV SpA  Collateralized money invested   —     IBK
KOSPO Chile SpA
  Chester Solar V SpA  Collateralized money invested   KRW 25   IBK
KOSPO Chile SpA
  Diego de Almagro Solar SpA  Collateralized money invested   KRW 362   IBK
KOSPO Chile SpA
  Laurel SpA  Collateralized money invested   KRW 290   IBK
Korea Midland Power Co., Ltd.
  YeongGwang Yaksu Wind Electric Co., Ltd.  Collateralized money invested   KRW 233   IBK and others
Korea Midland Power Co., Ltd.
  Hyundai Green Power Co., Ltd.  Collateralized money invested   KRW 121,955   Korea Development Bank
and others
Korea Midland Power Co., Ltd.
  PT. Cirebon Electric Power  Debt guarantees   USD 9,955   Mizuho Bank
Korea Midland Power Co., Ltd.
  PT Wampu Electric Power  Debt guarantees   USD 4,817   SMBC
Korea Midland Power Co., Ltd.
  Green Energy Electricity Generation Co., Ltd.  Collateralized money invested   KRW 1,713   IBK
      Guarantees for supplemental funding and others(*1)   —     IBK and others
Korea Midland Power Co., Ltd.
  Yaksu ESS Co., Ltd.  Collateralized money invested   KRW 716   IBK
Korea Midland Power Co., Ltd.
  Namjeongsusang Solar Power Operation Co., Ltd.  Collateralized money invested   KRW 361   IBK
Korea Midland Power Co., Ltd.
  Gwangbaek Solar Power Investment Co., Ltd.  Collateralized money invested   KRW 4,806   Kyobo Life Insurance Co.,
Ltd. and others
Korea Midland Power Co., Ltd.
  Muan Sunshine Solar Power Plant Co., Ltd.  Collateralized money invested   KRW 1,268   IBK
Korea Midland Power Co., Ltd.
  Goesan Solar park Co., Ltd.  Collateralized money invested   KRW 1,927   IBK
Korea Midland Power Co., Ltd.
  Bitgoel Eco Energy Co., Ltd.  Collateralized money invested   KRW 4,356   IBK and others
      Guarantees for supplemental funding(*1)   —      
Korea Midland Power Co., Ltd.
  Energyco Co., Ltd. (formerly, Energyco LLC)  Collateralized money invested   KRW 1,535   Nonghyup Bank
Korea Midland Power Co., Ltd.
  Jeju Gimnyeong Wind Power Co., Ltd.  Collateralized money invested   KRW 911   Nonghyup Bank
Korea Midland Power Co., Ltd.
  Dongbu Highway Solar Co., Ltd.  Collateralized money invested   KRW 265   Nonghyup Bank

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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(7)
Guarantees provided to associates or joint ventures as of December 31, 2021 are as follows, continued:
 
Primary guarantor
  
Principal obligor
 
Type of guarantees
 
Credit limit
 
 
Creditor
 
  
 
 
 
 
In millions of won
and thousands of
foreign currencies
 
 
 
Korea Midland Power Co., Ltd.
  Seobu Highway Solar Co., Ltd.  Collateralized money invested   KRW 289   Nonghyup Bank
Korea South-East Power Co., Ltd.
  Dayone Energy Co., Ltd.  Collateralized money invested(*3)   —     IBK
      Guarantees
 
for
 
supplemental
 
funding
 
and
 
others(*1,4)		   KRW 76,800   NH investment & securities
Co., Ltd. and others
Korea South-East Power Co., Ltd.
  RES Technology AD  Collateralized money invested   KRW 16,703   UniCredit Bulbank and
others
Korea South-East Power Co., Ltd.
  ASM-BG Investicii AD  Collateralized money invested   KRW 18,692   UniCredit Bulbank and
others
Korea South-East Power Co., Ltd.
  Expressway Solar-light Power Generation Co., Ltd.  Guarantees for supplemental funding and others   KRW 1,856   Woori Bank
Korea South-East Power Co., Ltd.
  Goseong Green Power Co., Ltd.  Collateralized money invested   KRW 260,858   Kyobo Life Insurance Co.,
Ltd. and others
Korea South-East Power Co., Ltd.
  Gangneung Eco Power Co., Ltd.  Collateralized money invested   KRW 2,288   Kyobo Life Insurance Co.,
Ltd. and others
Korea South-East Power Co., Ltd.
  PND Solar Co., Ltd.  Collateralized money invested   KRW 1,229   IBK
Korea South-East Power Co., Ltd.
  Hyundai Eco Energy Co., Ltd.  Collateralized money invested   KRW 5,572   Samsung Life Insurance
and others
Korea South-East Power Co., Ltd.
  Jaeun Resident Wind Power Plant Co., Ltd.  Collateralized money invested   KRW 1,958   IBK
Korea South-East Power Co., Ltd.
  Chungsongmeon BongSan wind power Co., Ltd.  Collateralized money invested   KRW 3,808   Kyobo Life Insurance Co.,
Ltd. and others
Korea South-East Power Co., Ltd.
  Yeongam Solar Power Co., Ltd.  Collateralized money invested   KRW 6,838   Kookmin Bank and others
Korea South-East Power Co., Ltd.
  Samsu Wind Power Co., Ltd.  Collateralized money invested   KRW 2,828   Shinhan Bank and others
Korea South-East Power Co., Ltd.
  Saemangeum Heemang Photovoltaic Co., Ltd.  Collateralized money invested   KRW 10,238   Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Noeul Green Energy Co., Ltd.  Collateralized money invested   KRW 3,809   Hana Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Busan Green Energy Co., Ltd.  Collateralized money invested   KRW 5,033   Shinhan Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Go deok Clean Energy Co., Ltd.  Collateralized money invested   KRW 4,301   Kookmin Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Cheong-Song Noraesan Wind Power Co., Ltd.  Collateralized money invested   KRW 4,106   Woori Bank and others
Korea Hydro & Nuclear Power Co., Ltd.
  Gwangyang Green Energy Co., Ltd.  Collateralized money invested   KRW 25,465   Shinhan Bank and others
KEPCO Plant Service & Engineering Co., Ltd.
  Incheon New Power Co., Ltd.  Collateralized money invested(*6)   —     Shinhan Bank
      Guarantees for supplemental funding and others(*1)   —      
 
(*1)
The Company guarantees to provide supplemental funding for business with respect to excessive business expenses or insufficient repayment of borrowings.
 
(*2)
Controlling and non-controlling common shareholders of Samcheok Eco Materials Co., Ltd. have pre-emption rights, if preferred shareholders intend to sell their shares until December 26, 2023. The promised yield of the preferred stock is guaranteed through the transaction. As of December 31, 2021, the Company has recognized derivative liabilities of ￦6,760 million related to the guarantee. Meanwhile, the Company is under an agreement with Samcheok Eco Materials Co., Ltd. that if a damage incurs related to the fulfillment of obligations pursuant to the mandatory contract of coal ash supply, compensation for the expected amount of the damage should be settled.
 
(*3)
The Company recognized an impairment loss on all of the equity securities of Dayone Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ￦47,067 million.
 
(*4)
Pursuant to the guarantee agreement, the Company recognized other provisions of ￦26,772 million as the possibility of economic benefit outflow to fulfill the obligation was deemed probable and the amount could be reasonably estimated.
 
