Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 |
Investments in Associates and Joint Ventures [Abstract] | |
Investments in Associates and Joint Ventures | Investments in associates and joint ventures as of December 31, 2018 and 2019 are as follows: 2018 Investees Key operation activities Location Percentage of Acquisition Book In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG KOREA 20.47 % ₩ 94,500 1,701,848 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others KOREA 29.00 % 4,727 21,838 YTN Co., Ltd. Broadcasting KOREA 21.43 % 59,000 40,338 Cheongna Energy Co., Ltd. Generating and distributing vapor and hot/cold water KOREA 43.90 % 48,353 3,465 Gangwon Wind Power Co., Ltd.(*2) Power generation KOREA 15.00 % 5,725 13,220 Hyundai Green Power Co., Ltd. Power generation KOREA 29.00 % 88,885 127,160 Korea Power Exchange(*5) Management of power market and others KOREA 100.00 % 127,839 251,802 AMEC Partners Korea Ltd.(*3) Resources development KOREA 19.00 % 707 209 Hyundai Energy Co., Ltd.(*8) Power generation KOREA 30.66 % 71,070 — Ecollite Co., Ltd. Artificial light-weight aggregate KOREA 36.10 % 1,516 — Taebaek Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,810 5,665 Taeback Guinemi Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,420 2,569 Pyeongchang Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,875 5,419 Daeryun Power Co., Ltd.(*3) Power generation KOREA 9.34 % 40,854 26,099 Changjuk Wind Power Co., Ltd. Power generation KOREA 30.00 % 3,801 8,086 KNH Solar Co., Ltd. Power generation KOREA 27.00 % 1,296 2,337 SPC Power Corporation Power generation PHILIPPINES 38.00 % 20,635 57,558 Gemeng International Energy Co., Ltd. Power generation CHINA 34.00 % 413,153 647,010 PT. Cirebon Electric Power Power generation INDONESIA 27.50 % 40,365 108,628 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 31,097 PT. Bayan Resources TBK Resources development INDONESIA 20.00 % 615,860 511,646 S-Power Power generation KOREA 49.00 % 132,300 114,566 Pioneer Gas Power Limited(*7) Power generation INDIA 38.50 % 49,831 20,395 Eurasia Energy Holdings Power generation and resources development RUSSIA 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation LAOS 25.00 % 84,374 77,165 Hadong Mineral Fiber Co., Ltd.(*3) Recycling fly ashes KOREA 8.33 % 50 — Green Biomass Co., Ltd.(*10) Power generation KOREA 8.80 % 714 115 PT. Mutiara Jawa Manufacturing and operating floating coal terminal INDONESIA 29.00 % 2,978 365 Samcheok Eco Materials Co., Ltd.(*9) Recycling fly ashes KOREA 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation KOREA 29.00 % 1,740 8,015 Naepo Green Energy Co., Ltd. Power generation KOREA 41.67 % 29,200 — Goseong Green Energy Co., Ltd.(*2) Power generation KOREA 1.12 % 2,900 2,459 Gangneung Eco Power Co., Ltd.(*2) Power generation KOREA 1.61 % 2,900 2,495 Shin Pyeongtaek Power Co., Ltd. Power generation KOREA 40.00 % 72,000 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. Power generation KOREA 28.00 % 194 202 Dongducheon Dream Power Co., Ltd.(*14) Power generation KOREA 33.61 % 148,105 76,386 Jinbhuvish Power Generation Pvt. Ltd.(*2) Power generation INDIA 5.16 % ₩ 9,000 — SE Green Energy Co., Ltd. Power generation KOREA 47.76 % 3,821 3,366 Daegu Photovoltaic Co., Ltd. Power generation KOREA 29.00 % 1,230 2,002 Jeongam Wind Power Co., Ltd. Power generation KOREA 40.00 % 5,580 4,589 Korea Power Engineering Service Co., Ltd. Construction and service KOREA 29.00 % 290 4,333 Busan Green Energy Co., Ltd. Power generation KOREA 29.00 % 5,243 12,537 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 1,593 Ulleungdo Natural Energy Co., Ltd. Renewable power generation KOREA 29.85 % 8,000 4,628 Korea Nuclear Partners Co., Ltd. Electric material agency KOREA 29.00 % 290 175 Tamra Offshore Wind Power Co., Ltd. Power generation KOREA 27.00 % 8,910 10,401 Korea Electric Power Corporation Fund(*11) Developing electric enterprises KOREA 98.09 % 51,500 47,189 Energy Infra Asset Management Co., Ltd.(*3) Asset management KOREA 9.90 % 297 665 Daegu clean Energy Co., Ltd. Renewable power generation KOREA 28.00 % 140 17 YaksuESS Co., Ltd Installing ESS related equipment KOREA 29.00 % 210 460 Nepal Water & Energy Development Company Private Limited(*13) Construction and operation of utility plant NEPAL 57.67 % 33,577 30,961 Gwangyang Green Energy Co., Ltd. Power generation KOREA 20.00 % 2,000 1,206 PND solar., Ltd Power generation KOREA 29.00 % 1,250 1,020 Hyundai Eco Energy Co., Ltd.(*2) Power generation KOREA 19.00 % 3,610 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd(*2) Power generation KOREA 9.63 % 533 533 2,338,421 4,064,820 <Joint ventures> KEPCO-Uhde Inc.(*6) Power generation KOREA 52.80 % 11,355 188 Eco Biomass Energy Sdn. Bhd.(*6) Power generation MALAYSIA 61.53 % 14,439 — Shuweihat Asia Power Investment B.V. Holding company NETHERLANDS 49.00 % 44,405 27,251 Shuweihat Asia Operation & Maintenance Company(*6) Maintenance of utility plant CAYMAN 55.00 % 30 792 Waterbury Lake Uranium L.P. Resources development CANADA 34.07 % 26,602 19,032 ASM-BG Power generation BULGARIA 50.00 % 16,101 21,379 RES Technology AD Power generation BULGARIA 50.00 % 15,595 15,209 KV Holdings, Inc. Power generation PHILIPPINES 40.00 % 2,103 1,918 KEPCO SPC Power Corporation(*6) Construction and operation of utility plant PHILIPPINES 75.20 % 94,579 208,306 Gansu Datang Yumen Wind Power Co., Ltd. Power generation CHINA 40.00 % 16,621 9,981 Datang Chifeng Renewable Power Co., Ltd. Power generation CHINA 40.00 % 121,928 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % ₩ 10,858 39,442 Rabigh Electricity Company Power generation SAUDI ARABIA 40.00 % 109,743 105,328 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant SAUDI ARABIA 40.00 % 70 5,834 Jamaica Public Service Company Limited Power generation JAMAICA 40.00 % 301,910 239,632 KW Nuclear Components Co., Ltd. Manufacturing KOREA 45.00 % 833 7,708 Busan Shinho Solar Power Co., Ltd. Power generation KOREA 25.00 % 2,100 4,761 GS Donghae Electric Power Co., Ltd. Power generation KOREA 34.00 % 204,000 240,591 Global Trade Of Power System Co., Ltd. Exporting products and technology of small or medium business by proxy KOREA 29.00 % 290 515 Expressway Solar-light Power Generation Co., Ltd. Power generation KOREA 29.00 % 1,856 2,676 Daejung Offshore Wind Power Co., Ltd. Power generation KOREA 49.90 % 5,190 2,669 Amman Asia Electric Power Company(*6) Power generation JORDAN 60.00 % 111,476 177,357 KAPES, Inc.(*6) R&D KOREA 51.00 % 5,629 9,079 Dangjin Eco Power Co., Ltd. Power generation KOREA 34.00 % 61,540 19,912 Honam Wind Power Co., Ltd. Power generation KOREA 29.00 % 3,480 4,860 Chun-cheon Energy Co., Ltd. Power generation KOREA 29.90 % 52,700 42,505 Yeonggwangbaeksu Wind Power Co., Ltd.(*3) Power generation KOREA 15.00 % 3,000 2,843 Nghi Son 2 Power LLC Power generation VIETNAM 50.00 % 2,781 — Kelar S.A(*6) Power generation CHILE 65.00 % 78,060 72,824 PT. Tanjung Power Indonesia Power generation INDONESIA 35.00 % 746 7,081 Incheon New Power Co., Ltd. Power generation KOREA 29.00 % 461 579 Seokmun Energy Co., Ltd. Power generation KOREA 29.00 % 15,370 16,751 Daehan Wind Power PSC Power generation JORDAN 50.00 % 3,191 1,632 Barakah One Company(*12) Power generation UAE 18.00 % 118 3,807 Nawah Energy Company(*12) Operation of utility plant UAE 18.00 % 296 274 MOMENTUM International thermonuclear experimental reactor construction management FRANCE 33.33 % 1 582 Daegu Green Power Co., Ltd. Power generation KOREA 29.00 % 46,225 41,110 Yeonggwang Wind Power Co., Ltd. Power generation KOREA 41.00 % 15,375 15,304 Chester Solar IV SpA(*6) Power generation CHILE 81.82 % 1,700 1,851 Chester Solar V SpA(*6) Power generation CHILE 81.82 % 525 474 Diego de Almagro Solar SpA(*6) Power generation CHILE 81.82 % 2,091 1,663 South Jamaica Power Company Limited Power generation JAMAICA 20.00 % 16,231 16,124 Daesan Green Energy Co., Ltd. Power generation KOREA 35.00 % 17,850 17,433 RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 51,094 RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 38,898 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 41,415 RE Astoria 2 LandCo LLC Power generation USA 50.00 % 5,188 5,410 RE Barren Ridge LandCo LLC Power generation USA 50.00 % 2,187 1,898 Laurel SpA(*6) Power generation CHILE 81.82 % ₩ 1,222 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*3) Power generation AUSTRALIA 12.37 % 4,095 3,940 Chile Solar JV SpA Power generation CHILE 50.00 % 36,654 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation KOREA 46.58 % 8,500 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. Power generation KOREA 24.76 % 2,073 2,073 Chester Solar I SpA(*6) Power generation CHILE 81.82 % 1,181 1,181 Solar Philippines Calatagan Corporation Power generation PHILIPPINES 38.00 % 47,903 47,903 1,647,317 1,813,525 ₩ 3,985,738 5,878,345 (*1) The effective percentage of ownership is 21.57% 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 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. (*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 influence on the entity. (*5) 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. The Company can exercise significant influence by its right to nominate directors to the board of directors of the entity. (*6) 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. For this reason, the entities are classified as joint ventures. (*7) As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31. (*8) As of December 31, 2018, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership. (*9) The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%. (*10) The effective percentage of ownership is less than 20% but the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity and the fact that the dominant portion of the investee’s sales transactions is generated from the Company. (*11) 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. For this reason, the entity is classified as an associate. (*12) The effective percentage of ownership is less than 20% but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity. (*13) The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate. (*14) The effective percentage of ownership is 34.01% considering redeemable convertible preferred stock. 