(*5)
The common stocks of Dongducheon Dream Power Co., Ltd. held by the Company were pledged as collateral.
 
(*6)
The Company recognized an impairment loss on all of the equity securities of Incheon New Power Co., Ltd. during the year ended December 31, 2019, and the acquisition cost of the securities provided as collateral is ￦461 million.
 
(*7)
The Company provided a payment guarantee to Daehan Wind Power PSC for opening LC for Debt Service Reserve Account (DSRA).
 
(*8)
This includes a guarantee related to LC for debt repayment allowance provided to DE Energia SpA, a joint venture of the Company.
 
(*9)
The Company recognized an impairment loss on all of the equity securities of Naepo Green Energy Co., Ltd. before the prior year, and the acquisition cost of the securities provided as collateral is ￦29,200 million.
 
(*10)
The credit limits of guarantees to RE Holiday Holdings LLC and RE Barren Ridge 1 Holdings LLC include the credit limits of guarantees to their subsidiaries.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
47.
Related Parties, Continued
 
(8)
As of December 31, 2021, there is no financial guarantee provided by related parties.
 
(9)
Derivatives transactions with related parties as of December 31, 2021 are as follows:
 
 (i)
Currency Swap

Counterparty
  
Contract
year
 
  
 
 
  
Contract

amounts
 
  
Contract interest rate

per annum
 
 
 
 
  
Contract

exchange

rate
 
  
 
 
  
Pay
 
  
Receive
 
  
Pay
 
 
Receive
 
 
  
In millions of won and thousands of foreign currencies except contract exchange rate information
 
Korea Development Bank
   2019~2024   ￦     177,600    USD 150,000    1.24%   2.50%  ￦     1,184.00 
    2020~2025         241,320    USD 200,000    0.54%   1.13%        1,206.60 
    2021~2026         118,170    USD 100,000    1.11%   1.13%        1,181.70 
    2015~2025         111,190    USD 100,000    2.62%   3.25%        1,111.90 
    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 
    2018~2023         170,280    USD 150,000    2.15%   3.75%        1,135.20 
    2019~2027         119,978    CHF 100,000    1.43%   0.05%        1,199.78 
    2021~2026         111,400    USD 100,000    0.93%   1.25%        1,114.00 
    2020~2026         118,910    USD 100,000    0.61%   1.00%        1,189.10 
    2019~2022         112,650    USD 100,000    1.80%   3.38%        1,126.50 
    2021~2026         114,230    USD 100,000    1.27%   1.25%        1,142.30 
    2018~2023         320,880    USD 300,000    2.03%   3.75%        1,069.60 
    2019~2022         117,340    USD 100,000    1.06%   2.38%        1,173.40 
    2017~2022         113,300    USD 100,000    1.94%   2.63%        1,133.00 
    2018~2023         169,335    USD 150,000    2.26%   3.88%        1,128.90 
    2020~2025         122,780    
USD 100,000
    0.93%   1.75%        1,227.80 
 
 (ii)
Currency forward
 
Counterparty
  
Contract

date
 
  
Maturity

date
 
  
 
 
  
Contract amounts
 
  
 
 
  
Contract

exchange

rate
 
  
 
 
  
Pay
 
  
Receive
 
 
  
In millions of won and thousands of USD except contract exchange rate information
 
Korea Development Bank
   2021.09.27    2022.01.07   ￦     59,049    USD 50,050   ￦     1,179.80 
 
(10)
The Company considers all standing directors of the Board who serve as
executive
officers responsible for planning, operations and/or control of business activities, as key management personnel, except a standing director who is a member of the Audit Committee. The Company recorded salaries and other compensations related to the key management personnel as follows:
 
Type
  
 
 
  
2019
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Salaries
  ￦     1,315    1,295    1,272 
Retirement benefits
        31    58    21 
        
 
 
   
 
 
   
 
 
 
   ￦              1,346             1,353             1,293 
        
 
 
   
 
 
   
 
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
48.
Statement of Cash Flows
 
(1)
Significant non-cash transactions for the years ended December 31, 2019, 2020, and 2021 are as follows:
 
Transactions
  
 
 
  
2019
 
  
2020
 
  
2021
 
 
  
 
 
  
In millions of won
 
Transfer from construction-in-progress to other assets
  ￦     14,052,094    10,189,527    12,902,589 
Recognition of asset retirement cost and related provision for decommissioning costs
        2,425,668    895,507    2,356,805 
Transfer from provision for disposal of spent nuclear fuel to accrued expenses
        376,103    395,921    455,401 
Transfer from long-term borrowings and debt securities to current portion of long-term borrowings and debt securities
        7,759,284    9,237,883    11,109,271 
Transfer from inventory to stored nuclear fuel
        1,129,374    1,055,974    908,842 
Transfer of right-of-use assets due to change in accounting policy and others
        5,364,647    291,334    78,213 
 
(2)
Changes in liabilities incurred from financing activities for the years ended December 31, 2020, and 2021 are as follows:
 
 
  
 
 
  
2020
 
 
  
 
 
  
 
 
  
 
 
 
Non-cash changes
 
 
 
 
 
  
 
 
  
Beginning
balance
 
  
Cash flows
 
 
Increase
 
  
Effect of
exchange rate

fluctuations
and others
 
 
Ending balance
 
 
  
 
 
  
In millions of won
 
Borrowings and debt securities
  ￦     67,876,541    2,538,787   —      (690,747)   69,724,581 
Lease liabilities
        5,070,133    (613,977)   275,686    (110,746)   4,621,096 
        
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
   ￦     72,946,674    1,924,810   275,686       (801,493)   74,345,677 
        
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
   
       
2021
 
              
Non-cash changes
    
       
Beginning
balance
   
Cash flows
  
Increase
   
Effect of
exchange rate

fluctuations
and others
  
Ending balance
 
       
In millions of won
 
Borrowings and debt securities
  ￦     69,724,581    9,653,394   —      1,151,538   80,529,513 
Lease liabilities
        4,621,096    (572,036)   73,090    288,353   4,410,503 
        
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
   ￦     74,345,677    9,081,358     73,090     1,439,891    84,940,016 
        
 
 
   
 
 
  
 
 
   
 
 
  
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
49.
Commitments for Expenditure
 
(1)
The commitments
related to
acquisition of property, plant and equipment as of December 31, 2020 and 2021 are as follows:
 
 
  
 
 
  
2020
 
  
2021
 
Contracts
  
 
 
  
Commitment
amounts
 
  
Remaining

liability balances
 
  
Commitment
amounts
 
  
Remaining
liability balances
 
 
  
 
 