2019 Investees Key operation activities Location Percentage of Acquisition Book value In millions of won <Associates> Korea Gas Corporation(*1) Importing and wholesaling LNG KOREA 20.47 % ₩ 94,500 1,693,967 Korea Electric Power Industrial Development Co., Ltd. Electricity metering and others KOREA 29.00 % 4,727 25,393 YTN Co., Ltd. Broadcasting KOREA 21.43 % 59,000 39,747 Cheongna Energy Co., Ltd. Generating and distributing vapor and hot/cold water KOREA 43.90 % 48,353 1,411 Gangwon Wind Power Co., Ltd.(*2) Power generation KOREA 15.00 % 5,725 12,327 Hyundai Green Power Co., Ltd. Power generation KOREA 29.00 % 88,885 124,253 Korea Power Exchange(*5) Management of power market and others KOREA 100.00 % 127,839 258,899 Hyundai Energy Co., Ltd.(*8) Power generation KOREA 30.66 % 71,070 — Ecollite Co., Ltd. Artificial light-weight aggregate KOREA 36.10 % 1,516 — Taebaek Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,810 7,039 Taeback Guinemi Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,420 2,553 Pyeongchang Wind Power Co., Ltd. Power generation KOREA 25.00 % 3,875 5,877 Daeryun Power Co., Ltd.(*3) Power generation KOREA 9.34 % 40,854 26,247 Changjuk Wind Power Co., Ltd. Power generation KOREA 30.00 % 3,801 8,520 KNH Solar Co., Ltd. Power generation KOREA 27.00 % 1,296 2,382 SPC Power Corporation Power generation PHILIPPINES 38.00 % 20,635 63,583 Gemeng International Energy Co., Ltd. Power generation CHINA 34.00 % 413,153 670,896 PT. Cirebon Electric Power Power generation INDONESIA 27.50 % 40,365 123,425 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 29,355 PT. Bayan Resources TBK Resources development INDONESIA 20.00 % 615,860 445,141 S-Power Power generation KOREA 49.00 % 132,300 115,784 Pioneer Gas Power Limited(*7) Power generation INDIA 38.50 % 49,831 — Eurasia Energy Holdings Power generation and resources development RUSSIA 40.00 % 461 — Xe-Pian Xe-Namnoy Power generation LAOS 25.00 % 87,426 72,935 Hadong Mineral Fiber Co., Ltd.(*3) Recycling fly ashes KOREA 8.33 % 50 — Green Biomass Co., Ltd.(*10) Power generation KOREA 7.85 % 714 108 PT. Mutiara Jawa Manufacturing and operating floating coal terminal INDONESIA 29.00 % 2,978 1,438 Samcheok Eco Materials Co., Ltd.(*9) Recycling fly ashes KOREA 2.35 % 686 — Noeul Green Energy Co., Ltd. Power generation KOREA 29.00 % 1,740 6,610 Naepo Green Energy Co., Ltd. Power generation KOREA 41.67 % 29,200 — Goseong Green Energy Co., Ltd.(*2) Power generation KOREA 1.12 % 2,900 2,340 Gangneung Eco Power Co., Ltd.(*2) Power generation KOREA 1.61 % ₩ 2,900 2,430 Shin Pyeongtaek Power Co., Ltd. Power generation KOREA 40.00 % 72,000 66,956 Heang Bok Do Si Photovoltaic Power Co., Ltd. Power generation KOREA 28.00 % 194 215 Dongducheon Dream Power Co., Ltd.(*14) Power generation KOREA 33.61 % 148,105 76,547 Jinbhuvish Power Generation Pvt. Ltd.(*2) Power generation INDIA 5.16 % 9,000 — Daejung Offshore Wind Power Co., Ltd.(*16) Power generation KOREA 49.90 % 5,190 2,361 GS Donghae Electric Power Co., Ltd.(*16) Power generation KOREA 34.00 % 204,000 255,983 Daegu Photovoltaic Co., Ltd. Power generation KOREA 29.00 % 1,230 2,060 Busan Green Energy Co., Ltd. Power generation KOREA 29.00 % 5,243 10,637 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 1,063 Korea Nuclear Partners Co., Ltd. Electric material agency KOREA 29.00 % 290 — Korea Electric Power Corporation Fund(*11) Developing electric enterprises KOREA 98.09 % 51,500 41,126 Energy Infra Asset Management Co., Ltd.(*3) Asset management KOREA 9.90 % 297 791 Daegu clean Energy Co., Ltd. Renewable power generation KOREA 28.00 % 140 13 YaksuESS Co., Ltd Installing ESS related equipment KOREA 29.00 % 210 516 Nepal Water & Energy Development Company Private Limited(*13) Construction and operation of utility plant NEPAL 57.76 % 35,571 31,145 Gwangyang Green Energy Co., Ltd. Power generation KOREA 20.00 % 2,000 948 PND solar., Ltd Power generation KOREA 29.00 % 1,250 1,144 Hyundai Eco Energy Co., Ltd.(*2) Power generation KOREA 19.00 % 3,610 3,781 YeongGwang Yaksu Wind Electric. Co., Ltd(*2) Power generation KOREA 9.63 % 533 386 Green Energy Electricity Generation Co., Ltd. Power generation KOREA 29.00 % 1,189 163 Korea Energy Solutions Co., Ltd. R & D KOREA 20.00 % 300 259 ITR Co., Ltd. R & D KOREA 20.00 % 50 33 Structure test network Co., Ltd. Technical testing and consulting KOREA 20.00 % 25 21 Namjeongsusang Solar Power Operation Co., Ltd.(*18) Power generation KOREA 15.00 % 969 812 Indeck Niles Development, LLC(*23) Power generation USA 50.00 % — — Indeck Niles Asset Management, LLC Power generation USA 33.33 % — 87 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 Holding company KOREA 49.00 % 7,105 7,126 Suwon New Power Co., Ltd. Power generation KOREA 39.90 % 798 798 KPGE Inc. Power generation materials business KOREA 29.00 % ₩ 287 287 Gwangbaek Solar Power Investment Co., Ltd.(*21) Power generation KOREA 19.00 % 2,054 2,054 Goduk Clean Energy Co., Ltd.(*20) Fuel cell generation KOREA 61.00 % 1,830 1,830 2,539,956 4,251,802 <Joint ventures> KEPCO-Uhde Inc.(*6) Power generation KOREA 52.80 % 11,355 134 Shuweihat Asia Power Investment B.V. Holding company NETHERLANDS 49.00 % 44,405 18,318 Shuweihat Asia Operation & Maintenance Company(*6) Maintenance of utility plant CAYMAN 55.00 % 30 1,408 Waterbury Lake Uranium L.P. Resources development CANADA 33.48 % 26,602 20,562 ASM-BG Power generation BULGARIA 50.00 % 16,101 19,376 RES Technology AD Power generation BULGARIA 50.00 % 15,595 16,248 KV Holdings, Inc. Power generation PHILIPPINES 40.00 % 2,103 2,441 KEPCO SPC Power Corporation(*6) Construction and operation of utility plant PHILIPPINES 75.20 % 94,579 214,794 Gansu Datang Yumen Wind Power Co., Ltd. Power generation CHINA 40.00 % 16,621 8,149 Datang Chifeng Renewable Power Co., Ltd. Power generation CHINA 40.00 % 121,928 185,307 Datang KEPCO Chaoyang Renewable Power Co., Ltd. Power generation CHINA 40.00 % 10,858 41,024 Rabigh Electricity Company Power generation SAUDI ARABIA 40.00 % 109,743 109,096 Rabigh Operation & Maintenance Company Limited Maintenance of utility plant SAUDI ARABIA 40.00 % 70 6,879 Jamaica Public Service Company Limited Power generation JAMAICA 40.00 % 301,910 253,607 KW Nuclear Components Co., Ltd. Manufacturing KOREA 45.00 % 833 9,052 Busan Shinho Solar Power Co., Ltd. Power generation KOREA 25.00 % 2,100 5,045 Global Trade Of Power System Co., Ltd. Exporting products and technology of small or medium business by proxy KOREA 29.00 % 290 571 Expressway Solar-light Power Generation Co., Ltd. Power generation KOREA 29.00 % 1,856 2,883 Amman Asia Electric Power Company(*6) Power generation JORDAN 60.00 % 111,476 192,164 KAPES, Inc.(*6) R&D KOREA 51.00 % 5,629 10,832 Honam Wind Power Co., Ltd. Power generation KOREA 29.00 % 3,480 4,375 Jeongam Wind Power Co., Ltd.(*16) Power generation KOREA 40.00 % 5,580 4,437 Korea Power Engineering Service Co., Ltd.(*16) Construction and service KOREA 29.00 % 290 4,902 Chun-cheon Energy Co., Ltd. Power generation KOREA 29.90 % 52,700 34,872 Yeonggwangbaeksu Wind Power Co., Ltd.(*3) Power generation KOREA 15.00 % 3,000 3,040 Nghi Son 2 Power LLC Power generation VIETNAM 50.00 % 2,781 — Kelar S.A(*6) Power generation CHILE 65.00 % ₩ 78,060 70,462 PT. Tanjung Power Indonesia Power generation INDONESIA 35.00 % 26,892 34,327 Incheon New Power Co., Ltd. Power generation KOREA 29.00 % 461 — Seokmun Energy Co., Ltd. Power generation KOREA 29.00 % 15,370 17,342 Daehan Wind Power PSC Power generation JORDAN 50.00 % 3,191 1,757 Barakah One Company(*12) Power generation UAE 18.00 % 118 — Nawah Energy Company(*12) Operation of utility plant UAE 18.00 % 296 285 MOMENTUM International thermonuclear experimental reactor construction management FRANCE 33.33 % 1 553 Daegu Green Power Co., Ltd. Power generation KOREA 29.00 % 46,225 22,824 Yeonggwang Wind Power Co., Ltd. Power generation KOREA 46.00 % 17,475 17,627 Chester Solar IV SpA Power generation CHILE 45.00 % 1,700 672 Chester Solar V SpA Power generation CHILE 45.00 % 525 146 Diego de Almagro Solar SpA Power generation CHILE 45.00 % 2,091 1,035 South Jamaica Power Company Limited Power generation JAMAICA 20.00 % 20,521 13,863 Daesan Green Energy Co., Ltd. Power generation KOREA 35.00 % 17,850 17,182 RE Holiday Holdings LLC Power generation USA 50.00 % 42,948 42,070 RE Pioneer Holdings LLC Power generation USA 50.00 % 27,891 31,156 RE Barren Ridge 1 Holdings LLC Power generation USA 50.00 % 28,021 42,916 RE Astoria 2 LandCo LLC Power generation USA 50.00 % 5,188 5,602 RE Barren Ridge LandCo LLC Power generation USA 50.00 % 2,187 1,966 Laurel SpA Power generation CHILE 45.00 % 1,222 595 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd(*3) Power generation AUSTRALIA 12.37 % 4,095 4,024 Chile Solar JV SpA Power generation CHILE 50.00 % 37,689 34,859 Taebaek Gadeoksan Wind Power Co., Ltd. Power generation KOREA 37.78 % 8,500 7,846 Cheong-Song Noraesan Wind Power Co., Ltd. Power generation KOREA 29.01 % 3,200 3,043 Chester Solar I SpA Power generation CHILE 45.00 % 1,181 1,157 Solar Philippines Calatagan Corporation Power generation PHILIPPINES 38.00 % 47,903 48,930 Saemangeum Solar Power Co., Ltd.(*22) Power generation KOREA 81.00 % 10,000 8,324 Chungsongmeon BongSan wind power Co., Ltd. Power generation KOREA 29.00 % 2,900 2,764 Jaeun Resident Wind Power Plant Co., Ltd. Power generation KOREA 29.00 % 2,494 2,198 DE Energia SpA Power generation CHILE 49.00 % 8,364 8,665 Dangjin Eco Power Co., Ltd. (newly)(*15) Power generation KOREA 34.00 % 25,661 25,661 Haemodum Solar Co., Ltd. Power generation KOREA 49.00 % 2,940 2,940 Yangyang Wind Power Co., Ltd.(*17) Power generation KOREA 99.54 % 10,800 10,800 HORUS SOLAR, S.A. DE C.V.(*19) Renewable power generation MEXICO 14.95 % 3,403 3,403 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V.(*19) Renewable power generation MEXICO 14.95 % ₩ 672 672 SUNMEX RENOVABLES, S.A. DE C.V.