  
In millions of won
 
Purchase of cable (PVC, 1C, 2000SQ) 153,000M and others (Shin-Bupyung-Youngseo)
  ￦     56,574    16,038    57,046    16,240 
Purchase of cable (PVC, 1C, 2500SQ) 103,374M and others (Bukdangjin-Shin-Tangjung)
        45,390    32,876    46,616    34,102 
Purchase of GIS (362kV, 6300A, 63kA) 23CB – Youngseo S/S
        36,143    29,898    36,143    25,292 
Purchase of GIS (362kV, 6300A, 63kA) 26CB – Hwasung S/S
        40,010    8,328    40,010    5,540 
Purchase of GIS (362kV, 6300A, 63kA) 27CB – Kwangyang S/S
        37,744    2,244    37,744    140 
Purchase of cable (FR CNCO-W, 1C, 325SQ) 1,400,000M
        59,716    37,249    —      —   
Purchase of switch (Eco) 9,360 units
        40,631    24,031    —      —   
Purchase of cable (TR CNCE-W,1C,600SQ) 551,200M
        37,288    23,100    —      —   
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 4,464,000M
        82,622    51,130    —      —   
Purchase of cable (FR CNCO-W,1C,325SQ) 1,092,000M
        42,068    35,358    —      —   
Concrete pole (10M, general purpose, 350KGF) 102,435 ea and five other equipments
        91,889    80,904    —      —   
Purchase of cable (PVC, 1C, 2500SQ) 100,548M and others
        —      —      56,860    34,576 
Purchase of GIS (362kV, 6300A, 63kA) 25CB – Migeum S/S
        —      —      32,000    26,700 
Advanced E-Type low-pressure electronic power meter 1,320,000 ea
        —      —      65,972    23,262 
Purchase of cable (PVC, 1C, 2000SQ) 5,862M and others (Baekun-Gwangyanghang)
        —      —      34,423    23,297 
Purchase of cable (TR CNCE- W,1C,325SQ) 1,016,000M
        —      —      66,581    40,254 
Purchase of cable (TR CNCE-W,1C,600SQ) 485,000M
        —      —      46,194    37,810 
Purchase of cable (TR CNCE-W/AL,1C,400SQ) 3,303,900M
        —      —      87,382    83,628 
Concrete pole (10M, general purpose, 350KGF) 126,948 ea and five other equipments
        —      —      188,338    168,456 
Purchase of GIS (362KV, 6300A, 63KA) 25 – Shinyangsan S/S
                  31,464    31,464 
Construction of Shin-Kori Units (#5,6)
        8,625,387    3,256,117    9,800,424    3,479,667 
Construction of Shin-Hanul Units (#1,2)
        9,443,635    160,512    9,745,123    —   
Other 30 contracts
        107,586    58,466    792,485    620,593 
Service of designing Seoul Combined Units (#1,2)
        31,841    984    31,841    934 
Service of designing Shin-Boryeong Units (#1,2)
        121,163    521    121,114    —   
Purchase of furnace for construction of Shin-Seocheon Thermal Power Plant
        305,209    29,042    305,209    7,722 
Purchase of turbine generator for construction of Shin-Seocheon Thermal Power Plant
        105,226    8,279    105,226    6,301 
Electricity construction of Shin-Seocheon Thermal Power Plant
        282,234    13,524    340,356    —   
Purchase of main machine for Jeju LNG
Combined
        166,287    11,182    166,287    10,972 
Service of designing Taean
U
nits (#9,10)
        112,813    12,933    112,909    12,623 
Purchase of gas turbines and turbine equipment of Gimpo Combined Heat & Power Plant
        104,600    41,840    126,302    61,735 
Purchase of steam turbine, HRSG and Popwer Block of Gimpo Combined Heat & Power Plant
        210,900    147,630    214,053    138,244 
Construction of Gimpo Combined Heat & Power Plant
        —      —      130,015    86,323 
Purchase of coal handling machine for construction of Samcheok Units (#1,2)
        285,158    22,751    286,571    6,215 
Purchase of furnace main equipment for construction of Samcheok Units (#1,2)
        1,065,141    11,609    —      —   
Purchase of turbine main equipment for Samcheok
U
nits (#1,2)
        211,349    125    —      —   
Purchase of main equipment for Namjeju
        140,144    112    140,144    3 
Purchase of main equipment for Shin-Sejong Combined Thermal Power Plant
        —      —      234,392    200,122 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
49.
Commitments for Expenditure, Continued
 
(2)
As of December 31, 2021, details of contracts for inventory purchase commitment are as follows:
The Company imports all of its uranium ore concentrates from sources outside Korea (including the United States, United Kingdom, Kazakhstan, France, Russia, South Africa, Canada and Australia) which are paid for with currencies other than Won, primarily in U.S. dollars. In order to ensure stable supply, the Company entered into long-term and medium-term contracts with various suppliers, and supplements such supplies with purchases of fuels on spot markets. The long-term and medium-term contract periods vary among contractors and the stages of fuel manufacturing process. Contract prices for processing of uranium are generally based on market prices. Contract periods for ore concentrates, conversion, enrichment and design and fabrication are as follows:
 
Type
  
Periods
 
  
Contracted
quantity
Concentrate
   2020 ~ 2030   32,435 Ton U3O8
Transformed
   2020 ~ 2030   18,088 Ton U
Enrichment
   2020 ~ 2030   17,667 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 Company, is 1,625 Ton U (contract periods : 2014 ~ 2024).
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments
 
(1)
Ongoing litigations and claims related with contingent liabilities and contingent assets as of December 31, 2020 and 2021 are as follows:
 
 
  
2020
 
  
2021
 
 
  
Number
of cases
 
  
Claim
amount
 
  
Number
of cases
 
  
Claim
amount
 
 
  
In millions of won
 
As the defendant
   663   ￦550,535    683   ￦689,415 
As the plaintiff
   200    729,798    284    784,453 
 
As of December 31, 2021, the Company is party to two ongoing litigations and one arbitration.
A group of plaintiffs (consisting of 2,167 individuals) filed a lawsuit against NSSC (Nuclear Safety and Security Commission) regarding NSSC’s approval on May 18, 2015 of extending the operation of Wolsong unit 1 nuclear power plant. The appeal has been dismissed on May 29, 2020, resulting in plaintiffs’ loss. Also, Greenpeace and others filed an administrative litigation against NSSC requesting cancelation of the construction permit of Shin-Kori unit 5 and 6 in September 12, 2016 and lost the lawsuit in February 14, 2019. They appealed the case in March 18, 2019, but the appeal had been closed on April 29, 2021. The Company joined these litigations as a stakeholder after obtaining permission from the court.
As of December 31, 2021, in connection with Shin-Hanul unit 3 & 4, the Company has received communications from a vendor for costs incurred for the preliminary work of the main equipment and associated compensation due to the discontinuation of the construction. The Company does not believe that it has a present obligation to this vendor, and that it is probable that the Company will prevail if a lawsuit is filed against the Company. In addition, the Company cannot reliably estimate the potential economic outflow related to the obligation as of December 31, 2021.
The Company is the defendant against a number of claims. The following is potentially significant ongoing claims pertaining to the Company:
 
 1)
There is an ongoing claim against the Company from a group of plaintiffs (consisting of 3,910 individuals) regarding the contribution to plan assets and payment of retirement benefits. The Company recognized ￦11,730 million as litigation provisions in relation to the lawsuit.
 
 2)
There is an ongoing claim against the Company regarding the completion of the waste oil refining power generation plant of Next energy Co., Ltd. The Company recognized the amount of probable outflow of resources as a provision.
 
 3)
There are multiple ongoing claims against the Company related to ordinary wages, requesting payment of unpaid wages. The Company believes that the possibility of the outflow of economic benefits is probable on the ongoing and the expected lawsuits. Accordingly, the Company recognized ￦3,233 million as litigation provisions in relation to the lawsuit as of December 31, 2021.
In addition to the abovementioned significant ongoing claims, there are 5 arbitration cases pertaining to the Company as of December 31, 2021 and the significant arbitration cases for the year ended December 31, 2021 are as follows:
 
 1)
In relation to the electric power IT modernization project in Kerala, India, Enzen, a subcontractor, filed an arbitration against the Company to the Indian Council of Arbitration due to disagreements in the contract, but the Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated.
 
 2)
Two companies including GE Energy Products France SNC filed an arbitration against the Company to Korea Commercial Arbitration Board regarding additional payment of construction costs, but the Company has not recognized any provision because the probability of economic benefit outflow is remote and the related amount cannot be reliably estimated.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments, Continued
 
(2)
Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows:
 
 1)
The Company has outstanding borrowings with a limit of USD 275,600 thousand from its creditors such as International Finance Corporation. Regarding the borrowing contract, the Company has guaranteed capital contribution of USD 69,808 thousand and additional contribution up to USD 19,000 thousand for contingencies, if any. Moreover, for one of the electricity purchasers, Central Power Purchasing Agency Guarantee Ltd., the Company has provided payment guarantee up to USD 2,777 thousand, in case of construction delay or insufficient contract volume after commencement of the construction.
 
 2)
The Company has provided PT. Perusahaan Listrik Negara performance guarantee up to USD 2,293 thousand and investment guarantee up to USD 43,500 thousand to Mizuho bank and others in proportion to its ownership in the electricity purchase contract with PT. Cirebon Energi Prasarana in relation to the second electric power generation business in Cirebon, Indonesia.
 
 3)
The Company has provided MUFG Bank, Ltd. (MUFG) borrowing guarantee up to USD 41,258 thousand in proportion to its ownership in the Equity Bridge Loan (EBL) guarantee with PT. Cirebon Energi Prasarana in relation to the second electric power generation business in Cirebon, Indonesia.
 
 4)
The Company has provided the Export-Import Bank of Korea, BNP Paribas and ING Bank with the guarantees of mutual investment of USD 2,192 thousand, which is equivalent to the ownership interest of PT BS Energy and PT Nusantara Hydro Alam, in order to guarantee the expenses related to hydroelectric power business of Tanggamus, Indonesia.
 
 5)
The Company has provided USD 18,500 thousand of business performance guarantees to AEP Texas, Inc., for the construction, ownership, operation, and related cost-bearing implementation of electric power transmission equipment regarding Concho Valley solar business in the United States.
 
 6)
The Company has provided the syndicate of lenders of PT Indo Raya Tenaga, the business corporation of PT Barito Wahana Tenaga, a guarantee by establishing the right of pledge on the shares of PT Barito Wahana Tenaga for project financing of PT Barito Wahana Tenaga as of December 31, 2021.
 
 7)
The Company has provided a guarantee to complete the construction of the waste oil refining power generation plant of Next energy Co.,Ltd. (contract amount : ￦14,700 million) to the financial institution agents, thus the Company is liable to compensate to financial institution agents for the any damages incurred in the event of incompletion of the construction. Also, the power generation guarantee agreement was concluded in connection with the consignment service for management and operations (the repayment period of the principal of the loan) after the completion of the construction. If the amount of power generated falls short of the contracted power generation amount, the Company will be liable to pay compensation for the shortage. The Company has recognized a provision based on the assessment of expected outflow of resources.
 
 8)
The Company 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.
 
 9)
The Company has provided PT Perusahaan Listrik Negara a performance guarantee up to IDR 35,907,215 thousand for the implementation of Tanjung Jati power plant operation project in Indonesia.
 
 10)
The Company has provided Export-Import Bank of Korea and others a performance guarantee up to USD 12,090 thousand for the excess project costs of hydroelectric power generation project of Tanggamus, Indonesia.
 
 11)
The Company has provided Export-Import Bank of Korea and others a borrowing guarantee up to USD 5,911 thousand for the DSRA guarantee of hydroelectric power generation project of Tanggamus, Indonesia.
 
 12)
The Company has provided PT. Cirebon Energi Prasarana a performance guarantee up to USD 43,500 thousand for the fulfillment of subscription obligation regarding Cirebon 2 coal-fired power generation project in Indonesia.
 
 13)
The Company 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 Company has provided Morgan Stanley Capital Group Inc. a performance guarantee up to USD 30,000 thousand for the implementation of photovoltaic power generation project in USA.
 
 15)
The Company has provided Morgan Stanley Renewables Inc. a performance guarantee up to USD 70,000 thousand for the fulfillment of subscription obligation regarding photovoltaic power generation project in USA.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments, Continued
 
(2)
Guarantees of payments and commitments provided to other companies as of December 31, 2021 are as follows, continued:
 16)
The Company has provided EUR 10,000 thousand for a performance guarantee to Skandinaviska Enskilda Banken AB (publ) Frankfurt Branch through Kookmin Bank, to guarantee the opening of VAT payment loan account for Guba Buget wind power project in Sweden.
 
 17)
The Company has provided EUR 5,022 thousand for a performance guarantee to Microsoft through Kookmin Bank, to guarantee the implementation of the power plant construction for Guba Buget wind power project in Sweden.
 
 18)
The Company has provided EUR 9,980 thousand of a performance guarantee to Ellevio through Shinhan Bank, to guarantee the performance of the electric power transmission equipment connection construction for Guba Buget wind power project in Sweden.
 
 19)
The Company has provided USD 60,000 thousand of a borrowing guarantee to Shinhan Bank, to guarantee the Equity Bridge Loan (EBL) for the solar power business in USA.
 
 20)
The Company has provided a performance guarantee to EDF Energy service, LLC, for the solar power business in USA.
 
 21)
The Company has provided USD 76,700 thousand of a performance guarantee to Primoris Renewable Energy, Inc., to guarantee the construction of power plants of the solar power business in USA.
 
 22)
The Company has provided USD 54,000 thousand of a performance guarantee to PT. Cirebon Electro Power, for Cirebon coal-fired power plant operation and maintenance project in Indonesia.
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments, Continued
 
(3)
Credit lines provided by financial institutions as of December 31, 2021 are as follows:
 
Commitments
  
Financial institutions
  
Currency
 
Credit limit
 
  
Used amount
 
 
  
In millions of won and thousands of foreign currencies
 
Commitments on Bank-overdraft
  Nonghyup Bank and others  KRW  1,815,500    208,018 
Commitments on Bank-daylight overdraft
  Nonghyup Bank  KRW  280,000    —   
Limit amount available for CP
  Hana Bank and others  KRW  1,050,000    1,050,000 
Limit amount available for card
  Hana Bank and others Banco de Oro  
KRW
PHP
  47,404
5,000		 
 		   5,529
3,000		 
 