(*19) Renewable power generation MEXICO 14.95 % 222 222 Stavro Holding II AB Holding company SWEDEN 20.00 % 5,524 5,625 1,475,696 1,663,029 ₩ 4,015,652 5,914,831 (*1) The effective percentage of ownership is 21.57% 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 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. (*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 influence on the entity. (*5) 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. The Company can exercise significant influence by virtue of right to nominate directors to the board of directors of the entity. (*6) 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. For this reason, the entities are classified as joint ventures. (*7) As of reporting date, the annual reporting period of all associates and joint ventures ends on December 31, except for Pioneer Gas Power Limited whose reporting period ends on March 31. (*8) As of December 31, 2019, 15.64% of ownership of Hyundai Energy Co., Ltd. is held by NH Power ll Co., Ltd. and NH Bank. According to the shareholders’ agreement reached on March 2011, not only does the Company have a call option to acquire the investment in Hyundai Energy Co., Ltd. from NH Power ll Co., Ltd. and NH Bank with a certain rate of return, NH Power ll Co., Ltd. and NH Bank also have put options to dispose of their investment to the Company. In connection with this agreement, the Company applied the equity method on the investment in Hyundai Energy Co., Ltd. with 46.30% of ownership. (*9) The Company’s effective percentage of ownership excluding the redeemable convertible preferred stock is 25.54%. (*10) The effective percentage of ownership is less than 20% but the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity and the fact that the dominant portion of the investee’s sales transactions is generated from the Company. (*11) 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. For this reason, the entity is classified as an associate. (*12) The effective percentage of ownership is less than 20% but the Company has joint control over the entity as decisions on the major activities require the unanimous consent of the parties that collectively control the entity. (*13) The effective percentage of ownership is more than 50% but the Company does not hold control over the entity according to the shareholders’ agreement. For this reason, the entity is classified as an associate. (*14) The effective percentage of ownership is 34.01% considering the conversion of redeemable convertible preferred stock into ordinary stock. (*15) Eumseong Natural Gas Power Co., Ltd. and Dangjin Eco Solar Power Co., Ltd. were established by spin-off spin-off, (*16) Daejung Offshore Wind Power Co., Ltd. and GS Donghae Electric Power Co., Ltd. are reclassified from joint ventures to associates, and Jeongam Wind Power Co., Ltd. and Korea Power Engineering Service Co., Ltd. are reclassified from associates to joint ventures during the year ended December 31, 2019. (*17) The temporary percentage of ownership is more than 50% due to differences in the timing of the payment. The Company is expected to exert significant influence after payment is completed in the first quarter of 2020. (*18) 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. For this reason, the entities are classified as an associate. (*19) The effective percentage of ownership is less than 20%. However, according to the shareholders’ agreement, decisions on the major activities must be agreed to by all ownership parties. For this reason, the entities are classified as joint ventures. (*20) The effective percentage of ownership is 61%. However, it seems the Company doesn’t have power on the Goduk Clean Energy Co., Ltd. due to its proportion to make decisions, which is less than 50%. 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. (*21) 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. (*22) The effective percentage of ownership is more than 50%. However, according to the shareholders’ agreement, all operation related decisions must be agreed by all ownership parties. For this reason, the entity is classified as a joint venture. (*23) Although the investment amount is not paid as of December 31, 2019, the Company has an investment agreement on 50% of the interests. the Company can exercise significant influence by virtue of its contractual right to appoint a director to the board of directors of the entity. |
The fair value of associates | The fair value of associates which are actively traded on an open market and have a readily available market value as of December 31, 2018 and 2019 are as follows: Investees 2018 2019 In millions of won <Associates> Korea Electric Power Industrial Development Co., Ltd. ₩ 33,609 33,089 Korea Gas Corporation(*) 910,980 715,365 YTN Co., Ltd. 18,900 18,450 SPC Power Corporation 72,710 117,230 PT. Bayan Resources TBK 1,017,601 880,860 (*) An indicator of impairment has been identified for the Company’s investment in Korea Gas Corporation (‘‘KOGAS’’) for the years ended December 31, 2018 and 2019 as management determined that the carrying amount of the investment in KOGAS at ₩1,701,848 million and ₩1,693,967 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, 2018 and 2019 are supported by the recoverable amount determination and as such, no impairment has been recognized for the years ended December 31, 2018 and 2019. 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 4.80% and 4.70% was applied to post-tax cash flows respectively as at December 31, 2018 and 2019. Changes in circumstances may affect the assumptions used to determine recoverable amount and could result in an impairment of KOGAS at future reporting dates. |
Changes in investments in associates and joint ventures | Changes in investments in associates and joint ventures for the years ended December 31, 2018 and 2019 are as follows: 2018 Investees Beginning Acquisition Disposal Dividends Share of Other (loss) Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,618,868 — — — 107,952 (24,843 ) (129 ) 1,701,848 Korea Electric Power Industrial Development Co., Ltd. 21,838 — — (1,872 ) 2,584 (102 ) (610 ) 21,838 YTN Co., Ltd. 40,606 — — (180 ) 545 (186 ) (447 ) 40,338 Cheongna Energy Co., Ltd. 8,337 — — — (4,872 ) — — 3,465 Gangwon Wind Power Co., Ltd. 13,855 — — (2,272 ) 1,637 — — 13,220 Hyundai Green Power Co., Ltd. 114,806 — — (8,889 ) 21,243 — — 127,160 Korea Power Exchange 237,631 — — — 16,031 — (1,860 ) 251,802 AMEC Partners Korea Ltd. 215 — — — (6 ) — — 209 Hyundai Energy Co., Ltd. — — — — — — — — Ecollite Co., Ltd. — — — — — — — — Taebaek Wind Power Co., Ltd. 5,319 — — (196 ) 542 — — 5,665 Taeback Guinemi Wind Power Co., Ltd. 3,089 — — — (520 ) — — 2,569 Pyeongchang Wind Power Co., Ltd. 4,136 — — — 1,283 — — 5,419 Daeryun Power Co., Ltd.(*5) 25,113 — — — (189 ) 184 991 26,099 Changjuk Wind Power Co., Ltd. 7,515 — — (416 ) 987 — — 8,086 KNH Solar Co., Ltd. 2,218 — — — 119 — — 2,337 SPC Power Corporation 52,283 — — (9,549 ) 4,235 10,578 11 57,558 Gemeng International Energy Co., Ltd. 649,973 — — (11,246 ) 15,156 (6,873 ) — 647,010 PT. Cirebon Electric Power 97,410 — — (4,432 ) 9,385 6,265 — 108,628 KNOC Nigerian East Oil Co., Ltd. — — — — 2,615 (471 ) (2,144 ) — KNOC Nigerian West Oil Co., Ltd. — — — — 2,342 (414 ) (1,928 ) — PT Wampu Electric Power 29,403 — — — 408 1,286 — 31,097 PT. Bayan Resources TBK 451,831 — — (33,651 ) 74,776 18,690 — 511,646 S-Power ₩ 116,945 — — — (2,326 ) — (53 ) 114,566 Pioneer Gas Power Limited 38,659 — — — (17,684 ) (580 ) — 20,395 Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 61,779 12,893 — — (479 ) 2,972 — 77,165 Hadong Mineral Fiber Co., Ltd. — — — — — — — — Green Biomass Co., Ltd. 208 — — — (93 ) — — 115 PT. Mutiara Jawa — — — — 349 16 — 365 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 2,067 — — — 5,687 — 261 8,015 Naepo Green Energy Co., Ltd.(*4) 20,598 — — — (13,511 ) — (7,087 ) — Goseong Green Energy Co., Ltd. 2,597 — — — (138 ) — — 2,459 Gangneung Eco Power Co., Ltd. 2,583 — — — (88 ) — — 2,495 Shin Pyeongtaek Power Co., Ltd. 34,903 28,080 — — (2,946 ) 6,673 890 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. 187 — — — 15 — — 202 Dongducheon Dream Power Co., Ltd. 53,233 36,971 — — (13,824 ) — 6 76,386 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — SE Green Energy Co., Ltd. 3,476 — — — (110 ) — — 3,366 Daegu Photovoltaic Co., Ltd. 1,718 — — (128 ) 412 — — 2,002 Jeongam Wind Power Co., Ltd. 3,763 — — — 826 — — 4,589 Korea Power Engineering Service Co., Ltd. 3,659 — — (218 ) 929 — (37 ) 4,333 Busan Green Energy Co., Ltd. 7,363 — — — 5,037 — 137 12,537 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 1,749 196 — — (352 ) — — 1,593 Ulleungdo Natural Energy Co., Ltd. 6,370 — — — (1,749 ) — 7 4,628 Korea Nuclear Partners Co., Ltd. 383 — — — (208 ) — — 175 Tamra Offshore Wind Power Co., Ltd. 8,560 — — — 1,841 — — 10,401 Korea Electric Power Corporation Fund 47,974 — — — (505 ) (280 ) — 47,189 Energy Infra Asset Management Co., Ltd. 476 — — — 189 — — 665 Daegu clean Energy Co., Ltd. 11 — — — 6 — — 17 YaksuESS Co., Ltd 194 — — — 266 — — 460 Nepal Water & Energy Development Company Private Limited 30,498 — — — (770 ) 1,233 — 30,961 Gwangyang Green Energy Co., Ltd. 1,772 — — — (566 ) — — 1,206 PND solar., Ltd 1,250 — — — (230 ) — — 1,020 Hyundai Eco Energy Co., Ltd. — 3,610 — — (222 ) — — 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd — 533 — — — — — 533 3,837,421 82,283 — (73,049 ) 216,009 14,148 (11,992 ) 4,064,820 <Joint ventures> KEPCO-Uhde Inc. 258 — — — (70 ) — — 188 Eco Biomass Energy Sdn. Bhd. — — — — — — — — Datang Chaoyang Renewable Power Co., Ltd.(*3) ₩ 27,262 — — — 743 1,009 (29,014 ) — Shuweihat Asia Power Investment B.V. 15,675 — (1,632 ) (499 ) 3,075 10,632 — 27,251 Shuweihat Asia Operation & Maintenance Company 663 — — (859 ) 946 42 — 792 Waterbury Lake Uranium L.P. 19,781 — — — (3 ) (746 ) — 19,032 ASM-BG 21,202 — — (1,039 ) 2,236 (1,020 ) — 21,379 RES Technology AD 14,375 — — — 812 22 — 15,209 KV Holdings, Inc. 1,918 — — (735 ) 772 (37 ) — 1,918 KEPCO SPC Power Corporation 217,094 — — (41,601 ) 44,909 (12,092 ) (4 ) 208,306 Gansu Datang Yumen Wind Power Co., Ltd. 10,840 — — — (818 ) (41 ) — 9,981 Datang Chifeng Renewable Power Co., Ltd. 171,055 — — (18,859 ) 14,808 (842 ) — 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd.(*3) 11,060 — — — 582 (1,214 ) 29,014 39,442 Rabigh Electricity Company 99,356 — — (29,067 ) 13,305 22,371 (637 ) 105,328 Rabigh Operation & Maintenance Company Limited 3,987 — — (1,147 ) 2,820 174 — 5,834 Jamaica Public Service Company Limited 221,153 — — (4,472 ) 13,099 9,852 — 239,632 KW Nuclear Components Co., Ltd. 6,703 — — (208 ) 1,213 — — 7,708 Busan Shinho Solar Power Co., Ltd. 4,346 — — (340 ) 755 — — 4,761 GS Donghae Electric Power Co., Ltd. 220,727 — — — 20,061 — (197 ) 240,591 Global Trade Of Power System Co., Ltd. 577 — — — (62 ) — — 515 Expressway Solar-light Power Generation Co., Ltd. 2,463 — — — 213 — — 2,676 KODE NOVUS I LLC(*1) — — — — — 1,374 (1,374 ) — KODE NOVUS II LLC(*2) — — — — — 810 (810 ) — Daejung Offshore Wind Power Co., Ltd. 2,969 — — — (300 ) — — 2,669 Amman Asia Electric Power Company 145,676 — — — 19,604 12,077 — 177,357 KAPES, Inc. 7,476 — — — 1,543 — 60 9,079 Dangjin Eco Power Co., Ltd. 57,928 — — — (38,042 ) (65 ) 91 19,912 Honam Wind Power Co., Ltd. 4,302 — — (348 ) 906 — — 4,860 Chun-cheon Energy Co., Ltd. 48,118 — — — (5,613 ) — — 42,505 Yeonggwangbaeksu Wind Power Co., Ltd. 2,734 — — — 109 — — 2,843 Nghi Son 2 Power LLC 183 — — — 2,657 (2,840 ) — — Kelar S.A 67,233 — — — 2,732 2,859 — 72,824 PT. Tanjung Power Indonesia 1,776 — — — 3,373 1,928 4 7,081 Incheon New Power Co., Ltd. 619 — — (41 ) 1 — — 579 Seokmun Energy Co., Ltd. 13,786 — — — 2,965 — — 16,751 Daehan Wind Power PSC — 2,288 — — (1,311 ) 37 618 1,632 Barakah One Company 626 — — — 2,162 1,019 — 3,807 Nawah Energy Company 258 — — — 4 12 — 274 MOMENTUM 391 — — — 195 (4 ) — 582 Daegu Green Power Co., Ltd. ₩ 42,391 — — — (1,283 ) — 2 41,110 Yeonggwang Wind Power Co., Ltd. 15,294 — — — 10 — — 15,304 Chester Solar IV SpA 1,700 — — — 301 (150 ) — 1,851 Chester Solar V SpA 525 — — — (21 ) (30 ) — 474 Diego de Almagro Solar SpA 2,091 — — — (299 ) (129 ) — 1,663 South Jamaica Power Company Limited 6,704 9,141 — — (184 ) 463 — 16,124 Daesan Green Energy Co., Ltd. — 17,850 — — (417 ) — — 17,433 RE Holiday Holdings LLC — 42,948 — (112 ) 8,055 203 — 51,094 RE Pioneer Holdings LLC — 27,891 — (979 ) 11,585 401 — 38,898 RE Barren Ridge 1 Holdings LLC — 28,021 — (1,114 ) 13,994 514 — 41,415 RE Astoria 2 LandCo LLC — 5,188 — (504 ) 866 (140 ) — 5,410 RE Barren Ridge LandCo LLC — 2,187 — (202 ) (25 ) (62 ) — 1,898 Laurel SpA — 1,222 — — (309 ) 8 — 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd — 4,095 — — (23 ) (132 ) — 3,940 Chile Solar JV SpA — 36,654 — — 4,453 (5,278 ) 1,036 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. — 8,500 — — 8 — — 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. — 2,073 — — — — — 2,073 Chester Solar I SpA — 1,181 — — — — — 1,181 Solar Philippines Calatagan Corporation — 47,903 — — — — — 47,903 1,493,275 237,142 (1,632 ) (102,126 ) 147,092 40,985 (1,211 ) 1,813,525 ₩ 5,330,696 319,425 (1,632 ) (175,175 ) 363,101 55,133 (13,203 ) 5,878,345 (*1) The Company reclassified its shares of KODE NOVUS I LLC to financial assets at FVOCI during the year ended December 31, 2018 due to non-participation (*2) The Company sold all of its shares of KODE NOVUS II LLC during the year ended December 31, 2018. (*3) Datang Chaoyang Renewable Power Co., Ltd. was merged with Datang KEPCO Chaoyang Renewable Power Co., Ltd. during the year ended December 31, 2018. (*4) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩7,087 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018. (*5) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩820 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2018. 2019 Investees Beginning Acquisition Disposal Dividends Share of Other Others Ending In millions of won <Associates> Korea Gas Corporation ₩ 1,701,848 — — (25,704 ) 8,511 12,687 (3,375 ) 1,693,967 Korea Electric Power Industrial Development Co., Ltd. 21,838 — — (1,598 ) 5,002 — 151 25,393 YTN Co., Ltd. 40,338 — — (180 ) (449 ) 5 33 39,747 Cheongna Energy Co., Ltd. 3,465 — — — (2,054 ) — — 1,411 Gangwon Wind Power Co., Ltd. 13,220 — — (2,272 ) 1,379 — — 12,327 Hyundai Green Power Co., Ltd. 127,160 — — (8,889 ) 5,982 — — 124,253 Korea Power Exchange 251,802 — — — 10,907 — (3,810 ) 258,899 AMEC Partners Korea Ltd. 209 — — — — 3 (212 ) — Hyundai Energy Co., Ltd. — — — — — — — — Ecollite Co., Ltd. — — — — — — — — Taebaek Wind Power Co., Ltd. 5,665 — — — 1,374 — — 7,039 Taeback Guinemi Wind Power Co., Ltd. 2,569 — — — (16 ) — — 2,553 Pyeongchang Wind Power Co., Ltd. 5,419 — — — 458 — — 5,877 Daeryun Power Co., Ltd. 26,099 — — — 173 — (25 ) 26,247 Changjuk Wind Power Co., Ltd. 8,086 — — — 434 — — 8,520 KNH Solar Co., Ltd. 2,337 — — — 45 — — 2,382 SPC Power Corporation 57,558 — — (14,229 ) 5,929 14,286 39 63,583 Gemeng International Energy Co., Ltd. 647,010 — — (11,468 ) 26,300 9,209 (155 ) 670,896 PT. Cirebon Electric Power 108,628 — — — 11,079 (65 ) 3,783 123,425 KNOC Nigerian East Oil Co., Ltd. — — — — (27 ) (380 ) 407 — KNOC Nigerian West Oil Co., Ltd. — — — — (29 ) (349 ) 378 — PT Wampu Electric Power 31,097 — — — (2,867 ) 2 1,123 29,355 PT. Bayan Resources TBK 511,646 — — (71,100 ) 6,181 (1,586 ) — 445,141 S-Power 114,566 — — — 1,218 — — 115,784 Pioneer Gas Power Limited 20,395 — — — (20,784 ) 389 — — Eurasia Energy Holdings — — — — — — — — Xe-Pian Xe-Namnoy 77,165 3,052 — — (10,210 ) 2,928 — 72,935 Hadong Mineral Fiber Co., Ltd. — — — — — — — — Green Biomass Co., Ltd. 115 — — — (73 ) — 66 108 PT. Mutiara Jawa 365 — — — 1,031 42 — 1,438 Samcheok Eco Materials Co., Ltd. — — — — — — — — Noeul Green Energy Co., Ltd. 8,015 — — — (1,395 ) — (10 ) 6,610 Naepo Green Energy Co., Ltd. — — — — — — — — Goseong Green Energy Co., Ltd. 2,459 — — — (119 ) — — 2,340 Gangneung Eco Power Co., Ltd. 2,495 — — — (65 ) — — 2,430 Shin Pyeongtaek Power Co., Ltd. 67,600 — — — (827 ) 198 (15 ) 66,956 Heang Bok Do Si Photovoltaic Power Co., Ltd. 202 — — — 13 — — 215 Dongducheon Dream Power Co., Ltd. 76,386 — — — 441 — (280 ) 76,547 Jinbhuvish Power Generation Pvt. Ltd. — — — — — — — — Daejung Offshore Wind Power Co., Ltd. ₩ — — — — — — 2,361 2,361 GS Donghae Electric Power Co., Ltd. — — — — — — 255,983 255,983 SE Green Energy Co., Ltd. 3,366 — — — — (75 ) (3,291 ) — Daegu Photovoltaic Co., Ltd. 2,002 — — (327 ) 385 — — 2,060 Jeongam Wind Power Co., Ltd. 4,589 — — — (152 ) — (4,437 ) — Korea Power Engineering Service Co., Ltd. 4,333 — — — 508 — (4,841 ) — Busan Green Energy Co., Ltd. 12,537 — — — (1,884 ) — (16 ) 10,637 Gunsan Bio Energy Co., Ltd. — — — — — — — — Korea Electric Vehicle Charging Service 1,593 — — — (515 ) — (15 ) 1,063 Ulleungdo Natural Energy Co., Ltd. 4,628 — — — (1 ) — (4,627 ) — Korea Nuclear Partners Co., Ltd.(*1) 175 — — — (79 ) — (96 ) — Tamra Offshore Wind Power Co., Ltd. 10,401 — — — — — (10,401 ) — Korea Electric Power Corporation Fund 47,189 — — — (6,931 ) 868 — 41,126 Energy Infra Asset Management Co., Ltd. 665 — — — 126 — — 791 Daegu clean Energy Co., Ltd. 17 — — — (4 ) — — 13 YaksuESS Co., Ltd 460 — — — 56 — — 516 Nepal Water & Energy Development Company Private Limited 30,961 — — — (854 ) 1,038 — 31,145 Gwangyang Green Energy Co., Ltd. 1,206 — — — (258 ) — — 948 PND solar., Ltd 1,020 — — — 124 — — 1,144 Hyundai Eco Energy Co., Ltd. 3,388 — — — 393 — — 3,781 YeongGwang Yaksu Wind Electric. Co., Ltd 533 — — — (147 ) — — 386 Green Energy Electricity Generation Co., Ltd. — 1,189 — — (1,026 ) — — 163 Korea Energy Solutions Co., Ltd. — 300 — — (41 ) — — 259 ITR Co., Ltd. — 50 — — (17 ) — — 33 Structure test network Co., Ltd. — 25 — — (4 ) — — 21 Namjeongsusang Solar Power Operation Co., Ltd. — 969 — — (157 ) — — 812 Indeck Niles Development, LLC — — — — — — — — Indeck Niles Asset Management, LLC — — — (245 ) 333 (1 ) — 87 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 — 7,105 — — 21 — — 7,126 Suwon New Power Co., Ltd. — 798 — — — — — 798 KPGE Inc. — 287 — — — — — 287 Gwangbaek Solar Power Investment Co., Ltd. — 2,054 — — — — — 2,054 Goduk Clean Energy Co., Ltd. — 1,830 — — — — — 1,830 ₩ 4,064,820 17,659 — (136,012 ) 37,418 39,199 228,718 4,251,802 <Joint ventures> KEPCO-Uhde Inc. ₩ 188 — — — (54 ) — — 134 Eco Biomass Energy Sdn. Bhd. — — — — — — — — Shuweihat Asia Power Investment B.V. 27,251 — — (2,176 ) 5,288 (12,045 ) — 18,318 Shuweihat Asia Operation & Maintenance Company 792 — — (907 ) 1,040 (1 ) 484 1,408 Waterbury Lake Uranium L.P. 19,032 — — — 22 1,508 — 20,562 ASM-BG 21,379 — — (4,760 ) 2,442 315 — 19,376 RES Technology AD 15,209 — — — 963 76 — 16,248 KV Holdings, Inc. 1,918 — — (372 ) 751 144 — 2,441 KEPCO SPC Power Corporation 208,306 — — (45,349 ) 48,043 3,781 13 214,794 Gansu Datang Yumen Wind Power Co., Ltd. 9,981 — — — (2,050 ) 218 — 8,149 Datang Chifeng Renewable Power Co., Ltd. 166,162 — — — 16,325 2,820 — 185,307 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 39,442 — — — 875 707 — 41,024 Rabigh Electricity Company 105,328 — — — 4,355 (1,734 ) 1,147 109,096 Rabigh Operation & Maintenance Company Limited 5,834 — — (2,222 ) 3,070 197 — 6,879 Jamaica Public Service Company Limited 239,632 — — (4,631 ) 10,166 8,440 — 253,607 KW Nuclear Components Co., Ltd. 7,708 — — (208 ) 1,552 — — 9,052 Busan Shinho Solar Power Co., Ltd. 4,761 — — (430 ) 714 — — 5,045 GS Donghae Electric Power Co., Ltd. 240,591 — — (10,200 ) 25,787 — (256,178 ) — Global Trade Of Power System Co., Ltd. 515 — — — 56 — — 571 Expressway Solar-light Power Generation Co., Ltd. 2,676 — — — 207 — — 2,883 Daejung Offshore Wind Power Co., Ltd. 2,669 — — — (308 ) — (2,361 ) — Amman Asia Electric Power Company 177,357 — — — 20,648 (5,841 ) — 192,164 KAPES, Inc. 9,079 — — — 1,767 — (14 ) 10,832 Dangjin Eco Power Co., Ltd. 19,912 — (5,359 ) — (657 ) 16 (13,912 ) — Honam Wind Power Co., Ltd. 4,860 — — (587 ) 102 — — 4,375 Jeongam Wind Power Co., Ltd. — — — — — — 4,437 4,437 Korea Power Engineering Service Co., Ltd. — — — — — — 4,902 4,902 Chun-cheon Energy Co., Ltd.(*3) 42,505 — — — (7,385 ) — (248 ) 34,872 Yeonggwangbaeksu Wind Power Co., Ltd. 2,843 — — — 197 — — 3,040 Nghi Son 2 Power LLC — — — — — — — — Kelar S.A 72,824 — — — 3,435 (8,416 ) 2,619 70,462 PT. Tanjung Power Indonesia 7,081 26,146 — — 5,601 (4,489 ) (12 ) 34,327 Incheon New Power Co., Ltd.(*4) 579 — — — (232 ) — (347 ) — Seokmun Energy Co., Ltd. 16,751 — — — 591 — — 17,342 Daehan Wind Power PSC ₩ 1,632 — — — 66 59 — 1,757 Barakah One Company 3,807 — — — (2,668 ) (1,139 ) — — Nawah Energy Company 274 — — — — 11 — 285 MOMENTUM 582 — — (411 ) 380 2 — 553 Daegu Green Power Co., Ltd.(*2) 41,110 — — — 3,599 — (21,885 ) 22,824 Yeonggwang Wind Power Co., Ltd. 15,304 2,100 — — 223 — — 17,627 Chester Solar IV SpA 1,851 — — — (1,746 ) (55 ) 622 672 Chester Solar V SpA 474 — — — (619 ) (6 ) 297 146 Diego de Almagro Solar SpA 1,663 — — — (1,014 ) (86 ) 472 1,035 South Jamaica Power Company Limited 16,124 4,290 — — (7,131 ) 580 — 13,863 Daesan Green Energy Co., Ltd. 17,433 — — — (251 ) — — 17,182 RE Holiday Holdings LLC 51,094 — — — (6,525 ) (2,500 ) 1 42,070 RE Pioneer Holdings LLC 38,898 — — (939 ) (5,507 ) (1,296 ) — 31,156 RE Barren Ridge 1 Holdings LLC 41,415 — — (1,152 ) 4,609 (1,957 ) 1 42,916 RE Astoria 2 LandCo LLC 5,410 — — (430 ) 430 192 — 5,602 RE Barren Ridge LandCo LLC 1,898 — — (194 ) 172 90 — 1,966 Laurel SpA 921 — — — (665 ) (82 ) 421 595 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 3,940 — — — (28 ) 112 — 4,024 Chile Solar JV SpA 36,865 — — — 842 (2,849 ) 1 34,859 Taebaek Gadeoksan Wind Power Co., Ltd. 8,508 — — — (651 ) (9 ) (2 ) 7,846 Cheong-Song Noraesan Wind Power Co., Ltd. 2,073 1,127 — — (153 ) (4 ) — 3,043 Chester Solar I SpA 1,181 — — — (112 ) (79 ) 167 1,157 Solar Philippines Calatagan Corporation 47,903 — — (4,633 ) 4,305 1,355 — 48,930 Saemangeum Solar Power Co., Ltd. — 10,000 — — (1,676 ) — — 8,324 Chungsongmeon BongSan wind power Co., Ltd. — 2,900 — — (136 ) — — 2,764 Jaeun Resident Wind Power Plant Co., Ltd — 2,494 — — (296 ) — — 2,198 DE Energia SpA — 8,364 — — 647 (346 ) — 8,665 Eumseong Natural Gas Power Co., Ltd. — — — — — — — — Dangjin Eco Power Co., Ltd. (newly) — 9,180 — — — — 16,481 25,661 Haemodum Solar Co., Ltd. — 2,940 — — — — — 2,940 Yangyang Wind Power Co., Ltd. — 10,800 — — — — — 10,800 HORUS SOLAR, S.A. DE C.V. — 3,403 — — — — — 3,403 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. — 672 — — — — — 672 SUNMEX RENOVABLES, S.A. DE C.V. — 222 — — — — — 222 Stavro Holding II AB — 5,524 — — (4 ) 122 (17 ) 5,625 1,813,525 90,162 (5,359 ) (79,601 ) 129,402 (22,189 ) (262,911 ) 1,663,029 ₩ 5,878,345 107,821 (5,359 ) (215,613 ) 166,820 17,010 (34,193 ) 5,914,831 (*1) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩96 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019. (*2) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩21,827 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019. (*3) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩248 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019. (*4) It was determined that there is objective evidence of impairment due to prolonged operating losses. As a result, the Company recognized an impairment loss of ₩347 million in impairment loss on investments in associates and joint ventures for the year ended December 31, 2019. |
Summary of financial information of associates and joint ventures | Summary of financial information of associates and joint ventures as of and for the years ended December 31, 2018 and 2019 are as follows: 2018 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Korea Gas Corporation(*1) ₩ 39,689,692 31,186,488 26,185,038 523,480 Korea Electric Power Industrial Development Co., Ltd. 144,425 69,123 325,694 9,987 YTN Co., Ltd. 286,964 98,682 132,382 1,587 Cheongna Energy Co., Ltd. 431,234 428,921 64,594 (11,110 ) Gangwon Wind Power Co., Ltd. 89,614 1,805 25,407 10,926 Hyundai Green Power Co., Ltd. 1,127,220 688,738 501,798 66,925 Korea Power Exchange 304,318 52,516 108,571 16,031 AMEC Partners Korea Ltd. 1,113 14 — (26 ) Hyundai Energy Co., Ltd. 470,818 527,590 101,998 (33,947 ) Ecollite Co., Ltd. 1,944 312 — (68 ) Taebaek Wind Power Co., Ltd. 36,986 14,325 8,233 2,170 Taeback Guinemi Wind Power Co., Ltd. 10,929 653 — (2,082 ) Pyeongchang Wind Power Co., Ltd. 82,038 60,362 12,615 4,249 Daeryun Power Co., Ltd. 798,569 510,358 62,252 (4,958 ) Changjuk Wind Power Co., Ltd. 33,148 6,194 7,929 3,291 KNH Solar Co., Ltd. 22,598 13,942 3,586 439 SPC Power Corporation 225,599 16,819 50,317 37,355 Gemeng International Energy Co., Ltd. 7,155,937 4,420,561 1,921,367 120,558 PT. Cirebon Electric Power 876,069 481,061 274,962 33,144 KNOC Nigerian East Oil Co., Ltd. 78,841 152,017 — (398 ) KNOC Nigerian West Oil Co., Ltd. 70,437 137,663 — (400 ) PT Wampu Electric Power ₩ 223,009 155,406 13,463 4,624 PT. Bayan Resources TBK 1,388,199 566,890 1,707,387 521,666 S-Power 825,354 588,022 551,378 (6,185 ) Pioneer Gas Power Limited 311,742 316,810 — (45,934 ) Eurasia Energy Holdings 572 1,020 — — Xe-Pian Xe-Namnoy 1,015,013 702,187 — (1,214 ) Hadong Mineral Fiber Co., Ltd. 203 231 — — Green Biomass Co., Ltd. 4,411 3,107 909 (1,057 ) PT. Mutiara Jawa 24,022 22,763 14,393 3,917 Samcheok Eco Materials Co., Ltd. 24,391 2,921 4,135 (1,836 ) Noeul Green Energy Co., Ltd. 147,886 120,249 58,686 19,453 Naepo Green Energy Co., Ltd. 93,194 76,190 6,459 (6,623 ) Goseong Green Energy Co., Ltd. 1,891,662 1,659,415 — (7,323 ) Gangneung Eco Power Co., Ltd. 813,938 651,621 — (4,194 ) Shin Pyeongtaek Power Co., Ltd. 674,100 511,582 — 682 Heang Bok Do Si Photovoltaic Power Co., Ltd. 2,630 1,915 455 52 Dongducheon Dream Power Co., Ltd. 1,512,510 1,244,178 828,430 (22,864 ) Jinbhuvish Power Generation Pvt. Ltd. 63,163 13,044 — — SE Green Energy Co., Ltd. 7,048 — — (230 ) Daegu Photovoltaic Co., Ltd. 16,828 9,923 3,695 1,645 Jeongam Wind Power Co., Ltd. 93,444 81,971 1,559 2,154 Korea Power Engineering Service Co., Ltd. 18,609 3,666 20,809 3,207 Busan Green Energy Co., Ltd. 195,227 151,995 77,011 17,370 Gunsan Bio Energy Co., Ltd. 8,990 20,660 — (4,420 ) Korea Electric Vehicle Charging Service 15,019 9,328 8,615 (1,056 ) Ulleungdo Natural Energy Co., Ltd. 17,134 1,625 — (5,855 ) Korea Nuclear Partners Co., Ltd. 615 12 80 (707 ) Tamra Offshore Wind Power Co., Ltd. 170,238 131,717 21,701 4,077 Korea Electric Power Corporation Fund 48,280 176 1,315 (649 ) Energy Infra Asset Management Co., Ltd. 7,225 507 5,757 2,193 Daegu clean Energy Co., Ltd. 389 328 — (190 ) YaksuESS Co., Ltd 7,525 5,944 2,094 1,259 Nepal Water & Energy Development Company Private Limited 55,453 4,249 — (984 ) Gwangyang Green Energy Co., Ltd. 29,234 23,293 — (2,831 ) PND solar., Ltd 42,283 39,297 1,094 (795 ) Hyundai Eco Energy Co., Ltd. 165,555 148,852 — (2,193 ) YeongGwang Yaksu Wind Electric. Co., Ltd 46,027 43,606 7,604 (493 ) <Joint ventures> KEPCO-Uhde Inc. ₩ 403 34 18 (139 ) Eco Biomass Energy Sdn. Bhd. — — — — Shuweihat Asia Power Investment B.V. 55,614 — — (187 ) Shuweihat Asia Operation & Maintenance Company 1,472 31 2,391 1,719 Waterbury Lake Uranium L.P. 55,933 64 — — ASM-BG 84,924 42,166 12,745 4,406 RES Technology AD 69,609 39,192 7,879 1,567 KV Holdings, Inc. 4,795 — 8 1,257 KEPCO SPC Power Corporation 312,093 35,091 184,046 59,543 Gansu Datang Yumen Wind Power Co., Ltd. 79,354 54,402 8,323 (2,046 ) Datang Chifeng Renewable Power Co., Ltd. 751,551 336,024 117,270 37,159 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 190,951 92,347 18,824 2,557 Rabigh Electricity Company 2,448,690 2,003,050 274,184 38,789 Rabigh Operation & Maintenance Company Limited 26,172 11,587 26,387 7,173 Jamaica Public Service Company Limited 1,396,421 827,837 992,677 32,507 KW Nuclear Components Co., Ltd. 24,598 7,077 6,031 2,543 Busan Shinho Solar Power Co., Ltd. 45,538 26,494 7,901 3,018 GS Donghae Electric Power Co., Ltd. 2,259,129 1,551,509 787,425 58,976 Global Trade Of Power System Co., Ltd. 2,039 263 1,368 (134 ) Expressway Solar-light Power Generation Co., Ltd. 18,443 9,215 2,986 692 Daejung Offshore Wind Power Co., Ltd. 6,440 1,091 — (590 ) Amman Asia Electric Power Company 792,532 496,791 23,676 32,674 KAPES, Inc. 82,494 64,691 57,047 4,710 Dangjin Eco Power Co., Ltd. 51,125 260 — (111,789 ) Honam Wind Power Co., Ltd. 43,713 27,066 7,700 3,122 Chun-cheon Energy Co., Ltd. 666,050 523,904 320,950 (19,133 ) Yeonggwangbaeksu Wind Power Co., Ltd. 99,368 80,450 11,366 734 Nghi Son 2 Power LLC 477,947 561,266 144,381 8,979 Kelar S.A 626,206 518,135 87,507 8,587 PT. Tanjung Power Indonesia 505,551 485,321 109,029 9,717 Incheon New Power Co., Ltd. 6,559 4,563 2,687 3 Seokmun Energy Co., Ltd. 253,544 195,782 50,052 10,224 Daehan Wind Power PSC 33,081 29,817 — (1,799 ) Barakah One Company 21,480,187 21,459,035 — (3,062 ) Nawah Energy Company ₩ 70,386 68,864 — — MOMENTUM 7,476 5,730 16,933 520 Daegu Green Power Co., Ltd. 591,263 523,972 291,734 (4,424 ) Yeonggwang Wind Power Co., Ltd. 255,777 219,013 — (145 ) Chester Solar IV SpA 15,307 13,114 1,415 609 Chester Solar V SpA 4,759 4,324 298 (19 ) Diego de Almagro Solar SpA 21,317 19,399 78 (340 ) South Jamaica Power Company Limited 294,341 213,723 — (932 ) Daesan Green Energy Co., Ltd. 52,582 2,774 — (1,192 ) RE Holiday Holdings LLC 334,742 232,553 9,451 1,319 RE Pioneer Holdings LLC 252,512 174,717 12,364 6,544 RE Barren Ridge 1 Holdings LLC 221,304 138,473 10,567 8,625 RE Astoria 2 Land Co LLC 11,030 210 619 583 RE Barren Ridge Land Co LLC 3,881 84 248 230 Laurel SpA 5,475 4,572 — (369 ) KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 31,958 173 — (222 ) Chile Solar JV SpA 73,740 10 73 8,906 Taebaek Gadeoksan Wind Power Co., Ltd. 18,766 499 — 18 Cheong-Song Noraesan Wind Power Co., Ltd. 8,221 24 — — Chester Solar I SpA 1,712 562 — (81 ) Solar Philippines Calatagan Corporation 121,650 51,219 16,689 8,732 (*1) The profit recognized for the years ended December 31, 2018 and 2019 are reduced by of the associate entity’s net income attributable to non-controlling 2019 Investees Total assets Total liabilities Sales Profit (loss) for the year In millions of won <Associates> Korea Gas Corporation(*1) ₩ 39,311,855 31,165,334 24,982,640 38,764 Korea Electric Power Industrial Development Co., Ltd. 186,434 98,872 306,026 17,467 YTN Co., Ltd. 281,699 96,211 127,782 (1,230 ) Cheongna