Loan limit
  
Kookmin Bank and others
DBS Bank Ltd and others
  
KRW
USD
  1,780,028
1,644,700		 
 		   1,319,181
167,533		 
 
Certification of payment on payables from foreign country
  Nonghyup Bank  USD  8,700    7,213 
Certification of payment on L/C
  Shinhan Bank and others  USD  1,019,834    463,355 
  Shinhan Bank  JPY  707,337    —   
   Hana Bank and others  EUR  48,122    41,262 
Certification of Performance guarantee on contract
  Seoul Guarantee Insurance and others  KRW  104,705    96,658 
   First Abu Dhabi Bank and others  USD  947,707    682,903 
   Korea Development Bank and others  JPY  620,000    620,000 
   Hana Bank  EUR  3,965    3,965 
   Shinhan Bank  INR  51,678    51,678 
Certification of bidding
  Hana Bank  USD  5,200    197 
Advance payment bond, Warranty bond, Retention bond and others
  Seoul Guarantee Insurance  KRW  49,874    49,874 
   Hana Bank and others  USD  331,072    286,388 
  Hana Bank  SAR  6,508    6,508 
   Hana Bank and others  MXN  21,597    20,027 
Others
  Nonghyup Bank and others  KRW  610,983    29,730 
   Export-Import Bank of Korea and others  USD  2,625,372    1,842,173 
   Standard Chartered  AED  50    50 
Inclusive credit
  Hana Bank  KRW  8,000    825 
   Hana Bank and others  USD  135,078    15,633 
Trade finance
  Export-Import Bank of Korea and others  USD  850,000    149,328 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments, Continued
 
(4)
As of December 31, 2021, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows:
 
Guarantor
  
Creditor
  
Assets provided as security
  
Currency
 
Amount
 
  
Description
 
  
In millions of won and thousands of foreign currencies
Mira Power Limited
  International Finance Corporation and others  Property, plant and equipment and others  USD  275,600   Collateral for borrowings(*1)
Tamra Offshore Wind Power Co., Ltd.
  
Kyobo Life Insurance Co., Ltd. and others
  
Property, plant and equipment and others
  
KRW
 
 
171,600
 
  
Collateral for borrowings(*2)
Gyeonggi Green Energy Co., Ltd.
  
Korea Development Bank and others
  
Cash and cash equivalents and others
  
KRW
 
 
327,080
 
  
Collateral for borrowings(*2)
Commerce and Industry Energy Co., Ltd.
  
IBK and others
  
Property, plant and equipment and others
  
KRW
 
 
110,500
 
  
Collateral for borrowings(*2)
KOSPO Youngnam Power Co., Ltd.
  
Shinhan Bank and others
  
Cash and cash equivalents and others
  
KRW
 
 
396,120
 
  
Collateral for borrowings(*2)
Gyeongju Wind Power Co., Ltd.
  
Shinhan Bank and others
  
Property, plant and equipment and others
  
KRW
 
 
68,400
 
  
Collateral for borrowings(*2)
Korea Offshore Wind Power Co., Ltd.
  
Woori Bank and others
  
Property, plant and equipment and others
  
KRW
 
 
293,400
 
  
Collateral for borrowings(*2)
Qatrana Electric Power Company
  
The Islamic Development Bank and others
  
Finance lease receivable and property, plant and equipment and others
  
JOD
 
 
236,570
 
  
Collateral for borrowings(*1)
KST Electric Power Company, S.A.P.I. de C.V.
  
The Export—Import Bank of Korea and others
  
Finance lease receivable and property, plant and equipment and others
  
USD

 
 
 
 
 
 
 
401,277

 
 
 
 
  
Collateral for debt securities(*1)

Incheon Fuel Cell Co., Ltd.
  Kookmin Bank and others  Cash and cash equivalents and others  KRW  276,960   Collateral for borrowings(*2)
TS Energy No. 25 Co., Ltd.
  Kyobo Life Insurance Co., Ltd. and others  
Property, plant and
equipment and others
  
KRW
 
  
521,281
   Collateral for borrowings(*2)
Jeongam Wind Power Co., Ltd.
  
KDB Capital Corporation and others
  
Cash and cash
equivalents and others
  
KRW
 
 
 
 
221,631
 
 
 
  
Collateral for borrowings(*2)
 
(*1)
Based on the credit limits of the respective loans.
 
(*2)
As of December 31, 2021, the Company has established guarantees for pledge for transfer of rights of long-term borrowings, pledge for insurance claims, pledge for shares, etc.
The Company has ￦1,197
million of project loans from the Korea Energy Agency as of December 31, 2021. The Company has provided blank check as a repayment guarantee.
 
F-224
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
50.
Contingencies and Commitments, Continued
 
(4)
As of December 31, 2021, blank check and assets provided as collaterals or pledges to financial institutions by the Company are follows, continued:
 
(5)
The Company temporarily suspended operations of the Gangneung hydroelectric generating plant, with a carrying amount of ￦68,674 million as of December 31, 2021, to improve the quality of water used in generating electricity. The expenses related to the suspension of operations of ￦44 million and depreciation on the idle assets of ￦3,621 million are recorded in other expenses for the year ended December 31, 2021. Regarding the improvement of water quality, the results of damages compensation for the local residents cannot be reasonably estimated, and the Company is in negotiations with Gangneung City and related stakeholders to restart the Gangneung hydroelectric generating plant as of December 31, 2021.
 
(6)
Due to the Korean government’s announcement of suspension of operation in the Gaeseong Industrial District, it is uncertain if the Company can exercise the property rights for the Company’s facility in the Gaeseong Industrial District as of December 31, 2021. The book value of facility is ￦14,451 million and the amount of trade receivables related to the companies residing in Gaeseong industrial complex is ￦2,911 million. The outcome of this event cannot be reasonably estimated as of December 31, 2021.
 
(7)
In connection with the electric power IT modernization project in Kerala, India, negotiations are underway due to disagreements in the contract regarding the existence and the scope of a warranty obligation. However, the Company has not recognized any provision because the amount and timing of economic benefit outflow cannot be reasonably estimated as of December 31, 2021.
 
(8)
To prevent the spread of COVID-19, a variety of prevention and control measures, including movement restrictions, are being implemented worldwide, and as a result, the global economy is being affected extensively. In addition, various forms of government policies are being announced to cope with COVID-19. The Company was unable to reasonably estimate the impact of COVID-19 and the impact of the government support policies on the Company’s consolidated financial statements as of December 31, 2021, and the resulting effects have not been reflected in the consolidated financial statements.
 
(9)
The Korea Institute of Energy Technology
 
(KENTECH) was established in April, 2020, in accordance with the “Basic plan for the establishment of KENTECH (July, 2019)”. By the special law to create KENTECH, the Company, government, and local government may contribute to the fund. The Company will decide whether to contribute to the fund on a board resolution after consulting with relevant organizations considering its financial situation by year.
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
51.
Business Combination
 
(1)
Details of the business combination that occurred for the year ended December 31, 2019 are as follows:
 
Company
  
Key operation
activities
  
Date of
merger
 
  
Transfer
price
 
 
  
In millions of won
 
Eumseong Natural Gas Power Co., Ltd.
  Power generation   2019.12.23    225,758 
 
Eumseong Natural Gas Power Co., Ltd. was established in August 2019 by spin-off from Dangjin Eco Power Co., Ltd., and obtained the license for LNG combined power generation under the 8th Basic Plan for Long-Term Electricity Supply and Demand. Korea East-West Power Co., Ltd., a subsidiary of the Company, acquired 100% of its interest in Eumseong Natural Gas Power Co., Ltd. for stable power supply and profit generation through diversification of power sources, and merged with Eumseong Natural Gas Power Co., Ltd. on December 23, 2019.
 
(2)
Details of the transfer price at fair value given by the acquirer of the business combination for the year ended December 31, 2019 are as follows:
 
Type
  
 
 
  
Amounts
 
 
  
 
 
  
In millions of won
 
Cash and cash equivalents(*)
  ￦     166,700 
Fair value of the shares owned before the acquisition
        59,058 
        
 
 
 
   ￦      225,758  
        
 
 
 
 
 
 (*)
The outstanding payment of ￦10,000 million as of December 31, 2019, has been received during the current year.
 
(3)
The fair values of assets and liabilities acquired through the business combination at the acquisition date for the year ended December 31, 2019 are as follows:
 
Type
  
 
 
  
Amounts
 
 
  
 
 
  
In millions of won
 
Fair value of the identifiable assets
  
  
Current assets
  
  
Cash and cash equivalents
  ￦     2,389 
Trade and other receivables
        55 
Non-current assets
          
Property, plant and equipment
        54 
Intangible assets
        172,434 
Other assets
        60 
Fair value of the identifiable liabilities
          
Current liabilities
          
Borrowings
        (2,900) 
Non-current liabilities
          
Deferred tax liabilities
        (41,729) 
        
 
 
 
   ￦      130,363  
        
 
 
 
 
 
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KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
51.
Business Combination, Continued
(4)
Details of goodwill resulting from the business combination for the year ended December 31, 2019 are as follows:
 
Type
  
 
 
  
Amounts
 
 
  
 
 
  
In millions of won
 
Fair value of transfer price
  ￦     225,758 
Less : Fair value of the identifiable net assets
        (130,363) 
        
 
 
 
   ￦     95,395 
        
 
 
 
 
Goodwill arose from the business combination due to the transfer price including the premium to obtain control paid in order to acquire Eumseong Natural Gas Power Co., Ltd. It also includes expectation of synergy effect and future growth in profits derived from business combination with LNG combined power generation project. These business rights can be separated from goodwill which satisfies the recognition requirements and thus the business rights have been recognized as a separate intangible asset.
On the contrary, the expected benefits such as direct fuel acquisition and reduce costs for O&M did not satisfy the recognition requirements for identifiable intangible assets and thus were not recognized separately from the goodwill.
 
(5)
Net cash outflows from the business combination for the years ended December 31, 2019 and 2020 are as follows:
 
Type
  
 
 
  
2019
 
  
2020
 
 
  
 
 
  
In millions of won
 
Cash paid for the acquisition
  ￦     156,700    10,000 
Less: Cash and cash equivalents received
        (2,389)    —   
        
 
 
   
 
 
 
   ￦     154,311    10,000 
        
 
 
   
 
 
 
 
 
(6)
Fees for legal service, due diligence and others relating to the business combination amounted to
￦
24 million.
The fees were excluded from the transfer price and recognized as selling and administrative expenses in the statement of comprehensive income (loss) for the year ended December 31, 2019.
 
(7)
There is no sale or net profit included in the statement of comprehensive income (loss) for the year ended December 31, 2019, in relation to additional business launched by Eumseong Natural Gas Power Co., Ltd.
 
F-227
Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
52.
Subsequent Events
 
(1)
Subsequent to December 31, 2021, the Company and its subsidiaries including 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. and Korea East-West Power Co., Ltd. issued corporate bonds for the purposes of repayment of existing debts and others as follows:
 
Company
  
Type
  
Issue date
 
  
Maturity
 
  
Interest rate
 
 
Amount
 
 
  
In millions of won and thousands of USD
 
Korea Electric Power Corporation
  
#1117 Corporate bond
  
 
2022.01.04
 
  
 
2025.01.04
 
  
 
2.33
% 
 
 
KRW 150,000
 
 
  
#1118 Corporate bond
  
 
2022.01.04
 
  
 
2027.01.04
 
  
 
2.53
% 
 
 
KRW 200,000
 
 
  
#1119 Corporate bond
  
 
2022.01.06
 
  
 
2029.01.06
 
  
 
2.75
% 
 
 
KRW 200,000
 
 
  
#1120 Corporate bond
  
 
2022.01.06
 
  
 
2032.01.06
 
  
 
2.83
% 
 
 
KRW 100,000
 
 
  
#1121 Corporate bond
  
 
2022.01.10
 
  
 
2025.01.10
 
  
 
2.50
% 
 
 
KRW 270,000
 
 
  
#1122 Corporate bond
  
 
2022.01.10
 
  
 
2029.01.10
 
  
 
2.83
% 
 
 
KRW 200,000
 
 
  
#1123 Corporate bond
  
 
2022.01.12
 
  
 
2027.01.12
 
  
 
2.69
% 
 
 
KRW 280,000
 
 
  
#1124 Corporate bond
  
 
2022.01.12
 
  
 
2032.01.12
 
  
 
2.90
% 
 
 
KRW 120,000
 
 
  
#1125 Corporate bond
  
 
2022.01.19
 
  
 
2025.01.19
 
  
 
2.58
% 
 
 
KRW 160,000
 
 
  
#1126 Corporate bond
  
 
2022.01.19
 
  
 
2029.01.19
 
  
 
2.92
% 
 
 
KRW 100,000
 
 
  
#1127 Corporate bond
  
 
2022.01.25
 
  
 
2027.01.25
 
  
 
2.80
% 
 
 
KRW 150,000
 
 
  
#1128 Corporate bond
  
 
2022.01.25
 
  
 
2032.01.25
 
  
 
2.98
% 
 
 
KRW 100,000
 
 
  
#1129 Corporate bond
  
 
2022.01.27
 
  
 
2025.01.27
 
  
 
2.70
% 
 
 
KRW 190,000
 
 
  
#1130 Corporate bond
  
 
2022.01.27
 
  
 
2029.01.27
 
  
 
2.99
% 
 
 
KRW 140,000
 
 
  
#1131 Corporate bond
  
 
2022.02.04
 
  
 
2027.02.04
 
  
 
2.97
% 
 
 
KRW 190,000
 
 
  
#1132 Corporate bond
  
 
2022.02.04
 
  
 
2032.02.04
 
  
 
3.05
% 
 
 
KRW 160,000
 
 
  
#1133 Corporate bond
  
 
2022.02.08
 
  
 
2025.02.08
 
  
 
2.80
% 
 
 
KRW 150,000
 
 
  
#1134 Corporate bond
  
 
2022.02.08
 
  
 
2029.02.08
 
  
 
3.10
% 
 
 
KRW 140,000
 
 
  
#1135 Corporate bond
  
 
2022.02.10
 
  
 
2027.02.10
 
  
 
3.03
% 
 
 
KRW 300,000
 
 
  
#1136 Corporate bond
  
 
2022.02.10
 
  
 
2032.02.10
 
  
 
3.17
% 
 
 
KRW 70,000
 
 
  
#1137 Corporate bond
  
 
2022.02.14
 
  
 
2025.02.14
 
  
 
2.89
% 
 
 
KRW 200,000
 
 
  
#1138 Corporate bond
  
 
2022.02.14
 
  
 
2029.02.14
 
  
 
3.19
% 
 
 
KRW 90,000
 
 
  
#1139 Corporate bond
  
 
2022.02.18
 
  
 
2025.02.18
 
  
 