Energy Co., Ltd. 383,034 383,288 68,626 (2,567 ) Gangwon Wind Power Co., Ltd. 83,528 1,674 24,116 9,380 Hyundai Green Power Co., Ltd. 1,086,738 658,279 507,653 26,222 Korea Power Exchange 315,683 54,926 107,034 8,268 Hyundai Energy Co., Ltd. 465,238 549,940 91,842 (27,882 ) Ecollite Co., Ltd. 1,838 304 — (97 ) Taebaek Wind Power Co., Ltd. 36,182 8,027 6,177 5,494 Taeback Guinemi Wind Power Co., Ltd. ₩ 35,061 24,847 349 (61 ) Pyeongchang Wind Power Co., Ltd. 79,756 56,248 10,713 2,010 Daeryun Power Co., Ltd. 802,546 512,757 163,129 1,836 Changjuk Wind Power Co., Ltd. 29,875 1,476 6,076 1,447 KNH Solar Co., Ltd. 20,465 11,641 3,377 278 SPC Power Corporation 250,544 22,459 63,218 39,876 Gemeng International Energy Co., Ltd. 6,758,957 4,785,740 2,024,730 95,435 PT. Cirebon Electric Power 852,457 403,639 277,370 39,581 KNOC Nigerian East Oil Co., Ltd. 58,402 134,361 — (182 ) KNOC Nigerian West Oil Co., Ltd. 54,275 124,086 — (180 ) PT Wampu Electric Power 222,266 158,451 18,165 (2,315 ) PT. Bayan Resources TBK 1,302,637 622,576 1,707,387 252,855 S-Power 805,622 566,025 576,554 2,319 Pioneer Gas Power Limited 309,059 367,399 — (54,501 ) Eurasia Energy Holdings 592 1,056 — — Xe-Pian Xe-Namnoy 1,194,125 898,023 6,731 (40,437 ) Hadong Mineral Fiber Co., Ltd. 203 231 — — Green Biomass Co., Ltd. 3,866 2,487 17 (925 ) PT. Mutiara Jawa 26,109 21,150 11,196 3,396 Samcheok Eco Materials Co., Ltd. 26,625 3,209 10,876 1,946 Noeul Green Energy Co., Ltd. 137,370 114,578 36,435 (4,810 ) Naepo Green Energy Co., Ltd. 77,070 99,345 6,572 (31,577 ) Goseong Green Energy Co., Ltd. 3,399,058 3,177,210 — (10,276 ) Gangneung Eco Power Co., Ltd. 1,362,692 1,204,202 — (3,830 ) Shin Pyeongtaek Power Co., Ltd. 981,387 807,107 119,162 11,847 Heang Bok Do Si Photovoltaic Power Co., Ltd. 2,483 1,722 454 47 Dongducheon Dream Power Co., Ltd. 1,474,224 1,206,478 689,414 2,849 Jinbhuvish Power Generation Pvt. Ltd. 64,111 13,240 — — Daejung Offshore Wind Power Co., Ltd. 6,181 1,450 — (617 ) GS Donghae Electric Power Co., Ltd. 2,301,774 1,548,883 688,055 75,842 Daegu Photovoltaic Co., Ltd. 15,486 8,385 3,639 1,442 Busan Green Energy Co., Ltd. 173,537 136,857 52,256 (6,496 ) Gunsan Bio Energy Co., Ltd. 10,614 28,062 — (5,777 ) Korea Electric Vehicle Charging Service 12,810 9,013 8,428 (1,841 ) Korea Nuclear Partners Co., Ltd. 928 375 1,441 (50 ) Korea Electric Power Corporation Fund 42,162 239 127 (5,430 ) Energy Infra Asset Management Co., Ltd. 8,712 721 5,118 1,415 Daegu clean Energy Co., Ltd. 371 323 — (14 ) YaksuESS Co., Ltd 7,325 5,551 1,191 363 Nepal Water & Energy Development Company Private Limited ₩ 78,309 26,783 — (1,380 ) Gwangyang Green Energy Co., Ltd. 28,816 24,164 — (1,007 ) PND solar., Ltd 40,941 37,526 6,908 1,665 Hyundai Eco Energy Co., Ltd. 209,395 190,622 13,343 1,306 YeongGwang Yaksu Wind Electric. Co., Ltd 46,488 45,594 6,511 (1,510 ) Green Energy Electricity Generation Co., Ltd. 33,937 36,060 — (5,923 ) Korea Energy Solutions Co., Ltd. 1,285 18 134 (233 ) ITR Co., Ltd. 376 214 167 (88 ) Structure test network Co., Ltd. 89 249 76 (72 ) Namjeongsusang Solar Power Operation Co., Ltd. 34,595 29,310 — (1,149 ) Indeck Niles Development, LLC 49,465 174 — (25,430 ) Indeck Niles Asset Management, LLC 271 9 1,513 753 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 14,559 15 59 44 Suwon New Power Co., Ltd. 2,000 — — — KPGE Inc. 984 — — (6 ) Gwangbaek Solar Power Investment Co., Ltd. 193,464 183,063 7,635 (355 ) Goduk Clean Energy Co., Ltd. 3,000 — — — <Joint ventures> KEPCO-Uhde Inc. 270 7 — (107 ) Shuweihat Asia Power Investment B.V. 37,389 5 — (159 ) Shuweihat Asia Operation & Maintenance Company 2,605 45 2,570 1,892 Waterbury Lake Uranium L.P. 61,548 4 — — ASM-BG 78,191 39,439 13,200 4,894 RES Technology AD 66,821 34,325 8,384 1,914 KV Holdings, Inc. 6,101 — 25 1,876 KEPCO SPC Power Corporation 308,274 22,643 187,867 64,152 Gansu Datang Yumen Wind Power Co., Ltd. 77,313 56,941 6,106 (5,175 ) Datang Chifeng Renewable Power Co., Ltd. 765,598 302,329 122,398 40,371 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 189,157 86,596 23,910 2,188 Rabigh Electricity Company 2,538,719 2,100,347 208,514 1,567 Rabigh Operation & Maintenance Company Limited 36,121 18,923 23,777 7,203 Jamaica Public Service Company Limited 1,543,049 940,609 1,035,399 32,828 KW Nuclear Components Co., Ltd. 31,326 10,820 11,305 3,837 Busan Shinho Solar Power Co., Ltd. 42,318 22,137 7,843 2,856 Global Trade Of Power System Co., Ltd. ₩ 2,993 1,025 3,323 134 Expressway Solar-light Power Generation Co., Ltd. 17,653 7,712 2,991 709 Amman Asia Electric Power Company 821,997 501,723 23,866 34,424 KAPES, Inc. 124,396 103,158 93,831 3,465 Honam Wind Power Co., Ltd. 39,680 24,703 5,365 354 Jeongam Wind Power Co., Ltd. 94,134 83,041 11,644 2,005 Korea Power Engineering Service Co., Ltd. 19,052 2,150 12,284 1,749 Chun-cheon Energy Co., Ltd. 607,823 490,375 313,438 (24,490 ) Yeonggwangbaeksu Wind Power Co., Ltd. 99,552 79,322 11,739 1,342 Nghi Son 2 Power LLC 1,589,928 1,795,578 1,008,326 71,803 Kelar S.A 634,633 530,335 86,702 8,867 PT. Tanjung Power Indonesia 654,365 556,287 109,825 16,489 Incheon New Power Co., Ltd. 4,749 3,553 1,951 (800 ) Seokmun Energy Co., Ltd. 242,332 182,533 44,733 2,606 Daehan Wind Power PSC 89,904 86,390 — (767 ) Barakah One Company 24,330,632 24,546,421 — (112,114 ) Nawah Energy Company 120,987 119,405 — 3 MOMENTUM 8,904 7,245 21,171 1,099 Daegu Green Power Co., Ltd. 579,593 500,092 301,339 4,899 Yeonggwang Wind Power Co., Ltd. 262,610 225,361 24,256 (2,032 ) Chester Solar IV SpA 13,443 12,079 1,590 (1,057 ) Chester Solar V SpA 4,677 4,625 519 (402 ) Diego de Almagro Solar SpA 18,984 16,901 1,954 (1,104 ) South Jamaica Power Company Limited 364,347 295,029 7,224 (35,650 ) Daesan Green Energy Co., Ltd. 232,170 183,079 — (717 ) RE Holiday Holdings LLC 331,862 247,722 18,744 (345 ) RE Pioneer Holdings LLC 246,571 184,258 12,207 (1,912 ) RE Barren Ridge 1 Holdings LLC 209,850 124,017 10,384 7,630 RE Astoria 2 Land Co LLC 11,422 217 656 651 RE Barren Ridge Land Co LLC 4,019 87 262 260 Laurel SpA 12,979 12,076 961 (1,130 ) KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 32,883 425 — (232 ) Chile Solar JV SpA 69,903 186 591 1,686 Taebaek Gadeoksan Wind Power Co., Ltd. 70,270 49,500 — (1,602 ) Cheong-Song Noraesan Wind Power Co., Ltd. 51,247 40,969 — (549 ) Chester Solar I SpA 7,859 5,842 — (204 ) Solar Philippines Calatagan Corporation 98,577 47,956 18,720 11,331 Saemangeum Solar Power Co., Ltd. 13,740 3,270 — (1,875 ) Chungsongmeon BongSan wind power Co., Ltd. ₩ 27,659 24,272 — (1,365 ) Jaeun Resident Wind Power Plant Co., Ltd 31,402 23,823 — (844 ) DE Energia SpA 64,959 50,971 1,254 (2,645 ) Dangjin Eco Power Co., Ltd. (newly) 99,907 25,436 107 (737 ) Haemodum Solar Co., Ltd. 7,237 1,237 — — Yangyang Wind Power Co., Ltd. 10,764 — — (11 ) HORUS SOLAR, S.A. DE C.V. 10,566 8,503 — (7 ) RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 3,848 2,885 — 22 SUNMEX RENOVABLES, S.A. DE C.V. 3,170 2,171 — 13 Stavro Holding II AB 28,141 13 — (18 ) (*1) The profit recognized for the years ended December 31, 2018 and 2019 are reduced by the associate entity’s net income attributable to non-controlling |
Financial information of associates and joint ventures in consolidated financial statements | Financial information of associates and joint ventures reconciled to the Company’s investments in consolidated financial statements as of December 31, 2018 and 2019 are as follows: 2018 Investees Net assets Percentage Share in net assets Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 8,503,204 21.57 % 1,834,141 — — (132,293 ) 1,701,848 Korea Electric Power Industrial Development Co., Ltd. 75,302 29.00 % 21,838 — — — 21,838 YTN Co., Ltd. 188,282 21.43 % 40,346 — (6 ) (2 ) 40,338 Cheongna Energy Co., Ltd. 2,313 43.90 % 1,015 2,584 (134 ) — 3,465 Gangwon Wind Power Co., Ltd. 87,809 15.00 % 13,171 — — 49 13,220 Hyundai Green Power Co., Ltd. 438,482 29.00 % 127,160 — — — 127,160 Korea Power Exchange 251,802 100.00 % 251,802 — — — 251,802 AMEC Partners Korea Ltd. 1,099 19.00 % 209 — — — 209 Hyundai Energy Co., Ltd. (56,772 ) 46.30 % (26,285 ) — (996 ) 27,281 — Ecollite Co., Ltd. 1,632 36.10 % 589 — — (589 ) — Taebaek Wind Power Co., Ltd. 22,661 25.00 % 5,665 — — — 5,665 Taeback Guinemi Wind Power Co., Ltd. 10,276 25.00 % 2,569 — — — 2,569 Pyeongchang Wind Power Co., Ltd. 21,676 25.00 % 5,419 — — — 5,419 Daeryun Power Co., Ltd. 288,211 9.34 % 26,919 — — (820 ) 26,099 Changjuk Wind Power Co., Ltd. 26,954 30.00 % 8,086 — — — 8,086 KNH Solar Co., Ltd. 8,656 27.00 % 2,337 — — — 2,337 SPC Power Corporation 208,780 38.00 % 79,336 — — (21,778 ) 57,558 Gemeng International Energy Co., Ltd. 2,735,376 34.00 % 930,028 — — (283,018 ) 647,010 PT. Cirebon Electric Power 395,008 27.50 % 108,628 — — — 108,628 KNOC Nigerian East Oil Co., Ltd. ₩ (73,176 ) 14.63 % (10,706 ) — — 10,706 — KNOC Nigerian West Oil Co., Ltd. (67,226 ) 14.63 % (9,835 ) — — 9,835 — PT Wampu Electric Power 67,603 46.00 % 31,097 — — — 31,097 PT. Bayan Resources TBK 821,309 20.00 % 164,262 423,763 — (76,379 ) 511,646 S-Power 237,332 49.00 % 116,293 — (1,727 ) — 114,566 Pioneer Gas Power Limited (5,068 ) 38.50 % (1,951 ) 22,278 — 68 20,395 Eurasia Energy Holdings (448 ) 40.00 % (179 ) — — 179 — Xe-Pian Xe-Namnoy 312,826 25.00 % 78,207 253 (1,006 ) (289 ) 77,165 Hadong Mineral Fiber Co., Ltd. (28 ) 8.33 % (2 ) — — 2 — Green Biomass Co., Ltd. 1,304 8.80 % 115 — — — 115 PT. Mutiara Jawa 1,259 29.00 % 365 — — — 365 Samcheok Eco Materials Co., Ltd. 21,470 2.35 % 505 — — (505 ) — Noeul Green Energy Co., Ltd. 27,637 29.00 % 8,015 — — — 8,015 Naepo Green Energy Co., Ltd. 17,004 41.67 % 7,085 — — (7,085 ) — Goseong Green Energy Co., Ltd. 232,247 1.12 % 2,590 — (131 ) — 2,459 Gangneung Eco Power Co., Ltd. 162,317 1.61 % 2,615 — (120 ) — 2,495 Shin Pyeongtaek Power Co., Ltd. 162,518 40.00 % 65,007 12,800 (10,207 ) — 67,600 Heang Bok Do Si Photovoltaic Power Co., Ltd. 715 28.00 % 200 — — 2 202 Dongducheon Dream Power Co., Ltd. 268,332 34.01 % 91,260 1,757 (4,049 ) (12,582 ) 76,386 Jinbhuvish Power Generation Pvt. Ltd. 50,119 5.16 % 2,586 — — (2,586 ) — SE Green