2.86
% 
 
 
KRW 180,000
 
 
  
#1140 Corporate bond
  
 
2022.02.18
 
  
 
2027.02.18
 
  
 
3.08
% 
 
 
KRW 110,000
 
 
  
#1141 Corporate bond
  
 
2022.02.22
 
  
 
2025.02.22
 
  
 
2.93
% 
 
 
KRW 160,000
 
 
  
#1142 Corporate bond
  
 
2022.02.22
 
  
 
2027.02.22
 
  
 
3.15
% 
 
 
KRW 130,000
 
 
  
#1143 Corporate bond
  
 
2022.02.25
 
  
 
2025.02.25
 
  
 
2.82
% 
 
 
KRW 120,000
 
 
  
#1144 Corporate bond
  
 
2022.02.25
 
  
 
2027.02.25
 
  
 
3.09
% 
 
 
KRW 40,000
 
 
  
#1145 Corporate bond
  
 
2022.03.02
 
  
 
2025.03.02
 
  
 
2.85
% 
 
 
KRW 150,000
 
 
  
#1146 Corporate bond
  
 
2022.03.02
 
  
 
2027.03.02
 
  
 
3.12
% 
 
 
KRW 160,000
 
 
  
#1147 Corporate bond
  
 
2022.03.04
 
  
 
2025.03.04
 
  
 
2.84
% 
 
 
KRW 190,000
 
 
  
#1148 Corporate bond
  
 
2022.03.04
 
  
 
2027.03.04
 
  
 
3.12
% 
 
 
KRW 90,000
 
 
  
#1149 Corporate bond
  
 
2022.03.04
 
  
 
2029.03.04
 
  
 
3.15
% 
 
 
KRW 20,000
 
 
  
#1150 Corporate bond
  
 
2022.03.07
 
  
 
2025.03.07
 
  
 
2.82
% 
 
 
KRW 160,000
 
 
  
#1151 Corporate bond
  
 
2022.03.07
 
  
 
2027.03.07
 
  
 
3.11
% 
 
 
KRW 90,000
 
 
  
#1152 Corporate bond
  
 
2022.03.07
 
  
 
2029.03.07
 
  
 
3.15
% 
 
 
KRW 50,000
 
 
  
#1153 Corporate bond
  
 
2022.03.10
 
  
 
2025.03.10
 
  
 
2.88
% 
 
 
KRW 170,000
 
 
  
#1154 Corporate bond
  
 
2022.03.10
 
  
 
2027.03.10
 
  
 
3.10
% 
 
 
KRW 130,000
 
 
  
#1155 Corporate bond
  
 
2022.03.16
 
  
 
2025.03.16
 
  
 
2.89
% 
 
 
KRW 210,000
 
 
  
#1156 Corporate bond
  
 
2022.03.16
 
  
 
2027.03.16
 
  
 
3.10
% 
 
 
KRW 130,000
 
 
  
#1157 Corporate bond
  
 
2022.03.18
 
  
 
2025.03.18
 
  
 
2.93
% 
 
 
KRW 180,000
 
 
  
#1158 Corporate bond
  
 
2022.03.18
 
  
 
2027.03.18
 
  
 
3.09
% 
 
 
KRW 180,000
 
 
  
#1159 Corporate bond
  
 
2022.03.24
 
  
 
2024.03.24
 
  
 
2.73
% 
 
 
KRW 160,000
 
 
  
#1160 Corporate bond
  
 
2022.03.24
 
  
 
2027.03.24
 
  
 
3.29
% 
 
 
KRW 80,000
 
 
  
#1161 Corporate bond
  
 
2022.03.28
 
  
 
2052.03.28
 
  
 
3.30
% 
 
 
KRW 130,000
 
 
  
#1162 Corporate bond
  
 
2022.03.30
 
  
 
2024.03.30
 
  
 
3.01
% 
 
 
KRW 100,000
 
 
  
#1163 Corporate bond
  
 
2022.03.30
 
  
 
2025.03.30
 
  
 
3.35
% 
 
 
KRW 60,000
 
 
  
#1164 Corporate bond
  
 
2022.03.30
 
  
 
2027.03.30
 
  
 
3.49
% 
 
 
KRW 30,000
 
 
  
#1165 Corporate bond
  
 
2022.04.01
 
  
 
2024.04.01
 
  
 
3.07
% 
 
 
KRW 150,000
 
 
  
#1166 Corporate bond
  
 
2022.04.01
 
  
 
2025.04.01
 
  
 
3.45
% 
 
 
KRW 160,000
 
 
  
#1167 Corporate bond
  
 
2022.04.01
 
  
 
2032.04.01
 
  
 
3.50
% 
 
 
KRW 10,000
 
 
  
#1168 Corporate bond
  
 
2022.04.05
 
  
 
2024.04.05
 
  
 
3.19
% 
 
 
KRW 130,000
 
 
  
#1169 Corporate bond
  
 
2022.04.05
 
  
 
2025.04.05
 
  
 
3.46
% 
 
 
KRW 70,000
 
 
  
#1170 Corporate bond
  
 
2022.04.05
 
  
 
2027.04.05
 
  
 
3.61
% 
 
 
KRW 70,000
 
 
  
#1171 Corporate bond
  
 
2022.04.07
 
  
 
2024.04.07
 
  
 
3.36
% 
 
 
KRW 100,000
 
 
  
#1172 Corporate bond
  
 
2022.04.07
 
  
 
2025.04.07
 
  
 
3.58
% 
 
 
KRW 50,000
 
 
  
#1173 Corporate bond
  
 
2022.04.07
 
  
 
2027.04.07
 
  
 
3.70
% 
 
 
KRW 20,000
 
 
  
#1174 Corporate bond
  
 
2022.04.11
 
  
 
2024.04.11
 
  
 
3.65
% 
 
 
KRW 160,000
 
 
  
#1175 Corporate bond
  
 
2022.04.11
 
  
 
2025.04.11
 
  
 
3.71
% 
 
 
KRW 40,000
 

  
#1176 Corporate bond
  
 
2022.04.11
 
  
 
2027.04.11
 
  
 
3.84
% 
 
 
KRW 10,000
 
 
  
#1177 Corporate bond
  
 
2022.04.15
 
  
 
2024.04.15
 
  
 
3.55
% 
 
 
KRW 230,000
 
 
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Table of Contents
KOREA ELECTRIC POWER CORPORATION AND SUBSIDIARIES
Notes to the Consolidated Financial Statements, Continued
December 31, 2020 and 2021
 
52.
Subsequent Events, Continued
 
 
(1)
Subsequent to December 31, 2021, the Company and its subsidiaries including 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. and Korea East-West Power Co., Ltd. issued corporate bonds for the purposes of repayment of existing debts and others as follows, continued:
 
Company
  
Type
  
Issue date
 
  
Maturity
 
  
Interest rate
 
 
Amount
 
 
  
In millions of won and thousands of USD
 
Korea Electric Power Corporation
  
#1178 Corporate bond
  
 
2022.04.15
 
  
 
2025.04.15
 
  
 
3.70
% 
 
 
KRW 60,000
 
 
  
#1179 Corporate bond
  
 
2022.04.15
 
  
 
2027.04.15
 
  
 
3.72
% 
 
 
KRW 10,000
 
 
  