Energy Co., Ltd. 7,048 47.76 % 3,366 — — — 3,366 Daegu Photovoltaic Co., Ltd. 6,905 29.00 % 2,002 — — — 2,002 Jeongam Wind Power Co., Ltd. 11,473 40.00 % 4,589 — — — 4,589 Korea Power Engineering Service Co., Ltd. 14,943 29.00 % 4,333 — — — 4,333 Busan Green Energy Co., Ltd. 43,232 29.00 % 12,537 — — — 12,537 Gunsan Bio Energy Co., Ltd. (11,670 ) 18.87 % (2,202 ) — — 2,202 — Korea Electric Vehicle Charging Service 5,691 28.00 % 1,593 — — — 1,593 Ulleungdo Natural Energy Co., Ltd. 15,509 29.85 % 4,629 — — (1 ) 4,628 Korea Nuclear Partners Co., Ltd. 603 29.00 % 175 — — — 175 Tamra Offshore Wind Power Co., Ltd. 38,521 27.00 % 10,401 — — — 10,401 Korea Electric Power Corporation Fund 48,104 98.09 % 47,185 — — 4 47,189 Energy Infra Asset Management Co., Ltd. 6,718 9.90 % 665 — — — 665 Daegu clean Energy Co., Ltd. 61 28.00 % 17 — — — 17 YaksuESS Co., Ltd 1,581 29.00 % 458 — — 2 460 Nepal Water & Energy Development Company Private Limited 51,204 57.67 % 29,529 972 — 460 30,961 Gwangyang Green Energy Co., Ltd. 5,941 20.00 % 1,188 18 — — 1,206 PND solar., Ltd 2,986 29.00 % 866 154 — — 1,020 Hyundai Eco Energy Co., Ltd. 16,703 19.00 % 3,174 214 — — 3,388 YeongGwang Yaksu Wind Electric. Co., Ltd 2,421 9.63 % 233 300 — — 533 <Joint ventures> KEPCO-Uhde Inc. 369 50.85 % 188 — — — 188 Eco Biomass Energy Sdn. Bhd. — 61.53 % — — — — — Shuweihat Asia Power Investment B.V. ₩ 55,614 49.00 % 27,251 — — — 27,251 Shuweihat Asia Operation & Maintenance Company 1,441 55.00 % 793 — — (1 ) 792 Waterbury Lake Uranium L.P. 55,869 34.07 % 19,032 — — — 19,032 ASM-BG 42,758 50.00 % 21,379 — — — 21,379 RES Technology AD 30,417 50.00 % 15,209 — — — 15,209 KV Holdings, Inc. 4,795 40.00 % 1,918 — — — 1,918 KEPCO SPC Power Corporation 277,002 75.20 % 208,306 — — — 208,306 Gansu Datang Yumen Wind Power Co., Ltd. 24,952 40.00 % 9,981 — — — 9,981 Datang Chifeng Renewable Power Co., Ltd. 415,527 40.00 % 166,211 — — (49 ) 166,162 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 98,604 40.00 % 39,442 — — — 39,442 Rabigh Electricity Company 445,640 40.00 % 178,256 — (70,977 ) (1,951 ) 105,328 Rabigh Operation & Maintenance Company Limited 14,585 40.00 % 5,834 — — — 5,834 Jamaica Public Service Company Limited 568,584 40.00 % 227,434 (80,161 ) — 92,359 239,632 KW Nuclear Components Co., Ltd. 17,521 45.00 % 7,884 — — (176 ) 7,708 Busan Shinho Solar Power Co., Ltd. 19,044 25.00 % 4,761 — — — 4,761 GS Donghae Electric Power Co., Ltd. 707,620 34.00 % 240,591 — — — 240,591 Global Trade Of Power System Co., Ltd. 1,776 29.00 % 515 — — — 515 Expressway Solar-light Power Generation Co., Ltd. 9,228 29.00 % 2,676 — — — 2,676 Daejung Offshore Wind Power Co., Ltd. 5,349 49.90 % 2,669 — — — 2,669 Amman Asia Electric Power Company 295,741 60.00 % 177,445 — — (88 ) 177,357 KAPES, Inc. 17,803 51.00 % 9,079 — — — 9,079 Dangjin Eco Power Co., Ltd. 50,865 34.00 % 17,294 2,618 — — 19,912 Honam Wind Power Co., Ltd. 16,647 29.00 % 4,828 32 — — 4,860 Chun-cheon Energy Co., Ltd. 142,146 29.90 % 42,502 3 — — 42,505 Yeonggwangbaeksu Wind Power Co., Ltd. 18,918 15.00 % 2,837 6 — — 2,843 Nghi Son 2 Power LLC (83,319 ) 50.00 % (41,660 ) — — 41,660 — Kelar S.A 108,071 65.00 % 70,246 2,470 — 108 72,824 PT. Tanjung Power Indonesia 20,230 35.00 % 7,081 — — — 7,081 Incheon New Power Co., Ltd. 1,996 29.00 % 579 — — — 579 Seokmun Energy Co., Ltd. 57,762 29.00 % 16,751 — — — 16,751 Daehan Wind Power PSC 3,264 50.00 % 1,632 — — — 1,632 Barakah One Company 21,152 18.00 % 3,807 — — — 3,807 Nawah Energy Company 1,522 18.00 % 274 — — — 274 MOMENTUM 1,746 33.33 % 582 — — — 582 Daegu Green Power Co., Ltd. 67,291 29.00 % 19,514 84 — 21,512 41,110 Yeonggwang Wind Power Co., Ltd. 36,764 41.00 % 15,074 230 — — 15,304 Chester Solar IV SpA 2,193 81.82 % 1,794 57 — — 1,851 Chester Solar V SpA 435 81.82 % 356 118 — — 474 Diego de Almagro Solar SpA 1,918 81.82 % 1,569 94 — — 1,663 South Jamaica Power Company Limited ₩ 80,618 20.00 % 16,124 — — — 16,124 Daesan Green Energy Co., Ltd. 49,808 35.00 % 17,433 — — — 17,433 RE Holiday Holdings LLC 102,189 50.00 % 51,094 — — — 51,094 RE Pioneer Holdings LLC 77,795 50.00 % 38,898 — — — 38,898 RE Barren Ridge 1 Holdings LLC 82,831 50.00 % 41,415 — — — 41,415 RE Astoria 2 LandCo LLC 10,820 50.00 % 5,410 — — — 5,410 RE Barren Ridge LandCo LLC 3,797 50.00 % 1,898 — — — 1,898 Laurel SpA 903 81.82 % 739 182 — — 921 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 31,785 12.37 % 3,931 9 — — 3,940 Chile Solar JV SpA 73,730 50.00 % 36,865 — — — 36,865 Taebaek Gadeoksan Wind Power Co., Ltd. 18,267 46.58 % 8,508 — — — 8,508 Cheong-Song Noraesan Wind Power Co., Ltd. 8,197 24.76 % 2,029 44 — — 2,073 Chester Solar I SpA 1,150 81.82 % 940 241 — — 1,181 Solar Philippines Calatagan Corporation 70,431 38.00 % 26,764 21,139 — — 47,903 (*) The percentage of ownership shown above is after considering the treasury stocks and others. 2019 Investees Net assets Percentage of Share in net Investment differential Intercompany transaction Others Book value In millions of won <Associates> Korea Gas Corporation ₩ 8,146,521 21.57 % 1,757,205 — — (63,238 ) 1,693,967 Korea Electric Power Industrial Development Co., Ltd. 87,562 29.00 % 25,393 — — — 25,393 YTN Co., Ltd. 185,488 21.43 % 39,747 — — — 39,747 Cheongna Energy Co., Ltd. (254 ) 43.90 % (112 ) 2,584 (1,061 ) — 1,411 Gangwon Wind Power Co., Ltd. 81,854 15.00 % 12,278 49 — — 12,327 Hyundai Green Power Co., Ltd. 428,459 29.00 % 124,253 — — — 124,253 Korea Power Exchange 260,757 100.00 % 260,757 — — (1,858 ) 258,899 Hyundai Energy Co., Ltd. (84,702 ) 46.30 % (39,217 ) — (954 ) 40,171 — Ecollite Co., Ltd. 1,534 36.10 % 554 — — (554 ) — Taebaek Wind Power Co., Ltd. 28,155 25.00 % 7,039 — — — 7,039 Taeback Guinemi Wind Power Co., Ltd. 10,214 25.00 % 2,553 — — — 2,553 Pyeongchang Wind Power Co., Ltd. 23,508 25.00 % 5,877 — — — 5,877 Daeryun Power Co., Ltd. 289,789 9.34 % 27,066 — — (819 ) 26,247 Changjuk Wind Power Co., Ltd. 28,399 30.00 % 8,520 — — — 8,520 KNH Solar Co., Ltd. 8,824 27.00 % 2,382 — — — 2,382 SPC Power Corporation 228,085 38.00 % 86,672 — — (23,089 ) 63,583 Gemeng International Energy Co., Ltd. 1,973,217 34.00 % 670,896 — — — 670,896 PT. Cirebon Electric Power 448,818 27.50 % 123,425 — — — 123,425 KNOC Nigerian East Oil Co., Ltd. (75,959 ) 14.63 % (11,113 ) — — 11,113 — KNOC Nigerian West Oil Co., Ltd. (69,811 ) 14.63 % (10,213 ) — — 10,213 — PT Wampu Electric Power 63,815 46.00 % 29,355 — — — 29,355 PT. Bayan Resources TBK ₩ 680,061 20.00 % 136,012 385,508 — (76,379 ) 445,141 S-Power 239,597 49.00 % 117,403 — (1,619 ) — 115,784 Pioneer Gas Power Limited (58,340 ) 38.50 % (22,459 ) 22,278 — 181 — Eurasia Energy Holdings (464 ) 40.00 % (186 ) — — 186 — Xe-Pian Xe-Namnoy 296,102 25.00 % 74,026 305 (1,106 ) (290 ) 72,935 Hadong Mineral Fiber Co., Ltd. (28 ) 8.33 % (2 ) — — 2 — Green Biomass Co., Ltd. 1,379 7.85 % 108 — — — 108 PT. Mutiara Jawa 4,959 29.00 % 1,438 — — — 1,438 Samcheok Eco Materials Co., Ltd. 23,416 25.54 % 5,980 — — (5,980 ) — Noeul Green Energy Co., Ltd. 22,792 29.00 % 6,610 — — — 6,610 Naepo Green Energy Co., Ltd. (22,275 ) 41.67 % (9,281 ) 2 — 9,279 — Goseong Green Energy Co., Ltd. 221,848 1.12 % 2,474 — (134 ) — 2,340 Gangneung Eco Power Co., Ltd. 158,490 1.61 % 2,553 — (123 ) — 2,430 Shin Pyeongtaek Power Co., Ltd. 174,280 40.00 % 69,712 12,800 (15,556 ) — 66,956 Heang Bok Do Si Photovoltaic Power Co., Ltd. 761 28.00 % 213 — — 2 215 Dongducheon Dream Power Co., Ltd. 267,746 34.01 % 91,060 1,757 (3,688 ) (12,582 ) 76,547 Jinbhuvish Power Generation Pvt. Ltd. 50,871 5.16 % 2,625 — — (2,625 ) — Daejung Offshore Wind Power Co., Ltd. 4,731 49.90 % 2,361 — — — 2,361 GS Donghae Electric Power Co., Ltd. 752,891 34.00 % 255,983 — — — 255,983 Daegu Photovoltaic Co., Ltd. 7,101 29.00 % 2,060 — — — 2,060 Busan Green Energy Co., Ltd. 36,680 29.00 % 10,637 — — — 10,637 Gunsan Bio Energy Co., Ltd. (17,448 ) 18.87 % (3,292 ) — — 3,292 — Korea Electric Vehicle Charging Service 3,797 28.00 % 1,063 — — — 1,063 Korea Nuclear Partners Co., Ltd. 553 29.00 % 160 — — (160 ) — Korea Electric Power Corporation Fund 41,923 98.09 % 41,122 — — 4 41,126 Energy Infra Asset Management Co., Ltd. 7,991 9.90 % 791 — — — 791 Daegu clean Energy Co., Ltd. 48 28.00 % 13 — — — 13 YaksuESS Co., Ltd 1,774 29.00 % 514 2 — — 516 Nepal Water & Energy Development Company Private Limited 51,526 58.59 % 30,173 972 — — 31,145 Gwangyang Green Energy Co., Ltd. 4,652 20.00 % 930 18 — — 948 PND solar., Ltd 3,415 29.00 % 990 154 — — 1,144 Hyundai Eco Energy Co., Ltd. 18,773 19.00 % 3,567 214 — — 3,781 YeongGwang Yaksu Wind Electric. Co., Ltd 894 9.63 % 86 300 — — 386 Green Energy Electricity Generation Co., Ltd. (2,123 ) 29.00 % (616 ) 779 — — 163 Korea Energy Solutions Co., Ltd. 1,267 20.00 % 253 6 — — 259 ITR Co., Ltd. 162 20.00 % 32 1 — — 33 Structure test network Co., Ltd. (160 ) 20.00 % (32 ) 53 — — 21 Namjeongsusang Solar Power Operation Co., Ltd. 5,285 15.00 % 793 19 — — 812 Indeck Niles Development, LLC 49,291 50.00 % 24,646 — — (24,646 ) — Indeck Niles Asset Management, LLC 262 33.33 % 87 — — — 87 Hanwha Corporation-linked Sunlight Power Special Private Equity Investment Trust No. 1 14,544 49.00 % 7,126 — — — 7,126 Suwon New Power Co., Ltd. 2,000 33.10 % 662 — — 136 798 KPGE Inc. 984 29.00 % 285 — — 2 287 Gwangbaek Solar Power Investment Co., Ltd. 10,401 19.00 % 1,976 78 — — 2,054 Goduk Clean Energy Co., Ltd. 3,000 61.00 % 1,830 — — — 1,830 <Joint ventures> KEPCO-Uhde Inc. ₩ 263 50.80 % 134 — — — 134 Shuweihat Asia Power Investment B.V. 37,384 49.00 % 18,318 — — — 18,318 Shuweihat Asia Operation & Maintenance Company 2,560 55.00 % 1,408 — — — 1,408 Waterbury Lake Uranium L.P. 61,544 33.41 % 20,562 — — — 20,562 ASM-BG 38,752 50.00 % 19,376 — — — 19,376 RES Technology AD 32,496 50.00 % 16,248 — — — 16,248 KV Holdings, Inc. 6,101 40.00 % 2,441 — — — 2,441 KEPCO SPC Power Corporation 285,631 75.20 % 214,794 — — — 214,794 Gansu Datang Yumen Wind Power Co., Ltd. 20,372 40.00 % 8,149 — — — 8,149 Datang Chifeng Renewable Power Co., Ltd. 463,269 40.00 % 185,307 — — — 185,307 Datang KEPCO Chaoyang Renewable Power Co., Ltd. 102,561 40.00 % 41,024 — — — 41,024 Rabigh Electricity Company 438,372 40.00 % 175,349 — (65,450 ) (803 ) 109,096 Rabigh Operation & Maintenance Company Limited 17,198 40.00 % 6,879 — — — 6,879 Jamaica Public Service Company Limited 602,440 40.00 % 240,976 (80,161 ) — 92,792 253,607 KW Nuclear Components Co., Ltd. 20,506 45.00 % 9,228 — — (176 ) 9,052 Busan Shinho Solar Power Co., Ltd. 20,181 25.00 % 5,045 — — — 5,045 Global Trade Of Power System Co., Ltd. 1,968 29.00 % 571 — — — 571 Expressway Solar-light Power Generation Co., Ltd. 9,941 29.00 % 2,883 — — — 2,883 Amman Asia Electric Power Company 320,274 60.00 % 192,164 — — — 192,164 KAPES, Inc. 21,238 51.00 % 10,832 — — — 10,832 Honam Wind Power Co., Ltd. 14,977 29.00 % 4,343 32 — — 4,375 Jeongam Wind Power Co., Ltd. 11,093 40.00 % 4,437 — — — 4,437 Korea Power Engineering Service Co., Ltd. 16,902 29.00 % 4,902 — — — 4,902 Chun-cheon Energy Co., Ltd. 117,448 29.90 % 35,117 — — (245 ) 34,872 Yeonggwangbaeksu Wind Power Co., Ltd. 20,230 15.00 % 3,035 5 — — 3,040 Nghi Son 2 Power LLC (205,650 ) 50.00 % (102,825 ) — — 102,825 — Kelar S.A 104,298 65.00 % 67,794 2,668 — — 70,462 PT. Tanjung Power Indonesia 98,078 35.00 % 34,327 — — — 34,327 Incheon New Power Co., Ltd. 1,196 29.00 % 347 — — (347 ) — Seokmun Energy Co., Ltd. 59,799 29.00 % 17,342 — — — 17,342 Daehan Wind Power PSC 3,514 50.00 % 1,757 — — — 1,757 Barakah One Company (215,789 ) 18.00 % (38,842 ) — (77,254 ) 116,096 — Nawah Energy Company 1,582 18.00 % 285 — — — 285 MOMENTUM 1,659 33.33 % 553 — — — 553 Daegu Green Power Co., Ltd. 79,501 54.24 % 43,124 84 — (20,384 ) 22,824 Yeonggwang Wind Power Co., Ltd. 37,249 46.00 % 17,135 492 — — 17,627 Chester Solar IV SpA 1,364 45.00 % 614 58 — — 672 Chester Solar V SpA 52 45.00 % 23 123 — — 146 Diego de Almagro Solar SpA 2,083 45.00 % 937 98 — — 1,035 South Jamaica Power Company Limited 69,318 20.00 % 13,863 — — — 13,863 Daesan Green Energy Co., Ltd. 49,091 35.00 % 17,182 — — — 17,182 RE Holiday Holdings LLC 84,140 50.00 % 42,070 — — — 42,070 RE Pioneer Holdings LLC 62,313 50.00 % 31,156 — — — 31,156 RE Barren Ridge 1 Holdings LLC ₩ 85,833 50.00 % 42,916 — — — 42,916 RE Astoria 2 LandCo LLC 11,205 50.00 % 5,602 — — — 5,602 RE Barren Ridge LandCo LLC 3,932 50.00 % 1,966 — — — 1,966 Laurel SpA 903 45.00 % 406 189 — — 595 KIAMCO KOWEPO Bannerton Hold Co Pty Ltd 32,458 12.37 % 4,015 9 — — 4,024 Chile Solar JV SpA 69,717 50.00 % 34,859 — — — 34,859 Taebaek Gadeoksan Wind Power Co., Ltd. 20,770 37.78 % 7,846 — — — 7,846 Cheong-Song Noraesan Wind Power Co., Ltd. 10,278 29.01 % 2,982 61 — — 3,043 Chester Solar I SpA 2,017 45.00 % 908 249 — — 1,157 Solar Philippines Calatagan Corporation 50,621 38.00 % 19,236 29,694 — — 48,930 Saemangeum Solar Power Co., Ltd. 10,470 81.00 % 8,481 — — (157 ) 8,324 Chungsongmeon BongSan wind power Co., Ltd. 3,387 29.00 % 982 1,782 — — 2,764 Jaeun Resident Wind Power Plant Co., Ltd 7,579 29.00 % 2,198 — — — 2,198 DE Energia SpA 13,988 49.00 % 6,854 — — 1,811 8,665 Dangjin Eco Power Co., Ltd. (newly) 74,471 34.00 % 25,320 341 — — 25,661 Haemodum Solar Co., Ltd. 6,000 49.00 % 2,940 — — — 2,940 Yangyang Wind Power Co., Ltd. 10,764 99.54 % 10,714 86 — — 10,800 HORUS SOLAR, S.A. DE C.V. 2,063 14.95 % 308 3,095 — — 3,403 RECURSOS SOLARES PV DE MEXICO II, S.A. DE C.V. 963 14.95 % 144 528 — — 672 SUNMEX RENOVABLES, S.A. DE C.V. 999 14.95 % 149 73 — — 222 Stavro Holding II AB 28,128 20.00 % 5,625 — — — 5,625 (*) The percentage of ownership shown above is after considering the treasury stocks and others. |
Unrecognized equity interest in investments in associates and joint ventures | As of December 31, 2018, and 2019, 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: 2018 2019 Unrecognized Accumulated unrecognized Unrecognized Accumulated unrecognized In millions of won Hadong Mineral Fiber Co., Ltd. ₩ — 2 — 2 PT. Mutiara Jawa (746 ) — — — Eurasia Energy Holdings 7 179 6 185 Gunsan Bio Energy Co., Ltd. 916 2,202 1,090 3,292 Daehan Wind Power PSC (412 ) — — — Hyundai Energy Co., Ltd. 25,841 25,841 12,890 38,731 Nghi Son 2 Power LLC 41,659 41,659 61,165 102,824 Samcheok Eco Materials Co., Ltd. 1,285 1,285 (497 ) 788 Naepo Green Energy Co., Ltd. — — 9,281 9,281 Barakah One Company — — 116,096 116,096 Pioneer Gas Power Limited — — 114 114 |
Shareholders' agreements on investments in associates and joint ventures | As of December 31, 2019, 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 (ii) Hyundai Energy Co., Ltd. The Company had placed guarantees for a fixed return on the investment to NH Power II Co., Ltd. and National Agricultural Cooperative Federation (“NACF”) and had obtained the rights to acquire the investment securities in return preferentially. In addition, NH Power II Co., Ltd. and NACF have a right, which can be exercised for 30 days starting from 2 months to 1 month prior to 17 years after the termination date of the contract to sell their shares to the Company. (iii) Taebaek Wind Power Co., Ltd. In the case where non-controlling (iv) Pyeongchang Wind Power Co., Ltd. In the case where non-controlling (v) Jeongam Wind Power Co., Ltd. In the case where non-controlling (vi) 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. (vii) Taebaek Guinemi Wind Power Co., Ltd. At the commencement of the operation of the facility, the Company has a right to purchase all or part of the shares from the shareholders at fair value. (viii) Hyundai Green Power Co., Ltd. As of December 31, 2019, Hyundai Green Power Co., Ltd., an associate of the Company, which engages in the byproduct gas power generating business, entered into a project financing agreement with a limit of ₩919.2 billion with Korea Development Bank and others. At a certain period in the future, the Company has call option against the financial investors (Korea Development Bank and others) and also has an obligation to purchase its shares when claimed by the financial investors. At a certain period in the future, the Company has put option against Hyundai Steel Company and a third party designated by Hyundai Steel Company (collectively, “Hyundai Steel Company”), 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 Company. (ix) YeongGwang Yaksu Wind Electric. Co., Ltd. As of December 31, 2019, YeongGwang Yaksu Wind Electric. Co., Ltd., an associate of the Company, which engages in the wind power generating business in YeongGwang, Jeonra-namdo, and entered into a project financing agreement with a limit of ₩46 billion IBK and others. The Company set the shares of YeongGwang Yaksu Wind Electric. Co., Ltd. as a collateral for the project financing to the lenders. (x) 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 (xi) 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. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares. (xii) 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. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares. (xiii) 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. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares. (xiv) 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. According to the shareholders’ agreement, when Sprott Chile SolarISpA intends to sell its shares. (xv) 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. According to the shareholders’ agreement, when Sprott Chile Solar I SpA intends to sell its shares. |
Significant restrictions on its abilities to associates or joint ventures | Significant restrictions on the Company’s abilities on associates or joint ventures 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 is obtained. Taebaek Wind Power Co., Ltd. Financial institutions can reject or defer an approval with regard to the request for fund executions on subordinated loans of shareholders in order to pay senior loans based on the loan agreement. 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 is obtained. Pyeongchang Wind Power Co., Ltd. Principals on subordinated loans or dividends can only be paid when all conditions of the loan agreement are satisfied, or prior written consent of financial institutions is obtained. Shares cannot be wholly or partially transferred without prior written consent of financial institutions is obtained. Daeryun Power Co., Ltd. Principals 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 and Shares cannot be wholly or partially transferred without consent of the majority of lenders is obtained. KNH Solar Co., Ltd. Principal and interest, dividends to shareholders cannot be paid without written consent of financial institutions. Also, Shares cannot be wholly or partially transferred without consent of other shareholders is obtained. Jeongam Wind Power Co., Ltd. Dividends can only be paid when all conditions of the loan agreement are satisfied and reimbursement to the lender can be restricted depending on the priority of the loans. Also, Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Korea Power Engineering Service Co., Ltd. Shares cannot be wholly or partially transferred without consent of the board of directors is obtained. 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 consent of the stakeholders is obtained. Daejung Offshore Wind Power Co., Ltd. Before the commencement of the operation, shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Naepo Green Energy Co., Ltd. Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. 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 consent of the stakeholders is obtained. KPGE Inc. Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. 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 consent of the stakeholders is obtained. Indeck Niles Asset Management, LLC Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Indeck Niles Development, LLC Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Chester Solar IV SpA Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Chester Solar V SpA Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Diego de Almagro Solar Spa Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. Laurel SpA Shares cannot be wholly or partially transferred without consent of the stakeholders is obtained. 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 consent of the stakeholders is obtained. |