#1180 Corporate bond
  
 
2022.04.19
 
  
 
2023.10.19
 
  
 
3.29
% 
 
 
KRW 230,000
 
 
  
#1181 Corporate bond
  
 
2022.04.19
 
  
 
2025.04.19
 
  
 
3.70
% 
 
 
KRW 80,000
 
 
  
#1182 Corporate bond
  
 
2022.04.21
 
  
 
2023.10.21
 
  
 
3.19
% 
 
 
KRW 200,000
 
 
  
#1183 Corporate bond
  
 
2022.04.21
 
  
 
2025.04.21
 
  
 
3.71
% 
 
 
KRW 150,000
 
 
  
#1184 Corporate bond
  
 
2022.04.21
 
  
 
2052.04.21
 
  
 
3.72
% 
 
 
KRW 100,000
 
   #1185 Corporate bond   2022.04.26    2024.04.26    3.30%   KRW 130,000 
   #1186 Corporate bond    2022.04.26    2025.04.26    3.65%   KRW 130,000 
   #1187 Corporate bond   2022.04.26    2027.04.26    3.77%   KRW 60,000
 
 
  
#1188 Corporate bond
  
 
2022.04.28
 
  
 
2024.04.28
 
  
 
3.35
% 
 
 
KRW 210,000
 
 
  
#1189 Corporate bond
  
 
2022.04.28
 
  
 
2025.04.28
 
  
 
3.70
% 
 
 
KRW 260,000
 
 
  
#1190 Corporate bond
  
 
2022.04.28
 
  
 
2027.04.28
 
  
 
3.77
% 
 
 
KRW 30,000
 
Korea Hydro & Nuclear Power Co., Ltd.
  
#63-1 Corporate bond
  
 
2022.02.17
 
  
 
2027.02.17
 
  
 
2.81
% 
 
 
KRW 40,000
 
 
  
#63-2 Corporate bond
  
 
2022.02.17
 
  
 
2042.02.17
 
  
 
3.04
% 
 
 
KRW 60,000
 
 
  
#63-3 Corporate bond
  
 
2022.02.17
 
  
 
2052.02.17
 
  
 
2.97
% 
 
 
KRW 50,000
 
 
  
#64-1 Corporate bond
  
 
2022.03.11
 
  
 
2042.03.11
 
  
 
3.10
% 
 
 
KRW 70,000
 
 
  
#64-2 Corporate bond
  
 
2022.03.11
 
  
 
2052.03.11
 
  
 
3.02
% 
 
 
KRW 80,000
 
   #65-1 Corporate bond   2022.04.22    2027.04.22    3.68%   KRW 30,000 
   #65-2 Corporate bond   2022.04.22    2042.04.22    3.84%   KRW 60,000 
   #65-3 Corporate bond   2022.04.22    2052.04.22    3.72%   KRW 20,000 
Korea South-East Power Co., Ltd.
  
Corporate bond
  
 
2022.03.28
 
  
 
2027.03.28
 
  
 
3.30
% 
 
 
KRW 10,000
 
 
  
Corporate bond
  
 
2022.03.28
 
  
 
2052.03.28
 
  
 
3.13
% 
 
 
KRW 40,000
 
 
  
Corporate bond
  
 
2022.03.28
 
  
 
2025.03.28
 
  
 
3.24
% 
 
 
KRW 90,000
 
Korea Midland Power Co., Ltd.
  
#65-1 non-guaranteedCorporate bond
  
 
2022.01.17
 
  
 
2032.01.17
 
  
 
2.85
% 
 
 
KRW 10,000
 
 
  
#65-2 non-guaranteedCorporate bond
  
 
2022.01.17
 
  
 
2042.01.17
 
  
 
2.83
% 
 
 
KRW 10,000
 
 
  
#66-1 non-guaranteedCorporate bond
  
 
2022.01.24
 
  
 
2025.01.24
 
  
 
2.83
% 
 
 
KRW 40,000
 
 
  
#66-2 non-guaranteedCorporate bond
  
 
2022.01.24
 
  
 
2027.01.24
 
  
 
2.95
% 
 
 
KRW 30,000
 
 
  
#66-
3
non-guaranteedCorporate bond
  
 
2022.01.24
 
  
 
2052.01.24
 
  
 
2.87
% 
 
 
KRW 50,000
 
 
  
#67 non-guaranteedCorporate bond
  
 
2022.02.17
 
  
 
2052.02.17
 
  
 
3.01
% 
 
 
KRW 40,000
 
 
  
#9 Foreign currencyCorporate bond
  
 
2022.04.21
 
  
 
2027.04.21
 
  
 
3.63
% 
 
 
USD 300,000
 
Korea Western Power Co., Ltd.
  
#51-1 Corporate bond
  
 
2022.01.25
 
  
 
2025.01.24
 
  
 
2.76
% 
 
 
KRW 50,000
 
 
  
#51-2 Corporate bond
  
 
2022.01.25
 
  
 
2042.01.24
 
  
 
2.78
% 
 
 
KRW 20,000
 
 
  
#52-1 Corporate bond
  
 
2022.03.28
 
  
 
2025.03.28
 
  
 
3.18
% 
 
 
KRW 90,000
 
 
  
#52-2 Corporate bond
  
 
2022.03.28
 
  
 
2042.03.28
 
  
 
3.35
% 
 
 
KRW 30,000
 
 
  
#52-3 Corporate bond
  
 
2022.03.28
 
  
 
2052.03.28
 
  
 
3.20
% 
 
 
KRW 10,000
 
Korea Southern Power Co., Ltd.
  
Corporate bond
  
 
2022.03.24
 
  
 
2025.03.24
 
  
 
3.13
% 
 
 
KRW 40,000
 
 
  
Corporate bond
  
 
2022.03.24
 
  
 
2042.03.24
 
  
 
3.29
% 
 
 
KRW 60,000
 
 
  
Corporate bond
  
 
2022.04.26
 
  
 
2025.04.26
 
  
 
3.63
%

 
 
KRW 160,000
 
 
  
Corporate bond
  
 
2022.04.26
 
  
 
2025.04.26
 
  
 
3.63
%
 
 
KRW 10,000
 
 
  
Corporate bond
  
 
2022.04.26
 
  
 
2052.04.26
 
  
 
3.60
%
 
 
KRW 20,000
 
Korea East-West Power Co., Ltd.
  Corporate bond   2022.04.22    2025.04.22    3.75%   KRW
60,000
 
 
(2)
The Company established the right of pledge on the shares of Jeju Hanlim Offshore Wind Co., Ltd. with other shareholders to procure project financing of Jeju Hanlim Offshore Wind Co., Ltd. which is a subsidiary of the Company on February 25, 2022.
 
(3)
The ongoing armed conflict between Russia and Ukraine in the territory of Ukraine, which started in February 2022, and relevant sanctions against Russia and Belarus imposed by the international community can impact not only sanctioned entities of Russia and Belarus but also the entities doing business directly or indirectly with Ukraine, Russia or Belarus and the entities exposed directly or indirectly to industries or economy of those countries. The Company has accounted for the event as a non-adjusting event after the reporting period. The Company is unable to make reasonable estimates of the future financial impact of the Ukraine-Russia conflict on the Company’s financial position or performance.
 
F-229

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